苹果公司-2019年第一财季（去年四季度）财报（英文）-2019.1-51页_837kb

Apple Inc. Q4 2018 Financial Summary

Core Content

This document is Apple Inc.'s Form 10-Q for the fiscal quarter ended December 29, 2018, providing unaudited financial statements and related disclosures. It outlines the company's financial performance, balance sheet, cash flows, and key accounting policies and changes.

Key Financial Highlights

Condensed Consolidated Statements of Operations (Unaudited)

• Net Sales:

  • Products: $73,435 million (vs. $79,164 million in the prior year)
  • Services: $10,875 million (vs. $9,129 million in the prior year)
  • Total Net Sales: $84,310 million (vs. $88,293 million in the prior year)

• Cost of Sales:

  • Products: $48,238 million (vs. $50,575 million in the prior year)
  • Services: $4,041 million (vs. $3,806 million in the prior year)
  • Total Cost of Sales: $52,279 million (vs. $54,381 million in the prior year)

• Gross Margin: $32,031 million (vs. $33,912 million in the prior year)

• Operating Expenses:

  • Research and Development: $3,902 million (vs. $3,407 million)
  • Selling, General and Administrative: $4,783 million (vs. $4,231 million)
  • Total Operating Expenses: $8,685 million (vs. $7,638 million)

• Operating Income: $23,346 million (vs. $26,274 million)

• Other Income/(Expense), Net: $560 million (vs. $756 million)

• Income Before Provision for Income Taxes: $23,906 million (vs. $27,030 million)

• Provision for Income Taxes: $3,941 million (vs. $6,965 million)

• Net Income: $19,965 million (vs. $20,065 million)

Earnings Per Share (EPS)

• Basic EPS: $4.22 (vs. $3.92)
• Diluted EPS: $4.18 (vs. $3.89)
• Shares used in computing EPS:
  • Basic: 4,735,820 thousand (vs. 5,112,877 thousand)
  • Diluted: 4,773,252 thousand (vs. 5,157,787 thousand)

Condensed Consolidated Balance Sheets (Unaudited)

• Total Assets: $373,719 million (vs. $365,725 million)
• Total Liabilities: $255,827 million (vs. $258,578 million)
• Total Shareholders' Equity: $117,892 million (vs. $107,147 million)

Cash and Cash Equivalents

• Beginning Balance (Dec 30, 2017): $25,913 million
• Ending Balance (Dec 29, 2018): $44,771 million

Condensed Consolidated Statements of Cash Flows (Unaudited)

• Cash Generated by Operating Activities: $26,690 million
• Cash Generated by Investing Activities: $5,844 million
• Cash Used in Financing Activities: $(13,676) million
• Net Increase in Cash and Cash Equivalents: $18,858 million

Supplemental Cash Flow Disclosures

• Cash Paid for Income Taxes: $4,916 million
• Cash Paid for Interest: $836 million

Main Sections and Disclosures

Part I – Financial Statements

• Item 1: Condensed Consolidated Statements of Operations, Balance Sheets, and Cash Flows (all in millions, except shares in thousands)
• Item 2: Management’s Discussion and Analysis of Financial Condition and Results of Operations (starts on page 24)
• Item 3: Quantitative and Qualitative Disclosures About Market Risk (page 33)
• Item 4: Controls and Procedures (page 33)

Part II – Other Information

• Item 1: Legal Proceedings (page 34)
• Item 1A: Risk Factors (page 34)
• Item 2: Unregistered Sales of Equity Securities and Use of Proceeds (page 44)
• Item 3: Defaults Upon Senior Securities (page 44)
• Item 4: Mine Safety Disclosures (page 44)
• Item 5: Other Information (page 44)
• Item 6: Exhibits (page 45)

Key Accounting Policies and Changes

Revenue Recognition

• The company adopted the new revenue standard (ASU 2014-09) in the first quarter of 2019 using the full retrospective transition method.
• Revenue is recognized when control transfers to the customer, which typically occurs upon shipment for products and over time for services.
• Revenue from iPhone, Mac, iPad, and other products includes amortization of deferred value of bundled services and unspecified software upgrades.
• For multiple performance obligations, revenue is allocated based on relative stand-alone selling prices (SSP).
• The company reclassified prior year’s Products net sales to conform with the 2019 presentation.

Financial Instruments

• The company adopted ASU 2016-01 for financial instruments, which did not materially affect its financial statements.
• Unrealized gains and losses on available-for-sale marketable securities are recognized in OCI.
• Deferred revenue totaled $8.4 billion as of December 29, 2018, with 66% expected to be realized within a year.

Income Taxes

• The company adopted ASU 2016-16, which requires recognition of income tax consequences for intra-entity transfers of assets (excluding inventory).
• Upon adoption, the company recorded $2.7 billion of net deferred tax assets, reduced other non-current assets by $128 million, and increased retained earnings by $2.6 billion.

Earnings Per Share

• Basic EPS is calculated using weighted average basic shares outstanding.
• Diluted EPS includes the effect of potentially dilutive securities.
• 28.8 million shares were excluded from diluted EPS computation as they were antidilutive.

Summary of Disaggregated Revenue

• iPhone: $51,982 million (vs. $61,104 million)
• Mac: $7,416 million (vs. $6,824 million)
• iPad: $6,729 million (vs. $5,755 million)
• Wearables, Home and Accessories: $7,308 million (vs. $5,481 million)
• Services: $10,875 million (vs. $9,129 million)
• Total Net Sales: $84,310 million (vs. $88,293 million)

Conclusion

Apple Inc. reported a net income of $19,965 million for the quarter ended December 29, 2018, with a basic EPS of $4.22 and diluted EPS of $4.18. The company made significant accounting changes in 2019, including the adoption of ASU 2014-09 and ASU 2016-16, which had no material impact on its financial statements. The disaggregated revenue and deferred revenue figures indicate a decline in product sales and growth in services. The company maintains a strong cash position with $44,771 million in cash and cash equivalents as of December 29, 2018.