Qualcomm Files 10-Q for Period Ending June 23, 2024

TL;DR

QCOM 10-Q filed for 6/23/24. Financials are in. Check it.

AI Summary

Qualcomm Inc. filed its 10-Q for the period ending June 23, 2024. The filing details the company's financial performance and position. Key financial data points and operational updates are presented for the reporting period.

Why It Matters

This filing provides investors and analysts with the latest financial snapshot of Qualcomm, crucial for understanding its performance in the semiconductor and mobile technology sectors.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags or significant new risks indicated.

Key Players & Entities

• QUALCOMM INC/DE (company) — Filer
• 0000804328-24-000056 (other) — Accession Number
• 20240623 (date) — Period of Report
• 20240731 (date) — Filed as of Date

FAQ

Key Financial Figures

• $0.0001 — ange on which registered Common Stock, $0.0001 par value QCOM The Nasdaq Stock Market

Filing Documents

• qcom-20240623.htm (10-Q) — 1166KB
• qcom062324ex1026.htm (EX-10.26) — 86KB
• qcom062324ex311.htm (EX-31.1) — 10KB
• qcom062324ex312.htm (EX-31.2) — 10KB
• qcom062324ex321.htm (EX-32.1) — 5KB
• qcom062324ex322.htm (EX-32.2) — 5KB
• 0000804328-24-000056.txt ( ) — 5178KB
• qcom-20240623.xsd (EX-101.SCH) — 26KB
• qcom-20240623_cal.xml (EX-101.CAL) — 59KB
• qcom-20240623_lab.xml (EX-101.LAB) — 453KB
• qcom-20240623_pre.xml (EX-101.PRE) — 282KB
• qcom-20240623_def.xml (EX-101.DEF) — 100KB
• qcom-20240623_htm.xml (XML) — 625KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1. Condensed Consolidated Financial Statements (Unaudited) Condensed Consolidated Balance Sheets 6 Condensed Consolidated Statements of Operations 7 Condensed Consolidated Statements of Comprehensive Income 8 Condensed Consolidated Statements of Cash Flows 9 Condensed Consolidated Statements of Stockholders' Equity 10 Notes to Condensed Consolidated Financial Statements 11 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 19 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 48 Item 4.

Controls and Procedures

Controls and Procedures 48

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 49 Item 1A.

Risk Factors

Risk Factors 49 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 49 Item 3. Defaults Upon Senior Securities 49 Item 4. Mine Safety Disclosures 49 Item 5. Other Information 49 Item 6. Exhibits 50

SIGNATURES

SIGNATURES 51 3 Risk Factors Summary: Our business is subject to numerous risks and uncertainties, including those described in the section labeled "Risk Factors" in "Part I, Item 2, Management's Discussion and Analysis of Financial Condition and Results of Operations" of this Quarterly 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 acquisitions, which could adversely affect our results of operations or fail to enhance stockholder value. RISKS RELATED TO SUPPLY AND MANUFACTURING We depend on a limited number of third-party suppliers for the procurement, man

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) QUALCOMM Incorporated CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except par value amounts) (Unaudited) June 23, 2024 September 24, 2023 ASSETS Current assets: Cash and cash equivalents $ 7,770 $ 8,450 Marketable securities 5,262 2,874 Accounts receivable, net 2,948 3,183 Inventories 6,020 6,422 Held for sale assets — 341 Other current assets 1,332 1,194 Total current assets 23,332 22,464 Deferred tax assets 4,420 3,310 Property, plant and equipment, net 4,744 5,042 Goodwill 10,770 10,642 Other intangible assets, net 1,296 1,408 Held for sale assets — 88 Other assets 8,179 8,086 Total assets $ 52,741 $ 51,040 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Trade accounts payable $ 2,586 $ 1,912 Payroll and other benefits related liabilities 1,780 1,685 Unearned revenues 263 293 Short-term debt 1,364 914 Held for sale liabilities — 333 Other current liabilities 3,754 4,491 Total current liabilities 9,747 9,628 Unearned revenues 108 99 Income taxes payable 526 1,080 Long-term debt 13,190 14,484 Held for sale liabilities — 38 Other liabilities 4,500 4,130 Total liabilities 28,071 29,459 Commitments and contingencies (Note 5) Stockholders' equity: Preferred stock, $ 0.0001 par value; 8 shares authorized; no ne outstanding — — Common stock and paid-in capital, $ 0.0001 par value; 6,000 shares authorized; 1,116 and 1,114 shares issued and outstanding, respectively — 490 Retained earnings 24,273 20,733 Accumulated other comprehensive income 397 358 Total stockholders' equity 24,670 21,581 Total liabilities and stockholders' equity $ 52,741 $ 51,040 See accompanying notes. 6 QUALCOMM Incorporated CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except per share data) (Unaudited) Three Months Ended Nine Months Ended June 23, 2024 June 25, 2023 June 23, 2024 June 25, 2023 Revenues: Equipment and services $ 7,9

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