Sunday, May 31, 2020

BlackBerry Reports Fiscal Fourth Quarter and Fiscal Year 2020 Results

Fiscal Year 2020

 

  • Total company non-GAAP revenue of $1,099 million, or 20% growth year-over-year; total company GAAP revenue of $1,040 million, or 15% growth year-over-year.
  • Total non-GAAP Software and Services revenue of $1,078 million, or 26% growth year-over-year; total GAAP Software and Service revenue of $1,019 million, or 21% growth year-over-year.
  • Fiscal year 2020 total Software and Services billings grew by a double-digit percentage year-over-year.
  • Fiscal year 2020 non-GAAP earnings per basic and diluted share of $0.13, above the $0.08 provided in the financial outlook for fiscal year 2020. Fiscal year 2020 GAAP loss per basic share of $0.27 and GAAP loss per diluted share of $0.32.
  • Net cash provided by operating activities of $26 million and capital expenditures of $12 million resulted in free cash flow generated of $14 million.

 

Fourth Quarter Fiscal 2020

  • Total company non-GAAP revenue of $291 million, or 13% growth year-over-year; total company GAAP revenue of $282 million, or 11% growth year-over-year.
  • Total non-GAAP Software and Services revenue of $287 million, or 16% growth year-over-year; total GAAP Software and Services revenue of $278 million, or 13% growth year-over-year; both are record quarterly highs.
  • Non-GAAP earnings per basic and diluted share of $0.09; GAAP loss per basic and diluted share of $0.07.
  • Net cash provided by operating activities of $35 million and capital expenditures of $3 million, resulted in free cash flow generated of $32 million.

 

 

HONG KONG – April 6, 2020 – BlackBerry Limited (NYSE: BB; TSX: BB) today reported financial results for the three months and the twelve months ended February 29, 2020 (all figures in U.S. dollars and U.S. GAAP, except where otherwise indicated).

 

Fourth Quarter Fiscal 2020 Results

 

Total company non-GAAP revenue for the fourth quarter of fiscal 2020 was $291 million, up 13% year-over-year. Total company GAAP revenue for the fourth quarter of fiscal 2020 was $282 million, up 11% year-over-year. Total non-GAAP software and services revenue of $287 million, up 16% year-over-year. Total GAAP software and services revenue was $278 million, up 13% year-over-year. Fourth quarter recurring non-GAAP software and services revenue (excluding IP licensing and professional services) was over 90%. Non-GAAP gross margin was 77% and GAAP gross margin was 75%.

 

Non-GAAP operating earnings was $51 million. GAAP operating loss was $41 million. Non-GAAP earnings per share was $0.09 (basic and diluted). GAAP net loss per share was $0.07 (basic and diluted). GAAP net loss includes $35 million for acquired intangibles amortization expense, $27 million in goodwill and long-term asset impairment charges, $17 million in stock compensation expense, a charge of $5 million related to the fair value adjustment on the debentures, and other amounts as summarized in the table below.

 

Total cash, cash equivalents, short-term and long-term investments was $990 million as of February 29, 2020. Net cash provided by operating activities of $35 million and capital expenditures of $3 million resulted in free cash flow generated of $32 million.

 

“In fiscal 2020, we delivered $1.1 billion in non-GAAP revenue and $0.13 of non-GAAP earnings per share, released over 30 new products and made strong progress on developing BlackBerry’s zero-trust architecture as part of the Spark platform. This is essential for the secure IoT market,” said John Chen, Executive Chairman and CEO, BlackBerry. “We continue to have the right strategy and the right products to address the market’s expanding security needs. Although we are going through unprecedented times, we are excited about our future opportunities for long-term growth.”

 

Outlook

 

BlackBerry provided fiscal year 2021 outlook in connection with the quarterly earnings announcement on its earnings conference call. The earnings call transcript is available on our website.

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