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Apple's 4Q 2012 Earnings Report - OWC Jamie - 10-25-2012
Apple Reports Fourth Quarter Results
26.9 Million iPhones Sold; Record Fourth Quarter Revenue and Profit
Board Declares Quarterly Dividend of $2.65 per Common Share
CUPERTINO, Calif.--(BUSINESS WIRE)--Apple® today announced financial results for its fiscal 2012 fourth quarter ended September 29, 2012. The Company posted quarterly revenue of $36.0 billion and quarterly net profit of $8.2 billion, or $8.67 per diluted share. These results compare to revenue of $28.3 billion and net profit of $6.6 billion, or $7.05 per diluted share, in the year-ago quarter. Gross margin was 40.0 percent compared to 40.3 percent in the year-ago quarter. International sales accounted for 60 percent of the quarter's revenue.
"Looking ahead to the first fiscal quarter of 2013, we expect revenue of about $52 billion and diluted earnings per share of about $11.75."
The Company sold 26.9 million iPhones in the quarter, representing 58 percent unit growth over the year-ago quarter. Apple sold 14.0 million iPads during the quarter, a 26 percent unit increase over the year-ago quarter. The Company sold 4.9 million Macs during the quarter, a 1 percent unit increase over the year-ago quarter. Apple sold 5.3 million iPods, a 19 percent unit decline from the year-ago quarter.
Apple's Board of Directors has declared a cash dividend of $2.65 per share of the Company's common stock. The dividend is payable on November 15, 2012, to shareholders of record as of the close of business on November 12, 2012.
"We're very proud to end a fantastic fiscal year with record September quarter results," said Tim Cook, Apple's CEO. "We're entering this holiday season with the best iPhone, iPad, Mac and iPod products ever, and we remain very confident in our new product pipeline."
"We're pleased to have generated over $41 billion in net income and over $50 billion in operating cash flow in fiscal 2012," said Peter Oppenheimer, Apple's CFO. "Looking ahead to the first fiscal quarter of 2013, we expect revenue of about $52 billion and diluted earnings per share of about $11.75."
Apple will provide live streaming of its Q4 2012 financial results conference call beginning at 2:00 p.m. PDT on October 25, 2012 at www.apple.com/quicktime/qtv/earningsq412. This webcast will also be available for replay for approximately two weeks thereafter.
This press release contains forward-looking statements including without limitation those about the Company's estimated revenue and diluted 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; 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 introductions and 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; risks associated with the Company's international operations; the Company's reliance on third-party intellectual property and digital content; the potential impact of a finding that the Company has infringed on the intellectual property rights of others; the Company's dependency on the performance of distributors, carriers and other resellers of the Company's products; the effect that product and service quality problems could have on the Company's sales and operating profits; the continued service and availability of key executives and employees; war, terrorism, public health issues, natural disasters, and other circumstances that could disrupt supply, delivery, or demand of products; and unfavorable results of other legal proceedings. More information on potential factors that could affect the Company's financial results is included from time to time in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's public reports filed with the SEC, including the Company's Form 10-K for the fiscal year ended September 24, 2011, its Forms 10-Q for the fiscal quarters ended December 31, 2011; March 31, 2012; and June 30, 2012; and its Form 10-K for the year ended September 29, 2012 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 designs Macs, the best personal computers in the world, along with OS X, iLife, iWork and professional software. Apple leads the digital music revolution with its iPods and iTunes online store. Apple has reinvented the mobile phone with its revolutionary iPhone and App Store, and is defining the future of mobile media and computing devices with iPad.
NOTE TO EDITORS: For additional information visit Apple's PR website (www.apple.com/pr), or call Apple's Media Helpline at (408) 974-2042.
© 2012 Apple Inc. All rights reserved. Apple, the Apple logo, Mac, Mac OS and Macintosh are trademarks of Apple. Other company and product names may be trademarks of their respective owners.
Apple Inc.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except number of shares which are reflected in thousands and per share amounts)
Three Months Ended Twelve Months Ended
September 29,
2012
September 24,
2011
September 29,
2012
September 24,
2011
Net sales $ 35,966 $ 28,270 $ 156,508 $ 108,249
Cost of sales (1) 21,565 16,890 87,846 64,431
Gross margin 14,401 11,380 68,662 43,818
Operating expenses:
Research and development (1) 906 645 3,381 2,429
Selling, general and administrative (1) 2,551 2,025 10,040 7,599
Total operating expenses
3,457
2,670 13,421 10,028
Operating income 10,944 8,710 55,241 33,790
Other income/(expense), net (51) 81 522 415
Income before provision for income taxes 10,893 8,791 55,763 34,205
Provision for income taxes 2,670 2,168 14,030 8,283
Net income $ 8,223 $ 6,623 $ 41,733 $ 25,922
Earnings per share:
Basic $ 8.76 $ 7.13 $ 44.64 $ 28.05
Diluted $ 8.67 $ 7.05 $ 44.15 $ 27.68
Shares used in computing earnings per share:
Basic 938,343 928,280 934,818 924,258
Diluted 948,186 939,517 945,355 936,645
Cash dividends declared per common share $ 2.65 $ 0.00 $ 2.65 $ 0.00
(1) Includes share-based compensation expense as follows:
Cost of sales $ 69 $ 45 $ 265 $ 200
Research and development $ 168 $ 114 $ 668 $ 450
Selling, general and administrative $ 211 $ 139 $ 807 $ 518
Apple Inc.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions, except number of shares which are reflected in thousands)
September 29,
2012
September 24,
2011
ASSETS:
Current assets:
Cash and cash equivalents $ 10,746 $ 9,815
Short-term marketable securities 18,383 16,137
Accounts receivable, less allowances of $98 and $53, respectively 10,930 5,369
Inventories 791 776
Deferred tax assets 2,583 2,014
Vendor non-trade receivables 7,762 6,348
Other current assets 6,458 4,529
Total current assets 57,653 44,988
Long-term marketable securities 92,122 55,618
Property, plant and equipment, net 15,452 7,777
Goodwill 1,135 896
Acquired intangible assets, net 4,224 3,536
Other assets 5,478 3,556
Total assets $ 176,064 $ 116,371
LIABILITIES AND SHAREHOLDERS' EQUITY:
Current liabilities:
Accounts payable $ 21,175 $ 14,632
Accrued expenses 11,414 9,247
Deferred revenue 5,953 4,091
Total current liabilities 38,542 27,970
Deferred revenue – non-current 2,648 1,686
Other non-current liabilities 16,664 10,100
Total liabilities 57,854 39,756
Commitments and contingencies
Shareholders' equity:
Common stock, no par value; 1,800,000 shares authorized; 939,208 and 929,277 shares issued and outstanding, respectively 16,422 13,331
Retained earnings 101,289 62,841
Accumulated other comprehensive income 499 443
Total shareholders' equity 118,210 76,615
Total liabilities and shareholders' equity $ 176,064 $ 116,371
Apple Inc.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
Twelve Months Ended
September 29,
2012
September 24,
2011
Cash and cash equivalents, beginning of the year $ 9,815 $ 11,261
Operating activities:
Net income 41,733 25,922
Adjustments to reconcile net income to cash generated by operating activities:
Depreciation and amortization 3,277 1,814
Share-based compensation expense 1,740 1,168
Deferred income tax expense 4,405 2,868
Changes in operating assets and liabilities:
Accounts receivable, net (5,551) 143
Inventories (15) 275
Vendor non-trade receivables (1,414) (1,934)
Other current and non-current assets (3,162) (1,391)
Accounts payable 4,467 2,515
Deferred revenue 2,824 1,654
Other current and non-current liabilities 2,552 4,495
Cash generated by operating activities 50,856 37,529
Investing activities:
Purchases of marketable securities (151,232) (102,317)
Proceeds from maturities of marketable securities 13,035 20,437
Proceeds from sales of marketable securities 99,770 49,416
Payments made in connection with business acquisitions, net of cash acquired (350) (244)
Payments for acquisition of property, plant and equipment (8,295) (4,260)
Payments for acquisition of intangible assets (1,107) (3,192)
Other (48) (259)
Cash used in investing activities (48,227) (40,419)
Financing activities:
Proceeds from issuance of common stock 665 831
Excess tax benefits from equity awards 1,351 1,133
Dividends and dividend equivalent rights paid (2,488) 0
Taxes paid related to net share settlement of equity awards (1,226) (520)
Cash (used in)/generated by financing activities (1,698) 1,444
Increase/(decrease) in cash and cash equivalents 931 (1,446)
Cash and cash equivalents, end of the year $ 10,746 $ 9,815
Supplemental cash flow disclosure:
Cash paid for income taxes, net $ 7,682 $ 3,338
Apple Inc.
Q4 2012 Unaudited Summary Data
(Units in thousands, Revenue in millions)
Q3 2012 Q4 2011 Q4 2012
Sequential Change Year/Year Change
Operating Segments Mac Units Revenue Mac Units Revenue Mac Units Revenue Mac Units Revenue Mac Units Revenue
Americas 1,522 $ 12,806 1,716 $ 9,648 1,651 $ 13,810 8% 8% - 4% 43%
Europe 941 8,237 1,176 7,397 1,135 8,023 21% - 3% - 3% 8%
Japan 173 2,009 175 1,111 151 2,367 - 13% 18% - 14% 113%
Asia Pacific 593 7,887 731 6,530 877 7,537 48% - 4% 20% 15%
Retail 791 4,084 1,096 3,584 1,109 4,229 40% 4% 1% 18%
Total Operating Segments 4,020 $ 35,023 4,894 $ 28,270 4,923 $ 35,966 22% 3% 1% 27%
Sequential Change Year/Year Change
Product Summary Units Revenue Units Revenue Units Revenue Units Revenue Units Revenue
Mac Desktops (1)(9) 1,010 $ 1,287 1,278 $ 1,687 968 $ 1,254 - 4% - 3% - 24% - 26%
Mac Portables (2)(9) 3,010 3,646 3,616 4,585 3,955 5,363 31% 47% 9% 17%
Subtotal Mac 4,020 4,933 4,894 6,272 4,923 6,617 22% 34% 1% 6%
iPod (3)(9) 6,751 1,060 6,622 1,103 5,344 820 - 21% - 23% - 19% - 26%
Other Music Related Products and Services (4) 2,060 1,678 2,296 11% 37%
iPhone and Related Products and Services (5)(9) 26,028 16,245 17,073 10,980 26,910 17,125 3% 5% 58% 56%
iPad and Related Products and Services (6)(9) 17,042 9,171 11,123 6,868 14,036 7,510 - 18% - 18% 26% 9%
Peripherals and Other Hardware (7) 663 640 706 6% 10%
Software, Service and Other Sales (8) 891 729 892 0% 22%
Total Apple $ 35,023 $ 28,270 $ 35,966 3% 27%
(1) Includes revenue from iMac, Mac mini and Mac Pro sales.
(2) Includes revenue from MacBook, MacBook Air and MacBook Pro sales.
(3) Includes revenue from iPod sales.
(4) Includes revenue from sales from the iTunes Store, App Store and iBookstore in addition to sales of iPod services and Apple-branded and third-party iPod accessories.
(5) Includes revenue from sales of iPhone, iPhone services, and Apple-branded and third-party iPhone accessories.
(6) Includes revenue from sales of iPad, iPad services, and Apple-branded and third-party iPad accessories.
(7) Includes revenue from sales of displays, networking products, and other hardware.
(8) Includes revenue from sales of Apple-branded and third-party Mac software, and services.
(9) Includes amortization of related revenue deferred for non-software services and embedded software upgrade rights.
Re: Apple's 4Q 2012 Earnings Report - hal - 10-25-2012
down another $5 after hours...
edit: $36 BILLION in revenue for the quarter - just the one (slowish) quarter... wow...
Re: Apple's 4Q 2012 Earnings Report - Paul F. - 10-25-2012
Beleaguered... doomed... all that....
I remember when $36 Billion was a blockbuster YEAR... now it's a single QUARTER.
Stock price will start sliding upwards over the next few months, I'm confident.
Re: Apple's 4Q 2012 Earnings Report - decay - 10-25-2012
wish i could get a slice of that...
Re: Apple's 4Q 2012 Earnings Report - ztirffritz - 10-25-2012
What was the dividend last quarter?
Re: Apple's 4Q 2012 Earnings Report - hal - 10-25-2012
I think this is just reporting the first div payout...
Re: Apple's 4Q 2012 Earnings Report - Article Accelerator - 10-25-2012
ztirffritz wrote:
What was the dividend last quarter?
It was $2.65 per share. The next dividend to be paid out Nov 15 for holders of record on Nov 12 will be the same.
Re: Apple's 4Q 2012 Earnings Report - sekker - 10-25-2012
iPods are down 19% y/o/y
Macs were STILL up 1% despite the total lack of refresh for iMacs, mac minis, Mac Pros
Re: Apple's 4Q 2012 Earnings Report - sekker - 10-25-2012
Oh - and selling 5 million units of a 'beloved hobby'!
Re: Apple's 4Q 2012 Earnings Report - IronMac - 10-25-2012
Article Accelerator wrote:
[quote=ztirffritz]
What was the dividend last quarter?
It was $2.65 per share. The next dividend to be paid out Nov 15 for holders of record on Nov 12 will be the same.
Thanks. Was wondering myself.