Qualcomm 2005 Annual Report - 2005 Annual Report

Consolidated Statements of Operations

Consolidated Statements of Cash Flows

Consolidated Statements of Stockholders’ Equity

Notes to Consolidated Financial Statements

Financial Highlights Notes and Safe Harbor Statement

Note Regarding Use of Non-GAAP Financial Measures

Reconciliation of Non-GAAP Financial Measures

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Financial Highlights Notes
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⁽¹⁾	During fiscal 2004, the Company sold its consolidated subsidiaries, the Vésper Operating Companies and TowerCo, and returned personal mobile service (SMP) licenses to Anatel, the telecommunications regulatory agency in Brazil. The results of operations including gains and losses realized on the sales transactions and the SMP licenses, are presented as discontinued operations. As such, Revenue, Gross Margin and Free Cash Flow results presented do not include the results from these discontinued operations.
⁽²⁾	The Company effected a two-for-one stock split in August 2004. All references to share amounts have been restated to reflect the stock split.
⁽³⁾	See “Note Regarding Use of Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP Financial Measures.”
⁽⁴⁾	Free Cash Flow is calculated as cash flow from operations less capital expenditures, both of which are presented in the GAAP statement of cash flows.
⁽⁵⁾	In the fourth quarter of fiscal 2004, the Company adopted a new method of recording royalties, based solely on reports received from licensees for royalty bearing sales of equipment in the prior quarter. Under the prior method of recording royalties, the Company recorded an estimate of earned royalties for certain licensees in the quarter preceding its receipt of licensee reports. This change was made on a prospective basis in the fourth quarter of fiscal 2004 and as a result, GAAP results for fiscal 2004 reflect only partial economic performance of the Company’s licensing business as royalty revenue that would have been recognized in the fourth quarter of fiscal 2004 was recognized in the first quarter of fiscal 2005.

Safe Harbor Statement
In addition to the historical information contained herein, this annual report 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: the rate of development, deployment and commercial acceptance of CDMA-based networks and CDMA-based technology, including CDMA2000 1X and WCDMA (UMTS), both domestically and internationally; growth of the wireless industry; our dependence on major customers and licensees, fluctuations in the demand for CDMA-based products, services or applications; foreign currency fluctuations; strategic loans, investments and transactions the Company has or may pursue; dependence on third-party manufacturers and suppliers; our ability to maintain and improve operational efficiencies and profitability; the Flarion acquisition; the development of FLO technology, the MDS and related equipment; the ability of MediaFLO USA to establish the necessary partnerships and deliver in a timely manner the intended services; developments in current and future litigation as well as other risks detailed from time-to-time in the Company’s SEC reports.

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