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Apple Inc. (AAPL) SEC Filing 8-K Material Event for the period ending Thursday, July 28, 2022

Apple Inc

CIK: 320193 Ticker: AAPL

Exhibit 99.1


Apple Reports Third Quarter Results

iPhone and Services drive June quarter record revenue

Active installed base of devices reaches all-time high for all major product categories

CUPERTINO, California — July 28, 2022 — Apple®
today announced financial results for its fiscal 2022 third quarter ended June 25, 2022. The Company posted a June quarter revenue record of $83.0 billion, up 2 percent year over year, and quarterly earnings per diluted share of $1.20.

“This quarter’s record results speak to Apple’s constant efforts to innovate, to advance new possibilities, and to enrich the lives of our customers,” said Tim Cook, Apple’s CEO. “As always, we are leading with our values, and expressing them in everything we build, from new features that are designed to protect user privacy and security, to tools that will enhance accessibility, part of our longstanding commitment to create products for everyone.”

“Our June quarter results continued to demonstrate our ability to manage our business effectively despite the challenging operating environment. We set a June quarter revenue record and our installed base of active devices reached an all-time high in every geographic segment and product category,” said Luca Maestri, Apple’s CFO. “During the quarter, we generated nearly $23 billion in operating cash flow, returned over $28 billion to our shareholders, and continued to invest in our long-term growth plans.”

Apple’s board of directors has declared a cash dividend of $0.23 per share of the Company’s common stock. The dividend is payable on August 11, 2022 to shareholders of record as of the close of business on August 8, 2022.

Apple will provide live streaming of its Q3 2022 financial results conference call beginning at 2:00 p.m. PT on July 28, 2022 at apple.com/investor/earnings-call. This 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 the payment of the Company’s quarterly dividend and its plans for new features and products. 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 or information, which speak as of their respective dates.

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.

Press Contact:
Josh Rosenstock
Apple
jrosenstock@apple.com
(408) 862-1142

Investor Relations Contact:
Tejas Gala
Apple
tgala@apple.com
(669) 227-2402

NOTE TO EDITORS: For additional information visit Apple Newsroom (www.apple.com/newsroom), or call Apple’s Media Helpline at (408) 974-2042.

© 2022 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 EndedNine Months Ended
June 25,
2022
June 26,
2021
June 25,
2022
June 26,
2021
Net sales:
   Products$63,355 $63,948 $245,241 $232,309 
   Services19,604 17,486 58,941 50,148 
Total net sales (1)
82,959 81,434 304,182 282,457 
Cost of sales:
   Products41,485 40,899 155,084 149,476 
   Services5,589 5,280 16,411 15,319 
Total cost of sales47,074 46,179 171,495 164,795 
Gross margin
35,885 35,255 132,687 117,662 
Operating expenses:
Research and development
6,797 5,717 19,490 16,142 
Selling, general and administrative
6,012 5,412 18,654 16,357 
Total operating expenses
12,809 11,129 38,144 32,499 
Operating income
23,076 24,126 94,543 85,163 
Other income/(expense), net
(10)243 (97)796 
Income before provision for income taxes
23,066 24,369 94,446 85,959 
Provision for income taxes
3,624 2,625 15,364 11,830 
Net income
$19,442 $21,744 $79,082 $74,129 
Earnings per share:
Basic
$1.20 $1.31 $4.86 $4.42 
Diluted
$1.20 $1.30 $4.82 $4.38 
Shares used in computing earnings per share:
Basic
16,162,945 16,629,371 16,277,824 16,772,656 
Diluted
16,262,203 16,781,735 16,394,937 16,941,527 
(1) Net sales by reportable segment:
Americas
$37,472 $35,870 $129,850 $116,486 
Europe
19,287 18,943 72,323 68,513 
Greater China
14,604 14,762 58,730 53,803 
Japan
5,446 6,464 20,277 22,491 
Rest of Asia Pacific
6,150 5,395 23,002 21,164 
Total net sales
$82,959 $81,434 $304,182 $282,457 
(1) Net sales by category:
iPhone
$40,665 $39,570 $162,863 $153,105 
Mac
7,382 8,235 28,669 26,012 
iPad
7,224 7,368 22,118 23,610 
Wearables, Home and Accessories
8,084 8,775 31,591 29,582 
Services
19,604 17,486 58,941 50,148 
Total net sales
$82,959 $81,434 $304,182 $282,457 



Apple Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In millions, except number of shares which are reflected in thousands and par value)

June 25,
2022
September 25,
2021
ASSETS:
Current assets:
Cash and cash equivalents
$27,502 $34,940 
Marketable securities
20,729 27,699 
Accounts receivable, net
21,803 26,278 
Inventories
5,433 6,580 
Vendor non-trade receivables
20,439 25,228 
Other current assets
16,386 14,111 
Total current assets
112,292 134,836 
Non-current assets:
Marketable securities
131,077 127,877 
Property, plant and equipment, net
40,335 39,440 
Other non-current assets
52,605 48,849 
Total non-current assets
224,017 216,166 
Total assets
$336,309 $351,002 
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities:
Accounts payable
$48,343 $54,763 
Other current liabilities
48,811 47,493 
Deferred revenue
7,728 7,612 
Commercial paper
10,982 6,000 
Term debt
14,009 9,613 
Total current liabilities
129,873 125,481 
Non-current liabilities:
Term debt
94,700 109,106 
Other non-current liabilities
53,629 53,325 
Total non-current liabilities
148,329 162,431 
Total liabilities
278,202 287,912 
Commitments and contingencies
Shareholders’ equity:
Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 16,095,378 and 16,426,786 shares issued and outstanding, respectively
62,115 57,365 
Retained earnings
5,289 5,562 
Accumulated other comprehensive income/(loss)
(9,297)163 
Total shareholders’ equity
58,107 63,090 
Total liabilities and shareholders’ equity
$336,309 $351,002 



Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In millions)

Nine Months Ended
June 25,
2022
June 26,
2021
Cash, cash equivalents and restricted cash, beginning balances
$35,929 $39,789 
Operating activities:
Net income79,082 74,129 
Adjustments to reconcile net income to cash generated by operating activities:
Depreciation and amortization8,239 8,295 
Share-based compensation expense6,760 5,961 
Deferred income tax expense/(benefit)2,756 (737)
Other(61)(689)
Changes in operating assets and liabilities:
Accounts receivable, net4,561 (1,316)
Inventories1,049 (1,213)
Vendor non-trade receivables4,789 4,892 
Other current and non-current assets(3,289)(5,899)
Accounts payable(6,108)(1,786)
Deferred revenue260 1,738 
Other current and non-current liabilities(14)463 
Cash generated by operating activities98,024 83,838 
Investing activities:
Purchases of marketable securities(70,178)(94,052)
Proceeds from maturities of marketable securities24,203 49,880 
Proceeds from sales of marketable securities33,609 36,745 
Payments for acquisition of property, plant and equipment(7,419)(7,862)
Payments made in connection with business acquisitions, net(169)(13)
Other(1,183)(78)
Cash used in investing activities(21,137)(15,380)
Financing activities:
Payments for taxes related to net share settlement of equity awards(5,915)(5,855)
Payments for dividends and dividend equivalents(11,138)(10,827)
Repurchases of common stock(64,974)(66,223)
Proceeds from issuance of term debt, net— 13,923 
Repayments of term debt(6,750)(7,500)
Proceeds from commercial paper, net4,970 3,022 
Other(148)489 
Cash used in financing activities(83,955)(72,971)
Decrease in cash, cash equivalents and restricted cash(7,068)(4,513)
Cash, cash equivalents and restricted cash, ending balances$28,861 $35,276 
Supplemental cash flow disclosure:
Cash paid for income taxes, net$12,251 $18,536 
Cash paid for interest$1,910 $1,870 

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Ticker: AAPL
CIK: 320193
Form Type: 8-K Corporate News
Accession Number: 0000320193-22-000069
Submitted to the SEC: Thu Jul 28 2022 4:31:44 PM EST
Accepted by the SEC: Thu Jul 28 2022
Period: Thursday, July 28, 2022
Industry: Electronic Computers
Events:
  1. Earnings Release
  2. Financial Exhibit

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