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Share Name | Share Symbol | Market | Type |
---|---|---|---|
BlackBerry Limited | NYSE:BB | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.05 | 1.79% | 2.84 | 2.92 | 2.78 | 2.78 | 5,143,663 | 00:18:39 |
Document
|
|
1
|
BlackBerry Reports Record Software and Services Revenue for the Second Consecutive Quarter in Q3 Fiscal 2018
|
2
|
BlackBerry Supplemental Financial Information
|
•
|
Record total company gross margin of 77 percent (non-GAAP) and 74 percent (GAAP) for the second consecutive quarter
|
•
|
Double digit software and services billings growth year over year for the second consecutive quarter
|
•
|
Total company revenue of $235 million (non-GAAP) and $226 million (GAAP)
|
•
|
Record software and services revenue of $199 million (non-GAAP) and $190 million (GAAP), breaking the record set last quarter
|
•
|
Record gross margin of 77% (non-GAAP) and 74% (GAAP), breaking the record set last quarter
|
•
|
Operating income of $16 million (non-GAAP) and operating loss of $258 million (GAAP); positive non-GAAP operating income for the seventh consecutive quarter
|
•
|
EPS of $0.03 (non-GAAP) and loss of ($0.52) (GAAP)
|
•
|
Adjusted EBITDA of $35 million; positive for the fifteenth consecutive quarter
|
•
|
Total cash balance of $2.5 billion at the end of the fiscal third quarter
|
•
|
Highly competitive customer wins, in regulated industries, including NATO, the U.S. Department of Justice, U.S. Department of Defense, the Dutch Government, Deutsche Bank and more
|
•
|
New cybersecurity practice launched to enable GDPR compliance in Europe
|
•
|
The only vendor, with a single platform offering, recognized by Gartner in all eight categories of their Market Guide for Information-Centric Endpoint and Mobile Protection
|
•
|
Ranked an EMM leader by Forrester, for the third consecutive year
|
•
|
BlackBerry QNX design wins with ten automotive suppliers in the quarter. We now partner with the top three automotive tier ones: Bosch, Denso and Magna
|
•
|
Strategic expansion of Qualcomm relationship, in connected and autonomous vehicle platforms
|
•
|
Patent licensing agreement signed with Teletry, enabling a market opportunity of the majority of smartphone manufacturers worldwide
|
•
|
After the quarter closed we announced in partnership with Denso, that we have started development of the world’s first integrated Human Machine Interface Platform (HMI). Intel is collaborating in the development of this product
|
•
|
Total non-GAAP revenue guidance is maintained in the range of $920 million to $950 million. Given the strength of our first three quarters and our outlook for the full year fiscal 2018, we expect to come in the mid to higher end of that range
|
•
|
Total non-GAAP software and services revenue growth in the range of 10 percent to 15 percent
|
•
|
Positive non-GAAP EPS for the full year
|
•
|
Positive free cash flow for the full year, before taking into account the net impact of arbitration awards and damages, as well as costs related to restructuring and transition from the hardware business.
|
Q3 Fiscal 2018 Non-GAAP Adjustments
|
|
For the Nine Months Ended November 30, 2017
(in millions, except for per share amounts)
|
||||||||||||||||||||||
|
Income statement location
|
|
Revenue
|
|
Gross margin
(1)
(before taxes)
|
|
Gross margin %
(before taxes)
|
|
Income (loss) before income taxes
|
|
Net income (loss)
|
|
Basic earnings (loss) per share
|
|||||||||||
As reported
|
|
|
$
|
226
|
|
|
$
|
168
|
|
|
74.3
|
%
|
|
$
|
(275
|
)
|
|
$
|
(275
|
)
|
|
$
|
(0.52
|
)
|
Debentures fair value adjustment
(2)
|
Debentures fair value adjustment
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
77
|
|
|
77
|
|
|
|
||||||
RAP charges
(3)
|
Cost of sales
|
|
—
|
|
|
2
|
|
|
0.9
|
%
|
|
2
|
|
|
2
|
|
|
|
||||||
RAP charges
(3)
|
Research and development
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
1
|
|
|
1
|
|
|
|
||||||
RAP charges
(3)
|
Selling, marketing and administration
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
17
|
|
|
17
|
|
|
|
||||||
Software deferred revenue acquired
(4)
|
Revenue
|
|
9
|
|
|
9
|
|
|
1.0
|
%
|
|
9
|
|
|
9
|
|
|
|
||||||
Stock compensation expense
(5)
|
Cost of sales
|
|
—
|
|
|
1
|
|
|
0.4
|
%
|
|
1
|
|
|
1
|
|
|
|
||||||
Stock compensation expense
(5)
|
Research and development
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
3
|
|
|
3
|
|
|
|
||||||
Stock compensation expense
(5)
|
Selling, marketing and administration
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
8
|
|
|
8
|
|
|
|
||||||
Acquired intangibles amortization
(6)
|
Amortization
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
23
|
|
|
23
|
|
|
|
||||||
Business acquisition and integration costs
(7)
|
Selling, marketing and administration
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
1
|
|
|
1
|
|
|
|
||||||
Nokia arbitration charge
(8)
|
Arbitration charges
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
132
|
|
|
132
|
|
|
|
||||||
Nokia arbitration charge
(8)
|
Investment income (loss), net
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
17
|
|
|
17
|
|
|
|
||||||
Adjusted
|
|
|
$
|
235
|
|
|
$
|
180
|
|
|
76.6
|
%
|
|
$
|
16
|
|
|
$
|
16
|
|
|
$
|
0.03
|
|
(1)
|
During the
third quarter
of fiscal
2018
, the Company reported GAAP gross margin of
$168 million
or
74.3%
of revenue. Excluding the impact of the resource alignment program (“RAP”) charges and stock compensation expense included in cost of sales and software deferred revenue acquired included in revenue, the non-GAAP gross margin was
$180 million
, or
76.6%
of revenue.
|
(2)
|
During the
third quarter
of fiscal
2018
, the Company recorded the Q3 Fiscal 2018 Debentures Fair Value Adjustment of
$77 million
. This adjustment was presented on a separate line in the Consolidated Statements of Operations.
|
(3)
|
During the
third quarter
of fiscal
2018
, the Company incurred charges related to the RAP of approximately
$20 million
, of which
$2 million
was included in cost of sales,
$1 million
was included in research and development expense and
$12 million
was included in selling, marketing and administration expense.
|
(4)
|
During the
third quarter
of fiscal
2018
, the Company recorded software deferred revenue acquired but not recognized due to business combination accounting rules of
$11 million
, which was included in enterprise software and services revenue.
|
(5)
|
During the
third quarter
of fiscal
2018
, the Company recorded stock compensation expense of
$12 million
, of which
$1 million
was included in cost of sales,
$3 million
was included in research and development, and
$8 million
was included in selling, marketing and administration expenses.
|
(6)
|
During the
third quarter
of fiscal
2018
, the Company recorded amortization of intangible assets acquired through business combinations of
$23 million
, which was included in amortization expense.
|
(7)
|
During the
third quarter
of fiscal
2018
, the Company recorded business acquisition and integration costs incurred through business combinations of
$1 million
, which was included in selling, marketing and administration expenses.
|
(8)
|
During the
third quarter
of fiscal
2018
, the Company recorded the Nokia arbitration charge of $149 million, of which
$132 million
was presented on a separate line in the Consolidated Statements of Operations, and
$17 million
was included in investment income (loss).
|
|
|
For the quarters ended
|
|||||||||||||||||||||||||||||||||
|
|
November 30, 2017
|
|
August 31, 2017
|
|
May 31, 2017
|
|
February 28, 2017
|
|
November 30, 2016
|
|||||||||||||||||||||||||
North America
|
|
$
|
133
|
|
|
58.9
|
%
|
|
$
|
133
|
|
|
55.9
|
%
|
|
$
|
127
|
|
|
54.0
|
%
|
|
$
|
166
|
|
|
58.0
|
%
|
|
$
|
167
|
|
|
57.8
|
%
|
Europe, Middle East and Africa
|
|
69
|
|
|
30.5
|
%
|
|
76
|
|
|
31.9
|
%
|
|
70
|
|
|
29.8
|
%
|
|
83
|
|
|
29.0
|
%
|
|
87
|
|
|
30.1
|
%
|
|||||
Latin America
|
|
3
|
|
|
1.3
|
%
|
|
4
|
|
|
1.7
|
%
|
|
4
|
|
|
1.7
|
%
|
|
5
|
|
|
1.8
|
%
|
|
7
|
|
|
2.4
|
%
|
|||||
Asia Pacific
|
|
21
|
|
|
9.3
|
%
|
|
25
|
|
|
10.5
|
%
|
|
34
|
|
|
14.5
|
%
|
|
32
|
|
|
11.2
|
%
|
|
28
|
|
|
9.7
|
%
|
|||||
Total
|
|
$
|
226
|
|
|
100.0
|
%
|
|
$
|
238
|
|
|
100.0
|
%
|
|
$
|
235
|
|
|
100.0
|
%
|
|
$
|
286
|
|
|
100.0
|
%
|
|
$
|
289
|
|
|
100.0
|
%
|
|
US GAAP
|
|
Adjustments
|
|
Non-GAAP
|
||||||||||||||||||
|
Three months ended
|
|
Three months ended
|
|
Three months ended
|
||||||||||||||||||
|
November 30, 2017
|
|
November 30, 2016
|
|
November 30, 2017
|
|
November 30, 2016
|
|
November 30, 2017
|
|
November 30, 2016
|
||||||||||||
Enterprise software and services
|
$
|
97
|
|
|
$
|
87
|
|
|
$
|
9
|
|
|
$
|
12
|
|
|
$
|
106
|
|
|
$
|
99
|
|
BlackBerry Technology Solutions
|
43
|
|
|
43
|
|
|
—
|
|
|
—
|
|
|
43
|
|
|
43
|
|
||||||
Licensing, IP and other
|
50
|
|
|
30
|
|
|
—
|
|
|
—
|
|
|
50
|
|
|
30
|
|
||||||
Handheld devices
|
9
|
|
|
62
|
|
|
—
|
|
|
—
|
|
|
9
|
|
|
62
|
|
||||||
SAF
|
27
|
|
|
67
|
|
|
—
|
|
|
—
|
|
|
27
|
|
|
67
|
|
||||||
Total
|
$
|
226
|
|
|
$
|
289
|
|
|
$
|
9
|
|
|
$
|
12
|
|
|
$
|
235
|
|
|
$
|
301
|
|
|
|
For the three months ended
|
||||||||||
|
|
November 30, 2017
|
|
August 31, 2017
|
|
November 30, 2016
|
||||||
Revenue
|
|
$
|
226
|
|
|
$
|
238
|
|
|
$
|
289
|
|
Cost of sales
|
|
58
|
|
|
63
|
|
|
96
|
|
|||
Gross margin
|
|
168
|
|
|
175
|
|
|
193
|
|
|||
Gross margin %
|
|
74.3
|
%
|
|
73.5
|
%
|
|
66.8
|
%
|
|||
Operating expenses
|
|
|
|
|
|
|
||||||
Research and development
|
|
60
|
|
|
60
|
|
|
75
|
|
|||
Selling, marketing and administration
|
|
118
|
|
|
110
|
|
|
141
|
|
|||
Amortization
|
|
37
|
|
|
39
|
|
|
43
|
|
|||
Impairment of long-lived assets
|
|
—
|
|
|
11
|
|
|
—
|
|
|||
Loss on sale, disposal and abandonment of long-lived assets
|
|
2
|
|
|
3
|
|
|
46
|
|
|||
Debentures fair value adjustment
|
|
77
|
|
|
(70
|
)
|
|
2
|
|
|||
Arbitration charges
|
|
132
|
|
|
—
|
|
|
—
|
|
|||
|
|
426
|
|
|
153
|
|
|
307
|
|
|||
Operating income (loss)
|
|
(258
|
)
|
|
22
|
|
|
(114
|
)
|
|||
Investment income (loss), net
|
|
(17
|
)
|
|
1
|
|
|
(4
|
)
|
|||
Income (loss) before income taxes
|
|
(275
|
)
|
|
23
|
|
|
(118
|
)
|
|||
Provision for (recovery of) income taxes
|
|
—
|
|
|
4
|
|
|
(1
|
)
|
|||
Net income (loss)
|
|
$
|
(275
|
)
|
|
$
|
19
|
|
|
$
|
(117
|
)
|
Earnings (loss) per share
|
|
|
|
|
|
|
|
|
|
|||
Basic
|
|
$
|
(0.52
|
)
|
|
$
|
0.04
|
|
|
$
|
(0.22
|
)
|
Diluted
|
|
$
|
(0.52
|
)
|
|
$
|
(0.07
|
)
|
|
$
|
(0.22
|
)
|
|
|
|
|
|
|
|
||||||
Weighted-average number of common shares outstanding (000’s)
|
|
|
|
|
|
|
|
|
|
|||
Basic
|
|
532,496
|
|
|
531,381
|
|
|
526,102
|
|
|||
Diluted
|
|
532,496
|
|
|
606,645
|
|
|
526,102
|
|
|||
Total common shares outstanding (000’s)
|
|
536,307
|
|
|
530,411
|
|
|
529,962
|
|
|
|
As at
|
||||||
|
|
November 30, 2017
|
|
February 28, 2017
|
||||
Assets
|
|
|
|
|
||||
Current
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
529
|
|
|
$
|
734
|
|
Short-term investments
|
|
1,894
|
|
|
644
|
|
||
Accounts receivable, net
|
|
164
|
|
|
200
|
|
||
Other receivables
|
|
33
|
|
|
27
|
|
||
Inventories
|
|
3
|
|
|
26
|
|
||
Income taxes receivable
|
|
22
|
|
|
31
|
|
||
Other current assets
|
|
36
|
|
|
55
|
|
||
|
|
2,681
|
|
|
1,717
|
|
||
Long-term receivables
|
|
30
|
|
|
7
|
|
||
Long-term investments
|
|
55
|
|
|
269
|
|
||
Restricted cash and cash equivalents
|
|
45
|
|
|
51
|
|
||
Property, plant and equipment, net
|
|
68
|
|
|
91
|
|
||
Goodwill
|
|
567
|
|
|
559
|
|
||
Intangible assets, net
|
|
502
|
|
|
602
|
|
||
|
|
$
|
3,948
|
|
|
$
|
3,296
|
|
Liabilities
|
|
|
|
|
|
|
||
Current
|
|
|
|
|
|
|
||
Accounts payable
|
|
$
|
63
|
|
|
$
|
128
|
|
Accrued liabilities
|
|
357
|
|
|
258
|
|
||
Income taxes payable
|
|
19
|
|
|
14
|
|
||
Deferred revenue
|
|
190
|
|
|
239
|
|
||
|
|
629
|
|
|
639
|
|
||
Long-term debt
|
|
816
|
|
|
591
|
|
||
Deferred income tax liability
|
|
7
|
|
|
9
|
|
||
|
|
1,452
|
|
|
1,239
|
|
||
Shareholders’ equity
|
|
|
|
|
|
|||
Capital stock and additional paid-in capital
|
|
2,546
|
|
|
2,512
|
|
||
Deficit
|
|
(37
|
)
|
|
(438
|
)
|
||
Accumulated other comprehensive loss
|
|
(13
|
)
|
|
(17
|
)
|
||
|
|
2,496
|
|
|
2,057
|
|
||
|
|
$
|
3,948
|
|
|
$
|
3,296
|
|
|
For the nine months ended
|
||||||
|
November 30, 2017
|
|
November 30, 2016
|
||||
Cash flows from operating activities
|
|
|
|
||||
Net income (loss)
|
$
|
415
|
|
|
$
|
(1,159
|
)
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
|
|
|
|
||||
Amortization
|
138
|
|
|
182
|
|
||
Deferred income taxes
|
(3
|
)
|
|
32
|
|
||
Stock-based compensation
|
36
|
|
|
45
|
|
||
Impairment of goodwill
|
—
|
|
|
57
|
|
||
Impairment of long-lived assets
|
11
|
|
|
501
|
|
||
Loss on sale, disposal and abandonment of long-lived assets
|
5
|
|
|
170
|
|
||
Other-than-temporary impairment on cost-based investments
|
—
|
|
|
8
|
|
||
Debentures fair value adjustment
|
225
|
|
|
40
|
|
||
Long-term receivables
|
(23
|
)
|
|
—
|
|
||
Other
|
(2
|
)
|
|
6
|
|
||
Net changes in working capital items:
|
|
|
|
||||
Accounts receivable, net
|
36
|
|
|
147
|
|
||
Other receivables
|
(6
|
)
|
|
10
|
|
||
Inventories
|
23
|
|
|
99
|
|
||
Income taxes receivable
|
4
|
|
|
1
|
|
||
Other current assets
|
17
|
|
|
31
|
|
||
Accounts payable
|
(65
|
)
|
|
(181
|
)
|
||
Income taxes payable
|
5
|
|
|
(29
|
)
|
||
Accrued liabilities
|
99
|
|
|
(84
|
)
|
||
Deferred revenue
|
(49
|
)
|
|
(118
|
)
|
||
Net cash provided by (used in) operating activities
|
866
|
|
|
(242
|
)
|
||
Cash flows from investing activities
|
|
|
|
||||
Acquisition of long-term investments
|
(27
|
)
|
|
(429
|
)
|
||
Proceeds on sale or maturity of long-term investments
|
77
|
|
|
215
|
|
||
Acquisition of property, plant and equipment
|
(11
|
)
|
|
(14
|
)
|
||
Proceeds on sale of property, plant and equipment
|
3
|
|
|
4
|
|
||
Acquisition of intangible assets
|
(22
|
)
|
|
(28
|
)
|
||
Business acquisitions, net of cash acquired
|
—
|
|
|
(5
|
)
|
||
Acquisition of short-term investments
|
(2,715
|
)
|
|
(901
|
)
|
||
Proceeds on sale or maturity of short-term investments
|
1,626
|
|
|
1,985
|
|
||
Conversion of cost-based investment to equity securities
|
—
|
|
|
10
|
|
||
Net cash provided by (used in) investing activities
|
(1,069
|
)
|
|
837
|
|
||
Cash flows from financing activities
|
|
|
|
||||
Issuance of common shares
|
7
|
|
|
5
|
|
||
Payment of contingent consideration from business acquisitions
|
—
|
|
|
(15
|
)
|
||
Common shares repurchased
|
(18
|
)
|
|
—
|
|
||
Effect of foreign exchange loss on restricted cash and cash equivalents
|
—
|
|
|
(3
|
)
|
||
Transfer to restricted cash and cash equivalents
|
6
|
|
|
2
|
|
||
Repurchase of 6% Debentures
|
—
|
|
|
(1,315
|
)
|
||
Issuance of 3.75% Debentures
|
—
|
|
|
605
|
|
||
Net cash used in financing activities
|
(5
|
)
|
|
(721
|
)
|
||
Effect of foreign exchange gain on cash and cash equivalents
|
3
|
|
|
(1
|
)
|
||
Net decrease in cash and cash equivalents during the period
|
(205
|
)
|
|
(127
|
)
|
||
Cash and cash equivalents, beginning of period
|
734
|
|
|
957
|
|
||
Cash and cash equivalents, end of period
|
$
|
529
|
|
|
$
|
830
|
|
|
|
|
|
||||
As at
|
November 30, 2017
|
|
February 28, 2017
|
||||
Cash and cash equivalents
|
$
|
529
|
|
|
$
|
734
|
|
Short-term investments
|
1,894
|
|
|
644
|
|
||
Long-term investments
|
55
|
|
|
269
|
|
||
Restricted cash
|
45
|
|
|
51
|
|
||
|
$
|
2,523
|
|
|
$
|
1,698
|
|
GAAP Income Statement (Three Months Ended)
|
Q1 FY17
|
|
Q2 FY17
|
|
Q3 FY17
|
|
Q4 FY17
|
|
FY17
|
|
Q1 FY18
|
|
Q2 FY18
|
|
Q3 FY18
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Enterprise software and services
|
$
|
82
|
|
|
$
|
84
|
|
|
$
|
87
|
|
|
$
|
91
|
|
|
$
|
344
|
|
|
$
|
92
|
|
|
$
|
91
|
|
|
$
|
97
|
|
BlackBerry Technology Solutions
|
35
|
|
|
38
|
|
|
43
|
|
|
35
|
|
|
151
|
|
|
36
|
|
|
38
|
|
|
43
|
|
||||||||
Licensing, IP & other
|
25
|
|
|
16
|
|
|
30
|
|
|
56
|
|
|
127
|
|
|
32
|
|
|
56
|
|
|
50
|
|
||||||||
Software and services
|
142
|
|
|
138
|
|
|
160
|
|
|
182
|
|
|
622
|
|
|
160
|
|
|
185
|
|
|
190
|
|
||||||||
Handheld devices
|
152
|
|
|
105
|
|
|
62
|
|
|
55
|
|
|
374
|
|
|
37
|
|
|
16
|
|
|
9
|
|
||||||||
Service access fees
|
106
|
|
|
91
|
|
|
67
|
|
|
49
|
|
|
313
|
|
|
38
|
|
|
37
|
|
|
27
|
|
||||||||
Revenue
|
400
|
|
|
334
|
|
|
289
|
|
|
286
|
|
|
1,309
|
|
|
235
|
|
|
238
|
|
|
226
|
|
||||||||
Cost of sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Cost of sales
|
200
|
|
|
139
|
|
|
94
|
|
|
110
|
|
|
542
|
|
|
85
|
|
|
63
|
|
|
58
|
|
||||||||
Inventory write-down
|
46
|
|
|
97
|
|
|
2
|
|
|
4
|
|
|
150
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Total cost of sales
|
246
|
|
|
236
|
|
|
96
|
|
|
114
|
|
|
692
|
|
|
85
|
|
|
63
|
|
|
58
|
|
||||||||
Gross margin
|
154
|
|
|
98
|
|
|
193
|
|
|
172
|
|
|
617
|
|
|
150
|
|
|
175
|
|
|
168
|
|
||||||||
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Research and development
|
89
|
|
|
85
|
|
|
75
|
|
|
57
|
|
|
306
|
|
|
61
|
|
|
60
|
|
|
60
|
|
||||||||
Selling, marketing and administration
|
129
|
|
|
138
|
|
|
141
|
|
|
144
|
|
|
553
|
|
|
109
|
|
|
110
|
|
|
118
|
|
||||||||
Amortization
|
54
|
|
|
44
|
|
|
43
|
|
|
45
|
|
|
186
|
|
|
40
|
|
|
39
|
|
|
37
|
|
||||||||
Impairment of goodwill
|
57
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
57
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Impairment of long-lived assets
|
501
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
501
|
|
|
—
|
|
|
11
|
|
|
—
|
|
||||||||
Loss on sale, disposal and abandonment of long-lived assets
|
3
|
|
|
124
|
|
|
46
|
|
|
(1
|
)
|
|
171
|
|
|
1
|
|
|
3
|
|
|
2
|
|
||||||||
Debentures fair value adjustment
|
(24
|
)
|
|
62
|
|
|
2
|
|
|
(16
|
)
|
|
24
|
|
|
218
|
|
|
(70
|
)
|
|
77
|
|
||||||||
Arbitration awards (charges)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(815
|
)
|
|
—
|
|
|
132
|
|
||||||||
Total operating expenses
|
809
|
|
|
453
|
|
|
307
|
|
|
229
|
|
|
1,798
|
|
|
(386
|
)
|
|
153
|
|
|
426
|
|
||||||||
Operating income (loss)
|
(655
|
)
|
|
(355
|
)
|
|
(114
|
)
|
|
(57
|
)
|
|
(1,181
|
)
|
|
536
|
|
|
22
|
|
|
(258
|
)
|
||||||||
Investment income (loss), net
|
(15
|
)
|
|
(16
|
)
|
|
(4
|
)
|
|
8
|
|
|
(27
|
)
|
|
136
|
|
|
1
|
|
|
(17
|
)
|
||||||||
Income (loss) before income taxes
|
(670
|
)
|
|
(371
|
)
|
|
(118
|
)
|
|
(49
|
)
|
|
(1,208
|
)
|
|
672
|
|
|
23
|
|
|
(275
|
)
|
||||||||
Provision for (recovery of) income taxes
|
—
|
|
|
1
|
|
|
(1
|
)
|
|
(2
|
)
|
|
(2
|
)
|
|
1
|
|
|
4
|
|
|
—
|
|
||||||||
Net income (loss)
|
$
|
(670
|
)
|
|
$
|
(372
|
)
|
|
$
|
(117
|
)
|
|
$
|
(47
|
)
|
|
$
|
(1,206
|
)
|
|
$
|
671
|
|
|
$
|
19
|
|
|
$
|
(275
|
)
|
Earnings (loss) per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Basic earnings (loss) per share
|
$
|
(1.28
|
)
|
|
$
|
(0.71
|
)
|
|
$
|
(0.22
|
)
|
|
$
|
(0.09
|
)
|
|
$
|
(2.30
|
)
|
|
$
|
1.26
|
|
|
$
|
0.04
|
|
|
$
|
(0.52
|
)
|
Diluted earnings (loss) per share
|
$
|
(1.28
|
)
|
|
$
|
(0.71
|
)
|
|
$
|
(0.22
|
)
|
|
$
|
(0.10
|
)
|
|
$
|
(2.30
|
)
|
|
$
|
1.23
|
|
|
$
|
(0.07
|
)
|
|
$
|
(0.52
|
)
|
Weighted-average number of common shares outstanding (000’s)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Basic
|
521,905
|
|
|
522,826
|
|
|
526,102
|
|
|
530,352
|
|
|
525,265
|
|
|
531,096
|
|
|
531,381
|
|
|
532,496
|
|
||||||||
Diluted
|
521,905
|
|
|
522,826
|
|
|
526,102
|
|
|
590,852
|
|
|
525,265
|
|
|
544,077
|
|
|
606,645
|
|
|
532,496
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Non-GAAP Adjustments (Three Months Ended, Pre-Tax and After Tax)
|
Q1 FY17
|
|
Q2 FY17
|
|
Q3 FY17
|
|
Q4 FY17
|
|
FY17
|
|
Q1 FY18
|
|
Q2 FY18
|
|
Q3 FY18
|
||||||||||||||||
LLA impairment charge
|
$
|
501
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
501
|
|
|
$
|
—
|
|
|
$
|
11
|
|
|
$
|
—
|
|
Patent abandonments
|
2
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|
4
|
|
|
1
|
|
|
2
|
|
|
—
|
|
||||||||
Goodwill impairment charge
|
57
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
57
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Inventory write-down
|
41
|
|
|
96
|
|
|
—
|
|
|
4
|
|
|
141
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Debentures fair value adjustment
|
(24
|
)
|
|
62
|
|
|
2
|
|
|
(16
|
)
|
|
24
|
|
|
218
|
|
|
(70
|
)
|
|
77
|
|
||||||||
Write-down of assets held for sale
|
—
|
|
|
123
|
|
|
42
|
|
|
—
|
|
|
165
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
RAP charges
|
23
|
|
|
24
|
|
|
23
|
|
|
24
|
|
|
95
|
|
|
16
|
|
|
16
|
|
|
20
|
|
||||||||
CORE program recoveries
|
(2
|
)
|
|
(2
|
)
|
|
(2
|
)
|
|
—
|
|
|
(7
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Software deferred revenue acquired
|
24
|
|
|
18
|
|
|
12
|
|
|
11
|
|
|
65
|
|
|
9
|
|
|
11
|
|
|
9
|
|
||||||||
Stock compensation expense
|
12
|
|
|
18
|
|
|
15
|
|
|
15
|
|
|
60
|
|
|
13
|
|
|
12
|
|
|
12
|
|
||||||||
Acquired intangibles amortization
|
28
|
|
|
28
|
|
|
28
|
|
|
28
|
|
|
112
|
|
|
25
|
|
|
24
|
|
|
23
|
|
||||||||
Business acquisition and integration
|
7
|
|
|
4
|
|
|
5
|
|
|
3
|
|
|
19
|
|
|
11
|
|
|
1
|
|
|
1
|
|
||||||||
Arbitration charges (awards)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(954
|
)
|
|
—
|
|
|
149
|
|
||||||||
Total Non-GAAP Adjustments
|
$
|
669
|
|
|
$
|
371
|
|
|
$
|
126
|
|
|
$
|
70
|
|
|
$
|
1,236
|
|
|
$
|
(661
|
)
|
|
$
|
7
|
|
|
$
|
291
|
|
Non-GAAP Gross Profit
|
Q1 FY17
|
|
Q2 FY17
|
|
Q3 FY17
|
|
Q4 FY17
|
|
FY17
|
|
Q1 FY18
|
|
Q2 FY18
|
|
Q3 FY18
|
||||||||||||||||
GAAP revenue
|
$
|
400
|
|
|
$
|
334
|
|
|
$
|
289
|
|
|
$
|
286
|
|
|
$
|
1,309
|
|
|
$
|
235
|
|
|
$
|
238
|
|
|
$
|
226
|
|
Software deferred revenue acquired
|
24
|
|
|
18
|
|
|
12
|
|
|
11
|
|
|
65
|
|
|
9
|
|
|
11
|
|
|
9
|
|
||||||||
Non-GAAP revenue
|
424
|
|
|
352
|
|
|
301
|
|
|
297
|
|
|
1,374
|
|
|
244
|
|
|
249
|
|
|
235
|
|
||||||||
Total cost of sales
|
(246
|
)
|
|
(236
|
)
|
|
(96
|
)
|
|
(114
|
)
|
|
(692
|
)
|
|
(85
|
)
|
|
(63
|
)
|
|
(58
|
)
|
||||||||
Non-GAAP adjustments to cost of sales
|
48
|
|
|
103
|
|
|
5
|
|
|
11
|
|
|
167
|
|
|
4
|
|
|
4
|
|
|
3
|
|
||||||||
Non-GAAP Gross Profit
|
$
|
226
|
|
|
$
|
219
|
|
|
$
|
210
|
|
|
$
|
194
|
|
|
$
|
849
|
|
|
$
|
163
|
|
|
$
|
190
|
|
|
$
|
180
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Adjusted EBITDA
|
Q1 FY17
|
|
Q2 FY17
|
|
Q3 FY17
|
|
Q4 FY17
|
|
FY17
|
|
Q1 FY18
|
|
Q2 FY18
|
|
Q3 FY18
|
||||||||||||||||
GAAP operating income (loss)
|
$
|
(655
|
)
|
|
$
|
(355
|
)
|
|
$
|
(114
|
)
|
|
$
|
(57
|
)
|
|
$
|
(1,181
|
)
|
|
$
|
536
|
|
|
$
|
22
|
|
|
$
|
(258
|
)
|
Non-GAAP adjustments to operating income (loss)
|
669
|
|
|
371
|
|
|
126
|
|
|
70
|
|
|
1,236
|
|
|
(522
|
)
|
|
7
|
|
|
274
|
|
||||||||
Non-GAAP operating income
|
14
|
|
|
16
|
|
|
12
|
|
|
13
|
|
|
55
|
|
|
14
|
|
|
29
|
|
|
16
|
|
||||||||
Amortization
|
72
|
|
|
57
|
|
|
53
|
|
|
57
|
|
|
239
|
|
|
51
|
|
|
45
|
|
|
42
|
|
||||||||
Acquired intangibles amortization
|
(28
|
)
|
|
(28
|
)
|
|
(28
|
)
|
|
(28
|
)
|
|
(112
|
)
|
|
(25
|
)
|
|
(24
|
)
|
|
(23
|
)
|
||||||||
Adjusted EBITDA
|
$
|
58
|
|
|
$
|
45
|
|
|
$
|
37
|
|
|
$
|
42
|
|
|
$
|
182
|
|
|
$
|
40
|
|
|
$
|
50
|
|
|
$
|
35
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Reconciliation from GAAP Net Income (Loss) to Non-GAAP Net Loss and Non-GAAP Loss per Share
|
Q1 FY17
|
|
Q2 FY17
|
|
Q3 FY17
|
|
Q4 FY17
|
|
FY17
|
|
Q1 FY18
|
|
Q2 FY18
|
|
Q3 FY18
|
||||||||||||||||
GAAP net income (loss)
|
$
|
(670
|
)
|
|
$
|
(372
|
)
|
|
$
|
(117
|
)
|
|
$
|
(47
|
)
|
|
$
|
(1,206
|
)
|
|
$
|
671
|
|
|
$
|
19
|
|
|
$
|
(275
|
)
|
Total Non-GAAP adjustments (three months ended, after-tax)
|
669
|
|
|
371
|
|
|
126
|
|
|
70
|
|
|
1,236
|
|
|
(661
|
)
|
|
7
|
|
|
291
|
|
||||||||
Non-GAAP Net Income (Loss)
|
$
|
(1
|
)
|
|
$
|
(1
|
)
|
|
$
|
9
|
|
|
$
|
23
|
|
|
$
|
30
|
|
|
$
|
10
|
|
|
$
|
26
|
|
|
$
|
16
|
|
Non-GAAP Income (Loss) per Share
|
$
|
0.00
|
|
|
$
|
0.00
|
|
|
$
|
0.02
|
|
|
$
|
0.04
|
|
|
$
|
0.06
|
|
|
$
|
0.02
|
|
|
$
|
0.05
|
|
|
$
|
0.03
|
|
Shares outstanding for Non-GAAP Income per share reconciliation
|
521,905
|
|
|
522,826
|
|
|
526,102
|
|
|
530,352
|
|
|
525,265
|
|
|
531,096
|
|
|
531,381
|
|
|
532,496
|
|
|
Q1 FY17
|
|
Q2 FY17
|
|
Q3 FY17
|
|
Q4 FY17
|
|
FY17
|
|
Q1 FY18
|
|
Q2 FY18
|
|
Q3 FY18
|
||||||||||||||||
Selling, marketing and administration
|
$
|
(2
|
)
|
|
$
|
(2
|
)
|
|
$
|
(2
|
)
|
|
$
|
—
|
|
|
(7
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Total CORE recoveries
|
$
|
(2
|
)
|
|
$
|
(2
|
)
|
|
$
|
(2
|
)
|
|
$
|
—
|
|
|
$
|
(7
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Q1 FY17
|
|
Q2 FY17
|
|
Q3 FY17
|
|
Q4 FY17
|
|
FY17
|
|
Q1 FY18
|
|
Q2 FY18
|
|
Q3 FY18
|
||||||||||||||||
Cost of sales
|
$
|
7
|
|
|
$
|
7
|
|
|
$
|
5
|
|
|
$
|
6
|
|
|
$
|
25
|
|
|
$
|
3
|
|
|
$
|
3
|
|
|
$
|
2
|
|
Research and development
|
2
|
|
|
—
|
|
|
(1
|
)
|
|
3
|
|
|
4
|
|
|
3
|
|
|
1
|
|
|
1
|
|
||||||||
Selling, marketing and administration
|
14
|
|
|
17
|
|
|
19
|
|
|
15
|
|
|
66
|
|
|
10
|
|
|
12
|
|
|
17
|
|
||||||||
Total RAP charges
|
$
|
23
|
|
|
$
|
24
|
|
|
$
|
23
|
|
|
$
|
24
|
|
|
$
|
95
|
|
|
$
|
16
|
|
|
$
|
16
|
|
|
$
|
20
|
|
|
Q1 FY17
|
|
Q2 FY17
|
|
Q3 FY17
|
|
Q4 FY17
|
|
FY17
|
|
Q1 FY18
|
|
Q2 FY18
|
|
Q3 FY18
|
||||||||||||||||
In cost of sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Property, plant and equipment
|
$
|
12
|
|
|
$
|
12
|
|
|
$
|
10
|
|
|
$
|
9
|
|
|
$
|
43
|
|
|
$
|
7
|
|
|
$
|
4
|
|
|
$
|
5
|
|
Intangible assets
|
6
|
|
|
1
|
|
|
—
|
|
|
3
|
|
|
10
|
|
|
4
|
|
|
2
|
|
|
—
|
|
||||||||
Total in cost of sales
|
18
|
|
|
13
|
|
|
10
|
|
|
12
|
|
|
53
|
|
|
11
|
|
|
6
|
|
|
5
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
In operating expenses amortization
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Property, plant and equipment
|
12
|
|
|
8
|
|
|
6
|
|
|
7
|
|
|
33
|
|
|
5
|
|
|
5
|
|
|
3
|
|
||||||||
Intangible assets
|
42
|
|
|
36
|
|
|
37
|
|
|
38
|
|
|
153
|
|
|
35
|
|
|
34
|
|
|
34
|
|
||||||||
Total in operating expenses amortization
|
54
|
|
|
44
|
|
|
43
|
|
|
45
|
|
|
186
|
|
|
40
|
|
|
39
|
|
|
37
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total amortization
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Property, plant and equipment
|
24
|
|
|
20
|
|
|
16
|
|
|
16
|
|
|
76
|
|
|
12
|
|
|
9
|
|
|
8
|
|
||||||||
Intangible assets
|
48
|
|
|
37
|
|
|
37
|
|
|
41
|
|
|
163
|
|
|
39
|
|
|
36
|
|
|
34
|
|
||||||||
Total amortization
|
$
|
72
|
|
|
$
|
57
|
|
|
$
|
53
|
|
|
$
|
57
|
|
|
$
|
239
|
|
|
$
|
51
|
|
|
$
|
45
|
|
|
$
|
42
|
|
|
BlackBerry Limited
|
|||||
|
(Registrant)
|
|||||
Date:
|
|
December 20, 2017
|
|
By:
|
/s/ Steven Capelli
|
|
|
Name:
|
Steven Capelli
|
||||
Title:
|
Chief Financial Officer & Chief Operating Officer
|
1 Year BlackBerry Chart |
1 Month BlackBerry Chart |
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