Thanks for clarifying that, Joel. The RS/RSU/Option numbers are in SHARES while the R&D numbers are in dollars. I extracted those numbers from the 10Ks.
One thing that can be said about the way QCOM has managed its balance sheet over the years is that it has consistently taken full advantage of whatever the market was willing to give to them.
For instance, the March 1999 landmark deal with Ericsson allowed it to generate more cash from option exercises and royalties than at any other point in its corporate history! As a direct result of a stronger balance sheet, they can enforce their patents better and invest more in R&D consistently.
Note that QCOM has an even more generous options program than IDCC and it effectively sets the market prices for top 5% wireless managerial and technical talent despite the fact that its stock has been in a relentless decline since 2000. .
Qualcomm (QCOM) Selected Financial Data 1995 to 2002 . . Net Proceeds Major from issuance Cash Cash/ of common stock + Royalties = Inflows Mkt. Sec. R&D . . 1995 $499M + $ 45M $ 544M $ 579M $ 80M 1996 24M 100M 124M 154M 162M 1997 33M 152M 185M 809M* 236M 1998 50M 218M 268M 303M 349M . 1999 1.3B 454M 1.8B 1.7B 381M . 2000 144M 705M 849M 2.5B 340M 2001 132M 777M 909M 2.6B 415M 2002 120M 851M 971M 3.2B 452M . . **Includes $606M in net proceeds from the issuance of trust convertible preferred securities of subsidiary trust. . Note: Royalties have 80%- 90% gross margins depending on the costs of patent enforcement. For the purposes of this analysis, the simplifying assumption is that royalties are as good as cash. . Source: 10Ks (SEC)