California | 001-36743 | 94-2404110 | ||||||||||||
(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 | ||||||
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: | August 1, 2024 | Apple Inc. | |||||||||||||||
By: | /s/ Luca Maestri | ||||||||||||||||
Luca Maestri | |||||||||||||||||
Senior Vice President, Chief Financial Officer |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
June 29, 2024 |
July 1, 2023 |
June 29, 2024 |
July 1, 2023 |
||||||||||||||||||||
Net sales: | |||||||||||||||||||||||
Products | $ | 61,564 | $ | 60,584 | $ | 224,908 | $ | 230,901 | |||||||||||||||
Services | 24,213 | 21,213 | 71,197 | 62,886 | |||||||||||||||||||
Total net sales (1) |
85,777 | 81,797 | 296,105 | 293,787 | |||||||||||||||||||
Cost of sales: | |||||||||||||||||||||||
Products | 39,803 | 39,136 | 140,667 | 146,696 | |||||||||||||||||||
Services | 6,296 | 6,248 | 18,634 | 18,370 | |||||||||||||||||||
Total cost of sales | 46,099 | 45,384 | 159,301 | 165,066 | |||||||||||||||||||
Gross margin | 39,678 | 36,413 | 136,804 | 128,721 | |||||||||||||||||||
Operating expenses: |
|||||||||||||||||||||||
Research and development |
8,006 | 7,442 | 23,605 | 22,608 | |||||||||||||||||||
Selling, general and administrative |
6,320 | 5,973 | 19,574 | 18,781 | |||||||||||||||||||
Total operating expenses |
14,326 | 13,415 | 43,179 | 41,389 | |||||||||||||||||||
Operating income |
25,352 | 22,998 | 93,625 | 87,332 | |||||||||||||||||||
Other income/(expense), net |
142 | (265) | 250 | (594) | |||||||||||||||||||
Income before provision for income taxes |
25,494 | 22,733 | 93,875 | 86,738 | |||||||||||||||||||
Provision for income taxes |
4,046 | 2,852 | 14,875 | 12,699 | |||||||||||||||||||
Net income |
$ | 21,448 | $ | 19,881 | $ | 79,000 | $ | 74,039 | |||||||||||||||
Earnings per share: |
|||||||||||||||||||||||
Basic |
$ | 1.40 | $ | 1.27 | $ | 5.13 | $ | 4.69 | |||||||||||||||
Diluted |
$ | 1.40 | $ | 1.26 | $ | 5.11 | $ | 4.67 | |||||||||||||||
Shares used in computing earnings per share: |
|||||||||||||||||||||||
Basic |
15,287,521 | 15,697,614 | 15,401,047 | 15,792,497 | |||||||||||||||||||
Diluted |
15,348,175 | 15,775,021 | 15,463,175 | 15,859,263 | |||||||||||||||||||
(1) Net sales by reportable segment: |
|||||||||||||||||||||||
Americas |
$ | 37,678 | $ | 35,383 | $ | 125,381 | $ | 122,445 | |||||||||||||||
Europe |
21,884 | 20,205 | 76,404 | 71,831 | |||||||||||||||||||
Greater China |
14,728 | 15,758 | 51,919 | 57,475 | |||||||||||||||||||
Japan |
5,097 | 4,821 | 19,126 | 18,752 | |||||||||||||||||||
Rest of Asia Pacific |
6,390 | 5,630 | 23,275 | 23,284 | |||||||||||||||||||
Total net sales |
$ | 85,777 | $ | 81,797 | $ | 296,105 | $ | 293,787 | |||||||||||||||
(1) Net sales by category: |
|||||||||||||||||||||||
iPhone |
$ | 39,296 | $ | 39,669 | $ | 154,961 | $ | 156,778 | |||||||||||||||
Mac |
7,009 | 6,840 | 22,240 | 21,743 | |||||||||||||||||||
iPad |
7,162 | 5,791 | 19,744 | 21,857 | |||||||||||||||||||
Wearables, Home and Accessories |
8,097 | 8,284 | 27,963 | 30,523 | |||||||||||||||||||
Services |
24,213 | 21,213 | 71,197 | 62,886 | |||||||||||||||||||
Total net sales |
$ | 85,777 | $ | 81,797 | $ | 296,105 | $ | 293,787 |
June 29, 2024 |
September 30, 2023 |
||||||||||
ASSETS: | |||||||||||
Current assets: |
|||||||||||
Cash and cash equivalents |
$ | 25,565 | $ | 29,965 | |||||||
Marketable securities |
36,236 | 31,590 | |||||||||
Accounts receivable, net |
22,795 | 29,508 | |||||||||
Vendor non-trade receivables |
20,377 | 31,477 | |||||||||
Inventories |
6,165 | 6,331 | |||||||||
Other current assets |
14,297 | 14,695 | |||||||||
Total current assets |
125,435 | 143,566 | |||||||||
Non-current assets: |
|||||||||||
Marketable securities |
91,240 | 100,544 | |||||||||
Property, plant and equipment, net |
44,502 | 43,715 | |||||||||
Other non-current assets |
70,435 | 64,758 | |||||||||
Total non-current assets |
206,177 | 209,017 | |||||||||
Total assets |
$ | 331,612 | $ | 352,583 | |||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY: | |||||||||||
Current liabilities: |
|||||||||||
Accounts payable |
$ | 47,574 | $ | 62,611 | |||||||
Other current liabilities |
60,889 | 58,829 | |||||||||
Deferred revenue |
8,053 | 8,061 | |||||||||
Commercial paper |
2,994 | 5,985 | |||||||||
Term debt |
12,114 | 9,822 | |||||||||
Total current liabilities |
131,624 | 145,308 | |||||||||
Non-current liabilities: |
|||||||||||
Term debt |
86,196 | 95,281 | |||||||||
Other non-current liabilities |
47,084 | 49,848 | |||||||||
Total non-current liabilities |
133,280 | 145,129 | |||||||||
Total liabilities |
264,904 | 290,437 | |||||||||
Commitments and contingencies |
|||||||||||
Shareholders’ equity: |
|||||||||||
Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,222,259 and 15,550,061 shares issued and outstanding, respectively |
79,850 | 73,812 | |||||||||
Accumulated deficit | (4,726) | (214) | |||||||||
Accumulated other comprehensive loss | (8,416) | (11,452) | |||||||||
Total shareholders’ equity |
66,708 | 62,146 | |||||||||
Total liabilities and shareholders’ equity |
$ | 331,612 | $ | 352,583 |
Nine Months Ended | |||||||||||
June 29, 2024 |
July 1, 2023 |
||||||||||
Cash, cash equivalents and restricted cash, beginning balances | $ | 30,737 | $ | 24,977 | |||||||
Operating activities: | |||||||||||
Net income | 79,000 | 74,039 | |||||||||
Adjustments to reconcile net income to cash generated by operating activities: | |||||||||||
Depreciation and amortization | 8,534 | 8,866 | |||||||||
Share-based compensation expense | 8,830 | 8,208 | |||||||||
Other | (1,964) | (1,651) | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable, net | 6,697 | 7,609 | |||||||||
Vendor non-trade receivables | 11,100 | 13,111 | |||||||||
Inventories | 41 | (2,570) | |||||||||
Other current and non-current assets | (5,626) | (4,863) | |||||||||
Accounts payable | (15,171) | (16,790) | |||||||||
Other current and non-current liabilities | 2 | 2,986 | |||||||||
Cash generated by operating activities | 91,443 | 88,945 | |||||||||
Investing activities: | |||||||||||
Purchases of marketable securities | (38,074) | (20,956) | |||||||||
Proceeds from maturities of marketable securities | 39,838 | 27,857 | |||||||||
Proceeds from sales of marketable securities | 7,382 | 3,959 | |||||||||
Payments for acquisition of property, plant and equipment | (6,539) | (8,796) | |||||||||
Other | (1,117) | (753) | |||||||||
Cash generated by investing activities | 1,490 | 1,311 | |||||||||
Financing activities: | |||||||||||
Payments for taxes related to net share settlement of equity awards | (5,163) | (5,119) | |||||||||
Payments for dividends and dividend equivalents | (11,430) | (11,267) | |||||||||
Repurchases of common stock | (69,866) | (56,547) | |||||||||
Proceeds from issuance of term debt, net | — | 5,228 | |||||||||
Repayments of term debt | (7,400) | (11,151) | |||||||||
Repayments of commercial paper, net | (2,985) | (5,971) | |||||||||
Other | (191) | (508) | |||||||||
Cash used in financing activities | (97,035) | (85,335) | |||||||||
Increase/(Decrease) in cash, cash equivalents and restricted cash | (4,102) | 4,921 | |||||||||
Cash, cash equivalents and restricted cash, ending balances | $ | 26,635 | $ | 29,898 | |||||||
Supplemental cash flow disclosure: | |||||||||||
Cash paid for income taxes, net | $ | 19,230 | $ | 7,020 |