BlackBerry Limited (BB) 2027 Q2 法說會逐字稿

Good morning, and welcome to BlackBerry's second quarter fiscal year 2027 earnings conference call. My name is Betsy, and I will be your conference moderator for today's call. (Operator Instructions)

早安，歡迎參加 BlackBerry 2027 會計年度第二季財報電話會議。我是 Betsy，將擔任今天電話會議的主持人。（接線員指示）

As a reminder, this conference is being recorded for replay purposes. I would now like to turn today's call over to Suzanne Spera, Senior Director of Investor Relations of BlackBerry. Please go ahead.

提醒各位，本次會議將錄音以供重播。現在我想把今天的電話會議交給 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 second quarter fiscal year 2027 earnings conference call.

謝謝你，Betsy。各位早安，歡迎參加 BlackBerry 2027 會計年度第二季財報電話會議。

Joining me on today's call is BlackBerry's Chief Executive Officer; John Dematteo, and Chief Financial Officer, Tim Food. After I read our cautionary note regarding forward-looking statements, John will provide a business update, and Tim will review the financial results. We'll then open the call for a brief Q&A session.

今天與我一同出席電話會議的有 BlackBerry 執行長 John Dematteo，以及財務長 Tim Food。在我宣讀有關前瞻性陳述的警示聲明後，John 將提供業務更新，Tim 將回顧財務結果。接著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.

本次電話會議可透過撥入電話以及 blackberry.com「投資人資訊」專區的網路直播向大眾開放。

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 as the replay of today's call.

作為今天網路直播的一部分，將展示簡報投影片。投影片亦可在 blackberry.com「投資人資訊」專區取得，並可於今日電話會議重播中觀看。

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.

我們今天將發表的部分陳述構成前瞻性陳述，並依據適用的美國及加拿大證券法之安全港條款作出。

We'll indicate forward-looking statements by using words such as expect, will, should, model, intend, believe and similar expressions.

我們將使用例如 expect（預期）、will（將）、should（應）、model（模型/預估）、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.

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出現重大差異。

Those 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.

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。您不應過度依賴公司的前瞻性陳述。

Any forward-looking statements are made only as of today, and the company has no intention or undertakes no obligation to update or revise any of them, except as required by law.

任何前瞻性陳述僅截至今日為止作出，除法律要求外，公司無意亦不承擔更新或修訂任何前瞻性陳述之義務。

As is customary during the call, John and Tim will reference certain non-GAAP numbers in their summary of our quarterly results.

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。

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 plus and blackberry.com websites.

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，讓我把電話會議交給 John。

Thanks, Suzanne, and thanks to everyone for joining us. We're pleased to report another very strong quarter for BlackBerry, reflecting meaningful progress, both financially and strategically.

謝謝你，Suzanne，也感謝各位加入我們。我們很高興報告 BlackBerry 再度交出非常強勁的一季，反映出我們在財務與策略兩方面都取得了顯著進展。

Revenue grew 26% year-over-year while adjusted EBITDA grew 81%, resulting in our second consecutive Rule of 40 quarter.

營收年增 26%，調整後 EBITDA 年增 81%，使我們連續第二季達成「40 法則」（Rule of 40）。

We also generated $29 million of operating cash flow, delivered our sixth consecutive quarter of positive GAAP net income and adjusted earnings per share, again exceeded our target -- our expectations.

我們也創造了 2,900 萬美元的營運現金流，連續第六季實現 GAAP 淨利為正；調整後每股盈餘也再次超越我們的目標——我們的預期。

QNX had a record quarter, and strategically, we reached an important milestone with our first Alloy Kore design win, the largest design win in our history.

QNX 創下單季新高；在策略面，我們以首個 Alloy Kore 設計案勝出達成重要里程碑，這也是我們史上最大的設計案勝出。

So when you put all of that together, Q2 gives us another clear proof point that the profitable growth model we've been building is working. It also gives us increased confidence as we head into the second half.

因此，綜合以上表現，第二季再次清楚證明我們所打造的獲利成長模式正在奏效。這也讓我們在邁入下半年時更具信心。

And as Tim will discuss in more detail, we are raising our full year revenue and adjusted EBITDA outlook. Let me start my review of the quarter with QNX. QNX delivered record quarterly revenue of $80 million, representing 27% year-over-year growth and coming in well above the high end of our guidance.

如 Tim 稍後將更詳細說明，我們正在上調全年營收與調整後 EBITDA 的展望。我先從 QNX 的表現開始回顧本季。QNX 單季營收創紀錄達 8,000 萬美元，年增 27%，且明顯高於我們指引區間的上緣。

Combined with expanded profitability, QNX once again comfortably exceeded the Rule of 40 benchmark for the quarter.

在獲利能力擴張的帶動下，QNX 本季再次輕鬆超越「40 法則」基準。

Performance was broad-based across development licenses, professional services and royalties. In particular, Q2 was our strongest quarter ever for design win dollars with the value of design wins secured in the first half, exceeding our previous record for any full fiscal year.

表現來自開發授權、專業服務與權利金等多面向的廣泛成長。尤其第二季是我們史上設計案勝出金額最強的一季；上半年取得的設計案勝出價值已超越我們過去任何一個完整會計年度的紀錄。

Development license activity also remained healthy in Q2 with recurring development license revenue holding strong quarter-over-quarter.

第二季開發授權活動也維持健康，經常性開發授權營收季對季保持穩健。

That matters because customers typically purchase these tools early in a program making them a useful leading indicator of future design wins and royalty opportunities.

這很重要，因為客戶通常會在專案早期購買這些工具，因此它們是未來設計案勝出與權利金機會的有用領先指標。

So in Q2, we saw strength not only in the revenue being recognized today. but also an activity that can support future growth.

因此在第二季，我們不僅看到當期認列營收的強勁表現，也看到可支撐未來成長的活動動能。

As you may recall, our QNX strategy is built around three growth pillars. The first is our core automotive business. Second is moving further up the software stack with Alloy Kore.

各位可能記得，我們的 QNX 策略建立在三大成長支柱之上。第一是我們的核心汽車業務。第二是透過 Alloy Kore 進一步往軟體堆疊上層延伸。

And third is expanding beyond auto into adjacent general embedded markets. Now let me start with the first pillar. QNX's core auto business, which was the main driver behind this quarter's strong performance.

第三是從汽車領域擴展到相鄰的一般嵌入式市場。現在我先從第一個支柱談起。QNX 的核心汽車業務是本季強勁表現的主要驅動力。

That strength is being supported by the auto industries transition to our software-defined vehicles and more centralized compute architectures. Let me put some numbers around that because I believe they help explain the opportunity.

這股強勁動能，受到汽車產業轉向軟體定義車輛（SDV）以及更集中式運算架構的趨勢所支撐。我想用一些數字來說明，因為我相信這有助於解釋其中的機會。

Roughly 90 million vehicles are produced globally each year. Today, about one-third of them have the type of high-performance centralized compute architecture, where QNX's capability is most relevant, and we have a very strong market share in that segment.

全球每年約生產 9,000 萬輛汽車。目前其中約三分之一採用高效能的集中式運算架構；在這類架構中，QNX 的能力最具相關性，而我們在該細分市場擁有非常高的市占率。

Industry forecasts indicate that this segment could expand to roughly third-fourth of the market over the next five years. That means our addressable market could more than double over that period.

產業預測顯示，未來五年該細分市場可能擴大至約佔整體市場的四分之三。這意味著在此期間，我們的可服務市場規模可能增加一倍以上。

In addition to more vehicles becoming addressable to QNX, as more domains become software-defined, we see potential for greater QNX content in each of those vehicles as well.

除了更多車款將成為 QNX 可觸及的市場之外，隨著更多車用領域走向軟體定義，我們也看到每輛車中 QNX 內容（content）提升的潛力。

We've already secured design wins with multiple instances of QNX in a single vehicle, and we expect those design wins to continue to move into production over the next several years.

我們已在單一車輛中取得多個 QNX 實例的設計案勝出，並預期這些設計案將在未來數年持續推進至量產。

So QNX does not need global vehicle production to increase to enable revenue growth, but rather through greater penetration of the market and greater dollar content per vehicle.

因此，QNX 不需要全球汽車產量增加也能帶動營收成長；成長可來自更高的市場滲透率，以及每輛車更高的美元內容價值。

We're also seeing increasing adoption of SDP 8, our next-generation platform designed for these higher performance compute architectures. We are working with major -- multiple major global OEMs and Tier 1 suppliers as they evaluate and develop on SDP 8.

我們也看到 SDP 8（我們為更高效能運算架構所設計的下一代平台）正被更廣泛採用。我們正與多家全球主要 OEM 與一級供應商（Tier 1）合作，協助其評估並在 SDP 8 上進行開發。

Importantly, some of the programs we've won over the past several years are now entering production, allowing higher QNX content secured in those designs to begin translating into royalty revenue.

重要的是，我們過去幾年贏得的部分專案如今正進入量產階段，使得在這些設計中取得的更高 QNX 內容開始轉化為權利金收入。

As our software content within the vehicle increases, so does the value of that opportunity. The transition to SDP 8 and the greater value it delivers is also creating an opportunity to evolve our commercial model.

隨著我們在車內的軟體內容增加，該機會的價值也隨之提升。向 SDP 8 的轉換以及其帶來的更高價值，也正在創造一個機會，讓我們演進商業模式。

For new commercial arrangements, we are increasingly securing minimum contractual volume commitments rather than noncontractual forecasts.

在新的商業安排中，我們愈來愈多地取得最低合約量承諾，而非非合約性的預測。

This is giving us greater certainty around volumes, revenue and cash flow from new design wins and the potential for us to both receive cash and recognize a portion of revenue earlier. Over time, we believe this could improve both the visibility and economics of our customer relationships.

這讓我們對新設計案勝出的出貨量、營收與現金流有更高的確定性，並使我們有機會同時更早收到現金，且更早認列部分營收。隨著時間推進，我們相信這可同時提升客戶關係的可視性與經濟效益。

We're also seeing a lot of opportunity in China. New government-mandated safety requirements for assisted and automated driving systems reinforce the importance of proven safety-certified foundational software, and we continue to see strong momentum in China.

我們也在中國看到大量機會。政府強制的新安全要求（針對輔助與自動化駕駛系統）進一步強化了經驗證、具安全認證之基礎軟體的重要性，而我們在中國持續看到強勁動能。

The second QNX growth pillar builds on our core automotive business by moving us further up the software stack.

QNX 的第二個成長支柱，是在我們核心汽車業務的基礎上，進一步往軟體堆疊的更上層延伸。

As we have discussed, Alloy Kore expands QNX from a foundational operating system towards a broader software platform. This quarter, we reached an important milestone with our first Alloy Kore design win.

如同我們先前討論的，Alloy Kore 讓 QNX 從基礎作業系統擴展到更廣泛的軟體平台。本季，我們達成一個重要里程碑，取得首個 Alloy Kore 的設計導入（design win）。

Coretura, the commercial vehicle software joint venture between Volvo Group and Daimler Truck selected Alloy Kore as the foundational software platform for its next-generation high-performance compute architecture.

Volvo Group 與 Daimler Truck 之間的商用車軟體合資企業 Coretura，選擇 Alloy Kore 作為其下一代高效能運算架構的基礎軟體平台。

Coretura plans to deploy Alloy Kore across multiple software domains in its next-generation vehicles and is expected to substantially increase QNX software content and royalty per vehicle compared with traditional QNX operating system deployments.

Coretura 計畫在其下一代車款中，於多個軟體領域部署 Alloy Kore；相較於傳統 QNX 作業系統的部署，預期將大幅提高每車的 QNX 軟體內容與權利金。

In fact, for this first design win, the ASP per instance, is approximately 3times higher than the customer's current deployment of QNX operating system.

事實上，就這次首個設計導入而言，每個實例的平均售價（ASP）約為該客戶目前 QNX 作業系統部署的 3 倍。

This is an important commercial validation of Alloy Kore and demonstrates the opportunity to expand QNX from individual foundational software components to a broader software platform within the vehicle.

這是對 Alloy Kore 重要的商業驗證，並展現了將 QNX 從單一基礎軟體元件擴展為車內更廣泛軟體平台的機會。

Alloy Kore addresses one of the biggest challenges facing OEMs today, the cost and complexity of integrating the foundational software stack.

Alloy Kore 解決了當今 OEM 面臨的最大挑戰之一：整合基礎軟體堆疊的成本與複雜度。

By bringing QNX foundational software, common automotive services and Vector Middleware together in a pre-integrated safety-certified platform Alloy Kore can reduce integration complexity and allow OEMs to focus more engineering resources on differentiated applications.

透過將 QNX 基礎軟體、通用汽車服務與 Vector Middleware 整合於一個預先整合且通過安全認證的平台中，Alloy Kore 可降低整合複雜度，並讓 OEM 能將更多工程資源投入於差異化應用。

The magnitude of this first award also demonstrates the potential of the platform. The value of future royalties from this design win is estimated to be more than $100 million making it the largest design win in QNX's history despite annual commercial vehicle volumes being significantly smaller than for passenger cars.

這次首筆獲獎的規模也顯示了該平台的潛力。此設計導入未來權利金的價值估計超過 1 億美元；儘管商用車年銷量明顯小於乘用車，這仍是 QNX 歷史上最大的一筆設計導入。

As with traditional QNX design wins, there will be a lead time before the majority of the value is realized through production royalties. So we do not expect this design win to materially change our revenue profile this fiscal year.

與傳統 QNX 設計導入相同，在大部分價值透過量產權利金實現之前，仍會有一段前置時間。因此，我們不預期這筆設計導入會在本會計年度對我們的營收結構造成實質改變。

The more important takeaway is that Alloy Kore has moved from a strategic opportunity to commercial validation.

更重要的重點是，Alloy Kore 已從策略性機會邁向商業驗證。

And we believe this is just the beginning. We are actively working with a number of global OEMs and major Tier 1s on Alloy Kore opportunities around the globe, but particularly in Europe and Asia with potential further wins in coming quarters.

而我們相信這只是開始。我們正積極與多家全球 OEM 與主要一級供應商（Tier 1）在全球範圍內推進 Alloy Kore 的機會，尤其是在歐洲與亞洲，未來幾季有望再取得更多勝利。

And the third QNX growth pillar is expansion beyond automotive into adjacent general embedded markets. Today, GM represents approximately 20% of QNX revenue and is an important part of our longer-term growth opportunity.

第三個 QNX 成長支柱，是從汽車領域擴展到相鄰的一般嵌入式市場。目前，GM 約占 QNX 營收的 20%，也是我們長期成長機會的重要一環。

We're excited about the opportunity because the same capabilities that differentiate QNX in automotive, including real-time determinism, functional safety, security and reliability are increasingly relevant in adjacent verticals.

我們對此機會感到振奮，因為讓 QNX 在汽車領域脫穎而出的同樣能力——包括即時確定性（real-time determinism）、功能安全、資安與可靠性——在相鄰垂直領域也愈來愈重要。

We're seeing this across physical AI, robotics, industrial automation, medical devices, aerospace and defense, rail and more.

我們在實體 AI、機器人、工業自動化、醫療器材、航太與國防、鐵道等領域都看到了這一點。

We're also investing in programs that help us engage earlier across the GEM ecosystem. QNX Everywhere is free for noncommercial use and puts the platform into the hands of more developers.

我們也在投資一些計畫，協助我們更早切入 GEM 生態系。QNX Everywhere 提供非商業用途免費使用，讓更多開發者能接觸並使用該平台。

At the same time, our QNX Launchpad program is designed to lower the barriers to entry for commercial development on QNX, helping early-stage companies build on and continue using our platform as their business grows.

同時，我們的 QNX Launchpad 計畫旨在降低在 QNX 上進行商業開發的進入門檻，協助早期公司在其業務成長過程中建立並持續使用我們的平台。

Using a baseball analogy, if you think about this as a nine-inning game, I'd say we're really just about the beginning of the second inning.

用棒球作比喻，如果把這看作一場九局的比賽，我會說我們其實才剛進入第二局的開端。

We're seeing real customer activity, a growing pipeline and meaningful ecosystem development with some markets starting to mature, and others still relatively early in their adoption cycles and needing more time to become material financial contributors.

我們看到真實的客戶活動、持續成長的商機管線，以及有意義的生態系發展；部分市場開始成熟，另一些市場仍處於採用週期的相對早期階段，需要更多時間才能成為具實質財務貢獻的來源。

One area we are particularly excited about is physical AI. At a high level, physical AI is what happens when AI moves beyond the digital world and begins interacting with the physical world. Robotaxis are a great example of physical AI in practice.

我們特別感到興奮的一個領域是實體 AI。從高層次來看，實體 AI 是指當 AI 超越數位世界並開始與物理世界互動時所發生的事情。Robotaxi（自動駕駛計程車）就是實體 AI 實際應用的絕佳例子。

They are intelligent systems that must not only make decisions but execute them safely and predictably in the real world.

它們是智慧系統，不僅必須做出決策，還必須在真實世界中以安全且可預測的方式執行這些決策。

AI can recognize objects and understand the environment around the vehicle but the underlying system still has to translate those decisions into physical action like steering, braking and acceleration safely and reliably every time.

AI 可以辨識物體並理解車輛周遭環境，但底層系統仍必須將這些決策轉化為實際動作，例如轉向、煞車與加速，且每一次都要安全可靠地執行。

That is exactly where QNX's deterministic safety-certified foundation becomes essential. And the robotaxi market is beginning to transition from concept towards production at scale.

這正是 QNX 具確定性且通過安全認證的基礎架構變得不可或缺之處。而 robotaxi 市場也正開始從概念階段轉向規模化量產。

This quarter, we're excited to announce that we've secured a new design win with Uber, which selected QNX as the foundation for software in its next generation of vehicles providing an important proof point of the opportunity we see in physical AI.

本季，我們很高興宣布已與 Uber 取得一項新的設計導入；Uber 選擇 QNX 作為其下一代車輛軟體的基礎，為我們在實體 AI 所看到的機會提供了一個重要的驗證案例。

Momenta and XHEART also selected QNX OS for safety built on SDP 8 as the foundation for a production-ready autonomous driving platform certified to ISO 26262.

Momenta 與 XHEART 也選擇以 SDP 8 為基礎、用於安全性的 QNX OS，作為一個可量產的自動駕駛平台之基礎，並通過 ISO 26262 認證。

The same principles that apply to robotaxis also apply to autonomous robots operating in a factory or a warehouse. Beyond Uber, we're also seeing a growing pipeline of robotics and physical AI opportunities including more than 20 companies currently engaging with us around NVIDIA-based platforms.

適用於 robotaxi 的同樣原則，也適用於在工廠或倉庫中運作的自主機器人。除了 Uber 之外，我們也看到機器人與實體 AI 機會的商機管線持續成長，其中包括目前有超過 20 家公司正就 NVIDIA 平台與我們接洽。

Within the pipeline, we have a number of humanoid robot OEMs as well as surgical robots, autonomous mobile robots or AMRs, as well as autonomous tractors, drones and plans.

在這條商機管線中，我們涵蓋多家人形機器人 OEM，以及手術機器人、自主移動機器人（AMR），還有自動駕駛曳引機、無人機與飛機。

While many gen markets remain early, the combination of a broadening pipeline, growing customer base and increasing demand for safety-critical software gives us confidence that Jim can materially expand QNX's long-term addressable market.

儘管許多一般嵌入式市場仍處於早期階段，但商機管線擴大、客戶基礎成長，以及對安全關鍵軟體需求提升的組合，讓我們有信心 Jim 能夠實質擴大 QNX 的長期可服務市場（TAM）。

Taken together, core automotive, Alloy Kore and GEM give QNX multiple paths to growth across different time horizons.

綜合來看，核心汽車、Alloy Kore 與 GEM 讓 QNX 在不同時間尺度上擁有多條成長路徑。

Turning to Secure Communications.

接下來談談安全通訊（Secure Communications）。

The business performed broadly as expected following a particularly strong first quarter. Revenue was $61 million, up 2% year-over-year and within our guidance range.

在第一季表現特別強勁之後，本業務本季整體表現大致符合預期。營收為 6,100 萬美元，年增 2%，並落在我們的指引區間內。

Annual recurring revenue, or ARR, was approximately $221 million, up 4% year-over-year, while our dollar-based net retention rate, or DBNRR remained relatively stable at 91%.

年度經常性收入（ARR）約為 2.21 億美元，年增 4%；而以美元計價的淨留存率（DBNRR）維持相對穩定，為 91%。

ARR provides a stable recurring revenue base, while larger government opportunities can provide incremental growth and profitability when they convert.

ARR 提供穩定的經常性營收基礎；而較大型的政府專案機會在轉換落地時，則可帶來額外的成長與獲利。

Those opportunities can have long sales cycles and do create variability from quarter-to-quarter. Importantly, for the first half of 2027, Secure Communications revenue grew 13% year-over-year.

這些機會可能具有較長的銷售週期，並確實會造成季度之間的波動。重要的是，在 2027 年上半年，Secure Communications 營收年增 13%。

We also continue to see customer activity across government, critical infrastructure and other highly regulated sectors during the quarter, including renewals and expansions with customers across the US, Canada, Europe, Asia and the Middle East.

本季我們也持續看到政府、關鍵基礎設施及其他高度監管產業的客戶活動，包括在美國、加拿大、歐洲、亞洲與中東等地客戶的續約與擴充。

These included organizations such as a number of agencies in the US federal government as well as internationally with the Dutch Police, the UK's National Grid Rolls-Royce, the Saudi National Bank and Babcock.

其中包括美國聯邦政府的多個機構，以及國際客戶如荷蘭警方、英國國家電網（National Grid）、勞斯萊斯（Rolls-Royce）、沙烏地國家銀行（Saudi National Bank）與 Babcock。

So while quarterly timing can vary, the underlying business remains stable and profitable. Touching briefly on licensing. Revenue was approximately $22 million, significantly above our expectations.

因此，儘管季度時點可能有所波動，底層業務仍然穩定且具獲利能力。簡要談一下授權（licensing）。營收約為 2,200 萬美元，顯著高於我們的預期。

The upside was driven primarily by a new licensing arrangement secured during the quarter. So while Q2 was strong, we would not view this level of activity as a new quarterly run rate.

這項超出預期主要是由本季取得的一項新的授權安排所帶動。因此，儘管第二季表現強勁，我們不會將此活動水準視為新的季度常態（run rate）。

With that, let me now turn the call over to Tim, who will provide more detail on our financial results.

接下來，我把電話會議交給 Tim，他將就我們的財務結果提供更多細節。

Thank you, John, and good morning, everyone. As John mentioned, Q2 was another very strong quarter for BlackBerry and one that demonstrated the strong operating leverage in our financial model. Based on our revenue growth and adjusted EBITDA margin, we actually delivered a Rule of 50 quarter.

謝謝你，John，各位早安。如 John 所提到的，第二季對 BlackBerry 而言又是一個非常強勁的季度，也展現了我們財務模型中強大的營運槓桿。基於我們的營收成長與調整後 EBITDA 利潤率，我們實際上交出了一個「50 法則」（Rule of 50）的季度表現。

We also recorded our strongest quarterly GAAP net income since Q4 of fiscal 2022, while QNX achieved its highest quarterly revenue in history.

我們也錄得自 2022 會計年度第 4 季以來最強勁的單季 GAAP 淨利，同時 QNX 也創下其歷史最高的單季營收。

What stands out to me is how efficiently our revenue is translating into higher profitability and cash generation, while we continue to invest for growth.

令我印象深刻的是，在我們持續投資成長的同時，我們的營收能如此有效率地轉化為更高的獲利能力與現金創造。

With that, let me walk through the quarter in more detail. Revenue for BlackBerry as a whole was $163 million, up 26% year-over-year and above the high end of our guidance range.

接下來，我將更詳細地說明本季表現。BlackBerry 整體營收為 1.63 億美元，年增 26%，並高於我們指引區間的上緣。

Total company adjusted gross margin expanded 3 percentage points year-over-year to 78%, while adjusted EBITDA almost doubled and exceeded expectations at $47 million, representing 29% of revenue.

公司整體調整後毛利率年增 3 個百分點至 78%，同時調整後 EBITDA 幾乎倍增，並以 4,700 萬美元超出預期，占營收的 29%。

Adjusted net income for the quarter was $43 million, and GAAP net income was $34 million. Adjusted EPS was $0.07, also above our expectations.

本季調整後淨利為 4,300 萬美元，GAAP 淨利為 3,400 萬美元。調整後每股盈餘（EPS）為 0.07 美元，也高於我們的預期。

Importantly, the combination of solid revenue growth gross margin expansion and disciplined management of operating expenses drove significant operating leverage in the quarter.

重要的是，穩健的營收成長、毛利率擴張，以及對營運費用的嚴謹管理相結合，推動本季顯著的營運槓桿。

That leverage was particularly evident in the higher-margin areas of the business including QNX royalties and licensing. We also generated strong operating and free cash flow, which I'll discuss in more detail shortly.

這種槓桿效應在業務中毛利較高的領域尤為明顯，包括 QNX 權利金與授權。我們也產生了強勁的營運現金流與自由現金流，我稍後會更詳細說明。

Turning first to the segments.

先從各事業部門來看。

QNX revenue was $80 million, exceeding the high end of guidance and growing 27% year-over-year. Adjusted gross margin expanded 4 percentage points year-over-year to 87%, matching the highest reported quarterly level in the business' history.

QNX 營收為 8,000 萬美元，超出指引上緣並年增 27%。調整後毛利率年增 4 個百分點至 87%，追平該業務歷史上所報告的最高單季水準。

Adjusted EBITDA increased 41% to $29 million, representing a margin of 36% for the quarter. This performance reflects the benefit of meaningful revenue growth and a favorable mix, particularly higher-margin royalty revenue, while we continue to invest in go-to-market and R&D.

調整後 EBITDA 成長 41% 至 2,900 萬美元，本季 EBITDA 利潤率為 36%。此表現反映了顯著的營收成長與有利的組合，尤其是毛利較高的權利金收入，同時我們仍持續投資於市場推進（go-to-market）與研發。

The combination of continued growth and profitability, again for QNX comfortably above the rule of 40 benchmark in Q2.

成長與獲利能力的結合，使 QNX 在第二季再次輕鬆高於「40 法則」基準。

In Secure Communications, revenue was $61 million, representing 2% year-over-year growth and within our guidance range.

在安全通訊（Secure Communications）方面，營收為 6,100 萬美元，年增 2%，並落在我們的指引區間內。

Adjusted gross margin for Secure Comms was 61% and reflecting lower margin Secusmart device revenue in the quarter.

安全通訊的調整後毛利率為 61%，反映本季較低毛利的 Secusmart 裝置營收占比。

Adjusted EBITDA was $8 million, representing a margin of 13% with disciplined expense management, partially offsetting the lower gross margin.

調整後 EBITDA 為 800 萬美元，利潤率為 13%；在嚴謹的費用管理下，部分抵銷了較低的毛利率。

Overall, the segment delivered a stable and profitable performance we expected following a particularly strong first quarter. Licensing revenue was $22 million, well above our expectations, with adjusted EBITDA at $20 million.

整體而言，該部門在第一季特別強勁之後，交出了我們預期的穩定且具獲利性的表現。授權營收為 2,200 萬美元，遠高於我們的預期，調整後 EBITDA 為 2,000 萬美元。

The strong conversion of incremental licensing revenue into adjusted EBITDA reflects the high incremental operating leverage of this business.

新增授權營收能強勁轉化為調整後 EBITDA，反映此業務具有很高的邊際營運槓桿。

As always, the timing of larger licensing transactions can vary between quarters. Importantly, we converted the expanded profitability in the quarter into cash.

一如既往，較大型授權交易的時點可能在各季度之間有所變動。重要的是，我們將本季擴大的獲利能力轉化為現金。

We generated $29 million of operating cash flow in Q2, significantly above our guidance range. For the first half of fiscal 2027, we generated $34 million of operating cash flow compared with a usage of cash of $14 million in the prior year period. representing a year-over-year improvement of $48 million.

我們在第二季產生 2,900 萬美元的營運現金流，顯著高於我們的指引區間。2027 會計年度上半年，我們產生 3,400 萬美元的營運現金流，相較去年同期為現金流出 1,400 萬美元，年增改善 4,800 萬美元。

The story was very similar for free cash flow given BlackBerry's CapEx-light operating model, with free cash flow for the quarter at $28 million and $30 million year-to-date.

由於 BlackBerry 的營運模式資本支出（CapEx）需求較低，自由現金流的情況非常類似：本季自由現金流為 2,800 萬美元，年初至今為 3,000 萬美元。

We ended the quarter with approximately $447 million of cash and investments. representing net cash of approximately $247 million.

本季結束時，我們持有約 4.47 億美元的現金與投資，約當淨現金 2.47 億美元。

Our improving cash generation continues to strengthen our balance sheet and gives us significant financial flexibility in how we allocate capital. Our priorities remain unchanged and are centered on three areas first, investing for growth in QNX.

我們不斷改善的現金創造能力持續強化資產負債表，並在資本配置上提供顯著的財務彈性。我們的優先事項維持不變，聚焦於三個面向：第一，投資 QNX 的成長。

We continue to prioritize what we believe are our largest long-term organic value creation opportunities, including investment behind core automotive, Alloy Kore and GEM. Second, disciplined share repurchases.

我們持續優先投入我們認為長期最大的內生成長價值創造機會，包括核心車用、Alloy、Kore 與 GEM 的投資。第二，紀律性的股票回購。

We retained significant capacity under our current NCIB buyback program, and we'll continue to evaluate repurchases and when we believe they represent an attractive use of capital relative to other opportunities. And third, selectively evaluating M&A.

在現行 NCIB 回購計畫下，我們仍保有相當的額度空間；我們將持續評估回購，並在我們認為相較其他機會屬於具吸引力的資本運用時進行。第三，選擇性評估併購（M&A）。

We continue to assess potential value-accretive opportunities that could accelerate our strategy, particularly with a view to fast tracking the GEM opportunity.

我們持續評估可能具增值效果的機會，以加速我們的策略，特別是著眼於加快推進 GEM 機會。

We have the balance sheet to act when the right opportunity arises but the strategic and financial bar remains high.

我們具備在適當機會出現時採取行動的資產負債表實力，但我們在策略與財務上的門檻仍然很高。

Overall, our approach remains disciplined and focused on creating long-term shareholder value. With that, let's turn to our outlook.

整體而言，我們的方法仍維持紀律，並專注於創造長期股東價值。接下來，讓我們談談展望。

Following the strong first half performance, we are raising our full year QNX revenue outlook for the second consecutive quarter by $17 million at the midpoint to $315 million to $325 million and adjusted EBITDA by $20 million at the midpoint to between $95 million and $105 million.

在上半年表現強勁之後，我們連續第二季上調全年 QNX 營收展望：以中位數計上調 1,700 萬美元至 3.15 億至 3.25 億美元；並以中位數計上調調整後 EBITDA 2,000 萬美元至 9,500 萬至 1.05 億美元。

For Q3, we expect QNX revenue to be between $82 million and $88 million, which is 24% year-over-year growth at the midpoint and adjusted EBITDA of between $27 million and $32 million.

對於第三季，我們預期 QNX 營收介於 8,200 萬至 8,800 萬美元，以中位數計年增 24%，調整後 EBITDA 介於 2,700 萬至 3,200 萬美元。

The increased outlook reflects the strength and trajectory we continue to see across the business. while maintaining an appropriate level of flexibility for normal quarter-to-quarter variability.

上調展望反映我們持續看到整體業務的強勁表現與發展趨勢，同時也保留適度彈性，以因應正常的季度間波動。

This is not a quarterly business and we continue to encourage investors to focus on longer-term growth trends rather than focus on growth from quarter-to-quarter.

這不是一門以季度為單位的業務；我們仍鼓勵投資人聚焦於較長期的成長趨勢，而非過度著眼於季度間的成長變化。

The Secure Communications, an already dynamic backdrop in the US where Secure Comms has a substantial footprint with the US federal government is being further complicated by recent geopolitical developments including trade tensions between Canada and the United States.

在安全通訊方面，美國本就處於動態的環境；Secure Comms 在美國聯邦政府擁有相當大的布局，而近期地緣政治發展（包括加拿大與美國之間的貿易緊張）使情勢更加複雜。

As a result, we're prudently updating our full year revenue outlook.

因此，我們審慎地更新全年營收展望。

While we haven't yet seen anything material rising from this issue, nor have we seen a slowdown in pipeline generation outside of North America, we consider it appropriate to be cautious as we head into the second half.

雖然我們尚未看到此議題帶來任何重大影響，也未看到北美以外的管線開發出現放緩，但在進入下半年之際，我們認為採取保守態度是適當的。

Accordingly, we are revising the full year revenue forecast for Secure Comms to $260 million to $270 million. And adjusted EBITDA outlook to be between $50 million and $58 million.

因此，我們將安全通訊的全年營收預測修正為 2.60 億至 2.70 億美元。調整後 EBITDA 展望為 5,000 萬至 5,800 萬美元。

For Q3, we expect revenue to be between $55 million and $60 million and adjusted EBITDA between $6 million and $10 million.

對於第三季，我們預期營收介於 5,500 萬至 6,000 萬美元，調整後 EBITDA 介於 600 萬至 1,000 萬美元。

For licensing, we are raising our full year revenue outlook by $12 million to approximately $41 million and adjusted EBITDA outlook to approximately $36 million.

在授權方面，我們將全年營收展望上調 1,200 萬美元至約 4,100 萬美元，並將調整後 EBITDA 展望上調至約 3,600 萬美元。

Following the unusually strong performance in Q2 for Q3 and Q4, we expect licensing to return to a more typical quarterly revenue level of approximately $6 million.

在第二季表現異常強勁之後，對於第三季與第四季，我們預期授權將回到較典型的單季營收水準，約為 600 萬美元。

With adjusted EBITDA of approximately $5 million. As noted earlier, the timing of larger licensing transactions can vary from quarter-to-quarter, so we continue to take a measured approach to the quarterly outlook.

調整後 EBITDA 約為 500 萬美元。如先前所述，較大型授權交易的時點可能在季度間變動，因此我們對季度展望仍採取審慎的方式。

So for the second consecutive quarter, we are raising our full year total company outlook for both revenue and EBITDA, reflecting the strength of our first half execution and increased confidence in the business.

因此，我們連續第二季上調公司全年總體展望（營收與 EBITDA），反映我們上半年執行力的強勁表現，以及對業務更高的信心。

For revenue, we are increasing guidance by $19 million at the midpoint to $616 million to $636 million. representing 14% year-over-year growth.

在營收方面，我們以中位數計上調指引 1,900 萬美元至 6.16 億至 6.36 億美元，代表年增 14%。

We're also raising our adjusted EBITDA outlook by $21 million at the midpoint to $141 million to $158 million which is 43% year-over-year growth.

我們也以中位數計上調調整後 EBITDA 展望 2,100 萬美元至 1.41 億至 1.58 億美元，代表年增 43%。

For Q3, we expect total company revenue of between $143 million and $154 million and adjusted EBITDA of between $28 million and $37 million.

對於第三季，我們預期公司總營收介於 1.43 億至 1.54 億美元，調整後 EBITDA 介於 2,800 萬至 3,700 萬美元。

We expect to deliver adjusted basic earnings per share of between $0.04 and $0.05 for the quarter, and are increasing our full year outlook to be between $0.19 and $0.22.

我們預期本季調整後基本每股盈餘將介於 0.04 美元至 0.05 美元之間，並將全年展望上調至 0.19 美元至 0.22 美元之間。

We also expect another quarter of positive operating cash flow of between $20 million and $30 million and are raising our full year outlook by $15 million to approximately $115 million as we continue to materially strengthen our balance sheet.

我們也預期本季將再度實現 2,000 萬至 3,000 萬美元的正向營運現金流，並將全年展望上調 1,500 萬美元至約 1.15 億美元，因為我們持續實質強化資產負債表。

The increased full year outlook reflects the solid execution we have seen in the first half, while maintaining a measured approach to the second half.

全年展望的上調反映我們在上半年所見到的穩健執行力，同時對下半年仍維持審慎、穩健的做法。

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

接下來，我把電話交回給 John。

Thanks, Tim. And before we move to Q&A, let me leave you with three things I think are most important from the quarter.

謝謝，Tim。在進入問答之前，我想用三點作為結語，這三點是我認為本季最重要的。

First, the financial model is solid and scalable. We delivered another strong quarter, achieved better than Rule of 40 performance generated robust cash flow and raised our full year outlook. Second, the QNX opportunity is becoming broader and more tangible.

第一，我們的財務模型穩健且具可擴展性。我們再度交出強勁的一季，達成優於「40 法則」的表現、產生強勁現金流，並上調全年展望。第二，QNX 的機會正在變得更廣泛且更具體。

Our core automotive business is delivering record performance today. Alloy Kore has moved from strategic opportunity to commercial validation and we continue to build the long-term opportunity in gym and physical AI.

我們的核心車用業務目前正創下紀錄性的表現。Alloy Kore 已從策略性機會推進到商業驗證，我們也持續在健身房與實體 AI（Physical AI）領域打造長期機會。

And third, expanded profitability and cash generation are giving us greater strategic flexibility. This allows us to keep investing in the business while remaining disciplined in how we approach buybacks and selectively evaluate M&A.

第三，獲利能力擴大與現金創造能力提升，正賦予我們更大的策略彈性。這讓我們能在持續投資業務的同時，仍能在回購的執行方式上保持紀律，並選擇性評估併購（M&A）。

The progress we're seeing today reflects the foundation we built through the transformation work over the past two years, and we're now seeing that translate into stronger growth margins and cash generations.

我們今天看到的進展，反映了過去兩年轉型工作所打下的基礎，而我們現在也看到這些成果正轉化為更強的成長、利潤率與現金創造能力。

So as we head into the second half, we feel very good about the position of the business and the opportunities in front of us.

因此，展望下半年，我們對業務所處的位置以及眼前的機會感到非常有信心。

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

那麼，接下來進入問答。Betsy，麻煩請開放電話線。

(Operator Instructions) Suthan Sukumar, Stifel.

（接線員指示）Suthan Sukumar，Stifel。

Good morning, guys, and congrats on the quarter. The first question for me is on the improving profitability outlook.

各位早安，恭喜本季表現。我第一個問題是關於獲利展望改善。

Could you guys speak to what the mix of royalty revenues that have been converting from backlog, how has that been trending quarter-over-quarter, year-over-year? And how much of that full-year guide raise on the profitability side is led by the licensing strength you saw in the quarter?

你們能否談談從積壓訂單（backlog）轉換而來的權利金收入組合，其季度對季度、年度對年度的趨勢如何？另外，全年指引在獲利面上調的部分，有多少是由本季看到的授權（licensing）強勁所帶動？

Hey. Thanks for the question. Some good stuff there. We are feeling great about the leverage in our model. I think we have got a really tight cost structure, and we continue to invest, but a very disciplined manner. That incremental top line is very rapidly translating into expanded bottom-line margins, and also efficiently converting into cash as well.

嗨。謝謝你的問題。裡面有不少重點。我們對模型的營運槓桿感到非常樂觀。我認為我們的成本結構非常緊實，我們持續投資，但方式非常有紀律。新增的營收很快就轉化為更高的獲利率，同時也能有效率地轉換成現金。

We see a very strong balance sheet right now. In this quarter, QNX was the star of the show, and within that, royalties was also the star of the show.

我們目前看到資產負債表非常強健。本季 QNX 是最亮眼的焦點，而在 QNX 之中，權利金（royalties）又是最亮眼的焦點。

What we are seeing is, obviously we have had significant growth in our backlog over the last few years as we have secured newer, larger design wins. What we are seeing is some of those are now moving into production. That backlog, the $950 million that we last reported, is starting to convert.

我們看到的是，顯然過去幾年隨著我們拿下更新、更大型的設計導入（design wins），積壓訂單大幅成長。我們現在看到其中一些開始進入量產。我們上次披露的 9.5 億美元積壓訂單，正開始轉換。

It is a great line of sight for us in terms of revenue. That is why we feel good about raising our outlook for the rest of the year, for the second quarter in a row. Right now we feel like we have definitely got the wind at our backs in that business. It is really on fire in terms of the core automotive side of things.

這讓我們在營收能見度方面有非常清楚的視線。這也是為什麼我們有信心連續第二季上調今年剩餘期間的展望。目前我們覺得這項業務確實順風順水。就核心車用業務而言，表現非常火熱。

Thank you. That is good color. For my next question, I just wanted to touch on the Physical AI opportunity here. How does the revenue model in GEM compare to a typical automotive programming?

謝謝。這些說明很有幫助。我的下一個問題想談談實體 AI（Physical AI）的機會。GEM 的營收模式與典型的車用程式設計相比如何？

I am just wondering if it is still kind of a per unit type model or is it different? Secondly, is there an Alloy Kore opportunity in the GEM market?

我想了解它是否仍屬於按單位計價（per unit）的模式，或是有所不同？第二，GEM 市場是否存在 Alloy Kore 的機會？

I will take the first part and then maybe hand over to John for the second part. In terms of the model, it is fundamentally the same, Suthan.

我先回答第一部分，然後第二部分可能交給 John。就模式而言，Suthan，基本上是一樣的。

It is a volume-based royalty model, and with some pre-production royalty streams similar to the automotive side of things, such as development licenses and services as well. You can, because the volumes tend to be lower, you can see some higher per unit economics there.

這是一種以出貨量為基礎的權利金模式，並且也有一些與車用業務類似的量產前權利金收入來源，例如開發授權與服務。由於出貨量通常較低，你可能會看到每單位的經濟效益較高。

But as we start to see GEM expand and some of these more nascent markets actually move towards higher production volumes, I would expect to see them to move down the price curve per unit, but ultimately at a much higher scale. I would not think of it much differently.

但隨著我們開始看到 GEM 擴張，以及一些較新興的市場實際走向更高的量產規模，我預期每單位價格會沿著價格曲線下滑，但最終會在更高規模下實現。我不會把它視為有太大不同。

It is pretty much the same model, and ultimately it is the same software, and that is one of the beauties of the market is that we are able to leverage the investment that we have made, the products that we have battle tested in the automotive side and roll them out across into these adjacent verticals. So relatively similar. But John, on the Alloy Kore opportunity.

基本上是相同的模式，最終也是同一套軟體；而這正是這個市場的優勢之一：我們能夠運用既有投資，以及在車用領域經過實戰驗證的產品，並將其推廣到這些相鄰的垂直領域。所以相對類似。不過，John，關於 Alloy Kore 的機會。

Yeah. Thanks, Suthan. On the Alloy Kore, what I would say about it in the GEM space and the Physical AI space is it is definitely early days.

是的。謝謝，Suthan。關於 Alloy Kore，我想說在 GEM 與實體 AI（Physical AI）領域，確實仍處於非常早期的階段。

It is a market that is really forming now, and our approach has really been to take a broader type of ecosystem approach.

這是一個正在形成中的市場，而我們的做法一直是採取更廣泛的生態系策略。

So, you are seeing us with these programs like QNX Everywhere. Getting QNX into the hands of as many developers as we possibly can in the early stages of them building the software platforms for a lot of these devices that are coming. This quarter, we actually launched the QNX Launchpad program.

因此，你會看到我們推動像 QNX Everywhere 這類計畫。在許多這些即將到來的裝置，其軟體平台仍在早期建置階段時，我們盡可能讓更多開發者能接觸到 QNX。本季我們實際上也推出了 QNX Launchpad 計畫。

It was another kind of way for us to engage with the industry more broadly. So, we use our core asset of that real-time performance operating system and how that helps manage this whole physical world and digital world collision that is starting to happen.

這是我們與產業更廣泛互動的另一種方式。因此，我們運用的核心資產是具即時效能的作業系統，以及它如何協助管理正在發生的「實體世界與數位世界碰撞」這一整個趨勢。

I do think there is going to be tremendous opportunities for us to play a broader role long term. The final thing I guess I would mention is just how the engagement with the silicon players. Our partnership with NVIDIA is very quickly starting to build a strong pipeline of opportunities.

我確實認為，長期而言我們將有非常巨大的機會扮演更廣泛的角色。最後我想提的是我們與矽晶片業者的互動。我們與 NVIDIA 的合作正在非常快速地建立起強勁的機會管線。

So, this broader ecosystem player with the silicon players, with the QNX Everywhere and Launchpad programs puts us square into, I think, a leadership position long term.

因此，透過與矽晶片業者的更廣泛生態系合作，以及 QNX Everywhere 與 Launchpad 計畫，我認為我們長期將穩居領導地位。

Whether that develops into a broader platform stack along the lines of what we are doing with Alloy Kore, that is probably something that will develop over time.

至於是否會隨時間發展成更廣泛的平台堆疊（platform stack），類似我們在 Alloy Kore 所做的事情，這可能會在未來逐步成形。

Paul Treiber, RBC Capital Markets.

Paul Treiber，RBC Capital Markets。

Thanks for taking the question, and good morning. Congrats on a strong quarter. Just trying to understand the cadence of QNX's growth here. Just looking at the typically, the year is back end loaded.

謝謝讓我提問，早安。恭喜本季表現強勁。我想了解 QNX 成長的節奏。一般來說，全年通常是下半年比重較高。

Based on our calculations, guidance does imply that Q4 revenue for QNX is down slightly from Q3 and the growth slows. Can you just speak to that cadence through the year, and then, what, if anything, is driving that slower growth in Q4?

根據我們的計算，指引似乎意味著 QNX 的第四季營收較第三季略為下滑，且成長放緩。你們能否談談全年成長節奏，以及第四季成長較慢的原因（若有的話）是什麼？

Yeah, I think I'll start, Paul. Tim, you can chip in. We continue to try to encourage everybody. This is a long-term business with long sales cycles and long production. The longer-term growth trend, we think is the important thing for everybody to focus on.

是的，我想我先開始，Paul。Tim，你也可以補充。我們會持續努力鼓勵大家。這是一門長期的生意，銷售週期長、量產週期也長。我們認為，較長期的成長趨勢才是大家應該聚焦的重點。

Quarter over quarter variations is not how we manage the business, not how we invest, is not how we partner with our customers. Yep, from quarter to quarter, things can be there.

季度對季度的波動不是我們管理業務的方式，也不是我們投資的方式，更不是我們與客戶合作的方式。沒錯，從一季到下一季，情況可能會有起伏。

But overall, when you look at the year at the midpoint level where we're at now, we're projecting it to be 19% growth year-over-year, which is I think really strong growth. It's above what we thought we would be at the start of the year.

但整體來看，當你以目前所處的年度中段水準來看，我們預估全年年增將達19%，我認為這是非常強勁的成長。這也高於我們年初的預期。

The other thing I would say, the design wins, and the fact that we booked more design wins in the first half of the year than we booked in any full fiscal year ever in the business's history.

另外我想說的是，設計導入（design wins），以及我們在上半年所拿下的設計導入數量，已經超過公司歷史上任何一個完整會計年度的總數。

These are all, to me, they point to strong long-term fundamentals of the QNX business. So I'd avoid getting too fixated on quarter to quarter and what that might look like, because I think the long-term trajectory of the business is really in a healthy place.

對我而言，這些都指向QNX業務強勁的長期基本面。所以我會避免過度執著於季度之間的變化及其可能呈現的樣貌，因為我認為這項業務的長期軌跡其實非常健康。

Yeah. QNX is definitely not slowing down. If anything, it's accelerating. But from quarter to quarter, that's not going to be linear.

是的。QNX絕對沒有放緩。如果說有什麼變化，那就是在加速。但從季度到季度，這不會是線性的。

Okay. That's good to hear. Just a second question. You mentioned in the prepared remarks that there's now contracted minimum royalties, and that led to some of revenue being recognized at an earlier stage.

好的。很高興聽到這點。我還有第二個問題。你在事先準備的講稿中提到，現在有了合約約定的最低權利金（minimum royalties），因此有一部分營收得以在較早階段認列。

Can you elaborate on that? In particular, when did you start to see a larger number of these contracted minimum royalties in contracts? What was the magnitude of contribution from that in Q2?

你能再多說明一下嗎？特別是，你們從什麼時候開始在合約中看到較多這類「合約最低權利金」？在第二季，這對營收的貢獻幅度有多大？

This is a really good opportunity for us as part of our transition to SDP 8.0 and the significant incremental value that we bring to our customers. Ultimately, it gives us greater certainty as we look forward. As John mentioned, it's moving away from non-contractual forecasts towards contractual fixed minimums.

這對我們而言是個很好的機會，作為我們轉向SDP 8.0的一部分，以及我們為客戶帶來顯著的增量價值。最終，它讓我們在展望未來時有更高的確定性。如John所提到的，這代表從非合約性的預測，轉向合約約定的固定最低額度。

For us, in addition to certainty, it also accelerates receipt of cash, which obviously every company is looking to do. As part of that, there is potential for a portion of revenue to be recognized earlier.

對我們來說，除了確定性之外，它也能加速現金收款，而這顯然是每家公司都希望做到的。在此過程中，確實可能讓一部分營收更早被認列。

We're kind of feeling our way into this right now. It's for new contracts and over time, we should see this start to grow. But for us, this is great. It's just greater certainty, earlier cash, and ultimately potential for some revenue too.

我們目前也還在摸索、逐步推進。這主要適用於新合約，隨著時間推移，我們應該會看到這部分開始成長。但對我們而言，這非常好。就是更高的確定性、更早的現金，以及最終也可能帶來部分營收的提前認列。

The only thing I would add to it, Paul, is all the things Tim said really help the business in so many ways. But the customer dynamic, what we love about it also, the conviction that our customers have with our product. This is a strong statement, because typically in the automotive industry, they give you an estimate, and they'll adjust you.

Paul，我唯一想補充的是，Tim提到的所有事情在很多方面都能幫助業務。但我們也很喜歡其中的客戶互動動態：客戶對我們產品的信心。這是一個很強的表態，因為通常在汽車產業，他們會給你一個估計值，之後再調整。

Now our customers are coming in and say, we're bought into you guys for the long term, to the point where we'll actually make a minimum commitment.

但現在我們的客戶會來說：我們長期看好你們，甚至願意做出最低承諾。

That's a new dynamic, and I think that is attributable to how the strength of the product is and our vision and where we're going, that they want to make a longer-term firm commitment with us, which is definitely an inflection point from where we were a few years ago.

這是一種新的互動動態，我認為這可歸因於產品的強度、我們的願景以及我們前進的方向；他們希望與我們做出更長期、具約束力的承諾。

Todd Coupland, CIBC.

Todd Coupland，CIBC。

Yeah. Great. Good morning, everyone. I am wondering if you can talk about the Alloy Kore pipeline. Obviously, great to see the first deal.

是的。很好。各位早安。我想請你們談談Alloy Kore的商機管線（pipeline）。顯然，很高興看到第一筆交易。

Just talk about the nature of that pipeline. Is it commercial, or is it in light vehicles? Talk about expectations for the second half of the year in terms of future design wins and how they might compare to this first win. Thank you.

請談談這個管線的性質。它是商用車領域，還是乘用車（light vehicles）？也請談談你們對下半年在未來設計導入方面的期待，以及它們可能如何與這次第一個案子相比。謝謝。

Thanks, Todd. Yeah, really healthy pipeline, I would tell you. It does span everything. It just so happens that Coretura and the commercial was the first one out of the gate, but we have got a lot of global OEMs and tier ones that we are engaging with on the passenger vehicle side of the equation as well.

謝謝，Todd。是的，我會說管線非常健康。它涵蓋各個面向。只是剛好Coretura以及商用車領域是第一個率先落地的案子；但在乘用車這一塊，我們也正與許多全球OEM與一級供應商（tier ones）進行接洽。

So, a lot of activity right now, particularly in Europe and Asia, with engagement on how this simplifies their world.

所以目前活動很多，特別是在歐洲與亞洲，大家都在討論這如何簡化他們的整體架構。

I think the value proposition of us partnering with Vector and stitching together a broader set of safety-certified platforms and capabilities that will allow them to focus on some of the more differentiated, I think that is resonating.

我認為，我們與Vector合作的價值主張，以及把更廣泛的一組通過安全認證的平台與能力整合起來，讓他們能把重心放在更具差異化的部分——我認為這點正在引起共鳴。

I think if anything, the Alloy Kore, the Coretura win, generally, I think we get more interest. "Hey, tell us a little bit more about that. How can that work for us?" So we are a very healthy pipeline. Obviously, they are big decisions that take time to work through the funnel. But we are very excited about what this could mean for the business long term.

我認為如果說有什麼影響，那就是Alloy Kore、Coretura這個案子，整體上讓我們獲得更多關注。「嘿，跟我們多講一點。這對我們會怎麼運作？」所以我們的管線非常健康。當然，這些都是需要時間在漏斗中推進的大型決策。但我們對它長期可能為業務帶來的意義感到非常興奮。

My second question had to do with US Fed. You've obviously clipped the guidance for the second half of the year. When would you expect, with what you know now, to get visibility on whether or not that's actually going to play out?

我的第二個問題與美國聯邦政府（US Fed）有關。你們顯然下修了下半年的指引。以你們目前所掌握的資訊，你們預期何時能看得更清楚，判斷這是否真的會發生？

Yeah. As Tim mentioned in his remarks, we don't see anything today that specifically is creating that. It's more of, I think, a general cautionary tone. When we think about the secure comms business, $220 plus million of it is ARR.

是的。如Tim在他的談話中提到的，我們目前沒有看到任何具體因素正在造成那種情況。更多是出於一種整體偏審慎的基調。當我們看安全通訊（secure comms）業務時，其中有2.2億美元以上是ARR（年度經常性收入）。

Very durable, very good strong line of sight too, and then the balance between our guidance and our new deals, upfront revenue.

這部分非常穩健、黏著度很高，可視性也很強；而在我們指引與新交易之間的差額，則來自新案子的前期收入（upfront revenue）。

With all, Todd, just the geopolitical uncertainty that's happening around the world, the timing of some of those deals, I don't know. We feel a little bit more uncertain about it with some of the unrest that's happening around the world and trade conversations and all those types of things.

Todd，考量到全球正在發生的地緣政治不確定性，某些交易的時點，我不太確定。由於世界各地的動盪、貿易對話以及各種相關因素，我們對部分交易時點感到更不確定。

We thought it was prudent to just take a little bit more of a cautious tone on the timing of some of those new opportunities because the government in and of itself tends to be a bit of a longer sales cycle.

我們認為，對於部分新機會的時點採取更審慎的態度是比較穩妥的，因為政府客戶本身的銷售週期往往就比較長。

Add on top of that some of the geopolitical activity now, we thought the right thing to do was to be a little more cautious there.

再加上目前的地緣政治活動，我們認為正確的做法是在這方面稍微更保守一些。

John Shao, TD Cowan.

John Shao，TD Cowan。

Good morning, guys, and thanks for taking my question. John, you mentioned robotaxi, and congrats on the win with Uber. Could you help us frame this robotaxi opportunity as whether exposure is direct or indirect, the content per vehicle, and maybe comment on the timeline?

各位早安，謝謝讓我提問。John，你提到了robotaxi，也恭喜你們拿下與Uber的案子。你能否協助我們理解這個robotaxi機會：你們的曝險是直接還是間接、每台車的內容價值（content per vehicle），以及也許談談時程？

Yeah, good questions. Timeline, like I said, robotaxis, tremendous opportunity. There's been a lot of innovation and a lot of investment going into it and really started to see that look. Take the next step from a concept to more production.

是的，問題很好。時程方面，如我所說，robotaxi是個巨大的機會。這裡面有大量創新與大量投資投入其中，而且我們也真的開始看到它從概念走向——邁向更接近量產的下一步。

Our partnership with a company like Uber, we think puts us in a strong position for that over time. I will say, though, the whole Physical AI space is going back to my analogy of baseball. We're in the early days here.

我們與像 Uber 這樣的公司建立合作夥伴關係，我們認為這讓我們在長期而言處於有利位置。不過我想說，整個實體 AI（Physical AI）領域回到我用棒球作比喻的說法。我們現在仍處於早期階段。

The ASP per car, whether it's a broader kind of Alloy Kore type of play, there's so many variables right now in a market that's just really starting to develop and starting to mature that we'll play that out.

每輛車的 ASP（平均售價），不論是更廣泛的 Alloy Kore 類型打法，目前在一個才剛開始發展、也才開始走向成熟的市場裡，變數非常多，我們會讓它自然發展。

But we do think our strong pole position with our safety certified foundational software capability starting to resonate with the robotaxi, and we think that's a really strong place to be. As the industry develops, we think we're in a really good position to capture more than our fair share of the market.

但我們確實認為，憑藉我們在安全認證的基礎軟體能力上的強勢領先地位，開始在 robotaxi（無人計程車）領域產生共鳴，我們認為這是一個非常有利的位置。隨著產業發展，我們認為我們處於非常好的位置，能夠取得超過我們應得份額的市場。

Thanks for the color. If I plug into our operating cash flow guidance, I think the company is going to have close to $500 million cash by the end of this physical year.

謝謝補充說明。如果我把你們的營運現金流指引代入，我認為公司在本財年結束時現金將接近 5 億美元。

Tim, you mentioned the company will consider tuck-in acquisition, especially in the GEM space. Could you help us understand your current pipeline in terms of how you evaluate these deals and what the trigger is? Is it more driven by the valuation or functionality and you're actually okay with paying a premium?

Tim，你提到公司會考慮補強型（tuck-in）併購，尤其是在 GEM 領域。你能否協助我們了解你們目前的案源管線：你們如何評估這些交易、觸發條件是什麼？是估值驅動比較多，還是功能性驅動，你們其實也能接受支付溢價？

Yeah. There's a lot of good things in there, John. First of all, it's a good problem to have. It's a good problem to have. What are you going to do with all the cash that we're generating? We are, as we mentioned, we're investing in the business right now.

是的。John，你這裡面有很多很好的點。首先，這是一個好問題。這是一個好問題。我們正在產生這麼多現金，你要拿這些現金做什麼？如同我們提到的，我們目前正在投資於業務。

We'll take a look at share buybacks as well when that's appropriate. Yeah, M&A, if we see a really large opportunity in GEM, in Physical AI, and all the other verticals that John mentioned.

在適當的時候，我們也會考慮股票回購。是的，併購方面，如果我們在 GEM、在實體 AI，以及 John 提到的其他所有垂直領域看到非常大的機會。

If we can fast track, then we will. We've got the balance sheet to give us the flexibility to be able to do that. But like it was mentioned, the bar is going to be high. The strategic fit has to be very good.

如果我們能加速推進（fast track），我們就會這麼做。我們的資產負債表讓我們具備彈性，可以做到這一點。但如同剛才提到的，門檻會很高。策略契合度必須非常好。

The financial profile has to be appropriate, and it really does have to move us further down the field quite meaningfully. We continue to look at opportunities.

財務輪廓必須合適，而且確實必須能相當有意義地讓我們在戰場上往前推進。我們會持續尋找機會。

The team, our corp dev team, and also the QNX team, they spend a lot of time looking at this. We're not going to say much more than that today as you'd probably expect, but if something comes up that fits our criteria, then we're definitely in a position to be able to execute on it.

團隊方面，我們的企業發展（corp dev）團隊以及 QNX 團隊，都花了很多時間在評估這些。如你所料，我們今天不會再多說，但如果出現符合我們標準的案子，我們絕對具備執行的能力。

Kingsley Crane, Canaccord Genuity.

Kingsley Crane，Canaccord Genuity。

Hi. Thanks for taking the questions. Been bouncing on a few calls, so apologies if some of this has been asked, but just want to frame the Coretura record win in another way.

嗨。謝謝讓我提問。我剛在幾通電話之間來回，所以如果有些問題已經被問過先說聲抱歉，但我想用另一種方式來看 Coretura 這筆創紀錄的贏單。

So of the 100 million added to backlog, just trying to get a sense of maybe what the value of that deal would've been if you had been chosen more for basic capabilities like base OS and hypervisor, versus this Alloy Kore engagement. Thanks.

在新增到積壓訂單（backlog）的 1 億美元之中，我想了解一下：如果你們是因為較基本的能力（例如基礎 OS 與 hypervisor）而被選中，而不是這次的 Alloy Kore 專案合作，那筆交易的價值大概會是多少？謝謝。

Yeah. I think we tried to address it a little bit in our comments around the Coretura win. If we had just done a traditional QNX operating system, addressing maybe one or two domains, relative to the more complete platform approach that we kind of a holistic car approach that we are moving towards with some of our customers.

是的。我想我們在談 Coretura 贏單時的評論已稍微回應過。如果我們只是做傳統的 QNX 作業系統，可能只涵蓋一到兩個網域（domains），相較於我們現在與部分客戶推進的更完整平台方法、也就是更整體的整車（holistic car）方法。

It probably adds probably 3times the normal ASP of what it would be on a traditional SDP 8.0 alone type of approach.

它大概會帶來約為傳統做法（例如僅採 SDP 8.0 的方式）正常 ASP 的 3 倍左右。

So, I think it is a combination of moving up the stack and moving into more domains. A few years ago, a lot of what we did was digital cockpit, now it is ADAS, it is body control, it is a broader set of capabilities.

所以，我認為這是往上層堆疊（stack）移動，以及進入更多網域的綜合結果。幾年前，我們做的很多是數位座艙（digital cockpit），現在則是 ADAS、車身控制（body control），以及更廣泛的一組能力。

That coupled with the middleware layer and some of the diagnostic systems and capabilities that Vector brings to the table, the combination of those two stitched together with services that delivers it reliably for our customers, we think that is what is really expanding the addressable market and our ASP per vehicle in a material way. So hopefully that gives you a little more color on how that opportunity is materializing.

再加上中介軟體（middleware）層，以及 Vector 帶來的一些診斷系統與能力，這兩者結合並透過服務把它們縫合在一起，為客戶可靠地交付；我們認為這正是在實質上擴大可服務市場（addressable market）以及提升每車 ASP 的關鍵。希望這能讓你更了解這個機會如何逐步成形。

Okay. Really helpful. Then Tim, understood on the comments around conservatism on secure comms in the back half.

好的。非常有幫助。接著 Tim，我理解你對於下半年 secure comms（安全通訊）保守性的評論。

It just seems like based on the updated guidance and the implied Q3, Q4 split that almost all of that conservatism is applied to Q3, at least in our model. Is that the right way to think about it? Is that purely due to the sort of federal concerns? Just how to think about those two quarters. Thanks.

但看起來根據更新後的指引，以及隱含的 Q3、Q4 分配，在我們的模型裡幾乎所有的保守性都放在 Q3。這樣理解對嗎？這完全是因為聯邦層面的疑慮嗎？該如何看待這兩個季度？謝謝。

Yeah. So I think John addressed this earlier, but just to reiterate the point. The way we look at the secure comms business, which remains stable, it remains profitable, it is generating cash, is that it has a solid base of ARR, which is roughly speaking around about 80% of that business.

是的。我想 John 先前已談到這點，但我再重申一次。我們看待 secure comms 業務的方式是：它仍然穩定、仍然有獲利、也在產生現金；它有一個穩固的 ARR（年度經常性收入）基礎，大致約占該業務的 80%。

Then 20%, the remaining 20% of the guide really relies on some bigger government opportunities that drive in quarter revenue. So right now we are just feeling not as good in terms of the timing of some of those deals.

接著剩下的 20%，也就是指引中其餘的 20%，主要仰賴一些較大型的政府機會，這些會帶動季度收入。所以目前我們對其中一些交易的時點掌握度沒有之前那麼好。

Not that they are necessarily going away, but the timing becomes slightly less certain than before. As a result, we are just taking a prudent view on things and see where things kind of land. But like John mentioned in his remarks, we have not seen

並不是說它們一定會消失，但時點變得比以前稍微不那麼確定。因此，我們只是採取審慎的看法，看看最後會落在哪裡。但如同 John 在他的發言中提到的，我們尚未看到

Well, actually it is me. We have not actually seen anything material so far. So, let's hope that remains the case.

嗯，其實是我。到目前為止我們確實還沒有看到任何重大的影響。所以，希望情況能維持如此。

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

我想把電話會議交回給 BlackBerry 執行長 John Giamatteo，做結語。

Thank you, Betsy. Hey, thanks, everybody, for joining today's call. Thanks for your interest in BlackBerry and the exciting business and opportunities that we have in front of us. We look forward to providing you a good comprehensive update on the business next quarter. Thanks again for being with us.

謝謝你，Betsy。各位，謝謝今天參加電話會議。感謝各位對 BlackBerry 的關注，以及我們面前令人振奮的業務與機會。我們期待在下個季度為各位提供一份對業務更完整、全面的更新。再次感謝各位與會。

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。