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Technology Stocks : Qualcomm Incorporated (QCOM) -- Ignore unavailable to you. Want to Upgrade?

To: seahorse who wrote (96216)	3/27/2001 10:42:07 AM
From: T L Comiskey	Read Replies (2) \| Respond to of 152472

Borrowed from Greg M's thread T <<08:58 ET QUALCOMM (QCOM) 56 5/8: -- Update -- Wall St Journal online reporting that China Unicom (CHU) will spend 20 bln yuan, or $2.42 bln, to build out its CDMA network by 2002; in mid-February a CHU executive cited a figure of $1.8 bln>>

To: seahorse who wrote (96216)	3/27/2001 11:31:11 AM
From: cfoe	Read Replies (2) \| Respond to of 152472

(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?