Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

August 1, 2024

Date of Report (Date of earliest event reported)

Apple Inc.

(Exact name of Registrant as specified in its charter)

California

001-36743

94-2404110

(State or other jurisdiction
of incorporation)

(Commission
File Number)

(I.R.S. Employer
Identification No.)

One Apple Park Way

Cupertino, California 95014

(Address of principal executive offices) (Zip Code)

(408) 996-1010

(Registrant’s telephone number, including area code)

Not applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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
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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐

Item 2.02 Results of Operations and Financial Condition.

On August 1, 2024, Apple Inc. (“Apple”) issued a press release regarding Apple’s financial results for its third fiscal quarter ended June 29, 2024. A copy of Apple’s press release is attached hereto as Exhibit 99.1.

The information contained in this Current Report shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d)Exhibits.


Exhibit Number						Exhibit Description

99.1						Press release issued by Apple Inc. on August 1 , 2024.
104						Inline XBRL for the cover page of this Current Report on Form 8-K.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date:

August 1, 2024

Apple Inc.

By:

/s/ Luca Maestri

Luca Maestri

Senior Vice President,
Chief Financial Officer

Exhibit 99.1

Apple reports third quarter results

June quarter records for Revenue and EPS

Services revenue reaches new all-time high

CUPERTINO, CALIFORNIA — Apple® today announced financial results for its fiscal 2024 third quarter ended June 29, 2024. The Company posted quarterly revenue of $85.8 billion, up 5 percent year over year, and quarterly earnings per diluted share of $1.40, up 11 percent year over year.

“Today Apple is reporting a new June quarter revenue record of $85.8 billion, up 5 percent from a year ago,” said Tim Cook, Apple’s CEO. “During the quarter, we were excited to announce incredible updates to our software platforms at our Worldwide Developers Conference, including Apple Intelligence, a breakthrough personal intelligence system that puts powerful, private generative AI models at the core of iPhone, iPad, and Mac. We very much look forward to sharing these tools with our users, and we continue to invest significantly in the innovations that will enrich our customers’ lives, while leading with the values that drive our work.”

“During the quarter, our record business performance generated EPS growth of 11 percent and nearly $29 billion in operating cash flow, allowing us to return over $32 billion to shareholders,” said Luca Maestri, Apple’s CFO. “We are also very pleased that our installed base of active devices reached a new all-time high in all geographic segments, thanks to very high levels of customer satisfaction and loyalty.”

Apple’s board of directors has declared a cash dividend of $0.25 per share of the Company’s common stock. The dividend is payable on August 15, 2024 to shareholders of record as of the close of business on August 12, 2024.

Apple will provide live streaming of its Q3 2024 financial results conference call beginning at 2:00 p.m. PT on August 1, 2024 at apple.com/investor/earnings-call. The 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 payment of the Company’s quarterly dividend and future business 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, which speak only as of the date they are made.

Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with iPhone, iPad, Mac, AirPods, Apple Watch, and Apple Vision Pro. Apple’s six software platforms — iOS, iPadOS, macOS, watchOS, visionOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, iCloud, and Apple TV+. Apple’s more than 150,000 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:

Suhasini Chandramouli

Apple

suhasini@apple.com

(408) 974-3123

NOTE TO EDITORS: For additional information visit Apple Newsroom (www.apple.com/newsroom), or email Apple’s Media Helpline at media.help@apple.com.

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				Nine Months Ended
	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Net sales:
Products	$	61,564	$	60,584	$	224,908	$	230,901
Services	24,213		21,213		71,197		62,886
Total net sales (1)	85,777		81,797		296,105		293,787
Cost of sales:
Products	39,803		39,136		140,667		146,696
Services	6,296		6,248		18,634		18,370
Total cost of sales	46,099		45,384		159,301		165,066
Gross margin	39,678		36,413		136,804		128,721

Operating expenses:
Research and development	8,006		7,442		23,605		22,608
Selling, general and administrative	6,320		5,973		19,574		18,781
Total operating expenses	14,326		13,415		43,179		41,389

Operating income	25,352		22,998		93,625		87,332
Other income/(expense), net	142		(265)		250		(594)
Income before provision for income taxes	25,494		22,733		93,875		86,738
Provision for income taxes	4,046		2,852		14,875		12,699
Net income	$	21,448	$	19,881	$	79,000	$	74,039

Earnings per share:
Basic	$	1.40	$	1.27	$	5.13	$	4.69
Diluted	$	1.40	$	1.26	$	5.11	$	4.67
Shares used in computing earnings per share:
Basic	15,287,521		15,697,614		15,401,047		15,792,497
Diluted	15,348,175		15,775,021		15,463,175		15,859,263

(1) Net sales by reportable segment:
Americas	$	37,678	$	35,383	$	125,381	$	122,445
Europe	21,884		20,205		76,404		71,831
Greater China	14,728		15,758		51,919		57,475
Japan	5,097		4,821		19,126		18,752
Rest of Asia Pacific	6,390		5,630		23,275		23,284
Total net sales	$	85,777	$	81,797	$	296,105	$	293,787

(1) Net sales by category:
iPhone	$	39,296	$	39,669	$	154,961	$	156,778
Mac	7,009		6,840		22,240		21,743
iPad	7,162		5,791		19,744		21,857
Wearables, Home and Accessories	8,097		8,284		27,963		30,523
Services	24,213		21,213		71,197		62,886
Total net sales	$	85,777	$	81,797	$	296,105	$	293,787

Apple Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

(In millions, except number of shares, which are reflected in thousands, and par value)


	June 29, 2024		September 30, 2023
ASSETS:
Current assets:
Cash and cash equivalents	$	25,565	$	29,965
Marketable securities	36,236		31,590
Accounts receivable, net	22,795		29,508
Vendor non-trade receivables	20,377		31,477
Inventories	6,165		6,331
Other current assets	14,297		14,695
Total current assets	125,435		143,566

Non-current assets:
Marketable securities	91,240		100,544
Property, plant and equipment, net	44,502		43,715
Other non-current assets	70,435		64,758
Total non-current assets	206,177		209,017
Total assets	$	331,612	$	352,583

LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities:
Accounts payable	$	47,574	$	62,611
Other current liabilities	60,889		58,829
Deferred revenue	8,053		8,061
Commercial paper	2,994		5,985
Term debt	12,114		9,822
Total current liabilities	131,624		145,308

Non-current liabilities:
Term debt	86,196		95,281
Other non-current liabilities	47,084		49,848
Total non-current liabilities	133,280		145,129
Total liabilities	264,904		290,437

Commitments and contingencies

Shareholders’ equity:
Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,222,259 and 15,550,061 shares issued and outstanding, respectively	79,850		73,812
Accumulated deficit	(4,726)		(214)
Accumulated other comprehensive loss	(8,416)		(11,452)
Total shareholders’ equity	66,708		62,146
Total liabilities and shareholders’ equity	$	331,612	$	352,583

Apple Inc.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(In millions)


	Nine Months Ended
	June 29, 2024		July 1, 2023
Cash, cash equivalents and restricted cash, beginning balances	$	30,737	$	24,977

Operating activities:
Net income	79,000		74,039
Adjustments to reconcile net income to cash generated by operating activities:
Depreciation and amortization	8,534		8,866
Share-based compensation expense	8,830		8,208

Other	(1,964)		(1,651)
Changes in operating assets and liabilities:
Accounts receivable, net	6,697		7,609
Vendor non-trade receivables	11,100		13,111
Inventories	41		(2,570)
Other current and non-current assets	(5,626)		(4,863)
Accounts payable	(15,171)		(16,790)
Other current and non-current liabilities	2		2,986
Cash generated by operating activities	91,443		88,945

Investing activities:
Purchases of marketable securities	(38,074)		(20,956)
Proceeds from maturities of marketable securities	39,838		27,857
Proceeds from sales of marketable securities	7,382		3,959
Payments for acquisition of property, plant and equipment	(6,539)		(8,796)

Other	(1,117)		(753)
Cash generated by investing activities	1,490		1,311

Financing activities:
Payments for taxes related to net share settlement of equity awards	(5,163)		(5,119)
Payments for dividends and dividend equivalents	(11,430)		(11,267)
Repurchases of common stock	(69,866)		(56,547)
Proceeds from issuance of term debt, net	—		5,228
Repayments of term debt	(7,400)		(11,151)
Repayments of commercial paper, net	(2,985)		(5,971)
Other	(191)		(508)
Cash used in financing activities	(97,035)		(85,335)

Increase/(Decrease) in cash, cash equivalents and restricted cash	(4,102)		4,921
Cash, cash equivalents and restricted cash, ending balances	$	26,635	$	29,898

Supplemental cash flow disclosure:
Cash paid for income taxes, net	$	19,230	$	7,020

Cover Page	Aug. 01, 2024
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Aug. 01, 2024
Entity Registrant Name	Apple Inc.
Entity Incorporation, State or Country Code	CA
Entity File Number	001-36743
Entity Tax Identification Number	94-2404110
Entity Address, Address Line One	One Apple Park Way
Entity Address, City or Town	Cupertino
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95014
City Area Code	408
Local Phone Number	996-1010
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Amendment Flag	false
Entity Central Index Key	0000320193
Common Stock, $0.00001 par value per share
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $0.00001 par value per share
Trading Symbol	AAPL
Security Exchange Name	NASDAQ
0.000% Notes due 2025
Entity Information [Line Items]
Title of 12(b) Security	0.000% Notes due 2025
No Trading Symbol Flag	true
Security Exchange Name	NASDAQ
0.875% Notes due 2025
Entity Information [Line Items]
Title of 12(b) Security	0.875% Notes due 2025
No Trading Symbol Flag	true
Security Exchange Name	NASDAQ
1.625% Notes due 2026
Entity Information [Line Items]
Title of 12(b) Security	1.625% Notes due 2026
No Trading Symbol Flag	true
Security Exchange Name	NASDAQ
2.000% Notes due 2027
Entity Information [Line Items]
Title of 12(b) Security	2.000% Notes due 2027
No Trading Symbol Flag	true
Security Exchange Name	NASDAQ
1.375% Notes due 2029
Entity Information [Line Items]
Title of 12(b) Security	1.375% Notes due 2029
No Trading Symbol Flag	true
Security Exchange Name	NASDAQ
3.050% Notes due 2029
Entity Information [Line Items]
Title of 12(b) Security	3.050% Notes due 2029
No Trading Symbol Flag	true
Security Exchange Name	NASDAQ
0.500% Notes due 2031
Entity Information [Line Items]
Title of 12(b) Security	0.500% Notes due 2031
No Trading Symbol Flag	true
Security Exchange Name	NASDAQ
3.600% Notes due 2042
Entity Information [Line Items]
Title of 12(b) Security	3.600% Notes due 2042
No Trading Symbol Flag	true
Security Exchange Name	NASDAQ