BlackBerry Ltd (BB) 2026 Q3 法說會逐字稿

Good afternoon, and welcome to the BlackBerry third-quarter fiscal year 2026 results conference call. My name is Nick, 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，歡迎參加黑莓公司2026財年第三季業績電話會議。我叫尼克，我將擔任今天電話會議的主持人。（操作員說明）提醒各位，本次會議將進行錄音，以便重播。

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

現在，我將把今天的電話會議交給黑莓公司投資者關係總監瑪莎·貢德。請便，女士。

Thank you, Nick. Good afternoon, everyone, and welcome to the BlackBerry's third-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，尼克。各位下午好，歡迎參加黑莓公司2026財年第三季財報電話會議。今天與我一起參加電話會議的有黑莓公司執行長約翰·賈馬特奧和財務長提姆·福特。

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.

在我閱讀完關於前瞻性聲明的警示性說明後，John 將提供業務最新進展，Tim 將審查財務業績。接下來我們將進行簡短的問答環節。民眾可透過撥打電話或造訪 blackberry.com 網站「投資者資訊」版塊觀看網路直播參與本次電話會議。會議錄音也將在 blackberry.com 網站上提供。

Some of the statements we'll be making today constitute forward-looking statements that 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.

我們今天所作的一些陳述構成前瞻性陳述，這些陳述是根據適用的美國和加拿大證券法的安全港條款作出的。我們將使用諸如預期、將、應該、模型、打算、相信等詞語及類似表達方式來表明前瞻性陳述。

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的看法以及公司認為相關的其他因素所做出的估計和假設。許多因素可能導致公司的實際業績或表現與前瞻性聲明中明示或暗示的內容有重大差異。

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報告和管理層討論與分析中討論的風險因素。您不應過度依賴該公司的前瞻性聲明。任何前瞻性陳述僅代表截至今日的觀點，除法律要求外，本公司無意且不承擔更新或修改任何此類陳述的義務。

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 the EDGAR, SEDAR+, and blackberry.com websites.

按照慣例，在電話會議中，John 和 Tim 將在季度業績總結中引用非 GAAP 數據。有關我們 GAAP 和非 GAAP 數據的調節，請參閱今天早些時候發布的盈利新聞稿，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.

那麼，現在讓我把電話交給約翰。

Thanks, Martha, and thanks to everyone for joining today's call. Q3 was another quarter of solid results, adding to our track record of consistently meeting or beating guidance. Once again, we delivered across the three core metrics of revenue, profitability, and cash.

謝謝瑪莎，也謝謝今天參加電話會議的各位。第三季業績依然穩健，延續了我們持續達到或超越預期目標的良好記錄。我們再次在收入、獲利能力和現金流這三大核心指標上都取得了目標。

Total company revenue came in at $141.8 million, above the high end of our guidance range. Q3 was another strong quarter of profitability with adjusted EBITDA beating guidance, and it was also our third consecutive quarter of achieving GAAP profitability.

公司總收入為 1.418 億美元，高於我們預期範圍的上限。第三季獲利能力強勁，調整後 EBITDA 超出預期，這也是我們連續第三個季度實現 GAAP 獲利。

Adjusted EBITDA for the total company was $28.7 million, which represents a 20% margin. GAAP net income improved by $24.2 million year over year to $13.7 million in Q3, and non-GAAP EPS exceeded guidance at positive $0.05.

公司調整後的 EBITDA 為 2,870 萬美元，利潤率為 20%。第三季度，GAAP淨利年增2,420萬美元至1,370萬美元，非GAAP每股收益超出預期，達0.05美元。

Conversion of profitability into cash was also strong. Operating cash flow was $17.9 million up 3 times year over year, reflecting strong execution and disciplined cost management.

獲利轉化為現金的能力也很強。經營現金流為 1,790 萬美元，年成長 3 倍，這反映了強勁的執行力和嚴格的成本管理。

Moving on to the results from our divisions, QNX delivered an all-time record for quarterly revenue at $68.7 million. This represents 10% year-over-year growth beating expectations and finishing at the high end of the guidance range. Revenue was driven primarily by solid growth in royalties with development seat and professional services revenue also growing both sequentially and year over year.

接下來看一下我們各部門的業績，QNX 季度營收創歷史新高，達到 6,870 萬美元。這相當於同比增長 10%，超出預期，並達到了指導範圍的高端。收入主要得益於版稅的穩健增長，開發席位和專業服務收入也實現了環比和同比增長。

During the quarter, we were excited to announce John Walls appointment as President of QNX. In our opinion, nobody knows the embedded software space, both the technology and the market, quite like John. He has a very strong reputation with customers and partners and within the company. QNX has tremendous opportunities for multiyear growth and driving our key initiatives to harness those opportunities will be John's number one priority moving forward.

本季度，我們很高興地宣布任命 John Walls 為 QNX 總裁。我們認為，沒有人比約翰更了解嵌入式軟體領域，包括科技和市場。他在客戶、合作夥伴以及公司內部都享有很高的聲譽。QNX 擁有巨大的多年成長潛力，而推動我們的關鍵舉措以抓住這些潛力將是約翰未來工作的首要任務。

We saw more design win momentum in Q3, exceeding our internal targets, and the pipeline of potential design wins in Q4 continues to grow. This design win growth demonstrates the progress we're making with the initiatives to drive deeper into automotive and wider into the general embedded space.

第三季度，我們的設計中標勢頭更加強勁，超過了內部目標，第四季度潛在的設計中標項目也持續成長。設計訂單數量的成長表明，我們在深入汽車領域和更廣泛地拓展通用嵌入式領域方面取得了進展。

In the quarter, we secured a number of major automotive design wins with top European and Asian OEMs for ADAS and cockpit domains, all being developed on the latest version of the QNX platform, SDP 8. The number of customers using SDP 8 continues to grow each quarter with many leading OEMs now developing on it.

本季度，我們與歐洲和亞洲頂級汽車製造商在ADAS和駕駛艙領域贏得了多項重要的汽車設計項目，所有這些項目都是在最新版本的QNX平台SDP 8上開發的。使用 SDP 8 的客戶數量每季都在持續成長，許多領先的 OEM 廠商現在都在基於 SDP 8 進行開發。

We continue to see traction with other new products as well. We're securing new wins for both QNX Sound and QNX Cabin as OEMs recognize the strategic benefit of these products for reducing their bill of materials and time to market. This was the second quarter in a row that QNX Sound was chosen by a leading Chinese OEM with this quarter's win being deployed in their luxury EV range.

其他新產品也持續受到歡迎。隨著 OEM 廠商意識到 QNX Sound 和 QNX Cabin 產品在減少物料清單和縮短產品上市時間方面的戰略優勢，我們正在為這兩款產品贏得新的訂單。這是 QNX Sound 連續第二季被中國領先的汽車製造商選中，本季 QNX Sound 的產品被應用於其豪華電動車系列。

We've also secured another multiyear contract for our cloud-based QNX Cabin product with a top five global automaker based in Europe. A potential needle mover for ASP per vehicle is the vehicle software platform that we're codeveloping with leading middleware provider, Vector. Development is progressing well, and the second early access version is scheduled for release by the end of January.

我們還與一家總部位於歐洲的全球排名前五的汽車製造商簽訂了另一份多年期合同，為其提供基於雲端的 QNX Cabin 產品。我們正在與領先的中間件供應商 Vector 共同開發車輛軟體平台，這可能會對每輛車的平均售價產生重大影響。開發進展順利，第二個搶先體驗版計畫於1月底發售。

Early discussions with a number of OEMs are progressing, and we're targeting significantly higher pricing per vehicle compared to the core RTOS. Once we've secured some wins, we'll provide more color on the potential upside from this product.

與多家原始設備製造商的早期討論正在取得進展，我們的目標是每輛車的定價比核心即時作業系統高得多。一旦我們取得一些成功，我們將更詳細地分析該產品的潛在成長空間。

And finally, for auto, earlier this week, we announced that leading technology market analysts Counterpoint Research has determined that QNX is now powering more than 275 million vehicles on the road. This is a $20 million increase year over year and clearly demonstrates how significant a player we are in the space. In the nonautomotive general embedded space, we continue to drive across our target verticals of industrial automation, medical instrumentation, and robotics.

最後，在汽車領域，本週早些時候，我們宣布領先的技術市場分析機構 Counterpoint Research 已確定，QNX 目前為超過 2.75 億輛在路上行駛的汽車提供動力。這比前一年增加了 2000 萬美元，清楚地表明了我們在該領域的重要性。在非汽車通用嵌入式領域，我們繼續在工業自動化、醫療儀器和機器人等目標垂直領域取得進展。

Let me provide some additional color on a couple of in-quarter wins with industrial automation companies. The first was with one of our long-time customers, Bently Nevada, an industry-leading and online condition monitoring used for wind turbines and other applications who has adopted SDP 8. Additionally, two leading industrial automation OEMs -- one North American and one European -- have also adopted SDP 8 to be used in a variety of their applications from robotics, to manufacturing production.

讓我再補充一些關於本季與幾家工業自動化公司達成的合作成果的細節。第一個客戶是我們的長期客戶 Bently Nevada，該公司是一家行業領先的線上狀態監測公司，其產品用於風力渦輪機和其他應用，該公司採用了 SDP 8。此外，兩家領先的工業自動化 OEM 廠商——一家北美廠商和一家歐洲廠商——也採用了 SDP 8，用於從機器人到製造生產的各種應用中。

We also had an exciting development in the aerospace and defense vertical with NASA, who are adding QNX SDP 8 to their supported operating systems. Earlier this year, we launched QNX General Embedded Development Platform or GEDP, as we call it, which is a subscription-based solution tailor-made for OEMs in GeM verticals.

我們在航空航太和國防領域也取得了令人興奮的進展，NASA 將 QNX SDP 8 加入其支援的作業系統中。今年早些時候，我們推出了 QNX 通用嵌入式開發平台（簡稱 GEDP），這是一個專為 GeM 垂直行業的 OEM 廠商量身定制的訂閱式解決方案。

GEDP aims to accelerate the time to market for developers of embedded systems. And feedback from our customers so far has been extremely positive as they can leverage this platform for all supported versions of QNX across their portfolio.

GEDP 旨在加快嵌入式系統開發商的產品上市速度。到目前為止，我們收到的客戶的回饋都非常積極，因為他們可以利用這個平台來支援其產品組合中所有支援的 QNX 版本。

In the quarter, we saw a number of new design wins from customers for GEDP. So in summary, Q3 was another great quarter for QNX in fact, an all-time record quarter.

本季度，我們獲得了 GEDP 從客戶那裡贏得的多個新設計項目。總而言之，第三季度對QNX來說又是一個非常棒的季度，事實上，這是一個有史以來業績最好的季度。

Moving now to Secure Communications, in Q3, we delivered revenue of $67 million, beating the top end of guidance and consensus. This was a great achievement by the division as we were faced with US government shutdown for a portion of the quarter. These strong results were in large part driven by better-than-expected renewals of UEM and navigation of US government shutdown.

接下來是安全通訊業務，第三季我們實現了 6,700 萬美元的收入，超過了預期上限和普遍預期。考慮到本季部分時間美國政府停擺，這是該部門的巨大成就。這些強勁的業績在很大程度上得益於 UEM 續約好於預期以及成功應對美國政府停擺。

As a percentage of revenue for the last 12 months, UEM remains just over Half of the Secure Communications total with Secusmart at slightly more than AtHoc for the remainder. Key metrics for the division remains solid with annual recurring revenue or ARR increasing $3 million sequentially to $216 million, and dollar-based net retention rate or DBNRR was at 92%.

在過去 12 個月的收入百分比中，UEM 仍然略高於 Secure Communications 總收入的一半，而 Secusmart 則略高於 AtHoc，佔剩餘部分的一半。該部門的關鍵指標依然穩健，年度經常性收入 (ARR) 環比增長 300 萬美元，達到 2.16 億美元，以美元計的淨留存率 (DBNRR) 為 92%。

Secusmart revenue grew sequentially, but was lower year over year due to a tough compare as a result of the strong upgrade cycle from the German government in Q3 of the prior fiscal year. AtHoc, despite having the most exposure of the three product groups to the US federal government shutdown, delivered year over year and sequential revenue growth.

Secusmart 的營收季增，但由於上一財年第三季德國政府強勁的升級換代週期導致基數較高，因此同比有所下降。儘管 AtHoc 是三個產品組中受美國聯邦政府停擺影響最大的，但它仍然實現了同比和環比收入成長。

Earlier this year, we achieved FedRAMP High certification becoming the only critical events management solution provider to achieve this stringent level of security, directly enabling significant US government expansions this quarter including both the US Navy and the Department of Justice.

今年早些時候，我們獲得了 FedRAMP 高級認證，成為唯一達到如此嚴格安全等級的關鍵事件管理解決方案提供商，直接促成了本季度美國政府的重大擴張，包括美國海軍和司法部。

AtHoc continues to grow outside of North America as well, securing new wins with the National University of Malaysia, Australia's Department of Foreign Affairs and Trade, and key UK energy infrastructure provider, Scottish and Southern Energy.

AtHoc 在北美以外的地區也持續發展壯大，贏得了馬來西亞國立大學、澳洲外交貿易部以及英國主要能源基礎設施供應商蘇格蘭和南方能源公司的青睞。

For UEM, in addition to the continued trend for reduced customer churn, we had some significant expansion deals for this product in the quarter. One of these expansion deals included an eight-figure multiyear renewal with the Dutch government.

對於 UEM 而言，除了客戶流失率持續下降的趨勢外，本季我們還達成了一些該產品的重大擴張交易。其中一項擴張協議是與荷蘭政府簽訂的一項價值數千萬美元的多年續約協議。

Other strong renewals included the Scottish Police Service and the UK Ministry of Defense as well as a number of financial services companies. As we mentioned in Q2, BlackBerry UEM became the first solution to be certified by Germany's Federal Office for Information Security or BSI.

其他獲得強勁續約的機構包括蘇格蘭警察局、英國國防部以及多家金融服務公司。正如我們在第二季度提到的，BlackBerry UEM 成為第一個獲得德國聯邦資訊安全辦公室 (BSI) 認證的解決方案。

And in Q3, we closed our first deal that was enabled by this very demanding security certification. Targeted investment in certifications like BSI for UEM and FedRAMP High for AtHoc are strengthening our portfolio's position at the heart of government secure communication strategies.

第三季度，我們完成了第一筆交易，而這筆交易的達成得益於這項要求非常高的安全認證。有針對性地投資於 BSI（適用於 UEM）和 FedRAMP High（適用於 AtHoc）等認證，正在加強我們產品組合在政府安全通訊戰略核心的地位。

Overall, this was another solid quarter of performance for our Secure Communications division. This has been a year of stabilization with improvements in renewal rates and our ability to close new business. Finally, licensing revenue was $6.1 million, which was in line with expectations.

整體而言，這又是我們安全通訊部門表現穩健的一個季度。今年以來，業務趨於穩定，續約率提高，新業務拓展能力也有所提升。最後，授權收入為 610 萬美元，符合預期。

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

接下來，我會把電話交給提姆，讓他為我們詳細介紹財務狀況。

Thank you, John, and good afternoon, everyone. As John mentioned, we continue to drive strong reliable results across the board that either meet or beat expectations. Revenue for the total company in the quarter topped the high end of the guidance range at $141.8 million.

謝謝你，約翰，大家下午好。正如約翰所說，我們持續在各方面取得強勁可靠的業績，這些業績都達到或超過預期。該季度公司總收入超過預期範圍的上限，達到 1.418 億美元。

Total company adjusted gross margins remained relatively flat at 78% and increased 3 percentage points sequentially as a result of a favorable revenue mix and continued optimization of our cost of sales profile. Adjusted operating expenses were $85.4 million, up 7% year over year as we continue to deploy capital to strategically invest for growth in our QNX business.

由於有利的收入結構和持續優化銷售成本結構，公司整體調整後的毛利率保持相對穩定在 78%，環比增長 3 個百分點。調整後的營運支出為 8,540 萬美元，年增 7%，因為我們繼續投入資金，對 QNX 業務進行策略性投資，以促進其成長。

Total company adjusted EBITDA continues to be strong at 20% of revenue or $28.7 million. Adjusted net income for Q3 was $26.8 million, and GAAP net income was $13.7 million. This is the third quarter in a row that we've delivered positive GAAP net income and the seventh consecutive quarter of sequential improvement. In fact, Q3 had the strongest level of quarterly GAAP net income at any time since the fourth quarter of fiscal year 2022, almost four years ago.

公司調整後 EBITDA 總額持續保持強勁勢頭，佔營收的 20%，即 2,870 萬美元。第三季調整後淨收入為 2,680 萬美元，以美國通用會計準則計算的淨收入為 1,370 萬美元。這已是我們連續第三個季度實現正的GAAP淨利潤，也是連續第七個季度實現環比增長。事實上，第三季的季度GAAP淨收入水準是自2022財年第四季以來最高的，距今已近四年。

Adjusted EPS for the quarter beat the top end of guidance at positive $0.05. QNX had its best ever quarter of revenue, achieving $68.7 million, up 10% year over year and 9% sequentially. QNX gross margins expanded by 1 percentage point sequentially and were down 2 percentage points year over year to 84%.

本季調整後每股收益超出預期上限，達0.05美元。 QNX的營收創歷史新高，達6,870萬美元，較去年同期成長10%，較上季成長9%。QNX 毛利率較上季成長 1 個百分點，較去年同期下降 2 個百分點至 84%。

In Q3, we did not have the P&L benefit of grant funding from Canada's Strategic Innovation Fund like we did in the first two quarters of the fiscal year. But even without this benefit, adjusted EBITDA was a very solid 24% of revenue and hit the top end of guidance at $16.4 million.

第三季度，我們沒有像本財年前兩個季度那樣獲得加拿大戰略創新基金的撥款資助，從而在損益表上受益。即使沒有這項收益，調整後的 EBITDA 也達到了收入的 24%，非常穩健，並達到了 1,640 萬美元的預期上限。

Secure Communications revenue exceeded the top end of guidance for the quarter at $67 million. Gross margin was 1 percentage point lower year over year and higher sequentially at 72% as a result of leverage and revenue mix.

安全通訊業務收入達到 6,700 萬美元，超過了本季預期的最高水準。由於槓桿作用和收入結構的變化，毛利率較去年同期下降 1 個百分點，較上季上升至 72%。

The better-than-expected revenue also drove leverage to the bottom line. Adjusted EBITDA in the quarter was $17.3 million, up 10 percentage points sequentially to a strong 26% margin.

超出預期的收入也提高了利潤。本季調整後 EBITDA 為 1,730 萬美元，季增 10 個百分點，達到強勁的 26% 利潤率。

Finally, our Licensing division delivered results in line with guidance. The revenue was $6.1 million and adjusted EBITDA of $5.3 million. Adjusted corporate operating costs, excluding amortization, came in at $10.3 million in Q3, broadly in line with guidance.

最後，我們的授權部門取得了符合預期的績效。營收為 610 萬美元，調整後 EBITDA 為 530 萬美元。第三季調整後的公司營運成本（不包括攤銷）為 1,030 萬美元，與預期基本一致。

This was another good quarter for conversion of profitability into cash. Operating cash flow was $17.9 million, a significant improvement from $3.4 million in Q2 and up over 200% year over year. Free cash flow was $17 million in the quarter. Our balance sheet remains solid with total cash and investments, up $111 million year over year and $14 million sequentially to $377.5 million.

本季獲利轉化為現金的轉換率又是一個不錯的季度。營運現金流為 1,790 萬美元，較第二季的 340 萬美元大幅改善，年增超過 200%。本季自由現金流為1700萬美元。我們的資產負債表依然穩健，現金和投資總額年增 1.11 億美元，季增 1,400 萬美元，達到 3.775 億美元。

We are deploying BlackBerry's capital to drive growth and shareholder value. We continue to invest organically, especially in our QNX business where we're supporting the key initiatives that John outlined earlier to go deeper into auto and wider into target verticals.

我們正在利用黑莓的資金來推動成長和提升股東價值。我們將繼續進行有機投資，尤其是在我們的 QNX 業務方面，我們正在支持 John 先前概述的關鍵舉措，以更深入地進入汽車行業，並更廣泛地進入目標垂直領域。

Notwithstanding this increased investment, we continue to deliver positive operating and free cash flow, further increasing our net cash position. So in addition to organic investment, we're also continuing to take advantage of what we believe to be an undervalued share price and repurchase shares through our buyback program.

儘管投資增加，我們仍繼續實現正的營運現金流和自由現金流，進一步增加了我們的淨現金狀況。因此，除了內部投資外，我們還將繼續利用我們認為被低估的股價，透過我們的股票回購計畫回購股票。

In Q3, we ordered the repurchase of $5 million or 1.2 million shares at an average price per share of $4.13. A portion of these shares settled just after the quarter end on December 1, so it won't show in this quarter's 10-Q filing. All of the shares have been canceled, bringing the total number of shares bought back this fiscal year to 8.8 million. We have, therefore, more than offset potential dilution from our long-term incentive and employee share purchase plans.

第三季度，我們下令回購價值 500 萬美元（120 萬股）的股票，平均每股價格為 4.13 美元。其中一部分股票在 12 月 1 日季度末後不久完成結算，因此不會顯示在本季度的 10-Q 文件中。所有股份均已註銷，使得本財年回購的股份總數達到 880 萬股。因此，我們的長期激勵計劃和員工持股計劃帶來的潛在股權稀釋已完全抵消。

Turning now to financial outlook for the fourth fiscal quarter and the full fiscal year: We expect revenue for QNX in Q4 to be in the range of $71 million to $77 million. Having just delivered an all-time record in Q3 for quarterly revenue, we expect to set another new record in Q4.

現在來看看第四財季和整個財年的財務展望：我們預計 QNX 第四財季的營收將在 7,100 萬美元至 7,700 萬美元之間。在剛創下第三季營收歷史新高之後，我們預計第四季將再創佳績。

For adjusted EBITDA, we expect QNX to be in the range of $17 million to $23 million. We are maintaining our full-year revenue guidance at the midpoint while also narrowing the range to $260 million to $266 million. For full-year adjusted EBITDA, we're raising the bottom end and the midpoint of our guidance such that the range is now $67 million to $73 million, as QNX continues to deliver a combination of double-digit growth and strong profit margins.

對於調整後的 EBITDA，我們預計 QNX 將在 1,700 萬美元至 2,300 萬美元之間。我們維持全年營收預期中位數不變，同時將預期範圍縮小至 2.6 億美元至 2.66 億美元。對於全年調整後 EBITDA，我們提高了預期下限和中位數，使預期範圍達到 6,700 萬美元至 7,300 萬美元，因為 QNX 繼續保持兩位數成長和強勁的利潤率。

For Secure Communications, we're increasing the expected revenue for Q4 such that it's now in the range of $61 million to $65 million and for adjusted EBITDA to be between $11 million and $15 million. For the third quarter in a row, we are raising our full-year revenue guidance for Secure Communications such that the high end of the range we provided last quarter is now the low end of the range. As such, it's now between $247 million to $251 million.

對於安全通訊業務，我們提高了第四季度的預期收入，使其在 6,100 萬美元至 6,500 萬美元之間，調整後的 EBITDA 將在 1,100 萬美元至 1,500 萬美元之間。我們連續第三個季度上調了安全通訊業務的全年收入預期，使得上個季度給出的預期範圍的上限現在變成了下限。因此，現在的估值在 2.47 億美元到 2.51 億美元之間。

We're also raising our guidance for adjusted EBITDA with it now expected to be between $47 million and $51 million. For Licensing, we reiterate our prior guidance for revenue to be approximately $6 million and adjusted EBITDA to be approximately $5 million per quarter.

我們同時提高了對調整後 EBITDA 的預期，目前預計在 4,700 萬美元至 5,100 萬美元之間。對於授權業務，我們重申先前的預期，預計每季營收約為 600 萬美元，調整後 EBITDA 約為 500 萬美元。

For the full fiscal year, we're holding revenue guidance of approximately $24 million and adjusted EBITDA of approximately $20 million. We continue to expect adjusted corporate OpEx excluding amortization to be approximately $40 million for the full fiscal year.

對於整個財年，我們維持營收預期約 2,400 萬美元，調整後 EBITDA 預期約為 2,000 萬美元。我們仍然預計，不包括攤銷在內的調整後公司營運支出在本財年約為 4,000 萬美元。

Total company level, we expect revenue for Q4 to be in the range of $138 million to $148 million and adjusted EBITDA to be between $22 million and $32 million. For the full fiscal year 2026, we are raising the guidance midpoint for the total company revenue by $6 million with a range now between $531 million and $541 million and raising guidance for adjusted EBITDA at the midpoint by $7.5 million to be in the range of $94 million to $104 million.

公司整體而言，我們預計第四季營收將在 1.38 億美元至 1.48 億美元之間，調整後 EBITDA 將在 2,200 萬美元至 3,200 萬美元之間。對於 2026 財年，我們將公司總營收預期中位數上調 600 萬美元，範圍現為 5.31 億美元至 5.41 億美元；並將調整後 EBITDA 預期中位數上調 750 萬美元，範圍為 9,400 萬美元至 1.04 億美元。

For context, when including Cylance, adjusted EBITDA from continuing and discontinued operations for the prior year was $39.3 million. For non-GAAP EPS, we expect it to be between $0.03 and $0.05 in the fourth quarter and to now be between $0.14 and $0.16 for the full fiscal year.

作為參考，如果將 Cylance 也包括在內，上一年度持續經營和終止經營的調整後 EBITDA 為 3,930 萬美元。對於非GAAP每股收益，我們預計第四季將在0.03美元至0.05美元之間，而整個財年將在0.14美元至0.16美元之間。

Moving on to our cash flow outlook, we expect another sequential increase in operating cash flow for Q4 with it in the range of a solid $40 million to $45 million. This increase means that for the full fiscal year, we're again raising our guidance and expect to generate between $43 million and $48 million in operating cash flow.

接下來談談我們的現金流展望，我們預計第四季經營現金流將環比成長，達到 4,000 萬美元至 4,500 萬美元。此次成長意味著，在整個財政年度，我們再次上調了業績預期，預計將產生 4,300 萬美元至 4,800 萬美元的營運現金流。

This does not include the additional $38 million of cash from the second tranche of proceeds from the sale of Cylance to Arctic Wolf that we expect to receive which is classified separately as cash flows from investing activities. Therefore, we expect to generate in excess of $80 million of cash in Q4, further strengthening our already solid balance sheet.

這還不包括我們預計將收到的從 Cylance 出售給 Arctic Wolf 的第二筆款項中獲得的額外 3800 萬美元現金，這筆款項將單獨歸類為投資活動產生的現金流量。因此，我們預計第四季將產生超過 8,000 萬美元的現金，進一步鞏固我們本已穩健的資產負債表。

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

那麼，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 has been another strong quarter for BlackBerry. We continue to consistently deliver reliable results across the three core metrics of revenue, profitability, and cash at both the company and divisional levels.

謝謝你，提姆。在進入問答環節之前，讓我快速總結一下黑莓公司又一個強勁的季度業績。我們在公司和部門層面，在收入、獲利能力和現金這三大核心指標上，持續取得可靠的績效。

QNX delivered its best ever revenue quarter and a solid adjusted EBITDA of 24%, all while continuing to invest for long-term growth. In addition to these strong financial results, QNX also hit the milestone of powering 275 million vehicles on the road.

QNX 實現了有史以來最好的季度營收，調整後 EBITDA 達到 24%，同時繼續投資以實現長期成長。除了這些強勁的財務業績外，QNX 還實現了為 2.75 億輛汽車提供動力的里程碑。

Secure Communications exceeded revenue expectations and demonstrated significant leverage in the model with a 26% adjusted EBITDA margin. To put this in perspective, this time last year, the cybersecurity division had an EBITDA margin of only 9%. Overall, both divisions helped drive another quarter of GAAP profitability and cash generation.

Secure Communications 的營收超出預期，並在該模型中展現出顯著的槓桿效應，調整後的 EBITDA 利潤率為 26%。換個角度來看，去年這個時候，網路安全部門的 EBITDA 利潤率只有 9%。總體而言，這兩個部門都為該公司連續第二個季度實現 GAAP 利潤和現金流做出了貢獻。

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

那麼，接下來我們進入問答環節。尼克，請你把線路打開。

(Operator Instructions) Kingsley Crane, Canaccord Genuity.

（操作說明）金斯利起重機，Canaccord Genuity。

Congrats on a really nice quarter. So we've talked about the GM opportunity naturally requiring more investment in the near term as you work towards gaining critical mass in key end markets.

恭喜你本季業績出色。因此，我們已經討論過，通用汽車的機會自然需要在短期內進行更多投資，以便努力在關鍵終端市場獲得臨界規模。

And again, really nice wins in the quarter in that segment. But as you think about fiscal '27, where do you think you need to invest more within that space? Like what's working, what needs more help?

再次強調，該業務板塊在本季取得了非常不錯的成績。但展望 2027 財年，您認為需要在該領域加大哪些方面的投資？哪些方面做得好，哪些方面需要更多幫助？

Yes, King, so I think on that one, I think from a product perspective, we're in really good shape. I think the GEDP platform that we talked about is a really good leverage point for us to bring value to our customers. So I think you'll probably see us continue to invest in go-to-market activities, more feet on the street.

是的，King，所以我覺得從產品角度來看，我們在這方面做得非常好。我認為我們討論過的 GEDP 平台是一個很好的槓桿點，可以幫助我們為客戶創造價值。所以我認為你可能會看到我們繼續投資市場推廣活動，增加外出拜訪客戶的人手。

It's a broader market partnerships with distributors and other technology providers that maybe can help bring us to market a little bit faster. So these are probably the areas that we'll continue to invest in as we go into the next fiscal year.

與經銷商和其他技術供應商建立更廣泛的市場合作夥伴關係，或許可以幫助我們更快地將產品推向市場。因此，這些領域很可能是我們進入下一個財政年度後將繼續投資的領域。

Okay. Great. And then the follow-up would be on this luxury China EV win. We're really encouraged by that. What ultimately allowed you to win that deal?

好的。偉大的。接下來將關注此次在中國豪華電動車市場的成功。我們對此感到非常鼓舞。最終是什麼讓你贏得了那筆交易？

Do you think it was cost savings, weight savings, superior software functionality? And then to what extent could this be a blueprint for more success in China?

你認為這是成本節約、重量減輕還是更優越的軟體功能所造成的？那麼，這在多大程度上可以成為中國更大成功的藍圖呢？

I think it's -- honestly, I think it's all of the above. I think it's cost savings, it's weight savings. It's the performance of the product itself. I would say the Chinese market tends to be very price sensitive.

我覺得——老實說，我覺得以上所有情況都符合。我認為這樣既能節省成本，又能減輕重量。關鍵在於產品本身的效能。我認為中國市場對價格非常敏感。

So I think the amount of money that they can save leveraging our technology and what that does to their overall BOM is a compelling value proposition. So that probably swayed a little bit more.

所以我認為，他們利用我們的技術可以節省的資金以及這對他們的整體物料清單的影響，是一個極具吸引力的價值主張。所以可能稍微影響了結果。

But the broader value proposition is very, very sound -- pardon the pun. But it's -- I think the actual cost savings is probably the lead one on that.

但從更廣泛的意義上講，其價值主張非常非常合理——請原諒我使用了這個雙關語。但我認為，實際的成本節約可能是最重要的因素。

Luke Junk, Baird.

盧克瓊克，貝爾德。

John, maybe if we could start just in terms of getting to a vehicle platform award, just if you could talk about some of the gates you're advancing through right now to get you closer to that outcome. And then as we look forward to a couple of weeks to CES, should we expect to hear more about this at CES as well?

約翰，或許我們可以先從獲得車輛平台獎這件事開始談起，你能談談你目前正在經歷哪些階段，才能更接近這個目標嗎？接下來幾週就是 CES 了，我們可以期待在 CES 上聽到更多相關消息？

Yes, Luke, great question. I'll tell you, it's an area that has got a lot of focus right now inside the company and from a technology perspective, bringing QNX SDP 8 and the middleware together and the integration, the connective tissue, making that a seamless kind of product that we could bring to our customers.

是的，盧克，問得好。我告訴你，這是公司目前非常關注的領域，從技術角度來看，就是將 QNX SDP 8 和中介軟體整合在一起，形成連接組織，使其成為我們可以帶給客戶的無縫產品。

It's a lot of collaboration with our partner, Vector to really bring that. So I think the product itself is really sound. It's just a matter of the integration with our partner and then bringing that to the marketplace. So a lot of good progress that's moving in this regard. But we're pleased with the progress, and you'll hear more about it.

為了真正實現這一點，我們與合作夥伴 Vector 進行了大量的合作。所以我認為產品本身確實很不錯。這只是與合作夥伴整合，然後將其推向市場的問題。所以這方面取得了許多良好的進展。但我們對目前的進展感到滿意，稍後會向您透露更多相關資訊。

Okay. And then I wanted to follow up to your answer about the luxury China EV win. In terms of the cost sensitivity, I mean, certainly, that's a well-known factor in the China market.

好的。然後我想就您之前關於中國豪華電動車獲獎的回答再問一點。就成本敏感度而言，我的意思是，這當然是中國市場眾所周知的因素。

And I'm just wondering, in terms of system design or things that are sort of you can bring to the table from a QNX standpoint to put on into a more compelling position. Like just what are some of the key areas that you can enable for a Chinese OEM in that respect, John?

我只是想知道，從 QNX 的角度來看，在系統設計方面，或者說，有哪些方面可以使其更具吸引力。約翰，在這方面，你能為中國OEM廠商提供哪些關鍵方面的支援呢？

Yes. I think certainly, the cost savings and the time-to-market capabilities are something that's compelling. But one thing we do think is going to start getting more traction in the Chinese market is safety solutions. I think in the past, they've kind of used some basic technologies. And because they've had some high-profile safety issues, we're excited about the opportunities that could be there for us for SDP 8 and bringing kind of the core RTOS to the -- so it's great.

是的。我認為，節省成本和縮短產品上市時間無疑是極具吸引力的。但我們認為，安全解決方案在中國市場將會越來越受歡迎。我認為過去他們使用過一些基礎技術。因為他們出現了一些備受矚目的安全問題，我們對 SDP 8 可能給我們帶來的機會感到興奮，並將核心 RTOS 引入其中——所以這很棒。

Sometimes you get in with maybe Sound or Cabin or different things like that and maybe drag along kind of the core product in some ways. But it's -- I think it's a testament to the broad portfolio of the platform. You might lead with Sound and get your foot in the door and then bring the RTOS along.

有時你可能會接觸到聲音、駕駛艙或其他類似的東西，並在某種程度上將核心產品帶入其中。但我認為這證明了該平台產品組合的廣泛性。你可以先從聲音入手，打入這個領域，然後再引入即時作業系統。

More times than not, it's the other way around. It's -- because that's the meat and potatoes from the operating system level. So we're working every single angle in the Chinese market. But I think they are a little more acutely aware and concerned with the need for having an SDP platform that has safety certifications, probably more so than they have been in the past.

大多數情況下，情況恰恰相反。這是因為——這是作業系統層面的核心內容。所以我們正在從各個角度開拓中國市場。但我認為，他們現在對擁有安全認證的 SDP 平台的需求有了更深刻的認識和關注，可能比過去更加重視。

Todd Coupland, CIBC.

Todd Coupland，加拿大帝國商業銀行。

Great. Thanks, and good evening, everyone. I wanted to start with QNX. 15% growth last quarter, 10% this quarter guide implies 15% growth. How should we think about the trend in this business given that fluctuating growth rate as we're thinking about fiscal 2027?

偉大的。謝謝大家，晚上好。我想先說說QNX。上季成長15%，本季成長10%，但預期成長15%。考慮到2027財年成長率的波動，我們該如何看待這個產業的趨勢？

Yes. Great question, Todd. So ultimately, we'll give the guide for fiscal '27 at the end of Q4, so in 90 days' time. Halo, double-digit growth has been very solid. And ultimately, we're going to be giving the backlog number as well in Q4, which will be a good lead indicator of where we're moving.

是的。問得好，托德。所以最終，我們將在第四季末，也就是90天后，發布2027財年的業績指引。Halo，兩位數的成長非常穩健。最終，我們將在第四季度公佈積壓訂單數量，這將是衡量我們未來發展方向的一個很好的領先指標。

On the backlog, we're actually feeling pretty good, as John mentioned in his prepared remarks that after a difficult start, we've actually accelerated pretty well, and we've got some really good momentum now as we head into Q4 and conversion of that backlog into revenue, which will start in FY27 is going to really drive that business forward.

關於積壓訂單，我們感覺相當不錯。正如約翰在事先準備好的發言稿中提到的，在經歷了艱難的開局之後，我們實際上已經加速發展，並且隨著我們進入第四季度，我們現在已經獲得了非常好的勢頭。從 2027 財年開始，積壓訂單將轉化為收入，這將真正推動業務向前發展。

And what we saw in Q3 was strong royalties and royalties driven by some of these new programs that we've been winning over the last couple of years now starting to come online. So it's an exciting time. And some of the growth accelerators such as going up the stack, things like Sound and Cabin that we've mentioned, we're starting to see traction from those two.

我們在第三季度看到的是強勁的版稅收入，這些版稅收入主要來自我們過去幾年贏得的一些新項目，這些項目現在開始上線。所以這是一個令人興奮的時刻。而一些成長加速器，例如向上擴展技術堆疊，以及我們提到的 Sound 和 Cabin 等技術，我們已經開始看到它們帶來的成效。

So I'm going to put a pin in it and say, come back in 90 days, and we'll give you more information on next year. But we feel very positive about the momentum that we've got in this business.

所以我先擱置一下，告訴大家90天後再來，我們會提供更多關於明年的資訊。但我們對我們在這個行業中取得的發展勢頭感到非常樂觀。

Great. Thanks, Tim. And then just on Secure Com, the business is trending probably about half of the decline rates you've been projecting the last couple of quarters. Is this the new normal?

偉大的。謝謝你，提姆。而就 Secure Com 而言，其業務趨勢可能只有您在過去幾季預測的下降速度的一半左右。這就是新的常態嗎？

And again, similar type of mindset as we think about fiscal '27, could this business actually turn into a growth segment with defense spending trending positive and other segments doing better? So just talk about how we should think about that.

同樣，當我們思考 2027 財年時，也應該抱持類似的心態：隨著國防開支呈現正向趨勢，其他產業表現更好，這個產業真的有可能轉型成為成長型產業嗎？所以，大家就來討論一下我們該如何看待這個問題吧。

Great question, Todd. That's a really good question. We're actually, right now, as you would imagine, just modeling out next year, taking a look at the pipeline. And things do tend to be a little lumpy sometimes in this space. So I don't think one quarter necessarily translates into.

問得好，托德。這真是個好問題。正如你所料，我們現在正在對明年進行建模，研究管道情況。在這個領域，事情有時確實會有些波折。所以我認為一個季度並不一定意味著…

But I will say we have a really strong pipeline within Secure Coms, one of the stronger pipelines that we've had in a long time. So that bodes well for us. It's probably like Tim said before, it's next quarter, we'll give guidance for the next fiscal year, but it was a solid quarter.

但我必須說，Secure Coms 內部擁有非常強大的管道，這是我們很長一段時間以來擁有的最強大的管道之一。這對我們來說是個好兆頭。可能就像提姆之前說的那樣，我們會在下個季度給出下一財年的業績指引，但這個季度表現穩健。

To be honest with you, we were happy we navigated the US government shutdown the way that we did. We were a little spooked by that as the quarter was going on, but I think that turned out to be a pretty good result for us in the end.

說實話，我們很高興能夠以那樣的方式應對美國政府停擺。在賽季進行期間，我們確實對此感到有些擔憂，但我認為最終這對我們來說是一個相當不錯的結果。

And now it's just a matter of converting the pipeline that we've got in front of us to tee up a really solid fiscal year '27. So we'll come back to you with more insights into that, but certainly pleased with the way that business has performed.

現在的問題只是如何轉化眼前的資源，從而為 2027 財年奠定堅實的基礎。所以我們稍後會向您提供更多相關信息，但我們對公司目前的業務表現感到非常滿意。

Trip Chowdhry, Global Equities Research.

Trip Chowdhry，全球股票研究。

Thank you. Congratulations on a very solid execution. I have two quick questions. The first regarding the government shutdown. Do you think now everything is normal? Or you think like almost more than half of the quarter was in shut down, do you think the remaining half made up of the first half? That's first question.

謝謝。恭喜你們出色地完成了任務。我有兩個問題想問一下。第一件事是關於政府停擺的。你覺得現在一切都正常了嗎？或者你認為，如果該季度超過一半的時間都處於停工狀態，那麼你認為剩下的一半是由上半部構成的嗎？這是第一個問題。

Second question, very refreshing to hear your wins in the robotic space. I was wondering if you can put some more color about what kind of robots may be using your technology? And any color on the demand side also? That's all for me.

第二個問題，很高興聽到您在機器人領域的成功。我想請問您能否詳細介紹一下，哪些類型的機器人可能會使用您的技術？需求方面也有顏色偏好嗎？我的內容就這些了。

Thanks, Trip. I'll cover a little bit on government, and we'll cover a little bit on robotics, Trip, just to give you some color on it. But as far as government is concerned, it's been a really interesting year. We started the year with Liberation Day and the uncertainty that that brought.

謝謝你，特里普。我會簡單介紹一下政府，我們也會簡單介紹一下機器人技術，Trip，只是為了讓你對它們有個大致的了解。但就政府而言，今年真是非常有趣的一年。新的一年以解放日及其帶來的不確定性拉開序幕。

That, in some ways, created some opportunities and also created some headwinds. We also had in the government space, the continuing resolutions at one point, then a full-on shutdown at one point. But I think the good thing -- I think what we learned from this experience, remember, DOGE was another one. How much -- how was that going to impact our business.

從某種程度上說，這創造了一些機遇，但也帶來了一些阻力。在政府領域，我們也曾經歷過持續撥款決議，然後又經歷了全面停擺。但我認為好的一面是——我認為我們從這次經歷中學到的是，記住，狗狗幣也是一個例子。這會對我們的業務產生多大的影響？

But one of the learnings that I think we took away from the last six or nine months on the Secure Coms side is what we do in terms of mission critical events management, mission-critical SecuSUITE encrypted voice, data and video, mission-critical UEM and the security that that provides. These mission-critical -- when it comes time to take a look at what they're going to cut, we found they're a little bit hesitant to really take a hatchet to mission-critical types of software solutions.

但我認為，過去六到九個月裡，我們在安全通訊方面學到的一個重要經驗是，我們在關鍵任務事件管理、關鍵任務 SecuSUITE 加密語音、數據和視訊、關鍵任務 UEM 以及由此提供的安全性方面所做的工作。我們發現，當要考慮削減哪些項目時，他們對於真正大幅削減關鍵任務型軟體解決方案卻有些猶豫。

So we were a little concerned about the timing with the -- in Q3 with the US federal government, in particular, because everything is shut down, their procurement then had a backlog of contracts that they had to process. But I think we were fortunate enough to kind of work through that where it really didn't impact the quarter as much as we initially thought it was going to be.

因此，我們有點擔心時機問題——尤其是在第三季度，因為美國聯邦政府停擺，他們的採購部門積壓了大量合約需要處理。但我認為我們很幸運，能夠妥善處理這件事，使其對本季的影響並沒有我們最初預想的那麼大。

So there's a lot of different dynamics with the government's. But I have to say, I think we've been successfully navigating a lot of the waves there in some of the changes that's gone on. We'll come back to you, Trip, with more details on robotics and medical instrumentation and industrial automation and give you more colors on the wins.

所以政府方面有很多不同的動態。但我必須說，我認為我們已經成功地應對了發生的一些變化所帶來的許多挑戰。Trip，我們稍後會為你帶來更多關於機器人、醫療器材和工業自動化的細節，並為你詳細介紹所取得的成就。

Sometimes, we're a little bit -- some of our customers are a little hesitant to share too much information about the use case and the design win for confidentiality and different reasons. But in the robotics space, when we think of humanoid robotics, we think of the more technology that's going into this vertical. There's more compute power. There's more performance that's required, and that's a sweet spot for QNX.

有時，我們的一些客戶出於保密和其他原因，不太願意分享太多關於用例和設計方案的資訊。但在機器人領域，當我們想到人形機器人時，我們想到的是更多應用於這個領域的技術。運算能力更強了。系統需要更高的效能，而這正是 QNX 的優勢。

So regardless of the type of robotics, if you need high compute and you need high performance, SDP 8 is the solution for them to look at. So we'll bring that a little bit more to life I think in the future. Actually, we'll have some demos at the booth where we -- at CES this year to show it a little bit more.

因此，無論機器人的類型如何，如果您需要高運算能力和高效能，SDP 8 都是您應該考慮的解決方案。所以我覺得未來我們會讓它更生動。實際上，我們將在今年的 CES 展會上，在我們的展位上進行一些演示，以便更詳細地展示它。

But hopefully, that gives you a little bit more color on robotics, and we'll be sure to share some more in the future.

但願這能讓您對機器人技術有更深入的了解，我們將來一定會分享更多相關內容。

Yes. That's perfect. Thank you so much, and happy holidays.

是的。那很完美。非常感謝，祝您節日快樂。

Thanks, Trip.

謝謝你，特里普。

Thanks, Trip.

謝謝你，特里普。

Paul Treiber, RBC Capital Markets.

Paul Treiber，加拿大皇家銀行資本市場。

You made an interesting comment on the pricing opportunity for the vehicle software platform. Can you just speak to what you see as a potential ROI or the cost savings that the automakers would benefit from that? And then also, could you speak to the economics, the split between QNX and Vector, or maybe your ability to capture a disproportionate share of the pricing there?

您對車輛軟體平台的定價機會發表了有趣的評論。您能否談談您認為潛在的投資報酬率，或者汽車製造商能從中節省多少成本？另外，您能否談談經濟方面的問題，例如 QNX 和 Vector 之間的分成，或者您能否在定價方面獲得不成比例的份額？

Hi, Paul. So ultimately, what we're providing here -- and remember, this has been a pull from the OEMs have come to us and asked if we can help in this area. Because I think if we look back over the last couple of years, the OEMs have been very ambitious in terms of trying to write all the code from the OS up to the application layer and really found that to be quite a challenge.

你好，保羅。所以歸根結底，我們在這裡提供的服務——請記住，這是原始設備製造商主動聯繫我們，詢問我們是否可以在這方面提供幫助——所帶來的需求。因為我認為，如果我們回顧過去幾年，就會發現 OEM 廠商在嘗試編寫從作業系統到應用程式層的所有程式碼方面雄心勃勃，但他們發現這確實是一個相當大的挑戰。

So in terms of cost savings, having us do it much more efficiently and actually being able to produce a product that they can get into market is a big advantage for them. We're taking off their hands off their plate, a of software integration. But currently, they have a heck of a lot of internal resource working on.

因此，就節省成本而言，我們能夠更有效率地完成這項工作，並且能夠生產出他們可以投放市場的產品，這對他們來說是一個很大的優勢。我們正在幫助他們減輕軟體整合方面的負擔。但目前，他們有大量的內部資源正在運作。

So they can divert that resource to the application layer, which is where they're really going to differentiate their brand from other players. So yes, we're doing a lot of heavy lifting for them. And like I say, this is a pull. They've come to us and say, can you do this for us?

因此，他們可以將這些資源轉移到應用層，這才是他們真正要讓自己的品牌與其他競爭者區分開來的地方。是的，我們確實為他們做了很多繁重的工作。正如我所說，這是一場拉力賽。他們來找我們說，你們能幫我們做這件事嗎？

In terms of the economics, we're not going to give like the absolute details here, but clearly, a portion of the pie is coming from Vector. A significant portion I should add is coming from us, and there will be a split. Now, we are going to be the billing entities, so we will take the revenue. And the Vector portion would obviously be passed on through cost of sales.

就經濟方面而言，我們不會在這裡給出絕對的細節，但很明顯，部分收益來自 Vector。我還要補充一點，其中很大一部分來自我們，而且這部分將會被拆分。現在，我們將成為結算主體，所以我們將收取收入。而向量部分顯然會透過銷售成本轉嫁出去。

And the second question is just on the Canadian federal government. The budget was out in November, and there's a number of new investment initiatives. Can you just remind us again of the size of your Secure Coms business for the Canadian government? And then what do you see as the opportunity, and what's the strategy to try to expand further with the Canadian government?

第二個問題只涉及加拿大聯邦政府。預算案已於11月公佈，其中包含多項新的投資計畫。您能否再次提醒我們一下，您為加拿大政府提供的 Secure Communications 業務規模有多大？那麼，您認為有哪些機會呢？為了進一步拓展與加拿大政府的合作，您的策略是什麼？

Yes. Yes. Great question, Paul. A lot of actually great momentum that we have right now with the Canadian government, especially their Buy Canada kind of solution looking to do more with Canadian providers. We do have a comprehensive relationship with them today around UEM.

是的。是的。保羅，問得好。目前我們與加拿大政府的合作勢頭非常強勁，特別是他們提出的「購買加拿大產品」方案，旨在更多地與加拿大供應商合作。目前我們與他們圍繞UEM建立了全面的合作關係。

They use that widely throughout the organization. And we're having really good productive discussions with them about Secusmart and AtHoc and other parts of the portfolio as well. So stay tuned. We've got a lot of activity going on.

他們在整個組織內廣泛使用這種方法。我們與他們就 Secusmart、AtHoc 以及投資組合中的其他部分進行了非常有成效的討論。敬請期待。我們這裡有很多活動正在進行。

We've got a multiyear agreement with them today that's very UEM-centric and as we look to try to expand into Secusmart, SecuSuite product, and the AtHoc portfolio, we're finding some really good discussions with them right now, particularly as they ramp up their spending on defense.

我們目前與他們簽訂了多年協議，該協議以 UEM 為中心。隨著我們嘗試擴展到 Secusmart、SecuSuite 產品和 AtHoc 產品組合，我們發現目前與他們進行了一些非常好的討論，尤其是在他們增加國防支出之際。

So critical events management is something that is widely deployed in the entire US government. We're hoping we could bring that same value proposition to the Canadian government as they ramp up their defense spending over the next few years.

因此，危機事件管理在美國政府各部門中得到了廣泛應用。我們希望能為加拿大政府帶來同樣的價值主張，因為他們將在未來幾年內加大國防開支。

So we'll keep you posted on it. But be rest assured, there's a lot of activity going on right now with the Canadian government.

我們會隨時向您報告最新進展。但請放心，加拿大政府目前正在進行大量工作。

Thanks.

謝謝。

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

我們的問答環節到此結束。我謹將電話轉回黑莓公司執行長約翰·吉亞馬特奧，請他作總結發言。

Terrific. Thanks, Nick. Before we end the call, I just wanted to flag that we'll be starting off the new year at CES in Las Vegas. We'll be hosting an investor briefing on January 7 at 11:00 AM Pacific Time to discuss some of the highlights from the show.

了不起。謝謝你，尼克。在結束通話之前，我想提一下，我們將在拉斯維加斯的 CES 展會上開啟新的一年。我們將於太平洋時間 1 月 7 日上午 11:00 舉行投資者簡報會，討論展會的一些亮點。

You can access the live webcast in the Investor Information section at blackberry.com. And if you're at the event, please stop by to see some of the exciting new exhibits that our QNX team will have on show.

您可以在blackberry.com網站的「投資者資訊」區塊觀看網路直播。若您親臨現場，歡迎蒞臨我們的QNX團隊攤位，參觀他們即將展出的精彩新品。

So thanks, everyone, for joining the call today, and I'd like to wish all of you a happy and safe holiday season. See you next time.

感謝各位今天參加電話會議，祝大家節日快樂，平安健康。下次見。

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了。