Qualcomm(QCOM) - 2024 Q4 - Annual Results

Financial Performance - Fiscal 2024 GAAP revenues reached $39.0 billion, with a GAAP EPS of $8.97, reflecting over 20% growth in EPS year-over-year[1] - Fourth quarter revenues were $10,244 million, a 19% increase from $8,631 million in Q4 Fiscal 2023[2] - Net income for Fiscal 2024 was $10,142 million, up 40% from $7,232 million in Fiscal 2023[3] - QCT segment revenues in Q4 Fiscal 2024 were $8,678 million, an 18% increase from $7,374 million in Q4 Fiscal 2023[4] - Automotive revenue grew by 68% year-over-year in Q4, reaching $899 million, and 55% for the full fiscal year at $2,910 million[6] - Total revenues for the three months ended September 29, 2024, increased to $10,244 million, up 18.7% from $8,631 million for the same period last year[18] - Net income for the twelve months ended September 29, 2024, was $10,110 million, compared to $7,339 million for the previous year, representing a 37.9% increase[19] - Operating income for the three months ended September 29, 2024, was $2,581 million, a significant increase from $1,411 million in the same quarter last year, reflecting an 83% growth[18] - Basic earnings per share from continuing operations for the three months ended September 29, 2024, were $2.62, compared to $1.46 for the same period last year, representing an increase of 79.5%[18] - The net income for Q4 Fiscal 2024 was $2,920 million, compared to $1,489 million in Q4 Fiscal 2023, showing a substantial increase[22] - Diluted EPS for Q4 Fiscal 2024 was $2.59, up from $1.32 in Q4 Fiscal 2023, representing a growth of 96.2%[22] Guidance and Projections - Guidance for Q1 FY25 estimates revenues between $10.5 billion and $11.3 billion, with GAAP diluted EPS projected at $2.39 to $2.59[10] - Non-GAAP EPS for Q1 FY25 is expected to be between $2.85 and $3.05, reflecting strong operational performance[10] - The company expects continued growth in revenues and operating income driven by advancements in technology and market expansion strategies[23] Expenses and Investments - Research and development expenses for the twelve months ended September 29, 2024, totaled $8,893 million, slightly up from $8,818 million in the previous year[18] - Research and development expenses for Fiscal 2024 totaled $8,893 million, with $2,024 million excluded for share-based compensation[24] - Selling, general and administrative expenses for Fiscal 2024 were $2,759 million, with $535 million excluded for share-based compensation[24] Assets and Liabilities - Total current assets increased to $25,231 million from $22,464 million, marking a 12.4% growth year-over-year[16] - Total liabilities decreased to $28,880 million from $29,459 million, indicating a reduction of 2%[17] - Cash and cash equivalents at the end of the period were $7,849 million, down from $8,527 million, reflecting a decrease of 7.9%[19] - The company reported a total stockholders' equity of $26,274 million, up from $21,581 million, which is a 21.7% increase[17] - The company generated net cash provided by operating activities of $12,202 million, compared to $11,299 million in the previous year, reflecting an increase of 8%[19] Tax and Profitability - The effective tax rate for Q4 Fiscal 2024 was 12.2%, compared to 16.5% in Q4 Fiscal 2023, reflecting a decrease in tax burden[22] - Qualcomm's EBT as a percentage of revenues for Q4 Fiscal 2024 was 25%, compared to 16% in Q4 Fiscal 2023, indicating improved profitability[22] Stock Repurchase - The company announced a new $15.0 billion stock repurchase authorization, in addition to the remaining $1.0 billion from the previous program[8] Product Development - The company highlighted its recent product announcements at Snapdragon Summit and Embedded World, emphasizing technology leadership across multiple sectors[1]