Q3 2023 BlackBerry Ltd Earnings Call
Good afternoon, and welcome to the Blackberry third quarter fiscal year 'twenty 'twenty three results conference call. My name is Matt and I will be your conference moderator for moderator for today's call.
During the presentation, all participants will be in a listen only mode. We will be facilitating a brief question and answer session towards the end of the conference should you need assistance during the call. Please signal a conference specialist by pressing star zero.
A reminder, this conference is being recorded for replay purposes.
I would now like to turn today's call over to 10 foot Vice President of a Blackberry Investor Relations. Please go ahead.
Thank you, Matt Good afternoon, and welcome to Blackberrys third quarter fiscal 'twenty 'twenty three earnings conference calls.
With me on the call today are executive Chair, and Chief Executive Officer, John Chen and Chief Financial Officer, Steve right.
After I read our cautionary notes regarding forward looking statements John will provide a business update and Steve will review the financial results.
We will then open the call for a brief Q&A session.
This call is available to the general public five tool in numbers and via webcast in the Investor information section at Blackberry Com.
A replay will also be available on the Blackberry Com website.
Some of the statements, we'll be making today constitute forward looking statements and are made pursuant to the safe Harbor provisions of applicable U S and Canadian Securities laws.
We'll indicate forward looking statements by using words, such as expect will shirts modal intends believes 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 unexpected future developments, that's why there's other factors that the company believes are relevant.
Many factors could cause the company's actual results or performance to differ materially from those expressed or implied by the forward looking statements.
These factors include the risk factors discussed in the company's annual filings and M. DNI you.
You should not place undue reliance on the company's forward looking statements.
Any forward looking statements are made only as of today and the company has no intention and undertakes no obligation to update or revise any of them except as required by law.
As is customary during the call gentlemen, Steve will reference non-GAAP numbers and a summary of our quarterly results.
For a reconciliation between our GAAP and non-GAAP numbers. Please see the earnings press release published earlier today, which is available on the Edgar SEDAR and Blackberry com websites and with that I'll turn the call over to Joe. Thanks.
Thanks, Dan.
Good afternoon, everyone and thanks for joining the call today.
This was a quarter, where Blackberry made good progress based on leading indicators for both the Iot and the cyber businesses.
Blackberry beat expectation for both total company revenue and earnings per share.
On the Iot side, we saw the business performing very strongly setting yet another record for design phase revenues.
The strategic decision made over five years ago.
To position <unk> as their trusted foundation for high performance edge compute, especially in auto is really bearing fruit.
On the cyber side in line of what we said last quarter, we saw an improvement in our level of churn that we experienced recently.
The investment being made in product and go to market continued to drive sequential billings growth in our cyber business.
Let me start my review with the Iot business unit as mentioned there was another strong quarter.
Revenue was 51 million a 19% year over year increase gross margin was 80%.
Pre production revenue that is revenue per developer seed development seats and professional services set another record.
This strength is being driven by significant new design wins.
In fact in the first six months of this fiscal year, Blackberry added more new ROI O T backlog than in any prior 12 months period.
And that momentum continued this past quarter with wins in a number of verticals, but particularly in the safety critical auto Adas advanced driver assist.
And digital cockpit domain, where we are significantly gaining market share.
The largest win in the quarter inquiries of Windows Act with Apt is to use the Q N X hypervisor and our tools to power a digital cockpit for European Oems.
Other auto wins include design with Daimler truck and truck.
An instrument cluster design wins with tier one supply them a rally.
And for a leading Japanese automaker and the design with a leading Chinese tier one supplier for an $8 driver assist module.
In the quarter, we secured a total of 24, new design wins with nine in auto and 15 into January general embedded market or Jim.
[noise] in Jim we secured design wins with Nikko industrial as well as defense defense and aerospace a.
The amount of use cases wasn't auto pilot flight control system.
Naval combat system, and a retinal surgery robotics to name just a few.
Looking forward, we continue to see a very strong pipeline of upcoming new designs. We believe that we're strong we're in a strong position to convert these all maturity into wins given a reason success rate a very strong reputation in the market and of course, the strain of our technology.
The industry wide macro backdrop for auto remains mixed.
We see strength in China, and India, both significant markets for Q N X.
On the flip side, we see some tightening in North America, and Europe , primarily due to ongoing supply chain and some demand challenges.
However, it is important to get some context, while production volume is an important factor in Q and extra total revenue.
The auto industry significant shift to the software defined vehicle.
And the development program that drives this has enabled us to deliver a double digit revenue growth.
This quarter was may we made a major product announcements for <unk> in the cloud.
At the Amazon re invent conference AWS announced that <unk> will be made available to system supply developers.
Via their cloud native virtual engineering workbench.
Being able to access <unk> in a cloud greatly reduce the time to market for developers and provides significant addition market reach for Blackberry.
<unk> will be accessible by AWS larger and growing community of over a million developers across multiple verticals not just auto.
We had very positive feedback from both this demonstration and early S. S product big available to selected Oems and tier ones.
We expect to provide more details on the general availability at CES.
Moving now to a new and exciting use cases for our soda column technology in the quarter, we deliver a electric vehicle charging station PKI public key infrastructure solution for a leading North America automotive OEM.
The solution enables the vehicle and EV charging stations to identify and establish trust the connectivity as well as allowing OEM to meet the new international standard for secure vehicle to grid interfaces.
This capabilities opens a significant opportunity for Blackberry to secure critical smart city Smart city infrastructure in the future.
Given the strength of the Iot business going into Q4, we expect revenue to come in at the high end of the range. We provided we provided previously.
We are therefore now expected our full year revenue outlook to be in a range of $205 million to $210 million, which translate to 15% to 18% year on year growth.
Let me now move to Ivy proof of concept trials with customer continued to progress well product development also remain on track with the latest version released last week as planned.
We have some significant product demonstration of Ivy This past quarter last month at the Bosch connected world in Berlin. The Ivy platform was running in a pohjola car and enabling predictive maintenance in car payments and Amazon Alexa virtual assistant applications.
I Ivy was also shown operating in a cloud at AWS re invent conference in Las Vegas, and a developer workshop, how there were well attended by OEM and tier ones.
Feedback from BOE events was very positive.
We also added a new application from roadside telematics to the Ivy ecosystem. This quarter roadside telematic is a california based startup aiming to use sensor data from Blackberry IV to provide automatic notification to 911 emergency surface in the event of a crash.
Let me now turn to our cyber security business.
Revenue for the quarter was $106 million.
On a sequential basis billing increase for the second consecutive quarter to two $103 million.
Gross margin was a us was 57% a R was $313 million.
The dollar based net retention rate was 84%.
In line with our comment last quarter, we see signs that the investment in product and people are starting to pay off the radar churn seen recently has improved this quarter with an uptick in renewal rates and with it an improved quarter over quarter change in a R.
Turning now to the macro environment, we've seen the same as many other software company, including dosing cyber security in noticing some elongation of sales cycles during the past quarters.
And therefore, this slightly that the macro environment will be a headwind for the business in the near term, although we are likely to fare better than most given a heavy skew towards regulated customers, particularly government.
Furthermore, cyber securities still remains a social purchase.
Touching briefly on the OEM market, specifically this past quarter.
Industry analysts know to increase adoption of <unk> solution irregularly environment.
In the quarter. Despite the macro challenges, we secure a great number of multiyear transaction debt furiously.
This includes both renews and account expansions.
The customer include some of those with the highest security needs anywhere in the world.
Such as multiple agency in the U S Department of Homeland Security the U S.
S Defense Intelligence agency and the National Guard.
Also the U S missile Defense agency, the Pan European missile system Company M. B D eight as far as the NATO headquarter.
Also approve our Blackberry secure voice solution for official NATO communications.
Also wasn't government, whereas shared services, Canada. The U S Department of Justice the FBI the U S Department of Treasury as well as the U S Department of energy.
In North America, we secured business with the Australian Federal Court.
The government of Iceland, the government of warehouse, the Scottish beliefs, and the German Ministry of home Affairs.
In financial services, we did business with bank of China.
Credit Agricole.
Blackstone investment management sink.
Singapore DBS bank.
German Kathy K F W Bank as well as the German federal state banks.
Finally, I'll mention that we continue to win in other verticals too with examples including Johnson <unk> Johnson.
A leading law firm Sullivan, <unk> Cromwell, as well as Swift and a b b, a leading electric equipment manufacturer.
Some of you will hopefully have join us for our security summit at the New York Stock Exchange in October during the event, we announced the launch of a cyber threat intelligence subscription services that will provide customer with Taylor threat briefings.
This service will launch in January and the initial response has been positive, particularly from the government agencies.
Turning to outlook, we expect to see improvement in both customer churn and new logo acquisition continuing next quarter, we are not changing our outlook for cyber to buy fiber revenue and billings, but as previously mentioned Q4 outlooks include some large potential government deals that the team is working hard to close.
As always with larger deal of this nature timing can be predictable.
However, regardless of whether we are able to close these deals and type of Q4 or did they slip in Q1, we expect to deliver a sequential billings growth in the quarter.
This would mean sequential billing growth for the third quarter in a row.
What's more we currently expect to see the value of billings in Q4 exceeding revenue.
This is a strong leading indicator and we expect a return to growth in the second half of next fiscal year.
Let me now move to a licensing revenue in the quarter came in higher than expected at 12 million gross margin was 67% in the quarter. We recognized revenue revenue related to royalties on past licensing deals and they came in stronger than expected.
Let me now turn the call, but as Steve who will provide more details on our financials.
Thank you John as usual my comments on our financial performance for the third quarter will be in non-GAAP terms unless otherwise noted.
Total company revenue for the quarter was $169 million.
Total company gross margin was 64% opt.
Operating expenses for the third quarter were $137 million.
These non-GAAP operating expenses exclude 56 million fair value gain on the convertible debentures.
22 million and amortization of acquired intangibles and $8 million and stock compensation expense.
Blackberry remains in a targeted investment mode.
Meaning our capital allocation strategy is for aggressive investment in our Iot business to capitalize on the strong opportunities we see in front of us there and.
And for strategic investments in our cyber security business to drive both topline growth as well as deliver profitability.
These investments are discretionary and can be ease back if required.
This strategy is starting to pay off with Iot winning record levels of new designs.
And the trajectory of the cyber business improving.
Given these investments we continue to expect manageable E. P S loss and cash usage in the near term.
The GAAP operating loss for the third quarter was $2 million.
And the non-GAAP operating loss was $28 million.
Now turning to the balance sheet and cash flow.
Total cash cash equivalents and investments were 505 million at November 30 of 2022.
Free cash usage in the quarter before accounting for the settlement of a prior legal case was $22 million.
That concludes my comments I'll turn the call back to John .
Okay.
Alright, Thank you Steve before we open up the line for Q&A, Let me recap on the key messages. We are pleased with the progress made.
Oh, sorry.
Because I think Steve and Miss a few points in his notes anyway.
We're pleased with the progress made by both our core business unit this quarter.
Iot business unit continues to deliver strong 19% year over year revenue growth, despite a macro headwind.
The cyber security business unit trajectory is progressing with the improved level of churn and increased in multiyear deals as well as new logos.
And finally, a quick update on the IP patent portfolio sale as we said before there are two main interested parties I am pleased to say the tremendous progress has been made with both of them catapult, who you know now has now has a motivated financing partners lineup and all parties are currently negotiating the final.
It's the second party as a large P firm that doesn't need external financing they have completed their due diligence and term sheets discussion are well advanced we obviously, we'll keep you updated as things progress that concludes my that concludes my remarks.
Matt could you. Please open the line for Q&A.
Thank you we will now begin the question and answer session to ask a question. Please press star one on your telephone keypad.
Please make sure. Your line is on mute it again press star one to ask a question, we'll pause for just a moment to allow everyone an opportunity to signal for questions. We request that you would limit yourself to one question and one follow up.
And our first question will come from Luke Young with Baird. Please go ahead.
Hi.
Yes. Good afternoon. Thanks for taking the question a couple of questions related to the Ibs is Iot business first John .
You could get any additional color on the sub components of your honest software business in Iot.
If there's anything you'd be able to add on the preproduction parts of that business of course, but also be interested in any commentary on royalty trends looking forward and although it might lay out over the next few quarters or into next year in terms of launch activity video of a line of sight in that business. Thank you.
It didn't come across clearly.
Look yeah. This is.
Luke from Baird.
Breaking down our Iot revenue when he talks he said that the preproduction pieces at record levels any other comments I'm guessing around royalties.
Oh I could tell you a typical year.
Typical year typical quarter or year actually.
Our general guideline is about 40% of our revenue coming from loyalty, 40% coming from developers seats as well perfection. So and then sorry, and then 20% come from come from more come from surfaces, that's kind of a rule of thumb.
Because it didn't come across very clear on the microphone. So Luke sorry about so you could.
Perhaps the question look if I can rephrase.
Is there any color on <unk>.
On royalties given the strength that we've seen in design phase with.
Hi.
Well I mean royalty is pretty much tie to production.
The industry auto production.
Basically were proportionately.
About the same meaning that.
We expect what 85 million cars being built this year.
So.
It's a little probably about 10, 15% down from furious pre COVID-19 years.
So that that gave you some guideline of what the royalties like.
Alright, just leave it there given the that connection and taken offline. Thank you.
Yes.
Our next question will come from Mike Walkley with Canaccord Genuity. Please go ahead.
Hi, Mike.
Hey, John just maybe a follow up on the on the Iot question just based on some of the the record level, you're seeing for chip design phase revenue and particularly in Adas.
As these cars go into production in future years.
How should investors think about maybe the magnitude of a royalty per car versus current infotainment system today.
So.
Yeah. That's that's a good question so the our pool, which is you're asking basically there are two questions I would target. It also is remains to be $25 a car.
And also is it because we were quite big this installment. However, if you look at the infotainment will remember telling well now down to probably a dollar to $2 a car.
On the other hand, you know a das is probably pushing high single digit dollars 8978, $9. So that's how and then any newer features.
Cockpit.
Clusters.
Vehicle to vehicle communications and so they all have reasonable dollar amount tied to it certainly.
A factor about the infotainment.
Right.
Paul.
My follow up question, just just on the cyber security business and.
Maybe the end point and competitive landscape.
I know there are share for scientists to gain from like the Max six and trend micro but you know there are several next generation competitors that are.
Pretty price aggressive and they're also talking about a long dated deal cycles. So could you kind of update us on what you're seeing and what's giving you that confidence to return to.
Our growth in the second half of next year.
Yeah, we have a pretty elaborate model and spreadsheets.
Between between the cyber business units in our finance organization of the company.
And it looks like that you know returning to a our second half of next year is quite real.
<unk> growth sorry year over year growth of secondary next year, probably pretty stable in the first half.
And that's obviously based on the pipeline we have today.
We factor in a little bit of the pushout.
And and then of course, a renewal of some of the government contract one one of our challenges is.
We have so many government contracts and typically buy on an annual basis.
Because I saw the budgets they have and they take only.
It can only spend what they have proved budgets on.
So.
So that's one thing that we we faces but on the other hand, the good news there is that the Goldman.
And customers are quite steady and stable.
And their buying patterns are pretty steady also.
Great. Thanks, maybe one last question and I'll pass the line.
John just your thoughts on the macro environment heading into next year, you guys have ample cash on the balance sheet and if you end up selling the licensing business just you'd have more cash on the balance sheet, but as you look into a challenging macro.
Are you guys thinking about balancing our investment for growth versus preserving free cash flow.
Good questions.
Where we are right now and you listen to.
What Steve has outlined we are in a kind of a very.
Very careful investment mode in Iot, we are definitely investing in hiring.
We are winning.
A lot of the deals I wouldn't say auto deals but.
A majority of the deals are particularly in the eight doswell.
And the cockpit well.
And the Hypervisor world So we.
We believe the momentum there kind of a tailwind as it's there for us and we wanted to capture it so we will be hiring.
Engineers will be hiring professional services people, we're expanding our sales force.
Pilot programs and everything else on the cyber side, John John Geo Mitel is balancing.
The growth of the E. R R.
<unk> billings.
Balancing that with the profitability. So the growth will that the investment there will still be there, but probably would be a little slower.
Hi to the bottom line given the uncertainty of the macro.
As you pointed out so it's kind of a a little bit of a tale of two city here. One one is just keep growing.
We got the momentum and the other one is we wanted to do a more balancing more guarded growth.
Okay that makes sense, thanks for taking my questions and happy holidays to everybody on the call. Thank.
Thank you same to you.
Our next question will come from Todd Coupland with CIBC. Please go ahead hi.
Hey, John Good evening.
Can you hear me okay.
Alright.
It sounds like the <unk>.
<unk>.
Internet Mic is working fine.
Okay.
I wanted to add.
Ask you.
Hum.
About your first one first on the cyber business, so you're basically saying flat year on year in the first half.
With some growth in the in the in the second half.
Sure.
How much how much more work is needed to bring the updated sales team.
And whatever other new product bundles, you're contemplating to actually get to those those ranges that you're talking about.
I think.
We are net growing.
On the sales force, meaning that our sales force sizes, increasing modestly.
And so.
We don't have to have any.
Mysterious program or well, a very aggressive program of some sort in order to achieve what I just said.
I think you know we.
We all feel pretty comfortable and the cyber business unit feel comfortable they bill, but they'd be able to be frattish.
First half only reason nobody's frattish by the way as a reminder, we were expecting growth in the past for the first half.
It's because of the so called elongated sales cycle.
So we expect it to be flattish for six months and then picked up again.
And that's really a more lot more macro driven rather than us having to do some spec.
Special thing so.
By and large I mean, we have a a roadmap of technology, but none of the stuff that I talk about depending on the particular product.
I think the products are in pretty good shape.
We do need to continue to drive the channel.
<unk> continue to increase the professional services, particularly the MSP I think those are the two things that needs to happen.
But it is part of our plan to make happen anyway.
So nothing really special.
Okay.
That's helpful.
And then I had a question on I guess the movements on the balance sheet. So I think in the past.
The price for the patent licensing business to $600 million.
Does that potentially change if the second party comes in like if they get into the mix here is.
Is the takeaway that.
Youre going to get to 600 or possibly higher or.
Or is it just.
They get their first in nickel.
They can close the deal what's the message on that.
Yeah, I'm, sorry, I shouldn't comment on it I know the questions and I understand of course I have the answer but that's when unfair to both parties.
While we are negotiating in parallel.
So that if you don't mind just hold off on that.
Until we made the announcement.
I'm expecting the announcement at the conclusion of this relatively soon.
I see.
But the takeaway is that.
Our confidence level with the second party.
It's gone up.
From the last time, we talked about this we're financing was in question.
To where it's the probability of getting that $600 million.
It's gone up materially.
With that and then the other the initial part of getting financing.
Yes.
Again, I cant go into the structure, but the initial party.
The confidence level had you're right it's dramatically gone up.
Okay.
Should we should we takeaway.
Given the delay in the two parties here.
Our structure.
Yes, It was announced before is potentially.
Open to some adjustments.
Very minor.
I see okay. Okay.
And then just one follow a balance sheet question.
One of the debentures is due in about a year.
Any messaging on pay.
Paying it down versus refinancing at this point.
I think we're going to pay it down.
The message is pay that down okay, alright, great. Thanks very much.
Yeah.
Our next question will come from trip Chowdhry with Global Equities Research. Please go ahead hi.
Yep.
Hello This is the.
Still a very good quarter, considering the backdrop.
Two questions I have whenever we are in a recession the federal government usually opens up there.
But the budget increase to offset the collapse of the economy.
Have you seen any paper government again C R.
Across the globe, who may have at least not reduced their budgets. They may be thinking of increasing their budget, yet or you haven't seen anything like that so far.
Well.
It's a mixed bag trip, so as far as cyber.
<unk>.
I have not seen government back away from it.
It, particularly the government that we deal with which is.
Probably both G. Seven G 25, depending on the level that we're at.
Five by country for example, so.
No we have not seen the budget being cut or reduced in an it spending and cyber spending so that's good news.
There are some very selected pockets.
<unk> spending a little bit more Germany spending a lot more.
From a.
Defense point of view.
And.
And Canadian government also spend more in supporting Ukraine for example.
So U S.
Money or they're a little bit more driven towards the more social program.
So it's kind of a I can't give you a yes or no answer it kind of depends on the various government that we're keeping very close tablet.
And and but on the overall scale I haven't seen the government reduce their it budget yet.
Very good second question.
We are seeing a lot of new vehicles coming into the market and each one of them have at least two or three features the one either the screens are really very big in the vehicle or they have multiple screens do you think that changes the royalty stream for you like if a vehicle.
Three years four years back when we had one tiny screen now on an average they are.
Three or four screen front entertainment rear seat entertainment overhead entertainment you name. It Oh video content thing does that do you think this has the potential to increase some royalties because the multi screen approach that is new at least EV manufacturers are bringing to the market and thats all I had.
The holidays to all of you.
Thank you happy holidays due to I don't believe I mean, I don't know.
Multi screen will bring me more copies. However, there is a trend in software design vehicle, Idaho for redundancy purposes, or multi M. P U.
This is.
Particularly as the capacity requirement goes up they are using more copies of <unk> X.
So very good so it is more of an architectural point rather than a display points.
I got it I got it I got it very nice and then again from the same token I think if we go from five to six D O. The royalty stream because the more use cases and more.
Q&A sculpeys under different sea and resiliency, we made directionally see.
Per vehicle royalties to Directionally go up rather than go down.
I don't see I mean, there are two points to it number one we have not seen the royalty of UQM who's going to go down.
Anytime soon.
In fact, more copy expected per car and they should.
The revenue should have gone to go up in.
In addition to that we don't don't forget we have Ivy behind it which are where the capacity goes so goes up.
You know our usage of Ivy goes so goes up so.
Wait till that got into production.
And I am hopeful that that will bring us also a good revenue stream.
Excellent excellent.
Thank you very much we look forward to seeing you all at the CES conference. Thank you.
Our next question will come from Paul Treiber with RBC capital markets. Please go ahead hi.
I haven't done I, just hoping you can speak to on a cyber business the mechanics around N D R, which declined sequentially versus your comment on improved churn now can you speak to some of the moving parts. There and then specifically can you can you break out churn or the trends there.
In terms of UBM versus ETP.
<unk>.
Good good good question so.
In general.
We have indicated in the beginning of the year.
The churn is coming from the OEM base.
Small medium base small medium enterprise.
We have seen that as a consistent scheme.
Consistent theme.
But that has slowed down now quite a bit.
Or at least the last quarter, we have seen a slowing.
In fact, we are seeing.
The bigger deal.
Going a little bit more multiyear with us.
I think <unk> is now definitely stabilize it.
It is also being view more strategic by the market and Gartner actually recently wrote a.
A note on it.
And we are seeing the same thing customers are starting to see.
To treat you yeah, rather than a price item is now starting to look at it a little bit more strategically, particularly on the cyber security side is a factor of the cyber security.
The last quarter or something that's happened that causes the the infrastructure with mobile infrastructures management and endpoint management to be re looked at our Indian importance.
You probably know there's obviously a number of banks in the United States has been fined for using.
Messaging technology that are not the most secure or archival.
I think I think that forces all the bank C. I O is starting to look at.
They they the completeness of their infrastructure. So obviously the <unk> is a technology that's been around for a long time. This is not just Blackberry OEM.
Other established player <unk> also obviously so.
I am answering your question there kind of a long roundabout way.
The churn slowdown.
Still kind of contained within the SMB in the OEM space.
And.
And we as I said, we see a slow down we haven't seen it anywhere else, we definitely have not seen it on E. P. P.
<unk> seems to be holding its own.
That's helpful.
And that just on your point about the settlement with the banks I mean does it seem like it.
Like when you look at banking of regulated industries.
It seems like there's a shift away from bring your own device. The corporate owned devices do you see that in other industries. Other than just just banking and then how do you see that in relatively speaking, helping Blackberry for my for my product positioning or from a competitive position.
So sick so when when the banks goes to corporate issued.
They are typically looking at high level of security and archive ability and that's where our strength comes in.
We're known to be the most secure mobile platform that is that exist. So and I think that's not of a lot of the basal would add in the industry. So.
So that helped us a lot and.
As far as I'm seeing in the industry, maybe different government branches in law enforcement.
I have not seen.
Other major verticals said go to corporate corporate issued devices.
Or at least swing back from B Y O D to our corporate issued devices.
Okay. Thank you for taking the questions and happy holidays.
I would like to turn the call back over to John Chen Executive Chair and CEO of Blackberry for closing remarks.
Well. Thank you. Thank you operator.
As you pointed out Blackberry will be at CES in Las Vegas.
Where we have a number of exciting announcement and demonstration by Iot business, including the Ivy running in a Jeep Cherokee.
On the fifth of January Blackberry will be co hosting the software defined vehicle award with motor trend, a leading auto industry analysts.
In fact, if you guys want to get in there I don't know, whether we could we have tickets, but please contact Tim Theres a big event.
On the first evening.
And in Vegas.
The award recognizes those who have made outstanding contributions to the automotive industry through software I know that's been a 1919 award.
So the falling day by the way, which is a six at one P. M. Pacific time, we will be hosting a hybrid investor Q&A session with management at the Booth.
This event will be streamed and investor will be able to hear details about the exciting new developments. Please make sure you Register for the stream on Blackberry Dot Com Slash investor webpage.
Thank you all again for joining today's call today's call, especially those of you on the East Coast, where I know, it's getting late I hope all of you and family have a happy and safe holidays and see you next year.
This.
Today's call. Thank you for your participation you may now disconnect.