What is the main purpose of this 8-K filing?

The primary purpose of this 8-K filing is to announce QUALCOMM's financial results for its third fiscal quarter ended June 27, 2004, and to attach the press release containing these results.

Why is QUALCOMM presenting financial information excluding the QSI segment?

QUALCOMM is excluding the QUALCOMM Strategic Initiatives (QSI) segment to provide investors and analysts with a clearer view of its core operating businesses (QCT, QTL, QWI). QSI involves strategic investments with varying exit strategies, and their financial impact can obscure the performance of the company's ongoing operations.

How does the non-GAAP cash flow presentation differ from GAAP, and why is it important?

The non-GAAP cash flow presentation excludes the QSI segment and includes marketable securities. Management views certain marketable securities as liquid assets that can be used to fund operations, even though they don't meet the strict definition of cash equivalents under GAAP. This non-GAAP view is intended to provide a more representative measure of the company's liquidity.

Where can investors find the detailed financial results and reconciliations?

Detailed financial results, including both GAAP and non-GAAP figures (excluding QSI), as well as reconciliations between the two, are available in the press release attached as Exhibit 99.1 to this 8-K filing.

QCOM 8-K SEC Disclosure

Summary

QUALCOMM Incorporated (QCOM) filed an 8-K on July 21, 2004, to announce its financial results for the third fiscal quarter ended June 27, 2004. The report primarily serves to attach a press release containing these results, which are presented on both a GAAP and a non-GAAP basis. A key focus of the filing is the company's decision to present financial information excluding the QUALCOMM Strategic Initiatives (QSI) segment. This non-GAAP presentation is intended to offer investors and analysts a clearer view of the ongoing core operating businesses, such as QUALCOMM CDMA Technologies (QCT), QUALCOMM Technology Licensing (QTL), and QUALCOMM Wireless and Internet (QWI), by excluding the impact of strategic investments with varying exit strategies. The company also provides a non-GAAP view of its cash flow, which includes marketable securities and excludes QSI. This approach aims to better reflect the company's liquidity by considering certain marketable securities as readily available funds for operations, despite not meeting the strict definition of cash equivalents under GAAP. Investors are advised to consider these non-GAAP measures alongside, but not as a replacement for, standard GAAP financial reporting.

Key Highlights

1QCOM released its third fiscal quarter financial results for the period ending June 27, 2004, via an 8-K filing on July 21, 2004.
2The press release attached to the filing presents financial results on both Generally Accepted Accounting Principles (GAAP) and non-GAAP bases.
3A significant portion of the filing focuses on the company's non-GAAP reporting which excludes the QUALCOMM Strategic Initiatives (QSI) segment.
4This exclusion of QSI is intended to provide a more representative view of the performance of QCOM's core operating businesses (QCT, QTL, QWI).
5The company also presented a non-GAAP cash flow view that includes marketable securities and excludes QSI to highlight liquidity.
6Management believes this non-GAAP cash flow presentation better reflects the company's ability to access liquid assets for operations.
7Reconciliations between GAAP and non-GAAP figures (both for financial results and cash flow) are provided in the attached press release.

QUALCOMM INC/DE 8-K Report (Jul 21, 2004)

Summary

Key Highlights

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