[Sigewif]

"BlackBerry stock after hours" after the earnings call continued its downward slide; at 8 pm EDT it was at US $8.58. (after hours ends at 8 pm)

[app_Developer]

I would think, given those results, that this will soon go back to where it was beginning of the year. So like $7.50-$8 maybe?

Very little to speak of on Cylance. It's quite sad that one of their business highlights is their own fund to invest in automotive startups (eye-roll). Ugh. They need to produce a lot more than that.

I'll listen to the call to see if there is any more insight into Cylance growth.

[EDIT: One bit of good news is that the rev gap between GAAP and non is pretty small now, as they predicted. So there won't be a huge impact when they drop the non-GAAP revenue number next quarter, as agreed. So no big controversy on that next Q]

[bbjdog]

Perish the thought!

Parish what thought mate!!! The thought that you have!! Why pay millions when you can buy the pattern. Are you a wise man or not.

[primusd]

I would think, given those results, that this will soon go back to where it was beginning of the year. So like $7.50-$8 maybe?

Very little to speak of on Cylance. It's quite sad that one of their business highlights is their own fund to invest in automotive startups (eye-roll). Ugh. They need to produce a lot more than that.

I'll listen to the call to see if there is any more insight into Cylance growth.

[EDIT: One bit of good news is that the rev gap between GAAP and non is pretty small now, as they predicted. So there won't be a huge impact when they drop the non-GAAP revenue number next quarter, as agreed]

Others can speak from a more informed position, but isn't the idea that Cylance is now baked into many of the other product offerings? I assumed that was why JC didn't speak to it specifically.

[app_Developer]

Others can speak from a more informed position, but isn't the idea that Cylance is now baked into many of the other product offerings? I assumed that was why JC didn't speak to it specifically.

Well it would be an enormous mistake to not talk clearly about how Cylance is helping other parts of the business.

Plus, Cylance does still have the products that BB bought. It's not a good sign, IMO, that Chen isn't really talking about those anymore. I wanted to see growth there, because that industry is very much a growth industry, especially last year and this year. Those products should be growing as well, selling into a significantly increased TAM

[primusd]

Makes sense. Will be interesting to see how Cylance is treated in the coming media push they launched today...

[app_Developer]

Makes sense. Will be interesting to see how Cylance is treated in the coming media push they launched today...

Yeah, let's see what they do there. I mean, they are trying to sell themselves as a growing tech company, and they want growing tech company valuation. OK, so they have to tell us where this growth is coming from.

- IP licensing is not a big growth story. It can't scale. It's lumpy. It's based on a depreciating asset base
- QNX is not growing very much. It also doesn't scale.
- Ivy is getting a lot of mention from them, but as far as we know it doesn't actually exist except on paper. And they have yet to announce a single dollar in revenue from it.

So, as I see it, Cylance is the bet here. At least that's what Im betting on. So that's why I'm disappointed in these results.

[rampagingpanda]

Some of my thoughts of the current results:

- Thinking back, it now makes sense why the market wasn't paying too much attention to their licensing revenues.

- The growth rate of their core business is a bit of concern, but it looks like they are finally done pivoting and are now positioning resources strictly either for product development or growth.

- Selling off their non-core patents may be a smart move, especially if they can use it to either make a worthwhile acquisition and/or use it to juice up organic growth.

- Surprised to not see Facebook settlement show in their earnings. Makes me wonder what kind of deal was made, and/or if it will show up in future quarters.

[bbjdog]

Others can speak from a more informed position, but isn't the idea that Cylance is now baked into many of the other product offerings? I assumed that was why JC didn't speak to it specifically.

Agree mate! It's part of the security unit.

[bbjdog]

Really like a slim and focused BlackBerry. Good things to come. Click and bait media is all over BlackBerry. Only fools click such useless words!!

[bbjdog]

- BlackBerry Brief: Adds It Believes that Licensing Revenue Would Have Been Higher Only For Those Talks

BlackBerry Brief: Says This quarter Generated "Strong" Sequential Billings Growth For Its Software and Services Business, Including "Significant" Improvements For Both Spark and QNX


-- BlackBerry Brief: Says "Seeing Tangible Signs That Our Efforts and Improvements In Go-to-Market Are Starting To Pay Off and Have a Positive Impact"


BlackBerry Brief: Says BlackBerry IVY "Also Made Encouraging Progress"

- BlackBerry Brief: Says "Pleased With QNX's Continued Recovery, Despite New Challenges From the Global Chip Shortage; Adds "Remains On Course To Return to a Normal Revenue Run Rate By Mid Fiscal 2022"

[Chuck Finley69]

This shouldn’t be any surprise. BlackBerry Limited did come out with a public statement at time, specifically worded, that no material changes had occurred within company. Then, BlackBerry Limited insiders dumped shares which suggests those insiders felt BB shares has reached or exceeded maximum share price.

[FeitaInc]

This shouldn’t be any surprise. BlackBerry Limited did come out with a public statement at time, specifically worded, that no material changes had occurred within company. Then, BlackBerry Limited insiders dumped shares which suggests those insiders felt BB shares has reached or exceeded maximum share price.

We’ve already had an exchange on this. Two c-level executives sold, one a part and one all. That’s hardly the conclusive “reached or exceeded maximum share price”. Sorry mate, but that is making a bird out of two feathers, and you know it. Aka conjecture. You could just as plausibly make the case that the overwhelming majority of management and the board didn’t sell, and make the polar opposite case.

[Dunt Dunt Dunt]

Some of my thoughts of the current results:


- Surprised to not see Facebook settlement show in their earnings. Makes me wonder what kind of deal was made, and/or if it will show up in future quarters.

I'm surprised none of the Analyst mentioned the settlement.... seemed to all be focused on the Patent sale and how it would affect revenues going forward. That Chen admitted EPS might go negative when it goes through, if growth doesn't happen.....

But neither Chen nor Steve felt it was something positive to showcase.... and they needed all the positive they could get. My guess is it wasn't worth talking about, and we many never know what it resulted in.

[Dunt Dunt Dunt]

Yeah, let's see what they do there. I mean, they are trying to sell themselves as a growing tech company, and they want growing tech company valuation. OK, so they have to tell us where this growth is coming from.

- IP licensing is not a big growth story. It can't scale. It's lumpy. It's based on a depreciating asset base
- QNX is not growing very much. It also doesn't scale.
- Ivy is getting a lot of mention from them, but as far as we know it doesn't actually exist except on paper. And they have yet to announce a single dollar in revenue from it.

So, as I see it, Cylance is the bet here. At least that's what Im betting on. So that's why I'm disappointed in these results.

Cylance was my big hope as well, but in the end I think all it did was stabilize them for the short term. Sadly I think they took too long to integrate Cylance and didn't do enough to sell it as a stand alone solution either. But as I pointed out they were already on the outs when BlackBerry bought them, so not surprising that never developed like Carbon Black or Crowd. Now that most everyone has a ML/AI aspect to their own solutions... not much room for BlackBerry.

Future is looking to be set in Automotive.... but like you I expected that to be a stead decline based on what major OEM have been doing the last five years. Have to see if BlackBerry can change things, or if all they'll pick up are a few of the new EV/Smart Car Startup Companies - 3/4 of which won't be around in ten years.

Would be great if BlackBerry and AWS builds the CAR PLATFROM of the future, but need the big auto makers to make that happen. And companies like Microsoft, Google and Apple to ignore cars for the next decade or so....

[Chuck Finley69]

We’ve already had an exchange on this. Two c-level executives sold, one a part and one all. That’s hardly the conclusive “reached or exceeded maximum share price”. Sorry mate, but that is making a bird out of two feathers, and you know it. Aka conjecture. You could just as plausibly make the case that the overwhelming majority of management and the board didn’t sell, and make the polar opposite case.

Insiders at the C-level are the most special type of insider since those executives have an intimate knowledge of what’s going on.

The point of insiders selling with the regulatory filings all handled properly would be normal. The fact that at practically the same time, BlackBerry Limited issued a public statement addressing the share price isn’t normal by any means.

The CYA statement was done for a variety of reasons but the purpose of the statement was the dead canary in the coal mine to help avoid frivolous lawsuit from people making share purchases with all the speculation about earnings related to actual occurrences that were and now are non-material to revenue and earnings.

The current share price shows that both occurrences in regards to share activity seem to be involved with the WSB related manipulation.

[Corbu]

BB – CIBC: Recovery Unlikely Until Second Half Of F2022

Our Conclusion Blackberry reported FQ4/21 results that were below FactSet expectations. The F2022 revenue outlook for Software and Services was 6% below FactSet expectations due to a delay in the QNX rebound and Spark experiencing an extended sale cycle. Additionally, the company announced it is in talks to dispose of a material portion of the patent portfolio with unknown timing and value. Our view is that investors still have time to evaluate the company’s forecasted recovery in the Cyber and BTS units targeted for the second half of F2022. We recommend investors wait for a more attractive entry point to purchase the company’s shares. Blackberry is rated Neutral, and our price target is $9.00, or ~5x (up from 3.5x) our F2022E Software and Services revenue of $700M plus IVY and net cash. We note that an IP asset sale of non-core patents in networking, cellular and messaging or a return to the licensing program is incremental to our price target. The exact value is unknown.

Key Points For Q4, adjusted revenue was $215M versus our expectation of $246M (FactSet estimate was $245M). Adjusted EPS were $0.03, while our estimate was $0.02 and FactSet $0.03. Software and Services fell by 2% sequentially. The company realized slower progress in upgrading UEM customers to its full Spark suite. While QNX had modest sequential revenue growth, management now expects it won’t return to its normal run rate until the second half of F2022. This is due to timing on new production volume programs and the impact of the semiconductor shortages on overall vehicle production. For F2022, we expect revenue of $800M (FactSet estimate is $1,025M) and EPS of -$0.23 (FactSet $0.13). Our lower outlook is consistent with Blackberry’s Software and Services revenue outlook of $675M - $715M that assumes a growth rate of 9%-15%. That includes Cyber at ~$495M - $515M and BTS at $180M - $200M. This outlook for Software and Services was 6% below FactSet expectations of $747M. In addition, the IP Licensing outlook was lower at $100M (FactSet $261M).

BB – Cannaccord Genuity: Weaker-than-anticipated Q4/F21 results, but building blocks coming together; upgrade to HOLD from Sell, PT to $9 from $10

BlackBerry reported weaker-than-expected Q4/F21 results primarily driven by licensing headwinds due to ongoing negotiations for the sale of part of its mobile device patent portfolio. Should management reach a deal to sell the licensing business, we believe this could help unlock value and provide a capital infusion to drive accelerated software and services growth. While we believe management has created a cogent long-term strategy and the business is turning the corner towards stronger trends, we await more proof in execution on the new product roadmap, evidence of cross-selling opportunities emerging, growing overall software and services revenue, and the potential for upside to our estimates before becoming more constructive on the shares. However, we believe the software and services fundamentals should improve throughout F2022, leading us to upgrade from Sell to HOLD. We are lowering our price target to $9 from $10 based on roughly 5x EV/sales on our F2023 estimate.

Soft Q4/F21 revenue driven by ongoing licensing patent negotiations: BlackBerry reported Q4/F21 non-GAAP revenue of $215M, 14% below our $246M estimate driven primarily by weak licensing revenue of $50M versus our $71M estimate. The weakness in licensing was due to headwinds caused by negotiations with a North American company for the potential sale of part of its mobile device patent portfolio. Software and Services revenue of $165M was 6% below our $175M estimate and down 2% sequentially despite sequential revenue improvement in Spark and continued recovery in BTS. The results were evident in the $468M of ARR, which was down from $475M in Q3 despite improving underlying metrics including DBNR of 91% (up from 90% in Q3) and ~1% net churn. ARR declined from reported Q3 levels as it is a lagging metric and included weaker QNX royalties due to pandemic-driven supply disruptions. QNX continued to recover in Q4 with numerous design wins and remains on track to normalize to pre-pandemic levels of roughly $50M per quarter by mid-F2022.

SW and services moving to new reporting structure—guidance of 9-15% growth in F2022: Management noted they will report software and services in 2 distinct segments of cybersecurity and BTS going forward. Cybersecurity includes BlackBerry’s Spark (UES + UEM) security platform in addition to AtHoc and SecuSmart addressing the endpoint security/management and critical event management markets. BTS includes the company’s QNX product addressing the embedded software and vehicle data analytics markets. BlackBerry highlighted Spark had strong sequential billings growth in Q4 and contributed to a growing pipeline. We view this solution as a strong up-sell opportunity over time leveraging the acquired Cylance technology. Management also offered F2022 software and services GAAP revenue of $675M-$715M up 9%-15% YoY. They expect double-digit billings growth in both cybersecurity and BTS for F2022, with cybersecurity revenue of $495M-$515M and BTS revenue of $180M-$200M. The guide implies a stronger 2H vs 1H in both segments and expectations for BTS to return to normalized pre-pandemic revenue run rate of ~$50M per quarter by mid-F2022 assumes production constraints from the global chip supply shortages are resolved. We believe management has created the building blocks to reach double-digit longer-term growth with its portfolio of new security products combined with recovering QNX sales

Reducing F2022 estimates due to potential licensing sale somewhat offset by expectations for stronger software and services growth trends: In the event the licensing negotiations do not close, management expects total revenue of $775M- $815M for F2022 with licensing revenue coming in at $100M or $10M-$15M per quarter while negotiations are ongoing and recovering to higher levels in 2H/F2022 should the company not reach a deal. Given this outlook, we are reducing our F2022 Licensing estimates from $250M to $100M and slightly reduce our F2023 estimates from $250M to $225M. We are encouraged by the 9-15% growth in Software and Services with expectations for double digit billings growth in F2022, leading us to increase our software estimates. The net results of these changes lead us to reduce our F2022 total revenue estimates from $944M to $794M and slightly increase or F023 revenue estimate from $996M to $999M.

BlackBerry improving its endpoint offering with Cyber Suite. BlackBerry enhanced its cybersecurity offering with Cylance, a leader in EPP. We believe BlackBerry lost share to industry leaders such as CrowdStrike due to it lacking a competitive EDR solution, and the industry demand for EDR contributed to market share losses while BlackBerry worked to integrate Cylance and improve its EDR offering. Just launched in the past few months, we believe BlackBerry’s Cyber Suite offering bolsters its endpoint offering with a competitive EDR offering. Cyber Suite combines the best of BlackBerry and Cylance technology, as the AI-powered Cyber Suite combines EPP, EDR, and MDR products. Cyber Suite will be available in a version that integrates with all major UEM offerings, including Microsoft Intune, VMware’s Workspace ONE, MobileIron, and IBM MaaS360 enabling BlackBerry to provide additional security through uses of rival UEMs. This could dramatically expand the market beyond BlackBerry’s own UEM customer base that is roughly 10% of the UEM market.

Vision for 6 pillars working together with 4 launched to date: Spark launched at the end of BlackBerry’s Q1/F2021 and is the combination of Cylance with BlackBerry’s UEM solution. The platform is off to a promising start and has benefited from the increased need to protect from security threats in remote working environments. In its recent Q3/F21 results, management highlighted Spark wins with the U.S. Army, U.S. Postal Service, IRS, U.S Department of Energy, U.S. Department of Justice, Raymond James Financial, Citibank, and The Bank of Uganda. With new leadership brought in including Tom Eacobacci as President to lead Software and Services, we continue to believe the business is well positioned to benefit from the secular tailwinds around sustained levels of remote working and increasing cybersecurity needs. BlackBerry Spark will offer a broad set of security capabilities through six interconnected technologies, or pillars as the company names them. Management has called their offerings pillars as their vision is for these pillars to work in tandem to calculate risk, share data, and enable better policy controls. The first pillar is EPP or an area where Cylance brought an area of leadership. The second pillar is EDR and the third is Mobile Threat Defense (MTD). The fourth pillar is Continuous Authentication or what the company calls Persona, and this assesses users' ongoing interaction and behavior with their device. This interesting technology combines biometric, app usage, network, and process invocation patterns across mobile and desktop to authenticate and grant access to corporate data, and we believe this has some unique capabilities for mobile devices. An example of these first four pillars working together is the endpoint detection and response solution leveraging endpoint protection and mobile threat detection technologies to block malware or bad actors including phishing attacks. Continuous authentication then uses data from EDR, EPP, and MTD to improve and refine behavioral profiles for better threat detection. BlackBerry is trying to upsell these pillars into its UEM customer base and is working to add more pillars to create a strong cybersecurity platform to land and expand new customers longer term. The two pillars BlackBerry plans to launch soon include Data Loss Prevention (DLP) and Secure Web Gateway. BlackBerry’s DLP solution will combine technologies such as digital rights management (DRM) and machine learning. While we believe management has created a cogent long-term strategy and the business might be turning the corner towards stronger trends, we believe it will take time for these new pillars to gain market share and prove successful in the market. We await more proof in execution on the new product roadmap, evidence of cross-selling opportunities emerging, growing overall software and services revenue, and the potential for upside to our estimates before becoming more constructive on the shares.

QNX positioned for upside post the pandemic with continued design wins and improving trends: With more than 175M vehicles now embedded with QNX technology, combined with the secular tailwinds toward autonomous vehicle technology, QNX is well positioned to win new emerging use cases as the architecture of vehicles changes from 60-100 disparate electronic control units in a vehicle to 10-12 domain control units controlling multiple functions. QNX continues to execute toward growing its dollar content per automobile above its leading infotainment market share. Despite the COVID-19 headwinds in the auto industry, Q4/F21 included 25 design wins including 9 in auto. We continue to expect the revenue opportunity for QNX per auto to potentially increase ~2-3x or more from new opportunities from ADAS, instrument cluster, domain controller, hypervisor and other opportunities. QNX is also experiencing strong trends in the embedded market, which is a strategic objective for the sales team. With Cylance integration into QNX highlighted as a current focus, there is potential for upside with secular drivers playing out and synergy potential longer term. Despite the improving trends and management targeting a >11% 5-year CAGR, we still expect near-term declines in auto sales for the next several quarters and continue to model QNX with a slow and gradual recovery.

Longer-term opportunity from co-development partnership with AWS: Blackberry recently announced its joint partnership for BlackBerry IVY with AWS, which leverages vehicle sensors to access and analyze vehicle data for third-party use. Under the joint agreement, Blackberry will own all of the commercial relationships with customers but share revenue with AWS. The partnership combines Blackberry’s auto expertise with a footprint of 175M+ vehicles with the strong development community of AWS to build and scale the platform. The company currently expects IVY to be operational in the 2023 model year lineup of vehicles and will be offered as a subscription with a usage-based component. We view this as a longer-term positive for the company barring any operational setbacks and believe it can meaningfully increase software revenue per vehicle opportunities as this new opportunity scales.

BB – Scotiabank: Exploring Potential Patent Sale

OUR TAKE: Mixed. We view Blackberry's Q4/21 results as coming below Street expectations on revenues with lower results in the core business and in licensing (impacted by potential sale). In the firm's Software & Services business, QNX saw a sequential improvement as demand for automotive production improved partially offset by supply shortages of certain components. We see BlackBerry as holding potential in terms of various areas of the business (e.g., security software, QNX) along with having the balance sheet to navigate through the ongoing pandemic. However, we would need to see a material improvement in the firm's performance within its software businesses to become more constructive on the shares. We remain Sector Underperform given the share price appreciation in recent weeks that appears to be overdone in the short term given fundamentals of the business. Our one-year target price moves to $7.50/sh (previously $8.50/sh) based on rolling forward our valuation period to F2023 and revised estimates with no change to our valuation multiple.

KEY POINTS Potential Patent Portfolio Sale. The firm is in exclusive negotiations with a North American party for a potential sale of a portion of its patent portfolio. Blackberry is looking to divest patents related to mobile devices, messaging and wireless networking with the firm looking to retain patents related to its security and QNX businesses. Licensing revenues are expected to remain depressed during the negotiations with the impact already seen in Q4. Management indicated that it would look to redeploy proceeds from a potential sale to accelerate its growth and market position in specific end-markets (e.g., automotive) although the firm does not have a specific M&A target at present. Our model reflects the most conservative scenario which assumes that the proposed sale does not occur and that it takes several quarters to return licensing revenues to the firm's prior run-rate. We note that a potential sale could yield material proceeds, however, it is difficult to project a range of values given the opaque nature of the licensing business and few public comparable transactions.

BTS Recovery In Process. In Q4, the firm saw sequential improvement in its QNX business and management reiterated its expectation that the business would return to normalcy in 2H/22 (assuming resolution of supply chain issues by mid-year). The firm's QNX business continues to secure future revenue streams through ongoing design wins, having won 25 in Q4/21 (9 auto, 16 general embedded markets), up from 17 in Q3/21 and down from 31 in Q4/20.

[Dunt Dunt Dunt]

We’ve already had an exchange on this. Two c-level executives sold, one a part and one all. That’s hardly the conclusive “reached or exceeded maximum share price”. Sorry mate, but that is making a bird out of two feathers, and you know it. Aka conjecture. You could just as plausibly make the case that the overwhelming majority of management and the board didn’t sell, and make the polar opposite case.

Well it was three C-level executives - Chief Marketing Office, Chief Financial Officer and a Vice President. https://www.secform4.com/insider-trading/1070235.htm But can't blame any of them with the stock trading way above it's value.

Comes only a few months after Chen sold almost 500K of his own shares, only about 10%.... but it's not like he is really getting paid much in cash. Clearly he didn't feel the IVY announcement was going to set off the run it did - talk about missing the boat.

I wonder if WSB had not used that as part of their pump..... if Chen would even be talking about IVY so much now?

Clearly this ER isn't going to move BlackBerry Stock in the right direction.... more wait and see, while the after effects of the dump settle down to "somewhere".

[Chuck Finley69]

Placed sell order 30.30USD for half of my position.. 2 months ago I could not even dream about it

I need this price to reach out exactly 100k of profit

I hope that was CAD limit price....

[conite]

We’ve already had an exchange on this. Two c-level executives sold, one a part and one all. That’s hardly the conclusive “reached or exceeded maximum share price”. Sorry mate, but that is making a bird out of two feathers, and you know it. Aka conjecture. You could just as plausibly make the case that the overwhelming majority of management and the board didn’t sell, and make the polar opposite case.

Do the machinations of BlackBerry's own CFO not even draw your interest?

If he sold his entire position at under $13, you know perfectly well what the company's longterm fundamentals are showing them.

[FeitaInc]

Well it was three C-level executives - Chief Marketing Office, Chief Financial Officer and a Vice President. https://www.secform4.com/insider-trading/1070235.htm But can't blame any of them with the stock trading way above it's value..

sure, if you include VPs in C-level, then it was three.

[FeitaInc]

Do the machinations of BlackBerry's own CFO not even draw your interest?

If he sold his entire position at under $13, you know perfectly well what the company's longterm fundamentals are showing them.

of course "the machinations" of the CFO is something that draws my interest. I duly noted that he sold, and what Billy Ho did. I also noted that Barbra didn't sell, and out of the c-level + board, she has been the most opportunistic seller and buyer of shares. (that said, that is more or less based on one data point, some years back)

As far as I remember, the CFO did not provide any info on why he sold. It is not especially difficult to come up with alternative and plausible explanations of why he would want to realise some profits, given the current backdrop. He still have a lot of options, I think. I don't know his financial position. I don't know what his general thoughts on the market are, and how he thinks things will progress going forward.

So to sum up, in general, there is a lot of information that I don't have that makes it hard for me to unequivocally say that the sole and only reason that the CFO sold was 100% due to what the company's longterm fundamentals are showing them.

[Corbu]

Man, how I miss Morgan8 on this board...

[conite]

of course "the machinations" of the CFO is something that draws my interest. I duly noted that he sold, and what Billy Ho did. I also noted that Barbra didn't sell, and out of the c-level + board, she has been the most opportunistic seller and buyer of shares. (that said, that is more or less based on one data point, some years back)

As far as I remember, the CFO did not provide any info on why he sold. It is not especially difficult to come up with alternative and plausible explanations of why he would want to realise some profits, given the current backdrop. He still have a lot of options, I think. I don't know his financial position. I don't know what his general thoughts on the market are, and how he thinks things will progress going forward.

So to sum up, in general, there is a lot of information that I don't have that makes it hard for me to unequivocally say that the sole and only reason that the CFO sold was 100% due to what the company's longterm fundamentals are showing them.

No one is asking for 100% unequivocal. But if it walks like a duck and sounds like a duck, it's probably a duck.

[FeitaInc]

so, just to set the record straight on where I'm coming from:

• I sold roughly 1/3 of the shares I own at >20 usd/share.
• Some suggested that I was a fool not to sell these at the 8-usd range post IVY-news, and by not following that adv... ehm.. suggestion, I was able to realise almost as much, but still hanging on to 2/3 of my shares. (this was off course just dumb luck)
• I planned to sell more at 30 USD/share, but then we saw what happened with rules changes etc., and then we never saw that price.
• in hindsight, I should've sold everything at 28 usd/share.
• I am not impressed with JC et al. execution. (I have not yet listened to the latest earnings call.)
• I have reinvested the money from BB into another company, which has gone 2-3x since my investment.
• From last February, my portfolio is up +547%. from the lowest point in March, it is up 11x.