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| California | 001-36743 | 94-2404110 | ||||||||||||
| (State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
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| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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Title of each class |
Trading symbol(s) | Name of each exchange on which registered | ||||||
| Common Stock, $0.00001 par value per share | AAPL | The Nasdaq Stock Market LLC | ||||||
| 0.000% Notes due 2025 | — | The Nasdaq Stock Market LLC | ||||||
| 0.875% Notes due 2025 | — | The Nasdaq Stock Market LLC | ||||||
| 1.625% Notes due 2026 | — | The Nasdaq Stock Market LLC | ||||||
| 2.000% Notes due 2027 | — | The Nasdaq Stock Market LLC | ||||||
| 1.375% Notes due 2029 | — | The Nasdaq Stock Market LLC | ||||||
| 3.050% Notes due 2029 | — | The Nasdaq Stock Market LLC | ||||||
| 0.500% Notes due 2031 | — | The Nasdaq Stock Market LLC | ||||||
| 3.600% Notes due 2042 | — | The Nasdaq Stock Market LLC | ||||||
| Exhibit Number |
Exhibit Description | |||||||
| 99.1 | ||||||||
| 104 | Inline XBRL for the cover page of this Current Report on Form 8-K. | |||||||
| Date: | February 1, 2024 | Apple Inc. | |||||||||||||||
| By: | /s/ Luca Maestri | ||||||||||||||||
| Luca Maestri | |||||||||||||||||
| Senior Vice President, Chief Financial Officer |
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| Three Months Ended | |||||||||||
| December 30, 2023 |
December 31, 2022 |
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| Net sales: | |||||||||||
| Products | $ | 96,458 | $ | 96,388 | |||||||
| Services | 23,117 | 20,766 | |||||||||
Total net sales (1) |
119,575 | 117,154 | |||||||||
| Cost of sales: | |||||||||||
| Products | 58,440 | 60,765 | |||||||||
| Services | 6,280 | 6,057 | |||||||||
| Total cost of sales | 64,720 | 66,822 | |||||||||
| Gross margin | 54,855 | 50,332 | |||||||||
Operating expenses: |
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Research and development |
7,696 | 7,709 | |||||||||
Selling, general and administrative |
6,786 | 6,607 | |||||||||
Total operating expenses |
14,482 | 14,316 | |||||||||
Operating income |
40,373 | 36,016 | |||||||||
Other income/(expense), net |
(50) | (393) | |||||||||
Income before provision for income taxes |
40,323 | 35,623 | |||||||||
Provision for income taxes |
6,407 | 5,625 | |||||||||
Net income |
$ | 33,916 | $ | 29,998 | |||||||
Earnings per share: |
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Basic |
$ | 2.19 | $ | 1.89 | |||||||
Diluted |
$ | 2.18 | $ | 1.88 | |||||||
Shares used in computing earnings per share: |
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Basic |
15,509,763 | 15,892,723 | |||||||||
Diluted |
15,576,641 | 15,955,718 | |||||||||
(1) Net sales by reportable segment: |
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Americas |
$ | 50,430 | $ | 49,278 | |||||||
Europe |
30,397 | 27,681 | |||||||||
Greater China |
20,819 | 23,905 | |||||||||
Japan |
7,767 | 6,755 | |||||||||
Rest of Asia Pacific |
10,162 | 9,535 | |||||||||
Total net sales |
$ | 119,575 | $ | 117,154 | |||||||
(1) Net sales by category: |
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iPhone |
$ | 69,702 | $ | 65,775 | |||||||
Mac |
7,780 | 7,735 | |||||||||
iPad |
7,023 | 9,396 | |||||||||
Wearables, Home and Accessories |
11,953 | 13,482 | |||||||||
Services |
23,117 | 20,766 | |||||||||
Total net sales |
$ | 119,575 | $ | 117,154 | |||||||
| December 30, 2023 |
September 30, 2023 |
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| ASSETS: | |||||||||||
Current assets: |
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Cash and cash equivalents |
$ | 40,760 | $ | 29,965 | |||||||
Marketable securities |
32,340 | 31,590 | |||||||||
Accounts receivable, net |
23,194 | 29,508 | |||||||||
Vendor non-trade receivables |
26,908 | 31,477 | |||||||||
Inventories |
6,511 | 6,331 | |||||||||
Other current assets |
13,979 | 14,695 | |||||||||
Total current assets |
143,692 | 143,566 | |||||||||
Non-current assets: |
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Marketable securities |
99,475 | 100,544 | |||||||||
Property, plant and equipment, net |
43,666 | 43,715 | |||||||||
Other non-current assets |
66,681 | 64,758 | |||||||||
Total non-current assets |
209,822 | 209,017 | |||||||||
Total assets |
$ | 353,514 | $ | 352,583 | |||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY: | |||||||||||
Current liabilities: |
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Accounts payable |
$ | 58,146 | $ | 62,611 | |||||||
Other current liabilities |
54,611 | 58,829 | |||||||||
Deferred revenue |
8,264 | 8,061 | |||||||||
Commercial paper |
1,998 | 5,985 | |||||||||
Term debt |
10,954 | 9,822 | |||||||||
Total current liabilities |
133,973 | 145,308 | |||||||||
Non-current liabilities: |
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Term debt |
95,088 | 95,281 | |||||||||
Other non-current liabilities |
50,353 | 49,848 | |||||||||
Total non-current liabilities |
145,441 | 145,129 | |||||||||
Total liabilities |
279,414 | 290,437 | |||||||||
Commitments and contingencies |
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Shareholders’ equity: |
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Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,460,223 and 15,550,061 shares issued and outstanding, respectively |
75,236 | 73,812 | |||||||||
| Retained earnings/(Accumulated deficit) | 8,242 | (214) | |||||||||
| Accumulated other comprehensive loss | (9,378) | (11,452) | |||||||||
Total shareholders’ equity |
74,100 | 62,146 | |||||||||
Total liabilities and shareholders’ equity |
$ | 353,514 | $ | 352,583 | |||||||
| Three Months Ended | |||||||||||
| December 30, 2023 |
December 31, 2022 |
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| Cash, cash equivalents and restricted cash, beginning balances | $ | 30,737 | $ | 24,977 | |||||||
| Operating activities: | |||||||||||
| Net income | 33,916 | 29,998 | |||||||||
| Adjustments to reconcile net income to cash generated by operating activities: | |||||||||||
| Depreciation and amortization | 2,848 | 2,916 | |||||||||
| Share-based compensation expense | 2,997 | 2,905 | |||||||||
| Other | (989) | (317) | |||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Accounts receivable, net | 6,555 | 4,275 | |||||||||
| Vendor non-trade receivables | 4,569 | 2,320 | |||||||||
| Inventories | (137) | (1,807) | |||||||||
| Other current and non-current assets | (1,457) | (4,099) | |||||||||
| Accounts payable | (4,542) | (6,075) | |||||||||
| Other current and non-current liabilities | (3,865) | 3,889 | |||||||||
| Cash generated by operating activities | 39,895 | 34,005 | |||||||||
| Investing activities: | |||||||||||
| Purchases of marketable securities | (9,780) | (5,153) | |||||||||
| Proceeds from maturities of marketable securities | 13,046 | 7,127 | |||||||||
| Proceeds from sales of marketable securities | 1,337 | 509 | |||||||||
| Payments for acquisition of property, plant and equipment | (2,392) | (3,787) | |||||||||
| Other | (284) | (141) | |||||||||
| Cash generated by/(used in) investing activities | 1,927 | (1,445) | |||||||||
| Financing activities: | |||||||||||
| Payments for taxes related to net share settlement of equity awards | (2,591) | (2,316) | |||||||||
| Payments for dividends and dividend equivalents | (3,825) | (3,768) | |||||||||
| Repurchases of common stock | (20,139) | (19,475) | |||||||||
| Repayments of term debt | — | (1,401) | |||||||||
| Repayments of commercial paper, net | (3,984) | (8,214) | |||||||||
| Other | (46) | (389) | |||||||||
| Cash used in financing activities | (30,585) | (35,563) | |||||||||
| Increase/(Decrease) in cash, cash equivalents and restricted cash | 11,237 | (3,003) | |||||||||
| Cash, cash equivalents and restricted cash, ending balances | $ | 41,974 | $ | 21,974 | |||||||
| Supplemental cash flow disclosure: | |||||||||||
| Cash paid for income taxes, net | $ | 7,255 | $ | 828 | |||||||