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- 8b6ebba8b6ebba
  ·2021-12-26
  $Intel(INTC)$Great time to add more shared
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- 8b6ebba8b6ebba
  ·2021-09-24
  [汗颜] wrong news?
  非常抱歉，此主贴已删除
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- 8b6ebba8b6ebba
  ·2021-06-28
  welp
  BlackBerry Revenue Struggle Continues<blockquote>黑莓收入困境仍在继续</blockquote>
  Summary While top line beats, core business basically stagnating. Operating losses don't seem to be
  BlackBerry Revenue Struggle Continues<blockquote>黑莓收入困境仍在继续</blockquote>
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- 8b6ebba8b6ebba
  ·2021-06-23
  $Tencent Holding Ltd.(TCEHY)$Still great value
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href=\"https://laohu8.com/S/INTC\">$Intel(INTC)$</a>Great time to add more shared","listText":"<a href=\"https://laohu8.com/S/INTC\">$Intel(INTC)$</a>Great time to add more shared","text":"$Intel(INTC)$Great time to add more shared","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/698458824","isVote":1,"tweetType":1,"viewCount":1819,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":863466208,"gmtCreate":1632413048404,"gmtModify":1632729637022,"author":{"id":"3575159626901977","authorId":"3575159626901977","name":"8b6ebba","avatar":"https://static.tigerbbs.com/default-avatar2.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575159626901977","authorIdStr":"3575159626901977"},"themes":[],"title":"","htmlText":"[汗颜] wrong news?","listText":"[汗颜] wrong news?","text":"[汗颜] wrong news?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/863466208","repostId":"2169084669","repostType":2,"isVote":1,"tweetType":1,"viewCount":1671,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":127729150,"gmtCreate":1624870087770,"gmtModify":1633947715345,"author":{"id":"3575159626901977","authorId":"3575159626901977","name":"8b6ebba","avatar":"https://static.tigerbbs.com/default-avatar2.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575159626901977","authorIdStr":"3575159626901977"},"themes":[],"title":"","htmlText":"welp","listText":"welp","text":"welp","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/127729150","repostId":"1114821094","repostType":4,"repost":{"id":"1114821094","kind":"news","pubTimestamp":1624866948,"share":"https://www.laohunote.com/m/news/1114821094?lang=zh_CN&edition=full","pubTime":"2021-06-28 15:55","market":"us","language":"en","title":"BlackBerry Revenue Struggle Continues<blockquote>黑莓收入困境仍在继续</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1114821094","media":"seekingalpha","summary":"Summary\n\nWhile top line beats, core business basically stagnating.\nOperating losses don't seem to be","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>While top line beats, core business basically stagnating.</li>  <li>Operating losses don't seem to be going away anytime soon.</li>  <li>Recent rally won't hold if stock valued on fundamentals.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/edb0094dfdedbde038d5b19e46b477f1\" tg-width=\"768\" tg-height=\"597\"><span>Guirong Hao/iStock via Getty Images</span></p><p><blockquote><ul><li>虽然营收节节攀升，但核心业务基本停滞不前。</li><li>经营亏损似乎不会很快消失。</li><li>如果股票根据基本面估值，最近的反弹将不会持续。</li></ul><p class=\"t-img-caption\"><span>郝桂荣/iStock via Getty Images</span></p></blockquote></p><p> After the bell last Thursday, we received&nbsp;fiscal Q1 earnings results&nbsp;from BlackBerry (BB). While the company's shares have rallied at times recently, thanks to the retail trading mania, results have been rather poor. For the first quarter of its fiscal 2022 year, BlackBerry announced its lowest three-month revenue number under CEO John Chen. If this name loses the reddit fans that have propped up the stock, shares are likely to head lower as results just aren't there yet.</p><p><blockquote>上周四盘后，我们收到了黑莓 (BB) 第一财季盈利结果。尽管由于零售交易狂热，该公司的股价最近有时会上涨，但业绩却相当糟糕。对于 2022 财年第一季度，黑莓公布了首席执行官 John Chen 领导下的最低三个月收入数据。如果这个名字失去了支撑该股的 reddit 粉丝，股价可能会下跌，因为结果还没有出来。</blockquote></p><p> If you remember&nbsp;the company's previous earnings report, management discussed back in late March that it had entered negotiations for a potential sale of its patent portfolio. Thus, the revenue forecast for the Licensing segment was essentially reduced for the year, with the following commentary from management&nbsp;on that earnings call:</p><p><blockquote>如果您还记得该公司之前的收益报告，管理层早在 3 月下旬就讨论过，该公司已进入出售其专利组合的潜在谈判。因此，本年度授权分部的收入预测大幅下调，管理层对该盈利看涨期权的评论如下：</blockquote></p><p>   However, appreciating that it will be useful to have an outlook for modeling purpose, the most conservative scenario in which sales, we modeled that sales does not happen or does not complete, full year licensing revenue will be in the region of $100 million. In this scenario, we assume that negotiation and regulatory review continue for the first half and therefore we expect revenue to be limited in the range of maybe $10 million to $15 million per quarter.  For the quarter, total revenues of $174 million came in about $3 million ahead of Street estimates. However, the composition of the revenue generated was not what many were hoping for. Licensing actually came in at $24 million, much higher than what estimates called for. As management stated&nbsp;on the conference call, some business came in earlier than expected. Just like many recent quarters that we've seen, the pull-forward in this segment made the overall quarter look less bad, and without this extra business, the top line would have easily missed estimates.</p><p><blockquote>然而，意识到对建模目的有一个前景是有用的，在最保守的情况下，我们建模销售没有发生或没有完成，全年许可收入将在1亿美元左右。在这种情况下，我们假设谈判和监管审查将在上半年继续进行，因此我们预计每个季度的收入将被限制在 1000 万至 1500 万美元之间。本季度总收入为 1.74 亿美元，比华尔街预期高出约 300 万美元。然而，所产生收入的构成并不是许多人所希望的。许可费用实际上为 2400 万美元，远高于预期。正如管理层在电话会议上所说，一些业务比预期来得早。就像我们最近看到的许多季度一样，该细分市场的提前使整个季度看起来不那么糟糕，如果没有这项额外业务，营收很容易达不到预期。</blockquote></p><p> That revenue upside meant that the newly called Cyber Security and IoT segments only represented $150 million. The total on those two business lines was up a paltry $2 million over the prior year period, and down $18 million from Q1 2020. On the call, management said it expects cyber security revenue to come in at the low end of its previous guidance range for the full fiscal year. A good portion of BlackBerry's key metrics also weakened over the prior year period, as detailed in the graphic below.</p><p><blockquote>这一收入增长意味着新命名的网络安全和物联网部门仅代表 1.5 亿美元。这两项业务的总额比去年同期仅增加了 200 万美元，比 2020 年第一季度减少了 1800 万美元。在看涨期权上，管理层表示，预计整个财年的网络安全收入将处于之前指导范围的低端。黑莓的大部分关键指标也比去年同期有所减弱，如下图所示。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/82ba0e5502df8810761def4deddeb053\" tg-width=\"570\" tg-height=\"145\"><span>(Source: Q1 2021 earnings release, linked above)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（资料来源：2021 年第一季度收益发布，链接如上）</span></p></blockquote></p><p> The year-over-year numbers certainly aren't good, with annual recurring revenue down by $23 million. The dollar-based net retention rate has also dipped by 7 percentage points. Supporters will talk about the growth in the QNX backlog, and BlackBerry management said in the earnings release that this was a 9% year-over-year increase. That seems to be what the graphic is saying, but take a look at what was said in previous press releases (bold emphasis added). The following statements make that year-over-year growth rate seem not true, that this is actually a 5 quarter increase, taking a good chunk of that growth rate away.</p><p><blockquote>同比数字肯定不好，年度经常性收入下降了 2300 万美元。以美元计算的净保留率也下降了7个百分点。支持者将谈论 QNX 积压订单的增长，黑莓管理层在财报发布中表示，这是同比增长 9%。这似乎是图片所说的，但看看之前的新闻稿中是怎么说的（粗体强调了）。以下陈述使得同比增长率似乎不真实，这实际上是 5 个季度的增长，带走了该增长率的很大一部分。</blockquote></p><p>   Fiscal Q1 2021 Document,linked here:    The Company's QNX royalty revenue backlog was approximately $450 million at&nbsp;  <b>the beginning of the first quarterof fiscal 2021</b>.    Recent QNX release,linked here:    BlackBerry also announced that BlackBerry QNX royalty revenue backlog has increased to $490 million at the&nbsp;  <b>end of its first quarter of fiscal year2022</b>.  With the company's revenue base shrinking to a new low under this CEO, the rest of the income statement didn't look much better. Gross margins fell nearly 4 percentage points, while the operating loss excluding items jumped from $50 million to $62 million. The company matched Street non-GAAP loss estimates at a nickel per share. However, this was again due to a number of items that management excludes that are traditional expenses for companies like this, including stock-based compensation and intangibles amortization.</p><p><blockquote>2021 年第一季度财政文件，链接在此：该公司的 QNX 特许权使用费收入积压约为 4.5 亿美元<b>2021财年第一季度开始</b>. 最近发布的 QNX，链接在此：黑莓还宣布，截至 2019 年，黑莓 QNX 版税收入积压已增至 4.9 亿美元。<b>2022 财年第一季度末</b>在这位首席执行官的领导下，公司的收入基础萎缩到新低，损益表的其余部分看起来也好不到哪里去。毛利率下降近 4 个百分点，而不包括项目的营业亏损从 5000 万美元跃升至 6200 万美元。该公司将华尔街非 GAAP 亏损预期调整为每股镍。然而，这又是由于管理层排除了一些项目，这些项目是此类公司的传统费用，包括基于股票的薪酬和无形资产摊销。</blockquote></p><p></p><p> For the quarter, cash burn came in at $35 million, $3 million more than the year-ago period. The value of equity on the balance sheet dropped another $48 million, and there is a larger holding value of intangibles and goodwill combined than there is equity. Total deferred revenue dropped again from $294 million to $265 million, which will further impact the company's ability for the top line to grow moving forward. Billings were also down on a year-over-year and sequential basis.</p><p><blockquote>本季度现金消耗为 3500 万美元，比去年同期增加 300 万美元。资产负债表上的股权价值又下降了4800万美元，无形资产和商誉的持有价值加起来比股权还要大。递延收入总额再次从 2.94 亿美元降至 2.65 亿美元，这将进一步影响公司未来营收增长的能力。账单也同比和环比下降。</blockquote></p><p> I mentioned in&nbsp;my previous article&nbsp;that the biggest argument against the name right now is valuation. I compared BlackBerry to IBM (IBM), which itself has had revenue troubles as it transitions its legacy businesses to more current ones. Even if BlackBerry were worth three times IBM on a price to sales basis, BlackBerry would be worth about $10.51 more than a year out. I don't see anything in last week's report that really changes that number, and one could argue my previous revenue growth hope for the following fiscal year now needs to come down a bit. The recent \"reddit rally\" has also pushed the name well above its key technical levels as seen in the chart below (50-day in purple, 200-day in red).</p><p><blockquote>我在之前的文章中提到过，现在反对这个名字的最大论点是估值。我将黑莓与 IBM (IBM) 进行了比较，后者在将传统业务转型为更现代的业务时也遇到了收入问题。即使按市销率计算，黑莓的市值是 IBM 的三倍，黑莓一年后的市值也会高出约 10.51 美元。我在上周的报告中没有看到任何真正改变这个数字的内容，有人可能会说，我之前对下一财年的收入增长希望现在需要下降一点。最近的“reddit 反弹”也将该名称推高至其关键技术水平之上，如下图所示（50 天紫色，200 天红色）。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0e0060206489ea2bfe405eae34646358\" tg-width=\"640\" tg-height=\"275\"><span>(Source: Yahoo! Finance)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：雅虎财经）</span></p></blockquote></p><p> In the end, last week's earnings report showed that the revenue struggles at BlackBerry have not subsided. Another licensing pull-forward helped the overall numbers look okay, but the core business is not doing well overall. Management reduced its guidance for both the Cyber Security and IoT segments, signaling that this latest turnaround will take longer than expected. If the stock cannot hold on to its reddit crowd base, shares will likely continue to pull back to where the valuation should realistically be.</p><p><blockquote>最终，上周的财报显示，黑莓的收入困境并未平息。另一次授权提前帮助总体数字看起来不错，但核心业务总体上表现不佳。管理层减少了对网络安全和物联网领域的指导，这表明最新的转变将比预期需要更长的时间。如果该股无法保住其 reddit 人群基础，股价可能会继续回落至估值实际应有的水平。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>BlackBerry Revenue Struggle Continues<blockquote>黑莓收入困境仍在继续</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBlackBerry Revenue Struggle Continues<blockquote>黑莓收入困境仍在继续</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-28 15:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>While top line beats, core business basically stagnating.</li>  <li>Operating losses don't seem to be going away anytime soon.</li>  <li>Recent rally won't hold if stock valued on fundamentals.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/edb0094dfdedbde038d5b19e46b477f1\" tg-width=\"768\" tg-height=\"597\"><span>Guirong Hao/iStock via Getty Images</span></p><p><blockquote><ul><li>虽然营收节节攀升，但核心业务基本停滞不前。</li><li>经营亏损似乎不会很快消失。</li><li>如果股票根据基本面估值，最近的反弹将不会持续。</li></ul><p class=\"t-img-caption\"><span>郝桂荣/iStock via Getty Images</span></p></blockquote></p><p> After the bell last Thursday, we received&nbsp;fiscal Q1 earnings results&nbsp;from BlackBerry (BB). While the company's shares have rallied at times recently, thanks to the retail trading mania, results have been rather poor. For the first quarter of its fiscal 2022 year, BlackBerry announced its lowest three-month revenue number under CEO John Chen. If this name loses the reddit fans that have propped up the stock, shares are likely to head lower as results just aren't there yet.</p><p><blockquote>上周四盘后，我们收到了黑莓 (BB) 第一财季盈利结果。尽管由于零售交易狂热，该公司的股价最近有时会上涨，但业绩却相当糟糕。对于 2022 财年第一季度，黑莓公布了首席执行官 John Chen 领导下的最低三个月收入数据。如果这个名字失去了支撑该股的 reddit 粉丝，股价可能会下跌，因为结果还没有出来。</blockquote></p><p> If you remember&nbsp;the company's previous earnings report, management discussed back in late March that it had entered negotiations for a potential sale of its patent portfolio. Thus, the revenue forecast for the Licensing segment was essentially reduced for the year, with the following commentary from management&nbsp;on that earnings call:</p><p><blockquote>如果您还记得该公司之前的收益报告，管理层早在 3 月下旬就讨论过，该公司已进入出售其专利组合的潜在谈判。因此，本年度授权分部的收入预测大幅下调，管理层对该盈利看涨期权的评论如下：</blockquote></p><p>   However, appreciating that it will be useful to have an outlook for modeling purpose, the most conservative scenario in which sales, we modeled that sales does not happen or does not complete, full year licensing revenue will be in the region of $100 million. In this scenario, we assume that negotiation and regulatory review continue for the first half and therefore we expect revenue to be limited in the range of maybe $10 million to $15 million per quarter.  For the quarter, total revenues of $174 million came in about $3 million ahead of Street estimates. However, the composition of the revenue generated was not what many were hoping for. Licensing actually came in at $24 million, much higher than what estimates called for. As management stated&nbsp;on the conference call, some business came in earlier than expected. Just like many recent quarters that we've seen, the pull-forward in this segment made the overall quarter look less bad, and without this extra business, the top line would have easily missed estimates.</p><p><blockquote>然而，意识到对建模目的有一个前景是有用的，在最保守的情况下，我们建模销售没有发生或没有完成，全年许可收入将在1亿美元左右。在这种情况下，我们假设谈判和监管审查将在上半年继续进行，因此我们预计每个季度的收入将被限制在 1000 万至 1500 万美元之间。本季度总收入为 1.74 亿美元，比华尔街预期高出约 300 万美元。然而，所产生收入的构成并不是许多人所希望的。许可费用实际上为 2400 万美元，远高于预期。正如管理层在电话会议上所说，一些业务比预期来得早。就像我们最近看到的许多季度一样，该细分市场的提前使整个季度看起来不那么糟糕，如果没有这项额外业务，营收很容易达不到预期。</blockquote></p><p> That revenue upside meant that the newly called Cyber Security and IoT segments only represented $150 million. The total on those two business lines was up a paltry $2 million over the prior year period, and down $18 million from Q1 2020. On the call, management said it expects cyber security revenue to come in at the low end of its previous guidance range for the full fiscal year. A good portion of BlackBerry's key metrics also weakened over the prior year period, as detailed in the graphic below.</p><p><blockquote>这一收入增长意味着新命名的网络安全和物联网部门仅代表 1.5 亿美元。这两项业务的总额比去年同期仅增加了 200 万美元，比 2020 年第一季度减少了 1800 万美元。在看涨期权上，管理层表示，预计整个财年的网络安全收入将处于之前指导范围的低端。黑莓的大部分关键指标也比去年同期有所减弱，如下图所示。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/82ba0e5502df8810761def4deddeb053\" tg-width=\"570\" tg-height=\"145\"><span>(Source: Q1 2021 earnings release, linked above)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（资料来源：2021 年第一季度收益发布，链接如上）</span></p></blockquote></p><p> The year-over-year numbers certainly aren't good, with annual recurring revenue down by $23 million. The dollar-based net retention rate has also dipped by 7 percentage points. Supporters will talk about the growth in the QNX backlog, and BlackBerry management said in the earnings release that this was a 9% year-over-year increase. That seems to be what the graphic is saying, but take a look at what was said in previous press releases (bold emphasis added). The following statements make that year-over-year growth rate seem not true, that this is actually a 5 quarter increase, taking a good chunk of that growth rate away.</p><p><blockquote>同比数字肯定不好，年度经常性收入下降了 2300 万美元。以美元计算的净保留率也下降了7个百分点。支持者将谈论 QNX 积压订单的增长，黑莓管理层在财报发布中表示，这是同比增长 9%。这似乎是图片所说的，但看看之前的新闻稿中是怎么说的（粗体强调了）。以下陈述使得同比增长率似乎不真实，这实际上是 5 个季度的增长，带走了该增长率的很大一部分。</blockquote></p><p>   Fiscal Q1 2021 Document,linked here:    The Company's QNX royalty revenue backlog was approximately $450 million at&nbsp;  <b>the beginning of the first quarterof fiscal 2021</b>.    Recent QNX release,linked here:    BlackBerry also announced that BlackBerry QNX royalty revenue backlog has increased to $490 million at the&nbsp;  <b>end of its first quarter of fiscal year2022</b>.  With the company's revenue base shrinking to a new low under this CEO, the rest of the income statement didn't look much better. Gross margins fell nearly 4 percentage points, while the operating loss excluding items jumped from $50 million to $62 million. The company matched Street non-GAAP loss estimates at a nickel per share. However, this was again due to a number of items that management excludes that are traditional expenses for companies like this, including stock-based compensation and intangibles amortization.</p><p><blockquote>2021 年第一季度财政文件，链接在此：该公司的 QNX 特许权使用费收入积压约为 4.5 亿美元<b>2021财年第一季度开始</b>. 最近发布的 QNX，链接在此：黑莓还宣布，截至 2019 年，黑莓 QNX 版税收入积压已增至 4.9 亿美元。<b>2022 财年第一季度末</b>在这位首席执行官的领导下，公司的收入基础萎缩到新低，损益表的其余部分看起来也好不到哪里去。毛利率下降近 4 个百分点，而不包括项目的营业亏损从 5000 万美元跃升至 6200 万美元。该公司将华尔街非 GAAP 亏损预期调整为每股镍。然而，这又是由于管理层排除了一些项目，这些项目是此类公司的传统费用，包括基于股票的薪酬和无形资产摊销。</blockquote></p><p></p><p> For the quarter, cash burn came in at $35 million, $3 million more than the year-ago period. The value of equity on the balance sheet dropped another $48 million, and there is a larger holding value of intangibles and goodwill combined than there is equity. Total deferred revenue dropped again from $294 million to $265 million, which will further impact the company's ability for the top line to grow moving forward. Billings were also down on a year-over-year and sequential basis.</p><p><blockquote>本季度现金消耗为 3500 万美元，比去年同期增加 300 万美元。资产负债表上的股权价值又下降了4800万美元，无形资产和商誉的持有价值加起来比股权还要大。递延收入总额再次从 2.94 亿美元降至 2.65 亿美元，这将进一步影响公司未来营收增长的能力。账单也同比和环比下降。</blockquote></p><p> I mentioned in&nbsp;my previous article&nbsp;that the biggest argument against the name right now is valuation. I compared BlackBerry to IBM (IBM), which itself has had revenue troubles as it transitions its legacy businesses to more current ones. Even if BlackBerry were worth three times IBM on a price to sales basis, BlackBerry would be worth about $10.51 more than a year out. I don't see anything in last week's report that really changes that number, and one could argue my previous revenue growth hope for the following fiscal year now needs to come down a bit. The recent \"reddit rally\" has also pushed the name well above its key technical levels as seen in the chart below (50-day in purple, 200-day in red).</p><p><blockquote>我在之前的文章中提到过，现在反对这个名字的最大论点是估值。我将黑莓与 IBM (IBM) 进行了比较，后者在将传统业务转型为更现代的业务时也遇到了收入问题。即使按市销率计算，黑莓的市值是 IBM 的三倍，黑莓一年后的市值也会高出约 10.51 美元。我在上周的报告中没有看到任何真正改变这个数字的内容，有人可能会说，我之前对下一财年的收入增长希望现在需要下降一点。最近的“reddit 反弹”也将该名称推高至其关键技术水平之上，如下图所示（50 天紫色，200 天红色）。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0e0060206489ea2bfe405eae34646358\" tg-width=\"640\" tg-height=\"275\"><span>(Source: Yahoo! Finance)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：雅虎财经）</span></p></blockquote></p><p> In the end, last week's earnings report showed that the revenue struggles at BlackBerry have not subsided. Another licensing pull-forward helped the overall numbers look okay, but the core business is not doing well overall. Management reduced its guidance for both the Cyber Security and IoT segments, signaling that this latest turnaround will take longer than expected. If the stock cannot hold on to its reddit crowd base, shares will likely continue to pull back to where the valuation should realistically be.</p><p><blockquote>最终，上周的财报显示，黑莓的收入困境并未平息。另一次授权提前帮助总体数字看起来不错，但核心业务总体上表现不佳。管理层减少了对网络安全和物联网领域的指导，这表明最新的转变将比预期需要更长的时间。如果该股无法保住其 reddit 人群基础，股价可能会继续回落至估值实际应有的水平。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4436862-blackberry-revenue-struggle-continues\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BB":"黑莓"},"source_url":"https://seekingalpha.com/article/4436862-blackberry-revenue-struggle-continues","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1114821094","content_text":"Summary\n\nWhile top line beats, core business basically stagnating.\nOperating losses don't seem to be going away anytime soon.\nRecent rally won't hold if stock valued on fundamentals.\n\nGuirong Hao/iStock via Getty Images\nAfter the bell last Thursday, we received fiscal Q1 earnings results from BlackBerry (BB). While the company's shares have rallied at times recently, thanks to the retail trading mania, results have been rather poor. For the first quarter of its fiscal 2022 year, BlackBerry announced its lowest three-month revenue number under CEO John Chen. If this name loses the reddit fans that have propped up the stock, shares are likely to head lower as results just aren't there yet.\nIf you remember the company's previous earnings report, management discussed back in late March that it had entered negotiations for a potential sale of its patent portfolio. Thus, the revenue forecast for the Licensing segment was essentially reduced for the year, with the following commentary from management on that earnings call:\n\n However, appreciating that it will be useful to have an outlook for modeling purpose, the most conservative scenario in which sales, we modeled that sales does not happen or does not complete, full year licensing revenue will be in the region of $100 million. In this scenario, we assume that negotiation and regulatory review continue for the first half and therefore we expect revenue to be limited in the range of maybe $10 million to $15 million per quarter.\n\nFor the quarter, total revenues of $174 million came in about $3 million ahead of Street estimates. However, the composition of the revenue generated was not what many were hoping for. Licensing actually came in at $24 million, much higher than what estimates called for. As management stated on the conference call, some business came in earlier than expected. Just like many recent quarters that we've seen, the pull-forward in this segment made the overall quarter look less bad, and without this extra business, the top line would have easily missed estimates.\nThat revenue upside meant that the newly called Cyber Security and IoT segments only represented $150 million. The total on those two business lines was up a paltry $2 million over the prior year period, and down $18 million from Q1 2020. On the call, management said it expects cyber security revenue to come in at the low end of its previous guidance range for the full fiscal year. A good portion of BlackBerry's key metrics also weakened over the prior year period, as detailed in the graphic below.\n(Source: Q1 2021 earnings release, linked above)\nThe year-over-year numbers certainly aren't good, with annual recurring revenue down by $23 million. The dollar-based net retention rate has also dipped by 7 percentage points. Supporters will talk about the growth in the QNX backlog, and BlackBerry management said in the earnings release that this was a 9% year-over-year increase. That seems to be what the graphic is saying, but take a look at what was said in previous press releases (bold emphasis added). The following statements make that year-over-year growth rate seem not true, that this is actually a 5 quarter increase, taking a good chunk of that growth rate away.\n\n Fiscal Q1 2021 Document,linked here:\n\n\n The Company's QNX royalty revenue backlog was approximately $450 million at \n the beginning of the first quarterof fiscal 2021.\n\n\n Recent QNX release,linked here:\n\n\n BlackBerry also announced that BlackBerry QNX royalty revenue backlog has increased to $490 million at the \n end of its first quarter of fiscal year2022.\n\nWith the company's revenue base shrinking to a new low under this CEO, the rest of the income statement didn't look much better. Gross margins fell nearly 4 percentage points, while the operating loss excluding items jumped from $50 million to $62 million. The company matched Street non-GAAP loss estimates at a nickel per share. However, this was again due to a number of items that management excludes that are traditional expenses for companies like this, including stock-based compensation and intangibles amortization.\nFor the quarter, cash burn came in at $35 million, $3 million more than the year-ago period. The value of equity on the balance sheet dropped another $48 million, and there is a larger holding value of intangibles and goodwill combined than there is equity. Total deferred revenue dropped again from $294 million to $265 million, which will further impact the company's ability for the top line to grow moving forward. Billings were also down on a year-over-year and sequential basis.\nI mentioned in my previous article that the biggest argument against the name right now is valuation. I compared BlackBerry to IBM (IBM), which itself has had revenue troubles as it transitions its legacy businesses to more current ones. Even if BlackBerry were worth three times IBM on a price to sales basis, BlackBerry would be worth about $10.51 more than a year out. I don't see anything in last week's report that really changes that number, and one could argue my previous revenue growth hope for the following fiscal year now needs to come down a bit. The recent \"reddit rally\" has also pushed the name well above its key technical levels as seen in the chart below (50-day in purple, 200-day in red).\n(Source: Yahoo! Finance)\nIn the end, last week's earnings report showed that the revenue struggles at BlackBerry have not subsided. Another licensing pull-forward helped the overall numbers look okay, but the core business is not doing well overall. Management reduced its guidance for both the Cyber Security and IoT segments, signaling that this latest turnaround will take longer than expected. If the stock cannot hold on to its reddit crowd base, shares will likely continue to pull back to where the valuation should realistically be.","news_type":1,"symbols_score_info":{"BB":0.9}},"isVote":1,"tweetType":1,"viewCount":2764,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":129489567,"gmtCreate":1624381015759,"gmtModify":1634006930944,"author":{"id":"3575159626901977","authorId":"3575159626901977","name":"8b6ebba","avatar":"https://static.tigerbbs.com/default-avatar2.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575159626901977","authorIdStr":"3575159626901977"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/TCEHY\">$Tencent Holding Ltd.(TCEHY)$</a>Still great value","listText":"<a href=\"https://laohu8.com/S/TCEHY\">$Tencent Holding Ltd.(TCEHY)$</a>Still great value","text":"$Tencent Holding Ltd.(TCEHY)$Still great value","images":[{"img":"https://static.tigerbbs.com/0b7a3d24daaab8fa3c5e1ca210bf61da","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/129489567","isVote":1,"tweetType":1,"viewCount":1785,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":false}