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Technology Stocks : Qualcomm Moderated Thread - please read rules before posting -- Ignore unavailable to you. Want to Upgrade?

To: slacker711 who wrote (122697)	11/6/2014 10:52:09 AM
From: Jim Mullens	Respond to of 183449

Slacker, re: confusing FY15 guidance.................. "..They said that non-GAAP tax rate is going up next year so that may account for at least some of the difference between operating income and EPS. It also gets impacted by their assumptions around the total shares outstanding. .." Yes, thanks. Also, investment income plays into the calculation as some part of that due to "unknowns" is not included in guidance. But... there's a such a big delta between non-GAAP operating income and EPS ---- 7 to 10 percentage points. + FY15 Revenue guided up1% to 9%, + non-GAAP oper inc up 3 – 12%, + yet non-GAAP EPS down* 4% to up 2%.* Revenue / operating income at the top range is guided up 9% and 12% respectively is acceptable... BUT EPS DOWN 1% at the midpoint and 2% for the high range is very problematic IMO.

To: slacker711 who wrote (122697)	11/6/2014 12:14:38 PM
From: waitwatchwander	Read Replies (2) \| Respond to of 183449

---> non-GAAP tax rate is going up next year Could this mean they are getting ready to repatriate some of their foreign cash or does the tax rate just go up because they have fewer expenses for tax purposes? The tax rate normally averaged in the mid to low 20% area. The last couple of years it's been in the high teens which I suspect is due to the higher R&D/SG&A spend. I guess they could be just getting those line items back under control. Did they state a number for the tax rate in 2015?