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|Operating income|$25,352|$22,998|$93,625|$87,332| | |
|Other income/(expense), net|$142|($265)|$250|($594)| | |
|Income before provision for income taxes|$25,494|$22,733|$93,875|$86,738| | |
|Provision for income taxes|$4,046|$2,852|$14,875|$12,699| | |
|Net income|$21,448|$19,881|$79,000|$74,039| | |
|Earnings per share:| | | | | | |
|Basic|$1.40|$1.27|$5.13|$4.69| | |
|Diluted|$1.40|$1.26|$5.11|$4.67| | |
|Shares used in computing earnings per share:| | | | | | |
|Basic|15,287,521| |15,697,614|15,401,047|15,792,497| |
|Diluted|15,348,175| |15,775,021|15,463,175|15,859,263| |
See accompanying Notes to Condensed Consolidated Financial Statements. |
Apple Inc. | Q3 2024 Form 10-Q | 1 |
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# Apple Inc. |
**CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (In millions)** |
| |Three Months Ended June 29, 2024|Three Months Ended July 1, 2023|Nine Months Ended June 29, 2024|Nine Months Ended July 1, 2023| |
|---|---|---|---|---| |
|Net income|$21,448|$19,881|$79,000|$74,039| |
|Other comprehensive income/(loss):| | | | | |
|Change in foreign currency translation, net of tax|(73)|(385)|(87)|(494)| |
|Change in unrealized gains/losses on derivative instruments, net of tax:| | | | | |
|Change in fair value of derivative instruments|406|509|331|(492)| |
|Adjustment for net (gains)/losses realized and included in net income|(87)|103|(678)|(1,854)| |
|Total change in unrealized gains/losses on derivative instruments|319|612|(347)|(2,346)| |
|Change in unrealized gains/losses on marketable debt securities, net of tax:| | | | | |
|Change in fair value of marketable debt securities|268|(340)|3,306|1,963| |
|Adjustment for net (gains)/losses realized and included in net income|30|58|164|185| |
|Total change in unrealized gains/losses on marketable debt securities|298|(282)|3,470|2,148| |
|Total other comprehensive income/(loss)|544|(55)|3,036|(692)| |
|Total comprehensive income|$21,992|$19,826|$82,036|$73,347| |
See accompanying Notes to Condensed Consolidated Financial Statements. |
Apple Inc. | Q3 2024 Form 10-Q | 2 |
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# Apple Inc. |
**CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)** |
| |June 29, 2024|September 30, 2023| |
|---|---|---| |
|ASSETS:| | | |
|Current assets:| | | |
|Cash and cash equivalents|$25,565|$29,965| |
|Marketable securities|$36,236|$31,590| |
|Accounts receivable, net|$22,795|$29,508| |
|Vendor non-trade receivables|$20,377|$31,477| |
|Inventories|$6,165|$6,331| |
|Other current assets|$14,297|$14,695| |
|Total current assets|$125,435|$143,566| |
|Non-current assets:| | | |
|Marketable securities|$91,240|$100,544| |
|Property, plant and equipment, net|$44,502|$43,715| |
|Other non-current assets|$70,435|$64,758| |
|Total non-current assets|$206,177|$209,017| |
|Total assets|$331,612|$352,583| |
**LIABILITIES AND SHAREHOLDERS’ EQUITY:** |
| |June 29, 2024|September 30, 2023| |
|---|---|---| |
|Current liabilities:| | | |
|Accounts payable|$47,574|$62,611| |
|Other current liabilities|$60,889|$58,829| |
|Deferred revenue|$8,053|$8,061| |
|Commercial paper|$2,994|$5,985| |
|Term debt|$12,114|$9,822| |
|Total current liabilities|$131,624|$145,308| |
|Non-current liabilities:| | | |
|Term debt|$86,196|$95,281| |
|Other non-current liabilities|$47,084|$49,848| |
|Total non-current liabilities|$133,280|$145,129| |
|Total liabilities|$264,904|$290,437| |
Commitments and contingencies |
**Shareholders’ equity:** |
| |June 29, 2024|September 30, 2023| |
|---|---|---| |
|Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,222,259 and 15,550,061 shares issued and outstanding, respectively|$79,850|$73,812| |
|Accumulated deficit|($4,726)|($214)| |
|Accumulated other comprehensive loss|($8,416)|($11,452)| |
|Total shareholders’ equity|$66,708|$62,146| |
|Total liabilities and shareholders’ equity|$331,612|$352,583| |
See accompanying Notes to Condensed Consolidated Financial Statements. |
Apple Inc. | Q3 2024 Form 10-Q | 3 |
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# Apple Inc. |
| |Three Months Ended| |Nine Months Ended| | |
|---|---|---|---|---| |
| |June 29, 2024|July 1, 2023|June 29, 2024|July 1, 2023| |
|Total shareholders’ equity, beginning balances|$74,194|$62,158|$62,146|$50,672| |
|Common stock and additional paid-in capital:| | | | | |
|Beginning balances|78,815|69,568|73,812|64,849| |
|Common stock issued|-|-|752|690| |
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