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
Six Months Ended
April 1,
2023
March 26,
2022
April 1,
2023
March 26,
2022
Net sales:
Products
! 73,929
! 77,457
! 170,317
! 181,886
Services
20,907
19,821
41,673
39,337
To t al n e t s al e s
(1)
94,836
97,278
211,990
221,223
Cost of sales:
Products
46,795
49,290
107,560
113,599
Services
6,065
5,429
12,122
10,822
To t al c o s t of s a l e s
52,860
54,719
119,682
124,421
Gross margin
41,976
42,559
92,308
96,802
Operating expenses:
Research and development
7,4 57
6,387
15,166
12,693
Selling, general and administrative
6,201
6,193
12,808
12,642
To t al o p e r at i n g ex p e n se s
13,658
12,580
27,974
25,335
Operating income
28,318
29,979
64,334
71,467
Other income/(expense), net
64
160
(329)
(87)
Income before provision for income taxes
28,382
30,139
64,005
71,380
Provision for income taxes
4,222
5,129
9,847
11,740
Net income
! 24,160
! 25,010
! 54,158
! 59,640
Earnings per share:
Basic
! 1.53
! 1.54
! 3.42
! 3.65
Diluted
! 1.52
! 1.52
! 3.41
! 3.62
Shares used in computing earnings per share:
Basic
15,787,154
16,278,802
15,839,939
16,335,263
Diluted
15,847,050
16,403,316
15,901,384
16,461,304
(1)
Net sales by reportable segment:
Americas
! 37,784
! 40,882
! 87,062
! 92,378
Europe
23,945
23,287
51,626
53,036
Greater China
17,812
18,343
41,717
44,126
Japan
7,176
7,724
13,931
14,831
Rest of Asia Pacific
8,119
7,042
17,654
16,852
To t al n e t s al e s
! 94,836
! 97,278
! 211,990
! 221,223
(1)
Net sales by category:
iPhone
! 51,334
! 50,570
! 117,109
! 122,198
Mac
7,16 8
10,435
14,903
21,287
iPad
6,670
7,646
16,066
14,894
Wearables, Home and Accessories
8,757
8,806
22,239
23,507
Services
20,907
19,821
41,673
39,337
To t al n e t s al e s
! 94,836
! 97,278
! 211,990
! 221,223
Apple Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In millions, except number of shares which are reflected in thousands and par value)
April 1,
2023
September 24,
2022
Current assets:
Cash and cash equivalents
! 24,687
! 23,646
Marketable securities
31,185
24,658
Accounts receivable, net
17,936
28,184
Inventories
7,4 82
4,946
Vendor non-trade receivables
17,963
32,748
Other current assets
13,660
21,223
To t al c u r re n t a ss e t s
112,913
135,405
Non-current assets:
Marketable securities
110,461
120,805
Property, plant and equipment, net
43,398
42,117
Other non-current assets
65,388
54,428
To t al n o n -current assets
219,247
217,350
To t al a s s e ts
! 332,160
! 352,755
Current liabilities:
Accounts payable
! 42,945
! 64,115
Other current liabilities
56,425
60,845
Deferred revenue
8,131
7,912
Commercial paper
1,996
9,982
Te r m d e b t
10,578
11,128
To t al c u r re n t l i ab i l i t i e s
120,075
153,982
Non-current liabilities:
Te r m d e b t
97,041
98,959
Other non-current liabilities
52,886
49,142
To t al n o n -current liabilities
149,927
148,101
To t al l i a b i l it i e s
270,002
302,083
Commitments and contingencies
Shareholders’ equity:
Common stock and additional paid-in capital, !0.00001 par value: 50,400,000 shares
authorized; 15,723,406 and 15,943,425 shares issued and outstanding, respectively
69,568
64,849
Retained earnings/(Accumulated deficit)
4,336
(3,068)
Accumulated other comprehensive income/(loss)
(11,746)
(11,109)
To t al s h a re h o l de r s ’ e q u i t y
62,158
50,672
To t al l i a b i l it i e s a nd s h a re h o l de r s’ e q u i t y
! 332,160
! 352,755
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In millions)
Six Months Ended
April 1,
2023
March 26,
2022
Cash, cash equivalents and restricted cash, beginning balances
!
24,977
!
35,929
Operating activities:
Net income
54,158
59,640
Adjustments to reconcile net income to cash generated by operating activities:
Depreciation and amortization
5,814
5,434
Share-based compensation expense
5,591
4,517
Other
(1,732)
1,068
Changes in operating assets and liabilities:
Accounts receivable, net
9,596
5,542
Inventories
(2,548)
1,065
Vendor non-trade receivables
14,785
643
Other current and non-current assets
(4,092)
(3,542)
Accounts payable
(20,764)
(1,750)
Other current and non-current liabilities
1,757
2,515
Cash generated by operating activities
62,565
75,132
Investing activities:
Purchases of marketable securities
(11,197)
(61,987)
Proceeds from maturities of marketable securities
17,124
18,000
Proceeds from sales of marketable securities
1,897
24,668
Payments for acquisition of property, plant and equipment
(6,703)
(5,317)
Other
(247)
(735)
Cash generated by/(used in) investing activities
874
(25,371)
Financing activities:
Payments for taxes related to net share settlement of equity awards
(2,734)
(3,218)
Payments for dividends and dividend equivalents
(7,418)
(7,327)
Repurchases of common stock
(39,069)
(43,109)
Repayments of term debt
(3,651)
(3,750)
Proceeds from/(Repayments of) commercial paper, net
(7,960)
999
Other
(455)
(105)
Cash used in financing activities
(61,287)
(56,510)
Increase/(Decrease) in cash, cash equivalents and restricted cash
2,152
(6,749)
Cash, cash equivalents and restricted cash, ending balances
! 27,129
! 29,180
Supplemental cash flow disclosure:
Cash paid for income taxes, net
! 4,894
! 9,301
Cash paid for interest
! 1,873
! 1,406