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To: Eric L who wrote (48740)	11/9/2001 10:08:10 AM
From: slacker711	Respond to of 54805

Now available for rebroadcast if you have 5 hours to spare. I'm not sure that it is worth the entire five hours, but at the very least, the presentations are a must down-load. I will probably try and post some highlights later today.... 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 think I will leave it to others to decide weather this will truly clean up their earnings. Their is still going to be a substantial difference between pro-forma and GAAP earnings. What I like is the fact that they have standardized their reporting. They can no longer pick and choose between investment gains and losses to include in pro-forma (they are all excluded). It will make the earnings report easier to read....but I probably disagree with the thought process that attempts to label their investment gains as not being on-going. I think that a FCF is going to be needed to be done on Qualcomm going forward. They are also going to pick up quite a bit of revenue going forward due to their implementation of SAB101. This was cash that was received in prior quarters (now removed from their earnings history) that will provide a positive boost to earnings/revenue in '03 and beyond. Slacker

To: Eric L who wrote (48740)	11/9/2001 10:17:48 AM
From: Mike Buckley	Read Replies (1) \| Respond to of 54805

Eric (or Slacker if you're still following this thread), 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 saw Slacker's and cfoe's comments about that and was confused. The more Qualcomm continues to change the way they account for stuff, the harder it becomes to make year-over-year comparisons. As far as I can tell, the change is just a different choice the company is making as to how it defines pro forma, which in my mind doesn't "clean up" anything. Any clarifications anyone can make about that for me would be greatly appreciated. Don't forget that a year from now there will be yet another change when the company begins incorporating the new FASB regulations regarding treatment of goodwill. --Mike Buckley