TOTAL SECOND QUARTER (GAAP) RESULTS
- Revenues: $2.61 billion, up 17 percent year-over-year and 7 percent sequentially.
- Net income: $766 million, up 6 percent year-over-year and even sequentially.
- Diluted earnings per share: $0.47, up 9 percent year-over-year and 2 percent sequentially.
- Effective tax rate: 15 percent for the quarter. Fiscal 2008 estimated tax rate of approximately 16 percent.
- Estimated share-based compensation: $88 million, net of tax, up 5 percent year-over-year and 4 percent sequentially.
- Operating cash flow: $947 million, down 4 percent year-over-year; 36 percent of revenues.
RETURN OF CAPITAL TO STOCKHOLDERS:
- $1.2 billion, including $455 million, or $0.28 per share of cash dividends paid (relating to dividends declared in the first and second quarters) and $769 million to repurchase 20.2 million shares of our common stock.
Operating Cash Flow (OCF) Trends ($ in millions)
| FY05 |
$2,686 |
47% |
| FY06 |
$3,253 |
43% |
| FY07 |
$3,811 |
43% |
| 1H FY08 |
$1,827 |
36% |
Cash Flow
Qualcomm's cash, cash equivalents and both current and noncurrent marketable securities totaled approximately $10.6 billion at the end of the second quarter of fiscal 2008, compared to $11.3 billion at the end of both the first quarter of fiscal 2008 and the year ago quarter.
RECONCILIATION OF NON-GAAP CASH FLOW METRICS TO GAAP EQUIVALENTS
($ in millions)
| Free Cash Flow (FCF) |
FY 2005 |
FY 2006 |
FY 2007 |
1H FY08 |
|
| Net cash provided by operations* (OCF) |
$2,686 |
$3,253 |
$3,811 |
$1,827 |
GAAP equivalent |
| Less capital expenditures |
(576) |
(685) |
(818) |
(428) |
|
| Free Cash Flow |
$2,110 |
$2,568 |
$2,993 |
$1,399 |
Presented herein |
| |
| Cash Flow/Revenues |
FY 2005 |
FY 2006 |
FY 2007 |
1H FY08 |
|
| OCF |
$2,686 |
$3,253 |
$3,811 |
$1,827 |
|
| Revenues |
$5,673 |
$7,526 |
$8,871 |
$2,606 |
|
| OCF/Revenues |
47% |
43% |
43% |
36% |
|
| |
| FCF** |
$2,110 |
$2,568 |
$2,993 |
$1,399 |
|
| FCF as a % of OCF |
79% |
79% |
79% |
77% |
|
*As reported in the GAAP Statement of Cash Flows.
**Refer to reconciliation of FCF to OCF (GAAP equivalent) presented above.
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Net Stock Repurchase
$1.5 billion (Fiscal 2006)
$1.5 billion (Fiscal 2007)
$1.7 billion (YTD Fiscal 2008*)
*Through April 23, 2008
NASDAQ Listed: QCOM
52 Week High and Low
Market Cap
Shares Outstanding
Average Daily Trading Volume
| Market Data/Split Adjusted |
INITIAL PUBLIC OFFERING December 1991 |
$68 million |
147.2 million shares |
@ $ 0.50 |
SUBSEQUENT OFFERING July 1993 |
$151 million |
92.8 million shares |
@ $ 1.72 |
SUBSEQUENT OFFERING August 1995 |
$486 million |
184 million shares |
@ $ 2.74 |
SUBSEQUENT OFFERING July 1999 |
$1.1 billion |
56 million shares |
@ $ 19.57 |
Note Regarding Forward-Looking Statements: In addition to the historical information contained herein, this document contains forward-looking statements that are subject to risks and uncertainties. Actual results may differ substantially from those referred to herein due to a number of factors, including but not limited to risks associated with: the rate of development of our technologies in wireless networks and of 3G wireless communications, equipment and services, including CDMA2000 1X, 1xEV-DO, WCDMA, HSPA and OFDMA both domestically and internationally; attacks on our business model, including results of current and future litigation and arbitration proceedings as well as actions of governmental or quasi-governmental bodies, and the costs we incur in connection therewith, including potentially damaged relationships with customers and operators who may be impacted by the results of these proceedings; fluctuations in the demand for products, services or applications based on our technologies; our dependence on major customers and licensees; foreign currency fluctuations; strategic loans, investments and transactions the Company has or may pursue; our dependence on third party manufacturers and suppliers; our ability to maintain and improve operational efficiencies and profitability; the development, deployment and commercial acceptance of the MediaFLO USA network and FLO technology; as well as other risks detailed from time-to-time in the Company’s SEC reports.
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