8-KOther Events

QUALCOMM INC/DE 8-K Report (Apr 23, 2003)

Filed April 23, 2003For Securities:QCOM

Summary

Qualcomm Incorporated (QCOM) filed an 8-K on April 23, 2003, to furnish its second fiscal quarter financial results ended March 30, 2003, via an attached press release (Exhibit 99.1). This filing is notable for its presentation of financial information excluding the QUALCOMM Strategic Initiatives (QSI) segment. The company believes this non-GAAP presentation, which focuses on core operating businesses like QUALCOMM CDMA Technologies (QCT), QUALCOMM Technology Licensing (QTL), and QUALCOMM Wireless and Internet (QWI), provides a more representative measure of ongoing operational and liquidity performance.

Key Highlights

  • 1Filing of an 8-K on April 23, 2003, to report Q2 2003 financial results.
  • 2Financial results provided via an attached press release (Exhibit 99.1).
  • 3Introduction of a non-GAAP financial presentation that excludes the QUALCOMM Strategic Initiatives (QSI) segment.
  • 4Rationale for non-GAAP presentation: to facilitate evaluation of ongoing core operating businesses (QCT, QTL, QWI).
  • 5Company asserts that excluding QSI results, which relate to strategic investments with exit strategies, presents a more representative view of operational and liquidity performance.
  • 6Reconciliations between total QUALCOMM results and results excluding QSI are provided within the press release.
  • 7Chief Financial Officer, William E. Keitel, signed the filing.

Frequently Asked Questions

The primary purpose of this 8-K filing is to report Qualcomm's financial results for its second fiscal quarter ended March 30, 2003, as disclosed in an accompanying press release.

Qualcomm is presenting financial information excluding the QUALCOMM Strategic Initiatives (QSI) segment to offer investors and analysts a clearer view of the performance of its core operating businesses (QCT, QTL, QWI). The company believes QSI results, tied to strategic investments, can fluctuate and may not reflect the ongoing operational performance.

No, Qualcomm explicitly states that the financial information excluding QSI should be considered in addition to, not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Reconciliations between total GAAP results and the non-GAAP results are provided in the press release.

The detailed financial results, including the presentation that excludes the QSI segment and the reconciliation to GAAP, are contained within the press release attached as Exhibit 99.1 to this 8-K filing.