BlackBerry Ltd at RBC Capital Markets Global Technology, Internet, Media & Telecommunications Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Paul Treiber - RBC Capital Markets Inc - Analyst : The -- I wanted to dig into -- I think eventually, we'll get to all three, but I want to first start with the QNX business and specifically around automakers and the value proposition for QNX within automotive. How do you see that value proposition evolve over the last several years?

Question: Paul Treiber - RBC Capital Markets Inc - Analyst : And what have you seen with automakers? I think there's a view or concern that automakers are trying to build all the software themselves from the bottom of the stack all the way up. Your feedback from automakers, maybe some have tried it, some didn't. But what do they encounter or some of them encounter trying to do that? And you may have seen some of them come back to BlackBerry. What else -- can you give us a sense of those discussions there?

Question: Paul Treiber - RBC Capital Markets Inc - Analyst : In terms of the economics, and maybe this is a question for Tim. The revenue per vehicle and the opportunity, can you speak to maybe the history there? And then where -- the feedback you're getting from automakers in terms of like the additional modules, I think sockets and layer opportunity for BlackBerry over the next couple of years?

Question: Paul Treiber - RBC Capital Markets Inc - Analyst : Can you give us a sense in terms of like the economic discussion with automakers? Because on the one hand, automakers are known for being -- having very strong procurement departments and just trying to push down pricing. But then the flip side is the software is developed -- delivering a lot of value and it's replacing effectively a lot of fixed costs like in terms of software developers. How do -- the automakers -- I'm sure there's different stages that automakers are at. But how do they -- what's the feedback you've been hearing from automakers in terms of the economics of using BlackBerry?

Question: Paul Treiber - RBC Capital Markets Inc - Analyst : This year, because of tariffs and macro uncertainty, it's probably been bumpy, I think, for the automakers. The -- you've seen bookings rebound significantly. What has been the sort of the net impact of that macro uncertainty in terms of either overall interest in terms of deployment plans from automakers for next-generation vehicles?

Question: Paul Treiber - RBC Capital Markets Inc - Analyst : Can you speak to EVs versus ICE? Is it -- are you agnostic between the 2? And also speaking about like software-defined vehicles? I guess is a software-defined vehicle synonymous with EV? Or is it regardless to the powertrain technology?

Question: Paul Treiber - RBC Capital Markets Inc - Analyst : Can you speak to the QNX backlog? You reported annually. The -- in terms of -- can you speak to like what drives the backlog and then the conversion of that backlog to revenue? Do you tend to find variances in terms of timing or delays or acceleration versus your -- the expectations of backlog?

Question: Paul Treiber - RBC Capital Markets Inc - Analyst : We spent a lot of time on automotive. Just want to shift gears. So within QNX, there's another segment, it's called GEMS, or general embedded market. What do you see as the largest growth opportunities for QNX within GEMS and the value proposition of QNX? Is it similar to automotive? Is it different within GEMS?

Question: Paul Treiber - RBC Capital Markets Inc - Analyst : You mentioned robotics. One of the areas that's seen a lot of investor interest over the last probably couple of years or so is human robotics. Can you speak to -- is that an opportunity where BlackBerry is looking to play? Do you have design wins there? Anything that you could share in terms of the momentum there?

Question: Paul Treiber - RBC Capital Markets Inc - Analyst : And within GEMS, could you speak to the economic model? And you think you're selling an operating system effectively. Is the pricing different depending on if you're an automaker producing millions of vehicles a year versus MRI machines, which are probably a couple of thousand per year?

Question: Paul Treiber - RBC Capital Markets Inc - Analyst : The within QNX, you announced yesterday a leadership change. John Wall has been a long time at QNX is taking the reins there. Can you just speak to what drove the change? What you see with John as a leader?

Question: Paul Treiber - RBC Capital Markets Inc - Analyst : We spent a lot of time on QNX. Just wanted to shift to some of the other segments. So on Secure Comms, you've stabilized that business. How do you see that business fitting within BlackBerry? I mean, obviously, you sold a piece of it with -- or a large piece of it with Silent. What do you see as the strategic outlook for that business going forward?

Question: Paul Treiber - RBC Capital Markets Inc - Analyst : And you've been investing in QNX, you mentioned like the go-to-market investments for GEMS -- how do you look at the balance between growth and profitability at QNX when you're evaluating investments, what return metrics, what's sort of the framework that you're using for those to evaluate those decisions?

Question: Paul Treiber - RBC Capital Markets Inc - Analyst : The question for you. Tim, obviously, the company has come a long way in terms of improving profitability. Do you see on the corporate overhead side, still opportunity to tighten things up and improve margins further?

Question: Paul Treiber - RBC Capital Markets Inc - Analyst : I just want to open up to the audience if there's any questions. I'll keep going. The -- you mentioned -- you talked about the three segments and patent portfolio was one of them. Can you walk through the arrangement that you have when you -- the monetization arrangement on the patent portfolio and how you would see that flow through the financial statements? And if there's any disclosures in terms of either bookings or anything that you can give to indicate how that is proceeding? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 18, 2025 / 2:20PM, BB.TO - BlackBerry Ltd at RBC Capital Markets Global Technology, Internet, Media & Telecommunications Conference

Question: Paul Treiber - RBC Capital Markets Inc - Analyst : And the other thing that's interesting from a balance sheet point of view is the -- when you divested Cylance, you have shares in Arctic Wolf. Can you just speak to the balance sheet position, how they're valued on the balance sheet?

Question: Paul Treiber - RBC Capital Markets Inc - Analyst : And then just basically out of time, but just on capital allocation, the -- you have -- you're generating cash. What are the top priorities for cash at the moment?

Question: Paul Treiber - RBC Capital Markets Inc - Analyst : Okay. I think we're out of time, so we should wrap up there. But thanks so much for joining.