BlackBerry Limited (BB) 2027 Q1 法說會逐字稿

Good morning, and welcome to the BlackBerry first quarter fiscal year 2027 results conference call. My name is Betsy, 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 BlackBerry 2027 會計年度第一季財報電話會議。我是 Betsy，將擔任今天會議的主持人。(接線員指示) 提醒各位，本次會議將錄音以供重播。

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

現在我想把今天的會議交給 BlackBerry 投資人關係資深總監 Suzanne Spera。請開始。

Thank you, Betsy. Good morning, everyone, and welcome to BlackBerry's fiscal first quarter 2027 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，Betsy。各位早安，歡迎參加 BlackBerry 2027 會計年度第一季財報電話會議。今天與我一同出席的有 BlackBerry 執行長 John Giamatteo，以及財務長 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.

在我宣讀關於前瞻性陳述的警示說明後，John 將提供業務更新，Tim 將回顧財務結果。之後我們將開放簡短的問答環節。

This call is available to the general public via call-in numbers and via webcast in the Investor Information section at blackberry.com. As part of today's webcast, presentation slides will be displayed. The slides are also available on the Investor Information section at blackberry.com, as well the replay of today's call.

本次電話會議可透過撥入電話號碼以及 blackberry.com「投資人資訊」專區的網路直播向大眾開放。作為今天網路直播的一部分，將展示簡報投影片。

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.

我們今天將發表的部分陳述構成前瞻性陳述，並依據適用的美國與加拿大證券法之「安全港」條款作出。我們將使用例如 expect（預期）、will（將）、should（應）、model（推估/建模）、intend（打算）、believe（相信）及類似用語來指示前瞻性陳述。

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.

前瞻性陳述係基於公司依其經驗、對歷史趨勢的認知、目前狀況與預期未來發展，以及公司認為相關的其他因素所作出的估計與假設。

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.

多項因素可能導致公司實際結果或表現與前瞻性陳述所明示或暗示者存在重大差異。這些因素包括公司年度申報文件及管理階層討論與分析（MD&A）中所討論的風險因素。

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.

您不應過度依賴公司的前瞻性陳述。任何前瞻性陳述僅截至今日為止；除法律要求外，公司無意亦不承擔任何義務更新或修訂其中任何陳述。

As is customary during the call, John and Tim will reference certain 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.

依照電話會議慣例，John 與 Tim 在總結本季業績時將引用若干非 GAAP 指標。關於 GAAP 與非 GAAP 指標之間的調節，請參閱今日稍早發布的財報新聞稿；該新聞稿可於 EDGAR、SEDAR+ 以及 blackberry.com 網站取得。

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

接下來，我把電話會議交給 John。

Thanks, Suzanne. And good morning, and thanks, everyone, for joining today's call. We're excited to report a strong start to the fiscal year. Last quarter, we talked about turning the page from cost restructuring to value creation through profitable growth. And this quarter, we delivered exactly that.

謝謝你，Suzanne。各位早安，也謝謝大家參加今天的電話會議。我們很高興報告本會計年度有一個強勁的開局。上一季我們談到要從成本重整翻頁，轉向透過獲利性成長來創造價值。而本季，我們正是交出了這樣的成果。

In Q1, we saw a rock-solid execution across both QNX and Secure Communications with both businesses delivering Rule of 40 performance during the quarter, reflecting a combination of healthy growth and strong profitability. In QNX, we continue to benefit from the long-term trends we discussed for several quarters, including software-defined vehicles, centralized compute, a general embedded market and physical AI.

在第一季，我們看到 QNX 與安全通訊（Secure Communications）兩大業務皆展現極為扎實的執行力；兩項業務在本季均達成「40 法則」（Rule of 40）表現，反映健康的成長與強勁的獲利能力之結合。在 QNX 方面，我們持續受惠於過去數季討論的長期趨勢，包括軟體定義車輛、集中式運算、整體嵌入式市場以及實體 AI（physical AI）。

In Secure Communications, we continue to see stabilizing fundamentals, combined with tailwinds from growing government demand and the impact of large customer wins. Total company revenue came in at $153 million, well above the high end of our guidance. Adjusted EBITDA more than doubled year over year, and we achieved positive GAAP net income for the fifth consecutive quarter.

在安全通訊方面，我們持續看到基本面趨於穩定，同時受惠於政府需求成長的順風，以及大型客戶得標的影響。公司總營收為 1.53 億美元，明顯高於我們財測區間的上緣。調整後 EBITDA 年增逾一倍，且我們連續第五季達成 GAAP 淨利為正。

We also continued to generate positive operating and free cash flow despite Q1 being a seasonal low. We're proud of the quarter but also recognize that we're still early in this next chapter with more work to do. It is important to remember, our focus is on driving long-term shareholder value, not managing to individual quarters.

儘管第一季通常是季節性低點，我們仍持續產生正向的營運現金流與自由現金流。我們為本季表現感到自豪，但也認知到在這個新篇章中我們仍處於早期階段，還有更多工作要做。重要的是要記住，我們的重點是推動長期股東價值，而不是為了單一季度而管理。

Let me start my review of the quarter with the QNX business. This was another Rule of 40 quarter for QNX. Revenue came in significantly above the top end of guidance at approximately $72 million, representing 26% year-over-year growth. This performance was driven by strength across all components of QNX, including development licenses, professional services and royalties.

我先從 QNX 業務回顧本季表現。這是 QNX 又一個達成「40 法則」的季度。營收約為 7,200 萬美元，顯著高於財測上緣，年增 26%。此表現來自 QNX 各組成項目的全面強勁，包括開發授權、專業服務與權利金。

I want to call out one number in particular. Development license revenue in Q1 was the highest it has been in eight quarters. And this really matters because development licenses are one of the earliest indications of future growth with customers investing in tools as they begin developing new software platforms on QNX.

我想特別點出其中一個數字。第一季的開發授權營收創下過去八個季度以來的新高。這點非常重要，因為開發授權是未來成長最早期的指標之一：當客戶開始在 QNX 上開發新的軟體平台時，會先投資相關工具。

Customers typically buy these tools at the very start of a program, years before a vehicle reaches production and royalties begin. What's more, these are predominantly tools for our new SDP 8 platform. So a strong quarter today builds the foundation for royalty revenue of the future.

客戶通常在專案一開始就購買這些工具，往往在車輛進入量產、權利金開始產生之前的數年。此外，這些多半是我們新一代 SDP 8 平台的工具。因此，今天強勁的一季，正在為未來的權利金收入奠定基礎。

During the quarter, we secured new design wins across both automotive and GEM. In automotive, the wind span geographies and domains. In ADAS, we secured a new design win with a leading European automaker that is developing a safety platform on powerful Qualcomm Snapdragon SoCs.

本季我們在汽車與 GEM 兩個領域都取得新的設計導入（design win）。在汽車領域，這些得標橫跨不同地理區域與應用領域。在 ADAS 方面，我們與一家領先的歐洲車廠取得新的設計導入；該車廠正以強大的 Qualcomm Snapdragon SoC 開發一個安全平台。

We also secured a win with a Tier 1 supplier for a driver monitoring system to be built on a Texas instrument chipset used by a Japanese OEM. Additionally, we added a significant design win for SDP 8 with a commercial vehicle OEM to provide the foundation for a multi-domain architecture across cockpit, ADAS, and centralized compute.

我們也與一家一級供應商（Tier 1）取得勝利，將為一家日本 OEM 採用的 Texas Instruments 晶片組打造駕駛監控系統。此外，我們也新增一項重要的 SDP 8 設計導入：與一家商用車 OEM 合作，為座艙、ADAS 與集中式運算的多領域架構提供基礎。

In the quarter, we secured a strategically important sale of SDP 8 development tools to a US-based software developer supplying a major Asian OEM. This is a strong commitment to developing on our latest QNX platform for the long term.

本季我們也完成一筆具策略重要性的交易：向一家美國軟體開發商出售 SDP 8 開發工具；該開發商為一家主要亞洲 OEM 供應產品。這代表其對於長期在我們最新的 QNX 平台上進行開發的強力承諾。

In GEM, we continue to see traction with wins that included a significant royalty commitment by a leading semiconductor equipment manufacturer as well as expanding an existing medical diagnostics relationship with Luminex, through a platform upgrade to our latest SDP 8 technology. Taken together, these wins demonstrate solid progress in expanding both the scale of QNX adoption and the value delivered for deployment.

在 GEM 方面，我們持續看到進展；得標包括一家領先的半導體設備製造商做出重大權利金承諾，以及透過升級至我們最新的 SDP 8 技術，擴大與 Luminex 既有的醫療診斷合作關係。綜合來看，這些勝利顯示我們在擴大 QNX 採用規模，以及提升部署所交付價值方面，均取得穩健進展。

Looking beyond the quarter, we remain confident in the long-term opportunities in front of us. That confidence is grounded in the multiple long-term growth drivers we see across QNX, many of which are in their early stages and have the potential to create significant shareholder value over time.

放眼本季之外，我們對於眼前的長期機會仍然充滿信心。這份信心建立在我們在 QNX 各方面看到的多項長期成長驅動因素之上；其中許多仍處於早期階段，並有潛力隨時間推移創造可觀的股東價值。

The first growth driver is GEM. While representing a minority of QNX's revenue and backlog today, it remains our fastest-growing segment and significantly expands our long-term opportunity beyond automotive into robotics, industrial automation, medical devices, and other safety-critical applications. We are particularly excited about the long-term opportunity in physical AI.

第一個成長驅動因素是 GEM。雖然目前在 QNX 的營收與在手訂單（backlog）中仍占少數，但它仍是我們成長最快的區塊，並將我們的長期機會從汽車領域大幅擴展至機器人、工業自動化、醫療器材及其他安全關鍵型應用。我們尤其對實體 AI（physical AI）的長期機會感到振奮。

As intelligent machines become increasingly autonomous and operate around people, the requirements for safety, security, reliability, and real-time determinism become even more important. Unlike probabilistic AI systems, QNX technology is deterministic and safety certified, which is exactly why it is so hard to replicate and why customers trust it for systems where failure is not an option.

隨著智慧機器變得愈加自主並在人們周遭運作，對安全性、資安、可靠性以及即時確定性的要求變得更加重要。不同於機率型 AI 系統，QNX 技術具備確定性並通過安全認證，這正是其難以複製、且客戶在「不容失敗」的系統中信任它的原因。

In many ways, automotive has been a proving ground for the demands of physical AI. Modern vehicles are essentially robots on wheels, and QNX has established itself as a trusted platform supporting many of the industry's most advanced autonomous and safety critical systems.

在許多方面，汽車產業一直是驗證實體 AI 需求的試煉場。現代車輛本質上是裝著輪子的機器人，而 QNX 已建立為值得信賴的平台，支援業界許多最先進的自動化與安全關鍵系統。

The second growth driver is Alloy Kore. We continue to make encouraging progress in discussions with customers and remain confident of securing our first design win this fiscal year. While we're not ready to declare victory yet, we continue to believe Alloy Kore represents a significant opportunity for BlackBerry over the long term.

第二個成長驅動因素是 Alloy Kore。我們在與客戶的討論中持續取得令人鼓舞的進展，並仍有信心在本會計年度拿下第一個設計導入（design win）。雖然我們尚未準備宣告勝利，但我們仍相信 Alloy Kore 長期而言為 BlackBerry 帶來重大機會。

What makes Alloy Kore exciting is that it is expected to expand our role from operating system provider to platform provider, substantially increasing our software content per vehicle, expanding our average selling price by multiples and driving meaningful backlog growth.

Alloy Kore 令人振奮之處在於，它預期將把我們的角色從作業系統供應商擴展為平台供應商，大幅提高每輛車的軟體內容，將我們的平均售價以倍數提升，並推動有意義的積壓訂單（backlog）成長。

As with our core QNX business, design wins and backlog are expected to come first and royalty revenue build over time as programs move into production, reinforcing the long-term visibility of the business.

與我們核心的 QNX 業務相同，預期將先出現設計導入與積壓訂單，隨著專案進入量產，權利金收入會隨時間逐步累積，進一步強化業務的長期能見度。

Our strategic partnerships with NVIDIA, Qualcomm, ARM, and other silicon ecosystem leaders continue to strengthen our position in next-generation intelligent systems. These relationships are important sales channels for QNX and help position us for future growth across all physical AI and GEM markets. Taken together, we believe these growth drivers significantly expand the long-term opportunity for QNX and reinforce our confidence in the future trajectory of the business.

我們與 NVIDIA、Qualcomm、ARM 及其他矽晶生態系領導者的策略夥伴關係持續強化我們在下一代智慧系統中的地位。這些關係是 QNX 重要的銷售通路，並協助我們在所有實體 AI 與 GEM 市場的未來成長做好布局。綜合而言，我們相信這些成長驅動因素顯著擴大了 QNX 的長期機會，並強化我們對該業務未來走勢的信心。

Turning to Secure Communications, which delivered its strongest quarter in years. For the first quarter, revenue was approximately $74 million, exceeding the top end of guidance and delivering 24% year-over-year growth. Annual recurring revenue, or ARR, stabilized sequentially but grew more than 5% year over year to $220 million. And our dollar-based net retention rate, or DBNRR, was healthy at 92%.

接著談安全通訊（Secure Communications），該業務交出多年來最強的一季。第一季營收約為 7,400 萬美元，超出指引上緣，年增 24%。年度經常性收入（ARR）較前一季趨於穩定，但年增超過 5% 至 2.20 億美元。而以美元計價的淨留存率（DBNRR）維持健康水準，為 92%。

We're pleased that the Secure Communications business stands on a much more stable foundation today than it did just a couple of years ago. We continue to see encouraging trends in customer retention, recurring revenue and government demand for secure communication solutions.

我們很高興看到，安全通訊業務如今的基礎比兩三年前穩健得多。我們持續看到客戶留存、經常性收入，以及政府對安全通訊解決方案需求的令人鼓舞趨勢。

This past quarter demonstrated what can happen when a stable underlying business is combined with a significant government win. Governments around the world continue to prioritize digital sovereignty, cybersecurity modernization, and secure communications infrastructure, creating favorable demand conditions for our solutions.

上一季展示了當穩定的基本盤業務結合一筆重大的政府訂單時，可能帶來的成果。全球各國政府持續優先推動數位主權、資安現代化，以及安全通訊基礎設施，為我們的解決方案創造有利的需求環境。

In Q1, this showed up in revenue from the significant expansion and multiyear extension with Shared Services Canada that we discussed last quarter, driving our strongest performance in several years. As part of the new deal, the Canadian government is meaningfully scaling its deployment of Secusmart's encrypted voice data and video solutions. In line with the digital sovereignty trend, this deployment on a sovereign architecture contributed significant in-quarter revenue recognition.

在第一季，這反映在我們上季提到的與加拿大共享服務（Shared Services Canada）之重大擴約與多年期延長所帶來的營收，推動我們創下數年來最強表現。作為新合約的一部分，加拿大政府正大幅擴大部署 Secusmart 的加密語音、資料與視訊解決方案。符合數位主權趨勢的是，此次在主權架構上的部署帶來了可觀的當季收入認列。

It's important to recognize that large government deals like this tend to have long sales cycles and don't happen every quarter. Outsized growth and profitability, such as this past quarter, are typically followed by more normalized quarters. Overall, Secure Communications continues to evolve from a business once viewed as a headwind into a stable, growing business with meaningful upside when large government opportunities are successfully converted.

需要注意的是，像這樣的大型政府合約通常銷售週期很長，且不會每一季都發生。如同上一季這種超常的成長與獲利，通常之後會回到較為常態化的季度表現。整體而言，安全通訊正從過去被視為拖累的業務，持續演進為一個穩定成長的業務；當大型政府機會成功轉化時，仍具備顯著上行空間。

In addition to the large deal with Shared Services Canada, we secured a number of renewals, expansions and new logos primarily across government, defense and regulated industries. In North America, we secured deals with the US Air Force, US Cyber Command, the US Senate, the US Secret Service, and the White House Communications Agency.

除了與加拿大共享服務的大型合約外，我們也取得多項續約、擴約與新增客戶（new logos），主要來自政府、國防與受監管產業。在北美，我們拿下了與美國空軍、美國網路司令部（US Cyber Command）、美國參議院、美國特勤局，以及白宮通訊局（White House Communications Agency）的合約。

In EMEA, we secured wins across government and defense, including BAE Systems, the UK's National Crime Agency, and Metropolitan Police Service, the Bavarian State Tax Office and GIZ, the German Society for International Cooperation, as well as the Saudi National Bank and Banque de France. Taken together, these wins reflect steady demand in highly sensitive mission-critical environments.

在歐洲、中東與非洲（EMEA），我們在政府與國防領域取得多項勝利，包括 BAE Systems、英國國家犯罪調查局（National Crime Agency）與大都會警察局（Metropolitan Police Service）、巴伐利亞州稅務局與 GIZ（德國國際合作機構），以及沙烏地國家銀行與法國銀行（Banque de France）。綜合而言，這些成果反映出在高度敏感、任務關鍵的環境中，需求持續穩健。

Touching briefly on licensing. For the first quarter, licensing revenue was solid and came in at $7 million, ahead of guidance due to the better-than-expected revenue from pre-existing arrangements as well as a number of new onetime licensing deals, as we continue to see positive momentum with customers across QNX and Secure Communications as we move into Q2.

簡要談一下授權（licensing）。第一季授權收入表現穩健，達 700 萬美元，因既有安排帶來的收入優於預期，以及多筆新的單次授權交易而高於指引；隨著我們進入第二季，QNX 與安全通訊兩端的客戶動能仍持續正向。

Within QNX, demand remains healthy in both automotive and GEM with strong customer engagement and a growing design win pipeline. In Secure Communications, the business remains supported by structural tailwinds. And while some churn remains, it's much lower than in prior quarters.

在 QNX 方面，汽車與 GEM 兩個領域的需求仍然健康，客戶互動強勁，且設計導入管線持續成長。在安全通訊方面，該業務仍受到結構性順風支撐。雖然仍有部分流失（churn），但已遠低於前幾季。

Overall, we are very pleased with our start to fiscal year 2027 and the progress reflected in the quarter. While neither QNX nor Secure Communications will grow in a perfectly straight line, what matters most is the long-term trajectory of the business, and we're encouraged by what we see. Demand across our markets remains healthy. Customer engagement is strong, and our backlog continues to expand, giving us confidence in our outlook and in the disciplined execution that gets us there.

整體而言，我們對 2027 會計年度的開局以及本季所反映的進展感到非常滿意。雖然 QNX 與安全通訊都不會以完全筆直的線性方式成長，但最重要的是業務的長期走勢，而我們對所見到的情況感到鼓舞。我們各市場的需求仍然健康。客戶互動強勁，積壓訂單持續擴大，讓我們對展望以及達成目標所需的紀律執行更具信心。

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

接下來，我把電話會議交給 Tim，由他提供更多財務細節。

Thank you, John, and good morning, everyone. As John mentioned, this was a very strong quarter for BlackBerry. In fact, a Rule of 40 quarter. What was particularly encouraging was not simply the revenue growth we delivered, but the quality of that growth. As higher-margin QNX royalties become a larger part of our revenue mix, we expect more of our revenue to translate into margin expansion, profitability and cash generation. We believe we are increasingly positioned to benefit from the operating leverage inherent in our business model as revenue continues to grow.

謝謝你，John，各位早安。如 John 所提到，這對 BlackBerry 來說是非常強勁的一季。事實上，是一個「40 法則」（Rule of 40）季度。特別令人鼓舞的不僅是我們交出的營收成長，更在於成長的品質。隨著高毛利的 QNX 權利金在我們的營收組合中占比提高，我們預期更多營收將轉化為毛利擴張、獲利能力與現金創造。我們相信，隨著營收持續成長，我們將愈來愈能受益於商業模式內含的營運槓桿。

This quarter was a good example of that dynamic in action. Revenue for the quarter was approximately $153 million, exceeding the high end of our guidance range and growing 26% year over year. Total company adjusted gross margin expanded by 4 percentage points year over year to 79%, while adjusted EBITDA more than doubled and exceeded expectations at approximately $36 million, representing 24% of revenue. Adjusted net income for the quarter was approximately $25 million, and we achieved positive quarterly GAAP net income for the fifth consecutive quarter. Adjusted EPS also exceeded expectations at the high end of our guidance range at $0.04.

本季就是這種動態發揮作用的良好例子。本季營收約為 1.53 億美元，超出我們指引區間上緣，年增 26%。全公司調整後毛利率年增 4 個百分點至 79%；同時，調整後 EBITDA 超過預期並較去年同期倍增以上，約為 3,600 萬美元，占營收約 24%。本季調整後淨利約為 2,500 萬美元，我們也連續第五季達成單季 GAAP 淨利為正。調整後 EPS 亦超出預期，達到指引區間上緣的 0.04 美元。

Looking at the segments. QNX revenue exceeded the top end of the guidance range at approximately $72 million, growing 26% year over year. QNX adjusted gross margin expanded by approximately 5 percentage points year over year to 86%, helping drive adjusted EBITDA growth of 52% to approximately $19 million, representing approximately 27% of revenue for the quarter. In fact, based on revenue growth and profitability, QNX effectively delivered a rule of 50 quarter in Q1.

來看各事業部門。QNX 營收約為 7,200 萬美元，超出指引上緣，年增 26%。QNX 調整後毛利率年增約 5 個百分點至 86%，帶動調整後 EBITDA 成長 52% 至約 1,900 萬美元，占本季營收約 27%。事實上，依據營收成長與獲利表現，QNX 在第一季等同交出一個「50 法則」（rule of 50）季度。

In Secure Communications, strong revenue performance of approximately $74 million also exceeded the high end of our guidance range, growing 24% year over year and contributing to operating leverage. Adjusted gross margin expanded by approximately 2 percentage points year over year, driven in part by a favorable mix of higher-margin software revenue. This resulted in adjusted EBITDA of approximately $20 million, representing a margin of 27%.

在安全通訊業務方面，約 7,400 萬美元的強勁營收表現亦超越我們指引區間的上緣，年增 24%，並帶來營運槓桿效益。調整後毛利率年增約 2 個百分點，部分受惠於高毛利軟體營收占比提升的有利組合。因此，調整後 EBITDA 約為 2,000 萬美元，對應 27% 的利潤率。

Our licensing business contributed approximately $6 million of adjusted EBITDA in the quarter and continues to provide a valuable source of profitability and cash flow. Importantly, we converted the strong profitability in the quarter into cash. We generated approximately $5 million of operating cash flow in Q1, which allowing for the patent sale in fiscal year 2024 represents the first time in nine years we've been cash flow positive in the fiscal first quarter.

本季授權業務貢獻約 600 萬美元的調整後 EBITDA，並持續提供寶貴的獲利與現金流來源。重要的是，我們將本季強勁的獲利能力轉化為現金。我們在第一季產生約 500 萬美元的營運現金流；若考量 2024 會計年度的專利出售，這是九年來我們首次在會計年度第一季實現正向現金流。

This solid cash generation continues to strengthen our balance sheet and increases our flexibility to allocate capital in ways that create long-term shareholder value. At the end of the first quarter, we reported $423 million of cash and investments, representing net cash of approximately $223 million. This remains a strategic asset for the company and provides significant optionality as we evaluate growth opportunities and capital allocation priorities.

這樣穩健的現金創造持續強化我們的資產負債表，並提升我們以能創造長期股東價值的方式配置資本的彈性。在第一季末，我們申報現金與投資合計 4.23 億美元，約當淨現金約 2.23 億美元。這仍是公司的一項策略性資產，並在我們評估成長機會與資本配置優先順序時，提供顯著的選擇權。

Early in the quarter, we continued to execute our share buyback program, buying back 2.6 million shares for approximately $10 million. This brings the total for the program launched last May to 18 million shares for approximately $17 million or an average price of $3.85 per share.

本季初，我們持續執行庫藏股回購計畫，以約 1,000 萬美元回購 260 萬股。這使得自去年 5 月啟動該計畫以來的累計回購達 1,800 萬股、金額約 1,700 萬美元，或每股平均價格 3.85 美元。

We believe the share buybacks executed over the last year represents an excellent use of capital and demonstrate the disciplined approach we take in creating shareholder value. Last month, we announced a renewal and upscaling of the program, allowing us to repurchase approximately 27 million additional shares. The buyback program is one of several levers available to us as we allocate capital in a disciplined and shareholder-focused manner.

我們認為，過去一年所執行的股票回購是極佳的資本運用，也展現我們在創造股東價值方面所採取的紀律化作法。上個月，我們宣布續行並擴大該計畫，使我們得以額外回購約 2,700 萬股。在以紀律且以股東為核心的方式配置資本時，回購計畫是我們可運用的多項槓桿之一。

With that, let's turn to our outlook. With a strong beat in Q1, we are raising both our full year revenue and adjusted EBITDA outlook for QNX to a range of $295 million to $312 million, and $74 million to $86 million, respectively. As John mentioned, we remain very confident in the trajectory of the QNX business and the pipeline of opportunities before us. For Q2, we expect QNX's revenue to be in the range of $70 million to $75 million and adjusted EBITDA to be between $16 million and $21 million.

接下來，我們談談展望。在第一季大幅優於預期之下，我們上調 QNX 全年營收與調整後 EBITDA 展望，分別至 2.95 億至 3.12 億美元，以及 7,400 萬至 8,600 萬美元。如 John 所提，我們對 QNX 業務的發展軌跡以及眼前的機會管線仍然非常有信心。就第二季而言，我們預期 QNX 營收介於 7,000 萬至 7,500 萬美元，調整後 EBITDA 介於 1,600 萬至 2,100 萬美元。

For Secure Communications, we are pleased with the progress that this business is making in becoming a stable, growing part of Blackberry. For the full fiscal year, we are reiterating our growth rate of between 4% and 8%. For Q2, we expect revenue for Secure Comms to be in the range of $57 million to $63 million and for adjusted EBITDA to be between $5 million and $10 million.

在安全通訊方面，我們對該業務在成為 Blackberry 穩定且成長的一部分所取得的進展感到滿意。就整個會計年度而言，我們重申 4% 至 8% 的成長率。就第二季而言，我們預期安全通訊營收介於 5,700 萬至 6,300 萬美元，調整後 EBITDA 介於 500 萬至 1,000 萬美元。

For licensing, we are raising our full year revenue guidance to approximately $29 million and adjusted EBITDA to approximately $25 million. We are raising our Q2 revenue guidance for licensing as well to approximately $10 million and adjusted EBITDA to approximately $9 million.

在授權方面，我們將全年營收指引上調至約 2,900 萬美元，調整後 EBITDA 上調至約 2,500 萬美元。我們也將第二季授權營收指引上調至約 1,000 萬美元，調整後 EBITDA 上調至約 900 萬美元。

For the full fiscal year at a total company level, based on our improved outlook for QNX and licensing, we are raising both our revenue and adjusted EBITDA outlook to a range of $594 million to $621 million, and $119 million to $139 million, respectively. The 90% flow-through of incremental revenue into adjusted EBITDA is another data point demonstrating a strong operating leverage in our model.

以公司整體層級來看，基於我們對 QNX 與授權業務展望的改善，我們將全年營收與調整後 EBITDA 展望分別上調至 5.94 億至 6.21 億美元，以及 1.19 億至 1.39 億美元。增量營收有 90% 轉化為調整後 EBITDA，是另一項數據，顯示我們模型具備強勁的營運槓桿。

In Q2, we expect total company revenue to be between $137 million and $148 million driving adjusted EBITDA between $20 million and $30 million. We expect to deliver adjusted basic earnings per share between $0.03 and $0.04 for the quarter. And in addition, we expect another quarter of positive operating cash flow of between breakeven and $10 million.

在第二季，我們預期公司總營收介於 1.37 億至 1.48 億美元，帶動調整後 EBITDA 介於 2,000 萬至 3,000 萬美元。我們預期本季調整後基本每股盈餘介於 0.03 至 0.04 美元。此外，我們預期將再有一季正向營運現金流，介於損益兩平至 1,000 萬美元。

And with that, let me hand back over to John.

接下來，我把時間交還給 John。

Thanks for the summary, Tim. Before we jump into Q&A, as we step back and look at the quarter, I think there are three key takeaways.

謝謝你的摘要，Tim。在進入問答之前，回顧本季，我認為有三個關鍵重點。

First, we delivered a very strong quarter with solid execution from our QNX and Secure Communications teams, both of which achieved Rule of 40 performance. Second, we remain excited about the long-term opportunities for QNX, particularly in GEM and physical AI and the ASP expansion potential from Alloy Kore. And third, we are pleased with the progress we are making with our business model, which gives us greater operating leverage and improves the quality and durability of our earnings.

第一，我們交出非常強勁的一季，QNX 與安全通訊團隊執行到位，兩者皆達成「40 法則」（Rule of 40）表現。第二，我們對 QNX 的長期機會仍感到振奮，特別是在 GEM 與實體 AI 方面，以及 Alloy Kore 帶來的 ASP 擴張潛力。第三，我們對商業模式的進展感到滿意，這讓我們擁有更高的營運槓桿，並提升獲利的品質與持久性。

That being said, it's still early in fiscal 2027, so we're remaining measured. As we said all along, growth won't necessarily be linear from quarter to quarter, but the drivers of long-term value creation are firmly in place, and we're investing behind them with discipline.

話雖如此，2027 會計年度仍在早期，因此我們仍保持審慎。正如我們一直所說，成長不一定會在各季之間呈線性，但長期價值創造的驅動因素已穩固到位，我們也以紀律投入資源支持這些因素。

So let's now move to Q&A. Operator, can you please open up the lines for us.

那麼我們現在進入問答。接線員，請為我們開放電話線路。

(Operator Instructions) Kingsley Crane, Canaccord Genuity.

（接線員指示）Kingsley Crane，Canaccord Genuity。

Congrats on a really significant quarter in Q1 year. I just want to touch base on Secure Comms. I mean, the segment has grown four quarters in a row, $259 million revenue in '26, nearly $295 million annualized revenue in Q1. And so then we have the ARR base at $220 million in that DBNRR that ticked down a bit to 92%. But clearly, the success in the segment is not fully described by recurring revenue.

恭喜第一季交出非常亮眼的一季。我想簡單談一下安全通訊。我的意思是，該部門已連續四季成長，2026 年營收 2.59 億美元，而第一季年化營收接近 2.95 億美元。因此我們的 ARR 基礎為 2.20 億美元，而 DBNRR 小幅下滑至 92%。但很明顯，該部門的成功並不能完全用經常性收入來描述。

So I would just like to double-click on how you think both the nonrecurring and recurring base will trend over the next year. And just if looking at ARR is kind of no longer as helpful as maybe it once used to be.

所以我想更深入了解，你們如何看待未來一年非經常性與經常性基礎的走勢。以及，若從這個角度看，ARR 是否已不像過去那樣有幫助。

Great question, Kingsley. I'll start; Tim, you can chip in. We do think ARR is a really good indicator of the underlying kind of stability and base level of the business. We use that as a measure to manage our cost structure and investments. And then there's going to be the delta between the $220 million and our $280 million or so guidance for the year, tends to be on some of these shared services candidate deals or deals that require some upfront revenue recognition based on some of the data centers or technology that we're building out ahead of time from it.

很好的問題，Kingsley。我先回答；Tim 你也可以補充。我們確實認為 ARR 是衡量業務底層穩定性與基礎水準的一個非常好的指標。我們用它來管理成本結構與投資。而 2.20 億美元與我們全年約 2.80 億美元指引之間的差額，通常來自一些共享服務候選案，或是一些交易需要基於我們提前建置的資料中心或技術，進行部分前置的收入認列。

So we believe ARR is still a really good indicator just to the underlying stability of the business. And then the market and the opportunities that we're seeing with the geopolitical environment that we operate in today, it's more of a push for digital sovereignty than ever before. Those things are going to generate opportunities along the lines of SSC from time to time. There are long sales cycles.

因此我們相信，ARR 仍是衡量業務底層穩定性的一個非常好的指標。此外，從我們目前所處的地緣政治環境來看，市場與我們看到的機會正比以往更強烈地推動數位主權。這些因素將不時帶來類似 SSC 的機會。而這些案子的銷售週期很長。

One of the things about the government is it takes a long time to get in and get deep with them, but it does become sticky and a long-term source of revenue and profit for us. So to reiterate, I think ARR is still a very good, solid barometer and then the conversion of opportunities from quarter to quarter on some of these large government opportunities is probably the best way to judge the upside.

關於政府客戶的一點是：要切入並深入合作需要很長時間，但一旦建立起來就會變得黏著度很高，並成為我們長期的營收與獲利來源。所以再強調一次，我認為 ARR 仍然是一個非常好、很穩健的衡量指標；而對於其中一些大型政府機會而言，逐季觀察機會的轉換情況，可能是判斷上行空間的最佳方式。

Okay. Great. That's really helpful. And then really encouraging to hear the continued success with Alloy Kore and that we could secure a design win by the end of this year. I guess bigger picture, I'm curious what mix do you think Alloy Kore could represent of deployed vehicles, maybe even like a couple of years. Like would 5% in fiscal '30 be reasonable? Would that be conservative at this point? I know it's kind of a long-term question.

好的。很好。這真的很有幫助。另外，聽到 Alloy Kore 持續取得成功、而且我們可能在今年年底前拿下一個設計導入（design win），也很令人振奮。從更宏觀的角度來看，我想知道你認為 Alloy Kore 在已部署車輛中的占比可能會是多少，也許是兩三年後。例如在 2030 財年達到 5% 會合理嗎？以目前來看，這會不會其實偏保守？我知道這算是一個長期問題。

Yes. I probably don't want to get into the numbers exactly how much it's going to be long term, Kingsley, but I will say it's significant. We think the upside, the increase in TAM, repositioning ourselves from a operating system provider to a more deeper platform provider increases the addressable market for us and the dollars, the revenue, the ASP that we could generate per car by multiples significantly. It's not a 10% or a 20% income increase. It's like hundreds of percents increase. There's a tremendous amount of upside associated with that.

是的。Kingsley，我可能不想精確談長期到底會是多少數字，但我可以說它會很可觀。我們認為，上行空間、TAM 的擴大，以及我們從作業系統供應商重新定位為更深層的平台供應商，將大幅提升我們的可服務市場與金額，也就是我們每台車可產生的營收與 ASP（平均售價），而且是以倍數顯著增加。這不是 10% 或 20% 的收入提升。而是數百個百分點的提升。這當中有非常巨大的上行空間。

It's early days. We are very confident we're going to get some wins this year. We'll announce them when they come. But I think the trust that our team, John Wall in particular, and his team around the world have earned with the OEMs on the OS side has really put us in a strong position to kind of move up the stack, work with some really trusted partners along the lines of Vector, stitching together and integrating that middleware layer with the operating system layer.

目前還在早期階段。我們非常有信心今年會拿下一些案子。有進展時我們會對外宣布。但我認為，我們團隊——尤其是 John Wall——以及他在全球的團隊在作業系統（OS）端與 OEM 建立的信任，確實讓我們處於非常有利的位置，得以往上層堆疊（move up the stack），並與像 Vector 這樣高度可信的合作夥伴一起，把中介軟體層與作業系統層串接並整合起來。

And that trust, that the fact that they're coming to us saying, hey, you could do more for us so we could focus our resources on other things that will help us, we think, is a really strong sign. So watch this space. We're going to announce the wins as they come, but again, we think it's going to be a significant increase to the overall QNX business for the long term.

而這種信任——也就是他們主動來找我們說「嘿，你們可以為我們做更多，讓我們把資源投入到其他事情上」——我們認為是一個非常強烈的訊號。所以請持續關注。我們會在拿下案子時陸續宣布；但再次強調，我們認為長期來看，這將使整體 QNX 業務出現顯著成長。

Suthan Sukumar, Stifel.

Suthan Sukumar，Stifel。

Congrats on a very solid print here on all fronts, impressive to see. For my first question, I just wanted to double-click on Alloy Kore. Is this new offering going to be strictly for net new programs? Or might there be an opportunity from a retrofit back book perspective with programs already in flight?

恭喜這次各方面都交出非常穩健的成績，令人印象深刻。我的第一個問題想再深入問一下 Alloy Kore。這個新產品會只針對全新的新案（net new programs）嗎？還是從既有在手案（back book）的改裝／回溯導入（retrofit）角度來看，也可能有機會，針對已在進行中的專案？

Great question, Suthan. Yes, whether it's SDP 7 or SDP 8, it could be whatever platform that we're working with a particular OEM and whatever particular models are. We do see it being a little bit more geared towards SDP 8 in our current architecture, some of the new designs and new models.

好問題，Suthan。是的，不論是 SDP 7 或 SDP 8，都可能適用，取決於我們與特定 OEM 合作的平臺，以及對應的車型。以我們目前的架構來看，我們確實看到它會更偏向 SDP 8，對應一些新設計與新車型。

So if I have to say what's the percentage of kind of future new models with advanced chipsets and advanced operating system and advanced middleware capabilities definitely tends to lean a little bit more there. But it can be and will be retrofitted to the extent that the OEM wants it to be at SDP 7 or kind of earlier versions of the product.

所以如果要我說，未來新車型中採用先進晶片組、先進作業系統與先進中介軟體能力的占比，確實會更偏向那一端。但在 OEM 希望的情況下，它也可以、而且將會被回溯導入到 SDP 7 或更早版本的產品上。

Yes. I'll just add to that, if I may. There's potential for some programs that are currently in flight to be effectively curtailed and moved over to Alloy Kore quicker. So what that would represent is an uplift on existing backlog, which would obviously be a significant thing for us. So yes, mainly net new programs, new platforms that potentially could accelerate the movement to those new platforms, and with it, an uplift in backlog.

是的。如果可以的話，我再補充一下。有些目前正在進行中的專案，可能有機會被有效縮短時程，並更快轉移到 Alloy Kore。這代表既有積壓訂單（backlog）會出現上調，對我們而言顯然會是很重要的一件事。所以是的，主要是全新專案、新平台；同時也可能加速轉向那些新平台，並帶動積壓訂單的上調。

For my second question, I just wanted to touch on the GEM opportunity a little more here. Can you speak a little bit about competitive win rates in all your verticals outside of auto? Kind of curious how they're stacking up to automotive where you obviously have strong leadership. It's thinking about what might be structurally different in the competitive backdrop when you look at auto versus nonauto. Because I know in the latter, there's more of a prevalence of open source, but just wondering if that's even a factor at all.

我的第二個問題想再多談一點 GEM 的機會。你能否談談在汽車以外的各個垂直領域，你們的競爭性贏單率（win rates）大概如何？我想了解它們與汽車領域相比如何——畢竟你們在汽車領域明顯具備強勢領導地位。也想請你談談，當你看汽車與非汽車時，競爭環境在結構上可能有哪些不同。因為我知道在後者，開源的普及度更高，但我想知道這是否真的會構成影響。

Yes. We think our strength and experience in the auto side is I think what really positions us so well for the GEM space. As we kind of said before, cars are basically robots on wheels, big computers that are, increasingly with autonomous driving, interacting with society.

是的。我們認為，我們在汽車端的實力與經驗，正是讓我們在 GEM 領域具備良好定位的關鍵。如同我們之前所說，汽車基本上就是有輪子的機器人，是大型電腦；而且隨著自動駕駛的發展，它們愈來愈多地與社會互動。

So when we put that over towards the GEM space, we definitely see robotics as a major category for that real-time determinism, the safety certification, security, the reliability, all of those values that go into how we support the auto industry, we think give us an edge up on some of these use cases and categories in the GEM space.

因此當我們把這套能力延伸到 GEM 領域時，我們確實把機器人視為一個主要類別：即時性確定性（real-time determinism）、安全認證、資安、防護可靠性——這些我們用來支援汽車產業的價值，我們認為能讓我們在 GEM 的某些使用情境與類別上更具優勢。

As we always try to be really focused and disciplined on particular categories, chasing every sector, every -- it's a big market out there. In GEM, we've been really clear, robotics, medical instrumentation, industrial automation, those are probably the three most significant categories that the values of what we provide in auto really adjust well to those sectors of GEM.

我們一向努力在特定類別上保持高度聚焦與紀律，而不是追逐每個產業、每個——市場很大。在 GEM 方面，我們講得很清楚：機器人、醫療儀器、工業自動化，這三個可能是最重要的類別；我們在汽車所提供的價值，與 GEM 這些領域的需求非常契合。

And as a result, the pipeline is strongest it's ever been. We're seeing some really good opportunities across robotics and industrial automation in particular. So watch this space. We'll report more wins as they come, but we think that our institutional knowledge and experience from auto really adapts well to where the market is going from a GEM perspective.

因此，我們的商機管線（pipeline）是史上最強。我們看到一些非常好的機會，特別是在機器人與工業自動化方面。所以請持續關注。我們會在拿下案子時回報更多贏單；但我們認為，我們在汽車領域累積的組織知識與經驗，確實能很好地適應從 GEM 角度來看市場的發展方向。

Todd Coupland, CIBC.

Todd Coupland，CIBC。

I wanted to ask about Secure Comm as well. Could you just characterize the pipeline in the context of that wider win you had with the Canadian government? Is that a trend you're seeing in other NATO countries? And I guess part of my question along these lines is the net dollar retention has kind of been in the low 90s for a little while here. Where do you expect that to trend if, in fact, this business is truly stabilizing to growing consistently?

我也想問一下 Secure Comm。你能否在你們與加拿大政府拿下更大範圍的贏單背景下，描述一下相關的商機管線？這是否是你們在其他北約國家也看到的趨勢？另外，我問題的一部分是：淨美元留存率（net dollar retention）這段時間一直在 90% 出頭的低檔。如果這項業務確實正在從穩定走向持續成長，你預期這個指標會如何趨勢變化？

Great questions, Todd. Thank you. Yes. I think really that's fundamental to our strategy on the government side is plant the flag with one of our digital sovereignty products and solutions and then expand it with other parts of the portfolio. And I think that worked really well with us with Shared Services Canada.

好問題，Todd。謝謝。是的。我認為這其實是我們政府端策略的核心：先用我們的某一項數位主權（digital sovereignty）產品與解決方案插旗，然後再用產品組合中的其他部分去擴張。我認為我們在加拿大共享服務（Shared Services Canada）身上就做得非常成功。

We've built a strong pipeline, particularly across EMEA and Asia Pacific as far as some of these digital sovereign types of solutions. The encrypted data, voice and video solution, the SecuSmart, is really getting a tremendous amount of traction based on some of the geopolitical realities.

我們已建立起強勁的商機管道，特別是在 EMEA 與亞太地區，就其中一些數位主權類型的解決方案而言。加密資料、語音與視訊解決方案 SecuSmart，基於某些地緣政治現實，確實獲得了非常大的市場牽引力。

And I think governments are starting to realize maybe I shouldn't do top secret communications on WhatsApp and Signal and Telegram and go to a much more secure, reliable communication. So all of those trends, we think, is generating a really healthy pipeline for us across the business. So hopefully, that gives you a little bit more color on that one.

而且我認為各國政府開始意識到，也許我不應該在 WhatsApp、Signal 和 Telegram 上進行最高機密通訊，而應轉向更安全、更可靠的通訊方式。因此，我們認為所有這些趨勢正在為我們整體業務帶來非常健康的商機管道。希望這能讓你對這點有更多一些脈絡。

DBNRR, we'd love for it to be higher. We're doing everything we can in terms of execution in the business and customer support to make it higher. I think long term, we expect that to tick up higher from 92%, and our goal is to try to get it closer to 100%.

DBNRR，我們當然希望它更高。我們在業務執行與客戶支援方面正盡一切努力把它拉高。我認為長期來看，我們預期它會從 92% 往上走，我們的目標是努力把它拉近到 100%。

We do have some inherent headwinds on some parts of the portfolio that dragged that down a little bit. But we are confident we're moving in the right direction, and we're targeting something closer to 100% as kind of our long-term goal. But the fact that ARR picked up 5% year over year, and DBNRR is kind of holding while we handle this transformation and execute upon it, we think those are good early signs.

我們的投資組合中確實有一些部分存在先天逆風，讓它稍微被拉低。但我們有信心正朝正確方向前進，長期目標是鎖定更接近 100%。不過，ARR 年增 5%，而 DBNRR 在我們推動並落實這項轉型的同時仍大致維持，我們認為這些都是不錯的早期訊號。

Great. And then my second question around margins, clearly strong in the quarter. What's a good segment range to be expecting in QNX and Secure Comm?

很好。那我第二個問題是關於毛利率，本季顯然很強。QNX 和 Secure Comm 在分部層級，Q2 應該期待什麼樣的區間？

Yes. Great question, Todd. So as I kind of mentioned in the prepared remarks, there's significant operating leverage in this model. I think on the QNX side, as we see a rotation more towards royalties, which come in at pretty much 100% margin, you're going to see potentially some further expansion. And a quarter like this past quarter where we did see strength in royalties, you see that in action. So we delivered 86%. I think there is potential for that to grow.

是的。好問題，Todd。如同我在事先準備的發言中提到的，這個模型具有顯著的營運槓桿。我認為在 QNX 這邊，隨著我們看到組合更多轉向權利金（royalties），而權利金幾乎是 100% 毛利，你可能會看到進一步的擴張。像剛過去這一季，我們確實看到權利金走強，你就能看到這個效果。所以我們交出了 86%。我認為它還有成長的空間。

I think on the Secure Comms side, really to echo what John said, 80%-ish of the business is ARR, and then you get these kind of, from time to time, these big deals, which drive in-quarter revenue. When you get a quarter with big in-quarter revenue, if the mix is predominantly towards software, which it certainly bolsters case in this quarter, then you can see some pretty significant expansion.

我認為在 Secure Comms 這邊，呼應 John 所說，約 80% 左右的業務是 ARR，然後你會不時拿到一些大型案子，帶動當季（in-quarter）的營收。當你遇到一季有大型當季營收的情況，如果組合主要偏向軟體——而本季確實如此——那麼你就可能看到相當顯著的擴張。

So I think what we've done is we've set up the business with this stable platform for Secure Comms that as we go and hunt these big deals, you can see some real expansion, but it's going to be a little bit of volatility from quarter to quarter. So I think it's going to be a broader range on Secure Comms, whereas QNX should more or less start to trickle up as we see more of these bigger programs come online.

所以我認為我們已經把 Secure Comms 的業務建立在一個穩定的平台上，當我們去爭取這些大型案子時，你會看到實質的擴張，但季度之間會有一些波動。因此我認為 Secure Comms 會是較寬的區間，而 QNX 隨著更多大型專案上線，應該或多或少會逐步往上走。

John Shao, TD Cowen.

John Shao，TD Cowen。

Could you discuss your partnership strategy with NVIDIA given this physical AI opportunity? How do the economic works? I know it's just too early, but could you describe the pipeline opportunity at this point?

鑑於這個實體 AI（physical AI）的機會，你能談談你們與 NVIDIA 的合作策略嗎？經濟分潤（economic works）是怎麼運作的？我知道現在可能還太早，但你能描述一下目前的商機管道機會嗎？

Our relationship with NVIDIA has really evolved over the time. I mean, we started working together on the automotive sector with their Thor platform and then basically standardizing their architecture on QNX's. And that relationship worked. It got closer and closer.

我們與 NVIDIA 的關係確實隨著時間演進。我們一開始是在汽車領域與他們的 Thor 平台合作，接著基本上是在 QNX 上把他們的架構標準化。而那段合作是有效的。關係也越來越緊密。

And as they started thinking about physical AI and their whole Halos safety stack, which is going to power that, I think their natural inclination was to partner with a company that has the capabilities, that has the proof points, that has the partnership that we have in the auto space. I think we were the natural choice for them to -- again, on their -- now their entire physical AI safety stack that they're going to be rolling out is standardizing on QNX.

當他們開始思考實體 AI，以及將為其提供動力的整套 Halos 安全堆疊（safety stack）時，我認為他們自然會傾向與一家有能力、有實績、且在車用領域具備我們這種合作基礎的公司合作。我認為我們是他們的自然選擇——同樣地，他們現在要推出的整套實體 AI 安全堆疊，正在以 QNX 作為標準化基礎。

So like any relationship, I think you establish it, you have some wins together. You build on that trust and those capabilities, and you take it to the next level when the new market opportunity presents itself. So I think it has been an evolving relationship and one that we're proud to be a part of.

所以就像任何合作關係一樣，我認為你先建立合作、一起拿下一些勝利。在信任與能力之上持續累積，當新的市場機會出現時，就把合作提升到下一個層級。因此我認為這是一段持續演進的關係，而我們也很自豪能成為其中一部分。

That totally makes sense. John, you mentioned geopolitical risk earlier. So I just want to ask a question that front. Right now, China seems to be manufacturing the most robotics at the moment, and you have design win with OEM in that market. How should we think about the geopolitical risk and maybe some mitigations to reduce that risk?

這完全合理。John，你先前提到地緣政治風險。所以我想就這方面問一個問題。目前看起來中國是製造機器人最多的地方，而你們在那個市場也有與 OEM 的設計導入（design win）。我們應該如何看待地緣政治風險，以及可能有哪些降低風險的緩解措施？

From China, specifically, John, or --

是特別指中國嗎，John，還是--

Yes, just exposure to China.

是的，就是對中國的曝險。

Yes. Yes. We've got a deep presence in China. In fact, I was in Shanghai meeting with our team and customers and partners and government officials. So we're very, very close to what's going on there.

是。是。我們在中國有很深的布局。事實上，我剛在上海與我們的團隊、客戶、合作夥伴以及政府官員會面。所以我們非常、非常貼近當地正在發生的事情。

We've got strong partnerships. And I think as they continue to look to export some of their technology and their solutions outside of China, the need for safety certification and some of the unique capabilities that we provide, I think, are really hand in glove type of fit.

我們有很強的合作夥伴關係。而且我認為，隨著他們持續希望把部分技術與解決方案出口到中國以外，對安全認證的需求，以及我們所提供的一些獨特能力，我認為確實是非常契合、相輔相成的。

So I don't think we'll be able to just naturally serve everything in China in every category and every opportunity. But I think there's going to be pockets where our technology in QNX and everything that we stand for in terms of certifications and safety and real-time determinism, all of those values are a really, really good fit for a country that wants to export more of their technology to the rest of the world.

所以我不認為我們能在中國的每一個類別、每一個機會上都自然地服務所有需求。但我認為會有一些區塊（pockets），在那裡我們的 QNX 技術，以及我們在認證、安全與即時確定性（real-time determinism）等方面所代表的一切價值，對於一個希望把更多技術出口到世界其他地區的國家而言，會是非常、非常合適的匹配。

So we think we can help them do that, and we work closely with them and the Canadian government to facilitate it. So obviously, [geopolit], it's an evolving thing, and it's something we stay really close with. But we think our capabilities and the nature of what we provide can help them as they think about expanding beyond China into other markets around the world.

因此我們認為我們可以協助他們做到這點，並且我們也與他們以及加拿大政府密切合作來促成。所以很明顯地，[geopolit] 這是一個持續演變的事情，我們也會非常緊密地關注。但我們認為，我們的能力以及我們所提供內容的性質，能在他們思考從中國走向海外、進入全球其他市場時提供幫助。

Steven Li, Raymond James.

Steven Li，Raymond James。

I've shared the color on Alloy Kore potential wins. In terms of GEM's potential wins, could they be comparable in size to Alloy Kore or are they much smaller at this point?

你已經分享了 Alloy Kore 潛在贏單的一些脈絡。就 GEM 的潛在贏單而言，它們的規模會不會可與 Alloy Kore 相當，還是目前小很多？

I think just the nature of it, Steven, it will probably be more in volume in terms of the number of wins and a little bit a little bit smaller originally in terms of the actual dollar value itself just because with cars, you're talking tens of millions, you're talking models, you're talking -- they take a very long-term 10-year outlook. So just by the nature of the two industries and how they operate, I think auto will tend to be a little bit higher.

我認為就其本質而言，Steven，它可能會在贏單數量上更多、但在一開始的實際金額上會小一些，因為在汽車領域，你談的是數千萬美元，你談的是車款，你談的是——它們採取非常長期、10 年的視角。所以就兩個產業的特性與運作方式而言，我認為汽車通常會偏高一些。

That being said, we've got some interesting opportunities that are brewing in the GEM space that we're looking forward to sharing with you all later on in the year that we expect is going to continue to move the business forward.

話雖如此，我們在 GEM 領域正醞釀一些有趣的機會，期待在今年稍晚與各位分享；我們預期這將持續推動業務向前發展。

So definitely a little bit more in auto, but I would tell you, GEM is one of our -- is our fastest-growing segment inside of QNX right now, and we see a lot of tremendous opportunities across the categories that we talked about.

所以汽車端確實會多一些，但我想告訴你，GEM 目前是 QNX 內部成長最快的業務區隔之一——也是我們成長最快的區隔，而我們在先前談到的各個類別中都看到非常龐大的機會。

Great. And John, given your comments just now, so timing-wise, should we expect meaningful GEM's contract award this year? Or this is a more longer-term opportunity?

很好。那 John，基於你剛才的評論，就時程而言，我們是否應該預期今年會有具實質意義的 GEM 合約得標？還是這會是較長期的機會？

Yes. If I'm honest, I'd be disappointed if we didn't have a couple of big GEM wins to share with you. We're really pleased with the pipeline on GEM and the pipeline on Alloy Kore. The uptake on SDP 8 has been tremendous, Steven. And the fact that QNX now is really a more diverse platform of capabilities from cabin to sound, to the base operating system, to Alloy Kore, the depth and breadth of what we have to offer our customers has never been stronger. So two of those segments, we're feeling really, really good about.

是的。坦白說，如果我們沒有幾個大型的 GEM 勝利可以跟各位分享，我會感到失望。我們對 GEM 的管線以及 Alloy Kore 的管線都非常滿意。SDP 8 的採用情況非常亮眼，Steven。而且現在 QNX 真的是一個能力更為多元的平台，從座艙到音效、到底層作業系統、再到 Alloy Kore；我們能提供給客戶的深度與廣度從未如此強大。所以在這兩個業務區隔上，我們的感覺真的、真的非常好。

Okay. And then just one more for me, John. So I think in your prepared remarks, you mentioned developers license is the highest it's been in Q1. What is the mix auto versus GEM's in that?

好的。那我再問最後一個問題，John。我想在你事先準備的發言中，你提到開發者授權在第一季達到歷史新高。其中汽車與 GEM 的占比組合是什麼？

Yes. We don't typically break that out, but it's kind of fairly representative of what you'd expect from the business, that 80% kind of 20%.

是的。我們通常不會把這個拆開揭露，但大致上相當符合你對這項業務的預期，大概是 80% 對 20%。

So 80-20.

所以是 80-20。

Kind of the mix.

大概就是這樣的組合。

Paul Treiber, RBC Capital Markets.

Paul Treiber，RBC Capital Markets。

The long-term growth opportunity for QNX, to put some context around it. The '27 guidance was almost exactly in line with the long-term outlook that you gave at the Investor Day in '24, which is calling for 14% CAGR. Just based on the backlog and pipeline at this point, is mid-teens growth what you see as a reasonable long-term outlook for QNX, like what you saw back at the Investor Day, or do you see the potential for stronger growth over the long term?

談到 QNX 的長期成長機會，提供一些背景脈絡。你們對 2027 年的指引幾乎與你們在 2024 年投資人日給出的長期展望完全一致，當時是預期 14% 的年複合成長率（CAGR）。就目前的積壓訂單與管線來看，中十位數（mid-teens）的成長是否仍是你們認為合理的 QNX 長期展望——也就是投資人日當時看到的那樣——還是你們認為長期有更強勁成長的可能？

So we're not going to give long-term guidance on this call today. I think we'll save that for our Investor Day that we've got coming up in the near future. What I will say, though, is we've never been as excited by the opportunities we've got here. I think the GEM opportunity is the potential to be absolutely huge.

所以我們今天這通電話不會提供長期指引。我想我們會把這留到不久後即將舉行的投資人日再談。不過我想說的是，我們從未像現在這樣對眼前的機會感到興奮。我認為 GEM 的機會有潛力大到驚人。

You're going to see that showing up in our backlog. It's going to translate into revenue. And then adding on top, potential from Alloy Kore, which could really be transformative for this business. Like John mentioned, multiples ASP. Both of those things have real opportunity to greatly accelerate revenue growth over the sort of midterm for this business. So yes, we're not going to pin down to a number, but I think we feel incredibly confident about the trajectory of this business and our ability to execute against that.

你們會看到這反映在我們的積壓訂單中。它會轉化為營收。此外，再加上 Alloy Kore 的潛在貢獻，這可能會對這項業務帶來真正的變革。如 John 提到的，ASP 倍數提升。這兩件事在未來中期都具有實質機會，能大幅加速這項業務的營收成長。所以是的，我們不會把數字釘死，但我認為我們對這項業務的發展軌跡以及我們的執行能力都非常有信心。

And just for additional context in terms of the magnitude of growth of both businesses. I think you've been calling out that 80-20 mix. Is the expectation -- historically, as GEM has been growing -- I mean, you mentioned it's growing faster, but how much faster has it been growing versus automotive?

再補充一些背景，關於兩項業務的成長幅度。我想你們一直提到 80-20 的組合。那麼預期是——歷來在 GEM 成長的過程中——我的意思是，你提到它成長更快，但它相較於汽車業務到底快多少？

Materially, materially faster. But obviously, it's a smaller base, so in terms of absolute dollars. This is how I look at it is that, yes, GEM's going great, but auto is growing as well. So it's not like that mix shift is necessarily going to happen rapidly because you've got two parts of the business that are both growing. And you add in the potential here for Alloy Kore to really move the needle, that could really accelerate auto growth.

顯著地、顯著地更快。但顯然它的基期較小，所以以絕對金額來看。我的看法是：是的，GEM 表現很棒，但汽車也在成長。所以這並不是說組合占比的轉移一定會很快發生，因為業務的兩個部分都在成長。再加上 Alloy Kore 可能帶來的潛力，確實可能大幅拉動汽車端成長。

So I see that as a really good problem to have if it's a problem at all, to have two really strong growth opportunities. So I don't see success for GEM to be -- that the mix shifts to 50-50. I just see success for GEM, is that we deliver solid growth over multiple years into the future.

所以我把這視為一個非常好的問題——如果這算問題的話——因為我們同時擁有兩個非常強勁的成長機會。因此我不認為 GEM 的成功會是——讓組合占比變成 50-50。我認為 GEM 的成功是：我們在未來多年持續交出穩健成長。

I would like to turn the call back over to John Giamatteo, CEO of BlackBerry, for closing remarks.

我想把電話交回給 BlackBerry 執行長 John Giamatteo，請他做結語。

Terrific. Hey, thank you, everybody, for joining us on today's call. We look forward to providing you a good comprehensive update next quarter, and we'll see you next time. Thanks, everybody.

太好了。各位，感謝大家參加今天的電話會議。我們期待在下個季度為各位提供一份良好且全面的更新，我們下次再見。謝謝大家。

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。感謝各位的參與。您現在可以掛線。