BlackBerry Reports Fourth Quarter and Full Fiscal Year 2024 Results
- Delivers year-over-year revenue growth for both IoT and Cybersecurity divisions
- IoT division reports record revenue quarter and QNX royalty backlog of $ 815 million
- Cybersecurity division stabilizes ARR, with sequential growth and DBNRR improvement
- Significantly improves operating cash usage sequentially and expects to be cashflow and adjusted EBITDA positive for FY25
- Non-GAAP earnings per share beats expectations
"
Fourth Quarter Fiscal 2024 Financial Highlights
- Total company revenue was
$173 million . - Total company non-GAAP and GAAP gross margin increased to 75%.
- IoT revenue was an all-time quarterly record
$66 million , a 25% year-over-year increase; IoT gross margin remained at 85%. - Cybersecurity revenue was
$92 million , a 5% year-over-year increase; Cybersecurity gross margin was 65%. - Cybersecurity ARR increased sequentially by 3% to
$280 million . - Licensing and Other revenue was
$15 million . - Non-GAAP operating profit was
$16 million and GAAP operating loss was$56 million . - Non-GAAP basic earnings per share was
$0.03 and GAAP basic loss per share was$0.10 . - Adjusted EBITDA was
$21 million . - Total cash, cash equivalents, short-term and long-term investments was
$298 million and cash used by operations decreased by 52% sequentially to$15 million .
Full Year Fiscal 2024 Financial Highlights
- Total company revenue was
$853 million , including$218 million relating to the sale of legacy patent portfolio in Q1. - Total company non-GAAP and GAAP gross margin was 61%.
- Non-GAAP operating profit was
$36 million and GAAP operating loss was$125 million . - Non-GAAP basic earnings per share was
$0.05 and GAAP basic loss per share was$0.22 .
Business Highlights & Strategic Announcements
-
BlackBerry QNX announces general availability of QNX® Software Development Platform (SDP) 8.0, its scalable, high-performance foundation for next generation automotive and IoT systems - Stellantis,
BlackBerry QNX and AWS launch virtual cockpit, transforming in-vehicle software engineering -
BlackBerry launches QNX® Sound, an audio and acoustics innovation platform for software-defined vehicles - Mobility in Harmony (MIH) consortium, a Foxconn initiative, selects
BlackBerry IVY® to power its next-generation electric production vehicles -
BlackBerry is first Mobile Device Management vendor to receive BSI clearance for BlackBerry® UEM Brightsite usage with Apple iNDIGO -
BlackBerry 's newCybersecurity Center of Excellence (CCoE) inKuala Lumpur will offer SANS training courses to help grow and upskill cyber workforces inMalaysia -
BlackBerry completes$200 million , 5-year 3.00% convertible notes private offering, and fully repays$150 million of short-term extendable debentures -
BlackBerry appointsPhilip Brace , an IoT technology industry veteran, to its Board of Directors
Outlook
|
|
|
|
Q1 FY25 |
Full fiscal year FY25 |
Total |
|
|
IoT revenue: |
|
|
Cyber revenue: |
|
|
Licensing & Other revenue: |
Approximately |
Approximately |
Adjusted EBITDA: |
( |
Breakeven - |
Non-GAAP basic EPS: |
( |
( |
Use of Non-GAAP Financial Measures
The tables at the end of this press release include a reconciliation of the non-GAAP financial measures and non-GAAP financial ratios used by the company to comparable
Conference Call and Webcast
A conference call and live webcast will be held today beginning at
A replay of the conference call will be available at approximately
About
For more information, visit BlackBerry.com and follow @BlackBerry.
Investor Contact:
+1 (519) 888-7465
investorrelations@blackberry.com
Media Contact:
+1 (519) 597-7273
mediarelations@blackberry.com
This news release contains forward-looking statements within the meaning of certain securities laws, including under the
The words "expect", "anticipate", "estimate", "may", "will", "should", "could", "intend", "believe", "target", "plan" and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are based on estimates and assumptions made by
These risk factors and others relating to
Incorporated under the Laws of
(
Consolidated Statements of Operations |
|||||||||
|
|||||||||
|
Three Months Ended |
|
For the Years Ended |
||||||
|
|
|
|
|
|
|
|
|
|
Revenue |
$ 173 |
|
$ 175 |
|
$ 151 |
|
$ 853 |
|
$ 656 |
Cost of sales |
44 |
|
48 |
|
51 |
|
333 |
|
237 |
Gross margin |
129 |
|
127 |
|
100 |
|
520 |
|
419 |
Gross margin % |
74.6 % |
|
72.6 % |
|
66.2 % |
|
61.0 % |
|
63.9 % |
Operating expenses |
|
|
|
|
|
|
|
|
|
Research and development |
40 |
|
42 |
|
48 |
|
186 |
|
207 |
Sales and marketing |
41 |
|
42 |
|
48 |
|
171 |
|
176 |
General and administrative |
53 |
|
43 |
|
35 |
|
181 |
|
164 |
Amortization |
12 |
|
13 |
|
18 |
|
54 |
|
96 |
Impairment of goodwill |
35 |
|
— |
|
245 |
|
35 |
|
245 |
Impairment of long-lived assets |
4 |
|
11 |
|
231 |
|
15 |
|
235 |
Gain on sale of property, plant and equipment, net |
— |
|
— |
|
— |
|
— |
|
(6) |
Debentures fair value adjustment |
— |
|
(13) |
|
(26) |
|
3 |
|
(138) |
Litigation settlement |
— |
|
— |
|
— |
|
— |
|
165 |
|
185 |
|
138 |
|
599 |
|
645 |
|
1,144 |
Operating loss |
(56) |
|
(11) |
|
(499) |
|
(125) |
|
(725) |
Investment income, net |
4 |
|
5 |
|
6 |
|
19 |
|
5 |
Loss before income taxes |
(52) |
|
(6) |
|
(493) |
|
(106) |
|
(720) |
Provision for income taxes |
4 |
|
15 |
|
2 |
|
24 |
|
14 |
Net loss |
$ (56) |
|
$ (21) |
|
$ (495) |
|
$ (130) |
|
$ (734) |
Loss per share |
|
|
|
|
|
|
|
|
|
Basic |
$ (0.10) |
|
$ (0.04) |
|
$ (0.85) |
|
$ (0.22) |
|
$ (1.27) |
Diluted |
$ (0.10) |
|
$ (0.05) |
|
$ (0.85) |
|
$ (0.22) |
|
$ (1.35) |
|
|
|
|
|
|
|
|
|
|
Weighted-average number of common shares outstanding (000s) |
|
|
|
|
|
|
|
|
|
Basic |
587,523 |
|
584,331 |
|
581,493 |
|
584,543 |
|
578,654 |
Diluted |
587,523 |
|
638,470 |
|
581,493 |
|
584,543 |
|
639,487 |
Total common shares outstanding (000s) |
589,233 |
|
585,340 |
|
582,157 |
|
589,233 |
|
582,157 |
Incorporated under the Laws of
(
Consolidated Balance Sheets |
||||
|
||||
|
|
As at |
||
|
|
|
|
|
Assets |
|
|
|
|
Current |
|
|
|
|
Cash and cash equivalents |
|
$ 175 |
|
$ 295 |
Short-term investments |
|
62 |
|
131 |
Accounts receivable, net of allowance of |
|
199 |
|
120 |
Other receivables |
|
21 |
|
12 |
Income taxes receivable |
|
4 |
|
3 |
Other current assets |
|
47 |
|
182 |
|
|
508 |
|
743 |
Restricted cash and cash equivalents |
|
25 |
|
27 |
Long-term investments |
|
36 |
|
34 |
Other long-term assets |
|
57 |
|
8 |
Operating lease right-of-use assets, net |
|
32 |
|
44 |
Property, plant and equipment, net |
|
21 |
|
25 |
Intangible assets, net |
|
154 |
|
203 |
|
|
562 |
|
595 |
|
|
$ 1,395 |
|
$ 1,679 |
Liabilities |
|
|
|
|
Current |
|
|
|
|
Accounts payable |
|
$ 17 |
|
$ 24 |
Accrued liabilities |
|
117 |
|
143 |
Income taxes payable |
|
28 |
|
20 |
Debentures |
|
— |
|
367 |
Deferred revenue, current |
|
194 |
|
175 |
|
|
356 |
|
729 |
Deferred revenue, non-current |
|
28 |
|
40 |
Operating lease liabilities |
|
38 |
|
52 |
Other long-term liabilities |
|
3 |
|
1 |
Long-term notes |
|
194 |
|
— |
|
|
619 |
|
822 |
Shareholders' equity |
|
|
|
|
Capital stock and additional paid-in capital |
|
2,948 |
|
2,909 |
Deficit |
|
(2,158) |
|
(2,028) |
Accumulated other comprehensive loss |
|
(14) |
|
(24) |
|
|
776 |
|
857 |
|
|
$ 1,395 |
|
$ 1,679 |
Incorporated under the Laws of
( Consolidated Statements of Cash Flows |
|||
|
|||
|
For the Years Ended |
||
|
|
|
|
Cash flows from operating activities |
|
|
|
Net loss |
$ (130) |
|
$ (734) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
Amortization |
59 |
|
105 |
Stock-based compensation |
33 |
|
34 |
Impairment of goodwill |
35 |
|
245 |
Impairment of long-lived assets |
15 |
|
235 |
Intellectual property disposed of by sale |
147 |
|
— |
Gain on sale of property, plant and equipment, net |
— |
|
(6) |
Debentures fair value adjustment |
3 |
|
(138) |
Operating leases |
(13) |
|
(16) |
Other |
3 |
|
5 |
Net changes in working capital items |
|
|
|
Accounts receivable, net of allowance |
(79) |
|
18 |
Other receivables |
(9) |
|
13 |
Income taxes receivable |
(1) |
|
6 |
Other assets |
(53) |
|
(1) |
Accounts payable |
(7) |
|
2 |
Accrued liabilities |
(21) |
|
(11) |
Income taxes payable |
8 |
|
9 |
Deferred revenue |
7 |
|
(29) |
Net cash used in operating activities |
(3) |
|
(263) |
Cash flows from investing activities |
|
|
|
Acquisition of long-term investments |
(2) |
|
(3) |
Acquisition of property, plant and equipment |
(7) |
|
(7) |
Proceeds on sale of property, plant and equipment |
— |
|
17 |
Acquisition of intangible assets |
(14) |
|
(34) |
Acquisition of short-term investments |
(154) |
|
(514) |
Proceeds on sale or maturity of short-term investments |
223 |
|
717 |
Net cash provided by investing activities |
46 |
|
176 |
Cash flows from financing activities |
|
|
|
Issuance of common shares |
6 |
|
6 |
Maturity of 2020 Debentures and Extension Debentures |
(515) |
|
— |
Proceeds from issuance of Extension Debentures and Notes, net |
344 |
|
— |
Net cash provided by (used in) financing activities |
(165) |
|
6 |
Effect of foreign exchange loss on cash, cash equivalents, restricted cash, and restricted cash equivalents |
— |
|
(3) |
Net decrease in cash, cash equivalents, restricted cash, and restricted cash equivalents during the period |
(122) |
|
(84) |
Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of period |
322 |
|
406 |
Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period |
$ 200 |
|
$ 322 |
|
|||
As at |
|
|
|
Cash and cash equivalents |
$ 175 |
|
$ 295 |
Restricted cash and cash equivalents |
25 |
|
27 |
Short-term investments |
62 |
|
131 |
Long-term investments |
36 |
|
34 |
|
$ 298 |
|
$ 487 |
Reconciliations of the Company's Segment Results to the Consolidated Results
The following tables show information by operating segment for the three months ended
|
For the Three Months Ended (in millions) (unaudited) |
||||||||||||||
|
Cybersecurity |
|
IoT |
|
Licensing and Other |
|
Segment Totals |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Segment revenue |
$ 92 |
|
$ 88 |
|
$ 66 |
|
$ 53 |
|
$ 15 |
|
$ 10 |
|
$ 173 |
|
$ 151 |
Segment cost of sales |
32 |
|
36 |
|
10 |
|
10 |
|
2 |
|
4 |
|
44 |
|
50 |
Segment gross margin |
$ 60 |
|
$ 52 |
|
$ 56 |
|
$ 43 |
|
$ 13 |
|
$ 6 |
|
$ 129 |
|
$ 101 |
Segment gross margin % |
65 % |
|
59 % |
|
85 % |
|
81 % |
|
87 % |
|
60 % |
|
75 % |
|
67 % |
The following table reconciles the Company's segment results for the three months ended
|
For the Three Months Ended |
||||||||||
|
(in millions) (unaudited) |
||||||||||
|
Cybersecurity |
|
IoT |
Licensing and Other |
Segment Totals |
|
Reconciling Items |
|
Consolidated |
||
Revenue |
$ 92 |
|
$ 66 |
|
$ 15 |
|
$ 173 |
|
$ — |
|
$ 173 |
Cost of sales |
32 |
|
10 |
|
2 |
|
44 |
|
— |
|
44 |
Gross margin (1) |
$ 60 |
|
$ 56 |
|
$ 13 |
|
$ 129 |
|
$ — |
|
$ 129 |
Operating expenses |
|
|
|
|
|
|
|
|
185 |
|
185 |
Investment income, net |
|
|
|
|
|
|
|
|
4 |
|
4 |
Loss before income taxes |
|
|
|
|
|
|
|
|
|
|
$ (52) |
______________________________
(1) |
See "Non-GAAP Financial Measures" for a reconciliation of selected |
The following table reconciles the Company's segment results for the three months ended
|
For the Three Months Ended |
||||||||||
|
(in millions) (unaudited) |
||||||||||
|
Cybersecurity |
|
IoT |
Licensing and Other |
Segment Totals |
|
Reconciling Items |
|
Consolidated |
||
Revenue |
$ 88 |
|
$ 53 |
|
$ 10 |
|
$ 151 |
|
$ — |
|
$ 151 |
Cost of sales |
36 |
|
10 |
|
4 |
|
50 |
|
1 |
|
51 |
Gross margin (1) |
$ 52 |
|
$ 43 |
|
$ 6 |
|
$ 101 |
|
$ (1) |
|
$ 100 |
Operating expenses |
|
|
|
|
|
|
|
|
599 |
|
599 |
Investment income, net |
|
|
|
|
|
|
|
|
6 |
|
6 |
Loss before income taxes |
|
|
|
|
|
|
|
|
|
|
$ (493) |
______________________________
(1) |
See "Non-GAAP Financial Measures" for a reconciliation of selected |
Reconciliation of Non-GAAP Measures with the Nearest Comparable U.S. GAAP Measures
In the Company's internal reports, management evaluates the performance of the Company's business on a non-GAAP basis by excluding the impact of certain items from the Company's
Readers are cautioned that adjusted gross margin, adjusted gross margin percentage, adjusted operating expense, adjusted net income (loss), adjusted earnings (loss) per share, adjusted research and development expense, adjusted sales and marketing expense, adjusted general and administrative expense, adjusted amortization expense, adjusted operating income (loss), adjusted EBITDA, adjusted operating income (loss) margin percentage, adjusted EBITDA margin percentage and free cash flow (usage) and similar measures do not have any standardized meaning prescribed by
Reconciliation of non-GAAP based measures with most directly comparable
A reconciliation of the most directly comparable
For the Three Months Ended (in millions) |
|
|
|
|
Gross margin |
|
$ 129 |
|
$ 100 |
Stock compensation expense |
|
— |
|
1 |
Adjusted gross margin |
|
$ 129 |
|
$ 101 |
|
|
|
|
|
Gross margin % |
|
74.6 % |
|
66.2 % |
Stock compensation expense |
|
— % |
|
0.7 % |
Adjusted gross margin % |
|
74.6 % |
|
66.9 % |
Reconciliation of U.S. GAAP operating expense for the three months ended
For the Three Months Ended (in millions) |
|
|
|
|
Operating expense |
|
$ 185 |
|
$ 599 |
Restructuring charges |
|
20 |
|
7 |
Stock compensation expense |
|
5 |
|
9 |
Debentures fair value adjustment |
|
— |
|
(26) |
Acquired intangibles amortization |
|
8 |
|
15 |
|
|
35 |
|
245 |
LLA impairment charge |
|
4 |
|
231 |
Adjusted operating expense |
|
$ 113 |
|
$ 118 |
Reconciliation of U.S. GAAP net income (loss) and
For the Three Months Ended (in millions, except per share amounts) |
|
|
|
|
||||
|
|
|
|
Basic earnings (loss) per share |
|
|
|
Basic loss per share |
Net loss |
|
$ (56) |
|
|
|
$ (495) |
|
|
Restructuring charges |
|
20 |
|
|
|
7 |
|
|
Stock compensation expense |
|
5 |
|
|
|
10 |
|
|
Debentures fair value adjustment |
|
— |
|
|
|
(26) |
|
|
Acquired intangibles amortization |
|
8 |
|
|
|
15 |
|
|
|
|
35 |
|
|
|
245 |
|
|
LLA impairment charge |
|
4 |
|
|
|
231 |
|
|
Adjusted net income (loss) |
|
$ 16 |
|
|
|
$ (13) |
|
|
Reconciliation of U.S. GAAP research and development, sales and marketing, general and administrative, and amortization expense for the three months ended
For the Three Months Ended (in millions) |
|
|
|
|
|
Research and development |
|
$ 40 |
|
$ 48 |
|
Stock compensation expense |
|
2 |
|
3 |
|
Adjusted research and development |
|
$ 38 |
|
$ 45 |
|
|
|
|
|
|
|
Sales and marketing |
|
$ 41 |
|
$ 48 |
|
Stock compensation expense |
|
1 |
|
2 |
|
Adjusted sales and marketing |
|
$ 40 |
|
$ 46 |
|
|
|
|
|
|
|
General and administrative |
|
$ 53 |
|
$ 35 |
|
Restructuring charges |
|
20 |
|
7 |
|
Stock compensation expense |
|
2 |
|
4 |
|
Adjusted general and administrative |
|
$ 31 |
|
$ 24 |
|
|
|
|
|
|
|
Amortization |
|
$ 12 |
|
$ 18 |
|
Acquired intangibles amortization |
|
8 |
|
15 |
|
Adjusted amortization |
|
$ 4 |
|
$ 3 |
|
Adjusted operating income (loss), adjusted EBITDA, adjusted operating income (loss) margin percentage and adjusted EBITDA margin percentage for the three months ended
For the Three Months Ended (in millions) |
|
|
|
|
Operating loss |
|
$ (56) |
|
$ (499) |
Non-GAAP adjustments to operating loss |
|
|
|
|
Restructuring charges |
|
20 |
|
7 |
Stock compensation expense |
|
5 |
|
10 |
Debentures fair value adjustment |
|
— |
|
(26) |
Acquired intangibles amortization |
|
8 |
|
15 |
|
|
35 |
|
245 |
LLA impairment charge |
|
4 |
|
231 |
Total non-GAAP adjustments to operating loss |
|
$ 72 |
|
482 |
Adjusted operating income (loss) |
|
16 |
|
(17) |
Amortization |
|
13 |
|
20 |
Acquired intangibles amortization |
|
(8) |
|
(15) |
Adjusted EBITDA |
|
$ 21 |
|
$ (12) |
|
|
|
|
|
Revenue |
|
$ 173 |
|
$ 151 |
Adjusted operating income (loss) margin % (1) |
|
9 % |
|
(11 %) |
Adjusted EBITDA margin % (2) |
|
12 % |
|
(8 %) |
______________________________
(1) |
Adjusted operating income (loss) margin % is calculated by dividing adjusted operating income (loss) by revenue. |
(2) |
Adjusted EBITDA margin % is calculated by dividing adjusted EBITDA by revenue. |
Reconciliation of non-GAAP based measures with most directly comparable
A reconciliation of the most directly comparable
For the Fiscal Years Ended (in millions) |
|
|
|
|
Gross margin |
|
$ 520 |
|
$ 419 |
Stock compensation expense |
|
3 |
|
3 |
Adjusted gross margin |
|
$ 523 |
|
$ 422 |
|
|
|
|
|
Gross margin % |
|
61.0 % |
|
63.9 % |
Stock compensation expense |
|
0.3 % |
|
0.4 % |
Adjusted gross margin % |
|
61.3 % |
|
64.3 % |
Reconciliation of U.S. GAAP operating expense for the years ended
For the Fiscal Years Ended (in millions) |
|
|
|
|
Operating expense |
|
$ 645 |
|
$ 1,144 |
Restructuring charges |
|
37 |
|
11 |
Stock compensation expense |
|
30 |
|
28 |
Debentures fair value adjustment |
|
3 |
|
(138) |
Acquired intangibles amortization |
|
38 |
|
82 |
|
|
35 |
|
245 |
LLA impairment charge |
|
15 |
|
235 |
Litigation settlement |
|
— |
|
165 |
Adjusted operating expense |
|
$ 487 |
|
$ 516 |
Reconciliation of U.S. GAAP net income (loss) and
For the Fiscal Years Ended (in millions, except per share amounts) |
|
|
|
|
||||
|
|
|
|
Basic earnings |
|
|
|
Basic loss |
Net loss |
|
$ (130) |
|
|
|
$ (734) |
|
|
Restructuring charges |
|
37 |
|
|
|
11 |
|
|
Stock compensation expense |
|
33 |
|
|
|
31 |
|
|
Debentures fair value adjustment |
|
3 |
|
|
|
(138) |
|
|
Acquired intangibles amortization |
|
38 |
|
|
|
82 |
|
|
|
|
35 |
|
|
|
245 |
|
|
LLA impairment charge |
|
15 |
|
|
|
235 |
|
|
Litigation settlement |
|
— |
|
|
|
165 |
|
|
Adjusted net income (loss) |
|
$ 31 |
|
|
|
$ (103) |
|
|
Reconciliation of U.S GAAP research and development, sales and marketing, general and administrative, and amortization expense for the years ended
For the Fiscal Years Ended (in millions) |
|
|
|
|
Research and development |
|
$ 186 |
|
$ 207 |
Stock compensation expense |
|
8 |
|
9 |
Adjusted research and development |
|
$ 178 |
|
$ 198 |
|
|
|
|
|
Sales and marketing |
|
$ 171 |
|
$ 176 |
Stock compensation expense |
|
6 |
|
5 |
Adjusted sales and marketing |
|
$ 165 |
|
$ 171 |
|
|
|
|
|
General and administrative |
|
$ 181 |
|
$ 164 |
Restructuring charges |
|
37 |
|
11 |
Stock compensation expense |
|
16 |
|
14 |
Adjusted general and administrative |
|
$ 128 |
|
$ 139 |
|
|
|
|
|
Amortization |
|
$ 54 |
|
$ 96 |
Acquired intangibles amortization |
|
38 |
|
82 |
Adjusted amortization |
|
$ 16 |
|
$ 14 |
Adjusted operating income (loss), adjusted EBITDA, adjusted operating income (loss) margin percentage and adjusted EBITDA margin percentage for the fiscal years ended
For the Fiscal Years Ended (in millions) |
|
|
|
|
Operating loss |
|
$ (125) |
|
$ (725) |
Non-GAAP adjustments to operating loss |
|
|
|
|
Restructuring charges |
|
37 |
|
11 |
Stock compensation expense |
|
33 |
|
31 |
Debentures fair value adjustment |
|
3 |
|
(138) |
Acquired intangibles amortization |
|
38 |
|
82 |
|
|
35 |
|
245 |
LLA impairment charge |
|
15 |
|
235 |
Litigation settlement |
|
— |
|
165 |
Total non-GAAP adjustments to operating loss |
|
161 |
|
631 |
Adjusted operating income (loss) |
|
36 |
|
(94) |
Amortization |
|
59 |
|
105 |
Acquired intangibles amortization |
|
(38) |
|
(82) |
Adjusted EBITDA |
|
$ 57 |
|
$ (71) |
|
|
|
|
|
Revenue |
|
$ 853 |
|
$ 656 |
Adjusted operating income (loss) margin % (1) |
|
4 % |
|
(14 %) |
Adjusted EBITDA margin % (2) |
|
7 % |
|
(11 %) |
______________________________
(1) |
Adjusted operating income (loss) margin % is calculated by dividing adjusted operating income (loss) by revenue. |
(2) |
Adjusted EBITDA margin % is calculated by dividing adjusted EBITDA by revenue. |
The Company uses free cash flow (usage) when assessing its sources of liquidity, capital resources, and quality of earnings. The Company believes that free cash flow (usage) is helpful in understanding the Company's capital requirements and provides an additional means to reflect the cash flow trends in the Company's business.
Reconciliation of
For the Three Months Ended (in millions) |
|
|
|
|
Net cash used in operating activities |
|
$ (15) |
|
$ (7) |
Acquisition of property, plant and equipment |
|
(2) |
|
(2) |
Free cash usage |
|
$ (17) |
|
$ (9) |
Reconciliation of U.S. GAAP net cash provided used in operating activities for the years ended
For the Fiscal Years Ended (in millions) |
|
|
|
|
Net cash used in operating activities |
|
$ (3) |
|
$ (263) |
Acquisition of property, plant and equipment |
|
(7) |
|
(7) |
Free cash usage |
|
$ (10) |
|
$ (270) |
For the year ended
Key Metrics
The Company regularly monitors a number of financial and operating metrics, including the following key metrics, in order to measure the Company's current performance and estimated future performance. Readers are cautioned that Cybersecurity annual recurring revenue ("ARR"), Cybersecurity dollar-based net retention rate ("DBNRR"), Cybersecurity total contract value ("TCV") billings, recurring software product revenue percentage and QNX royalty backlog do not have any standardized meaning and are unlikely to be comparable to similarly titled measures reported by other companies.
For the Three Months Ended (in millions) |
|
|
Cybersecurity Annual Recurring Revenue |
|
$ 280 |
Cybersecurity Dollar-Based Net Retention Rate |
|
85 % |
Cybersecurity Total Contract Value Billings |
|
$ 91 |
Recurring Software Product Revenue Percentage |
|
~ 90% |
QNX Royalty Backlog |
|
$ 815 |
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