黑莓 (BB.US) 2026财年第二季度业绩电话会
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会议摘要
BlackBerry Q2 fiscal year 2026 earnings call showcased strong financial results with revenue growth, exceeding guidance across divisions, and a focus on strategic investments, particularly in QNX, alongside maintaining cost control and expecting positive cash flow for the remainder of the fiscal year.
会议速览
BlackBerry's Q2 FY2026 Results: Business Update and Financial ReviewThe call opens with a business update and financial results review for BlackBerry's Q2 FY2026. Forward-looking statements are noted, emphasizing risks and assumptions. Non-GAAP numbers are referenced, with reconciliation details provided in the earnings release.
QNX Division Surpasses Expectations with Robust Q2 Results and Strategic AdvancementsBlackBerry's QNX division achieved strong Q2 results, surpassing revenue and EBITDA expectations, driven by significant design wins and progress in automotive and general embedded markets. The division also made strides in software development platforms and partnerships, enhancing its position in the industry.
Secure Communications Division Surpasses Expectations with Solid Q2 Revenue and Expansion OpportunitiesThe Secure Communications division achieved a successful quarter with revenue of 59.9 million, driven by reduced customer churn and new deals. Notable wins include a five-year hosted secure voice services deal with a German government agency and renewals with the U.S. State Department. BlackBerry UEM gained BSI certification, enhancing its market position. The division also secured new ad hoc critical events management platform contracts and saw growth in Seki Smart sales, particularly in Germany and with Canadian government entities. IP licensing revenue was bolstered by a net new one-time deal.
Strong Financial Performance with Record EBITDA and Profit MarginsThe company exceeded revenue and profit expectations, driven by tight cost control and strategic investments. QNX and Secure Communications divisions saw record EBITDA, with total company adjusted EBITDA growing 72% year over year. Gross margins expanded, and despite prior year tax payments, the company achieved positive cash flow.
Strong Q3 & FY2026 Guidance, Share Repurchase, and Growth Investments Highlight Financial UpdateTotal cash and investments fluctuated with a year-over-year increase and a sequential decrease due to share repurchases. The company raised revenue and Adjusted EBITDA guidance for FY2026, reflecting stronger performance in QNX and Secure Comms divisions. Plans for continued growth investments, particularly in QNX, and potential future share buybacks were outlined. The guidance adjustments consider reduced uncertainty in macroeconomic conditions.
BlackBerry's Q2 Growth: Revenue, Margins, & Cash Flow HighlightsBlackBerry reported strong Q2 financials, including year-over-year revenue growth, expanded gross margins, and reduced Opex, achieving a 40% rule quarter. Guidance for fiscal 2026 was raised, projecting increased revenue and adjusted EBITDA. The company expects positive cash flow and sees leverage in QNX, with strategic investments in RD and sales for growth. China's market shift towards safety-critical software benefits BlackBerry, enhancing global opportunities.
QNX Revenue Trends and Back-End Loading Drivers for the YearThe dialogue discusses the back-end loading of QNX's revenue for the year, attributing it to seasonal patterns, particularly the start of design work towards the end of the year, impacting development seat licenses. It also mentions the expected growth in royalties as programs come online, contributing to quarterly revenue increases.
Big Programs Resuming, But Challenges Remain in Auto OEMs' Platform DevelopmentBig programs are gradually coming online post a pause, but software development complexities and tariff uncertainties persist. OEMs are stabilizing, with increased global light vehicle production, indicating cautious optimism for the second half of the year.
QNX Backlog Update & Sustainability of Double-Digit GrowthThe dialogue discusses the fluctuations in QNX's backlog, noting Q1's weaker performance due to OEM hesitation but a strong Q2 recovery. It highlights a solid pipeline for the second half, forecasting double-digit growth sustainability. Annual backlog updates will clarify future positions.
BlackBerry's Optimism on Second Half and Future Growth Driven by New Initiatives and PipelineThe dialogue highlights BlackBerry's optimism for the second half of the year and beyond, attributing it to new initiatives like the vehicle platform, SDP 8 adoption, and diversification into robotics. Upcoming events are mentioned, showcasing BlackBerry's active participation in industry conferences and exhibitions.
要点回答
Q：What were the financial results for BlackBerry's second quarter fiscal year 2026?
A：For BlackBerry's second quarter fiscal year 2026, the company reported revenue of $129.6 million, a 3% year-over-year growth. The total company adjusted EBITDA reached 20% of revenue, and GAAP net income was positive at $13.3 million. The company also achieved positive cash flow earlier than anticipated at $30 million.
Q：How did BlackBerry's QNX division perform in the second quarter?
A：QNX outperformed expectations in the second quarter with revenue of $63.1 million and an Adjusted EBITDA margin of 32%, achieving a Rule of 40 quarter. The division experienced 15% year-over-year revenue growth, with strong royalties being the primary driver of QNX's revenue for the quarter.
Q：What significant design wins did QNX secure in the second quarter?
A：QNX secured a significant design win in the Chinese market with a leading global tier 1 supplier for ADAS applications, a mid-eight-figure design win for the SnapDragon Ride Pilot platform built on QNX, and a cloud-based development platform win with one of the top five global automakers for their cabin systems.
Q：What are the growth trends in QNX's key focus areas outside of the automotive industry?
A：QNX continued to see growth in high-performance, safety-critical use cases in the general embedded space, particularly in medical instrumentation, industrial automation, and robotics. Notable wins include the use of QNX for automated mobile robots and humanoid robotics.
Q：What was the status of the QNX operating system and its security certifications?
A：The latest version of the QNX operating system passed safety and security audits conducted by TUV Rhineland, and QNX OS for Safety 8.0 was formally released on July 31, fully certified by TUV Rhineland to meet rigorous international standards. QNX OS for Safety 8 was also announced to power Nvidia's Drive AGX Thor development kit.
Q：What progress has been made with the vehicle software platform development?
A：The vehicle software platform development is making meaningful progress with the partnership with Vector Informatic, and the platform is Pre-integrating the QNX operating system with various middleware components. The first Early Access version of this product was launched, and the company is working closely with Vector to implement and accelerate the go-to-market strategy.
Q：How is QNX expanding its developer and ecosystem community?
A：QNX is accelerating the growth of its developer and ecosystem community by making products available for non-production use and developing QNX-centric training programs. The initiative has seen six universities sign up for using QNX in their engineering curriculums, with over 4,000 students attending QNX learning sessions globally.
Q：What were the results for BlackBerry's Secure Communications division in the second quarter?
A：BlackBerry's Secure Communications division had a solid second quarter, beating the top end of guidance with quarterly revenue of $59.9 million, an increase sequentially. The results were driven by slower customer churn for UEM and upside for both Ad Hoc and Secchi Sport. Annual recurring revenue (ARR) grew by $4 million to $213 million, and the dollar-based net retention rate (DBNRR) improved to 93%.
Q：What are the highlights of BlackBerry's recent business deals?
A：BlackBerry has secured several important business deals: a five-year hosted secure voice services contract with a key German government agency, a deal with a Canadian government entity, and a renewal with the US State Department for the ad hoc critical events management platform that includes four option years potentially extending the renewal to five years.
Q：What is the significance of BlackBerry's renewal with the US State Department?
A：The renewal with the US State Department is significant as it includes four option years, potentially extending the relationship for a total of five years. The renewal also acknowledges the FedRAMP high approval and new features added to the ad hoc platform, which helped expand the relationship for the State Department's emergency notification and accountability platform.
Q：How has BlackBerry's focus on data sovereignty contributed to customer renewal rates?
A：BlackBerry's focus on data sovereignty has contributed to customer renewal rates by playing to the strengths of BlackBerry UEM, especially with on-premise deployments. This focus has helped secure non-government renewals, including major financial institutions and other significant organizations.
Q：What are the results of BlackBerry's financial performance according to the latest quarter's numbers?
A：BlackBerry's financial performance for the latest quarter includes a total company revenue of $129.6 million, expanded adjusted gross margins to 75%, flat adjusted operating expenses at $74.8 million, and a strong increase in total company adjusted EBITDA to $25.9 million, resulting in a turnaround in GAAP net income to $13.3 million from a prior year loss, and positive adjusted EPS at $0.04.
Q：How has BlackBerry's investment in QNX and Secure Communications divisions performed financially?
A：BlackBerry's QNX division has seen revenue growth of 15% year over year to $63.1 million, with adjusted EBITDA marking the most profitable quarter in the division's history at 32% margin and $20.5 million in adjusted EBITDA. The Secure Communications division had revenue of $59.9 million with a higher gross margin of 66% and strong adjusted EBITDA of $9.7 million or 16% of revenue.
Q：What is the impact of BlackBerry's share buyback program?
A：BlackBerry's share buyback program had a positive impact by repurchasing approximately $20 million, or 5 million shares at an average price per share of $3.97, which has led to the cancellation of these shares and a decrease in total cash and investments by $18.4 million sequentially.
Q：What are the expectations for the upcoming fiscal quarters and full fiscal year?
A：BlackBerry is optimistic about the upcoming fiscal quarters and has raised its expectations for both revenue and Adjusted EBITDA for the full fiscal year. QNX is expected to have revenue in the range of $66 to $70 million and Adjusted EBITDA between $13 to $17 million in Q3, while Secure Communications is forecasted to have Q3 revenue between $60 to $64 million with Adjusted EBITDA between $12 to $16 million. The full-year revenue guidance has been increased by $3 million at the midpoint, with Adjusted EBITDA guidance raised by 11 million at the midpoint.
Q：What are the updated guidance figures for revenue and adjusted EBITDA for the current fiscal year?
A：The updated guidance for the current fiscal year is revenue to be approximately 24 million and adjusted EBITDA to be approximately 20 million.
Q：What is the expected range for Q3 revenue and adjusted EBITDA?
A：The expected range for Q3 revenue is in the range of 132 to 140 million, and the adjusted EBITDA is expected to be between 20 and 28 million.
Q：How has the guidance for the full fiscal year changed in terms of revenue and adjusted EBITDA?
A：The full fiscal year guidance has been raised with total company revenue expected to be between 519 and 541 million, and adjusted EBITDA is now expected to be in the range of 82 to 101 million.
Q：How will the second tranche proceeds from the sale of C to Arctic Wolf impact the cash flow guidance?
A：The second tranche proceeds from the sale of C to Arctic Wolf are expected to bring an additional 38 million of cash, which is classified separately as cash flows from investing activities and will increase the operating cash flow guidance for the full fiscal year.
Q：What were BlackBerry's performance highlights in Q2?
A：In Q2, BlackBerry delivered year-over-year top line growth, expanded gross margins, decreased Opex, and achieved profitability with a revenue growth of 15% and an adjusted EBITDA margin of 32%.
Q：What is the strategy for operating leverage in QNX moving forward?
A：The strategy for operating leverage in QNX includes growing the business in the mid-teens year over year while reducing Opex through lower spending in research and development (R&D) and sales and marketing (S&M). With a focus on increasing the mix of royalties and stabilizing R&D investments while making targeted S&M investments, it is expected that the adjusted EBITDA margins will strengthen going forward.
Q：How does BlackBerry view the China market and the opportunities within it, particularly in the context of safety-critical software for the automotive industry?
A：BlackBerry views the China market positively due to its increased focus on safety-critical software and high-performance capabilities, which has been influenced by several high-profile incidents. This trend plays into BlackBerry's strengths, as its software is well-suited for safety-critical applications. The progress made in this area is further evidenced by partnerships with silicon players like Qualcomm and Nvidia.
Q：What is the primary driver of the revenue growth in the back half of the year according to the outlook?
A：The primary driver of the revenue growth in the back half of the year is the sequential increase in revenue trends, with QNX typically being the lowest in the first quarter and the highest in the fourth quarter. This pattern is largely consistent with past years and is somewhat seasonal.
Q：How is the growth in royalties contributing to the company's financial picture?
A：The growth in royalties is a contributing factor to the company's financial picture, as some programs that have started to come online contribute to this growth, which is noticeable from quarter to quarter.
Q：What is the current status of big programs in the plans of auto Oems and how do they compare to the previous expectations?
A：Big programs are not back on track but have shifted to a later stage compared to the original plans. They are starting to come online, though not as quickly as initially hoped.
Q：What is the company's perspective on the challenges of developing software and the likelihood of vehicle launches?
A：The company acknowledges that challenges of developing software remain complex and have not gone away. Over time, problems are expected to be solved, and vehicles will come online, but it is not yet out of the challenging phase.
Q：What indicators suggest that the market is stabilizing and production is ramping up?
A：The stabilizing of the market and an increase in production are suggested by the feedback received from auto Oems regarding new platform development and the maintenance of their guidance. This indicates a stabilization and a resumption of momentum in the second half of the year.
Q：How is the current backlog positioned and what are the expectations for growth?
A：The backlog is positioned to indicate growth, with Q1 being weaker due to challenges and Q2 showing a significant rebound ahead of plan. The company feels optimistic about the second half of the year and next year due to solid opportunities in the pipeline, bookings from new programs, and diversification into new areas such as robotics.
Q：What events is BlackBerry attending in the upcoming months and where can attendees find more information about the company's products and services?
A：BlackBerry is attending several key events, including E Live in Bonn, Germany; the American Medical Device Summit in Chicago; embedded world North America in November; Ita Expo in Nuremberg, Germany; and gtes Global in Dubai. At these events, attendees can visit BlackBerry's booth to learn more about the company's exciting developments.
BlackBerry Ltd.
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