Qualcomm Announces Second Quarter Fiscal 2013 Results

Revenues $6.1 Billion

(PRNewswire) —

SAN DIEGO, April 24, 2013 /PRNewswire-FirstCall/ -- Qualcomm Incorporated (Nasdaq: QCOM), a leading developer and innovator of advanced wireless technologies, products and services, today announced results for the second quarter of fiscal 2013 ended March 31, 2013.

"We delivered another strong quarter as the worldwide adoption of smartphones continues," said Dr. Paul E. Jacobs, chairman and CEO of Qualcomm.  "Looking forward, we are seeing strong traction with our new Qualcomm Snapdragon 600 and 800 processors, and we continue to expect healthy growth in 3G and 3G/4G multimode devices around the world.  We are pleased to be raising our calendar 2013 3G/4G device shipment estimates and our revenue and earnings guidance for fiscal 2013."

Second Quarter Results (GAAP)

  • Revenues: 1 $6.12 billion, up 24 percent year-over-year (y-o-y) and 2 percent sequentially.
  • Operating income: 1 $1.88 billion, up 24 percent y-o-y and down 10 percent sequentially.
  • Net income: 2 $1.87 billion, down 16 percent y-o-y* and 2 percent sequentially.
  • Diluted earnings per share: 2 $1.06, down 17 percent y-o-y* and 3 percent sequentially. 
  • Effective tax rate: 1 13 percent for the quarter.
  • Operating cash flow:  $2.22 billion, up 17 percent y-o-y; 36 percent of revenues.
  • Return of capital to stockholders:  $431 million, or $0.25 per share, of cash dividends paid.

* The second quarter of fiscal 2012 GAAP results included $761 million, net of income taxes, or $0.44 per share, for discontinued operations as a result of a $1.2 billion pre-tax gain associated with the sale of substantially all of our 700 MHz spectrum.

1 Throughout this news release, fiscal 2012 results for FLO TV are presented as discontinued operations. Revenues, operating expenses, operating income, earnings before tax (EBT) and effective tax rates are from continuing operations (i.e., before adjustments for noncontrolling interests and, for fiscal 2012, discontinued operations), unless otherwise stated.

2 Throughout this news release, net income and diluted earnings per share are attributable to Qualcomm (i.e., after adjustments for noncontrolling interests and discontinued operations), unless otherwise stated.

Non-GAAP Second Quarter Results

Non-GAAP results exclude the QSI segment and certain share-based compensation, acquisition-related items and tax items. 

  • Revenues:  $6.12 billion, up 24 percent y-o-y and 2 percent sequentially.
  • Operating income:  $2.23 billion, up 18 percent y-o-y and down 9 percent sequentially.
  • Net income:  $2.07 billion, up 17 percent y-o-y and down 6 percent sequentially.
  • Diluted earnings per share:  $1.17, up 16 percent y-o-y and down 7 percent sequentially. 
  • Effective tax rate:  16 percent for the quarter. 
  • Free cash flow (defined as net cash from operating activities less capital expenditures):  $1.99 billion, up 10 percent y-o-y; 33 percent of revenues.

Detailed reconciliations between results reported in accordance with generally accepted accounting principles (GAAP) and Non-GAAP results are included within this news release.  

Second Quarter Key Business Metrics

  • MSMchip shipments:  173 million units, up 14 percent y-o-y and down 5 percent sequentially.
  • December quarter total reported device sales:  approximately $61.1 billion, up 18 percent y-o-y and 15 percent sequentially.
    • December quarter estimated 3G/4G device shipments:  approximately 279 to 283 million units, at an estimated average selling price of approximately $214 to $220 per unit.   

Cash and Marketable Securities

Our cash, cash equivalents and marketable securities totaled $30.5 billion at the end of the second quarter of fiscal 2013, compared to $26.6 billion a year ago and $28.4 billion at the end of the first quarter of fiscal 2013.  On April 9, 2013, we announced a cash dividend of $0.35 per share payable on June 26, 2013 to stockholders of record as of June 5, 2013, which represents a 40 percent increase over our prior quarterly dividend.

Research and Development

($ in millions)

Non-GAAP


QSI


Share-Based

Compensation


Acquisition-Related Items


GAAP











Second quarter fiscal 2013

$    1,056


$    1


$           156


$            1


$  1,214

As % of revenues

17%








20%

Second quarter fiscal 2012

$       824


$    4


$           126


$             -


$     954

As % of revenues

17%








19%

Year-over-year change ($)

28%


 N/M 


24%


N/M


27%











N/M - Not Meaningful








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