Total Revenue Grows, Services Revenue Reaches New All-Time
High of $13.3 Billion
Apple® today announced financial results for its fiscal 2020
second quarter ended March 28, 2020. The Company posted quarterly
revenue of $58.3 billion, an increase of 1 percent from the
year-ago quarter, and quarterly earnings per diluted share of
$2.55, up 4 percent. International sales accounted for 62 percent
of the quarter’s revenue.
“Despite COVID-19’s unprecedented global impact, we’re proud to
report that Apple grew for the quarter, driven by an all-time
record in Services and a quarterly record for Wearables,” said Tim
Cook, Apple’s CEO. “In this difficult environment, our users are
depending on Apple products in renewed ways to stay connected,
informed, creative, and productive. We feel motivated and inspired
to not only keep meeting these needs in innovative ways, but to
continue giving back to support the global response, from the tens
of millions of face masks and custom-built face shields we’ve sent
to medical professionals around the world, to the millions we’ve
donated to organizations like Global Citizen and America’s Food
Fund.”
“We are proud of our Apple teams around the world and how
resilient our business and financial performance has been during
these challenging times,” said Luca Maestri, Apple’s CFO. “Our
active installed base of devices reached an all-time high in all of
our geographic segments and all major product categories. We also
generated operating cash flow of $13.3 billion during the quarter,
up $2.2 billion over a year ago. We are confident in our future and
continue to make significant investments in all areas of our
business to enrich our customers’ lives and support our long-term
plans — including our five-year commitment to contribute $350
billion to the United States economy.”
Apple’s board of directors has declared a cash dividend of $0.82
per share of the Company’s common stock, an increase of 6 percent.
The dividend is payable on May 14, 2020 to shareholders of record
as of the close of business on May 11, 2020. The board of directors
has also authorized an increase of $50 billion to the existing
share repurchase program.
Apple will provide live streaming of its Q2 2020 financial
results conference call beginning at 2:00 p.m. PT on April 30, 2020
at www.apple.com/investor/earnings-call/. This webcast will also 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 Company’s expectations regarding the impact of the
COVID-19 pandemic; anticipated revenue, gross margin, operating
expenses, other income/(expense), and tax rate; and plans for
return of capital. 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: the
effect of the COVID-19 pandemic on the Company’s business, results
of operations, financial condition, and stock price; the effect of
global and regional economic conditions on the Company’s business,
including effects on purchasing decisions by consumers and
businesses; the ability of the Company to compete in markets that
are highly competitive and subject to rapid technological change;
the ability of the Company to manage frequent introductions and
transitions of products and services, including delivering to the
marketplace, and stimulating customer demand for, new products,
services, and technological innovations on a timely basis; the
effect that shifts in the mix of products and services and in the
geographic, currency, or channel mix, component cost increases,
increases in the cost of acquiring and delivering content for the
Company’s services, price competition, or the introduction of new
products or services, including new products or services with
higher cost structures, could have on the Company’s gross margin;
the dependency of the Company on the performance of distributors of
the Company’s products, including cellular network carriers and
other resellers; the risk of write-downs on the value of inventory
and other assets and purchase commitment cancellation risk; the
continued availability on acceptable terms, or at all, of certain
components, services, and new technologies essential to the
Company’s business, including components and technologies that may
only be available from single or limited sources; the dependency of
the Company on manufacturing and logistics services provided by
third parties, many of which are located outside of the US and
which may affect the quality, quantity, or cost of products
manufactured or services rendered to the Company; the effect of
product and services design and manufacturing defects on the
Company’s financial performance and reputation; the dependency of
the Company on third-party intellectual property and digital
content, which may not be available to the Company on commercially
reasonable terms or at all; the dependency of the Company on
support from third-party software developers to develop and
maintain software applications and services for the Company’s
products; the impact of unfavorable legal proceedings, such as a
potential finding that the Company has infringed on the
intellectual property rights of others; the impact of complex and
changing laws and regulations worldwide, which expose the Company
to potential liabilities, increased costs, and other adverse
effects on the Company’s business; the ability of the Company to
manage risks associated with the Company’s retail stores; the
ability of the Company to manage risks associated with the
Company’s investments in new business strategies and acquisitions;
the impact on the Company’s business and reputation from
information technology system failures, network disruptions, or
losses or unauthorized access to, or release of, confidential
information; the ability of the Company to comply with laws and
regulations regarding data protection; the continued service and
availability of key executives and employees; political events,
international trade disputes, war, terrorism, natural disasters,
public health issues, and other business interruptions that could
disrupt supply or delivery of, or demand for, the Company’s
products; financial risks, including risks relating to currency
fluctuations, credit risks, and fluctuations in the market value of
the Company’s investment portfolio; and changes in tax rates and
exposure to additional tax liabilities. More information on these
risks and other potential factors that could affect the Company’s
business and financial results 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.
© 2020 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
Six Months Ended
March 28, 2020
March 30, 2019
March 28, 2020
March 30, 2019
Net sales:
Products
$
44,965
$
46,565
$
124,069
$
120,000
Services
13,348
11,450
26,063
22,325
Total net sales (1)
58,313
58,015
150,132
142,325
Cost of sales:
Products
31,321
32,047
83,396
80,285
Services
4,622
4,147
9,149
8,188
Total cost of sales
35,943
36,194
92,545
88,473
Gross margin
22,370
21,821
57,587
53,852
Operating expenses:
Research and development
4,565
3,948
9,016
7,850
Selling, general and administrative
4,952
4,458
10,149
9,241
Total operating expenses
9,517
8,406
19,165
17,091
Operating income
12,853
13,415
38,422
36,761
Other income/(expense), net
282
378
631
938
Income before provision for income
taxes
13,135
13,793
39,053
37,699
Provision for income taxes
1,886
2,232
5,568
6,173
Net income
$
11,249
$
11,561
$
33,485
$
31,526
Earnings per share:
Basic
$
2.58
$
2.47
$
7.63
$
6.70
Diluted
$
2.55
$
2.46
$
7.56
$
6.66
Shares used in computing earnings per
share:
Basic
4,360,101
4,674,071
4,387,570
4,704,945
Diluted
4,404,691
4,700,646
4,429,648
4,736,949
(1) Net sales by reportable segment:
Americas
$
25,473
$
25,596
$
66,840
$
62,536
Europe
14,294
13,054
37,567
33,417
Greater China
9,455
10,218
23,033
23,387
Japan
5,206
5,532
11,429
12,442
Rest of Asia Pacific
3,885
3,615
11,263
10,543
Total net sales
$
58,313
$
58,015
$
150,132
$
142,325
(1) Net sales by category:
iPhone
$
28,962
$
31,051
$
84,919
$
83,033
Mac
5,351
5,513
12,511
12,929
iPad
4,368
4,872
10,345
11,601
Wearables, Home and Accessories
6,284
5,129
16,294
12,437
Services
13,348
11,450
26,063
22,325
Total net sales
$
58,313
$
58,015
$
150,132
$
142,325
Apple Inc.
CONDENSED CONSOLIDATED BALANCE
SHEETS (Unaudited)
(In millions, except number of
shares which are reflected in thousands and par value)
March 28, 2020
September 28, 2019
ASSETS:
Current assets:
Cash and cash equivalents
$
40,174
$
48,844
Marketable securities
53,877
51,713
Accounts receivable, net
15,722
22,926
Inventories
3,334
4,106
Vendor non-trade receivables
14,955
22,878
Other current assets
15,691
12,352
Total current assets
143,753
162,819
Non-current assets:
Marketable securities
98,793
105,341
Property, plant and equipment, net
35,889
37,378
Other non-current assets
41,965
32,978
Total non-current assets
176,647
175,697
Total assets
$
320,400
$
338,516
LIABILITIES AND SHAREHOLDERS’
EQUITY:
Current liabilities:
Accounts payable
$
32,421
$
46,236
Other current liabilities
37,324
37,720
Deferred revenue
5,928
5,522
Commercial paper and repurchase
agreement
10,029
5,980
Term debt
10,392
10,260
Total current liabilities
96,094
105,718
Non-current liabilities:
Term debt
89,086
91,807
Other non-current liabilities
56,795
50,503
Total non-current liabilities
145,881
142,310
Total liabilities
241,975
248,028
Commitments and contingencies
Shareholders’ equity:
Common stock and additional paid-in
capital, $0.00001 par value: 12,600,000 shares authorized;
4,323,987 and 4,443,236 shares issued and outstanding,
respectively
48,032
45,174
Retained earnings
33,182
45,898
Accumulated other comprehensive
income/(loss)
(2,789
)
(584
)
Total shareholders’ equity
78,425
90,488
Total liabilities and shareholders’
equity
$
320,400
$
338,516
Apple Inc.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (Unaudited)
(In millions)
Six Months Ended
March 28, 2020
March 30, 2019
Cash, cash equivalents and restricted
cash, beginning balances
$
50,224
$
25,913
Operating activities:
Net income
33,485
31,526
Adjustments to reconcile net income to
cash generated by operating activities:
Depreciation and amortization
5,602
6,435
Share-based compensation expense
3,407
3,073
Deferred income tax benefit
(651
)
(124
)
Other
(259
)
(215
)
Changes in operating assets and
liabilities:
Accounts receivable, net
7,284
8,094
Inventories
699
(1,006
)
Vendor non-trade receivables
7,923
14,616
Other current and non-current assets
(8,866
)
(717
)
Accounts payable
(13,520
)
(20,024
)
Deferred revenue
1,223
(540
)
Other current and non-current
liabilities
7,500
(3,273
)
Cash generated by operating activities
43,827
37,845
Investing activities:
Purchases of marketable securities
(66,489
)
(13,854
)
Proceeds from maturities of marketable
securities
39,738
16,880
Proceeds from sales of marketable
securities
27,762
22,635
Payments for acquisition of property,
plant and equipment
(3,960
)
(5,718
)
Payments made in connection with business
acquisitions, net
(1,134
)
(291
)
Purchases of non-marketable securities
(146
)
(490
)
Other
(426
)
30
Cash generated by/(used in) investing
activities
(4,655
)
19,192
Financing activities:
Proceeds from issuance of common stock
430
390
Payments for taxes related to net share
settlement of equity awards
(1,566
)
(1,427
)
Payments for dividends and dividend
equivalents
(6,914
)
(7,011
)
Repurchases of common stock
(39,280
)
(32,498
)
Proceeds from issuance of term debt,
net
2,210
—
Repayments of term debt
(5,250
)
(2,500
)
Proceeds from/(Repayments of) commercial
paper, net
1,518
(36
)
Proceeds from repurchase agreement
2,556
—
Other
(51
)
(51
)
Cash used in financing activities
(46,347
)
(43,133
)
Increase/(Decrease) in cash, cash
equivalents and restricted cash
(7,175
)
13,904
Cash, cash equivalents and restricted
cash, ending balances
$
43,049
$
39,817
Supplemental cash flow disclosure:
Cash paid for income taxes, net
$
7,505
$
9,497
Cash paid for interest
$
1,689
$
1,762
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200430005960/en/
Apple Press Contact: Kristin Huguet Quayle, (408)
974-2414 khuguet@apple.com
Investor Relations Contact: Tejas Gala, (669) 227-2402
tgala@apple.com
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