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Strategies & Market Trends : Gorilla and King Portfolio Candidates
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To: Uncle Frank who wrote (54408)10/8/2003 1:08:07 PM
From: Mike Buckley  Read Replies (1) of 54805
 
Frank,

But the rub is cash flow, which is repeatedly hammered by investment losses.... I imagine qcom will change it's primary focus from promoting technology to ROI at some point over the 2-7 year period you specified, but it probably won't be until Dr. J retires.

I'm really surprised to see you say that. Management has been telling us for quite awhile that QSI investments will decrease and that cash flow should be positively impacted. Indeed, both seem to be happening. I'm not going to take the time to look up QSI investments, but my records indicate that free cash flow increased 43% in FY02. Free cash flow in the first nine months of FY03 has already exceeded 12-month production in FY02 by 29%. During those nine months, every dollar of revenue generated $0.35 of free cash flow.

--Mike Buckley
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