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0000320193 | 20230203 | 10-Q | 0 | 10-Q aapl-20221231.htm 10-Q
aapl-20221231false2023Q10000320193--09-30P1Y63P1Y27P1Y82
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 December 31, 2022
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to . | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 1 | Commission File Number: 001-36743
Apple Inc.
(Exact name of Registrant as specified in its charter)
California 94-2404110
(State or other jurisdiction
of incorporation or organization) (I.R.S. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 2 | Employer Identification No.) | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 3 | One Apple Park Way
Cupertino, California
(Address of principal executive offices) (Zip Code)
(408) 996-1010
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading symbol(s) Name of each exchange on which registered
Common Stock, $0.00001 par value per share
AAPL
The Nasdaq Stock Market LLC
1.375% Notes due 2024 -
The Nasdaq Stock Market LLC
0.000% Notes due 2025 -
The Nasdaq Stock Market LLC
0.875% Notes due 2025 -
The Nasdaq Stock Market LLC
1.625% Notes due 2026 -
The Nasdaq Stock Market LLC
2.000% Notes due 2027 -
The Nasdaq Stock Market LLC
1.375% Notes due 2029 -
The Nasdaq Stock Market LLC
3.050% Notes due 2029 -
The Nasdaq Stock Market LLC
0.500% Notes due 2031 -
The Nasdaq Stock Market LLC
3.600% Notes due 2042 -
The Nasdaq Stock Market LLC
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 4 | Yes ☒ No ☐
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 5 | Yes ☒ No ☐
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. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 6 | See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 7 | Large accelerated filer ☒ Accelerated filer ☐
Non-accelerated filer ☐ Smaller reporting company ☐
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 8 | ☐
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 9 | Yes ☐ No ☒
15,821,946,000 shares of common stock were issued and outstanding as of January 20, 2023. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 10 | Apple Inc.
Form 10-Q
For the Fiscal Quarter Ended December 31, 2022
PART I - FINANCIAL INFORMATION
Item 1. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 11 | 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)
See accompanying Notes to Condensed Consolidated Financial Statements. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 12 | Apple Inc. | Q1 2023 Form 10-Q | 1
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
(In millions)
See accompanying Notes to Condensed Consolidated Financial Statements. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 13 | Apple Inc. | Q1 2023 Form 10-Q | 2
Apple Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In millions, except number of shares which are reflected in thousands and par value)
See accompanying Notes to Condensed Consolidated Financial Statements. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 14 | Apple Inc. | Q1 2023 Form 10-Q | 3
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Unaudited)
(In millions, except per share amounts)
See accompanying Notes to Condensed Consolidated Financial Statements. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 15 | Apple Inc. | Q1 2023 Form 10-Q | 4
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In millions)
See accompanying Notes to Condensed Consolidated Financial Statements. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 16 | Apple Inc. | Q1 2023 Form 10-Q | 5
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”). | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 17 | Intercompany accounts and transactions have been eliminated. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 18 | In the opinion of the Company’s management, the condensed consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 19 | The preparation of these condensed consolidated financial statements and accompanying notes in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 20 | Actual results could differ materially from those estimates. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 21 | Certain prior period amounts in the condensed consolidated financial statements and accompanying notes have been reclassified to conform to the current period’s presentation. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 22 | These condensed consolidated financial statements and accompanying notes should be read in conjunction with the Company’s annual consolidated financial statements and accompanying notes included in its Annual Report on Form 10-K for the fiscal year ended September 24, 2022. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 23 | The Company’s fiscal year is the 52- or 53-week period that ends on the last Saturday of September. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 24 | An additional week is included in the first fiscal quarter every five or six years to realign the Company’s fiscal quarters with calendar quarters, which occurred in the first fiscal quarter of 2023. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 25 | The Company’s fiscal years 2023 and 2022 span 53 and 52 weeks, respectively. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 26 | Unless otherwise stated, references to particular years, quarters, months and periods refer to the Company’s fiscal years ended in September and the associated quarters, months and periods of those fiscal years. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 27 | Earnings Per Share
The following table shows the computation of basic and diluted earnings per share for the three months ended December 31, 2022 and December 25, 2021 (net income in millions and shares in thousands):
Approximately 89 million restricted stock units (“RSUs”) were excluded from the computation of diluted earnings per share for the three months ended December 31, 2022 because their effect would have been antidilutive. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 28 | Apple Inc. | Q1 2023 Form 10-Q | 6
Note 2 - Revenue
Net sales disaggregated by significant products and services for the three months ended December 31, 2022 and December 25, 2021 were as follows (in millions):
(1)Products net sales include amortization of the deferred value of unspecified software upgrade rights, which are bundled in the sales price of the respective product. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 29 | (2)Wearables, Home and Accessories net sales include sales of AirPods®, Apple TV®, Apple Watch®, Beats® products, HomePod mini® and accessories. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 30 | (3)Services net sales include sales from the Company’s advertising, AppleCare®, cloud, digital content, payment and other services. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 31 | Services net sales also include amortization of the deferred value of services bundled in the sales price of certain products. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 32 | (4)Includes $3.4 billion of revenue recognized in the three months ended December 31, 2022 that was included in deferred revenue as of September 24, 2022 and $3.0 billion of revenue recognized in the three months ended December 25, 2021 that was included in deferred revenue as of September 25, 2021. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 33 | The Company’s proportion of net sales by disaggregated revenue source was generally consistent for each reportable segment in Note 9, “Segment Information and Geographic Data” for the three months ended December 31, 2022 and December 25, 2021, except in Greater China, where iPhone revenue represented a moderately higher proportion of net sales. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 34 | As of December 31, 2022 and September 24, 2022, the Company had total deferred revenue of $12.6 billion and $12.4 billion, respectively. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 35 | As of December 31, 2022, the Company expects 63% of total deferred revenue to be realized in less than a year, 27% within one-to-two years, 8% within two-to-three years and 2% in greater than three years. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 36 | Apple Inc. | Q1 2023 Form 10-Q | 7
Note 3 - Financial Instruments
Cash, Cash Equivalents and Marketable Securities
The following tables show the Company’s cash, cash equivalents and marketable securities by significant investment category as of December 31, 2022 and September 24, 2022 (in millions):
(1)Level 1 fair value estimates are based on quoted prices in active markets for identical assets or liabilities. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 37 | (2)Level 2 fair value estimates are based on observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 38 | (3)As of December 31, 2022 and September 24, 2022, total marketable securities included $13.6 billion and $12.7 billion, respectively, that were restricted from general use, related to the European Commission decision finding that Ireland granted state aid to the Company, and other agreements. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 39 | Apple Inc. | Q1 2023 Form 10-Q | 8
The following table shows the fair value of the Company’s non-current marketable debt securities, by contractual maturity, as of December 31, 2022 (in millions):
Derivative Instruments and Hedging
The Company may use derivative instruments to partially offset its business exposure to foreign exchange and interest rate risk. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 40 | However, the Company may choose not to hedge certain exposures for a variety of reasons, including accounting considerations or the prohibitive economic cost of hedging particular exposures. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 41 | There can be no assurance the hedges will offset more than a portion of the financial impact resulting from movements in foreign exchange or interest rates. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 42 | Foreign Exchange Risk
To protect gross margins from fluctuations in foreign currency exchange rates, the Company may enter into forward contracts, option contracts or other instruments, and may designate these instruments as cash flow hedges. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 43 | The Company generally hedges portions of its forecasted foreign currency exposure associated with revenue and inventory purchases, typically for up to 12 months. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 44 | To protect the Company’s foreign currency-denominated term debt or marketable securities from fluctuations in foreign currency exchange rates, the Company may enter into forward contracts, cross-currency swaps or other instruments. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 45 | The Company designates these instruments as either cash flow or fair value hedges. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 46 | As of December 31, 2022, the maximum length of time over which the Company is hedging its exposure to the variability in future cash flows for term debt-related foreign currency transactions is 20 years. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 47 | The Company may also enter into derivative instruments that are not designated as accounting hedges to protect gross margins from certain fluctuations in foreign currency exchange rates, as well as to offset a portion of the foreign currency exchange gains and losses generated by the remeasurement of certain assets and liabilities denominated in non-functional currencies. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 48 | Interest Rate Risk
To protect the Company’s term debt or marketable securities from fluctuations in interest rates, the Company may enter into interest rate swaps, options or other instruments. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 49 | The Company designates these instruments as either cash flow or fair value hedges. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 50 | The notional amounts of the Company’s outstanding derivative instruments as of December 31, 2022 and September 24, 2022 were as follows (in millions):
Apple Inc. | Q1 2023 Form 10-Q | 9
The gross fair values of the Company’s derivative assets and liabilities as of September 24, 2022 were as follows (in millions):
(1)Derivative assets are measured using Level 2 fair value inputs and are included in other current assets and other non-current assets in the Condensed Consolidated Balance Sheet. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 51 | (2)Derivative liabilities are measured using Level 2 fair value inputs and are included in other current liabilities and other non-current liabilities in the Condensed Consolidated Balance Sheet. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 52 | The derivative assets above represent the Company’s gross credit exposure if all counterparties failed to perform. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 53 | To mitigate credit risk, the Company generally enters into collateral security arrangements that provide for collateral to be received or posted when the net fair values of certain derivatives fluctuate from contractually established thresholds. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 54 | To further limit credit risk, the Company generally enters into master netting arrangements with the respective counterparties to the Company’s derivative contracts, under which the Company is allowed to settle transactions with a single net amount payable by one party to the other. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 55 | As of September 24, 2022, the potential effects of these rights of set-off associated with the Company’s derivative contracts, including the effects of collateral, would be a reduction to both derivative assets and derivative liabilities of $7.8 billion, resulting in a net derivative asset of $412 million. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 56 | The carrying amounts of the Company’s hedged items in fair value hedges as of December 31, 2022 and September 24, 2022 were as follows (in millions):
Accounts Receivable
Trade Receivables
The Company has considerable trade receivables outstanding with its third-party cellular network carriers, wholesalers, retailers, resellers, small and mid-sized businesses and education, enterprise and government customers. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 57 | The Company generally does not require collateral from its customers; however, the Company will require collateral or third-party credit support in certain instances to limit credit risk. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 58 | In addition, when possible, the Company attempts to limit credit risk on trade receivables with credit insurance for certain customers or by requiring third-party financing, loans or leases to support credit exposure. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 59 | These credit-financing arrangements are directly between the third-party financing company and the end customer. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 60 | As such, the Company generally does not assume any recourse or credit risk sharing related to any of these arrangements. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 61 | As of both December 31, 2022 and September 24, 2022, the Company had one customer that represented 10% or more of total trade receivables, which accounted for 11% and 10%, respectively. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 62 | The Company’s cellular network carriers accounted for 43% and 44% of total trade receivables as of December 31, 2022 and September 24, 2022, respectively. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 63 | Vendor Non-Trade Receivables
The Company has non-trade receivables from certain of its manufacturing vendors resulting from the sale of components to these vendors who manufacture subassemblies or assemble final products for the Company. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 64 | The Company purchases these components directly from suppliers. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 65 | As of December 31, 2022, the Company had two vendors that individually represented 10% or more of total vendor non-trade receivables, which accounted for 54% and 16%. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 66 | As of September 24, 2022, the Company had two vendors that individually represented 10% or more of total vendor non-trade receivables, which accounted for 54% and 13%. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 67 | Apple Inc. | Q1 2023 Form 10-Q | 10
Note 4 - Condensed Consolidated Financial Statement Details
The following tables show the Company’s condensed consolidated financial statement details as of December 31, 2022 and September 24, 2022 (in millions):
Inventories
Property, Plant and Equipment, Net
Other Income/(Expense), Net
The following table shows the detail of other income/(expense), net for the three months ended December 31, 2022 and December 25, 2021 (in millions):
Note 5 - Debt
Commercial Paper
The Company issues unsecured short-term promissory notes (“Commercial Paper”) pursuant to a commercial paper program. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 68 | The Company uses net proceeds from the commercial paper program for general corporate purposes, including dividends and share repurchases. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 69 | As of December 31, 2022 and September 24, 2022, the Company had $1.7 billion and $10.0 billion of Commercial Paper outstanding, respectively. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 70 | The following table provides a summary of cash flows associated with the issuance and maturities of Commercial Paper for the three months ended December 31, 2022 and December 25, 2021 (in millions):
Apple Inc. | Q1 2023 Form 10-Q | 11
Term Debt
As of December 31, 2022 and September 24, 2022, the Company had outstanding fixed-rate notes with varying maturities for an aggregate carrying amount of $109.4 billion and $110.1 billion, respectively (collectively the “Notes”). | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 71 | As of December 31, 2022 and September 24, 2022, the fair value of the Company’s Notes, based on Level 2 inputs, was $98.0 billion and $98.8 billion, respectively. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 72 | Note 6 - Shareholders’ Equity
Share Repurchase Program
During the three months ended December 31, 2022, the Company repurchased 133 million shares of its common stock for $19.0 billion under a share repurchase program authorized by the Board of Directors (the “Program”). | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 73 | The Program does not obligate the Company to acquire a minimum amount of shares. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 74 | Under the Program, shares may be repurchased in privately negotiated and/or open market transactions, including under plans complying with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 75 | Note 7 - Benefit Plans
Restricted Stock Units
A summary of the Company’s RSU activity and related information for the three months ended December 31, 2022 is as follows:
The fair value as of the respective vesting dates of RSUs was $6.8 billion and $8.5 billion for the three months ended December 31, 2022 and December 25, 2021, respectively. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 76 | Share-Based Compensation
The following table shows share-based compensation expense and the related income tax benefit included in the Condensed Consolidated Statements of Operations for the three months ended December 31, 2022 and December 25, 2021 (in millions):
As of December 31, 2022, the total unrecognized compensation cost related to outstanding RSUs and stock options was $25.5 billion, which the Company expects to recognize over a weighted-average period of 3.0 years. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 77 | Apple Inc. | Q1 2023 Form 10-Q | 12
Note 8 - Commitments and Contingencies
Unconditional Purchase Obligations
The Company has entered into certain off-balance sheet commitments that require the future purchase of goods or services (“unconditional purchase obligations”). | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 78 | The Company’s unconditional purchase obligations primarily consist of supplier arrangements, licensed content and distribution rights. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 79 | Future payments under noncancelable unconditional purchase obligations with a remaining term in excess of one year as of December 31, 2022, are as follows (in millions):
Contingencies
The Company is subject to various legal proceedings and claims that have arisen in the ordinary course of business and that have not been fully resolved. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 80 | The outcome of litigation is inherently uncertain. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 81 | In the opinion of management, there was not at least a reasonable possibility the Company may have incurred a material loss, or a material loss greater than a recorded accrual, concerning loss contingencies for asserted legal and other claims. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 82 | Note 9 - Segment Information and Geographic Data
The following table shows information by reportable segment for the three months ended December 31, 2022 and December 25, 2021 (in millions):
Apple Inc. | Q1 2023 Form 10-Q | 13
A reconciliation of the Company’s segment operating income to the Condensed Consolidated Statements of Operations for the three months ended December 31, 2022 and December 25, 2021 is as follows (in millions):
Apple Inc. | Q1 2023 Form 10-Q | 14
Item 2. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 83 | Management’s Discussion and Analysis of Financial Condition and Results of Operations
This section and other parts 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 uncertainties. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 84 | Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 85 | For example, statements in this Form 10-Q regarding the potential future impact of the COVID-19 pandemic on the Company’s business and results of operations are forward-looking statements. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 86 | Forward-looking statements can also be identified by words such as “future,” “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “will,” “would,” “could,” “can,” “may,” and similar terms. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 87 | Forward-looking statements are not guarantees of future performance and the Company’s actual results may differ significantly from the results discussed in the forward-looking statements. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 88 | Factors that might cause such differences include, but are not limited to, those discussed in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the fiscal year ended September 24, 2022 (the “2022 Form 10-K”) under the heading “Risk Factors.” The Company assumes no obligation to revise or update any forward-looking statements for any reason, except as required by law. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 89 | Unless otherwise stated, all information presented herein is based on the Company’s fiscal calendar, and references to particular years, quarters, months or periods refer to the Company’s fiscal years ended in September and the associated quarters, months and periods of those fiscal years. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 90 | Each of the terms the “Company” and “Apple” as used herein refers collectively to Apple Inc. and its wholly owned subsidiaries, unless otherwise stated. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 91 | The following discussion should be read in conjunction with the 2022 Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) and the condensed consolidated financial statements and accompanying notes included in Part I, Item 1 of this Form 10-Q. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 92 | Available Information
The Company periodically provides certain information for investors on its corporate website, www.apple.com, and its investor relations website, investor.apple.com. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 93 | This includes press releases and other information about financial performance, information on environmental, social and governance matters, and details related to the Company’s annual meeting of shareholders. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 94 | The information contained on the websites referenced in this Form 10-Q is not incorporated by reference into this filing. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 95 | Further, the Company’s references to website URLs are intended to be inactive textual references only. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 96 | Business Seasonality and Product Introductions
The Company has historically experienced higher net sales in its first quarter compared to other quarters in its fiscal year due in part to seasonal holiday demand. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 97 | Additionally, new product and service introductions can significantly impact net sales, cost of sales and operating expenses. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 98 | The timing of product introductions can also impact the Company’s net sales to its indirect distribution channels as these channels are filled with new inventory following a product launch, and channel inventory of an older product often declines as the launch of a newer product approaches. | 0000320193-23-000006/full-submission.txt |
0000320193 | 20230203 | 10-Q | 99 | Net sales can also be affected when consumers and distributors anticipate a product introduction. | 0000320193-23-000006/full-submission.txt |
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