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CUPERTINO, Calif.--(BUSINESS WIRE)--Oct 27, 2022--
Apple® today announced financial results for its fiscal 2022 fourth quarter ended September 24, 2022. The Company posted a September quarter record revenue of $90.1 billion, up 8 percent year over year, and quarterly earnings per diluted share of $1.29, up 4 percent year over year. Annual revenue was $394.3 billion, up 8 percent year over year, and annual earnings per diluted share were $6.11, up 9 percent year over year.
“This quarter’s results reflect Apple’s commitment to our customers, to the pursuit of innovation, and to leaving the world better than we found it,” said Tim Cook, Apple’s CEO. “As we head into the holiday season with our most powerful lineup ever, we are leading with our values in every action we take and every decision we make. We are deeply committed to protecting the environment, to securing user privacy, to strengthening accessibility, and to creating products and services that can unlock humanity’s full creative potential.”
“Our record September quarter results continue to demonstrate our ability to execute effectively in spite of a challenging and volatile macroeconomic backdrop,” said Luca Maestri, Apple’s CFO. “We continued to invest in our long-term growth plans, generated over $24 billion in operating cash flow, and returned over $29 billion to our shareholders during the quarter. The strength of our ecosystem, unmatched customer loyalty, and record sales spurred our active installed base of devices to a new all-time high. This quarter capped another record-breaking year for Apple, with revenue growing over $28 billion and operating cash flow up $18 billion versus last year.”
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 November 10, 2022 to shareholders of record as of the close of business on November 7, 2022.
Apple will provide live streaming of its Q4 2022 financial results conference call beginning at 2:00 p.m. PT on October 27, 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, its environmental initiatives, and its plans for new features, products, and long-term growth. 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
Twelve Months Ended
September 24,
2022
September 25,
2021
September 24,
2022
September 25,
2021
Net sales:
Products
$
70,958
$
65,083
$
316,199
$
297,392
Services
19,188
18,277
78,129
68,425
Total net sales (1)
90,146
83,360
394,328
365,817
Cost of sales:
Products
46,387
42,790
201,471
192,266
Services
5,664
5,396
22,075
20,715
Total cost of sales
52,051
48,186
223,546
212,981
Gross margin
38,095
35,174
170,782
152,836
Operating expenses:
Research and development
6,761
5,772
26,251
21,914
Selling, general and administrative
6,440
5,616
25,094
21,973
Total operating expenses
13,201
11,388
51,345
43,887
Operating income
24,894
23,786
119,437
108,949
Other income/(expense), net
(237
)
(538
)
(334
)
258
Income before provision for income taxes
24,657
23,248
119,103
109,207
Provision for income taxes
3,936
2,697
19,300
14,527
Net income
$
20,721
$
20,551
$
99,803
$
94,680
Earnings per share:
Basic
$
1.29
$
1.25
$
6.15
$
5.67
Diluted
$
1.29
$
1.24
$
6.11
$
5.61
Shares used in computing earnings per share:
Basic
16,030,382
16,487,121
16,215,963
16,701,272
Diluted
16,118,465
16,635,097
16,325,819
16,864,919
(1) Net sales by reportable segment:
Americas
$
39,808
$
36,820
$
169,658
$
153,306
Europe
22,795
20,794
95,118
89,307
Greater China
15,470
14,563
74,200
68,366
Japan
5,700
5,991
25,977
28,482
Rest of Asia Pacific
6,373
5,192
29,375
26,356
Total net sales
$
90,146
$
83,360
$
394,328
$
365,817
(1) Net sales by category:
iPhone
$
42,626
$
38,868
$
205,489
$
191,973
Mac
11,508
9,178
40,177
35,190
iPad
7,174
8,252
29,292
31,862
Wearables, Home and Accessories
9,650
8,785
41,241
38,367
Services
19,188
18,277
78,129
68,425
Total net sales
$
90,146
$
83,360
$
394,328
$
365,817
Apple Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In millions, except number of shares which are reflected in thousands and par value)
September 24,
2022
September 25,
2021
ASSETS:
Current assets:
Cash and cash equivalents
$
23,646
$
34,940
Marketable securities
24,658
27,699
Accounts receivable, net
28,184
26,278
Inventories
4,946
6,580
Vendor non-trade receivables
32,748
25,228
Other current assets
21,223
14,111
Total current assets
135,405
134,836
Non-current assets:
Marketable securities
120,805
127,877
Property, plant and equipment, net
42,117
39,440
Other non-current assets
54,428
48,849
Total non-current assets
217,350
216,166
Total assets
$
352,755
$
351,002
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities:
Accounts payable
$
64,115
$
54,763
Other current liabilities
60,845
47,493
Deferred revenue
7,912
7,612
Commercial paper
9,982
6,000
Term debt
11,128
9,613
Total current liabilities
153,982
125,481
Non-current liabilities:
Term debt
98,959
109,106
Other non-current liabilities
49,142
53,325
Total non-current liabilities
148,101
162,431
Total liabilities
302,083
287,912
Commitments and contingencies
Shareholders’ equity:
Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,943,425 and 16,426,786 shares issued and outstanding, respectively
64,849
57,365
Retained earnings/(Accumulated deficit)
(3,068
)
5,562
Accumulated other comprehensive income/(loss)
(11,109
)
163
Total shareholders’ equity
50,672
63,090
Total liabilities and shareholders’ equity
$
352,755
$
351,002
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In millions)
Twelve Months Ended
September 24,
2022
September 25,
2021
Cash, cash equivalents and restricted cash, beginning balances
$
35,929
$
39,789
Operating activities:
Net income
99,803
94,680
Adjustments to reconcile net income to cash generated by operating activities:
Depreciation and amortization
11,104
11,284
Share-based compensation expense
9,038
7,906
Deferred income tax expense/(benefit)
895
(4,774
)
Other
111
(147
)
Changes in operating assets and liabilities:
Accounts receivable, net
(1,823
)
(10,125
)
Inventories
1,484
(2,642
)
Vendor non-trade receivables
(7,520
)
(3,903
)
Other current and non-current assets
(6,499
)
(8,042
)
Accounts payable
9,448
12,326
Deferred revenue
478
1,676
Other current and non-current liabilities
5,632
5,799
Cash generated by operating activities
122,151
104,038
Investing activities:
Purchases of marketable securities
(76,923
)
(109,558
)
Proceeds from maturities of marketable securities
29,917
59,023
Proceeds from sales of marketable securities
37,446
47,460
Payments for acquisition of property, plant and equipment
(10,708
)
(11,085
)
Payments made in connection with business acquisitions, net
(306
)
(33
)
Other
(1,780
)
(352
)
Cash used in investing activities
(22,354
)
(14,545
)
Financing activities:
Payments for taxes related to net share settlement of equity awards
(6,223
)
(6,556
)
Payments for dividends and dividend equivalents
(14,841
)
(14,467
)
Repurchases of common stock
(89,402
)
(85,971
)
Proceeds from issuance of term debt, net
5,465
20,393
Repayments of term debt
(9,543
)
(8,750
)
Proceeds from commercial paper, net
3,955
1,022
Other
(160
)
976
Cash used in financing activities
(110,749
)
(93,353
)
Decrease in cash, cash equivalents and restricted cash
(10,952
)
(3,860
)
Cash, cash equivalents and restricted cash, ending balances
$
24,977
$
35,929
Supplemental cash flow disclosure:
Cash paid for income taxes, net
$
19,573
$
25,385
Cash paid for interest
$
2,865
$
2,687
View source version on businesswire.com:https://www.businesswire.com/news/home/20221027006041/en/
CONTACT: Press Contact:
Josh Rosenstock
Apple
jrosenstock@apple.com
(408) 862-1142Investor Relations Contact:
Tejas Gala
Apple
tgala@apple.com
(669) 227-2402
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: SOFTWARE HARDWARE DATA MANAGEMENT CONSUMER ELECTRONICS WEARABLES/MOBILE TECHNOLOGY TECHNOLOGY APPS/APPLICATIONS MOBILE/WIRELESS
SOURCE: Apple Inc.
Copyright Business Wire 2022.
PUB: 10/27/2022 04:30 PM/DISC: 10/27/2022 04:30 PM
http://www.businesswire.com/news/home/20221027006041/en