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@@ -56,7 +56,6 @@ saved_model/**/* filter=lfs diff=lfs merge=lfs -text
 # Video files - compressed
 *.mp4 filter=lfs diff=lfs merge=lfs -text
 *.webm filter=lfs diff=lfs merge=lfs -text
-PDF/aapl-10-Q.pdf filter=lfs diff=lfs merge=lfs -text
-PDF/amzn-10-Q.pdf filter=lfs diff=lfs merge=lfs -text
-PDF/meta-10-Q.pdf filter=lfs diff=lfs merge=lfs -text
-PDF/tsla-10-Q.pdf filter=lfs diff=lfs merge=lfs -text
+default-8418418755608506-2024-08-13-06-17-55.snapshot filter=lfs diff=lfs merge=lfs -text
+FY24_Q2_Consolidated_Financial_Statements.pdf filter=lfs diff=lfs merge=lfs -text
+*.pdf filter=lfs diff=lfs merge=lfs -text

Raw_Data/Markdown/appl.md

@@ -0,0 +1,164 @@
+# UNITED STATES SECURITIES AND EXCHANGE COMMISSIONWashington, 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 June 29, 2024
+
+or
+
+☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
+
+For the transition period from to .
+
+Commission File Number: 001-36743
+
+Apple Inc.
+
+(Exact name of Registrant as specified in its charter)
+
+|California|94-2404110|
+|---|---|
+|(State or other jurisdiction|(I.R.S. Employer Identification No.)|
+|of incorporation or organization)| |
+
+One Apple Park Way
+
+Cupertino, California 95014
+
+(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|
+|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.
+
+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
+
+Link to SEC Filing
+---
+# Form aapl-20240629
+
+| |Yes ☒|No ☐|
+|---|---|---|
+|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. ☐
+
+Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
+
+Yes ☐
+No ☒
+
+15,204,137,000 shares of common stock were issued and outstanding as of July 19, 2024.
+
+Link to SEC Filing
+---
+# Apple Inc.
+
+# Form 10-Q
+
+# For the Fiscal Quarter Ended June 29, 2024
+
+|Part I|Page|
+|---|---|
+|Item 1. Financial Statements|1|
+|Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations|13|
+|Item 3. Quantitative and Qualitative Disclosures About Market Risk|18|
+|Item 4. Controls and Procedures|18|
+
+|Part II|Page|
+|---|---|
+|Item 1. Legal Proceedings|19|
+|Item 1A. Risk Factors|19|
+|Item 2. Unregistered Sales of Equity Securities and Use of Proceeds|20|
+|Item 3. Defaults Upon Senior Securities|20|
+|Item 4. Mine Safety Disclosures|20|
+|Item 5. Other Information|20|
+|Item 6. Exhibits|21|
+
+Link to the full document
+---
+# PART I — FINANCIAL INFORMATION
+
+# Item 1. Financial Statements
+
+| | |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|$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|
+
+See accompanying Notes to Condensed Consolidated Financial Statements.
+
+Apple Inc. | Q3 2024 Form 10-Q | 1
+---
+# Apple Inc.
+
+| |Three Months Ended| |Nine Months Ended| |
+|---|---|---|---|---|
+| |June 29, 2024|July 1, 2023|June 29, 2024|July 1, 2023|
+|Net income|$21,448|$19,881|$79,000|$74,039|
+|Other comprehensive income/(loss):| | | | |
+|Change in foreign currency translation, net of tax|(73)|(385)|(87)|(494)|
+|Change in unrealized gains/losses on derivative instruments, net of tax:| | | | |
+|Change in fair value of derivative instruments|406|509|331|(492)|
+|Adjustment for net (gains)/losses realized and included in net income|(87)|103|(678)|(1,854)|
+|Total change in unrealized gains/losses on derivative instruments|319|612|(347)|(2,346)|
+|Change in unrealized gains/losses on marketable debt securities, net of tax:| | | | |
+|Change in fair value of marketable debt securities|268|(340)|3,306|1,963|
+|Adjustment for net (gains)/losses realized and included in net income|30|58|164|185|
+|Total change in unrealized gains/losses on marketable debt securities|298|(282)|3,470|2,148|
+|Total other comprehensive income/(loss)|544|(55)|3,036|(692)|
+|Total comprehensive income|$21,992|$19,826|$82,036|$73,347|
+
+See accompanying Notes to Condensed Consolidated Financial Statements.

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Raw_Data/PDF/amzn-10-Q.pdf

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Raw_Data/PDF/meta-10-Q.pdf

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Raw_Data/PDF/tsla-10-Q.pdf

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Raw_Data/Text/10_Q.txt

@@ -0,0 +1,7640 @@
+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 June 29, 2024
+or
+☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
+For the transition period from              to             .
+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. 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)
+
+
+	
+
+	
+
+	
+
+	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 (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.
+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).
+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. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
+
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	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. ☐
+Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
+Yes  ☐     No  ☒
+15,204,137,000 shares of common stock were issued and outstanding as of July 19, 2024.
+
+
+	
+
+	
+
+	
+
+	
+
+________________
+
+
+
+
+Apple Inc.
+
+
+Form 10-Q
+For the Fiscal Quarter Ended June 29, 2024
+TABLE OF CONTENTS
+
+
+
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	Page
+	Part I
+	Item 1.
+	Financial Statements
+	1
+	Item 2.
+	Management’s Discussion and Analysis of Financial Condition and Results of Operations
+	13
+	Item 3.
+	Quantitative and Qualitative Disclosures About Market Risk
+	18
+	Item 4.
+	Controls and Procedures
+	18
+	Part II
+	Item 1.
+	Legal Proceedings
+	19
+	Item 1A.
+	Risk Factors
+	19
+	Item 2.
+	Unregistered Sales of Equity Securities and Use of Proceeds
+	20
+	Item 3.
+	Defaults Upon Senior Securities
+	20
+	Item 4.
+	Mine Safety Disclosures
+	20
+	Item 5.
+	Other Information
+	20
+	Item 6.
+	Exhibits
+	21
+	
+
+________________
+
+
+
+
+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)
+
+
+
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	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
+	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 
+	
+
+	See accompanying Notes to Condensed Consolidated Financial Statements.
+Apple Inc. | Q3 2024 Form 10-Q | 1
+________________
+
+
+
+
+Apple Inc.
+CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
+(In millions)
+
+
+
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	Three Months Ended
+	
+
+	Nine Months Ended
+	
+
+	June 29,
+2024
+	
+
+	July 1,
+2023
+	
+
+	June 29,
+2024
+	
+
+	July 1,
+2023
+	Net income
+	$
+	21,448 
+	
+
+	
+
+	$
+	19,881 
+	
+
+	
+
+	$
+	79,000 
+	
+
+	
+
+	$
+	74,039 
+	
+
+	Other comprehensive income/(loss):
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	Change in foreign currency translation, net of tax
+	(73)
+	
+
+	
+
+	(385)
+	
+
+	
+
+	(87)
+	
+
+	
+
+	(494)
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	Change in unrealized gains/losses on derivative instruments, net of tax:
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	Change in fair value of derivative instruments
+	406 
+	
+
+	
+
+	509 
+	
+
+	
+
+	331 
+	
+
+	
+
+	(492)
+	
+
+	Adjustment for net (gains)/losses realized and included in net income
+	(87)
+	
+
+	
+
+	103 
+	
+
+	
+
+	(678)
+	
+
+	
+
+	(1,854)
+	
+
+	Total change in unrealized gains/losses on derivative instruments
+	319 
+	
+
+	
+
+	612 
+	
+
+	
+
+	(347)
+	
+
+	
+
+	(2,346)
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	Change in unrealized gains/losses on marketable debt securities, net of tax:
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	Change in fair value of marketable debt securities
+	268 
+	
+
+	
+
+	(340)
+	
+
+	
+
+	3,306 
+	
+
+	
+
+	1,963 
+	
+
+	Adjustment for net (gains)/losses realized and included in net income
+	30 
+	
+
+	
+
+	58 
+	
+
+	
+
+	164 
+	
+
+	
+
+	185 
+	
+
+	Total change in unrealized gains/losses on marketable debt securities
+	298 
+	
+
+	
+
+	(282)
+	
+
+	
+
+	3,470 
+	
+
+	
+
+	2,148 
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	Total other comprehensive income/(loss)
+	544 
+	
+
+	
+
+	(55)
+	
+
+	
+
+	3,036 
+	
+
+	
+
+	(692)
+	
+
+	Total comprehensive income
+	$
+	21,992 
+	
+
+	
+
+	$
+	19,826 
+	
+
+	
+
+	$
+	82,036 
+	
+
+	
+
+	$
+	73,347 
+	
+
+	See accompanying Notes to Condensed Consolidated Financial Statements.
+Apple Inc. | Q3 2024 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)
+
+
+
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	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 
+	
+
+	See accompanying Notes to Condensed Consolidated Financial Statements.
+Apple Inc. | Q3 2024 Form 10-Q | 3
+________________
+
+
+
+
+Apple Inc.
+CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Unaudited)
+(In millions, except per-share amounts)
+
+
+
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	Three Months Ended
+	
+
+	Nine Months Ended
+	
+
+	June 29,
+2024
+	
+
+	July 1,
+2023
+	
+
+	June 29,
+2024
+	
+
+	July 1,
+2023
+	Total shareholders’ equity, beginning balances
+	$
+	74,194 
+	
+
+	
+
+	$
+	62,158 
+	
+
+	
+
+	$
+	62,146 
+	
+
+	
+
+	$
+	50,672 
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	Common stock and additional paid-in capital:
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	Beginning balances
+	78,815 
+	
+
+	
+
+	69,568 
+	
+
+	
+
+	73,812 
+	
+
+	
+
+	64,849 
+	
+
+	Common stock issued
+	— 
+	
+
+	
+
+	— 
+	
+
+	
+
+	752 
+	
+
+	
+
+	690 
+	
+
+	Common stock withheld related to net share settlement of equity awards
+	(1,920)
+	
+
+	
+
+	(1,595)
+	
+
+	
+
+	(3,802)
+	
+
+	
+
+	(3,310)
+	
+
+	Share-based compensation
+	2,955 
+	
+
+	
+
+	2,694 
+	
+
+	
+
+	9,088 
+	
+
+	
+
+	8,438 
+	
+
+	Ending balances
+	79,850 
+	
+
+	
+
+	70,667 
+	
+
+	
+
+	79,850 
+	
+
+	
+
+	70,667 
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	Retained earnings/(Accumulated deficit):
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	Beginning balances
+	4,339 
+	
+
+	
+
+	4,336 
+	
+
+	
+
+	(214)
+	
+
+	
+
+	(3,068)
+	
+
+	Net income
+	21,448 
+	
+
+	
+
+	19,881 
+	
+
+	
+
+	79,000 
+	
+
+	
+
+	74,039 
+	
+
+	Dividends and dividend equivalents declared
+	(3,864)
+	
+
+	
+
+	(3,811)
+	
+
+	
+
+	(11,384)
+	
+
+	
+
+	(11,207)
+	
+
+	Common stock withheld related to net share settlement of equity awards
+	(428)
+	
+
+	
+
+	(858)
+	
+
+	
+
+	(1,517)
+	
+
+	
+
+	(1,988)
+	
+
+	Common stock repurchased
+	(26,221)
+	
+
+	
+
+	(18,140)
+	
+
+	
+
+	(70,611)
+	
+
+	
+
+	(56,368)
+	
+
+	Ending balances
+	(4,726)
+	
+
+	
+
+	1,408 
+	
+
+	
+
+	(4,726)
+	
+
+	
+
+	1,408 
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	Accumulated other comprehensive income/(loss):
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	Beginning balances
+	(8,960)
+	
+
+	
+
+	(11,746)
+	
+
+	
+
+	(11,452)
+	
+
+	
+
+	(11,109)
+	
+
+	Other comprehensive income/(loss)
+	544 
+	
+
+	
+
+	(55)
+	
+
+	
+
+	3,036 
+	
+
+	
+
+	(692)
+	
+
+	Ending balances
+	(8,416)
+	
+
+	
+
+	(11,801)
+	
+
+	
+
+	(8,416)
+	
+
+	
+
+	(11,801)
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	Total shareholders’ equity, ending balances
+	$
+	66,708 
+	
+
+	
+
+	$
+	60,274 
+	
+
+	
+
+	$
+	66,708 
+	
+
+	
+
+	$
+	60,274 
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	Dividends and dividend equivalents declared per share or RSU
+	$
+	0.25 
+	
+
+	
+
+	$
+	0.24 
+	
+
+	
+
+	$
+	0.73 
+	
+
+	
+
+	$
+	0.70 
+	
+
+	See accompanying Notes to Condensed Consolidated Financial Statements.
+Apple Inc. | Q3 2024 Form 10-Q | 4
+________________
+
+
+
+
+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 
+	
+
+	See accompanying Notes to Condensed Consolidated Financial Statements.
+Apple Inc. | Q3 2024 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”). 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. The preparation of these condensed consolidated financial statements and accompanying notes in conformity with U.S. generally accepted accounting principles (“GAAP”) requires the use of management estimates. 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 30, 2023 (the “2023 Form 10-K”).
+The Company’s fiscal year is the 52- or 53-week period that ends on the last Saturday of September. 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. The Company’s fiscal years 2024 and 2023 span 52 and 53 weeks, respectively. 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.
+Note 2 – Revenue
+Net sales disaggregated by significant products and services for the three- and nine-month periods ended June 29, 2024 and July 1, 2023 were as follows (in millions):
+
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	Three Months Ended
+	
+
+	Nine Months Ended
+	
+
+	June 29,
+2024
+	
+
+	July 1,
+2023
+	
+
+	June 29,
+2024
+	
+
+	July 1,
+2023
+	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 
+	
+
+	Total net sales include $3.4 billion of revenue recognized in the three months ended June 29, 2024 that was included in deferred revenue as of March 30, 2024, $3.3 billion of revenue recognized in the three months ended July 1, 2023 that was included in deferred revenue as of April 1, 2023, $6.5 billion of revenue recognized in the nine months ended June 29, 2024 that was included in deferred revenue as of September 30, 2023, and $7.0 billion of revenue recognized in the nine months ended July 1, 2023 that was included in deferred revenue as of September 24, 2022.
+The Company’s proportion of net sales by disaggregated revenue source was generally consistent for each reportable segment in Note 11, “Segment Information and Geographic Data” for the three- and nine-month periods ended June 29, 2024 and July 1, 2023, except in Greater China, where iPhone revenue represented a moderately higher proportion of net sales.
+As of June 29, 2024 and September 30, 2023, the Company had total deferred revenue of $12.5 billion and $12.1 billion, respectively. As of June 29, 2024, the Company expects 64% of total deferred revenue to be realized in less than a year, 25% within one-to-two years, 9% within two-to-three years and 2% in greater than three years.
+Apple Inc. | Q3 2024 Form 10-Q | 6
+________________
+
+
+
+
+Note 3 – Earnings Per Share
+The following table shows the computation of basic and diluted earnings per share for the three- and nine-month periods ended June 29, 2024 and July 1, 2023 (net income in millions and shares in thousands):
+
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	Three Months Ended
+	
+
+	Nine Months Ended
+	
+
+	June 29,
+2024
+	
+
+	July 1,
+2023
+	
+
+	June 29,
+2024
+	
+
+	July 1,
+2023
+	Numerator:
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	Net income
+	$
+	21,448 
+	
+
+	
+
+	$
+	19,881 
+	
+
+	
+
+	$
+	79,000 
+	
+
+	
+
+	$
+	74,039 
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	Denominator:
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	Weighted-average basic shares outstanding
+	15,287,521 
+	
+
+	
+
+	15,697,614 
+	
+
+	
+
+	15,401,047 
+	
+
+	
+
+	15,792,497 
+	
+
+	Effect of dilutive share-based awards
+	60,654 
+	
+
+	
+
+	77,407 
+	
+
+	
+
+	62,128 
+	
+
+	
+
+	66,766 
+	
+
+	Weighted-average diluted shares
+	15,348,175 
+	
+
+	
+
+	15,775,021 
+	
+
+	
+
+	15,463,175 
+	
+
+	
+
+	15,859,263 
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	Basic earnings per share
+	$
+	1.40 
+	
+
+	
+
+	$
+	1.27 
+	
+
+	
+
+	$
+	5.13 
+	
+
+	
+
+	$
+	4.69 
+	
+
+	Diluted earnings per share
+	$
+	1.40 
+	
+
+	
+
+	$
+	1.26 
+	
+
+	
+
+	$
+	5.11 
+	
+
+	
+
+	$
+	4.67 
+	
+
+	Approximately 32 million restricted stock units (“RSUs”) were excluded from the computation of diluted earnings per share for the nine months ended July 1, 2023 because their effect would have been antidilutive.
+Note 4 – 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 June 29, 2024 and September 30, 2023 (in millions):
+
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	June 29, 2024
+	
+
+	Adjusted
+Cost
+	
+
+	Unrealized
+Gains
+	
+
+	Unrealized
+Losses
+	
+
+	Fair
+Value
+	
+
+	Cash and
+Cash
+Equivalents
+	
+
+	Current
+Marketable
+Securities
+	
+
+	Non-Current
+Marketable
+Securities
+	Cash
+	$
+	22,866 
+	
+
+	
+
+	$
+	— 
+	
+
+	
+
+	$
+	— 
+	
+
+	
+
+	$
+	22,866 
+	
+
+	
+
+	$
+	22,866 
+	
+
+	
+
+	$
+	— 
+	
+
+	
+
+	$
+	— 
+	
+
+	Level 1:
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	Money market funds
+	1,648 
+	
+
+	
+
+	— 
+	
+
+	
+
+	— 
+	
+
+	
+
+	1,648 
+	
+
+	
+
+	1,648 
+	
+
+	
+
+	— 
+	
+
+	
+
+	— 
+	
+
+	Mutual funds
+	493 
+	
+
+	
+
+	76 
+	
+
+	
+
+	(7)
+	
+
+	
+
+	562 
+	
+
+	
+
+	— 
+	
+
+	
+
+	562 
+	
+
+	
+
+	— 
+	
+
+	Subtotal
+	2,141 
+	
+
+	
+
+	76 
+	
+
+	
+
+	(7)
+	
+
+	
+
+	2,210 
+	
+
+	
+
+	1,648 
+	
+
+	
+
+	562 
+	
+
+	
+
+	— 
+	
+
+	Level 2 (1):
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	U.S. Treasury securities
+	16,298 
+	
+
+	
+
+	3 
+	
+
+	
+
+	(855)
+	
+
+	
+
+	15,446 
+	
+
+	
+
+	138 
+	
+
+	
+
+	4,649 
+	
+
+	
+
+	10,659 
+	
+
+	U.S. agency securities
+	5,500 
+	
+
+	
+
+	— 
+	
+
+	
+
+	(418)
+	
+
+	
+
+	5,082 
+	
+
+	
+
+	73 
+	
+
+	
+
+	518 
+	
+
+	
+
+	4,491 
+	
+
+	Non-U.S. government securities
+	17,560 
+	
+
+	
+
+	31 
+	
+
+	
+
+	(680)
+	
+
+	
+
+	16,911 
+	
+
+	
+
+	— 
+	
+
+	
+
+	11,592 
+	
+
+	
+
+	5,319 
+	
+
+	Certificates of deposit and time deposits
+	1,337 
+	
+
+	
+
+	— 
+	
+
+	
+
+	— 
+	
+
+	
+
+	1,337 
+	
+
+	
+
+	838 
+	
+
+	
+
+	492 
+	
+
+	
+
+	7 
+	
+
+	Commercial paper
+	1,346 
+	
+
+	
+
+	— 
+	
+
+	
+
+	— 
+	
+
+	
+
+	1,346 
+	
+
+	
+
+	2 
+	
+
+	
+
+	1,344 
+	
+
+	
+
+	— 
+	
+
+	Corporate debt securities
+	68,194 
+	
+
+	
+
+	83 
+	
+
+	
+
+	(3,350)
+	
+
+	
+
+	64,927 
+	
+
+	
+
+	— 
+	
+
+	
+
+	15,489 
+	
+
+	
+
+	49,438 
+	
+
+	Municipal securities
+	480 
+	
+
+	
+
+	— 
+	
+
+	
+
+	(13)
+	
+
+	
+
+	467 
+	
+
+	
+
+	— 
+	
+
+	
+
+	197 
+	
+
+	
+
+	270 
+	
+
+	Mortgage- and asset-backed securities
+	24,508 
+	
+
+	
+
+	27 
+	
+
+	
+
+	(2,086)
+	
+
+	
+
+	22,449 
+	
+
+	
+
+	— 
+	
+
+	
+
+	1,393 
+	
+
+	
+
+	21,056 
+	
+
+	Subtotal
+	135,223 
+	
+
+	
+
+	144 
+	
+
+	
+
+	(7,402)
+	
+
+	
+
+	127,965 
+	
+
+	
+
+	1,051 
+	
+
+	
+
+	35,674 
+	
+
+	
+
+	91,240 
+	
+
+	Total (2)
+	$
+	160,230 
+	
+
+	
+
+	$
+	220 
+	
+
+	
+
+	$
+	(7,409)
+	
+
+	
+
+	$
+	153,041 
+	
+
+	
+
+	$
+	25,565 
+	
+
+	
+
+	$
+	36,236 
+	
+
+	
+
+	$
+	91,240 
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	Apple Inc. | Q3 2024 Form 10-Q | 7
+________________
+
+
+
+
+
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	September 30, 2023
+	
+
+	Adjusted
+Cost
+	
+
+	Unrealized
+Gains
+	
+
+	Unrealized
+Losses
+	
+
+	Fair
+Value
+	
+
+	Cash and
+Cash
+Equivalents
+	
+
+	Current
+Marketable
+Securities
+	
+
+	Non-Current
+Marketable
+Securities
+	Cash
+	$
+	28,359 
+	
+
+	
+
+	$
+	— 
+	
+
+	
+
+	$
+	— 
+	
+
+	
+
+	$
+	28,359 
+	
+
+	
+
+	$
+	28,359 
+	
+
+	
+
+	$
+	— 
+	
+
+	
+
+	$
+	— 
+	
+
+	Level 1:
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	Money market funds
+	481 
+	
+
+	
+
+	— 
+	
+
+	
+
+	— 
+	
+
+	
+
+	481 
+	
+
+	
+
+	481 
+	
+
+	
+
+	— 
+	
+
+	
+
+	— 
+	
+
+	Mutual funds and equity securities
+	442 
+	
+
+	
+
+	12 
+	
+
+	
+
+	(26)
+	
+
+	
+
+	428 
+	
+
+	
+
+	— 
+	
+
+	
+
+	428 
+	
+
+	
+
+	— 
+	
+
+	Subtotal
+	923 
+	
+
+	
+
+	12 
+	
+
+	
+
+	(26)
+	
+
+	
+
+	909 
+	
+
+	
+
+	481 
+	
+
+	
+
+	428 
+	
+
+	
+
+	— 
+	
+
+	Level 2 (1):
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	U.S. Treasury securities
+	19,406 
+	
+
+	
+
+	— 
+	
+
+	
+
+	(1,292)
+	
+
+	
+
+	18,114 
+	
+
+	
+
+	35 
+	
+
+	
+
+	5,468 
+	
+
+	
+
+	12,611 
+	
+
+	U.S. agency securities
+	5,736 
+	
+
+	
+
+	— 
+	
+
+	
+
+	(600)
+	
+
+	
+
+	5,136 
+	
+
+	
+
+	36 
+	
+
+	
+
+	271 
+	
+
+	
+
+	4,829 
+	
+
+	Non-U.S. government securities
+	17,533 
+	
+
+	
+
+	6 
+	
+
+	
+
+	(1,048)
+	
+
+	
+
+	16,491 
+	
+
+	
+
+	— 
+	
+
+	
+
+	11,332 
+	
+
+	
+
+	5,159 
+	
+
+	Certificates of deposit and time deposits
+	1,354 
+	
+
+	
+
+	— 
+	
+
+	
+
+	— 
+	
+
+	
+
+	1,354 
+	
+
+	
+
+	1,034 
+	
+
+	
+
+	320 
+	
+
+	
+
+	— 
+	
+
+	Commercial paper
+	608 
+	
+
+	
+
+	— 
+	
+
+	
+
+	— 
+	
+
+	
+
+	608 
+	
+
+	
+
+	— 
+	
+
+	
+
+	608 
+	
+
+	
+
+	— 
+	
+
+	Corporate debt securities
+	76,840 
+	
+
+	
+
+	6 
+	
+
+	
+
+	(5,956)
+	
+
+	
+
+	70,890 
+	
+
+	
+
+	20 
+	
+
+	
+
+	12,627 
+	
+
+	
+
+	58,243 
+	
+
+	Municipal securities
+	628 
+	
+
+	
+
+	— 
+	
+
+	
+
+	(26)
+	
+
+	
+
+	602 
+	
+
+	
+
+	— 
+	
+
+	
+
+	192 
+	
+
+	
+
+	410 
+	
+
+	Mortgage- and asset-backed securities
+	22,365 
+	
+
+	
+
+	6 
+	
+
+	
+
+	(2,735)
+	
+
+	
+
+	19,636 
+	
+
+	
+
+	— 
+	
+
+	
+
+	344 
+	
+
+	
+
+	19,292 
+	
+
+	Subtotal
+	144,470 
+	
+
+	
+
+	18 
+	
+
+	
+
+	(11,657)
+	
+
+	
+
+	132,831 
+	
+
+	
+
+	1,125 
+	
+
+	
+
+	31,162 
+	
+
+	
+
+	100,544 
+	
+
+	Total (2)
+	$
+	173,752 
+	
+
+	
+
+	$
+	30 
+	
+
+	
+
+	$
+	(11,683)
+	
+
+	
+
+	$
+	162,099 
+	
+
+	
+
+	$
+	29,965 
+	
+
+	
+
+	$
+	31,590 
+	
+
+	
+
+	$
+	100,544 
+	
+
+	(1)The valuation techniques used to measure the fair values of the Company’s Level 2 financial instruments, which generally have counterparties with high credit ratings, are based on quoted market prices or model-driven valuations using significant inputs derived from or corroborated by observable market data.
+(2)As of June 29, 2024 and September 30, 2023, total marketable securities included $14.1 billion and $13.8 billion, respectively, that were restricted from general use, related to the State Aid Decision (refer to Note 6, “Income Taxes”) and other agreements.
+The following table shows the fair value of the Company’s non-current marketable debt securities, by contractual maturity, as of June 29, 2024 (in millions):
+
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	Due after 1 year through 5 years
+	$
+	64,209 
+	
+
+	Due after 5 years through 10 years
+	8,660 
+	
+
+	Due after 10 years
+	18,371 
+	
+
+	Total fair value
+	$
+	91,240 
+	
+
+	Derivative Instruments and Hedging
+The Company may use derivative instruments to partially offset its business exposure to foreign exchange and interest rate risk. 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. 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.
+Foreign Exchange Rate Risk
+To protect gross margins from fluctuations in foreign exchange rates, the Company may use forwards, options or other instruments, and may designate these instruments as cash flow hedges. The Company generally hedges portions of its forecasted foreign currency exposure associated with revenue and inventory purchases, typically for up to 12 months.
+To protect the Company’s foreign currency–denominated term debt or marketable securities from fluctuations in foreign exchange rates, the Company may use forwards, cross-currency swaps or other instruments. The Company designates these instruments as either cash flow or fair value hedges. As of June 29, 2024, 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 18 years.
+The Company may also use derivative instruments that are not designated as accounting hedges to protect gross margins from certain fluctuations in foreign exchange rates, as well as to offset a portion of the foreign currency gains and losses generated by the remeasurement of certain assets and liabilities denominated in non-functional currencies.
+Apple Inc. | Q3 2024 Form 10-Q | 8
+________________
+
+
+
+
+Interest Rate Risk
+To protect the Company’s term debt or marketable securities from fluctuations in interest rates, the Company may use interest rate swaps, options or other instruments. The Company designates these instruments as either cash flow or fair value hedges.
+The notional amounts of the Company’s outstanding derivative instruments as of June 29, 2024 and September 30, 2023 were as follows (in millions):
+
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	June 29,
+2024
+	
+
+	September 30,
+2023
+	Derivative instruments designated as accounting hedges:
+	
+
+	
+
+	
+
+	Foreign exchange contracts
+	$
+	65,542 
+	
+
+	
+
+	$
+	74,730 
+	
+
+	Interest rate contracts
+	$
+	13,875 
+	
+
+	
+
+	$
+	19,375 
+	
+
+	
+
+	
+
+	
+
+	
+
+	Derivative instruments not designated as accounting hedges:
+	
+
+	
+
+	
+
+	Foreign exchange contracts
+	$
+	97,136 
+	
+
+	
+
+	$
+	104,777 
+	
+
+	The carrying amounts of the Company’s hedged items in fair value hedges as of June 29, 2024 and September 30, 2023 were as follows (in millions):
+
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	June 29,
+2024
+	
+
+	September 30,
+2023
+	Hedged assets/(liabilities):
+	
+
+	
+
+	
+
+	Current and non-current marketable securities
+	$
+	15,007 
+	
+
+	
+
+	$
+	14,433 
+	
+
+	Current and non-current term debt
+	$
+	(13,096)
+	
+
+	
+
+	$
+	(18,247)
+	
+
+	Accounts Receivable
+Trade Receivables
+The Company’s third-party cellular network carriers accounted for 32% and 41% of total trade receivables as of June 29, 2024 and September 30, 2023, respectively. The Company requires third-party credit support or collateral from certain customers to limit credit risk.
+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. The Company purchases these components directly from suppliers. The Company does not reflect the sale of these components in products net sales. Rather, the Company recognizes any gain on these sales as a reduction of products cost of sales when the related final products are sold by the Company. As of June 29, 2024, the Company had two vendors that individually represented 10% or more of total vendor non-trade receivables, which accounted for 46% and 18%. As of September 30, 2023, the Company had two vendors that individually represented 10% or more of total vendor non-trade receivables, which accounted for 48% and 23%.
+Note 5 – Condensed Consolidated Financial Statement Details
+The following table shows the Company’s condensed consolidated financial statement details as of June 29, 2024 and September 30, 2023 (in millions):
+Property, Plant and Equipment, Net
+
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	June 29,
+2024
+	
+
+	September 30,
+2023
+	Gross property, plant and equipment
+	$
+	117,129 
+	
+
+	
+
+	$
+	114,599 
+	
+
+	Accumulated depreciation
+	(72,627)
+	
+
+	
+
+	(70,884)
+	
+
+	Total property, plant and equipment, net
+	$
+	44,502 
+	
+
+	
+
+	$
+	43,715 
+	
+
+	Apple Inc. | Q3 2024 Form 10-Q | 9
+________________
+
+
+
+
+Note 6 – Income Taxes
+European Commission State Aid Decision
+On August 30, 2016, the European Commission (the “Commission”) announced its decision that Ireland granted state aid to the Company by providing tax opinions in 1991 and 2007 concerning the tax allocation of profits of the Irish branches of two subsidiaries of the Company (the “State Aid Decision”). The State Aid Decision ordered Ireland to calculate and recover additional taxes from the Company for the period June 2003 through December 2014. Irish legislative changes, effective as of January 2015, eliminated the application of the tax opinions from that date forward. The Company and Ireland appealed the State Aid Decision to the General Court of the Court of Justice of the European Union (the “General Court”). On July 15, 2020, the General Court annulled the State Aid Decision. On September 25, 2020, the Commission appealed the General Court’s decision to the European Court of Justice (the “ECJ”) and a hearing was held on May 23, 2023. A decision from the ECJ is expected in the fourth quarter of 2024. The Company believes it would be eligible to claim a U.S. foreign tax credit for a portion of any incremental Irish corporate income taxes potentially due related to the State Aid Decision.
+Note 7 – Debt
+Commercial Paper
+The Company issues unsecured short-term promissory notes pursuant to a commercial paper program. The Company uses net proceeds from the commercial paper program for general corporate purposes, including dividends and share repurchases. As of June 29, 2024 and September 30, 2023, the Company had $3.0 billion and $6.0 billion of commercial paper outstanding, respectively. The following table provides a summary of cash flows associated with the issuance and maturities of commercial paper for the nine months ended June 29, 2024 and July 1, 2023 (in millions):
+
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	Nine Months Ended
+	
+
+	June 29,
+2024
+	
+
+	July 1,
+2023
+	Maturities 90 days or less:
+	
+
+	
+
+	
+
+	Repayments of commercial paper, net
+	$
+	(2,985)
+	
+
+	
+
+	$
+	(3,326)
+	
+
+	
+
+	
+
+	
+
+	
+
+	Maturities greater than 90 days:
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	Repayments of commercial paper
+	— 
+	
+
+	
+
+	(2,645)
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	Total repayments of commercial paper, net
+	$
+	(2,985)
+	
+
+	
+
+	$
+	(5,971)
+	
+
+	Term Debt
+As of June 29, 2024 and September 30, 2023, the Company had outstanding fixed-rate notes with varying maturities for an aggregate carrying amount of $98.3 billion and $105.1 billion, respectively (collectively the “Notes”). As of June 29, 2024 and September 30, 2023, the fair value of the Company’s Notes, based on Level 2 inputs, was $86.2 billion and $90.8 billion, respectively.
+Note 8 – Shareholders’ Equity
+Share Repurchase Program
+During the nine months ended June 29, 2024, the Company repurchased 387 million shares of its common stock for $70.0 billion. The Company’s share repurchase programs do not obligate the Company to acquire a minimum amount of shares. Under the programs, shares may be repurchased in privately negotiated or open market transactions, including under plans complying with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
+Apple Inc. | Q3 2024 Form 10-Q | 10
+________________
+
+
+
+
+Note 9 – Share-Based Compensation
+Restricted Stock Units
+A summary of the Company’s RSU activity and related information for the nine months ended June 29, 2024 is as follows:
+
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	Number of
+RSUs
+(in thousands)
+	
+
+	Weighted-Average
+Grant Date Fair
+Value Per RSU
+	
+
+	Aggregate
+Fair Value
+(in millions)
+	Balance as of September 30, 2023
+	180,247 
+	
+
+	
+
+	$
+	135.91 
+	
+
+	
+
+	
+
+	RSUs granted
+	78,276 
+	
+
+	
+
+	$
+	172.26 
+	
+
+	
+
+	
+
+	RSUs vested
+	(83,842)
+	
+
+	
+
+	$
+	126.47 
+	
+
+	
+
+	
+
+	RSUs canceled
+	(8,258)
+	
+
+	
+
+	$
+	137.85 
+	
+
+	
+
+	
+
+	Balance as of June 29, 2024
+	166,423 
+	
+
+	
+
+	$
+	157.66 
+	
+
+	
+
+	$
+	35,052 
+	
+
+	The fair value as of the respective vesting dates of RSUs was $6.4 billion and $15.0 billion for the three- and nine-month periods ended June 29, 2024, respectively, and was $7.0 billion and $14.9 billion for the three- and nine-month periods ended July 1, 2023, respectively.
+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- and nine-month periods ended June 29, 2024 and July 1, 2023 (in millions):
+
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	Three Months Ended
+	
+
+	Nine Months Ended
+	
+
+	June 29,
+2024
+	
+
+	July 1,
+2023
+	
+
+	June 29,
+2024
+	
+
+	July 1,
+2023
+	Share-based compensation expense
+	$
+	2,869 
+	
+
+	
+
+	$
+	2,617 
+	
+
+	
+
+	$
+	8,830 
+	
+
+	
+
+	$
+	8,208 
+	
+
+	Income tax benefit related to share-based compensation expense
+	$
+	(764)
+	
+
+	
+
+	$
+	(993)
+	
+
+	
+
+	$
+	(2,662)
+	
+
+	
+
+	$
+	(2,791)
+	
+
+	As of June 29, 2024, the total unrecognized compensation cost related to outstanding RSUs was $21.9 billion, which the Company expects to recognize over a weighted-average period of 2.6 years.
+Note 10 – 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. The outcome of litigation is inherently uncertain. 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.
+Apple Inc. | Q3 2024 Form 10-Q | 11
+________________
+
+
+
+
+Note 11 – Segment Information and Geographic Data
+The following table shows information by reportable segment for the three- and nine-month periods ended June 29, 2024 and July 1, 2023 (in millions):
+
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	Three Months Ended
+	
+
+	Nine Months Ended
+	
+
+	June 29,
+2024
+	
+
+	July 1,
+2023
+	
+
+	June 29,
+2024
+	
+
+	July 1,
+2023
+	Americas:
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	Net sales
+	$
+	37,678 
+	
+
+	
+
+	$
+	35,383 
+	
+
+	
+
+	$
+	125,381 
+	
+
+	
+
+	$
+	122,445 
+	
+
+	Operating income
+	$
+	15,209 
+	
+
+	
+
+	$
+	13,117 
+	
+
+	
+
+	$
+	50,640 
+	
+
+	
+
+	$
+	44,908 
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	Europe:
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	Net sales
+	$
+	21,884 
+	
+
+	
+
+	$
+	20,205 
+	
+
+	
+
+	$
+	76,404 
+	
+
+	
+
+	$
+	71,831 
+	
+
+	Operating income
+	$
+	9,170 
+	
+
+	
+
+	$
+	7,995 
+	
+
+	
+
+	$
+	31,872 
+	
+
+	
+
+	$
+	27,380 
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	Greater China:
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	Net sales
+	$
+	14,728 
+	
+
+	
+
+	$
+	15,758 
+	
+
+	
+
+	$
+	51,919 
+	
+
+	
+
+	$
+	57,475 
+	
+
+	Operating income
+	$
+	5,562 
+	
+
+	
+
+	$
+	6,207 
+	
+
+	
+
+	$
+	20,884 
+	
+
+	
+
+	$
+	24,175 
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	Japan:
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	Net sales
+	$
+	5,097 
+	
+
+	
+
+	$
+	4,821 
+	
+
+	
+
+	$
+	19,126 
+	
+
+	
+
+	$
+	18,752 
+	
+
+	Operating income
+	$
+	2,544 
+	
+
+	
+
+	$
+	2,443 
+	
+
+	
+
+	$
+	9,498 
+	
+
+	
+
+	$
+	9,073 
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	Rest of Asia Pacific:
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	Net sales
+	$
+	6,390 
+	
+
+	
+
+	$
+	5,630 
+	
+
+	
+
+	$
+	23,275 
+	
+
+	
+
+	$
+	23,284 
+	
+
+	Operating income
+	$
+	2,610 
+	
+
+	
+
+	$
+	2,328 
+	
+
+	
+
+	$
+	9,995 
+	
+
+	
+
+	$
+	9,447 
+	
+
+	A reconciliation of the Company’s segment operating income to the Condensed Consolidated Statements of Operations for the three- and nine-month periods ended June 29, 2024 and July 1, 2023 is as follows (in millions):
+
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	Three Months Ended
+	
+
+	Nine Months Ended
+	
+
+	June 29,
+2024
+	
+
+	July 1,
+2023
+	
+
+	June 29,
+2024
+	
+
+	July 1,
+2023
+	Segment operating income
+	$
+	35,095 
+	
+
+	
+
+	$
+	32,090 
+	
+
+	
+
+	$
+	122,889 
+	
+
+	
+
+	$
+	114,983 
+	
+
+	Research and development expense
+	(8,006)
+	
+
+	
+
+	(7,442)
+	
+
+	
+
+	(23,605)
+	
+
+	
+
+	(22,608)
+	
+
+	Other corporate expenses, net
+	(1,737)
+	
+
+	
+
+	(1,650)
+	
+
+	
+
+	(5,659)
+	
+
+	
+
+	(5,043)
+	
+
+	Total operating income
+	$
+	25,352 
+	
+
+	
+
+	$
+	22,998 
+	
+
+	
+
+	$
+	93,625 
+	
+
+	
+
+	$
+	87,332 
+	
+
+	Apple Inc. | Q3 2024 Form 10-Q | 12
+________________
+
+
+
+
+Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations
+This Item and other sections 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. 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. For example, statements in this Form 10-Q regarding the potential future impact of macroeconomic conditions on the Company’s business and results of operations are forward-looking statements. 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. 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. Factors that might cause such differences include, but are not limited to, those discussed in Part I, Item 1A of the 2023 Form 10-K and Part II, Item 1A of this Form 10-Q, in each case 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.
+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.
+The following discussion should be read in conjunction with the 2023 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.
+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. 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. The information contained on the websites referenced in this Form 10-Q is not incorporated by reference into this filing. Further, the Company’s references to website URLs are intended to be inactive textual references only.
+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. Additionally, new product and service introductions can significantly impact net sales, cost of sales and operating expenses. 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. Net sales can also be affected when consumers and distributors anticipate a product introduction.
+During the third quarter of 2024, the Company announced the following product and operating system updates:
+•iPad Air®;
+•iPad Pro®;
+•iOS 18, macOS® Sequoia, iPadOS® 18, watchOS® 11, visionOS™ 2 and tvOS® 18.
+The Company also announced Apple Intelligence™, a personal intelligence system that uses generative models, which will be available on certain iPhone, Mac and iPad devices. Apple Intelligence is deeply integrated into iOS 18, macOS Sequoia and iPadOS 18.
+Fiscal Period
+The Company’s fiscal year is the 52- or 53-week period that ends on the last Saturday of September. 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 quarter of 2023. The Company’s fiscal years 2024 and 2023 span 52 and 53 weeks, respectively.
+Macroeconomic Conditions
+Macroeconomic conditions, including inflation, interest rates and currency fluctuations, have directly and indirectly impacted, and could in the future materially impact, the Company’s results of operations and financial condition.
+Apple Inc. | Q3 2024 Form 10-Q | 13
+________________
+
+
+
+
+Segment Operating Performance
+The following table shows net sales by reportable segment for the three- and nine-month periods ended June 29, 2024 and July 1, 2023 (dollars in millions):
+
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	Three Months Ended
+	
+
+	Nine Months Ended
+	
+
+	June 29,
+2024
+	
+
+	July 1,
+2023
+	
+
+	Change
+	
+
+	June 29,
+2024
+	
+
+	July 1,
+2023
+	
+
+	Change
+	Net sales by reportable segment:
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	Americas
+	$
+	37,678 
+	
+
+	
+
+	$
+	35,383 
+	
+
+	
+
+	6 
+	%
+	
+
+	$
+	125,381 
+	
+
+	
+
+	$
+	122,445 
+	
+
+	
+
+	2 
+	%
+	Europe
+	21,884 
+	
+
+	
+
+	20,205 
+	
+
+	
+
+	8 
+	%
+	
+
+	76,404 
+	
+
+	
+
+	71,831 
+	
+
+	
+
+	6 
+	%
+	Greater China
+	14,728 
+	
+
+	
+
+	15,758 
+	
+
+	
+
+	(7)
+	%
+	
+
+	51,919 
+	
+
+	
+
+	57,475 
+	
+
+	
+
+	(10)
+	%
+	Japan
+	5,097 
+	
+
+	
+
+	4,821 
+	
+
+	
+
+	6 
+	%
+	
+
+	19,126 
+	
+
+	
+
+	18,752 
+	
+
+	
+
+	2 
+	%
+	Rest of Asia Pacific
+	6,390 
+	
+
+	
+
+	5,630 
+	
+
+	
+
+	13 
+	%
+	
+
+	23,275 
+	
+
+	
+
+	23,284 
+	
+
+	
+
+	— 
+	%
+	Total net sales
+	$
+	85,777 
+	
+
+	
+
+	$
+	81,797 
+	
+
+	
+
+	5 
+	%
+	
+
+	$
+	296,105 
+	
+
+	
+
+	$
+	293,787 
+	
+
+	
+
+	1 
+	%
+	Americas
+Americas net sales increased during the third quarter of 2024 compared to the third quarter of 2023 due primarily to higher net sales of Services and iPad. Year-over-year Americas net sales increased during the first nine months of 2024 due primarily to higher net sales of Services, partially offset by lower net sales of iPhone and Wearables, Home and Accessories. The strength in foreign currencies relative to the U.S. dollar had a net favorable year-over-year impact on Americas net sales during the first nine months of 2024.
+Europe
+Europe net sales increased during the third quarter of 2024 compared to the third quarter of 2023 due primarily to higher net sales of Services and iPad. The weakness in foreign currencies relative to the U.S. dollar had a net unfavorable year-over-year impact on Europe net sales during the third quarter of 2024. Year-over-year Europe net sales increased during the first nine months of 2024 due primarily to higher net sales of Services and iPhone, partially offset by lower net sales of Wearables, Home and Accessories.
+Greater China
+Greater China net sales decreased during the third quarter of 2024 compared to the third quarter of 2023 due primarily to lower net sales of iPhone. Year-over-year Greater China net sales decreased during the first nine months of 2024 due primarily to lower net sales of iPhone and iPad. The weakness in the renminbi relative to the U.S. dollar had an unfavorable year-over-year impact on Greater China net sales during the third quarter and first nine months of 2024.
+Japan
+Japan net sales increased during the third quarter of 2024 compared to the third quarter of 2023 due primarily to higher net sales of iPhone and iPad. Year-over-year Japan net sales increased during the first nine months of 2024 due primarily to higher net sales of iPhone, partially offset by lower net sales of Wearables, Home and Accessories. The weakness in the yen relative to the U.S. dollar had an unfavorable year-over-year impact on Japan net sales during the third quarter and first nine months of 2024.
+Rest of Asia Pacific
+Rest of Asia Pacific net sales increased during the third quarter of 2024 compared to the third quarter of 2023 due primarily to higher net sales of Services, iPhone and iPad. Year-over-year Rest of Asia Pacific net sales were relatively flat during the first nine months of 2024. The weakness in foreign currencies relative to the U.S. dollar had a net unfavorable year-over-year impact on Rest of Asia Pacific net sales during the third quarter and first nine months of 2024.
+Apple Inc. | Q3 2024 Form 10-Q | 14
+________________
+
+
+
+
+Products and Services Performance
+The following table shows net sales by category for the three- and nine-month periods ended June 29, 2024 and July 1, 2023 (dollars in millions):
+
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	Three Months Ended
+	
+
+	Nine Months Ended
+	
+
+	June 29,
+2024
+	
+
+	July 1,
+2023
+	
+
+	Change
+	
+
+	June 29,
+2024
+	
+
+	July 1,
+2023
+	
+
+	Change
+	Net sales by category:
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	iPhone
+	$
+	39,296 
+	
+
+	
+
+	$
+	39,669 
+	
+
+	
+
+	(1)
+	%
+	
+
+	$
+	154,961 
+	
+
+	
+
+	$
+	156,778 
+	
+
+	
+
+	(1)
+	%
+	Mac
+	7,009 
+	
+
+	
+
+	6,840 
+	
+
+	
+
+	2 
+	%
+	
+
+	22,240 
+	
+
+	
+
+	21,743 
+	
+
+	
+
+	2 
+	%
+	iPad
+	7,162 
+	
+
+	
+
+	5,791 
+	
+
+	
+
+	24 
+	%
+	
+
+	19,744 
+	
+
+	
+
+	21,857 
+	
+
+	
+
+	(10)
+	%
+	Wearables, Home and Accessories
+	8,097 
+	
+
+	
+
+	8,284 
+	
+
+	
+
+	(2)
+	%
+	
+
+	27,963 
+	
+
+	
+
+	30,523 
+	
+
+	
+
+	(8)
+	%
+	Services
+	24,213 
+	
+
+	
+
+	21,213 
+	
+
+	
+
+	14 
+	%
+	
+
+	71,197 
+	
+
+	
+
+	62,886 
+	
+
+	
+
+	13 
+	%
+	Total net sales
+	$
+	85,777 
+	
+
+	
+
+	$
+	81,797 
+	
+
+	
+
+	5 
+	%
+	
+
+	$
+	296,105 
+	
+
+	
+
+	$
+	293,787 
+	
+
+	
+
+	1 
+	%
+	iPhone
+iPhone net sales were relatively flat during the third quarter and first nine months of 2024 compared to the same periods in 2023.
+Mac
+Mac net sales increased during the third quarter and first nine months of 2024 compared to the same periods in 2023 due to higher net sales of laptops.
+iPad
+iPad net sales increased during the third quarter of 2024 compared to the third quarter of 2023 due primarily to higher net sales of iPad Pro and iPad Air. Year-over-year iPad net sales decreased during the first nine months of 2024 due primarily to lower net sales of iPad 9th generation and iPad Pro, partially offset by higher net sales of iPad 10th generation.
+Wearables, Home and Accessories
+Wearables, Home and Accessories net sales decreased during the third quarter of 2024 compared to the third quarter of 2023 due primarily to lower net sales of Wearables. Year-over-year Wearables, Home and Accessories net sales decreased during the first nine months of 2024 due primarily to lower net sales of Wearables and Accessories.
+Services
+Services net sales increased during the third quarter and first nine months of 2024 compared to the same periods in 2023 due primarily to higher net sales from advertising, the App Store® and cloud services.
+Apple Inc. | Q3 2024 Form 10-Q | 15
+________________
+
+
+
+
+Gross Margin
+Products and Services gross margin and gross margin percentage for the three- and nine-month periods ended June 29, 2024 and July 1, 2023 were as follows (dollars in millions):
+
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	Three Months Ended
+	
+
+	Nine Months Ended
+	
+
+	June 29,
+2024
+	
+
+	July 1,
+2023
+	
+
+	June 29,
+2024
+	
+
+	July 1,
+2023
+	Gross margin:
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	Products
+	$
+	21,761 
+	
+
+	
+
+	$
+	21,448 
+	
+
+	
+
+	$
+	84,241 
+	
+
+	
+
+	$
+	84,205 
+	
+
+	Services
+	17,917 
+	
+
+	
+
+	14,965 
+	
+
+	
+
+	52,563 
+	
+
+	
+
+	44,516 
+	
+
+	Total gross margin
+	$
+	39,678 
+	
+
+	
+
+	$
+	36,413 
+	
+
+	
+
+	$
+	136,804 
+	
+
+	
+
+	$
+	128,721 
+	
+
+	
+
+
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	Gross margin percentage:
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	Products
+	35.3 
+	%
+	
+
+	35.4 
+	%
+	
+
+	37.5 
+	%
+	
+
+	36.5 
+	%
+	Services
+	74.0 
+	%
+	
+
+	70.5 
+	%
+	
+
+	73.8 
+	%
+	
+
+	70.8 
+	%
+	Total gross margin percentage
+	46.3 
+	%
+	
+
+	44.5 
+	%
+	
+
+	46.2 
+	%
+	
+
+	43.8 
+	%
+	Products Gross Margin
+Products gross margin was relatively flat during the third quarter and first nine months of 2024 compared to the same periods in 2023.
+Products gross margin percentage was relatively flat during the third quarter of 2024 compared to the third quarter of 2023. Year-over-year Products gross margin percentage increased during the first nine months of 2024 due primarily to cost savings, partially offset by a different Products mix and the weakness in foreign currencies relative to the U.S. dollar.
+Services Gross Margin
+Services gross margin increased during the third quarter and first nine months of 2024 compared to the same periods in 2023 due primarily to higher Services net sales.
+Services gross margin percentage increased during the third quarter and first nine months of 2024 compared to the same periods in 2023 due primarily to a different Services mix.
+The Company’s future gross margins can be impacted by a variety of factors, as discussed in Part I, Item 1A of the 2023 Form 10-K and Part II, Item 1A of this Form 10-Q, in each case under the heading “Risk Factors.” As a result, the Company believes, in general, gross margins will be subject to volatility and downward pressure.
+Operating Expenses
+Operating expenses for the three- and nine-month periods ended June 29, 2024 and July 1, 2023 were as follows (dollars in millions):
+
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	Three Months Ended
+	
+
+	Nine Months Ended
+	
+
+	June 29,
+2024
+	
+
+	July 1,
+2023
+	
+
+	June 29,
+2024
+	
+
+	July 1,
+2023
+	Research and development
+	$
+	8,006 
+	
+
+	
+
+	$
+	7,442 
+	
+
+	
+
+	$
+	23,605 
+	
+
+	
+
+	$
+	22,608 
+	
+
+	Percentage of total net sales
+	9 
+	%
+	
+
+	9 
+	%
+	
+
+	8 
+	%
+	
+
+	8 
+	%
+	Selling, general and administrative
+	$
+	6,320 
+	
+
+	
+
+	$
+	5,973 
+	
+
+	
+
+	$
+	19,574 
+	
+
+	
+
+	$
+	18,781 
+	
+
+	Percentage of total net sales
+	7 
+	%
+	
+
+	7 
+	%
+	
+
+	7 
+	%
+	
+
+	6 
+	%
+	Total operating expenses
+	$
+	14,326 
+	
+
+	
+
+	$
+	13,415 
+	
+
+	
+
+	$
+	43,179 
+	
+
+	
+
+	$
+	41,389 
+	
+
+	Percentage of total net sales
+	17 
+	%
+	
+
+	16 
+	%
+	
+
+	15 
+	%
+	
+
+	14 
+	%
+	Research and Development
+The growth in research and development (“R&D”) expense during the third quarter and first nine months of 2024 compared to the same periods in 2023 was driven primarily by increases in headcount-related expenses.
+Apple Inc. | Q3 2024 Form 10-Q | 16
+________________
+
+
+
+
+Selling, General and Administrative
+Selling, general and administrative expense increased $347 million during the third quarter of 2024 and $793 million during the first nine months of 2024 compared to the same periods in 2023.
+Provision for Income Taxes
+Provision for income taxes, effective tax rate and statutory federal income tax rate for the three- and nine-month periods ended June 29, 2024 and July 1, 2023 were as follows (dollars in millions):
+
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	Three Months Ended
+	
+
+	Nine Months Ended
+	
+
+	June 29,
+2024
+	
+
+	July 1,
+2023
+	
+
+	June 29,
+2024
+	
+
+	July 1,
+2023
+	Provision for income taxes
+	$
+	4,046 
+	
+
+	
+
+	$
+	2,852 
+	
+
+	
+
+	$
+	14,875 
+	
+
+	
+
+	$
+	12,699 
+	
+
+	Effective tax rate
+	15.9 
+	%
+	
+
+	12.5 
+	%
+	
+
+	15.8 
+	%
+	
+
+	14.6 
+	%
+	Statutory federal income tax rate
+	21 
+	%
+	
+
+	21 
+	%
+	
+
+	21 
+	%
+	
+
+	21 
+	%
+	The Company’s effective tax rate for the third quarter and first nine months of 2024 was lower than the statutory federal income tax rate due primarily to a lower effective tax rate on foreign earnings, the impact of the U.S. federal R&D credit, and tax benefits from share-based compensation, partially offset by state income taxes.
+The Company’s effective tax rate for the third quarter and first nine months of 2024 was higher compared to the same periods in 2023 due primarily to a higher effective tax rate on foreign earnings and lower tax benefits from share-based compensation, partially offset by lower state income taxes.
+Liquidity and Capital Resources
+The Company believes its balances of cash, cash equivalents and unrestricted marketable securities, along with cash generated by ongoing operations and continued access to debt markets, will be sufficient to satisfy its cash requirements and capital return program over the next 12 months and beyond.
+The Company’s contractual cash requirements have not changed materially since the 2023 Form 10-K, except for manufacturing purchase obligations.
+Manufacturing Purchase Obligations
+The Company utilizes several outsourcing partners to manufacture subassemblies for the Company’s products and to perform final assembly and testing of finished products. The Company also obtains individual components for its products from a wide variety of individual suppliers. As of June 29, 2024, the Company had manufacturing purchase obligations of $38.4 billion, with $38.3 billion payable within 12 months.
+Capital Return Program
+In addition to its contractual cash requirements, the Company has authorized share repurchase programs. The programs do not obligate the Company to acquire a minimum amount of shares. As of June 29, 2024, the Company’s quarterly cash dividend was $0.25 per share. The Company intends to increase its dividend on an annual basis, subject to declaration by the Board of Directors.
+During the third quarter of 2024, the Company repurchased $26.0 billion of its common stock and paid dividends and dividend equivalents of $3.9 billion.
+Recent Accounting Pronouncements
+Income Taxes
+In December 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which will require the Company to disclose specified additional information in its income tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. ASU 2023-09 will also require the Company to disaggregate its income taxes paid disclosure by federal, state and foreign taxes, with further disaggregation required for significant individual jurisdictions. The Company will adopt ASU 2023-09 in its fourth quarter of 2026 using a prospective transition method.
+Apple Inc. | Q3 2024 Form 10-Q | 17
+________________
+
+
+
+
+Segment Reporting
+In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which will require the Company to disclose segment expenses that are significant and regularly provided to the Company’s chief operating decision maker (“CODM”). In addition, ASU 2023-07 will require the Company to disclose the title and position of its CODM and how the CODM uses segment profit or loss information in assessing segment performance and deciding how to allocate resources. The Company will adopt ASU 2023-07 in its fourth quarter of 2025 using a retrospective transition method.
+Critical Accounting Estimates
+The preparation of financial statements and related disclosures in conformity with GAAP and the Company’s discussion and analysis of its financial condition and operating results require the Company’s management to make judgments, assumptions and estimates that affect the amounts reported. Note 1, “Summary of Significant Accounting Policies” of the Notes to Condensed Consolidated Financial Statements in Part I, Item 1 of this Form 10-Q and in the Notes to Consolidated Financial Statements in Part II, Item 8 of the 2023 Form 10-K describe the significant accounting policies and methods used in the preparation of the Company’s condensed consolidated financial statements. There have been no material changes to the Company’s critical accounting estimates since the 2023 Form 10-K.
+Item 3.    Quantitative and Qualitative Disclosures About Market Risk
+There have been no material changes to the Company’s market risk during the first nine months of 2024. For a discussion of the Company’s exposure to market risk, refer to the Company’s market risk disclosures set forth in Part II, Item 7A, “Quantitative and Qualitative Disclosures About Market Risk” of the 2023 Form 10-K.
+Item 4.    Controls and Procedures
+Evaluation of Disclosure Controls and Procedures
+Based on an evaluation under the supervision and with the participation of the Company’s management, the Company’s principal executive officer and principal financial officer have concluded that the Company’s disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act were effective as of June 29, 2024 to provide reasonable assurance that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in the SEC rules and forms and (ii) accumulated and communicated to the Company’s management, including its principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.
+Changes in Internal Control over Financial Reporting
+There were no changes in the Company’s internal control over financial reporting during the third quarter of 2024, which were identified in connection with management’s evaluation required by paragraph (d) of Rules 13a-15 and 15d-15 under the Exchange Act, that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
+Apple Inc. | Q3 2024 Form 10-Q | 18
+________________
+
+
+
+
+PART II — OTHER INFORMATION
+Item 1.    Legal Proceedings
+Digital Markets Act Investigations
+On March 25, 2024, the Commission announced that it had opened two formal noncompliance investigations against the Company under the European Union (“EU”) Digital Markets Act (the “DMA”). The Commission’s investigations concern (1) Article 5(4) of the DMA, which relates to how developers may communicate and promote offers to end users for apps distributed through the App Store as well as how developers may conclude contracts with those end users; and (2) Article 6(3) of the DMA, which relates to default settings, uninstallation of apps, and a web browser choice screen on iOS. On June 24, 2024, the Commission announced its preliminary findings in the Article 5(4) investigation alleging that the Company’s App Store rules are in breach of the DMA and announced that it had opened a third formal investigation against the Company regarding whether the Company’s new contractual requirements for third-party app developers and app marketplaces may violate the DMA. If the Commission makes a final determination that there has been a violation, it can issue a cease and desist order and may impose fines up to 10% of the Company’s annual worldwide net sales. Although any decision by the Commission can be appealed to the General Court of the EU, the effectiveness of the Commission’s order would apply immediately while the appeal is pending, unless a stay of the order is granted. The Company believes that it complies with the DMA and has continued to make changes to its compliance plan in response to feedback and engagement with the Commission.
+Department of Justice Lawsuit
+On March 21, 2024, the U.S. Department of Justice (the “DOJ”) and a number of state and district attorneys general filed a civil antitrust lawsuit in the U.S. District Court for the District of New Jersey against the Company alleging monopolization or attempted monopolization in the markets for “performance smartphones” and “smartphones” in violation of U.S. antitrust laws. The DOJ is seeking equitable relief to redress the alleged anticompetitive behavior. In addition, various civil litigation matters have been filed in state and federal courts in the U.S. alleging similar violations of U.S. antitrust laws and seeking monetary damages and other nonmonetary relief. The Company believes it has substantial defenses and intends to vigorously defend itself.
+Epic Games
+Epic Games, Inc. (“Epic”) filed a lawsuit in the U.S. District Court for the Northern District of California (the “California District Court”) against the Company alleging violations of federal and state antitrust laws and California’s unfair competition law based upon the Company’s operation of its App Store. The California District Court found that certain provisions of the Company’s App Store Review Guidelines violate California’s unfair competition law and issued an injunction enjoining the Company from prohibiting developers from including in their apps external links that direct customers to purchasing mechanisms other than Apple in-app purchasing. The injunction applies to apps on the U.S. storefront of the iOS and iPadOS App Store. On January 16, 2024, the Company implemented a plan to comply with the injunction and filed a statement of compliance with the California District Court. A motion by Epic disputing the Company’s compliance plan and seeking to enforce the injunction, which the Company has opposed, is pending before the California District Court. The Company believes it has substantial defenses and intends to vigorously defend itself.
+Other Legal Proceedings
+The Company is subject to other legal proceedings and claims that have not been fully resolved and that have arisen in the ordinary course of business. The Company settled certain matters during the third quarter of 2024 that did not individually or in the aggregate have a material impact on the Company’s financial condition or operating results. The outcome of litigation is inherently uncertain. If one or more legal matters were resolved against the Company in a reporting period for amounts above management’s expectations, the Company’s financial condition and operating results for that reporting period could be materially adversely affected.
+Item 1A.    Risk Factors
+The Company’s business, reputation, results of operations, financial condition and stock price can be affected by a number of factors, whether currently known or unknown, including those described in Part I, Item 1A of the 2023 Form 10-K and Part II, Item 1A of the Form 10-Q for the quarter ended March 30, 2024 (the “second quarter 2024 Form 10-Q”), in each case under the heading “Risk Factors.” When any one or more of these risks materialize from time to time, the Company’s business, reputation, results of operations, financial condition and stock price can be materially and adversely affected. Except for the risk factor disclosed in Part II, Item 1A of the second quarter 2024 Form 10-Q, which is hereby incorporated by reference into this Part II, Item 1A of this Form 10-Q, there have been no material changes to the Company’s risk factors since the 2023 Form 10-K.
+Apple Inc. | Q3 2024 Form 10-Q | 19
+________________
+
+
+
+
+Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds
+Purchases of Equity Securities by the Issuer and Affiliated Purchasers
+Share repurchase activity during the three months ended June 29, 2024 was as follows (in millions, except number of shares, which are reflected in thousands, and per-share amounts):
+
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	Periods
+	
+
+	Total Number
+of Shares Purchased
+	
+
+	Average Price
+Paid Per Share
+	
+
+	Total Number of Shares
+Purchased as Part of Publicly
+Announced Plans or Programs
+	
+
+	Approximate Dollar Value of
+Shares That May Yet Be Purchased
+Under the Plans or Programs (1)
+	March 31, 2024 to May 4, 2024:
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	Open market and privately negotiated purchases
+	
+
+	45,690 
+	
+
+	
+
+	$
+	169.74 
+	
+
+	
+
+	45,690 
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	May 5, 2024 to June 1, 2024:
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	Open market and privately negotiated purchases
+	
+
+	51,729 
+	
+
+	
+
+	$
+	188.38 
+	
+
+	
+
+	51,729 
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	June 2, 2024 to June 29, 2024:
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	Open market and privately negotiated purchases
+	
+
+	41,354 
+	
+
+	
+
+	$
+	205.54 
+	
+
+	
+
+	41,354 
+	
+
+	
+
+	
+
+	Total
+	
+
+	138,773 
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	$
+	114,074 
+	
+
+	(1)On May 4, 2023, the Board of Directors authorized the purchase of up to $90 billion of the Company’s common stock under a share repurchase program. As of June 29, 2024, remaining availability under the May 2023 program was $4.1 billion. On May 2, 2024, the Board of Directors authorized an additional program to repurchase up to $110 billion of the Company’s common stock. The programs do not obligate the Company to acquire a minimum amount of shares. Under the programs, shares may be repurchased in privately negotiated or open market transactions, including under plans complying with Rule 10b5-1 under the Exchange Act.
+Item 3.    Defaults Upon Senior Securities
+None.
+Item 4.    Mine Safety Disclosures
+Not applicable.
+Item 5.    Other Information
+Insider Trading Arrangements
+On May 24, 2024, Tim Cook, the Company’s Chief Executive Officer, entered into a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. The plan provides for the sale, subject to certain price limits, of shares vesting during the duration of the plan pursuant to certain equity awards granted to Mr. Cook, excluding shares withheld by the Company to satisfy income tax withholding and remittance obligations. Mr. Cook’s plan will expire on May 24, 2026, subject to early termination in accordance with the terms of the plan.
+Apple Inc. | Q3 2024 Form 10-Q | 20
+________________
+
+
+
+
+Item 6.    Exhibits
+
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	Incorporated by Reference
+	
+
+Exhibit
+Number
+	
+
+	Exhibit Description
+	
+
+	Form
+	
+
+	Exhibit
+	
+
+	Filing Date/
+Period End Date
+	31.1*
+	
+
+	Rule 13a-14(a) / 15d-14(a) Certification of Chief Executive Officer.
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	31.2*
+	
+
+	Rule 13a-14(a) / 15d-14(a) Certification of Chief Financial Officer.
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	32.1**
+	
+
+	Section 1350 Certifications of Chief Executive Officer and Chief Financial Officer.
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	101*
+	
+
+	Inline XBRL Document Set for the condensed consolidated financial statements and accompanying notes in Part I, Item 1, “Financial Statements” of this Quarterly Report on Form 10-Q.
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	104*
+	
+
+	Inline XBRL for the cover page of this Quarterly Report on Form 10-Q, included in the Exhibit 101 Inline XBRL Document Set.
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	*    Filed herewith.
+**    Furnished herewith.
+Apple Inc. | Q3 2024 Form 10-Q | 21
+________________
+
+
+
+
+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 thereunto duly authorized.
+
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	
+
+	Date: August 1, 2024
+	Apple Inc.
+	
+
+	
+
+	
+
+	
+
+	
+
+	By:
+	
+
+	/s/ Luca Maestri
+	
+
+	
+
+	
+
+	Luca Maestri
+	
+
+	
+
+	
+
+	Senior Vice President,
+Chief Financial Officer
+	Apple Inc. | Q3 2024 Form 10-Q | 22

Raw_Data/Text/8_K.txt

@@ -0,0 +1,2032 @@
+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.
+
+
+© 2024 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
+	
+
+	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 
+	
+
+	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.
+
+
+© 2024 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                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

Raw_Data/Text/Form 10-Q queries.txt

@@ -0,0 +1,354 @@
+A. Rule as to Use of Form 1O-Q.
+
+1. Form 10-Q shall be used for quarterly reports under Section 13 or 15(d) of the
+Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)), filed pursuant to Rule
+13a-13 (17 CFR 240.13a-13) or Rule 15d-13 (17 CFR 240.15d-13). A quarterly report
+on this Form pursuant to Rule 13a-13 or Rule 15d-13 shall be filed within the following
+period after the end of each of the first three fiscal quarters of each fiscal year, but no
+report need be filed for the fourth quarter of any fiscal year:
+
+a. 40 days after the end of the fiscal quarter for large accelerated filers and
+accelerated filers (as defined in 17 CFR § 240.12b-2); and
+
+b. 45 days after the end of the fiscal quarter for all other registrants.
+
+B. Application of General Rules and Regulations.
+
+1. The General Rules and Regulations under the Act contain certain general
+requirements which are applicable to reports on any form. These general requirements
+should be carefully read and observed in the preparation and filing of reports on this
+Form.
+
+2. Particular attention is directed to Regulation 12B which contains general
+requirements regarding matters such as the kind and size of paper to be used, the
+legibility of the report, the information to be given whenever the title of securities is
+required to be stated, and the filing of the report. The definitions contained in Rule
+12b-2 (17 CFR 240. 12b-2) should be especially noted. See also Regulations 13A and
+15D.
+
+C. Preparation of Report.
+
+1. This is not a blank form to be filled in. It is a guide copy to be used in preparing the
+report in accordance with Rules 12b -11 (17 CFR 240.12b-11) and 12b-12 (17 CFR
+240.12b-12). The Commission does not furnish blank copies of this Form to be filled
+in for filing.
+
+2. These general instructions are not to be filed with the report. The instructions to the
+various captions of the Form are also to be omitted from the report as filed.
+SEC 1296 (02-23) Potential persons who are to respond to the collection of information contained in this
+Form are not required to respond unless the Form displays a currently valid OMB
+control number.
+
+D. Incorporation by Reference.
+
+1. If the registrant makes available to its stockholders or otherwise publishes, within the
+period prescribed for filing the report, a document or statement containing
+information meeting some or all of the requirements of Part I of this Form, the
+information called for may be incorporated by reference from such published
+document or statement, in answer or partial answer to any item or items of Part I of
+this Form, provided copies thereof are filed as an exhibit to Part I of the report on this
+Form.
+
+2. Other information may be incorporated by reference in answer or partial answer to
+any item or items of Part II of this Form in accordance with the provisions of Rule
+12b-23 (17 CFR 240.12b-23).
+3. If any information required by Part I or Part II is incorporated by reference into an
+electronic format document from the quarterly report to security holders as provided
+in General Instruction D, any portion of the quarterly report to security holders
+incorporated by reference shall be filed as an exhibit in electronic format, as required
+by Item 601(b)(13) of Regulation S-K.
+
+E. Integrated Reports to Security Holders.
+Quarterly reports to security holders may be combined with the required information of
+Form 10-Q and will be suitable for filing with the Commission if the following conditions are
+satisfied:
+
+1. The combined report contains full and complete answers to all items required by Part
+I of this Form. When responses to a certain item of required disclosure are separated
+within the combined report, an appropriate cross-reference should be made.
+
+2. If not included in the combined report, the cover page, appropriate responses to Part
+II, and the required signatures shall be included in the Form 10-Q. Additionally, as
+appropriate, a cross-reference sheet should be filed indicating the location of
+information required by the items of the Form.
+
+3. If an electronic filer files any portion of a quarterly report to security holders in
+combination with the required information of Form 10-Q, as provided in this
+instruction, only such portions filed in satisfaction of the Form 10-Q requirements
+shall be filed in electronic format.
+
+F. Filed Status of Information Presented.
+
+1. Pursuant to Rule 13a-13(d) and Rule 15d-13(d), the information presented in
+satisfaction of the requirements of Items 1, 2 and 3 of Part I of this Form, whether
+included directly in a report on this Form, incorporated therein by reference from a
+report, document or statement filed as an exhibit to Part I of this Form pursuant to
+Instruction D(1) above, included in an integrated report pursuant to Instruction E
+above, or contained in a statement regarding computation of per share earnings or a
+letter regarding a change in accounting principles filed as an exhibit to Part I pursuant
+to Item 601 of Regulation S-K (§ 229.601 of this chapter), except as provided by
+Instruction F(2) below, shall not be deemed filed for the purpose of Section 18 of the
+Act or otherwise subject to the liabilities of that section of the Act but shall be subject
+to the other provisions of the Act.
+
+2. Information presented in satisfaction of the requirements of this Form other than
+those of Items 1, 2 and 3 of Part I shall be deemed filed for the purpose of Section 18
+of the Act; except that, where information presented in response to Item 1 or 2 of Part
+I (or as an exhibit thereto) is also used to satisfy Part II requirements through
+incorporation by reference, only that portion of Part I (or exhibit thereto) consisting of
+the information required by Part II shall be deemed so filed.
+
+G. Signature and Filing of Report.
+
+If the report is filed in paper pursuant to a hardship exemption from electronic filing (see
+Item 201 et seq. of Regulation S-T (17 CFR 232.201 et seq.), three complete copies of the report,
+including any financial statements, exhibits or other papers or documents filed as a part thereof,
+and five additional copies which need not include exhibits must be filed with the Commission.
+At least one complete copy of the report, including any financial statements, exhibits or other
+papers or documents filed as a part thereof, must be filed with each exchange on which any class
+of securities of the registrant is registered. At least one complete copy of the report filed with the
+Commission and one such copy filed with each exchange must be manually signed on the
+registrant’s behalf by a duly authorized officer of the registrant and by the principal financial or
+chief accounting officer of the registrant. (See Rule 12b-11(d) (17 CFR 240.12b-11(d).) Copies
+not manually signed must bear typed or printed signatures. In the case where the principal
+executive officer, principal financial officer or chief accounting officer is also duly authorized to
+sign on behalf of the registrant, one signature is acceptable provided that the registrant clearly
+indicates the dual responsibilities of the signatory.
+
+H. Omission of Information by Certain Wholly-Owned Subsidiaries.
+
+If on the date of the filing of its report on Form 10-Q, the registrant meets the conditions
+specified in paragraph (1) below, then such registrant may omit the information called for in the
+items specified in paragraph (2) below.
+
+1. Conditions for availability of the relief specified in paragraph (2) below:
+
+a. All of the registrant’s equity securities are owned, either directly or indirectly, by
+a single person which is a reporting company under the Act and which has filed
+all the material required to be filed pursuant to Section 13, 14 or 15(d) thereof, as
+applicable;
+
+b. During the preceding thirty-six calendar months and any subsequent period of
+days, there has not been any material default in the payment of principal, interest,
+a sinking or purchase fund installment, or any other material default not cured
+within thirty days, with respect to any indebtedness of the registrant or its
+subsidiaries, and there has not been any material default in the payment of rentals
+under material long-term leases; and
+
+c. There is prominently set forth, on the cover page of the Form 10-Q, a statement
+that the registrant meets the conditions set forth in General Instruction H(1)(a) and
+(b) of Form 10-Q and is therefore filing this Form with the reduced disclosure
+format.
+
+2. Registrants meeting the conditions specified in paragraph (1) above are entitled to the
+following relief:
+
+a. Such registrants may omit the information called for by Item 2 of Part I,
+Management’s Discussion and Analysis of Financial Condition and Results of
+Operations, provided that the registrant includes in the Form 10-Q a
+management’s narrative analysis of the results of operations explaining the
+reasons for material changes in the amount of revenue and expense items between
+the most recent fiscal year-to-date period presented and the corresponding year to-date period in the preceding fiscal year.
+Explanations of material changes
+should include, but not be limited to, changes in the various elements which
+determine revenue and expense levels such as unit sales volume, prices charged
+and paid, production levels, production cost variances, labor costs and
+discretionary spending programs. In addition, the analysis should include an
+explanation of the effect of any changes in accounting principles and practices or
+method of application that have a material effect on net income as reported.
+
+b. Such registrants may omit the information called for in the following Part II
+Items: Item 2, Changes in Securities; Item 3, Defaults Upon Senior Securities.
+c. Such registrants may omit the information called for by Item 3 of Part I,
+Quantitative and Qualitative Disclosures About Market Risk.
+
+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
+
+or
+
+[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
+
+EXCHANGE ACT OF 1934
+
+For the transition period from to
+
+Commission File Number:
+
+(Exact name of registrant as specified in its charter)
+
+(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
+
+(Address of principal executive offices) (Zip Code)
+
+(Registrant’s telephone number, including area code)
+
+(Former name, former address and former fiscal year, if changed since last report)
+
+Securities registered pursuant to Section 12(b) of the Act:
+
+Title of each class Trading Symbol(s) Name of each exchange on which registered
+
+SEC 1296 (02-23) Potential persons who are to respond to the collection of information contained in this
+
+Form are not required to respond unless the Form displays a currently valid OMB
+
+control number.
+
+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. ☐ 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). ☐ 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. See
+
+the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and
+
+"emerging growth company" in Rule 12b-2 of the Exchange Act.
+
+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. ☐
+Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the
+Exchange Act).
+☐ Yes ☐ No
+APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS
+DURING THE PRECEDING FIVE YEARS:
+Indicate by check mark whether the registrant has filed all documents and reports required to be
+filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the
+distribution of securities under a plan confirmed by a court.
+☐ Yes ☐ No
+APPLICABLE ONLY TO CORPORATE ISSUERS:
+Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of
+the latest practicable date.
+PART I—FINANCIAL INFORMATION
+Item 1. Financial Statements.
+Provide the information required by Rule 10-01 of Regulation S-X (17 CFR Part 210). A
+smaller reporting company, defined in Rule 12b-2 (§ 240.12b-2 of this chapter) may provide the
+information required by Article 8-03 of Regulation S-X (§ 210.8-03 of this chapter).
+
+
+Item 2. Management’s Discussion and Analysis of Financial Condition and Results of
+Operations.
+Furnish the information required by Item 303 of Regulation S-K (§ 229.303 of this
+chapter).
+Item 3. Quantitative and Qualitative Disclosures About Market Risk.
+Furnish the information required by Item 305 of Regulation S-K (§ 229.305 of this
+chapter).
+Item 4. Controls and Procedures.
+Furnish the information required by Item 307 of Regulation S-K (§ 229.307 of this chapter)
+and Item 308(c) of Regulation S-K (§229.308(c) of this chapter).
+PART II—OTHER INFORMATION
+Instruction. The report shall contain the item numbers and captions of all applicable items
+of Part II, but the text of such items may be omitted provided the responses clearly indicate the
+coverage of the item. Any item which is inapplicable or to which the answer is negative may be
+omitted and no reference thereto need be made in the report. If substantially the same
+information has been previously reported by the registrant, an additional report of the
+information on this Form need not be made. The term “previously reported” is defined in Rule
+12b-2 (17 CFR 240. 12b-2). A separate response need not be presented in Part II where
+information called for is already disclosed in the financial information provided in Part I and is
+incorporated by reference into Part II of the report by means of a statement to that effect in Part
+II which specifically identifies the incorporated information.
+Item 1. Legal Proceedings.
+Furnish the information required by Item 103 of Regulation S-K (§ 229.103 of this
+chapter). As to such proceedings which have been terminated during the period covered by the
+report, provide similar information, including the date of termination and a description of the
+disposition thereof with respect to the registrant and its subsidiaries.
+Instruction. A legal proceeding need only be reported in the 10-Q filed for the quarter in
+which it first became a reportable event and in subsequent quarters in which there have been
+material developments. Subsequent Form 10-Q filings in the same fiscal year in which a legal
+proceeding or a material development is reported should reference any previous reports in that
+year.
+Item 1A. Risk Factors.
+Set forth any material changes from risk factors as previously disclosed in the registrant's Form
+10-K (§249.310) in response to Item 1A. to Part 1 of Form 10-K. Smaller reporting companies
+are not required to provide the information required by this item.
+
+
+Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
+(a) Furnish the information required by Item 701 of Regulation S-K (17 CFR 229.701) as to all
+equity securities of the registrant sold by the registrant during the period covered by the
+report that were not registered under the Securities Act. If the Item 701 information
+previously has been included in a Current Report on Form 8-K (17 CFR 249.308), however,
+it need not be furnished.
+(b) If required pursuant to Rule 463 (17 CFR 230.463) of the Securities Act of 1933, furnish the
+information required by Item 701(f) of Regulation S-K (§ 229.701(f) of this chapter).
+(c) Furnish the information required by Item 703 of Regulation S-K (§ 229.703 of this chapter)
+for any repurchase made in the quarter covered by the report. Provide disclosures covering
+repurchases made on a monthly basis. For example, if the quarter began on January 16 and
+ended on April 15, the chart would show repurchases for the months from January 16
+through February 15, February 16 through March 15, and March 16 through April 15.
+Instruction. Working capital restrictions and other limitations upon the payment of dividends are
+to be reported hereunder.
+Item 3. Defaults Upon Senior Securities.
+(a) If there has been any material default in the payment of principal, interest, a sinking or
+purchase fund installment, or any other material default not cured within 30 days, with
+respect to any indebtedness of the registrant or any of its significant subsidiaries exceeding 5
+percent of the total assets of the registrant and its consolidated subsidiaries, identify the
+indebtedness and state the nature of the default. In the case of such a default in the payment
+of principal, interest, or a sinking or purchase fund installment, state the amount of the
+default and the total arrearage on the date of filing this report.
+Instruction. This paragraph refers only to events which have become defaults under the
+governing instruments, i.e., after the expiration of any period of grace and compliance with any
+notice requirements.
+(b) If any material arrearage in the payment of dividends has occurred or if there has been any
+other material delinquency not cured within 30 days, with respect to any class of preferred
+stock of the registrant which is registered or which ranks prior to any class of registered
+securities, or with respect to any class of preferred stock of any significant subsidiary of the
+registrant, give the title of the class and state the nature of the arrearage or delinquency. In
+the case of an arrearage in the payment of dividends, state the amount and the total arrearage
+on the date of filing this report.
+Instructions to Item 3.
+1. Item 3 need not be answered as to any default or arrearage with respect to any class of
+securities all of which is held by, or for the account of, the registrant or its totally held
+subsidiaries.
+2. The information required by Item 3 need not be made if previously disclosed on a
+report on Form 8-K (17 CFR 249.308).
+Item 4. Mine Safety Disclosures.
+If applicable, provide a statement that the information concerning mine safety violations or
+other regulatory matters required by Section 1503(a) of the Dodd-Frank Wall Street
+Reform and Consumer Protection Act and Item 104 of Regulation S-K (17 CFR 229.104) is
+included in exhibit 95 to the quarterly report.
+Item 5. Other Information.
+(a) The registrant must disclose under this item any information required to be disclosed in a
+report on Form 8-K during the period covered by this Form 10-Q, but not reported, whether
+or not otherwise required by this Form 10-Q. If disclosure of such information is made under
+this item, it need not be repeated in a report on Form 8-K which would otherwise be required
+to be filed with respect to such information or in a subsequent report on Form 10-Q; and
+(b) Furnish the information required by Item 407(c)(3) of Regulation S-K (§ 229.407 of this
+chapter).
+(c) Furnish the information required by Item 408(a) of Regulation S-K (17 CFR 229.408(a)).
+Item 6. Exhibits.
+Furnish the exhibits required by Item 601 of Regulation S-K (§ 229.601 of this chapter).

Raw_Data/Text/aapl-10-Q.txt

@@ -0,0 +1,3004 @@
+8/16/24, 4:13 PM
+
+aapl-20240629
+
+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 June 29, 2024
+or
+
+☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
+For the transition period from
+to
+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. 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)
+
+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
+0.000% Notes due 2025
+0.875% Notes due 2025
+1.625% Notes due 2026
+2.000% Notes due 2027
+1.375% Notes due 2029
+3.050% Notes due 2029
+0.500% Notes due 2031
+3.600% Notes due 2042
+
+AAPL
+—
+—
+—
+—
+—
+—
+—
+—
+
+The Nasdaq Stock Market LLC
+The Nasdaq Stock Market LLC
+The Nasdaq Stock Market LLC
+The Nasdaq Stock Market LLC
+The Nasdaq Stock Market LLC
+The Nasdaq Stock Market LLC
+The Nasdaq Stock Market LLC
+The Nasdaq Stock Market LLC
+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.
+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
+https://www.sec.gov/Archives/edgar/data/320193/000032019324000081/aapl-20240629.htm
+
+1/30
+
+8/16/24, 4:13 PM
+
+aapl-20240629
+
+files).
+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. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth
+company” in Rule 12b-2 of the Exchange Act.
+Large accelerated filer
+Non-accelerated filer
+
+☒
+☐
+
+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. ☐
+Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
+Yes ☐
+
+No ☒
+
+15,204,137,000 shares of common stock were issued and outstanding as of July 19, 2024.
+
+https://www.sec.gov/Archives/edgar/data/320193/000032019324000081/aapl-20240629.htm
+
+2/30
+
+8/16/24, 4:13 PM
+
+aapl-20240629
+
+Apple Inc.
+Form 10-Q
+For the Fiscal Quarter Ended June 29, 2024
+TABLE OF CONTENTS
+
+Page
+
+Part I
+Item 1.
+Item 2.
+Item 3.
+Item 4.
+Item 1.
+Item 1A.
+Item 2.
+Item 3.
+Item 4.
+Item 5.
+Item 6.
+
+Financial Statements
+Management’s Discussion and Analysis of Financial Condition and Results of Operations
+Quantitative and Qualitative Disclosures About Market Risk
+Controls and Procedures
+Part II
+Legal Proceedings
+Risk Factors
+Unregistered Sales of Equity Securities and Use of Proceeds
+Defaults Upon Senior Securities
+Mine Safety Disclosures
+Other Information
+Exhibits
+
+https://www.sec.gov/Archives/edgar/data/320193/000032019324000081/aapl-20240629.htm
+
+1
+13
+18
+18
+19
+19
+20
+20
+20
+20
+21
+
+3/30
+
+8/16/24, 4:13 PM
+
+aapl-20240629
+
+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)
+Three Months Ended
+June 29,
+2024
+
+Net sales:
+Products
+Services
+Total net sales
+
+$
+
+61,564
+24,213
+85,777
+
+Nine Months Ended
+
+July 1,
+2023
+
+$
+
+60,584
+21,213
+81,797
+
+June 29,
+2024
+
+$
+
+224,908
+71,197
+296,105
+
+July 1,
+2023
+
+$
+
+230,901
+62,886
+293,787
+
+Cost of sales:
+Products
+Services
+Total cost of sales
+Gross margin
+
+39,803
+6,296
+46,099
+39,678
+
+39,136
+6,248
+45,384
+36,413
+
+140,667
+18,634
+159,301
+136,804
+
+146,696
+18,370
+165,066
+128,721
+
+Operating expenses:
+Research and development
+Selling, general and administrative
+Total operating expenses
+
+8,006
+6,320
+14,326
+
+7,442
+5,973
+13,415
+
+23,605
+19,574
+43,179
+
+22,608
+18,781
+41,389
+
+Operating income
+Other income/(expense), net
+Income before provision for income taxes
+Provision for income taxes
+Net income
+
+$
+
+25,352
+142
+25,494
+4,046
+21,448
+
+$
+
+22,998
+(265)
+22,733
+2,852
+19,881 $
+
+93,625
+250
+93,875
+14,875
+79,000
+
+$
+
+87,332
+(594)
+86,738
+12,699
+74,039
+
+Earnings per share:
+Basic
+Diluted
+
+$
+$
+
+1.40
+1.40
+
+$
+$
+
+1.27
+1.26
+
+5.13
+5.11
+
+$
+$
+
+4.69
+4.67
+
+Shares used in computing earnings per share:
+Basic
+Diluted
+
+15,287,521
+15,348,175
+
+15,697,614
+15,775,021
+
+$
+$
+
+15,401,047
+15,463,175
+
+15,792,497
+15,859,263
+
+See accompanying Notes to Condensed Consolidated Financial Statements.
+
+Apple Inc. | Q3 2024 Form 10-Q | 1
+
+https://www.sec.gov/Archives/edgar/data/320193/000032019324000081/aapl-20240629.htm
+
+4/30
+
+8/16/24, 4:13 PM
+
+aapl-20240629
+
+Apple Inc.
+CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
+(In millions)
+Three Months Ended
+June 29,
+2024
+
+Net income
+Other comprehensive income/(loss):
+Change in foreign currency translation, net of tax
+
+$
+
+Change in unrealized gains/losses on derivative instruments,
+net of tax:
+Change in fair value of derivative instruments
+Adjustment for net (gains)/losses realized and included in
+net income
+Total change in unrealized gains/losses on
+derivative instruments
+Change in unrealized gains/losses on marketable debt
+securities, net of tax:
+Change in fair value of marketable debt securities
+Adjustment for net (gains)/losses realized and included in
+net income
+Total change in unrealized gains/losses on
+marketable debt securities
+Total other comprehensive income/(loss)
+Total comprehensive income
+
+$
+
+Nine Months Ended
+
+July 1,
+2023
+
+21,448
+
+$
+
+June 29,
+2024
+
+19,881
+
+$
+
+79,000
+
+July 1,
+2023
+
+$
+
+74,039
+
+(73)
+
+(385)
+
+(87)
+
+(494)
+
+406
+
+509
+
+331
+
+(492)
+
+(87)
+
+103
+
+(678)
+
+(1,854)
+
+319
+
+612
+
+(347)
+
+(2,346)
+
+268
+
+(340)
+
+3,306
+
+1,963
+
+30
+
+58
+
+164
+
+185
+
+298
+
+(282)
+
+3,470
+
+2,148
+
+(55)
+19,826 $
+
+3,036
+82,036
+
+544
+21,992
+
+$
+
+$
+
+(692)
+73,347
+
+See accompanying Notes to Condensed Consolidated Financial Statements.
+
+Apple Inc. | Q3 2024 Form 10-Q | 2
+
+https://www.sec.gov/Archives/edgar/data/320193/000032019324000081/aapl-20240629.htm
+
+5/30
+
+8/16/24, 4:13 PM
+
+aapl-20240629
+
+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
+Marketable securities
+Accounts receivable, net
+Vendor non-trade receivables
+Inventories
+Other current assets
+Total current assets
+
+$
+
+Non-current assets:
+Marketable securities
+Property, plant and equipment, net
+Other non-current assets
+Total non-current assets
+$
+
+Total assets
+
+25,565
+36,236
+22,795
+20,377
+6,165
+14,297
+125,435
+
+91,240
+44,502
+70,435
+206,177
+331,612
+
+$
+
+$
+
+29,965
+31,590
+29,508
+31,477
+6,331
+14,695
+143,566
+
+100,544
+43,715
+64,758
+209,017
+352,583
+
+LIABILITIES AND SHAREHOLDERS’ EQUITY:
+Current liabilities:
+Accounts payable
+Other current liabilities
+Deferred revenue
+Commercial paper
+Term debt
+Total current liabilities
+
+$
+
+Non-current liabilities:
+Term debt
+Other non-current liabilities
+Total non-current liabilities
+Total liabilities
+
+47,574
+60,889
+8,053
+2,994
+12,114
+131,624
+
+$
+
+62,611
+58,829
+8,061
+5,985
+9,822
+145,308
+
+86,196
+47,084
+133,280
+264,904
+
+95,281
+49,848
+145,129
+290,437
+
+79,850
+(4,726)
+(8,416)
+66,708
+331,612 $
+
+73,812
+(214)
+(11,452)
+62,146
+352,583
+
+Commitments and contingencies
+Shareholders’ equity:
+Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares
+authorized; 15,222,259 and 15,550,061 shares issued and outstanding, respectively
+Accumulated deficit
+Accumulated other comprehensive loss
+Total shareholders’ equity
+Total liabilities and shareholders’ equity
+
+$
+
+See accompanying Notes to Condensed Consolidated Financial Statements.
+
+Apple Inc. | Q3 2024 Form 10-Q | 3
+
+https://www.sec.gov/Archives/edgar/data/320193/000032019324000081/aapl-20240629.htm
+
+6/30
+
+8/16/24, 4:13 PM
+
+aapl-20240629
+
+Apple Inc.
+CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Unaudited)
+(In millions, except per-share amounts)
+Three Months Ended
+June 29,
+2024
+
+$
+
+Total shareholders’ equity, beginning balances
+Common stock and additional paid-in capital:
+Beginning balances
+Common stock issued
+Common stock withheld related to net share settlement of
+equity awards
+Share-based compensation
+Ending balances
+
+74,194
+
+Nine Months Ended
+
+July 1,
+2023
+
+$
+
+62,158
+
+June 29,
+2024
+
+$
+
+62,146
+
+July 1,
+2023
+
+$
+
+50,672
+
+78,815
+—
+
+69,568
+—
+
+73,812
+752
+
+64,849
+690
+
+(1,920)
+2,955
+79,850
+
+(1,595)
+2,694
+70,667
+
+(3,802)
+9,088
+79,850
+
+(3,310)
+8,438
+70,667
+
+Retained earnings/(Accumulated deficit):
+Beginning balances
+Net income
+Dividends and dividend equivalents declared
+Common stock withheld related to net share settlement of
+equity awards
+Common stock repurchased
+Ending balances
+
+4,339
+21,448
+(3,864)
+
+4,336
+19,881
+(3,811)
+
+(214)
+79,000
+(11,384)
+
+(3,068)
+74,039
+(11,207)
+
+(428)
+(26,221)
+(4,726)
+
+(858)
+(18,140)
+1,408
+
+(1,517)
+(70,611)
+(4,726)
+
+(1,988)
+(56,368)
+1,408
+
+Accumulated other comprehensive income/(loss):
+Beginning balances
+Other comprehensive income/(loss)
+Ending balances
+
+(8,960)
+544
+(8,416)
+
+(11,746)
+(55)
+(11,801)
+
+(11,452)
+3,036
+(8,416)
+
+(11,109)
+(692)
+(11,801)
+
+Total shareholders’ equity, ending balances
+
+$
+
+66,708
+
+$
+
+60,274
+
+$
+
+66,708
+
+$
+
+60,274
+
+Dividends and dividend equivalents declared per share or RSU
+
+$
+
+0.25
+
+$
+
+0.24
+
+$
+
+0.73
+
+$
+
+0.70
+
+See accompanying Notes to Condensed Consolidated Financial Statements.
+
+Apple Inc. | Q3 2024 Form 10-Q | 4
+
+https://www.sec.gov/Archives/edgar/data/320193/000032019324000081/aapl-20240629.htm
+
+7/30
+
+8/16/24, 4:13 PM
+
+aapl-20240629
+
+Apple Inc.
+CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
+(In millions)
+Nine Months Ended
+June 29,
+2024
+
+Cash, cash equivalents and restricted cash, beginning balances
+Operating activities:
+Net income
+Adjustments to reconcile net income to cash generated by operating activities:
+Depreciation and amortization
+Share-based compensation expense
+Other
+Changes in operating assets and liabilities:
+Accounts receivable, net
+Vendor non-trade receivables
+Inventories
+Other current and non-current assets
+Accounts payable
+Other current and non-current liabilities
+Cash generated by operating activities
+
+$
+
+30,737
+
+July 1,
+2023
+
+$
+
+24,977
+
+79,000
+
+74,039
+
+8,534
+8,830
+(1,964)
+
+8,866
+8,208
+(1,651)
+
+6,697
+11,100
+41
+(5,626)
+(15,171)
+2
+91,443
+
+7,609
+13,111
+(2,570)
+(4,863)
+(16,790)
+2,986
+88,945
+
+Investing activities:
+Purchases of marketable securities
+Proceeds from maturities of marketable securities
+Proceeds from sales of marketable securities
+Payments for acquisition of property, plant and equipment
+Other
+Cash generated by investing activities
+
+(38,074)
+39,838
+7,382
+(6,539)
+(1,117)
+1,490
+
+(20,956)
+27,857
+3,959
+(8,796)
+(753)
+1,311
+
+Financing activities:
+Payments for taxes related to net share settlement of equity awards
+Payments for dividends and dividend equivalents
+Repurchases of common stock
+Proceeds from issuance of term debt, net
+Repayments of term debt
+Repayments of commercial paper, net
+Other
+Cash used in financing activities
+
+(5,163)
+(11,430)
+(69,866)
+—
+(7,400)
+(2,985)
+(191)
+(97,035)
+
+(5,119)
+(11,267)
+(56,547)
+5,228
+(11,151)
+(5,971)
+(508)
+(85,335)
+4,921
+29,898
+
+7,020
+
+Increase/(Decrease) in cash, cash equivalents and restricted cash
+Cash, cash equivalents and restricted cash, ending balances
+
+$
+
+(4,102)
+26,635 $
+
+Supplemental cash flow disclosure:
+Cash paid for income taxes, net
+
+$
+
+19,230
+
+$
+
+See accompanying Notes to Condensed Consolidated Financial Statements.
+
+Apple Inc. | Q3 2024 Form 10-Q | 5
+
+https://www.sec.gov/Archives/edgar/data/320193/000032019324000081/aapl-20240629.htm
+
+8/30
+
+8/16/24, 4:13 PM
+
+aapl-20240629
+
+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”). 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. The preparation of these
+condensed consolidated financial statements and accompanying notes in conformity with U.S. generally accepted accounting principles
+(“GAAP”) requires the use of management estimates. 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 30, 2023 (the “2023 Form 10-K”).
+The Company’s fiscal year is the 52- or 53-week period that ends on the last Saturday of September. 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. The Company’s fiscal years 2024 and 2023 span 52 and 53 weeks, respectively. 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.
+Note 2 – Revenue
+Net sales disaggregated by significant products and services for the three- and nine-month periods ended June 29, 2024 and July 1,
+2023 were as follows (in millions):
+Three Months Ended
+June 29,
+2024
+
+iPhone®
+Mac®
+iPad®
+Wearables, Home and Accessories
+Services
+Total net sales
+
+$
+
+$
+
+39,296
+7,009
+7,162
+8,097
+24,213
+85,777
+
+Nine Months Ended
+
+July 1,
+2023
+
+$
+
+$
+
+39,669
+6,840
+5,791
+8,284
+21,213
+81,797
+
+June 29,
+2024
+
+$
+
+$
+
+154,961
+22,240
+19,744
+27,963
+71,197
+296,105
+
+July 1,
+2023
+
+$
+
+$
+
+156,778
+21,743
+21,857
+30,523
+62,886
+293,787
+
+Total net sales include $3.4 billion of revenue recognized in the three months ended June 29, 2024 that was included in deferred
+revenue as of March 30, 2024, $3.3 billion of revenue recognized in the three months ended July 1, 2023 that was included in deferred
+revenue as of April 1, 2023, $6.5 billion of revenue recognized in the nine months ended June 29, 2024 that was included in deferred
+revenue as of September 30, 2023, and $7.0 billion of revenue recognized in the nine months ended July 1, 2023 that was included in
+deferred revenue as of September 24, 2022.
+The Company’s proportion of net sales by disaggregated revenue source was generally consistent for each reportable segment in Note
+11, “Segment Information and Geographic Data” for the three- and nine-month periods ended June 29, 2024 and July 1, 2023, except in
+Greater China, where iPhone revenue represented a moderately higher proportion of net sales.
+As of June 29, 2024 and September 30, 2023, the Company had total deferred revenue of $12.5 billion and $12.1 billion, respectively. As
+of June 29, 2024, the Company expects 64% of total deferred revenue to be realized in less than a year, 25% within one-to-two years,
+9% within two-to-three years and 2% in greater than three years.
+
+Apple Inc. | Q3 2024 Form 10-Q | 6
+
+https://www.sec.gov/Archives/edgar/data/320193/000032019324000081/aapl-20240629.htm
+
+9/30
+
+8/16/24, 4:13 PM
+
+aapl-20240629
+
+Note 3 – Earnings Per Share
+The following table shows the computation of basic and diluted earnings per share for the three- and nine-month periods ended June 29,
+2024 and July 1, 2023 (net income in millions and shares in thousands):
+Three Months Ended
+June 29,
+2024
+
+Numerator:
+Net income
+
+$
+
+Denominator:
+Weighted-average basic shares outstanding
+Effect of dilutive share-based awards
+
+21,448
+
+$
+
+15,287,521
+60,654
+15,348,175
+
+Weighted-average diluted shares
+Basic earnings per share
+Diluted earnings per share
+
+$
+$
+
+Nine Months Ended
+
+July 1,
+2023
+
+June 29,
+2024
+
+19,881
+
+$
+
+15,697,614
+77,407
+15,775,021
+
+1.40
+1.40
+
+$
+$
+
+1.27
+1.26
+
+July 1,
+2023
+
+79,000
+
+$
+
+74,039
+
+15,401,047
+62,128
+15,463,175
+$
+$
+
+5.13
+5.11
+
+15,792,497
+66,766
+15,859,263
+$
+$
+
+4.69
+4.67
+
+Approximately 32 million restricted stock units (“RSUs”) were excluded from the computation of diluted earnings per share for the nine
+months ended July 1, 2023 because their effect would have been antidilutive.
+Note 4 – 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
+June 29, 2024 and September 30, 2023 (in millions):
+June 29, 2024
+Adjusted
+Cost
+Cash
+Level 1:
+Money market funds
+Mutual funds
+
+$
+
+Subtotal
+Level 2 (1):
+U.S. Treasury securities
+U.S. agency securities
+Non-U.S. government securities
+Certificates of deposit and time
+deposits
+Commercial paper
+Corporate debt securities
+Municipal securities
+Mortgage- and asset-backed securities
+Subtotal
+Total (2)
+
+$
+
+22,866
+
+Unrealized
+Gains
+
+Unrealized
+Losses
+
+$
+
+$
+
+—
+
+—
+
+$
+
+Fair
+Value
+
+Cash and
+Cash
+Equivalents
+
+Current
+Marketable
+Securities
+
+Non-Current
+Marketable
+Securities
+
+22,866
+
+$
+
+$
+
+$
+
+22,866
+
+—
+
+—
+
+1,648
+493
+2,141
+
+—
+76
+76
+
+—
+(7)
+(7)
+
+1,648
+562
+2,210
+
+1,648
+—
+1,648
+
+—
+562
+562
+
+—
+—
+—
+
+16,298
+5,500
+17,560
+
+3
+—
+31
+
+(855)
+(418)
+(680)
+
+15,446
+5,082
+16,911
+
+138
+73
+—
+
+4,649
+518
+11,592
+
+10,659
+4,491
+5,319
+
+1,337
+1,346
+68,194
+480
+24,508
+135,223
+
+—
+—
+83
+—
+27
+144
+
+—
+—
+(3,350)
+(13)
+(2,086)
+(7,402)
+
+1,337
+1,346
+64,927
+467
+22,449
+127,965
+
+838
+2
+—
+—
+—
+1,051
+
+492
+1,344
+15,489
+197
+1,393
+35,674
+
+7
+—
+49,438
+270
+21,056
+91,240
+
+160,230
+
+$
+
+220
+
+$
+
+(7,409)
+
+$
+
+153,041
+
+$
+
+25,565
+
+$
+
+36,236
+
+$
+
+91,240
+
+Apple Inc. | Q3 2024 Form 10-Q | 7
+
+https://www.sec.gov/Archives/edgar/data/320193/000032019324000081/aapl-20240629.htm
+
+10/30
+
+8/16/24, 4:13 PM
+
+aapl-20240629
+
+September 30, 2023
+Adjusted
+Cost
+Cash
+$
+Level 1:
+Money market funds
+Mutual funds and equity securities
+Subtotal
+Level 2 (1):
+U.S. Treasury securities
+U.S. agency securities
+Non-U.S. government securities
+Certificates of deposit and time
+deposits
+Commercial paper
+Corporate debt securities
+Municipal securities
+Mortgage- and asset-backed securities
+Subtotal
+Total (2)
+
+$
+
+28,359
+
+Unrealized
+Gains
+$
+
+—
+
+Unrealized
+Losses
+$
+
+—
+
+$
+
+Fair
+Value
+
+Cash and
+Cash
+Equivalents
+
+Current
+Marketable
+Securities
+
+Non-Current
+Marketable
+Securities
+
+28,359
+
+$
+
+$
+
+$
+
+28,359
+
+—
+
+—
+
+481
+442
+923
+
+—
+12
+12
+
+—
+(26)
+(26)
+
+481
+428
+909
+
+481
+—
+481
+
+—
+428
+428
+
+—
+—
+—
+
+19,406
+5,736
+17,533
+
+—
+—
+6
+
+(1,292)
+(600)
+(1,048)
+
+18,114
+5,136
+16,491
+
+35
+36
+—
+
+5,468
+271
+11,332
+
+12,611
+4,829
+5,159
+
+1,354
+608
+76,840
+628
+22,365
+144,470
+
+—
+—
+6
+—
+6
+18
+
+—
+—
+(5,956)
+(26)
+(2,735)
+(11,657)
+
+1,354
+608
+70,890
+602
+19,636
+132,831
+
+1,034
+—
+20
+—
+—
+1,125
+
+320
+608
+12,627
+192
+344
+31,162
+
+—
+—
+58,243
+410
+19,292
+100,544
+
+173,752
+
+$
+
+30
+
+$
+
+(11,683)
+
+$
+
+162,099
+
+$
+
+29,965
+
+$
+
+31,590
+
+$
+
+(1)
+
+The valuation techniques used to measure the fair values of the Company’s Level 2 financial instruments, which generally have
+counterparties with high credit ratings, are based on quoted market prices or model-driven valuations using significant inputs derived
+from or corroborated by observable market data.
+
+(2)
+
+As of June 29, 2024 and September 30, 2023, total marketable securities included $14.1 billion and $13.8 billion, respectively, that
+were restricted from general use, related to the State Aid Decision (refer to Note 6, “Income Taxes”) and other agreements.
+
+100,544
+
+The following table shows the fair value of the Company’s non-current marketable debt securities, by contractual maturity, as of June 29,
+2024 (in millions):
+Due after 1 year through 5 years
+Due after 5 years through 10 years
+Due after 10 years
+
+$
+
+$
+
+Total fair value
+
+64,209
+8,660
+18,371
+91,240
+
+Derivative Instruments and Hedging
+The Company may use derivative instruments to partially offset its business exposure to foreign exchange and interest rate risk.
+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. 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.
+Foreign Exchange Rate Risk
+To protect gross margins from fluctuations in foreign exchange rates, the Company may use forwards, options or other instruments, and
+may designate these instruments as cash flow hedges. The Company generally hedges portions of its forecasted foreign currency
+exposure associated with revenue and inventory purchases, typically for up to 12 months.
+To protect the Company’s foreign currency–denominated term debt or marketable securities from fluctuations in foreign exchange rates,
+the Company may use forwards, cross-currency swaps or other instruments. The Company designates these instruments as either cash
+flow or fair value hedges. As of June 29, 2024, 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 18 years.
+The Company may also use derivative instruments that are not designated as accounting hedges to protect gross margins from certain
+fluctuations in foreign exchange rates, as well as to offset a portion of the foreign currency gains and losses generated by the
+remeasurement of certain assets and liabilities denominated in non-functional currencies.
+
+Apple Inc. | Q3 2024 Form 10-Q | 8
+https://www.sec.gov/Archives/edgar/data/320193/000032019324000081/aapl-20240629.htm
+
+11/30
+
+8/16/24, 4:13 PM
+
+aapl-20240629
+
+https://www.sec.gov/Archives/edgar/data/320193/000032019324000081/aapl-20240629.htm
+
+12/30
+
+8/16/24, 4:13 PM
+
+aapl-20240629
+
+Interest Rate Risk
+To protect the Company’s term debt or marketable securities from fluctuations in interest rates, the Company may use interest rate
+swaps, options or other instruments. The Company designates these instruments as either cash flow or fair value hedges.
+The notional amounts of the Company’s outstanding derivative instruments as of June 29, 2024 and September 30, 2023 were as
+follows (in millions):
+June 29,
+2024
+
+September 30,
+2023
+
+Derivative instruments designated as accounting hedges:
+Foreign exchange contracts
+Interest rate contracts
+
+$
+$
+
+65,542
+13,875
+
+$
+$
+
+74,730
+19,375
+
+Derivative instruments not designated as accounting hedges:
+Foreign exchange contracts
+
+$
+
+97,136
+
+$
+
+104,777
+
+The carrying amounts of the Company’s hedged items in fair value hedges as of June 29, 2024 and September 30, 2023 were as follows
+(in millions):
+June 29,
+2024
+
+Hedged assets/(liabilities):
+Current and non-current marketable securities
+Current and non-current term debt
+
+$
+$
+
+15,007 $
+(13,096) $
+
+September 30,
+2023
+
+14,433
+(18,247)
+
+Accounts Receivable
+Trade Receivables
+The Company’s third-party cellular network carriers accounted for 32% and 41% of total trade receivables as of June 29, 2024 and
+September 30, 2023, respectively. The Company requires third-party credit support or collateral from certain customers to limit credit
+risk.
+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. The Company purchases these components
+directly from suppliers. The Company does not reflect the sale of these components in products net sales. Rather, the Company
+recognizes any gain on these sales as a reduction of products cost of sales when the related final products are sold by the Company. As
+of June 29, 2024, the Company had two vendors that individually represented 10% or more of total vendor non-trade receivables, which
+accounted for 46% and 18%. As of September 30, 2023, the Company had two vendors that individually represented 10% or more of
+total vendor non-trade receivables, which accounted for 48% and 23%.
+Note 5 – Condensed Consolidated Financial Statement Details
+The following table shows the Company’s condensed consolidated financial statement details as of June 29, 2024 and September 30,
+2023 (in millions):
+Property, Plant and Equipment, Net
+June 29,
+2024
+
+Gross property, plant and equipment
+Accumulated depreciation
+Total property, plant and equipment, net
+
+https://www.sec.gov/Archives/edgar/data/320193/000032019324000081/aapl-20240629.htm
+
+$
+$
+
+117,129 $
+(72,627)
+44,502 $
+
+September 30,
+2023
+
+114,599
+(70,884)
+43,715
+
+13/30
+
+8/16/24, 4:13 PM
+
+aapl-20240629
+Apple Inc. | Q3 2024 Form 10-Q | 9
+
+https://www.sec.gov/Archives/edgar/data/320193/000032019324000081/aapl-20240629.htm
+
+14/30
+
+8/16/24, 4:13 PM
+
+aapl-20240629
+
+Note 6 – Income Taxes
+European Commission State Aid Decision
+On August 30, 2016, the European Commission (the “Commission”) announced its decision that Ireland granted state aid to the
+Company by providing tax opinions in 1991 and 2007 concerning the tax allocation of profits of the Irish branches of two subsidiaries of
+the Company (the “State Aid Decision”). The State Aid Decision ordered Ireland to calculate and recover additional taxes from the
+Company for the period June 2003 through December 2014. Irish legislative changes, effective as of January 2015, eliminated the
+application of the tax opinions from that date forward. The Company and Ireland appealed the State Aid Decision to the General Court of
+the Court of Justice of the European Union (the “General Court”). On July 15, 2020, the General Court annulled the State Aid Decision.
+On September 25, 2020, the Commission appealed the General Court’s decision to the European Court of Justice (the “ECJ”) and a
+hearing was held on May 23, 2023. A decision from the ECJ is expected in the fourth quarter of 2024. The Company believes it would be
+eligible to claim a U.S. foreign tax credit for a portion of any incremental Irish corporate income taxes potentially due related to the State
+Aid Decision.
+Note 7 – Debt
+Commercial Paper
+The Company issues unsecured short-term promissory notes pursuant to a commercial paper program. The Company uses net
+proceeds from the commercial paper program for general corporate purposes, including dividends and share repurchases. As of
+June 29, 2024 and September 30, 2023, the Company had $3.0 billion and $6.0 billion of commercial paper outstanding, respectively.
+The following table provides a summary of cash flows associated with the issuance and maturities of commercial paper for the nine
+months ended June 29, 2024 and July 1, 2023 (in millions):
+Nine Months Ended
+June 29,
+2024
+
+Maturities 90 days or less:
+Repayments of commercial paper, net
+
+$
+
+Maturities greater than 90 days:
+Repayments of commercial paper
+Total repayments of commercial paper, net
+
+$
+
+July 1,
+2023
+
+(2,985) $
+
+(3,326)
+
+—
+
+(2,645)
+
+(2,985) $
+
+(5,971)
+
+Term Debt
+As of June 29, 2024 and September 30, 2023, the Company had outstanding fixed-rate notes with varying maturities for an aggregate
+carrying amount of $98.3 billion and $105.1 billion, respectively (collectively the “Notes”). As of June 29, 2024 and September 30, 2023,
+the fair value of the Company’s Notes, based on Level 2 inputs, was $86.2 billion and $90.8 billion, respectively.
+Note 8 – Shareholders’ Equity
+Share Repurchase Program
+During the nine months ended June 29, 2024, the Company repurchased 387 million shares of its common stock for $70.0 billion. The
+Company’s share repurchase programs do not obligate the Company to acquire a minimum amount of shares. Under the programs,
+shares may be repurchased in privately negotiated or open market transactions, including under plans complying with Rule 10b5-1
+under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
+
+Apple Inc. | Q3 2024 Form 10-Q | 10
+
+https://www.sec.gov/Archives/edgar/data/320193/000032019324000081/aapl-20240629.htm
+
+15/30
+
+8/16/24, 4:13 PM
+
+aapl-20240629
+
+Note 9 – Share-Based Compensation
+Restricted Stock Units
+A summary of the Company’s RSU activity and related information for the nine months ended June 29, 2024 is as follows:
+Number of
+RSUs
+(in thousands)
+
+Balance as of September 30, 2023
+RSUs granted
+RSUs vested
+RSUs canceled
+Balance as of June 29, 2024
+
+Weighted-Average
+Grant Date Fair
+Value Per RSU
+
+180,247
+78,276
+(83,842)
+(8,258)
+166,423
+
+$
+$
+$
+$
+$
+
+135.91
+172.26
+126.47
+137.85
+157.66
+
+Aggregate
+Fair Value
+(in millions)
+
+$
+
+35,052
+
+The fair value as of the respective vesting dates of RSUs was $6.4 billion and $15.0 billion for the three- and nine-month periods ended
+June 29, 2024, respectively, and was $7.0 billion and $14.9 billion for the three- and nine-month periods ended July 1, 2023,
+respectively.
+Share-Based Compensation
+The following table shows share-based compensation expense and the related income tax benefit included in the Condensed
+Consolidated Statements of Operations for the three- and nine-month periods ended June 29, 2024 and July 1, 2023 (in millions):
+Three Months Ended
+June 29,
+2024
+
+Share-based compensation expense
+Income tax benefit related to share-based compensation expense
+
+$
+$
+
+2,869 $
+(764) $
+
+Nine Months Ended
+
+July 1,
+2023
+
+2,617 $
+(993) $
+
+June 29,
+2024
+
+8,830 $
+(2,662) $
+
+July 1,
+2023
+
+8,208
+(2,791)
+
+As of June 29, 2024, the total unrecognized compensation cost related to outstanding RSUs was $21.9 billion, which the Company
+expects to recognize over a weighted-average period of 2.6 years.
+Note 10 – Contingencies
+The Company is subject to various legal proceedings and claims that have arisen in the ordinary course of business and that have not
+been fully resolved. The outcome of litigation is inherently uncertain. In the opinion of management, there was not at least a reasonable
+possibility the Company may have incurred a material loss, or a material loss greater than a recorded accrual, concerning loss
+contingencies for asserted legal and other claims.
+
+Apple Inc. | Q3 2024 Form 10-Q | 11
+
+https://www.sec.gov/Archives/edgar/data/320193/000032019324000081/aapl-20240629.htm
+
+16/30
+
+8/16/24, 4:13 PM
+
+aapl-20240629
+
+Note 11 – Segment Information and Geographic Data
+The following table shows information by reportable segment for the three- and nine-month periods ended June 29, 2024 and July 1,
+2023 (in millions):
+Three Months Ended
+June 29,
+2024
+
+Nine Months Ended
+
+July 1,
+2023
+
+June 29,
+2024
+
+July 1,
+2023
+
+Americas:
+Net sales
+Operating income
+
+$
+$
+
+37,678
+15,209
+
+$
+$
+
+35,383
+13,117
+
+$
+$
+
+125,381
+50,640
+
+$
+$
+
+122,445
+44,908
+
+Europe:
+Net sales
+Operating income
+
+$
+$
+
+21,884
+9,170
+
+$
+$
+
+20,205
+7,995
+
+$
+$
+
+76,404
+31,872
+
+$
+$
+
+71,831
+27,380
+
+Greater China:
+Net sales
+Operating income
+
+$
+$
+
+14,728
+5,562
+
+$
+$
+
+15,758
+6,207
+
+$
+$
+
+51,919
+20,884
+
+$
+$
+
+57,475
+24,175
+
+Japan:
+Net sales
+Operating income
+
+$
+$
+
+5,097
+2,544
+
+$
+$
+
+4,821
+2,443
+
+$
+$
+
+19,126
+9,498
+
+$
+$
+
+18,752
+9,073
+
+Rest of Asia Pacific:
+Net sales
+Operating income
+
+$
+$
+
+6,390
+2,610
+
+$
+$
+
+5,630
+2,328
+
+$
+$
+
+23,275
+9,995
+
+$
+$
+
+23,284
+9,447
+
+A reconciliation of the Company’s segment operating income to the Condensed Consolidated Statements of Operations for the threeand nine-month periods ended June 29, 2024 and July 1, 2023 is as follows (in millions):
+Three Months Ended
+June 29,
+July 1,
+2024
+2023
+
+Segment operating income
+Research and development expense
+Other corporate expenses, net
+Total operating income
+
+$
+
+$
+
+35,095 $
+(8,006)
+(1,737)
+25,352 $
+
+32,090 $
+(7,442)
+(1,650)
+22,998 $
+
+Nine Months Ended
+June 29,
+July 1,
+2024
+2023
+
+122,889 $
+(23,605)
+(5,659)
+93,625 $
+
+114,983
+(22,608)
+(5,043)
+87,332
+
+Apple Inc. | Q3 2024 Form 10-Q | 12
+
+https://www.sec.gov/Archives/edgar/data/320193/000032019324000081/aapl-20240629.htm
+
+17/30
+
+8/16/24, 4:13 PM
+
+Item 2.
+
+aapl-20240629
+
+Management’s Discussion and Analysis of Financial Condition and Results of Operations
+
+This Item and other sections 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. 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. For example, statements in this Form 10-Q regarding the potential future impact of macroeconomic conditions
+on the Company’s business and results of operations are forward-looking statements. 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. 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. Factors that might cause such differences include, but
+are not limited to, those discussed in Part I, Item 1A of the 2023 Form 10-K and Part II, Item 1A of this Form 10-Q, in each case 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.
+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.
+The following discussion should be read in conjunction with the 2023 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.
+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. 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. The information
+contained on the websites referenced in this Form 10-Q is not incorporated by reference into this filing. Further, the Company’s
+references to website URLs are intended to be inactive textual references only.
+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. Additionally, new product and service introductions can significantly impact net sales, cost of sales and
+operating expenses. 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. Net sales can also be affected when consumers and distributors anticipate a product
+introduction.
+During the third quarter of 2024, the Company announced the following product and operating system updates:
+•
+
+•
+•
+
+iPad Air®;
+iPad Pro®;
+iOS 18, macOS® Sequoia, iPadOS® 18, watchOS® 11, visionOS™ 2 and tvOS® 18.
+
+The Company also announced Apple Intelligence™, a personal intelligence system that uses generative models, which will be available
+on certain iPhone, Mac and iPad devices. Apple Intelligence is deeply integrated into iOS 18, macOS Sequoia and iPadOS 18.
+Fiscal Period
+The Company’s fiscal year is the 52- or 53-week period that ends on the last Saturday of September. 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
+quarter of 2023. The Company’s fiscal years 2024 and 2023 span 52 and 53 weeks, respectively.
+Macroeconomic Conditions
+Macroeconomic conditions, including inflation, interest rates and currency fluctuations, have directly and indirectly impacted, and could
+in the future materially impact, the Company’s results of operations and financial condition.
+
+Apple Inc. | Q3 2024 Form 10-Q | 13
+https://www.sec.gov/Archives/edgar/data/320193/000032019324000081/aapl-20240629.htm
+
+18/30
+
+8/16/24, 4:13 PM
+
+aapl-20240629
+
+https://www.sec.gov/Archives/edgar/data/320193/000032019324000081/aapl-20240629.htm
+
+19/30
+
+8/16/24, 4:13 PM
+
+aapl-20240629
+
+Segment Operating Performance
+The following table shows net sales by reportable segment for the three- and nine-month periods ended June 29, 2024 and July 1, 2023
+(dollars in millions):
+Three Months Ended
+June 29,
+2024
+
+Net sales by reportable segment:
+Americas
+Europe
+Greater China
+Japan
+Rest of Asia Pacific
+Total net sales
+
+$
+
+$
+
+37,678
+21,884
+14,728
+5,097
+6,390
+85,777
+
+July 1,
+2023
+
+$
+
+$
+
+Nine Months Ended
+Change
+
+35,383
+20,205
+15,758
+4,821
+5,630
+81,797
+
+6% $
+8%
+(7)%
+6%
+13 %
+5% $
+
+June 29,
+2024
+
+125,381
+76,404
+51,919
+19,126
+23,275
+296,105
+
+July 1,
+2023
+
+$
+
+$
+
+122,445
+71,831
+57,475
+18,752
+23,284
+293,787
+
+Change
+
+2%
+6%
+(10)%
+2%
+—%
+1%
+
+Americas
+Americas net sales increased during the third quarter of 2024 compared to the third quarter of 2023 due primarily to higher net sales of
+Services and iPad. Year-over-year Americas net sales increased during the first nine months of 2024 due primarily to higher net sales of
+Services, partially offset by lower net sales of iPhone and Wearables, Home and Accessories. The strength in foreign currencies relative
+to the U.S. dollar had a net favorable year-over-year impact on Americas net sales during the first nine months of 2024.
+Europe
+Europe net sales increased during the third quarter of 2024 compared to the third quarter of 2023 due primarily to higher net sales of
+Services and iPad. The weakness in foreign currencies relative to the U.S. dollar had a net unfavorable year-over-year impact on Europe
+net sales during the third quarter of 2024. Year-over-year Europe net sales increased during the first nine months of 2024 due primarily
+to higher net sales of Services and iPhone, partially offset by lower net sales of Wearables, Home and Accessories.
+Greater China
+Greater China net sales decreased during the third quarter of 2024 compared to the third quarter of 2023 due primarily to lower net sales
+of iPhone. Year-over-year Greater China net sales decreased during the first nine months of 2024 due primarily to lower net sales of
+iPhone and iPad. The weakness in the renminbi relative to the U.S. dollar had an unfavorable year-over-year impact on Greater China
+net sales during the third quarter and first nine months of 2024.
+Japan
+Japan net sales increased during the third quarter of 2024 compared to the third quarter of 2023 due primarily to higher net sales of
+iPhone and iPad. Year-over-year Japan net sales increased during the first nine months of 2024 due primarily to higher net sales of
+iPhone, partially offset by lower net sales of Wearables, Home and Accessories. The weakness in the yen relative to the U.S. dollar had
+an unfavorable year-over-year impact on Japan net sales during the third quarter and first nine months of 2024.
+Rest of Asia Pacific
+Rest of Asia Pacific net sales increased during the third quarter of 2024 compared to the third quarter of 2023 due primarily to higher net
+sales of Services, iPhone and iPad. Year-over-year Rest of Asia Pacific net sales were relatively flat during the first nine months of 2024.
+The weakness in foreign currencies relative to the U.S. dollar had a net unfavorable year-over-year impact on Rest of Asia Pacific net
+sales during the third quarter and first nine months of 2024.
+
+Apple Inc. | Q3 2024 Form 10-Q | 14
+
+https://www.sec.gov/Archives/edgar/data/320193/000032019324000081/aapl-20240629.htm
+
+20/30
+
+8/16/24, 4:13 PM
+
+aapl-20240629
+
+Products and Services Performance
+The following table shows net sales by category for the three- and nine-month periods ended June 29, 2024 and July 1, 2023 (dollars in
+millions):
+Three Months Ended
+June 29,
+2024
+
+Net sales by category:
+iPhone
+Mac
+iPad
+Wearables, Home and Accessories
+Services
+Total net sales
+
+$
+
+$
+
+39,296
+7,009
+7,162
+8,097
+24,213
+85,777
+
+July 1,
+2023
+
+$
+
+$
+
+Nine Months Ended
+Change
+
+39,669
+6,840
+5,791
+8,284
+21,213
+81,797
+
+(1)% $
+2%
+24 %
+(2)%
+14 %
+5% $
+
+June 29,
+2024
+
+154,961
+22,240
+19,744
+27,963
+71,197
+296,105
+
+July 1,
+2023
+
+$
+
+$
+
+Change
+
+156,778
+21,743
+21,857
+30,523
+62,886
+293,787
+
+(1)%
+2%
+(10)%
+(8)%
+13 %
+1%
+
+iPhone
+iPhone net sales were relatively flat during the third quarter and first nine months of 2024 compared to the same periods in 2023.
+Mac
+Mac net sales increased during the third quarter and first nine months of 2024 compared to the same periods in 2023 due to higher net
+sales of laptops.
+iPad
+iPad net sales increased during the third quarter of 2024 compared to the third quarter of 2023 due primarily to higher net sales of iPad
+Pro and iPad Air. Year-over-year iPad net sales decreased during the first nine months of 2024 due primarily to lower net sales of iPad
+9th generation and iPad Pro, partially offset by higher net sales of iPad 10th generation.
+Wearables, Home and Accessories
+Wearables, Home and Accessories net sales decreased during the third quarter of 2024 compared to the third quarter of 2023 due
+primarily to lower net sales of Wearables. Year-over-year Wearables, Home and Accessories net sales decreased during the first nine
+months of 2024 due primarily to lower net sales of Wearables and Accessories.
+Services
+Services net sales increased during the third quarter and first nine months of 2024 compared to the same periods in 2023 due primarily
+to higher net sales from advertising, the App Store® and cloud services.
+
+Apple Inc. | Q3 2024 Form 10-Q | 15
+
+https://www.sec.gov/Archives/edgar/data/320193/000032019324000081/aapl-20240629.htm
+
+21/30
+
+8/16/24, 4:13 PM
+
+aapl-20240629
+
+Gross Margin
+Products and Services gross margin and gross margin percentage for the three- and nine-month periods ended June 29, 2024 and
+July 1, 2023 were as follows (dollars in millions):
+Three Months Ended
+June 29,
+2024
+
+Gross margin:
+Products
+Services
+
+$
+$
+
+Total gross margin
+Gross margin percentage:
+Products
+Services
+Total gross margin percentage
+
+21,761
+17,917
+39,678
+
+35.3 %
+74.0 %
+46.3 %
+
+Nine Months Ended
+
+July 1,
+2023
+
+$
+$
+
+21,448
+14,965
+36,413
+
+35.4 %
+70.5 %
+44.5 %
+
+June 29,
+2024
+
+$
+$
+
+84,241
+52,563
+136,804
+
+July 1,
+2023
+
+$
+$
+
+37.5 %
+73.8 %
+46.2 %
+
+84,205
+44,516
+128,721
+
+36.5 %
+70.8 %
+43.8 %
+
+Products Gross Margin
+Products gross margin was relatively flat during the third quarter and first nine months of 2024 compared to the same periods in 2023.
+Products gross margin percentage was relatively flat during the third quarter of 2024 compared to the third quarter of 2023. Year-overyear Products gross margin percentage increased during the first nine months of 2024 due primarily to cost savings, partially offset by a
+different Products mix and the weakness in foreign currencies relative to the U.S. dollar.
+Services Gross Margin
+Services gross margin increased during the third quarter and first nine months of 2024 compared to the same periods in 2023 due
+primarily to higher Services net sales.
+Services gross margin percentage increased during the third quarter and first nine months of 2024 compared to the same periods in
+2023 due primarily to a different Services mix.
+The Company’s future gross margins can be impacted by a variety of factors, as discussed in Part I, Item 1A of the 2023 Form 10-K and
+Part II, Item 1A of this Form 10-Q, in each case under the heading “Risk Factors.” As a result, the Company believes, in general, gross
+margins will be subject to volatility and downward pressure.
+Operating Expenses
+Operating expenses for the three- and nine-month periods ended June 29, 2024 and July 1, 2023 were as follows (dollars in millions):
+Three Months Ended
+June 29,
+July 1,
+2024
+2023
+
+Research and development
+Percentage of total net sales
+Selling, general and administrative
+Percentage of total net sales
+Total operating expenses
+Percentage of total net sales
+
+$
+$
+$
+
+8,006
+$
+9%
+6,320
+$
+7%
+14,326
+$
+17 %
+
+7,442
+$
+9%
+5,973
+$
+7%
+13,415
+$
+16 %
+
+Nine Months Ended
+June 29,
+July 1,
+2024
+2023
+
+23,605
+$
+8%
+19,574
+$
+7%
+43,179
+$
+15 %
+
+22,608
+8%
+18,781
+6%
+41,389
+14 %
+
+Research and Development
+The growth in research and development (“R&D”) expense during the third quarter and first nine months of 2024 compared to the same
+periods in 2023 was driven primarily by increases in headcount-related expenses.
+
+https://www.sec.gov/Archives/edgar/data/320193/000032019324000081/aapl-20240629.htm
+
+22/30
+
+8/16/24, 4:13 PM
+
+aapl-20240629
+Apple Inc. | Q3 2024 Form 10-Q | 16
+
+https://www.sec.gov/Archives/edgar/data/320193/000032019324000081/aapl-20240629.htm
+
+23/30
+
+8/16/24, 4:13 PM
+
+aapl-20240629
+
+Selling, General and Administrative
+Selling, general and administrative expense increased $347 million during the third quarter of 2024 and $793 million during the first nine
+months of 2024 compared to the same periods in 2023.
+Provision for Income Taxes
+Provision for income taxes, effective tax rate and statutory federal income tax rate for the three- and nine-month periods ended June 29,
+2024 and July 1, 2023 were as follows (dollars in millions):
+Three Months Ended
+June 29,
+2024
+
+Provision for income taxes
+Effective tax rate
+Statutory federal income tax rate
+
+$
+
+4,046
+$
+15.9 %
+21 %
+
+July 1,
+2023
+
+2,852
+$
+12.5 %
+21 %
+
+Nine Months Ended
+June 29,
+2024
+
+14,875
+$
+15.8 %
+21 %
+
+July 1,
+2023
+
+12,699
+14.6 %
+21 %
+
+The Company’s effective tax rate for the third quarter and first nine months of 2024 was lower than the statutory federal income tax rate
+due primarily to a lower effective tax rate on foreign earnings, the impact of the U.S. federal R&D credit, and tax benefits from sharebased compensation, partially offset by state income taxes.
+The Company’s effective tax rate for the third quarter and first nine months of 2024 was higher compared to the same periods in 2023
+due primarily to a higher effective tax rate on foreign earnings and lower tax benefits from share-based compensation, partially offset by
+lower state income taxes.
+Liquidity and Capital Resources
+The Company believes its balances of cash, cash equivalents and unrestricted marketable securities, along with cash generated by
+ongoing operations and continued access to debt markets, will be sufficient to satisfy its cash requirements and capital return program
+over the next 12 months and beyond.
+The Company’s contractual cash requirements have not changed materially since the 2023 Form 10-K, except for manufacturing
+purchase obligations.
+Manufacturing Purchase Obligations
+The Company utilizes several outsourcing partners to manufacture subassemblies for the Company’s products and to perform final
+assembly and testing of finished products. The Company also obtains individual components for its products from a wide variety of
+individual suppliers. As of June 29, 2024, the Company had manufacturing purchase obligations of $38.4 billion, with $38.3 billion
+payable within 12 months.
+Capital Return Program
+In addition to its contractual cash requirements, the Company has authorized share repurchase programs. The programs do not obligate
+the Company to acquire a minimum amount of shares. As of June 29, 2024, the Company’s quarterly cash dividend was $0.25 per
+share. The Company intends to increase its dividend on an annual basis, subject to declaration by the Board of Directors.
+During the third quarter of 2024, the Company repurchased $26.0 billion of its common stock and paid dividends and dividend
+equivalents of $3.9 billion.
+Recent Accounting Pronouncements
+Income Taxes
+In December 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09,
+Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which will require the Company to disclose
+specified additional information in its income tax rate reconciliation and provide additional information for reconciling items that meet a
+quantitative threshold. ASU 2023-09 will also require the Company to disaggregate its income taxes paid disclosure by federal, state and
+foreign taxes, with further disaggregation required for significant individual jurisdictions. The Company will adopt ASU 2023-09 in its
+fourth quarter of 2026 using a prospective transition method.
+https://www.sec.gov/Archives/edgar/data/320193/000032019324000081/aapl-20240629.htm
+
+24/30
+
+8/16/24, 4:13 PM
+
+aapl-20240629
+
+Apple Inc. | Q3 2024 Form 10-Q | 17
+
+https://www.sec.gov/Archives/edgar/data/320193/000032019324000081/aapl-20240629.htm
+
+25/30
+
+8/16/24, 4:13 PM
+
+aapl-20240629
+
+Segment Reporting
+In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment
+Disclosures (“ASU 2023-07”), which will require the Company to disclose segment expenses that are significant and regularly provided
+to the Company’s chief operating decision maker (“CODM”). In addition, ASU 2023-07 will require the Company to disclose the title and
+position of its CODM and how the CODM uses segment profit or loss information in assessing segment performance and deciding how
+to allocate resources. The Company will adopt ASU 2023-07 in its fourth quarter of 2025 using a retrospective transition method.
+Critical Accounting Estimates
+The preparation of financial statements and related disclosures in conformity with GAAP and the Company’s discussion and analysis of
+its financial condition and operating results require the Company’s management to make judgments, assumptions and estimates that
+affect the amounts reported. Note 1, “Summary of Significant Accounting Policies” of the Notes to Condensed Consolidated Financial
+Statements in Part I, Item 1 of this Form 10-Q and in the Notes to Consolidated Financial Statements in Part II, Item 8 of the 2023 Form
+10-K describe the significant accounting policies and methods used in the preparation of the Company’s condensed consolidated
+financial statements. There have been no material changes to the Company’s critical accounting estimates since the 2023 Form 10-K.
+Item 3.
+
+Quantitative and Qualitative Disclosures About Market Risk
+
+There have been no material changes to the Company’s market risk during the first nine months of 2024. For a discussion of the
+Company’s exposure to market risk, refer to the Company’s market risk disclosures set forth in Part II, Item 7A, “Quantitative and
+Qualitative Disclosures About Market Risk” of the 2023 Form 10-K.
+Item 4.
+
+Controls and Procedures
+
+Evaluation of Disclosure Controls and Procedures
+Based on an evaluation under the supervision and with the participation of the Company’s management, the Company’s principal
+executive officer and principal financial officer have concluded that the Company’s disclosure controls and procedures as defined in
+Rules 13a-15(e) and 15d-15(e) under the Exchange Act were effective as of June 29, 2024 to provide reasonable assurance that
+information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is (i) recorded, processed,
+summarized and reported within the time periods specified in the SEC rules and forms and (ii) accumulated and communicated to the
+Company’s management, including its principal executive officer and principal financial officer, as appropriate to allow timely decisions
+regarding required disclosure.
+Changes in Internal Control over Financial Reporting
+There were no changes in the Company’s internal control over financial reporting during the third quarter of 2024, which were identified
+in connection with management’s evaluation required by paragraph (d) of Rules 13a-15 and 15d-15 under the Exchange Act, that have
+materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
+
+Apple Inc. | Q3 2024 Form 10-Q | 18
+
+https://www.sec.gov/Archives/edgar/data/320193/000032019324000081/aapl-20240629.htm
+
+26/30
+
+8/16/24, 4:13 PM
+
+aapl-20240629
+
+PART II — OTHER INFORMATION
+Item 1.
+
+Legal Proceedings
+
+Digital Markets Act Investigations
+On March 25, 2024, the Commission announced that it had opened two formal noncompliance investigations against the Company
+under the European Union (“EU”) Digital Markets Act (the “DMA”). The Commission’s investigations concern (1) Article 5(4) of the DMA,
+which relates to how developers may communicate and promote offers to end users for apps distributed through the App Store as well
+as how developers may conclude contracts with those end users; and (2) Article 6(3) of the DMA, which relates to default settings,
+uninstallation of apps, and a web browser choice screen on iOS. On June 24, 2024, the Commission announced its preliminary findings
+in the Article 5(4) investigation alleging that the Company’s App Store rules are in breach of the DMA and announced that it had opened
+a third formal investigation against the Company regarding whether the Company’s new contractual requirements for third-party app
+developers and app marketplaces may violate the DMA. If the Commission makes a final determination that there has been a violation, it
+can issue a cease and desist order and may impose fines up to 10% of the Company’s annual worldwide net sales. Although any
+decision by the Commission can be appealed to the General Court of the EU, the effectiveness of the Commission’s order would apply
+immediately while the appeal is pending, unless a stay of the order is granted. The Company believes that it complies with the DMA and
+has continued to make changes to its compliance plan in response to feedback and engagement with the Commission.
+Department of Justice Lawsuit
+On March 21, 2024, the U.S. Department of Justice (the “DOJ”) and a number of state and district attorneys general filed a civil antitrust
+lawsuit in the U.S. District Court for the District of New Jersey against the Company alleging monopolization or attempted
+monopolization in the markets for “performance smartphones” and “smartphones” in violation of U.S. antitrust laws. The DOJ is seeking
+equitable relief to redress the alleged anticompetitive behavior. In addition, various civil litigation matters have been filed in state and
+federal courts in the U.S. alleging similar violations of U.S. antitrust laws and seeking monetary damages and other nonmonetary relief.
+The Company believes it has substantial defenses and intends to vigorously defend itself.
+Epic Games
+Epic Games, Inc. (“Epic”) filed a lawsuit in the U.S. District Court for the Northern District of California (the “California District Court”)
+against the Company alleging violations of federal and state antitrust laws and California’s unfair competition law based upon the
+Company’s operation of its App Store. The California District Court found that certain provisions of the Company’s App Store Review
+Guidelines violate California’s unfair competition law and issued an injunction enjoining the Company from prohibiting developers from
+including in their apps external links that direct customers to purchasing mechanisms other than Apple in-app purchasing. The injunction
+applies to apps on the U.S. storefront of the iOS and iPadOS App Store. On January 16, 2024, the Company implemented a plan to
+comply with the injunction and filed a statement of compliance with the California District Court. A motion by Epic disputing the
+Company’s compliance plan and seeking to enforce the injunction, which the Company has opposed, is pending before the California
+District Court. The Company believes it has substantial defenses and intends to vigorously defend itself.
+Other Legal Proceedings
+The Company is subject to other legal proceedings and claims that have not been fully resolved and that have arisen in the ordinary
+course of business. The Company settled certain matters during the third quarter of 2024 that did not individually or in the aggregate
+have a material impact on the Company’s financial condition or operating results. The outcome of litigation is inherently uncertain. If one
+or more legal matters were resolved against the Company in a reporting period for amounts above management’s expectations, the
+Company’s financial condition and operating results for that reporting period could be materially adversely affected.
+Item 1A.
+
+Risk Factors
+
+The Company’s business, reputation, results of operations, financial condition and stock price can be affected by a number of factors,
+whether currently known or unknown, including those described in Part I, Item 1A of the 2023 Form 10-K and Part II, Item 1A of the Form
+10-Q for the quarter ended March 30, 2024 (the “second quarter 2024 Form 10-Q”), in each case under the heading “Risk Factors.”
+When any one or more of these risks materialize from time to time, the Company’s business, reputation, results of operations, financial
+condition and stock price can be materially and adversely affected. Except for the risk factor disclosed in Part II, Item 1A of the second
+quarter 2024 Form 10-Q, which is hereby incorporated by reference into this Part II, Item 1A of this Form 10-Q, there have been no
+material changes to the Company’s risk factors since the 2023 Form 10-K.
+
+Apple Inc. | Q3 2024 Form 10-Q | 19
+https://www.sec.gov/Archives/edgar/data/320193/000032019324000081/aapl-20240629.htm
+
+27/30
+
+8/16/24, 4:13 PM
+
+Item 2.
+
+aapl-20240629
+
+Unregistered Sales of Equity Securities and Use of Proceeds
+
+Purchases of Equity Securities by the Issuer and Affiliated Purchasers
+Share repurchase activity during the three months ended June 29, 2024 was as follows (in millions, except number of shares, which are
+reflected in thousands, and per-share amounts):
+
+Periods
+March 31, 2024 to May 4, 2024:
+Open market and privately negotiated purchases
+May 5, 2024 to June 1, 2024:
+Open market and privately negotiated purchases
+June 2, 2024 to June 29, 2024:
+Open market and privately negotiated purchases
+Total
+(1)
+
+Item 3.
+
+Total Number
+of Shares
+Purchased
+
+Average
+Price
+Paid Per
+Share
+
+Total Number of
+Shares
+Purchased as
+Part of Publicly
+Announced
+Plans or
+Programs
+
+45,690
+
+$
+
+169.74
+
+45,690
+
+51,729
+
+$
+
+188.38
+
+51,729
+
+41,354
+
+$
+
+205.54
+
+41,354
+
+138,773
+
+Approximate Dollar
+Value of
+Shares That May Yet
+Be Purchased
+Under the Plans or
+Programs (1)
+
+$
+
+114,074
+
+On May 4, 2023, the Board of Directors authorized the purchase of up to $90 billion of the Company’s common stock under a share
+repurchase program. As of June 29, 2024, remaining availability under the May 2023 program was $4.1 billion. On May 2, 2024, the
+Board of Directors authorized an additional program to repurchase up to $110 billion of the Company’s common stock. The programs
+do not obligate the Company to acquire a minimum amount of shares. Under the programs, shares may be repurchased in privately
+negotiated or open market transactions, including under plans complying with Rule 10b5-1 under the Exchange Act.
+
+Defaults Upon Senior Securities
+
+None.
+Item 4.
+
+Mine Safety Disclosures
+
+Not applicable.
+Item 5.
+
+Other Information
+
+Insider Trading Arrangements
+On May 24, 2024, Tim Cook, the Company’s Chief Executive Officer, entered into a trading plan intended to satisfy the affirmative
+defense conditions of Rule 10b5-1(c) under the Exchange Act. The plan provides for the sale, subject to certain price limits, of shares
+vesting during the duration of the plan pursuant to certain equity awards granted to Mr. Cook, excluding shares withheld by the Company
+to satisfy income tax withholding and remittance obligations. Mr. Cook’s plan will expire on May 24, 2026, subject to early termination in
+accordance with the terms of the plan.
+
+Apple Inc. | Q3 2024 Form 10-Q | 20
+
+https://www.sec.gov/Archives/edgar/data/320193/000032019324000081/aapl-20240629.htm
+
+28/30
+
+8/16/24, 4:13 PM
+
+Item 6.
+
+aapl-20240629
+
+Exhibits
+Incorporated by Reference
+
+Exhibit
+Number
+
+31.1*
+31.2*
+32.1**
+101*
+104*
+
+Exhibit Description
+
+Form
+
+Exhibit
+
+Filing Date/
+Period End
+Date
+
+Rule 13a-14(a) / 15d-14(a) Certification of Chief Executive Officer.
+Rule 13a-14(a) / 15d-14(a) Certification of Chief Financial Officer.
+Section 1350 Certifications of Chief Executive Officer and Chief Financial Officer.
+Inline XBRL Document Set for the condensed consolidated financial statements and
+accompanying notes in Part I, Item 1, “Financial Statements” of this Quarterly
+Report on Form 10-Q.
+Inline XBRL for the cover page of this Quarterly Report on Form 10-Q, included in
+the Exhibit 101 Inline XBRL Document Set.
+
+*
+
+Filed herewith.
+
+**
+
+Furnished herewith.
+
+Apple Inc. | Q3 2024 Form 10-Q | 21
+
+https://www.sec.gov/Archives/edgar/data/320193/000032019324000081/aapl-20240629.htm
+
+29/30
+
+8/16/24, 4:13 PM
+
+aapl-20240629
+
+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 thereunto duly authorized.
+Date: August 1, 2024
+
+Apple Inc.
+By:
+
+/s/ Luca Maestri
+Luca Maestri
+Senior Vice President,
+Chief Financial Officer
+
+Apple Inc. | Q3 2024 Form 10-Q | 22
+
+https://www.sec.gov/Archives/edgar/data/320193/000032019324000081/aapl-20240629.htm
+
+30/30
+
+

Raw_Data/Text/output_test_last.txt

@@ -0,0 +1,657 @@
+A. Rule as to Use of Form 1O-Q. 1. Form
+
+10-Q shall be used for quarterly reports under Section 13
+
+or 15(d) of the Securities Exchange Act of 1934 (15
+
+U.S.C. 78m or 78o(d)), filed pursuant to Rule 13a-13 (17
+
+CFR 240.13a-13) or Rule 15d-13 (17 CFR 240.15d-13). A quarterly
+
+report on this Form pursuant to Rule 13a-13 or Rule
+
+15d-13 shall be filed within the following period after the
+
+end of each of the first three fiscal quarters of
+
+each fiscal year, but no report need be filed for
+
+the fourth quarter of any fiscal year: a. 40 days
+
+after the end of the fiscal quarter for large accelerated
+
+filers and accelerated filers (as defined in 17 CFR §
+
+240.12b-2); and b. 45 days after the end of the
+
+fiscal quarter for all other registrants. B. Application of General
+
+Rules and Regulations. 1. The General Rules and Regulations under
+
+the Act contain certain general requirements which are applicable to
+
+reports on any form. These general requirements should be carefully
+
+read and observed in the preparation and filing of reports
+
+on this Form. 2. Particular attention is directed to Regulation
+
+12B which contains general requirements regarding matters such as the
+
+kind and size of paper to be used, the legibility
+
+of the report, the information to be given whenever the
+
+title of securities is required to be stated, and the
+
+filing of the report. The definitions contained in Rule 12b-2
+
+(17 CFR 240. 12b-2) should be especially noted. See also
+
+Regulations 13A and 15D. C. Preparation of Report. 1. This
+
+is not a blank form to be filled in. It
+
+is a guide copy to be used in preparing the
+
+report in accordance with Rules 12b -11 (17 CFR 240.12b-11)
+
+and 12b-12 (17 CFR 240.12b-12). The Commission does not furnish
+
+blank copies of this Form to be filled in for
+
+filing. 2. These general instructions are not to be filed
+
+with the report. The instructions to the various captions of
+
+the Form are also to be omitted from the report
+
+as filed. SEC 1296 (02-23) Potential persons who are to
+
+respond to the collection of information contained in this Form
+
+are not required to respond unless the Form displays a
+
+currently valid OMB control number. D. Incorporation by Reference. 1.
+
+If the registrant makes available to its stockholders or otherwise
+
+publishes, within the period prescribed for filing the report, a
+
+document or statement containing information meeting some or all of
+
+the requirements of Part I of this Form, the information
+
+called for may be incorporated by reference from such published
+
+document or statement, in answer or partial answer to any
+
+item or items of Part I of this Form, provided
+
+copies thereof are filed as an exhibit to Part I
+
+of the report on this Form. 2. Other information may
+
+be incorporated by reference in answer or partial answer to
+
+any item or items of Part II of this Form
+
+in accordance with the provisions of Rule 12b-23 (17 CFR
+
+240.12b-23). 3. If any information required by Part I or
+
+Part II is incorporated by reference into an electronic format
+
+document from the quarterly report to security holders as provided
+
+in General Instruction D, any portion of the quarterly report
+
+to security holders incorporated by reference shall be filed as
+
+an exhibit in electronic format, as required by Item 601(b)(13)
+
+of Regulation S-K. E. Integrated Reports to Security Holders. Quarterly
+
+reports to security holders may be combined with the required
+
+information of Form 10-Q and will be suitable for filing
+
+with the Commission if the following conditions are satisfied: 1.
+
+The combined report contains full and complete answers to all
+
+items required by Part I of this Form. When responses
+
+to a certain item of required disclosure are separated within
+
+the combined report, an appropriate cross-reference should be made. 2.
+
+If not included in the combined report, the cover page,
+
+appropriate responses to Part II, and the required signatures shall
+
+be included in the Form 10-Q. Additionally, as appropriate, a
+
+cross-reference sheet should be filed indicating the location of information
+
+required by the items of the Form. 3. If an
+
+electronic filer files any portion of a quarterly report to
+
+security holders in combination with the required information of Form
+
+10-Q, as provided in this instruction, only such portions filed
+
+in satisfaction of the Form 10-Q requirements shall be filed
+
+in electronic format. F. Filed Status of Information Presented. 1.
+
+Pursuant to Rule 13a-13(d) and Rule 15d-13(d), the information presented
+
+in satisfaction of the requirements of Items 1, 2 and
+
+3 of Part I of this Form, whether included directly
+
+in a report on this Form, incorporated therein by reference
+
+from a report, document or statement filed as an exhibit
+
+to Part I of this Form pursuant to Instruction D(1)
+
+above, included in an integrated report pursuant to Instruction E
+
+above, or contained in a statement regarding computation of per
+
+share earnings or a letter regarding a change in accounting
+
+principles filed as an exhibit to Part I pursuant to
+
+Item 601 of Regulation S-K (§ 229.601 of this chapter),
+
+except as provided by Instruction F(2) below, shall not be
+
+deemed filed for the purpose of Section 18 of the
+
+Act or otherwise subject to the liabilities of that section
+
+of the Act but shall be subject to the other
+
+provisions of the Act. 2. Information presented in satisfaction of
+
+the requirements of this Form other than those of Items
+
+1, 2 and 3 of Part I shall be deemed
+
+filed for the purpose of Section 18 of the Act;
+
+except that, where information presented in response to Item 1
+
+or 2 of Part I (or as an exhibit thereto)
+
+is also used to satisfy Part II requirements through incorporation
+
+by reference, only that portion of Part I (or exhibit
+
+thereto) consisting of the information required by Part II shall
+
+be deemed so filed. G. Signature and Filing of Report.
+
+If the report is filed in paper pursuant to a
+
+hardship exemption from electronic filing (see Item 201 et seq.
+
+of Regulation S-T (17 CFR 232.201 et seq.), three complete
+
+copies of the report, including any financial statements, exhibits or
+
+other papers or documents filed as a part thereof, and
+
+five additional copies which need not include exhibits must be
+
+filed with the Commission. At least one complete copy of
+
+the report, including any financial statements, exhibits or other papers
+
+or documents filed as a part thereof, must be filed
+
+with each exchange on which any class of securities of
+
+the registrant is registered. At least one complete copy of
+
+the report filed with the Commission and one such copy
+
+filed with each exchange must be manually signed on the
+
+registrant’s behalf by a duly authorized officer of the registrant
+
+and by the principal financial or chief accounting officer of
+
+the registrant. (See Rule 12b-11(d) (17 CFR 240.12b-11(d).) Copies not
+
+manually signed must bear typed or printed signatures. In the
+
+case where the principal executive officer, principal financial officer or
+
+chief accounting officer is also duly authorized to sign on
+
+behalf of the registrant, one signature is acceptable provided that
+
+the registrant clearly indicates the dual responsibilities of the signatory.
+
+H. Omission of Information by Certain Wholly-Owned Subsidiaries. If on
+
+the date of the filing of its report on Form
+
+10-Q, the registrant meets the conditions specified in paragraph (1)
+
+below, then such registrant may omit the information called for
+
+in the items specified in paragraph (2) below. 1. Conditions
+
+for availability of the relief specified in paragraph (2) below:
+
+a. All of the registrant’s equity securities are owned, either
+
+directly or indirectly, by a single person which is a
+
+reporting company under the Act and which has filed all
+
+the material required to be filed pursuant to Section 13,
+
+14 or 15(d) thereof, as applicable; b. During the preceding
+
+thirty-six calendar months and any subsequent period of days, there
+
+has not been any material default in the payment of
+
+principal, interest, a sinking or purchase fund installment, or any
+
+other material default not cured within thirty days, with respect
+
+to any indebtedness of the registrant or its subsidiaries, and
+
+there has not been any material default in the payment
+
+of rentals under material long-term leases; and c. There is
+
+prominently set forth, on the cover page of the Form
+
+10-Q, a statement that the registrant meets the conditions set
+
+forth in General Instruction H(1)(a) and (b) of Form 10-Q
+
+and is therefore filing this Form with the reduced disclosure
+
+format. 2. Registrants meeting the conditions specified in paragraph (1)
+
+above are entitled to the following relief: a. Such registrants
+
+may omit the information called for by Item 2 of
+
+Part I, Management’s Discussion and Analysis of Financial Condition and
+
+Results of Operations, provided that the registrant includes in the
+
+Form 10-Q a management’s narrative analysis of the results of
+
+operations explaining the reasons for material changes in the amount
+
+of revenue and expense items between the most recent fiscal
+
+year-to-date period presented and the corresponding year to-date period in
+
+the preceding fiscal year. Explanations of material changes should include,
+
+but not be limited to, changes in the various elements
+
+which determine revenue and expense levels such as unit sales
+
+volume, prices charged and paid, production levels, production cost variances,
+
+labor costs and discretionary spending programs. In addition, the analysis
+
+should include an explanation of the effect of any changes
+
+in accounting principles and practices or method of application that
+
+have a material effect on net income as reported. b.
+
+Such registrants may omit the information called for in the
+
+following Part II Items: Item 2, Changes in Securities; Item
+
+3, Defaults Upon Senior Securities. c. Such registrants may omit
+
+the information called for by Item 3 of Part I,
+
+Quantitative and Qualitative Disclosures About Market Risk. 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 or [ ] TRANSITION REPORT PURSUANT TO SECTION
+
+13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
+
+For the transition period from to Commission File Number: (Exact
+
+name of registrant as specified in its charter) (State or
+
+other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
+
+(Address of principal executive offices) (Zip Code) (Registrant’s telephone number,
+
+including area code) (Former name, former address and former fiscal
+
+year, if changed since last report) Securities registered pursuant to
+
+Section 12(b) of the Act: Title of each class Trading
+
+Symbol(s) Name of each exchange on which registered SEC 1296
+
+(02-23) Potential persons who are to respond to the collection
+
+of information contained in this Form are not required to
+
+respond unless the Form displays a currently valid OMB control
+
+number. 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. ☐ 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). ☐ 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. See the definitions of “large
+
+accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth
+
+company" in Rule 12b-2 of the Exchange Act. 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. ☐ Indicate by check
+
+mark whether the registrant is a shell company (as defined
+
+in Rule 12b-2 of the Exchange Act). ☐ Yes ☐
+
+No APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING
+
+THE PRECEDING FIVE YEARS: Indicate by check mark whether the
+
+registrant has filed all documents and reports required to be
+
+filed by Sections 12, 13 or 15(d) of the Securities
+
+Exchange Act of 1934 subsequent to the distribution of securities
+
+under a plan confirmed by a court. ☐ Yes ☐
+
+No APPLICABLE ONLY TO CORPORATE ISSUERS: Indicate the number of
+
+shares outstanding of each of the issuer’s classes of common
+
+stock, as of the latest practicable date. PART I—FINANCIAL INFORMATION
+
+Item 1. Financial Statements. Provide the information required by Rule
+
+10-01 of Regulation S-X (17 CFR Part 210). A smaller
+
+reporting company, defined in Rule 12b-2 (§ 240.12b-2 of this
+
+chapter) may provide the information required by Article 8-03 of
+
+Regulation S-X (§ 210.8-03 of this chapter). Item 2. Management’s
+
+Discussion and Analysis of Financial Condition and Results of Operations.
+
+Furnish the information required by Item 303 of Regulation S-K
+
+(§ 229.303 of this chapter). Item 3. Quantitative and Qualitative
+
+Disclosures About Market Risk. Furnish the information required by Item
+
+305 of Regulation S-K (§ 229.305 of this chapter). Item
+
+4. Controls and Procedures. Furnish the information required by Item
+
+307 of Regulation S-K (§ 229.307 of this chapter) and
+
+Item 308(c) of Regulation S-K (§229.308(c) of this chapter). PART
+
+II—OTHER INFORMATION Instruction. The report shall contain the item numbers
+
+and captions of all applicable items of Part II, but
+
+the text of such items may be omitted provided the
+
+responses clearly indicate the coverage of the item. Any item
+
+which is inapplicable or to which the answer is negative
+
+may be omitted and no reference thereto need be made
+
+in the report. If substantially the same information has been
+
+previously reported by the registrant, an additional report of the
+
+information on this Form need not be made. The term
+
+“previously reported” is defined in Rule 12b-2 (17 CFR 240.
+
+12b-2). A separate response need not be presented in Part
+
+II where information called for is already disclosed in the
+
+financial information provided in Part I and is incorporated by
+
+reference into Part II of the report by means of
+
+a statement to that effect in Part II which specifically
+
+identifies the incorporated information. Item 1. Legal Proceedings. Furnish the
+
+information required by Item 103 of Regulation S-K (§ 229.103
+
+of this chapter). As to such proceedings which have been
+
+terminated during the period covered by the report, provide similar
+
+information, including the date of termination and a description of
+
+the disposition thereof with respect to the registrant and its
+
+subsidiaries. Instruction. A legal proceeding need only be reported in
+
+the 10-Q filed for the quarter in which it first
+
+became a reportable event and in subsequent quarters in which
+
+there have been material developments. Subsequent Form 10-Q filings in
+
+the same fiscal year in which a legal proceeding or
+
+a material development is reported should reference any previous reports
+
+in that year. Item 1A. Risk Factors. Set forth any
+
+material changes from risk factors as previously disclosed in the
+
+registrant's Form 10-K (§249.310) in response to Item 1A. to
+
+Part 1 of Form 10-K. Smaller reporting companies are not
+
+required to provide the information required by this item. Item
+
+2. Unregistered Sales of Equity Securities and Use of Proceeds.
+
+(a) Furnish the information required by Item 701 of Regulation
+
+S-K (17 CFR 229.701) as to all equity securities of
+
+the registrant sold by the registrant during the period covered
+
+by the report that were not registered under the Securities
+
+Act. If the Item 701 information previously has been included
+
+in a Current Report on Form 8-K (17 CFR 249.308),
+
+however, it need not be furnished. (b) If required pursuant
+
+to Rule 463 (17 CFR 230.463) of the Securities Act
+
+of 1933, furnish the information required by Item 701(f) of
+
+Regulation S-K (§ 229.701(f) of this chapter). (c) Furnish the
+
+information required by Item 703 of Regulation S-K (§ 229.703
+
+of this chapter) for any repurchase made in the quarter
+
+covered by the report. Provide disclosures covering repurchases made on
+
+a monthly basis. For example, if the quarter began on
+
+January 16 and ended on April 15, the chart would
+
+show repurchases for the months from January 16 through February
+
+15, February 16 through March 15, and March 16 through
+
+April 15. Instruction. Working capital restrictions and other limitations upon
+
+the payment of dividends are to be reported hereunder. Item
+
+3. Defaults Upon Senior Securities. (a) If there has been
+
+any material default in the payment of principal, interest, a
+
+sinking or purchase fund installment, or any other material default
+
+not cured within 30 days, with respect to any indebtedness
+
+of the registrant or any of its significant subsidiaries exceeding
+
+5 percent of the total assets of the registrant and
+
+its consolidated subsidiaries, identify the indebtedness and state the nature
+
+of the default. In the case of such a default
+
+in the payment of principal, interest, or a sinking or
+
+purchase fund installment, state the amount of the default and
+
+the total arrearage on the date of filing this report.
+
+Instruction. This paragraph refers only to events which have become
+
+defaults under the governing instruments, i.e., after the expiration of
+
+any period of grace and compliance with any notice requirements.
+
+(b) If any material arrearage in the payment of dividends
+
+has occurred or if there has been any other material
+
+delinquency not cured within 30 days, with respect to any
+
+class of preferred stock of the registrant which is registered
+
+or which ranks prior to any class of registered securities,
+
+or with respect to any class of preferred stock of
+
+any significant subsidiary of the registrant, give the title of
+
+the class and state the nature of the arrearage or
+
+delinquency. In the case of an arrearage in the payment
+
+of dividends, state the amount and the total arrearage on
+
+the date of filing this report. Instructions to Item 3.
+
+1. Item 3 need not be answered as to any
+
+default or arrearage with respect to any class of securities
+
+all of which is held by, or for the account
+
+of, the registrant or its totally held subsidiaries. 2. The
+
+information required by Item 3 need not be made if
+
+previously disclosed on a report on Form 8-K (17 CFR
+
+249.308). Item 4. Mine Safety Disclosures. If applicable, provide a
+
+statement that the information concerning mine safety violations or other
+
+regulatory matters required by Section 1503(a) of the Dodd-Frank Wall
+
+Street Reform and Consumer Protection Act and Item 104 of
+
+Regulation S-K (17 CFR 229.104) is included in exhibit 95
+
+to the quarterly report. Item 5. Other Information. (a) The
+
+registrant must disclose under this item any information required to
+
+be disclosed in a report on Form 8-K during the
+
+period covered by this Form 10-Q, but not reported, whether
+
+or not otherwise required by this Form 10-Q. If disclosure
+
+of such information is made under this item, it need
+
+not be repeated in a report on Form 8-K which
+
+would otherwise be required to be filed with respect to
+
+such information or in a subsequent report on Form 10-Q;
+
+and (b) Furnish the information required by Item 407(c)(3) of
+
+Regulation S-K (§ 229.407 of this chapter). (c) Furnish the
+
+information required by Item 408(a) of Regulation S-K (17 CFR
+
+229.408(a)). Item 6. Exhibits. Furnish the exhibits required by Item
+
+601 of Regulation S-K (§ 229.601 of this chapter).

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