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| Apple Inc (NMS: AAPL) |
| General Company Information |
| Principal Office | Website |
| One Apple Park Way Cupertino, CA 95014 USA | www.apple.com |
| Phone | Primary NAICS |
| 408 996-1010 | 334220 : Radio and Television Broadcasting and Wireless Communications Equipment Manufacturing |
| Fax | Closing Stock Price |
| 408 974-2483 | 162.41 (as of 01/21/2022) |
| Auditor | Incorporated |
| Ernst & Young LLP | January 1977 , CA, United States |
| Number of Employees | Mergent Dividend Achiever |
| 154,000 (Approximate Full-Time as of 09/25/2021) | No |
| Country | Number of Shareholders |
| United States | 23,502 (as of 10/15/2021) |
| Exchange and Ticker | Annual Meeting |
| NMS : AAPL | In February |
| Primary SIC |
| 3663 : Radio & TV communications equipment |
| Business Summary |
| Apple designs, manufactures and markets smartphones, personal computers, tablets, wearables and accessories, and sells a variety of related services. Co.'s products include: iPhone; Mac; iPad, and wearables, home and accessories, which includes AirPods®, |
| Apple TV®, Apple Watch®, Beats® products, HomePod®, iPod touch® and accessories. Co.'s services include: advertising; AppleCare, which provides service and support products under the AppleCare® brand; cloud services; digital content, which includes Apple |
| Arcade®, Apple Music®, Apple News+®, and Apple TV+(sm); and payment services, which including Apple Card® and Apple Pay®, a cashless payment service. |
| Company Financials |
| Income Statement |
| Exchange rate used is that of the Year End reported date |
| As Reported Annual Income Statement |
| Report Date | 09/25/2021 | | 09/26/2020 | | 09/28/2019 |
| Currency | USD | | USD | | USD |
| Audit Status | Not Qualified | | Not Qualified | | Not Qualified |
| Consolidated | Yes | | Yes | | Yes |
| Scale | Thousands | | Thousands | | Thousands |
| Products | $ 297,392,000 | | $ 220,747,000 | | $ 213,883,000 |
| Services | $ 68,425,000 | | $ 53,768,000 | | $ 46,291,000 |
| Net sales | $ 365,817,000 | | $ 274,515,000 | | $ 260,174,000 |
| Cost of sales - products | $ 192,266,000 | | $ 151,286,000 | | $ 144,996,000 |
| Cost of sales - services | $ 20,715,000 | | $ 18,273,000 | | $ 16,786,000 |
| Cost of sales | $ 212,981,000 | | $ 169,559,000 | | $ 161,782,000 |
| Gross margin | $ 152,836,000 | | $ 104,956,000 | | $ 98,392,000 |
| Research & development expense | $ 21,914,000 | | $ 18,752,000 | | $ 16,217,000 |
| Selling, general & administrative expense | $ 21,973,000 | | $ 19,916,000 | | $ 18,245,000 |
| Total operating expenses | $ 43,887,000 | | $ 38,668,000 | | $ 34,462,000 |
| Operating income (loss) | $ 108,949,000 | | $ 66,288,000 | | $ 63,930,000 |
| Interest & dividend income | $ 2,843,000 | | $ 3,763,000 | | $ 4,961,000 |
| Interest expense | $ 2,645,000 | | $ 2,873,000 | | $ 3,576,000 |
| Other income (expense), net | $ 60,000 | | $ -87,000 | | $ 422,000 |
| Other income/(expense), net | $ 258,000 | | $ 803,000 | | $ 1,807,000 |
| Income (loss) before provision for income taxes | $ 109,207,000 | | $ 67,091,000 | | $ 65,737,000 |
| Current federal income tax expense (benefit) | $ 8,257,000 | | $ 6,306,000 | | $ 6,384,000 |
| Deferred federal income tax expense (benefit) | $ -7,176,000 | | $ -3,619,000 | | $ -2,939,000 |
| Total federal income tax expense (benefit) | $ 1,081,000 | | $ 2,687,000 | | $ 3,445,000 |
| Current state income tax expense (benefit) | $ 1,620,000 | | $ 455,000 | | $ 475,000 |
| Deferred state income tax expense (benefit) | $ -338,000 | | $ 21,000 | | $ -67,000 |
| Total state income tax expense (benefit) | $ 1,282,000 | | $ 476,000 | | $ 408,000 |
| Current foreign income tax expense (benefit) | $ 9,424,000 | | $ 3,134,000 | | $ 3,962,000 |
| Deferred foreign income tax expense (benefit) | $ 2,740,000 | | $ 3,383,000 | | $ 2,666,000 |
| Total foreign income tax expense (benefit) | $ 12,164,000 | | $ 6,517,000 | | $ 6,628,000 |
| Provision for (benefit from) income taxes | $ 14,527,000 | | $ 9,680,000 | | $ 10,481,000 |
| Net income (loss) | $ 94,680,000 | | $ 57,411,000 | | $ 55,256,000 |
| Weighted average shares outstanding - basic | 16,701,272 | | 17,352,119 | | 18,471,336 |
| Weighted average shares outstanding - diluted | 16,864,919 | | 17,528,214 | | 18,595,652 |
| Year end shares outstanding | 16,426,786 | | 16,976,763 | | 17,772,944 |
| Net earnings (loss) per share - basic | $ 5.670 | | $ 3.310 | | $ 2.993 |
| Net earnings (loss) per share - diluted | $ 5.610 | | $ 3.280 | | $ 2.973 |
| Cash dividends declared per share | - | | $ 0.795 | | $ 0.750 |
| Number of full time employees | 154000 | | 147000 | | 137000 |
| Number of common stockholders | 23502 | | 22797 | | 23233 |
| Foreign currency translation adjustments | - | | 88000 | | -408000 |
| Balance Sheet |
| Exchange rate used is that of the Year End reported date |
| As Reported Annual Balance Sheet |
| Report Date | 09/25/2021 | | 09/26/2020 | | 09/28/2019 |
| Currency | USD | | USD | | USD |
| Audit Status | Not Qualified | | Not Qualified | | Not Qualified |
| Consolidated | Yes | | Yes | | Yes |
| Scale | Thousands | | Thousands | | Thousands |
| Cash & cash equivalents | $ 34,940,000 | | $ 38,016,000 | | $ 48,844,000 |
| Marketable securities | $ 27,699,000 | | $ 52,927,000 | | $ 51,713,000 |
| Accounts receivable, net | $ 26,278,000 | | $ 16,120,000 | | $ 22,926,000 |
| Inventories | $ 6,580,000 | | $ 4,061,000 | | $ 4,106,000 |
| Vendor non-trade receivables | $ 25,228,000 | | $ 21,325,000 | | $ 22,878,000 |
| Other current assets | $ 14,111,000 | | $ 11,264,000 | | $ 12,352,000 |
| Total current assets | $ 134,836,000 | | $ 143,713,000 | | $ 162,819,000 |
| Marketable securities | $ 127,877,000 | | $ 100,887,000 | | $ 105,341,000 |
| Land & buildings | $ 20,041,000 | | $ 17,952,000 | | $ 17,085,000 |
| Machinery, equipment, & internal-use software | $ 78,659,000 | | $ 75,291,000 | | $ 69,797,000 |
| Leasehold improvements | $ 11,023,000 | | $ 10,283,000 | | $ 9,075,000 |
| Gross property, plant & equipment | $ 109,723,000 | | $ 103,526,000 | | $ 95,957,000 |
| Accumulated depreciation & amortization | $ 70,283,000 | | $ 66,760,000 | | $ 58,579,000 |
| Property, plant & equipment, net | $ 39,440,000 | | $ 36,766,000 | | $ 37,378,000 |
| Other non-current assets | $ 48,849,000 | | $ 42,522,000 | | $ 32,978,000 |
| Total non-current assets | $ 216,166,000 | | $ 180,175,000 | | $ 175,697,000 |
| Total assets | $ 351,002,000 | | $ 323,888,000 | | $ 338,516,000 |
| Accounts payable | $ 54,763,000 | | $ 42,296,000 | | $ 46,236,000 |
| Deferred revenue | $ 7,612,000 | | $ 6,643,000 | | $ 5,522,000 |
| Other current liabilities | $ 47,493,000 | | $ 42,684,000 | | $ 37,720,000 |
| Commercial paper | $ 6,000,000 | | $ 4,996,000 | | $ 5,980,000 |
| Term debt | $ 9,613,000 | | $ 8,773,000 | | $ 10,260,000 |
| Total current liabilities | $ 125,481,000 | | $ 105,392,000 | | $ 105,718,000 |
| Floating & fixed-rate notes | $ 118,063,000 | | $ 106,078,000 | | $ 101,679,000 |
| Total debt | $ 118,063,000 | | $ 106,078,000 | | $ 101,679,000 |
| Unamortized discount | $ -380,000 | | $ -314,000 | | $ -224,000 |
| Hedge accounting fair value adjustments | $ 1,036,000 | | $ 1,676,000 | | $ 612,000 |
| Less: current portion of long-term debt | $ 9,613,000 | | $ 8,773,000 | | $ 10,260,000 |
| Term debt | $ 109,106,000 | | $ 98,667,000 | | $ 91,807,000 |
| Long-term taxes payable | $ 24,689,000 | | $ 28,170,000 | | $ 29,545,000 |
| Other non-current liabilities | $ 28,636,000 | | $ 26,320,000 | | $ 20,958,000 |
| Other non-current liabilities | $ 53,325,000 | | $ 54,490,000 | | $ 50,503,000 |
| Total non-current liabilities | $ 162,431,000 | | $ 153,157,000 | | $ 142,310,000 |
| Total liabilities | $ 287,912,000 | | $ 258,549,000 | | $ 248,028,000 |
| Common stock | $ 57,365,000 | | $ 50,779,000 | | $ 45,174,000 |
| Retained earnings | $ 5,562,000 | | $ 14,966,000 | | $ 45,898,000 |
| Cumulative foreign currency translation | - | | $ -1,375,000 | | $ -1,463,000 |
| Unrecognized gains (losses) on derivative instruments | - | | $ -877,000 | | $ 172,000 |
| Unrealized gains (losses) on marketable securities | - | | $ 1,846,000 | | $ 707,000 |
| Accumulated other comprehensive income (loss) | $ 163,000 | | $ -406,000 | | $ -584,000 |
| Total shareholders' equity | $ 63,090,000 | | $ 65,339,000 | | $ 90,488,000 |
| Cash Flows |
| Exchange rate used is that of the Year End reported date |
| As Reported Annual Cash Flow |
| Report Date | 09/25/2021 | | 09/26/2020 | | 09/28/2019 |
| Currency | USD | | USD | | USD |
| Audit Status | Not Qualified | | Not Qualified | | Not Qualified |
| Consolidated | Yes | | Yes | | Yes |
| Scale | Thousands | | Thousands | | Thousands |
| Net income (loss) | $ 94,680,000 | | $ 57,411,000 | | $ 55,256,000 |
| Depreciation & amortization | $ 11,284,000 | | $ 11,056,000 | | $ 12,547,000 |
| Share-based compensation expense | $ 7,906,000 | | $ 6,829,000 | | $ 6,068,000 |
| Deferred income tax expense (benefit) | $ -4,774,000 | | $ -215,000 | | $ -340,000 |
| Other adjustments | $ -147,000 | | $ -97,000 | | $ -652,000 |
| Accounts receivable, net | $ -10,125,000 | | $ 6,917,000 | | $ 245,000 |
| Inventories | $ -2,642,000 | | $ -127,000 | | $ -289,000 |
| Vendor non-trade receivables | $ -3,903,000 | | $ 1,553,000 | | $ 2,931,000 |
| Other current & non-current assets | $ -8,042,000 | | $ -9,588,000 | | $ 873,000 |
| Accounts payable | $ 12,326,000 | | $ -4,062,000 | | $ -1,923,000 |
| Deferred revenue | $ 1,676,000 | | $ 2,081,000 | | $ -625,000 |
| Other current & non-current liabilities | $ 5,799,000 | | $ 8,916,000 | | $ -4,700,000 |
| Net cash flows from operating activities | $ 104,038,000 | | $ 80,674,000 | | $ 69,391,000 |
| Purchases of marketable securities | $ -109,558,000 | | $ -114,938,000 | | $ -39,630,000 |
| Proceeds from maturities of marketable securities | $ 59,023,000 | | $ 69,918,000 | | $ 40,102,000 |
| Proceeds from sales of marketable securities | $ 47,460,000 | | $ 50,473,000 | | $ 56,988,000 |
| Payments made in connection with business acquisitions, net | $ -33,000 | | $ -1,524,000 | | $ -624,000 |
| Purchases of non-marketable securities | $ -131,000 | | $ -210,000 | | $ -1,001,000 |
| Proceeds from non-marketable securities | $ 387,000 | | $ 92,000 | | $ 1,634,000 |
| Payments for acquisition of property, plant & equipment | $ -11,085,000 | | $ -7,309,000 | | $ -10,495,000 |
| Other cash flow from investing activities | $ -608,000 | | $ -791,000 | | $ -1,078,000 |
| Net cash flows from investing activities | $ -14,545,000 | | $ -4,289,000 | | $ 45,896,000 |
| Proceeds from issuance of common stock | $ 1,105,000 | | $ 880,000 | | $ 781,000 |
| Payments for taxes related to net share settlement of equity awards | $ -6,556,000 | | $ -3,634,000 | | $ -2,817,000 |
| Payments for dividends & dividend equivalents | $ -14,467,000 | | $ -14,081,000 | | $ -14,119,000 |
| Repurchases of common stock | $ -85,971,000 | | $ -72,358,000 | | $ -66,897,000 |
| Proceeds from issuance of term debt, net | $ 20,393,000 | | $ 16,091,000 | | $ 6,963,000 |
| Repayments of term debt | $ -8,750,000 | | $ -12,629,000 | | $ -8,805,000 |
| Proceeds from/(repayments of) commercial paper, net | $ 1,022,000 | | $ -963,000 | | $ -5,977,000 |
| Other cash flows from financing activities | $ -129,000 | | $ -126,000 | | $ -105,000 |
| Net cash flows from financing activities | $ -93,353,000 | | $ -86,820,000 | | $ -90,976,000 |
| Net increase (decrease) in cash, cash equivalents & restricted cash | $ -3,860,000 | | $ -10,435,000 | | $ 24,311,000 |
| Cash, cash equivalents & restricted cash, beginning balances | $ 39,789,000 | | $ 50,224,000 | | $ 25,913,000 |
| Cash, cash equivalents & restricted cash, ending balances | $ 35,929,000 | | $ 39,789,000 | | $ 50,224,000 |
| Cash paid (received) for income taxes, net | $ 25,385,000 | | $ 9,501,000 | | $ 15,263,000 |
| Cash paid for interest | $ 2,687,000 | | $ 3,002,000 | | $ 3,423,000 |
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