BlackBerry Reports Sequential Software and Services Revenue Growth, Non-GAAP Profitability and Positive Free Cash Flow for Fiscal 2021 Third Quarter

 
 

  - Total company non-GAAP revenue of $224 million ; total company GAAP revenue of $218 million .  

 

  - Non-GAAP earnings per basic and diluted share of $0.02 ; GAAP loss per basic and diluted share of $0.23 .  

 

  - Net cash generated from operating activities of $29 million .  

 

BlackBerry Limited (NYSE: BB; TSX: BB) today reported financial results for the three months ended November 30, 2020 (all figures in U.S. dollars and U.S. GAAP, except where otherwise indicated).

 

  "We are pleased to report solid financial results this quarter, delivering sequential software and services revenue growth in line with our outlook.  This quarter we delivered exciting new technology releases, especially our AI-driven BlackBerry® Cyber Suite.  We also made significant progress with partnerships," Said John Chen , Executive Chairman & CEO, BlackBerry. "Our recently-announced multi-year, exclusive partnership with AWS to co-develop and co-market BlackBerry IVY, is both strategic and unique.  This new platform will create a recurring-revenue business, bringing together BlackBerry's extensive experience and footprint in embedded automotive with AWS' unparalleled cloud reach, consumer experience and interface."  

 

   Third Quarter Fiscal 2021 Financial Highlights   

 
  • Total company non-GAAP revenue for the third quarter of fiscal 2021 was $224 million .  Total company GAAP revenue for the third quarter of fiscal 2021 was $218 million .
  •  
  • Software and Services non-GAAP revenue for the third quarter of fiscal 2021 was $168 million .  Software and Services GAAP revenue for the third quarter of fiscal 2021 was $162 million .
  •  
  • Non-GAAP gross margin was 70% and GAAP gross margin was 68%.
  •  
  • Non-GAAP operating earnings were $14 million .  GAAP operating loss was $127 million , primarily due to fair value adjustments to long-term debt.
  •  
  • Non-GAAP earnings per share was $0.02 (basic and diluted).  GAAP net loss per share was $0.23 (basic and diluted).
  •  
  • Total cash, cash equivalents, short-term and long-term investments were $757 million .
  •  
  • Net cash generated from operating activities was $29 million .
  •  

   Third Quarter Business Highlights & Strategic Announcements   

 
  • AWS and BlackBerry join forces to accelerate innovation with new intelligent vehicle data platform, BlackBerry IVY.
  •  
  • BlackBerry QNX has design wins with 19 of the top 25 Electric Vehicle OEMs, who together have 61% of EV market.
  •  
  • BlackBerry unveils industry's first Unified Endpoint Security (UES) solution for AI-powered Cybersecurity, BlackBerry Cyber Suite.  Cyber Suite will Integrate with all leading UEMs, including Microsoft Intune.
  •  
  • BlackBerry launches industry's first user behavior AI technology for Cybersecurity, BlackBerry Persona® Desktop.
  •  
  • BlackBerry launches new AI-powered Mobile Threat Defense (MTD) solution to protect against mobile malware and phishing attacks, BlackBerry® Protect Mobile.
  •  
  • BlackBerry® Unified Endpoint Manager (UEM) software has achieved National Security Agency (NSA) Commercial Solutions for Classified Program (CSfC) approval.
  •  
  • Announced new global BlackBerry Partner Program that combines the award-winning BlackBerry Enterprise Partner Program and BlackBerry Cylance Partner Programs into one unified comprehensive structure.
  •  
  • BlackBerry uncovered massive hack-for-hire group, BAHAMUT, targeting governments, businesses, human rights groups and influential individuals.
  •  
  • Launched QNX® OS for Safety 2.2, a new release of the trusted, safety-certified operating system certified by the independent auditors at TÜV Rheinland to IEC 61508 SIL3 (Industrial), ISO 26262 ASIL D (Automotive), and IEC 62304 Class C (Medical devices) functional safety standards.
  •  

   Outlook
 
BlackBerry will provide fiscal year 2021 outlook in connection with the quarterly earnings announcement on its earnings conference call. The earnings call transcript will be made available on our website and on SEDAR.

 

  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 U.S. 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. Slides relating to the recent BlackBerry IVY announcement will be shown during the live webcast.  These slides will be made available on the BlackBerry.com/Investors website at 5:30 p.m. ET .
A replay of the conference call will also be available at approximately 8:30 p.m. ET by dialing +1 (800) 585-8367 and entering Conference ID #7510319 and at the link above.

 

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

 

  Investor Contact:
BlackBerry Investor Relations
+1 (519) 888-7465
  investor_relations@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 BlackBerry IVY and 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 particularly in light of COVID-19, 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; the outbreak of the COVID-19 coronavirus; BlackBerry's continuing ability to attract new personnel, retain existing key personnel and manage its staffing effectively; BlackBerry's dependence on its relationships with resellers and channel partners; 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 revenues from intellectual property rights; litigation against BlackBerry;  the substantial asset risk faced by BlackBerry, including the potential for charges related to its long-lived assets and goodwill; BlackBerry's indebtedness; acquisitions, divestitures and other business initiatives;  BlackBerry's products and services being dependent upon interoperability with rapidly changing systems provided by third parties; BlackBerry being found to have infringed on the intellectual property rights of others; the use and management of user data and personal information; network disruptions or other business interruptions; government regulations applicable to BlackBerry's products and services, including products containing encryption capabilities; foreign operations, including fluctuations in foreign currencies; the failure of BlackBerry's suppliers, subcontractors, channel partners and representatives to use acceptable ethical business practices or comply with applicable laws; BlackBerry's ability to generate revenue and profitability through the licensing of security software and services or the BlackBerry brand to device manufacturers; BlackBerry's reliance on third parties to manufacture and repair its hardware products; fostering an ecosystem of third-party application developers; regulations regarding health and safety, hazardous materials usage and conflict minerals, and to product certification risks; tax provision changes, the adoption of new tax legislation or exposure to additional tax liabilities; the fluctuation of BlackBerry's quarterly revenue and operating results; the volatility of the market price of BlackBerry's common shares; and adverse economic and geopolitical conditions.

 

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. BlackBerry has no intention and undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

 
 
                                                                                                                                                                                                                                                                                                                                                                                                          
 

   BlackBerry Limited   

 
 

  Incorporated under the Laws of Ontario  

 
 

  (United States dollars, in millions except share and per share amounts) (unaudited)  

 
 
 

   Consolidated Statements of Operations   

 
 
 

   Three Months Ended   

 
 
 

   Nine Months Ended   

 
 
 

   November 30,   

 

   2020   

 
 
 

   August 31,   

 

   2020   

 
 
 

   November 30,   

 

   2019   

 
 
 

   November 30,   

 

   2020   

 
 
 

   November 30,   

 

   2019   

 
 

   Revenue   

 
 

   $   

 
 

   218   

 
 
 
 

  $  

 
 

  259  

 
 
 
 

  $  

 
 

  267  

 
 
 
 

   $   

 
 

   683   

 
 
 
 

  $  

 
 

  758  

 
 
 

   Cost of sales   

 
 

   69   

 
 
 
 

  60  

 
 
 
 

  69  

 
 
 
 

   192   

 
 
 
 

  207  

 
 
 

   Gross margin   

 
 

   149   

 
 
 
 

  199  

 
 
 
 

  198  

 
 
 
 

   491   

 
 
 
 

  551  

 
 
 

   Gross margin %   

 
 

   68.3   

 
 

   %   

 
 
 

  76.8  

 
 

  %  

 
 
 

  74.2  

 
 

  %  

 
 
 

   71.9   

 
 

   %   

 
 
 

  72.7  

 
 

  %  

 
 

   Operating expenses   

 
 
 
 
 
 
 
 
 
 
 

  Research and development  

 
 

   53   

 
 
 
 

  57  

 
 
 
 

  66  

 
 
 
 

   167   

 
 
 
 

  199  

 
 
 

  Selling, marketing and administration  

 
 

   83   

 
 
 
 

  79  

 
 
 
 

  129  

 
 
 
 

   252   

 
 
 
 

  380  

 
 
 

  Amortization  

 
 

   45   

 
 
 
 

  46  

 
 
 
 

  49  

 
 
 
 

   137   

 
 
 
 

  146  

 
 
 

  Impairment of goodwill  

 
 

    

 
 
 
 

  

 
 
 
 

  

 
 
 
 

   594   

 
 
 
 

  

 
 
 

  Impairment of long-lived assets  

 
 

    

 
 
 
 

  21  

 
 
 
 

  3  

 
 
 
 

   21   

 
 
 
 

  5  

 
 
 

  Debentures fair value adjustment  

 
 

   95   

 
 
 
 

  18  

 
 
 
 

  (20)  

 
 
 
 

   114   

 
 
 
 

  (71)  

 
 
 
 

   276   

 
 
 
 

  221  

 
 
 
 

  227  

 
 
 
 

   1,285   

 
 
 
 

  659  

 
 
 

   Operating loss   

 
 

   (127)   

 
 
 
 

  (22)  

 
 
 
 

  (29)  

 
 
 
 

   (794)   

 
 
 
 

  (108)  

 
 
 

  Investment income (loss), net  

 
 

   (1)   

 
 
 
 

  (5)  

 
 
 
 

  (1)  

 
 
 
 

   (6)   

 
 
 
 

  2  

 
 
 

   Loss before income taxes   

 
 

   (128)   

 
 
 
 

  (27)  

 
 
 
 

  (30)  

 
 
 
 

   (800)   

 
 
 
 

  (106)  

 
 
 

   Provision for (recovery of) income taxes   

 
 

   2   

 
 
 
 

  (4)  

 
 
 
 

  2  

 
 
 
 

   (11)   

 
 
 
 

  5  

 
 
 

   Net loss   

 
 

   $   

 
 

   (130)   

 
 
 
 

  $  

 
 

  (23)  

 
 
 
 

  $  

 
 

  (32)  

 
 
 
 

   $   

 
 

   (789)   

 
 
 
 

  $  

 
 

  (111)  

 
 
 

   Loss per share   

 
 
 
 
 
 
 
 
 
 
 

  Basic  

 
 

   $   

 
 

   (0.23)   

 
 
 
 

  $  

 
 

  (0.04)  

 
 
 
 

  $  

 
 

  (0.06)  

 
 
 
 

   $   

 
 

   (1.41)   

 
 
 
 

  $  

 
 

  (0.20)  

 
 
 

  Diluted  

 
 

   $   

 
 

   (0.23)   

 
 
 
 

  $  

 
 

  (0.04)  

 
 
 
 

  $  

 
 

  (0.07)  

 
 
 
 

   $   

 
 

   (1.41)   

 
 
 
 

  $  

 
 

  (0.27)  

 
 
 
 
 
 
 
 
 
 
 
 
 

  Weighted-average number of common shares outstanding (000s)  

 
 
 
 
 
 
 
 
 
 
 

  Basic  

 
 

   562,443   

 
 
 
 

  558,882  

 
 
 
 

  554,585  

 
 
 
 

   559,732   

 
 
 
 

  552,931  

 
 
 

  Diluted  

 
 

   562,443   

 
 
 
 

  558,882  

 
 
 
 

  615,085  

 
 
 
 

   559,732   

 
 
 
 

  613,431  

 
 
 

  Total common shares outstanding (000s)  

 
 

   562,016   

 
 
 
 

  556,468  

 
 
 
 

  552,132  

 
 
 
 

   562,016   

 
 
 
 

  552,132  

 
 
 
 

 

 
 
                                                                                                                                                                                                                                 
 

   BlackBerry Limited   

 
 

  Incorporated under the Laws of Ontario  

 
 

  (United States dollars, in millions) (unaudited)  

 
 
 

   Consolidated Balance Sheets   

 
 
 

   As at   

 
 
 

   November 30, 2020   

 
 
 

   February 29, 2020   

 
 

   Assets   

 
 
 
 
 

   Current   

 
 
 
 
 

  Cash and cash equivalents  

 
 

   $   

 
 

   223   

 
 
 
 

  $  

 
 

  377  

 
 
 

  Short-term investments  

 
 

   451   

 
 
 
 

  532  

 
 
 

  Accounts receivable, net of allowance of $13 and $9, respectively  

 
 

   212   

 
 
 
 

  215  

 
 
 

  Other receivables  

 
 

   21   

 
 
 
 

  14  

 
 
 

  Income taxes receivable  

 
 

   10   

 
 
 
 

  6  

 
 
 

  Other current assets  

 
 

   54   

 
 
 
 

  52  

 
 
 
 

   971   

 
 
 
 

  1,196  

 
 
 

   Restricted cash and cash equivalents   

 
 

   50   

 
 
 
 

  49  

 
 
 

   Long-term investments   

 
 

   33   

 
 
 
 

  32  

 
 
 

   Other long-term assets   

 
 

   19   

 
 
 
 

  65  

 
 
 

   Operating lease right-of-use assets, net   

 
 

   91   

 
 
 
 

  124  

 
 
 

   Property, plant and equipment, net   

 
 

   54   

 
 
 
 

  70  

 
 
 

   Goodwill   

 
 

   849   

 
 
 
 

  1,437  

 
 
 

   Intangible assets, net   

 
 

   803   

 
 
 
 

  915  

 
 
 
 

   $   

 
 

   2,870   

 
 
 
 

  $  

 
 

  3,888  

 
 
 

   Liabilities   

 
 
 
 
 

   Current   

 
 
 
 
 

  Accounts payable  

 
 

   $   

 
 

   29   

 
 
 
 

  $  

 
 

  31  

 
 
 

  Accrued liabilities  

 
 

   173   

 
 
 
 

  202  

 
 
 

  Income taxes payable  

 
 

   8   

 
 
 
 

  18  

 
 
 

  Debentures  

 
 

    

 
 
 
 

  606  

 
 
 

  Deferred revenue, current  

 
 

   217   

 
 
 
 

  264  

 
 
 
 

   427   

 
 
 
 

  1,121  

 
 
 

   Deferred revenue, non-current   

 
 

   75   

 
 
 
 

  109  

 
 
 

   Operating lease liabilities   

 
 

   99   

 
 
 
 

  120  

 
 
 

   Other long-term liabilities   

 
 

   7   

 
 
 
 

  9  

 
 
 

   Long-term debentures   

 
 

   459   

 
 
 
 

  

 
 
 
 

   1,067   

 
 
 
 

  1,359  

 
 
 

   Shareholders' equity   

 
 
 
 
 

   Capital stock and additional paid-in capital   

 
 

   2,803   

 
 
 
 

  2,760  

 
 
 

   Deficit   

 
 

   (991)   

 
 
 
 

  (198)  

 
 
 

   Accumulated other comprehensive loss   

 
 

   (9)   

 
 
 
 

  (33)  

 
 
 
 

   1,803   

 
 
 
 

  2,529  

 
 
 
 

   $   

 
 

   2,870   

 
 
 
 

  $  

 
 

  3,888  

 
 
 
 

 

 
 
                                                                                                                                                                                                                                                                                      
 

   BlackBerry Limited   

 
 

  Incorporated under the Laws of Ontario  

 
 

  (United States dollars, in millions) (unaudited)  

 
 
 

   Consolidated Statements of Cash Flows   

 
 
 

   Nine Months Ended   

 
 
 

   November 30, 2020   

 
 
 

   November 30, 2019   

 
 

   Cash flows from operating activities   

 
 
 
 
 

  Net loss  

 
 

   $   

 
 

   (789)   

 
 
 
 

  $  

 
 

  (111)  

 
 
 

  Adjustments to reconcile net loss to net cash provided by (used in) operating activities:  

 
 
 
 
 

  Amortization  

 
 

   149   

 
 
 
 

  160  

 
 
 

  Stock-based compensation  

 
 

   33   

 
 
 
 

  46  

 
 
 

  Impairment of goodwill  

 
 

   594   

 
 
 
 

  

 
 
 

  Impairment of long-lived assets  

 
 

   21   

 
 
 
 

  5  

 
 
 

  Non-cash consideration received from contracts with customers  

 
 

    

 
 
 
 

  (8)  

 
 
 

  Debentures fair value adjustment  

 
 

   114   

 
 
 
 

  (71)  

 
 
 

  Operating leases  

 
 

   (4)   

 
 
 
 

  (12)  

 
 
 

  Other  

 
 

   (4)   

 
 
 
 

  11  

 
 
 

  Net changes in working capital items  

 
 
 
 
 

  Accounts receivable, net  

 
 

   (1)   

 
 
 
 

  17  

 
 
 

  Other receivables  

 
 

   (7)   

 
 
 
 

  6  

 
 
 

  Income taxes receivable  

 
 

   (4)   

 
 
 
 

  (1)  

 
 
 

  Other assets  

 
 

   51   

 
 
 
 

  3  

 
 
 

  Accounts payable  

 
 

   (2)   

 
 
 
 

  (21)  

 
 
 

  Accrued liabilities  

 
 

   (27)   

 
 
 
 

  (24)  

 
 
 

  Income taxes payable  

 
 

   (13)   

 
 
 
 

  2  

 
 
 

  Deferred revenue  

 
 

   (81)   

 
 
 
 

  (10)  

 
 
 

   Net cash provided by (used in) operating activities   

 
 

   30   

 
 
 
 

  (8)  

 
 
 

   Cash flows from investing activities   

 
 
 
 
 

  Acquisition of long-term investments  

 
 

   (1)   

 
 
 
 

  (1)  

 
 
 

  Acquisition of property, plant and equipment  

 
 

   (5)   

 
 
 
 

  (9)  

 
 
 

  Acquisition of intangible assets  

 
 

   (23)   

 
 
 
 

  (24)  

 
 
 

  Business acquisitions, net of cash acquired  

 
 

    

 
 
 
 

  1  

 
 
 

  Acquisition of short-term investments  

 
 

   (770)   

 
 
 
 

  (829)  

 
 
 

  Proceeds on sale or maturity of short-term investments  

 
 

   851   

 
 
 
 

  830  

 
 
 

   Net cash provided by (used in) investing activities   

 
 

   52   

 
 
 
 

  (32)  

 
 
 

   Cash flows from financing activities   

 
 
 
 
 

  Issuance of common shares  

 
 

   10   

 
 
 
 

  8  

 
 
 

  Payment of finance lease liability  

 
 

   (1)   

 
 
 
 

  (2)  

 
 
 

  Repurchase of 3.75% Debentures  

 
 

   (610)   

 
 
 
 

  

 
 
 

  Issuance of 1.75% Debentures  

 
 

   365   

 
 
 
 

  

 
 
 

   Net cash provided by (used in) financing activities   

 
 

   (236)   

 
 
 
 

  6  

 
 
 

   Effect of foreign exchange gain (loss) on cash, cash equivalents, restricted cash, and restricted cash equivalents   

 
 

   1   

 
 
 
 

  (1)  

 
 
 

   Net decrease in cash, cash equivalents, restricted cash, and restricted cash equivalents during the period   

 
 

   (153)   

 
 
 
 

  (35)  

 
 
 

   Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of period   

 
 

   426   

 
 
 
 

  582  

 
 
 

   Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period   

 
 

   $   

 
 

   273   

 
 
 
 

  $  

 
 

  547  

 
 
 
 

   As at   

 
 

   November 30, 2020   

 
 
 

   February 29, 2020   

 
 

  Cash and cash equivalents  

 
 

   $   

 
 

   223   

 
 
 
 

  $  

 
 

  377  

 
 
 

  Restricted cash and cash equivalents  

 
 

   50   

 
 
 
 

  49  

 
 
 

  Short-term investments  

 
 

   451   

 
 
 
 

  532  

 
 
 

  Long-term investments  

 
 

   33   

 
 
 
 

  32  

 
 
 
 

   $   

 
 

   757   

 
 
 
 

  $  

 
 

  990  

 
 
 
 

  Reconciliations of Non-GAAP Measures with the Nearest Comparable U.S. GAAP Measures  

 

In the Company's internal reports, management evaluates the performance of the Company's business on a non-GAAP basis by excluding the impact of certain items below from the Company's U.S. GAAP financial results. The Company believes that these non-GAAP measures provide readers of the Company's financial statements with a consistent basis for comparison across accounting periods and is useful in helping readers understand the Company's operating results and underlying operational trends.

 

Readers are cautioned that adjusted revenue, adjusted gross margin, adjusted gross margin percentage, adjusted operating expense, adjusted operating income, adjusted EBITDA, adjusted operating income margin percentage, adjusted EBITDA margin percentage, adjusted net income (loss), adjusted income (loss) per share, adjusted research and development expense, adjusted selling, marketing and administrative expense, adjusted amortization expense and free cash flow and similar measures do not have any standardized meaning prescribed by U.S. GAAP and are therefore unlikely to be comparable to similarly titled measures reported by other companies. These non-GAAP financial measures should be considered in the context of the U.S. GAAP results.

 

   Reconciliation of non-GAAP based measures with most directly comparable U.S. GAAP based measures for the three months ended November 30, 2020 and November 30, 2019    

 

A reconciliation of the most directly comparable U.S. GAAP financial measures for the three months ended November 30, 2020 and November 30, 2019 to adjusted financial measures is reflected in the tables below:

 
 
                                                                                                                  
 

   For the Three Months Ended (in millions)   

 
 
 

   November 30, 2020   

 
 
 

   November 30, 2019   

 
 

   Revenue   

 
 
 

  $  

 
 

  218  

 
 
 
 

  $  

 
 

  267  

 
 
 

  Software deferred revenue acquired (1)  

 
 
 

  6  

 
 
 
 

  13  

 
 
 

   Adjusted revenue   

 
 
 

  $  

 
 

  224  

 
 
 
 

  $  

 
 

  280  

 
 
 
 
 
 
 
 

   Gross margin   

 
 
 

  $  

 
 

  149  

 
 
 
 

  $  

 
 

  198  

 
 
 

  Software deferred revenue acquired (1)  

 
 
 

  6  

 
 
 
 

  13  

 
 
 

  Restructuring charges  

 
 
 

  

 
 
 
 

  3  

 
 
 

  Stock compensation expense  

 
 
 

  1  

 
 
 
 

  1  

 
 
 

   Adjusted gross margin   

 
 
 

  $  

 
 

  156  

 
 
 
 

  $  

 
 

  215  

 
 
 
 
 
 
 
 

   Gross margin %   

 
 
 

  68.3  

 
 

  %  

 
 
 

  74.2  

 
 

  %  

 
 

  Software deferred revenue acquired (1)  

 
 
 

  0.9  

 
 

  %  

 
 
 

  1.1  

 
 

  %  

 
 

  Restructuring charges  

 
 
 

  

 
 

  %  

 
 
 

  1.1  

 
 

  %  

 
 

  Stock compensation expense  

 
 
 

  0.4  

 
 

  %  

 
 
 

  0.4  

 
 

  %  

 
 

   Adjusted gross margin %   

 
 
 

  69.6  

 
 

  %  

 
 
 

  76.8  

 
 

  %  

 
 
 
 
    
 

   ______________________________  

 
 

   (1) See Reconciliation of U.S. GAAP Software and Services revenue to adjusted Software and Services revenue  

 
 

  Reconciliation of operating expense for the three months ended November 30, 2020 and November 30, 2019 to adjusted operating expense is reflected in the tables below:  

 
 
 
 
 
                                                                 
 

   For the Three Months Ended (in millions)   

 
 
 

   November 30, 2020   

 
 
 

   November 30, 2019   

 
 

   Operating expense   

 
 
 

  $  

 
 

  276  

 
 
 
 

  $  

 
 

  227  

 
 
 

  Restructuring charges  

 
 
 

  

 
 
 
 

  4  

 
 
 

  Stock compensation expense  

 
 
 

  11  

 
 
 
 

  14  

 
 
 

  Debenture fair value adjustment  

 
 
 

  95  

 
 
 
 

  (20)  

 
 
 

  Software deferred commission expense acquired  

 
 
 

  (4)  

 
 
 
 

  (4)  

 
 
 

  Acquired intangibles amortization  

 
 
 

  32  

 
 
 
 

  35  

 
 
 

  LLA impairment charge  

 
 
 

  

 
 
 
 

  3  

 
 
 

   Adjusted operating expense   

 
 
 

  $  

 
 

  142  

 
 
 
 

  $  

 
 

  195  

 
 
 
 

Reconciliation of U.S. GAAP net loss and U.S. GAAP basic loss per share for the three months ended November 30, 2020 and November 30, 2019 to adjusted net income and adjusted basic earnings per share is reflected in the tables below:

 
 
                                                                                                                     
 

   For the Three Months Ended (in millions, except per share amounts)   

 
 
 

   November 30, 2020   

 
 
 

   November 30, 2019   

 
 
 
 
 
 

   Basic   

 

   earnings   

 

   (loss) per   

 

   share   

 
 
 
 
 

   Basic   

 

   earnings   

 

   (loss) per   

 

   share   

 
 

   Net loss   

 
 
 

  $  

 
 

  (130)  

 
 
 
 

  $(0.23)  

 
 
 

  $  

 
 

  (32)  

 
 
 
 

  $(0.06)  

 
 

  Software deferred revenue acquired  

 
 
 

  6  

 
 
 
 
 
 

  13  

 
 
 
 
 

  Restructuring charges  

 
 
 

  

 
 
 
 
 
 

  7  

 
 
 
 
 

  Stock compensation expense  

 
 
 

  12  

 
 
 
 
 
 

  15  

 
 
 
 
 

  Debenture fair value adjustment  

 
 
 

  95  

 
 
 
 
 
 

  (20)  

 
 
 
 
 

  Software deferred commission expense acquired  

 
 
 

  (4)  

 
 
 
 
 
 

  (4)  

 
 
 
 
 

  Acquired intangibles amortization  

 
 
 

  32  

 
 
 
 
 
 

  35  

 
 
 
 
 

  LLA impairment charge  

 
 
 

  

 
 
 
 
 
 

  3  

 
 
 
 
 

   Adjusted net income   

 
 
 

  $  

 
 

  11  

 
 
 
 

  $0.02  

 
 
 

  $  

 
 

  17  

 
 
 
 

  $0.03  

 
 
 

Reconciliation of U.S. GAAP Software and Services revenue for the three months ended November 30, 2020 and November 30, 2019 to adjusted Software and Services revenue is reflected in the tables below:

 
 
                              
 

   For the Three Months Ended (in millions)   

 
 
 

   November 30, 2020   

 
 
 

   November 30, 2019   

 
 

   Software and Services Revenue   

 
 
 

  $  

 
 

  162  

 
 
 
 

  $  

 
 

  185  

 
 
 

  Software deferred revenue acquired  

 
 
 

  6  

 
 
 
 

  13  

 
 
 

   Adjusted Software and Services revenue   

 
 
 

  $  

 
 

  168  

 
 
 
 

  $  

 
 

  198  

 
 
 
 

Reconciliation of U.S. GAAP research and development, selling, marketing and administration, and amortization expense for the three months ended November 30, 2020 and November 30, 2019 to adjusted research and development, selling, marketing and administration, and amortization expense is reflected in the tables below:

 
 
                                                                                                        
 

   For the Three Months Ended (in millions)   

 
 
 

   November 30, 2020   

 
 
 

   November 30, 2019   

 
 

   Research and development   

 
 
 

  $  

 
 

  53  

 
 
 
 

  $  

 
 

  66  

 
 
 

  Stock compensation expense  

 
 
 

  3  

 
 
 
 

  4  

 
 
 

   Adjusted research and development   

 
 
 

  $  

 
 

  50  

 
 
 
 

  $  

 
 

  62  

 
 
 
 
 
 
 
 

   Selling, marketing and administration   

 
 
 

  $  

 
 

  83  

 
 
 
 

  $  

 
 

  129  

 
 
 

  Restructuring charges  

 
 
 

  

 
 
 
 

  4  

 
 
 

  Software deferred commission expense acquired  

 
 
 

  (4)  

 
 
 
 

  (4)  

 
 
 

  Stock compensation expense  

 
 
 

  8  

 
 
 
 

  10  

 
 
 

   Adjusted selling, marketing and administration   

 
 
 

  $  

 
 

  79  

 
 
 
 

  $  

 
 

  119  

 
 
 
 
 
 
 
 

   Amortization   

 
 
 

  $  

 
 

  45  

 
 
 
 

  $  

 
 

  49  

 
 
 

  Acquired intangibles amortization  

 
 
 

  32  

 
 
 
 

  35  

 
 
 

   Adjusted amortization   

 
 
 

  $  

 
 

  13  

 
 
 
 

  $  

 
 

  14  

 
 
 
 

Adjusted operating income, adjusted EBITDA, adjusted operating income margin percentage and adjusted EBITDA margin percentage for the three months ended November 30, 2020 and November 30, 2019 are reflected in the table below.

 
 
                                                                                                                                     
 

   For the Three Months Ended (in millions)   

 
 
 

   November 30, 2020   

 
 
 

   November 30, 2019   

 
 

   Operating loss   

 
 
 

  $  

 
 

  (127)  

 
 
 
 

  $  

 
 

  (29)  

 
 
 

  Non-GAAP adjustments to operating loss  

 
 
 
 
 
 

  Software deferred revenue acquired  

 
 
 

  6  

 
 
 
 

  13  

 
 
 

  Restructuring charges  

 
 
 

  

 
 
 
 

  7  

 
 
 

  Stock compensation expense  

 
 
 

  12  

 
 
 
 

  15  

 
 
 

  Debenture fair value adjustment  

 
 
 

  95  

 
 
 
 

  (20)  

 
 
 

  Software deferred commission expense acquired  

 
 
 

  (4)  

 
 
 
 

  (4)  

 
 
 

  Acquired intangibles amortization  

 
 
 

  32  

 
 
 
 

  35  

 
 
 

  LLA impairment charge  

 
 
 

  

 
 
 
 

  3  

 
 
 

  Total non-GAAP adjustments to operating loss  

 
 
 

  141  

 
 
 
 

  49  

 
 
 

   Adjusted operating income   

 
 
 

  14  

 
 
 
 

  20  

 
 
 

  Amortization  

 
 
 

  49  

 
 
 
 

  53  

 
 
 

  Acquired intangibles amortization  

 
 
 

  (32)  

 
 
 
 

  (35)  

 
 
 

   Adjusted EBITDA   

 
 
 

  $  

 
 

  31  

 
 
 
 

  $  

 
 

  38  

 
 
 
 
 
 
 
 

   Adjusted revenue (per above)   

 
 
 

  $  

 
 

  224  

 
 
 
 

  $  

 
 

  280  

 
 
 

   Adjusted operating income margin % (1)   

 
 
 

  6%  

 
 
 
 

  7%  

 
 
 

   Adjusted EBITDA margin % (2)   

 
 
 

  14%  

 
 
 
 

  14%  

 
 
 
 
 
   
 

   ______________________________  

 
 

   (1) Adjusted operating income margin % is calculated by dividing adjusted operating income by adjusted revenue  

 
 

   (2) Adjusted EBITDA margin % is calculated by dividing adjusted EBITDA by adjusted revenue  

 
 
 

   Reconciliation of non-GAAP based measures with most directly comparable U.S. GAAP based measures for the nine months ended November 30, 2020 and November 30, 2019    

 

A reconciliation of the most directly comparable U.S. GAAP financial measures for nine months ended November 30, 2020 and November 30, 2019 to adjusted financial measures is reflected in the tables below:

 
 
                                                                                                                                                                                                 
 

   For the Nine Months Ended (in millions)   

 
 
 

   November 30, 2020   

 
 
 

   November 30, 2019   

 
 

   Revenue   

 
 
 

  $  

 
 

  683  

 
 
 
 

  $  

 
 

  758  

 
 
 

  Software deferred revenue acquired (1)  

 
 
 

  21  

 
 
 
 

  50  

 
 
 

   Adjusted revenue   

 
 
 

  $  

 
 

  704  

 
 
 
 

  $  

 
 

  808  

 
 
 
 
 
 
 
 

   Gross margin   

 
 
 

  $  

 
 

  491  

 
 
 
 

  $  

 
 

  551  

 
 
 

  Software deferred revenue acquired (1)  

 
 
 

  21  

 
 
 
 

  50  

 
 
 

  Restructuring charges  

 
 
 

  

 
 
 
 

  5  

 
 
 

  Stock compensation expense  

 
 
 

  4  

 
 
 
 

  3  

 
 
 

   Adjusted gross margin   

 
 
 

  $  

 
 

  516  

 
 
 
 

  $  

 
 

  609  

 
 
 
 
 
 
 
 

   Gross margin %   

 
 
 

  71.9  

 
 

  %  

 
 
 

  72.7  

 
 

  %  

 
 

  Software deferred revenue acquired (1)  

 
 
 

  0.8  

 
 

  %  

 
 
 

  1.6  

 
 

  %  

 
 

  Restructuring charges  

 
 
 

  

 
 

  %  

 
 
 

  0.7  

 
 

  %  

 
 

  Stock compensation expense  

 
 
 

  0.6  

 
 

  %  

 
 
 

  0.4  

 
 

  %  

 
 

   Adjusted gross margin %   

 
 
 

  73.3  

 
 

  %  

 
 
 

  75.4  

 
 

  %  

 
 
 
 
 
 
 

   Operating expense   

 
 
 

  $  

 
 

  1,285  

 
 
 
 

  $  

 
 

  659  

 
 
 

  Restructuring charges  

 
 
 

  2  

 
 
 
 

  4  

 
 
 

  Stock compensation expense  

 
 
 

  31  

 
 
 
 

  43  

 
 
 

  Debenture fair value adjustment  

 
 
 

  114  

 
 
 
 

  (71)  

 
 
 

  Software deferred commission expense acquired  

 
 
 

  (10)  

 
 
 
 

  (13)  

 
 
 

  Acquired intangibles amortization  

 
 
 

  97  

 
 
 
 

  106  

 
 
 

  Business acquisition and integration costs  

 
 
 

  

 
 
 
 

  3  

 
 
 

  Goodwill impairment charge  

 
 
 

  594  

 
 
 
 

  

 
 
 

  LLA impairment charge  

 
 
 

  21  

 
 
 
 

  5  

 
 
 

   Adjusted operating expense   

 
 
 

  $  

 
 

  436  

 
 
 
 

  $  

 
 

  582  

 
 
 
 
 
  
 

   ______________________________  

 
 

   (1) See Reconciliation of U.S GAAP Software and Services revenue to adjusted Software and Service revenue  

 
 
 

Reconciliation of U.S. GAAP net loss and U.S. GAAP basic loss per share for the nine months ended November 30, 2020 and November 30, 2019 to the adjusted net income and basic earnings per share is reflected in the tables below:

 
 
                                                                                                                                                          
 

   For the Nine Months Ended (in millions, except per share amounts)   

 
 
 

   November 30, 2020   

 
 
 

   November 30, 2019   

 
 
 
 
 
 

   Basic   

 

   earnings   

 

   (loss) per   

 

   share   

 
 
 
 
 

   Basic   

 

   earnings   

 

   (loss) per   

 

   share   

 
 

   Net loss   

 
 
 

  $  

 
 

  (789)  

 
 
 
 

  $  

 
 

  (1.41)  

 
 
 
 

  $  

 
 

  (111)  

 
 
 
 

  $  

 
 

  (0.20)  

 
 
 

  Software deferred revenue acquired  

 
 
 

  21  

 
 
 
 
 
 

  50  

 
 
 
 
 

  Restructuring charges  

 
 
 

  2  

 
 
 
 
 
 

  9  

 
 
 
 
 

  Stock compensation expense  

 
 
 

  35  

 
 
 
 
 
 

  46  

 
 
 
 
 

  Debenture fair value adjustment  

 
 
 

  114  

 
 
 
 
 
 

  (71)  

 
 
 
 
 

  Software deferred commission expense acquired  

 
 
 

  (10)  

 
 
 
 
 
 

  (13)  

 
 
 
 
 

  Acquired intangibles amortization  

 
 
 

  97  

 
 
 
 
 
 

  106  

 
 
 
 
 

  Business acquisition and integration costs  

 
 
 

  

 
 
 
 
 
 

  3  

 
 
 
 
 

  Goodwill impairment charge  

 
 
 

  594  

 
 
 
 
 
 

  

 
 
 
 
 

  LLA impairment charge  

 
 
 

  21  

 
 
 
 
 
 

  5  

 
 
 
 
 

  Acquisition valuation allowance  

 
 
 

  

 
 
 
 
 
 

  (1)  

 
 
 
 
 

   Adjusted net income   

 
 
 

  $  

 
 

  85  

 
 
 
 

  $0.15  

 
 
 

  $  

 
 

  23  

 
 
 
 

  $0.04  

 
 
 

Reconciliation of U.S. GAAP Software and Services revenue for the nine months ended November 30, 2020 and November 30, 2019 to adjusted Software and Services revenue is reflected in the tables below:

 
 
                              
 

   For the Nine Months Ended (in millions)   

 
 
 

   November 30, 2020   

 
 
 

   November 30, 2019   

 
 

   Software and Services Revenue   

 
 
 

  $  

 
 

  461  

 
 
 
 

  $  

 
 

  521  

 
 
 

  Software deferred revenue acquired  

 
 
 

  21  

 
 
 
 

  50  

 
 
 

   Adjusted Software and Services Revenue   

 
 
 

  $  

 
 

  482  

 
 
 
 

  $  

 
 

  571  

 
 
 
 

Reconciliation of U.S. GAAP research and development, selling, marketing and administration, and amortization expense for the nine months ended November 30, 2020 and November 30, 2019 to adjusted research and development, selling, marketing and administration, and amortization expense is reflected in the tables below:

 
 
                                                                                                               
 

   For the Nine Months Ended (in millions)   

 
 
 

   November 30, 2020   

 
 
 

   November 30, 2019   

 
 

   Research and development   

 
 
 

  $  

 
 

  167  

 
 
 
 

  $  

 
 

  199  

 
 
 

  Stock compensation expense  

 
 
 

  8  

 
 
 
 

  10  

 
 
 

   Adjusted research and development   

 
 
 

  $  

 
 

  159  

 
 
 
 

  $  

 
 

  189  

 
 
 
 
 
 
 
 

   Selling, marketing and administration   

 
 
 

  $  

 
 

  252  

 
 
 
 

  $  

 
 

  380  

 
 
 

  Restructuring charges  

 
 
 

  2  

 
 
 
 

  4  

 
 
 

  Software deferred commission expense acquired  

 
 
 

  (10)  

 
 
 
 

  (13)  

 
 
 

  Stock compensation expense  

 
 
 

  23  

 
 
 
 

  33  

 
 
 

  Business acquisition and integration costs  

 
 
 

  

 
 
 
 

  3  

 
 
 

   Adjusted selling, marketing and administration   

 
 
 

  $  

 
 

  237  

 
 
 
 

  $  

 
 

  353  

 
 
 
 
 
 
 
 

   Amortization   

 
 
 

  $  

 
 

  137  

 
 
 
 

  $  

 
 

  146  

 
 
 

  Acquired intangibles amortization  

 
 
 

  97  

 
 
 
 

  106  

 
 
 

   Adjusted amortization   

 
 
 

  $  

 
 

  40  

 
 
 
 

  $  

 
 

  40  

 
 
 
 

Adjusted operating income, adjusted EBITDA, adjusted operating income margin percentage and adjusted EBITDA margin percentage for the nine months ended November 30, 2020 and November 30, 2019 are reflected in the table below.

 
 
                                                                                                                                                   
 

   For the Nine Months Ended (in millions)   

 
 
 

   November 30, 2020   

 
 
 

   November 30, 2019   

 
 

   Operating loss   

 
 
 

  $  

 
 

  (794)  

 
 
 
 

  $  

 
 

  (108)  

 
 
 

  Non-GAAP adjustments to operating loss  

 
 
 
 
 
 

  Software deferred revenue acquired  

 
 
 

  21  

 
 
 
 

  50  

 
 
 

  Restructuring charges  

 
 
 

  2  

 
 
 
 

  9  

 
 
 

  Stock compensation expense  

 
 
 

  35  

 
 
 
 

  46  

 
 
 

  Debenture fair value adjustment  

 
 
 

  114  

 
 
 
 

  (71)  

 
 
 

  Software deferred commission expense acquired  

 
 
 

  (10)  

 
 
 
 

  (13)  

 
 
 

  Acquired intangibles amortization  

 
 
 

  97  

 
 
 
 

  106  

 
 
 

  Business acquisition and integration costs  

 
 
 

  

 
 
 
 

  3  

 
 
 

  Goodwill impairment charge  

 
 
 

  594  

 
 
 
 

  

 
 
 

  LLA impairment charge  

 
 
 

  21  

 
 
 
 

  5  

 
 
 

  Total non-GAAP adjustments to operating loss  

 
 
 

  874  

 
 
 
 

  135  

 
 
 

   Adjusted operating income   

 
 
 

  80  

 
 
 
 

  27  

 
 
 

  Amortization  

 
 
 

  149  

 
 
 
 

  160  

 
 
 

  Acquired intangibles amortization  

 
 
 

  (97)  

 
 
 
 

  (106)  

 
 
 

   Adjusted EBITDA   

 
 
 

  $  

 
 

  132  

 
 
 
 

  $  

 
 

  81  

 
 
 
 
 
 
 
 

   Adjusted revenue (per above)   

 
 
 

  $  

 
 

  704  

 
 
 
 

  $  

 
 

  808  

 
 
 

   Adjusted operating income margin % (1)   

 
 
 

  11  

 
 

  %  

 
 
 

  3  

 
 

  %  

 
 

   Adjusted EBITDA margin % (2)   

 
 
 

  19  

 
 

  %  

 
 
 

  10  

 
 

  %  

 
 
 
 
   
 

   ______________________________  

 
 

   (1) Adjusted operating income margin % is calculated by dividing adjusted operating income by adjusted revenue  

 
 

   (2) Adjusted EBITDA margin % is calculated by dividing adjusted EBITDA by adjusted revenue  

 
 
 

 

 

 Cision View original content: https://www.prnewswire.com/news-releases/blackberry-reports-sequential-software-and-services-revenue-growth-non-gaap-profitability-and-positive-free-cash-flow-for-fiscal-2021-third-quarter-301195582.html  

 

SOURCE BlackBerry Limited

 
 

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The ubiquity of mobile devices and their prominence in everyday life has led to the development of mobile apps for everything from gaming and dating to banking and stock trading.

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BlackBerry Extends Partnership with Leading Managed Security Services Provider  to Ensure SMBs are Set Up for Cyber Success

BlackBerry Extends Partnership with Leading Managed Security Services Provider to Ensure SMBs are Set Up for Cyber Success

 
 

BlackBerry Limited (NYSE: BB; TSX: BB) and Solutions Granted today announced an extended partnership, naming the leading cybersecurity services provider a Master Managed Security Services Provider (MSSP), enabling it to better scale and meet the growing demand for cybersecurity services among small and medium-sized businesses (SMBs).

 
 

  BlackBerry Logo Black (PRNewsfoto/Blackberry Limited) 

 

"Solutions Granted has been honored as BlackBerry MSSP Partner of the Year for North America for five consecutive years and we're excited to take our partnership to the next level by crowning them as our top Master MSSP," said Adam Enterkin , Chief Revenue Officer, Americas, BlackBerry Cybersecurity. "BlackBerry is dedicated to increasing its focus on MSSP partners to ensure they're set up for success. Endpoints are proliferating, and so are the cyberattacks against them. Our extended partnership with Solutions Granted will help hundreds of small and mid-size businesses continuously adapt to an ever-changing threat landscape."

 

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  CylanceENDPOINT™ is among the solutions it helps managed service providers (MSPs) deploy to clients, either as individual managed services or integrated into a SOC-as-a-service offering.

 

"BlackBerry's support for our business model provides the flexibility we need to continue to meet customer demand and provide the best possible product support for their business needs," said Michael E. Crean , Chief Executive Officer, Solutions Granted. "We value the investment BlackBerry is making in our partnership and know this will go a long way in setting up our customers for success."

 

To learn more about BlackBerry MSSP Partners, visit blackberry.com/us/en/partners/mssp-partners .

 

  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 215M 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 management, endpoint security, 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 and EMBLEM Design are the trademarks or registered trademarks of BlackBerry Limited, 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 Solutions Granted Inc.  

 

Solutions Granted is a Master Managed Security Services Provider (Master MSSP). They offer cybersecurity solutions to North American MSPs and MSSPs and are committed to delivering solutions without requiring minimums, commitments, or long-term contracts. They proudly offer many security layers as well as a 24x7 U.S.-based Security Operations Center (SOC). Over the past several years, Solutions Granted has emerged as a clear leader in the channel, by winning countless awards including the CRN Security 100 list, Top 100 MSSP List, Top Global MSSP List, and BlackBerry MSSP Partner of the Year. Learn more at https://www.SolutionsGranted.com  

 

  Media Contacts:  

 

 BlackBerry Media Relations

 

+1 (519) 597-7273

 

  mediarelations@BlackBerry.com  

 
 
 

 Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/blackberry-extends-partnership-with-leading-managed-security-services-provider-mssp-to-ensure-smbs-are-set-up-for-cyber-success-301803800.html  

 

SOURCE BlackBerry Limited

 
 

News Provided by PR Newswire via QuoteMedia

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DGTL Holdings Completes Acquisition of Engagement Labs

DGTL Holdings Completes Acquisition of Engagement Labs

DGTL Holdings Inc. (TSXV: DGTL) (OTCQB: DGTHF) (WKN: A2QB0L) (FSE: D0G) ("DGTL Holdings") and Engagement Labs Inc. (TSXV: EL) ("Engagement Labs") are pleased to announce that DGTL has completed its previously announced acquisition of Engagement Labs by way of a plan of arrangement (the "Arrangement").

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