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| |Number of RSUs (in thousands)|Weighted-Average Grant Date Fair Value Per RSU|Aggregate Fair Value (in millions)|
|---|---|---|---|
|Balance as of September 30, 2023|180,247|$135.91| |
|RSUs granted|78,276|$172.26| |
|RSUs vested|(83,842)|$126.47| |
|RSUs canceled|(8,258)|$137.85| |
|Balance as of June 29, 2024|166,423|$157.66|$35,052|
The fair value as of the respective vesting dates of RSUs was $6.4 billion and $15.0 billion for the three- and nine-month periods ended June 29, 2024, respectively, and was $7.0 billion and $14.9 billion for the three- and nine-month periods ended July 1, 2023, respectively.
Share-Based Compensation
| |Three Months Ended June 29, 2024|Three Months Ended July 1, 2023|Nine Months Ended June 29, 2024|Nine Months Ended July 1, 2023|
|---|---|---|---|---|
|Share-based compensation expense|$2,869|$2,617|$8,830|$8,208|
|Income tax benefit related to share-based compensation expense|$(764)|$(993)|$(2,662)|$(2,791)|
As of June 29, 2024, the total unrecognized compensation cost related to outstanding RSUs was $21.9 billion, which the Company expects to recognize over a weighted-average period of 2.6 years.
# Note 10 – Contingencies
The Company is subject to various legal proceedings and claims that have arisen in the ordinary course of business and that have not been fully resolved. The outcome of litigation is inherently uncertain. In the opinion of management, there was not at least a reasonable possibility the Company may have incurred a material loss, or a material loss greater than a recorded accrual, concerning loss contingencies for asserted legal and other claims.
Apple Inc. | Q3 2024 Form 10-Q | 11
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# Note 11 – Segment Information and Geographic Data
| | | |Three Months Ended| | | |Nine Months Ended| |
|---|---|---|---|---|---|---|---|---|
| | |June 29, 2024| |July 1, 2023|June 29, 2024|July 1, 2023| | |
|Americas:| | | | | | | | |
|Net sales|$37,678|$35,383|$125,381|$122,445| | | | |
|Operating income|$15,209|$13,117|$50,640|$44,908| | | | |
|Europe:| | | | | | | | |
|Net sales|$21,884|$20,205|$76,404|$71,831| | | | |
|Operating income|$9,170|$7,995|$31,872|$27,380| | | | |
|Greater China:| | | | | | | | |
|Net sales|$14,728|$15,758|$51,919|$57,475| | | | |
|Operating income|$5,562|$6,207|$20,884|$24,175| | | | |
|Japan:| | | | | | | | |
|Net sales|$5,097|$4,821|$19,126|$18,752| | | | |
|Operating income|$2,544|$2,443|$9,498|$9,073| | | | |
|Rest of Asia Pacific:| | | | | | | | |
|Net sales|$6,390|$5,630|$23,275|$23,284| | | | |
|Operating income|$2,610|$2,328|$9,995|$9,447| | | | |
| | | |Three Months Ended| | | |Nine Months Ended| |
|---|---|---|---|---|---|---|---|---|
| | |June 29, 2024| |July 1, 2023|June 29, 2024|July 1, 2023| | |
|Segment operating income|$35,095|$32,090|$122,889|$114,983| | | | |
|Research and development expense|($8,006)|($7,442)|($23,605)|($22,608)| | | | |
|Other corporate expenses, net|($1,737)|($1,650)|($5,659)|($5,043)| | | | |
|Total operating income|$25,352|$22,998|$93,625|$87,332| | | | |
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# Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
This Item and other sections of this Quarterly Report on Form 10-Q (“Form 10-Q”) contain forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that involve risks and uncertainties. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. For example, statements in this Form 10-Q regarding the potential future impact of macroeconomic conditions on the Company’s business and results of operations are forward-looking statements. Forward-looking statements can also be identified by words such as “future,” “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “will,” “would,” “could,” “can,” “may,” and similar terms. Forward-looking statements are not guarantees of future performance and the Company’s actual results may differ significantly from the results discussed in the forward-looking statements. Factors that might cause such differences include, but are not limited to, those discussed in Part I, Item 1A of the 2023 Form 10-K and Part II, Item 1A of this Form 10-Q, in each case under the heading “Risk Factors.” The Company assumes no obligation to revise or update any forward-looking statements for any reason, except as required by law.
Unless otherwise stated, all information presented herein is based on the Company’s fiscal calendar, and references to particular years, quarters, months or periods refer to the Company’s fiscal years ended in September and the associated quarters, months and periods of those fiscal years.
The following discussion should be read in conjunction with the 2023 Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) and the condensed consolidated financial statements and accompanying notes included in Part I, Item 1 of this Form 10-Q.
Available Information
The Company periodically provides certain information for investors on its corporate website, www.apple.com, and its investor relations website, investor.apple.com. This includes press releases and other information about financial performance, information on environmental, social and governance matters, and details related to the Company’s annual meeting of shareholders. The information contained on the websites referenced in this Form 10-Q is not incorporated by reference into this filing. Further, the Company’s references to website URLs are intended to be inactive textual references only.
Business Seasonality and Product Introductions
The Company has historically experienced higher net sales in its first quarter compared to other quarters in its fiscal year due in part to seasonal holiday demand. Additionally, new product and service introductions can significantly impact net sales, cost of sales and operating expenses. The timing of product introductions can also impact the Company’s net sales to its indirect distribution channels as these channels are filled with new inventory following a product launch, and channel inventory of an older product often declines as the launch of a newer product approaches. Net sales can also be affected when consumers and distributors anticipate a product introduction.
During the third quarter of 2024, the Company announced the following product and operating system updates:
iPad Air ®iPad Pro®iOS 18, macOS® Sequoia, iPadOS®18, watchOS® 11, visionOS™ 2 and tvOS® 18
The Company also announced Apple Intelligence™, a personal intelligence system that uses generative models, which will be available on certain iPhone, Mac and iPad devices. Apple Intelligence is deeply integrated into iOS 18, macOS Sequoia and iPadOS 18.
Fiscal Period
The Company’s fiscal year is the 52- or 53-week period that ends on the last Saturday of September. An additional week is included in the first fiscal quarter every five or six years to realign the Company’s fiscal quarters with calendar quarters, which occurred in the first quarter of 2023. The Company’s fiscal years 2024 and 2023 span 52 and 53 weeks, respectively.
Macroeconomic Conditions
Macroeconomic conditions, including inflation, interest rates and currency fluctuations, have directly and indirectly impacted, and could in the future materially impact, the Company’s results of operations and financial condition.
Apple Inc. | Q3 2024 Form 10-Q | 13
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# Segment Operating Performance
| | |Three Months Ended| | |Nine Months Ended| |
|---|---|---|---|---|---|---|
| |June 29, 2024|July 1, 2023|Change|June 29, 2024|July 1, 2023|Change|
|Net sales by reportable segment:| | | | | | |
|Americas|$37,678|$35,383|6%|$125,381|$122,445|2%|
|Europe|$21,884|$20,205|8%|$76,404|$71,831|6%|
|Greater China|$14,728|$15,758|(7)%|$51,919|$57,475|(10)%|
|Japan|$5,097|$4,821|6%|$19,126|$18,752|2%|
|Rest of Asia Pacific|$6,390|$5,630|13%|$23,275|$23,284|—%|
|Total net sales|$85,777|$81,797|5%|$296,105|$293,787|1%|
# Americas