[Wyniki finansowe] BlackBerry publikuje wyniki za Q1 2019
Poznaliśmy właśnie wyniki finansowe spółki BlackBerry Limited za pierwszy kwartał roku fiskalnego 2019, a wraz z nimi potwierdza się, że BlackBerry to teraz firma czysto software’owa.
Z najważniejszych punktów trzeba zaznaczyć, że aż 86% przychodów z oprogramowania i usług należy do przychodu cyklicznego, a to wzrost o 16% względem poprzedniego kwartału. Całkowity przychód z oprogramowania i usług wyniósł 193 miliony dolarów non-GAAP, co przekłada się na wzrost o 14% względem wyników z przed roku, a licząc GAAP 189 milionów i wzrost o 18% rok do roku.
Dodatkowo dochód operacyjny non-GAAP wyniósł 12 milionów USD i był na plusie IX kwartał z rzędu, a rezerwy gotówkowe, ich ekwiwalenty i krótko oraz długoterminowe inwestycje wyniosły około 2.3 miliarda USD (stan na 31 maja). Jest więc stabilny wzrost, ale bez żadnych zaskoczeń – na plus czy minus.
Po ogłoszeniu wyników akcje BB poszły w górę o 2.6%.
Oficjalny komunikat prasowy:
BlackBerry Reports Fiscal Year 2019 First Quarter Results
Jun 22, 2018
- Non-GAAP total software and services revenue of $193 million, up 14% year-over-year; GAAP total software and services revenue of $189 million, up 18% year-over-year
- Total software and services billings grew double-digits from the prior year period
- Recurring software and services revenue of 86%
WATERLOO, Ontario, June 22, 2018 (GLOBE NEWSWIRE) — BlackBerry Limited (NYSE:BB) (TSX:BB), an enterprise software and services company focused on securing and managing IoT endpoints, today reported financial results for the three months ended May 31, 2018 (all figures in U.S. dollars and U.S. GAAP, except where otherwise indicated).
First Quarter Fiscal 2019 Results
- Total company non-GAAP revenue for the first quarter of fiscal 2019 was $217 million with GAAP revenue of $213 million. Total non-GAAP software and services revenue of $193 million, up 14% year- over-year. Total GAAP software and services revenue was $189 million, up 18% year-over-year. Approximately 86% of first quarter software and services revenue (excluding IP licensing and professional services) was recurring, up from approximately 70% in the fourth quarter of fiscal year 2018. Gross margin of 76% (both non-GAAP and GAAP).
- Non-GAAP operating income was $12 million, and positive for the ninth consecutive quarter. GAAP operating loss was $65 million. Non-GAAP earnings per share was $0.03 (basic and diluted). GAAP net loss for the quarter was $0.11 per share (basic and diluted). GAAP net loss includes a charge of $28 million related to the fair value adjustment on the debentures, $22 million in acquired intangibles amortization expense, $18 million in stock compensation expense, $4 million in restructuring charges, and other amounts as summarized in a table below.
- Total cash, cash equivalents, short-term and long-term investments were approximately $2.3 billion as of May 31, 2018. Free cash flow, before considering the impact of restructuring and legal proceedings, was positive $3 million. Cash used in operations was $7 million and capital expenditures were $5 million. Excluding $605 million in the face value of the company’s debt, the net cash balance at the end of the quarter was approximately $1.7 billion.
“We are off to a solid start in fiscal 2019, with 14% year-over-year growth in total software and services revenue driven by strong double-digit billings and an increase in recurring revenue” said John Chen, Executive Chairman and CEO, BlackBerry. “I am pleased that BlackBerry QNX software is now embedded in over 120 million automobiles worldwide, doubling the install base in the last three years. We are very excited about the opportunities ahead of us in automobiles and in other EoT verticals.”
BlackBerry’s outlook for fiscal 2019 is as follows:
- Total company software and services billings growth is expected to be double-digits
- Non-GAAP EPS is expected to be positive
- Free cash flow is expected to be positive for the full year, before considering the impact of restructuring and legal proceedings
- Total software and services revenue growth of between 8% to 10% year-over-year
Reconciliation of GAAP revenue, gross margin, gross margin percentage, loss before income taxes, net loss and basic loss per share to Non-GAAP revenue, gross margin, gross margin percentage, income before income taxes, net income and basic earnings per share for the three months ended May 31, 2018:
|Q1 Fiscal 2019 Non-GAAP Adjustments||For the Three Months Ended May 31,2018
(in millions, except for per share amounts)
| Basic earnings
|Debentures fair value adjustment (2)||Debentures fair value adjustment||—||—||—%||28||28|
|Resource Alignment Program charges (3)||Research and development||—||—||—%||2||2|
|Resource Alignment Program charges (3)||Selling, marketing and administration||—||—||—%||2||2|
|Software deferred revenue acquired (4)||Revenue||4||4||0.4%||4||4|
|Stock compensation expense (5)||Cost of sales||—||1||0.5%||1||1|
|Stock compensation expense (5)||Research and development||—||—||—%||3||3|
|Stock compensation expense (5)||Selling, marketing and administration||—||—||—%||14||14|
|Acquired intangibles amortization (6)||Amortization||—||—||—%||22||22|
|Business acquisition and integration costs (7)||Selling, marketing and administration||—||—||—%||1||1|
Note: Non-GAAP revenue, non-GAAP gross margin, non-GAAP gross margin percentage, non-GAAP income before income taxes, non-GAAP net income and non-GAAP income per share 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.
- During the first quarter of fiscal 2019, the Company reported GAAP gross margin of $161 million or 75.6% of revenue. Excluding the impact of stock compensation expense included in cost of sales and software deferred revenue acquired included in revenue, the non-GAAP gross margin was $166 million, or 76.5% of revenue.
- During the first quarter of fiscal 2019, the Company recorded the Q1 Fiscal 2019 Debentures Fair Value Adjustment of $28 million. This adjustment was presented on a separate line in the Consolidated Statements of Operations.
- During the first quarter of fiscal 2019, the Company incurred charges related to the Resource Alignment Program of approximately $4 million, of which $2 million was included in research and development and $2 million was included in selling, marketing and administration expense.
- During the first quarter of fiscal 2019, the Company recorded software deferred revenue acquired but not recognized due to business combination accounting rules of $4 million, which was included in enterprise software and services revenue.
- During the first quarter of fiscal 2019, the Company recorded stock compensation expense of $18 million, of which $1 million was included in cost of sales, $3 million was included in research and development, and $14 million was included in selling, marketing and administration expenses.
- During the first quarter of fiscal 2019, the Company recorded amortization of intangible assets acquired through business combinations of $22 million, which was included in amortization expense.
- During the first quarter of fiscal 2019, the Company recorded business acquisition and integration costs incurred through business combinations of $1 million, which were included in selling, marketing and administration expenses.
Supplementary Geographic Revenue Breakdown
|(United States dollars, in millions)|
|Revenue by Region|
|For the Quarters Ended|
|May 31, 2018||February 28, 2018||November 30, 2017||August 31, 2017||May 31, 2017|
|Europe, Middle East and|
Supplementary Revenue by Product and Service Type Breakdown
|(United States dollars, in millions)|
|Revenue by Product and Service Type|
|For the Three Months Ended||For the Three Months Ended||For the Three Months Ended|
|May 31, 2018||May 31, 2017||May 31, 2018||May 31, 2017||May 31, 2018||May 31, 2017|
|Enterprise software and services||$||79||$||92||$||4||$||9||$||83||$||101|
|BlackBerry Technology Solutions||47||36||—||—||47||36|
|Licensing, IP and other||63||32||—||—||63||32|
Conference Call and Webcast
A conference call and live webcast will be held today beginning at 8 a.m. ET, which can be accessed by dialing 1- 866-496-6675 or by logging on at http://ca.blackberry.com/company/investors/events.html. A replay of the conference call will also be available at approximately 11 a.m. ET by dialing 1-888-203-1112 and entering Conference ID #8263166 and at the link above.
BlackBerry is an enterprise software and services company focused on securing and managing IoT endpoints. The company does this with BlackBerry Secure, an end-to-end Enterprise of Things platform, comprised of its enterprise communication and collaboration software and safety-certified embedded solutions.
Based in Waterloo, Ontario, BlackBerry was founded in 1984 and operates in North America, Europe, Asia, Australia, Middle East, Latin America and Africa. The Company trades under the ticker symbol „BB” on the Toronto Stock Exchange and the New York Stock Exchange. For more information visit BlackBerry.com, and follow the company on LinkedIn, Twitter and Facebook.