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 30,2023

Net sales:

Products

96,458 !

96,388

119,575

117,154

58,44060,76564,72066,822

7,696

7,709

14,482

14,316

Operating income

40,37336,016

Income before provision for income taxes

40,32335,623!

33,916 !

29,998!

2.19

1.89

Services

Total net sales!

December 31,2022(1)

Cost of sales:
ProductsServices

6,280

Total cost of sales
Gross marginResearch and development

Selling, general and administrative

Other income/(expense), netNet income

Earnings per share:
Basic

Diluted!

BasicAmericas
Europe!

Japan

Total net sales(1)

Net sales by category:
iPhoneMac!
!

5,625

1.88

15,892,723
15,955,718

50,430 !

49,27820,81923,90530,397

10,162

27,681

6,755

9,535!

119,575!

117,154!

69,702 !

65,775

7,023

9,396

Wearables, Home and Accessories
Total net sales

2.18

7,767

iPadServices

6,407

15,576,641

Greater China
Rest of Asia Pacific(393)

15,509,763

DilutedNet sales by reportable segment:

6,607

(50)

Shares used in computing earnings per share:(1)

50,332

6,786

Total operating expenses

20,766

6,057

54,855

Operating expenses:

Provision for income taxes

23,117

7,780

11,953!

23,117

119,575

7,735

13,482!

20,766

117,154

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

ASSETS:

Current assets:

Cash and cash equivalents

December 30,2023!

Marketable securities

Accounts receivable, net

Vendor non-trade receivablesSeptember 30,2023

40,760 !

29,96523,19429,50832,34026,908Inventories

6,511

Other current assets

13,979Total current assets

Non-current assets:

Marketable securities

31,59031,477

6,331

14,695

143,692

143,566

99,475100,544

Property, plant and equipment, net

43,666

Total non-current assets

209,822

209,017

58,146 !

62,611

8,264

8,061

Other non-current assets

66,681

Total assets

Current liabilities:!

353,514 !

43,71564,758352,583

LIABILITIES AND SHAREHOLDERS’ EQUITY:

Accounts payable

Other current liabilities!

Deferred revenue

Commercial paper

54,611

1,998

Term debt

10,954

Total current liabilities

Non-current liabilities:
Term debt

Other non-current liabilities

5,985
9,822

133,973

145,30895,08895,28150,353

Total non-current liabilities

58,82949,848145,441

145,129

Common stock and additional paid-in capital, !0.00001 par value: 50,400,000 sharesauthorized; 15,460,223 and 15,550,061 shares issued and outstanding, respectively

75,23673,812

Accumulated other comprehensive loss

(9,378)(11,452)

353,514 !

352,583

Total liabilities

279,414290,437

Commitments and contingencies
Shareholders’ equity:

Retained earnings/(Accumulated deficit)
Total shareholders’ equity

Total liabilities and shareholders’ equity

8,242

!

74,100(214)

62,146

Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)(In millions)Three Months EndedCash, cash equivalents and restricted cash, beginning balances

December 30,
2023!

December 31,
2022

30,737 !

24,97733,91629,998Depreciation and amortization

2,848

2,916

Other(989)(317)

Operating activities:Net income

Adjustments to reconcile net income to cash generated by operating activities:
Share-based compensation expense

2,997

Changes in operating assets and liabilities:
Accounts receivable, net

6,555

Vendor non-trade receivables

4,569

Inventories(137)

Other current and non-current assets
Accounts payable

Cash generated by operating activities

Investing activities:

Purchases of marketable securities

Proceeds from maturities of marketable securities

2,320(1,807)(4,099)(3,865)

3,889(6,075)39,89534,005(9,780)(5,153)

13,046

Proceeds from sales of marketable securities

4,275(1,457)(4,542)Other current and non-current liabilities

2,905

1,337

7,127509

Payments for acquisition of property, plant and equipment(2,392)(3,787)

Cash generated by/(used in) investing activities

1,927(1,445)(2,591)(2,316)

Other

(284)

Financing activities:

Payments for taxes related to net share settlement of equity awards
Payments for dividends and dividend equivalents(3,825)(141)(3,768)

Repurchases of common stock(20,139)(19,475)

Repayments of commercial paper, net(3,984)(8,214)(30,585)(35,563)

11,237(3,003)

Repayments of term debt
Other—(46)

Cash used in financing activities

Increase/(Decrease) in cash, cash equivalents and restricted cash
Cash, cash equivalents and restricted cash, ending balances
Supplemental cash flow disclosure:

Cash paid for income taxes, net!

!

41,974 !

7,255 !

(1,401)(389)

21,974828