Following their Investor schedule, BlackBerry today announced their Fiscal 2021 Q1 results. As part of the announcement, John Chen, Executive Chairman, and CEO, BlackBerry noted "BlackBerry QNX was impacted by macro headwinds in the auto and other embedded sectors but we are starting to see signs of a recovery".
- Total company non-GAAP revenue of $214 million; total company GAAP revenue of $206 million.
- Non-GAAP earnings per basic and diluted share of $0.02; GAAP loss per basic and diluted share of $1.14 primarily due to a non-cash, one-time goodwill impairment charge.
- Net cash used by operating activities of $31 million and capital expenditures of $1 million.
"On the enterprise front, we saw good demand from customers who recognized the necessity for BlackBerry's security, business continuity, and productivity solutions in an increasingly remote working environment. BlackBerry is capitalizing on the secular trends of securing and connecting endpoints."
If you're looking for the full table breakdowns, they can be found on the BlackBerry Investors website in addition to the supplemental financial information as well as the conference call transcript once it has been uploaded.
BlackBerry Reports Fiscal 2021 First Quarter Results
WATERLOO, Ontario, June 24, 2020 /CNW/ -- BlackBerry Limited (NYSE: BB; TSX: BB) today reported financial results for the three months ended May 31, 2020 (all figures in U.S. dollars and U.S. GAAP, except where otherwise indicated).
"BlackBerry QNX was impacted by macro headwinds in the auto and other embedded sectors but we are starting to see signs of a recovery," said John Chen, Executive Chairman and CEO, BlackBerry. "On the enterprise front, we saw good demand from customers who recognized the necessity for BlackBerry's security, business continuity, and productivity solutions in an increasingly remote working environment. BlackBerry is capitalizing on the secular trends of securing and connecting endpoints."
First Quarter Fiscal 2021 Highlights
- Total company non-GAAP revenue for the first quarter of fiscal 2021 was $214 million versus $267 million last year. Total company GAAP revenue for the first quarter of fiscal 2021 was $206 million versus $247 million last year.
- Recurring non-GAAP software product revenue was over 90%.
- Non-GAAP gross margin was 71% versus 75% last year and GAAP gross margin was 69% versus 72% last year.
- Non-GAAP operating earnings were $3 million versus non-GAAP operating earnings of $5 million last year. GAAP operating loss was $645 million versus GAAP operating loss of $36 million last year.
- Non-GAAP earnings per share was $0.02 (basic and diluted) versus non-GAAP earnings per share of $0.01 (basic and diluted) last year. GAAP net loss per share was $1.14 (basic and diluted) versus GAAP net loss per share of $0.06 (basic) and $0.09 (diluted) last year.
First quarter fiscal 2021 GAAP net loss includes $594 million in a non-cash, one-time goodwill impairment charge primarily related to the impairment of the BlackBerry Spark reporting unit, $33 million for acquired intangibles amortization expense, $14 million in stock compensation expense, a charge of $1 million related to the fair value adjustment on the debentures, and other amounts as summarized in the table below.
At May 31, 2020, total cash, cash equivalents, short-term and long-term investments were $955 million. Net cash used by operating activities of $31 million and capital expenditures of $1 million.
Given the uncertainty across the global economy due to the COVID-19 pandemic, BlackBerry is not providing a financial outlook for fiscal 2021.
Use of Non-GAAP Financial Measures
The tables at the end of this press release include a reconciliation of the non-GAAP financial measures used by the company to comparable GAAP measures and an explanation of why the company uses them.
Conference Call and Webcast
A conference call and live webcast will be held today beginning at 5:30 p.m. ET, which can be accessed by dialing 1-877-682-6267 or by logging on at BlackBerry.com/Investors. A replay of the conference call will also be available at approximately 8 p.m. ET by dialing 1-800-585-8367 and entering Conference ID #5177627 and at the link above.
BlackBerry (NYSE: BB; TSX: BB) provides intelligent security software and services to enterprises and governments around the world. The company secures more than 500M endpoints including more than 175M cars on the road today. Based in Waterloo, Ontario, the company leverages AI and machine learning to deliver innovative solutions in the areas of cybersecurity, safety and data privacy solutions, and is a leader in the areas of endpoint security management, encryption, and embedded systems. BlackBerry's vision is clear - to secure a connected future you can trust.
BlackBerry. Intelligent Security. Everywhere.