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1、UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWASHINGTON,D.C.20549FORM 10-K(Mark one)ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended September 29,2024 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1
2、934For the transition period from to .Commission File Number 0-19528 QUALCOMM Incorporated(Exact name of registrant as specified in its charter)Delaware95-3685934(State or Other Jurisdiction of Incorporation or Organization)(I.R.S.EmployerIdentification No.)5775 Morehouse Dr.,San Diego,California921
3、21-1714(Address of Principal Executive Offices)(Zip Code)(858)587-1121(Registrants telephone number,including area code)Securities registered pursuant to Section 12(b)of the Act:Title of Each Class Trading Symbol(s)Name of Each Exchange on Which RegisteredCommon stock,$0.0001 par value QCOM The Nasd
4、aq Stock Market LLCSecurities registered pursuant to Section 12(g)of the Act:NoneIndicate by check mark if the registrant is a well-known seasoned issuer,as defined in Rule 405 of the Securities Act.Yes No Indicate by check mark if the registrant is not required to file reports pursuant to Section 1
5、3 or Section 15(d)of the Act.Yes No Indicate by check mark whether the registrant(1)has filed all reports required to be filed by Section 13 or 15(d)of the Securities Exchange Act of 1934 during the preceding 12 months(or for such shorter period that the registrant was required to file such reports)
6、,and(2)has been subject to such filing requirements for the past 90 days.Yes No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T(232.405 of this chapter)during the preceding 12 month
7、s(or for such shorter period that the registrant was required to submit such files).Yes No Indicate by check mark whether the registrant is a large accelerated filer,an accelerated filer,a non-accelerated filer,a smaller reporting company or an emerging growth company.See the definitions of“large ac
8、celerated filer,”“accelerated filer,”“smaller reporting company,”and“emerging growth company”in Rule 12b-2 of the Exchange Act.Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging growth companyIf an emerging growth company,indicate by check mark if the regi
9、strant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a)of the Exchange Act.Indicate by check mark whether the registrant has filed a report on and attestation to its managements assessment of
10、 the effectiveness of its internal control over financial reporting under Section 404(b)of the Sarbanes-Oxley Act(15 U.S.C.7262(b)by the registered public accounting firm that prepared or issued its audit report.If securities are registered pursuant to Section 12(b)of the Act,indicate by check mark
11、whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation rece
12、ived by any of the registrants executive officers during the relevant recovery period pursuant to 240.10D-1(b).Indicate by check mark whether the registrant is a shell company(as defined in Rule 12b-2 of the Act).Yes No The aggregate market value of the voting and non-voting common equity held by no
13、n-affiliates of the registrant at March 22,2024(the last business day of the registrants most recently completed second fiscal quarter)was$190.0 billion,based upon the closing price of the registrants common stock on that date as reported on the NASDAQ Global Select Market.The number of shares outst
14、anding of the registrants common stock was 1,111 million at November 4,2024.DOCUMENTS INCORPORATED BY REFERENCEPortions of the registrants definitive Proxy Statement for its 2025 Annual Meeting of Stockholders,to be filed with the Commission subsequent to the date hereof,are incorporated by referenc
15、e into Part III of this Annual Report where indicated.QUALCOMM IncorporatedForm 10-KFor the Fiscal Year Ended September 29,2024IndexPage Risk Factors Summary4PART I Item 1.Business6Item 1A.Risk Factors18Item 1B.Unresolved Staff Comments36Item 1C.Cybersecurity37Item 2.Properties38Item 3.Legal Proceed
16、ings38Item 4.Mine Safety Disclosures38 PART II Item 5.Market for Registrants Common Equity,Related Stockholder Matters and Issuer Purchases of Equity Securities39Item 6.(Reserved)40Item 7.Managements Discussion and Analysis of Financial Condition and Results of Operations40Item 7A.Quantitative and Q
17、ualitative Disclosures about Market Risk48Item 8.Financial Statements and Supplementary Data49Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure49Item 9A.Controls and Procedures49Item 9B.Other Information50Item 9C.Disclosure Regarding Foreign Jurisdictions th
18、at Prevent Inspections50 PART III Item 10.Directors,Executive Officers and Corporate Governance51Item 11.Executive Compensation51Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters51Item 13.Certain Relationships and Related Transactions,and Director
19、 Independence51Item 14.Principal Accounting Fees and Services51 PART IV Item 15.Exhibits and Financial Statement Schedules51Item 16.Form 10-K Summary553Risk Factors Summary:Our business is subject to numerous risks and uncertainties,including those described in“Part I,Item 1A,Risk Factors”of this An
20、nual Report.These risks include,but are not limited to,the following:RISKS RELATED TO OUR OPERATING BUSINESSESWe derive a significant portion of our revenues from a small number of customers and licensees,and particularly from their sale of premium tier handset devices.If revenues derived from these
21、 customers or licensees decrease or the timing of such revenues fluctuates,our business and results of operations could be negatively affected.Our business,particularly our semiconductor business,may suffer as a result of our customers vertically integrating(i.e.,developing their own integrated circ
22、uit products).A significant portion of our business is concentrated in China,and the risks of such concentration are exacerbated by U.S./China trade and national security tensions.RISKS RELATED TO NEW INITIATIVESOur growth depends in part on our ability to extend our technologies and products into n
23、ew and expanded product areas,and industries and applications beyond mobile handsets.Our research,development and other investments in these new and expanded product areas,industries and applications,and related technologies and products,as well as in our existing technologies and products,and new t
24、echnologies,may not generate operating income or contribute to future results of operations that meet our expectations.We may engage in acquisitions and other strategic transactions or make investments,or be unable to consummate planned strategic acquisitions,which could adversely affect our results
25、 of operations or fail to enhance stockholder value.RISKS RELATED TO SUPPLY AND MANUFACTURING We depend on a limited number of third-party suppliers for the procurement,manufacture,assembly and testing of our products manufactured in a fabless production model.If we fail to execute supply strategies
26、 that provide supply assurance,technology leadership and reasonable margins,our business and results of operations may be harmed.We are also subject to order and shipment uncertainties that could negatively impact our results of operations.There are numerous risks associated with the operation and c
27、ontrol of our manufacturing facilities,including a higher portion of fixed costs relative to a fabless model;environmental compliance and liability;impacts related to climate change;exposure to natural disasters,health crises,geopolitical conflicts and cyber-attacks;timely supply of equipment and ma
28、terials;and various manufacturing issues.RISKS RELATED TO CYBERSECURITY OR MISAPPROPRIATION OF OUR CRITICAL INFORMATIONOur business and operations could suffer in the event of security breaches of our IT systems,or other misappropriation of our technology,intellectual property or other proprietary o
29、r confidential information.RISKS RELATED TO HUMAN CAPITAL MANAGEMENTWe may not be able to attract or retain qualified employees.RISKS SPECIFIC TO OUR LICENSING BUSINESS The continued and future success of our licensing programs requires us to continue to evolve our patent portfolio and to renew or r
30、enegotiate license agreements that are expiring.Efforts by some OEMs to avoid paying fair and reasonable royalties for the use of our intellectual property may require the investment of substantial management time and financial resources and may result in legal decisions or actions by governments,co
31、urts,regulators or agencies,Standards Development Organizations(SDOs)or other industry organizations that harm our business.Changes in our patent licensing practices,whether due to governmental investigations,legal challenges or otherwise,could adversely impact our business and results of operations
32、.4RISKS RELATED TO REGULATORY AND LEGAL CHALLENGES Our business may suffer as a result of adverse rulings in governmental investigations or proceedings or other legal proceedings.RISKS RELATED TO INDUSTRY DYNAMICS AND COMPETITIONOur revenues depend on our customers and licensees sales of products an
33、d services based on CDMA,OFDMA and other communications technologies,including 5G,and customer demand for our products based on these technologies.Our industry is subject to intense competition in an environment of rapid technological change.Our success depends in part on our ability to adapt to suc
34、h change and compete effectively;and such change and competition could result in decreased demand for our products and technologies or declining average selling prices for our products or those of our customers or licensees.RISKS RELATED TO PRODUCT DEFECTS OR SECURITY VULNERABILITIES Failures in our
35、 products,or in the products of our customers or licensees,including those resulting from security vulnerabilities,defects or errors,could harm our business.RISKS RELATED TO INTELLECTUAL PROPERTYThe enforcement and protection of our intellectual property may be expensive,could fail to prevent misapp
36、ropriation or unauthorized use of our intellectual property,could result in the loss of our ability to enforce one or more patents,and could be adversely affected by changes in patent laws,by laws in certain foreign jurisdictions that may not effectively protect our intellectual property and by inef
37、fective enforcement of laws in such jurisdictions.Claims by other companies that we infringe their intellectual property could adversely affect our business.Our use of open source software may harm our business.GENERAL RISK FACTORSWe operate in the highly cyclical semiconductor industry,which is sub
38、ject to significant downturns.We are also susceptible to declines in global,regional and local economic conditions generally.Our stock price and financial results are subject to substantial quarterly and annual fluctuations due to these dynamics,among others.Geopolitical conflicts,natural disasters,
39、pandemics and other health crises,and other factors outside of our control,could significantly disrupt our business.Our business may suffer due to the impact of,or our failure to comply with,the various existing,new or amended laws,regulations,policies or standards to which we are subject.There are
40、risks associated with our debt.Tax liabilities could adversely affect our results of operations.5In this Annual Report,the words“Qualcomm,”the“Company,”“we,”“our,”“ours”and“us”refer only to QUALCOMM Incorporated and its subsidiaries and not any other person or entity.This Annual Report(including but
41、 not limited to the section titled“Managements Discussion and Analysis of Financial Condition and Results of Operations”)contains forward-looking statements.Words such as“expects,”“anticipates,”“intends,”“plans,”“believes,”“seeks,”“estimates,”“may,”“will,”“would”and similar expressions or variations
42、 of such words are intended to identify forward-looking statements,but are not the exclusive means of identifying forward-looking statements in this Annual Report.Additionally,statements concerning future matters such as our future business,prospects,results of operations or financial condition;rese
43、arch and development or technology investments;new or enhanced products,services or technologies;emerging industries or business models;design wins or product launches;industry,market or technology trends,dynamics or transitions;our expectations regarding future demand or supply conditions;strategic
44、 investments or acquisitions,and the anticipated timing or benefits thereof;legal or regulatory matters;U.S./China trade or national security tensions;vertical integration by our customers;competition;and other statements regarding matters that are not historical are also forward-looking statements.
45、Although forward-looking statements in this Annual Report reflect our good faith judgment,such statements can only be based on facts and factors currently known by us.Consequently,forward-looking statements are inherently subject to risks and uncertainties and actual results and outcomes may differ
46、materially from the results and outcomes discussed in or anticipated by the forward-looking statements.Factors that could cause or contribute to such differences in results and outcomes include without limitation those discussed under“Part I,Item 1A.Risk Factors”below,as well as those discussed else
47、where in this Annual Report.Readers are urged not to place undue reliance on these forward-looking statements,which speak only as of the date of this Annual Report.We undertake no obligation to revise or update any forward-looking statements in order to reflect any event or circumstance that may ari
48、se after the date of this Annual Report.Readers are urged to carefully review and consider the various disclosures made in this Annual Report,which attempt to advise interested parties of the risks and factors that may affect our business,financial condition,results of operations and prospects.PART
49、IItem 1.BusinessWe incorporated in California in 1985 and reincorporated in Delaware in 1991.We operate and report using a 52-53 week fiscal year ending on the last Sunday in September.Our 52-week fiscal years consist of four equal fiscal quarters of 13 weeks each,and our 53-week fiscal years consis
50、t of three 13-week fiscal quarters and one 14-week fiscal quarter.The financial results for our 53-week fiscal years and our 14-week fiscal quarters will not be exactly comparable to our 52-week fiscal years and our 13-week fiscal quarters.Our fiscal years for 2024,2023 and 2022 included 53 weeks,52
51、 weeks and 52 weeks,respectively.Our fiscal year for 2025 will include 52 weeks.OverviewWe are a global technology leader,helping to bring intelligent computing everywhere through the development and commercialization of foundational technologies,including 3G(third generation),4G(fourth generation)a
52、nd 5G(fifth generation)wireless connectivity,high-performance and low-power computing and on-device artificial intelligence(AI).Our technologies and products have helped power the growth in smartphones and other connected devices.We are scaling our innovations across industries and applications beyo
53、nd mobile handsets,driving digital transformation with our ecosystem partners in areas including automotive and the internet of things(IoT).In automotive,our Snapdragon Digital Chassis platforms,including connectivity,digital cockpit and advanced driver assistance and automated driving(ADAS/AD),are
54、helping to connect the car to its environment and the cloud,creating unique in-cabin experiences and enabling a comprehensive assisted and automated driving solution.In IoT,our inventions have helped power growth in industries and applications such as consumer(including personal computers(PCs),table
55、ts,voice and music and extended reality(XR),edge networking(including mobile broadband and wireless access points)and industrial(including handhelds,retail,tracking and logistics and utilities).We derive revenues principally from sales of integrated circuit products,including our Snapdragon family o
56、f highly-integrated,system-based solutions,and licensing of our intellectual property,including patents and other rights.The foundational technologies we invent help power modern digital experiences.We share these inventions broadly through our licensing programs enabling wide ecosystem access to te
57、chnologies at the core of mobile innovation,and through the sale of our integrated circuit platforms(also known as integrated circuit products,chips,chipsets or modules)and other products.We innovate and collaborate across many ecosystems,including with manufacturers,operators,developers,system inte
58、grators,cloud providers,test tool vendors,service providers,governments and industry standards organizations,to enable next-generation digital transformation.For nearly 40 years,we have been a leader in setting industry standards and creating era-defining technology breakthroughs,and we continue to
59、play a leading role in developing system-level inventions that serve as the foundation for multiple generations of advanced wireless technologies.This includes technologies such as CDMA(Code Division Multiple Access)and OFDMA(Orthogonal Frequency Division Multiple Access)families of technologies,wit
60、h the latter encompassing LTE(Long-Term Evolution)and 5G NR(New Radio),which are the primary digital technologies currently used to transmit voice or data over radio waves using a public or private cellular wireless network.6 We own significant intellectual property,including patents,patent applicat
61、ions and trade secrets,applicable to products that implement any version of CDMA and/or OFDMA technologies.We also develop and commercialize numerous other key technologies used in mobile and other devices and services,and we own substantial intellectual property related to these technologies.Some o
62、f these inventions are contributed to and commercialized as industry standards,such as for certain video and audio codecs,Wi-Fi,position location,UWB(ultra-wideband),Bluetooth,memory and component interconnect.We have also developed other technologies that are used by wireless and other devices that
63、 are not related to industry standards,such as operating systems,user interfaces,graphics and camera processing functionality,RF(radio frequency),RFFE(radio frequency front-end)and antenna designs,AI and machine learning techniques and application processor architectures,among other technologies.We
64、are organized on the basis of products and services and have three reportable segments.We conduct business primarily through our QCT(Qualcomm CDMA Technologies)semiconductor business and our QTL(Qualcomm Technology Licensing)licensing business.QCT develops and supplies integrated circuit platforms a
65、nd system software with advanced connectivity and high-performance,low-power computing technologies for use in mobile devices;automotive systems for connectivity,digital cockpit and ADAS/AD;and IoT including consumer electronic devices,industrial devices and edge networking products.QTL grants licen
66、ses or otherwise provides rights to use portions of our intellectual property portfolio,which includes certain patent rights essential to and/or useful in the manufacture and sale of certain wireless products.Our QSI(Qualcomm Strategic Initiatives)reportable segment makes strategic investments.We al
67、so have nonreportable segments,including QGOV(Qualcomm Government Technologies)and our cloud computing processing initiative.Industry TrendsAs the largest technology platform in the world,mobile has transformed the way we connect,compute and communicate.Advanced connectivity and high-performance,low
68、-power computing technologies from mobile are also impacting many industries beyond wireless,empowering new services,new business models,and new ways to engage and interact with customers.Our breakthrough inventions and licensing programs have been integral to the demand and evolution of the mobile
69、industry.Artificial Intelligence.Advancements in processor technologies have enabled the distribution and coordination of complex workloads across the cloud and edge devices to provide enhanced performance and efficiency across use cases.Given the proximity to raw data,edge device computing allows f
70、or more context-aware processing,reducing response time,improving privacy and security,and enabling greater personalization.With increased processing power,mobile handsets and PCs are becoming pervasive AI platforms,with complex large generative AI algorithms running on-device,enabling on-demand and
71、 contextual AI use cases at a fraction of the energy required by cloud-based applications.As wireless connectivity complements on-device generative AI,edge devices enable enhanced productivity use cases,while intelligently processing and sharing data with cloud-based applications as needed.Building
72、on the smartphone and PC foundation,we envision generative AI becoming ubiquitous,continuing to expand into industries and applications such as IoT,XR and automotive.Significant investment continues across many industries in the development of complex large language models(LLMs),more tailored small
73、language models(SLMs),large vision models(LVMs),large multimodal models(LMMs)and other generative AI models,which are beginning to change the landscape of the user experience.LLMs and SLMs(e.g.,GPT-4o and Llama3)are used for text-based natural language processing applications such as answering queri
74、es,document summarization and creation,LVMs(e.g.,Stable Diffusion and ControlNet)are used for image and video processing,and LMMs are used to understand and process multiple types of data inputs or modalities such as text and images.They are disrupting traditional methods of search,content creation,
75、recommendation systems and personalized digital assistants,offering significant enhancements in consumer utility and productivity.While these generative AI models are developed primarily for use in the cloud,we believe that the variety of innovative enterprise and consumer use cases that have emerge
76、d and will continue to emerge from generative AI must run on-device to maximize their utility,and bring the benefits of immediacy,privacy,security and personalization to consumers.We expect continued advancement in the generative AI capabilities of edge devices and increased adoption of generative A
77、I capable technologies in handsets and other edge devices.For example,analysts estimate that 46%of smartphones sold in 2027 will be generative AI capable,up from 19%in 2024(Counterpoint,October 2024).Advancing Connectivity.3G technology introduced the world to the potential of the mobile internet,an
78、d the ability to access the internet virtually anytime and anywhere.4G brought mobile broadband speeds that helped fuel the smartphone era,forever changing the way we work,live and connect with others.4G has served as the technology foundation for many of the applications and services used today,inc
79、luding e-commerce,video streaming,video calling,social media and gaming.Building on foundational innovations developed for 3G and 4G,the mobile industry continues to transition to 5G technology as 5G network deployments and device launches continue,particularly in emerging regions.5G is designed to
80、support multi-gigabit data rates,low latency and greater capacity than previous generations of mobile technology to enable enhanced mobile broadband experiences,including ultra-high definition(4K)video streaming and sharing,near-instantaneous access to cloud services,immersive cloud gaming and XR,wh
81、ich includes augmented reality(AR),virtual reality(VR)and mixed reality(MR).5Gs performance and capacity improvements are also enabling operators to offer new consumer and enterprise services.5G Advanced builds upon the initial 5G standards to enhance system capabilities and expand into new use case
82、s.It introduces key improvements for continued 5G commercialization,supports a range of services 7beyond mobile broadband,and lays the groundwork for the upcoming 6G platform.5G Advanced is a transformative step,integrating features like wireless AI to drive innovation across the 5G ecosystem.Consum
83、er Demand for Smartphones.For calendar year 2024,we estimate that consumer demand for 3G,4G,and 5G handset volumes will increase by a low-to-mid-single digit percentage relative to calendar year 2023.This estimate includes expected high single-digit to low double-digit percentage growth in 5G handse
84、ts.Consumer demand for new experiences,combined with the needs of mobile operators and device manufacturers to provide differentiated features and services,is driving continued innovation within the smartphone across connectivity,processing,AI,multimedia,imaging,audio and more.As a result,the smartp
85、hone continues to be the go-to device for social networking,music and video streaming,photography and video capture,e-commerce,gaming,email,web browsing and more.We believe that the combination of 5G and AI will enable these experiences to be more immersive,intuitive and interactive.Automotive.Digit
86、alization of the automotive cockpit including wireless connectivity continues to transform the in-vehicle experience,enabling greater personalization of content and settings for both drivers and passengers as automakers respond to growing interest from consumers to bring their digital lifestyles int
87、o the vehicle.Car-to-cloud platforms are designed to help automakers improve cost efficiencies,create new service opportunities throughout the lifecycle of a vehicle with over-the-air(OTA)update capabilities and gather valuable vehicle and usage analytics.This is driving the development of a new arc
88、hitecture for the software-defined vehicle.According to analyst data,67%of new vehicles produced in 2030 are projected to have embedded cellular connectivity,with 48%of new vehicles featuring 5G connectivity compared to 11%of new vehicles featuring 5G connectivity in 2024(TechInsights,September 2024
89、).In addition,high-performance,low-power computing technologies,with added security and safety required for automotive products,are being used to improve vehicles with advanced driver assistance and automated driving features that we expect to scale across vehicle tiers and continue the progression
90、toward higher levels of autonomy,safety and convenience.Analysts estimate that 39%of new light duty vehicles sold globally in 2027 will have Level 2(i.e.,partial driving automation)or higher autonomy,compared to an estimated 20%of new light duty vehicles sold globally in 2024(TechInsights,September
91、2024).IoT.Industry demand for IoT devices is expected to remain strong across consumer,edge networking and industrial applications,in part due to expanded use cases enabled by 5G and AI technologies,including generative AI.Consumer.Consumer IoT products,including personal computing(e.g.,tablets and
92、PCs),voice and music and XR,continue to adopt the latest mobile connectivity,processing and intelligence technologies including on-device AI capabilities.This enables new services,applications and experiences that can be run directly on the device,driving improvements in latency,cost and privacy.For
93、 example,a new class of AI-focused PCs,including those powered by our Snapdragon X Series platforms,launched in 2024,allowing for increased productivity and enhanced use cases enabled by on-device AI processing at low power.By 2027,analysts expect that at least 50%of PCs sold will be AI capable,comp
94、ared to 22%of PCs in 2024(consensus of certain third party analysts as of October 1,2024).Edge Networking.Advances in wireless technology are helping to drive demand for edge networking products(including mobile broadband and wireless access points).5G provides the flexibility to support both mobile
95、 and fixed wireless users with the delivery of high-speed,low-latency connections,enabling operators to replace traditional“last-mile”wired broadband connections.Additionally,advancements in Wi-Fi are driving consumer and enterprise demand for the latest Wi-Fi 6,6E,and 7 access point technologies th
96、at leverage increased network speed,capacity and efficiency to support the increased number of connected devices at home and at work.Industrial.The combination of IoT devices with connectivity,computing,on-device AI and power-optimized and precise location tracking along with the cloud are helping t
97、o bring near real-time data and insights in industries such as retail,tracking and logistics and energy.This allows companies to gain new knowledge and insights about their products and services,manufacturing and logistics processes and more,which can help to transform and optimize their businesses.
98、Technology OverviewThe worldwide demand for intelligent computing everywhere requires continuous innovation to improve user experiences,support new services,expand on-device processing and AI capabilities at low power,and increase wireless connectivity capacity and performance.To meet these requirem
99、ents,different foundational technologies,including wireless communications,computing(including on-device AI),multimedia and location,continue to evolve.We have a long history of investing heavily in research and development and have developed many of these foundational technologies that help drive t
100、he continued evolution in mobile,automotive and IoT.We have also developed and acquired(and continue to develop and acquire)significant related intellectual property.This intellectual property has been incorporated into the most widely accepted and deployed cellular wireless communications technolog
101、y standards,and we have licensed it to several hundred licensees,including all of the leading handset manufacturers.8Cellular Wireless Technologies.Relevant cellular wireless technologies can be grouped into the following categories.CDMA-based.CDMA-based technologies are characterized by their acces
102、s method allowing several users to share the same frequency and time by allocating different orthogonal codes to individual users.Most of the CDMA-based technologies are classified as 3G technology.CDMA-based connections worldwide continue to decline as consumers migrate to OFDMA-based technologies,
103、which comprise the majority of cellular connections today.OFDMA-based.OFDMA-based technologies are characterized by their access method allowing several users to share the same frequency band and time by allocating different subcarriers to individual users.5G heavily leverages OFDMA-based technologi
104、es,while most of the OFDMA-based technologies deployed prior to 2020 are classified as 4G technology.The 4G specifications were defined within 3GPP(3rd Generation Partnership Project),a global organization that develops technical specifications,including the specification of the radio component(LTE)
105、and the core network component(Enhanced Packet Core or EPC).3GPP has been developing the 5G system through the specification of the radio component(NR)and the core network component(5G Core or 5GC).Unlike 4G that has fixed Orthogonal Frequency Division Multiplexing(OFDM)parameterization,5G has multi
106、ple OFDM parameterizations to address a wide range of spectrum and use cases.The first 5G specification,3GPP Release 15,was initially completed in 2018.5G is designed to transform the role of wireless technologies and incorporates advancements on 3G/4G features,including device-to-device capabilitie
107、s and the use of all different types of spectrum(including licensed,unlicensed and shared spectrum).3GPP specifications also provide enhancements specifically for C-V2X(cellular vehicle-to-everything),which includes both direct communication(vehicle-to-vehicle,vehicle-to-infrastructure and vehicle-t
108、o-pedestrian)in dedicated spectrum that is independent of a cellular network and cellular communications with networks in traditional mobile broadband licensed spectrum.Many of our inventions at the core of 3G and 4G serve as the foundational technologies for 5G,and we continue to play a significant
109、 role in driving advancements in 5G,including contributing to 3GPP standardization activities that are defining the continued evolution of 5G NR and 5G Core standards into 5G Advanced,as well as establishing the requirements for 6G.5G has the ability to target diverse services with very different te
110、chnical requirements(from enhanced mobile broadband to massive IoT to mission critical services),utilize diverse types of spectrum(from low bands to millimeter wave(mmWave)bands)and support diverse types of deployment scenarios.Predominant technological components of 5G include ultra-reliable,low-la
111、tency communication,very wide channel bandwidth and new channel coding schemes to efficiently support large data blocks,MIMO(multiple input,multiple output)to increase coverage and network capacity and mobile mmWave to increase the data rate offered to users.As with previous cellular generations,5G
112、is designed to support seamless compatibility with 3G/4G technologies through multimode devices.Following the initial specification of 5G,3GPP has completed three additional releases.Release 16 introduced enhancements to 5G mobile broadband experiences(e.g.,more capacity,improved coverage,mobility a
113、nd better device power efficiency),expanded 5G technologies into new use cases and industries(native positioning support,5G-based C-V2X,5G Broadcast)and began supporting different spectrum types by expanding 5G into unlicensed spectrum with 5G NR Unlicensed(NR-U).Release 17 became the third major re
114、lease of the global 5G NR standard expanding the 5G technology foundations for coverage,power,reliability and spectrum range,which are designed to provide efficient support for lower complexity 5G devices(e.g.,reduced capacity(RedCap)devices)including wearables,industrial sensors,and new deployments
115、,including non-terrestrial networks and mmWave private networks on unlicensed 60 GHz spectrum band.Release 18 marked the start of 5G Advanced,with projects designed to strengthen the end-to-end 5G system foundation(such as advanced downlink and uplink MIMO,enhanced mobility,mobile integrated access
116、and backhaul,smart repeater,evolved duplexing,AI and machine learning data-driven designs and green networks)and to proliferate 5G to virtually all devices and use cases(such as boundless XR,RedCap evolution,expanded sidelink,expanded positioning,drones and expanded satellite communication and multi
117、cast).Release 19,which is currently under development,builds on the 5G Advanced standards to deliver new 5G advancements through continued system enhancements(e.g.,sub-band full-duplex(SBFD),multi-hop sidelink relays),further use case diversification(e.g.,Ambient IoT),and new advanced capabilities,i
118、ncluding standardized wireless AI framework and potential applications,and ultra-low power receiver.Release 19 will establish the technical foundation for 6G.Computing.Our processors are purpose-built to power mobile experiences,automobiles and the IoT.We have developed System-on-Chip(SoC)architectu
119、re with heterogeneous computing features,which uses our central processing unit(CPU)and different types of specialized engines(graphics processing unit(GPU)and neural processing unit(NPU)to enable high-performance and low-power computing and other optimization techniques.Our Qualcomm Oryon and Qualc
120、omm Kryo CPU processors deliver enhanced security,AI and connectivity solutions,all designed to enable the next generation of high-tech devices and apps.Qualcomm Oryon CPU core technology is custom-designed to deliver a new level of performance and efficiency and developed to be integrated across a
121、wide portfolio of Snapdragon powered products starting with certain PC and smartphone products and expanding to certain automotive and IoT products.Our Qualcomm Adreno GPUs are designed to deliver high quality graphics performance for visually rich 3D gaming and user interfaces.The Qualcomm AI Engin
122、e,featured in our Snapdragon platforms and many of our other products,includes dedicated hardware capable of running complex AI use cases at high-performance and low-power on device,while also enhancing privacy and security.Our Qualcomm Hexagon NPU is a key processor in our AI Engine and is designed
123、 for sustained,high-performance AI inference,enabling leading on-device AI capabilities with very low power consumption.In addition to our leading AI technology,we are simplifying the process for developers to build applications with AI features to work on our Snapdragon platforms.The Qualcomm AI St
124、ack is a unified AI software portfolio designed to help developers optimize 9and deploy AI models quickly using our chipset solutions by supporting AI frameworks and runtimes,developer libraries,system software and popular operating systems.Building on this,the Qualcomm AI Hub is our online destinat
125、ion for developers to access resources for quickly deploying models on devices powered by Snapdragon platforms,whether their own or from a growing collection of pre-optimized,ready-to-use AI models.Additional Significant Technologies used in Mobile and Other Industries.We continue to play a leading
126、role in developing(and/or have acquired)many other technologies used across mobile and other industries,including:wireless local area networks(WLAN),such as Wi-Fi,which link two or more nearby devices wirelessly and usually provide connectivity through an access point;Bluetooth technology,which is a
127、 wireless personal area network that provides wireless connectivity between devices over short distances ranging from a few centimeters to approximately one hundred meters using the 2.4GHz industrial,scientific and medical spectrum band;position location technologies such as the Assisted-Global Posi
128、tioning System(A-GPS),Assisted Global Navigation Satellite System(A-GNSS)and WLAN positioning technologies used in most cellular handsets today;multimedia technologies including video,audio and speech compression technologies and system-level solutions enabling feature-rich,high-quality experiences
129、in imaging,audio and vision intelligence;operating system and user interface features;XR platform features such as 6DoF(six-degrees of freedom)head tracking and controller capabilities,video pass-through and embedded cellular connectivity for new types of user experiences,and hybrid computing to dis
130、tribute workloads across devices;automotive platform features such as digital cockpit and ADAS/AD,to enable in-cabin experiences and assisted driving solutions;security and content protection systems for enhanced device security without compromising the user experience;volatile(LPDDR4,5)and non-vola
131、tile(eMMC)memory and related controllers;fast charging features,enabling devices to charge quickly,safely and efficiently;Qualcomm Smart Transmit technology,a modem-to-antenna technology that optimizes data speeds while complying with RF transmit power limits;andpower management systems for improved
132、 battery life and device charging.AcquisitionsWe make strategic investments and acquisitions in order to open new opportunities for our technologies,support the design and introduction of new products and services(or enhance existing products or services),obtain resources with development and/or mar
133、ket expertise,grow our patent portfolio or pursue new businesses as part of our strategic plan.Operating SegmentsWe have three reportable segments.We conduct business primarily through QCT and QTL,while QSI makes strategic investments.Additional information regarding our operating segments is provid
134、ed in this Annual Report in“Notes to Consolidated Financial Statements,Note 8.Segment Information.”QCT Segment.QCT is a leading developer and supplier of integrated circuits products and system software with advanced connectivity and high-performance,low-power computing technologies,for use in mobil
135、e devices;automotive systems for connectivity,digital cockpit and ADAS/AD;and IoT including consumer electronic devices,industrial devices and edge networking products.QCTs integrated circuit products are sold and its system software is licensed to manufacturers that use our products in a broad rang
136、e of devices,from low-tier,entry-level devices primarily for emerging regions to premium-tier devices,including but not limited to mobile devices,wireless networks,devices used in IoT,broadband gateway equipment,consumer electronic devices and automotive systems.Our technology roadmap delivers the l
137、atest network technologies across multiple product tiers,devices and industries.This roadmap is the result of extensive collaboration with manufacturers,operators,developers,systems integrators,cloud providers,tool vendors,service providers,governments and industry standards organizations,as well as
138、 our years of research into emerging network standards and the development of integrated circuits.Our roadmap takes advantage of new standards,while maintaining backward compatibility with existing standards.We have leveraged and expect to continue to leverage the foundational technologies initially
139、 developed and commercialized for use in mobile handset devices,such as our core baseband modem and processor technologies and our other wireless connectivity products including Wi-Fi,Bluetooth and precise positioning technologies,to extend into product categories,industries and applications beyond
140、mobile handsets,such as automotive and IoT(which includes the industries and applications of consumer,industrial and edge networking).The Snapdragon family of highly integrated,system-based solutions include the Snapdragon mobile,compute,sound and automotive platforms.Each platform consists of appli
141、cation processors and wireless connectivity capabilities,including our cellular modem that provides core baseband modem functionality for voice and data communications,non-cellular wireless connectivity(such as Wi-Fi and Bluetooth)and global positioning functions.Our Snapdragon application processor
142、 functions include AI,security,graphics,display,audio,video,camera and other compute processing.Our Qualcomm Oryon and Kryo CPUs are designed to deliver high levels of compute performance with optimized power consumption.Our Hexagon NPUs are designed to support a variety of AI processing tasks for s
143、uperior performance-per-watt,thermal efficiency and battery life.Our Qualcomm Adreno GPUs are designed to deliver high quality graphics performance for visually rich 3D gaming and user interfaces.In addition to the highly integrated core SoC,we also design and supply supporting components,10includin
144、g the RF transceiver,PM(power management),audio,codecs,speaker amps and additional wireless connectivity integrated circuits.These supporting components,in addition to our cellular modems and application processors comprising our core SoC,are also sold as individual components.The combination of the
145、 Snapdragon SoC,system software and supporting components provides an overall platform with optimized performance and efficiency,enabling manufacturers to design and deliver powerful,slim and power-efficient devices ready for integration with complex cellular networks worldwide.Our portfolio of RF p
146、roducts includes Qualcomm RFFE components that are designed to simplify the RF front-end design for 5G,including sub-6 GHz and mmWave,as well as,for 4G LTE multimode devices,to reduce power consumption and to improve radio performance.We provide comprehensive RFFE product offerings with system level
147、 performance from the modem and transceiver to the antenna that include complex 4G/5G transmit and receive modules,power tracking,tuning systems,multimode-multiband power amplification,low noise amplifiers and mmWave antenna solutions,in addition to discrete filtering products,for devices and applic
148、ations across the mobile handsets,automotive and IoT industries.We have also integrated our Snapdragon platform with our RFFE components to create our Snapdragon 5G modem-RF products,a modem-to-antenna platform integrating AI to maximize data speeds and performance,support superior call connectivity
149、 and coverage and extend battery life.Our wireless connectivity products also consist of integrated circuits and system software for Wi-Fi,Bluetooth and frequency modulation,as well as technologies that support location data and services.Our wireless connectivity products provide additional connecti
150、vity for mobile devices,tablets,PCs,XR headsets,voice and music devices,wearable devices,along with other IoT devices and applications,automotive connectivity,digital cockpit and ADAS/AD,utility meters and logistic trackers and industrial sensors.QCT also offers standalone Wi-Fi,Bluetooth,applicatio
151、ns processor and Ethernet products utilized within these devices and systems.Our networking products include Wi-Fi,Ethernet and passive optical network(PON)chips,network processors,wireless access points and routers,broadband gateway equipment and software.These products help enable home and busines
152、s networks to support the growing number of connected devices,digital media and data services.Other than for certain of our RFFE modules and RF filter products,QCT utilizes a fabless production model,which means that we do not own or operate foundries for the production of silicon wafers from which
153、our integrated circuits are made.Therefore,we primarily rely on third parties to perform the manufacturing and assembly,and most of the testing,of our integrated circuits based primarily on our proprietary designs and test programs.Our suppliers also are responsible for the procurement of most of th
154、e raw materials used in the production of our integrated circuits.Integrated circuits are die cut from silicon wafers that have completed the package assembly and test manufacturing processes.The semiconductor package supports the electrical contacts that connect the integrated circuit to a circuit
155、board.Die cut from silicon wafers are the essential components of all our integrated circuits and a significant portion of the total integrated circuit cost.We employ both turnkey and two-stage manufacturing models to purchase our integrated circuits.Under the turnkey model,our foundry suppliers are
156、 responsible for delivering fully assembled and tested integrated circuits.Under the two-stage manufacturing model,we purchase die in singular or wafer form from semiconductor manufacturing foundries and contract with separate third parties for manufacturing services such as wafer bump,probe,assembl
157、y and the majority of our final test requirements.The primary foundry suppliers for our various digital,analog/mixed-signal,RF and PM integrated circuits include Taiwan Semiconductor Manufacturing Company(TSMC),Global Foundries,Samsung Electronics and Semiconductor Manufacturing International Corpor
158、ation(SMIC).Our primary semiconductor assembly and test suppliers are Advanced Semiconductor Engineering,Amkor Technology,Siliconware Precision Industries and STATSChipPAC.The majority of our foundry and semiconductor assembly and test suppliers are located in the Asia-Pacific region.QCT primarily u
159、ses internal fabrication facilities to manufacture certain RFFE modules and RF filter products,and our manufacturing operations consist of front-end and back-end processes.The front-end processes primarily take place at manufacturing facilities located in Germany and Singapore and involve the imprin
160、ting of substrate wafers with the structure and circuitry required for the products to function(also known as wafer fabrication).The back-end processes include the assembly,packaging and test of RFFE modules and RF filter products and their preparation for distribution.Our back-end manufacturing fac
161、ilities are located in China and Singapore.QCTs marketing strategy aims to promote Qualcomm as the leader of enabling intelligent computing everywhere,and Snapdragon as the preferred platform brand powering premium experiences across handsets,automotive and IoT.Through direct marketing efforts,partn
162、erships and collaborations(including marketing programs with customers),products powered by Snapdragon and Qualcomm technologies are marketed to expand the reach of both brands to drive awareness and preference.QCTs sales are primarily made through supply terms which implement a purchase order and o
163、rder confirmation process for delivery of products.QCT generally allows customers to reschedule delivery dates within a defined time frame and to cancel orders prior to shipment with or without payment of a cancellation fee,depending on when the order is canceled.The industries in which QCT operates
164、 are intensely competitive.QCT competes worldwide with a number of U.S.and international designers and manufacturers of semiconductors.As a result of global expansion by foreign and domestic competitors,technological changes,device manufacturer concentrations,limited global supply capacity,vertical
165、integration and the potential for further industry consolidation,we anticipate the industry to remain very competitive.We believe that the principal competitive factors for our products include performance,level of integration,quality,compliance with industry standards,price,time-to-market,system co
166、st,design and engineering capabilities,new product innovation,growth and 11scaling of distribution channels,desire by certain customers to use multiple suppliers and customer support.QCT also competes in both single-mode and multimode environments against alternative communications technologies.Addi
167、tional competitive factors exist for QCT product offerings that have expanded into industries and applications beyond mobile handsets,including automotive and IoT.The automotive industry is subject to long design-in time frames,long product life cycles and a high degree of regulatory and safety requ
168、irements,necessitating suppliers to the industry to comply with stringent qualification processes,very low defect rates and high reliability standards,all of which results in a significant barrier to entry and may result in increased costs.QCTs current competitors include,but are not limited to,comp
169、anies such as Broadcom,HiSilicon,MediaTek,Mobileye,Nvidia,NXP Semiconductors,Qorvo,Samsung,Skyworks,Texas Instruments and UNISOC.QCT also faces competition,which may intensify in the future,from products internally developed by our customers,including some of our largest customers,such as Apple and
170、Samsung,to early-stage companies.Our competitors devote significant amounts of their financial,technical and other resources to develop and market competitive products and,in some cases,to develop and adopt competitive digital communication or signal processing technologies,and those efforts may mat
171、erially and adversely affect us.Although we have attained a significant position in the semiconductor industry,many of our current and potential competitors may have advantages over us.These and other risks related to competition are more fully described in the Risk Factors entitled“Our industry is
172、subject to intense competition in an environment of rapid technological change.Our success depends in part on our ability to adapt to such change and compete effectively;and such change and competition could result in decreased demand for our products and technologies or declining average selling pr
173、ices for our products or those of our customers or licensees”and“Our business,particularly our semiconductor business,may suffer as a result of our customers vertically integrating(i.e.,developing their own integrated circuit products).”QTL Segment.QTL grants licenses or otherwise provides rights to
174、 use portions of our intellectual property portfolio,which,among other rights,includes certain patent rights essential to and/or useful in the manufacture,sale and/or use of certain wireless products,including,without limitation,products implementing WCDMA(Wideband CDMA),LTE and/or OFDMA-based 5G st
175、andards and their derivatives.We grant licenses or otherwise provide rights to use our cellular standard-essential patents(including 3G,4G and 5G)for both single-mode and multimode devices on a worldwide basis.We also offer licenses to our cellular standard-essential patents together with other Qual
176、comm patents that may be useful to such licensed products for licensees that desire to obtain the commercial benefits of receiving such broad patent rights from us.While we offer license rights to patents that we do not have a duty or obligation to grant,those rights may be negotiated at our discret
177、ion.A significant portion of QTLs licensing revenues is derived from licensees that have entered into license agreements that grant licenses under Qualcomms cellular standard-essential patents.Our licensees manufacture wireless cellular products such as mobile devices(including handsets),other consu
178、mer devices(e.g.,tablets and PCs),plug-in end user data modem cards and embedded modules for incorporation into machine-to-machine devices and certain other devices,connected vehicle units and connected vehicle modules used in automobiles,wireless access points and small cell wireless products.Since
179、 our founding in 1985,we have focused heavily on technology development and innovation.These efforts have resulted in a leading intellectual property portfolio related to foundational,system level technologies for the wireless industry.We have an extensive portfolio of United States and foreign pate
180、nts,and we continue to pursue patent applications around the world.Our patents have broad coverage in many countries,including Brazil,China,India,Japan,South Korea,Taiwan,the United States and countries in Europe(including European patents with unitary effect).A substantial portion of our patents an
181、d patent applications relate to digital wireless communications technologies,including patents that are essential or may be important to the commercial implementation of CDMA2000,WCDMA(UMTS),LTE and/or OFDMA-based 5G products.Our patent portfolio is the most widely and extensively licensed in the in
182、dustry,including more than 200 5G license agreements to date.Additionally,we have a substantial patent portfolio related to key technologies used in communications and other devices and/or related services,some of which are covered by industry standards.These include certain video codecs,audio codec
183、s,Wi-Fi,memory interfaces,wireline interfaces,wireless power,position location,broadcast and streaming protocols,and short-range communication functionalities,including Bluetooth.Our patents cover a wide range of technologies across connectivity(including wireless devices and network infrastructure
184、equipment),computing and AI applications in diverse end-markets,not just the portion of such patented technologies incorporated into chipsets.Over the years,a number of companies have challenged our patent position,but the mobile communications industry generally recognizes that any company seeking
185、to develop,manufacture and/or sell certain wireless products that use 3G,4G and/or 5G technologies requires a license or other rights to use our patents.We have licensed or otherwise provided rights to use our patents to hundreds of companies on industry-accepted terms.Our strategy to make our paten
186、ted technologies broadly available has been a catalyst for industry growth,helping to enable a wide range of companies offering a broad array of wireless products and features while increasing the capabilities of and/or driving down average and low-end selling prices for handsets and other wireless
187、devices.By licensing or otherwise providing rights to use our patents to a wide range of equipment manufacturers,encouraging innovative applications,supporting equipment manufacturers with integrated chipset and software products and focusing on improving the efficiency of the airlink for wireless o
188、perators,we have helped multimode device capabilities evolve,grow demand and reduce device pricing.5G network deployments and commercial 3G/4G/5G multimode device sales began in 2019 and have continued.By licensing or otherwise providing rights to use our patents to a wide range of equipment manufac
189、turers,we are supporting the global rollout and availability of 5G technology.We believe that 5G will continue to encourage innovative applications through 12enhanced mobile broadband services with lower latency and multi-gigabit user data speeds and bring more capacity and efficiency to wireless ne
190、tworks.Upon the initial deployment of OFDMA-based networks,the products implementing such technologies generally have been multimode and implement OFDMA-based and CDMA-based technologies.The licenses granted under our existing license agreements generally cover multimode CDMA/OFDMA(3G/4G/5G)devices,
191、and our licensees are obligated to pay royalties under their license agreements for their sales of such devices.Standards bodies have been informed that we hold patents that might be essential for all 3G standards that are based on CDMA,patents that are potentially essential for 4G technologies and
192、patents and pending patent applications that are potentially essential for 5G technologies.We have committed to such standards bodies that we will offer to license our essential patents for these standards consistent with our commitments to those bodies.We have made similar commitments with respect
193、to certain other technologies implemented in industry standards.QTL licensing revenues include per-unit royalties and,to a lesser extent,lump sum payments(i.e.,license fees,substantially all of which were recognized prior to fiscal 2024).Licensees pay quarterly royalties based on their sales of prod
194、ucts incorporating or using our licensed intellectual property.Per-unit royalties are generally based upon a percentage of the wholesale(i.e.,licensees)selling price of complete licensed products,net of certain permissible deductions(including transportation,insurance,packing costs and other items),
195、with certain products subject to per unit minimums and/or per unit caps.Certain products may also have a fixed royalty amount per unit.The vast majority of QTL revenues have been generated through our licensees sales of OFDMA-based products(including 3G/4G and 3G/4G/5G multimode devices),such as sma
196、rtphones and other devices.We have invested in both the acquisition and development of,and continue to invest in the development of,OFDMA technology and intellectual property and have generated the industry leading patent portfolio applicable to LTE,LTE Advanced,LTE Advanced Pro and 5G NR.Some of ou
197、r inventions that serve as foundational technologies for 3G and 4G also serve as foundational technologies for 5G.We have invested and continue to invest in the development of 5G and continue to play a significant role in driving advancements of 5G.Nevertheless,we face competition in the development
198、 of intellectual property for future generations of digital wireless communications technologies and services.Our license agreements also may provide us with rights to use certain of our licensees technology and intellectual property to manufacture,sell and/or use certain components(e.g.,application
199、-specific integrated circuits)and related software,cellular devices and/or infrastructure equipment.We have been in the past,currently are,and may in the future be subject to certain legal proceedings and/or governmental investigations challenging our patent licensing practices,including certain mat
200、ters described in this Annual Report under the heading“Notes to Consolidated Financial Statements,Note 7.Commitments and Contingencies.”Such governmental investigations and/or legal proceedings could require us to change our patent licensing practices,as described herein in“Part I,Item 1A.Risk Facto
201、rs”under the heading“Changes in our patent licensing practices,whether due to governmental investigations,legal challenges or otherwise,could adversely impact our business and results of operations.”QSI Segment.QSI makes strategic investments primarily through our Qualcomm Ventures arm that are focu
202、sed on expanding or opening new opportunities for our technologies as well as supporting the design and introduction of new products and services(or enhancing existing products or services).Many of these strategic investments are in early-stage companies in a variety of industries and applications,i
203、ncluding but not limited to 5G,AI,automotive,consumer,enterprise,cloud,IoT and XR.Investments primarily include non-marketable equity securities and,to a lesser extent,marketable equity securities and convertible debt instruments.In addition,QSI segment results include revenues and related costs ass
204、ociated with certain development contracts with one of our investees.As part of our strategic investment activities,we generally intend to pursue various exit strategies for each of our QSI investments in the foreseeable future.Other Businesses.Nonreportable segments include our QGOV business and ou
205、r cloud computing processing initiative.QGOV provides development and other services and sells related products to U.S.government agencies and their contractors.Seasonality.Information regarding seasonality is provided in this Annual Report in“Part II,Item 7.Managements Discussion and Analysis of Fi
206、nancial Condition and Results of Operations”in the“Our Business and Operating Segments”section under the heading“Seasonality.”Corporate StructureWe operate our businesses through our parent company,QUALCOMM Incorporated,and multiple direct and indirect subsidiaries.We have developed our corporate st
207、ructure in order to address various legal,regulatory,tax,contractual compliance,operational and other matters.Substantially all of our products and services businesses,including QCT,and substantially all of our engineering and research and development functions,are operated by Qualcomm Technologies,
208、Inc.(QTI),a subsidiary of QUALCOMM Incorporated,and QTIs subsidiaries.QTL is operated by QUALCOMM Incorporated,which owns the vast majority of our patent portfolio.Snapdragon and Qualcomm branded products are products of QTI and/or its subsidiaries.Qualcomm patents are licensed by QUALCOMM Incorpora
209、ted.Neither QTI nor any of its subsidiaries has any right,power or authority to grant any licenses or other rights under or to any patents owned by QUALCOMM Incorporated.13Revenue Concentrations and Significant CustomersA small number of customers/licensees historically have accounted for a signific
210、ant portion of our consolidated revenues.In fiscal 2024,revenues from Apple,Samsung and Xiaomi each comprised 10%or more of our consolidated revenues.Additional information regarding revenue concentrations is provided in this Annual Report in“Notes to Consolidated Financial Statements,Note 2.Composi
211、tion of Certain Financial Statement Items”and“Notes to Consolidated Financial Statements,Note 8.Segment Information.”Research and DevelopmentWe compete in industries that are characterized by rapid technological change,evolving industry standards and frequent new product introductions,requiring a co
212、ntinuous effort to enhance existing products and technologies and to develop new products and technologies.We have significant engineering resources,including engineers with substantial expertise in modem,radio-frequency integrated circuit,RFFE,multimedia(camera,video,display and computer vision),se
213、nsor perception and drive policy,advanced SoC(which includes specialized engines such as CPU,GPU and NPU to enable high-performance and low-power computing and other optimization techniques),AI,packaging and a broad range of other technologies.We expect to continue to invest in research and developm
214、ent in a variety of ways in an effort to extend the demand for our products and technologies and to utilize that research and development in industries and applications beyond mobile handsets(such as automotive and IoT),including continuing the development of new modem and multimedia technologies an
215、d other technologies(such as ADAS/AD and XR),developing alternative technologies for certain specialized applications,participating in the formulation of new voice and data communication standards and technologies and assisting in deploying digital voice and data communications networks around the w
216、orld.We are focused on making it easier for developers to design and deploy their applications on our platforms across multiple device categories and industries as a part of our diversification strategy.We conduct broad,leading research and development across AI,including generative AI,from fundamen
217、tal research to platform and applied research,with the goal of advancing AI core capabilities to run on-device,and scaling them across industries and use cases.With investments made in AI for over a decade,our research is diverse,and we are focused on power efficiency and personalization to make AI
218、seamless across our everyday experiences.We also engage in acquisitions and other transactions to meet certain technology needs,to obtain development resources or open or expand opportunities for our technologies and to support the design and introduction of new products and services(or enhance exis
219、ting products and services).We make investments to provide our integrated circuit customers with chipsets designed on leading-edge technology nodes that combine multiple technologies for use in mobile devices;automotive systems for connectivity,digital cockpit and ADAS/AD;and IoT including consumer
220、electronic devices,industrial devices and edge networking products.We support Android,Windows,Linux and other client software environments in our chipsets.We develop innovations that are integrated into our product portfolio to expand the opportunity for wireless communications and enhance the value
221、 of our products and services.These innovations are expected to enable our customers to improve the performance or value of their existing services,offer these services more affordably and introduce revenue-generating broadband data services ahead of their competition.We have research and developmen
222、t centers in various locations throughout the world that support our global development activities.We continue to use our substantial engineering resources and expertise to develop new technologies,applications and services and make them available to licensees to help grow the wireless communication
223、s industry and generate new or expanded licensing opportunities.Environmental,Social and Governance(ESG)and Human CapitalWe believe that our innovations help transform industries,enhance peoples lives and address some of societys biggest challenges.With the world becoming increasingly connected,we h
224、ave an opportunity to shape a better future.We believe in the power of technology.As such,our corporate responsibility vision is to be a facilitator of innovation for a sustainable world,connected wirelessly.We have integrated corporate responsibility throughout our business,from our daily operation
225、s to our executive leadership and our Board of Directors(Board).The Governance Committee of our Board provides oversight on ESG matters not delegated to other Board committees,including ESG policies,programs and initiatives.The HR and Compensation Committee of our Board provides oversight on our hum
226、an capital initiatives and our workforce diversity,equity and inclusion policies,programs and initiatives,while the Audit Committee of our Board provides oversight of certain ESG disclosure controls and procedures.Our ESG Leadership Committee,composed of executives,provides guidance on global corpor
227、ate responsibility issues.Our ESG Working Group implements directives from the ESG Leadership Committee,measures progress on achieving our goals and reports to management on accomplishments and challenges.ESGWe center our ESG efforts around purposeful innovation,focusing on three strategic areas whe
228、re we believe we can have the biggest impact:Empowering Digital Transformation.We believe technology can transform industries,businesses,communities and individual lives.We invent solutions that are foundational to the advancement of the global wireless ecosystem 14and the digital transformation of
229、industries such as automotive,personal computing and industrial IoT,improving how we work,live and,ultimately,thrive.Acting Responsibly.We invest in our people,strive to always behave with integrity and implement governance standards that uphold Qualcomms values.We are committed to responsible busin
230、ess practices,from enhancing our inclusive and diverse culture,to protecting privacy,to providing leading development programs and fostering an ethical culture.Operating Sustainably.We aim to maintain safe,healthy and productive working conditions and conserve natural resources.Our environmental eff
231、orts center on reducing greenhouse gas(GHG)emissions,optimizing energy consumption,managing water usage and minimizing waste throughout our operations and the communities in which we work.2025 Goals.Our 2025 Goals related to corporate responsibility include,among others:Reducing our absolute Scope 1
232、 and Scope 2 GHG emissions from global operations by 30%,from a 2014 base year.Reducing power consumption by 10%every year in our flagship Snapdragon Mobile Platform products(given equivalent features).Having 100%of our primary semiconductor manufacturing suppliers audited every two years for confor
233、mance to our Supplier Code of Conduct,from a 2020 base year.Net-Zero Global GHG Emissions Targets.Qualcomm has established near-and long-term science-based emissions reduction targets,which have been approved by the Science Based Targets initiative(SBTi),including:(1)reduce absolute Scope 1 and 2 GH
234、G emissions by 50%by 2030 from a 2020 base year;(2)reduce absolute Scope 3 GHG emissions by 25%by 2030 from a 2020 base year;and(3)reach net-zero GHG emissions across the value chain by 2040.The foregoing discussion includes information regarding ESG matters that we believe may be of interest to our
235、 stockholders generally.We recognize that certain other stakeholders(such as customers,employees and non-governmental organizations),as well as certain of our stockholders,may be interested in more detailed information on these topics.We encourage you to review our most recent Qualcomm Corporate Res
236、ponsibility Report(located on our website)for more detailed information regarding our Corporate Responsibility and ESG governance,goals,priorities,accomplishments and initiatives,as well as the Corporate Governance section of our most recent Proxy Statement,and our Corporate Governance Principles an
237、d Practices(located on our website),for additional information regarding governance matters,including Board and Committee leadership,oversight,roles and responsibilities,and Director independence,tenure,refreshment and diversity.Nothing on our website,including the aforementioned reports and documen
238、ts,or sections thereof,shall be deemed incorporated by reference into this Annual Report.Human CapitalIn order to continue to produce innovative,breakthrough technologies,it is crucial that we continue to attract and retain top talent.To facilitate talent attraction and retention,we strive to make Q
239、ualcomm a diverse,inclusive,and safe workplace,with opportunities for our employees to grow and develop in their careers,supported by strong compensation,benefits,and health and wellness programs and by programs that build connections between our employees and their communities.At September 29,2024,
240、we had approximately 49,000 full-time,part-time and temporary workers,the overwhelming majority of which were full-time employees.Our employees are represented by more than 100(self-identified)nationalities working in over 150 locations in 37 different countries around the world.Collectively,we spea
241、k more than 90 different languages.Our global workforce is highly educated,with the substantial majority of our employees working in engineering or technical roles.During fiscal 2024,our voluntary turnover rate was approximately 5%.Diversity,Equity and Inclusion.We believe that a diverse workforce i
242、s important to our success,and we continue to focus on making Qualcomm a great place to work for everyone,including women and underrepresented populations.Our recent efforts have been focused in three areas:inspiring innovation through an inclusive and diverse culture;expanding our efforts to recrui
243、t world-class diverse talent;and identifying strategic partners to accelerate our programs.We have employee networks that enhance our inclusive and diverse culture,including global network groups focused on supporting women,LGBTQ+employees and employees with disabilities,in addition to U.S.-based em
244、ployee networks that focus on Asian American and Pacific Islander employees,Black and African American employees,Hispanic and Latinx employees and U.S.military members and veterans.We continue to recruit technical talent in diverse communities,engaging as a high-level sponsor of professional confere
245、nces,such as the Grace Hopper Conference for women and non-binary technologists,the Society of Hispanic Professional Engineers National Convention and the Richard Tapia Conference.We also continue to recruit from a variety of colleges with diverse student populations,including Hispanic-Serving Insti
246、tutions and Historically Black Colleges and Universities.Our continued engagement with organizations that work with diverse communities has been vital to our efforts.We joined the Global Catalyst Community that helps organizations build workplaces that work for women with thought leadership and acti
247、onable solutions to advance women into leadership.We are also endorsed as a great employer for women 15by Work180 in the UK and have been recognized by Avtar and Seramount as a Best Company for Women in India.We,alongside other top technology companies,helped form the Reboot Representation Tech Coal
248、ition,which aims to double the number of Black,Latinx and Native American women receiving computing degrees by 2025.We have also been named a Best Place to Work for Disability Inclusion by Disability:IN for ten years in a row,underscoring our commitment to an inclusive work environment for people wi
249、th disabilities.We publish our most recent Consolidated EEO-1 reports on our website to provide additional transparency into our workforce.Health,Safety and Wellness.The success of our business is fundamentally connected to the well-being of our people.Accordingly,we are committed to the health,safe
250、ty and wellness of our employees.Through our Live+Well,Work+Well programs,we provide our employees and their families with access to a variety of innovative,flexible and convenient health and wellness programs,including benefits that provide protection and security related to events that may require
251、 time away from work or that impact their financial well-being;that support their physical and mental health by providing tools and resources to help them improve or maintain their health status and encourage engagement in healthy behaviors;and that offer choice where possible so they can customize
252、their benefits to meet their needs and the needs of their families.Compensation and Benefits.We provide robust compensation and benefits programs to help meet the needs of our employees.In addition to salaries,these programs may include(depending on country/region)annual bonuses,stock awards,an empl
253、oyee stock purchase plan,retirement and savings plans,healthcare and insurance benefits,health savings and flexible spending accounts,paid time off,family leave,family care resources,flexible work schedules,adoption and surrogacy assistance,employee assistance programs,tuition assistance,and on-site
254、 services such as health and fitness centers,among others.In addition to our broad-based equity award programs,we have used targeted equity awards with vesting conditions to facilitate retention of personnel,particularly those with critical engineering skills and experience.Talent Development.We inv
255、est significant resources to develop the talent needed to remain a world-leading innovator in wireless technologies and high-performance and low-power computing,including AI.We deliver numerous training opportunities,provide rotational assignment opportunities,focus on continuous learning and develo
256、pment and have implemented what we believe are industry-leading methodologies to manage performance,provide feedback and develop talent.Our talent development programs are designed to provide employees with the resources they need to help achieve their career goals,build management skills and lead t
257、heir organizations.We provide a series of employee workshops around the globe that support professional growth and development.Additionally,our manager and employee forum programs provide an ongoing opportunity for employees to practice and apply learning around conversations aligned with our annual
258、 review process.We also have an employee development website that provides quick access to learning resources that are personalized to the individuals development needs.Building Connections-With Each Other and our Communities.We believe that building connections between our employees,their families
259、and our communities creates a more meaningful,fulfilling and enjoyable workplace.Through our engagement programs,our employees can pursue their interests and hobbies,connect to volunteering and giving opportunities and enjoy unique recreational experiences with family members.Leveraging our partners
260、hips with various local arts and culture organizations,we have created numerous unique experiences for employees and their families around the world.Since our employees are passionate about many causes,our corporate giving and volunteering programs support and encourage employees by engaging with th
261、ose causes.In our offices around the world,our employee-led Giving Committees select local organizations to support,often in the form of grants that are primarily funded by the Qualcomm Foundation(which was established in 2011 to support charitable giving and volunteerism).We also frequently collabo
262、rate with these organizations on volunteer activities for our employees.Additionally,during fiscal 2024,thousands of our employees around the world utilized our charitable match program,benefiting more than 1,300 charitable organizations.Human Capital Advancements Linked to our Executive Compensatio
263、n.The HR and Compensation Committee of our Board will consider human capital advancements in determining our executives fiscal 2024 bonus.For fiscal 2024,progress towards human capital advancements serves as a non-financial performance modifier that can adjust the executives bonus payout by a multip
264、le of 0.9 to 1.1.The foregoing discussion includes information regarding Human Capital matters that we believe may be of interest to stockholders generally.We recognize that certain other stakeholders(such as customers,employees and non-governmental organizations),as well as certain of our stockhold
265、ers,may be interested in more detailed information on these topics.We encourage you to review the“Workforce”section of our most recent Qualcomm Corporate Responsibility Report(located on our website)for more detailed information regarding our Human Capital programs and initiatives.Nothing on our web
266、site,including our Consolidated EEO-1 reports and our Qualcomm Corporate Responsibility Report or sections thereof,shall be deemed incorporated by reference into this Annual Report.16Available InformationOur Internet address is .There we make available,free of charge,our annual reports on Form 10-K,
267、quarterly reports on Form 10-Q,current reports on Form 8-K,proxy statements and any amendments to those reports(among others),as soon as reasonably practicable after we electronically file such material with,or furnish it to,the Securities and Exchange Commission(SEC).We also make available on our w
268、ebsite public financial information for which a report is not required to be filed with or furnished to the SEC.Our SEC reports and such other information can be accessed through the Investor Relations section of our website(https:/ Investor Relations website contains a significant amount of informa
269、tion about us,including financial and other information for investors,and it is possible that this information could be deemed to be material information.Accordingly,investors and others interested in Qualcomm should review the information posted on our website in addition to following our press rel
270、eases,SEC filings and public conference calls and webcasts.The information found on our website is not part of this or any other report we file with or furnish to the SEC.Information about our Executive OfficersInformation about our executive officers(and their ages as of November 1,2024)are as foll
271、ows:Cristiano R.Amon,age 54,has served as President and Chief Executive Officer and as a member of the Board of Directors since June 2021.Mr.Amon served as President and Chief Executive Officer-elect from January 2021 to June 2021 and President from January 2018 to January 2021.He served as Executiv
272、e Vice President,Qualcomm Technologies,Inc.(QTI),a subsidiary of Qualcomm Incorporated,and President,QCT,from November 2015 to January 2018.He served as Executive Vice President,QTI and Co-President,QCT from October 2012 to November 2015,Senior Vice President and Co-President,QCT from June 2012 to O
273、ctober 2012 and as Senior Vice President,QCT Product Management from October 2007 to June 2012,with responsibility for our product roadmap,including the Snapdragon platforms.Mr.Amon joined Qualcomm in 1995 as an engineer and throughout his tenure at Qualcomm has held several other technical and lead
274、ership positions.Mr.Amon has been a member of the board of directors of Adobe Inc.since October 2023.Mr.Amon holds a B.S.in Electrical Engineering and an honorary doctorate from UNICAMP,the State University of Campinas,Brazil.Heather Ace,age 54,has served as Chief Human Resources Officer since March
275、 2020.Prior to joining Qualcomm,Ms.Ace was Senior Vice President,Human Resources at DexCom,Inc.,a provider of continuous glucose monitoring,from July 2016 to March 2020.Prior to DexCom,she was Executive Vice President,Human Resources at Orexigen Therapeutics,Inc.,a developer of treatments for obesit
276、y,from January 2016 to July 2016.Ms.Ace was Integration Leader for Royal Philips,leading the cross-functional integration of Philips Healthcares acquisition of Volcano Corporation,from January 2015 to January 2016.She was Executive Vice President,Human Resources at Volcano Corporation from May 2012
277、to January 2015.Prior to May 2012,Ms.Ace served in various senior executive roles in human resources,post-acquisition/merger integration and employment law at Life Technologies Corporation.She began her career at Gray,Cary,Ware&Freidenrich(now DLA Piper)as a litigation and transactional employment a
278、ttorney,specializing in mergers and acquisitions.Ms.Ace holds a B.A.in Law&Society from the University of California,Santa Barbara and a J.D.from Santa Clara School of Law.Ann Chaplin,age 51,has served as General Counsel and Corporate Secretary since November 2021.Prior to joining Qualcomm,Ms.Chapli
279、n served at General Motors Company as Corporate Secretary and Deputy General Counsel,U.S.,Transformation Initiatives and Corporate Securities from February 2021 to November 2021,Deputy General Counsel and Chief Compliance Officer,North America,Transformation Projects and Compliance from April 2019 t
280、o February 2021,Deputy General Counsel,Commercial,Transportation as a Service,Litigation and Regulation from January 2018 to April 2019,Deputy General Counsel,Intellectual Property,Regulation and Litigation from June 2017 to January 2018 and Deputy General Counsel,Litigation from December 2015 to Ju
281、ne 2017.Prior to General Motors,Ms.Chaplin was an attorney at Fish&Richardson P.C.from February 2001 to December 2015,last holding the position of Litigation Practice Group Leader/Litigation Equity Principal.She began her career as an intellectual property litigation attorney at the law firm of Robi
282、ns,Kaplan,Miller&Ciresi LLP.Ms.Chaplin holds a B.A in Sociology of Law from the University of Minnesota and a J.D.from Harvard Law School.Akash Palkhiwala,age 49,has served as Chief Financial Officer since November 2019 and as Chief Operating Officer since January 2024.Mr.Palkhiwala served as Senior
283、 Vice President and Interim Chief Financial Officer from August 2019 to November 2019.He served as Senior Vice President,QCT Finance,QTI from December 2015 to August 2019 and Senior Vice President and Treasurer from October 2014 to December 2015.Mr.Palkhiwala served in various other finance and lead
284、ership roles since joining Qualcomm in March 2001.Prior to joining Qualcomm,he was an Analyst at KeyBank.Mr.Palkhiwala holds an undergraduate degree in Mechanical Engineering from L.D.College of Engineering in India and an M.B.A from the University of Maryland.Alexander H.Rogers,age 67,has served as
285、 President,QTL and Global Affairs since June 2021.Mr.Rogers served as President,QTL from October 2016 to June 2021,Senior Vice President and President,QTL from September 2016 to October 2016,Senior Vice President,Deputy General Counsel and General Manager,QTL from March 2016 to September 2016,Senior
286、 Vice President and Deputy General Counsel from October 2015 to March 2016 and Senior Vice President and Legal Counsel from April 2007 to October 2015.Prior to QTL,he led Qualcomms litigation group.Mr.Rogers joined Qualcomm in January 2001 as an attorney.Prior to joining Qualcomm,he was a partner at
287、 the law firm of Gray,Cary,Ware&Freidenrich(now DLA Piper),specializing in intellectual property and commercial litigation.Mr.Rogers holds a B.A.and an M.A.in English Literature from Georgetown University and a J.D.from Georgetown University Law Center.17James H.Thompson,age 60,has served as Chief T
288、echnology Officer,QTI since March 2017.Dr.Thompson served as Executive Vice President,Engineering,QTI from October 2012 to March 2017 and Senior Vice President,Engineering from July 1998 to October 2012.He joined Qualcomm in 1992 as a senior engineer and throughout his tenure at Qualcomm has held se
289、veral other technical and leadership positions.Dr.Thompson holds a B.S.,an M.S.and a Ph.D.in Electrical Engineering from the University of Wisconsin.Item 1A.Risk FactorsYou should consider each of the following factors in evaluating our business and our prospects,any of which could negatively impact
290、 our business,results of operations,cash flows and financial condition,and require significant management time and attention.Further,the risks and uncertainties described below are not the only ones we face.Additional risks and uncertainties not presently known to us or that we currently consider im
291、material may also negatively impact our business,results of operations,cash flows and financial condition,and require significant management time and attention.In such cases,the trading price of our common stock could decline.You should also consider the other information set forth in this Annual Re
292、port in evaluating our business and our prospects,including but not limited to our financial statements and the related notes,and“Part II,Item 7.Managements Discussion and Analysis of Financial Condition and Results of Operations.”References to“and,”“or”and“and/or”should be read to include the other
293、s,as appropriate.RISKS RELATED TO OUR OPERATING BUSINESSESWe derive a significant portion of our revenues from a small number of customers and licensees,and particularly from their sale of premium tier handset devices.If revenues derived from these customers or licensees decrease or the timing of su
294、ch revenues fluctuates,our business and results of operations could be negatively affected.We derive a significant portion of our revenues from a small number of customers and licensees,and particularly from their sale of premium tier handset devices,and we expect this trend to continue in the fores
295、eeable future.The mobile industry is experiencing and may continue to experience concentration of device share among a few companies,particularly at the premium tier,contributing to this trend.Certain Chinese original equipment manufacturers(OEMs)have increased and may continue to increase their dev
296、ice share in China and in certain regions outside of China,and we derive a significant portion of our revenues from a small number of these OEMs as well.See also“Notes to Consolidated Financial Statements,Note 2.Composition of Certain Financial Statement Items-Concentrations.”In addition,a number of
297、 our largest customers have developed,are developing or may develop their own integrated circuit products,or may choose our competitors integrated circuit products,which they have in the past utilized,currently utilize and may in the future utilize in some or all of their devices,rather than our pro
298、ducts,which could significantly reduce the revenues we derive from these customers.See also the Risk Factor titled“Our business,particularly our semiconductor business,may suffer as a result of our customers vertically integrating(i.e.,developing their own integrated circuit products).”Further,polit
299、ical actions,including trade and/or national security protection policies,or other actions by governments,particularly the U.S.and Chinese governments,have in the past,currently are and could in the future limit or prevent us from transacting business with certain of our customers,limit,prevent or d
300、iscourage those customers from transacting business with us,or make it more expensive to do so,any of which could also significantly reduce the revenues we derive from these customers.See also the Risk Factor titled“A significant portion of our business is concentrated in China,and the risks of such
301、 concentration are exacerbated by U.S./China trade and national security tensions.”In addition,we spend a significant amount of engineering and development time,funds and resources in understanding our key customers feedback and/or specifications and attempt to incorporate such input into our produc
302、t launches and technologies.These efforts may not require or result in purchase commitments from such customers or we may have lower purchases from such customers than expected,and consequently,we may not achieve the anticipated revenues from these efforts,or these efforts may result in non-recovera
303、ble costs.The loss of any one of our significant customers,a reduction in the purchases of our products by any of these customers or the cancellation of significant purchases by any of these customers,whether due to the use of their own integrated circuit products or our competitors integrated circu
304、it products,government restrictions,a decline in global,regional or local economic conditions,a decline in consumer demand(or a shift in consumer demand away from new devices in favor of refurbished or secondhand devices),elevated inventory levels at our customers or otherwise,would reduce our reven
305、ues and could harm our ability to achieve or sustain expected results of operations.A delay of significant purchases,even if only temporary,would reduce our revenues in the period of the delay.Any such reduction in revenues would also impact our cash resources available for other purposes,such as re
306、search and development.Further,the concentration of device share among a few companies,and the corresponding purchasing power of these companies,may result in lower prices for our products,which could have an adverse effect on our revenues and margins.In addition,the timing and size of purchases by
307、our significant customers may be impacted by the timing of such customers new or next generation product introductions,over which we have no control,and the timing and success of such introductions may cause our revenues and results of operations to fluctuate.Apple purchases our MDM(or thin modem)pr
308、oducts,which do not include our integrated application processor technology,and which have lower revenue and margin contributions than our combined modem and application processor 18products.Consequently,to the extent Apple takes device share from our customers who purchase our integrated modem and
309、application processor products,our revenues and margins may be negatively impacted.The mobile industry has also experienced slowing growth in the premium-tier device segment due to,among other factors,a maturing premium-tier smartphone industry in which demand is increasingly driven by new product l
310、aunches and innovation cycles.A reduction in sales of premium-tier devices,a reduction in sales of our premium-tier integrated circuit products(which have a higher revenue and margin contribution than our lower-tier integrated circuit products),a shift in share away from OEMs that utilize our premiu
311、m-tier products,or a shift in consumer demand in favor of refurbished or secondhand devices,would reduce our revenues and margins and may harm our ability to achieve or sustain expected financial results.Any such reduction in revenues would also impact our cash resources available for other purposes
312、,such as research and development.Further,while we derive a portion of our revenues from areas outside of mobile handsets,e.g.,from industries such as automotive and IoT,certain product categories within those industries may in themselves be subject to high levels of customer concentration.Although
313、we have more than 300 licensees,we derive a significant portion of our licensing revenues from a limited number of licensees,which includes a number of Chinese OEMs.In the event that one or more of our significant licensees fail to meet their reporting and payment obligations,or we are unable to ren
314、ew or modify one or more of their license agreements under similar terms as their existing agreements,our revenues,results of operations and cash flows would be adversely impacted.Moreover,the success of our core licensing business depends in part on the ability of our licensees to continue to devel
315、op,introduce and deliver high-volume products that achieve and sustain customer acceptance.We do not have control over the product development,sales efforts or pricing of products by our licensees,and our licensees might not be successful in these efforts.Reductions in sales of our licensees product
316、s,or reductions in the average selling prices of such products without a sufficient increase in the volumes sold,would generally have an adverse effect on our licensing revenues.Our business,particularly our semiconductor business,may suffer as a result of our customers vertically integrating(i.e.,d
317、eveloping their own integrated circuit products).Certain of our largest customers(for example,Samsung)develop their own integrated circuit products,which they have in the past utilized,and currently utilize,in certain of their devices and we expect will in the future utilize in some or all of their
318、devices,rather than our products(and they have and may continue to sell their integrated circuit products to third parties,discretely or together with certain of their other products,in competition with us).Apple has utilized modem products of one of our competitors in some of its devices rather tha
319、n our products,and solely utilized one of our competitors products in several of its prior device launches.In December 2019,Apple acquired Intels modem assets and is developing its own modem products using those assets.Accordingly,we expect Apple to use its own modem products,rather than our product
320、s,in some or all of its future devices.Similarly,we derive a significant portion of our revenues from Chinese OEMs.Certain of our customers in China have developed,and others may in the future develop,their own integrated circuit products and use such integrated circuit products in their devices rat
321、her than our integrated circuit products,including due to pressure from or policies of the Chinese government(whose Made in China 2025 campaign,announced in 2015,targeted 70%semiconductor self-sufficiency by 2025),concerns over losing access to our integrated circuit products as a result of actual,t
322、hreatened or potential U.S.or Chinese government actions or policies,including trade protection or national security policies,or other reasons.See also the Risk Factor titled“A significant portion of our business is concentrated in China,and the risks of such concentration are exacerbated by U.S./Ch
323、ina trade and national security tensions.”In addition,periodic supply/capacity constraints within the semiconductor industry may further incentivize our customers to vertically integrate in an effort to secure additional control over their supply chains.If our customers begin using their own integra
324、ted circuit products rather than our products in some or all of their devices,or increase their use of their own integrated circuit products from current levels,our business,revenues,results of operations,cash flows and financial position could be materially adversely impacted.See also the Risk Fact
325、or titled“We derive a significant portion of our revenues from a small number of customers and licensees,and particularly from their sale of premium tier handset devices.If revenues derived from these customers or licensees decrease or the timing of such revenues fluctuates,our business and results
326、of operations could be negatively affected.”A significant portion of our business is concentrated in China,and the risks of such concentration are exacerbated by U.S./China trade and national security tensions.We derive a significant portion of our revenues from Chinese OEMs,and from non-Chinese OEM
327、s that utilize our integrated circuit products in devices they sell into China,which has the largest number of smartphone users in the world.We also source certain critical integrated circuit products from suppliers in China.Due to various factors,including pressure,encouragement or incentives from,
328、or policies of,the Chinese government(such as its Made in China 2025 campaign),concerns over losing access to our integrated circuit products as a result of actual,threatened or potential U.S.or Chinese government actions or policies,including trade protection or national security policies,or other
329、reasons,some of our customers in China have developed,and others may in the future develop,their own 19integrated circuit products and use such integrated circuit products in their devices,or use our competitors integrated circuit products in their devices,rather than our products,which could materi
330、ally harm our business,revenues,results of operations,cash flows and financial position.See also the Risk Factor titled“Our business,particularly our semiconductor business,may suffer as a result of our customers vertically integrating(i.e.,developing their own integrated circuit products).”Politica
331、l actions,including trade protection and national security policies of the U.S.and Chinese governments,such as tariffs,bans or placing companies on restricted entity lists,have in the past,currently are and could in the future limit or prevent us from transacting business with certain of our Chinese
332、 customers or suppliers,limit,prevent or discourage certain of our Chinese customers or suppliers from transacting business with us,or make it more expensive to do so.Given our revenue concentration in China,if,due to actual,threatened or potential U.S.or Chinese government actions or policies:we we
333、re further limited in,or prohibited from,selling our integrated circuit products to Chinese customers;our non-Chinese OEM customers were limited in,or prohibited from,selling devices that incorporate our integrated circuit products into China;Chinese OEMs develop and use their own integrated circuit products or use our competitors integrated circuit products in some or all of their devices rather
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