BlackBerry Ltd (BB) 2026 Q1 法說會逐字稿

Good afternoon, and welcome to the BlackBerry first-quarter fiscal year 2026 results conference call. My name is Julian, and I will be your conference moderator for today's call. (Operator Instructions) As a reminder, this conference is being recorded for replay purposes.

下午好，歡迎參加黑莓2026財年第一季業績電話會議。我叫朱利安，我將擔任今天電話會議的主持人。（操作員指示）提醒一下，本次會議將會被錄音以供重播。

I would now like to turn the call over to Martha Gonder, Director of Investor Relations with BlackBerry. Thank you. You may begin.

現在我想將電話轉給黑莓投資者關係總監 Martha Gonder。謝謝。你可以開始了。

Thank you, Julian. Good afternoon, everyone, and welcome to BlackBerry's first-quarter fiscal year 2026 earnings conference call. Joining me on today's call is BlackBerry's Chief Executive Officer, John Giamatteo; and Chief Financial Officer, Tim Foote.

謝謝你，朱利安。大家下午好，歡迎參加黑莓2026財年第一季財報電話會議。參加今天電話會議的還有黑莓執行長約翰·賈馬特奧 (John Giamatteo) 和財務長 Tim Foote。

After I read our cautionary note regarding forward-looking statements, John will provide a business update, and Tim will review the financial results. We will then open the call for a brief Q&A session. This call is available to the general public via call-in numbers and via webcast in the Investor Information section at blackberry.com. A replay will also be available on the blackberry.com website.

在我閱讀了我們關於前瞻性陳述的警告說明後，約翰將提供業務更新，蒂姆將審查財務結果。然後我們將開始簡短的問答環節。民眾可透過撥打電話或造訪 blackberry.com 網站「投資者資訊」版塊收聽本次電話會議的網路直播。會議重播也將在 blackberry.com 網站上提供。

Some of the statements we'll be making today constitute forward-looking statements and are made pursuant to the Safe Harbor provisions of applicable US and Canadian securities laws. We'll indicate forward-looking statements by using words such as expect, will, should, model, intend, believe, and similar expressions.

我們今天所做的一些聲明構成前瞻性聲明，並根據適用的美國和加拿大證券法的安全港條款做出。我們將使用諸如預期、將要、應該、模型、打算、相信等詞語和類似的表達方式來表示前瞻性陳述。

Forward-looking statements are based on estimates and assumptions made by the company in light of its experience and its perception of historical trends, current conditions and expected future developments as well as other factors that the company believes are relevant. Many factors could cause the company's actual results or performance to differ materially from those expressed or implied by the forward-looking statements.

前瞻性陳述是基於公司根據其經驗和對歷史趨勢、當前狀況和預期未來發展以及公司認為相關的其他因素的看法而做出的估計和假設。許多因素可能導致公司的實際結果或績效與前瞻性陳述所表達或暗示的結果或績效有重大差異。

These factors include the risk factors that are discussed in the company's annual filings and MD&A. You should not place undue reliance on the company's forward-looking statements. Any forward-looking statements are made only as of today, and the company has no intention and undertakes no obligation to update or revise any of them, except as required by law.

這些因素包括公司年度文件和 MD&A 中討論的風險因素。您不應過度依賴本公司的前瞻性陳述。任何前瞻性陳述僅截至今日作出，除法律要求外，本公司無意且不承擔更新或修改任何前瞻性陳述的義務。

As is customary during the call, John and Tim will reference non-GAAP numbers in their summary of our quarterly results. For a reconciliation between our GAAP and non-GAAP numbers, please see the earnings press release published earlier today, which is available on Edgar, SEDAR+ and blackberry.com websites.

按照電話會議的慣例，約翰和蒂姆將在季度業績摘要中引用非 GAAP 數據。有關我們的 GAAP 和非 GAAP 數據的對照，請參閱今天早些時候發布的收益新聞稿，該新聞稿可在 Edgar、SEDAR+ 和 blackberry.com 網站上找到。

And with that, let me now turn the call over to John.

現在，請允許我將電話轉給約翰。

Thanks, Martha, and thanks to everyone for joining today's call. We made a very solid start to fiscal year 2026 with our results beating the top end of guidance almost entirely across the board.

謝謝瑪莎，也謝謝大家參加今天的電話會議。我們為 2026 財年取得了非常良好的開端，我們的業績幾乎全面超出了預期的最高水準。

Total company revenue for the quarter was stronger than expected, beating guidance at $121.7 million. BlackBerry delivered solid profitability with adjusted EBITDA growing over 55% year over year and beating the top end of the guidance range at $16.4 million.

本季公司總營收強於預期，達 1.217 億美元，超過預期。黑莓實現了穩健的盈利，調整後的 EBITDA 同比增長超過 55%，並超過了 1640 萬美元的指導範圍上限。

Likewise, non-GAAP earnings per share beat guidance at positive $0.02. And despite seasonality in our cash flow for the first half of the year, this stronger profitability helped to deliver better-than-expected operating cash usage of $18 million.

同樣，非公認會計準則每股收益超出預期，達到正0.02美元。儘管上半年現金流受季節性影響，但強勁的獲利能力幫助公司實現了1800萬美元的營運現金使用量，優於預期。

In May, we announced a $100 million share buyback program based on our confidence in our plan to both continue generating cash as well as driving increased shareholder value. During the quarter, we started to utilize the capital allocation optionality that this facility brings by repurchasing $10 million worth of shares. Tim will provide more details on this later in the call.

五月份，我們宣布了一項 1 億美元的股票回購計劃，因為我們對該計劃既能繼續產生現金，又能提高股東價值充滿信心。在本季度，我們開始利用該工具帶來的資本配置可選性，回購價值 1,000 萬美元的股票。蒂姆將在稍後的通話中提供更多詳細資訊。

I'll now give some color on how we executed at a divisional level, starting with QNX. QNX revenue for Q1 beat the upper end of our guidance range at $57.5 million. This represents 8% year-over-year growth despite the uncertainty facing the auto market, including the impact of various tariff announcements. Royalties and development seat licenses were the main drivers of year-over-year revenue growth for the quarter, growing 9% and 23%, respectively.

現在我將從 QNX 開始，詳細介紹我們在部門層級的執行情況。QNX 第一季的營收超過了我們預期範圍的上限，達到 5,750 萬美元。儘管汽車市場面臨不確定性，包括各種關稅公告的影響，但這仍代表著年增 8%。特許權使用費和開發席位授權是本季營收年增的主要驅動力，分別成長了 9% 和 23%。

We have a strong plan for profitable growth in QNX, capitalizing on both our market position and the multiyear secular tailwinds that are driving this business forward. As part of this, for fiscal year '26, we have two key strategies that we believe will help drive future growth. These are to both increased diversification of the business beyond automotive into adjacent verticals and to increase our share of the automotive software stack by offering pre-integrated middleware as part of a vehicle platform.

我們有一個強有力的計劃來實現 QNX 的盈利增長，充分利用我們的市場地位和推動該業務向前發展的多年長期順風。作為其中的一部分，對於 26 財年，我們有兩個關鍵策略，我們相信這將有助於推動未來的成長。這些都是為了增加業務的多樣化，從汽車領域擴展到相鄰的垂直領域，並透過提供預先整合的中間件作為車輛平台的一部分來增加我們在汽車軟體堆疊中的份額。

Starting with increasing diversification beyond automotive, we believe this has a number of benefits. First, we see a very significant addressable market in the general embedded space, which we believe could be larger than the auto opportunity. Second, although we're very diversified across auto OEMs and geographies, diversification into other markets can reduce cyclical exposures. We're targeting substantial expansion of our beachheads in robotics, industrial automation, and medical devices and equipment.

從增加汽車以外的多樣化開始，我們相信這會帶來許多好處。首先，我們看到通用嵌入式領域中存在著一個非常重要的潛在市場，我們認為這個市場可能比汽車市場的機會更大。其次，儘管我們的投資在汽車原始設備製造商和地區之間高度多元化，但向其他市場多元化可以減少週期性風險。我們的目標是大幅擴展我們在機器人、工業自動化以及醫療設備領域的市場地位。

Similar to automotive, these verticals are seeing significant growth in compute and safety-critical software at the edge, which is where QNX really excels. With minimal adaptations to the core QNX code base, we are able to meet the needs of customers. And therefore, we see this as primarily a go-to-market task.

與汽車類似，這些垂直產業在邊緣運算和安全關鍵軟體方面也出現了顯著成長，而這正是 QNX 真正擅長的領域。透過對核心 QNX 程式碼庫進行最少的調整，我們能夠滿足客戶的需求。因此，我們認為這主要是一項進入市場的任務。

Accordingly, we're adding industry expertise in growing our GEM focused sales force. We're also working towards engaging new channel partners that will greatly increase our reach in these markets.

因此，我們正在增加行業專業知識，以擴大我們專注於 GEM 的銷售團隊。我們也致力於吸引新的通路合作夥伴，以大幅擴大我們在這些市場的影響力。

SDP 8.0, our next-generation version of the QNX operating system, is progressing well in this market and we have a strong nonautomotive mix in the pipeline. In fact, GEM currently represents 43% of our total SDP 8.0 pipeline with the overall pipeline having grown by 55% in the quarter.

SDP 8.0 是我們新一代 QNX 作業系統版本，它在該市場上進展順利，而且我們擁有強大的非汽車產品組合。事實上，GEM 目前占我們 SDP 8.0 管道總量的 43%，而本季整體管道成長了 55%。

Further, our largest SDP 8.0 design win to date was with a leading industrial automation OEM. They will deploy the latest version of QNX across multiple applications. These are clear data points that show how our increased investment in GEM is already starting to generate real returns.

此外，迄今為止，我們最大的 SDP 8.0 設計合作物件是一家領先的工業自動化 OEM。他們將在多個應用程式中部署最新版本的 QNX。這些清晰的數據點表明，我們對創業板的增加投資已經開始產生實際回報。

The second focus is the QNX vehicle platform that was announced earlier this year at CES. We're developing this product in response to requests from some leading OEMs who have identified the importance of focusing their teams on customer-facing applications rather than spending time on undifferentiated parts of the software stack.

第二個重點是今年稍早在 CES 上發布的 QNX 車載平台。我們開發該產品是為了響應一些領先的 OEM 的要求，他們認識到將團隊的重點放在面向客戶的應用程式上而不是花時間在軟體堆疊的無差異部分上的重要性。

Yesterday, we announced a memorandum of understanding with a leading middleware provider, Vector, to provide a highly integrated hardware-agnostic solution that customers can leverage across the vehicle. This builds on an earlier announcement with both Vector and TTTech at CES in January. The goal is to help our customers simplify development and shorten time to market.

昨天，我們宣布與領先的中間件提供商 Vector 簽署諒解備忘錄，以提供高度整合的硬體無關解決方案，客戶可在整個車輛中利用該解決方案。這是 Vector 和 TTTech 在今年 1 月 CES 上發布的早期公告的基礎。目標是幫助我們的客戶簡化開發並縮短產品上市時間。

We are in conversations with several OEMs for this solution and are targeting delivery of an early access version of the product this calendar year. We continue to refine the business model for this platform, but should it be successful, directionally, we expect it to provide a significant uplift to our royalty ASP once deployed in vehicles.

我們正在與多家 OEM 就此解決方案進行洽談，並計劃在今年推出該產品的早期版本。我們將繼續完善該平台的商業模式，但如果它取得成功，那麼從方向上看，我們預計一旦它部署到車輛上，將顯著提升我們的特許權使用費平均售價。

We were excited to announce the launch of QNX Hypervisor 8.0 at the end of the quarter. The Hypervisor is an important part of our portfolio, allowing customers to virtually host guest operating systems like Android and Linux alongside safety-critical applications running on QNX, all on the same chip.

我們很高興地宣布 QNX Hypervisor 8.0 將在本季結束時推出。Hypervisor 是我們產品組合的重要組成部分，它允許客戶在同一晶片上虛擬託管 Android 和 Linux 等客戶作業系統以及在 QNX 上運行的安全關鍵型應用程式。

Upgrading the Hypervisor to the next-generation performance standards of our SDP 8.0 operating system can help cement our leadership position within mixed criticality domains like the Digital Cockpits.

將虛擬機器管理程式升級到我們的 SDP 8.0 作業系統的下一代效能標準可以幫助鞏固我們在數位駕駛艙等混合關鍵領域中的領導地位。

QNX thrives in high-performance, safety-critical use cases. Autonomous Drive is a great example. This past quarter, we announced that we write a global leader in autonomous drive technology is using QNX as the foundation for L2 ++ passenger vehicles. In fact, this technology is already being deployed in a couple of Chery's vehicle models that are on the road in China today.

QNX 在高效能、安全關鍵型用例中蓬勃發展。自動駕駛就是一個很好的例子。上個季度，我們宣布，自動駕駛技術領域的全球領導者正在使用 QNX 作為 L2++ 乘用車的基礎。事實上，這項技術已經應用在目前中國道路上行駛的幾款奇瑞車型。

As autonomous drive continues to ramp worldwide, we see this as an exciting opportunity for BlackBerry. We're working to build the QNX ecosystem through the availability of QNX products for noncommercial use and the development of QNX-centric training programs. We believe that having a stronger community of developers and partners with QNX experience will help drive adoption across OEMs, especially in the general embedded market.

隨著自動駕駛在全球範圍內的持續發展，我們認為這對黑莓來說是一個令人興奮的機會。我們正致力於透過提供非商業用途的 QNX 產品和開發以 QNX 為中心的培訓計劃來建立 QNX 生態系統。我們相信，擁有一個由具有 QNX 經驗的開發者和合作夥伴組成的更強大的社群將有助於推動 OEM 的採用，尤其是在通用嵌入式市場。

This quarter, we initiated a program in India with more than 30 educational institutions developing or currently offering QNX-focused courses. We're also working with institutions in North America with the goal of launching additional courses this calendar year.

本季度，我們在印度啟動了一項計劃，與 30 多家教育機構合作開發或目前提供以 QNX 為重點的課程。我們也與北美的機構合作，目標是在今年推出更多課程。

In terms of the macro, there is clearly uncertainty in the market, which we are currently having to navigate with some of our customers pulling guidance until market conditions become clear. While we have not seen any direct impacts from the automotive tariffs, there have been some delays to customer-buying decisions due to this macro uncertainty.

從宏觀角度來看，市場顯然存在不確定性，目前我們必須應對這種情況，有些客戶正在撤回指導，直到市場狀況明朗為止。雖然我們尚未看到汽車關稅的任何直接影響，但由於這種宏觀不確定性，客戶的購買決策有所延遲。

As the OEMs navigate possible disruption to supply chains, there could also potentially be impacts on production volumes, which could impact royalty revenue. We're taking these factors into account in our guidance, and we'll continue to monitor closely as we head through this fiscal year.

隨著原始設備製造商應對可能出現的供應鏈中斷，產量也可能受到影響，進而影響特許權使用費收入。我們在指導中考慮了這些因素，並且我們將在本財政年度繼續密切關注。

Moving now to our Secure Communications division. This was a strong quarter for the division, meeting the top end of our guidance range with quarterly revenue of $59.5 million. Annual recurring revenue, or ARR, was stable at $209 million. Our dollar-based net retention rate, or DBNRR, also remained relatively flat at 92%. These stable fundamentals position the Secure Communications division well as a solid source of EBITDA and cash flow for BlackBerry.

現在轉到我們的安全通訊部門。本季該部門表現強勁，季度營收達到 5,950 萬美元，達到了我們預期範圍的最高值。年度經常性收入（ARR）穩定在 2.09 億美元。我們的美元淨留存率（DBNRR）也保持相對平穩，為 92%。這些穩定的基本面使安全通訊部門成為黑莓可靠的 EBITDA 和現金流來源。

The stronger-than-expected revenue number was in large part driven by the strength of our Secusmart product. This was another strong quarter for sales to the German government where we closed some large deals earlier than expected.

營收數字高於預期，很大程度上得益於我們的 Secusmart 產品的強勁表現。這是我們對德國政府銷售的另一個強勁季度，我們比預期更早完成了一些大筆交易。

In addition to the core German market, the pipeline of potential deals with customers around the world continues to grow, especially where we are seeing significantly increased budgets, particularly in defense.

除了核心的德國市場之外，與世界各地客戶的潛在交易管道也在不斷增長，特別是在國防預算大幅增加的領域。

Governments are increasingly evaluating the tools they use in the wake of vulnerability seen in using consumer-focused platforms for critical communications. While sales cycles in governments are typically long, we are optimistic about our ability to close additional deals for Secusmart this fiscal year.

鑑於使用以消費者為中心的平台進行關鍵通訊存在漏洞，各國政府正在越來越多地評估其所使用的工具。雖然政府的銷售週期通常很長，但我們對本財年為 Secusmart 完成更多交易的能力充滿信心。

During Q1, AtHoc earned FedRAMP High authorization, the highest level of attainment for safeguarding mission-critical sensitive data within the US federal government. As the first critical event management platform to achieve FedRAMP High, this further strengthens our moat and further expands our addressable market.

在第一季度，AtHoc 獲得了 FedRAMP High 授權，這是美國聯邦政府內部保護關鍵任務敏感資料的最高級別授權。作為第一個實現 FedRAMP High 的關鍵事件管理平台，這進一步加強了我們的護城河，並進一步擴大了我們的潛在市場。

During the quarter, we secured wins for AtHoc with several US federal organizations, including the US Marine Corps, US Air Force, Senate, FEMA, the White House communications agencies as well as other organizations in Germany and Canada.

在本季度，我們為 AtHoc 贏得了多個美國聯邦組織的合作，其中包括美國海軍陸戰隊、美國空軍、參議院、聯邦緊急事務管理署、白宮通訊機構以及德國和加拿大的其他組織。

Moving on to our unified endpoint management product, BlackBerry UEM. UEM continues to perform as expected with some ongoing churn with customers moving to a cloud-based architecture, partially offset by a deepening of our on-premise moat for those customers who particularly value data sovereignty.

繼續討論我們的統一端點管理產品 BlackBerry UEM。UEM 繼續按照預期表現，隨著客戶轉向基於雲端的架構，一些客戶不斷流失，但對於那些特別重視資料主權的客戶，我們內部部署護城河的加深部分抵消了這一影響。

One of the legacy players in this market has signaled the end of life for their on-premise solution. In contrast, we continue to make targeted investments. This quarter, we secured deals for UEM with a broad spectrum of customers, including the US Special Operations Command, US Air Force, the UK Sellafield Nuclear Power establishment and National Grid, the Qatar National Bank, leading US Bank Oppenheimer, and the Netherlands Government shared services. These data points increase our confidence in both defending and expanding our UEM on-premise customer base.

該市場的一家老牌廠商已發出訊號，表示其內部部署解決方案將走向終結。相反，我們繼續進行有針對性的投資。本季度，我們為 UEM 與眾多客戶達成了交易，其中包括美國特種作戰司令部、美國空軍、英國塞拉菲爾德核電站和國家電網、卡達國家銀行、美國領先的銀行奧本海默以及荷蘭政府共享服務。這些數據點增強了我們捍衛和擴大 UEM 內部客戶群的信心。

Touching briefly on IP licensing, this was a solid quarter where revenue from pre-existing licensing deals drove the quarterly result of $4.7 million. We understand that Malikie, the party that purchased our noncore patents in 2024 is pursuing a number of potential licensing opportunities. Should they be successful, BlackBerry will participate in the profit they generate. While we do not expect incremental revenue this current year, it could provide upside in fiscal year '27 and fiscal year '28.

簡單談談 IP 許可，這是一個穩健的季度，來自現有許可交易的收入推動了 470 萬美元的季度業績。我們了解到，2024 年購買我們非核心專利的一方 Malikie 正在尋求一些潛在的授權機會。如果他們成功了，黑莓將分享他們創造的利潤。雖然我們預計今年的收入不會增加，但它可能會為 2027 財年和 2028 財年帶來上行空間。

With that, let me now turn the call over to Tim, who will provide further details on our financials.

說完這些，現在讓我把電話轉給蒂姆，他將提供有關我們財務狀況的更多詳細資訊。

Thank you, John, and good afternoon, everyone. As John mentioned, revenue for the total company in the quarter exceeded the top end of guidance at $121.7 million. On the cost side, this was a quarter of puts and takes. We saw OpEx headwinds from FX due to a weakening US dollar.

謝謝你，約翰，大家下午好。正如約翰所提到的，本季公司總收入超過了預期最高值 1.217 億美元。從成本方面來看，這是投入和產出的四分之一。由於美元走弱，我們看到了來自外匯的營運支出阻力。

A significant portion of our costs are denominated in other currencies, especially the Canadian dollar and euro. However, we also had some items go our way, including approximately $4.5 million of grant funding as a result of our newly reinvigorated partnership, the Canadian Government's Strategic Innovation Fund. The fund is to support the development of cutting-edge technology in Canada, and it helped to offset some of our incremental R&D investment in QNX during the quarter.

我們很大一部分的成本是以其他貨幣計價的，尤其是加幣和歐元。然而，我們也取得了一些進展，包括我們新近恢復的合作夥伴關係——加拿大政府戰略創新基金——提供的約 450 萬美元的補助金。該基金用於支持加拿大尖端技術的發展，並幫助抵消了我們本季對 QNX 的部分增量研發投資。

Total company adjusted gross margin expanded by 1% year over year to 75%, and total company adjusted EBITDA beat expectations at $16.4 million. Overall, the hard work the team has done over the past year to implement tight cost controls is really showing benefits.

公司調整後毛利率年增 1% 至 75%，公司調整後 EBITDA 總額超出預期，達到 1,640 萬美元。總體而言，團隊在過去一年為實施嚴格的成本控制所做的努力確實取得了成效。

Adjusted net income for Q1 was $12.3 million, and BlackBerry achieved positive quarterly GAAP net income for the first time in over three years at $1.9 million. Adjusted EPS also beat expectations at $0.02. QNX revenue beat the top end of the guidance range of $57.5 million. QNX gross margins were slightly down at 81%, primarily as a result of the effects of unfavorable exchange rates.

第一季調整後淨收入為 1,230 萬美元，黑莓三年多來首次實現季度 GAAP 淨收入為正，達到 190 萬美元。調整後每股收益也超出預期，達到 0.02 美元。 QNX 營收超過了 5,750 萬美元的預期上限。QNX 毛利率略有下降，為 81%，這主要是由於不利的匯率影響。

Adjusted EBITDA for QNX in the quarter exceeded the top end of guidance at $12.7 million. Revenue for Secure Communications exceeded the top end of guidance in the quarter at $59.5 million, primarily as a result of strong performance from Secusmart. This higher-than-expected revenue helped drive sequential and year-over-year gross margin expansion in Q1 to 17%. Leverage in the Secure Communications model, helped the division to exceed expectations for adjusted EBITDA at $9.6 million.

QNX 本季調整後的 EBITDA 超過了預期上限，達到 1,270 萬美元。本季度，安全通訊公司的營收超過了預期最高限額，達到 5,950 萬美元，主要得益於 Secusmart 的強勁表現。高於預期的營收推動第一季毛利率較去年同期擴大至 17%。安全通訊模型的槓桿作用幫助該部門的調整後 EBITDA 超出預期，達到 960 萬美元。

Finally, our Licensing division delivered revenue of $4.7 million and adjusted EBITDA of $3.8 million, both slightly below expectations due to lower revenue from existing licensing arrangements in the quarter. Adjusted corporate operating costs, excluding amortization, came in at $9.7 million in Q1, in line with guidance.

最後，我們的授權部門實現了 470 萬美元的收入和 380 萬美元的調整後 EBITDA，均略低於預期，原因是本季現有授權安排的收入較低。第一季調整後的企業營運成本（不包括攤銷）為 970 萬美元，符合預期。

As previously outlined, Q1 is a seasonal low for cash for BlackBerry. The combination of our billings profile and timing of certain annual cash payments means that the first quarter is always a burning quarter. That said, cash used by operations was better than guidance with the usage of $18 million. This includes approximately $11 million of cash relating to restructuring costs including $6 million of employee severance and $5 million for lease payments for properties that we have exited. We expect the cash commitments for these leases to reduce as the fiscal year goes on.

如前所述，第一季是黑莓現金的季節性低點。我們的帳單狀況和某些年度現金支付的時間相結合意味著第一季始終是一個緊張的季度。也就是說，營運所用的現金好於預期，達到了 1,800 萬美元。其中包括與重組成本有關的約 1,100 萬美元現金，其中包括 600 萬美元的員工遣散費和 500 萬美元我們已退出的房產租賃費用。我們預計，隨著財政年度的推移，這些租賃的現金承諾將會減少。

In addition to cash used by operations, we returned $10 million to shareholders as part of the share buyback program. Therefore, total cash and investments decreased by $28 million during the quarter to $382 million, which remains almost $100 million better than this time last year when the number was $283 million.

除了營運所用的現金外，我們還透過股票回購計畫向股東返還了 1,000 萬美元。因此，本季現金和投資總額減少了 2,800 萬美元，至 3.82 億美元，但仍比去年同期的 2.83 億美元高出近 1 億美元。

As John mentioned, we received approval for a share buyback program during the quarter. The program allows for the repurchase of up to $100 million of shares for approximately 4.7% of the number outstanding at the time of approval.

正如約翰所提到的，我們在本季獲得了股票回購計畫的批准。該計劃允許回購最多價值 1 億美元的股票，約佔批准時流通股數的 4.7%。

I'm pleased to report that we took solid first steps in this program and repurchased approximately $10 million or 2.6 million shares at an average price per share of $3.89 before the quiet period commenced. These shares have been subsequently canceled. These actions illustrate our belief that BlackBerry shares are undervalued and that we have a strong plan to continue to generate cash on an annual basis. While we are not obliged to repurchase shares, the program will continue to provide capital allocation optionality as we continue through the rest of the year, allowing for further repurchases if the conditions are favorable.

我很高興地報告，我們在該計劃中邁出了堅實的第一步，並在靜默期開始之前以每股平均 3.89 美元的價格回購了約 1000 萬美元或 260 萬股股票。這些股份隨後已被註銷。這些舉措表明，我們相信黑莓股價被低估，我們有一個強有力的計劃，可以繼續每年產生現金。雖然我們沒有義務回購股票，但該計劃將在今年剩餘時間內繼續提供資本配置選擇權，如果條件有利，可以進一步回購。

Turning now to financial outlook for the second fiscal quarter and the full fiscal year. Overall, we are not getting carried away with what was a better-than-expected first quarter. While we are, of course, very pleased to have beaten expectations almost across the board, we don't expect the remainder of the year to look very different to how it did 90 days ago. We are taking a prudent position for QNX in Q2, given that any slowdown in production volumes in the first calendar quarter as a result of recent tariff changes are likely to impact Q2 royalty revenues.

現在來談談第二財季和整個財年的財務展望。整體而言，我們並沒有因為第一季好於預期而沾沾自喜。當然，儘管我們非常高興幾乎所有方面的業績都超出了預期，但我們預計今年剩餘時間的業績不會與 90 天前有太大不同。我們對 QNX 在第二季的表現持謹慎態度，因為近期關稅變動導致的第一季產量放緩可能會影響第二季的專利費收入。

We're also allowing for elongated buying decisions for new design wins, especially newer products like QNX Cabin. As a result, we expect revenue for QNX in Q2 to be in the range of $55 million to $60 million and for adjusted EBITDA to be in the range of $10 million to $13 million. Despite the uncertainty in the market, we continue to hold our full-year revenue guidance range at $250 million to $270 million and adjusted EBITDA between $55 million and $60 million.

我們也允許對新設計成果做出延長的購買決策，特別是像 QNX Cabin 這樣的新產品。因此，我們預計 QNX 第二季的營收將在 5,500 萬美元至 6,000 萬美元之間，調整後的 EBITDA 將在 1,000 萬美元至 1,300 萬美元之間。儘管市場存在不確定性，我們仍將全年營收預期維持在 2.5 億美元至 2.7 億美元之間，調整後 EBITDA 維持在 5,500 萬美元至 6,000 萬美元之間。

For Secure Communications, we are optimistic around the pipeline of opportunities we see for the division. We expect revenue for Q2 to be in the range of $54 million to $59 million, and for adjusted EBITDA to be between $3 million and $6 million.

對於安全通訊部門而言，我們對該部門的機會持樂觀態度。我們預計第二季的營收將在 5,400 萬美元至 5,900 萬美元之間，調整後的 EBITDA 將在 300 萬美元至 600 萬美元之間。

We performed better than expected in Q1, primarily due to closing some large Secusmart deals earlier than expected. We see those deals being replaced in later quarters by an increased pipeline of opportunities. Therefore, we are raising our full-year revenue guidance by $4 million, such that the range is now $234 million to $244 million and for adjusted EBITDA to be between $37 million and $47 million or 16% to 19%.

我們在第一季的表現優於預期，主要是因為比預期更早完成了一些大型 Secusmart 交易。我們看到這些交易在隨後的幾個季度中被越來越多的機會所取代。因此，我們將全年營收預期上調 400 萬美元，目前範圍為 2.34 億美元至 2.44 億美元，調整後的 EBITDA 介於 3,700 萬美元至 4,700 萬美元之間，即 16% 至 19%。

For Licensing, we reiterate our guidance for revenue to be approximately $6 million and adjusted EBITDA to be approximately $5 million per quarter. For the full fiscal year, we're holding guidance for $24 million of revenue and adjusted EBITDA of approximately $20 million.

對於許可，我們重申我們的預期，即收入約為 600 萬美元，調整後的 EBITDA 約為每季 500 萬美元。對於整個財政年度，我們預計收入為 2400 萬美元，調整後 EBITDA 約為 2000 萬美元。

We continue to expect adjusted corporate OpEx, excluding amortization, to be approximately $10 million a quarter or $40 million for the full fiscal year. At the total company level, we expect revenue for Q2 be in the range of $115 million to $125 million, and adjusted EBITDA to be between $8 million and $14 million.

我們繼續預計調整後的企業營運支出（不包括攤銷）約為每季 1,000 萬美元或整個財年 4,000 萬美元。從整個公司層級來看，我們預計第二季的營收將在 1.15 億美元至 1.25 億美元之間，調整後的 EBITDA 將在 800 萬美元至 1,400 萬美元之間。

Given the increased guidance for both Secure Communications revenue and adjusted EBITDA, we are raising guidance for the total company as well. For the full fiscal year 2026, we now expect total company revenue to be between $508 million and $538 million, and adjusted EBITDA to be in the range of $72 million to $87 million. For non-GAAP EPS, we expect it to be between breakeven and $0.01 in the second quarter and to remain between $0.08 and $0.10 for the full fiscal year.

鑑於安全通訊收入和調整後 EBITDA 的指導均有所提高，我們也提高了整個公司的指導。對於 2026 財年全年，我們目前預計公司總營收將在 5.08 億美元至 5.38 億美元之間，調整後的 EBITDA 將在 7,200 萬美元至 8,700 萬美元之間。對於非 GAAP EPS，我們預計第二季的每股盈餘將在損益平衡點至 0.01 美元之間，而整個財年將維持在 0.08 美元至 0.10 美元之間。

As mentioned during the Q4 earnings announcement, we expect the first half of fiscal '26 to be lower than the second half of the year for cash flow as a result of the billings and payments profile, including a number of onetime factors that will drop off as we get further into the year. Due primarily to tax payments falling during the quarter which relate to a number of prior years for countries outside of North America, we expect another quarter of cash usage, albeit sequentially lower.

正如在第四季度收益公告中所提到的，我們預計 26 財年上半年的現金流將低於下半年，這是由於帳單和付款狀況不佳，其中包括一些一次性因素，這些因素將隨著今年的進一步發展而下降。主要是由於本季度稅收下降，這與北美以外國家的前幾年的情況有關，我們預計本季度的現金使用量將有所下降，儘管環比有所下降。

We expect an operating cash usage for Q2 in the range of $5 million to $15 million. But as before, we still expect BlackBerry to be operating cash flow positive for the full fiscal year, generating approximately $35 million, which is in addition to the second tranche of cash from Arctic Wolf relating to the sale of Cylance.

我們預計第二季的營運現金使用量將在 500 萬美元至 1,500 萬美元之間。但與以前一樣，我們仍然預計黑莓整個財年的經營現金流將為正，產生約 3500 萬美元，這是 Arctic Wolf 為出售 Cylance 而提供的第二筆現金的補充。

With that, let me now turn the call back to John.

說完這些，我現在把電話轉回給約翰。

Thanks for the summary, Tim. And before we move to Q&A, let me quickly summarize. Q1 was a good quarter for BlackBerry, with total company revenue, adjusted EBITDA, EPS and cash usage, beating guidance. QNX delivered a better-than-expected quarter despite the challenging landscape in the automotive industry as our solid strategy to both help our customers execute on their software development goals and to diversify into nonautomotive verticals continues to show positive signs of traction. Secure Communications performed better than expected from both the top- and bottom-line perspective in the quarter, and we're raising our guidance for the full year.

謝謝你的總結，提姆。在我們進入問答環節之前，讓我快速總結一下。第一季對於黑莓來說表現良好，公司總收入、調整後的 EBITDA、每股盈餘和現金使用量都超出預期。儘管汽車產業面臨挑戰，QNX 本季的業績仍優於預期，因為我們的穩健策略既能幫助客戶實現其軟體開發目標，又能向非汽車垂直領域多元化發展，這一戰略繼續顯示出積極的發展跡象。本季度，安全通訊公司無論從營收或淨利潤來看，表現都優於預期，因此我們上調了全年業績預期。

With both these divisions performing well, we believe BlackBerry is in a strong position to continue to generate profit and cash over the long term. With this solid foundation, we started to execute on repurchasing shares and have significant runway should it be appropriate to continue buying more.

由於這兩個部門表現良好，我們相信黑莓有能力長期繼續創造利潤和現金。有了這個堅實的基礎，我們開始執行回購股票的計劃，如果繼續購買更多股票是合適的，我們擁有巨大的發展空間。

So let's now move to Q&A. Operator, could you please open up the lines?

現在我們進入問答環節。接線員，您可以接通線路嗎？

(Operator Instructions) Todd Coupland, CIBC Capital Markets.

（操作員指示）Todd Coupland，加拿大帝國商業銀行資本市場。

So I wanted to ask a question on QNX in the macro environment. You talked about how you hadn't seen changes to production schedules but you're anticipating that that's going to happen in this current quarter. Is that assumption already being realized in the production schedules you're seeing? Or are you just building in that downside protection into the guide?

所以我想問一個關於巨集環境中的 QNX 的問題。您談到您沒有看到生產計劃的變化，但您預計這將在本季發生。您看到的生產計劃中是否已經實現了這個假設？或者您只是在指南中加入了下行保護？

Yeah. So great question, Todd. Ultimately, the Q2 or our fiscal Q2 royalty revenue is a function of production that happens in Q1. So we don't get the final production numbers by model, which obviously impacts how much royalty we're going to get until into Q2. So we priced in a reasonable amount of risk there in the guidance that we've given at $55 million to $60 million, to allow for some potential disruption that we haven't yet fully seen in those numbers.

是的。托德，這個問題問得真好。最終，第二季或我們的財政第二季特許權使用費收入取決於第一季的生產。因此，我們無法獲得按型號劃分的最終生產數量，這顯然會影響我們在第二季度之前能獲得的版稅金額。因此，我們在給出的 5500 萬至 6000 萬美元的指導價中考慮了合理的風險，以應對我們尚未完全從這些數字中看到的一些潛在幹擾。

Yeah. Great. And is there enough clarity in the market at this point to give you more confidence for the rest of the year? Or are you still concerned beyond this quarter about possible production disruptions?

是的。偉大的。目前市場狀況是否夠明朗，讓您對今年剩餘時間更有信心？或者您仍然擔心本季之後可能出現的生產中斷？

I mean, it's very -- it's a very fluid situation. I think John mentioned that some of our customers have actually stood down their guidance. So the fact that we've still got our guidance shows that we do have a certain level of visibility. But things can change. It's very fluid.

我的意思是，這是一個非常不穩定的情況。我認為約翰提到我們的一些客戶實際上已經放棄了他們的指導。因此，我們仍然有指導，這一事實表明我們確實具有一定程度的可見度。但事情可能會改變。它非常流暢。

I think we priced in a reasonable amount of risk and when we look at the year, who knows what's going to happen, Todd. Just like you and everyone else, we're going to have to see how things pan out. But we feel pretty confident that we're not entirely relying on royalties. We do have other streams as well, the professional services and also the development seats, we feel pretty good where we're at.

我認為我們已經考慮了合理的風險，當我們展望今年時，誰知道會發生什麼，托德。就像您和其他人一樣，我們必須看看事情如何發展。但我們非常有信心，我們並不完全依賴版稅。我們還有其他業務流，專業服務和開發席位，我們對目前的狀況感到十分滿意。

Paul Treiber, RBC Capital Markets. Mr. Treiber, your line is up for question.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Paul Treiber。特雷伯先生，您的線路有待提問。

Luke Junk, Baird.

盧克·簡克，貝爾德。

Good afternoon. Thanks for taking the questions. I guess, John, I want to start with the comments you made on SDP 8.0 to the strong auto -- non-auto mix in the pipeline and that the overall pipeline grew by, I think, you said 55% in the quarter. Can you just help us size that big numbers in percentage terms, but trying to understand how material that is and maybe if you'd be able to square that with the backlog disclosures that you've made for QNX? Thank you.

午安.感謝您回答這些問題。約翰，我想先談談你對 SDP 8.0 的評論，關於通路中強勁的汽車和非汽車組合，以及整體通路在本季成長了 55%。您能否幫助我們以百分比的形式估算出這些大數字，但試著了解這些數字的重要性，以及您是否能夠將其與您為 QNX 所做的積壓揭露相協調？謝謝。

Yeah. We -- I don't think we've updated the backlog at all from the last numbers that we were at $865 million. Without getting into the granularity of the size of the dollar size of SDP8.0, I could tell you it is one of the hottest products where we're getting the most interest and the most demand and it's encouraging to see that it's not just in the automotive space with some of the next-generation applications for -- but also as we turn more of our attention towards GEM, towards robotics, towards industrial automation, we're seeing quite a bit of appetite for it.

是的。我們——我認為我們根本沒有更新積壓訂單，上次的數字是 8.65 億美元。不必考慮 SDP8.0 的美元規模大小，我可以告訴你，它是我們最感興趣、需求最大的最熱門產品之一，令人鼓舞的是，它不僅在汽車領域擁有一些下一代應用 - 而且隨著我們將更多的注意力轉向 GEM、機器人技術和工業自動化，我們看到人們對它有相當大的興趣。

So it's hard to share too much granularity with it, other than we're just happy to see that not only is the total pie growing in terms of overall pipeline, but each of the respective pieces of the pie across automotive and the GEM space as well.

因此，很難分享太多細節，但我們很高興地看到，不僅整個管道的總量在增長，而且汽車和 GEM 領域的各個部分也在增長。

Okay. Got it. And then on the share buybacks that being new here, I think I'm hearing you saying that the approach here is going to be more opportunistic and that there's not necessarily a strict mandate timing-wise, around the $100 million, but to the extent that the stock gives you opportunities zooming into that. Can you maybe just talk about your approach to buybacks?

好的。知道了。然後關於股票回購，這是一個新概念，我想我聽到您說這裡的方法將更加機會主義，並且不一定有嚴格的時間授權，大約 1 億美元，而是在股票為您提供機會的範圍內。您能否談談您的回購方式？

Yeah. It's a great question. I mean, we're delighted that we're in a position now to be able to do a buyback. It shows the strength of our balance sheet and the plan going forward. So we're great -- feeling good about that.

是的。這是一個很好的問題。我的意思是，我們很高興現在能夠進行回購。它顯示了我們的資產負債表的實力和未來計劃。所以我們對此感到非常高興——感覺很好。

We ultimately, as good stewards of capital, we'll consider a number of different factors like cash flow in the quarter, share price, other alternative uses of capital that we might have available, that type of thing. So it's not going to be a linear thing, I would say. It would just be whatever we think makes the best sense for shareholder value.

最終，作為資本的良好管理者，我們會考慮許多不同的因素，例如本季的現金流量、股價、我們可能擁有的其他資本替代用途等等。所以我想說，這不會是線性的事情。這只是我們認為對股東價值最有意義的事。

Trip Chowdhry, Global Equities Research.

Trip Chowdhry，全球股票研究。

Thank you. Congratulations on very good execution. Two questions here. First, I will ask about your wins in the US or the federal defense spending. I was wondering what kind of trends are you seeing? And what specific products from BlackBerry are having traction in the defense spend?

謝謝。恭喜您取得如此出色的成績。這裡有兩個問題。首先，我想問一下您在美國的勝利或聯邦國防開支情況。我想知道您看到了什麼樣的趨勢？那麼黑莓的哪些具體產品對國防開支產生了影響呢？

And the second question I have is regarding a very solid execution and pipeline in QNX. Are there any specific categories of automotive where you're seeing more trend versus the rest? For example, are EVs still having more traction? Or is it hybrid or is it ICE? Any color on that will also be appreciated. Thank you so much.

我的第二個問題是關於 QNX 中非常穩定的執行和管道。與其他汽車相比，您是否在汽車的某些特定類別中看到了更多的趨勢？例如，電動車是否仍具有更大的吸引力？還是它是混合動力還是 ICE？任何顏色都會受到讚賞。太感謝了。

Thanks, Trip. Thanks for the thoughts and the questions. On the Secure Comms side of it, it really has been an interesting four or five months of the first year with a lot of geopolitical dynamics around the world. Secure communications and having mission-critical capabilities, we're finding more interest and more use cases than we had, say, this time last year.

謝謝，Trip。感謝您的想法和問題。從安全通訊方面來看，第一年的四、五個月確實很有趣，世界各地都發生了許多地緣政治動態。安全通訊和關鍵任務能力，我們發現比去年這個時候更多的興趣和更多的用例。

A lot of it, we're seeing governments not only in the US, but in other markets around the world, looking at data sovereignty, becoming more of a concern for them turning -- while many, I think, governments in the past have been embracing the cloud and utilizing the [cloud] more significantly, we're seeing a little bit of pull back from that on on-premise solutions and how they're protecting the data and the privacy of all their communications across their organization.

我們看到，不僅美國政府，而且世界其他市場的政府都在關注數據主權，這成為他們更加關注的問題——儘管我認為，過去許多政府都在擁抱雲端運算，並更加重視利用雲端運算，但我們看到，他們在內部部署解決方案以及如何保護整個組織內所有通信的數據和隱私方面有所退縮。

So certainly seeing the pipeline growing with these types of on-premise data sovereignty focused, mission-critical communications. It's encouraging to see the level of interest and how our product portfolio really is a hand-in-glove fit for some of these new demands.

因此，可以肯定的是，隨著這些以內部資料主權為重點、任務關鍵型通訊的發展，管道正在不斷成長。看到大家的興趣如此濃厚，以及我們的產品組合如何真正滿足這些新需求，我們感到很受鼓舞。

I'll turn it over to Tim, maybe to talk a little bit about the QNX momentum.

我將把時間交給 Tim，也許他會談一談 QNX 的動量。

Sure. Yeah. No, great question, Trip. Ultimately, we're seeing demand across the board. But ultimately, QNX thrives where we got high-performance compute in the vehicles that typically tends to be towards the top end of the range, the higher trims.

當然。是的。不，這個問題問得好，Trip。最終，我們看到了全面的需求。但最終，QNX 蓬勃發展，我們在車輛中獲得了高效能運算，這些車輛通常傾向於高端產品，即高配車型。

But EV versus ICE, we tend to be fairly agnostic to that. But one of the really interesting things that John was talking about is autonomous drive. Obviously, there's a fair amount of buzz around that right now. QNX, this is great for QNX because safety critical use case, very high compute is perfect, so like ready-made for QNX. So as we see further advances in that, we are hoping to see some increased demand as well.

但對於電動車與內燃機汽車，我們往往持相當懷疑的態度。但約翰談論的真正有趣的事情之一是自動駕駛。顯然，目前關於這一點的討論相當多。QNX，這對 QNX 來說非常棒，因為安全關鍵用例、非常高的運算能力是完美的，所以就像為 QNX 做好的一樣。因此，隨著我們看到這方面的進一步進步，我們也希望看到需求的成長。

But generally speaking, it's across the board. The trends, the secular tailwinds for the business, multiyear secular tailwinds, we feel pretty confident about despite any near-term noise and volatility that may come in the market.

但總體來說，這是全面的。儘管市場近期可能出現一些噪音和波動，但我們對這些趨勢、業務的長期順風、多年的長期順風充滿信心。

Thank you so much. Congratulations again.

太感謝了。再次恭喜。

Thanks, Trip.

謝謝，Trip。

Paul Treiber, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Paul Treiber。

Thanks very much. Hopefully, you can hear me now.

非常感謝。希望你現在能聽到我的聲音。

Yeah. We can. Go ahead, Paul.

是的。我們可以。繼續吧，保羅。

Yes, great. Just a question on the US federal government. Did you see any churn related to DOGE or any of the reduced procurement decisions there?

是的，太棒了。我只是想問一下有關美國聯邦政府的問題。您是否看到與 DOGE 相關的任何客戶流失或任何採購減少的決策？

Paul, we were on high alert on that, as you could imagine, since such a significant part of our business does come from the US government. But we really didn't see any material impact from a DOGE.

保羅，你可以想像，我們對此高度警惕，因為我們業務的很大一部分確實來自美國政府。但我們確實沒有看到 DOGE 帶來任何實質影響。

As we work through a lot of the different opportunities and a lot of the different renewals, I think one common theme seem to come back and forth every time we engage with them, is that mission-critical communications didn't seem to be at the top of their list of things to slash and burn on.

當我們處理許多不同的機會和許多不同的續約時，我認為每次與他們接觸時似乎都會出現一個共同的主題，那就是關鍵任務通信似乎不是他們要削減和燒毀的事情清單上的首要任務。

So it was encouraging to see that. I think that's one of the reasons why our DBNRR or ARR, things like that, held up pretty nicely in the quarter as we really didn't find any meaningful impact from a DOGE perspective.

看到這一幕真是令人鼓舞。我認為這就是為什麼我們的 DBNRR 或 ARR 等在本季度保持良好狀態的原因之一，因為從 DOGE 的角度來看，我們確實沒有發現任何有意義的影響。

That's good to hear. Second question, just on QNX and the growth that you're seeing in SDP 8.0, the pipeline there. Is that on the automotive side? Is that additive to the existing pipeline for QNX -- or are you seeing some transition from the prior generations of QNX to SDP 8.0?

聽到這個消息真好。第二個問題，僅關於 QNX 以及您在 SDP 8.0 中看到的增長以及那裡的管道。這是汽車方面的嗎？這是對 QNX 現有管道的補充嗎？或者您看到了從前幾代 QNX 到 SDP 8.0 的一些轉變？

Yeah. I mean, ultimately, we want everyone to migrate over to SDP 8.0 because it's future-proof platform and also it's got an uplift, as you could imagine. It's high performance. So it's an uplift for us.

是的。我的意思是，最終，我們希望每個人都遷移到 SDP 8.0，因為它是一個面向未來的平台，而且正如您所想像的那樣，它有一個提升。其性能非常高。這對我們來說是一種提升。

So I'd say we're still in the early innings. It's a new product. We're pleasantly surprised by the amount of traction we've already had. But in this market, things tend to move relatively slow because a very long life cycle-type projects. So we're pleased with what we've seen so far, and it is a better ASP than the previous versions.

所以我想說我們仍處於早期階段。這是一個新產品。我們對已經取得的進展感到非常驚訝。但在這個市場中，由於專案的生命週期很長，事情進展往往相對較慢。因此，我們對目前所看到的結果感到滿意，它比以前的版本更好。

Kingsley Crane, Canaccord.

金斯利·克蘭（Kingsley Crane），Canaccord。

Hi, Kingsley.

你好，金斯利。

Hi, Tim. Hi, John, how's it going? I want to echo my congrats on a really strong Q1. I just want to ask one thematic one to start out. Just curious how you're thinking about the balance between more tightly integrated systems versus more open systems in the software-defined vehicle space right now. Maybe you could compare what you're doing with Vector and TTTech [with export]. Thanks.

你好，提姆。嗨，約翰，最近怎麼樣？我想對第一季的強勁表現表示祝賀。首先，我只想問一個主題問題。只是好奇您現在如何看待軟體定義汽車領域中更緊密整合的系統與更開放的系統之間的平衡。也許你可以將你正在做的事情與 Vector 和 TTTech 進行比較[帶出口]。謝謝。

I'll start, and Tim, you chip in. Yeah, I think, Kingsley, as -- from a QNX perspective, what we announced at CES is us -- because we have such a pivotal role in the overall operating system for the software-defined vehicle, us expanding our role into middleware into integration into to help them handle the plumbing -- and regardless of who that's interacting, what applications inevitable you're interacting with, that's something that we just think it's a natural place for us to play in and for us to add value in terms of helping our customers from a time to market perspective.

我先開始，提姆，你也加入進來。是的，金斯利，我認為，從 問

So that's one aspect of it. I think QNX everywhere is another initiative that we think really expands our ecosystem and expands our partnerships with other players, having them embrace our technology, design around our technology. Both within the automotive space and outside of the automotive space from a GEM perspective, we think is another just part of our vision of really making QNX available more broadly across all the markets that we serve.

這是其中的一個面向。我認為 QNX everywhere 是另一項舉措，我們認為它確實擴展了我們的生態系統，擴大了我們與其他參與者的合作夥伴關係，讓他們接受我們的技術，並圍繞我們的技術進行設計。從 GEM 的角度來看，無論是在汽車領域內還是在汽車領域外，我們認為這都是我們願景的一部分，真正讓 QNX 在我們服務的所有市場中得到更廣泛的應用。

So feel like it's all coming together. The operating system, moving up the stack into middleware, creating an ecosystem of tech technology partners, I think, is part of a more comprehensive approach to the markets that we serve.

感覺一切都融合在一起了。我認為，作業系統、向上移動到中間件、創建技術合作夥伴生態系統是我們服務市場的更全面方法的一部分。

Right. Yeah. Makes perfect sense. And I want to circle back as well to the SDP 8.0 pipeline, GEM at 43%. That's really encouraging. I guess like how would you characterize the quality and maturity of that GEM pipeline versus automotive? I say that just because I know you're moving more to make more serious moves to get more beachheads in those markets. So it's great that it's already at 43%.

正確的。是的。非常有道理。我也想回顧 SDP 8.0 管道，GEM 佔 43%。這真是令人鼓舞。我想您會如何描述 GEM 管道相對於汽車管道的品質和成熟度？我這樣說只是因為我知道你們正在採取更嚴肅的行動來在這些市場上獲得更多的立足點。所以已經達到 43% 就已經很棒了。

Yeah. It's -- to see the whole pipeline grow 55%, that makes us feel good. Naturally, we've got a deeper presence in the auto OEMs and with their designs and the GEM space is a little more -- I don't want to say fluid, but it's certainly -- it's a newer pipeline. These are newer qualified opportunities.

是的。看到整個管道增長了 55%，我們感到非常高興。當然，我們在汽車原始設備製造商 (OEM) 領域擁有更深厚的影響力，並且憑藉其設計和 GEM 領域，我們擁有更多 — — 我不想說它是流動的，但它肯定是 — — 一條更新的管道。這些是較新的合格機會。

It's actually been very encouraging to see some of these mission-critical GEM applications wanting to lean into the performance characteristics of 8.0. We actually feel that helps qualify the pipeline even further. So both angles from an auto perspective and the GEM perspective, we're really seeing good traction on all of it. GEM has probably got a little more ways to go in terms of developing that pipeline, closing that pipeline, converting it to revenue. But the fact that we're seeing that much appetite, that much demand this early as we really double down on our go-to-market initiatives in GEM is certainly an encouraging sign.

看到一些關鍵任務型 GEM 應用程式希望能夠適應 8.0 的效能特性，這確實令人鼓舞。我們實際上認為這有助於進一步完善我們的產品線。因此，從汽車和創業板兩個角度來看，我們都看到了良好的發展動能。GEM 在開發管道、關閉管道、將其轉化為收入方面可能還有很長的路要走。但事實上，當我們真正加倍投入 GEM 的市場推廣計劃時，我們在這麼早就看到瞭如此大的興趣和需求，這無疑是一個令人鼓舞的信號。

Thank you. With that, there are no further questions at this time. I'd like to turn the call back over to John Giamatteo, CEO of BlackBerry, for closing remarks.

謝謝。至此，目前沒有其他問題了。我想將電話轉回給黑莓執行長約翰·賈馬特奧 (John Giamatteo)，請他做最後發言。

Terrific. Thanks, Julian. And just before we wrap up, a quick reminder to everyone for -- that we're going to be holding our Annual Meeting of Shareholders tomorrow at 10:00 AM Eastern, and details for how to join the virtual event can be found on blackberry.com website. So thank you all for joining the call today and look forward to seeing you next time. Bye for now.

了不起。謝謝，朱利安。在我們結束之前，請快速提醒大家——我們將於明天東部時間上午 10 點舉行年度股東大會，有關如何參加虛擬活動的詳細資訊可以在 blackberry.com 網站上找到。感謝大家今天參加電話會議，期待下次再見。暫時再見。

Thank you. With that, this does conclude today's call. We thank you for your participation. You may disconnect your lines at this time.

謝謝。今天的電話會議到此結束。我們感謝您的參與。現在您可以斷開線路。