Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil Hydroworld Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Apple reports first quarter results By: Apple Inc. via Business Wire February 01, 2024 at 16:30 PM EST Services revenue reaches new all-time record EPS up 16 percent to new all-time high Apple® today announced financial results for its fiscal 2024 first quarter ended December 30, 2023. The Company posted quarterly revenue of $119.6 billion, up 2 percent year over year, and quarterly earnings per diluted share of $2.18, up 16 percent year over year. “Today Apple is reporting revenue growth for the December quarter fueled by iPhone sales, and an all-time revenue record in Services,” said Tim Cook, Apple’s CEO. “We are pleased to announce that our installed base of active devices has now surpassed 2.2 billion, reaching an all-time high across all products and geographic segments. And as customers begin to experience the incredible Apple Vision Pro tomorrow, we are committed as ever to the pursuit of groundbreaking innovation — in line with our values and on behalf of our customers.” “Our December quarter top-line performance combined with margin expansion drove an all-time record EPS of $2.18, up 16 percent from last year,” said Luca Maestri, Apple’s CFO. “During the quarter, we generated nearly $40 billion of operating cash flow, and returned almost $27 billion to our shareholders. We are confident in our future, and continue to make significant investments across our business to support our long-term growth plans.” Apple’s board of directors has declared a cash dividend of $0.24 per share of the Company’s common stock. The dividend is payable on February 15, 2024 to shareholders of record as of the close of business on February 12, 2024. Based on the Company’s fiscal calendar, the Company’s fiscal 2024 first quarter had 13 weeks, while the Company’s fiscal 2023 first quarter had 14 weeks. Apple will provide live streaming of its Q1 2024 financial results conference call beginning at 2:00 p.m. PT on February 1, 2024 at apple.com/investor/earnings-call. The webcast will be available for replay for approximately two weeks thereafter. Apple periodically provides information for investors on its corporate website, apple.com, and its investor relations website, investor.apple.com. This includes press releases and other information about financial performance, reports filed or furnished with the SEC, information on corporate governance, and details related to its annual meeting of shareholders. This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include without limitation those about payment of the Company’s quarterly dividend. These statements involve risks and uncertainties, and actual results may differ materially from any future results expressed or implied by the forward-looking statements. Risks and uncertainties include without limitation: effects of global and regional economic conditions, including as a result of government policies, war, terrorism, natural disasters, and public health issues; risks relating to the design, manufacture, introduction, and transition of products and services in highly competitive and rapidly changing markets, including from reliance on third parties for components, technology, manufacturing, applications, and content; risks relating to information technology system failures, network disruptions, and failure to protect, loss of, or unauthorized access to, or release of, data; and effects of unfavorable legal proceedings, government investigations, and complex and changing laws and regulations. More information on these risks and other potential factors that could affect the Company’s business, reputation, results of operations, financial condition, and stock price is included in the Company’s filings with the SEC, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. The Company assumes no obligation to update any forward-looking statements, which speak only as of the date they are made. Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with iPhone, iPad, Mac, Apple Watch, and Apple TV. Apple’s five software platforms — iOS, iPadOS, macOS, watchOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, and iCloud. Apple’s more than 100,000 employees are dedicated to making the best products on earth, and to leaving the world better than we found it. NOTE TO EDITORS: For additional information visit Apple Newsroom (www.apple.com/newsroom), or email Apple’s Media Helpline at media.help@apple.com. © 2024 Apple Inc. All rights reserved. Apple and the Apple logo are trademarks of Apple. Other company and product names may be trademarks of their respective owners. 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 December 30, 2023 December 31, 2022 Net sales: Products $ 96,458 $ 96,388 Services 23,117 20,766 Total net sales (1) 119,575 117,154 Cost of sales: Products 58,440 60,765 Services 6,280 6,057 Total cost of sales 64,720 66,822 Gross margin 54,855 50,332 Operating expenses: Research and development 7,696 7,709 Selling, general and administrative 6,786 6,607 Total operating expenses 14,482 14,316 Operating income 40,373 36,016 Other income/(expense), net (50 ) (393 ) Income before provision for income taxes 40,323 35,623 Provision for income taxes 6,407 5,625 Net income $ 33,916 $ 29,998 Earnings per share: Basic $ 2.19 $ 1.89 Diluted $ 2.18 $ 1.88 Shares used in computing earnings per share: Basic 15,509,763 15,892,723 Diluted 15,576,641 15,955,718 (1) Net sales by reportable segment: Americas $ 50,430 $ 49,278 Europe 30,397 27,681 Greater China 20,819 23,905 Japan 7,767 6,755 Rest of Asia Pacific 10,162 9,535 Total net sales $ 119,575 $ 117,154 (1) Net sales by category: iPhone $ 69,702 $ 65,775 Mac 7,780 7,735 iPad 7,023 9,396 Wearables, Home and Accessories 11,953 13,482 Services 23,117 20,766 Total net sales $ 119,575 $ 117,154 Apple Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In millions, except number of shares, which are reflected in thousands, and par value) December 30, 2023 September 30, 2023 ASSETS: Current assets: Cash and cash equivalents $ 40,760 $ 29,965 Marketable securities 32,340 31,590 Accounts receivable, net 23,194 29,508 Vendor non-trade receivables 26,908 31,477 Inventories 6,511 6,331 Other current assets 13,979 14,695 Total current assets 143,692 143,566 Non-current assets: Marketable securities 99,475 100,544 Property, plant and equipment, net 43,666 43,715 Other non-current assets 66,681 64,758 Total non-current assets 209,822 209,017 Total assets $ 353,514 $ 352,583 LIABILITIES AND SHAREHOLDERS’ EQUITY: Current liabilities: Accounts payable $ 58,146 $ 62,611 Other current liabilities 54,611 58,829 Deferred revenue 8,264 8,061 Commercial paper 1,998 5,985 Term debt 10,954 9,822 Total current liabilities 133,973 145,308 Non-current liabilities: Term debt 95,088 95,281 Other non-current liabilities 50,353 49,848 Total non-current liabilities 145,441 145,129 Total liabilities 279,414 290,437 Commitments and contingencies Shareholders’ equity: Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,460,223 and 15,550,061 shares issued and outstanding, respectively 75,236 73,812 Retained earnings/(Accumulated deficit) 8,242 (214 ) Accumulated other comprehensive loss (9,378 ) (11,452 ) Total shareholders’ equity 74,100 62,146 Total liabilities and shareholders’ equity $ 353,514 $ 352,583 Apple Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In millions) Three Months Ended December 30, 2023 December 31, 2022 Cash, cash equivalents and restricted cash, beginning balances $ 30,737 $ 24,977 Operating activities: Net income 33,916 29,998 Adjustments to reconcile net income to cash generated by operating activities: Depreciation and amortization 2,848 2,916 Share-based compensation expense 2,997 2,905 Other (989 ) (317 ) Changes in operating assets and liabilities: Accounts receivable, net 6,555 4,275 Vendor non-trade receivables 4,569 2,320 Inventories (137 ) (1,807 ) Other current and non-current assets (1,457 ) (4,099 ) Accounts payable (4,542 ) (6,075 ) Other current and non-current liabilities (3,865 ) 3,889 Cash generated by operating activities 39,895 34,005 Investing activities: Purchases of marketable securities (9,780 ) (5,153 ) Proceeds from maturities of marketable securities 13,046 7,127 Proceeds from sales of marketable securities 1,337 509 Payments for acquisition of property, plant and equipment (2,392 ) (3,787 ) Other (284 ) (141 ) Cash generated by/(used in) investing activities 1,927 (1,445 ) Financing activities: Payments for taxes related to net share settlement of equity awards (2,591 ) (2,316 ) Payments for dividends and dividend equivalents (3,825 ) (3,768 ) Repurchases of common stock (20,139 ) (19,475 ) Repayments of term debt — (1,401 ) Repayments of commercial paper, net (3,984 ) (8,214 ) Other (46 ) (389 ) Cash used in financing activities (30,585 ) (35,563 ) Increase/(Decrease) in cash, cash equivalents and restricted cash 11,237 (3,003 ) Cash, cash equivalents and restricted cash, ending balances $ 41,974 $ 21,974 Supplemental cash flow disclosure: Cash paid for income taxes, net $ 7,255 $ 828 View source version on businesswire.com: https://www.businesswire.com/news/home/20240201247551/en/Contacts Press Contact: Josh Rosenstock Apple jrosenstock@apple.com (408) 862-1142 Investor Relations Contact: Suhasini Chandramouli Apple suhasini@apple.com (408) 974-3123 Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. 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Apple reports first quarter results By: Apple Inc. via Business Wire February 01, 2024 at 16:30 PM EST Services revenue reaches new all-time record EPS up 16 percent to new all-time high Apple® today announced financial results for its fiscal 2024 first quarter ended December 30, 2023. The Company posted quarterly revenue of $119.6 billion, up 2 percent year over year, and quarterly earnings per diluted share of $2.18, up 16 percent year over year. “Today Apple is reporting revenue growth for the December quarter fueled by iPhone sales, and an all-time revenue record in Services,” said Tim Cook, Apple’s CEO. “We are pleased to announce that our installed base of active devices has now surpassed 2.2 billion, reaching an all-time high across all products and geographic segments. And as customers begin to experience the incredible Apple Vision Pro tomorrow, we are committed as ever to the pursuit of groundbreaking innovation — in line with our values and on behalf of our customers.” “Our December quarter top-line performance combined with margin expansion drove an all-time record EPS of $2.18, up 16 percent from last year,” said Luca Maestri, Apple’s CFO. “During the quarter, we generated nearly $40 billion of operating cash flow, and returned almost $27 billion to our shareholders. We are confident in our future, and continue to make significant investments across our business to support our long-term growth plans.” Apple’s board of directors has declared a cash dividend of $0.24 per share of the Company’s common stock. The dividend is payable on February 15, 2024 to shareholders of record as of the close of business on February 12, 2024. Based on the Company’s fiscal calendar, the Company’s fiscal 2024 first quarter had 13 weeks, while the Company’s fiscal 2023 first quarter had 14 weeks. Apple will provide live streaming of its Q1 2024 financial results conference call beginning at 2:00 p.m. PT on February 1, 2024 at apple.com/investor/earnings-call. The webcast will be available for replay for approximately two weeks thereafter. Apple periodically provides information for investors on its corporate website, apple.com, and its investor relations website, investor.apple.com. This includes press releases and other information about financial performance, reports filed or furnished with the SEC, information on corporate governance, and details related to its annual meeting of shareholders. This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include without limitation those about payment of the Company’s quarterly dividend. These statements involve risks and uncertainties, and actual results may differ materially from any future results expressed or implied by the forward-looking statements. Risks and uncertainties include without limitation: effects of global and regional economic conditions, including as a result of government policies, war, terrorism, natural disasters, and public health issues; risks relating to the design, manufacture, introduction, and transition of products and services in highly competitive and rapidly changing markets, including from reliance on third parties for components, technology, manufacturing, applications, and content; risks relating to information technology system failures, network disruptions, and failure to protect, loss of, or unauthorized access to, or release of, data; and effects of unfavorable legal proceedings, government investigations, and complex and changing laws and regulations. More information on these risks and other potential factors that could affect the Company’s business, reputation, results of operations, financial condition, and stock price is included in the Company’s filings with the SEC, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. The Company assumes no obligation to update any forward-looking statements, which speak only as of the date they are made. Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with iPhone, iPad, Mac, Apple Watch, and Apple TV. Apple’s five software platforms — iOS, iPadOS, macOS, watchOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, and iCloud. Apple’s more than 100,000 employees are dedicated to making the best products on earth, and to leaving the world better than we found it. NOTE TO EDITORS: For additional information visit Apple Newsroom (www.apple.com/newsroom), or email Apple’s Media Helpline at media.help@apple.com. © 2024 Apple Inc. All rights reserved. Apple and the Apple logo are trademarks of Apple. Other company and product names may be trademarks of their respective owners. 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 December 30, 2023 December 31, 2022 Net sales: Products $ 96,458 $ 96,388 Services 23,117 20,766 Total net sales (1) 119,575 117,154 Cost of sales: Products 58,440 60,765 Services 6,280 6,057 Total cost of sales 64,720 66,822 Gross margin 54,855 50,332 Operating expenses: Research and development 7,696 7,709 Selling, general and administrative 6,786 6,607 Total operating expenses 14,482 14,316 Operating income 40,373 36,016 Other income/(expense), net (50 ) (393 ) Income before provision for income taxes 40,323 35,623 Provision for income taxes 6,407 5,625 Net income $ 33,916 $ 29,998 Earnings per share: Basic $ 2.19 $ 1.89 Diluted $ 2.18 $ 1.88 Shares used in computing earnings per share: Basic 15,509,763 15,892,723 Diluted 15,576,641 15,955,718 (1) Net sales by reportable segment: Americas $ 50,430 $ 49,278 Europe 30,397 27,681 Greater China 20,819 23,905 Japan 7,767 6,755 Rest of Asia Pacific 10,162 9,535 Total net sales $ 119,575 $ 117,154 (1) Net sales by category: iPhone $ 69,702 $ 65,775 Mac 7,780 7,735 iPad 7,023 9,396 Wearables, Home and Accessories 11,953 13,482 Services 23,117 20,766 Total net sales $ 119,575 $ 117,154 Apple Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In millions, except number of shares, which are reflected in thousands, and par value) December 30, 2023 September 30, 2023 ASSETS: Current assets: Cash and cash equivalents $ 40,760 $ 29,965 Marketable securities 32,340 31,590 Accounts receivable, net 23,194 29,508 Vendor non-trade receivables 26,908 31,477 Inventories 6,511 6,331 Other current assets 13,979 14,695 Total current assets 143,692 143,566 Non-current assets: Marketable securities 99,475 100,544 Property, plant and equipment, net 43,666 43,715 Other non-current assets 66,681 64,758 Total non-current assets 209,822 209,017 Total assets $ 353,514 $ 352,583 LIABILITIES AND SHAREHOLDERS’ EQUITY: Current liabilities: Accounts payable $ 58,146 $ 62,611 Other current liabilities 54,611 58,829 Deferred revenue 8,264 8,061 Commercial paper 1,998 5,985 Term debt 10,954 9,822 Total current liabilities 133,973 145,308 Non-current liabilities: Term debt 95,088 95,281 Other non-current liabilities 50,353 49,848 Total non-current liabilities 145,441 145,129 Total liabilities 279,414 290,437 Commitments and contingencies Shareholders’ equity: Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,460,223 and 15,550,061 shares issued and outstanding, respectively 75,236 73,812 Retained earnings/(Accumulated deficit) 8,242 (214 ) Accumulated other comprehensive loss (9,378 ) (11,452 ) Total shareholders’ equity 74,100 62,146 Total liabilities and shareholders’ equity $ 353,514 $ 352,583 Apple Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In millions) Three Months Ended December 30, 2023 December 31, 2022 Cash, cash equivalents and restricted cash, beginning balances $ 30,737 $ 24,977 Operating activities: Net income 33,916 29,998 Adjustments to reconcile net income to cash generated by operating activities: Depreciation and amortization 2,848 2,916 Share-based compensation expense 2,997 2,905 Other (989 ) (317 ) Changes in operating assets and liabilities: Accounts receivable, net 6,555 4,275 Vendor non-trade receivables 4,569 2,320 Inventories (137 ) (1,807 ) Other current and non-current assets (1,457 ) (4,099 ) Accounts payable (4,542 ) (6,075 ) Other current and non-current liabilities (3,865 ) 3,889 Cash generated by operating activities 39,895 34,005 Investing activities: Purchases of marketable securities (9,780 ) (5,153 ) Proceeds from maturities of marketable securities 13,046 7,127 Proceeds from sales of marketable securities 1,337 509 Payments for acquisition of property, plant and equipment (2,392 ) (3,787 ) Other (284 ) (141 ) Cash generated by/(used in) investing activities 1,927 (1,445 ) Financing activities: Payments for taxes related to net share settlement of equity awards (2,591 ) (2,316 ) Payments for dividends and dividend equivalents (3,825 ) (3,768 ) Repurchases of common stock (20,139 ) (19,475 ) Repayments of term debt — (1,401 ) Repayments of commercial paper, net (3,984 ) (8,214 ) Other (46 ) (389 ) Cash used in financing activities (30,585 ) (35,563 ) Increase/(Decrease) in cash, cash equivalents and restricted cash 11,237 (3,003 ) Cash, cash equivalents and restricted cash, ending balances $ 41,974 $ 21,974 Supplemental cash flow disclosure: Cash paid for income taxes, net $ 7,255 $ 828 View source version on businesswire.com: https://www.businesswire.com/news/home/20240201247551/en/Contacts Press Contact: Josh Rosenstock Apple jrosenstock@apple.com (408) 862-1142 Investor Relations Contact: Suhasini Chandramouli Apple suhasini@apple.com (408) 974-3123
Apple® today announced financial results for its fiscal 2024 first quarter ended December 30, 2023. The Company posted quarterly revenue of $119.6 billion, up 2 percent year over year, and quarterly earnings per diluted share of $2.18, up 16 percent year over year. “Today Apple is reporting revenue growth for the December quarter fueled by iPhone sales, and an all-time revenue record in Services,” said Tim Cook, Apple’s CEO. “We are pleased to announce that our installed base of active devices has now surpassed 2.2 billion, reaching an all-time high across all products and geographic segments. And as customers begin to experience the incredible Apple Vision Pro tomorrow, we are committed as ever to the pursuit of groundbreaking innovation — in line with our values and on behalf of our customers.” “Our December quarter top-line performance combined with margin expansion drove an all-time record EPS of $2.18, up 16 percent from last year,” said Luca Maestri, Apple’s CFO. “During the quarter, we generated nearly $40 billion of operating cash flow, and returned almost $27 billion to our shareholders. We are confident in our future, and continue to make significant investments across our business to support our long-term growth plans.” Apple’s board of directors has declared a cash dividend of $0.24 per share of the Company’s common stock. The dividend is payable on February 15, 2024 to shareholders of record as of the close of business on February 12, 2024. Based on the Company’s fiscal calendar, the Company’s fiscal 2024 first quarter had 13 weeks, while the Company’s fiscal 2023 first quarter had 14 weeks. Apple will provide live streaming of its Q1 2024 financial results conference call beginning at 2:00 p.m. PT on February 1, 2024 at apple.com/investor/earnings-call. The webcast will be available for replay for approximately two weeks thereafter. Apple periodically provides information for investors on its corporate website, apple.com, and its investor relations website, investor.apple.com. This includes press releases and other information about financial performance, reports filed or furnished with the SEC, information on corporate governance, and details related to its annual meeting of shareholders. This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include without limitation those about payment of the Company’s quarterly dividend. These statements involve risks and uncertainties, and actual results may differ materially from any future results expressed or implied by the forward-looking statements. Risks and uncertainties include without limitation: effects of global and regional economic conditions, including as a result of government policies, war, terrorism, natural disasters, and public health issues; risks relating to the design, manufacture, introduction, and transition of products and services in highly competitive and rapidly changing markets, including from reliance on third parties for components, technology, manufacturing, applications, and content; risks relating to information technology system failures, network disruptions, and failure to protect, loss of, or unauthorized access to, or release of, data; and effects of unfavorable legal proceedings, government investigations, and complex and changing laws and regulations. More information on these risks and other potential factors that could affect the Company’s business, reputation, results of operations, financial condition, and stock price is included in the Company’s filings with the SEC, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. The Company assumes no obligation to update any forward-looking statements, which speak only as of the date they are made. Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with iPhone, iPad, Mac, Apple Watch, and Apple TV. Apple’s five software platforms — iOS, iPadOS, macOS, watchOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, and iCloud. Apple’s more than 100,000 employees are dedicated to making the best products on earth, and to leaving the world better than we found it. NOTE TO EDITORS: For additional information visit Apple Newsroom (www.apple.com/newsroom), or email Apple’s Media Helpline at media.help@apple.com. © 2024 Apple Inc. All rights reserved. Apple and the Apple logo are trademarks of Apple. Other company and product names may be trademarks of their respective owners. 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 December 30, 2023 December 31, 2022 Net sales: Products $ 96,458 $ 96,388 Services 23,117 20,766 Total net sales (1) 119,575 117,154 Cost of sales: Products 58,440 60,765 Services 6,280 6,057 Total cost of sales 64,720 66,822 Gross margin 54,855 50,332 Operating expenses: Research and development 7,696 7,709 Selling, general and administrative 6,786 6,607 Total operating expenses 14,482 14,316 Operating income 40,373 36,016 Other income/(expense), net (50 ) (393 ) Income before provision for income taxes 40,323 35,623 Provision for income taxes 6,407 5,625 Net income $ 33,916 $ 29,998 Earnings per share: Basic $ 2.19 $ 1.89 Diluted $ 2.18 $ 1.88 Shares used in computing earnings per share: Basic 15,509,763 15,892,723 Diluted 15,576,641 15,955,718 (1) Net sales by reportable segment: Americas $ 50,430 $ 49,278 Europe 30,397 27,681 Greater China 20,819 23,905 Japan 7,767 6,755 Rest of Asia Pacific 10,162 9,535 Total net sales $ 119,575 $ 117,154 (1) Net sales by category: iPhone $ 69,702 $ 65,775 Mac 7,780 7,735 iPad 7,023 9,396 Wearables, Home and Accessories 11,953 13,482 Services 23,117 20,766 Total net sales $ 119,575 $ 117,154 Apple Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In millions, except number of shares, which are reflected in thousands, and par value) December 30, 2023 September 30, 2023 ASSETS: Current assets: Cash and cash equivalents $ 40,760 $ 29,965 Marketable securities 32,340 31,590 Accounts receivable, net 23,194 29,508 Vendor non-trade receivables 26,908 31,477 Inventories 6,511 6,331 Other current assets 13,979 14,695 Total current assets 143,692 143,566 Non-current assets: Marketable securities 99,475 100,544 Property, plant and equipment, net 43,666 43,715 Other non-current assets 66,681 64,758 Total non-current assets 209,822 209,017 Total assets $ 353,514 $ 352,583 LIABILITIES AND SHAREHOLDERS’ EQUITY: Current liabilities: Accounts payable $ 58,146 $ 62,611 Other current liabilities 54,611 58,829 Deferred revenue 8,264 8,061 Commercial paper 1,998 5,985 Term debt 10,954 9,822 Total current liabilities 133,973 145,308 Non-current liabilities: Term debt 95,088 95,281 Other non-current liabilities 50,353 49,848 Total non-current liabilities 145,441 145,129 Total liabilities 279,414 290,437 Commitments and contingencies Shareholders’ equity: Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,460,223 and 15,550,061 shares issued and outstanding, respectively 75,236 73,812 Retained earnings/(Accumulated deficit) 8,242 (214 ) Accumulated other comprehensive loss (9,378 ) (11,452 ) Total shareholders’ equity 74,100 62,146 Total liabilities and shareholders’ equity $ 353,514 $ 352,583 Apple Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In millions) Three Months Ended December 30, 2023 December 31, 2022 Cash, cash equivalents and restricted cash, beginning balances $ 30,737 $ 24,977 Operating activities: Net income 33,916 29,998 Adjustments to reconcile net income to cash generated by operating activities: Depreciation and amortization 2,848 2,916 Share-based compensation expense 2,997 2,905 Other (989 ) (317 ) Changes in operating assets and liabilities: Accounts receivable, net 6,555 4,275 Vendor non-trade receivables 4,569 2,320 Inventories (137 ) (1,807 ) Other current and non-current assets (1,457 ) (4,099 ) Accounts payable (4,542 ) (6,075 ) Other current and non-current liabilities (3,865 ) 3,889 Cash generated by operating activities 39,895 34,005 Investing activities: Purchases of marketable securities (9,780 ) (5,153 ) Proceeds from maturities of marketable securities 13,046 7,127 Proceeds from sales of marketable securities 1,337 509 Payments for acquisition of property, plant and equipment (2,392 ) (3,787 ) Other (284 ) (141 ) Cash generated by/(used in) investing activities 1,927 (1,445 ) Financing activities: Payments for taxes related to net share settlement of equity awards (2,591 ) (2,316 ) Payments for dividends and dividend equivalents (3,825 ) (3,768 ) Repurchases of common stock (20,139 ) (19,475 ) Repayments of term debt — (1,401 ) Repayments of commercial paper, net (3,984 ) (8,214 ) Other (46 ) (389 ) Cash used in financing activities (30,585 ) (35,563 ) Increase/(Decrease) in cash, cash equivalents and restricted cash 11,237 (3,003 ) Cash, cash equivalents and restricted cash, ending balances $ 41,974 $ 21,974 Supplemental cash flow disclosure: Cash paid for income taxes, net $ 7,255 $ 828 View source version on businesswire.com: https://www.businesswire.com/news/home/20240201247551/en/
Press Contact: Josh Rosenstock Apple jrosenstock@apple.com (408) 862-1142 Investor Relations Contact: Suhasini Chandramouli Apple suhasini@apple.com (408) 974-3123