(Commission File Number) | (IRS Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
|
Exhibit No. | Description | ||||||||||
Press Release by QUALCOMM Incorporated dated | |||||||||||
104 | Cover Page Interactive Data File, formatted in Inline XBRL and included as Exhibit 101. |
QUALCOMM Incorporated | |||||||||||||||||
Date: | November 4, 2020 | By: | /s/ Akash Palkhiwala | ||||||||||||||
Akash Palkhiwala | |||||||||||||||||
Executive Vice President and Chief Financial Officer |
GAAP | Non-GAAP | ||||||||||||||||||||||||||||||||||
(in millions, except per share data and percentages) | Q4 Fiscal 2020 | Q4 Fiscal 2019 | Change | Q4 Fiscal 2020 | Q4 Fiscal 2019 | Change | |||||||||||||||||||||||||||||
Revenues | $8,346 | $4,814 | +73% | $6,502 | $4,804 | +35% | |||||||||||||||||||||||||||||
Earnings before taxes (EBT) | $3,306 | $615 | N/M | $1,862 | $1,049 | +78% | |||||||||||||||||||||||||||||
Net income | $2,960 | $506 | N/M | $1,669 | $947 | +76% | |||||||||||||||||||||||||||||
Diluted earnings per share (EPS) | $2.58 | $0.42 | N/M | $1.45 | $0.78 | +86% |
GAAP | Non-GAAP | ||||||||||||||||||||||||||||||||||
(in millions, except per share data and percentages) | Fiscal 2020 | Fiscal 2019 | Change | Fiscal 2020 | Fiscal 2019 | Change | |||||||||||||||||||||||||||||
Revenues | $23,531 | $24,273 | (3%) | $21,654 | $19,398 | +12% | |||||||||||||||||||||||||||||
EBT | $5,719 | $7,481 | (24%) | $5,484 | $4,285 | +28% | |||||||||||||||||||||||||||||
Net income | $5,198 | $4,386 | +19% | $4,816 | $4,323 | +11% | |||||||||||||||||||||||||||||
EPS | $4.52 | $3.59 | +26% | $4.19 | $3.54 | +18% |
Qualcomm Announces Fourth Quarter and Fiscal 2020 Results | Page 2 of 10 |
QCT | QTL | ||||||||||||||||||||||||||||||||||
(in millions, except percentages) | Q4 Fiscal 2020 | Q4 Fiscal 2019 | Change | Q4 Fiscal 2020 | Q4 Fiscal 2019 | Change | |||||||||||||||||||||||||||||
Revenues | $4,967 | $3,611 | +38% | $1,507 | $1,158 | +30% | |||||||||||||||||||||||||||||
EBT | $1,015 | $499 | +103% | $1,107 | $792 | +40% | |||||||||||||||||||||||||||||
EBT as % of revenues | 20% | 14% | +6 points | 73% | 68% | +5 points | |||||||||||||||||||||||||||||
MSMTM chip shipments | 162 | 152 | +7% | ||||||||||||||||||||||||||||||||
QCT | QTL | ||||||||||||||||||||||||||||||||||
(in millions, except percentages) | Fiscal 2020 | Fiscal 2019 | Change | Fiscal 2020 | Fiscal 2019 | Change | |||||||||||||||||||||||||||||
Revenues | $16,493 | $14,639 | +13% | $5,028 | $4,591 | +10% | |||||||||||||||||||||||||||||
EBT | $2,763 | $2,143 | +29% | $3,442 | $2,954 | +17% | |||||||||||||||||||||||||||||
EBT as % of revenues | 17% | 15% | +2 points | 68% | 64% | +4 points | |||||||||||||||||||||||||||||
MSMTM chip shipments | 575 | 650 | (12%) | ||||||||||||||||||||||||||||||||
Stock Repurchases | Dividends | Total Amount | |||||||||||||||||||||||||||
(in millions, except per share data) | Shares | Amount | Per Share | Amount | |||||||||||||||||||||||||
Q4 fiscal 2020 | — | — | $0.65 | $734 | $734 | ||||||||||||||||||||||||
Fiscal 2020 | 31 | $2,450 | $2.54 | $2,882 | $5,332 |
Qualcomm Announces Fourth Quarter and Fiscal 2020 Results | Page 3 of 10 |
Current Guidance Q1 FY21 Estimates1 | |||||||||||
Revenues | $7.8B - $8.6B | ||||||||||
GAAP diluted EPS | $1.67 - $1.87 | ||||||||||
Less diluted EPS attributable to QSI | $— | ||||||||||
Less diluted EPS attributable to share-based compensation | ($0.24) | ||||||||||
Less diluted EPS attributable to other items2 | ($0.04) | ||||||||||
Non-GAAP diluted EPS | $1.95 - $2.15 | ||||||||||
Other Information | |||||||||||
QCT revenues | $6.2B - $6.8B | ||||||||||
QTL revenues | $1.6B - $1.8B | ||||||||||
Qualcomm Announces Fourth Quarter and Fiscal 2020 Results | Page 4 of 10 |
Qualcomm Announces Fourth Quarter and Fiscal 2020 Results | Page 5 of 10 |
September 27, 2020 | September 29, 2019 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 6,707 | $ | 11,839 | |||||||
Marketable securities | 4,507 | 421 | |||||||||
Accounts receivable, net | 4,003 | 2,471 | |||||||||
Inventories | 2,598 | 1,400 | |||||||||
Other current assets | 704 | 634 | |||||||||
Total current assets | 18,519 | 16,765 | |||||||||
Deferred tax assets | 1,351 | 1,196 | |||||||||
Property, plant and equipment, net | 3,711 | 3,081 | |||||||||
Goodwill | 6,323 | 6,282 | |||||||||
Other intangible assets, net | 1,653 | 2,172 | |||||||||
Other assets | 4,037 | 3,461 | |||||||||
Total assets | $ | 35,594 | $ | 32,957 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Trade accounts payable | $ | 2,248 | $ | 1,368 | |||||||
Payroll and other benefits related liabilities | 1,053 | 1,048 | |||||||||
Unearned revenues | 568 | 565 | |||||||||
Short-term debt | 500 | 2,496 | |||||||||
Other current liabilities | 4,303 | 3,458 | |||||||||
Total current liabilities | 8,672 | 8,935 | |||||||||
Unearned revenues | 761 | 1,160 | |||||||||
Income taxes payable | 1,872 | 2,088 | |||||||||
Long-term debt | 15,226 | 13,437 | |||||||||
Other liabilities | 2,986 | 2,428 | |||||||||
Total liabilities | 29,517 | 28,048 | |||||||||
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; 1,131 and 1,145 shares issued and outstanding, respectively | 586 | 343 | |||||||||
Retained earnings | 5,284 | 4,466 | |||||||||
Accumulated other comprehensive income | 207 | 100 | |||||||||
Total stockholders’ equity | 6,077 | 4,909 | |||||||||
Total liabilities and stockholders’ equity | $ | 35,594 | $ | 32,957 |
Qualcomm Announces Fourth Quarter and Fiscal 2020 Results | Page 6 of 10 |
Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||
September 27, 2020 | September 29, 2019 | September 27, 2020 | September 29, 2019 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Equipment and services | $ | 4,921 | $ | 3,573 | $ | 16,298 | $ | 14,611 | |||||||||||||||
Licensing | 3,425 | 1,241 | 7,233 | 9,662 | |||||||||||||||||||
Total revenues | 8,346 | 4,814 | 23,531 | 24,273 | |||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||
Cost of revenues | 2,766 | 2,118 | 9,255 | 8,599 | |||||||||||||||||||
Research and development | 1,583 | 1,441 | 5,975 | 5,398 | |||||||||||||||||||
Selling, general and administrative | 551 | 548 | 2,074 | 2,195 | |||||||||||||||||||
Other | (6) | 6 | (28) | 414 | |||||||||||||||||||
Total costs and expenses | 4,894 | 4,113 | 17,276 | 16,606 | |||||||||||||||||||
Operating income | 3,452 | 701 | 6,255 | 7,667 | |||||||||||||||||||
Interest expense | (166) | (150) | (602) | (627) | |||||||||||||||||||
Investment and other income, net | 20 | 64 | 66 | 441 | |||||||||||||||||||
Income before income taxes | 3,306 | 615 | 5,719 | 7,481 | |||||||||||||||||||
Income tax expense | (346) | (109) | (521) | (3,095) | |||||||||||||||||||
Net income | $ | 2,960 | $ | 506 | $ | 5,198 | $ | 4,386 | |||||||||||||||
Basic earnings per share | $ | 2.62 | $ | 0.42 | $ | 4.58 | $ | 3.63 | |||||||||||||||
Diluted earnings per share | $ | 2.58 | $ | 0.42 | $ | 4.52 | $ | 3.59 | |||||||||||||||
Shares used in per share calculations: | |||||||||||||||||||||||
Basic | 1,130 | 1,197 | 1,135 | 1,210 | |||||||||||||||||||
Diluted | 1,148 | 1,211 | 1,149 | 1,220 | |||||||||||||||||||
Qualcomm Announces Fourth Quarter and Fiscal 2020 Results | Page 7 of 10 |
Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||
September 27, 2020 | September 29, 2019 | September 27, 2020 | September 29, 2019 | ||||||||||||||||||||
Operating Activities: | |||||||||||||||||||||||
Net income | $ | 2,960 | $ | 506 | $ | 5,198 | $ | 4,386 | |||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||||||||
Depreciation and amortization expense | 339 | 350 | 1,393 | 1,401 | |||||||||||||||||||
Income tax provision in excess of (less than) income tax payments | 150 | (230) | (309) | 1,976 | |||||||||||||||||||
Share-based compensation expense | 313 | 339 | 1,212 | 1,037 | |||||||||||||||||||
Net gains on marketable securities and other investments | (67) | (16) | (336) | (356) | |||||||||||||||||||
Indefinite and long-lived asset impairment charges | — | — | — | 203 | |||||||||||||||||||
Impairment losses on marketable securities and other investments | 57 | 24 | 405 | 135 | |||||||||||||||||||
Other items, net | (35) | (65) | (142) | (272) | |||||||||||||||||||
Changes in assets and liabilities: | |||||||||||||||||||||||
Accounts receivable, net | (2,151) | (78) | (1,529) | 1,373 | |||||||||||||||||||
Inventories | (219) | 368 | (1,157) | 273 | |||||||||||||||||||
Other assets | 29 | 63 | (110) | 78 | |||||||||||||||||||
Trade accounts payable | 162 | (176) | 907 | (443) | |||||||||||||||||||
Payroll, benefits and other liabilities | 251 | 158 | 528 | (2,376) | |||||||||||||||||||
Unearned revenues | (48) | (16) | (246) | (129) | |||||||||||||||||||
Net cash provided by operating activities | 1,741 | 1,227 | 5,814 | 7,286 | |||||||||||||||||||
Investing Activities: | |||||||||||||||||||||||
Capital expenditures | (348) | (317) | (1,407) | (887) | |||||||||||||||||||
Purchases of debt and equity marketable securities | (1,365) | — | (6,213) | — | |||||||||||||||||||
Proceeds from sales and maturities of debt and equity marketable securities | 1,388 | 24 | 2,399 | 198 | |||||||||||||||||||
Acquisitions and other investments, net of cash acquired | (26) | (67) | (185) | (252) | |||||||||||||||||||
Proceeds from other investments | 42 | 23 | 100 | 68 | |||||||||||||||||||
Other items, net | (29) | — | 43 | 67 | |||||||||||||||||||
Net cash used by investing activities | (338) | (337) | (5,263) | (806) | |||||||||||||||||||
Financing Activities: | |||||||||||||||||||||||
Proceeds from short-term debt | 562 | 1,181 | 2,848 | 5,989 | |||||||||||||||||||
Repayment of short-term debt | (561) | (1,679) | (2,846) | (6,492) | |||||||||||||||||||
Proceeds from long-term debt | — | — | 1,988 | — | |||||||||||||||||||
Repayment of long-term debt | (219) | — | (2,219) | — | |||||||||||||||||||
Proceeds from issuance of common stock | 153 | 150 | 329 | 414 | |||||||||||||||||||
Repurchases and retirements of common stock | — | (705) | (2,450) | (1,793) | |||||||||||||||||||
Dividends paid | (734) | (711) | (2,882) | (2,968) | |||||||||||||||||||
Payments of tax withholdings related to vesting of share-based awards | (18) | (41) | (344) | (266) | |||||||||||||||||||
Payment of purchase consideration related to RF360 Holdings | (6) | (1,119) | (55) | (1,163) | |||||||||||||||||||
Other items, net | (13) | (16) | (76) | (107) | |||||||||||||||||||
Net cash used by financing activities | (836) | (2,940) | (5,707) | (6,386) | |||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 20 | (34) | 24 | (32) | |||||||||||||||||||
Net increase (decrease) in total cash and cash equivalents | 587 | (2,084) | (5,132) | 62 | |||||||||||||||||||
Total cash and cash equivalents at beginning of period | 6,120 | 13,923 | 11,839 | 11,777 | |||||||||||||||||||
Total cash and cash equivalents at end of period | $ | 6,707 | $ | 11,839 | $ | 6,707 | $ | 11,839 | |||||||||||||||
Qualcomm Announces Fourth Quarter and Fiscal 2020 Results | Page 8 of 10 |
Qualcomm Announces Fourth Quarter and Fiscal 2020 Results | Page 9 of 10 |
(in millions, except per share data and percentages) | GAAP to Non-GAAP Reconciliation | Non-GAAP Supplemental Information | ||||||||||||||||||||||||||||||||||||||||||||||||
GAAP Results | Less QSI | Less Share-Based Compensation | Less Other Items2, 3 | Non-GAAP Results | QCT | QTL | Non-GAAP Reconciling Items4 | |||||||||||||||||||||||||||||||||||||||||||
Q4 FISCAL 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | $8,346 | $3 | $— | $1,841 | $6,502 | $4,967 | $1,507 | $28 | ||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | 3,452 | (1) | (313) | 1,740 | 2,026 | |||||||||||||||||||||||||||||||||||||||||||||
EBT | 3,306 | 47 | (313) | 1,710 | 1,862 | 1,015 | 1,107 | (260) | ||||||||||||||||||||||||||||||||||||||||||
EBT as % of revenues | 40 | % | 29 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 2,960 | 28 | (252) | 1,515 | 1,669 | |||||||||||||||||||||||||||||||||||||||||||||
Diluted EPS | $2.58 | $0.02 | ($0.22) | $1.32 | $1.45 | |||||||||||||||||||||||||||||||||||||||||||||
Diluted shares | 1,148 | 1,148 | 1,148 | 1,148 | 1,148 | |||||||||||||||||||||||||||||||||||||||||||||
Q4 FISCAL 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | $4,814 | $10 | $— | $— | $4,804 | $3,611 | $1,158 | $35 | ||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | 701 | 3 | (339) | (100) | 1,137 | |||||||||||||||||||||||||||||||||||||||||||||
EBT | 615 | 7 | (339) | (102) | 1,049 | 499 | 792 | (242) | ||||||||||||||||||||||||||||||||||||||||||
EBT as % of revenues | 13 | % | 22 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 506 | 5 | (282) | (164) | 947 | |||||||||||||||||||||||||||||||||||||||||||||
Diluted EPS | $0.42 | $0.00 | ($0.23) | ($0.14) | $0.78 | |||||||||||||||||||||||||||||||||||||||||||||
Diluted shares | 1,211 | 1,211 | 1,211 | 1,211 | 1,211 | |||||||||||||||||||||||||||||||||||||||||||||
FISCAL 20201 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | $23,531 | $36 | $— | $1,841 | $21,654 | $16,493 | $5,028 | $133 | ||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | 6,255 | 13 | (1,212) | 1,522 | 5,932 | |||||||||||||||||||||||||||||||||||||||||||||
EBT | 5,719 | (11) | (1,212) | 1,458 | 5,484 | 2,763 | 3,442 | (721) | ||||||||||||||||||||||||||||||||||||||||||
EBT as % of revenues | 24 | % | 25 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 5,198 | (3) | (974) | 1,359 | 4,816 | |||||||||||||||||||||||||||||||||||||||||||||
Diluted EPS | $4.52 | $0.00 | ($0.85) | $1.18 | $4.19 | |||||||||||||||||||||||||||||||||||||||||||||
Diluted shares | 1,149 | 1,149 | 1,149 | 1,149 | 1,149 | |||||||||||||||||||||||||||||||||||||||||||||
FISCAL 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | $24,273 | $152 | $— | $4,723 | $19,398 | $14,639 | $4,591 | $168 | ||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | 7,667 | 113 | (1,037) | 3,891 | 4,700 | |||||||||||||||||||||||||||||||||||||||||||||
EBT | 7,481 | 344 | (1,037) | 3,889 | 4,285 | 2,143 | 2,954 | (812) | ||||||||||||||||||||||||||||||||||||||||||
EBT as % of revenues | 31 | % | 22 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 4,386 | 271 | (853) | 645 | 4,323 | |||||||||||||||||||||||||||||||||||||||||||||
Diluted EPS | $3.59 | $0.22 | ($0.70) | $0.53 | $3.54 | |||||||||||||||||||||||||||||||||||||||||||||
Diluted shares | 1,220 | 1,220 | 1,220 | 1,220 | 1,220 | |||||||||||||||||||||||||||||||||||||||||||||
Qualcomm Announces Fourth Quarter and Fiscal 2020 Results | Page 10 of 10 |
Q4 FISCAL 2020 Supplemental Information and Reconciliations | ||||||||||||||||||||||||||||||||||||||||||||||||||
($ in millions) | GAAP Results | Less QSI | Less Share-Based Compensation | Less Other Items1, 2 | Non-GAAP Results | |||||||||||||||||||||||||||||||||||||||||||||
Cost of revenues | $2,766 | $1 | $9 | $68 | $2,688 | |||||||||||||||||||||||||||||||||||||||||||||
Research and development expenses | 1,583 | — | 226 | 15 | 1,342 | |||||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 551 | 3 | 78 | 24 | 446 | |||||||||||||||||||||||||||||||||||||||||||||
Other income | (6) | — | — | (6) | — | |||||||||||||||||||||||||||||||||||||||||||||
Interest expense | 166 | — | — | 7 | 159 | |||||||||||||||||||||||||||||||||||||||||||||
Investment and other income (expense), net | 20 | 48 | — | (23) | (5) | |||||||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | 346 | 19 | (61) | 195 | 193 |
FISCAL 2020 Supplemental Information and Reconciliations | ||||||||||||||||||||||||||||||||||||||||||||||||||
($ in millions) | GAAP Results | Less QSI | Less Share-Based Compensation | Less Other Items1, 2 | Non-GAAP Results | |||||||||||||||||||||||||||||||||||||||||||||
Cost of revenues | $9,255 | $10 | $34 | $305 | $8,906 | |||||||||||||||||||||||||||||||||||||||||||||
Research and development expenses | 5,975 | — | 872 | 8 | 5,095 | |||||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 2,074 | 13 | 306 | 34 | 1,721 | |||||||||||||||||||||||||||||||||||||||||||||
Other income | (28) | — | — | (28) | — | |||||||||||||||||||||||||||||||||||||||||||||
Interest expense | 602 | — | — | 27 | 575 | |||||||||||||||||||||||||||||||||||||||||||||
Investment and other income (expense), net | 66 | (24) | — | (37) | 127 | |||||||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | 521 | (8) | (238) | 99 | 668 |
Cover Page |
Nov. 04, 2020 |
---|---|
Cover [Abstract] | |
Entity Registrant Name | QUALCOMM INC/DE |
Entity Central Index Key | 0000804328 |
Amendment Flag | false |
Document Type | 8-K |
Document Period End Date | Nov. 04, 2020 |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 000-19528 |
Entity Tax Identification Number | 95-3685934 |
Entity Address, Address Line One | 5775 Morehouse Drive |
Entity Address, City or Town | San Diego |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 92121 |
City Area Code | 858 |
Local Phone Number | 587-1121 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, $0.0001 par value |
Trading Symbol | QCOM |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
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