BlackBerry opublikowało wyniki finansowe za Q4 i rok podatkowy 2013

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Jakub Hajost
28.03.2013

BlackBerry opublikowało dziś wyniki finansowe za czwarty kwartał oraz zakończenie roku fiskalnego 2013.

Najważniejsze dane za czwarty kwartał:

  • Przychód 2,7 miliarda dolarów
  • Dochód według ogólnie przyjętych zasad księgowości (GAAP) – 94 miliony dolarów, lub $0,18 na akcję
  • Skorygowany dochód – 114 milionów dolarów, lub $0,22 na akcję
  • Marża brutto 40% dzięki wyższym średnim cenom i marżom sprzętu
  • Dostawa 6 milionów smartfonów, w tym około miliona sztuk BlackBerry 10
  • Baza subskrybentów wynosi około 76 milionów
  • Przepływy pieniężne z działalności operacyjnej: 219 milionów dolarów
  • Zapad 2,9 miliarda dolarów w gotówce i ekwiwalentach

Wyniki Q4

Przychód w wysokości 2,7 miliarda dolarów oznacza spadek o 49 milionów (lub 2%) w stosunku do poprzedniego kwartału, oraz spadek o 36% (z 4,2 miliarda dolarów) w stosunku do 4 kwartału roku podatkowego 2012. Rozbicie przychodu w 4Q wyglądało następująco: 61% ze sprzedaży sprzętu, 36% ze sprzedaży usług oraz 3% ze sprzedaży oprogramowania i inne przychody. W 4Q BlackBerry dostarczyło 6 milionów smartfonów oraz około 370 tysięcy tabletów BlackBerry PlayBook.

Dochód według ogólnie przyjętych zasad księgowości (GAAP – generally accepted accounting principles) wyniósł 94 miliony dolarów (lub rozwodnione $0,18 na akcję), w stosunku do 14 milionów i $0,03 na akcję z poprzedniego kwartału, oraz straty 118 milionów (rozwodnionych $0,23 na akcję) w 4 kwartale fiskalnego roku 2012. Te same dane, ale z uwzględnieniem zaprzestanej działalności operacyjnej to: dochód 98 milionów dolarów (rozwodnione $0,19 na akcję) w porównaniu do 9 milionów dolarów (rozwodnionych $0,02 na akcję) za poprzedni kwartał, oraz straty 125 milionów dolarów (rozwodnionych $0,24 na akcję) w tym samym kwartale fiskalnego roku 2012.

Skorygowany dochód z działalności operacyjnej za czwarty kwartał wyniósł 114 milionów dolarów (rozwodnione $0,22 na akcję).

„Wprowadziliśmy w BlackBerry liczne zmiany w ciągu ostatnich lat i te zmiany zaowocowały powrotem firmy do zyskowności w czwartym kwartale”, powiedział Thorsten Heins, „Wraz ze startem BlackBerry 10, wprowadziliśmy najnowszą i jak wierzymy najbardziej innowacyjną dziś platformę mobilną na rynku. Klienci kochają urządzenie i doświadczenie użytkownika, a nasze ekipy i partnerzy są teraz skupione na dostarczeniu tych urządzeń w ręce prywatnych i korporacyjnych klientów BlackBerry.”

Heins dodał, „Wchodząc w nowy rok fiskalny, jesteśmy podekscytowani możliwościami dla platformy BlackBerry 10 i zaangażowaniem jakie widzimy ze strony deweloperów i partnerów na całym świecie. Jesteśmy również podnieceni nową, dynamiczną kulturą w BlackBerry, gdzie jesteśmy laserowo skupieni na kontynuacji wzrostu wydajności i poprawie zyskowności spółki, ciągle będąc innowacyjnymi. Zbudowaliśmy silnik, który potrafi napędzić lepsze wyniki finansowe, przy mniejszej sprzedaży, a który powinien pozwolić na generowanie dodatkowych korzyści przy wyższej sprzedaży w przyszłości.”

Perspektywy

Spółka będzie zwiększać inwestycje w marketing w pierwszym kwartale fiskalnego roku 2014, by wesprzeć globalny start BlackBerry 10. Wliczając przewidywany pięćdziesięcioprocentowy wzrost ciągłych wydatków na marketing , spółka wierzy, że dzięki niższym kosztom, bardziej wydajnemu łańcuchowi dostaw i lepszym marżom sprzętu, osiągnie próg rentowności w wynikach finansowych za pierwszy kwartał fiskalnego roku 2014.

Wyniki za rok podatkowy 2013

Przychody z działalności operacyjnej za rok podatkowy zakończony 2 marca 2013 wynisły 11,1 miliarda dolarów, o 40% mniej niż w podatkowym roku 2012 (wtedy wyniosły 18,4 miliarda dolarów). Strata netto z działalności operacyjnej w roku podatkowym 2013, według ogólnie przyjętych zasad księgowości wyniosła 628 milionów dolarów (rozwodniony $1,20 na akcję), w porównaniu do dochodu netto (GAAP) 1,2 miliarda dolarów (rozwodnionych $2,23 na akcję) w roku podatkowym 2012.

PEŁNY KOMUNIKAT:

WATERLOO, ONTARIO, Mar 28, 2013 (Marketwire via COMTEX) — Research In Motion Limited (doing business as BlackBerry), a world leader in the mobile communications market, today reported financial results for the three months and fiscal year ended March 2, 2013 (all figures in U.S. dollars and U.S. GAAP, except where otherwise indicated).

Q4 Highlights:

        --  Revenue of $2.7 billion
        --  GAAP income from continuing operations of $94 million, or $0.18 per
            share diluted
        --  Adjusted income from continuing operations of $114 million, or $0.22 per
            share diluted
        --  Gross margin of 40% driven by higher average selling prices and hardware
            margins
        --  Shipments of 6 million smartphones, including approximately 1 million
            BlackBerry 10 units
        --  Subscriber base of approximately 76 million
        --  Cash flow from operations of $219 million, cash and investments balance
            of $2.9 billion

Q4 Results

Revenue for the fourth quarter of fiscal 2013 was approximately $2.7 billion, down $49 million or 2% from approximately $2.7 billion in the previous quarter and down 36% from $4.2 billion in the same quarter of fiscal 2012. The revenue breakdown for the quarter was approximately 61% for hardware, 36% for service and 3% for software and other revenue. During the quarter, BlackBerry shipped approximately 6 million BlackBerry smartphones and approximately 370,000 BlackBerry PlayBook tablets.

GAAP income for the quarter from continuing operations was $94 million, or $0.18 per share diluted, compared with the GAAP income from continuing operations of $14 million, or $0.03 per share diluted, in the prior quarter and a GAAP loss from continuing operations of $118 million, or $0.23 per share diluted, in the same quarter of fiscal 2012. GAAP income for the quarter, including income from discontinued operations, was $98 million, or $0.19 per share diluted, compared with the GAAP income including loss from discontinued operations of $9 million, or $0.02 per share diluted, in the prior quarter and a GAAP loss, including loss from discontinued operations of $125 million, or $0.24 per share diluted, in the same quarter of fiscal 2012.

Adjusted income from continuing operations for the fourth quarter was $114 million, or $0.22 per share diluted. Adjusted income and adjusted diluted earnings per share („EPS”) exclude the impact of pre-tax charges of $29 million ($20 million on an after-tax basis) related to the Cost Optimization and Resource Efficiency („CORE”) program. This impact on GAAP income from continuing operations and diluted EPS are summarized in the table below.

The total of cash, cash equivalents, short-term and long-term investments was approximately $2.9 billion as of March 2, 2013 and at the end of the previous quarter. Cash flow from operations in the fourth quarter was approximately $219 million. Uses of cash included intangible asset additions of approximately $235 million and capital expenditures of approximately $88 million.

„We have implemented numerous changes at BlackBerry over the past year and those changes have resulted in the Company returning to profitability in the fourth quarter,” said Thorsten Heins, President and CEO. „With the launch of BlackBerry 10, we have introduced the newest and what we believe to be the most innovative mobile computing platform in the market today. Customers love the device and the user experience, and our teams and partners are now focused on getting those devices into the hands of BlackBerry consumer and enterprise customers.”

Heins added, „As we go into our new fiscal year, we are excited with the opportunities for the BlackBerry 10 platform, and the commitments we are seeing from our global developers and partners. We are also excited about the new, dynamic culture at BlackBerry, where we are laser-focused on continuing to drive efficiency and improve the Company’s profitability while driving innovation. We have built an engine that is able to drive improved financial performance at lower volumes, which should allow us to generate additional benefits from higher volumes in the future.”

Outlook

The Company will be increasing its marketing investment in the first quarter of fiscal 2014 in support of the global launch of BlackBerry 10. Including the anticipated 50% sequential increase in marketing spending, the Company believes it will approach breakeven financial results in the first quarter based on its lower cost base, more efficient supply chain, and improved hardware margins.

Board Update

The Company also announced that Mike Lazaridis, having fulfilled the commitment he made to the Board in January 2012, has decided to retire as Vice Chair and a Director of the Company. Lazaridis co-founded BlackBerry nearly 30 years ago and served as a co-CEO of the company until last year when he was elected Vice Chair of the Board. Lazaridis, who last week announced the launch of his new venture, Quantum Valley Investments, will step down from the BlackBerry Board effective May 1, 2013.

„We are grateful to Mike for his contributions to BlackBerry during the past three decades,” said Barbara Stymiest, Chairman of BlackBerry’s Board of Directors. „Mike invented the BlackBerry and is widely recognized as one of Canada’s greatest innovators. Mike played a pivotal role for the past 15 months in helping with the leadership transition and the successful launch of BlackBerry 10. We deeply respect and appreciate Mike’s desire to devote his full-time efforts to his exciting new venture, and we wish him all the best.”

„I admire Mike for his many achievements and for his vision in helping bring BlackBerry 10 to fruition,” said CEO Thorsten Heins. „On a personal level, I am grateful to Mike for his help, guidance and advice during my first 15 months as CEO of BlackBerry. I wish him all the best.”

„With the launch of BlackBerry 10, I believe I have fulfilled my commitment to the Board,” Lazaridis said. „Thorsten and his team did an excellent job in completing BlackBerry 10. We have a great deal of which to be proud. I believe I am leaving the company in good hands. I remain a huge fan of BlackBerry and, of course, wish the company and its people well.”

Reconciliation of GAAP loss from continuing operations before income taxes and diluted EPS from continuing operations to adjusted income from continuing operations before income taxes and adjusted diluted EPS from continuing operations:

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

Note: Adjusted income from continuing operations and adjusted diluted EPS 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 adjusted income from continuing operations and adjusted diluted EPS from continuing operations 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. During the fourth quarter of fiscal 2013, the Company
              incurred approximately $29 million in total pre-tax charges related to
              the CORE program. Substantially all of the pre-tax charges are related
              to one-time employee termination benefits, facilities costs and
              manufacturing network simplification costs. During the fourth quarter
              of fiscal 2013, a pre-tax recovery of approximately $4 million was
              included in cost of sales, charges of approximately $3 million were
              included in research and development and charges of approximately $30
              million were included in selling, marketing, and administration
              expenses. The Company will continue to execute on the mandate of the
              CORE program throughout fiscal 2014.

Fiscal 2013 Results

Revenue from continuing operations for the fiscal year ended March 2, 2013 was $11.1 billion, down 40% from $18.4 billion in fiscal 2012. The Company’s GAAP net loss from continuing operations for fiscal 2013 was $628 million, or $1.20 per share diluted, compared with GAAP net income from continuing operations of $1.2 billion, or $2.23 per share diluted in fiscal 2012. Adjusted net loss from continuing operations for fiscal 2013 was $317 million, or $0.60 per share diluted. Adjusted net loss from continuing operations and adjusted diluted loss per share for fiscal 2013 exclude the adjustments described above as well as the impact of a pre-tax goodwill impairment charge of $335 million ($326 million after tax), an income tax benefit of $166 million, and charges of $220 million ($151 million after tax) related to the Company’s CORE program that commenced in March 2012. These charges and their related impacts on GAAP net income and diluted earnings per share are summarized in the tables below.

Reconciliation of GAAP net loss from continued operations and diluted loss per share from continuing operations to adjusted net loss from continued operations and diluted loss per share from continuing operations:

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

                                                     For the fiscal year ended
                                                           March 2, 2013
                                                ------------------------------------
                                                                   Diluted loss per
                                                    Net loss from        share from
                                                       continuing        continuing
                                                  operations (net   operations (net
                                                   of income tax)    of income tax)
                                                ------------------------------------
        As reported                              $           (628) $          (1.20)

        Adjustment:
        CORE Program (net of tax)(1)                          151              0.30
        Impairment of Goodwill (2)                            326              0.62
        Income Tax Benefit (3)                               (166)            (0.32)
                                                ------------------------------------
        Adjusted                                 $           (317) $          (0.60)
                                                ------------------------------------
                                                ------------------------------------

        ----------------------------------------------------------------------------

Note: Adjusted net 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 adjusted net loss from continuing operations and adjusted diluted loss per share from continuing operations 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. During fiscal 2013, the Company incurred approximately
              $220 million in total pre-tax charges related to the CORE program.
              Substantially all of the pre-tax charges are related to one-time
              employee termination benefits, facilities costs and manufacturing
              network simplification costs. During fiscal 2013, pre-tax charges of
              approximately $96 million were included in cost of sales, charges of
              approximately $27 million were included in research and development
              and charges of approximately $97 million were included in selling,
              marketing, and administration expenses. The Company will continue to
              execute on the mandate of the CORE program throughout fiscal 2014.
        (2)   During the first quarter of fiscal 2013, the Company performed a
              goodwill impairment test and based on the results of that test, the
              Company recorded a pre-tax, non-cash goodwill impairment charge of
              approximately $335 million, or $326 million after tax.
        (3)   Reflects the favorable impact of the settlement of uncertain income
              tax positions, including related interest and foreign exchange gains,
              the Company recorded in the third quarter of fiscal 2013 that resulted
              from the restructuring of the Company's international operations.

Supplementary Geographic Revenue Breakdown

                  Research In Motion Limited (doing business as BlackBerry)
                            (United States dollars, in millions)
                                      Revenue by Region

                  For the year
                      ended
                -----------------

                       March
                      2, 2013
                -----------------
        North
         America $  2,896   26.2%
        Europe,
         Middle
         East
         and
         Africa     4,502   40.7%
        Latin
         America    2,114   19.1%
        Asia
         Pacific    1,561   14.1%
                -----------------

        Total    $ 11,073  100.0%
                -----------------

                                        For the quarter ended
                 -------------------------------------------------------------------

                        March          December         September          June
                       2, 2013          1, 2012          1, 2012          2, 2012
                 -------------------------------------------------------------------
        North
         America  $    587   21.9% $    647   23.7% $    868   30.3% $    794  28.3%
        Europe,
         Middle
         East
         and
         Africa      1,227   45.8%    1,160   42.5%    1,087   38.0%    1,028  36.6%
        Latin
         America       479   17.9%      535   19.6%      520   18.2%      580  20.7%
        Asia
         Pacific       385   14.4%      385   14.1%      386   13.5%      405  14.4%
                 -------------------------------------------------------------------

        Total     $  2,678  100.0% $  2,727  100.0% $  2,861  100.0% $  2,807 100.0%
                 -------------------------------------------------------------------

Conference Call and Webcast

A conference call and live webcast will be held beginning at 8am ET, which can be accessed by dialing 1-800-814-4859 or through your BlackBerry(R) 10 smartphone, personal computer or BlackBerry(R) PlayBook(TM) tablet athttp://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 4501383# or by clicking the link above on your BlackBerry(R) 10 smartphone, personal computer or BlackBerry(R) PlayBook(TM) tablet. This replay will be available until midnight ET April 11, 2013.

via marketwatch