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
Twelve Months Ended
September 30,
2023
September 24,
2022
September 30,
2023
September 24,
2022
Net sales:
Products
! 67,184
! 70,958
! 298,085
! 316,199
Services
22,314
19,188
85,200
78,129
To t al net s al e s
(1)
89,498
90,146
383,285
394,328
Cost of sales:
Products
42,586
46,387
189,282
201,471
Services
6,485
5,664
24,855
22,075
To t al c o st o f s a l e s
49,071
52,051
214,137
223,546
Gross margin
40,427
38,095
169,148
170,782
Operating expenses:
Research and development
7,307
6,761
29,915
26,251
Selling, general and administrative
6,151
6,440
24,932
25,094
To t al o p er a t in g ex p e n s es
13,458
13,201
54,847
51,345
Operating income
26,969
24,894
114,301
119,437
Other income/(expense), net
29
(237)
(565)
(334)
Income before provision for income taxes
26,998
24,657
113,736
119,103
Provision for income taxes
4,042
3,936
16,741
19,300
Net income
! 22,956
! 20,721
! 96,995
! 99,803
Earnings per share:
Basic
! 1.47
! 1.29
! 6.16
! 6.15
Diluted
! 1.46
! 1.29
! 6.13
! 6.11
Shares used in computing earnings per share:
Basic
15,599,434
16,030,382
15,744,231
16,215,963
Diluted
15,672,400
16,118,465
15,812,547
16,325,819
(1)
Net sales by reportable segment:
Americas
! 40,115
! 39,808
! 162,560
! 169,658
Europe
22,463
22,795
94,294
95,118
Greater China
15,084
15,470
72,559
74,200
Japan
5,505
5,700
24,257
25,977
Rest of Asia Pacific
6,331
6,373
29,615
29,375
To t al n e t s a l es
!
89,498
!
90,146
!
383,285
!
394,328
(1)
Net sales by category:
iPhone
! 43,805
! 42,626
! 200,583
! 205,489
Mac
7,6 14
11,508
29,357
40,177
iPad
6,443
7,174
28,300
29,292
Wearables, Home and Accessories
9,322
9,650
39,845
41,241
Services
22,314
19,188
85,200
78,129
To t al n e t s a l es
! 89,498
! 90,146
! 383,285
! 394,328
Apple Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In millions, except number of shares, which are reflected in thousands, and par value)
September 30,
2023
September 24,
2022
Current assets:
Cash and cash equivalents
! 29,965
! 23,646
Marketable securities
31,590
24,658
Accounts receivable, net
29,508
28,184
Vendor non-trade receivables
31,477
32,748
Inventories
6,331
4,946
Other current assets
14,695
21,223
To t al c u r re n t a ss e ts
143,566
135,405
Non-current assets:
Marketable securities
100,544
120,805
Property, plant and equipment, net
43,715
42,117
Other non-current assets
64,758
54,428
To t al n o n-current assets
209,017
217,350
To t al a s se t s
! 352,583
! 352,755
Current liabilities:
Accounts payable
!
62,611
!
64,115
Other current liabilities
58,829
60,845
Deferred revenue
8,061
7,912
Commercial paper
5,985
9,982
Te r m d e b t
9,822
11,128
To t al c u r re n t l i ab i l i ti e s
145,308
153,982
Non-current liabilities:
Te r m d e b t
95,281
98,959
Other non-current liabilities
49,848
49,142
To t al n o n-current liabilities
145,129
148,101
To t al l i a bi l i t i es
290,437
302,083
Commitments and contingencies
Shareholders’ equity:
Common stock and additional paid-in capital, !0.00001 par value: 50,400,000 shares
authorized; 15,550,061 and 15,943,425 shares issued and outstanding, respectively
73,812
64,849
Accumulated deficit
(214)
(3,068)
Accumulated other comprehensive loss
(11,452)
(11,109)
To t al s h ar eh o l d er s’ e qu i t y
62,146
50,672
To t al l i a bi l i t i es a nd s h ar eh o l de r s’ e q u i ty
! 352,583
! 352,755
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In millions)
Twelve Months Ended
September 30,
2023
September 24,
2022
Cash, cash equivalents and restricted cash, beginning balances
!
24,977
!
35,929
Operating activities:
Net income
96,995
99,803
Adjustments to reconcile net income to cash generated by operating activities:
Depreciation and amortization
11,519
11,104
Share-based compensation expense
10,833
9,038
Other
(2,227)
1,006
Changes in operating assets and liabilities:
Accounts receivable, net
(1,688)
(1,823)
Vendor non-trade receivables
1,271
(7,520)
Inventories
(1,618)
1,484
Other current and non-current assets
(5,684)
(6,499)
Accounts payable
(1,889)
9,448
Other current and non-current liabilities
3,031
6,110
Cash generated by operating activities
110,543
122,151
Investing activities:
Purchases of marketable securities
(29,513)
(76,923)
Proceeds from maturities of marketable securities
39,686
29,917
Proceeds from sales of marketable securities
5,828
37,446
Payments for acquisition of property, plant and equipment
(10,959)
(10,708)
Other
(1,337)
(2,086)
Cash generated by/(used in) investing activities
3,705
(22,354)
Financing activities:
Payments for taxes related to net share settlement of equity awards
(5,431)
(6,223)
Payments for dividends and dividend equivalents
(15,025)
(14,841)
Repurchases of common stock
(77,550)
(89,402)
Proceeds from issuance of term debt, net
5,228
5,465
Repayments of term debt
(11,151)
(9,543)
Proceeds from/(Repayments of) commercial paper, net
(3,978)
3,955
Other
(581)
(160)
Cash used in financing activities
(108,488)
(110,749)
Increase/(Decrease) in cash, cash equivalents and restricted cash
5,760
(10,952)
Cash, cash equivalents and restricted cash, ending balances
! 30,737
! 24,977
Supplemental cash flow disclosure:
Cash paid for income taxes, net
! 18,679
! 19,573
Cash paid for interest
!
3,803
!
2,865