Pro Forma EPS $0.59
Raises Fiscal 2010 Earnings Guidance
SAN DIEGO -- Qualcomm Incorporated (Nasdaq: QCOM), a leading developer and innovator of advanced wireless technologies, products and services, announced results for the second quarter of fiscal 2010 ended March 28, 2010.
"We delivered strong financial results this quarter, driven by healthy 3G device shipments and greater than expected demand for our chipsets. 3G subscribers have now surpassed 1 billion worldwide and with the 3G auction process underway in India, the 3G footprint continues to expand globally," said Dr. Paul E. Jacobs, chairman and CEO of Qualcomm. "Calendar year 2010 3G device shipments are progressing in line with our expectations, and although we're continuing to operate in a competitive chipset pricing environment, we're positioned to continue to grow share through new partner engagements and our broad, industry-leading 3G chipset roadmap. Our business is executing well and we are pleased to be raising our earnings guidance for the fiscal year."
Second Quarter Results (GAAP)
* Revenues: $2.66 billion, compared to $2.46 billion in the prior year and $2.67 billion in the prior quarter.
* Operating income: $776 million, compared to an operating loss of $10 million in the prior year* and operating income of $879 million in the prior quarter.
* Net income: $774 million, compared to a net loss of $289 million in the prior year* and net income of $841 million in the prior quarter.
* Diluted earnings per share: $0.46, compared to a diluted loss per share of $0.18 in the prior year* and diluted earnings per share of $0.50 in the prior quarter.
* Effective tax rate: 20 percent for the quarter.
* Operating cash flow: $793 million, down 37 percent year-over-year; 30 percent of revenues.
* Return of capital to stockholders: $1.99 billion, including $279 million, or $0.17 per share, of cash dividends paid, and $1.71 billion to repurchase 43.9 million shares of our common stock.
* The second quarter of fiscal 2009 results reflected a $748 million litigation settlement charge related to a settlement and patent agreement with Broadcom Corporation.
Pro Forma Second Quarter Results
Pro forma results exclude the Qualcomm Strategic Initiatives (QSI) segment, certain share-based compensation, certain tax items that are not related to the current year and acquired in-process research and development (R&D) expense.
* Revenues: $2.66 billion, compared to $2.45 billion in the prior year and $2.67 billion in the prior quarter.
* Operating income: $1.07 billion, compared to $214 million in the prior year* and $1.13 billion in the prior quarter.
* Net income: $989 million, compared to a net loss of $46 million in the prior year* and net income of $1.04 billion in the prior quarter.
* Diluted earnings per share: $0.59, compared to a diluted loss per share of $0.03 in the prior year* and diluted earnings per share of $0.62 in the prior quarter. The current quarter excludes $0.05 loss per share attributable to the QSI segment, $0.06 loss per share attributable to certain share-based compensation and $0.02 loss per share attributable to certain tax items.
* Effective tax rate: 21 percent for the quarter.
* Free cash flow: $823 million, down 29 percent year-over-year; 31 percent of revenues (defined as net cash from operating activities less capital expenditures).
* The second quarter of fiscal 2009 results reflected a $748 million litigation settlement charge related to a settlement and patent agreement with Broadcom Corporation.
Detailed reconciliations between results reported in accordance with generally accepted accounting principles (GAAP) and pro forma results are included at the end of this news release. Prior period reconciliations are presented on Qualcomm's Investor Relations web page at www.qualcomm.com.
Cash and Marketable Securities
Our cash, cash equivalents and marketable securities totaled approximately $18.2 billion at the end of the second quarter of fiscal 2010, compared to $18.9 billion at the end of the first quarter of fiscal 2010 and $14.0 billion a year ago. On April 8, 2010, we announced a cash dividend of $0.19 per share payable on June 25, 2010 to stockholders of record as of May 28, 2010.
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