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03.04.2024 17:05
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BlackBerry Reports Fourth Quarter and Full Fiscal Year 2024 Results
Eine Tageszeitung (Symbolbild).
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PR Newswire
WATERLOO, Ontario, April 3, 2024
- Delivers year-over-year revenue growth for both IoT and Cybersecurity divisions
- IoT division reports record revenue quarter and QNX royalty backlog of $815 million
- Cybersecurity division stabilizes ARR, with sequential growth and DBNRR improvement
- Significantly improves operating cash usage sequentially and expects to be cashflow and adjusted EBITDA positive for FY25
- Non-GAAP earnings per share beats expectations
WATERLOO, Ontario, April 3, 2024 /PRNewswire/ -- BlackBerry Limited (NYSE: BB; TSX: BB) today reported financial results for the three months and fiscal year ended February 29, 2024 (all figures in U.S. dollars and U.S. GAAP, except where otherwise indicated).
"BlackBerry delivered a solid finish to the fiscal year, setting a number of new records in the process. Despite industry delays to automotive software development programs, our IoT division delivered its strongest ever quarter for revenue, as well as its best year for adding new QNX royalty backlog from design wins that resulted in 27% year-over-year growth to approximately $815 million," said John J. Giamatteo, CEO, BlackBerry. "We also took small, but important steps forward for the Cybersecurity division, with ARR stabilizing and even increasing by 3% sequentially. At a Corporate level, we are making good progress with efforts to both separate the divisions and drive towards profitability, and operating cash usage more than halved sequentially this quarter."
Fourth Quarter Fiscal 2024 Financial Highlights
- Total company revenue was $173 million.
- Total company non-GAAP and GAAP gross margin increased to 75%.
- IoT revenue was an all-time quarterly record $66 million, a 25% year-over-year increase; IoT gross margin remained at 85%.
- Cybersecurity revenue was $92 million, a 5% year-over-year increase; Cybersecurity gross margin was 65%.
- Cybersecurity ARR increased sequentially by 3% to $280 million.
- Licensing and Other revenue was $15 million.
- Non-GAAP operating profit was $16 million and GAAP operating loss was $56 million.
- Non-GAAP basic earnings per share was $0.03 and GAAP basic loss per share was $0.10.
- Adjusted EBITDA was $21 million.
- Total cash, cash equivalents, short-term and long-term investments was $298 million and cash used by operations decreased by 52% sequentially to $15 million.
Full Year Fiscal 2024 Financial Highlights
- Total company revenue was $853 million, including $218 million relating to the sale of legacy patent portfolio in Q1.
- Total company non-GAAP and GAAP gross margin was 61%.
- Non-GAAP operating profit was $36 million and GAAP operating loss was $125 million.
- Non-GAAP basic earnings per share was $0.05 and GAAP basic loss per share was $0.22.
Business Highlights & Strategic Announcements
- BlackBerry QNX announces general availability of QNX® Software Development Platform (SDP) 8.0, its scalable, high-performance foundation for next generation automotive and IoT systems
- Stellantis, BlackBerry QNX and AWS launch virtual cockpit, transforming in-vehicle software engineering
- BlackBerry launches QNX® Sound, an audio and acoustics innovation platform for software-defined vehicles
- Mobility in Harmony (MIH) consortium, a Foxconn initiative, selects BlackBerry IVY® to power its next-generation electric production vehicles
- BlackBerry is first Mobile Device Management vendor to receive BSI clearance for BlackBerry® UEM Brightsite usage with Apple iNDIGO
- BlackBerry's new Cybersecurity Center of Excellence (CCoE) in Kuala Lumpur will offer SANS training courses to help grow and upskill cyber workforces in Malaysia
- BlackBerry completes $200 million, 5-year 3.00% convertible notes private offering, and fully repays $150 million of short-term extendable debentures
- BlackBerry appoints Philip Brace, an IoT technology industry veteran, to its Board of Directors
Outlook
BlackBerry is providing the following guidance for the first quarter (ending May 31, 2024) and the full fiscal year 2025 (ending February 28, 2025).
| | | |
| | Q1 FY25 | Full fiscal year FY25 |
| Total BlackBerry revenue: | $130 - $138 million | $586 - $616 million |
| IoT revenue: | $48 - $52 million | $220 - $235 million |
| Cyber revenue: | $78 - $82 million | $350 - $365 million |
| Licensing & Other revenue: | Approximately $4 million | Approximately $16 million |
| Adjusted EBITDA: | ($15) – ($25) million | Breakeven - +$10 million |
| Non-GAAP basic EPS: | ($0.04) – ($0.06) | ($0.03) – ($0.07) |
Use of Non-GAAP Financial Measures
The tables at the end of this press release include a reconciliation of the non-GAAP financial measures and non-GAAP financial ratios used by the company to comparable U.S. GAAP measures and an explanation of why the company uses them. The Company does not provide a reconciliation of expected Adjusted EBITDA and expected Non-GAAP basic EPS for the first quarter and full fiscal year 2025 to the most directly comparable expected GAAP measures because it is unable to predict with reasonable certainty, among other things, restructuring charges and impairment charges and, accordingly, a reconciliation is not available without unreasonable effort. These items are uncertain, depend on various factors, and could have a material impact on GAAP reported results for the guidance period. For more information on the non-GAAP financial measures, please refer to the tables at the end of this press release.
Conference Call and Webcast
A conference call and live webcast will be held today beginning at 5:30 p.m. ET, which can be accessed using the following link (here) or through the Company's investor webpage (BlackBerry.com/Investors) or by dialing toll free +1 (877) 883-0383 and entering Elite Entry Number 6322676.
A replay of the conference call will be available at approximately 8:30 p.m. ET today, using the same webcast link (here) or by dialing Canada toll free +1 (855) 669-9658 or US toll free +1 (877) 344-7529 and entering Replay Access Code 8962207.
About BlackBerry
BlackBerry (NYSE: BB; TSX: BB) provides intelligent security software and services to enterprises and governments around the world. The company's software powers over 235M vehicles. Based in Waterloo, Ontario, the company leverages AI and machine learning to deliver innovative solutions in the areas of cybersecurity, safety and data privacy, and is a leader in the areas of endpoint security management, encryption, and embedded systems. BlackBerry's vision is clear - to secure a connected future you can trust.
BlackBerry. Intelligent Security. Everywhere.
For more information, visit BlackBerry.com and follow @BlackBerry.
Investor Contact:
BlackBerry Investor Relations
+1 (519) 888-7465
investorrelations@blackberry.com
Media Contact:
BlackBerry Media Relations
+1 (519) 597-7273
mediarelations@blackberry.com
This news release contains forward-looking statements within the meaning of certain securities laws, including under the U.S. Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws, including statements regarding BlackBerry's plans, strategies and objectives including its expectations with respect to increasing and enhancing its product and service offerings.
The words "expect", "anticipate", "estimate", "may", "will", "should", "could", "intend", "believe", "target", "plan" and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are based on estimates and assumptions made by BlackBerry in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that BlackBerry believes are appropriate in the circumstances, including but not limited to, BlackBerry's expectations regarding its business, strategy, opportunities and prospects, the launch of new products and services, general economic conditions, competition, BlackBerry's expectations regarding its financial performance, and BlackBerry's expectations regarding the planned separation of its businesses. Many factors could cause BlackBerry's actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, risks related to the following factors: BlackBerry's ability to maintain or expand its customer base for its software and services offerings to grow revenue or achieve sustained profitability; BlackBerry's sales cycles and the time and expense of its sales efforts; the intense competition faced by BlackBerry; BlackBerry's ability to enhance, develop, introduce or monetize products and services for the enterprise market in a timely manner with competitive pricing, features and performance; the occurrence or perception of a breach of BlackBerry's network cybersecurity measures, or an inappropriate disclosure of confidential or personal information; potential impacts of BlackBerry's proposed business unit separation and cost reduction initiatives; BlackBerry's continuing ability to attract new personnel, retain existing key personnel and manage its staffing effectively; risks arising from a failure or perceived failure of BlackBerry's solutions to detect or prevent security vulnerabilities; BlackBerry's dependence on its relationships with resellers and channel partners; litigation against BlackBerry; adverse macroeconomic and geopolitical conditions; network disruptions or other business interruptions; BlackBerry's ability to foster an ecosystem of third-party application developers; BlackBerry's products and services being dependent upon interoperability with rapidly changing systems provided by third parties; failure to protect BlackBerry's intellectual property and to earn expected revenues from intellectual property rights; BlackBerry's ability to obtain rights to use third-party software and its use of open source software; BlackBerry potentially being found to have infringed on the intellectual property rights of others; BlackBerry's indebtedness, which could impact its operating flexibility and financial condition; the substantial asset risk faced by BlackBerry, including the potential for charges related to its long-lived assets and goodwill; tax provision changes, the adoption of new tax legislation or exposure to additional tax liabilities; the use and management of user data and personal information; government regulations applicable to BlackBerry's products and services, including products containing encryption capabilities; environmental, social and governance expectations and standards; the failure of BlackBerry's suppliers, subcontractors, channel partners and representatives to use acceptable ethical business practices or comply with applicable laws; potential impacts of acquisitions, divestitures and other business initiatives; risks associated with foreign operations, including fluctuations in foreign currencies; environmental events; the fluctuation of BlackBerry's quarterly revenue and operating results; and the volatility of the market price of BlackBerry's common shares.
These risk factors and others relating to BlackBerry are discussed in greater detail in BlackBerry's Annual Report on Form 10-K and the "Cautionary Note Regarding Forward-Looking Statements" section of BlackBerry's MD&A (copies of which filings may be obtained at www.sedarplus.ca or www.sec.gov). All of these factors should be considered carefully, and readers should not place undue reliance on BlackBerry's forward-looking statements. Any statements that are forward-looking statements are intended to enable BlackBerry's shareholders to view the anticipated performance and prospects of BlackBerry from management's perspective at the time such statements are made, and they are subject to the risks that are inherent in all forward-looking statements, as described above, as well as difficulties in forecasting BlackBerry's financial results and performance for future periods, particularly over longer periods, given changes in technology and BlackBerry's business strategy, evolving industry standards, intense competition and short product life cycles that characterize the industries in which BlackBerry operates. 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.
| BlackBerry Limited Incorporated under the Laws of Ontario (United States dollars, in millions except share and per share amounts) (unaudited)
Consolidated Statements of Operations | |||||||||
| | |||||||||
| | Three Months Ended | | For the Years Ended | ||||||
| | February 29, 2024 | | November 30, 2023 | | February 28, 2023 | | February 29, 2024 | | February 28, 2023 |
| Revenue | $ 173 | | $ 175 | | $ 151 | | $ 853 | | $ 656 |
| Cost of sales | 44 | | 48 | | 51 | | 333 | | 237 |
| Gross margin | 129 | | 127 | | 100 | | 520 | | 419 |
| Gross margin % | 74.6 % | | 72.6 % | | 66.2 % | | 61.0 % | | 63.9 % |
| Operating expenses | | | | | | | | | |
| Research and development | 40 | | 42 | | 48 | | 186 | | 207 |
| Sales and marketing | 41 | | 42 | | 48 | | 171 | | 176 |
| General and administrative | 53 | | 43 | | 35 | | 181 | | 164 |
| Amortization Werbung Mehr Nachrichten zur Blackberry Aktie kostenlos abonnieren
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