- complete business non-GAAP earnings of $214 million; complete company GAAP income of $206 million.
- Non-GAAP revenue per fundamental and diluted share of $0.02; GAAP loss per basic and diluted share of $1.14 basically as a result of a non-cash, one-time goodwill impairment charge.
- internet cash used by means of operating activities of $31 million and capital expenses of $1 million.
WATERLOO, Ontario, June 24, 2020 /PRNewswire/ -- BlackBerry confined (NYSE: BB; TSX: BB) today mentioned financial consequences for the three months ended may also 31, 2020 (all figures in U.S. bucks and U.S. GAAP, apart from where otherwise indicated).
"BlackBerry QNX became impacted by means of macro headwinds within the auto and other embedded sectors however we're starting to see signals of a restoration," pointed out John Chen, govt Chairman and CEO, BlackBerry. "On the commercial enterprise front, we noticed decent demand from shoppers who identified the need for BlackBerry's security, enterprise continuity, and productiveness solutions in an more and more far off working ambiance. BlackBerry is capitalizing on the secular trends of securing and connecting endpoints."
First Quarter Fiscal 2021 Highlights
Outlook Given the uncertainty across the global economy due to the COVID-19 pandemic, BlackBerry is not offering a financial outlook for fiscal 2021.
Use of Non-GAAP economic Measures The tables at the conclusion of this press free up encompass a reconciliation of the non-GAAP monetary measures used via the enterprise to comparable GAAP measures and a proof of why the enterprise makes use of them.
convention name and Webcast A conference name and are living webcast can be held these days starting at 5:30 p.m. ET, which can also be accessed through dialing 1-877-682-6267 or via going online at BlackBerry.com/traders. A replay of the conference call will also be available at about eight p.m. ET by using dialing 1-800-585-8367 and coming into conference id #5177627 and at the link above.
About BlackBerry BlackBerry (NYSE: BB; TSX: BB) provides intelligent protection software and capabilities to agencies and governments all over. The business secures more than 500M endpoints including greater than 175M cars on the street these days. based mostly in Waterloo, Ontario, the enterprise leverages AI and machine researching to carry resourceful options in the areas of cybersecurity, protection and information privacy options, and is a pacesetter in the areas of endpoint protection administration, encryption, and embedded systems. BlackBerry's vision is apparent - to comfy a related future which you could believe.
BlackBerry. intelligent protection. all over. For more guidance, seek advice from BlackBerry.com and observe @BlackBerry.
Investor Contact: BlackBerry Investor members of the family (519) 888-7465[email protected]
Media Contact: BlackBerry Media relations (519) 597-7273[email protected]
This news release incorporates ahead-looking statements in the that means of certain securities laws, including below the U.S. inner most Securities Litigation Reform Act of 1995 and applicable Canadian securities laws, including statements regarding BlackBerry's plans, techniques and targets including its intentions to achieve long-term profitable salary boom and increase and boost its product and service choices.
The phrases "are expecting", "anticipate", "estimate", "may", "will", "may still", "could", "intend", "believe", "goal", "plan" and similar expressions are supposed to determine these forward-searching statements. ahead-searching statements are in line with estimates and assumptions made by using BlackBerry in mild of its adventure and its notion of historic developments, latest circumstances and anticipated future trends, as well as different components that BlackBerry believes are acceptable in the cases, together with however not constrained to, BlackBerry's expectations concerning its company, approach, opportunities and potentialities, the launch of new products and features, standard financial conditions, competitors, and BlackBerry's expectations involving its financial performance. Many elements could cause BlackBerry's exact results, performance or achievements to vary materially from these expressed or implied by way of the forward-looking statements, together with, wi thout quandary, risks related to right here elements: BlackBerry's capacity to enhance, increase, introduce or monetize items and services for the business market in a timely manner with competitive pricing, aspects and efficiency; BlackBerry's ability to keep or extend its customer base for its utility and services offerings to grow earnings or obtain sustained profitability; the extreme competition confronted with the aid of BlackBerry; the occurrence or notion of a breach of BlackBerry's community cybersecurity measures, or an inappropriate disclosure of confidential or personal assistance; the failure or perceived failure of BlackBerry's solutions to realize or stay away from protection vulnerabilities; the outbreak of the COVID-19 coronavirus; BlackBerry's carrying on with means to appeal to new personnel, continue current key personnel and manipulate its staffing simply; BlackBerry's dependence on its relationships with resellers and channel partners; BlackBerry's ability to a ttain rights to use third-celebration application and its use of open source application; failure to protect BlackBerry's intellectual property and to earn revenues from highbrow property rights; litigation against BlackBerry; the great asset chance confronted by means of BlackBerry, together with the potential for prices involving its long-lived property and goodwill; BlackBerry's indebtedness; acquisitions, divestitures and other company initiatives; BlackBerry's items and features being stylish upon interoperability with hastily altering techniques offered with the aid of third parties; BlackBerry being discovered to have infringed on the highbrow property rights of others; the use and management of user records and private tips; network disruptions or different company interruptions; govt rules relevant to BlackBerry's products and services, including products containing encryption capabilities; overseas operations, including fluctuations in foreign exchange; the failure of BlackBerry's suppliers, subcontractors, channel companions and representatives to make use of proper ethical business practices or comply with applicable laws; BlackBerry's means to generate salary and profitability through the licensing of security application and capabilities or the BlackBerry manufacturer to device producers; BlackBerry's reliance on third parties to fabricate and restoration its hardware items; fostering an ecosystem of third-party software developers; rules regarding fitness and safety, hazardous substances utilization and battle minerals, and to product certification hazards; tax provision adjustments, the adoption of new tax law or exposure to further tax liabilities; the fluctuation of BlackBerry's quarterly earnings and working consequences; the volatility of the market fee of BlackBerry's normal shares; and adverse financial and geopolitical circumstances.
These possibility elements and others relating to BlackBerry are discussed in enhanced element in BlackBerry's Annual file on kind 10-ok and the "Cautionary word involving forward-searching Statements" component to BlackBerry's MD&A (copies of which filings can be obtained at www.sedar.com or www.sec.gov). All of those elements should still be considered cautiously, and readers may still now not place undue reliance on BlackBerry's ahead-looking statements. Any statements which are forward-looking statements are meant to allow BlackBerry's shareholders to view the expected performance and potentialities of BlackBerry from administration's point of view on the time such statements are made, and they're subject to the hazards that are inherent in all forward-looking statements, as described above, as well as difficulties in forecasting BlackBerry's fiscal results and performance for future periods, particularly over longer durations, given changes in expertise and BlackBer ry's company strategy, evolving business standards, intense competition and short product existence cycles that signify the industries during which BlackBerry operates. BlackBerry has no intention and undertakes no obligation to replace or revise any ahead-looking statements, no matter if on account of new information, future activities or in any other case, except as required by relevant legislations.
BlackBerry constrained
incorporated below the legal guidelines of Ontario
(united states greenbacks, in hundreds of thousands except share and per share quantities) (unaudited)
Consolidated Statements of Operations
For the Three Months Ended
may additionally 31, 2020
February 29, 2020
might also 31, 2019
earnings
$
206
$
282
$
247
cost of sales
63
70
70
Gross margin
143
212
177
Gross margin %
69.four
%
75.2
%
seventy one.7
%
working prices
analysis and development
57
60
71
selling, advertising and administration
ninety
113
121
Amortization
46
forty eight
forty nine
Impairment of long-lived belongings
—
5
—
Impairment of goodwill
594
22
—
Debentures reasonable price adjustment
1
5
(28)
788
253
213
working loss
(645)
(forty one)
(36)
funding profits (loss), internet
—
(1)
3
Loss earlier than profits taxes
(645)
(42)
(33)
Provision for (restoration of) income taxes
(9)
(1)
2
web loss
$
(636)
$
(41)
$
(35)
Loss per share
fundamental
$
(1.14)
$
(0.07)
$
(0.06)
Diluted
$
(1.14)
$
(0.07)
$
(0.09)
Weighted-normal variety of normal shares surprising (000s)
primary
557,839
556,668
551,845
Diluted
557,839
556,668
612,345
complete normal shares stunning (000s)
555,623
554,199
547,922
BlackBerry constrained
included below the legal guidelines of Ontario
(united states bucks, in tens of millions) (unaudited)
Consolidated steadiness Sheets
As at
may additionally 31, 2020
February 29, 2020
property
present
cash and cash equivalents
$
312
$
377
brief-term investments
562
532
bills receivable, internet of allowance of $13 and $9, respectively
210
215
different receivables
20
14
profits taxes receivable
eight
6
different latest assets
60
fifty two
1,172
1,196
restrained money and money equivalents
forty eight
forty nine
long-time period investments
33
32
other long-term assets
57
sixty five
operating rent right-of-use property, web
118
124
Property, plant and device, net
66
70
Goodwill
843
1,437
Intangible property, web
878
915
$
three,215
$
three,888
Liabilities
present
money owed payable
$
forty six
$
31
accrued liabilities
185
202
earnings taxes payable
12
18
Debentures
599
606
Deferred revenue, current
249
264
1,091
1,121
Deferred profits, non-latest
ninety two
109
working hire liabilities
111
one hundred twenty
other long-term liabilities
eight
9
1,302
1,359
Shareholders' fairness
Capital inventory and extra paid-in capital
2,777
2,760
Deficit
(838)
(198)
collected other complete loss
(26)
(33)
1,913
2,529
$
3,215
$
three,888
BlackBerry constrained
incorporated under the legal guidelines of Ontario
(united states dollars, in thousands and thousands) (unaudited)
Consolidated Statements of cash Flows
Three Months Ended
might also 31, 2020
may also 31, 2019
cash flows from operating actions
web loss
$
(636)
$
(35)
changes to reconcile internet loss to internet money utilized in working activities:
Amortization
50
fifty three
Deferred profits taxes
—
2
stock-primarily based compensation
13
17
Impairment of goodwill
594
—
Debentures fair value adjustment
1
(28)
other long-time period liabilities
(1)
—
operating leases
(three)
(5)
different
—
2
internet changes in working capital gadgets
money owed receivable, web
1
(30)
other receivables
(6)
(4)
salary taxes receivable
(2)
—
other belongings
—
(9)
money owed payable
15
1
amassed liabilities
(18)
(57)
profits taxes payable
(7)
2
Deferred salary
(32)
27
internet cash used in working activities
(31)
(64)
money flows from investing activities
Acquisition of lengthy-term investments
(1)
—
Acquisition of property, plant and equipment
(1)
(2)
Acquisition of intangible assets
(eight)
(7)
enterprise acquisitions, internet of money obtained
—
2
Acquisition of brief-term investments
(299)
(392)
Proceeds on sale or maturity of short-time period investments
270
270
internet cash utilized in investing activities
(39)
(129)
money flows from financing activities
Issuance of common shares
4
3
internet cash provided via financing activities
four
three
effect of foreign trade loss on cash, cash equivalents, restricted money, and constrained cash equivalents
—
(1)
web lower in cash, money equivalents, confined money, and limited money equivalents all through the period
(sixty six)
(191)
money, money equivalents, limited money, and constrained money equivalents, starting of period
426
582
money, money equivalents, restrained cash, and limited money equivalents, end of length
$
360
$
391
As at
may additionally 31, 2020
February 29, 2020
money and money equivalents
$
312
$
377
restrained money and money equivalents
$
48
$
forty nine
brief-term investments
$
562
$
532
lengthy-time period investments
$
33
$
32
Reconciliations of Non-GAAP Measures with the nearest comparable GAAP Measures
in the enterprise's inside reports, management evaluates the performance of the enterprise's business on a non-GAAP groundwork via except the have an impact on of the items beneath from the business's economic results. The business believes that except for the below items provides readers of the enterprise's economic statements with a greater consistent foundation for assessment throughout accounting durations and is more valuable in helping readers bear in mind the business's operating consequences and underlying operational tendencies.
Readers are recommended that adjusted profits, adjusted gross margin (earlier than taxes), adjusted gross margin percentage (before taxes), adjusted operating cost, adjusted working income, adjusted EBITDA, adjusted working revenue margin percent, adjusted EBITDA margin percent, adjusted internet salary (loss), adjusted profits (loss) per share, adjusted research and development cost, adjusted promoting, marketing and administrative cost, adjusted amortization price and free cash movement and equivalent measures do not need any standardized that means prescribed via U.S. GAAP and are hence unlikely to be similar to in a similar way titled measures reported by other agencies. These non-GAAP fiscal measures should still be considered in the context of the U.S. GAAP consequences.
Reconciliation of non-GAAP based mostly measures with most at once comparable GAAP primarily based measures for the three months ended might also 31, 2020 and can 31, 2019
A reconciliation of essentially the most at once comparable U.S. GAAP financial measures for the three months ended may also 31, 2020 and may 31, 2019 to adjusted economic measures is mirrored within the tables below:
For the Three Months Ended (in hundreds of thousands)
might also 31, 2020
may 31, 2019
profits
$
206
$
247
utility deferred revenue received (1)
8
20
Adjusted profits
$
214
$
267
Gross margin
$
143
$
177
application deferred earnings acquired (1)
eight
20
Restructuring costs
—
1
inventory compensation fee
2
1
Adjusted gross margin
$
153
$
199
Gross margin %
69.four
%
seventy one.7
%
application deferred income got (1)
1.2
%
2.1
%
Restructuring expenses
—
%
0.four
%
inventory compensation rate
0.9
%
0.3
%
Adjusted gross margin %
seventy one.5
%
seventy four.5
%
(1) See Reconciliation of U.S. GAAP utility and features salary to adjusted utility and services income
Reconciliation of operating fee for the three months ended may also 31, 2020 and can 31, 2019 to adjusted working cost is mirrored within the tables beneath:
For the Three Months Ended (in millions)
may additionally 31, 2020
may additionally 31, 2019
operating cost
$
788
$
213
Restructuring expenses
1
—
stock compensation cost
12
sixteen
Debenture reasonable value adjustment
1
(28)
utility deferred fee fee acquired
(three)
(5)
bought intangibles amortization
33
35
company acquisition and integration expenses
—
1
Goodwill impairment charge
594
—
LLA impairment can charge
—
—
Adjusted working fee
$
a hundred and fifty
$
194
Reconciliation of GAAP net loss and GAAP basic loss per share for the three months ended might also 31, 2020 and might 31, 2019 to adjusted web earnings and adjusted primary profits per share is mirrored within the tables below:
For the Three Months Ended (in hundreds of thousands, apart from per share amounts)
may 31, 2020
may 31, 2019
fundamental revenue per share
primary revenue per share
web loss
$
(636)
$(1.14)
$
(35)
$(0.06)
utility deferred earnings acquired
eight
20
Restructuring expenses
1
1
inventory compensation expense
14
17
Debenture fair value adjustment
1
(28)
application deferred fee cost got
(three)
(5)
bought intangibles amortization
33
35
company acquisition and integration prices
—
1
Goodwill impairment charge
594
—
Acquisition valuation allowance
—
(1)
Adjusted net revenue
$
12
$0.02
$
5
$0.01
Reconciliation of usaGAAP software and services earnings for the three months ended can also 31, 2020 and might 31, 2019 to adjusted software and functions income is reflected in the tables beneath:
For the Three Months Ended (in tens of millions)
can also 31, 2020
may additionally 31, 2019
software and functions salary
$
148
$
168
utility deferred salary got
8
20
Adjusted utility and services revenue
$
156
$
188
Reconciliation of americaGAAP analysis and development, promoting, advertising and administration, and amortization expense for the three months ended may also 31, 2020 and might 31, 2019 to adjusted research and building, promoting, advertising and administration, and amortization rate is mirrored in the tables beneath:
For the Three Months Ended (in thousands and thousands)
might also 31, 2020
may additionally 31, 2019
analysis and development
$
57
$
71
stock compensation cost
three
three
Adjusted research and development
$
54
$
68
selling, advertising and administration
$
90
$
121
Restructuring expenses
1
—
software deferred fee fee obtained
(3)
(5)
inventory compensation fee
9
13
company acquisition and integration costs
—
1
Adjusted promoting, advertising and marketing and administration
$
83
$
112
Amortization
$
46
$
49
bought intangibles amortization
33
35
Adjusted amortization
$
13
$
14
Adjusted working income, adjusted EBITDA, adjusted working profits margin percent and adjusted EBITDA margin percent for the three months ended may additionally 31, 2020 and can 31, 2019 are reflected in the desk beneath.
For the Three Months Ended (in tens of millions)
may also 31, 2020
may also 31, 2019
working loss
$
(645)
$
(36)
Non-GAAP alterations to operating loss
software deferred salary received
8
20
Restructuring fees
1
1
stock compensation expense
14
17
Debenture fair value adjustment
1
(28)
software deferred commission rate obtained
(3)
(5)
bought intangibles amortization
33
35
business acquisition and integration fees
—
1
Goodwill impairment cost
594
—
total non-GAAP adjustments to working loss
648
forty one
Adjusted working salary
three
5
Amortization
50
fifty three
obtained intangibles amortization
(33)
(35)
Adjusted EBITDA
$
20
$
23
Adjusted salary (per above)
$
214
$
267
Adjusted working earnings margin % (1)
1
%
2
%
Adjusted EBITDA margin % (2)
9
%
9
%
(1) Adjusted operating salary margin % is calculated through dividing adjusted operating revenue by means of adjusted earnings
(2) Adjusted EBITDA margin % is calculated by using dividing adjusted EBITDA through adjusted profits
supply BlackBerry constrained
linked links https://www.blackberry.com
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