Apple computer inc
NASDAQ: AAPL $189.0 -0.57%
Balance Sheet
ASSETS: March 30, 2019 September 29, 2018
ASSETS:
Current assets:
Cash and cash equivalents 37,988 25,913
Marketable securities 42,104 40,388
Accounts receivable, net 15,085 23,186
Inventories 4,884 3,956
Vendor non-trade receivables 11,193 25,809
Other current assets 12,092 12,087
Total current assets 123,346 131,339
Non-current assets:
Marketable securities 145,319 170,799
Property, plant and equipment, net 38,746 41,304
Other non-current assets 34,587 22,283
Total non-current assets 218,652 234,386
Total assets 341,998 365,725
LIABILITIES AND SHAREHOLDERS EQUITY:
Current liabilities:
Accounts payable 30,443 55,888
Other current liabilities 35,368 33,327
Deferred revenue 5,532 5,966
Commercial paper 11,924 11,964
Term debt 10,505 8,784
Total current liabilities 93,772 115,929
Non-current liabilities:
Term debt 90,201 93,735
Other non-current liabilities 52,165 48,914
Total non-current liabilities 142,366 142,649
Total liabilities 236,138 258,578
Commitments and contingencies
Shareholders equity:
Common stock and additional paid-in capital, $0.00001 par value: 12,600,000 shares authorized; 4,607,284 and 4,754,986 shares issued and outstanding, respectively 42,801 40,201
Retained earnings 64,558 70,400
Accumulated other comprehensive income/(loss) -1,499 -3,454
Total shareholders equity 105,860 107,147
Total liabilities and shareholders equity 341,998 365,725
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Statements of Income
Three Months Ended March Six Months Ended March
30, 2019 31, 2018 30, 2019 31, 2018
Net sales:
Products 46,565 51,287 120,000 130,451
Services 11,450 9,850 22,325 18,979
Total net sales 58,015 61,137 142,325 149,430
Cost of sales:
Products 32,047 33,936 80,285 84,511
Services 4,147 3,779 8,188 7,585
Total cost of sales 36,194 37,715 88,473 92,096
Gross margin 21,821 23,422 53,852 57,334
Operating expenses:
Research and development 3,948 3,378 7,850 6,785
Selling, general and administrative 4,458 4,150 9,241 8,381
Total operating expenses 8,406 7,528 17,091 15,166
Operating income 13,415 15,894 36,761 42,168
Other income/(expense), net 378 274 938 1,030
Income before provision for income taxes 13,793 16,168 37,699 43,198
Provision for income taxes 2,232 2,346 6,173 9,311
Net income 11,561 13,822 31,526 33,887
Earnings per share:
Basic 2.47 2.75 6.70 6.69
Diluted 2.46 2.73 6.66 6.63
Shares used in computing earnings per share:
Basic 4,674,071 5,024,877 4,704,945 5,068,877
Diluted 4,700,646 5,068,493 4,736,949 5,113,140
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Cash Flows
Six Months Ended March
30, 2019 31, 2018
Cash, cash equivalents and restricted cash, beginning balances 25,913 20,289
Operating activities:
Net income 31,526 33,887
Adjustments to reconcile net income to cash generated by operating activities:
Depreciation and amortization 6,435 5,484
Share-based compensation expense 3,073 2,644
Deferred income tax benefit -124 -34,235
Other -215 -151
Changes in operating assets and liabilities:
Accounts receivable, net 8,094 3,523
Inventories -1,006 -2,807
Vendor non-trade receivables 14,616 9,715
Other current and non-current assets -717 -1,053
Accounts payable -20,024 -12,004
Deferred revenue -540 394
Other current and non-current liabilities -3,273 38,026
Cash generated by operating activities 37,845 43,423
Investing activities:
Purchases of marketable securities -13,854 -48,449
Proceeds from maturities of marketable securities 16,880 31,884
Proceeds from sales of marketable securities 22,635 38,942
Payments for acquisition of property, plant and equipment -5,718 -7,005
Payments made in connection with business acquisitions, net -291 -305
Purchases of non-marketable securities -490 -163
Other 30 216
Cash generated by investing activities 19,192 15,120
Financing activities:
Proceeds from issuance of common stock 390 327
Payments for taxes related to net share settlement of equity awards -1,427 -1,190
Payments for dividends and dividend equivalents -7,011 -6,529
Repurchases of common stock -32,498 -32,851
Proceeds from issuance of term debt, net 0 6,969
Repayments of term debt -2,500 -500
Other -87 1
Cash used in financing activities -43,133 -33,773
Increase in cash, cash equivalents and restricted cash 13,904 24,770
Cash, cash equivalents and restricted cash, ending balances 39,817 45,059
Supplemental cash flow disclosure:
Cash paid for income taxes, net 9,497 6,340
Cash paid for interest 1,762 1,356
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