Emerging Technology

New September quarter record with revenue up 29 percent Services and Mac revenue reach new all-time highs Apple® today announced financial results for its fiscal 2021 fourth quarter ended September 25, 2021. The Company posted a September quarter revenue record of $83.4 billion, up 29 percent year over year, and quarterly earnings per diluted share of $1.24. “This year we launched our most powerful products ever, ...

New September quarter record with revenue up 29 percent

Services and Mac revenue reach new all-time highs

Apple® today announced financial results for its fiscal 2021 fourth quarter ended September 25, 2021. The Company posted a September quarter revenue record of $83.4 billion, up 29 percent year over year, and quarterly earnings per diluted share of $1.24.

"This year we launched our most powerful products ever, from M1-powered Macs to an iPhone 13 lineup that is setting a new standard for performance and empowering our customers to create and connect in new ways," said Tim Cook, Apple's CEO. "We are infusing our values into everything we make — moving closer to our 2030 goal of being carbon neutral up and down our supply chain and across the lifecycle of our products, and ever advancing our mission to build a more equitable future."

"Our record September quarter results capped off a remarkable fiscal year of strong double-digit growth, during which we set new revenue records in all of our geographic segments and product categories in spite of continued uncertainty in the macro environment," said Luca Maestri, Apple's CFO. "The combination of our record sales performance, unmatched customer loyalty, and strength of our ecosystem drove our active installed base of devices to a new all-time high. During the September quarter, we returned over $24 billion to our shareholders, as we continue to make progress toward our goal of reaching a net cash neutral position over time."

Apple's board of directors has declared a cash dividend of $0.22 per share of the Company's common stock. The dividend is payable on November 11, 2021 to shareholders of record as of the close of business on November 8, 2021.

Apple will provide live streaming of its Q4 2021 financial results conference call beginning at 2:00 p.m. PT on October 28, 2021 at apple.com/investor/earnings-call . This webcast will also be available for replay for approximately two weeks thereafter.

Apple periodically provides information for investors on its corporate website, apple.com, and its investor relations website, investor.apple.com. This includes press releases and other information about financial performance, reports filed or furnished with the SEC, information on corporate governance, and details related to its annual meeting of shareholders.

This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include without limitation those about the Company's plans for return of capital, the payment of its quarterly dividend, and its investment plans and environmental initiatives. These statements involve risks and uncertainties, and actual results may differ materially from any future results expressed or implied by the forward-looking statements. Risks and uncertainties include without limitation: the effect of the COVID-19 pandemic on the Company's business, results of operations, financial condition, and stock price; the effect of global and regional economic conditions on the Company's business, including effects on purchasing decisions by consumers and businesses; the ability of the Company to compete in markets that are highly competitive and subject to rapid technological change; the ability of the Company to manage frequent introductions and transitions of products and services, including delivering to the marketplace, and stimulating customer demand for, new products, services, and technological innovations on a timely basis; the effect that shifts in the mix of products and services and in the geographic, currency, or channel mix, component cost increases, increases in the cost of developing, acquiring, and delivering content for the Company's services, price competition, or the introduction of new products or services, including new products or services with higher cost structures, could have on the Company's gross margin; the dependency of the Company on the performance of distributors of the Company's products, including cellular network carriers and other resellers; the risk of write-downs on the value of inventory and other assets and purchase commitment cancellation risk; the continued availability on acceptable terms, or at all, of certain components, services, and new technologies essential to the Company's business, including components and technologies that may only be available from single or limited sources; the dependency of the Company on manufacturing and logistics services provided by third parties, many of which are located outside of the US and which may affect the quality, quantity, or cost of products manufactured or services rendered to the Company; the effect of product and services design and manufacturing defects on the Company's financial performance and reputation; failure to obtain or create digital content that appeals to the Company's customers, or to make such content available on commercially reasonable terms; the dependency of the Company on third-party intellectual property, which may not be available to the Company on commercially reasonable terms or at all; the dependency of the Company on support from third-party software developers to develop and maintain software applications and services for the Company's products; the impact of unfavorable legal proceedings or government investigations; the impact of complex and changing laws and regulations worldwide, which expose the Company to potential liabilities, increased costs, and other adverse effects on the Company's business; the intense media, political, and regulatory scrutiny, which exposes the Company to increasing regulation, government investigations, legal actions, and penalties; the ability of the Company to manage risks associated with the Company's retail stores; the ability of the Company to manage risks associated with the Company's investments in new business strategies and acquisitions; the impact on the Company's business and reputation from information technology system failures, network disruptions, or losses or unauthorized access to, or release of, confidential information; the ability of the Company to comply with laws and regulations regarding data protection; the continued service and availability of highly skilled employees, including key personnel; political events, trade and other international disputes, war, terrorism, natural disasters, public health issues, industrial accidents, and other business interruptions that could disrupt supply or delivery of, or demand for, the Company's products; financial risks, including risks relating to currency fluctuations, credit risks, and fluctuations in the market value of the Company's investment portfolio; and changes in tax rates, the adoption of new U.S. or international tax legislation, and exposure to additional tax liabilities. More information on these risks and other potential factors that could affect the Company's business and financial results is included in the Company's filings with the SEC, including in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. The Company assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates.

Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with iPhone, iPad, Mac, Apple Watch, and Apple TV. Apple's five software platforms — iOS, iPadOS, macOS, watchOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, and iCloud. Apple's more than 100,000 employees are dedicated to making the best products on earth, and to leaving the world better than we found it.

NOTE TO EDITORS: For additional information visit Apple Newsroom ( www.apple.com/newsroom ), or call Apple's Media Helpline at (408) 974-2042.

© 2021 Apple Inc. All rights reserved. Apple and the Apple logo are trademarks of Apple. Other company and product names may be trademarks of their respective owners.

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

Twelve Months Ended

September 25,
2021

September 26,
2020

September 25,
2021

September 26,
2020

Net sales:

Products

$

65,083

$

50,149

$

297,392

$

220,747

Services

18,277

14,549

68,425

53,768

Total net sales (1)

83,360

64,698

365,817

274,515

Cost of sales:

Products

42,790

35,197

192,266

151,286

Services

5,396

4,812

20,715

18,273

Total cost of sales

48,186

40,009

212,981

169,559

Gross margin

35,174

24,689

152,836

104,956

Operating expenses:

Research and development

5,772

4,978

21,914

18,752

Selling, general and administrative

5,616

4,936

21,973

19,916

Total operating expenses

11,388

9,914

43,887

38,668

Operating income

23,786

14,775

108,949

66,288

Other income/(expense), net

(538

)

126

258

803

Income before provision for income taxes

23,248

14,901

109,207

67,091

Provision for income taxes

2,697

2,228

14,527

9,680

Net income

$

20,551

$

12,673

$

94,680

$

57,411

Earnings per share:

Basic

$

1.25

$

0.74

$

5.67

$

3.31

Diluted

$

1.24

$

0.73

$

5.61

$

3.28

Shares used in computing earnings per share:

Basic

16,487,121

17,057,622

16,701,272

17,352,119

Diluted

16,635,097

17,256,521

16,864,919

17,528,214

(1) Net sales by reportable segment:

Americas

$

36,820

$

30,698

$

153,306

$

124,556

Europe

20,794

16,900

89,307

68,640

Greater China

14,563

7,946

68,366

40,308

Japan

5,991

5,023

28,482

21,418

Rest of Asia Pacific

5,192

4,131

26,356

19,593

Total net sales

$

83,360

$

64,698

$

365,817

$

274,515

(1) Net sales by category:

iPhone

$

38,868

$

26,444

$

191,973

$

137,781

Mac

9,178

9,032

35,190

28,622

iPad

8,252

6,797

31,862

23,724

Wearables, Home and Accessories

8,785

7,876

38,367

30,620

Services

18,277

14,549

68,425

53,768

Total net sales

$

83,360

$

64,698

$

365,817

$

274,515

Apple Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

(In millions, except number of shares which are reflected in thousands and par value)

September 25,
2021

September 26,
2020

ASSETS:

Current assets:

Cash and cash equivalents

$

34,940

$

38,016

Marketable securities

27,699

52,927

Accounts receivable, net

26,278

16,120

Inventories

6,580

4,061

Vendor non-trade receivables

25,228

21,325

Other current assets

14,111

11,264

Total current assets

134,836

143,713

Non-current assets:

Marketable securities

127,877

100,887

Property, plant and equipment, net

39,440

36,766

Other non-current assets

48,849

42,522

Total non-current assets

216,166

180,175

Total assets

$

351,002

$

323,888

LIABILITIES AND SHAREHOLDERS' EQUITY:

Current liabilities:

Accounts payable

$

54,763

$

42,296

Other current liabilities

47,493

42,684

Deferred revenue

7,612

6,643

Commercial paper

6,000

4,996

Term debt

9,613

8,773

Total current liabilities

125,481

105,392

Non-current liabilities:

Term debt

109,106

98,667

Other non-current liabilities

53,325

54,490

Total non-current liabilities

162,431

153,157

Total liabilities

287,912

258,549

Commitments and contingencies

Shareholders' equity:

Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 16,426,786 and 16,976,763 shares issued and outstanding, respectively

57,365

50,779

Retained earnings

5,562

14,966

Accumulated other comprehensive income/(loss)

163

(406

)

Total shareholders' equity

63,090

65,339

Total liabilities and shareholders' equity

$

351,002

$

323,888

Apple Inc.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(In millions)

Twelve Months Ended

September 25,
2021

September 26,
2020

Cash, cash equivalents and restricted cash, beginning balances

$

39,789

$

50,224

Operating activities:

Net income

94,680

57,411

Adjustments to reconcile net income to cash generated by operating activities:

Depreciation and amortization

11,284

11,056

Share-based compensation expense

7,906

6,829

Deferred income tax benefit

(4,774

)

(215

)

Other

(147

)

(97

)

Changes in operating assets and liabilities:

Accounts receivable, net

(10,125

)

6,917

Inventories

(2,642

)

(127

)

Vendor non-trade receivables

(3,903

)

1,553

Other current and non-current assets

(8,042

)

(9,588

)

Accounts payable

12,326

(4,062

)

Deferred revenue

1,676

2,081

Other current and non-current liabilities

5,799

8,916

Cash generated by operating activities

104,038

80,674

Investing activities:

Purchases of marketable securities

(109,558

)

(114,938

)

Proceeds from maturities of marketable securities

59,023

69,918

Proceeds from sales of marketable securities

47,460

50,473

Payments for acquisition of property, plant and equipment

(11,085

)

(7,309

)

Payments made in connection with business acquisitions, net

(33

)

(1,524

)

Other

(352

)

(909

)

Cash used in investing activities

(14,545

)

(4,289

)

Financing activities:

Proceeds from issuance of common stock

1,105

880

Payments for taxes related to net share settlement of equity awards

(6,556

)

(3,634

)

Payments for dividends and dividend equivalents

(14,467

)

(14,081

)

Repurchases of common stock

(85,971

)

(72,358

)

Proceeds from issuance of term debt, net

20,393

16,091

Repayments of term debt

(8,750

)

(12,629

)

Proceeds from/(Repayments of) commercial paper, net

1,022

(963

)

Other

(129

)

(126

)

Cash used in financing activities

(93,353

)

(86,820

)

Decrease in cash, cash equivalents and restricted cash

(3,860

)

(10,435

)

Cash, cash equivalents and restricted cash, ending balances

$

35,929

$

39,789

Supplemental cash flow disclosure:

Cash paid for income taxes, net

$

25,385

$

9,501

Cash paid for interest

$

2,687

$

3,002

Press Contact:
Josh Rosenstock
Apple
jrosenstock@apple.com
(408) 862-1142

Investor Relations Contact:
Tejas Gala
Apple
tgala@apple.com
(669) 227-2402

News Provided by Business Wire via QuoteMedia

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