Research In Motion publica sus resultados del Q4 del año fiscal 2011-12

Se acabó la espera para los que esperaban como le fue a la empresa detrás de la marca BlackBerry para lo que fue desde Navidades hasta St. Valentín. Hasta cambio de batutas hubo…

En lo que se anticipaba que sería un Q4 que sería bueno no volver a emular, Research In Motion publicó sus resultados del último trimestre del año fiscal 2011-2012 en el cual definitivamente, la falta de equipos nuevos para anticiparse al comienzo del año afectó enormemente el empezar del año 2012.

A pesar de estar a 21% en comparación del trimestre pasado con 11.1 millones de equipos en la calle, esto definitivamente fue un “plus” para el ojo de los analistas, quienes apuntaban a algo más peor, definitivamente son buenas noticias. Se comparó también con temporadas navideñas pasadas y esta última es la peor en comparación con otra temporada navideña floja que data del 2006.

Mientras que Wall Street esperaba una ganancia de al menos de 38%, la empresa logró 39.8.

En el área del BlackBerry PlayBook, la primera Tablet de RIM fue adoptada por más de 500,000 personas en este trimestre solamente, lo cual nuevamente marca que en realidad lo bueno que tiene RIM todavía para ser llamativo de primera intención es el BlackBerry PlayBook, el cual tuvo su reciente mayor actualización con el Tablet OS 2.0 que incluye el Android App Player, Agenda Nativa, Mejor soporte a emails y gráficos mejorados.

Ahora mismo la percepción es que RIM puede mantenerse al flote al momento, pues el mismo CEO de RIM, Thorsten Heins confirmara que la empresa se encuentra reestructurando áreas de mejoras mientras se trabaja a todo vapor con el BlackBerry 10, quien ahora será quien determinará el futuro de RIM, al menos a corto plazo.

Comunicado de prensa:

Research In Motion Reports Year-End and Fourth Quarter Results for Fiscal 2012

WATERLOO, ONTARIO–(Marketwire – March 29, 2012) – Research In Motion Limited (RIM) (NASDAQ:RIMM)(TSX:RIM), a world leader in the mobile communications market, today reported fourth quarter results for the three months and fiscal year ended March 3, 2012 (all figures in U.S. dollars and U.S. GAAP, except where otherwise indicated).

Highlights:

• $2.1 billion in cash, cash equivalents, short-term and long-term investments at the end of the quarter, which increased by approximately $610 million in the quarter
• Cash flow from operations of approximately $1.1 billion, up from approximately $900 million in Q3
• Revenue of $4.2 billion, down 19% from the third quarter
• GAAP net loss in Q4 of $125 million or $0.24 per share diluted; adjusted net income of $418 million or $0.80 per share diluted
• BlackBerry smartphone shipments of 11.1 million in Q4, down 21% from Q3
• RIM to discontinue providing specific quantitative guidance
• RIM provides update on organizational changes

Q4 Results:

Revenue for the fourth quarter of fiscal 2012 was $4.2 billion, down 19% from $5.2 billion in the previous quarter and down 25% from $5.6 billion in the same quarter of fiscal 2011. The revenue breakdown for the quarter was approximately 68% for hardware, 27% for service and 5% for software and other revenue. During the quarter, RIM shipped approximately 11.1 million BlackBerry smartphones and over 500,000 BlackBerry PlayBook tablets.

“I have assessed many aspects of RIM’s business during my first 10 weeks as CEO. I have confirmed that the Company has substantial strengths that can be further leveraged to improve our financial performance, including RIM’s global network infrastructure, a strong enterprise offering and a large and growing base of more than 77 million subscribers. I’m very excited about the prospects for the BlackBerry 10 platform, which is on track for the latter part of calendar 2012. Notwithstanding these strengths and opportunities, the business challenges we face over the next several quarters are significant and I am taking the necessary steps to address them,” said Thorsten Heins, President & CEO of Research In Motion. “In addition to delivering the BlackBerry 10 platform and refocusing resources on RIM’s key opportunities, such as BlackBerry Mobile Fusion and new integrated service offerings, we will also drive greater operational performance through a variety of initiatives including increased management accountability and process discipline. In parallel, we are undertaking a comprehensive review of strategic opportunities including partnerships and joint ventures, licensing, and other ways to leverage RIM’s assets and maximize value for our stakeholders.”

The Company’s GAAP net loss for the fourth quarter of fiscal 2012 was $125 million, or $0.24 per share diluted, compared with GAAP net income of $265 million, or $0.51 per share diluted, in the prior quarter and GAAP net income of $934 million, or $1.78 per share diluted, in the same quarter of fiscal 2011. Adjusted net income for the fourth quarter was $418 million, or $0.80 per share diluted. Adjusted net income and adjusted diluted earnings per share for the fourth quarter exclude the impact of pre-tax charges of $355 million which are predominantly non-cash ($346 million after tax) for the impairment of goodwill and $267 million ($197 million after-tax) for an inventory provision taken primarily on certain BlackBerry7 products. These charges and their related impacts on GAAP net income and diluted earnings per share are summarized in the tables below.

Reconciliation of GAAP gross margin, gross margin percentage, net income and diluted EPS to adjusted gross margin, gross margin percentage, net income and diluted EPS:

(United States dollars, in millions except per share data)
For the quarter ended March 3, 2012
Gross Margin(1) (before taxes) Gross Margin %(1)(before taxes) Net Income or (Loss) Diluted EPS
As reported $ 1,401 33.4 % $ (125 ) (0.24 )

Adjustments:
Impairment of Goodwill(2) – – 346 0.66
Inventory Provision(3) 267 6.4 % 197 0.38

Adjusted $ 1,668 39.8 % $ 418 $ 0.80
Note: Adjusted gross margin, adjusted net income and adjusted diluted earnings per share 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 gross margin, adjusted gross margin percentage, adjusted net income and adjusted diluted earnings per share enables the Company and its shareholders to better assess RIM’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 RIM’s GAAP results.
(1) During the fourth quarter of fiscal 2012, the Company reported GAAP gross margin of $1.4 billion or 33.4% of revenue. Excluding the impact of charges primarily related to inventory valuation of certain BlackBerry 7 products, the adjusted gross margin was $1.7 billion, or 39.8% of revenue.
(2) Subsequent to the fourth quarter of fiscal 2012, the Company performed a goodwill impairment test and based on the results of that test, the Company recorded a non-cash pre-tax goodwill impairment charge of $355 million, $346 million after tax.
(3) During the fourth quarter of fiscal 2012, the Company recorded a pre-tax provision of approximately $267 million, $197 million after tax, which was mostly non-cash, primarily related to its inventory valuation of certain BlackBerry 7 products.

The total of cash, cash equivalents, short-term and long-term investments was $2.1 billion as of March 3, 2012, compared to $1.5 billion at the end of the previous quarter, an increase of approximately $610 million from the prior quarter. Cash flow from operations in Q4 was approximately $1.1 billion, up from $900 million in Q3. Uses of cash included intangible asset additions of approximately $260 million and capital expenditures of approximately $190 million.

Fiscal 2012 Results

Revenue for the fiscal year ended March 3, 2012 was $18.4 billion, down 7% from $19.9 billion in fiscal 2011. The Company’s GAAP net income for fiscal 2012 was $1.2 billion, or $2.22 per share diluted, compared with GAAP net income of $3.4 billion, or $6.34 per share diluted in fiscal 2011. Adjusted net income for fiscal 2012 was $2.2 billion, or $4.20 per share diluted. Adjusted net income and adjusted diluted earnings per share for fiscal 2012 exclude the adjustments described above as well as the impact of pre-tax charges of $54 million ($40 million after tax) to revenue related to the service interruption experienced in the third quarter, $485 million ($356 million after tax) for the PlayBook inventory provision taken in the third quarter and $125 million ($96 million after tax) for the Company’s cost optimization program that was implemented in the second quarter of fiscal 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 revenue, gross margin, gross margin percentage, net income and diluted EPS to adjusted revenue, gross margin, gross margin percentage, net income, and diluted EPS:

(United States dollars, in millions except per share data)
For the year ended March 3, 2012
Revenue (before taxes) Gross Margin(1) (before taxes) Gross Margin%(1) (before taxes) Net Income Diluted EPS
As reported $ 18,435 $ 6,579 35.7 % $ 1,164 $ 2.22

Adjustments:
PlayBook Inventory Provision(2) – 485 2.6 % 356 0.68
Cost Optimization Program(3) – 14 – 96 0.18
Q3 Service Interruption(4) 54 54 0.3 % 40 0.08
Impairment of Goodwill(5) – – – 346 0.66
Inventory Provision(6) 19 267 1.4 % 197 0.38

Adjusted $ 18,508 $ 7,399 40.0 % $ 2,199 $ 4.20
Note: Adjusted revenue, adjusted gross margin, adjusted gross margin percentage, adjusted net income and adjusted diluted earnings per share 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 revenue, adjusted gross margin, adjusted gross margin percentage, adjusted net income and adjusted diluted earnings per share enables the Company and its shareholders to better assess RIM’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 RIM’s GAAP results.
(1) During fiscal 2012, the Company reported GAAP gross margin of $6.6 billion, or 35.7% of revenue. Excluding the impact of charges related to the PlayBook Inventory Provision, the Cost Optimization Program, the Q3 Service Interruption and the Inventory Provision, the adjusted gross margin was $7.4 billion, or 40.0% of revenue.
(2) During fiscal 2012, the Company recorded a pre-tax provision of approximately $485 million, $356 million after tax, related to its inventory valuation of BlackBerry PlayBook tablets. The charge was predominantly non-cash.
(3) Cost of sales, research and development, and selling, marketing and administration expenses in fiscal 2012 included approximately $11 million, $18 million, and $67 million, respectively, in after-tax charges related to the cost optimization program to streamline operations across the Company.
(4) During fiscal 2012, the Company experienced a service interruption which resulted in the loss of service revenue and the payment of service credits totally approximately $54 million, approximately $40 million after tax, related to the interruption in the availability of the Company’s network.
(5) Subsequent to fiscal 2012, the Company performed a goodwill impairment test and based on the results of that test, the Company recorded a non-cash pre-tax goodwill impairment charge of approximately $355 million, approximately $346 after tax.
(6) In the fourth quarter of fiscal 2012, the Company recorded a pre-tax provision of approximately $267 million, $197 million after tax, which was mostly non-cash, primarily related to its inventory valuation of certain BlackBerry 7 products.

Change to Guidance Practices and Outlook:

The company expects continued pressure on revenue and earnings throughout fiscal 2013. Due to a desire to focus on long term value creation and the current business environment, RIM will no longer provide specific quantitative guidance. Some of the factors contributing to this include, ongoing weakness in the Company’s U.S. smartphone business, an increased focus on selling BlackBerry 7 smartphones to grow the subscriber base in advance of the BlackBerry 10 launch, increasing competitive pressure in the Company’s international markets and the introduction of certain new lower tier service pricing initiatives and a higher mix of sales coming from entry level products.

Organizational and Board of Directors Update:

Jim Balsillie, former Co-CEO of the Company, has resigned as a Director on the Company’s Board.

“As I complete my retirement from RIM, I’m grateful for this remarkable experience and for the opportunity to have worked with outstanding professionals who helped turn a Canadian idea into a global success,” said Jim Balsillie.

“On behalf of the Board and everyone at RIM, I would like to thank Jim for his 20 years of service to RIM,” said Barb Stymiest, Chair of RIM’s Board of Directors. “His energy, drive and enthusiasm helped build one of the most successful technology companies of our time.”

 

In addition, David Yach will be retiring from his role as CTO, Software after 13 years with the Company and after 4 years with the company and following an open dialogue on the future of global operations, Jim Rowan, COO, Global Operations, has decided to pursue other interests. The Company is currently undertaking a search to hire a single COO with responsibilities to run the Company’s operations.

Resumen de la conferencia con inversionistas:

• RIM confirma que este año no habrá cumbre con accionista hasta que el BlackBerry 10 no se  haya publicado.
• Jim Balsillie se ha retirado como director de la junta de RIM.
• David Yach, se convirtió en la nueva baja de RIM al retirarse como jefe de tecnología, luego de una Carrera de 13 años, siendo sustituido por Dan Dodge.
• Algo que se volvió raro, RIM generalmente notifica que necesita reestructurar expectativas antes de emitir resultados esta vez fue la excepción pues hasta nuevo aviso, la empresa no publicará más guías ni expectativas o “outlooks” .
• Thorsten Heins reconoce que debe encarar los aspectos negativos de RIM
• Habrán cambios en el área de seguridad, BBM y manejos de servicios (Asumimos cerca del lanzamiento del BB10).
• Thorsten confirma que la competencia en Estados Unidos está fuerte, la empresa se encargará de que el BlackBerry 10 sea la respuesta.
• RIM reconoce que la gente no está valorizando los aspectos de seguridad de BlackBerry.
• Aunque el BlackBerry Bold 9900 es un rotundo éxito tanto público como corporativo, el touchscreen sigue acaparando.
• En 30 días el 70% de los PlayBook activados hicieron el update a Tablet OS 2.0, hoy día sobrepasó el millón de Tablets.
• Los laboratorios de las proveedoras recibirán prototipos de BlackBerry 10 no finalizados para que empiecen con la transición a BB10 durante el verano.
• Las reestructuraciones internas de RIM significarán $1 billón en ahorros a largo plazo.
• Contrario a rumores no abandonarán el área de hardware.
• La competencia en el lado internacional se intensifica (pero va MUCHO mejor que en Estados Unidos y Puerto Rico).
• Declinaron el rumor cuando se pregunta si está a la mesa una posible venta de RIM.

Mis 25 centavos….

Espero sean objetivos con lo que hayan leído…..NO EMPIECEN A TROLEARME….No tapo el cielo con las manos, RIM ha tenido mejores días, hasta posiblemente mejores temporadas, pero esto es normal en toda compañía, altas y bajas…No olvidemos la época oscura de Apple a mediados y finales de 90 y los problemas de los primeros días de vida de Google entre otros ejemplos, redundó en lo mismo, se volvieron tan bueno en lo suyo que no entendieron que el ponerse estático sería perjudicial a largo plazo.

Si me dejó con mucho que desear la negativa de dar pronósticos, pues entiendo que le da libertad a los analistas de Wall Street a sembrar especulaciones (de eso viven y de eso es que rajan la economía mundial por desgracia) y simplemente puede usarse en su contra, a parte que ¿Qué hay que esconder? Demás está decir que esto es por un lado seguridad, pues no tendrían que decir de antemano que saben que el trimestre le va mal.

Pero ya tratando de nivelar un poco la cosa, entiendo que a pesar de que se sabía de antemano (como para el mismo informe del Q3), ya no contaríamos con BlackBerry 10 esta primavera, el cuál fui (POR DIOS QUE SI) el primer decepcionado, no son malos números, ahora que RIM está también contando el BlackBerry PlayBook puede ayudar un poco la percepción pública y de sus accionistas. Aunque tendría un poco de cuidado como RIM maneje los números del PlayBook, excelente debut en las navidades, pero ¿Quién nos asegura que este año seguirá de igual forma si es que su rumorada versión de 10 pulgadas no viene este año?

En cuanto a la limpieza de casa… Siempre fui vocal en que RIM tenía que ser fuerte en el área de cesantías, porque aunque suene cruel, sacrificios deben hacerse, máxime para traer mentes, experiencias y puntos de vistas distintos y nuevos. Pienso que hace 3 años RIM debió manejar su área de relaciones públicas y no empezar desde antes de Navidades, pero creo que en parte es bueno ver Q Viva The Chosen o estadísticas de la NBA siendo patrocinado por BlackBerry, ese fue otro paso tardío pero correcto.

Tengo que decir que Thorsten Heins como el sustituto de Jim Balsillie y del hasta en Enero “irremplazable” Mike Lazaridis ha logrado cargar con ambos papeles que cada cual desempeñaba. Se nota que no se está limitando al área empresarial, sino que trata también de estar personalmente supervisando el desarrollo en RIM. La precepción de sustituir a “viejos con otro viejo” en el sentido de estar antiguados en tecnología ha logrado mermarlo….AHORA, me gustaría y desearía que esta carisma que demostró en esta conferencia con inversionista se repita hasta el fin de sus días en Research In Motion. Es muy fácil asumir un modo de operar con la primera impresión, pero hoy día hay sus enésimas impresiones.

También espero que la honestidad y no irse en la tangente y reconocer que RIM no está en su 100% quedó excelente. Hay que ser franco y Heins no llegó a un RIM que está en plena transición que desgraciadamente lo han controlado más a ellos de los que ellos hubieran deseado. Pero el simple hecho de no vender sueños es lo que caracteriza a una persona que busca ser proactiva a la hora de resolver problemas y no darle largas al asunto con “esperanzas”, que al final del día redundaría en empeorar el problema.

¿Qué debo esperar de este 2012 pre-BB10?

Difícil la pregunta, ahora con algunos equipos (por lo menos gama baja) de BlackBerry OS 7 llegando al límite de ser promocionado activamente por proveedores y ahora que RIM quiere reguardar en este 2012 su clientela empresarial.

Quiero dejar de decirlo, pero creo que la versión HSPA+ del BlackBerry PlayBook puede ser el nuevo protagonista y no es que odie el BlackBerry PlayBook como el flagship de RIM(es más, odio al inescrupuloso que se atrevió a robármelo), pero hay que ser realistas, el fuerte de RIM fue el área directa de las telecomunicaciones y creo que sería un error como el de la primera mitad del 2011 estar enfocado en solamente el PlayBook y podemos tomar de ejemplo el BlackBerry OS 7.1, debe seguir con la fórmula del OS 4.x, el único que ha sido de largo plazo desde el “Boom” de BlackBerry en el área pública.

Me gustaría que RIM termine el año con no solo un equipos BlackBerry 10, creo que mucho esperar para solo un equipo, o sea, un segmento de clientela sea complacido…Puedo dejarlo eso al Torch 9800, quien resultó exclusivo para redes GSM, en el caso de nosotros en AT&T. Sin duda será el mini PlayBook el que será el principal, pero puedo ver una nueva generación del Bold siendo lanzado para los que les siga apeteciendo teclado Qwerty.