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Apple Inc. (Exact Name of Registrant As Specified in Its Charter)

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Apple Inc. (Exact Name of Registrant As Specified in Its Charter) 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 March 27, 2021 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: Trading Title of each class symbol(s) Name of each exchange on which registered Common Stock, $0.00001 par value per share AAPL The Nasdaq Stock Market LLC 1.000% Notes due 2022 — The Nasdaq Stock Market LLC 1.375% Notes due 2024 — 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 ☒ 16,687,631,000 shares of common stock were issued and outstanding as of April 16, 2021. Apple Inc. Form 10-Q For the Fiscal Quarter Ended March 27, 2021 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 23 Item 3. Quantitative and Qualitative Disclosures About Market Risk 30 Item 4. Controls and Procedures 30 Part II Item 1. Legal Proceedings 31 Item 1A. Risk Factors 31 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 31 Item 3. Defaults Upon Senior Securities 31 Item 4. Mine Safety Disclosures 31 Item 5. Other Information 32 Item 6. Exhibits 32 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 Six Months Ended March 27, March 28, March 27, March 28, 2021 2020 2021 2020 Net sales: Products $ 72,683 $ 44,965 $ 168,361 $ 124,069 Services 16,901 13,348 32,662 26,063 Total net sales 89,584 58,313 201,023 150,132 Cost of sales: Products 46,447 31,321 108,577 83,396 Services 5,058 4,622 10,039 9,149 Total cost of sales 51,505 35,943 118,616 92,545 Gross margin 38,079 22,370 82,407 57,587 Operating expenses: Research and development 5,262 4,565 10,425 9,016 Selling, general and administrative 5,314 4,952 10,945 10,149 Total operating expenses 10,576 9,517 21,370 19,165 Operating income 27,503 12,853 61,037 38,422 Other income/(expense), net 508 282 553 631 Income before provision for income taxes 28,011 13,135 61,590 39,053 Provision for income taxes 4,381 1,886 9,205 5,568 Net income $ 23,630 $ 11,249 $ 52,385 $ 33,485 Earnings per share: Basic $ 1.41 $ 0.64 $ 3.11 $ 1.91 Diluted $ 1.40 $ 0.64 $ 3.08 $ 1.89 Shares used in computing earnings per share: Basic 16,753,476 17,440,402 16,844,298 17,550,281 Diluted 16,929,157 17,618,765 17,021,423 17,718,591 See accompanying Notes to Condensed Consolidated Financial Statements. Apple Inc. | Q2 2021 Form 10-Q | 1 Apple Inc. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (In millions) Three Months Ended Six Months Ended March 27, March 28, March 27, March 28, 2021 2020 2021 2020 Net income $ 23,630 $ 11,249 $ 52,385 $ 33,485 Other comprehensive income/(loss): Change in foreign currency translation, net of tax (78) (566) 471 (364) Change in unrealized gains/losses on derivative instruments, net of tax: Change in fair value of derivatives 332 (143) 28 (32) Adjustment for net (gains)/losses realized and included in net income 759 634 576 236 Total change in unrealized gains/losses on derivative instruments 1,091 491 604 204 Change in unrealized gains/losses on marketable debt securities, net of tax: Change in fair value of marketable debt securities (1,403) (2,325) (775) (2,200) Adjustment for net (gains)/losses realized and included in net income (75) 29 (180) 19 Total change in unrealized gains/losses on marketable debt securities (1,478) (2,296) (955) (2,181) Total other comprehensive income/(loss) (465) (2,371) 120 (2,341) Total comprehensive income $ 23,165 $ 8,878 $ 52,505 $ 31,144 See accompanying Notes to Condensed Consolidated Financial Statements. Apple Inc. | Q2 2021 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) March 27, September 26, 2021 2020 ASSETS: Current assets: Cash and cash equivalents $ 38,466 $ 38,016 Marketable securities 31,368 52,927 Accounts receivable, net 18,503 16,120 Inventories 5,219 4,061 Vendor non-trade receivables 14,533 21,325 Other current assets 13,376 11,264 Total current assets 121,465 143,713 Non-current assets: Marketable securities 134,539 100,887 Property, plant and equipment, net 37,815 36,766 Other non-current assets 43,339 42,522 Total non-current assets 215,693 180,175 Total assets $ 337,158 $ 323,888 LIABILITIES AND SHAREHOLDERS’ EQUITY: Current liabilities: Accounts payable $ 40,127 $ 42,296 Other current liabilities 45,660 42,684 Deferred revenue 7,595 6,643 Commercial paper 5,000 4,996 Term debt 8,003 8,773 Total current liabilities 106,385 105,392 Non-current liabilities: Term debt 108,642 98,667 Other non-current liabilities 52,953 54,490 Total non-current liabilities 161,595 153,157 Total liabilities 267,980 258,549 Commitments and contingencies Shareholders’ equity: Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 16,686,305 and 16,976,763 shares issued and outstanding, respectively 54,203 50,779 Retained earnings 15,261 14,966 Accumulated other comprehensive income/(loss) (286) (406) Total shareholders’ equity 69,178 65,339 Total liabilities and shareholders’ equity $ 337,158 $ 323,888 See accompanying Notes to Condensed Consolidated Financial Statements. Apple Inc. | Q2 2021 Form 10-Q | 3 Apple Inc. CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Unaudited) (In millions, except per share amounts) Three Months Ended Six Months Ended March 27, March 28, March 27, March 28, 2021 2020 2021 2020 Total shareholders’ equity, beginning balances $ 66,224 $ 89,531 $ 65,339 $ 90,488 Common stock and additional paid-in capital: Beginning balances 51,744 45,972 50,779 45,174 Common stock issued 561 428 561 430 Common stock withheld related to net share settlement of equity awards (135) (101) (1,236) (1,052) Share-based compensation 2,033 1,733 4,099 3,480 Ending balances 54,203 48,032 54,203 48,032 Retained earnings: Beginning balances 14,301 43,977 14,966 45,898 Net income 23,630 11,249 52,385 33,485 Dividends and dividend equivalents declared (3,495) (3,432) (7,042) (6,917) Common stock withheld related to net share settlement of equity awards (174) (96) (2,047) (632) Common stock repurchased (19,001) (18,516) (43,001) (38,516) Cumulative effect of change in accounting principle — — — (136) Ending balances 15,261 33,182 15,261 33,182 Accumulated other comprehensive income/(loss): Beginning balances 179 (418) (406) (584) Other comprehensive income/(loss) (465) (2,371) 120 (2,341) Cumulative effect of change in accounting principle — — — 136 Ending balances (286) (2,789) (286) (2,789) Total shareholders’ equity, ending balances $ 69,178 $ 78,425 $ 69,178 $ 78,425 Dividends and dividend equivalents declared per share or RSU $ 0.205 $ 0.1925 $ 0.41 $ 0.385 See accompanying Notes to Condensed Consolidated Financial Statements.
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