Qualcomm Announces Second Quarter Fiscal 2015 Results

Qualcomm, Snapdragon and MSM are trademarks of Qualcomm Incorporated, registered in the United States and other countries. All other trademarks are the property of their respective owners.

Qualcomm Contact:
Warren Kneeshaw
Vice President, Investor Relations
Phone: 1-858-658-4813
e-mail: Email Contact



Qualcomm Incorporated

CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions, except per share data)

(Unaudited)




March 29,
2015


September 28,
2014

ASSETS




Current assets:




Cash and cash equivalents

$

5,492


$

7,907

Marketable securities

10,063


9,658

Accounts receivable, net

2,058


2,412

Inventories

1,861


1,458

Deferred tax assets

533


577

Other current assets

733


401

Total current assets

20,740


22,413

Marketable securities

14,055


14,457

Deferred tax assets

1,049


1,174

Property, plant and equipment, net

2,523


2,487

Goodwill

4,388


4,488

Other intangible assets, net

2,482


2,580

Other assets

1,936


975

Total assets

$

47,173


$

48,574





LIABILITIES AND STOCKHOLDERS' EQUITY




Current liabilities:




Trade accounts payable

$

1,683


$

2,183

Payroll and other benefits related liabilities

744


802

Unearned revenues

778


785

Short-term debt

1,096


Other current liabilities

1,868


2,243

Total current liabilities

6,169


6,013

Unearned revenues

2,667


2,967

Other liabilities

503


428

Total liabilities

9,339


9,408





Stockholders' equity:




Qualcomm stockholders' equity:




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


Common stock and paid-in capital, $0.0001 par value; 6,000 shares authorized; 1,633 and 1,669 shares issued and outstanding, respectively

4,956


7,736

Retained earnings

32,411


30,799

Accumulated other comprehensive income

472


634

Total Qualcomm stockholders' equity

37,839


39,169

Noncontrolling interests

(5)


(3)

Total stockholders' equity

37,834


39,166

Total liabilities and stockholders' equity

$

47,173


$

48,574



Qualcomm Incorporated

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions, except per share data)

(Unaudited)




Three Months Ended


Six Months Ended


March 29,
2015


March 30,
2014


March 29,
2015


March 30,
2014

Revenues:








Equipment and services

$

4,403


$

4,229


$

9,619


$

8,881

Licensing

2,491


2,138


4,374


4,108

Total revenues

6,894


6,367


13,993


12,989

Costs and expenses:








Cost of equipment and services revenues

2,628


2,482


5,676


5,189

Research and development

1,375


1,356


2,726


2,683

Selling, general and administrative

545


539


1,112


1,162

Other

1,010



1,079


472

Total costs and expenses

5,558


4,377


10,593


9,506

Operating income

1,336


1,990


3,400


3,483

Investment income, net

203


282


437


546

Income from continuing operations before income taxes

1,539


2,272


3,837


4,029

Income tax expense

(487)


(314)


(814)


(626)

Income from continuing operations

1,052


1,958


3,023


3,403

Discontinued operations, net of income taxes




430

Net income

1,052


1,958


3,023


3,833

Net loss attributable to noncontrolling interests

1


1


2


2

Net income attributable to Qualcomm

$

1,053


$

1,959


$

3,025


$

3,835









Basic earnings per share attributable to Qualcomm:








Continuing operations

$

0.64


$

1.16


$

1.83


$

2.02

Discontinued operations




0.25

Net income

$

0.64


$

1.16


$

1.83


$

2.27

Diluted earnings per share attributable to Qualcomm:








Continuing operations

$

0.63


$

1.14


$

1.80


$

1.98

Discontinued operations




0.25

Net income

$

0.63


$

1.14


$

1.80


$

2.23

Shares used in per share calculations:








Basic

1,645


1,688


1,653


1,688

Diluted

1,667


1,719


1,677


1,721









Dividends per share announced

$

0.42


$

0.35


$

0.84


$

0.70



Qualcomm Incorporated

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

(Unaudited)




Three Months Ended


Six Months Ended


March 29,
2015


March 30,
2014


March 29,
2015


March 30,
2014

Operating Activities:








Net income

$

1,052


$

1,958


$

3,023


$

3,833

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








  Depreciation and amortization expense

304


289


591


561

  Gain on sale of discontinued operations




(665)

  Long-lived asset and goodwill impairment charges

63


19


138


479

  Income tax provision in excess of income tax payments

80


10


73


268

  Non-cash portion of share-based compensation expense

249


251


522


532

  Incremental tax benefits from share-based compensation

(30)


(70)


(78)


(169)

  Net realized gains on marketable securities and other investments

(111)


(243)


(277)


(388)

  Impairment losses on marketable securities and other investments

41


123


106


159

  Other items, net

1


(23)


(30)


(20)

Changes in assets and liabilities:








  Accounts receivable, net

165


(884)


338


(96)

  Inventories

(100)


(84)


(403)


153

  Other assets

(998)


58


(1,138)


127

  Trade accounts payable

(776)


183


(508)


35

  Payroll, benefits and other liabilities

(425)


240


(405)


(102)

  Unearned revenues

(173)


(13)


(246)


(112)

  Net cash (used) provided by operating activities

(658)


1,814


1,706


4,595

Investing Activities:








Capital expenditures

(196)


(587)


(449)


(797)

Purchases of available-for-sale securities

(2,792)


(5,772)


(8,758)


(7,827)

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

4,053


3,516


8,631


5,684

Purchases of trading securities

(393)


(1,029)


(695)


(1,814)

Proceeds from sales and maturities of trading securities

414


1,020


710


1,793

Proceeds from sale of discontinued operations, net of cash sold




788

Acquisitions and other investments, net of cash acquired

(80)


(32)


(178)


(347)

Other items, net

40


(19)


49


62

Net cash provided (used) by investing activities

1,046


(2,903)


(690)


(2,458)

Financing Activities:








Proceeds from issuance of common stock

301


512


417


953

Repurchases and retirements of common stock

(1,947)


(1,002)


(3,611)


(2,004)

Dividends paid

(689)


(589)


(1,385)


(1,179)

Proceeds from short-term debt

1,095



1,095


Incremental tax benefits from share-based compensation

30


70


78


169

Change in obligations under securities lending


142


(2)


123

Other items, net

(3)


(1)


(8)


(3)

Net cash used by financing activities

(1,213)


(868)


(3,416)


(1,941)

Changes in cash and cash equivalents held for sale


4



Effect of exchange rate changes on cash and cash equivalents

(8)


(2)


(15)


(1)

Net (decrease) increase in cash and cash equivalents

(833)


(1,955)


(2,415)


195

Cash and cash equivalents at beginning of period

6,325


8,292


7,907


6,142

Cash and cash equivalents at end of period

$

5,492


$

6,337


$

5,492


$

6,337


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