(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||
Exhibit Number | Exhibit Description | |||||||
99.1 | ||||||||
104 | Inline XBRL for the cover page of this Current Report on Form 8-K. |
Date: | October 27, 2022 | Apple Inc. | |||||||||||||||
By: | /s/ Luca Maestri | ||||||||||||||||
Luca Maestri | |||||||||||||||||
Senior Vice President, Chief Financial Officer |
Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||
September 24, 2022 | September 25, 2021 | September 24, 2022 | September 25, 2021 | ||||||||||||||||||||
Net sales: | |||||||||||||||||||||||
Products | $ | 70,958 | $ | 65,083 | $ | 316,199 | $ | 297,392 | |||||||||||||||
Services | 19,188 | 18,277 | 78,129 | 68,425 | |||||||||||||||||||
Total net sales (1) | 90,146 | 83,360 | 394,328 | 365,817 | |||||||||||||||||||
Cost of sales: | |||||||||||||||||||||||
Products | 46,387 | 42,790 | 201,471 | 192,266 | |||||||||||||||||||
Services | 5,664 | 5,396 | 22,075 | 20,715 | |||||||||||||||||||
Total cost of sales | 52,051 | 48,186 | 223,546 | 212,981 | |||||||||||||||||||
Gross margin | 38,095 | 35,174 | 170,782 | 152,836 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Research and development | 6,761 | 5,772 | 26,251 | 21,914 | |||||||||||||||||||
Selling, general and administrative | 6,440 | 5,616 | 25,094 | 21,973 | |||||||||||||||||||
Total operating expenses | 13,201 | 11,388 | 51,345 | 43,887 | |||||||||||||||||||
Operating income | 24,894 | 23,786 | 119,437 | 108,949 | |||||||||||||||||||
Other income/(expense), net | (237) | (538) | (334) | 258 | |||||||||||||||||||
Income before provision for income taxes | 24,657 | 23,248 | 119,103 | 109,207 | |||||||||||||||||||
Provision for income taxes | 3,936 | 2,697 | 19,300 | 14,527 | |||||||||||||||||||
Net income | $ | 20,721 | $ | 20,551 | $ | 99,803 | $ | 94,680 | |||||||||||||||
Earnings per share: | |||||||||||||||||||||||
Basic | $ | 1.29 | $ | 1.25 | $ | 6.15 | $ | 5.67 | |||||||||||||||
Diluted | $ | 1.29 | $ | 1.24 | $ | 6.11 | $ | 5.61 | |||||||||||||||
Shares used in computing earnings per share: | |||||||||||||||||||||||
Basic | 16,030,382 | 16,487,121 | 16,215,963 | 16,701,272 | |||||||||||||||||||
Diluted | 16,118,465 | 16,635,097 | 16,325,819 | 16,864,919 | |||||||||||||||||||
(1) Net sales by reportable segment: | |||||||||||||||||||||||
Americas | $ | 39,808 | $ | 36,820 | $ | 169,658 | $ | 153,306 | |||||||||||||||
Europe | 22,795 | 20,794 | 95,118 | 89,307 | |||||||||||||||||||
Greater China | 15,470 | 14,563 | 74,200 | 68,366 | |||||||||||||||||||
Japan | 5,700 | 5,991 | 25,977 | 28,482 | |||||||||||||||||||
Rest of Asia Pacific | 6,373 | 5,192 | 29,375 | 26,356 | |||||||||||||||||||
Total net sales | $ | 90,146 | $ | 83,360 | $ | 394,328 | $ | 365,817 | |||||||||||||||
(1) Net sales by category: | |||||||||||||||||||||||
iPhone | $ | 42,626 | $ | 38,868 | $ | 205,489 | $ | 191,973 | |||||||||||||||
Mac | 11,508 | 9,178 | 40,177 | 35,190 | |||||||||||||||||||
iPad | 7,174 | 8,252 | 29,292 | 31,862 | |||||||||||||||||||
Wearables, Home and Accessories | 9,650 | 8,785 | 41,241 | 38,367 | |||||||||||||||||||
Services | 19,188 | 18,277 | 78,129 | 68,425 | |||||||||||||||||||
Total net sales | $ | 90,146 | $ | 83,360 | $ | 394,328 | $ | 365,817 |
September 24, 2022 | September 25, 2021 | ||||||||||
ASSETS: | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 23,646 | $ | 34,940 | |||||||
Marketable securities | 24,658 | 27,699 | |||||||||
Accounts receivable, net | 28,184 | 26,278 | |||||||||
Inventories | 4,946 | 6,580 | |||||||||
Vendor non-trade receivables | 32,748 | 25,228 | |||||||||
Other current assets | 21,223 | 14,111 | |||||||||
Total current assets | 135,405 | 134,836 | |||||||||
Non-current assets: | |||||||||||
Marketable securities | 120,805 | 127,877 | |||||||||
Property, plant and equipment, net | 42,117 | 39,440 | |||||||||
Other non-current assets | 54,428 | 48,849 | |||||||||
Total non-current assets | 217,350 | 216,166 | |||||||||
Total assets | $ | 352,755 | $ | 351,002 | |||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY: | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 64,115 | $ | 54,763 | |||||||
Other current liabilities | 60,845 | 47,493 | |||||||||
Deferred revenue | 7,912 | 7,612 | |||||||||
Commercial paper | 9,982 | 6,000 | |||||||||
Term debt | 11,128 | 9,613 | |||||||||
Total current liabilities | 153,982 | 125,481 | |||||||||
Non-current liabilities: | |||||||||||
Term debt | 98,959 | 109,106 | |||||||||
Other non-current liabilities | 49,142 | 53,325 | |||||||||
Total non-current liabilities | 148,101 | 162,431 | |||||||||
Total liabilities | 302,083 | 287,912 | |||||||||
Commitments and contingencies | |||||||||||
Shareholders’ equity: | |||||||||||
Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,943,425 and 16,426,786 shares issued and outstanding, respectively | 64,849 | 57,365 | |||||||||
Retained earnings/(Accumulated deficit) | (3,068) | 5,562 | |||||||||
Accumulated other comprehensive income/(loss) | (11,109) | 163 | |||||||||
Total shareholders’ equity | 50,672 | 63,090 | |||||||||
Total liabilities and shareholders’ equity | $ | 352,755 | $ | 351,002 |
Twelve Months Ended | |||||||||||
September 24, 2022 | September 25, 2021 | ||||||||||
Cash, cash equivalents and restricted cash, beginning balances | $ | 35,929 | $ | 39,789 | |||||||
Operating activities: | |||||||||||
Net income | 99,803 | 94,680 | |||||||||
Adjustments to reconcile net income to cash generated by operating activities: | |||||||||||
Depreciation and amortization | 11,104 | 11,284 | |||||||||
Share-based compensation expense | 9,038 | 7,906 | |||||||||
Deferred income tax expense/(benefit) | 895 | (4,774) | |||||||||
Other | 111 | (147) | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable, net | (1,823) | (10,125) | |||||||||
Inventories | 1,484 | (2,642) | |||||||||
Vendor non-trade receivables | (7,520) | (3,903) | |||||||||
Other current and non-current assets | (6,499) | (8,042) | |||||||||
Accounts payable | 9,448 | 12,326 | |||||||||
Deferred revenue | 478 | 1,676 | |||||||||
Other current and non-current liabilities | 5,632 | 5,799 | |||||||||
Cash generated by operating activities | 122,151 | 104,038 | |||||||||
Investing activities: | |||||||||||
Purchases of marketable securities | (76,923) | (109,558) | |||||||||
Proceeds from maturities of marketable securities | 29,917 | 59,023 | |||||||||
Proceeds from sales of marketable securities | 37,446 | 47,460 | |||||||||
Payments for acquisition of property, plant and equipment | (10,708) | (11,085) | |||||||||
Payments made in connection with business acquisitions, net | (306) | (33) | |||||||||
Other | (1,780) | (352) | |||||||||
Cash used in investing activities | (22,354) | (14,545) | |||||||||
Financing activities: | |||||||||||
Payments for taxes related to net share settlement of equity awards | (6,223) | (6,556) | |||||||||
Payments for dividends and dividend equivalents | (14,841) | (14,467) | |||||||||
Repurchases of common stock | (89,402) | (85,971) | |||||||||
Proceeds from issuance of term debt, net | 5,465 | 20,393 | |||||||||
Repayments of term debt | (9,543) | (8,750) | |||||||||
Proceeds from commercial paper, net | 3,955 | 1,022 | |||||||||
Other | (160) | 976 | |||||||||
Cash used in financing activities | (110,749) | (93,353) | |||||||||
Decrease in cash, cash equivalents and restricted cash | (10,952) | (3,860) | |||||||||
Cash, cash equivalents and restricted cash, ending balances | $ | 24,977 | $ | 35,929 | |||||||
Supplemental cash flow disclosure: | |||||||||||
Cash paid for income taxes, net | $ | 19,573 | $ | 25,385 | |||||||
Cash paid for interest | $ | 2,865 | $ | 2,687 |
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