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黑莓Q1财报电话会议摘要及录音回放

[更新]:新增会议原文

黑莓2017财年第一季度财报结果已经宣布,如果你错过了网络直播(电话会议),现在可以收听录音回放了。

录音回放

录音回放地址一:byBLA1ZE

录音回放地址二:

http://ca.blackberry.com/company/investors/events.html


亮点摘要

1、录音17:50-18:10左右,程守宗还提到BB10 OS10.3.3的情况:

说到BB10, 我们的BB10 10.3.3正在由第三方进行NIAP认证,预计月底之前完成。新系统将在这解决后很快发布。

On to the BB10, our BB10.3.3 releases is undergoing the NIAP certification by a third party, which  we expect to obtain by the end of this month. The software will then obviously be available shortly after that.(非常感谢莓友@pantherasfreedman 的听译)

2、其它来自BLA1ZE(CrackBerry)的整理:

  • BlackBerry signed 107 new partners. That equates to an increase of 10% of its global partner count and included a software distribution agreement with HCL in India.
  • Multiple organizations have signed on to make use of AtHoc including Macquarie University of Australia, Great Western Railways and Salt Lake City Airport, the U.S. Senate, the Pentagon Force Protection Agency, the California Department of Justice and the U.S. Coast Guard.
  • BlackBerry Radar end-to-end asset tracking system has two proof of concept trials going on right now with a full launch expected in July.
  • BlackBerry had approximately 3,300 enterprise customer wins in the quarter. Customers who signed on included The Government of Canada, Buckeye Partners, Intercontinental Exchange as well as several legal firms including Reed Smith, Sullivan and Cromwell and Clifford Chance.
  • BlackBerry recognized device sales of approximately 500K units with an average sales price of $290.
  • BlackBerry 10.3.3 is currently being certified with certification expected by the end of the month, release through carriers will happen after that.
  • In regards to new handsets coming from BlackBerry, John Chen noted he was not prepared to discuss that now but would have more to say in July.
  • BlackBerry Security Summit takes place on July 19 in New York.
  • BlackBerry recorded software and services revenue of $166 million in Q1, marking a 21% year-over-year increase. This was attributed to 526 enterprise customers purchasing Good Secure EMM Suites in Q1, up from 90 customers.
  • Reiterated comments made during the annual and special meeting noting that making handsets profitable is the number one objective for BlackBerry.
  • Mobility Solutions includes BlackBerry smartphones and device software licensing. The company will begin looking at partners and ODM’s interested in licensing software such the BlackBerry Hub and other components such as Paratek antenna technology, etc.

会议原文

注:由于会议内容较长,故分三页展示。

BlackBerry Ltd. (NASDAQ:BBRY)

Q1 2017 Earnings Conference Call

June 23, 2016 08:00 AM ET

Executives

Debbie W. Tuck – VP of Finance and Head of IR

John Chen – Executive Chairman and CEO

James Yersh – CFO

Analysts

Daniel Chan – TD Securities

Tim Long – BMO Capital Markets

Maynard Um – Wells Fargo Securities

Paul Steep – Scotia Capital

Richard Tse – Cormark Securities

Ben Bollin – Cleveland Research

Douglas Clark – Goldman Sachs

Michael Kim – Imperial Capital

Deepak Kaushal – GMP Securities

Paul Treiber – RBC Capital Markets

Anil Doradla – William Blair & Company

Operator

Welcome to the BlackBerry’s Fiscal 2017 First Quarter Conference Call. Please note that all participants have been placed in a listen-only mode. I will turn the call over to Debbie Tuck, Vice President, Finance and Head of Investor Relations for BlackBerry.

Debbie W. Tuck

Thank you, operator. Welcome to BlackBerry’s fiscal 2017 first quarter results conference call. With me on the call today are Executive Chairman and Chief Executive Officer, John Chen and Chief Financial Officer, James Yersh. After I read our cautionary note regarding forward-looking statements, John will provide a business update and James will then review first quarter results. We will then open up the call for a 30 minute Q&A session. In order to let as many people as possible ask questions, please limit yourself to one question.

This call is available to the general public via call-in numbers and via webcast in the Investor Relations section at BlackBerry.com. A replay will also be available on the BlackBerry.com website.

Some of the statements we will be making today constitute forward-looking statements and are made pursuant to the Safe Harbor Provisions of applicable U.S. and Canadian Securities Laws. We will indicate forward-looking statements by using words such as expect, will, should, model, intend, believe and similar expressions. Forward-looking statements are based on estimates and assumptions made by the company in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that the company believes are relevant.

Many factors could cause the company’s actual results or performance to differ materially from those expressed or implied by the forward-looking statements, including the risk factors that are discussed in the company’s Annual Information Form, which is included in our annual report on Form 40-F and in our MD&A. You should not place undue reliance on the company’s forward-looking statements. The company has no intention and undertakes no obligation to update or revise any forward-looking statements except as required by law.

I will now turn the call over to John.

John Chen

Thank you. Thank you, Debbie. Good morning everybody and welcome. I will take you through — this morning I’ll take you through the summary of our Q1 results. Then I will provide some detail on our key business segments.

As I mentioned last quarter, we’re starting business — segment reporting this quarter. This is beneficial for two key reasons. First, we’re focusing on making each line of business profitable and maximizing the return on invested capitals. To enable this I have started to look at the business — each of the business on the full P&L basis which means we are now required to report results based on our operating segments. Secondly, it provides, I hope you agree that it provides increased transparency to our shareholders and the market as well as our internal stakeholders.

Moving to our results, I’m pleased to report positive non-GAAP operating income of $14 million, with our Q1 results that signal that we’re on the right track. A few key takeaways for the quarter, number one we made good progress in reducing the loss of our device business. I know this is a major concern of a lot of people. We created a new business unit named Mobility Solutions. This unit will manage most of BlackBerry smartphone business and will also start focusing on developing a device software licensing program.

In Software and Service, we continued to deliver very robust goals, as you can see and we achieved the highest quarterly revenue in the company’s history, and I’ll get through that more in detail later. Our financial foundation is strong and we are definitely investing in growth.

Now a summary of our Q1 results. I’m referencing everything with non-GAAP numbers. So revenue came in at $424 million. The color here, device revenue was below our expectations. We’re still seeing a softness of the high end of the market, but we have a plan and a roadmap to drive profitable revenue growth later in the year.

In software we performed well, as I mentioned early and continue to deliver the robust growth. Excluding IT licensing, software and services grew 131% year-over-year. This is the second consecutive quarter we more than doubled our Software and Services revenue. Including IT, total Software and Services revenue was $166 million, up 21% year-over-year. This was the highest quarterly revenue for Software and Services in the company history.

SAF was about in line with expectation, after taking into account for the FX as well as the one time effect that James is going to explain in a little bit more detail, that came in, in Q4 of a quarter ago. Gross margin was strong. This is probably a very good indicator. It came in at 53% from 49% last quarter and 50% a year ago. It is also the highest level gross margin number since 2007.

Operating income, as I mentioned earlier, was a positive $14 million. We also achieved our 10th quarter of positive EBITDA, which came in at $58 million in the quarter. With the impact of the interest expense from our convertible debt the EPS was breakeven. The convert becomes callable in November of this year and I am working with the board on a plan to reduce this expense. Ending Q1 cash balance was $2.53 billion.

Now let me provide various details on our key business segments. Let me start with Software and Services. We’re obviously very pleased with the momentum. Our software business continues to achieve scale and traction, resulting in robust growth and increasing market share. In the quarter our growth in software was driven by strong performance in three different categories, EMM, secure messaging as well as QNX. The mix of revenue of recurring revenue came in at 74% compared with 70% last quarter. We had about 3,300 customer orders in Q1. This includes 526 customer purchasing our suite, and for those who follow us that’s our new EMM go-to-market approach. This was up from 90 in the first 60 days after the launch in fiscal Q4 of last year.

Let me mention some of the recent high profile wins. Government of Canada purchased multiple enterprise software products, including the EMM, the BBM Protected and the Secure Voice. This really demonstrates the differentiation of our broad software portfolio over a lot of our competitors. AtHoc Services which is among our secure messaging offerings had wins in multiple verticals. In the education with Macquarie University, in transportation with Great Western Railways and Salt Lake City Airport, and in government with the U.S. Senate, The Pentagon Force Protection Agency, The California Department of Justice and the United States Coastguard, that’s just to name a few.

Our strength in security and privacy continues to play well in the legal industry, highlighted by some really big wins in Reed Smith, Solothurn and Cromwell [ph] and Clifford Chance. Some additional enterprise wins including Buckeye Partners, one of the largest independent liquid petroleum operator in the United States, and Intercontinental Exchange, the leading network of regulated, a regulate exchange and clearing house for financial and commodity markets.

As previously communicated we are ramping up channel expansion effort to drive continued growth. In Q1 we brought in new seasoned leadership and launched a new global partner program, or I guess re-launching the new global partner program. In the quarter we signed 107 new partners, representing a 10% increase in our global partner count. This includes a major software distribution agreement with HCL in India. It’s obviously still early but the initial traction is encouraging.

Earlier in Q1, now I am switch over to IoT side, earlier in Q1 we announced BlackBerry Radar, our SS tracking services at the Mid-Atlantic Trucking Show. This solution is designed to track freight and cargo using a cloud-based IoT platform. Customer in trucking and logistic will benefit from the higher utilization of assets, improved efficiencies and enhanced return on investments. Of course our platform is based on the BlackBerry level security and there are also anti-theft features built in as well.

To-date we have conducted two successful proof-of-concept trials, and are launching it commercially in mid-July, which is obviously next month. Our initial target market is North America, followed by Europe and then we will expand to the rest of the world.

QNX has a great footprint in auto, now I am switch over to QNX, which give us good leverage into the connected car opportunity. We’ve built and operate a secure end-to-end system to deliver over-the-air software updates to cars, to automotive, automobile. This technology is a growing imperative for automotive OEMs, with the average vehicle nowadays using about 60 million to 100 million lines of software code. Our solution will help the auto industry provide proactive maintenance update, without time consuming visit to the repair shop.

This solution has been derived from our technology for updating 50 million mobile phones in over 100 countries. So our solution is definitely secure and it definitely scales. As an example of a win Carmel Automotive chose this solution, in addition to a number of our other QNX connected car products. We have a very strong pipeline in this area and some very notable industry players.

So to summarize it, looking forward we feel very good about our six growth engines driving our software business. They are EMM, secure messaging, IoT, embedded software in connected cars, cyber security services and of course IP licensing.

Moving on to the Mobility Solutions, we continue to make good progress on driving towards profitability in this segment, which includes our device business. In a quarter they were both organization and operational activities from the past quarter, and I would like to highlight some of them. We named a new general manager to the Mobility Solutions Group, Ralph Pini and a new sales leader, Alex Thurber. Both are experienced leaders bringing technologies and channel sales experience.

The new leadership will focus on a lean and agile development approach, and in opening up new distribution channels to augment the traditional carrier channels. The new team is also focusing on developing a device software license model, which will contribute to both growth and profitability in this segment.

We have also made operational improvement in Q1 with this segment, including entering into new and more favorable agreements with manufacturing partners. This helped us further de-risk our balance sheets in area where such as reducing inventory exposure, shortening order lead time as well as better cash management. On the overall mobility solution roadmap we deliver our Android Marshmallow release on schedule. We are the only vendor that has kept pace with Google in delivering timely Android security patches at the start of every month. And our releases have been ahead of Samsung, HTC, LG, Sony and other Android-based players. This means that BlackBerry Android users enjoy the highest level of protection from cyber security threat among all Android devices.

On to the BB10, our BB10.3.3 releases is undergoing the NIAP certification by a third party, which we expect to obtain by the end of this month. The software will then obviously be available shortly after that. In Q1 we recognized revenue on over 500,000 device, at an average ASP of about $290. We improved our gross margin by the way in the segment from to 8% from 1% last quarter.

I’ll now turn the call over to James for a detailed look of our financials.

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