(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: | February 2, 2023 | Apple Inc. | |||||||||||||||
By: | /s/ Luca Maestri | ||||||||||||||||
Luca Maestri | |||||||||||||||||
Senior Vice President, Chief Financial Officer |
Three Months Ended | |||||||||||
December 31, 2022 | December 25, 2021 | ||||||||||
Net sales: | |||||||||||
Products | $ | 96,388 | $ | 104,429 | |||||||
Services | 20,766 | 19,516 | |||||||||
Total net sales (1) | 117,154 | 123,945 | |||||||||
Cost of sales: | |||||||||||
Products | 60,765 | 64,309 | |||||||||
Services | 6,057 | 5,393 | |||||||||
Total cost of sales | 66,822 | 69,702 | |||||||||
Gross margin | 50,332 | 54,243 | |||||||||
Operating expenses: | |||||||||||
Research and development | 7,709 | 6,306 | |||||||||
Selling, general and administrative | 6,607 | 6,449 | |||||||||
Total operating expenses | 14,316 | 12,755 | |||||||||
Operating income | 36,016 | 41,488 | |||||||||
Other income/(expense), net | (393) | (247) | |||||||||
Income before provision for income taxes | 35,623 | 41,241 | |||||||||
Provision for income taxes | 5,625 | 6,611 | |||||||||
Net income | $ | 29,998 | $ | 34,630 | |||||||
Earnings per share: | |||||||||||
Basic | $ | 1.89 | $ | 2.11 | |||||||
Diluted | $ | 1.88 | $ | 2.10 | |||||||
Shares used in computing earnings per share: | |||||||||||
Basic | 15,892,723 | 16,391,724 | |||||||||
Diluted | 15,955,718 | 16,519,291 | |||||||||
(1) Net sales by reportable segment: | |||||||||||
Americas | $ | 49,278 | $ | 51,496 | |||||||
Europe | 27,681 | 29,749 | |||||||||
Greater China | 23,905 | 25,783 | |||||||||
Japan | 6,755 | 7,107 | |||||||||
Rest of Asia Pacific | 9,535 | 9,810 | |||||||||
Total net sales | $ | 117,154 | $ | 123,945 | |||||||
(1) Net sales by category: | |||||||||||
iPhone | $ | 65,775 | $ | 71,628 | |||||||
Mac | 7,735 | 10,852 | |||||||||
iPad | 9,396 | 7,248 | |||||||||
Wearables, Home and Accessories | 13,482 | 14,701 | |||||||||
Services | 20,766 | 19,516 | |||||||||
Total net sales | $ | 117,154 | $ | 123,945 |
December 31, 2022 | September 24, 2022 | ||||||||||
ASSETS: | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 20,535 | $ | 23,646 | |||||||
Marketable securities | 30,820 | 24,658 | |||||||||
Accounts receivable, net | 23,752 | 28,184 | |||||||||
Inventories | 6,820 | 4,946 | |||||||||
Vendor non-trade receivables | 30,428 | 32,748 | |||||||||
Other current assets | 16,422 | 21,223 | |||||||||
Total current assets | 128,777 | 135,405 | |||||||||
Non-current assets: | |||||||||||
Marketable securities | 114,095 | 120,805 | |||||||||
Property, plant and equipment, net | 42,951 | 42,117 | |||||||||
Other non-current assets | 60,924 | 54,428 | |||||||||
Total non-current assets | 217,970 | 217,350 | |||||||||
Total assets | $ | 346,747 | $ | 352,755 | |||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY: | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 57,918 | $ | 64,115 | |||||||
Other current liabilities | 59,893 | 60,845 | |||||||||
Deferred revenue | 7,992 | 7,912 | |||||||||
Commercial paper | 1,743 | 9,982 | |||||||||
Term debt | 9,740 | 11,128 | |||||||||
Total current liabilities | 137,286 | 153,982 | |||||||||
Non-current liabilities: | |||||||||||
Term debt | 99,627 | 98,959 | |||||||||
Other non-current liabilities | 53,107 | 49,142 | |||||||||
Total non-current liabilities | 152,734 | 148,101 | |||||||||
Total liabilities | 290,020 | 302,083 | |||||||||
Commitments and contingencies | |||||||||||
Shareholders’ equity: | |||||||||||
Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,842,407 and 15,943,425 shares issued and outstanding, respectively | 66,399 | 64,849 | |||||||||
Retained earnings/(Accumulated deficit) | 3,240 | (3,068) | |||||||||
Accumulated other comprehensive income/(loss) | (12,912) | (11,109) | |||||||||
Total shareholders’ equity | 56,727 | 50,672 | |||||||||
Total liabilities and shareholders’ equity | $ | 346,747 | $ | 352,755 |
Three Months Ended | |||||||||||
December 31, 2022 | December 25, 2021 | ||||||||||
Cash, cash equivalents and restricted cash, beginning balances | $ | 24,977 | $ | 35,929 | |||||||
Operating activities: | |||||||||||
Net income | 29,998 | 34,630 | |||||||||
Adjustments to reconcile net income to cash generated by operating activities: | |||||||||||
Depreciation and amortization | 2,916 | 2,697 | |||||||||
Share-based compensation expense | 2,905 | 2,265 | |||||||||
Other | (317) | 849 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable, net | 4,275 | (3,934) | |||||||||
Inventories | (1,807) | 681 | |||||||||
Vendor non-trade receivables | 2,320 | (9,812) | |||||||||
Other current and non-current assets | (4,099) | (4,921) | |||||||||
Accounts payable | (6,075) | 19,813 | |||||||||
Deferred revenue | 131 | 462 | |||||||||
Other current and non-current liabilities | 3,758 | 4,236 | |||||||||
Cash generated by operating activities | 34,005 | 46,966 | |||||||||
Investing activities: | |||||||||||
Purchases of marketable securities | (5,153) | (34,913) | |||||||||
Proceeds from maturities of marketable securities | 7,127 | 11,309 | |||||||||
Proceeds from sales of marketable securities | 509 | 10,675 | |||||||||
Payments for acquisition of property, plant and equipment | (3,787) | (2,803) | |||||||||
Other | (141) | (374) | |||||||||
Cash used in investing activities | (1,445) | (16,106) | |||||||||
Financing activities: | |||||||||||
Payments for taxes related to net share settlement of equity awards | (2,316) | (2,888) | |||||||||
Payments for dividends and dividend equivalents | (3,768) | (3,732) | |||||||||
Repurchases of common stock | (19,475) | (20,478) | |||||||||
Repayments of term debt | (1,401) | — | |||||||||
Repayments of commercial paper, net | (8,214) | (1,000) | |||||||||
Other | (389) | (61) | |||||||||
Cash used in financing activities | (35,563) | (28,159) | |||||||||
Increase/(Decrease) in cash, cash equivalents and restricted cash | (3,003) | 2,701 | |||||||||
Cash, cash equivalents and restricted cash, ending balances | $ | 21,974 | $ | 38,630 | |||||||
Supplemental cash flow disclosure: | |||||||||||
Cash paid for income taxes, net | $ | 828 | $ | 5,235 | |||||||
Cash paid for interest | $ | 703 | $ | 531 |
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