BlackBerry Ltd (BB) 2026 Q2 法說會逐字稿

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

早安，歡迎參加黑莓2026財年第二季業績電話會議。我叫邁克爾，將擔任今天電話會議的主持人。 （接線員指示）提醒一下，本次會議將會被錄音，以便回放。

I would now like to turn today's call over to Martha Gonder, Director of Investor Relations, BlackBerry. Please go ahead.

現在，我想將今天的電話會議轉交給黑莓投資者關係總監瑪莎·貢德 (Martha Gonder)。請繼續。

Thank you, Michael. Good morning, everyone, and welcome to BlackBerry's second-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. 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.

謝謝你，麥可。大家早安，歡迎參加黑莓2026財年第二季財報電話會議。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。在我閱讀了有關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。

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. 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.

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。重播也將在 blackberry.com 網站上提供。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.

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。

Many factors could cause the company's actual results or performance to differ materially from those expressed or implied by the forward-looking statements. 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.

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。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，本公司無意且不承擔更新或修改任何前瞻性陳述的義務，除非法律要求。

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 the 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 turn the call over to John.

說完這些，讓我把電話轉給約翰。

Well, thanks, Martha, and thanks to everyone for joining today's call. Q2 was another strong quarter for BlackBerry with all three of our divisions meeting the top end of guidance. The company revenue for the quarter was stronger than expected, growing 3% year over year to $129.6 million.

好吧，謝謝瑪莎，也謝謝大家參加今天的電話會議。第二季度對於黑莓來說又是一個強勁的季度，我們的三個部門都達到了預期的最高水準。該公司本季營收強於預期，年增 3% 至 1.296 億美元。

BlackBerry delivered another quarter of solid profitability with total company adjusted EBITDA reaching 20% of revenue and GAAP net income being positive for the second consecutive quarter at $13.3 million. Likewise, non-GAAP EPS beat guidance at positive $0.04. Despite the headwinds of significant tax payments in the quarter, we were able to return to positive cash flow earlier than anticipated with operating cash flow at $3.4 million.

黑莓又一個季度實現了穩健的盈利，公司調整後的 EBITDA 總額達到收入的 20%，GAAP 淨收入連續第二個季度為正，達到 1,330 萬美元。同樣，非公認會計準則每股盈餘（Non-GAAP EPS）也超出預期，達到正0.04美元。儘管本季面臨巨額稅款的不利影響，但我們仍比預期更早恢復正現金流，營運現金流達340萬美元。

At a divisional level, QNX beat expectations for both revenue and adjusted EBITDA to achieve a Rule of 40 quarter. We delivered 15% year-over-year revenue growth and a 32% adjusted EBITDA margin for Q2.

在部門層面，QNX 的營收和調整後的 EBITDA 都超出預期，實現了 40 季度規則。我們第二季的營收年增 15%，調整後 EBITDA 利潤率達到 32%。

QNX revenue for the quarter was $63.1 million, primarily driven by strong royalties. These solid results are a testament to how the QNX team continues to successfully navigate what remains an uncertain macro environment. This is further evidenced by QNX design wins, being ahead of plan in Q2 after a slower start to the year in Q1.

QNX 本季營收為 6,310 萬美元，主要得益於強勁的版稅收入。這些可靠的結果證明了 QNX 團隊如何繼續成功應對仍不確定的宏觀環境。QNX 設計的勝利進一步證明了這一點，在第一季開局緩慢之後，第二季的設計提前完成了計劃。

The pipeline for potential design wins in the second half of this fiscal year looks solid. In the quarter, we secured a number of noteworthy design wins, including a mid-eight-figure design win in the Chinese market with a leading global Tier 1 supplier to power ADAS applications.

本財年下半年潛在的設計勝利前景看起來很穩固。在本季度，我們獲得了多項值得注意的設計訂單，包括在中國市場與一家全球領先的一級供應商簽訂的八位數中段設計訂單，為 ADAS 應用提供支援。

QNX is also progressing with ecosystem partners. BMW and Qualcomm announced that they have jointly developed a scalable platform called Snapdragon Ride Pilot, which is built on QNX. This product offered by Qualcomm to all global automakers and Tier 1 suppliers enables an active safety system that is continually updated with cloud-based information from global fleets.

QNX 也正在與生態系統合作夥伴共同進步。BMW與高通宣布共同開發了基於 QNX 的可擴展平台 Snapdragon Ride Pilot。高通往所有全球汽車製造商和一級供應商提供的這款產品實現了主動安全系統，該系統會根據來自全球車隊的基於雲端的資訊不斷更新。

We secured another win for our cloud-based development platform, Cabin, with one of the top five global automakers. This was also a significant quarter for our QNX Sound product, where we had a pivotal win to deliver software-defined audio with a leading domestic Chinese automaker and a leading branded audio partner. This marks a significant step forward in adoption of this product.

我們的基於雲端的開發平台 Cabin 再次贏得了全球五大汽車製造商之一的青睞。對於我們的 QNX Sound 產品來說，這也是一個重要的季度，我們與中國國內領先的汽車製造商和領先的品牌音訊合作夥伴一起贏得了軟體定義音訊的關鍵勝利。這標誌著該產品的採用邁出了重要一步。

Like in Auto, we continue to see growth in a number of high-performance, safety critical use cases in the general embedded space. In particular, we're seeing progress in the verticals where we've been increasing focus and investment, namely medical instrumentation, industrial automation, and robotics.

與汽車領域一樣，我們繼續看到通用嵌入式領域中許多高性能、安全關鍵用例的成長。特別是，我們在不斷增加關注和投資的垂直領域中取得了進展，即醫療儀器、工業自動化和機器人技術。

During this past quarter, we secured a significant win with a leading North American camera and vision module supplier for QNX to be used globally in automated mobile robots and subsequently in humanoid robotics. This is another data point that our investment strategy is showing returns.

在過去的一個季度中，我們與北美領先的相機和視覺模組供應商達成了一項重大協議，QNX 將在全球範圍內應用於自動移動機器人，隨後應用於人形機器人。這是我們的投資策略正在顯示回報的另一個數據點。

During the quarter, the latest version of our QNX operating system passed the safety and security audits conducted by TÜV Rheinland, and QNX OS for Safety 8.0 was formally released on July 31. Having the product fully certified by arguably the leading body in this space allows customers to demonstrate the product's compliance with rigorous international standards.

本季度，我們最新版本的 QNX 作業系統通過了德國萊茵 TÜV 的安全審核，QNX OS for Safety 8.0 於 7 月 31 日正式發布。產品通過該領域領先機構的全面認證，可以讓客戶證明產品符合嚴格的國際標準。

The QNX 8 pipeline continues to grow and remains approximately 50-50 between auto and GEM. And this pipeline is being converted. In Q2, a top global automaker purchased new QNX 8 development seat licenses. We also announced that QNX OS for Safety 8 will Power NVIDIA's Drive AGX Thor development kit. This kit enables software development on the NVIDIA AGC Thor SoC, a truly powerful next-generation chip that facilitates generative AI. QNX forms the foundation for NVIDIA's DRIVE OS that is often used in conjunction with NVIDIA chipsets in the car.

QNX 8 管道繼續增長，並且在汽車和 GEM 之間保持約 50-50 的比例。這條管道正在改造。第二季度，一家全球頂級汽車製造商購買了新的 QNX 8 開發席位許可證。我們也宣布 QNX OS for Safety 8 將為 NVIDIA 的 Drive AGX Thor 開發套件提供動力。該套件支援在 NVIDIA AGC Thor SoC 上進行軟體開發，這是一款真正強大的下一代晶片，可促進生成 AI。QNX 構成了 NVIDIA DRIVE OS 的基礎，該作業系統通常與汽車中的 NVIDIA 晶片組結合使用。

There was also meaningful progress for the vehicle software platform that we're investing in and have partnered with Vector Informatic to develop. The platform pre-integrates our operating system with a number of middleware components. We believe that this platform will help automakers accelerate their path to software-defined vehicles, greatly expanding QNX's addressable market and increasing our overall software content in the car.

我們正在投資並與 Vector Informatic 合作開發的車輛軟體平台也取得了重大進展。該平台預先整合了我們的作業系統和許多中間件組件。我們相信該平台將幫助汽車製造商加速其軟體定義汽車的進程，大幅擴展 QNX 的潛在市場並增加我們汽車中的整體軟體內容。

We were excited to launch the first early access version of this product this past quarter, and we're working closely with Vector to implement and accelerate our go-to-market strategy. We continue to see momentum with QNX Everywhere, our initiative to accelerate the growth of the QNX developer and ecosystem community through the availability of our products for non-commercial use and the development of QNX-centric training programs.

我們很高興在上個季度推出了該產品的第一個早期版本，並且我們正在與 Vector 密切合作，實施並加速我們的市場進入策略。我們繼續看到 QNX Everywhere 的發展勢頭，我們的計劃是透過提供非商業用途的產品和開發以 QNX 為中心的培訓計劃來加速 QNX 開發人員和生態系統社區的發展。

We see this as a strategically important program that aims to significantly strengthen the position of QNX in the market for the long term. This past quarter, MIT was one of six universities to sign up to using QNX in their engineering curriculums with more than 4,000 students having already attended QNX learning sessions globally.

我們認為這是一個具有重要戰略意義的計劃，旨在長期顯著加強 QNX 在市場上的地位。上個季度，麻省理工學院成為六所簽約在其工程課程中使用 QNX 的大學之一，全球已有超過 4,000 名學生參加了 QNX 學習課程。

So in summary, despite the continued uncertainty in the automotive market, BlackBerry's QNX division delivered strong results in Q2 and progressed across all our key growth initiatives, and we have a solid pipeline of opportunities for the second half of the fiscal year.

總而言之，儘管汽車市場仍然存在不確定性，但黑莓 QNX 部門在第二季度取得了強勁的業績，並在所有關鍵成長計畫中取得了進展，我們在本財年下半年擁有大量的機會。

Moving now on to Secure Communications division, which had another solid quarter, beating the top end of our guidance range and finishing higher sequentially with quarterly revenue of $59.9 million. The better-than-expected results were driven by a combination of slowing customer churn for UEM as well as some upside for both AtHoc and Secusmart.

現在來看看安全通訊部門，該部門又度過了一個穩健的季度，超過了我們預期範圍的最高值，季度收入達到 5990 萬美元，環比增長。業績優於預期，是由於 UEM 客戶流失率放緩以及 AtHoc 和 Secusmart 均有一定上漲空間。

Annual recurring revenue, or ARR, grew by $4 million in the quarter to $213 million and the dollar-based net retention rate, or DBNRR improved to 93%. Although the revenue was down year over year due to a significant device refresh cycle last fiscal year, this was a good quarter for sales of Secusmart to the German government, including a five-year deal with a key government agency for hosted secure voice services.

本季度，年度經常性收入（ARR）成長了 400 萬美元，達到 2.13 億美元，美元淨留存率（DBNRR）提高到了 93%。儘管由於上財年設備更新周期較長，營收年比有所下降，但本季 Secusmart 對德國政府的銷售表現良好，其中包括與一家重要政府機構達成的為期五年的託管安全語音服務協議。

Offering a hosted service is a new recurring revenue business model for BlackBerry that together with more software-only sales can help create a more predictable revenue profile for the Secusmart business. This deal can serve as a test case and open the door for future deals of this nature.

提供託管服務是黑莓的一種新的經常性收入業務模式，結合更多的純軟體銷售，可以幫助 Secusmart 業務創造更可預測的收入狀況。這筆交易可以作為一個測試案例，並為未來此類交易打開大門。

We also saw traction with deployment of Secusmart on iOS devices. In the past, Secusmart was largely limited to Android. The R&D effort to add support for iOS has significantly increased the size of our potential opportunity within the German government. Outside of Germany, this quarter, we secured a deal with a Canadian government entity, and the pipeline of opportunities globally remains robust.

我們也看到了在 iOS 裝置上部署 Secusmart 的趨勢。過去，Secusmart 主要局限於 Android。增加對 iOS 支援的研發工作大大增加了我們在德國政府內部的潛在機會。本季度，在德國以外，我們與加拿大政府實體達成了一項協議，全球範圍內的機會管道依然強勁。

During Q2, we secured a large renewal and upsell with the US State Department for our AtHoc critical events management platform. This deal includes four option years, which could result in this being a five-year renewal. FedRAMP high approval and new features added to the AtHoc platform recently were key for the State Department in expanding their relationship with BlackBerry for their emergency notification and accountability platform.

在第二季度，我們與美國國務院就 AtHoc 關鍵事件管理平台達成了大規模續約和追加銷售協議。該協議包含四年的選擇權，因此續約期限可能為五年。FedRAMP 的高度認可以及最近在 AtHoc 平台上添加的新功能對於國務院擴大與 BlackBerry 的關係以建立緊急通知和問責平台至關重要。

In addition, we secured AtHoc wins with the United States Coast Guard and Veteran Affairs, among others. As mentioned, this quarter, we saw the continuation of the trend for reduced customer churn for UEM. An increased focus on data sovereignty plays to BlackBerry UEM's strength especially with on-premises deployments.

此外，我們還與美國海岸防衛隊和退伍軍人事務部等機構合作，贏得了 AtHoc 的勝利。如上所述，本季度，我們看到 UEM 客戶流失率持續下降的趨勢。對資料主權的更多關注發揮了 BlackBerry UEM 的優勢，尤其是在內部部署方面。

In particular, we secured a number of nongovernment renewals that helped solidify the base. Renewals including a number of major financial institutions as well as Rolls-Royce; leading law firm, Hogan Lovells; defense engineering firm, Babcock; the IRS; and the Department of Homeland Security, just to name a few.

特別是，我們獲得了一些非政府的續約，這有助於鞏固基礎。續約對象包括多家大型金融機構以及勞斯萊斯、領先的律師事務所 Hogan Lovells、國防工程公司 Babcock、美國國稅局和國土安全部，僅舉幾例。

During the quarter, BlackBerry UEM became the first solution to be certified by Germany's Federal Office for Information Security, or BSI. Meeting these very rigorous standard shows Blackberry's commitment to this market and opens up potential for UEM expansion opportunities in Germany.

本季度，BlackBerry UEM 成為首個獲得德國聯邦資訊安全局 (BSI) 認證的解決方案。滿足這些非常嚴格的標準表明了黑莓對這個市場的承諾，並為德國的 UEM 擴展機會開闢了潛力。

Overall, this was another solid quarter for Secure Comms. The pipeline of potential large deals with government customers continues to be strong. However, sales cycles remain relatively low.

總體而言，對於 Secure Comms 來說，這又是一個表現穩健的季度。與政府客戶達成的潛在大宗交易管道持續強勁。然而，銷售週期仍然相對較低。

Touching briefly on IP licensing. In addition to the run rate revenue from pre-existing arrangements, which remains solid, we secured a net new onetime deal in the quarter that helped revenue to beat expectations at $6.6 million.

簡要談一下知識產權許可。除了來自現有安排的運行率收入仍然穩定之外，我們在本季度獲得了一筆淨新的一次性交易，這有助於收入超過預期，達到 660 萬美元。

And with that, let me now turn the call over to Tim for more color on our financials.

現在，請容許我將電話轉給提姆，讓他進一步了解我們的財務狀況。

Thank you, John, and good morning, everyone. As John mentioned, revenue for the total company in the quarter exceeded the top end of guidance at $129.6 million. Operating leverage, driven by the strong top line, combined with tight cost control, enabled us to deliver expanded profit margins.

謝謝你，約翰，大家早安。正如約翰所提到的，本季公司總收入超過了預期最高值 1.296 億美元。強勁的營業收入和嚴格的成本控制推動了營業槓桿的發揮，使我們能夠實現更高的利潤率。

Total company adjusted gross margins expanded by 4 percentage points year over year to 75% and remained flat sequentially despite a greater proportion of Secusmart hardware in the mix. Adjusted operating expenses were approximately 5% lower year over year at $74.8 million.

儘管 Secusmart 硬體在產品組合中所佔比例較大，但該公司調整後總毛利率年增 4 個百分點至 75%，與上一季持平。調整後的營運費用年減約 5%，為 7,480 萬美元。

This reduction is in spite of increased investment in strategic growth drivers for QNX, namely our GEM expansion and the vehicle software platform, as well as FX headwinds from a weaker US dollar this fiscal year. This demonstrates how we are successfully controlling costs and driving efficiencies across the business.

儘管 QNX 的策略性成長動力（即 GEM 擴張和車輛軟體平台）的投資有所增加，並且本財年美元走弱帶來了外匯逆風，但支出仍有所減少。這表明我們如何成功地控製成本並提高整個業務的效率。

As was the case in Q1, this past quarter, we benefited from approximately $4 million of grant funding from the Canadian Government Strategic Innovation Fund. We do not expect to receive any further P&L benefit from this program for the remainder of the fiscal year.

與第一季的情況一樣，上個季度，我們獲得了加拿大政府戰略創新基金約 400 萬美元的資助。我們預計在本財政年度剩餘時間內不會從該計劃中獲得任何進一步的損益。

As a result of top-line growth, expanded gross margins and reduced operating expenses, total company adjusted EBITDA grew a very strong 72% year over year to $25.9 million. Adjusted net income for Q2 was $24.2 million and GAAP net income was $13.3 million. This is a $33 million turnaround in GAAP net income from the $19.7 million loss in the prior year. Indeed, it is also a significant expansion from the $1.9 million of positive GAAP net income we achieved in Q1. Adjusted EPS also beat expectations at positive $0.04.

由於營業收入成長、毛利率提高和營運費用減少，公司調整後 EBITDA 總額年增 72%，達到 2,590 萬美元。第二季調整後淨收入為 2,420 萬美元，GAAP 淨收入為 1,330 萬美元。這是 GAAP 淨收入的 3,300 萬美元，而前一年則虧損 1,970 萬美元。事實上，與我們第一季實現的 190 萬美元正 GAAP 淨收入相比，這也是一個顯著的成長。調整後的每股盈餘也超出預期，達到正 0.04 美元。

QNX revenue beat the top end of the guidance range at $63.1 million, representing 15% year-over-year growth. QNX gross margins expanded by 2 percentage points sequentially and were flat year over year at a strong 83%. QNX's adjusted EBITDA in Q2 marked the most profitable quarter in the division's history with a 32% margin. Adjusted EBITDA exceeded the top end of guidance at $20.5 million, a 56% year-over-year increase.

QNX 營收超出預期最高水平，達到 6,310 萬美元，較去年同期成長 15%。QNX 毛利率較上季成長 2 個百分點，與去年同期持平，達到 83%。QNX 第二季的調整後 EBITDA 利潤率為 32%，是該部門歷史上利潤最高的一個季度。調整後的 EBITDA 超過預期上限，達到 2,050 萬美元，年增 56%。

Revenue for Secure Communications exceeded the top end of guidance in the quarter at $59.9 million. Gross margin was higher year over year and lower sequentially at 66% as a result of revenue mix.

本季安全通訊的營收超過了預期最高值，達到 5,990 萬美元。由於收入結構的原因，毛利率較去年同期有所上升，但較上季有所下降，為 66%。

Secure Communications remained solidly profitable, despite the Secusmart hardware component in the product mix for Q2, delivering stronger-than-expected adjusted EBITDA at $9.7 million or 16% of revenue. Finally, our Licensing division delivered better-than-expected revenue of $6.6 million, leverage from which drove adjusted EBITDA higher to $5.6 million.

儘管第二季的產品組合中包含了 Secusmart 硬體組件，但 Secure Communications 仍保持了穩健的獲利能力，其調整後 EBITDA 達到 970 萬美元，佔營收的 16%，高於預期。最後，我們的許可部門實現了好於預期的 660 萬美元的收入，由此帶來的槓桿作用推動調整後的 EBITDA 上升至 560 萬美元。

Adjusted corporate operating costs, excluding amortization, came in at $9.9 million in Q2, in line with guidance. Despite paying $19 million of tax due from prior years, the company had better-than-expected conversion of profit into cash and was able to deliver positive operating cash flow of $3.4 million and free cash flow of $2.6 million in the quarter.

第二季調整後的企業營運成本（不含攤提）為 990 萬美元，符合預期。儘管支付了前幾年應繳的 1,900 萬美元稅款，但該公司的利潤轉化為現金的表現好於預期，並在本季度實現了 340 萬美元的正營運現金流和 260 萬美元的自由現金流。

Total cash and investments increased year over year by $99.2 million and decreased by $18.4 million sequentially to $363.5 million. The sequential decrease was as a result of us continuing to take advantage of what we believe to be an undervalued share price and repurchasing approximately $20 million or approximately 5 million shares at an average price per share of $3.97 in the quarter. These shares have been subsequently canceled, bringing the total number of shares removed by the program to date to 7.6 million.

現金和投資總額年增 9,920 萬美元，季減 1,840 萬美元至 3.635 億美元。環比下降是由於我們繼續利用我們認為被低估的股價，並在本季以每股平均 3.97 美元的價格回購了約 2000 萬美元或約 500 萬股股票。這些股票隨後被註銷，使得該計劃迄今為止取消的股票總數達到 760 萬股。

As you know, we're investing for growth, especially in our QNX business. Despite this investment, we expect to deliver positive cash flow this fiscal year, further increasing our net cash position. As a result, we will continue to consider where it makes sense to buy back additional shares.

如您所知，我們正在投資以實現成長，尤其是我們的 QNX 業務。儘管進行了這項投資，我們預計本財年仍將實現正現金流，從而進一步提高我們的淨現金狀況。因此，我們將繼續考慮回購額外股份是否合理。

Turning now to financial outlook for the third fiscal quarter and the full fiscal year. Overall, we have seen a stronger-than-expected first half of fiscal year 2026 for both the QNX and Secure Comms divisions. And we're very pleased to be able to raise expectations for both revenue and adjusted EBITDA for the full year as a result. When we first presented full-year guidance during last fiscal year's Q4 earnings call, there were a significant number of unknowns.

現在來談談第三財季和整個財年的財務展望。整體而言，我們看到 QNX 和安全通訊部門 2026 財年上半年的表現都強於預期。我們很高興能夠提高全年收入和調整後 EBITDA 的預期。當我們在上個財年第四季財報電話會議上首次提出全年指引時，存在大量未知數。

We faced a backdrop of significant tariff uncertainty and possible threats from DOGE and other potential government policy changes. While these changes have not gone away, we feel that the level of uncertainty has decreased. As a result, we are pricing in less downside risk in today's guidance than previously. And the top end of the range requires further improvement on the macro and other secular trends.

我們面臨著巨大的關稅不確定性以及來自 DOGE 和其他潛在政府政策變化的潛在威脅。雖然這些變化還沒有消失，但我們感覺不確定性程度已經降低。因此，我們在今天的指導中考慮的下行風險比以前要小。而該範圍的頂端需要在宏觀和其他長期趨勢上進一步改善。

We expect revenue for QNX in Q3 to be in the range of $66 million to $70 million and for adjusted EBITDA to be in the range of $13 million to $17 million. As I mentioned, we are increasing our full-year revenue guidance by $3 million at the midpoint, while also narrowing the range to $256 million to $270 million. Likewise, we're raising our full-year adjusted EBITDA guidance by $11 million at the midpoint to be between $64 million and $73 million, as QNX continues to deliver a combination of double-digit growth and strong profit margins.

我們預計 QNX 第三季的營收將在 6,600 萬美元至 7,000 萬美元之間，調整後的 EBITDA 將在 1,300 萬美元至 1,700 萬美元之間。正如我所提到的，我們將全年收入預期中位數提高了 300 萬美元，同時將範圍縮小至 2.56 億美元至 2.7 億美元。同樣，由於 QNX 繼續實現兩位數的成長和強勁的利潤率，我們將全年調整後 EBITDA 預期中位數上調 1,100 萬美元，至 6,400 萬美元至 7,300 萬美元之間。

For Secure Communications, we expect revenue for Q3 to be in the range of $60 million to $64 million and for adjusted EBITDA to be between $12 million and $16 million. For the second quarter in a row, we are raising our full-year revenue guidance for Secure Communications such that the range is now $239 million to $247 million. We're also raising our guidance for adjusted EBITDA, but it's now expected to be between $38 million and $48 million.

對於安全通信，我們預計第三季的營收將在 6,000 萬美元至 6,400 萬美元之間，調整後的 EBITDA 將在 1,200 萬美元至 1,600 萬美元之間。我們連續第二季上調了安全通訊的全年收入預期，目前範圍為 2.39 億美元至 2.47 億美元。我們也提高了調整後 EBITDA 的預期，但現在預計在 3,800 萬美元至 4,800 萬美元之間。

For licensing, we reiterate our prior 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 revenue guidance at approximately $24 million and adjusted EBITDA at approximately $20 million.

對於許可，我們重申先前的指導，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，我們預計收入約為 2,400 萬美元，調整後 EBITDA 約為 2,000 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 total company level, we expect revenue for Q3 to be in the range of $132 million to $140 million and adjusted EBITDA to be between $20 million and $28 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，我們預計第三季的營收將在 1.32 億美元至 1.4 億美元之間，調整後的 EBITDA 將在 2,000 萬美元至 2,800 萬美元之間。

Given the increased full-year guidance for both QNX and Secure Communications revenue as well as adjusted EBITDA, we are raising guidance for the total company as well. For the full fiscal year 2026, we are raising the midpoint for total company revenue by $7 million and now expect it to be between $519 million and $541 million, and we're raising guidance for adjusted EBITDA at the midpoint by $12 million to be in the range of $82 million to $101 million.

鑑於 QNX 和安全通訊收入以及調整後的 EBITDA 的全年預期均有所提高，我們也提高了整個公司的預期。對於整個 2026 財年，我們將公司總收入的中點上調 700 萬美元，目前預計在 5.19 億美元至 5.41 億美元之間，同時我們將調整後 EBITDA 的中點指導上調 1200 萬美元，達到 8200 萬美元至 1.01 億美元之間。

For non-GAAP EPS, we expect it to be between $0.02 and $0.04 in the third quarter, it's now to be between $0.11 and $0.15 for the full fiscal year. Now that most of the restructuring and tax payments for prior years are behind us, we expect to be cash flow positive for the remainder of fiscal 2026.

對於非 GAAP EPS，我們預計第三季將在 0.02 美元至 0.04 美元之間，目前預計整個財年將在 0.11 美元至 0.15 美元之間。現在，前幾年的大部分重組和納稅已經完成，我們預計 2026 財年剩餘時間的現金流將為正值。

We expect positive operating cash flow for Q3 in the range of a solid $10 million to $20 million. For the full fiscal year, we are raising our guidance and expect to generate between $35 million and $40 million in operating cash flow.

我們預計第三季的經營現金流將在 1,000 萬美元至 2,000 萬美元之間。對於整個財政年度，我們提高了預期，預計產生 3,500 萬至 4,000 萬美元的經營現金流。

This does not include the additional $38 million of cash from the second tranche proceeds from the sale of Cylance to Arctic Wolf that we expect to receive in Q4. This is classified separately as cash flows from investing activity.

這還不包括我們預計在第四季度收到的將 Cylance 出售給 Arctic Wolf 的第二筆收益中的額外 3800 萬美元現金。這被單獨歸類為來自投資活動的現金流。

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

說完這些，現在讓我把電話轉回給約翰。

Well, thanks for that, Tim. And before we move to Q&A, let me quickly summarize what was another strong quarter for BlackBerry. We delivered year-over-year top-line growth and expanded gross margins while simultaneously decreasing OpEx. This combination allowed BlackBerry to deliver rock solid profitability in Q2.

好吧，謝謝你，提姆。在我們進入問答環節之前，讓我快速總結一下黑莓又一個強勁的季度。我們實現了營業收入年增和毛利率提高，同時降低了營運支出。這種組合使得黑莓在第二季度實現了堅如磐石的獲利能力。

QNX delivered a Rule of 40 quarter with 15% revenue growth and 32% adjusted EBITDA margin. Secure Comms saw improvement in its key metrics and delivered a solid 16% adjusted EBITDA margin. We exit the first half of the fiscal year having delivered top-line growth, expanded profit margins, and positive cash flow generation.

QNX 實現了 40 規則季度業績，營收成長 15%，調整後 EBITDA 利潤率為 32%。Secure Comms 的關鍵指標有所改善，調整後的 EBITDA 利潤率達到 16%。我們在財政年度上半年實現了營業收入成長、利潤率提高和正現金流產生。

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

那麼，現在讓我們進入問答環節。接線員，您能打開線路嗎？

(Operator Instructions) Luke Junk, Baird.

（操作員指示）盧克瓊克，貝爾德。

A couple of next questions for me. Tim, maybe to start with, could you just double click on how we should think about operating leverage in QNX from here? So growing in the mid-teens year over year this quarter. But OpEx in terms of R&D and sales and marketing still coming down year over year in aggregate, which gave you really good leverage. I know some of that was the R&D credit.

接下來我有幾個問題。提姆，也許首先，您能否雙擊一下我們應該如何從這裡考慮 QNX 中的營運槓桿？因此本季的年增率達到了十幾歲左右。但研發、銷售和行銷方面的營運支出總體上仍逐年下降，這給了你很好的槓桿作用。我知道其中一部分是研發功勞。

If we just pull on that string, what does it say about the business from here from a leverage standpoint? And maybe specific to guidance and the sequential walk, just anything we should be keeping in mind, one-timers or seasonality into the third quarter?

如果我們只是拉動那根繩子，從槓桿的角度來看，這會對業務產生什麼影響？也許具體到指導和連續步調，我們應該記住任何事情，一次性事件還是第三季的季節性？

Yes, great question, Luke. Good morning. I see a lot of leverage in the QNX model. I mean, we're already at gross margins of 83%. And over time, we should see that improve, particularly as the mix of royalty starts to increase as things start -- we start to see some of these bigger programs move into production.

是的，盧克，這個問題問得很好。早安.我看到 QNX 模型有很多優勢。我的意思是，我們的毛利率已經達到 83%。隨著時間的推移，我們應該會看到這種情況有所改善，特別是隨著特許權使用費的組合開始增加——我們開始看到一些較大的項目投入生產。

On the costs, the OpEx side, you're right, we had a $4 million benefit this quarter from the SIF funding. But generally speaking, we are investing in both R&D and sales and marketing, particularly sales and marketing to drive that GEM opportunity that we've been talking about. But regardless of that investment, I still see leverage through the model. I think the investment we're putting into R&D will start to stabilize.

在成本、營運支出方面，您說得對，本季我們從 SIF 資金中獲得了 400 萬美元的收益。但總的來說，我們在研發和銷售及行銷方面都有投資，特別是銷售和行銷，以推動我們一直在談論的 GEM 機會。但無論投資多少，我仍然可以透過該模型看到槓桿作用。我認為我們在研發方面的投資將開始穩定下來。

And whilst we'll continue to invest in sales and marketing, it won't be at the scale that we hope to grow the top line. So you add all that together, very strong gross margins, leverage coming out of OpEx, we should see some pretty strong adjusted EBITDA margins going forward.

雖然我們將繼續在銷售和行銷方面進行投資，但投資規模不會達到我們希望實現的營收成長。所以，如果你把所有這些加在一起，你會發現非常強勁的毛利率、來自營運支出的槓桿，我們應該會看到未來相當強勁的調整後 EBITDA 利潤率。

Got it. And then for my follow-up, John, you mentioned that I think it was a mid-8-figure design win in China with the Tier 1 for ADAS applications. Just be curious if you could maybe expand on your overall approach to the China market.

知道了。然後，在我的後續問題中，約翰，您提到我認為這是在中國與一級 ADAS 應用廠商合作獲得的 8 位數中段設計勝利。我只是好奇您是否可以詳細說明一下您對中國市場的整體看法。

Just strategically, certainly, that's a market in automotive that's at the leading edge of software-defined vehicles right now. Just curious how you lean into that in China specifically and then sort of the offshoot of that would be some benefit, I would anticipate, repatriating that into rest of world as well. Thanks, John.

從戰略上講，這無疑是汽車市場目前處於軟體定義汽車的前沿。我只是好奇您具體是如何在中國利用這一點的，然後我預計，這會帶來一些好處，並將其轉移回世界其他地區。謝謝，約翰。

Yeah. Thanks, Luke. Yeah, I think one of the interesting dynamics with the China market, in particular is, we're seeing -- due to some incidents, some safety issues and some of the concern, we're seeing them that market shift more towards safety-critical software and the need for a high-performance type of capability, where maybe a few years ago, it wasn't that -- the demand for those kinds of capabilities weren't quite as rich.

是的。謝謝，盧克。是的，我認為中國市場的一個特別有趣的動態是，我們看到——由於一些事故、一些安全問題和一些擔憂，我們看到市場更多地轉向安全關鍵型軟體和對高效能功能的需求，而幾年前，可能並非如此——對這類功能的需求並不那麼豐富。

And I think that has really opened up. There's, I think, some high-profile accidents that happened that is really awakened in that market to the need of something to the magnitude of our SDP 8 and some of our capabilities, which we think really are differentiated from everybody else in the market.

我認為這確實已經打開了大門。我認為，發生的一些引人注目的事故確實喚醒了市場對 SDP 8 規模和某些能力的需求，我們認為這些能力確實與市場上的其他產品有所不同。

So I think that trend is a positive one for us, and it certainly enabled us to make some progress this particular quarter. But that in general, as more of that shift goes towards safety critical and the higher-end, higher-compute, higher-performance capabilities, we think that plays into our strength and how we're performing in the marketplace.

所以我認為這種趨勢對我們來說是積極的，它確實使我們在本季度取得了一些進展。但總的來說，隨著這種轉變更多地轉向安全關鍵和更高端、更高運算能力、更高效能的能力，我們認為這將發揮我們的優勢以及我們在市場上的表現。

And it's also further evidenced by how the silicon players, the ecosystem partners are leaning in with us with our relationships with Qualcomm and NVIDIA and the progress we're making there. So hopefully, that gives you a little bit more color on why we feel we're making a little more progress, not only in China but around the world.

矽片廠商和生態系統合作夥伴與我們攜手，透過與高通和英偉達建立合作關係，以及我們在那裡取得的進展，也進一步證明了這一點。所以希望這能讓你更清楚地了解為什麼我們感覺我們取得了更大的進步，不僅在中國，而且在世界各地。

Paul Treiber, RBC Capital Markets.

保羅‧特雷伯 (Paul Treiber)，加拿大皇家銀行資本市場。

Just also a couple of questions on QNX as well. Just on the outlook for the year, the outlook continues to be back-end loaded for QNX. Can you just remind us again of what you see as the driver of the pickup in the back half of the year? And does that -- specifically does that reflect either licensed or professional services which is more onetime in nature? Or is it a ramp in royalties?

還有關於 QNX 的幾個問題。就今年的前景而言，QNX 的前景仍然充滿不確定性。您能否再次提醒我們，您認為下半年成長的驅動力是什麼？這是否具體反映了許可服務或專業服務（本質上是一次性的）？還是說這是版稅的上漲？

Yeah. Good question. Good morning, Paul. So if you look at the trends, the revenue trend or pattern really for QNX for the last couple of years, it has been back-end loaded. It's pretty much a sequential increase all the way through with Q1 always being the lowest and Q4 always being the highest. Some of that is seasonality around when design work begins.

是的。好問題。早安，保羅。因此，如果你觀察趨勢，過去幾年 QNX 的收入趨勢或模式，你會發現它已經是後端加載的。它基本上是一個連續的成長過程，其中 Q1 始終是最低的，而 Q4 始終是最高的。其中一些是設計工作開始時的季節性因素。

Obviously, you know the biggest kind of moving part from quarter to quarter is development seat licenses, and that is driven really by start of programs, that design work, and that tends to be towards the back end of the year.

顯然，您知道每個季度最大的變化部分是開發席位許可證，而這實際上是由專案啟動、設計工作推動的，而且往往是在年底。

So we probably expect to see that pattern generally speaking going forward, but we'll have to see. But that's really what's driving it. But over time, we're also seeing growth in royalties as some of these programs start to come online. So quarter over quarter, generally, you start to see growth in royalties as well.

因此，我們可能會預期未來會整體出現這種模式，但我們還得拭目以待。但這才是真正的驅動因素。但隨著時間的推移，隨著一些項目開始上線，我們也看到版稅的成長。因此，一般來說，每季你也會開始看到版稅的成長。

Big picture on QNX in the auto market. You mentioned a lot of uncertainty at the beginning of the year. The feedback that you're getting from auto OEMs in terms of the prioritization of new platform development, like -- and you mentioned the potential for seeing the move of big programs into production. Like, are you hearing that these big programs are back on track and the plans have moved maybe back to where they were previously, whereas there's a concern that they might have been pushed out?

QNX 在汽車市場的整體情況。您提到年初存在許多不確定性。您從汽車原始設備製造商那裡得到的關於新平台開發優先順序的回饋，例如—您提到了大型專案投入生產的潛力。例如，您是否聽說這些大型專案已經重回正軌，計劃可能已經恢復到以前的狀態，而有人擔心它們可能已被推遲？

I won't go as far as to say back on track. So I think everything is no doubt shifted to the right. But I would say programs are starting to come online. Obviously, not as quickly as we would have liked at the beginning. I don't want to kind of paint the picture that we're totally through all of the headwinds that we saw.

我不會說回到正軌。所以我認為一切都毫無疑問地向右移動了。但我想說的是，這些程式已經開始上線了。顯然，這並不像我們一開始希望的那麼快。我不想把我們描繪成已經完全克服了所看到的所有逆風。

I mean, the tariff uncertainty has now become kind of really just a more certain tariff headwind. But the challenges of developing software remain complex, and those have certainly not gone away. So I think inevitably, over time, you're going to see problems get solved and vehicles come online.

我的意思是，關稅不確定性現在實際上已經成為一種更確定的關稅逆風。但開發軟體的挑戰仍然很複雜，而且這些挑戰肯定沒有消失。因此我認為，隨著時間的推移，你不可避免地會看到問題得到解決，車輛上線。

But I wouldn't paint the picture that we're totally out of the woods. But I think everyone's got just a little bit more certainty than we had at the beginning of the year when we gave guidance on Liberation Day.

但我不會描繪出我們已經完全脫離困境的景象。但我認為，與年初解放日給的指導相比，大家的確定性都增加了一點。

Yeah. And just further to that, what Tim has outlined, the S&P took the global light vehicle production. We feel that's increased the OEMs. Maintaining their guidance is another kind of data point that things are starting to stabilize. So definitely, April, May, June, it was kind of feels like the pause button was pressed. And it's not quite completely ramped, but we definitely feel like it's being unpressed, and there's a little more kind of momentum going on as we look at the second half of the year.

是的。進一步說，正如蒂姆所概述的，標準普爾衡量了全球輕型汽車產量。我們認為這增加了 OEM 的數量。維持他們的指導是另一個事情開始穩定的數據點。所以，四月、五月、六月，感覺就像按下了暫停鍵。雖然它還沒有完全升溫，但我們確實感覺它不再受到壓力，展望下半年，它還會有更多發展勢頭。

(Operator Instructions) Todd Coupland, CIBC.

（操作員指示）Todd Coupland，CIBC。

I had a question on QNX. I was wondering if you could update us on the backlog and the backlog growth in the quarter. And as a follow-up, with 15% growth in QNX in Q2 and double-digit implied in the second half of the year, are you comfortably in double-digit growth range for QNX now? Just talk about the sustainability of that. Thanks a lot.

我有一個關於 QNX 的問題。我想知道您是否可以向我們介紹本季的積壓訂單和積壓訂單成長。另外，QNX 在第二季度實現了 15% 的成長，預計下半年將實現兩位數的成長，那麼 QNX 現在是否可以輕鬆實現兩位數的成長？只談論它的可持續性。多謝。

I'll take the first part. Maybe, John, do you want to take the second. So in terms of backlog, obviously, it's not a quarterly business. You have some fairly wild volatility in the design win dollars that you get from quarter to quarter, and that's really just timing of when those decisions take place. So that's why we give that metric on an annual basis to kind of normalize from some of that movement.

我將選擇第一部分。也許，約翰，你想選第二個。因此，就積壓訂單而言，顯然這不是季度業務。每個季度獲得的設計中標金額都會有相當大的波動，而這實際上只是做出這些決策的時機。這就是為什麼我們每年都會給出這個指標，以便對某些變動進行標準化。

But the color I'd give is that Q1, John mentioned the pause button. I think there was a challenge for a lot of OEMs and hence, the certain reluctance to commit to new designs. So Q1 was weaker. But Q2 has come back pretty well and we're actually ahead of plan for Q2. And when we look at the second half, the pipeline of opportunities looks really solid. So we're feeling really good about where we are going forward.

但我要給的顏色是 Q1，約翰提到了暫停按鈕。我認為許多 OEM 都面臨著挑戰​​，因此他們不太願意嘗試新的設計。因此第一季表現較弱。但第二季的表現相當不錯，我們其實已經提前完成了第二季的計畫。當我們展望下半年時，機會看起來確實很穩定。因此，我們對未來的發展感到非常滿意。

But obviously, we had to navigate through what was a challenge in Q1. And we'll give you an update on backlog as normal at the end of Q4. And then on the growth, John?

但顯然，我們必須克服第一季面臨的挑戰。我們將在第四季末照常向您提供積壓訂單的最新情況。那麼關於成長，約翰？

Yeah. The -- I really feel between, Todd, the progress that we've got in terms of what we've already booked and some of the new programs that are coming online, our vehicle platform initiative, the adoption of SDP 8. We talked about the Sound win, QNX Sound, which is another. And we're very excited about the diversification into GEM with some of the wins that we have in some of the robotics space.

是的。托德，我真的感覺到，就我們已經預訂的項目和即將上線的一些新項目、我們的車輛平台計劃以及 SDP 8 的採用而言，我們已經取得了進展。我們討論了聲音方面的勝利，QNX Sound，這是另一個。我們對進入 GEM 的多元化經營感到非常興奮，因為我們在機器人領域取得了一些成功。

So I mean, all of that, I think, lines up to what we've given from a guidance standpoint as a solid second half of the year. And between that and the pipeline that Tim is talking about, we're optimistic that we're going to keep the momentum going into not only the second half of the year, but as we think about next year as well.

所以我的意思是，我認為所有這些都與我們從指導角度給出的今年下半年穩健業績的預期相符。有了這些以及蒂姆談到的管道，我們樂觀地認為，我們不僅會在下半年保持這種勢頭，而且在明年也是如此。

This concludes our question-and-answer session. I would like to turn the conference back over to John Giamatteo, CEO of BlackBerry, for closing remarks.

我們的問答環節到此結束。我想將會議交還給黑莓執行長約翰·賈馬特奧 (John Giamatteo) 來致閉幕詞。

Very good. Thanks, Michael. So before we end the call, I just wanted to mention some upcoming events that we're excited about that BlackBerry is going to be in attendance. The QNX team will be at e-live in Bonn, Germany, and the American Medical Device Summit in Chicago in October and Embedded World North America in November. While our Secure Communications division will be at ITSA Expo and Congress in Nuremberg, Germany, and in the GITEX Global in Dubai next month.

非常好。謝謝，麥可。因此，在我們結束通話之前，我只想提一下一些即將舉行的活動，我們很高興黑莓將參加這些活動。QNX 團隊將於 10 月參加在德國波昂舉行的 e-live 展會，並參加在芝加哥舉行的美國醫療器材高峰會和 11 月舉行的北美嵌入式世界展會。我們的安全通訊部門將於下個月參加在德國紐倫堡舉行的 ITSA 博覽會和大會以及在杜拜舉行的 GITEX Global。

So if you're in any of these locations, please stop by the events at our booth and we look forward to host you and talk to you more about the exciting developments that are happening all across BlackBerry. So thanks, everyone, for joining the call today, and we look forward to talking to you next time.

因此，如果您在這些地方中的任何一個，請在我們的展位上停留並參加活動，我們期待著接待您並與您進一步討論黑莓正在發生的令人興奮的發展。感謝大家今天參加電話會議，我們期待下次與您交談。

This concludes today's call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。