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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 29, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 19... | _10-Q-Q3-2024-As-Filed.pdf |
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule... | _10-Q-Q3-2024-As-Filed.pdf |
Apple Inc. Form 10-Q For the Fiscal Quarter Ended June 29, 2024 TABLE OF CONTENTS Page Part I Item 1. Financial Statements 1 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 13 Item 3. Quantitative and Qualitative Disclosures About Market Risk 18 Item 4. Controls and Procedu... | _10-Q-Q3-2024-As-Filed.pdf |
PART I — FINANCIAL INFORMATION Item 1. Financial Statements 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 Nine Months Ended June 29, 2024July 1, 2023June 29, 2024July 1, 2023 Net s... | _10-Q-Q3-2024-As-Filed.pdf |
Apple Inc. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (In millions) Three Months Ended Nine Months Ended June 29, 2024July 1, 2023June 29, 2024July 1, 2023 Net income $ 21,448 $ 19,881 $ 79,000 $ 74,039 Other comprehensive income/(loss): Change in foreign currency translation, net of tax (73)... | _10-Q-Q3-2024-As-Filed.pdf |
Apple Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In millions, except number of shares, which are reflected in thousands, and par value) June 29, 2024September 30, 2023 ASSETS: Current assets: Cash and cash equivalents $ 25,565 $ 29,965 Marketable securities 36,236 31,590 Accounts receivable, net 22,795 29,... | _10-Q-Q3-2024-As-Filed.pdf |
Apple Inc. CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) (In millions, except per-share amounts) Three Months Ended Nine Months Ended June 29, 2024July 1, 2023June 29, 2024July 1, 2023 Total shareholders' equity, beginning balances $ 74,194 $ 62,158 $ 62,146 $ 50,672 Common stock and additional ... | _10-Q-Q3-2024-As-Filed.pdf |
Apple Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In millions) Nine Months Ended June 29, 2024July 1, 2023 Cash, cash equivalents and restricted cash, beginning balances $ 30,737 $ 24,977 Operating activities: Net income 79,000 74,039 Adjustments to reconcile net income to cash generated by operat... | _10-Q-Q3-2024-As-Filed.pdf |
Apple Inc. Notes to Condensed Consolidated Financial Statements (Unaudited) Note 1-Summary of Significant Accounting Policies Basis of Presentation and Preparation The condensed consolidated financial statements include the accounts of Apple Inc. and its wholly owned subsidiaries (collectively “Apple” or the “Company”)... | _10-Q-Q3-2024-As-Filed.pdf |
Note 3-Earnings Per Share The following table shows the computation of basic and diluted earnings per share for the three-and nine-month periods ended June 29, 2024 and July 1, 2023 (net income in millions and shares in thousands): Three Months Ended Nine Months Ended June 29, 2024July 1, 2023June 29, 2024July 1, 2023 ... | _10-Q-Q3-2024-As-Filed.pdf |
September 30, 2023 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Cash and Cash Equivalents Current Marketable Securities Non-Current Marketable Securities Cash $ 28,359 $ — $ — $ 28,359 $ 28,359 $ — $ — Level 1: Money market funds 481 — — 481 481 — — Mutual funds and equity securities 442 12 (26) 428 — 42... | _10-Q-Q3-2024-As-Filed.pdf |
Interest Rate Risk To protect the Company's term debt or marketable securities from fluctuations in interest rates, the Company may use interest rate swaps, options or other instruments. The Company designates these instruments as either cash flow or fair value hedges. The notional amounts of the Company's outstanding ... | _10-Q-Q3-2024-As-Filed.pdf |
Note 6-Income Taxes European Commission State Aid Decision On August 30, 2016, the European Commission (the “Commission”) announced its decision that Ireland granted state aid to the Company by providing tax opinions in 1991 and 2007 concerning the tax allocation of profits of the Irish branches of two subsidiaries of ... | _10-Q-Q3-2024-As-Filed.pdf |
Note 9-Share-Based Compensation Restricted Stock Units A summary of the Company's RSU activity and related information for the nine months ended June 29, 2024 is as follows: Number of RSUs (in thousands)Weighted-Average Grant Date Fair Value Per RSUAggregate Fair Value (in millions) Balance as of September 30, 2023 180... | _10-Q-Q3-2024-As-Filed.pdf |
Note 11-Segment Information and Geographic Data The following table shows information by reportable segment for the three-and nine-month periods ended June 29, 2024 and July 1, 2023 (in millions): Three Months Ended Nine Months Ended June 29, 2024July 1, 2023June 29, 2024July 1, 2023 Americas: Net sales $ 37,678 $ 35,3... | _10-Q-Q3-2024-As-Filed.pdf |
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations This Item and other sections of this Quarterly Report on Form 10-Q (“Form 10-Q”) contain forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that involve risks and uncertaint... | _10-Q-Q3-2024-As-Filed.pdf |
Segment Operating Performance The following table shows net sales by reportable segment for the three-and nine-month periods ended June 29, 2024 and July 1, 2023 (dollars in millions): Three Months Ended Nine Months Ended June 29, 2024July 1, 2023 Change June 29, 2024July 1, 2023 Change Net sales by reportable segment:... | _10-Q-Q3-2024-As-Filed.pdf |
Products and Services Performance The following table shows net sales by category for the three-and nine-month periods ended June 29, 2024 and July 1, 2023 (dollars in millions): Three Months Ended Nine Months Ended June 29, 2024July 1, 2023 Change June 29, 2024July 1, 2023 Change Net sales by category: i Phone $ 39,29... | _10-Q-Q3-2024-As-Filed.pdf |
Gross Margin Products and Services gross margin and gross margin percentage for the three-and nine-month periods ended June 29, 2024 and July 1, 2023 were as follows (dollars in millions): Three Months Ended Nine Months Ended June 29, 2024July 1, 2023June 29, 2024July 1, 2023 Gross margin: Products $ 21,761 $ 21,448 $ ... | _10-Q-Q3-2024-As-Filed.pdf |
Selling, General and Administrative Selling, general and administrative expense increased $347 million during the third quarter of 2024 and $793 million during the first nine months of 2024 compared to the same periods in 2023. Provision for Income Taxes Provision for income taxes, effective tax rate and statutory fede... | _10-Q-Q3-2024-As-Filed.pdf |
Segment Reporting In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which will require the Company to disclose segment expenses that are significant and regularly provided to the Company's chief operating decision maker (“CO... | _10-Q-Q3-2024-As-Filed.pdf |
PART II — OTHER INFORMATION Item 1. Legal Proceedings Digital Markets Act Investigations On March 25, 2024, the Commission announced that it had opened two formal noncompliance investigations against the Company under the European Union (“EU”) Digital Markets Act (the “DMA”). The Commission's investigations concern (1)... | _10-Q-Q3-2024-As-Filed.pdf |
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds Purchases of Equity Securities by the Issuer and Affiliated Purchasers Share repurchase activity during the three months ended June 29, 2024 was as follows (in millions, except number of shares, which are reflected in thousands, and per-share amounts):... | _10-Q-Q3-2024-As-Filed.pdf |
Item 6. Exhibits Incorporated by Reference Exhibit Number Exhibit Description Form Exhibit Filing Date/ Period End Date 31. 1* Rule 13a-14(a) / 15d-14(a) Certification of Chief Executive Officer. 31. 2* Rule 13a-14(a) / 15d-14(a) Certification of Chief Financial Officer. 32. 1** Section 1350 Certifications of Chief Exe... | _10-Q-Q3-2024-As-Filed.pdf |
SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Date: August 1, 2024 Apple Inc. By: /s/ Luca Maestri Luca Maestri Senior Vice President, Chief Financial Officer Apple Inc. |... | _10-Q-Q3-2024-As-Filed.pdf |
Exhibit 31. 1 CERTIFICATION I, Timothy D. Cook, certify that: 1. I have reviewed this quarterly report on Form 10-Q of Apple Inc. ; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circu... | _10-Q-Q3-2024-As-Filed.pdf |
Exhibit 31. 2 CERTIFICATION I, Luca Maestri, certify that: 1. I have reviewed this quarterly report on Form 10-Q of Apple Inc. ; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumst... | _10-Q-Q3-2024-As-Filed.pdf |
Exhibit 32. 1 CERTIFICATIONS OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER PURSUANT TO 18 U. S. C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 I, Timothy D. Cook, certify, as of the date hereof, pursuant to 18 U. S. C. Section 1350, as adopted pursuant to Section 906 of t... | _10-Q-Q3-2024-As-Filed.pdf |
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