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)

Three Months Ended

Twelve Months Ended

Net sales: Products Services Total net sales (1)

September 26, September 28, September 26, September 28,

2020

2019

2020

2019

$ 50,149 $ 51,529 $ 220,747 $ 213,883

14,549

12,511

53,768

46,291

64,698

64,040

274,515

260,174

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

35,197 4,812

40,009 24,689

35,238 4,489 39,727 24,313

151,286 18,273

169,559 104,956

144,996 16,786 161,782 98,392

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

4,978 4,936 9,914

4,110 4,578 8,688

18,752 19,916 38,668

16,217 18,245 34,462

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

14,775

15,625

66,288

63,930

126

502

803

1,807

14,901

16,127

67,091

65,737

2,228

2,441

9,680

10,481

$ 12,673 $ 13,686 $ 57,411 $ 55,256

Earnings per share: Basic Diluted

Shares used in computing earnings per share: Basic Diluted

$

0.74 $

0.76 $

3.31 $

2.99

$

0.73 $

0.76 $

3.28 $

2.97

17,057,622 17,256,521

17,963,249 18,081,493

17,352,119 17,528,214

18,471,336 18,595,651

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

$ 30,698 $ 29,322 $ 124,556 $ 116,914

16,900

14,946

68,640

60,288

7,946

11,134

40,308

43,678

5,023

4,982

21,418

21,506

4,131

3,656

19,593

17,788

$ 64,698 $ 64,040 $ 274,515 $ 260,174

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

$ 26,444 $ 33,362 $ 137,781 $ 142,381

9,032

6,991

28,622

25,740

6,797

4,656

23,724

21,280

7,876

6,520

30,620

24,482

14,549

12,511

53,768

46,291

$ 64,698 $ 64,040 $ 274,515 $ 260,174

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:

September 26, 2020

September 28, 2019

$

38,016 $

48,844

52,927

51,713

16,120

22,926

4,061

4,106

21,325

22,878

11,264

12,352

143,713

162,819

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

100,887

105,341

36,766

37,378

42,522

32,978

180,175

175,697

$ 323,888 $ 338,516

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

LIABILITIES AND SHAREHOLDERS' EQUITY:

$

42,296 $

46,236

42,684

37,720

6,643

5,522

4,996

5,980

8,773

10,260

105,392

105,718

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

98,667 54,490 153,157 258,549

91,807 50,503 142,310 248,028

Commitments and contingencies

Shareholders' equity:

Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 16,976,763 and 17,772,945 shares issued and outstanding, respectively

Retained earnings

Accumulated other comprehensive income/(loss)

Total shareholders' equity

Total liabilities and shareholders' equity

$

50,779 14,966

(406) 65,339 323,888 $

45,174 45,898

(584) 90,488 338,516

Apple Inc.

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

Twelve Months Ended

September 26, 2020

September 28, 2019

Cash, cash equivalents and restricted cash, beginning balances

$

50,224 $

25,913

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

57,411

11,056 6,829

(215) (97)

6,917 (127) 1,553 (9,588) (4,062) 2,081 8,916 80,674

55,256

12,547 6,068 (340) (652)

245 (289) 2,931

873 (1,923)

(625) (4,700) 69,391

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/(used in) investing activities

(114,938) 69,918 50,473 (7,309) (1,524) (210) 92 (791) (4,289)

(39,630) 40,102 56,988

(10,495) (624)

(1,001) 1,634 (1,078) 45,896

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

880 (3,634) (14,081) (72,358) 16,091 (12,629)

(963) (126) (86,820)

781 (2,817) (14,119) (66,897) 6,963 (8,805) (5,977)

(105) (90,976)

Increase/(Decrease) in cash, cash equivalents and restricted cash Cash, cash equivalents and restricted cash, ending balances

(10,435)

$

39,789 $

24,311 50,224

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

$

9,501 $

15,263

$

3,002 $

3,423

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