Apple Inc. 10-Q form for quarterly period ended 2024-03-30, page 1: 
PART I - FINANCIAL INFORMATION


Item 1.    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)

|    |                                              |                    |        |                  |            |               |        |              |    |            |    |         |
|---:|:---------------------------------------------|:-------------------|:-------|:-----------------|:-----------|:--------------|:-------|:-------------|:---|:-----------|:---|:--------|
|  1 |                                              | Three Months Ended |        | Six Months Ended |            |               |        |              |    |            |    |         |
|  2 |                                              | March 30,2024      |        | April 1,2023     |            | March 30,2024 |        | April 1,2023 |    |            |    |         |
|  3 | Net sales:                                   |                    |        |                  |            |               |        |              |    |            |    |         |
|  4 | Products                                     | $                  | 66,886 |                  |            | $             | 73,929 |              | $  | 163,344    | $  | 170,317 |
|  5 | Services                                     | 23,867             |        |                  | 20,907     |               |        | 46,984       |    | 41,673     |    |         |
|  6 | Total net sales                              | 90,753             |        |                  | 94,836     |               |        | 210,328      |    | 211,990    |    |         |
|  8 | Cost of sales:                               |                    |        |                  |            |               |        |              |    |            |    |         |
|  9 | Products                                     | 42,424             |        |                  | 46,795     |               |        | 100,864      |    | 107,560    |    |         |
| 10 | Services                                     | 6,058              |        |                  | 6,065      |               |        | 12,338       |    | 12,122     |    |         |
| 11 | Total cost of sales                          | 48,482             |        |                  | 52,860     |               |        | 113,202      |    | 119,682    |    |         |
| 12 | Gross margin                                 | 42,271             |        |                  | 41,976     |               |        | 97,126       |    | 92,308     |    |         |
| 14 | Operating expenses:                          |                    |        |                  |            |               |        |              |    |            |    |         |
| 15 | Research and development                     | 7,903              |        |                  | 7,457      |               |        | 15,599       |    | 15,166     |    |         |
| 16 | Selling, general and administrative          | 6,468              |        |                  | 6,201      |               |        | 13,254       |    | 12,808     |    |         |
| 17 | Total operating expenses                     | 14,371             |        |                  | 13,658     |               |        | 28,853       |    | 27,974     |    |         |
| 19 | Operating income                             | 27,900             |        |                  | 28,318     |               |        | 68,273       |    | 64,334     |    |         |
| 20 | Other income/(expense), net                  | 158                |        |                  | 64         |               |        | 108          |    | (329)      |    |         |
| 21 | Income before provision for income taxes     | 28,058             |        |                  | 28,382     |               |        | 68,381       |    | 64,005     |    |         |
| 22 | Provision for income taxes                   | 4,422              |        |                  | 4,222      |               |        | 10,829       |    | 9,847      |    |         |
| 23 | Net income                                   | $                  | 23,636 |                  |            | $             | 24,160 |              | $  | 57,552     | $  | 54,158  |
| 25 | Earnings per share:                          |                    |        |                  |            |               |        |              |    |            |    |         |
| 26 | Basic                                        | $                  | 1.53   |                  |            | $             | 1.53   |              | $  | 3.72       | $  | 3.42    |
| 27 | Diluted                                      | $                  | 1.53   |                  |            | $             | 1.52   |              | $  | 3.71       | $  | 3.41    |
| 29 | Shares used in computing earnings per share: |                    |        |                  |            |               |        |              |    |            |    |         |
| 30 | Basic                                        | 15,405,856         |        |                  | 15,787,154 |               |        | 15,457,810   |    | 15,839,939 |    |         |
| 31 | Diluted                                      | 15,464,709         |        |                  | 15,847,050 |               |        | 15,520,675   |    | 15,901,384 |    |         |


See accompanying Notes to Condensed Consolidated Financial Statements.


Apple Inc. | Q2 2024 Form 10-Q | 1





, Apple Inc. 10-Q form for quarterly period ended 2024-03-30, page 3: 
Apple Inc.


CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

(In millions, except number of shares, which are reflected in thousands, and par value)
|    |                                                                                                                                                                      |               |         |                   |          |    |         |
|---:|:---------------------------------------------------------------------------------------------------------------------------------------------------------------------|:--------------|:--------|:------------------|:---------|:---|:--------|
|  1 |                                                                                                                                                                      | March 30,2024 |         | September 30,2023 |          |    |         |
|  2 | ASSETS:                                                                                                                                                              |               |         |                   |          |    |         |
|  3 | Current assets:                                                                                                                                                      |               |         |                   |          |    |         |
|  4 | Cash and cash equivalents                                                                                                                                            | $             | 32,695  |                   |          | $  | 29,965  |
|  5 | Marketable securities                                                                                                                                                | 34,455        |         |                   | 31,590   |    |         |
|  6 | Accounts receivable, net                                                                                                                                             | 21,837        |         |                   | 29,508   |    |         |
|  7 | Vendor non-trade receivables                                                                                                                                         | 19,313        |         |                   | 31,477   |    |         |
|  8 | Inventories                                                                                                                                                          | 6,232         |         |                   | 6,331    |    |         |
|  9 | Other current assets                                                                                                                                                 | 13,884        |         |                   | 14,695   |    |         |
| 10 | Total current assets                                                                                                                                                 | 128,416       |         |                   | 143,566  |    |         |
| 12 | Non-current assets:                                                                                                                                                  |               |         |                   |          |    |         |
| 13 | Marketable securities                                                                                                                                                | 95,187        |         |                   | 100,544  |    |         |
| 14 | Property, plant and equipment, net                                                                                                                                   | 43,546        |         |                   | 43,715   |    |         |
| 15 | Other non-current assets                                                                                                                                             | 70,262        |         |                   | 64,758   |    |         |
| 16 | Total non-current assets                                                                                                                                             | 208,995       |         |                   | 209,017  |    |         |
| 17 | Total assets                                                                                                                                                         | $             | 337,411 |                   |          | $  | 352,583 |
| 19 | LIABILITIES AND SHAREHOLDERS' EQUITY:                                                                                                                                |               |         |                   |          |    |         |
| 20 | Current liabilities:                                                                                                                                                 |               |         |                   |          |    |         |
| 21 | Accounts payable                                                                                                                                                     | $             | 45,753  |                   |          | $  | 62,611  |
| 22 | Other current liabilities                                                                                                                                            | 57,298        |         |                   | 58,829   |    |         |
| 23 | Deferred revenue                                                                                                                                                     | 8,012         |         |                   | 8,061    |    |         |
| 24 | Commercial paper                                                                                                                                                     | 1,997         |         |                   | 5,985    |    |         |
| 25 | Term debt                                                                                                                                                            | 10,762        |         |                   | 9,822    |    |         |
| 26 | Total current liabilities                                                                                                                                            | 123,822       |         |                   | 145,308  |    |         |
| 28 | Non-current liabilities:                                                                                                                                             |               |         |                   |          |    |         |
| 29 | Term debt                                                                                                                                                            | 91,831        |         |                   | 95,281   |    |         |
| 30 | Other non-current liabilities                                                                                                                                        | 47,564        |         |                   | 49,848   |    |         |
| 31 | Total non-current liabilities                                                                                                                                        | 139,395       |         |                   | 145,129  |    |         |
| 32 | Total liabilities                                                                                                                                                    | 263,217       |         |                   | 290,437  |    |         |
| 34 | Commitments and contingencies                                                                                                                                        |               |         |                   |          |    |         |
| 36 | Shareholders' equity:                                                                                                                                                |               |         |                   |          |    |         |
| 37 | Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,337,686 and 15,550,061 shares issued and outstanding, respectively | 78,815        |         |                   | 73,812   |    |         |
| 38 | Retained earnings/(Accumulated deficit)                                                                                                                              | 4,339         |         |                   | (214)    |    |         |
| 39 | Accumulated other comprehensive loss                                                                                                                                 | (8,960)       |         |                   | (11,452) |    |         |
| 40 | Total shareholders' equity                                                                                                                                           | 74,194        |         |                   | 62,146   |    |         |
| 41 | Total liabilities and shareholders' equity                                                                                                                           | $             | 337,411 |                   |          | $  | 352,583 |

See accompanying Notes to Condensed Consolidated Financial Statements.


Apple Inc. | Q2 2024 Form 10-Q | 3







Question:  What is the Asset Turnover Ratio for Apple Inc. for the six months ended March 30, 2024?
Answer: The Asset Turnover Ratio for Apple Inc. for the six months ended March 30, 2024, is calculated as follows:
Asset Turnover Ratio = Net Sales / Average Total Assets
Net Sales (six months ended March 30, 2024) = $210,328 million
Average Total Assets = (Total Assets at March 30, 2024 + Total Assets at September 30, 2023) / 2 = ($337,411 million + $352,583 million) / 2 = $344,997 million
Asset Turnover Ratio = 210,328 / 344,997 = 0.61