(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: | May 2, 2024 | Apple Inc. | |||||||||||||||
By: | /s/ Luca Maestri | ||||||||||||||||
Luca Maestri | |||||||||||||||||
Senior Vice President, Chief Financial Officer |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
March 30, 2024 | April 1, 2023 | March 30, 2024 | April 1, 2023 | ||||||||||||||||||||
Net sales: | |||||||||||||||||||||||
Products | $ | 66,886 | $ | 73,929 | $ | 163,344 | $ | 170,317 | |||||||||||||||
Services | 23,867 | 20,907 | 46,984 | 41,673 | |||||||||||||||||||
Total net sales (1) | 90,753 | 94,836 | 210,328 | 211,990 | |||||||||||||||||||
Cost of sales: | |||||||||||||||||||||||
Products | 42,424 | 46,795 | 100,864 | 107,560 | |||||||||||||||||||
Services | 6,058 | 6,065 | 12,338 | 12,122 | |||||||||||||||||||
Total cost of sales | 48,482 | 52,860 | 113,202 | 119,682 | |||||||||||||||||||
Gross margin | 42,271 | 41,976 | 97,126 | 92,308 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Research and development | 7,903 | 7,457 | 15,599 | 15,166 | |||||||||||||||||||
Selling, general and administrative | 6,468 | 6,201 | 13,254 | 12,808 | |||||||||||||||||||
Total operating expenses | 14,371 | 13,658 | 28,853 | 27,974 | |||||||||||||||||||
Operating income | 27,900 | 28,318 | 68,273 | 64,334 | |||||||||||||||||||
Other income/(expense), net | 158 | 64 | 108 | (329) | |||||||||||||||||||
Income before provision for income taxes | 28,058 | 28,382 | 68,381 | 64,005 | |||||||||||||||||||
Provision for income taxes | 4,422 | 4,222 | 10,829 | 9,847 | |||||||||||||||||||
Net income | $ | 23,636 | $ | 24,160 | $ | 57,552 | $ | 54,158 | |||||||||||||||
Earnings per share: | |||||||||||||||||||||||
Basic | $ | 1.53 | $ | 1.53 | $ | 3.72 | $ | 3.42 | |||||||||||||||
Diluted | $ | 1.53 | $ | 1.52 | $ | 3.71 | $ | 3.41 | |||||||||||||||
Shares used in computing earnings per share: | |||||||||||||||||||||||
Basic | 15,405,856 | 15,787,154 | 15,457,810 | 15,839,939 | |||||||||||||||||||
Diluted | 15,464,709 | 15,847,050 | 15,520,675 | 15,901,384 | |||||||||||||||||||
(1) Net sales by reportable segment: | |||||||||||||||||||||||
Americas | $ | 37,273 | $ | 37,784 | $ | 87,703 | $ | 87,062 | |||||||||||||||
Europe | 24,123 | 23,945 | 54,520 | 51,626 | |||||||||||||||||||
Greater China | 16,372 | 17,812 | 37,191 | 41,717 | |||||||||||||||||||
Japan | 6,262 | 7,176 | 14,029 | 13,931 | |||||||||||||||||||
Rest of Asia Pacific | 6,723 | 8,119 | 16,885 | 17,654 | |||||||||||||||||||
Total net sales | $ | 90,753 | $ | 94,836 | $ | 210,328 | $ | 211,990 | |||||||||||||||
(1) Net sales by category: | |||||||||||||||||||||||
iPhone | $ | 45,963 | $ | 51,334 | $ | 115,665 | $ | 117,109 | |||||||||||||||
Mac | 7,451 | 7,168 | 15,231 | 14,903 | |||||||||||||||||||
iPad | 5,559 | 6,670 | 12,582 | 16,066 | |||||||||||||||||||
Wearables, Home and Accessories | 7,913 | 8,757 | 19,866 | 22,239 | |||||||||||||||||||
Services | 23,867 | 20,907 | 46,984 | 41,673 | |||||||||||||||||||
Total net sales | $ | 90,753 | $ | 94,836 | $ | 210,328 | $ | 211,990 |
March 30, 2024 | September 30, 2023 | ||||||||||
ASSETS: | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 32,695 | $ | 29,965 | |||||||
Marketable securities | 34,455 | 31,590 | |||||||||
Accounts receivable, net | 21,837 | 29,508 | |||||||||
Vendor non-trade receivables | 19,313 | 31,477 | |||||||||
Inventories | 6,232 | 6,331 | |||||||||
Other current assets | 13,884 | 14,695 | |||||||||
Total current assets | 128,416 | 143,566 | |||||||||
Non-current assets: | |||||||||||
Marketable securities | 95,187 | 100,544 | |||||||||
Property, plant and equipment, net | 43,546 | 43,715 | |||||||||
Other non-current assets | 70,262 | 64,758 | |||||||||
Total non-current assets | 208,995 | 209,017 | |||||||||
Total assets | $ | 337,411 | $ | 352,583 | |||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY: | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 45,753 | $ | 62,611 | |||||||
Other current liabilities | 57,298 | 58,829 | |||||||||
Deferred revenue | 8,012 | 8,061 | |||||||||
Commercial paper | 1,997 | 5,985 | |||||||||
Term debt | 10,762 | 9,822 | |||||||||
Total current liabilities | 123,822 | 145,308 | |||||||||
Non-current liabilities: | |||||||||||
Term debt | 91,831 | 95,281 | |||||||||
Other non-current liabilities | 47,564 | 49,848 | |||||||||
Total non-current liabilities | 139,395 | 145,129 | |||||||||
Total liabilities | 263,217 | 290,437 | |||||||||
Commitments and contingencies | |||||||||||
Shareholders’ equity: | |||||||||||
Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,337,686 and 15,550,061 shares issued and outstanding, respectively | 78,815 | 73,812 | |||||||||
Retained earnings/(Accumulated deficit) | 4,339 | (214) | |||||||||
Accumulated other comprehensive loss | (8,960) | (11,452) | |||||||||
Total shareholders’ equity | 74,194 | 62,146 | |||||||||
Total liabilities and shareholders’ equity | $ | 337,411 | $ | 352,583 |
Six Months Ended | |||||||||||
March 30, 2024 | April 1, 2023 | ||||||||||
Cash, cash equivalents and restricted cash, beginning balances | $ | 30,737 | $ | 24,977 | |||||||
Operating activities: | |||||||||||
Net income | 57,552 | 54,158 | |||||||||
Adjustments to reconcile net income to cash generated by operating activities: | |||||||||||
Depreciation and amortization | 5,684 | 5,814 | |||||||||
Share-based compensation expense | 5,961 | 5,591 | |||||||||
Other | (1,971) | (1,732) | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable, net | 7,727 | 9,596 | |||||||||
Vendor non-trade receivables | 12,164 | 14,785 | |||||||||
Inventories | 53 | (2,548) | |||||||||
Other current and non-current assets | (4,438) | (4,092) | |||||||||
Accounts payable | (16,710) | (20,764) | |||||||||
Other current and non-current liabilities | (3,437) | 1,757 | |||||||||
Cash generated by operating activities | 62,585 | 62,565 | |||||||||
Investing activities: | |||||||||||
Purchases of marketable securities | (25,042) | (11,197) | |||||||||
Proceeds from maturities of marketable securities | 27,462 | 17,124 | |||||||||
Proceeds from sales of marketable securities | 4,314 | 1,897 | |||||||||
Payments for acquisition of property, plant and equipment | (4,388) | (6,703) | |||||||||
Other | (729) | (247) | |||||||||
Cash generated by investing activities | 1,617 | 874 | |||||||||
Financing activities: | |||||||||||
Payments for taxes related to net share settlement of equity awards | (2,875) | (2,734) | |||||||||
Payments for dividends and dividend equivalents | (7,535) | (7,418) | |||||||||
Repurchases of common stock | (43,344) | (39,069) | |||||||||
Repayments of term debt | (3,150) | (3,651) | |||||||||
Repayments of commercial paper, net | (3,982) | (7,960) | |||||||||
Other | (132) | (455) | |||||||||
Cash used in financing activities | (61,018) | (61,287) | |||||||||
Increase in cash, cash equivalents and restricted cash | 3,184 | 2,152 | |||||||||
Cash, cash equivalents and restricted cash, ending balances | $ | 33,921 | $ | 27,129 | |||||||
Supplemental cash flow disclosure: | |||||||||||
Cash paid for income taxes, net | $ | 14,531 | $ | 4,894 |
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