BlackBerry Ltd.

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  • Dec. 18, 2015, 9:28 AM
    • With the help of its acquisitions of Good Technology (closed in early November) and AtHoc, BlackBerry's (NASDAQ:BBRY) software and services revenue rose 119% Q/Q and 183% Y/Y in FQ3, and made up 29% of total revenue, up from FQ2's 15%. Service access fees (SAF) fell to 31% of revenue from 43%, and hardware/other slipped to 40% from 41%.
    • Also: BlackBerry forecasts software, hardware, and messaging revenue will be up Q/Q in FQ4, aided by software investments and Priv Android phone launches at additional carriers. The company "continues to anticipate positive free cash flow and adjusted EBITDA."
    • Unlike in prior quarters, no smartphone unit sales figure has been given in the earnings release. 2,713 enterprise customer wins were recorded, up from FQ2's 2,400, and 70% of software revenue was recurring.
    • Regional performance: North American revenue (boosted by Good) +29% Y/Y to $275M. EMEA -47% to $194M. Asia-Pac -58% to $55M. Latin America -71% to $24M.
    • Financials: Free cash flow was $15M, and op. cash flow $19M. Gross margin was 43.1% vs. 37.8% in FQ2 and 51.7% a year ago. Thanks to job cuts, GAAP R&D spend fell 35% Y/Y to $100M. Sales, marketing, and admin spend (lifted by Good) rose 4% to $177M. $10M was used to buy back 1.6M shares. BlackBerry ended FQ3 with $2.71B in cash, and $1.25B in debt.
    • Shares are at $8.12 premarket.
    • BlackBerry's FQ3 beat, earnings release
    • Update (9:57AM ET): BlackBerry disclosed on its earnings call it recognized revenue on 700K devices in FQ2, down from 800K in FQ2. John Chen says the company is close to breaking even on hardware. Shares are now up 10.5%.
    • Update 2: Thanks to the Priv, smartphone ASP rose to $315 from FQ2's $240.
    | Dec. 18, 2015, 9:28 AM | 52 Comments
  • Dec. 18, 2015, 7:02 AM
    • BlackBerry (NASDAQ:BBRY): FQ3 EPS of -$0.03 beats by $0.11.
    • Revenue of $557M (-29.8% Y/Y) beats by $67.96M.
    • Shares +10.6% PM.
    • Press Release
    | Dec. 18, 2015, 7:02 AM | 75 Comments
  • Dec. 17, 2015, 5:30 PM
  • Sep. 25, 2015, 9:39 AM
    • Dubbed Priv, the phone - complete with slide-out keyboard - is due out at the end of 2015. Priv, of course, is short for privacy, and that's what this new phone is all about. CEO John Chen: "Priv will be the solution for smartphone users who are learning daily of the lack of privacy they have on their current devices."
    • Chen adds the company remains committed to its own BlackBerry 10, and says a new update is coming early next year.
    • After spending $47M buying back 6M shares last quarter, the company announces an additional 15M share repurchase plan.
    • BBRY -2.2%
    • Previously: BlackBerry sinks after weak quarter (Sept. 25)
    • Previously: BlackBerry misses by $0.04 (Sept. 25)
    | Sep. 25, 2015, 9:39 AM | 149 Comments
  • Sep. 25, 2015, 7:03 AM
    • BlackBerry (NASDAQ:BBRY): FQ2 EPS of -$0.13 misses by $0.04.
    • GAAP Revenue of $490M (-46.5% Y/Y)
    • Shares +2.2% PM.
    | Sep. 25, 2015, 7:03 AM | 80 Comments
  • Sep. 24, 2015, 5:30 PM
    | Sep. 24, 2015, 5:30 PM | 4 Comments
  • Jun. 23, 2015, 10:35 AM
    • Up premarket after posting an FQ1 miss and announcing a Cisco licensing deal, BlackBerry (NASDAQ:BBRY) is now trading lower.
    • On the CC (webcast), BlackBerry reiterated its $500M FY16 (ends Feb. '16) software revenue target (up ~100% Y/Y), as well as expectations services revenue will continue declining at a 15% Q/Q clip; a 50% Y/Y FY16 decline was previously forecast. The company also stated a licensing deal was signed with an unnamed company, in addition to Cisco.
    • BGC's Collin Gillis notes licensing deals contributed to BlackBerry's 150% Y/Y increase in software/tech licensing revenue. "When the headline hits, you say 'wow they really blew out that software number, good for them, they're starting to get some traction.' But, of course, it's not truly $137 million because there is some licensing in there."
    • FQ1 results, details/Cisco deal
    | Jun. 23, 2015, 10:35 AM | 67 Comments
  • Jun. 23, 2015, 8:25 AM
    • In tandem with its FQ1 report, BlackBerry (NASDAQ:BBRY) has announced a patent cross-licensing deal with Cisco (NASDAQ:CSCO) that will result in BlackBerry getting a license fee; other terms are confidential. The company has also announced pharma industry exec Laurie Smaldone will replace Procter & Gamble vet Claudia Kotchka on the board.
    • Segment performance: Though FQ1 revenue missed estimates, software/tech licensing revenue (closely watched) was strong, rising 150% Y/Y to $137M and totaling 21% of revenue vs. 10% in FQ4. Services (hurt by fee cuts) fell to 38% of revenue from FQ4's 47%, and hardware to 40% from 42%.
    • Revenue was recognized on 1.1M phone sales, down from 1.3M in FQ4 and 1.6M a year ago; ASP rose $29 Q/Q to $240. 2,600 enterprise customer wins were recorded; 45% of software licenses for the deals were cross-platform.
    • Geographic performance: Thanks to the software growth, North American revenue rose 3% Y/Y to $285M. EMEA revenue fell 41% to $245M, Latin America 66% to $42M, and Asia-Pac 43% to $86M.
    • Financials: Cost cuts remain aggressive: R&D spend fell 41% Y/Y to $139M, and SG&A 56% to $174M. GAAP Gross margin was 47.1% vs. 48.2% in FQ4 and 46.7% a year ago; non-GAAP GM was 50.3%. The cash balance rose by $50M Q/Q to $3.32B; debt stands at $1.25B.
    • Free cash flow was $123M. BlackBerry "continues to target sustainable non-GAAP profitability some time in fiscal 2016."
    • Shares have risen to $9.70 premarket. They had sold off in the weeks going into earnings.
    • FQ1 results, PR
    | Jun. 23, 2015, 8:25 AM | 88 Comments
  • Jun. 23, 2015, 7:01 AM
    • BlackBerry (NASDAQ:BBRY): Q1 EPS of -$0.05 misses by $0.02.
    • Revenue of $658M (-31.9% Y/Y) misses by $25.65M.
    • Shares +1.5% PM.
    | Jun. 23, 2015, 7:01 AM | 158 Comments
  • Jun. 22, 2015, 5:30 PM
    | Jun. 22, 2015, 5:30 PM | 41 Comments
  • Mar. 27, 2015, 11:20 AM
    • Initially down premarket in response to its mixed FQ4 results, BlackBerry (NASDAQ:BBRY) is now moving higher.
    • Hardware (lower-margin) was 42% of revenue in FQ4 vs. 46% in FQ3; services was 47% vs. 46%, and software was 10% vs. an 8% FQ3 contribution for software/other. John Chen stated on the CC software revenue grew 24% Q/Q and 20% Y/Y - the company has previously forecast its software revenue will double in FY16 (ends Feb. '16), and its services revenue fall by 50%.
    • Gross margin fell to 48.3% from FQ3's 51.7% and the year-ago period's 56.7%. Sales/marketing/admin spend fell 52% Y/Y to $172M, and R&D spend 46% to $134M.
    • North American revenue -31% Y/Y to $205M; EMEA -31% to $283M; Latin America -53% to $60M; Asia-Pac -20% to $112M. End-user phone sales fell to 1.6M from FQ3's 1.9M and the year-ago period's 3.4M.
    • BlackBerry's cash balance rose by $156M Q/Q to $3.27B, thanks partly to an $80M net gain on acquisitions/divestitures. Long-term debt stood at $1.7B. The company still expects to reach "sustainable non-GAAP profitability" at some point in FY16.
    • Initial sell-side reactions are cautious. RBC (Sector Perform) notes services revenue fell 15% Q/Q, and thinks the drop "may continue to sustain lingering concerns about BlackBerry’s declining subscriber base.” Multiple analysts observe phone shipments (1.3M) missed estimates. Cowen (Market Perform): "The magnitude of the Hardware miss suggests smartphones may prove a less significant F2016 growth driver than expected."
    • Prior BlackBerry earnings coverage
    | Mar. 27, 2015, 11:20 AM | 49 Comments
  • Mar. 27, 2015, 7:23 AM
    • FQ4 operating income of $2M vs. a loss of $156M a year ago. EPS of $0.04 vs. a loss of $0.08. Normalized cash flow of $76M vs. a loss of $784M.
    • Revenue of $660M vs. expectations for nearly $800M, with devices revenue of $277M vs. estimates for $444M, services revenue of $310M vs. $318M, software revenue of $66M vs. $68M.
    • Revenue recognized on about 1.3M BlackBerry phones, with about 1.6M sold to end customers, with an ASP of $211 vs. $180 the previous quarter.
    • BBRY is halted from premarket trade until 7:30 ET.
    • Earnings call at 8 ET.
    • Previously: BlackBerry beats by $0.09, misses on revenue (March 27)
    | Mar. 27, 2015, 7:23 AM | 63 Comments
  • Mar. 27, 2015, 7:01 AM
    • BlackBerry (NASDAQ:BBRY): Q4 EPS of $0.04 beats by $0.09.
    • Revenue of $660M (-32.4% Y/Y) misses by $126.42M.
    • Shares +1.3% PM.
    | Mar. 27, 2015, 7:01 AM | 38 Comments
  • Mar. 26, 2015, 5:30 PM
    | Mar. 26, 2015, 5:30 PM | 18 Comments
  • Dec. 19, 2014, 2:43 PM
    • Deja vu: Three months after gradually moving higher after posting an FQ2 revenue miss and EPS beat, BlackBerry (BBRY -1.4%) is doing the same after delivering a similar FQ3 performance.
    • An improving gross margin contributed to the EPS beat: GM rose to 51.7% from 46.4% in FQ2. GM was at -106% a year ago (the result of a massive phone inventory charge).
    • Cost cuts also helped: GAAP R&D spend fell 17% Q/Q and 48% Y/Y to $154M; SG&A spend fell 12% Q/Q and 68% Y/Y to $538M. BlackBerry "continues to target sustainable non-GAAP profitability some time in fiscal 2016." The FY16 (ends Feb. '16) EPS consensus is at -$0.20.
    • Hardware was 46% of revenue, services 46%, and software/other 8% - the same as FQ2. End-user phone sales fell to 1.9M from 2.4M in FQ2 and 4.3M a year earlier. BlackBerry has said it needs to sell 10M phones annually to break even on hardware.
    • Cowen (Market Perform) likes BlackBerry's margin improvement and BES license growth - ahead of the BES12 launch, BES10 licenses roughly doubled Q/Q to 6.8M, aided by the EZ Pass migration program (to be ended soon). "Software growth remains the critical driver of the long-term turnaround."
    • S&P (Hold): "We are encouraged by a return to positive cash flow, reflecting margin improvement from cost cutting efforts. We see BBRY growing its mobile device management business ... We anticipate BBRY focusing on growing its software offerings and expect its hardware business to remain at depressed levels." MDM software rival MobileIron (MOBL +6.6%) is up strongly.
    • FQ3 results, details
    | Dec. 19, 2014, 2:43 PM | 15 Comments
Company Description
BlackBerry Ltd is a designer, manufacturer and marketer of wireless solutions for the mobile communications market.