Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In millions, except number of shares which are reflected in thousands and per share amounts)
Three Months Ended
Nine Months Ended
July 1,
2023
June 25,
2022
July 1,
2023
June 25,
2022
Net sales:
Products
! 60,584
! 63,355
! 230,901
! 245,241
Services
21,213
19,604
62,886
58,941
To t al n et s al e s
(1)
81,797
82,959
293,787
304,182
Cost of sales:
Products
39,136
41,485
146,696
155,084
Services
6,248
5,589
18,370
16,411
To t al c os t of s a l e s
45,384
47,074
165,066
171,495
Gross margin
36,413
35,885
128,721
132,687
Operating expenses:
Research and development
7,4 42
6,797
22,608
19,490
Selling, general and administrative
5,973
6,012
18,781
18,654
To t al o pe r at i n g e x p en s es
13,415
12,809
41,389
38,144
Operating income
22,998
23,076
87,332
94,543
Other income/(expense), net
(265)
(10)
(594)
(97)
Income before provision for income taxes
22,733
23,066
86,738
94,446
Provision for income taxes
2,852
3,624
12,699
15,364
Net income
! 19,881
! 19,442
! 74,039
! 79,082
Earnings per share:
Basic
! 1.27
! 1.20
! 4.69
! 4.86
Diluted
! 1.26
! 1.20
! 4.67
! 4.82
Shares used in computing earnings per share:
Basic
15,697,614
16,162,945
15,792,497
16,277,824
Diluted
15,775,021
16,262,203
15,859,263
16,394,937
(1)
Net sales by reportable segment:
Americas
! 35,383
! 37,472
! 122,445
! 129,850
Europe
20,205
19,287
71,831
72,323
Greater China
15,758
14,604
57,475
58,730
Japan
4,821
5,446
18,752
20,277
Rest of Asia Pacific
5,630
6,150
23,284
23,002
To t al n et s al e s
! 81,797
! 82,959
! 293,787
! 304,182
(1)
Net sales by category:
iPhone
! 39,669
! 40,665
! 156,778
! 162,863
Mac
6,840
7,3 82
21,743
28,669
iPad
5,791
7,2 24
21,857
22,118
Wearables, Home and Accessories
8,284
8,084
30,523
31,591
Services
21,213
19,604
62,886
58,941
To t al n et s al e s
! 81,797
! 82,959
! 293,787
! 304,182
Apple Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In millions, except number of shares which are reflected in thousands and par value)
July 1,
2023
September 24,
2022
Current assets:
Cash and cash equivalents
! 28,408
! 23,646
Marketable securities
34,074
24,658
Accounts receivable, net
19,549
28,184
Inventories
7,3 51
4,946
Vendor non-trade receivables
19,637
32,748
Other current assets
13,640
21,223
To t al c ur r en t a s se t s
122,659
135,405
Non-current assets:
Marketable securities
104,061
120,805
Property, plant and equipment, net
43,550
42,117
Other non-current assets
64,768
54,428
To t al n on -current assets
212,379
217,350
To t al a ss e t s
! 335,038
! 352,755
Current liabilities:
Accounts payable
! 46,699
! 64,115
Other current liabilities
58,897
60,845
Deferred revenue
8,158
7,9 12
Commercial paper
3,993
9,982
Te r m d e bt
7,2 16
11,128
To t al c ur r en t l i a bi l i t ie s
124,963
153,982
Non-current liabilities:
Te r m d e bt
98,071
98,959
Other non-current liabilities
51,730
49,142
To t al n on -current liabilities
149,801
148,101
To t al l i ab i l it i e s
274,764
302,083
Commitments and contingencies
Shareholders’ equity:
Common stock and additional paid-in capital, !0.00001 par value: 50,400,000 shares
authorized; 15,647,868 and 15,943,425 shares issued and outstanding, respectively
70,667
64,849
Retained earnings/(Accumulated deficit)
1,408
(3,068)
Accumulated other comprehensive income/(loss)
(11,801)
(11,109)
To t al s ha re h o l d er s’ e q u i ty
60,274
50,672
To t al l i ab i l it i e s a n d s h a re h ol d e rs ’ e qu i t y
! 335,038
! 352,755
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In millions)
Nine Months Ended
July 1,
2023
June 25,
2022
Cash, cash equivalents and restricted cash, beginning balances
! 24,977
! 35,929
Operating activities:
Net income
74,039
79,082
Adjustments to reconcile net income to cash generated by operating activities:
Depreciation and amortization
8,866
8,239
Share-based compensation expense
8,208
6,760
Other
(1,651)
2,695
Changes in operating assets and liabilities:
Accounts receivable, net
7,6 09
4,561
Inventories
(2,570)
1,049
Vendor non-trade receivables
13,111
4,789
Other current and non-current assets
(4,863)
(3,289)
Accounts payable
(16,790)
(6,108)
Other current and non-current liabilities
2,986
246
Cash generated by operating activities
88,945
98,024
Investing activities:
Purchases of marketable securities
(20,956)
(70,178)
Proceeds from maturities of marketable securities
27,857
24,203
Proceeds from sales of marketable securities
3,959
33,609
Payments for acquisition of property, plant and equipment
(8,796)
(7,419)
Other
(753)
(1,352)
Cash generated by/(used in) investing activities
1,311
(21,137)
Financing activities:
Payments for taxes related to net share settlement of equity awards
(5,119)
(5,915)
Payments for dividends and dividend equivalents
(11,267)
(11,138)
Repurchases of common stock
(56,547)
(64,974)
Proceeds from issuance of term debt, net
5,228
—
Repayments of term debt
(11,151)
(6,750)
Proceeds from/(Repayments of) commercial paper, net
(5,971)
4,970
Other
(508)
(148)
Cash used in financing activities
(85,335)
(83,955)
Increase/(Decrease) in cash, cash equivalents and restricted cash
4,921
(7,068)
Cash, cash equivalents and restricted cash, ending balances
! 29,898
! 28,861
Supplemental cash flow disclosure:
Cash paid for income taxes, net
! 7,020
! 12,251
Cash paid for interest
! 2,590
! 1,910