- 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.
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.
Outlook
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.
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
(519) 888-7465
investor_relations@blackberry.com
Media Contact:
BlackBerry Media Relations
(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
intentions to achieve long-term profitable revenue growth and
increase and enhance 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, 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
|
|
|
For the Three
Months Ended
|
|
May 31,
2020
|
|
February 29,
2020
|
|
May 31,
2019
|
Revenue
|
$
|
206
|
|
|
$
|
282
|
|
|
$
|
247
|
|
Cost of
sales
|
63
|
|
|
70
|
|
|
70
|
|
Gross
margin
|
143
|
|
|
212
|
|
|
177
|
|
Gross margin
%
|
69.4
|
%
|
|
75.2
|
%
|
|
71.7
|
%
|
Operating
expenses
|
|
|
|
|
|
Research and
development
|
57
|
|
|
60
|
|
|
71
|
|
Selling, marketing and
administration
|
90
|
|
|
113
|
|
|
121
|
|
Amortization
|
46
|
|
|
48
|
|
|
49
|
|
Impairment of
long-lived assets
|
—
|
|
|
5
|
|
|
—
|
|
Impairment of
goodwill
|
594
|
|
|
22
|
|
|
—
|
|
Debentures fair value
adjustment
|
1
|
|
|
5
|
|
|
(28)
|
|
|
788
|
|
|
253
|
|
|
213
|
|
Operating
loss
|
(645)
|
|
|
(41)
|
|
|
(36)
|
|
Investment income
(loss), net
|
—
|
|
|
(1)
|
|
|
3
|
|
Loss before income
taxes
|
(645)
|
|
|
(42)
|
|
|
(33)
|
|
Provision for
(recovery of) income taxes
|
(9)
|
|
|
(1)
|
|
|
2
|
|
Net
loss
|
$
|
(636)
|
|
|
$
|
(41)
|
|
|
$
|
(35)
|
|
Loss per
share
|
|
|
|
|
|
Basic
|
$
|
(1.14)
|
|
|
$
|
(0.07)
|
|
|
$
|
(0.06)
|
|
Diluted
|
$
|
(1.14)
|
|
|
$
|
(0.07)
|
|
|
$
|
(0.09)
|
|
|
|
|
|
|
|
Weighted-average
number of common shares outstanding (000s)
|
|
|
|
|
|
Basic
|
557,839
|
|
|
556,668
|
|
|
551,845
|
|
Diluted
|
557,839
|
|
|
556,668
|
|
|
612,345
|
|
Total common shares
outstanding (000s)
|
555,623
|
|
|
554,199
|
|
|
547,922
|
|
BlackBerry
Limited
|
Incorporated under
the Laws of Ontario
|
(United States
dollars, in millions) (unaudited)
|
|
Consolidated
Balance Sheets
|
|
|
|
As
at
|
|
|
May 31,
2020
|
|
February 29,
2020
|
Assets
|
|
|
|
|
Current
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
312
|
|
|
$
|
377
|
|
Short-term
investments
|
|
562
|
|
|
532
|
|
Accounts receivable,
net of allowance of $13 and $9, respectively
|
|
210
|
|
|
215
|
|
Other
receivables
|
|
20
|
|
|
14
|
|
Income taxes
receivable
|
|
8
|
|
|
6
|
|
Other current
assets
|
|
60
|
|
|
52
|
|
|
|
1,172
|
|
|
1,196
|
|
Restricted cash
and cash equivalents
|
|
48
|
|
|
49
|
|
Long-term
investments
|
|
33
|
|
|
32
|
|
Other long-term
assets
|
|
57
|
|
|
65
|
|
Operating lease
right-of-use assets, net
|
|
118
|
|
|
124
|
|
Property, plant
and equipment, net
|
|
66
|
|
|
70
|
|
Goodwill
|
|
843
|
|
|
1,437
|
|
Intangible assets,
net
|
|
878
|
|
|
915
|
|
|
|
$
|
3,215
|
|
|
$
|
3,888
|
|
Liabilities
|
|
|
|
|
Current
|
|
|
|
|
Accounts
payable
|
|
$
|
46
|
|
|
$
|
31
|
|
Accrued
liabilities
|
|
185
|
|
|
202
|
|
Income taxes
payable
|
|
12
|
|
|
18
|
|
Debentures
|
|
599
|
|
|
606
|
|
Deferred revenue,
current
|
|
249
|
|
|
264
|
|
|
|
1,091
|
|
|
1,121
|
|
Deferred revenue,
non-current
|
|
92
|
|
|
109
|
|
Operating lease
liabilities
|
|
111
|
|
|
120
|
|
Other long-term
liabilities
|
|
8
|
|
|
9
|
|
|
|
1,302
|
|
|
1,359
|
|
Shareholders'
equity
|
|
|
|
|
Capital stock and
additional paid-in capital
|
|
2,777
|
|
|
2,760
|
|
Deficit
|
|
(838)
|
|
|
(198)
|
|
Accumulated other
comprehensive loss
|
|
(26)
|
|
|
(33)
|
|
|
|
1,913
|
|
|
2,529
|
|
|
|
$
|
3,215
|
|
|
$
|
3,888
|
|
BlackBerry
Limited
|
Incorporated under
the Laws of Ontario
|
(United States
dollars, in millions) (unaudited)
|
|
Consolidated
Statements of Cash Flows
|
|
|
Three Months
Ended
|
|
May 31,
2020
|
|
May 31,
2019
|
Cash flows from
operating activities
|
|
|
|
Net loss
|
$
|
(636)
|
|
|
$
|
(35)
|
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
Amortization
|
50
|
|
|
53
|
|
Deferred income
taxes
|
—
|
|
|
2
|
|
Stock-based
compensation
|
13
|
|
|
17
|
|
Impairment of
goodwill
|
594
|
|
|
—
|
|
Debentures fair value
adjustment
|
1
|
|
|
(28)
|
|
Other long-term
liabilities
|
(1)
|
|
|
—
|
|
Operating
leases
|
(3)
|
|
|
(5)
|
|
Other
|
—
|
|
|
2
|
|
Net changes in
working capital items
|
|
|
|
Accounts receivable,
net
|
1
|
|
|
(30)
|
|
Other
receivables
|
(6)
|
|
|
(4)
|
|
Income taxes
receivable
|
(2)
|
|
|
—
|
|
Other
assets
|
—
|
|
|
(9)
|
|
Accounts
payable
|
15
|
|
|
1
|
|
Accrued
liabilities
|
(18)
|
|
|
(57)
|
|
Income taxes
payable
|
(7)
|
|
|
2
|
|
Deferred
revenue
|
(32)
|
|
|
27
|
|
Net cash used in
operating activities
|
(31)
|
|
|
(64)
|
|
Cash flows from
investing activities
|
|
|
|
Acquisition of
long-term investments
|
(1)
|
|
|
—
|
|
Acquisition of
property, plant and equipment
|
(1)
|
|
|
(2)
|
|
Acquisition of
intangible assets
|
(8)
|
|
|
(7)
|
|
Business
acquisitions, net of cash acquired
|
—
|
|
|
2
|
|
Acquisition of
short-term investments
|
(299)
|
|
|
(392)
|
|
Proceeds on sale or
maturity of short-term investments
|
270
|
|
|
270
|
|
Net cash used in
investing activities
|
(39)
|
|
|
(129)
|
|
Cash flows from
financing activities
|
|
|
|
Issuance of common
shares
|
4
|
|
|
3
|
|
Net cash provided
by financing activities
|
4
|
|
|
3
|
|
Effect of foreign
exchange loss on cash, cash equivalents, restricted cash, and
restricted cash equivalents
|
—
|
|
|
(1)
|
|
Net decrease in
cash, cash equivalents, restricted cash, and restricted cash
equivalents during the period
|
(66)
|
|
|
(191)
|
|
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
|
$
|
360
|
|
|
$
|
391
|
|
|
|
|
|
As
at
|
May 31,
2020
|
|
February 29,
2020
|
Cash and cash
equivalents
|
$
|
312
|
|
|
$
|
377
|
|
Restricted cash and
cash equivalents
|
$
|
48
|
|
|
$
|
49
|
|
Short-term
investments
|
$
|
562
|
|
|
$
|
532
|
|
Long-term
investments
|
$
|
33
|
|
|
$
|
32
|
|
Reconciliations of Non-GAAP Measures with the Nearest
Comparable 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 the items below from the Company's
financial results. The Company believes that excluding the below
items provides readers of the Company's financial statements with a
more consistent basis for comparison across accounting periods and
is more useful in helping readers understand the Company's
operating results and underlying operational trends.
Readers are cautioned that adjusted revenue, adjusted gross
margin (before taxes), adjusted gross margin percentage (before
taxes), 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 GAAP based measures for the three months ended
May 31, 2020 and May 31, 2019
A reconciliation of the most directly comparable U.S. GAAP
financial measures for the three months ended May 31, 2020 and May 31,
2019 to adjusted financial measures is reflected in the
tables below:
For the Three
Months Ended (in millions)
|
|
May 31,
2020
|
|
May 31,
2019
|
Revenue
|
|
$
|
206
|
|
|
$
|
247
|
|
Software deferred
revenue acquired (1)
|
|
8
|
|
|
20
|
|
Adjusted
revenue
|
|
$
|
214
|
|
|
$
|
267
|
|
|
|
|
|
|
Gross
margin
|
|
$
|
143
|
|
|
$
|
177
|
|
Software deferred
revenue acquired (1)
|
|
8
|
|
|
20
|
|
Restructuring
charges
|
|
—
|
|
|
1
|
|
Stock compensation
expense
|
|
2
|
|
|
1
|
|
Adjusted gross
margin
|
|
$
|
153
|
|
|
$
|
199
|
|
|
|
|
|
|
Gross margin
%
|
|
69.4
|
%
|
|
71.7
|
%
|
Software deferred
revenue acquired (1)
|
|
1.2
|
%
|
|
2.1
|
%
|
Restructuring
charges
|
|
—
|
%
|
|
0.4
|
%
|
Stock compensation
expense
|
|
0.9
|
%
|
|
0.3
|
%
|
Adjusted gross
margin %
|
|
71.5
|
%
|
|
74.5
|
%
|
|
|
|
(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
May 31, 2020 and May 31, 2019 to adjusted operating expense is
reflected in the tables below:
For the Three
Months Ended (in millions)
|
|
May 31,
2020
|
|
May 31,
2019
|
Operating
expense
|
|
$
|
788
|
|
|
$
|
213
|
|
Restructuring
charges
|
|
1
|
|
|
—
|
|
Stock compensation
expense
|
|
12
|
|
|
16
|
|
Debenture fair value
adjustment
|
|
1
|
|
|
(28)
|
|
Software deferred
commission expense acquired
|
|
(3)
|
|
|
(5)
|
|
Acquired intangibles
amortization
|
|
33
|
|
|
35
|
|
Business acquisition
and integration costs
|
|
—
|
|
|
1
|
|
Goodwill impairment
charge
|
|
594
|
|
|
—
|
|
LLA impairment
charge
|
|
—
|
|
|
—
|
|
Adjusted operating
expense
|
|
$
|
150
|
|
|
$
|
194
|
|
Reconciliation of GAAP net loss and GAAP basic loss per share
for the three months ended May 31,
2020 and May 31, 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)
|
|
May 31,
2020
|
|
May 31,
2019
|
|
|
|
|
Basic
earnings
per share
|
|
|
|
Basic
earnings
per share
|
Net
loss
|
|
$
|
(636)
|
|
|
$(1.14)
|
|
$
|
(35)
|
|
|
$(0.06)
|
Software deferred
revenue acquired
|
|
8
|
|
|
|
|
20
|
|
|
|
Restructuring
charges
|
|
1
|
|
|
|
|
1
|
|
|
|
Stock compensation
expense
|
|
14
|
|
|
|
|
17
|
|
|
|
Debenture fair value
adjustment
|
|
1
|
|
|
|
|
(28)
|
|
|
|
Software deferred
commission expense acquired
|
|
(3)
|
|
|
|
|
(5)
|
|
|
|
Acquired intangibles
amortization
|
|
33
|
|
|
|
|
35
|
|
|
|
Business acquisition
and integration costs
|
|
—
|
|
|
|
|
1
|
|
|
|
Goodwill impairment
charge
|
|
594
|
|
|
|
|
—
|
|
|
|
Acquisition valuation
allowance
|
|
—
|
|
|
|
|
(1)
|
|
|
|
Adjusted net
income
|
|
$
|
12
|
|
|
$0.02
|
|
$
|
5
|
|
|
$0.01
|
Reconciliation of U.S GAAP Software and Services revenue for the
three months ended May 31, 2020 and
May 31, 2019 to adjusted Software and
Services revenue is reflected in the tables below:
For the Three
Months Ended (in millions)
|
|
May 31,
2020
|
|
May 31,
2019
|
Software and
Services Revenue
|
|
$
|
148
|
|
|
$
|
168
|
|
Software deferred
revenue acquired
|
|
8
|
|
|
20
|
|
Adjusted Software
and Services revenue
|
|
$
|
156
|
|
|
$
|
188
|
|
Reconciliation of U.S GAAP research and development, selling,
marketing and administration, and amortization expense for the
three months ended May 31, 2020 and
May 31, 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)
|
|
May 31,
2020
|
|
May 31,
2019
|
Research and
development
|
|
$
|
57
|
|
|
$
|
71
|
|
Stock compensation
expense
|
|
3
|
|
|
3
|
|
Adjusted research
and development
|
|
$
|
54
|
|
|
$
|
68
|
|
|
|
|
|
|
Selling, marketing
and administration
|
|
$
|
90
|
|
|
$
|
121
|
|
Restructuring
charges
|
|
1
|
|
|
—
|
|
Software deferred
commission expense acquired
|
|
(3)
|
|
|
(5)
|
|
Stock compensation
expense
|
|
9
|
|
|
13
|
|
Business acquisition
and integration costs
|
|
—
|
|
|
1
|
|
Adjusted selling,
marketing and administration
|
|
$
|
83
|
|
|
$
|
112
|
|
|
|
|
|
|
Amortization
|
|
$
|
46
|
|
|
$
|
49
|
|
Acquired intangibles
amortization
|
|
33
|
|
|
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 May 31, 2020
and May 31, 2019 are reflected in the
table below.
For the Three
Months Ended (in millions)
|
|
May 31,
2020
|
|
May 31,
2019
|
Operating
loss
|
|
$
|
(645)
|
|
|
$
|
(36)
|
|
Non-GAAP adjustments
to operating loss
|
|
|
|
|
Software deferred
revenue acquired
|
|
8
|
|
|
20
|
|
Restructuring
charges
|
|
1
|
|
|
1
|
|
Stock compensation
expense
|
|
14
|
|
|
17
|
|
Debenture fair value
adjustment
|
|
1
|
|
|
(28)
|
|
Software deferred
commission expense acquired
|
|
(3)
|
|
|
(5)
|
|
Acquired intangibles
amortization
|
|
33
|
|
|
35
|
|
Business acquisition
and integration costs
|
|
—
|
|
|
1
|
|
Goodwill impairment
charge
|
|
594
|
|
|
—
|
|
Total non-GAAP
adjustments to operating loss
|
|
648
|
|
|
41
|
|
Adjusted operating
income
|
|
3
|
|
|
5
|
|
Amortization
|
|
50
|
|
|
53
|
|
Acquired intangibles
amortization
|
|
(33)
|
|
|
(35)
|
|
Adjusted
EBITDA
|
|
$
|
20
|
|
|
$
|
23
|
|
|
|
|
|
|
Adjusted revenue
(per above)
|
|
$
|
214
|
|
|
$
|
267
|
|
Adjusted operating
income margin % (1)
|
|
1
|
%
|
|
2
|
%
|
Adjusted EBITDA
margin % (2)
|
|
9
|
%
|
|
9
|
%
|
|
|
|
(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
|
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SOURCE BlackBerry Limited