Obecné a Tiskové zprávy

BlackBerry ohlásilo finanční výsledky za Q4FY2014: nižší ztráta, ale slabé prodeje

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Kanadská společnost BlackBerry v pátek 28. března zveřejnilo hospodářské výsledky za čtvrtý kvartál fiskálního roku 2014 (Q4FY2014). Ve finanční zprávě nalezneme mnoho zajímavých informací a můžeme si všimnout, že BlackBerry vcelku úspěšně daří naplňovat plány tak, aby do nového FY2015 vstoupilo s maximálním nasazením.

Hlavní body:

  • Majetek ve výši $2,7 mld v hotovosti a investicích na konci Q4
  • Upravená marže v Q4 ve výši 43 % proti 34 % v předchozím čtvrtletí
  • Hodnota inventáře (skladové zásoby) klesla o 30 % proti předchozímu čtvrtletí
  • Přibližně 3,4 mil zařízení bylo prodáno koncovým zákazníkům; 1,1 mil modelů s OS BlackBerry 10
  • Upravené provozní náklady sníženy o 51 % proti Q1FY2014
  • Celkové příjmy v Q4FY2014 ve výši přibližně $976 mil

To byly hlavní body z finanční zprávy BlackBerry za Q4FY2014. Kompletní tiskovou zprávu naleznete na konci našeho článku, my si nyní probereme pouze několik detailů. Začneme trochu lepší informací a to sice snížením provozních nákladů o celých 51 % proti Q1FY2014! V posledním čtvrtletí tak byly provozní náklady na chod společnosti “pouze” zhruba $600 mil, ještě před rokem to přitom bylo více než $1,2 mld. BlackBerry tohoto razantního snížení dosáhlo díky propouštění, prodeji některých budov a pozemků a také díky ukončení výroby starších modelů BlackBerry. Dnes se již vyrábí pouze BlackBerry 9720, i když se zdá, že BlackBerry pravděpodobně obnoví výrobu modelů BlackBerry Bold 9900.

Lehce pozitivní je také snížení provozní ztráty na $423 mil, z čehož zhruba $382 mil odpovídá poplatku za změnu reálné hodnoty obligací. V předchozím čtvrtletí totiž ztráta činila celých $4,4 mld a ještě předtím to byla necelá miliarda amerických dolarů. Celkové příjmy BlackBerry byly v posledním čtvrtletí přibližně $976 mil , finanční rezerva BlackBerry se však snížila z původních $3,2 mld na cca $2,7 mld, což víceméně odpovídá samotné provozní ztrátě. BlackBerry by tedy mělo co nejdříve začít vydělávat.

Jenže těžko budete vydělávat, když má vaše hardwarová divize problémy s prodejen nových zařízení. BlackBerry totiž za poslední čtvrtletí prodalo pouze 3,4 milionů zařízení a z toho dokonce pouze 1,1 milionů zařízení s OS BlackBerry 10! Stále je třeba mít na paměti, že BlackBerry 10 má za sebou teprve první rok na trhu a během tohoto roku se samotný OS vyvíjel obrovským tempem kupředu. Nic to však nemění na tom, že toto číslo je vysoce neuspokojivé a BlackBerry potřebuje nějaký impulz, aby prodeje konečně nastartovalo.

Takovým impulzem je například snížení ceny BlackBerry Z10, které se v současnosti setkává s velkým zájmem uživatelů a ve své cenové kategorii prakticky nemá konkurenci. Něco podobného BlackBerry potřebuje také v entry-level segmentu! Do tohoto segmentu mělo být zařazeno plánované BlackBerry Kopi, nicméně tento produkt byl zrušen a místo toho BlackBerry zůstalo u modelu Q5.

Bohužel  odel Q5 cenově do této kategorie absolutně nezapadá – v současnosti je jeho cena stále přes 6000,- Kč.BlackBerry musí snížit cenu modelu Q5 na hranici $200! Buď to, nebo oživit BlackBerry Kopi. Dokonce i Nokia s Microsoftem si to uvědomila, protože více než 30 % všech nových modelů řady Lumia tvoří nejzákladnější a nejlevnější model Lumia 520! BlackBerry potřebuje co nejdříve zařízení v cenové relaci pod $200. Ano, sice se na trh chystá model BlackBerry Z3, ale bude stačit pouze celodotykový model? BlackBerry musí mít klávesnici.

V ostatních krocích však evidentně BlackBerry úspěšně postupuje podle plánu, který si určilo před několika měsíci. Úspěšně snížili veškeré provozní nákladu o více než polovinu, uzavřeli dohodu s největším výrobcem spotřební elektroniky na světě, zbavilo se skladových zásob a zeštíhlilo inventář, úspěšně zlepšuje své Enterprise služby (nový BES 12) a rozšiřuje BBM (již více než 130 milionů uživatelů) a do nového fiskálního roku by mohlo být BlackBerry pružnější, zdravější a efektivnější. Slovy Johna Chena, CEO společnosti BlackBerry:

“Jsem velmi spokojen s naším pokrokem a realizací naší strategie, kterou jsme si určili před třemi měsíci. Výrazně jsme zefektivnili veškeré operace, což nám umožňuje dosáhnout cíle snížení výdajů o čtvrtletí dříve,” řekl John Chen, předseda představenstva a generální ředitel společnosti BlackBerry. “BlackBerry dnes stojí na zdravějších finančních základech s jasnou cestou vedoucí k návratu k růstu a ziskovosti.”

BlackBerry Reports Fourth Quarter and Year-End Results for Fiscal 2014

BlackBerry Reports Fiscal Fourth Quarter Adjusted Loss Per Share of $0.08 vs. $0.67 in Previous Quarter

WATERLOO, ONTARIO–(Marketwired – March 28, 2014) – BlackBerry Limited (NASDAQ:BBRY)(TSX:BB), a global leader in mobile communications, today reported financial results for the three months and fiscal year ended March 1, 2014 (all figures in U.S. dollars and U.S. GAAP, except where otherwise indicated).

Q4 Highlights:

  • Cash and investments balance of $2.7B at the end of the fiscal fourth quarter
  • Adjusted Q4 gross margin of 43%, up from 34% in the prior quarter
  • Channel inventory down 30% from the prior quarter
  • Reduced adjusted operating expenses by approximately 51% from Q1FY14
  • Revenue for the fourth quarter of approximately $976 million

Q4 Results

Revenue for the fourth quarter of fiscal 2014 was approximately $976 million, down $217 million or 18% from approximately $1.2 billion in the previous quarter and down 64% from $2.7 billion in the same quarter of fiscal 2013. The revenue breakdown for the quarter was approximately 37% for hardware, 56% for services and 7% for software and other revenue. During the fourth quarter, the Company recognized hardware revenue on approximately 1.3 million BlackBerry smartphones compared to approximately 1.9 million BlackBerry smartphones in the previous quarter. During the fourth quarter, approximately 3.4 million BlackBerry smartphones were sold through to end customers, which included shipments made and recognized prior to the fourth quarter and which reduced the Company’s inventory in channel. Of the BlackBerry smartphones sold through to end customers in the fourth quarter, approximately 2.3 million were BlackBerry 7 devices.

 

GAAP loss from continuing operations for the fourth quarter was $423 million, or $0.80 per share diluted. The loss includes a non-cash charge associated with the change in the fair value of the Debentures of approximately $382 million (the “Q4 Fiscal 2014 Debentures Fair Value Adjustment”), a pre-tax recovery of previously recorded inventory charges of approximately $149 million (the “Q4 Fiscal 2014 Inventory Recovery”) and pre-tax restructuring charges of approximately $148 million related to the Cost Optimization and Resource Efficiency (“CORE”) program. This compares with a GAAP loss from continuing operations of $4.4 billion, or $8.37 per share diluted in the prior quarter, and GAAP income from continuing operations of $94 million, or $0.18 per share diluted, in the same quarter last year.

 

Adjusted loss from continuing operations for the fourth quarter was $42 million, or $0.08 per share diluted. Adjusted loss from continuing operations and adjusted diluted loss per share exclude the impact of the non-cash Q4 Fiscal 2014 Debentures Fair Value Adjustment of approximately $382 million ($382 million after tax), the Q4 Fiscal 2014 Inventory Recovery of approximately $149 million ($106 million after tax), and pre-tax restructuring charges of approximately $148 million ($105 million after tax) related to the CORE program incurred in the fourth quarter of fiscal 2014. These impacts on GAAP loss from continuing operations and diluted loss per share from continuing operations are summarized in the table below.

 

The total of cash, cash equivalents, short-term and long-term investments was approximately $2.7 billion as of March 1, 2014, compared to $3.2 billion at the end of the previous quarter. Cash flow used in operations in the fourth quarter was approximately $553 million. Cash flows provided by financing activities in the fourth quarter were approximately $251 million, which includes the additional issuance of $250 million of convertible debentures. Cash flows used in investing activities included intangible asset additions of approximately $243 million. Purchase obligations and other commitments amounted to approximately $1.9 billion as at March 1, 2014, with purchase orders with contract manufacturers representing approximately $586 million of the total.

 

“I am very pleased with our progress and execution in fiscal Q4 against the strategy we laid out three months ago. We have significantly streamlined operations, allowing us to reach our expense reduction target one quarter ahead of schedule,” said John Chen, Executive Chairman and Chief Executive Officer of BlackBerry. “BlackBerry is on sounder financial footing today with a path to returning to growth and profitability.”

Outlook

The Company anticipates maintaining its strong cash position and continuing to look for opportunities to streamline operations. The Company is targeting break even cash flow results by the end of fiscal 2015.

 

Reconciliation of GAAP gross margin, gross margin percentage, loss from continuing operations before income taxes, loss from continuing operations and diluted loss per share from continuing operations to adjusted gross margin, adjusted gross margin percentage, adjusted loss from continuing operations before income taxes, adjusted loss from continuing operations and adjusted diluted loss per share from continuing operations:

 

(United States dollars, in millions except per share data)

 

Note: Adjusted gross margin, adjusted gross margin percentage, adjusted loss from continuing operations before tax, adjusted loss from continuing operations and adjusted diluted loss per share from continuing operations do not have a standardized meaning prescribed by GAAP and thus are not comparable to similarly titled measures presented by other issuers. The Company believes that the presentation of these non-GAAP measures enables the Company and its shareholders to better assess the Company’s operating results relative to its operating results in prior periods and improves the comparability of the information presented. Investors should consider these non-GAAP measures in the context of the Company’s GAAP results.

  1. During the fourth quarter of fiscal 2014, the Company reported GAAP gross margin of $553 million or 57% of revenue. Excluding the impact of the CORE charges included in cost of sales and the Q4 Fiscal 2014 Inventory Recovery, the adjusted gross margin was $421 million, or 43%.
  2. As part of the Company’s ongoing effort to streamline its operations and increase efficiency, the Company commenced the CORE program in March 2012. During the fourth quarter of fiscal 2014, the Company incurred charges related to the CORE program of approximately $148 million pre-tax, or $105 million after tax. Substantially all of the pre-tax charges are related to one-time employee termination benefits, facilities and manufacturing costs. During the fourth quarter of fiscal 2014, charges of approximately $17 million were included in cost of sales, charges of approximately $21 million were included in research and development and charges of approximately $110 million were included in selling, marketing, and administration expenses.
  3. During the fourth quarter of fiscal 2014, the Company recorded a non-cash charge associated with the change in the fair value of the Debentures of approximately $382 million. This adjustment was presented on a separate line in the Statements of Operations.
  4. During the fourth quarter of fiscal 2014, the Company recorded a recovery of previous charges against inventory and supply commitments of approximately $149 million, or $106 million after tax, to reflect increased sell through rates, relative to the estimates and assumptions previously considered, resulting from discounted pricing and revised orders on hand for devices and components of BlackBerry 10 products.

Fiscal 2014 Results

Revenue from continuing operations for the fiscal year ended March 1, 2014 was $6.8 billion, down 38% from $11.1 billion in fiscal 2013. The Company’s GAAP net loss from continuing operations for fiscal 2014 was $5.9 billion, or $11.18 per share diluted, compared with GAAP net loss from continuing operations of $628 million, or $1.20 per share diluted in fiscal 2013. Adjusted net loss from continuing operations for fiscal 2014 was $711 million, or $1.35 per share diluted. Adjusted net loss from continuing operations and adjusted diluted loss per share for fiscal 2014 exclude the pre-tax impacts of an LLA impairment charge of $2.7 billion ($2.5 billion after tax), the Q4 Fiscal 2014 Inventory Recovery of $1.6 billion ($1.3 billion after tax), the Z10 inventory charge of $934 million ($666 million after tax), the Q4 Fiscal 2014 Debentures Fair Value Adjustment of $382 million ($382 million after tax), charges of $512 million ($398 million after tax) related to the Company’s CORE program and strategic review process and the Q4 Fiscal 2014 Inventory Recovery of $149 million ($106 million after tax). These charges and their related impacts on GAAP net loss from continuing operations and diluted loss per share from continuing operations are summarized in the table below.

 

Reconciliation of GAAP gross margin, gross margin percentage, loss from continuing operations before income taxes, loss from continuing operations and diluted loss per share from continuing operations to adjusted gross margin, adjusted gross margin percentage, adjusted loss from continuing operations before income taxes, adjusted loss from continuing operations and adjusted diluted loss per share from continuing operations:

 

(United States dollars, in millions except per share data)

 

Note: Adjusted gross margin, adjusted gross margin percentage, adjusted loss from continuing operations before tax, adjusted loss from continuing operations and adjusted diluted loss per share from continuing operations do not have a standardized meaning prescribed by GAAP and thus are not comparable to similarly titled measures presented by other issuers. The Company believes that the presentation of these non-GAAP measures enables the Company and its shareholders to better assess the Company’s operating results relative to its operating results in prior periods and improves the comparability of the information presented. Investors should consider these non-GAAP measures in the context of the Company’s GAAP results.

  1. As part of the Company’s ongoing effort to streamline its operations and increase efficiency, the Company commenced the CORE program in March 2012. Further, the Company announced the formation of a special committee to conduct an organizational strategic review on August 12, 2013. During fiscal 2014, the Company incurred approximately $512 million in total pre-tax charges related to the CORE program and strategic review process. Substantially all of the pre-tax charges are related to one-time employee termination benefits, facilities and manufacturing costs related to the CORE program and legal and financial advisory costs related to the strategic review process. During fiscal 2014, pre-tax charges of approximately $103 million were included in cost of sales, charges of approximately $76 million were included in research and development and charges of approximately $333 million were included in selling, marketing, and administration expenses.
  2. During the fourth quarter of fiscal 2014, the Company recorded a non-cash charge associated with the change in the fair value of the Debentures of approximately $382 million. This adjustment was presented on a separate line in the Statements of Operations.
  3. During the fourth quarter of fiscal 2014, the Company recorded a recovery of previous charges against inventory and supply commitments of approximately $149 million, or $106 million after tax, to reflect increased sell through rates, relative to the estimates and assumptions previously considered, resulting from discounted pricing and revised orders on hand for devices and components of BlackBerry 10 products.
  4. During the third quarter of fiscal 2014 the Company performed a long-lived asset impairment test and based on the results of that test, the Company recorded a non-cash LLA Impairment Charge of approximately $2.7 billion pre-tax, or $2.5 billion after tax.
  5. During the third quarter of fiscal 2014, the Company recorded a primarily non-cash, pre-tax charge against inventory and supply commitments of approximately $1.6 billion, or $1.3 billion after tax, which was primarily attributable to BlackBerry 10 devices.
  6. During the second quarter of fiscal 2014, the Company recorded a primarily non-cash, pre-tax charge against inventory and supply commitments of approximately $934 million, or $666 million after tax, which was primarily attributable to BlackBerry Z10 devices.

Conference Call and Webcast

A conference call and live webcast will be held beginning at 8 am ET, which can be accessed by dialing 1-800-814-4859 or through your BlackBerry® 10 smartphone, personal computer or BlackBerry® PlayBook™ tablet at http://ca.blackberry.com/company/investors/events.html. A replay of the conference call will also be available at approximately 10 am by dialing (+1)416-640-1917 and entering pass code 4612572# or by clicking the link above on your BlackBerry® 10 smartphone, personal computer or BlackBerry® PlayBook™ tablet. This replay will be available until midnight ET April 11, 2014.

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Vojta Dalekorej
Zakladatel webu BBCzech, redaktor serveru mobilenet.cz. Fanoušek značky BlackBerry a všech mobilních technologií. Sportovní závislák, technologický nadšenec, mobilní maniak. BlackBerry is a lifestyle...

6 Comments

  1. Ten prodej BB10 je vazne strasne smutnej :((

    Samozrejme jim nemuzu mluvit do toho, kolik maji ty telefony stat, ani nejsem nejakej markeing guru…ale proste oni musej dostat ten OS k lidem, aby vic milionu lidi zjsitilo ze je to fakt prijemny na ovladani

    mit jeden dotykac a jedno qwerty, oboje do max 5tis Kc, tak si myslim ze by se aspon trochu androidum konkurovat dalo…mozna…jenze Z3 stejne chtej jen pro Indonesii

    No a nebo se na to proste vybodnou a budou se snazit cilit uz jen na enterprise…ale tam jak se zda se zatim furt prodavaj 7ky…no, nevim, slozity vyhlidky…je pravda, jak v clanku zminujete, ze je BB10 na trhu jen rok, ale proste pri kazdym ohlaseni vysledku za kvartal si furt doufame ze uz se prodeje rozjedou a voni se zatim furt nerozjely, o te miliarde v Z10kach ani nemluve, to myslim vime vsichni :(

  2. Ano, cena je bod 1 a bod 2 by mělo být, “jak dostat tyto produkty k lidem”… A to globálně a ne jen na některých trzích… Chce to lepší marketing, reklamu, propagaci, podpořit místní trhy, trochu víc to tlačit, určitě to chce trochu dravější přístup…

  3. V práci jsem několika kolegům ukázal, jak se pracuje se Z10. Ukázal jsem jim, že to není vůbec složitý systém a když už viděli, jak se s tím dobře pracuje, hned se jim to zalíbilo a uvažují o koupi. Ale ještě se jim nelíbí cena. Někteří by chtěli i s klávesnicí, např. Q5. Problém, je taky v tom, že prodejci jim rovnou nabízejí Android. Kolikrát ani neví, jak BB10 funguje a to je myslím docela problém. Navíc jim ještě řeknou, že je složité tam něco najít. To řekli tenkrát i mě na prodejně, tak jsem se tomu jen smál, protože už jsem věděl, co kupuji. Kdyby šli ty ceny ještě dolů a lidi nějak poznali, že se s tím systémem skvěle pracuje a co to umí, určitě ty prodeje budou. Držím palce, ať se to ještě zlepší a mezi lidi dostane.

    1. Zdá se Ti cena kolem 6 tisíc za Z10 nebo obdobnou cenu za Q5 vysoká, když vezmeš v úvahu, jaké mají telefony “železo”?

  4. Je to přesně jak říkáte. Ceny byly hodně vysoko, nyní už mnohem lepší, ale opravdu největší problém je v propagaci. Ten systém je, dovolím si říct, perfektní. Co je to však platné, když se to lidé nedozví, když to nemají na očích. V mém okolí není nikdo, kromě mojí přítelkyně, který by měl BB. Je to samý Samsung a Iphone, už to o něčem vypovídá. Snažím se to propagovat jak se dá, ale chtělo by to trošku globálnější přístup:D

  5. Osobne som prešiel s WP na BB a ničoho neľutujem. Aj mňa oslovila aktuálna cena Z10 cca 210 Euro. Pri tejto cenovej hladine nemá Z10 na trhu konkurenciu. A jasne vedie Z10 v pomere cena vs užitná hodnota.

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