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To: Mike Buckley who wrote (48729)	11/9/2001 1:08:19 AM
From: Uncle Frank	Read Replies (2) \| Respond to of 54805

Thanks for the interesting insights, Mike. I'd nominate it for a cool post, but SI has discontinued that feature. I'll nominate it on tekboy's Anointing Thread anyway. $1.2B in fcf sounds impressive. Do you happen to have their 5 year actuals so we can quantify the trend? uf

To: Mike Buckley who wrote (48729)	11/9/2001 9:36:56 AM
From: Eric L	Read Replies (2) \| Respond to of 54805

re: Qualcomm Fall 2001 Investment Community Meeting (November 8, 2001) Now available for rebroadcast if you have 5 hours to spare. qualcomm.com << Qualcomm's conference call relating to its earnings report. My impression of the call is different from those I remember expressed here. >> Having done a 2nd listen, I stand by my original comments but I appreciate yours in return. I was wondering if others reacted the way I did to the style, manner, and resulting impact of the presentation and I'm glad some did not. Obviously the prompt detailed follow on with analysts is important and I'm expecting a good showing. As I commented earlier, Qualcomm has always done a highly credible job with the financial communitty. From comments Slacker (who listened to the analysts webcast) made yesterday they may be cleaning up the GAAP v. Pro Forma "Financial Engineering" I've been moaning about. I also whined about the lack of slides in the earnings CC. They have made up for that with over 20 MB of slides available (twice the size of my XT's original hard disk). Knowing your patience level, I'd suggest downloading to disk in the background. <g> Welcome & Introduction and Strategic Overview Julie Cunningham - Sr. Vice President, Investor Relations Dr. Irwin Jacobs - Chairman and Chief Executive Officer PDF Format - 5.5M Operations Overview & Investments Tony Thornley - Chief Operating Officer and Chief Financial Officer PDF Format - 1.3M Financial Overview William Keitel - Sr. Vice President, Finance PDF Format - 488K Global Business Development Jeff Jacobs - President, Global Business Development PDF Format - 996K Technology Licensing Steve Altman - President, Technology Alliances PDF Format - 691K CDMA Technologies Group Don Schrock - President, CDMA Technologies Group PDF Format - 3.4M Wireless & Internet Group Dr. Paul Jacobs - President, Wireless and Internet Group PDF Format - 10.4M ### - Eric -

To: Mike Buckley who wrote (48729)	11/9/2001 10:13:29 AM
From: Judith Williams	Read Replies (2) \| Respond to of 54805

Mike-- time to listen to the conference call I listened to it twice. And still believe that Thornley is jv league in terms of being able to do the job. Sulpizio may have been too much of a cheerleader, but he was on top of things. Thornley just doesn't have it and badly mishandled the information flow. In retrospect, Thornley's performance may be more inability than deception. The effect of his missteps was not only to give investors a jolt, but to take focus away from the real business and what is going on. Judging from the GS call on the analysts meeting held yesterday in San Diego, that meeting had the focus the conference call should have had and did not get bogged down in explaining away accounting treatments. Momentum in CDMA 1X deployment is building, for example. Figures for Korea are up 41% MOM for October. And Qcom expects 50% of the 85 to 95 million phones shipped to be CDMA based. Judith

To: Mike Buckley who wrote (48729)	11/9/2001 11:31:32 AM
From: Bruce Brown	Respond to of 54805

Good post, Mike. It served as a well balanced reminder to all investors that taking the time to listen and interpret a conference call is something each of us should do on our own for each holding. BB

To: Mike Buckley who wrote (48729)	11/9/2001 12:01:26 PM
From: JustLearning	Read Replies (2) \| Respond to of 54805

Mike: I have a somewhat different view of the implementation of the changes to the way license fees are recognized. I think Thornley wanted to wait as long as possible for visibility of growth in chip/royalty business, before implementing the changes. Over the past year, they have used licensed revenue to make up for lower growth rates in chip/royalty portion of the business. I interpret this to mean that Thornley is now confident that chip/royalty revenues are going to take off and make up for the lost revenue in licensing (due to the recognition being spread over 6 years). I wonder if they will re-publish QTL results for the last two years, assuming that this policy was in effect, so that comparison would be more meaningful. Overall, this is a good idea to smoothen license fee recognition over many years. JMHO...