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Best Non-Holiday Quarter Revenue and Earnings in Apple History
* Press Release
* Source: Apple
* On Tuesday July 21, 2009, 4:30 pm EDT
CUPERTINO, Calif., July 21 /PRNewswire-FirstCall/ -- Apple® today announced financial results for its fiscal 2009 third quarter ended June 27, 2009. The Company posted revenue of $8.34 billion and a net quarterly profit of $1.23 billion, or $1.35 per diluted share. These results compare to revenue of $7.46 billion and net quarterly profit of $1.07 billion, or $1.19 per diluted share, in the year-ago quarter. Gross margin was 36.3 percent, up from 34.8 percent in the year-ago quarter. International sales accounted for 44 percent of the quarter's revenue.
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In accordance with the subscription accounting treatment required by GAAP, the Company recognizes revenue and cost of goods sold for iPhone(TM) and Apple TV® over their estimated economic lives. Adjusting GAAP sales and product costs to eliminate the impact of subscription accounting, the corresponding non-GAAP measures* for the quarter are $9.74 billion of "Adjusted Sales" and $1.94 billion of "Adjusted Net Income."
Apple sold 2.6 million Macintosh® computers during the quarter, representing a four percent unit increase over the year-ago quarter. The Company sold 10.2 million iPods during the quarter, representing a seven percent unit decline from the year-ago quarter. Quarterly iPhones sold were 5.2 million, representing 626 percent unit growth over the year-ago quarter.
"We're making our most innovative products ever and our customers are responding," said Steve Jobs, Apple's CEO. "We're thrilled to have sold over 5.2 million iPhones during the quarter and users have downloaded more than 1.5 billion applications from our App Store in its first year."
"We're extremely pleased to report record non-holiday quarter revenue and earnings and quarterly cash flow from operations of $2.3 billion," said Peter Oppenheimer, Apple's CFO. "Looking ahead to the fourth fiscal quarter of 2009, we expect revenue in the range of about $8.7 billion to $8.9 billion and we expect diluted earnings per share in the range of about $1.18 to $1.23."
Apple will provide live streaming of its Q3 2009 financial results conference call utilizing QuickTime®, Apple's standards-based technology for live and on-demand audio and video streaming. The live webcast will begin at 2:00 p.m. PDT on July 21, 2009 at http://www.apple.com/quicktime/qtv/earningsq309/ and will also be available for replay for approximately two weeks thereafter.
*Non-GAAP Financial Measures
During fiscal 2007, the Company began selling iPhone and Apple TV. Because the Company may provide unspecified features and additional software products to iPhone and Apple TV customers in the future free of charge, in accordance with GAAP the Company recognizes revenue and cost of goods sold for these products on a straight-line basis over their economic lives, with any loss recognized at the time of sale. Currently, the economic lives of these products are estimated to be 24 months. This accounting treatment, referred to as subscription accounting, results in the deferral of almost all of the revenue and cost of goods sold during the quarter in which the products are sold to the customer. Other costs related to these products, including costs for engineering, sales, marketing and warranty, are expensed as incurred. Further, the costs to develop any future unspecified features and additional software products that may eventually be provided to customers also are expensed as incurred. In contrast, the Company generally recognizes revenue and cost of goods sold for its other products, such as Macs and iPods, at the time of sale, as the Company does not provide future unspecified features or additional software products to those customers free of charge.
In July 2008, the Company began selling iPhone 3G, the second-generation iPhone, and at that time significantly expanded distribution by establishing carrier relationships in over 70 countries. Unit sales of iPhone 3G have been significantly greater than sales of the first-generation iPhone. During the first quarter of iPhone 3G availability ended September 27, 2008, 6.9 million units were sold, exceeding the 6.1 million first-generation iPhone units sold in the prior five quarters combined.
In June 2009, the Company began selling iPhone 3GS, the third-generation iPhone. Unit sales of iPhones continued to be significant in the quarter ended June 27, 2009, with 5.2 million iPhones sold. As a result, the amount of revenue and product cost related to those iPhone sales that the Company deferred for recognition in future periods under subscription accounting was substantial. While the GAAP results provide significant insight into the Company's operations and financial position, management continues to supplement its analysis of the business using financial measures that look at the total sales, related product costs and resulting income for iPhones and Apple TVs sold to customers during the period. The presentation at the end of this press release includes the following non-GAAP measures: "Adjusted Sales," "Adjusted Cost of Sales," "Adjusted Gross Margin," "Adjusted Operating Margin," "Adjusted Net Income" and "Adjusted Diluted Earnings per Share." These financial measures are not consistent with GAAP because they do not reflect the deferral of revenue and product costs for recognition in later periods. The above-mentioned non-GAAP measures are generated by adjusting the related GAAP measures solely to reverse the effect of subscription accounting. The Company uses these financial measures, along with other measures discussed below, to provide additional insight into current operating and business trends not readily apparent from the GAAP results.
Management uses Adjusted Sales to evaluate the Company's growth rate, revenue mix and performance relative to competitors. Given the impact of iPhone unit sales during the quarter ended June 27, 2009, Adjusted Sales provides a meaningful measurement of the Company's growth by reflecting amounts generally due to Apple at the time of sale related to products sold within the period. Further, eliminating the effects of deferred revenue (current sales deferred to future periods and prior sales being recognized currently) provides more transparency into the Company's underlying sales trends. Management uses the non-GAAP measures of "Adjusted Cost of Sales," "Adjusted Gross Margin" and "Adjusted Operating Margin" to measure the Company's operating performance based on current period iPhone and Apple TV sales and to facilitate ongoing operating decisions. Additionally, because the Company recognizes engineering, sales, and marketing expenses as incurred, including expenses related to iPhone and Apple TV, management uses Adjusted Sales to evaluate returns on those costs, to manage year-over-year operating expense growth, and to budget future expenses. Furthermore, because they are considered meaningful indicators of current business performance, the non-GAAP measures "Adjusted Sales" and "Adjusted Operating Margin" are metrics that factor into the determination of management compensation beginning in fiscal year 2009. Finally, management uses the non-GAAP measures of "Adjusted Net Income" and "Adjusted Diluted Earnings per Share" to measure the Company's operating performance based on current period iPhone and Apple TV sales, to facilitate ongoing operating decisions, and compare performance relative to competitors.
Management believes that these non-GAAP financial measures, when taken together with the corresponding consolidated GAAP measures and related segment information, provide incremental insight into the underlying factors and trends affecting both the Company's performance and its cash generating potential. Management believes these non-GAAP measures increase the transparency of the Company's current results and enable investors to more fully understand trends in its current and future performance.
Cautions on Use of Non-GAAP Measures
As noted previously, these non-GAAP financial measures are not consistent with GAAP because they do not reflect the deferral of revenue and product costs for recognition in later periods. These non-GAAP financial measures do not adjust for the costs associated with the Company's intention to provide unspecified new features and software to purchasers of iPhone and Apple TV products. These costs are expensed as incurred under GAAP's subscription accounting model, and are not adjusted in these non-GAAP financial measures. As such, these non-GAAP financial measures are not intended to reflect in a given period all of the costs of sales made in that period. Rather, the non-GAAP financial measures presented below are intended for the limited purpose of presenting performance measures that include the total sales, related product costs, and resulting income for iPhones and Apple TVs in the period those products are sold to customers.
Management believes investors will benefit from greater transparency in referring to these non-GAAP financial measures when assessing the Company's operating results, as well as when forecasting and analyzing future periods. However, management recognizes that:
* these non-GAAP financial measures are limited in their usefulness and should be considered only as a supplement to the Company's GAAP financial measures;
* these non-GAAP financial measures should not be considered in isolation from, or as a substitute for, the Company's GAAP financial measures;
* these non-GAAP financial measures should not be considered to be superior to the Company's GAAP financial measures;
* these non-GAAP financial measures were not prepared in accordance with GAAP and investors should not assume that the non-GAAP financial measures presented in this earnings release were prepared under a comprehensive set of rules or principles;
* these non-GAAP financial measures are not presented with comparable non-GAAP financial measures for prior periods, although management intends to continue to track and present these non-GAAP financial measures for future periods; and
* until management presents comparable non-GAAP financial measures for additional periods, these non-GAAP financial measures do not provide any information regarding trends in the Company's performance and, as such, investors should not assume that the presentation of these non-GAAP financial measures reflects any positive or negative trends in the Company's performance.
Further, these non-GAAP financial measures may be unique to the Company, as they may be different from non-GAAP financial measures used by other companies. As such, this presentation of non-GAAP financial measures may not enhance the comparability of the Company's results to the results of other companies.
A reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure or measures appears at the end of this press release.
This press release contains forward-looking statements including without limitation those about the Company's estimated revenue and earnings per share. These statements involve risks and uncertainties, and actual results may differ. Risks and uncertainties include without limitation the effect of competitive and economic factors, and the Company's reaction to those factors, on consumer and business buying decisions with respect to the Company's products; potential litigation from the matters investigated by the special committee of the board of directors and the restatement of the Company's consolidated financial statements; continued competitive pressures in the marketplace; the ability of the Company to deliver to the marketplace and stimulate customer demand for new programs, products, and technological innovations on a timely basis; the effect that product transitions, changes in product pricing or mix, and/or increases in component costs could have on the Company's gross margin; the inventory risk associated with the Company's need to order or commit to order product components in advance of customer orders; the continued availability on acceptable terms, or at all, of certain components and services essential to the Company's business currently obtained by the Company from sole or limited sources; the effect that the Company's dependency on manufacturing and logistics services provided by third parties may have on the quality, quantity or cost of products manufactured or services rendered; the Company's reliance on the availability of third-party digital content and applications; the potential impact of a finding that the Company has infringed on the intellectual property rights of others; the effect that product and service quality problems could have on the Company's sales and operating profits; the Company's reliance on sole service providers for iPhone in certain countries; war, terrorism, public health issues, and other circumstances that could disrupt supply, delivery, or demand of products; the continued service and availability of key executives and employees; unfavorable results of other legal proceedings; and the Company's dependency on the performance of distributors and other resellers of the Company's products. More information on potential factors that could affect the Company's financial results is included from time to time in the Company's public reports filed with the SEC, including the Company's Form 10-K for the fiscal year ended September 27, 2008, its Form 10-Q for the quarter ended December 27, 2008, its Form 10-Q for the quarter ended March 28, 2009, and its Form 10-Q for the quarter ended June 27, 2009 to be filed with the SEC. The Company assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates.
Apple ignited the personal computer revolution in the 1970s with the Apple II and reinvented the personal computer in the 1980s with the Macintosh. Today, Apple continues to lead the industry in innovation with its award-winning computers, OS X operating system and iLife and professional applications. Apple is also spearheading the digital media revolution with its iPod portable music and video players and iTunes online store, and has entered the mobile phone market with its revolutionary iPhone.
© 2009 Apple Inc. All rights reserved. Apple, the Apple logo, Mac, Mac OS, Macintosh, iPhone, Apple TV and QuickTime are trademarks of Apple. Other company and product names may be trademarks of their respective owners.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except share amounts which are reflected in thousands and
per share amounts)
Three Months Ended Nine Months Ended
June 27, June 28, June 27, June 28,
2009 2008 2009 2008
Net sales $8,337 $7,464 $26,667 $24,584
Cost of sales (1) 5,314 4,864 17,141 16,178
Gross margin 3,023 2,600 9,526 8,406
Operating expenses:
Research and development (1) 341 292 975 811
Selling, general, and
administrative (1) 1,010 916 3,086 2,762
Total operating expenses 1,351 1,208 4,061 3,573
Operating income 1,672 1,392 5,465 4,833
Other income and expense 60 118 281 480
Income before provision for
income taxes 1,732 1,510 5,746 5,313
Provision for income taxes 503 438 1,707 1,615
Net income $1,229 $1,072 $4,039 $3,698
Earnings per common share:
Basic $1.38 $1.21 $4.53 $4.20
Diluted $1.35 $1.19 $4.47 $4.10
Shares used in computing
earnings per share:
Basic 893,712 883,738 891,345 879,753
Diluted 909,160 903,167 904,549 901,028
(1) Includes stock-based
compensation expense as
follows:
Cost of sales $28 $21 $85 $59
Research and development $65 $47 $192 $133
Selling, general, and
administrative $86 $65 $253 $183
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions, except share amounts)
June 27, September 27,
2009 2008
ASSETS:
Current assets:
Cash and cash equivalents $5,605 $11,875
Short-term marketable securities 18,617 10,236
Accounts receivable, less allowances of
$58 and $47, respectively 2,686 2,422
Inventories 380 509
Deferred tax assets 1,731 1,447
Other current assets 6,151 5,822
Total current assets 35,170 32,311
Long-term marketable securities 6,899 2,379
Property, plant and equipment, net 2,653 2,455
Goodwill 207 207
Acquired intangible assets, net 259 285
Other assets 2,952 1,935
Total assets $48,140 $39,572
LIABILITIES AND SHAREHOLDERS' EQUITY:
Current liabilities:
Accounts payable $4,854 $5,520
Accrued expenses 3,338 3,719
Deferred revenue 8,469 4,853
Total current liabilities 16,661 14,092
Deferred revenue - non-current 3,667 3,029
Other non-current liabilities 1,924 1,421
Total liabilities 22,252 18,542
Commitments and contingencies
Shareholders' equity:
Common stock, no par value; 1,800,000,000 shares
authorized; 895,735,210 and 888,325,973 shares
issued and outstanding, respectively 7,957 7,177
Retained earnings 17,878 13,845
Accumulated other comprehensive income 53 8
Total shareholders' equity 25,888 21,030
Total liabilities and shareholders' equity $48,140 $39,572
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
Nine Months Ended
June 27, June 28,
2009 2008
Cash and cash equivalents, beginning of the period $11,875 $9,352
Operating Activities:
Net income 4,039 3,698
Adjustments to reconcile net income to cash
generated by operating activities:
Depreciation, amortization, and accretion 506 339
Stock-based compensation expense 530 375
Deferred income tax (benefit)/expense (201) 41
Loss on disposition of property, plant
and equipment 18 15
Changes in operating assets and liabilities:
Accounts receivable, net (264) 34
Inventories 129 (199)
Other current assets (298) (100)
Other assets (816) 101
Accounts payable (648) (1,226)
Deferred revenue 4,254 1,823
Other liabilities (200) 400
Cash generated by operating activities 7,049 5,301
Investing Activities:
Purchases of marketable securities (34,696) (17,153)
Proceeds from maturities of marketable securities 12,780 9,378
Proceeds from sales of marketable securities 9,117 2,367
Purchases of other long-term investments (61) (31)
Payment for acquisition of property,
plant and equipment (685) (688)
Payment for acquisition of intangible assets (56) (89)
Other (62) 20
Cash used in investing activities (13,663) (6,196)
Financing Activities:
Proceeds from issuance of common stock 288 411
Excess tax benefits from stock-based compensation 124 621
Cash used to net share settle equity awards (68) (116)
Cash generated by financing activities 344 916
(Decrease)/Increase in cash and cash equivalents (6,270) 21
Cash and cash equivalents, end of the period $5,605 $9,373
Supplemental cash flow disclosure:
Cash paid for income taxes, net $2,490 $1,022
UNAUDITED CONSOLIDATED SCHEDULE OF DEFERRED REVENUE
(In millions)
June 27, March 28, September 27,
2009 2009 2008
Deferred revenue - current:
iPhone and Apple TV $6,767 $5,467 $3,518
AppleCare 725 659 599
Other 977 888 736
Total deferred revenue
- current 8,469 7,014 4,853
Deferred revenue - non-current:
iPhone and Apple TV 2,860 2,676 2,262
AppleCare 653 638 651
Other 154 146 116
Total deferred revenue -
non-current 3,667 3,460 3,029
Total deferred revenue $12,136 $10,474 $7,882
UNAUDITED RECONCILIATION OF NON-GAAP TO GAAP RESULTS OF OPERATIONS
(In millions, except share amounts which are reflected in thousands and
per share amounts)
Three Months Ended June 27, 2009
As Reported
in accordance Non-GAAP
with GAAP Adjustments Non-GAAP
Net sales $8,337 $1,405(a) $9,742
Cost of sales 5,314 400(b) 5,714
Gross margin 3,023 1,005(c) 4,028
Operating expenses 1,351 - 1,351
Operating income 1,672 1,005(c) 2,677
Net income $1,229 $713(d) $1,942
Earnings per diluted
common share $1.35 $0.79(e) $2.14
Shares used in computing
diluted earnings per share 909,160 909,160
Footnotes:
(a) Non-GAAP adjustment to net sales reflect (i) the reversal of the
current period's amortization of deferred revenue derived from
iPhone handsets and Apple TV units shipped in current and prior
periods and (ii) the inclusion of amounts generally due to Apple at
the time of sale related to iPhone handsets and Apple TV units
shipped in the current period.
(b) Non-GAAP adjustment to cost of sales reflect (i) the reversal of the
current period's amortization of deferred cost related to iPhone
handsets and Apple TV units shipped in current and prior periods and
(ii) the inclusion of the total cost of iPhone handsets and Apple TV
units shipped in the current period. In addition, the non-GAAP
adjustment to cost of sales reflects the estimate of the warranty
expense in the period when the related product is sold, rather than
when the expense is incurred. The non-GAAP adjustment to cost of
sales does not reflect the cost of providing unspecified additional
software products and upgrades.
(c) Non-GAAP adjustments to gross margin and operating income are the
difference between non-GAAP adjustments to net sales and non-GAAP
adjustments to cost of sales ((a) - (b)).
(d) Represents the after-tax effect of the non-GAAP adjustments to gross
margin and operating income. The tax effect on the non-GAAP
adjustments to gross margin and operating income is estimated by
applying the period's effective tax rate to the non-GAAP
adjustments. The tax effect on the non-GAAP adjustments is $292
million for the three months ended June 27, 2009. The non-GAAP
adjustment to net income does not reflect any changes to the
Company's other income and expense.
(e) Represents the per share impact of the non-GAAP adjustments to net
income.
Apple Inc.
Q3 2009 Unaudited Summary Data
Q2 2009 Q3 2008 Q3 2009
--------- --------- ---------
Operating CPU Revenue CPU Revenue CPU Revenue
Segments Units K $M Units K $M Units K $M
------- ------- ------- ------- ------- -------
Americas 809 $3,517 1,134 $3,435 1,147 $3,827
Europe 658 2,097 576 1,648 626 2,006
Japan 109 500 102 365 108 416
Retail 438 1,471 476 1,445 492 1,496
Other
Segments(1) 202 578 208 571 230 592
--- --- --- --- --- ---
Total
Operating
Segments 2,216 $8,163 2,496 $7,464 2,603 $8,337
===== ====== ===== ====== ===== ======
Product Revenue Revenue Revenue
Summary Units K $M Units K $M Units K $M
------- ------- ------- ------- ------- -------
Desktops (2) 818 $1,050 943 $1,373 849 $1,129
Portables (3) 1,398 1,895 1,553 2,237 1,754 2,200
----- ----- ----- ----- ----- -----
Subtotal
CPUs 2,216 2,945 2,496 3,610 2,603 3,329
iPod 11,013 1,665 11,011 1,678 10,215 1,492
Other
Music Related
Products and
Services (4) 1,049 819 958
iPhone
and
Related
Products
and
Services
(5) 3,793 1,521 717 419 5,208 1,689
Peripherals and
Other Hardware 358 437 341
Software,
Service and
Other Sales 625 501 528
--- --- ---
Total
Apple $8,163 $7,464 $8,337
====== ====== ======
Sequential Year/Year
Change Change
------------ ------------
Operating Segments CPU Units Revenue CPU Units Revenue
--------- ------- --------- -------
Americas 42% 9% 1% 11%
Europe -5% -4% 9% 22%
Japan -1% -17% 6% 14%
Retail 12% 2% 3% 4%
Other Segments (1) 14% 2% 11% 4%
Total Operating
Segments 17% 2% 4% 12%
Sequential Year/Year
Change Change
------------ ------------
Product Summary Units Revenue Units Revenue
------- ------- ------- -------
Desktops (2) 4% 8% -10% -18%
Portables (3) 25% 16% 13% -2%
Subtotal CPUs 17% 13% 4% -8%
iPod -7% -10% -7% -11%
Other Music Related
Products and
Services (4) -9% 17%
iPhone and Related
Products and
Services (5) 37% 11% 626% 303%
Peripherals and
Other Hardware -5% -22%
Software,
Service and
Other Sales -16% 5%
Total Apple 2% 12%
(1) Other Segments include Asia Pacific and FileMaker.
(2) Includes iMac, Mac mini, Mac Pro and Xserve product lines.
(3) Includes MacBook, MacBook Air and MacBook Pro product lines.
(4) Consists of iTunes Store sales, iPod services, and Apple-branded
and third-party iPod accessories.
(5) Units consist of iPhone handset sales; Revenue is derived from
handset sales, carrier agreements, and Apple-branded and
third-party iPhone accessories.
K = Units in thousands $M = Amounts in millions |
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