Apple Inc. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF ...

[Pages:3]Apple Inc. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (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

September 24, 2016

September 26, 2015

$

46,852 $

51,501

29,039

30,953

17,813

20,548

Twelve Months Ended

September 24, 2016

September 26, 2015

$ 215,639 $ 233,715

131,376

140,089

84,263

93,626

Operating expenses: Research and development (1) Selling, general and administrative (1)

Total operating expenses

2,570 3,482 6,052

2,220 3,705 5,925

10,045 14,194 24,239

8,067 14,329 22,396

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

11,761

14,623

60,024

71,230

427

439

1,348

1,285

12,188 3,174

15,062 3,938

61,372 15,685

72,515 19,121

$

9,014 $

11,124 $

45,687 $

53,394

Earnings per share: Basic Diluted

$

1.68 $

1.97 $

8.35 $

9.28

$

1.67 $

1.96 $

8.31 $

9.22

Shares used in computing earnings per share: Basic Diluted

5,366,912 5,393,333

5,646,916 5,682,519

5,470,820 5,500,281

5,753,421 5,793,069

Cash dividends declared per share

$

(1) Includes share-based compensation expense as follows:

Cost of sales

$

Research and development

$

Selling, general and administrative

$

0.57 $

186 $ 476 $ 368 $

0.52 $

2.18 $

1.98

145 $ 390 $ 380 $

769 $ 1,889 $ 1,552 $

575 1,536 1,475

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

ASSETS: Current assets:

Cash and cash equivalents Short-term marketable securities Accounts receivable, less allowances of $53 and $63, respectively Inventories Vendor non-trade receivables Other current assets

Total current assets

Long-term marketable securities Property, plant and equipment, net Goodwill Acquired intangible assets, net Other non-current assets

Total assets

September 24, 2016

September 26, 2015

$

20,484 $

46,671

15,754

2,132

13,545

8,283

106,869

21,120 20,481 16,849

2,349 13,494 15,085 89,378

170,430

164,065

27,010

22,471

5,414

5,116

3,206 8,757

3,893 5,422

$

321,686 $

290,345

Current liabilities: Accounts payable Accrued expenses Deferred revenue Commercial paper Current portion of long-term debt Total current liabilities

LIABILITIES AND SHAREHOLDERS' EQUITY: $

37,294 $ 22,027

8,080 8,105 3,500 79,006

35,490 25,181

8,940 8,499 2,500 80,610

Deferred revenue, non-current Long-term debt Other non-current liabilities

Total liabilities

2,930 75,427 36,074 193,437

3,624 53,329 33,427 170,990

Commitments and contingencies

Shareholders' equity:

Common stock and additional paid-in capital, $0.00001 par value: 12,600,000 shares authorized; 5,336,166 and 5,578,753 shares issued and outstanding, respectively

Retained earnings

Accumulated other comprehensive income/(loss)

Total shareholders' equity

Total liabilities and shareholders' equity

$

31,251 96,364

634 128,249 321,686 $

27,416 92,284

(345 ) 119,355 290,345

Apple Inc. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(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 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 made in connection with business acquisitions, net Payments for acquisition of property, plant and equipment Payments for acquisition of intangible assets Payments for strategic investments Other Cash used in investing activities

Financing activities: Proceeds from issuance of common stock Excess tax benefits from equity awards 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

Twelve Months Ended

September 24, 2016

September 26, 2015

$

21,120 $

13,844

45,687

10,505 4,210 4,938

1,095 217 (51 )

1,090 1,791 (1,554 ) (2,104 ) 65,824

53,394

11,257 3,586 1,382

611 (238 ) (3,735 ) (179 ) 5,400 1,042 8,746 81,266

(142,428 ) 21,258 90,536 (297 ) (12,734 ) (814 ) (1,388 ) (110 ) (45,977 )

(166,402 ) 14,538

107,447 (343 )

(11,247 ) (241 ) -- (26 )

(56,274 )

495 407 (1,570 ) (12,150 ) (29,722 ) 24,954 (2,500 ) (397 ) (20,483 )

543 749 (1,499 ) (11,561 ) (35,253 ) 27,114

-- 2,191 (17,716 )

(636 )

7,276

$

20,484 $

21,120

$

10,444 $

13,252

$

1,316 $

514

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