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Blackberry Ltd (BBRY) Earnings Call Transcript: 2014 Q3, Q3 FY2015

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Below is the Blackberry Ltd (NASDAQ:BBRY) Third Quarter Fiscal 2015 earnings conference call transcript. Prem Watsa, Nelson Obus, and Kahn Brothers are the biggest holders of Blackberry Ltd (NASDAQ:BBRY) among the 700+ hedge funds and investors tracked by Insider Monkey.

Company Representatives

John S. ChenExecutive Chairman of the Board, Chief Executive Officer, Blackberry Ltd (NASDAQ:BBRY).

James YershChief Financial Officer, Blackberry Ltd (NASDAQ:BBRY).


Tim Long – Managing Director, BMO Capital Markets

Colin Gillis – Senior Technology Analyst, BGC Partners

Maynard Um – Senior Equity Research Analyst – IT Hardware, Wells Fargo

Ehud Gelblum – Managing Director and Head of US Tech Research, Citigroup

Simona Jankowski – Senior Equity Research Analyst, Global Investment Research, Goldman Sachs

Mark Sue – Managing Director at RBC Capital Markets

Rod Hall – Senior Analyst, Data Networking/Wireline/Wireless Equity Research at JP Morgan Chase

Amitabh Passi – Senior Research Analyst at UBS Investment Bank

Richard Tse – Technology Analyst at Cormark Securities


Good day and welcome to the Blackberry Ltd (NASDAQ:BBRY) Third Quarter Results Conference Call.  Today’s conference is being recorded.

At this time, I would like to turn the conference over to John Chen, CEO of BlackBerry. Please go ahead sir.

Blackberry BBRY Earnings Call Transcript


John S. Chen, Executive Chairman of the Board, Chief Executive Officer, Blackberry Ltd (NASDAQ:BBRY).

Thank you. Thank you very much and good morning everybody and welcome. And before we start I’m going to turn over to Joe for the Safe Harbor language.

Joe (Not formally identified during the call)

Thank you, John. So after I read our cautionary note regarding forward-looking statements, John will provide a Business Update and James Yersh will then review the Third Quarter Results.

We will then open up the call for questions. Our Q&A will be slightly shorter today given pre existing commitments. In order to let as many people as possible ask questions, please limit yourself to one question.

The call is available to the general public via call in numbers and via webcast in the investor relations section at The webcast can be accessed through your BlackBerry 10 smartphone, your personal computer or your BlackBerry PlayBook tablet. A replay of the webcast will also be available on the website.

Some of the statements we will be making today constitute forward-looking statements and are made pursuant to the Safe Harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 and Canadian Securities Laws.

We will indicate forward-looking statements by using words such as expect, plan, anticipate, estimate, may, will, should, forecast, intend, believe, continue and similar expressions.

Forward-looking statements are based on estimates and assumptions made by the company in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that the company believes are appropriate in the circumstances.

Many factors could cause the company’s actual results, performance, or achievements to differ materially from those expressed or implied by the forward-looking statements, including the risk factors relating to the company that are discussed in the Risk Factors section of our Annual Information Form, which is included in the company’s annual report on Form 40-F and the company’s MD&A, copies of which filings may be obtained at

These factors should be considered carefully and you should not place undue reliance on the company’s forward-looking statements. The company 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 law.

I will now turn the call over to John.

John S. Chen,

Thank you, Joe. Well I’m sure you have the results in front of you and again I welcome you all to our call here. I and together with my team are extremely pleased with the management of our finances. We turned in a penny ($0.01) on a non-GAAP profit and a positive cash flow from operation of $43 million for the first time in two years.

Operating expenses and margins were managed extremely well, while we were able to launch and deliver very important new products. I will get into that a little later, the detail of those products.

We expect to remain cash flow positive and continue to expect to achieve sustainable profitability sometime in the FY16 time frame.

Now that the team has a pretty good handle on content margin, I myself and a number of our senior executives are spending most of our time on improving and expanding our distribution.

It is my belief that we can grow and stabilize the revenue or stabilize and grow the revenue of the company in FY16 and while we will make every attempt to stay profitable going forward, sustainable profitability could only come from revenue growth and that is certainly our strategy here.

To see this revenue growth, we probably need a couple of quarters and I will explain that a little later. One of the things that we already done is to have — has been aligning internal resources to support the field and a couple of hundred employees have been commissioned into the field to drive this — to help drive this growth.

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