Apple Inc (AAPL) 10-Q Quarterly Report January 2020

^® today announced financial results for its fiscal 2020 first quarter ended December 28, 2019. The Company posted quarterly revenue of $91.8 billion, an increase of 9 percent from the year-ago quarter and an all-time record, and quarterly earnings per diluted share of $4.99, up 19 percent, also an all-time record. International sales accounted for 61 percent of the quarter’s revenue.

“We are thrilled to report Apple’s highest quarterly revenue ever, fueled by strong demand for our iPhone 11 and iPhone 11 Pro models, and all-time records for Services and Wearables,” said Tim Cook, Apple’s CEO. “During the holiday quarter our active installed base of devices grew in each of our geographic segments and has now reached over 1.5 billion. We see this as a powerful testament to the satisfaction, engagement and loyalty of our customers — and a great driver of our growth across the board.”

“Our very strong business performance drove an all-time net income record of $22.2 billion and generated operating cash flow of $30.5 billion,” said Luca Maestri, Apple’s CFO. “We also returned nearly $25 billion to shareholders during the quarter, including $20 billion in share repurchases and $3.5 billion in dividends and equivalents, as we maintain our target of reaching a net cash neutral position over time.”

Apple is providing the following guidance for its fiscal 2020 second quarter:


•	revenue between $63.0 billion and $67.0 billion


•	gross margin between 38.0 percent and 39.0 percent


•	operating expenses between $9.6 billion and $9.7 billion


•	other income/(expense) of $250 million


•	tax rate of approximately 16.5 percent

Apple’s board of directors has declared a cash dividend of $0.77 per share of the Company’s common stock. The dividend is payable on February 13, 2020 to shareholders of record as of the close of business on February 10, 2020.

Apple will provide live streaming of its Q1 2020 financial results conference call beginning at 2:00 p.m. PT on January 28, 2020 at www.apple.com/investor/earnings-call/. This webcast will also be available for replay for approximately two weeks thereafter.

Apple periodically provides information for investors on its corporate website, apple.com, and its investors 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.

The following information was filed by Apple Inc (AAPL) on Tuesday, January 28, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Apple Inc's 10-Q Quarterly Report:

Other - Other Highlight
In June 2016, the Financial Accounting Standards Board issued Accounting Standards Update No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"), which modifies the measurement of expected credit losses on certain financial instruments.

Financial - Earnings Highlight
Services gross margin and Services gross margin percentage increased during the first quarter of 2020 compared to the same quarter in 2019 due primarily to a favorable Services mix and higher leverage, partially offset by higher Services costs.
Financial - Shares Highlight
During the three months ended December 28, 2019, the Company repurchased 70.4 million shares of its common stock for $20.0 billion, including 30.4 million shares initially delivered under a $10.0 billion accelerated share repurchase arrangement ("ASR") dated November 2019.
Financial - Earnings Highlight
During the three months ended December 28, 2019, cash generated by operating activities of $30.5 billion was a result of $22.2 billion of net income, non-cash adjustments to net income of $4.0 billion and an increase in the net change in operating assets and liabilities of $4.2 billion.
Financial - Earnings Highlight
During the three months ended December 29, 2018, cash generated by operating activities of $26.7 billion was a result of $20.0 billion of net income, non-cash adjustments to net income of $5.0 billion and an increase in the net change in operating assets and liabilities of $1.8 billion.
Financial - Shares
On April 30, 2019, the...Read more
Revenue - Product
Wearables, Home and Accessories net...Read more
Revenue - Product
Total net sales increased 9%...Read more
Revenue - Product
The strength of the Japanese...Read more
Revenue - Geography
Rest of Asia Pacific net...Read more
Financial - Earnings
Apple Inc. | Q1 2020...Read more
Revenue - Product
Services net sales increased during...Read more
Revenue - Product
The following table shows net...Read more
Revenue - Geography
Europe net sales increased during...Read more
Revenue - Geography
Greater China net sales increased...Read more
Revenue - Geography
The Company's effective tax rate...Read more
Revenue - Product
iPhone net sales increased during...Read more
Revenue - Product
The Company has historically experienced...Read more
Revenue - Geography
In addition, the Company has...Read more
Revenue - Product
The timing of product introductions...Read more
Other - Other
Deemed Repatriation Tax Payable As...Read more
Financial - Shares
Under this program, shares may...Read more
Other - Other
Based on the composition of...Read more
Other - Other
Apple Inc. | Q1 2020...Read more
Other - Other
The weighted-average interest rate earned...Read more
Revenue - Geography
The weakness in foreign currencies...Read more
Revenue - Geography
The weakness in foreign currencies...Read more
Revenue - Geography
The weakness in foreign currencies...Read more
Revenue - Geography
The weakness in foreign currencies...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Apple Inc provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Ticker: AAPL
CIK: 320193
Form Type: 10-Q Quarterly Report
Accession Number: 0000320193-20-000010
Submitted to the SEC: Tue Jan 28 2020 6:02:44 PM EST
Accepted by the SEC: Wed Jan 29 2020
Period: Saturday, December 28, 2019
Industry: Electronic Computers