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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| TSXV:BBM | TSX Venture | Common Stock |
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|---|---|---|---|---|---|---|---|---|---|---|
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BlackBerry Limited (NASDAQ:BBRY)(TSX:BB), a global leader in mobile
communications, today reported financial results for the three months and fiscal
year ended March 1, 2014 (all figures in U.S. dollars and U.S. GAAP, except
where otherwise indicated).
Q4 Highlights:
-- Cash and investments balance of $2.7B at the end of the fiscal fourth
quarter
-- Adjusted Q4 gross margin of 43%, up from 34% in the prior quarter
-- Channel inventory down 30% from the prior quarter
-- Reduced adjusted operating expenses by approximately 51% from Q1FY14
-- Revenue for the fourth quarter of approximately $976 million
Q4 Results
Revenue for the fourth quarter of fiscal 2014 was approximately $976 million,
down $217 million or 18% from approximately $1.2 billion in the previous quarter
and down 64% from $2.7 billion in the same quarter of fiscal 2013. The revenue
breakdown for the quarter was approximately 37% for hardware, 56% for services
and 7% for software and other revenue. During the fourth quarter, the Company
recognized hardware revenue on approximately 1.3 million BlackBerry smartphones
compared to approximately 1.9 million BlackBerry smartphones in the previous
quarter. During the fourth quarter, approximately 3.4 million BlackBerry
smartphones were sold through to end customers, which included shipments made
and recognized prior to the fourth quarter and which reduced the Company's
inventory in channel. Of the BlackBerry smartphones sold through to end
customers in the fourth quarter, approximately 2.3 million were BlackBerry 7
devices.
GAAP loss from continuing operations for the fourth quarter was $423 million, or
$0.80 per share diluted. The loss includes a non-cash charge associated with the
change in the fair value of the Debentures of approximately $382 million (the
"Q4 Fiscal 2014 Debentures Fair Value Adjustment"), a pre-tax recovery of
previously recorded inventory charges of approximately $149 million (the "Q4
Fiscal 2014 Inventory Recovery") and pre-tax restructuring charges of
approximately $148 million related to the Cost Optimization and Resource
Efficiency ("CORE") program. This compares with a GAAP loss from continuing
operations of $4.4 billion, or $8.37 per share diluted in the prior quarter, and
GAAP income from continuing operations of $94 million, or $0.18 per share
diluted, in the same quarter last year.
Adjusted loss from continuing operations for the fourth quarter was $42 million,
or $0.08 per share diluted. Adjusted loss from continuing operations and
adjusted diluted loss per share exclude the impact of the non-cash Q4 Fiscal
2014 Debentures Fair Value Adjustment of approximately $382 million ($382
million after tax), the Q4 Fiscal 2014 Inventory Recovery of approximately $149
million ($106 million after tax), and pre-tax restructuring charges of
approximately $148 million ($105 million after tax) related to the CORE program
incurred in the fourth quarter of fiscal 2014. These impacts on GAAP loss from
continuing operations and diluted loss per share from continuing operations are
summarized in the table below.
The total of cash, cash equivalents, short-term and long-term investments was
approximately $2.7 billion as of March 1, 2014, compared to $3.2 billion at the
end of the previous quarter. Cash flow used in operations in the fourth quarter
was approximately $553 million. Cash flows provided by financing activities in
the fourth quarter were approximately $251 million, which includes the
additional issuance of $250 million of convertible debentures. Cash flows used
in investing activities included intangible asset additions of approximately
$243 million. Purchase obligations and other commitments amounted to
approximately $1.9 billion as at March 1, 2014, with purchase orders with
contract manufacturers representing approximately $586 million of the total.
"I am very pleased with our progress and execution in fiscal Q4 against the
strategy we laid out three months ago. We have significantly streamlined
operations, allowing us to reach our expense reduction target one quarter ahead
of schedule," said John Chen, Executive Chairman and Chief Executive Officer of
BlackBerry. "BlackBerry is on sounder financial footing today with a path to
returning to growth and profitability."
Outlook
The Company anticipates maintaining its strong cash position and continuing to
look for opportunities to streamline operations. The Company is targeting break
even cash flow results by the end of fiscal 2015.
Reconciliation of GAAP gross margin, gross margin percentage, loss from
continuing operations before income taxes, loss from continuing operations and
diluted loss per share from continuing operations to adjusted gross margin,
adjusted gross margin percentage, adjusted loss from continuing operations
before income taxes, adjusted loss from continuing operations and adjusted
diluted loss per share from continuing operations:
(United States dollars, in millions except per share data)
Loss from
continuing Diluted
Gross Gross operations loss per
Margin(1) Margin %(1) before Loss from share from
(before (before income Continuing continuing
taxes) taxes) taxes Operations operations
--------------------------------------------------------------
As reported $ 553 57% $ (557) $ (423) $ (0.80)
Adjustments:
CORE charges
(2) 17 2% 148 105 0.20
Q4 Fiscal 2014
Debenture
Fair Value
Adjustment
(3) 382 382 0.73
Q4 Fiscal 2014
Inventory
Recovery (4) (149) (15)% (149) (106) (0.20)
--------------------------------------------------------------
Adjusted $ 421 43% $ (176) $ (42) $ (0.08)
--------------------------------------------------------------
--------------------------------------------------------------
Note: Adjusted gross margin, adjusted gross margin percentage, adjusted loss
from continuing operations before tax, adjusted loss from continuing operations
and adjusted diluted loss per share from continuing operations do not have a
standardized meaning prescribed by GAAP and thus are not comparable to similarly
titled measures presented by other issuers. The Company believes that the
presentation of these non-GAAP measures enables the Company and its shareholders
to better assess the Company's operating results relative to its operating
results in prior periods and improves the comparability of the information
presented. Investors should consider these non-GAAP measures in the context of
the Company's GAAP results.
(1) During the fourth quarter of fiscal 2014, the Company reported GAAP
gross margin of $553 million or 57% of revenue. Excluding the impact
of the CORE charges included in cost of sales and the Q4 Fiscal 2014
Inventory Recovery, the adjusted gross margin was $421 million, or
43%.
(2) As part of the Company's ongoing effort to streamline its operations
and increase efficiency, the Company commenced the CORE program in
March 2012. During the fourth quarter of fiscal 2014, the Company
incurred charges related to the CORE program of approximately $148
million pre-tax, or $105 million after tax. Substantially all of the
pre-tax charges are related to one-time employee termination benefits,
facilities and manufacturing costs. During the fourth quarter of
fiscal 2014, charges of approximately $17 million were included in
cost of sales, charges of approximately $21 million were included in
research and development and charges of approximately $110 million
were included in selling, marketing, and administration expenses.
(3) During the fourth quarter of fiscal 2014, the Company recorded a non-
cash charge associated with the change in the fair value of the
Debentures of approximately $382 million. This adjustment was
presented on a separate line in the Statements of Operations.
(4) During the fourth quarter of fiscal 2014, the Company recorded a
recovery of previous charges against inventory and supply commitments
of approximately $149 million, or $106 million after tax, to reflect
increased sell through rates, relative to the estimates and
assumptions previously considered, resulting from discounted pricing
and revised orders on hand for devices and components of BlackBerry 10
products.
Fiscal 2014 Results
Revenue from continuing operations for the fiscal year ended March 1, 2014 was
$6.8 billion, down 38% from $11.1 billion in fiscal 2013. The Company's GAAP net
loss from continuing operations for fiscal 2014 was $5.9 billion, or $11.18 per
share diluted, compared with GAAP net loss from continuing operations of $628
million, or $1.20 per share diluted in fiscal 2013. Adjusted net loss from
continuing operations for fiscal 2014 was $711 million, or $1.35 per share
diluted. Adjusted net loss from continuing operations and adjusted diluted loss
per share for fiscal 2014 exclude the pre-tax impacts of an LLA impairment
charge of $2.7 billion ($2.5 billion after tax), the Q4 Fiscal 2014 Inventory
Recovery of $1.6 billion ($1.3 billion after tax), the Z10 inventory charge of
$934 million ($666 million after tax), the Q4 Fiscal 2014 Debentures Fair Value
Adjustment of $382 million ($382 million after tax), charges of $512 million
($398 million after tax) related to the Company's CORE program and strategic
review process and the Q4 Fiscal 2014 Inventory Recovery of $149 million ($106
million after tax). These charges and their related impacts on GAAP net loss
from continuing operations and diluted loss per share from continuing operations
are summarized in the table below.
Reconciliation of GAAP gross margin, gross margin percentage, loss from
continuing operations before income taxes, loss from continuing operations and
diluted loss per share from continuing operations to adjusted gross margin,
adjusted gross margin percentage, adjusted loss from continuing operations
before income taxes, adjusted loss from continuing operations and adjusted
diluted loss per share from continuing operations:
(United States dollars, in millions except per share data)
For the fiscal year ended March 1, 2014
--------------------------------------------------------------
Loss from
continuing Diluted
Gross Gross operations loss per
Margin(1) Margin %(1) before Loss from share from
(before (before income Continuing continuing
taxes) taxes) taxes Operations operations
--------------------------------------------------------------
As reported $ (43) (1)% $ (7,184) $ (5,873) $ (11.18)
Adjustments:
CORE charges 103
(1) 2% 512 398 0.76
Q4 Fiscal 2014
Debenture
Fair Value
Adjustment
(2) 382 382 0.73
Q4 Fiscal 2014
Inventory
Recovery (3) (149) (2)% (149) (106) (0.20)
LLA Impairment
Charge (4) 2,748 2,475 4.71
Q3 Fiscal 2014
Inventory
Charge (5) 1,592 23% 1,592 1,347 2.56
Z10 Inventory
Charge (6) 934 14% 934 666 1.27
--------------------------------------------------------------
Adjusted $ 2,437 36% $ (1,165) $ (711) $ (1.35)
--------------------------------------------------------------
--------------------------------------------------------------
Note: Adjusted gross margin, adjusted gross margin percentage, adjusted loss
from continuing operations before tax, adjusted loss from continuing operations
and adjusted diluted loss per share from continuing operations do not have a
standardized meaning prescribed by GAAP and thus are not comparable to similarly
titled measures presented by other issuers. The Company believes that the
presentation of these non-GAAP measures enables the Company and its shareholders
to better assess the Company's operating results relative to its operating
results in prior periods and improves the comparability of the information
presented. Investors should consider these non-GAAP measures in the context of
the Company's GAAP results.
(1) As part of the Company's ongoing effort to streamline its operations
and increase efficiency, the Company commenced the CORE program in
March 2012. Further, the Company announced the formation of a special
committee to conduct an organizational strategic review on August 12,
2013. During fiscal 2014, the Company incurred approximately $512
million in total pre-tax charges related to the CORE program and
strategic review process. Substantially all of the pre-tax charges are
related to one-time employee termination benefits, facilities and
manufacturing costs related to the CORE program and legal and
financial advisory costs related to the strategic review process.
During fiscal 2014, pre-tax charges of approximately $103 million were
included in cost of sales, charges of approximately $76 million were
included in research and development and charges of approximately $333
million were included in selling, marketing, and administration
expenses.
(2) During the fourth quarter of fiscal 2014, the Company recorded a non-
cash charge associated with the change in the fair value of the
Debentures of approximately $382 million. This adjustment was
presented on a separate line in the Statements of Operations.
(3) During the fourth quarter of fiscal 2014, the Company recorded a
recovery of previous charges against inventory and supply commitments
of approximately $149 million, or $106 million after tax, to reflect
increased sell through rates, relative to the estimates and
assumptions previously considered, resulting from discounted pricing
and revised orders on hand for devices and components of BlackBerry 10
products.
(4) During the third quarter of fiscal 2014 the Company performed a long-
lived asset impairment test and based on the results of that test, the
Company recorded a non-cash LLA Impairment Charge of approximately
$2.7 billion pre-tax, or $2.5 billion after tax.
(5) During the third quarter of fiscal 2014, the Company recorded a
primarily non-cash, pre-tax charge against inventory and supply
commitments of approximately $1.6 billion, or $1.3 billion after tax,
which was primarily attributable to BlackBerry 10 devices.
(6) During the second quarter of fiscal 2014, the Company recorded a
primarily non-cash, pre-tax charge against inventory and supply
commitments of approximately $934 million, or $666 million after tax,
which was primarily attributable to BlackBerry Z10 devices.
Supplementary Geographic Revenue Breakdown
Blackberry Limited
(United States dollars, in millions)
Revenue by Region
For the quarter ended
---------------------------------------------------------
March 1, 2014 November 30, 2013 August 31, 2013
---------------------------------------------------------
North America $ 297 30.4% $ 340 28.5% $ 414 26.3%
Europe, Middle East
and Africa 412 42.2% 549 46.0% 686 43.6%
Latin America 127 13.0% 135 11.3% 196 12.5%
Asia Pacific 140 14.4% 169 14.2% 277 17.6%
---------------------------------------------------------
Total $ 976 100.0% $ 1,193 100.0% $ 1,573 100.0%
---------------------------------------------------------
---------------------------------------------------------
For the quarter ended
--------------------------------------
June 1, 2013 March 2, 2013
--------------------------------------
North America $ 761 24.8% $ 587 21.9%
Europe, Middle East
and Africa 1,343 43.7% 1,227 45.8%
Latin America 449 14.6% 479 17.9%
Asia Pacific 518 16.9% 385 14.4%
--------------------------------------
Total $ 3,071 100.0% $ 2,678 100.0%
--------------------------------------
--------------------------------------
Conference Call and Webcast
A conference call and live webcast will be held beginning at 8 am ET, which can
be accessed by dialing 1-800-814-4859 or through your BlackBerry(R) 10
smartphone, personal computer or BlackBerry(R) PlayBook(TM) tablet at
http://ca.blackberry.com/company/investors/events.html. A replay of the
conference call will also be available at approximately 10 am by dialing
(+1)416-640-1917 and entering pass code 4612572# or by clicking the link above
on your BlackBerry(R) 10 smartphone, personal computer or BlackBerry(R)
PlayBook(TM) tablet. This replay will be available until midnight ET April 11,
2014.
About BlackBerry
A global leader in mobile communication, BlackBerry(R) revolutionized the mobile
industry when it was introduced in 1999. Today, BlackBerry aims to inspire the
success of our millions of customers around the world by continuously pushing
the boundaries of mobile experiences. Founded in 1984 and based in Waterloo,
Ontario, BlackBerry operates offices in North America, Europe, Asia Pacific and
Latin America. BlackBerry is listed on the NASDAQ Stock Market (NASDAQ:BBRY) and
the Toronto Stock Exchange (TSX:BB). For more information, visit
www.blackberry.com.
This news release contains forward-looking statements within the meaning of the
U.S. Private Securities Litigation Reform Act of 1995 and Canadian securities
laws, including statements regarding: BlackBerry's plans, strategies and
objectives, and the anticipated opportunities and challenges in fiscal 2015;
BlackBerry's expectations with respect to the sufficiency of its financial
resources, including the anticipated receipt of a significant income tax refund
in the first half of fiscal 2015; BlackBerry's expectations regarding targeting
break even cash flow results by the end of fiscal 2015; BlackBerry's
expectations regarding new product initiatives and their timing, including
BlackBerry Enterprise Service 10, BES 12, BlackBerry 10 smartphones and services
related to BlackBerry Messenger ("BBM"), QNX software products and the QNX
cloud-based machine to machine solution; BlackBerry's plans and expectations
regarding its existing and new service offerings, assumptions regarding its
service revenue model, and the anticipated levels of decline in service revenue
in the first quarter of fiscal 2015; anticipated demand for, and BlackBerry's
plans and expectations relating to its BlackBerry 7 and 10 smartphones,
including programs to drive sell-through of these smartphones; BlackBerry's
on-going efforts to streamline its operations and its expectations relating to
the benefits of its CORE program and similar strategies; BlackBerry's plans to
continue implementation of a workforce reduction of approximately 4,500
positions; BlackBerry' plans and expectations regarding marketing and
promotional programs; BlackBerry's estimates of purchase obligations and other
contractual commitments; and assumptions and expectations described in
BlackBerry's critical accounting estimates and accounting policies. The terms
and phrases "expect", "anticipate", "estimate", "may", "will", "should",
"intend", "believe", "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, including its
ability to implement meaningful changes to address its business challenges, the
launch of products based on the BlackBerry 10 platform, general economic
conditions, product pricing levels and competitive intensity, supply
constraints, and BlackBerry's expectations regarding the cash flow generation of
its business and the sufficiency of its financial resources.
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
BlackBerry's ability to implement and realize the benefits of its strategic
initiatives, including a return to its core strength of enterprise and security,
changes to its Devices Business, including the new partnership with Foxconn, and
the planned transition to an operating unit organizational structure consisting
of the Devices Business, Enterprise Services, QNX Embedded Business and
Messaging; BlackBerry's ability to maintain existing enterprise customer
relationships and to transition such customers to the BES 10 platform and deploy
BlackBerry 10 smartphones, and the risk that current BES 10 test installations
may not convert to commercial installations; BlackBerry's ability to enhance its
current products and services, or develop new products and services in a timely
manner or at competitive prices, including risks related to new product
introductions; the risk that uncertainty relating to BlackBerry's recently
completed strategic review process, as well as previously disclosed
announcements concerning BlackBerry's operational restructuring, recent
management changes and workforce reductions, may adversely impact BlackBerry's
business, existing and future relationships with business partners and end
customers of its products and services, and its ability to attract and retain
key employees; risks related to BlackBerry's ability to offset or mitigate the
impact of the decline in its service access fees on its consolidated revenue by
developing an integrated services and software offering; intense competition,
rapid change and significant strategic alliances within BlackBerry's industry;
BlackBerry's ability to adapt to, and realize the anticipated benefit of, recent
management changes; BlackBerry's increasing reliance on third-party
manufacturers for certain products and its ability to manage its production and
repair process, and risks related to BlackBerry changing manufacturers or
reducing the number of manufacturers or suppliers it uses; risks related to
BlackBerry's ability to implement and to realize the benefits of its
previously-disclosed operational restructuring initiatives, including its CORE
program, and its ability to continue to realize cost reductions in the future,
including the on-going efforts to continue to implement a workforce reduction of
approximately 4,500 positions by the end of the first quarter of fiscal 2015;
the risk that workforce reductions may result in a disruption to business
critical processes and the effectiveness of the Company's internal controls;
BlackBerry's ability to maintain its existing relationships with its carrier
partners and distributors;
BlackBerry's ability to maintain or increase its liquidity, its existing cash
balance, to access existing or potential alternative sources of funding, the
sufficiency of its financial resources, and its ability to service its debt;
risks related to the Company's significant indebtedness; BlackBerry's ability to
manage inventory and asset risk and the potential for additional charges related
to its inventory; potential additional charges relating to the impairment of
intangible assets recorded on BlackBerry's balance sheet; security risks;
BlackBerry's ability to successfully maintain and enhance its brand; risks
relating to network disruptions and other business interruptions, including
costs, potential liabilities, lost revenues and reputational damage associated
with service interruptions; risks associated with BlackBerry's foreign
operations, including risks related to recent political and economic
developments in Venezuela and Argentina and the impact of foreign currency
restrictions; risks related to litigation, including litigation claims arising
from BlackBerry's practice of providing forward-looking guidance; risks related
to the failure of BlackBerry's suppliers and other parties it does business with
to use acceptable ethical business practices; risks related to intellectual
property rights; reliance on strategic alliances with third-party network
infrastructure developers, software platform vendors and service platform
vendors; risks related to the collection, storage, transmission, use and
disclosure of confidential and personal information; BlackBerry's reliance on
suppliers of functional components for its products and risks relating to its
supply chain; BlackBerry's ability to obtain rights to use software or
components supplied by third parties; BlackBerry's ability to expand and manage
BlackBerry(R) World(TM); risks related to government regulations, including
regulations relating to encryption technology; potential defects and
vulnerabilities in BlackBerry's products; risks as a result of actions of
activist shareholders; risks related to BlackBerry possibly losing its foreign
private issuer status under U.S. federal securities laws; government regulation
of wireless spectrum and radio frequencies; risks related to economic and
geopolitical conditions; risks associated with acquisitions; foreign exchange
risks; and difficulties in forecasting BlackBerry's financial results given the
rapid technological changes, evolving industry standards, intense competition
and short product life cycles that characterize the wireless communications
industry.
These risk factors and others relating to BlackBerry are discussed in greater
detail in the "Risk Factors" section of BlackBerry's Annual Information Form,
which is included in its Annual Report on Form 40-F and the "Cautionary Note
Regarding Forward-Looking Statements" section of BlackBerry's MD&A (copies of
which filings may be obtained at www.sedar.com or www.sec.gov). These factors
should be considered carefully, and readers should not place undue reliance on
BlackBerry's forward-looking statements. BlackBerry has no intention and
undertakes no obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise, except as
required by law.
The BlackBerry family of related marks, images and symbols are the exclusive
properties and trademarks of BlackBerry Limited. BlackBerry, BBM, QNX and
related trademarks are registered with the U.S. Patent and Trademark Office and
may be pending or registered in other countries. All other brands, product
names, Company names, trademarks and service marks are the properties of their
respective owners.
BlackBerry Limited
Incorporated under the Laws of Ontario
(United States dollars, in millions except share and per share amounts)
(unaudited)
Consolidated Statements of Operations
For the three months ended For the year ended
---------------------------------------------------------
March November March March March
1, 2014 30, 2013 2, 2013 1, 2014 2, 2013
----------------------------------------------------------------------------
Revenue $ 976 $ 1,193 $ 2,678 $ 6,813 $ 11,073
Cost of sales 423 2,457 1,603 6,856 7,639
---------------------------------------------------------
Gross margin 553 (1,264) 1,075 (43) 3,434
---------------------------------------------------------
Gross margin % 56.7% (106.0)% 40.1% (0.6)% 31.0%
Operating expenses
Research and
development 246 322 383 1,286 1,509
Selling,
marketing and
administration 355 548 523 2,103 2,111
Amortization 107 148 181 606 714
Impairment of
long-lived
assets - 2,748 - 2,748 -
Impairment of
goodwill - - - - 335
Debentures fair
value adjustment 382 (5) - 377 -
---------------------------------------------------------
1,090 3,761 1,087 7,120 4,669
---------------------------------------------------------
Operating loss (537) (5,025) (12) (7,163) (1,235)
Investment income
(loss), net (20) - (6) (21) 15
---------------------------------------------------------
Loss from
continuing
operations before
income taxes (557) (5,025) (18) (7,184) (1,220)
Recovery of income
taxes (134) (624) (112) (1,311) (592)
---------------------------------------------------------
Income (loss) from
continuing
operations (423) (4,401) 94 (5,873) (628)
Income (loss) from
discontinued
operations, net of
tax - - 4 - (18)
---------------------------------------------------------
Net income (loss) $ (423) $ (4,401) $ 98 $ (5,873) $ (646)
---------------------------------------------------------
---------------------------------------------------------
Earnings (loss) per
share
Basic and diluted
earnings (loss)
per share from
continuing
operations (0.80) (8.37) 0.18 (11.18) (1.20)
Basic and diluted
earnings (loss)
per share from
discontinued
operations - - 0.01 - (0.03)
---------------------------------------------------------
Total basic and
diluted earnings
(loss) per share $ (0.80) $ (8.37) $ 0.19 $ (11.18) $ (1.23)
---------------------------------------------------------
---------------------------------------------------------
Weighted-average
number of common
shares outstanding
(000's)
Basic 526,374 525,656 524,160 525,168 524,160
Diluted 526,374 525,656 527,222 525,168 524,160
Total common shares
outstanding
(000's) 526,552 526,184 524,160 526,552 524,160
BlackBerry Limited
Incorporated under the Laws of Ontario
(United States dollars, in millions except per share data) (unaudited)
Consolidated Balance Sheets
March March
As at 1, 2014 2, 2013
----------------------------------------------------------------------------
Assets
Current
Cash and cash equivalents $ 1,579 $ 1,549
Short-term investments 950 1,105
Accounts receivable, net 972 2,353
Other receivables 152 272
Inventories 244 603
Income taxes receivable 373 597
Other current assets 505 469
Deferred income tax asset 73 139
Assets held for sale 209 354
------------------------------------
5,057 7,441
Long-term investments 129 221
Property, plant and equipment, net 942 2,073
Intangible assets, net 1,424 3,430
------------------------------------
$ 7,552 $ 13,165
------------------------------------
------------------------------------
Liabilities
Current
Accounts payable $ 474 $ 1,064
Accrued liabilities 1,214 1,854
Deferred revenue 580 542
------------------------------------
2,268 3,460
Long-term debt 1,627 -
Deferred income tax liability 32 245
------------------------------------
3,927 3,705
------------------------------------
Shareholders' Equity
Capital stock and additional paid-in
capital 2,418 2,431
Treasury stock (179) (234)
Retained earnings 1,394 7,267
Accumulated other comprehensive income
loss (8) (4)
------------------------------------
3,625 9,460
------------------------------------
$ 7,552 $ 13,165
------------------------------------
------------------------------------
BlackBerry Limited
Incorporated under the Laws of Ontario
(United States dollars, in millions except per share data) (unaudited)
Consolidated Statements of Cash Flows
For the year ended
------------------------------------
March March
1, 2014 2, 2013
----------------------------------------------------------------------------
Cash flows from operating activities
Loss from continuing operations $ (5,873) $ (628)
Loss from discontinued operations - (18)
------------------------------------
Net loss (5,873) (646)
Adjustments to reconcile net loss to net
cash provided by (used in) operating
activities:
Amortization 1,270 1,918
Deferred income taxes (149) 87
Stock-based compensation 68 86
Impairment of long-lived assets 2,748 -
Impairment of goodwill - 335
Debentures fair value adjustment 377 -
Other 141 36
Net changes in working capital items 1,259 487
------------------------------------
Net cash provided by (used in) operating
activities (159) 2,303
------------------------------------
Cash flows from investing activities
Acquisition of long-term investments (229) (296)
Proceeds on sale or maturity of long-
term investments 284 227
Acquisition of property, plant and
equipment (283) (418)
Proceeds on sale of property, plant and
equipment 49 5
Acquisition of intangible assets (1,080) (1,005)
Business acquisitions, net of cash
acquired (7) (60)
Acquisition of short-term investments (1,699) (1,472)
Proceeds on sale or maturity of short-
term investments 1,925 779
------------------------------------
Net cash used in investing activities (1,040) (2,240)
------------------------------------
Cash flows from financing activities
Issuance of common shares 3 -
Tax deficiencies related to stock-based
compensation (13) (11)
Purchase of treasury stock (16) (25)
Issuance of debt 1,250 -
------------------------------------
Net cash provided by (used in) financing
activities 1,224 (36)
------------------------------------
Effect of foreign exchange gain (loss)
on cash and cash equivalents 5 (5)
Net increase in cash and cash
equivalents for the year 30 22
Cash and cash equivalents, beginning of
year 1,549 1,527
------------------------------------
Cash and cash equivalents, end of year $ 1,579 $ 1,549
------------------------------------
------------------------------------
----------------------------------------------------------------------------
March November
As at 1, 2014 30, 2013
----------------------------------------------------------------------------
Cash and cash equivalents $ 1,579 $ 2,274
Short-term investments 950 788
Long-term investments 129 130
------------------------------------
$ 2,658 $ 3,192
------------------------------------
------------------------------------
FOR FURTHER INFORMATION PLEASE CONTACT:
Investor Contact:
BlackBerry Investor Relations
+1-519-888-7465
investor_relations@blackberry.com
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