Qualcomm Announces First Quarter Fiscal 2014 Results

 

Reconciliation of Non-GAAP Tax Rates to GAAP Tax Rates (a)

($ in millions)

(Unaudited)






















Three Months Ended December 29, 2013


Non-GAAP Results


QSI


Share-Based Compensation


Acquisition-Related Items


GAAP Results

Income (loss) from continuing operations before income taxes

$

2,103



$

4



$

(281)



$

(69)



$

1,757


Income tax (expense) benefit

(370)



(1)



55



3



(313)


Income (loss) from continuing operations

$

1,733



$

3



$

(226)



$

(66)



$

1,444












Tax rate

18%



25%



20%



4%



18%




(a)

At fiscal year end, the sum of the quarterly tax provision (benefit) for each column equals the annual tax provision (benefit) for each column computed in accordance with GAAP. In interim quarters, the sum of these provisions (benefits) may not equal the total GAAP tax provision, and this difference is allocated to tax provisions (benefits) among the columns.

 

Qualcomm Incorporated

CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions, except per share data)

(Unaudited)











December 29,

2013


September 29, 2013

ASSETS

Current assets:




Cash and cash equivalents

$

8,292



$

6,142


Marketable securities

8,988



8,824


Accounts receivable, net

1,327



2,142


Inventories

1,064



1,302


Deferred tax assets

404



573


Other current assets

510



572


Total current assets

20,585



19,555


Marketable securities

14,330



14,440


Deferred tax assets

1,346



1,059


Property, plant and equipment, net

2,562



2,995


Goodwill

4,212



3,976


Other intangible assets, net

2,490



2,553


Other assets

757



938


Total assets

$

46,282



$

45,516






LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:




Trade accounts payable

$

1,375



$

1,554


Payroll and other benefits related liabilities

706



839


Unearned revenues

470



501


Other current liabilities

2,762



2,319


Total current liabilities

5,313



5,213


Unearned revenues

3,566



3,666


Other liabilities

376



550


Total liabilities

9,255



9,429






Stockholders' equity:




  Qualcomm stockholders' equity:




  Preferred stock, $0.0001 par value; 8 shares authorized; none outstanding




   Common stock, $0.0001 par value; 6,000 shares authorized; 1,687 and 1,685 shares issued and outstanding, respectively




  Paid-in capital

9,506



9,874


  Retained earnings

26,737



25,461


  Accumulated other comprehensive income

784



753


Total Qualcomm stockholders' equity

37,027



36,088


  Noncontrolling interests



(1)


Total stockholders' equity

37,027



36,087


Total liabilities and stockholders' equity

$

46,282



$

45,516



Qualcomm Incorporated

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions, except per share data)

(Unaudited)











Three Months Ended


December 29,

2013


December 30,

2012

Revenues:




Equipment and services

$

4,653



$

4,199


Licensing

1,969



1,819


Total revenues

6,622



6,018


Costs and expenses:




Cost of equipment and services revenues

2,706



2,237


Research and development

1,328



1,106


Selling, general and administrative

623



587


Other

472




Total costs and expenses

5,129



3,930


Operating income

1,493



2,088


Investment income, net

264



239


Income from continuing operations before income taxes

1,757



2,327


Income tax expense

(313)



(424)


Income from continuing operations

1,444



1,903


Discontinued operations, net of income taxes

430




Net income

1,874



1,903


Net loss attributable to noncontrolling interests

1



3


Net income attributable to Qualcomm

$

1,875



$

1,906






Basic earnings per share attributable to Qualcomm:




Continuing operations

$

0.86



$

1.12


Discontinued operations

0.25




Net income

$

1.11



$

1.12


Diluted earnings per share attributable to Qualcomm:




Continuing operations

$

0.84



$

1.09


Discontinued operations

0.25




Net income

$

1.09



$

1.09


Shares used in per share calculations:




Basic

1,688



1,709


Diluted

1,722



1,751






Dividends per share announced

$

0.35



$

0.25



Qualcomm Incorporated

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

(Unaudited)











Three Months Ended


December 29,

2013


December 30,

2012

Operating Activities:




Net income

$

1,874



$

1,903


Adjustments to reconcile net income to net cash provided by operating activities:




  Depreciation and amortization expense

272



241


  Gain on sale of discontinued operations

(665)




  Goodwill and long-lived asset impairment charges

460



5


  Revenues related to non-monetary exchanges

(31)



(31)


  Income tax provision in excess of income tax payments

258



195


  Non-cash portion of share-based compensation expense

282



283


  Incremental tax benefits from share-based compensation

(99)



(61)


  Net realized gains on marketable securities and other investments

(145)



(96)


  Net impairment losses on marketable securities and other investments

37



10


  Other items, net

33



24


Changes in assets and liabilities:




  Accounts receivable, net

788



(185)


  Inventories

237



(247)


  Other assets

69



(51)


  Trade accounts payable

(148)



376


  Payroll, benefits and other liabilities

(342)



(387)


  Unearned revenues

(99)



(4)


   Net cash provided by operating activities

2,781



1,975


Investing Activities:




Capital expenditures

(210)



(205)


Purchases of available-for-sale securities

(2,055)



(3,289)


Proceeds from sales and maturities of available-for-sale securities

2,168



2,226


Purchases of trading securities

(785)



(970)


Proceeds from sales and maturities of trading securities

773



1,024


Proceeds from sale of discontinued operations, net of cash sold

788




Acquisitions and other investments, net of cash acquired

(315)



(39)


Other items, net

81



26


  Net cash provided (used) by investing activities

445



(1,227)


Financing Activities:




Proceeds from issuance of common stock

441



340


Incremental tax benefits from share-based compensation

99



61


Repurchases and retirements of common stock

(1,002)



(250)


Dividends paid

(590)



(428)


Other items, net

(21)



2


  Net cash used by financing activities

(1,073)



(275)


Changes in cash and cash equivalents held for sale

(4)



13


Effect of exchange rate changes on cash and cash equivalents

1




Net increase in cash and cash equivalents

2,150



486


Cash and cash equivalents at beginning of period

6,142



3,807


Cash and cash equivalents at end of period

$

8,292



$

4,293



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