Apple Inc. CONDENSED CONSOLIDATED STATEMENTS OF …
[Pages:3]Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In millions, except number of shares which are reflected in thousands and per share amounts)
Net sales Cost of sales (1)
Gross margin
Three Months Ended
Six Months Ended
March 31, 2018
April 1, 2017
March 31, 2018
April 1, 2017
$
61,137 $
52,896 $ 149,430 $ 131,247
37,715
32,305
92,096
80,480
23,422
20,591
57,334
50,767
Operating expenses: Research and development (1) Selling, general and administrative (1) Total operating expenses
3,378 4,150 7,528
2,776 3,718 6,494
6,785 8,381 15,166
5,647 7,664 13,311
Operating income Other income/(expense), net Income before provision for income taxes Provision for income taxes Net income
15,894
14,097
42,168
37,456
274
587
1,030
1,408
16,168 2,346
14,684 3,655
43,198 9,311
38,864 9,944
$
13,822 $
11,029 $
33,887 $
28,920
Earnings per share: Basic Diluted
$
2.75 $
2.11 $
6.69 $
5.50
$
2.73 $
2.10 $
6.63 $
5.46
Shares used in computing earnings per share: Basic Diluted
5,024,877 5,068,493
5,225,791 5,261,688
5,068,877 5,113,140
5,262,226 5,294,841
Cash dividends declared per share
$
0.63 $
0.57 $
1.26 $
1.14
(1) Includes share-based compensation expense as follows:
Cost of sales
$
Research and development
$
Selling, general and administrative
$
257 $ 666 $ 425 $
217 $ 575 $ 425 $
509 $ 1,312 $
823 $
446 1,164
863
Apple Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In millions, except number of shares which are reflected in thousands and par value)
Current assets:
ASSETS:
Cash and cash equivalents
Short-term marketable securities
Accounts receivable, less allowances of $60 and $58, respectively
Inventories
Vendor non-trade receivables
Other current assets
Total current assets
Long-term marketable securities Property, plant and equipment, net Other non-current assets
Total assets
March 31, 2018
September 30, 2017
$
45,059 $
20,289
42,881
53,892
14,324
17,874
7,662
4,855
8,084
17,799
12,043
13,936
130,053
128,645
179,286
194,714
35,077
33,783
23,086
18,177
$
367,502 $
375,319
LIABILITIES AND SHAREHOLDERS' EQUITY:
Current liabilities:
Accounts payable
$
Accrued expenses
Deferred revenue
Commercial paper
Current portion of long-term debt
Total current liabilities
34,311 $ 26,756
7,775 11,980
8,498 89,320
49,049 25,744
7,548 11,977
6,496 100,814
Deferred revenue, non-current Long-term debt Other non-current liabilities
Total liabilities
3,087 101,362
46,855 240,624
2,836 97,207 40,415 241,272
Commitments and contingencies
Shareholders' equity:
Common stock and additional paid-in capital, $0.00001 par value: 12,600,000 shares authorized; 4,943,282 and 5,126,201 shares issued and outstanding, respectively
Retained earnings
Accumulated other comprehensive income/(loss)
Total shareholders' equity
Total liabilities and shareholders' equity
$
38,044 91,898 (3,064) 126,878 367,502 $
35,867 98,330
(150) 134,047 375,319
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In millions)
Cash and cash equivalents, beginning of the period Operating activities:
Net income Adjustments to reconcile net income to cash generated by operating activities:
Depreciation and amortization Share-based compensation expense Deferred income tax expense/(benefit) Other Changes in operating assets and liabilities: Accounts receivable, net Inventories Vendor non-trade receivables Other current and non-current assets Accounts payable Deferred revenue Other current and non-current liabilities
Cash generated by operating activities
Investing activities: Purchases of marketable securities Proceeds from maturities of marketable securities Proceeds from sales of marketable securities Payments for acquisition of property, plant and equipment Payments made in connection with business acquisitions, net Other Cash generated by/(used in) investing activities
Financing activities: Proceeds from issuance of common stock Payments for taxes related to net share settlement of equity awards Payments for dividends and dividend equivalents Repurchases of common stock Proceeds from issuance of term debt, net Repayments of term debt Change in commercial paper, net Cash used in financing activities
Increase/(Decrease) in cash and cash equivalents Cash and cash equivalents, end of the period
Supplemental cash flow disclosure: Cash paid for income taxes, net Cash paid for interest
Six Months Ended
March 31, 2018
April 1, 2017
$
20,289 $
20,484
33,887
5,484 2,644 (34,235)
(151)
3,523 (2,807) 9,715 (1,053) (13,220)
478 39,158 43,423
28,920
5,319 2,473 2,822 (209)
4,183 (778) 4,512 (896) (6,862) (221) 541 39,804
(48,449) 31,884 38,942 (7,005)
(305) 53
15,120
(99,821) 12,429 60,454 (6,309)
(67) (10) (33,324)
327
273
(1,190)
(788)
(6,529) (32,851)
6,969
(6,134) (18,012) 10,975
(500) 1
-- 1,879
(33,773)
(11,807)
24,770
(5,327)
$
45,059 $
15,157
$
6,340 $
6,878
$
1,356 $
1,007
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