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Apple Reports Second Quarter Results



Revenue up 54 percent to new March quarter record

Services and Mac revenue reach new all-time high


CUPERTINO, Calif. -

Apple® today announced financial results for its fiscal 2021 second quarter ended March 27, 2021. The Company posted a March quarter record revenue of $89.6 billion, up 54 percent year over year, and quarterly earnings per diluted share of $1.40. International sales accounted for 67 percent of the quarter’s revenue.

“This quarter reflects both the enduring ways our products have helped our users meet this moment in their own lives, as well as the optimism consumers seem to feel about better days ahead for all of us,” said Tim Cook, Apple’s CEO. “Apple is in a period of sweeping innovation across our product lineup, and we’re keeping focus on how we can help our teams and the communities where we work emerge from this pandemic into a better world. That certainly begins with products like the all-new iMac and iPad Pro, but it extends to efforts like the 8 gigawatts of new clean energy we’ll help bring onto the grid and our $430 billion investment in the United States over the next 5 years.”

“We are proud of our March quarter performance, which included revenue records in each of our geographic segments and strong double-digit growth in each of our product categories, driving our installed base of active devices to an all-time high,” said Luca Maestri, Apple’s CFO. “These results allowed us to generate operating cash flow of $24 billion and return nearly $23 billion to shareholders during the quarter. We are confident in our future and continue to make significant investments to support our long-term plans and enrich our customers’ lives.”

Apple’s board of directors has declared a cash dividend of $0.22 per share of the Company’s common stock, an increase of 7 percent. The dividend is payable on May 13, 2021 to shareholders of record as of the close of business on May 10, 2021. The board of directors has also authorized an increase of $90 billion to the existing share repurchase program.

Apple will provide live streaming of its Q2 2021 financial results conference call beginning at 2:00 p.m. PT on April 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 expectations regarding the impact of the COVID-19 pandemic; anticipated revenue, gross margin, operating expenses, other income/(expense), and tax rate; plans for return of capital; our goal of maintaining a net cash neutral position; and our 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 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; the dependency of the Company on third-party intellectual property and digital content, 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 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 key executives and employees; political events, international trade disputes, war, terrorism, natural disasters, public health issues, 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 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

 

Six Months Ended

 

March 27,
2021

 

March 28,
2020

 

March 27,
2021

 

March 28,
2020

Net sales:

 

 

 

 

 

 

 

Products

$

72,683

 

$

44,965

 

$

168,361

 

$

124,069

Services

16,901

 

13,348

 

32,662

 

26,063

Total net sales (1)

89,584

 

58,313

 

201,023

 

150,132

Cost of sales:

 

 

 

 

 

 

 

Products

46,447

 

31,321

 

108,577

 

83,396

Services

5,058

 

4,622

 

10,039

 

9,149

Total cost of sales

51,505

 

35,943

 

118,616

 

92,545

Gross margin

38,079

 

22,370

 

82,407

 

57,587

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

Research and development

5,262

 

4,565

 

10,425

 

9,016

Selling, general and administrative

5,314

 

4,952

 

10,945

 

10,149

Total operating expenses

10,576

 

9,517

 

21,370

 

19,165

 

 

 

 

 

 

 

 

Operating income

27,503

 

12,853

 

61,037

 

38,422

Other income/(expense), net

508

 

282

 

553

 

631

Income before provision for income taxes

28,011

 

13,135

 

61,590

 

39,053

Provision for income taxes

4,381

 

1,886

 

9,205

 

5,568

Net income

$

23,630

 

$

11,249

 

$

52,385

 

$

33,485

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

Basic

$

1.41

 

$

0.64

 

$

3.11

 

$

1.91

Diluted

$

1.40

 

$

0.64

 

$

3.08

 

$

1.89

Shares used in computing earnings per share:

 

 

 

 

 

 

 

Basic

16,753,476

 

17,440,402

 

16,844,298

 

17,550,281

Diluted

16,929,157

 

17,618,765

 

17,021,423

 

17,718,591

 

 

 

 

 

 

 

 

(1) Net sales by reportable segment:

 

 

 

 

 

 

 

Americas

$

34,306

 

$

25,473

 

$

80,616

 

$

66,840

Europe

22,264

 

14,294

 

49,570

 

37,567

Greater China

17,728

 

9,455

 

39,041

 

23,033

Japan

7,742

 

5,206

 

16,027

 

11,429

Rest of Asia Pacific

7,544

 

3,885

 

15,769

 

11,263

Total net sales

$

89,584

 

$

58,313

 

$

201,023

 

$

150,132

 

 

 

 

 

 

 

 

(1) Net sales by category:

 

 

 

 

 

 

 

iPhone

$

47,938

 

$

28,962

 

$

113,535

 

$

84,919

Mac

9,102

 

5,351

 

17,777

 

12,511

iPad

7,807

 

4,368

 

16,242

 

10,345

Wearables, Home and Accessories

7,836

 

6,284

 

20,807

 

16,294

Services

16,901

 

13,348

 

32,662

 

26,063

Total net sales

$

89,584

 

$

58,313

 

$

201,023

 

$

150,132

Apple Inc.

 

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

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

 

 

March 27,
2021

 

September 26,
2020

ASSETS:

Current assets:

 

 

 

Cash and cash equivalents

$

38,466

 

 

$

38,016

 

Marketable securities

31,368

 

 

52,927

 

Accounts receivable, net

18,503

 

 

16,120

 

Inventories

5,219

 

 

4,061

 

Vendor non-trade receivables

14,533

 

 

21,325

 

Other current assets

13,376

 

 

11,264

 

Total current assets

121,465

 

 

143,713

 

 

 

 

 

Non-current assets:

 

 

 

Marketable securities

134,539

 

 

100,887

 

Property, plant and equipment, net

37,815

 

 

36,766

 

Other non-current assets

43,339

 

 

42,522

 

Total non-current assets

215,693

 

 

180,175

 

Total assets

$

337,158

 

 

$

323,888

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY:

Current liabilities:

 

 

 

Accounts payable

$

40,127

 

 

$

42,296

 

Other current liabilities

45,660

 

 

42,684

 

Deferred revenue

7,595

 

 

6,643

 

Commercial paper

5,000

 

 

4,996

 

Term debt

8,003

 

 

8,773

 

Total current liabilities

106,385

 

 

105,392

 

 

 

 

 

Non-current liabilities:

 

 

 

Term debt

108,642

 

 

98,667

 

Other non-current liabilities

52,953

 

 

54,490

 

Total non-current liabilities

161,595

 

 

153,157

 

Total liabilities

267,980

 

 

258,549

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 16,686,305 and 16,976,763 shares issued and outstanding, respectively

54,203

 

 

50,779

 

Retained earnings

15,261

 

 

14,966

 

Accumulated other comprehensive income/(loss)

(286

)

 

(406

)

Total shareholders’ equity

69,178

 

 

65,339

 

Total liabilities and shareholders’ equity

$

337,158

 

 

$

323,888

 

Apple Inc.

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(In millions)

 

 

Six Months Ended

 

March 27,
2021

 

March 28,
2020

Cash, cash equivalents and restricted cash, beginning balances

$

39,789

 

 

$

50,224

 

Operating activities:

 

 

 

Net income

52,385

 

 

33,485

 

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

 

 

 

Depreciation and amortization

5,463

 

 

5,602

 

Share-based compensation expense

4,001

 

 

3,407

 

Deferred income tax benefit

(207

)

 

(651

)

Other

(474

)

 

(259

)

Changes in operating assets and liabilities:

 

 

 

Accounts receivable, net

(2,347

)

 

7,284

 

Inventories

(1,226

)

 

699

 

Vendor non-trade receivables

6,792

 

 

7,923

 

Other current and non-current assets

(4,333

)

 

(8,866

)

Accounts payable

(1,997

)

 

(13,520

)

Deferred revenue

1,642

 

 

1,223

 

Other current and non-current liabilities

3,045

 

 

7,500

 

Cash generated by operating activities

62,744

 

 

43,827

 

Investing activities:

 

 

 

Purchases of marketable securities

(74,424

)

 

(66,489

)

Proceeds from maturities of marketable securities

39,605

 

 

39,738

 

Proceeds from sales of marketable securities

21,645

 

 

27,762

 

Payments for acquisition of property, plant and equipment

(5,769

)

 

(3,960

)

Payments made in connection with business acquisitions, net

(9

)

 

(1,134

)

Other

 

 

(572

)

Cash used in investing activities

(18,952

)

 

(4,655

)

Financing activities:

 

 

 

Proceeds from issuance of common stock

561

 

 

430

 

Payments for taxes related to net share settlement of equity awards

(3,160

)

 

(1,566

)

Payments for dividends and dividend equivalents

(7,060

)

 

(6,914

)

Repurchases of common stock

(43,323

)

 

(39,280

)

Proceeds from issuance of term debt, net

13,923

 

 

2,210

 

Repayments of term debt

(4,500

)

 

(5,250

)

Proceeds from commercial paper, net

22

 

 

1,518

 

Proceeds from repurchase agreement

 

 

2,556

 

Other

(38

)

 

(51

)

Cash used in financing activities

(43,575

)

 

(46,347

)

Increase/(Decrease) in cash, cash equivalents and restricted cash

217

 

 

(7,175

)

Cash, cash equivalents and restricted cash, ending balances

$

40,006

 

 

$

43,049

 

Supplemental cash flow disclosure:

 

 

 

Cash paid for income taxes, net

$

10,276

 

 

$

7,505

 

Cash paid for interest

$

1,327

 

 

$

1,689

 

 


Press Contact:
Kristin Huguet
Apple
khuguet@apple.com
(408) 974-2414

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


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