PDF Apple Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS ...

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 (1,190) (6,529) (32,851) 6,969

(500) 1

273 (788) (6,134) (18,012) 10,975

-- 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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