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Monday, June 02, 2003 12:57:17 PM
expensing issue misses the point, IMO. The issue of
option expensing has never really been about the
accounting. That was decided a long time ago.
It has always been about policy. Policy falls within
the realm of politics. Politics is the art of the possible.
So read on, all ye from small and smaller states.
Look at the way that two leading technology
companies from the nation's most populous state
used this policy to win the recruitment wars and
improve their balance sheets.
EBAY
Selected Financials
FY1998 to FY2002
.
Diluted Net Cash,MktSec Net Proceeds Tax Benefit
O/S Sales Restricted Options Options
.
1998 234M $ 86M $ 78M $ 69M -
1999 273M 225M 777M 713M $ 11M
2000 280M 431M 901M 83M 38M
2001 281M 749M 1.1B 124M 87M
2002 293M 1.2B 1.8B 252M 77M
.
Total $ 1.8B $1.2B $ 213M
.
.
.
QCOM
Selected Financials
FY1995 to FY2002
.
Diluted Net Cash,MktSec Net Proceeds Tax Benefit
O/S Sales Restricted Options Options
.
1995 460M $ 387M $ 579M $ 499M NA
1996 523M 814M 154M 24M NA
1997 575M 2.1B 809M 32M NA
1998 592M 3.3B 303M 50M NA
1999 650M 3.9B 1.7B 1.3B NA
2000 800M 3.2B 2.5B 144M NA
2001 756M 2.7B 2.6B 132M NA
2002 809M 3.0B 3.2B 120M NA
.
Total $ 3.2B $ 2.3B
.
QCOM's use of balance sheet leverage is highly
relevant and instructive to IDCC because, as I
pointed out repeatedly, the IPR business is a
high margin but high friction business.
.
I don't think many people realize that IDCC
entered the final stages of the Nokia
negotiations in late 1998 and early 1999 with
only $52M in cash and an operating cost structure
of $55M! Without the Nokia deal, IDCC would have
generated only $28M in revenue in 1999 and that
wouldn't have been enough to cover its operating
expenses! Unarguably, IDCC could have gotten a
better Nokia deal if it had a better balance sheet
in 1998/1999.
.
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