ANALYST MEETING 02-17-00, Part2
This continues the Q&A followed by various items from the presentation or selected from my notes. The quotes are from management
B Slakey, Snaptrack- "The cost to the phone will only be a couple (2) dollars." "This is the 'Find-Me' technology". "The business model is built around licensing". "This works anywhere, not just in open spaces."
"There is a huge potential market with the capability of becoming a standard."
-3100 chip ready in April with a ramping thru the summer
-Snaptrack to get into 3100 ASAP
IJ- "Chipset won't support WAP"
- "Need for WAP will go away"
Royalty questions,
Is there a preference wether WDMA or 2000? "Doesn't matter"
China,
IJ- "Unicom started with a bang!, Manufactures are all over themselves!"
-"They need IPO, but shall move ahead"
-"10M phones this year will be hard to get done, but possible"(he gave an example of another country that got rolling in 2 q's and sounded upbeat)
-"10M per year after that...Very doable"
(some comments from panel during these questions, I think Paul Jacobs)-"Would welcome ongoing competition w/ EDGE", "If they think that's 3G,they might as well call analog 3G!"
-"Very impressed w/ demand, all mfg want in!"
H&Q - Is there a retention pool for employees? (I didn't hear complete answer on this one but let's just say 'increased value of stock options' is my answer! The only reason I mention the question is that at the reception on Wed , this sell-side prick butted in with 1 moronic question and then hung out at the host bar all night!)
Following are randomly pulled from presentation:
*HDTV distributed electronically thru compression w/ 3/4 bit per pixel
*Demand for Mobile and Internet will be major drivers
*1999 = 13% CDMA share of 465m subs,2005 = 30% of 1.8B
*Talking w/ pc mfg's some sort of card(?)
*IJ-"It doesn't take a genius to see that there will be more than 100% penetration rate(more than 1 device per person")
*Q has over 1100 patents or pending, 100 essential to WCDMA
*Sculpizio-"BAM and Sprint doing a good job w/CDMA"
-"Korea is NOT saturated, and then there's Data!"
-"Forward, DoCoMo will rollout CDMA" chart w/est of 10M subs by 12-00
-"China will penetrate faster than any one thinks (w/ 1X)
-"Q very comfortable w/ their IPR portfolio"
-"Very strong balance sheet, $4B cash flow and adding $1B value per year and NO DEBT"
*Thornley-"Completely debt free shortly, pay off final bank loans on QCP shortly"
-"$1.5B cash to be reinvested( by the way, the schedule of Q's investments look good- 400m original investments has grown to 1.8B
ooops! the newborn is calling! |
