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
December 31,
2022
December 25,
2021
Net sales:
Products
! 96,388
! 104,429
Services
20,766
19,516
To t al n et s al e s
(1)
117,154
123,945
Cost of sales:
Products
60,765
64,309
Services
6,057
5,393
To t al c os t of s al e s
66,822
69,702
Gross margin
50,332
54,243
Operating expenses:
Research and development
7,709
6,306
Selling, general and administrative
6,607
6,449
To t al o pe r at i n g ex p en s es
14,316
12,755
Operating income
36,016
41,488
Other income/(expense), net
(393)
(247)
Income before provision for income taxes
35,623
41,241
Provision for income taxes
5,625
6,611
Net income
! 29,998
! 34,630
Earnings per share:
Basic
! 1.89
! 2.11
Diluted
! 1.88
! 2.10
Shares used in computing earnings per share:
Basic
15,892,723
16,391,724
Diluted
15,955,718
16,519,291
(1)
Net sales by reportable segment:
Americas
! 49,278
! 51,496
Europe
27,681
29,749
Greater China
23,905
25,783
Japan
6,755
7,107
Rest of Asia Pacific
9,535
9,810
To t al n et s al e s
! 117,154
! 123,945
(1)
Net sales by category:
iPhone
! 65,775
! 71,628
Mac
7,735
10,852
iPad
9,396
7,248
Wearables, Home and Accessories
13,482
14,701
Services
20,766
19,516
To t al n et s al e s
! 117,154
! 123,945
Apple Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In millions, except number of shares which are reflected in thousands and par value)
December 31,
2022
September 24,
2022
ASSETS:
Current assets:
Cash and cash equivalents
! 20,535
! 23,646
Marketable securities
30,820
24,658
Accounts receivable, net
23,752
28,184
Inventories
6,820
4,946
Vendor non-trade receivables
30,428
32,748
Other current assets
16,422
21,223
To t al c ur r en t a s s et s
128,777
135,405
Non-current assets:
Marketable securities
114,095
120,805
Property, plant and equipment, net
42,951
42,117
Other non-current assets
60,924
54,428
To t al n on -current assets
217,970
217,350
To t al a ss e ts
! 346,747
! 352,755
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities:
Accounts payable
! 57,918
! 64,115
Other current liabilities
59,893
60,845
Deferred revenue
7,9 92
7,9 12
Commercial paper
1,743
9,982
Te r m d e bt
9,740
11,128
To t al c ur r en t l i a b il i t i es
137,286
153,982
Non-current liabilities:
Te r m d e bt
99,627
98,959
Other non-current liabilities
53,107
49,142
To t al n on -current liabilities
152,734
148,101
To t al l i ab i l it i e s
290,020
302,083
Commitments and contingencies
Shareholders’ equity:
Common stock and additional paid-in capital, !0.00001 par value: 50,400,000 shares
authorized; 15,842,407 and 15,943,425 shares issued and outstanding, respectively
66,399
64,849
Retained earnings/(Accumulated deficit)
3,240
(3,068)
Accumulated other comprehensive income/(loss)
(12,912)
(11,109)
To t al s ha re h ol d er s’ e q u i ty
56,727
50,672
To t al l i ab i l it i e s a n d s h are h ol d e rs ’ e qu i t y
! 346,747
! 352,755
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In millions)
Three Months Ended
December 31,
2022
December 25,
2021
Cash, cash equivalents and restricted cash, beginning balances
! 24,977
! 35,929
Operating activities:
Net income
29,998
34,630
Adjustments to reconcile net income to cash generated by operating activities:
Depreciation and amortization
2,916
2,697
Share-based compensation expense
2,905
2,265
Other
(317)
849
Changes in operating assets and liabilities:
Accounts receivable, net
4,275
(3,934)
Inventories
(1,807)
681
Vendor non-trade receivables
2,320
(9,812)
Other current and non-current assets
(4,099)
(4,921)
Accounts payable
(6,075)
19,813
Deferred revenue
131
462
Other current and non-current liabilities
3,758
4,236
Cash generated by operating activities
34,005
46,966
Investing activities:
Purchases of marketable securities
(5,153)
(34,913)
Proceeds from maturities of marketable securities
7,127
11,309
Proceeds from sales of marketable securities
509
10,675
Payments for acquisition of property, plant and equipment
(3,787)
(2,803)
Other
(141)
(374)
Cash used in investing activities
(1,445)
(16,106)
Financing activities:
Payments for taxes related to net share settlement of equity awards
(2,316)
(2,888)
Payments for dividends and dividend equivalents
(3,768)
(3,732)
Repurchases of common stock
(19,475)
(20,478)
Repayments of term debt
(1,401)
—
Repayments of commercial paper, net
(8,214)
(1,000)
Other
(389)
(61)
Cash used in financing activities
(35,563)
(28,159)
Increase/(Decrease) in cash, cash equivalents and restricted cash
(3,003)
2,701
Cash, cash equivalents and restricted cash, ending balances
! 21,974
! 38,630
Supplemental cash flow disclosure:
Cash paid for income taxes, net
! 828
! 5,235
Cash paid for interest
! 703
! 531
