
--- Page 1 ---

 
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 24, 2022  September 25, 2021  September 24, 2022  September 25, 2021 Net sales:           Products /dollarsign 70,958   /dollarsign 65,083   /dollarsign 316,199   /dollarsign 297,392     Services  19,188    18,277    78,129    68,425  Total  net  sal es (1)  90,146    83,360    394,328    365,817  Cost of sales:           Products  46,387    42,790    201,471    192,266     Services  5,664    5,396    22,075    20,715  Total  cost  of  sal es  52,051    48,186    223,546    212,981  Gross margin  38,095    35,174    170,782    152,836          Operating expenses:        Research and development  6,761    5,772    26,251    21,914  Selling, general and administrative  6,440    5,616    25,094    21,973  Total  operat i ng expenses  13,201    11,388    51,345    43,887          Operating income  24,894    23,786    119,437    108,949  Other income/(expense), net  (237)   (538)   (334)   258  Income before provision for income taxes  24,657    23,248    119,103    109,207  Provision for income taxes  3,936    2,697    19,300    14,527  Net income /dollarsign 20,721   /dollarsign 20,551   /dollarsign 99,803   /dollarsign 94,680          Earnings per share:        Basic /dollarsign 1.29   /dollarsign 1.25   /dollarsign 6.15   /dollarsign 5.67  Diluted /dollarsign 1.29   /dollarsign 1.24   /dollarsign 6.11   /dollarsign 5.61  Shares used in computing earnings per share:        Basic  16,030,382    16,487,121    16,215,963    16,701,272  Diluted  16,118,465    16,635,097    16,325,819    16,864,919          (1) Net sales by reportable segment:        Americas /dollarsign 39,808   /dollarsign 36,820   /dollarsign 169,658   /dollarsign 153,306  Europe  22,795    20,794    95,118    89,307  Greater China  15,470    14,563    74,200    68,366  Japan  5,700    5,991    25,977    28,482  Rest of Asia Pacific  6,373    5,192    29,375    26,356  Total  net  sal es /dollarsign 90,146   /dollarsign 83,360   /dollarsign 394,328   /dollarsign 365,817          (1) Net sales by category:        iPhone /dollarsign 42,626   /dollarsign 38,868   /dollarsign 205,489   /dollarsign 191,973  Mac  11,508    9,178    40,177    35,190  iPad  7,174    8,252    29,292    31,862  Wearables, Home and Accessories  9,650    8,785    41,241    38,367  Services  19,188    18,277    78,129    68,425  Total  net  sal es /dollarsign 90,146   /dollarsign 83,360   /dollarsign 394,328   /dollarsign 365,817   

--- Page 2 ---

 
Apple Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In millions, except number of shares which are reflected in thousands and par value)   September 24, 2022  September 25, 2021 ASSETS: Current assets:    Cash and cash equivalents /dollarsign 23,646   /dollarsign 34,940  Marketable securities  24,658    27,699  Accounts receivable, net  28,184    26,278  Inventories  4,946    6,580  Vendor non-trade receivables  32,748    25,228  Other current assets  21,223    14,111  Total  cur rent  assets  135,405    134,836      Non-current assets:    Marketable securities  120,805    127,877  Property, plant and equipment, net  42,117    39,440  Other non-current assets  54,428    48,849  Total  non-current assets  217,350    216,166  Total  assets /dollarsign 352,755   /dollarsign 351,002      LIABILITIES AND SHAREHOLDERS’ EQUITY: Current liabilities:    Accounts payable /dollarsign 64,115   /dollarsign 54,763  Other current liabilities  60,845    47,493  Deferred revenue  7,912    7,612  Commercial paper  9,982    6,000  Ter m debt  11,128    9,613  Total  cur rent  l i abi l i t i es  153,982    125,481      Non-current liabilities:    Ter m debt  98,959    109,106  Other non-current liabilities  49,142    53,325  Total  non-current liabilities  148,101    162,431  Total  l i abi l i t i es  302,083    287,912      Commitments and contingencies        Shareholders’ equity:    Common stock and additional paid-in capital, /dollarsign0.00001 par value: 50,400,000 shares authorized; 15,943,425 and 16,426,786 shares issued and outstanding, respectively  64,849    57,365  Retained earnings/(Accumulated deficit)  (3,068)   5,562  Accumulated other comprehensive income/(loss)  (11,109)   163  Total  sharehol ders’  equi t y  50,672    63,090  Total  l i abi l i t i es and sharehol ders’  equi t y /dollarsign 352,755   /dollarsign 351,002   

--- Page 3 ---

 
Apple Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In millions)   Twelve Months Ended  September 24, 2022  September 25, 2021 Cash, cash equivalents and restricted cash, beginning balances /dollarsign 35,929   /dollarsign 39,789  Operating activities:    Net income  99,803    94,680  Adjustments to reconcile net income to cash generated by operating activities:    Depreciation and amortization  11,104    11,284  Share-based compensation expense  9,038    7,906  Deferred income tax expense/(benefit)  895    (4,774) Other  111    (147) Changes in operating assets and liabilities:    Accounts receivable, net  (1,823)   (10,125) Inventories  1,484    (2,642) Vendor non-trade receivables  (7,520)   (3,903) Other current and non-current assets  (6,499)   (8,042) Accounts payable  9,448    12,326  Deferred revenue  478    1,676  Other current and non-current liabilities  5,632    5,799  Cash generated by operating activities  122,151    104,038  Investing activities:    Purchases of marketable securities  (76,923)   (109,558) Proceeds from maturities of marketable securities  29,917    59,023  Proceeds from sales of marketable securities  37,446    47,460  Payments for acquisition of property, plant and equipment  (10,708)   (11,085) Payments made in connection with business acquisitions, net  (306)   (33) Other  (1,780)   (352) Cash used in investing activities  (22,354)   (14,545) Financing activities:    Payments for taxes related to net share settlement of equity awards  (6,223)   (6,556) Payments for dividends and dividend equivalents  (14,841)   (14,467) Repurchases of common stock  (89,402)   (85,971) Proceeds from issuance of term debt, net  5,465    20,393  Repayments of term debt  (9,543)   (8,750) Proceeds from commercial paper, net  3,955    1,022  Other  (160)   976  Cash used in financing activities  (110,749)   (93,353) Decrease in cash, cash equivalents and restricted cash  (10,952)   (3,860) Cash, cash equivalents and restricted cash, ending balances /dollarsign 24,977   /dollarsign 35,929  Supplemental cash flow disclosure:    Cash paid for income taxes, net /dollarsign 19,573   /dollarsign 25,385  Cash paid for interest /dollarsign 2,865   /dollarsign 2,687   