(I posted this on the Moderated thread last night.)
RE: Some interesting numbers from QTL proforma expenses by quarter.
As a result of an interaction with Khan (ljk) about QTL
Earnings Before Taxes in the current Q2, I compared QTL’s
EBT of the past five quarters and found some things I
cannot explain.
Here are the numbers:
QTR Expense $ Expense % of Revenue
FY00-1 14,995 8.4%
FY00-2 17,230 10.3%
FY00-3 21,861 12.5%
FY00-4 18,102 9.7%
FY01-1 12,865 5.7%
First thing I noticed is that there seems to be some sort
of “seasonality” with the 1st quarter being lower than the
others. I wonder whether this is real, or just a
coincidence? We should find out something from the
current quarter’s numbers.
More striking to me though is how the total expenses
declined in FY01-Q1 from the average for FY00-Q2-Q4. I
checked back to FY-99 and the QTL expenses were consistent
for all four quarters – ranging from a low of $11,542M in
Q4 to $13,200 in Q3, a lot narrower range than the above
numbers for FY00-01.
Another question I have is what happened during FY00 to
have QTL expenses spike as they did? Does this relate to
the various IP lawsuits that QCOM recently won, a spike in
licensing activity, or legal fees spent to rework the
license agreements?
Finally, can we use FY-01 Q1’s expenses as a guide to the
rest of the fiscal year? Why the answer to this is
important is it could mean an additional two to three cents
added to EPS this year.
Anyone want to speculate on what, if anything, all of this
means? |
