iPhone and Services drive June quarter record revenue
Active installed base of devices reaches all-time high for
all major product categories
Apple® today announced financial results for its fiscal 2022
third quarter ended June 25, 2022. The Company posted a June
quarter revenue record of $83.0 billion, up 2 percent year over
year, and quarterly earnings per diluted share of $1.20.
“This quarter’s record results speak to Apple’s constant efforts
to innovate, to advance new possibilities, and to enrich the lives
of our customers,” said Tim Cook, Apple’s CEO. “As always, we are
leading with our values, and expressing them in everything we
build, from new features that are designed to protect user privacy
and security, to tools that will enhance accessibility, part of our
longstanding commitment to create products for everyone.”
“Our June quarter results continued to demonstrate our ability
to manage our business effectively despite the challenging
operating environment. We set a June quarter revenue record and our
installed base of active devices reached an all-time high in every
geographic segment and product category,” said Luca Maestri,
Apple’s CFO. “During the quarter, we generated nearly $23 billion
in operating cash flow, returned over $28 billion to our
shareholders, and continued to invest in our long-term growth
plans.”
Apple’s board of directors has declared a cash dividend of $0.23
per share of the Company’s common stock. The dividend is payable on
August 11, 2022 to shareholders of record as of the close of
business on August 8, 2022.
Apple will provide live streaming of its Q3 2022 financial
results conference call beginning at 2:00 p.m. PT on July 28, 2022
at apple.com/investor/earnings-call. This 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 the payment of the Company’s quarterly dividend and its
plans for new features and products. 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 or information, which speak as of their
respective dates.
Apple revolutionized personal technology with the introduction
of the Macintosh in 1984. Today, Apple leads the world in
innovation with iPhone, iPad, Mac, Apple Watch, and Apple TV.
Apple’s five software platforms — iOS, iPadOS, macOS, watchOS, and
tvOS — provide seamless experiences across all Apple devices and
empower people with breakthrough services including the App Store,
Apple Music, Apple Pay, and iCloud. Apple’s more than 100,000
employees are dedicated to making the best products on earth, and
to leaving the world better than we found it.
NOTE TO EDITORS: For additional information visit Apple Newsroom
(www.apple.com/newsroom), or call Apple’s Media Helpline at (408)
974-2042.
© 2022 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 25, 2022
June 26, 2021
June 25, 2022
June 26, 2021
Net sales:
Products
$
63,355
$
63,948
$
245,241
$
232,309
Services
19,604
17,486
58,941
50,148
Total net sales (1)
82,959
81,434
304,182
282,457
Cost of sales:
Products
41,485
40,899
155,084
149,476
Services
5,589
5,280
16,411
15,319
Total cost of sales
47,074
46,179
171,495
164,795
Gross margin
35,885
35,255
132,687
117,662
Operating expenses:
Research and development
6,797
5,717
19,490
16,142
Selling, general and administrative
6,012
5,412
18,654
16,357
Total operating expenses
12,809
11,129
38,144
32,499
Operating income
23,076
24,126
94,543
85,163
Other income/(expense), net
(10
)
243
(97
)
796
Income before provision for income
taxes
23,066
24,369
94,446
85,959
Provision for income taxes
3,624
2,625
15,364
11,830
Net income
$
19,442
$
21,744
$
79,082
$
74,129
Earnings per share:
Basic
$
1.20
$
1.31
$
4.86
$
4.42
Diluted
$
1.20
$
1.30
$
4.82
$
4.38
Shares used in computing earnings per
share:
Basic
16,162,945
16,629,371
16,277,824
16,772,656
Diluted
16,262,203
16,781,735
16,394,937
16,941,527
(1) Net sales by reportable segment:
Americas
$
37,472
$
35,870
$
129,850
$
116,486
Europe
19,287
18,943
72,323
68,513
Greater China
14,604
14,762
58,730
53,803
Japan
5,446
6,464
20,277
22,491
Rest of Asia Pacific
6,150
5,395
23,002
21,164
Total net sales
$
82,959
$
81,434
$
304,182
$
282,457
(1) Net sales by category:
iPhone
$
40,665
$
39,570
$
162,863
$
153,105
Mac
7,382
8,235
28,669
26,012
iPad
7,224
7,368
22,118
23,610
Wearables, Home and Accessories
8,084
8,775
31,591
29,582
Services
19,604
17,486
58,941
50,148
Total net sales
$
82,959
$
81,434
$
304,182
$
282,457
Apple Inc.
CONDENSED CONSOLIDATED BALANCE
SHEETS (Unaudited)
(In millions, except number of
shares which are reflected in thousands and par value)
June 25, 2022
September 25,
2021
ASSETS:
Current assets:
Cash and cash equivalents
$
27,502
$
34,940
Marketable securities
20,729
27,699
Accounts receivable, net
21,803
26,278
Inventories
5,433
6,580
Vendor non-trade receivables
20,439
25,228
Other current assets
16,386
14,111
Total current assets
112,292
134,836
Non-current assets:
Marketable securities
131,077
127,877
Property, plant and equipment, net
40,335
39,440
Other non-current assets
52,605
48,849
Total non-current assets
224,017
216,166
Total assets
$
336,309
$
351,002
LIABILITIES AND SHAREHOLDERS’
EQUITY:
Current liabilities:
Accounts payable
$
48,343
$
54,763
Other current liabilities
48,811
47,493
Deferred revenue
7,728
7,612
Commercial paper
10,982
6,000
Term debt
14,009
9,613
Total current liabilities
129,873
125,481
Non-current liabilities:
Term debt
94,700
109,106
Other non-current liabilities
53,629
53,325
Total non-current liabilities
148,329
162,431
Total liabilities
278,202
287,912
Commitments and contingencies
Shareholders’ equity:
Common stock and additional paid-in
capital, $0.00001 par value: 50,400,000 shares authorized;
16,095,378 and 16,426,786 shares issued and outstanding,
respectively
62,115
57,365
Retained earnings
5,289
5,562
Accumulated other comprehensive
income/(loss)
(9,297
)
163
Total shareholders’ equity
58,107
63,090
Total liabilities and shareholders’
equity
$
336,309
$
351,002
Apple Inc.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (Unaudited)
(In millions)
Nine Months Ended
June 25, 2022
June 26, 2021
Cash, cash equivalents and restricted
cash, beginning balances
$
35,929
$
39,789
Operating activities:
Net income
79,082
74,129
Adjustments to reconcile net income to
cash generated by operating activities:
Depreciation and amortization
8,239
8,295
Share-based compensation expense
6,760
5,961
Deferred income tax expense/(benefit)
2,756
(737
)
Other
(61
)
(689
)
Changes in operating assets and
liabilities:
Accounts receivable, net
4,561
(1,316
)
Inventories
1,049
(1,213
)
Vendor non-trade receivables
4,789
4,892
Other current and non-current assets
(3,289
)
(5,899
)
Accounts payable
(6,108
)
(1,786
)
Deferred revenue
260
1,738
Other current and non-current
liabilities
(14
)
463
Cash generated by operating activities
98,024
83,838
Investing activities:
Purchases of marketable securities
(70,178
)
(94,052
)
Proceeds from maturities of marketable
securities
24,203
49,880
Proceeds from sales of marketable
securities
33,609
36,745
Payments for acquisition of property,
plant and equipment
(7,419
)
(7,862
)
Payments made in connection with business
acquisitions, net
(169
)
(13
)
Other
(1,183
)
(78
)
Cash used in investing activities
(21,137
)
(15,380
)
Financing activities:
Payments for taxes related to net share
settlement of equity awards
(5,915
)
(5,855
)
Payments for dividends and dividend
equivalents
(11,138
)
(10,827
)
Repurchases of common stock
(64,974
)
(66,223
)
Proceeds from issuance of term debt,
net
—
13,923
Repayments of term debt
(6,750
)
(7,500
)
Proceeds from commercial paper, net
4,970
3,022
Other
(148
)
489
Cash used in financing activities
(83,955
)
(72,971
)
Decrease in cash, cash equivalents and
restricted cash
(7,068
)
(4,513
)
Cash, cash equivalents and restricted
cash, ending balances
$
28,861
$
35,276
Supplemental cash flow disclosure:
Cash paid for income taxes, net
$
12,251
$
18,536
Cash paid for interest
$
1,910
$
1,870
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220728005969/en/
Press Contact: Josh Rosenstock Apple
jrosenstock@apple.com (408) 862-1142
Investor Relations Contact: Tejas Gala Apple
tgala@apple.com (669) 227-2402
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