| Revenues: $2.44 billion, up 21 percent year-over-year and 6 percent sequentially. | ||
| Net income: $767 million, up 18 percent year-over-year and down 32 percent sequentially.* | ||
| Diluted earnings per share: $0.46, up 21 percent year-over-year and down 31 percent sequentially.* | ||
| Effective tax rate: 18 percent for the quarter. Fiscal 2008 estimated tax rate of approximately 17 percent. | ||
| Estimated share-based compensation: $85 million, net of tax, down 2 percent year-over-year and up 9 percent sequentially. | ||
| Operating cash flow: $880 million, up 12 percent year-over-year; 36 percent of revenues. | ||
| Return of capital to stockholders: In the quarter, dividends announced totaled $228 million, or $0.14 per share, which were paid January 4, 2008 and $900 million related to the repurchase of common stock. |
* | The sequential decrease in net income and diluted earnings per share for total Qualcomm (GAAP) is due to a $331 million tax benefit recorded in the fourth fiscal quarter of 2007 as a result of completing audits of prior years tax returns. |
Qualcomm Announces First Quarter Fiscal 2008 Results | Page 2 of 15 |
| Revenues: $2.44 billion, up 21 percent year-over-year and 6 percent sequentially. | ||
| Net income: $872 million, up 21 percent year-over-year and down 4 percent sequentially. | ||
| Diluted earnings per share: $0.52, up 21 percent year-over-year and down 4 percent sequentially; excludes $0.01 loss per share attributable to the QSI segment and $0.05 loss per share attributable to certain estimated share-based compensation. | ||
| Effective tax rate: 22 percent for the quarter. Fiscal 2008 estimated tax rate of approximately 21 percent. | ||
| Free cash flow: $908 million, up 67 percent year-over-year; 37 percent of revenues (defined as net cash from operating activities less capital expenditures). |
Qualcomm Announces First Quarter Fiscal 2008 Results | Page 3 of 15 |
Estimated | ||||||||||||||||||||
Qualcomm Pro | Share-Based | In-Process | Total Qualcomm | |||||||||||||||||
($ in millions) | Forma | Compensation | R&D | QSI | (GAAP) | |||||||||||||||
First quarter fiscal 2008 |
$ | 430 | $ | 57 | $ | 2 | $ | 22 | $ | 511 | ||||||||||
As a % of revenue |
18 | % | N/M | 21 | % | |||||||||||||||
First quarter fiscal 2007 |
$ | 365 | $ | 58 | $ | | $ | 17 | $ | 440 | ||||||||||
As a % of revenue |
18 | % | 22 | % | ||||||||||||||||
Year-over-year change ($) |
18 | % | (2 | %) | 16 | % |
Qualcomm Announces First Quarter Fiscal 2008 Results | Page 4 of 15 |
Estimated | ||||||||||||||||
Qualcomm Pro | Share-Based | Total Qualcomm | ||||||||||||||
($ in millions) | Forma | Compensation | QSI | (GAAP) | ||||||||||||
First quarter fiscal 2008 |
$ | 308 | $ | 58 | $ | 23 | $ | 389 | ||||||||
As a % of revenue |
13 | % | N/M | 16 | % | |||||||||||
First quarter fiscal 2007 |
$ | 282 | $ | 62 | $ | 25 | $ | 369 | ||||||||
As a % of revenue |
14 | % | 18 | % | ||||||||||||
Year-over-year change ($) |
9 | % | (6 | %) | 5 | % |
Qualcomm Announces First Quarter Fiscal 2008 Results | Page 5 of 15 |
Qualcomm Announces First Quarter Fiscal 2008 Results | Page 6 of 15 |
Current Guidance | ||||||||
Q207 | Q208 | |||||||
Results | Estimates | |||||||
Qualcomm Pro Forma |
||||||||
Revenues |
$ | 2.22B | $ | 2.4B-$2.5B | ||||
Year-over-year change |
increase 8% - 13 | % | ||||||
Diluted earnings per share (EPS) |
$ | 0.50 | $ | 0.50-$0.52 | ||||
Year-over-year change |
even - increase 4 | % | ||||||
Total Qualcomm (GAAP) |
||||||||
Revenues |
$ | 2.22B | $ | 2.4B-$2.5B | ||||
Year-over-year change |
increase 8% - 13 | % | ||||||
Diluted earnings per share (EPS) |
$ | 0.43 | $ | 0.42-$0.44 | ||||
Year-over-year change |
decrease 2%-increase 2 | % | ||||||
Diluted EPS attributable to QSI |
$ | (0.01 | ) | $ | (0.02 | ) | ||
Diluted EPS attributable to estimated share-based compensation |
$ | (0.05 | ) | $ | (0.06 | ) | ||
Diluted EPS attributable to in-process R&D |
$ | (0.01 | ) | n/a | ||||
Metrics |
||||||||
MSM shipments |
approx. 61M | approx. 80M - 85M | ||||||
CDMA/WCDMA devices shipped (1) |
approx. 88M | * (2) | approx. 112M - 118M | * | ||||
CDMA/WCDMA device wholesale average selling price
(1) |
approx. $213 | * (2) | approx. $216 | * |
* | Shipments in Dec. quarter, reported in Mar. quarter |
Prior Guidance | Current Guidance | |||||||||||
FY 2007 | FY 2008 | FY 2008 | ||||||||||
Results (3) | Estimates (4) | Estimates (4) | ||||||||||
Qualcomm Pro Forma |
||||||||||||
Revenues |
$ | 8.87B | $ | 9.5B-$9.9B | $ | 9.6B-$10.0B | ||||||
Year-over-year change |
increase 7% - 12 | % | increase 8% - 13 | % | ||||||||
Diluted earnings per share (EPS) |
$ | 2.01 | $ | 2.01-$2.07 | $ | 2.01-$2.07 | ||||||
Year-over-year change |
even - increase 3 | % | even - increase 3 | % | ||||||||
Total Qualcomm (GAAP) |
||||||||||||
Revenues |
$ | 8.87B | $ | 9.5B-$9.9B | $ | 9.6B-$10.0B | ||||||
Year-over-year change |
increase 7% - 12 | % | increase 8% - 13 | % | ||||||||
Diluted earnings per share (EPS) |
$ | 1.95 | $ | 1.66-$1.72 | $ | 1.67-$1.73 | ||||||
Year-over-year change |
decrease 12% - 15 | % | decrease 11% - 14 | % | ||||||||
Diluted EPS attributable to QSI |
$ | (0.08 | ) | $ | (0.14 | ) | $ | (0.12 | ) | |||
Diluted EPS attributable to estimated share-based compensation |
$ | (0.19 | ) | $ | (0.21 | ) | $ | (0.22 | ) | |||
Diluted EPS attributable to in-process R&D |
$ | (0.01 | ) | n/a | $ | 0.00 | ||||||
Diluted EPS attributable to tax items related to
prior years |
$ | 0.22 | n/a | n/a | ||||||||
Metrics |
||||||||||||
Fiscal year* CDMA/WCDMA device wholesale average selling price (1) |
approx. $214 (2) | approx. $199 | approx. $203 |
* | Shipments in Sept. to June quarters, reported in Dec. to Sept. quarters |
Prior Guidance | Current Guidance | Prior Guidance | Current Guidance | |||||||||||||
Calendar 2007 | Calendar 2007 | Calendar 2008 | Calendar 2008 | |||||||||||||
CDMA/WCDMA device shipments | Estimates | Estimates | Estimates | Estimates | ||||||||||||
March quarter |
approx. 86M | approx. 86M | not provided | not provided | ||||||||||||
June quarter |
approx. 89M | approx. 89M | not provided | not provided | ||||||||||||
September quarter |
approx. 95M - 98M | approx. 95M | not provided | not provided | ||||||||||||
December quarter |
not provided | approx. 112M - 118M | not provided | not provided | ||||||||||||
Calendar year range (approx.) |
385M - 395M | 382M - 388M | 492M - 522M | 492M - 522M | ||||||||||||
Midpoint | Midpoint | Midpoint | Midpoint | |||||||||||||
CDMA/WCDMA units |
approx. 390M | approx. 385M | approx. 507M | approx. 507M | ||||||||||||
CDMA units |
approx. 208M | approx. 208M | approx. 223M | approx. 223M | ||||||||||||
WCDMA units |
approx. 182M | approx. 177M | approx. 284M | approx. 284M |
(1) | CDMA/WCDMA device shipments and average selling prices are estimated for the total market. | |
(2) | We perform periodic audits of the royalties payable by our licensees. As a result of our audit process, we determined during the fourth quarter of fiscal 2007 that total CDMA-based device shipments and average selling prices (ASPs) should be adjusted for certain periods. The adjustments related only to device shipments and ASPs and did not impact the amount or timing of our revenue. Historical units presented herein have been adjusted to reflect these adjustments. | |
(3) | Our fiscal 2007 results do not include royalty revenue attributable to Nokias sales after April 9, 2007 which, as of November 14, 2007, we estimated to be approximately $0.05 diluted earnings per share. | |
(4) | We have excluded from our fiscal 2008 revenue and earnings guidance our estimate of royalties which we believe Nokia is required to report and pay to us under our existing license agreement in fiscal 2008 which, as of December 20, 2007, we estimated to be approximately $0.25-$0.30 diluted earnings per share. |
Qualcomm Announces First Quarter Fiscal 2008 Results | Page 7 of 15 |
Estimated | Total | |||||||||||||||||||||||||||||||||||
Reconciling | Qualcomm Pro | Share-Based | In-Process | Qualcomm | ||||||||||||||||||||||||||||||||
Segments | QCT | QTL | QWI | Items (1) | Forma | Compensation (2) | R&D | QSI (3) | (GAAP) | |||||||||||||||||||||||||||
Revenues |
$ | 1,574 | $ | 650 | $ | 210 | $ | 5 | $ | 2,439 | $ | | $ | | $ | 1 | $ | 2,440 | ||||||||||||||||||
Change from prior
year |
28 | % | 8 | % | 12 | % | N/M | 21 | % | N/M | 21 | % | ||||||||||||||||||||||||
Change from prior
quarter |
11 | % | 0 | % | (14 | %) | N/M | 6 | % | 0 | % | 6 | % | |||||||||||||||||||||||
EBT |
$ | 470 | $ | 541 | $ | 24 | $ | 76 | $ | 1,111 | $ | (124 | ) | $ | (2 | ) | $ | (55 | ) | $ | 930 | |||||||||||||||
Change from prior
year |
49 | % | 9 | % | 20 | % | N/M | 17 | % | 5 | % | N/A | (28 | %) | 19 | % | ||||||||||||||||||||
Change from prior
quarter |
11 | % | 1 | % | (23 | %) | N/M | (2 | %) | (6 | %) | N/A | 14 | % | (2 | %) | ||||||||||||||||||||
EBT as a % of
revenues |
30 | % | 83 | % | 11 | % | N/M | 46 | % | N/A | N/A | N/M | 38 | % | ||||||||||||||||||||||
Net income (loss) |
$ | 872 | $ | (84 | ) | $ | (1 | ) | $ | (20 | ) | $ | 767 | |||||||||||||||||||||||
Change from prior
year |
21 | % | 2 | % | N/A | 5 | % | 18 | % | |||||||||||||||||||||||||||
Change from prior
quarter |
(4 | %) | (9 | %) | N/A | 41 | % | (32 | %) | |||||||||||||||||||||||||||
Diluted EPS |
$ | 0.52 | $ | (0.05 | ) | $ | | $ | (0.01 | ) | $ | 0.46 | ||||||||||||||||||||||||
Change from prior
year |
21 | % | 0 | % | N/A | 0 | % | 21 | % | |||||||||||||||||||||||||||
Change from prior
quarter |
(4 | %) | 0 | % | N/A | 50 | % | (31 | %) | |||||||||||||||||||||||||||
Diluted shares used |
1,664 | 1,664 | 1,664 | 1,664 | 1,664 |
Estimated | Total | |||||||||||||||||||||||||||||||||||
Reconciling | Qualcomm Pro | Share-Based | Qualcomm | |||||||||||||||||||||||||||||||||
Segments | QCT | QTL | QWI | Items (1) | Forma | Compensation (2) | Tax Items (4) | QSI (3) | (GAAP) | |||||||||||||||||||||||||||
Revenues |
$ | 1,419 | $ | 647 | $ | 245 | $ | (6 | ) | $ | 2,305 | $ | | $ | | $ | 1 | $ | 2,306 | |||||||||||||||||
EBT |
424 | 537 | 31 | 137 | 1,129 | (117 | ) | | (64 | ) | 948 | |||||||||||||||||||||||||
Net income (loss) |
911 | (77 | ) | 331 | (34 | ) | 1,131 | |||||||||||||||||||||||||||||
Diluted EPS |
$ | 0.54 | $ | (0.05 | ) | $ | 0.20 | $ | (0.02 | ) | $ | 0.67 | ||||||||||||||||||||||||
Diluted shares used |
1,689 | 1,689 | 1,689 | 1,689 | 1,689 |
Estimated | Total | |||||||||||||||||||||||||||||||||||
Reconciling | Qualcomm Pro | Share-Based | Qualcomm | |||||||||||||||||||||||||||||||||
Segments | QCT | QTL | QWI | Items (1) | Forma | Compensation (2) | Tax Items | QSI (3) | (GAAP) | |||||||||||||||||||||||||||
Revenues |
$ | 1,230 | $ | 600 | $ | 188 | $ | 1 | $ | 2,019 | $ | | $ | | $ | | $ | 2,019 | ||||||||||||||||||
EBT |
316 | 498 | 20 | 118 | 952 | (130 | ) | | (43 | ) | 779 | |||||||||||||||||||||||||
Net income (loss) |
722 | (86 | ) | 33 | (21 | ) | 648 | |||||||||||||||||||||||||||||
Diluted EPS |
$ | 0.43 | $ | (0.05 | ) | $ | 0.02 | $ | (0.01 | ) | $ | 0.38 | ||||||||||||||||||||||||
Diluted shares used |
1,685 | 1,685 | 1,685 | 1,685 | 1,685 |
Estimated | Total | |||||||||||||||||||||||||||||||||||
Reconciling | Qualcomm Pro | Share-Based | In-Process | Qualcomm | ||||||||||||||||||||||||||||||||
Segments | QCT | QTL | QWI | Items (1) | Forma | Compensation (2) | R&D | QSI (3) | (GAAP) | |||||||||||||||||||||||||||
Revenues |
$ | 1,259 | $ | 759 | $ | 198 | $ | 5 | $ | 2,221 | $ | | $ | | $ | | $ | 2,221 | ||||||||||||||||||
EBT |
368 | 636 | 20 | 82 | 1,106 | (126 | ) | (10 | ) | (42 | ) | 928 | ||||||||||||||||||||||||
Net income (loss) |
838 | (83 | ) | (9 | ) | (20 | ) | 726 | ||||||||||||||||||||||||||||
Diluted EPS |
$ | 0.50 | $ | (0.05 | ) | $ | (0.01 | ) | $ | (0.01 | ) | $ | 0.43 | |||||||||||||||||||||||
Diluted shares used |
1,693 | 1,693 | 1,693 | 1,693 | 1,693 |
Estimated | Total | |||||||||||||||||||||||||||||||||||||||
Reconciling | Qualcomm Pro | Share-Based | Tax | In-Process | Qualcomm | |||||||||||||||||||||||||||||||||||
Segments | QCT | QTL | QWI | Items (1) | Forma | Compensation (2) | Items (4) | R&D | QSI | (GAAP) | ||||||||||||||||||||||||||||||
Revenues |
$ | 5,275 | $ | 2,772 | $ | 828 | $ | (5 | ) | $ | 8,870 | $ | | $ | | $ | | $ | 1 | $ | 8,871 | |||||||||||||||||||
EBT |
1,547 | 2,340 | 88 | 388 | 4,363 | (487 | ) | | (10 | ) | (240 | ) | 3,626 | |||||||||||||||||||||||||||
Net income (loss) |
3,406 | (321 | ) | 364 | (9 | ) | (137 | ) | 3,303 | |||||||||||||||||||||||||||||||
Diluted EPS |
$ | 2.01 | $ | (0.19 | ) | $ | 0.22 | $ | (0.01 | ) | $ | (0.08 | ) | $ | 1.95 | |||||||||||||||||||||||||
Diluted shares used |
1,693 | 1,693 | 1,693 | 1,693 | 1,693 | 1,693 |
(1) | Reconciling items related to revenues consist primarily of other nonreportable segment revenues less intersegment eliminations. Reconciling items related to earnings before taxes consist primarily of certain investment income, research and development expenses and marketing expenses that are not allocated to the segments for management reporting purposes, nonreportable segment results and the elimination of intersegment profit. | |
(2) | Certain share-based compensation is included in operating expenses as part of employee-related costs but is not allocated to the Companys segments as such costs are not considered relevant by management in evaluating segment performance. | |
(3) | At fiscal year-end, the sum of the quarterly tax provisions for each column, including QSI, equals the annual tax provisions for each column computed in accordance with GAAP. In interim quarters, the tax provision for the QSI operating segment is computed by subtracting the tax provision for Qualcomm pro forma, the tax items column and the tax provisions related to estimated share-based compensation and in-process R&D from the tax provision for total Qualcomm (GAAP). | |
(4) | During the fourth quarter of fiscal 2007, the Company recorded a $331 million tax benefit, or $0.20 diluted earnings per share, related to tax expense recorded in prior years resulting from the completion of tax audits during the fourth fiscal quarter. The fiscal 2007 Qualcomm pro forma results excluded this tax benefit attributable to prior years. |
Qualcomm Announces First Quarter Fiscal 2008 Results | Page 8 of 15 |
Qualcomm Announces First Quarter Fiscal 2008 Results | Page 9 of 15 |
Qualcomm Announces First Quarter Fiscal 2008 Results | Page 10 of 15 |
Qualcomm Announces First Quarter Fiscal 2008 Results | Page 11 of 15 |
Three Months Ended December 30, 2007 | ||||||||||||||||||||
Estimated | Total | |||||||||||||||||||
Qualcomm Pro | Share-Based | In-Process | Qualcomm | |||||||||||||||||
Forma | Compensation (a) | R&D | QSI | (GAAP) | ||||||||||||||||
Revenues: |
||||||||||||||||||||
Equipment and services |
$ | 1,702 | $ | | $ | | $ | 1 | $ | 1,703 | ||||||||||
Licensing and royalty fees |
737 | | | | 737 | |||||||||||||||
Total revenues |
2,439 | | | 1 | 2,440 | |||||||||||||||
Operating expenses: |
||||||||||||||||||||
Cost of equipment and services
revenues |
753 | 9 | | 21 | 783 | |||||||||||||||
Research and development |
430 | 57 | 2 | 22 | 511 | |||||||||||||||
Selling, general and administrative |
308 | 58 | | 23 | 389 | |||||||||||||||
Total operating expenses |
1,491 | 124 | 2 | 66 | 1,683 | |||||||||||||||
Operating income (loss) |
948 | (124 | ) | (2 | ) | (65 | ) | 757 | ||||||||||||
Investment income, net |
163 | (b) | | | 10 | (c) | 173 | |||||||||||||
Income (loss) before income taxes |
1,111 | (124 | ) | (2 | ) | (55 | ) | 930 | ||||||||||||
Income tax (expense) benefit |
(239) | (d) | 40 | 1 | 35 | (e) | (163) | (d) | ||||||||||||
Net income (loss) |
$ | 872 | $ | (84 | ) | $ | (1 | ) | $ | (20 | ) | $ | 767 | |||||||
Earnings (loss) per common share: |
||||||||||||||||||||
Diluted |
$ | 0.52 | $ | (0.05 | ) | $ | (0.00 | ) | $ | (0.01 | ) | $ | 0.46 | |||||||
Shares used in per share calculations: |
||||||||||||||||||||
Diluted |
1,664 | 1,664 | 1,664 | 1,664 | 1,664 | |||||||||||||||
Supplemental Financial Data: |
||||||||||||||||||||
Operating Cash Flow |
$ | 1,014 | $ | (48) | (g) | $ | (2 | ) | $ | (84 | ) | $ | 880 | |||||||
Operating Cash Flow as a % of Revenues |
42 | % | N/M | 36 | % | |||||||||||||||
Free Cash Flow (f) |
$ | 908 | $ | (48) | (g) | $ | (2 | ) | $ | (105 | ) | $ | 753 | |||||||
Free Cash Flow as a % of Revenues |
37 | % | N/M | 31 | % |
(a) | Estimated share-based compensation presented above and excluded from pro forma results did not include $1 million, net of tax, related to share-based awards granted under a bonus program that may result in the issuance of unrestricted shares of the Companys common stock. | |
(b) | Included $152 million in interest and dividend income related to cash, cash equivalents and marketable securities, which were not part of the Companys strategic investment portfolio, $71 million in net realized gains on investments and $2 million in gains on derivative instruments from net decreases in the fair value of the put option liabilities related to our share repurchase program, partially offset by $57 million in other-than-temporary losses on investments and $5 million in interest expense. | |
(c) | Included $11 million in net realized gains on investments and $1 million in interest and dividend income, partially offset by $2 million in interest expense. | |
(d) | The first quarter of fiscal 2008 tax rates were approximately 18% for total Qualcomm (GAAP) and approximately 22% for Qualcomm pro forma. | |
(e) | At fiscal year-end, the sum of the quarterly tax provisions for each column, including QSI, equals the annual tax provisions for each column computed in accordance with GAAP. In interim quarters, the tax provision for the QSI operating segment is computed by subtracting the tax provision for Qualcomm pro forma, the tax items column and the tax provisions related to estimated share-based compensation and in-process R&D from the tax provision for total Qualcomm (GAAP). | |
(f) | Free Cash Flow is calculated as net cash provided by operating activities less capital expenditures. Reconciliation of these amounts is included in the Reconciliation of Pro Forma Free Cash Flows to Total Qualcomm (GAAP) net cash provided by operating activities and other supplemental disclosures for the three months ended December 30, 2007, included herein. | |
(g) | Incremental tax benefits from stock options exercised during the period. |
Qualcomm Announces First Quarter Fiscal 2008 Results | Page 12 of 15 |
Three Months Ended December 30, 2007 | ||||||||||||||||||||
Estimated | Total | |||||||||||||||||||
Qualcomm Pro | Share-Based | In-Process | Qualcomm | |||||||||||||||||
Forma | Compensation | R&D | QSI | (GAAP) | ||||||||||||||||
Net cash
provided (used) by operating activities |
$ | 1,014 | $ | (48 | )(a) | $ | (2 | ) | $ | (84 | ) | $ | 880 | |||||||
Less: capital expenditures |
(106 | ) | | | (21 | ) | (127 | ) | ||||||||||||
Free cash flow |
$ | 908 | $ | (48 | ) | $ | (2 | ) | $ | (105 | ) | $ | 753 | |||||||
Other supplemental cash disclosures: |
||||||||||||||||||||
Cash transfers from QSI (1) |
$ | 4 | $ | | $ | | $ | (4 | ) | $ | | |||||||||
Cash transfers to QSI (2) |
(113 | ) | | | 113 | | ||||||||||||||
Net cash transfers |
$ | (109 | ) | $ | | $ | | $ | 109 | $ | | |||||||||
(1) | Cash from loan payments and sale of equity securities. | |
(2) | Funding for strategic debt and equity investments, capital expenditures and other QSI operating expenses. |
Three Months Ended December 31, 2006 | ||||||||||||||||
Estimated | Total | |||||||||||||||
Qualcomm | Share-Based | Qualcomm | ||||||||||||||
Pro Forma | Compensation | QSI | (GAAP) | |||||||||||||
Net cash provided (used) by
operating activities |
$ | 834 | $ | (32 | )(a) | $ | (13 | ) | $ | 789 | ||||||
Less: capital expenditures |
(290 | ) | | (32 | ) | (322 | ) | |||||||||
Free cash flow |
$ | 544 | $ | (32 | ) | $ | (45 | ) | $ | 467 | ||||||
(a) | Incremental tax benefits from stock options exercised during the period. |
Qualcomm Announces First Quarter Fiscal 2008 Results | Page 13 of 15 |
December 30, | September 30, | |||||||
2007 | 2007 | |||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ | 2,968 | $ | 2,411 | ||||
Marketable securities |
4,100 | 4,170 | ||||||
Accounts receivable, net |
703 | 715 | ||||||
Inventories |
522 | 469 | ||||||
Deferred tax assets |
327 | 435 | ||||||
Collateral held under securities lending |
283 | 421 | ||||||
Other current assets |
195 | 200 | ||||||
Total current assets |
9,098 | 8,821 | ||||||
Marketable securities |
4,265 | 5,234 | ||||||
Property, plant and equipment, net |
1,794 | 1,788 | ||||||
Goodwill |
1,499 | 1,325 | ||||||
Deferred tax assets |
606 | 318 | ||||||
Other assets |
1,086 | 1,009 | ||||||
Total assets |
$ | 18,348 | $ | 18,495 | ||||
Current liabilities: |
||||||||
Trade accounts payable |
$ | 536 | $ | 635 | ||||
Payroll and other benefits related liabilities |
299 | 311 | ||||||
Dividends payable |
228 | | ||||||
Unearned revenues |
206 | 218 | ||||||
Income taxes payable |
52 | 119 | ||||||
Obligations under securities lending |
283 | 421 | ||||||
Other current liabilities |
513 | 554 | ||||||
Total current liabilities |
2,117 | 2,258 | ||||||
Unearned revenues |
137 | 142 | ||||||
Income taxes payable |
194 | | ||||||
Other liabilities |
290 | 260 | ||||||
Total liabilities |
2,738 | 2,660 | ||||||
Stockholders equity: |
||||||||
Preferred stock, $0.0001 par value; issuable
in series; |
||||||||
8 shares authorized; none outstanding at |
||||||||
December 30, 2007 and September 30, 2007 |
| | ||||||
Common stock, $0.0001 par value; 6,000 shares
authorized; |
||||||||
1,629 and 1,646 shares issued and outstanding
at |
||||||||
December 30, 2007 and September 30, 2007, respectively |
| | ||||||
Paid-in capital |
6,400 | 7,057 | ||||||
Retained earnings |
9,076 | 8,541 | ||||||
Accumulated other comprehensive income |
134 | 237 | ||||||
Total stockholders equity |
15,610 | 15,835 | ||||||
Total liabilities and stockholders equity |
$ | 18,348 | $ | 18,495 | ||||
Qualcomm Announces First Quarter Fiscal 2008 Results | Page 14 of 15 |
Three Months Ended | ||||||||
December 30, | December 31, | |||||||
2007 | 2006 | |||||||
Revenues: |
||||||||
Equipment and services |
$ | 1,703 | $ | 1,342 | ||||
Licensing and royalty fees |
737 | 677 | ||||||
Total revenues |
2,440 | 2,019 | ||||||
Operating expenses: |
||||||||
Cost of
equipment and services revenues |
783 | 634 | ||||||
Research and development |
511 | 440 | ||||||
Selling, general and
administrative |
389 | 369 | ||||||
Total operating expenses |
1,683 | 1,443 | ||||||
Operating income |
757 | 576 | ||||||
Investment income, net |
173 | 203 | ||||||
Income before income taxes |
930 | 779 | ||||||
Income tax expense |
(163 | ) | (131 | ) | ||||
Net income |
$ | 767 | $ | 648 | ||||
Basic earnings per common
share |
$ | 0.47 | $ | 0.39 | ||||
Diluted earnings per common
share |
$ | 0.46 | $ | 0.38 | ||||
Shares used in per share
calculations: |
||||||||
Basic |
1,635 | 1,653 | ||||||
Diluted |
1,664 | 1,685 | ||||||
Dividends per share paid |
$ | | $ | | ||||
Dividends per share announced |
$ | 0.14 | $ | 0.12 | ||||
Qualcomm Announces First Quarter Fiscal 2008 Results | Page 15 of 15 |
Three Months Ended | ||||||||
December 30, | December 31, | |||||||
2007 | 2006 | |||||||
Operating Activities: |
||||||||
Net income |
$ | 767 | $ | 648 | ||||
Adjustments to reconcile net income to net cash
provided by
operating activities: |
||||||||
Depreciation and amortization |
108 | 91 | ||||||
Non-cash income tax expense |
72 | 54 | ||||||
Non-cash portion of share-based compensation
expense |
125 | 130 | ||||||
Incremental tax benefits from stock options
exercised |
(48 | ) | (32 | ) | ||||
Net realized gains on marketable securities and
other investments |
(82 | ) | (64 | ) | ||||
Other-than-temporary losses on marketable
securities
and other investments |
57 | 1 | ||||||
Other items, net |
4 | 4 | ||||||
Changes in assets and liabilities, net of effects of
acquisitions: |
||||||||
Accounts receivable, net |
43 | (9 | ) | |||||
Inventories |
(47 | ) | (81 | ) | ||||
Other assets |
11 | (98 | ) | |||||
Trade accounts payable |
(77 | ) | 47 | |||||
Payroll, benefits and other liabilities |
(35 | ) | 38 | |||||
Unearned revenues |
(18 | ) | 60 | |||||
Net cash provided by operating activities |
880 | 789 | ||||||
Investing Activities: |
||||||||
Capital expenditures |
(127 | ) | (322 | ) | ||||
Purchases of available-for-sale securities |
(1,684 | ) | (1,673 | ) | ||||
Proceeds from sale of available-for-sale securities |
2,492 | 2,436 | ||||||
Other investments and acquisitions, net of cash
acquired |
(229 | ) | (220 | ) | ||||
Change in collateral held under securities lending |
138 | | ||||||
Other items, net |
| (2 | ) | |||||
Net cash provided by investing activities |
590 | 219 | ||||||
Financing Activities: |
||||||||
Proceeds from issuance of common stock |
77 | 97 | ||||||
Incremental tax benefits from stock options
exercised |
48 | 32 | ||||||
Repurchase and retirement of common stock |
(900 | ) | (96 | ) | ||||
Change in obligations under securities lending |
(138 | ) | | |||||
Other items, net |
(1 | ) | | |||||
Net cash (used) provided by financing activities |
(914 | ) | 33 | |||||
Effect of exchange rate changes on cash |
1 | 1 | ||||||
Net increase in cash and cash equivalents |
557 | 1,042 | ||||||
Cash and cash equivalents at beginning of period |
2,411 | 1,607 | ||||||
Cash and cash equivalents at end of period |
$ | 2,968 | $ | 2,649 | ||||