QUALCOMM Announces Third Quarter Fiscal 2001 Results
Pro Forma Revenues $640 Million, Pro Forma EPS $.22
SAN DIEGO--(BUSINESS WIRE)--July 26, 2001--
The Company's third quarter fiscal 2001 earnings conference call will be broadcast live on July 26, 2001 beginning at 2:30 p.m. pacific standard time on QUALCOMM's web site at: www.qualcomm.com. This conference call may contain forward-looking financial information. The taped audio replay will be available for five business days. To listen to the replay, U.S. callers may dial (800) 633-8284 and international callers may dial (858) 812-6440. Both U.S. and international callers should use reservation number 18872278.
QUALCOMM Incorporated (NASDAQ: QCOM - news) today reported pro forma revenues in the third quarter of fiscal 2001 of $640 million compared to $714 million in the year ago period and $713 million in the second quarter of fiscal 2001. Pro forma earnings per share were $0.22 in the third quarter of fiscal 2001 compared to $0.27 per share in the year ago period and $0.29 per share in the second quarter of fiscal 2001 (see page 12 for pro forma adjustments). Pro forma earnings differ from reported earnings, which are presented in accordance with generally accepted accounting principles.
``Despite global economic pressures, we expect to grow our revenues and profits in 2002 as second and third generation (2G/3G) CDMA systems are deployed around the world and take an increased share of the worldwide wireless market,'' said Dr. Irwin M. Jacobs, chairman and CEO of QUALCOMM. ``We signed our first three license agreements with Chinese manufacturers during the third quarter and are seeing the initial impact of China Unicom's deployment in China with strong infrastructure chip shipments and orders from several manufacturers. Our chip business (QCT) continues to execute on its product roadmap, staying well ahead of the competition. QCT shipped over two million CDMA2000 1x phone chips in the first nine months of the fiscal year and we expect to ship a cumulative total of six million CDMA2000 1x phone chips by fiscal year-end. During the third quarter, QCT announced that it had sampled the world's first 3G CDMA2000 1x chip to support phones with full multimedia capabilities on schedule. QCT also began sampling the first CDMA2000 1xEV-DO (Data Optimized) phone and infrastructure chips that support data rates up to 2.4 Mbps, all on schedule. Several more products are underway including multi-mode chipsets for CDMA and GSM. QUALCOMM Internet Services (QIS) successfully completed its inaugural BREW developers' conference in May, has signed memoranda of understandings (MOUs) agreements with 11 carriers to date and has begun trial service with KT Freetel in South Korea. With continued investment in R&D, we are laying the groundwork necessary to create technology, products and intellectual property that will enable continued success.''
Pro forma revenues decreased to $640 million in the third quarter of fiscal 2001 from $714 million in the year ago period primarily due to a decrease in business with Globalstar, lower license fees and lower unit shipments of certain integrated circuits and OmniTRACS units. These decreases were partially offset by higher royalties, higher Cell Station Modem (CSM) infrastructure integrated circuit revenues and higher OmniTRACS messaging revenues. Pro forma revenues in the third quarter of fiscal 2001 decreased 10 percent from $713 million in the second quarter of fiscal 2001. This quarter-to-quarter decrease was primarily attributable to lower license fees and royalties from the Company's licensees and lower demand for integrated circuits from the Company's phone manufacturer customers resulting primarily from weakness in the global economy.
Pro forma gross margin for the third quarter of fiscal 2001 was 64 percent compared to 62 percent in the year ago period and 65 percent in the second quarter of fiscal 2001.
Pro forma operating expenses (research and development and selling, general and administrative) for the third quarter of fiscal 2001 were $210 million compared to $153 million in the year ago period and $192 million in the second quarter of fiscal 2001.
Pro forma R&D expenses were $106 million in the third quarter of fiscal 2001 compared to $78 million in the year ago period and $105 million in the second quarter of fiscal 2001. Investments in research and development were primarily associated with new product development to support high-speed wireless Internet access and to enable global roaming through multi-mode, multi-band, multi-network products including cdmaOne, CDMA2000 1x/1xEV-DO, GSM/GPRS, WCDMA and position location technologies.
Pro forma selling, general and administrative expenses were $104 million in the third quarter of fiscal 2001 compared to $75 million in the year ago period and $87 million in the second quarter of fiscal 2001. The increase in SG&A expenses compared to the year ago period and the second quarter of fiscal 2001 was primarily due to increases in bad debt reserves and expanded international business activities in China, Japan, South Korea and Europe, offset by lower legal expenses.
Pro forma investment income was $68 million for the third quarter of fiscal 2001 compared to $64 million in the year ago period and $91 million in the second quarter of fiscal 2001. Net gains on equity investments of $3 million included in investment income in the third quarter of fiscal 2001 compared to a net loss of $3 million in the year ago period and a net gain of $10 million in the second quarter of 2001. Interest income was $66 million in the third quarter of fiscal 2001 compared to $69 million in the year ago period and $71 million in the second quarter of fiscal 2001.
The Company's pro forma annual effective income tax rate for fiscal 2001 is estimated to be 35 percent compared to 37 percent for fiscal 2000 due to lower taxes related to earnings outside of the United States.
Reported revenues for the third quarter of fiscal 2001 were $640 million compared to $714 million in the year ago period and $713 million in the second quarter of fiscal 2001. Reported net loss was $275 million in the third quarter of fiscal 2001 compared to a net earnings of $155 million in the year ago period and net earnings of $149 million in the second quarter of fiscal 2001. Reported net loss of $275 million in the third quarter of fiscal 2001 included $241 million in pre-tax charges related to the Company's investment in the Vesper Companies (see below) and $185 million in income tax expense. The rules that govern accounting for income taxes (APB 28 and FIN 18) require companies to record tax expense using an estimate of the tax rate for the year. In the second quarter of fiscal 2001, the Company's estimated tax rate on losses in the first six months of fiscal 2001 was 45 percent compared to the current estimate of negative 3 percent for fiscal 2001. This change results in a disproportionately higher tax expense for the third quarter of fiscal 2001, but the Company expects a low tax expense for the fourth quarter of fiscal 2001. QUALCOMM continues to add to its tax loss carry forward benefits as a result of tax deductions from non-qualified stock option exercises.
In January 1999, the Company made an initial investment in Vesper Holding S.A. and Vesper Sao Paulo S.A. (the Vesper Companies). The Vesper Companies were formed by a consortium of investors to provide wireless and wireline telephone services in the northern region and in the Sao Paulo state of Brazil. In December 2000, the Company executed a Term Loan Agreement with VeloCom, Inc. (VeloCom), an investor in the Vesper Companies. In May 2001, negotiations between the Vesper Companies' shareholders and potential new investors were terminated. As a result, the Company has reassessed the recoverability of its assets related to the Vesper Companies and VeloCom. During the three months ended July 1, 2001, the Company recorded total charges of $241 million to establish additional reserves against certain Vesper-related assets (excluded from pro forma earnings). After these charges, the Company has approximately $120 million in net assets remaining related to the Vesper Companies. QUALCOMM continues to believe that Brazil is a very important market, and that the Vesper Companies will be able to restructure their businesses successfully and develop new sources of capital. For these reasons, QUALCOMM is considering participation in new financing and capital restructuring, as well as assisting in the search for additional strategic partners, for the Vesper Companies.
Business Outlook
The following statements are forward-looking and actual results may differ materially. Please see page 11 of this press release for a description of certain risk factors and QUALCOMM's quarterly reports on file with the Securities and Exchange Commission (SEC) for a more complete description of risks. In response to SEC Regulation FD (Fair Disclosure), the Company disseminates its quarterly business outlook, based on current expectations, in conjunction with its quarterly earnings release and conference call. The Company will not provide further material guidance on analysts' financial models beyond the information provided in its quarterly earnings release and conference call.
Fourth Quarter Fiscal 2001
Pro Forma Revenues and Earnings Per Share - Based on the current business outlook, the Company expects pro forma revenues to increase by approximately 10 percent compared to the third quarter of fiscal 2001. The Company expects pro forma earnings per share to be approximately $0.25 in the fourth quarter of fiscal 2001. Compared to the third quarter of fiscal 2001, this estimate assumes moderately lower shipments of Mobile Station Modem (MSM) phone integrated circuits; continued strong shipments of CSM infrastructure integrated circuits; increased license fees; and decreased investment income resulting from lower interest income due to lower interest rates.
Integrated Circuit Shipments - The Company expects continued progress in CDMA network deployment in China as well as CDMA2000 1x upgrades in Asia and North America, resulting in continued strong shipments of CSM infrastructure integrated circuits in the fourth quarter of fiscal 2001. Due to continued economic weakness, the Company expects MSM phone integrated circuit shipments in the fourth quarter of fiscal 2001 to be moderately lower than the 14 million units shipped in the third quarter of fiscal 2001. The Company expects to ship approximately four million 3G CDMA2000 1x MSM phone integrated circuits in the fourth quarter of fiscal 2001, bringing the cumulative total to six million 3G units shipped during fiscal 2001.
Fiscal 2001
Based on the current business outlook, QUALCOMM expects pro forma earnings per share for fiscal 2001 to be approximately $1.04 including an expected net loss of $0.07 per share related to the Company's business with Globalstar. This estimate is based on 75 million CDMA phones sold in calendar 2001 and a 15 percent annual decrease in average selling prices of CDMA phones, upon which royalties are calculated.
Fiscal 2002
As is customary, QUALCOMM will provide its fiscal 2002 business outlook as part of its fourth quarter and fiscal year end earnings report on November 2, 2001. With the selection of CDMA as the industry's technology of choice for third generation systems, the fiscal 2002 outlook for the Company's 2G and 3G CDMA technology and product offerings continue to remain quite positive. The Company expects that its licensing and royalty business will continue to grow and its integrated circuit and system software business, QUALCOMM CDMA Technologies, will continue to enjoy an industry-leading market share as CDMA2000 1x networks are deployed and the proportion of CDMA2000 1x-capable wireless devices increases. QUALCOMM's Internet Services (BREW) is expected to begin generating revenues in fiscal 2002 as wireless carriers begin offering BREW applications on their CDMA2000 1x networks. Further, the Company anticipates that sales of its OmniTRACS system and related products will improve as the U.S. economy recovers.
Cash Flow
QUALCOMM's cash, cash equivalents and marketable debt securities totaled approximately $2.1 billion at the end of the third quarter of fiscal 2001. The following table presents selected cash flow information, including cash equivalents and marketable debt securities, for the third quarter and first nine months of fiscal 2001 (in millions):
Selected Cash Flow Information Third Quarter Nine Months
------------------------------
Fiscal 2001 Fiscal 2001
----------------- ---------------
Earnings before taxes, depreciation,
amortization and asset impairments $ 278 $ 927
Working capital changes and taxes paid (98) (153)
Additional share capital 37 110
----------------- ---------------
Net cash inflows 217 884
Strategic investments, financing and
capital expenditures (296) (907)
----------------- ---------------
Net cash used (79) (23)
Increase in fair value of marketable
debt securities 1 6
Net decrease in cash, cash equivalents
and marketable ----------------- ---------------
debt securities $ (78) $ (17)
================= ===============
Pro Forma Results of Business Segments
The following tables present pro forma segment information (in
thousands):
Third Quarter - Fiscal Year 2001
Reconciling Total
Segments QCT QTL QWS (1) Items (2) QUALCOMM
Revenues 333,274 170,083 104,695 31,975 640,027
Change from prior
quarter (8%) (26%) 11% N/M (10%)
Change from prior year (1%) (2%) (37%) N/M (10%)
Earnings before taxes 70,686 142,844 30,116 24,617 268,263
% of revenues 21% 84% 29% N/M 42%
Change from prior
quarter (16%) (32%) 68% N/M (25%)
Change from prior year (35%) (6%) (54%) N/M (24%)
Second Quarter - Fiscal Year 2001
Reconciling Total
Segments QCT QTL QWS (1) Items (2) QUALCOMM
Revenues 363,741 229,456 94,613 25,445 713,255
Earnings before taxes 84,574 210,473 17,896 44,960 357,903
% of revenues 23% 92% 19% N/M 50%
Third Quarter - Fiscal Year 2000
Reconciling Total
Segments QCT QTL QWS Items (2) QUALCOMM
Revenues 338,132 174,245 167,184 33,960 713,521
Earnings before
taxes 109,573 152,384 65,129 24,653 351,739
% of revenues 32% 87% 39% N/M 49%
Nine Months - Fiscal Year 2001
Reconciling Total
Segments QCT QTL QWS(1) Items (2) QUALCOMM
Revenues 1,027,069 623,021 292,149 95,064 2,037,303
Change from prior
year 6% 20% (49%) N/M (4%)
Earnings before
taxes 239,031 564,114 55,882 123,443 982,470
% of revenues 23% 91% 19% N/M 48%
Change from prior year (27%) 21% (74%) N/M (4%)
Nine Months - Fiscal Year 2000
Reconciling Total
Segments QCT QTL QWS Items (2) QUALCOMM
Revenues 969,713 519,442 570,450 66,364 2,125,969
Earnings before
taxes 327,240 465,397 214,310 16,522 1,023,469
% of revenues 34% 90% 38% N/M 48%
(1) The Company decided to not recognize revenues on business with Globalstar before cash is received starting in the first quarter of fiscal 2001.
(2) Reconciling Items related to revenues consist primarily of other non-reportable segment revenues less intersegment eliminations. Reconciling Items related to earnings before taxes consist primarily of impairment and other charges that are not allocated to the segments for management reporting purposes, unallocated net investment income, non-reportable segment results, interest expense and the elimination of intercompany profit.
N/M - Not Meaningful
Business Segments - Third Quarter Fiscal 2001
QUALCOMM Technology Licensing (QTL)
Signed the Company's first three commercial license agreements with Chinese manufacturers, as follows: a subscriber unit license agreement with ZTE Corporation and infrastructure license agreements with ZTE Corporation and Great Dragon Information Technology Corporation, Ltd. In all three cases, the license agreements cover cdmaOne and CDMA2000 products.
Signed a total of three license agreements during the third quarter of fiscal 2001, consisting of two new companies and one extension to an existing license agreement, resulting in one new WCDMA subscriber licensee. Subsequent to the end of the third quarter of fiscal 2001, the Company signed an infrastructure and subscriber license with Nokia covering all forms of second- and third-generation CDMA standards.
Operating margin as a percentage of revenues in the QTL segment declined to 84 percent in the third quarter of fiscal 2001 due to higher expenses principally caused by increased bad debt reserves.
QUALCOMM CDMA Technologies (QCT)
Shipped CSM infrastructure integrated circuits to support approximately five million equivalent voice channels in the first nine months of fiscal 2001, compared to approximately two million equivalent voice channels for the first nine months of fiscal 2000. Shipments of CSM equivalent voice channels nearly tripled from the second quarter of fiscal 2001 to the third quarter of fiscal 2001.
Shipped approximately 14 million MSM phone integrated circuits to customers worldwide during the third quarter of fiscal 2001 compared to approximately 15 million units in the year ago period and approximately 16 million units in the second quarter of fiscal 2001. Cumulative shipments of MSM phone integrated circuits were approximately 163 million and total cumulative integrated circuit shipments exceeded 485 million units.
Shipped more than two million 3G CDMA2000 1x MSM phone integrated circuits during the first nine months of fiscal 2001.
Announced on-time sample shipments of the MSM5100 integrated circuit and system software, the world's first 3G CDMA2000 1x solution with advanced position location capabilities and support for data rates of up to 307 kbps. Also shipped on-time samples of the MSM5500 and CSM5500 integrated circuits, the world's first 1xEV-DO handset and infrastructure solutions supporting data rates of up to 2.4 Mbps.
Announced SnapTrack wireless location server agreement with NEOLINK Technologies.
QUALCOMM Wireless Systems (QWS)
Shipped approximately 11,000 OmniTRACS units and related products in the third quarter of fiscal 2001, compared to 14,000 units during the year ago quarter, for a cumulative total of over 392,000 units. Lower volumes of OmniTRACS unit shipments in the third quarter of fiscal 2001 primarily resulted from U.S. economic conditions affecting the domestic long-haul trucking industry.
Signed an agreement with Swift Transportation, one of the nation's largest truckload motor carriers, to deploy QUALCOMM's untethered TrailerTRACS asset management system units across its entire fleet.
Announced the formation of a wireless heavy equipment consortium to establish wireless communications standardization. Signed agreements with Komatsu America International Company, a global construction equipment leader, United Rentals, the world's largest equipment rental company, and Terex, a global leader in earthmoving and lifting equipment, to join the consortium.
Signed an agreement with EarthKing to distribute QUALCOMM's heavy equipment asset tracking products and services for installation on mining and construction equipment.
Other Business Developments
QUALCOMM Internet Services (QIS)
Announced public trials of BREW-enabled services by South Korean wireless carrier KT Freetel. Signed MOU agreements with a total of 11 carriers to date to support BREW including: ALLTEL (U.S.), Bell Mobility (Canada), LG Telecom Ltd. (So. Korea) Leap (U.S.), KDDI (Japan), KTF (So. Korea), Movicom (Argentina), Pegaso (Mexico), Telecom New Zealand, Telesp (Brazil) and Verizon (U.S.).
Signed MOU agreements to support BREW with a total of 12 device manufacturers including: Airprime, Appeal, Cyberlane Inc., Denso of America and Denso of Japan, eAnywhere Tech Inc., Hyundai, Kyocera, LG Electronics Inc., PC-Ephone, Samsung and Telson Electronics.
Attracted more than 800 wireless application developers, device manufacturers, carriers and other wireless industry professionals from around the world to QUALCOMM's inaugural BREW developers' conference.
Released commercial software developers' kit, SDK version 1.0, on schedule. To date there have been more than 2,600 SDK downloads.
Announced an agreement with VeriSign, the leading provider of Internet trust services, to integrate VeriSign's enhanced code-signing service to ensure that BREW platform developers are authenticated.
Announced that Insignia Solutions is offering Jeode ``Sun Authorized Virtual Machine'' Technologies for the BREW platform.
Announced that QUALCOMM and HP demonstrated a complementary technology with the rapid integration of HP's MicroChaiVM to the BREW platform.
QUALCOMM Digital Media (QDM)
Delivered pre-commercial Digital Cinema products to motion picture studios, exhibitors and test bed facilities for customer evaluation. During the third quarter, QDM began testing and integration of Digital Cinema Systems.
QUALCOMM Incorporated (www.qualcomm.com) is a leader in developing and delivering innovative digital wireless communications products and services based on the Company's CDMA digital technology. The Company's business areas include integrated circuits and system software; technology licensing; Eudora® email software for Windows® and Macintosh® computing platforms; satellite-based systems including portions of the Globalstar(TM) system and wireless fleet management systems, OmniTRACS® and OmniExpress(TM). QUALCOMM owns patents that are essential to all of the CDMA wireless telecommunications standards that have been adopted or proposed for adoption by standards-setting bodies worldwide. QUALCOMM has licensed its essential CDMA patent portfolio to more than 100 telecommunications equipment manufacturers worldwide. Headquartered in San Diego, Calif., QUALCOMM is included in the S&P 500 Index and is a 2001 FORTUNE 500® company traded on The Nasdaq Stock Market® under the ticker symbol QCOM.
Except for the historical information contained herein, this news release contains forward-looking statements that are subject to risks and uncertainties. Actual results may differ substantially from those referred to herein due to a number of factors, including but not limited to risks associated with: changing global economic conditions, particularly in the telecommunications and Internet-related industries and the resulting uncertainty in forecasting future results; timing and receipt of license fees and royalties; integrated circuit inventory and order levels; the Company's ability to execute additional 3G licenses; the scale-up, acceptance and operations of CDMA systems, including CDMA2000 1xEV-DO and systems in new markets such as China and India; the ability to sustain or improve operational efficiency and profitability; the continued operation of the Globalstar system; decreases in the rate of growth in CDMA-based wireless data and Internet access or the CDMA subscriber population; strategic investments, acquisitions or divestitures the Company has or may pursue, including investments in the Vesper Companies; the potential that the Company gains significant influence through a strategic investment that results in the Company recognizing losses under the equity accounting method; changes in the fair values of marketable securities and derivative instruments held; electricity outages or rolling blackouts; the development, deployment and commercial acceptance of evolving CDMA technology standards; developments in current or future litigation; customer receivables and performance guarantees; component shortages; and international business activities, as well as the other risks detailed from time to time in the Company's SEC reports.
QUALCOMM, OmniTRACS and Eudora are registered trademarks of QUALCOMM Incorporated. MSM, CSM, radioOne and TruckMAIL are trademarks of QUALCOMM Incorporated. Globalstar is a trademark of Loral QUALCOMM Satellite Services, Incorporated. All other trademarks are the property of their respective manufacturers.
QUALCOMM Incorporated
PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF INCOME
THIS SCHEDULE IS TO ASSIST THE READER IN RECONCILING FROM
THE REPORTED RESULTS TO THE PRO FORMA RESULTS
(In thousands, except per share data)
(Unaudited)
Three Months Ended
----------------------------------------------------------
July 1, July 1, June 25, %
2001 2001 2000
Reported Adjustments Pro Forma Pro Forma Change
----------------------------------------------------------
Revenues $ 640,027 $ -- $ 640,027 $ 713,521 (10%)
--------- --------- --------- ---------
Operating expenses:
Cost of
revenues 232,870 (3,361) (a)(b) 229,509 272,475 (16%)
(c)(d)
Research and devel-
opment 107,414 (1,078) (a) 106,336 78,024 36%
Selling, general and admin-
istrative 104,175 (620) (a)(d)(c) 103,555 75,123 38%
Amortization of goodwill and
other acquisition-related intangible
assets 65,100 (65,100) (b) -- --
Asset impairment and related
charges 31,104 (31,104) (c)(f) -- --
Other (5,855) 5,855 (g) -- --
--------- --------- --------- ---------
Total operating
expenses 534,808 (95,408) 439,400 425,622 3%
--------- --------- --------- ---------
Operating
income 105,219 95,408 200,627 287,899 (30%)
Interest
expense 16 (255) (g) (239) (608) (61%)
Investment (expense) income,
net (75,455) 143,330 (f)(h) 67,875 64,448 5%
Distributions on Trust
Convertible
Preferred Securities of subsidiary
trust -- -- -- --
Other asset impairment
charges (119,862) 119,862 (f) -- --
--------- --------- --------- ---------
(Loss) income before income
taxes (90,082) 358,345 268,263 351,739 (24%)
Income tax
expense (184,654) 90,762 (93,892) (133,661) (30%)
--------- --------- --------- ---------
Net (loss)
income $(274,736) $ 449,107 $ 174,371 $ 218,078 (20%)
========= ========= ========= =========
Net (loss) earnings per common share:
Diluted $ (0.36) $ 0.22 $ 0.27 (20%)
========= ========= =========
Shares used in per share calculations:
Diluted 758,050 48,852 (i) 806,902 805,507
========= ========= ========= =========
The Company generally excludes from pro forma results certain non-operating items and unrealized changes or impairments in the fair value of assets. Such items are included in pro forma results if they are related to ongoing business operations or when assets are sold and a gain or loss is realized on the sale.
(a) Excludes employer payroll taxes payable for employee income from
non-qualified stock option exercises, as follows: $0.7 million in
cost of revenues, $1.1 million in R&D expenses and $0.5 million in
SG&A expenses.
(b) Excludes the amortization of goodwill and other
acquisition-related intangible assets associated with the purchase
of SnapTrack and other acquisitions, as follows: $0.5 million in
cost of revenues and $65.1 million in amortization of goodwill and
other acquisition-related intangible assets.
(c) Excludes certain charges and credits related to the Globalstar
business, as follows: $3.8 million net charges in cost of revenues
and $0.7 million in credits related to the reduction of reserves
in asset impairment and related charges.
(d) Excludes certain credits related to the reduction of reserves
established in connection with the sale of the terrestrial-based
CDMA wireless infrastructure business, as follows: $1.7 million in
cost of revenues and $0.4 million in SG&A credits.
(e) Excludes $0.5 million in SG&A in employee termination charges.
(f) Excludes certain asset impairment and other charges related to the
Vesper Companies and VeloCom, as follows: $31.8 million in asset
impairment and related charges, $89.0 million in investment
expense and $119.9 million in other non-operating expenses.
(g) Excludes credits related to a clarification of a prior arbitration
decision against the Company, as follows: $5.9 million in other
operating expenses and $0.3 million in interest expense.
(h) Excludes $22.0 million in unrealized other than temporary losses
on other investments, $32.8 million in unrealized losses on
derivative instruments, and $0.5 million in net realized gain on
an investment resulting from the impairment of its cost basis in
prior periods.
(i) The diluted share base used for the reported results excludes the
potential dilutive effect of 48.9 million common share equivalents
related to outstanding stock options, calculated using the
treasury stock method, as these shares are anti-dilutive. For pro
forma results, these shares are dilutive and are, therefore,
included in the pro forma per share calculation.
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