APPLE INC (AAPL) SEC Filing 10-K Annual report for the fiscal year ending Saturday, September 30, 2017
revenue between $84 billion and $87 billion
gross margin between 38 percent and 38.5 percent
operating expenses between $7.65 billion and $7.75 billion
other income/(expense) of $600 million
tax rate of 25.5 percent
The following information was filed by APPLE INC on Thursday, November 2, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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- aapl_10k_2017-11-03_66_72Financial - EarningsIn general, the Company believes gross margins will remain under downward pressure due to a variety of factors, including continued industry-wide global product pricing pressures, increased competition, compressed product life cycles, product transitions, potential increases in the cost of components, and potential strengthening of the U.S. dollar, as well as potential increases in the costs of outside manufacturing services and a potential shift in the Companys sales mix towards products with lower gross margins.
- aapl_10k_2017-11-03_33_46Revenue - GeographyThe effect of weakness in most foreign currencies relative to the U.S. dollar also negatively impacted Mac net sales.
- aapl_10k_2017-11-03_61_66Financial - EarningsYear-over-year gross margin increased due primarily to a shift in mix to services and an overall increase in product volumes.
- aapl_10k_2017-11-03_28_299Revenue - ProductiPad net sales decreased during 2016 compared to 2015 primarily due to lower unit sales and the effect of weakness in most foreign currencies relative to the U.S. dollar, partially offset by higher average selling price due to a shift in mix to higher-priced iPads.
- aapl_10k_2017-11-03_175_222Revenue - ProductFor payment terms in excess of the Companys standard payment terms, revenue is recognized as payments become due unless the Company has positive evidence that the sales price is fixed or determinable, such as a successful history of collection, without concession, on comparable arrangements.
- aapl_10k_2017-11-03_58_64Revenue - GeographyThe strength in foreign currencies relative to the U.S. dollar had a favorable impact on Rest of Asia Pacific net sales during 2017 compared to 2016.
- aapl_10k_2017-11-03_62_324Financial - EarningsGross margin percentage decreased in 2016 compared to 2015 due primarily to the effect of weakness in most foreign currencies relative to the U.S. dollar and, to a lesser extent, unfavorable leverage on fixed costs from lower net sales, partially offset by a favorable shift in mix to services.
- aapl_10k_2017-11-03_7_25Financial - Shares / EquityThis included increasing its share repurchase authorization from $175 billion to $210 billion and raising its quarterly dividend from $0.57 to $0.63 per share beginning in May 2017.
- aapl_10k_2017-11-03_10_31Financial - Shares / EquityThis included increasing its share repurchase authorization from $140 billion to $175 billion and raising its quarterly dividend from $0.52 to $0.57 per share beginning in May 2016.
- aapl_10k_2017-11-03_59_322Revenue - GeographyRest of Asia Pacific net sales decreased during 2016 compared to 2015 due primarily to lower net sales of iPhone and the effect of weakness in foreign currencies relative to the U.S. dollar.
- aapl_10k_2017-11-03_52_316Revenue - GeographyGreater China net sales decreased during 2016 compared to 2015 due primarily to lower net sales of iPhone and the effect of weakness in foreign currencies relative to the U.S. dollar.
- aapl_10k_2017-11-03_71_76Financial - ExpenseThe year-over-year growth in R&D expense in 2017 and 2016 was driven primarily by increases in headcount-related expenses and material costs to support expanded R&D activities.
- aapl_10k_2017-11-03_55_319Revenue - ProductThe year-over-year increase in Japan net sales in 2017 and 2016 was due primarily to higher net sales of Services and the strength in the Japanese yen relative to the U.S. dollar.
- aapl_10k_2017-11-03_76_81Financial - IncomeThe year-over-year increase in other incomeexpense, net during 2016 was due primarily to higher interest income, partially offset by higher interest expense on debt and the unfavorable impact of foreign exchange-related items.
- aapl_10k_2017-11-03_185_259Other - OtherThese circumstances include future demand or market conditions for the Companys products being less favorable than forecasted, unforeseen technological changes or changes to the Companys product development plans that negatively impact the utility of any of these assets, or significant deterioration in the financial condition of one or more of the Companys suppliers that hold any of the Companys manufacturing-related assets or to whom the Company has made an inventory prepayment.
- aapl_10k_2017-11-03_7_21Revenue - ProductNet sales increased 6% or $13.6 billion during 2017 compared to 2016, primarily driven by growth in Services, iPhone and Mac.
- aapl_10k_2017-11-03_145_375Financial - Shares / Equity, which included an increase in the share repurchase authorization from $175 billion to
- aapl_10k_2017-11-03_193_282Legal - OtherTherefore, although management considers the likelihood of such an outcome to be remote, if one or more of these legal matters were resolved against the Company in a reporting period for amounts in excess of managements expectations, the Companys consolidated financial statements for that reporting period could be materially adversely affected.
- aapl_10k_2017-11-03_23_40Revenue - GeographyAverage selling prices for iPhone were lower year-over-year during 2016 due primarily to a different mix of iPhones, including the iPhone SE introduced in 2016, and the effect of weakness in most foreign currencies relative to the U.S. dollar.
- aapl_10k_2017-11-03_37_47Revenue - ProductThe year-over-year growth in Services net sales in 2017 was due primarily to increases in App Store and licensing sales.
- aapl_10k_2017-11-03_42_308Revenue - GeographyAmericas net sales increased during 2017 compared to 2016 due primarily to higher net sales of iPhone, Services and Mac.
- aapl_10k_2017-11-03_58_63Revenue - GeographyRest of Asia Pacific net sales increased during 2017 compared to 2016 due primarily to higher net sales of iPhone, Services and Mac.
- aapl_10k_2017-11-03_46_59Revenue - GeographyEurope net sales increased during 2017 compared to 2016 due primarily to higher net sales of iPhone and Services.
- aapl_10k_2017-11-03_22_36Revenue - ProductiPhone net sales increased during 2017 compared to 2016 due to higher iPhone unit sales and a different mix of iPhones with higher average selling prices.
- aapl_10k_2017-11-03_32_43Revenue - ProductMac net sales increased during 2017 compared to 2016 due primarily to a different mix of Macs with higher average selling prices and higher Mac unit sales.
- aapl_10k_2017-11-03_7_22Revenue - ProductThe year-over-year increase in net sales reflected growth in each of the geographic operating segments, with the exception of Greater China.
- aapl_10k_2017-11-03_174_214Revenue - ProductManagement believes the Companys critical accounting policies and estimates are those related to revenue recognition, valuation and impairment of marketable securities, inventory valuation, valuation of manufacturing-related assets and estimation of purchase commitment cancellation fees, warranty costs, income taxes, and legal and other contingencies.
- aapl_10k_2017-11-03_10_29Revenue - ProductNet sales declined 8% or $18.1 billion during 2016 compared to 2015, primarily driven by a year-over-year decrease in iPhone net sales and the effect of weakness in most foreign currencies relative to the U.S. dollar, partially offset by an increase in Services.
- aapl_10k_2017-11-03_81_85Other - OtherThe lower effective tax rate in 2016 compared to 2015 was due primarily to greater R&D tax credits.
- aapl_10k_2017-11-03_23_39Revenue - ProductThe Company believes the sales decline was due primarily to a lower rate of iPhone upgrades during 2016 compared to 2015 and challenging macroeconomic conditions in a number of major markets in 2016.
- aapl_10k_2017-11-03_72_78Financial - ExpenseThe year-over-year growth in selling, general and administrative expense in 2017 compared to 2016 was driven primarily by an increase in headcount-related expenses, variable selling expenses and infrastructure-related costs.
- aapl_10k_2017-11-03_85_98Other - OtherIrish legislative changes, effective as of January 2015, eliminated the application of the tax opinions from that date forward.
- aapl_10k_2017-11-03_97_146Revenue - Product2016-12, Revenue from Contracts with Customers Topic 606: Narrow-Scope Improvements and Practical Expedients ASU 2016-12 and ASU No.
- aapl_10k_2017-11-03_97_147Revenue - Product2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers ASU 2016-20 .
- aapl_10k_2017-11-03_177_231Revenue - ProductRevenue allocated to the unspecified software upgrade rights and non-software services based on the Companys ESPs is deferred and recognized on a straight-line basis over the estimated period the software upgrades and non-software services are expected to be provided.
- aapl_10k_2017-11-03_189_267Financial - ExpenseIf actual product failure rates or repair costs differ from estimates, revisions to the estimated warranty liabilities could be required and could materially affect the Companys financial condition and operating results.
- aapl_10k_2017-11-03_170_209Legal - OtherWhile the Company maintains directors and officers liability insurance coverage, such insurance coverage may be insufficient to cover all losses or all types of claims that may arise.
- aapl_10k_2017-11-03_148_376Financial - DividendThe following table presents the Companys dividends, dividend equivalents, share repurchases and net share settlement activity from the start of the capital return program in August 2012 through
- aapl_10k_2017-11-03_91_125Financial - IncomeAs a result, subsequent to adoption the Companys income tax expense and associated effective tax rate will be impacted by fluctuations in stock price between the grant dates and vesting dates of equity awards.
- aapl_10k_2017-11-03_141_178Revenue - GeographyIn addition, the Company has entered, and in the future may enter, into foreign currency swaps to manage foreign currency risk on the Notes.
- aapl_10k_2017-11-03_16_35Revenue - ProductServices net sales in the fourth quarter of 2017 included a favorable one-time adjustment of $640 million due to a change in estimate based on the availability of additional supporting information.
- aapl_10k_2017-11-03_37_48Revenue - ProductServices net sales in the fourth quarter of 2017 included a favorable one-time adjustment of $640 million due to a change in estimate based on the availability of additional supporting information.
- aapl_10k_2017-11-03_180_237Revenue - ProductThe Companys policy requires that, if refunds cannot be reliably estimated, revenue is not recognized until reliable estimates can be made or the price protection lapses.
- aapl_10k_2017-11-03_151_378Other - OtherThe Company has not entered into any transactions with unconsolidated entities whereby the Company has financial guarantees, subordinated retained interests, derivative instruments, or other contingent arrangements that expose the Company to material continuing risks, contingent liabilities, or any other obligation under a variable interest in an unconsolidated entity that provides financing, liquidity, market risk, or credit risk support to the Company, or engages in leasing, hedging, or R&D services with the Company.
- aapl_10k_2017-11-03_144_374Other - Other, the Companys Board of Directors increased the total capital return program from $250 billion to
- aapl_10k_2017-11-03_182_246Revenue - ProductChanges in the fair value of available-for-sale securities impact the Companys net income only when such securities are sold or an other-than-temporary impairment is recognized.
- aapl_10k_2017-11-03_27_41Revenue - ProductiPad net sales decreased during 2017 compared to 2016 due to lower iPad unit sales and a different mix of iPads with lower average selling prices.
- aapl_10k_2017-11-03_66_74Financial - EarningsGross margins could also be affected by the Companys ability to manage product quality and warranty costs effectively and to stimulate demand for certain of its products.
- aapl_10k_2017-11-03_33_45Revenue - ProductMac net sales decreased during 2016 compared to 2015 primarily due to lower year-over-year Mac unit sales, which declined at rates similar to the overall market.
- aapl_10k_2017-11-03_98_149Revenue - ProductThe new revenue standards may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of adoption.
- aapl_10k_2017-11-03_147_185Financial - Shares / EquityUnder the program, shares may be repurchased in privately negotiated or open market transactions, including under plans complying with Rule 10b5-1 under the Exchange Act.
- aapl_10k_2017-11-03_95_139Other - OtherBased on the composition of the Companys investment portfolio, current market conditions, and historical credit loss activity, the adoption of ASU 2016-13 is not expected to have a material impact on its consolidated financial statements.
- aapl_10k_2017-11-03_15_290Other - OtherIncludes deferrals and amortization of related software upgrade rights and non-software services.
- aapl_10k_2017-11-03_113_350Other - Otherand a decrease in the net change in operating assets and liabilities of
- aapl_10k_2017-11-03_168_201Financial - ExpenseAgreements entered into by the Company sometimes include indemnification provisions which may subject the Company to costs and damages in the event of a claim against an indemnified third party.
- aapl_10k_2017-11-03_3_11Other - OtherThe Companys products and services include iPhone, iPad, Mac, Apple Watch, Apple TV, a portfolio of consumer and professional software applications, iOS, macOS, watchOS and tvOS operating systems, iCloud, Apple Pay and a variety of accessory, service and support offerings.
- aapl_10k_2017-11-03_192_277Other - OtherResolution of these uncertainties in a manner inconsistent with managements expectations could have a material impact on the Companys financial condition and operating results.
- aapl_10k_2017-11-03_10_30Other - OtherIn April 2016, the Company announced an increase to its capital return program by raising the expected total size of the program from $200 billion to $250 billion through March 2018.
- aapl_10k_2017-11-03_7_24Other - OtherIn May 2017, the Company announced an increase to its capital return program by raising the expected total size of the program from $250 billion to $300 billion through March 2019.
- aapl_10k_2017-11-03_140_371Other - Other, the Company had outstanding floating- and fixed-rate notes with varying maturities for an aggregate principal amount of
- aapl_10k_2017-11-03_193_280Legal - OtherIn the opinion of management, there was not at least a reasonable possibility the Company may have incurred a material loss, or a material loss in excess of a recorded accrual, with respect to loss contingencies for asserted legal and other claims.
- aapl_10k_2017-11-03_76_82Other - OtherThe weighted-average interest rate earned by the Company on its cash, cash equivalents and marketable securities was 1.99%, 1.73% and 1.49% in
- aapl_10k_2017-11-03_43_309Revenue - GeographyAmericas net sales decreased during 2016 compared to 2015 due primarily to lower net sales of iPhone.
- aapl_10k_2017-11-03_176_225Revenue - ProductFor multi-element arrangements that include hardware products containing software essential to the hardware products functionality, undelivered software elements that relate to the hardware products essential software andor undelivered non-software services, the Company allocates revenue to all deliverables based on their relative selling prices.
- aapl_10k_2017-11-03_109_160Other - OtherThese amounts are expected to be placed into escrow in 2018, where they will remain pending conclusion of all appeals.
- aapl_10k_2017-11-03_86_104Other - OtherThese amounts are expected to be placed into escrow in 2018, where they will remain pending conclusion of all appeals.
- aapl_10k_2017-11-03_61_65Financial - EarningsGross margin percentage decreased in 2017 compared to 2016 due primarily to higher product costs, partially offset by a favorable shift in mix to services.
- aapl_10k_2017-11-03_78_335Financial - IncomeProvision for income taxes and effective tax rates for
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- Form Type: Annual
- Number of times amended: 0
- Accession Number: 0000320193-17-000070
- Submitted to the SEC: Friday, November 3, 2017 8:01:37 AM EST
- Accepted by the SEC: Friday, November 3, 2017
- Fiscal Year ending: September 2017
- Industry: Electronic Computers
Positive and negative sentiment analysis is available in these filings:
Intrinsic Value, Financial Stability and Ratios