In short: Owned (bought again last year, after an Ottawa R&D tour meeting the QNX chief engineers). Two best-of-breed assets: QNX — the car operating system that needs five-nines reliability and certifications, with a decade-long growth curve from autonomy design wins (Hyundai a customer) — and a security business that is booming on NATO/defence budgets. Clean balance sheet, depressed software multiple; "they probably should divest one of those divisions" (security the easier sale), which would simplify the thesis further. Still holding for more upside.
BlackBerry no longer makes phones; it sells software. Two pieces matter. QNX is the operating system that runs inside cars — the software layer everything else in the vehicle sits on. As cars become self-driving computers, that software has to be effectively fault-free ("five nines" reliability) and pass safety certifications, which is why it takes years to win a slot and why, once you're designed into a model year, the revenue keeps arriving as those cars get built and sold. Hyundai is a customer. The second piece is secure communications sold to governments, which is suddenly booming because NATO members are being pushed to show they're spending on defence.
Morrison bought it again last year after touring the Ottawa R&D site, meeting the QNX engineers, and — on the same trip — hearing an Ottawa politician describe the coming defence spending. He then counted how few listed Canadian companies could capture that money (Calian, MDA, Kraken Robotics… "and then we're done"), which made BlackBerry an obvious candidate. The balance sheet is clean and the stock carries a depressed software multiple. His extra kicker: the two divisions probably shouldn't live together, and selling the security business would both strengthen the balance sheet and make the remaining QNX story easier for investors to value.
24:13this year, but they have two primary assets that are best of breed in terms of technology. Q&X which the company luckily fortunately they bought that business 2009 2010 so really at the end of the day if they didn't have that then the turnaround would have been much more difficult to execute if at all so Q&X they're selling software and the operating system for cars right so here comes all this autonomous drives have you been in a Whimo — I have not been in a Whimo but I do know
In short: A cautionary aside on the moat exercise — BlackBerry's earnings "continued to go up for a while until the iPhone took over and really cut into their earnings power." The reason he doesn't rely on raw numbers alone but tests whether each moat is actually being disrupted.
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