Consolidated Financial Statements - Apple Inc.

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: Products Services Total net sales (1)

Cost of sales: Products Services Total cost of sales Gross margin

Three Months Ended

June 29, 2019

June 30, 2018

Nine Months Ended

June 29, 2019

June 30, 2018

$

42,354 $

43,095 $ 162,354 $ 173,546

11,455

10,170

33,780

29,149

53,809

53,265

196,134

202,695

29,473 4,109

33,582 20,227

28,956 3,888

32,844 20,421

109,758 12,297

122,055 74,079

113,467 11,473

124,940 77,755

Operating expenses: Research and development Selling, general and administrative Total operating expenses

4,257 4,426 8,683

3,701 4,108 7,809

12,107 13,667 25,774

10,486 12,489 22,975

Operating income Other income/(expense), net Income before provision for income taxes Provision for income taxes Net income

11,544

12,612

48,305

54,780

367

672

1,305

1,702

11,911 1,867

13,284 1,765

49,610 8,040

56,482 11,076

$

10,044 $

11,519 $

41,570 $

45,406

Earnings per share: Basic Diluted

Shares used in computing earnings per share: Basic Diluted

$

2.20 $

2.36 $

8.92 $

9.07

$

2.18 $

2.34 $

8.86 $

8.99

4,570,633 4,601,380

4,882,167 4,926,609

4,660,175 4,691,759

5,006,640 5,050,963

(1) Net sales by reportable segment: Americas Europe Greater China Japan Rest of Asia Pacific Total net sales

$

25,056 $

24,542 $

87,592 $

84,576

11,925

12,138

45,342

47,038

9,157

9,551

32,544

40,531

4,082

3,867

16,524

16,572

3,589

3,167

14,132

13,978

$

53,809 $

53,265 $ 196,134 $ 202,695

(1) Net sales by category: iPhone Mac iPad Wearables, Home and Accessories Services Total net sales

$

25,986 $

29,470 $ 109,019 $ 128,133

5,820

5,258

18,749

17,858

5,023

4,634

16,624

14,397

5,525

3,733

17,962

13,158

11,455

10,170

33,780

29,149

$

53,809 $

53,265 $ 196,134 $ 202,695

Apple Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In millions, except number of shares which are reflected in thousands and par value)

Current assets: Cash and cash equivalents Marketable securities Accounts receivable, net Inventories Vendor non-trade receivables Other current assets Total current assets

ASSETS:

June 29, 2019

September 29, 2018

$

50,530 $

25,913

44,084

40,388

14,148

23,186

3,355

3,956

12,326

25,809

10,530

12,087

134,973

131,339

Non-current assets: Marketable securities Property, plant and equipment, net Other non-current assets Total non-current assets Total assets

115,996

170,799

37,636

41,304

33,634

22,283

187,266

234,386

$

322,239 $

365,725

Current liabilities: Accounts payable Other current liabilities Deferred revenue Commercial paper Term debt Total current liabilities

LIABILITIES AND SHAREHOLDERS' EQUITY: $

29,115 $ 31,673

5,434 9,953 13,529 89,704

55,888 33,327

5,966 11,964

8,784 115,929

Non-current liabilities: Term debt Other non-current liabilities Total non-current liabilities Total liabilities

84,936 51,143 136,079 225,783

93,735 48,914 142,649 258,578

Commitments and contingencies

Shareholders' equity:

Common stock and additional paid-in capital, $0.00001 par value: 12,600,000 shares authorized; 4,531,395 and 4,754,986 shares issued and outstanding, respectively

Retained earnings

Accumulated other comprehensive income/(loss)

Total shareholders' equity

Total liabilities and shareholders' equity

$

43,371 53,724

(639) 96,456 322,239 $

40,201 70,400 (3,454) 107,147 365,725

Apple Inc.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In millions)

Cash, cash equivalents and restricted cash, beginning balances

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 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 Purchases of non-marketable securities Proceeds from non-marketable securities Other Cash generated by 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 Repayments of commercial paper, net Other Cash used in financing activities

Increase in cash, cash equivalents and restricted cash Cash, cash equivalents and restricted cash, ending balances

Supplemental cash flow disclosure: Cash paid for income taxes, net Cash paid for interest

Nine Months Ended

June 29, 2019

June 30, 2018

$

25,913 $

20,289

41,570

9,368 4,569

(38) (340)

9,013 496

13,483 693

(19,804) (776)

(8,753) 49,481

45,406

8,149 3,995 (33,109) (410)

3,756 (1,114) 5,536

(65) (10,410)

(73) 36,250 57,911

(21,902) 26,783 49,516 (7,718)

(611) (632) 1,526 (268) 46,694

(56,133) 46,290 41,614 (10,272)

(431) (1,788)

310 (523) 19,067

391 (2,626) (10,640) (49,453)

-- (5,500) (2,026)

(83)

328 (2,267) (10,182) (53,634) 6,969 (6,500)

(10) --

(69,937)

(65,296)

26,238

11,682

$

52,151 $

31,971

$

11,795 $

$

2,563 $

8,819 2,120

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