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8/9/2019 APPLE_10-Q_20080501
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Created by EDGAR Online, Inc.APPLE INCTABLE1Form Tye! 1"#$Period End! %ar &', &""(Date Filed! %ay "1, &""( Apple Inc.
(Exact name of Registrant as specified in its charter)
California 942404110(tate or other !"risdiction of (I.R.. Emplo#er incorporation or organi$ation) Identification %o.)
1 Infinite &oopC"pertino' California 9014(Address of principal exec"tie offices) (*ip Code)
Registrant+s telephone n"m,er' incl"ding area code- (40) 99/1010
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Created by EDGAR Online, Inc.APPLE INCINCO%E)*TATE%ENTForm Tye! 1"#$Period End! %ar &', &""(Date Filed! %ay "1, &""( A&E I%C.
C%3E%E3 C%&I3AE3 AE5E% 6 ERAI% (7na"dited)
(in millions' except share and per share amo"nts)
hree 5on5arch 29' 200%et sales 8 '12Cost of sales (1) '0:;ross margin 2'44
perating expenses-Research and deelopment (1) 2:elling' general' and administratie (1) /
otal operating expenses 1'19
perating income 1':1ther income and expense 1/2
Income ,efore proision for income taxes 1'4roision for income taxes 4:2
%et income 8 1'04
Earnings per common share-
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ths Ended ix 5onths Ended5arch :1' 5arch 29' 5arch :1'200 200 2008 '2/4 8 1'120 8 12':9:'41 11':14 ':101'49 '0/ 4'0/9
1: 19 ://0 1'4/ 1':94
/: 2':/ 1'/1
9/ :'441 2':014 :/2 24
1'1:4 :'0: 2'2:/4 1'1 0
8 0 8 2'/2/ 8 1'4
8 0.9 8 2.99 8 2.0/8 0. 8 2.92 8 2.00
/:'00: '04 /0':4/'/: 99': 4'9/
89 8 : 8 18 20 8 / 8 :/8 :4 8 11 8
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Created by EDGAR Online, Inc.APPLE INCBALANCE)*+EETForm Tye! 1"#$Period End! %ar &', &""(Date Filed! %ay "1, &""(A&E I%C.
C%3E%E3 C%&I3AE3
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5arch 29' eptem,er 29'200 2008 9'00 8 9':210': /'0:41'9: 1'/::/4 :4/1'0/0 24'21 :'0
2/':/ 21'9/1'9/2 1':2: ::00 2991'4: 1'222
8 :0'41 8 2':4
8 4'14 8 4'90'40 4':10
9'/:4 9'202'4 1':
12'41 10'1
/':42 ':/11'/42 9'101/9 /:
1'0: 14':2
8 :0'41 8 2':4
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CrAPCAFoPeDa
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ated by EDGAR Online, Inc.LE INC*+)FLOm Tye! 1"#$iod End! %ar &', &""(e Filed! %ay "1, &""(A&E I%C.
C%3E%E3 C%&I3AE3 AE5E% 6 CA? 6&D (7na"dited)
(in millions)
Cash and cash e@"ialents' ,eginning of the periodperating Actiities-%et incomeAd!"stments to reconcile net income to cash generated ,#operating actiities-3epreciation' amorti$ation' and accretiontoc=,ased compensation expenseroision for deferred income taxes&oss on disposition of propert#' plant' and e@"ipmentChanges in operating assets and lia,ilities-Acco"nts receia,le' netInentoriesther c"rrent assetsther assetsAcco"nts pa#a,le3eferred reen"ether lia,ilities
Cash generated ,# operating actiities
Inesting Actiities-"rchases of shortterm inestmentsroceeds from mat"rities of shortterm inestmentsroceeds from sales of shortterm inestments"rchases of longterm inestmentsa#ment for ac@"isition of propert#' plant' and e@"ipmenta#ment for ac@"isition of intangi,le assetsther
Cash "sed in inesting actiities
6inancing Actiities-roceeds from iss"ance of common stoc=Excess tax ,enefits from stoc=,ased compensationCash "sed to net share settle e@"it# a>ards
Cash generated ,# financing actiities
(3ecrease) increase in cash and cash e@"ialents
Cash and cash e@"ialents' end of the period
"pplemental cash flo> disclos"re-Cash paid for income taxes' net
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ix 5onths Ended5arch 29' 5arch :1'200 2008 9':2 8 /':922'/2/ 1'4222 14:242 109/ 12210 /44 :24(1) /2(444) 9(10) 2/1(40) (9)1' 2:9 (91)
:'90 2'4
(12'40) (/'22:)/'/: 2'9/11'// 1'0(1) ()(:4) (24)(/:) (21/)21 1:
(4'24) (2'212)
2:: 1/44 192(11/)
/2 :/
(22) 0:
8 9'00 8 '09
8 : 8 01
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Created by EDGAR Online, Inc.APPLE INCTABLE&Form Tye! 1"#$Period End! %ar &', &""(Date Filed! %ay "1, &""( hree 5onths Ended5arch 29' 200 5arch :1' 200%"merator (in millions)-%et income 8 1'04 8 0
3enominator-Deightedaerage shares o"tstanding 9'4/ /:'00:Effect of dil"tie sec"rities 19': 2:'/0
3enominator for dil"ted earnings per share 99':29 /'/:
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ix 5onths Ended5arch 29' 200 5arch :1' 2008 2'/2/ 8 1'4
'04 /0':422'09 24'49
99': 4'9/
8 2.99 8 2.0/
8 2.92 8 2.00
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Created by EDGAR Online, Inc.APPLE INCTABLE-Form Tye! 1"#$Period End! %ar &', &""(Date Filed! %ay "1, &""(%ote 2 6inancial Instr"ments
Cash' Cash E@"ialents and horterm Inestments
he follo>ing ta,le s"mmari$es the fair al"e of the Compan#+s cash andaaila,leforsale sec"rities held in its shortterm inestment portfolio' >hichare recorded as either cash and cash e@"ialents or shortterm inestments (inmillions)-
5arch 29' 200Cash 8 190
7.. reas"r# and Agenc# ec"rities 1'9127.. Corporate ec"rities 4'96oreign ec"rities 2'409
otal cash e@"ialents '0
7.. reas"r# and Agenc# ec"rities 4'1447.. Corporate ec"rities 4'946oreign ec"rities 1':40
otal shortterm inestments 10':
otal cash' cash e@"ialents' andshortterm inestments 8 19'44
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eptem,er 29' 2008 2/
/0'92'29
9'09/
:4'19
/'0:4
8 1':/
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Created by EDGAR Online, Inc.APPLE INCTABLEForm Tye! 1"#$Period End! %ar &', &""(Date Filed! %ay "1, &""(%ote : Condensed Consolidated 6inancial tatement 3etails (in millions)
ther C"rrent Assets
5arch 29' 200 eptem,er 29' 200endor nontrade receia,les 8 2'02 8 2':92%A%3 flash memor# prepa#ments 49 41ther c"rrent assets 1'/9 99/
otal other c"rrent assets 8 4'21 8 :'0
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Created by EDGAR Online, Inc.APPLE INCTABLE/Form Tye! 1"#$Period End! %ar &', &""(Date Filed! %ay "1, &""(ropert#' lant' and E@"ipment
5arch 29' 200 eptem,er 29' 200&and and ,"ildings 8 9/ 8 /25achiner#' e@"ipment' and internal"sesoft>are 1'02 94ffice f"rnit"re and e@"ipment 11 10/&easehold improements 1'11 1'019
:'11: 2'41Acc"m"lated depreciation andamorti$ation (1'11) (1'009)
%et propert#' plant' and e@"ipment 8 1'9/2 8 1':2
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Created by EDGAR Online, Inc.APPLE INCTABLE0Form Tye! 1"#$Period End! %ar &', &""(Date Filed! %ay "1, &""(ther Assets
5arch 29' 200&ongterm %A%3 flash memor# prepa#ments 8 :Capitali$ed soft>are deelopment costs' net /9%onc"rrent deferred tax assets /2ther assets 929
otal other assets 8 1'4:
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eptem,er 29' 2008 /2:42/
8 1'222
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Created by EDGAR Online, Inc.APPLE INCTABLEForm Tye! 1"#$Period End! %ar &', &""(Date Filed! %ay "1, &""(Accr"ed Expenses
5arch 29' 2003eferred reen"e c"rrent 8 2'41/3eferred margin on component sales 2/Accr"ed mar=eting and distri,"tion :04Accr"ed compensation and emplo#ee ,enefits 290Accr"ed >arrant# and related costs 21ther accr"ed tax lia,ilities 10ther c"rrent lia,ilities 1':21
otal accr"ed expenses 8 '40
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eptem,er 29' 2008 1':9142242:041'114
8 4':10
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Created by EDGAR Online, Inc.APPLE INCTABLE(Form Tye! 1"#$Period End! %ar &', &""(Date Filed! %ay "1, &""(%onC"rrent &ia,ilities
5arch 29' 200 eptem,er 29' 2003eferred reen"e nonc"rrent 8 1'409 8 493eferred tax lia,ilities / /19ther nonc"rrent lia,ilities 00 /
otal nonc"rrent lia,ilities 8 2'4 8 1':
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ix 5onths Ended5arch :1' 200 5arch 29' 200 5arch :1' 2008 0 8 2'/2/ 8 1'44 (1) (:) : 1: (14)
8 9 8 2'/:2 8 1'4
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Created by EDGAR Online, Inc.APPLE INCTABLE1"Form Tye! 1"#$Period End! %ar &', &""(Date Filed! %ay "1, &""(Change in fair al"e of deriatiesAd!"stment for net losses reali$ed and incl"ded in net income
Change in "nreali$ed gainFloss on deriatie instr"ments
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hree 5onths Ended ix 5onths Ended5arch 29' 200 5arch :1' 200 5arch 29' 200 5arch :1' 2008 (1) 84 8 (11) 81(4) (4) (4)
8 (19) 84 8 (1) 8 (:)
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Created by EDGAR Online, Inc.APPLE INCTABLE11Form Tye! 1"#$Period End! %ar &', &""(Date Filed! %ay "1, &""( 5arch 29' 200 eptem,er 29' 2007nreali$ed gains on deriatieinstr"ments 8 (1) 8 C"m"latie foreign c"rrenc#translation 10 0%et "nreali$ed losses onaaila,leforsale sec"rities (21) ()
Acc"m"lated other comprehensie income 8 /9 8 /:
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Created by EDGAR Online, Inc.APPLE INCTABLE1&Form Tye! 1"#$Period End! %ar &', &""(Date Filed! %ay "1, &""(toc= ption and A>ard Actiit#
A s"mmar# of the Compan#+s stoc= option actiit# and related information for thesix months ended 5arch 29' 200 is set forth in the follo>ing ta,le (stoc=option amo"nts and aggregate intrinsic al"e are presented in tho"sands)-
"tstandiDeightedhares AerageAaila,le %"m,er Exercisefor ;rant of hares rice
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ng ptionsDeightedAerageRemainingContract"al Aggregateerm (Bears) Intrinsic al"e
4./ 8 4'04'249
:./ 8 2'9/'/:2./9 8 1'012'0
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Created by EDGAR Online, Inc.APPLE INCTABLE1-Form Tye! 1"#$Period End! %ar &', &""(Date Filed! %ay "1, &""( DeightedAerage%"m,er of ;rant 3ate 6air Aggregatehares al"e Intrinsic al"e
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Created by EDGAR Online, Inc.APPLE INCTABLE1Form Tye! 1"#$Period End! %ar &', &""(Date Filed! %ay "1, &""( Expected life of stoc= options :.41Expected life of stoc= p"rchase rights /Interest rate stoc= optionsInterest rate stoc= p"rchase rightsExpected olatilit# stoc= optionsExpected olatilit# stoc= p"rchase rightsExpected diidend #ields
Deightedaerage fair al"e of stoc= options grantedd"ring the periodDeightedaerage fair al"e of emplo#ee stoc= p"rchaseplan rights d"ring the period
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hree 5onths Ended ix 5onths Ended5arch 29' 200 5arch :1' 200 5arch 29' 200 5arch#ears :.4/ #ears :.41 #ears :.4/months / months / months /2./0G 4.4/G :.G:.40G .09G 4.1G4/.0G :.40G 4.G:.0G 41.:4G :4.G HHH
8 2.: 8 29./ 8 /:.28 49.01 8 21.94 8 :.9
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1' 200#earsmonths4./2G.20G:.G40.99G
8 29.:8 1.01
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Created by EDGAR Online, Inc.APPLE INCTABLE1/Form Tye! 1"#$Period End! %ar &', &""(Date Filed! %ay "1, &""(Accr"ed Darrant# and Indemnifications
he follo>ing ta,le reconciles changes in the Compan#+s accr"ed >arranties andrelated costs for the three and sixmonth periods ended 5arch 29' 200 and5arch :1' 200 (in millions)-
hree 5onths Ended5arch 29' 200arrant# and related costs 8 21
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ix 5onths Ended5arch :1' 200 5arch 29' 200 5arch :1' 2008 2 8 2:0 8 24() (1/0) (1:1)/0 14 11
8 21 8 21 8 21
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Created by EDGAR Online, Inc.APPLE INCTABLE10Form Tye! 1"#$Period End! %ar &', &""(Date Filed! %ay "1, &""( hree 5onths Ended ix 5onths Ended5arch 29' 200 5arch :1' 200 5arch 29' 200Americas-%et sales 8 :'2/ 8 2'4/ 8 '//perating income 8 91 8 /: 8 2'091E"rope-%et sales 8 1'0 8 1'249 8 4'21perating income 8 4 8 29 8 1'24apan-%et sales 8 424 8 24 8 24perating income 8 12 8 8 2::Retail-%et sales 8 1'41 8 :4 8 :'12perating income 8 ::4 8 1/4 8 :9ther egments (a)-%et sales 8 9 8 4:0 8 1':2perating income 8 14: 8 9: 8 :42
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5arch :1' 2008 '98 1'/:8 2'9/18 /8 /98 1108 1'9498 42:8 9128 192
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Created by EDGAR Online, Inc.APPLE INCTABLE1Form Tye! 1"#$Period End! %ar &', &""(Date Filed! %ay "1, &""( hree 5onths Ended5arch 29' 200 5arch :1' 200egment operating income 8 2'00 8 1'24toc=,ased compensationexpense (1:2) (/:)ther corporate expenses'net (a) () (19/)
otal operating income 8 1':1 8 9/
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ix 5onths Ended5arch 29' 200 5arch :1' 2008 4'/0 8 2'9/(242) (109)(9/) (9)
8 :'441 8 2':0
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Created by EDGAR Online, Inc.APPLE INCTABLE1(Form Tye! 1"#$Period End! %ar &', &""(Date Filed! %ay "1, &""(%et ales
%et sales and 5ac "nit sales ,# operating segment and net sales and "nit sales,# prod"ct follo> (net sales in millions' except per "nit amo"nts' and "nitsales in tho"sands)-
hree 5onths Ended5arch 29' 5arch :1'200 200%et ales ,# perating egment (a)-Americas net sales 8 :'2/ 8 2'4/E"rope net sales 1'0 1'249apan net sales 424 24Retail net sales 1'41 :4ther egments net sales (,) 9 4:0
otal net sales 8 '12 8 '2/4
7nit ales ,# perating egment-Americas 5acintosh "nit sales 4 /0E"rope 5acintosh "nit sales /2 4::apan 5acintosh "nit sales 11 9Retail 5acintosh "nit sales 4 2ther egments 5acintosh "nit sales(,) 202 12
otal 5acintosh "nit sales 2'29 1'1
%et ales ,# rod"ct-3es=tops (c) 8 1':2 8 914orta,les (d) 2'142 1':4
otal 5acintosh net sales :'494 2'2/iod 1'1 1'/9ther m"sic related prod"cts andserices (e) 1 /:ihone and related prod"cts andserices (f) : eripherals and other hard>are (g) 412 :09oft>are' serice' and other sales(h) 29 :4
otal net sales 8 '12 8 '2/4
7nit ales ,# rod"ct-3es=tops (c) / /2/orta,les (d) 1'4:: 91
otal 5acintosh "nit sales 2'29 1'1
%et sales per 5acintosh "nit sold (i) 8 1'2/ 8 1'49
iod "nit sales 10'/44 10'49
%et sales per iod "nit sold (!) 8 11 8 1/0ihone "nit sales 1'0:
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ix 5onths Ended5arch 29' 5arch :1'Change 200 200 Change:2G 8 '// 8 '9 2/G4:G 4'21 2'9/1 44G49G 24 /9 4G4G :'12 1'949 /2G:G 1':2 912 4/G
4:G 8 1'120 8 12':9 :G
4/G 1'2 1'2:0 40G4G 1'::2 924 44G49G 209 149 40G/G 9/2 : /G/2G :0 2: /0G
1G 4'/0 :'12: 4G
4G 8 2'/ 8 1'/9 :GG 4'19 2'09 49G
4G '04/ 4'/ 1GG '1 '11/ 14G:G 1'/9 1'2 :1G%5 /19 %5::G 94 /0/ :1G:G 1'1 /92 /G
4:G 8 1'120 8 12':9 :G
:G 1':: 1'2/: 4G/1G 2' 1'/0 49G
1G 4'/0 :'12: 4G
2G 8 1'29 8 1'49 2G
1G :2'/ :1'/1 4G
G 8 1 8 1/2 9G%5 4'01 %5
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ix 5onths Ended5arch 29' 200 5arch :1' 2008 1'120 8 12':911':14 ':10
8 '0/ 8 4'0/9::.90G :2.90G
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ix 5onths Ended5arch :1' 200 5arch 29' 200 5arch :1' 2008 1: 8 19 8 :/:G :G :G8 /0 8 1'4/ 8 1':941:G 11G 11G
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Created by EDGAR Online, Inc.APPLE INCTABLE&1Form Tye! 1"#$Period End! %ar &', &""(Date Filed! %ay "1, &""(&i@"idit# and Capital Reso"rces
he follo>ing ta,le presents selected financial information and statistics foreach of the fiscal @"arters ended on the dates indicated (dollars in millions)-
5arch 29' 200 eptem,er 29' 200Cash' cash e@"ialents' and shortterminestments 8 19'44 8 1':/Acco"nts receia,le' net 8 1'9: 8 1'/:Inentor# 8 :/4 8 :4/Dor=ing capital 8 1'102 8 12'//
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Created by EDGAR Online, Inc.APPLE INCTABLE&&Form Tye! 1"#$Period End! %ar &', &""(Date Filed! %ay "1, &""(roposal 1
he follo>ing directors >ere elected at the meeting to sere a one#ear term onthe
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Created by EDGAR Online, Inc.APPLE INCTABLE&-Form Tye! 1"#$Period End! %ar &', &""(Date Filed! %ay "1, &""(Exhi,it%"m,er Exhi,it 3escription 6orm
:.1 Restated Articles of Incorporation' filed >ith theecretar# of tate of the tate of California on an"ar#2' 19. :
:.2 Certificate of Amendment to Restated Articles ofIncorporation' filed >ith the ecretar# of tate of thetate of California on 5a# 4' 2000. 10
:.: Certificate of Amendment to Restated Articles ofIncorporation' as amended' filed >ith the ecretar# oftate of the tate of California on 6e,r"ar# 2' 200. 10
:.4 Certificate of 3etermination of references of eries A%onoting Conerti,le referred toc= of the Registrant. 10J
:. s of the Registrant' as amended thro"gh %oem,er 1:'200. 10J
4.1 6orm of toc= Certificate of the Registrant 10
10.1K Emplo#ee toc= "rchase lan' as amended thro"gh 5a# 10'200. J
10.2K 6orm of Indemnification Agreement ,et>een the Registrantand each director and certain officers of the Registrant. 10J
10.:K 199 Emplo#ee toc= ption lan' as amended thro"ghcto,er 19' 2001. 10J
10.4K 199 3irector toc= ption lan' as amended thro"gh 5a#10' 200. J
10.K 200: Emplo#ee toc= lan' as amended thro"gh 5a# 10' 200. J
10./K Reim,"rsement Agreement dated as of 5a# 2' 2001 ,# and,et>een the Registrant and teen . o,s. 10
10.K 6orm of Restricted toc= 7nit A>ard Agreement. 10
10.K Alternatie 6orm of Restricted toc= 7nit A>ard Agreement. 10J
10.9K erformance
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Incorporated ,#Reference6iling 3ateFeriod End3ate
F2F
F11F00
:F2/F0
9F2/F9
9F29F0
12F:0F0/
F1/F0
9F2/F9
9F2F02
F1/F0
F1/F0
/F29F02
:F2F04
9F24F0
:F2/F0
9F24F0
F1F0/
9F29F0