Qualcomm Files 2024 10-K Annual Report

TL;DR

QCOM 2024 10-K filed. Full year financials and biz outlook out.

AI Summary

Qualcomm Inc. filed its 10-K for the fiscal year ending September 29, 2024, reporting on its financial performance and business operations. The company, headquartered in San Diego, CA, operates in the radio & TV broadcasting & communications equipment sector. Key financial details and business strategies are outlined in this comprehensive annual report.

Why It Matters

This filing provides investors and analysts with a detailed overview of Qualcomm's financial health, strategic direction, and potential risks for the past fiscal year, influencing investment decisions.

Risk Assessment

Risk Level: medium — Annual 10-K filings inherently carry medium risk due to the comprehensive nature of financial reporting and potential for disclosed risks.

Key Numbers

• 20240929 — Fiscal Year End (The reporting period covered by the 10-K.)
• 000-19528 — SEC File Number (The SEC's identifier for Qualcomm's filings.)

Key Players & Entities

• QUALCOMM INC/DE (company) — Filer
• Cristiano Amon (person) — Mentioned in relation to board member activities and arrangements
• 20240929 (date) — Fiscal year end
• 5775 Morehouse Dr, San Diego, CA 92121 (location) — Company business and mailing address

FAQ

Key Financial Figures

• $0.0001 — ange on Which Registered Common stock, $0.0001 par value QCOM The Nasdaq Stock Market

Filing Documents

• qcom-20240929.htm (10-K) — 1899KB
• qcom092924ex1012.htm (EX-10.12) — 177KB
• qcom092924ex1013.htm (EX-10.13) — 118KB
• qcom092924ex1021.htm (EX-10.21) — 31KB
• qcom092924ex19.htm (EX-19) — 89KB
• qcom092924ex21.htm (EX-21) — 6KB
• qcom092924ex231.htm (EX-23.1) — 2KB
• qcom092924ex311.htm (EX-31.1) — 10KB
• qcom092924ex312.htm (EX-31.2) — 10KB
• qcom092924ex321.htm (EX-32.1) — 5KB
• qcom092924ex322.htm (EX-32.2) — 5KB
• qcom-20240929_g1.jpg (GRAPHIC) — 119KB
• 0000804328-24-000075.txt ( ) — 10754KB
• qcom-20240929.xsd (EX-101.SCH) — 46KB
• qcom-20240929_cal.xml (EX-101.CAL) — 90KB
• qcom-20240929_def.xml (EX-101.DEF) — 308KB
• qcom-20240929_lab.xml (EX-101.LAB) — 885KB
• qcom-20240929_pre.xml (EX-101.PRE) — 566KB
• qcom-20240929_htm.xml (XML) — 1496KB

Business

Business 6 Item 1A.

Risk Factors

Risk Factors 18 Item 1B. Unresolved Staff Comments 36 Item 1C. Cybersecurity 37 Item 2.

Properties

Properties 38 Item 3.

Legal Proceedings

Legal Proceedings 38 Item 4. Mine Safety Disclosures 38 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 39 Item 6. (Reserved) 40 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 40 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 48 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 49 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 49 Item 9A.

Controls and Procedures

Controls and Procedures 49 Item 9B. Other Information 50

C

Item 9 C . Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 50 PART III Item 10. Directors, Executive Officers and Corporate Governance 51 Item 11.

Executive Compensation

Executive Compensation 51 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 51 Item 13. Certain Relationships and Related Transactions, and Director Independence 51 Item 14. Principal Accounting Fees and Services 51 PART IV Item 15. Exhibits and Financial Statement Schedules 51 Item 16. Form 10-K Summary 55 3 Risk Factors Summary: Our business is subject to numerous risks and uncertainties, including those described in "Part I, Item 1A, Risk Factors" of this Annual Report. These risks include, but are not limited to, the following: RISKS RELATED TO OUR OPERATING BUSINESSES We derive a significant portion of our revenues from a small number of customers and licensees, and particularly from their sale of premium tier handset devices. If revenues derived from these customers or licensees decrease or the timing of such revenues fluctuates, our business and results of operations could be negatively affected. Our business, particularly our semiconductor business, may suffer as a result of our customers vertically integrating (i.e., developing their own integrated circuit products). A significant portion of our business is concentrated in China, and the risks of such concentration are exacerbated by U.S./China trade and national security tensions. RISKS RELATED TO NEW INITIATIVES Our growth depends in part on our ability to extend our technologies and products into new and expanded product areas, and industries and applications beyond mobile handsets. Our research, development and other investments in these new and expanded product areas, industries and applications, and related technologies and products, as well as in our existing technologies and products, and new technologies, may not generate operating income or contribute to future results of operations that meet our expectations. We may engage in acquisitions and other strategic transactions or make investments, or be unable to consummate planned strategic acquisition

Business

Item 1. Business We incorporated in California in 1985 and reincorporated in Delaware in 1991. We operate and report using a 52-53 week fiscal year ending on the last Sunday in September. Our 52-week fiscal years consist of four equal fiscal quarters of 13 weeks each, and our 53-week fiscal years consist of three 13-week fiscal quarters and one 14-week fiscal quarter. The financial results for our 53-week fiscal years and our 14-week fiscal quarters will not be exactly comparable to our 52-week fiscal years and our 13-week fiscal quarters. Our fiscal years for 2024, 2023 and 2022 included 53 weeks, 52 weeks and 52 weeks, respectively. Our fiscal year for 2025 will include 52 weeks. Overview We are a global technology leader, helping to bring intelligent computing everywhere through the development and commercialization of foundational technologies, including 3G (third generation), 4G (fourth generation) and 5G (fifth generation) wireless connectivity, high-performance and low-power computing and on-device artificial intelligence (AI). Our technologies and products have helped power the growth in smartphones and other connected devices. We are scaling our innovations across industries and applications beyond mobile handsets, driving digital transformation with our ecosystem partners in areas including automotive and the internet of things (IoT). In automotive, our Snapdragon Digital Chassis platforms, including connectivity, digital cockpit and advanced driver assistance and automated driving (ADAS/AD), are helping to connect the car to its environment and the cloud, creating unique in-cabin experiences and enabling a comprehensive assisted and automated driving solution. In IoT, our inventions have helped power growth in industries and applications such as consumer (including personal computers (PCs), tablets, voice and music and extended reality (XR)), edge networking (including mobile broadband and wireless access points) and industrial (including handhelds, r

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