BlackBerry Q4 GAAP operating loss $17 million, CEO happy
Staff Writer |
BlackBerry reported results for the fourth quarter ended February 28, 2018.
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Total company non-GAAP revenue for the fourth quarter of fiscal 2018 was $239 million with GAAP revenue of $233 million.
Total software and services revenue of $218 million (non-GAAP) and $212 million (GAAP) broke the record set last quarter.
Approximately 70% of fourth quarter software and services revenue (excluding IP licensing and professional services) was recurring. BlackBerry had approximately 3,500 enterprise customer orders in the quarter.
Non-GAAP operating income was $19 million, and non-GAAP earnings per share was $0.05 (basic and diluted). GAAP operating loss was $17 million. GAAP net loss for the quarter was $0.02 per basic share and $0.06 per diluted share.
GAAP net income includes $28 million in restructuring charges, $22 million in acquired intangibles amortization expense, a benefit of $34 million related to the fair value adjustment on the debentures, and other amounts as summarized in a table below.
Total cash, cash equivalents, short-term and long-term investments were approximately $2.4 billion as of February 28, 2018.
Free cash flow was $31 million, before considering the costs related to restructuring and transition from the hardware business as well as the net impact of arbitration awards and damages.
Cash generated from operations was $35 million and capital expenditures were $4 million.
Excluding $605 million in the face value of the company’s debt, the net cash balance at the end of the quarter was approximately $1.7 billion.
Fiscal 2018 financial highlights
- Total non-GAAP software and services revenue of $782 million, an increase of 14% year-over-year
- Total GAAP software and services revenue of $747 million, an increase of 20% year-over-year
- Non-GAAP EPS of $0.14 (per basic and diluted share), an increase from $0.06 in fiscal 2017
- GAAP EPS of $0.76 per basic share and $0.74 per diluted share
- Free cash flow of $47 million, before considering the costs related to restructuring and transition from the hardware business as well as the net impact of arbitration awards and damages.
“I am very pleased with our execution. We achieved another record quarter in software and services revenue as we grew across all three of our software businesses†said John Chen, executive chairman and CEO. ■