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Apple Inc. (AAPL) SEC Filing 8-K Material Event for the period ending Thursday, February 2, 2023

Apple Inc

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CIK: 320193 Ticker: AAPL

Exhibit 99.1


Apple reports first quarter results

Installed base crosses 2 billion active devices and hits all-time high for all major product categories

Services set new all-time revenue record

CUPERTINO, CALIFORNIA — Apple® today announced financial results for its fiscal 2023 first quarter ended December 31, 2022. The Company posted quarterly revenue of $117.2 billion, down 5 percent year over year, and quarterly earnings per diluted share of $1.88.

“As we all continue to navigate a challenging environment, we are proud to have our best lineup of products and services ever, and as always, we remain focused on the long term and are leading with our values in everything we do,” said Tim Cook, Apple’s CEO. “During the December quarter, we achieved a major milestone and are excited to report that we now have more than 2 billion active devices as part of our growing installed base.”

“We set an all-time revenue record of $20.8 billion in our Services business, and in spite of a difficult macroeconomic environment and significant supply constraints, we grew total company revenue on a constant currency basis,” said Luca Maestri, Apple’s CFO. “We generated $34 billion in operating cash flow and returned over $25 billion to shareholders during the quarter while continuing 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 February 16, 2023 to shareholders of record as of the close of business on February 13, 2023.

Apple will provide live streaming of its Q1 2023 financial results conference call beginning at 2:00 p.m. PT on February 2, 2023 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, its installed base growth, and its long-term plans. 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.

© 2023 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 31,
2022		December 25,
2021
Net sales:
   Products$96,388 $104,429 
   Services20,766 19,516 
Total net sales (1)
117,154 123,945 
Cost of sales:
   Products60,765 64,309 
   Services6,057 5,393 
Total cost of sales66,822 69,702 
Gross margin
50,332 54,243 
Operating expenses:
Research and development
7,709 6,306 
Selling, general and administrative
6,607 6,449 
Total operating expenses
14,316 12,755 
Operating income
36,016 41,488 
Other income/(expense), net
(393)(247)
Income before provision for income taxes
35,623 41,241 
Provision for income taxes
5,625 6,611 
Net income
$29,998 $34,630 
Earnings per share:
Basic
$1.89 $2.11 
Diluted
$1.88 $2.10 
Shares used in computing earnings per share:
Basic
15,892,723 16,391,724 
Diluted
15,955,718 16,519,291 
(1) Net sales by reportable segment:
Americas
$49,278 $51,496 
Europe
27,681 29,749 
Greater China
23,905 25,783 
Japan
6,755 7,107 
Rest of Asia Pacific
9,535 9,810 
Total net sales
$117,154 $123,945 
(1) Net sales by category:
iPhone
$65,775 $71,628 
Mac
7,735 10,852 
iPad
9,396 7,248 
Wearables, Home and Accessories
13,482 14,701 
Services
20,766 19,516 
Total net sales
$117,154 $123,945 


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

December 31,
2022		September 24,
2022
ASSETS:
Current assets:
Cash and cash equivalents
$20,535 $23,646 
Marketable securities
30,820 24,658 
Accounts receivable, net
23,752 28,184 
Inventories
6,820 4,946 
Vendor non-trade receivables
30,428 32,748 
Other current assets
16,422 21,223 
Total current assets
128,777 135,405 
Non-current assets:
Marketable securities
114,095 120,805 
Property, plant and equipment, net
42,951 42,117 
Other non-current assets
60,924 54,428 
Total non-current assets
217,970 217,350 
Total assets
$346,747 $352,755 
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities:
Accounts payable
$57,918 $64,115 
Other current liabilities
59,893 60,845 
Deferred revenue
7,992 7,912 
Commercial paper
1,743 9,982 
Term debt
9,740 11,128 
Total current liabilities
137,286 153,982 
Non-current liabilities:
Term debt
99,627 98,959 
Other non-current liabilities
53,107 49,142 
Total non-current liabilities
152,734 148,101 
Total liabilities
290,020 302,083 
Commitments and contingencies
Shareholders’ equity:
Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,842,407 and 15,943,425 shares issued and outstanding, respectively
66,399 64,849 
Retained earnings/(Accumulated deficit)3,240 (3,068)
Accumulated other comprehensive income/(loss)
(12,912)(11,109)
Total shareholders’ equity
56,727 50,672 
Total liabilities and shareholders’ equity
$346,747 $352,755 


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

Three Months Ended
December 31,
2022		December 25,
2021
Cash, cash equivalents and restricted cash, beginning balances
$24,977 $35,929 
Operating activities:
Net income29,998 34,630 
Adjustments to reconcile net income to cash generated by operating activities:
Depreciation and amortization2,916 2,697 
Share-based compensation expense2,905 2,265 
Other(317)849 
Changes in operating assets and liabilities:
Accounts receivable, net4,275 (3,934)
Inventories(1,807)681 
Vendor non-trade receivables2,320 (9,812)
Other current and non-current assets(4,099)(4,921)
Accounts payable(6,075)19,813 
Deferred revenue131 462 
Other current and non-current liabilities3,758 4,236 
Cash generated by operating activities34,005 46,966 
Investing activities:
Purchases of marketable securities(5,153)(34,913)
Proceeds from maturities of marketable securities7,127 11,309 
Proceeds from sales of marketable securities509 10,675 
Payments for acquisition of property, plant and equipment(3,787)(2,803)
Other(141)(374)
Cash used in investing activities(1,445)(16,106)
Financing activities:
Payments for taxes related to net share settlement of equity awards(2,316)(2,888)
Payments for dividends and dividend equivalents(3,768)(3,732)
Repurchases of common stock(19,475)(20,478)
Repayments of term debt(1,401)— 
Repayments of commercial paper, net(8,214)(1,000)
Other(389)(61)
Cash used in financing activities(35,563)(28,159)
Increase/(Decrease) in cash, cash equivalents and restricted cash(3,003)2,701 
Cash, cash equivalents and restricted cash, ending balances$21,974 $38,630 
Supplemental cash flow disclosure:
Cash paid for income taxes, net$828 $5,235 
Cash paid for interest$703 $531 

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Apple Inc provided additional information to their SEC Filing as exhibits

Exhibit 99.1: Additional Exhibits
Ticker: AAPL
CIK: 320193
Form Type: 8-K Corporate News
Accession Number: 0000320193-23-000005
Submitted to the SEC: Thu Feb 02 2023 4:30:33 PM EST
Accepted by the SEC: Thu Feb 02 2023
Period: Thursday, February 2, 2023
Industry: Electronic Computers
Events:
  1. Earnings Release
  2. Financial Exhibit

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