Emerging Technology

Investment builds on the company's forestry and responsible packaging innovations to deliver new financial and climate returns

Apple® today announced a first-of-its-kind carbon removal initiative — called the Restore Fund — that will make investments in forestry projects to remove carbon from the atmosphere while generating a financial return for investors. Launched with Conservation International and Goldman Sachs, Apple's $200 million fund aims to remove at least 1 million metric tons of carbon dioxide annually from the atmosphere, equivalent to the amount of fuel used by over 200,000 passenger vehicles, while demonstrating a viable financial model that can help scale up investment in forest restoration.

"Nature provides some of the best tools to remove carbon from the atmosphere. Forests, wetlands, and grasslands draw carbon from the atmosphere and store it away permanently in their soils, roots, and branches," said Lisa Jackson, Apple's vice president of Environment, Policy, and Social Initiatives. "Through creating a fund that generates both a financial return as well as real, and measurable carbon impacts, we aim to drive broader change in the future — encouraging investment in carbon removal around the globe. Our hope is that others share our goals and contribute their resources to support and protect critical ecosystems."

This effort is part of Apple's broader goal to become carbon neutral across its entire value chain by 2030. While the company will directly eliminate 75 percent of emissions for its supply chain and products by 2030, the fund will help address the remaining 25 percent of Apple's emissions by removing carbon from the atmosphere. Trees absorb carbon as they grow, with researchers estimating that tropical forests hold more carbon than humanity has emitted over the past 30 years from burning coal, oil, and natural gas, despite ongoing deforestation. The partnership aims to unlock the potential of this natural solution by scaling it in a way that makes it attractive to businesses.

To ensure that the carbon stored in forests is being accurately quantified, and permanently locked out of the atmosphere, the Restore Fund will use robust international standards developed by recognized organizations such as Verra, the Intergovernmental Panel on Climate Change, and the UN Climate Convention. And it will prioritize investments in working forests that improve biodiversity through the creation of buffer zones and natural set-asides.

Conservation International is a co-investor in the fund and is ensuring that projects meet strict environmental and social standards. Goldman Sachs is managing the fund. The three parties will identify new projects later this year.

"Innovation is core to Apple's approach to climate solutions, and Goldman Sachs is proud to partner with them and Conservation International," said Dina Powell, Global Head of Sustainability and Inclusive Growth at Goldman Sachs. "We all agree that the urgency of climate transition requires private capital to work alongside new and established efforts aimed at sustainably removing carbon from the atmosphere with rigor and high standards. We believe launching this fund can catalyze significant additional investment capital for climate impact."

Apple's Forestry Efforts

The Restore Fund builds on Apple's legacy of work in forestry conservation. For three years running, Apple has used 100 percent responsibly sourced fibers in its packaging and improved the management of more than 1 million acres of forests globally to date. Apple has also pioneered groundbreaking carbon projects with Conservation International that protect and restore grasslands, wetlands, and forests.

"Investing in nature can remove carbon far more effectively — and much sooner — than any other current technology. As the world faces the global threat climate change presents, we need innovative new approaches that can dramatically reduce emissions," said Dr. M. Sanjayan, CEO of Conservation International. "We are excited to build on our long-standing partnership with Apple and believe the groundbreaking approach with the Restore Fund will make a huge difference and benefit communities around the world with new jobs and revenue that support everything from education to healthcare."

In 2018, Apple partnered with Conservation International, local government, and conservation organizations in Colombia to protect and restore a 27,000-acre mangrove forest in the country. The aim is to sequester 1 million metric tons of carbon dioxide over the project's lifetime. These mangroves not only protect the coasts and help support the livelihoods of residents in those communities where they grow, but they also store up to 10 times more carbon than forests on land. This project is the first to use "blue carbon" methodology to rigorously value the entire mangrove system — both above and below the waterline — for its climate mitigation impacts.

Apple and Conservation International have also partnered with local conservation organizations in Kenya to restore degraded savannas in the Chyulu Hills region, an area between three national parks in Kenya and just across the border from Kilimanjaro National Park in Tanzania. Scaling up this work across the degraded rangeland and natural savannas across Africa could remove hundreds of millions of tons of carbon from the atmosphere each year, while also benefiting local communities and wildlife.

Apple's customers can also take part in supporting these efforts. For each Apple Pay® purchase from now through Earth Day, Apple will make a donation to Conservation International to support its efforts to preserve and protect the environment.

Working Forests and Responsible Packaging

Since 2017, 100 percent of the virgin wood fiber used in Apple's packaging has come from responsible sources — the same sort of responsibly managed working forests in which the Restore Fund intends to invest. This represents the company's first closed-loop material as part of its goal to one day make products using only recycled or renewable materials.

Progress to this goal has involved steady innovations that have the potential to change the future of sustainable packaging. After launching the first iPhone® with majority-fiber packaging in 2016, Apple's newest iPhone 12 lineup now arrives to customers in packaging that comprises 93 percent fiber-based materials. This includes the fiber-based screen cover that protects the display and for the first time replaced the standard plastic film.

Apple has also taken direct steps to support the responsible production of wood fiber. Through partnerships with The Conservation Fund and World Wildlife Fund, Apple has improved the management of more than 1 million acres of working forests in the United States and China since 2015.

Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with iPhone, iPad, Mac, Apple Watch, and Apple TV. Apple's five software platforms — iOS, iPadOS, macOS, watchOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, and iCloud. Apple's more than 100,000 employees are dedicated to making the best products on earth, and to leaving the world better than we found it.

NOTE TO EDITORS: For additional information visit Apple Newsroom ( www.apple.com/newsroom ), or call Apple's Media Helpline at (408) 974-2042.

© 2021 Apple Inc. All rights reserved. Apple, the Apple logo, Apple Pay, and iPhone are trademarks of Apple. Other company and product names may be trademarks of their respective owners.

Keri Fulton
Apple
keri_fulton@apple.com
240-595-2691

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BlackBerry Provides Long-term Financial Targets

BlackBerry Limited (NYSE: BB; TSX: BB) today provided its long-term financial targets in connection with its annual analyst summit event.

BlackBerry Logo Black (PRNewsfoto/Blackberry Limited)

The company released the following guidance:

  • Revenue Targets:

FY22

Actual

FY25

Target

FY27

Target

5-year
CAGR


$M

$M

$M

%

IoT*

178

307

443

20%

Cybersecurity

477

579

770

10%






Total BlackBerry**

655

886

1,213

13%






* Excludes potential revenue from BlackBerry IVY™


** Excludes revenue from Licensing & Other for comparability









The Company is targeting:

  • An average 100+ basis points increase in non-GAAP gross margin per year to FY27.
  • Non-GAAP operating margin of approximately 20% by FY27.
  • Investing approximately 30% of revenue on Research & Development in FY23.
  • To be modestly non-GAAP EPS and cashflow negative in FY23 due to investment plans.
  • To be approaching breakeven non-GAAP EPS and cashflow in FY24.
  • To generate positive non-GAAP EPS and cashflow beginning in FY25.

IoT:

  • IoT Serviceable Addressable Market (SAM) is expected to grow at approximately 8-12% per year from FY23 to FY26.
  • Revenue growth for the IoT business unit is expected to exceed the market growth rate resulting in an increase in market share above the current level of 26% in core automotive domains.
  • Revenue from production-based royalties is expected to grow faster than revenue from the pre-production design phase, increasing the portion of total revenue from royalties.
  • The SAM for BlackBerry IVY is expected to be approximately $800 million in FY25.
  • BlackBerry is targeting its first IVY design wins in FY23.

Cybersecurity:

  • The SAMs for endpoint security and managed cybersecurity services are expected to grow at 15% and 14%, respectively, per year to FY27.
  • Revenue for the Cybersecurity business unit, excluding UEM, is expected to grow with a 5-year CAGR of approximately 16% to FY27.
  • Churn in the UEM customer base is expected to negatively impact revenue and Annual Recurring Revenue (ARR) in FY23, but the impact is expected to become less significant from FY24 onwards.
  • Approximately 20% of the UEM customer base is in non-core verticals, and those customers, representing annual revenue in the region of $40 million , are exhibiting higher than average churn.
  • Approximately 64% of the Cylance customer base currently buys 1 Cylance module, and approximately 27% buy 2 modules. Management is targeting selling additional modules to these customers.

The presentation used during the financial session of the analyst summit, held at 4pm ET today, can be found on the BlackBerry.com/Investors website here .

A replay of the financial session will also be available on the BlackBerry.com/Investors website at approximately 8pm ET today.

This press release refers to certain non-GAAP measures. The company believes that these non-GAAP measures, which may be defined differently by other companies, explain the company's results of operations in a manner that allows for a more complete understanding of the underlying trends in the company's business. However, these measures should not be viewed as a substitute for those determined in accordance with GAAP.  For a reconciliation between the non-GAAP measures used in this presentation and measures determined in accordance with GAAP, and an explanation of why the company uses them, please see the company's annual report on Form 10-K, which is available on the EDGAR, SEDAR and BlackBerry.com websites.

For more information, follow @BlackBerry on Twitter , Facebook or LinkedIn and view the company's corporate video which highlights how BlackBerry addresses today's enterprise security challenges.

About BlackBerry

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 over 195M vehicles.  Based in Waterloo, Ontario , the company leverages AI and machine learning to deliver innovative solutions in the areas of cybersecurity, safety and data privacy, and is a leader in the areas of endpoint security, endpoint management, encryption, and embedded systems. BlackBerry's vision is clear - to secure a connected future you can trust.

BlackBerry. Intelligent Security. Everywhere.

For more information, visit BlackBerry.com and follow @BlackBerry.

Investor Contact:
BlackBerry Investor Relations
+1 (519) 888-7465
investorrelations@blackberry.com

Media Contact:
BlackBerry Media Relations
+1 (519) 597-7273
mediarelations@blackberry.com

This news release contains forward-looking statements within the meaning of certain securities laws, including under the U.S. Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws, including statements regarding BlackBerry's plans, strategies and objectives including its expectations with respect to increasing and enhancing its product and service offerings.

The words "expect", "anticipate", "estimate", "may", "will", "should", "could", "intend", "believe", "target", "plan" and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are based on estimates and assumptions made by BlackBerry in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that BlackBerry believes are appropriate in the circumstances, including but not limited to, BlackBerry's expectations regarding its business, strategy, opportunities and prospects, the launch of new products and services, general economic conditions, the ongoing COVID-19 pandemic, the Russia Ukraine conflict, competition, and BlackBerry's expectations regarding its financial performance.  Many factors could cause BlackBerry's actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, risks related to the following factors: BlackBerry's ability to enhance, develop, introduce or monetize products and services for the enterprise market in a timely manner with competitive pricing, features and performance; BlackBerry's ability to maintain or expand its customer base for its software and services offerings to grow revenue or achieve sustained profitability; the intense competition faced by BlackBerry; the occurrence or perception of a breach of BlackBerry's network cybersecurity measures, or an inappropriate disclosure of confidential or personal information; the failure or perceived failure of BlackBerry's solutions to detect or prevent security vulnerabilities; BlackBerry's continuing ability to attract new personnel, retain existing key personnel and manage its staffing effectively; litigation against BlackBerry; BlackBerry's dependence on its relationships with resellers and channel partners; acquisitions, divestitures and other business initiatives; the impact of the COVID-19 pandemic; network disruptions or other business interruptions; BlackBerry's ability to foster an ecosystem of third-party application developers; BlackBerry's products and services being dependent upon interoperability with rapidly changing systems provided by third parties; BlackBerry's ability to obtain rights to use third-party software and its use of open source software; failure to protect BlackBerry's intellectual property and to earn expected revenues from intellectual property rights; BlackBerry being found to have infringed on the intellectual property rights of others;  the substantial asset risk faced by BlackBerry, including the potential for charges related to its long-lived assets and goodwill; BlackBerry's indebtedness; tax provision changes, the adoption of new tax legislation or exposure to additional tax liabilities; the use and management of user data and personal information; government regulations applicable to BlackBerry's products and services, including products containing encryption capabilities; environmental, social and governance expectations and standards; the failure of BlackBerry's suppliers, subcontractors, channel partners and representatives to use acceptable ethical business practices or comply with applicable laws; regulations regarding health and safety, hazardous materials usage and conflict minerals; foreign operations, including fluctuations in foreign currencies; adverse economic, geopolitical and environmental conditions; the fluctuation of BlackBerry's quarterly revenue and operating results; the volatility of the market price of BlackBerry's common shares; and rising inflation.

These risk factors and others relating to BlackBerry are discussed in greater detail in BlackBerry's Annual Report on Form 10-K and the "Cautionary Note Regarding Forward-Looking Statements" section of BlackBerry's MD&A (copies of which filings may be obtained at www.sedar.com or www.sec.gov ). All of these factors should be considered carefully, and readers should not place undue reliance on BlackBerry's forward-looking statements. Any statements that are forward-looking statements are intended to enable BlackBerry's shareholders to view the anticipated performance and prospects of BlackBerry from management's perspective at the time such statements are made, and they are subject to the risks that are inherent in all forward-looking statements, as described above, as well as difficulties in forecasting BlackBerry's financial results and performance for future periods, particularly over longer periods, given changes in technology and BlackBerry's business strategy, evolving industry standards, intense competition and short product life cycles that characterize the industries in which BlackBerry operates. Any forward-looking statements are made only as of today and the company has no intention and undertakes no obligation to update or revise any of them, except as required by law.

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SOURCE BlackBerry Limited

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BlackBerry and Magna Collaborate on Next-Generation Advanced Driver Assistance System Solutions for Global Automakers

BlackBerry Limited (NYSE: BB; TSX: BB) and Magna International Inc. (TSX: MG; NYSE: MGA) have entered into a multi-year agreement to collaborate on various integrated Advanced Driver Assistance Systems (ADAS) solutions.

BlackBerry Logo Black (PRNewsfoto/Blackberry Limited)

With OEMs launching vehicles with ever expanded feature sets, the global ADAS market is set for significant growth over the next decade.

As part of the agreement, BlackBerry will provide Magna with QNX software including the QNX Software Development Platform , QNX OS for Safety , QNX Platform for ADAS , as well as professional engineering services for system-level integration, performance optimization, and solution validation.

"Magna's ADAS expertise and unique ability to integrate system solutions into various vehicle applications gives us a competitive advantage," said Sharath Reddy , Senior Vice President Magna Electronics.  "Additionally, collaborating with companies like with BlackBerry helps us with speed to market."

"It's a great pleasure to work with another Canadian company – and global market leader in the automotive market. Our collaboration brings together both company's software and functional safety strengths as part of a platform that is already being delivered to multiple global OEMs," said John Wall , SVP and Co-Head, BlackBerry Technology Solutions. "With software now being a driving force in the automotive industry, delivering compelling solutions that are seamlessly integrated into a vehicle allows OEMs to differentiate themselves.  We are excited to be working with Magna, a fast-moving company on the cutting edge of ADAS, as the technologies undergo rapid adoption and expansion driven by a number of regulatory mandates that are on the horizon."

For more information on how BlackBerry QNX can help with building the safe and secure vehicles of tomorrow, please visit: BlackBerry.QNX.com .

About BlackBerry

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 195M vehicles.  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, endpoint management, encryption, and embedded systems.  BlackBerry's vision is clear - to secure a connected future you can trust.

BlackBerry. Intelligent Security. Everywhere.

For more information, visit BlackBerry.com and follow @BlackBerry.

Trademarks, including but not limited to BLACKBERRY, EMBLEM Design and QNX are the trademarks or registered trademarks of BlackBerry Limited, its subsidiaries and/or affiliates, used under license, and the exclusive rights to such trademarks are expressly reserved. All other trademarks are the property of their respective owners. BlackBerry is not responsible for any third-party products or services.

ABOUT MAGNA

Magna is more than one of the world's largest suppliers in the automotive space. We are a mobility technology company with a global, entrepreneurial-minded team of 158,000 employees and an organizational structure designed to innovate like a startup. With 60+ years of expertise, and a systems approach to design, engineering and manufacturing that touches nearly every aspect of the vehicle, we are positioned to support advancing mobility in a transforming industry. Our global network includes 343 manufacturing operations and 91 product development, engineering and sales centers spanning 28 countries.

For further information about Magna, please visit www.magna.com or follow us on Twitter @MagnaInt.

Media Contact:

BlackBerry Media Relations
+1 (519) 597-7273
mediarelations@BlackBerry.com

Magna Media Relations
Tracy Fuerst , Vice President, Corporate Communications and PR
+1 (248) 761 7004
tracy.fuerst@magna.com

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SOURCE BlackBerry Limited

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AMD and Qualcomm Collaborate to Optimize FastConnect Connectivity Solutions for AMD Ryzen Processors

AMD (NASDAQ: AMD) and Qualcomm Technologies, Inc. a subsidiary of Qualcomm Incorporated (NASDAQ: QCOM), today announced a collaboration to optimize the Qualcomm® FastConnect™ connectivity system for AMD Ryzen™ processor-based computing platforms, starting with AMD Ryzen™ PRO 6000 Series processors and the Qualcomm® FastConnect™ 6900. With the FastConnect 6900 system, the latest AMD Ryzen processor-powered business laptops feature Wi-Fi® 6 and 6E connectivity, including advanced wireless capabilities enabled with Windows 11.

In collaboration with Microsoft, next-generation Windows 11 PCs, such as the Lenovo ThinkPad Z Series and HP EliteBook 805 Series , can harness the full potential of Windows 11 Wi-Fi Dual Station through Qualcomm® 4-Stream Dual Band Simultaneous. Multiple Wi-Fi bands outperform traditional single band connections for improved video conferencing experiences, reduced latency, and enhanced connection robustness. Leveraging the 6 GHz band, next-gen laptop users can take full advantage of its bandwidth and speed improvements without competing with any non-6E devices.

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Apple Previews Innovative Accessibility Features Combining the Power of Hardware, Software, and Machine Learning

Software features coming later this year offer users with disabilities new tools for navigation, health, communication, and more

Apple® today previewed innovative software features that introduce new ways for users with disabilities to navigate, connect, and get the most out of Apple products. These powerful updates combine the company's latest technologies to deliver unique and customizable tools for users, and build on Apple's long-standing commitment to making products that work for everyone.

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BlackBerry Helps Drive Railway Improvements with Safety Certification

QNX OS for Safety 2.2 to be certified to industry's highest railway functional safety standard level

Today at the 61 st Annual RSSI C&S Exhibition BlackBerry Limited (NYSE: BB; TSX: BB) announced that its QNX® OS for Safety 2.2 will be certified to the highest Safety Integrity Level (SIL) 4, of the functional safety standard for the railway industry EN 50128 from the European Electrotechnical Committee for Standardization (CENELEC).

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