Qualcomm Announces First Quarter Fiscal 2021 Results

QUALCOMM Incorporated

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions) (Unaudited)

 

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Three Months Ended

December 27,

2020

December 29,

2019

 

Operating Activities:

 

Net income

$ 2,455

$ 925

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

Depreciation and amortization expense

364

351

Income tax provision in excess of (less than) income tax payments

53

(131)

Share-based compensation expense

392

294

Net gains on marketable securities and other investments

(195)

(79)

Impairment losses on other investments

1

72

Other items, net

(19)

(26)

Changes in assets and liabilities:

Accounts receivable, net

(141)

(262)

Inventories

62

(17)

Other assets

(97)

(119)

Trade accounts payable

129

396

Payroll, benefits and other liabilities

278

(171)

Unearned revenues

(107)

(115)

Net cash provided by operating activities

3,175

1,118

Investing Activities:

Capital expenditures

(469)

(296)

Purchases of debt and equity marketable securities

(2,248)

(10)

Proceeds from sales and maturities of debt and equity marketable securities

1,612

129

Acquisitions and other investments, net of cash acquired

(138)

(75)

Other items, net

41

49

Net cash used by investing activities

(1,202)

(203)

Financing Activities:

 

 

Proceeds from short-term debt

819

558

Repayment of short-term debt

(818)

(558)

Repurchases and retirements of common stock

(444)

(762)

Dividends paid

(739)

(710)

Payments of tax withholdings related to vesting of share-based awards

(449)

(203)

Other items, net

(14)

16

Net cash used by financing activities

(1,645)

(1,659)

Effect of exchange rate changes on cash and cash equivalents

41

14

Net increase (decrease) in total cash and cash equivalents

369

(730)

Total cash and cash equivalents at beginning of period

6,707

11,839

Total cash and cash equivalents at end of period

$ 7,076

$ 11,109

 

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