Insights from Apple Inc. 10-K Filing

Insights from Apple Inc. 10-K Filing

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Insights from Apple Inc. 10-K Filing

@financepresentations4 days ago

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
(Mark One)
☒…

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Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Sec…

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Apple Inc.
Form 10-K
For the Fiscal Year Ended September 28, 2024
TABLE OF CONTENTS
Page
Part …

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This Annual Report on Form 10-K (“Form 10-K”) contains forward-looking statements, within the meani…

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Services
Advertising
The Company’s advertising services include third-party licensing arrangement…

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The Company’s ability to compete successfully depends heavily on ensuring the continuing and timely…

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Business Seasonality and Product Introductions
The Company has historically experienced higher net…

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Available Information
The Company’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, C…

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The Company’s business can be impacted by political events, trade and other international disputes,…

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Global markets for the Company’s products and services are highly competitive and subject to rapid …

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The Company depends on component and product manufacturing and logistical services provided by outs…

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The Company’s products and services may be affected from time to time by design and manufacturing d…

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The Company’s future performance depends in part on support from third-party software developers.
…

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The Company’s success depends largely on the talents and efforts of its team members, the continued…

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The Company experiences malicious attacks and other attempts to gain unauthorized access to its sys…

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Legal and Regulatory Compliance Risks
The Company’s business, results of operations and financial …

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Regulatory changes and other actions that materially adversely affect the Company’s business may be…

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There can be no assurance the Company’s business will not be materially adversely affected, individ…

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The Company’s financial performance is subject to risks associated with changes in the value of the…

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The Company is also subject to the examination of its tax returns and other tax matters by the U.S.…

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Item 2. Properties
The Company’s headquarters is located in Cupertino, California. As of September…

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PART II
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purc…

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Company Stock Performance
The following graph shows a comparison of five-year cumulative total sha…

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Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The …

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Segment Operating Performance
The following table shows net sales by reportable segment for 2024, …

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Products and Services Performance
The following table shows net sales by category for 2024, 2023 a…

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Gross Margin
Products and Services gross margin and gross margin percentage for 2024, 2023 and 202…

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Provision for Income Taxes
Provision for income taxes, effective tax rate and statutory federal in…

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State Aid Decision Tax Payable
As of September 28, 2024, the Company had an obligation to pay €14.…

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk
The Company is exposed to econ…

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Item 8. Financial Statements and Supplementary Data
Index to Consolidated Financial Statements Pag…

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Apple Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except number of shares, which are…

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Apple Inc.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions)
Years ended
September …

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Apple Inc.
CONSOLIDATED BALANCE SHEETS
(In millions, except number of shares, which are reflected…

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Apple Inc.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(In millions, except per-share amounts…

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Apple Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
Years ended
September 28,
2024
…

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Apple Inc.
Notes to Consolidated Financial Statements
Note 1 – Summary of Significant Accounting …

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Note 2 – Revenue
The Company recognizes revenue at the amount to which it expects to be entitled w…

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The Company’s proportion of net sales by disaggregated revenue source was generally consistent for …

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2023
Adjusted
Cost
Unrealized
Gains
Unrealized
Losses
Fair
Value
Cash and
Cash
Equivalen…

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To protect the Company’s foreign currency–denominated term debt or marketable securities from fluct…

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Note 5 – Property, Plant and Equipment
The following table shows the Company’s gross property, pla…

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The Company and Ireland appealed the State Aid Decision to the General Court of the Court of Justic…

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Deferred Tax Assets and Liabilities
As of September 28, 2024 and September 30, 2023, the signifi…

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Note 8 – Leases
The Company has lease arrangements for certain equipment and facilities, including…

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Note 9 – Debt
Commercial Paper
The Company issues unsecured short-term promissory notes pursuant …

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As of September 28, 2024 and September 30, 2023, the fair value of the Company’s Notes, based on Le…

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Restricted Stock Units
A summary of the Company’s RSU activity and related information for 2024, 2…

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Contingencies
The Company is subject to various legal proceedings and claims that have arisen in t…

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The following table shows information by reportable segment for 2024, 2023 and 2022 (in millions):
…

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Report of Independent Registered Public Accounting Firm
To the Shareholders and the Board of Direc…

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How We Addressed the
Matter in Our Audit
We tested controls relating to the evaluation of uncerta…

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Report of Independent Registered Public Accounting Firm
To the Shareholders and the Board of Direc…

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Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
None.…

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Item 9B. Other Information
Insider Trading Arrangements
On August 27, 2024, Deirdre O’Brien, the …

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PART IV
Item 15. Exhibit and Financial Statement Schedules
(a) Documents filed as part of this re…

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4.10 Officer’s Certificate of the Registrant, dated as of February 23, 2016, including
forms of g…

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4.28 Officer’s Certificate of the Registrant, dated as of May 10, 2023, including forms
of global…

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101** Inline XBRL Document Set for the consolidated financial statements and
accompanying notes i…

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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1…

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DESCRIPTION OF THE REGISTRANT’S SECURITIES
REGISTERED PURSUANT TO SECTION 12 OF THE
SECURITIES EX…

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Any shareholders’ meeting may be adjourned from time to time by the vote of a majority of the share…

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DESCRIPTION OF DEBT SECURITIES
The following description of the Notes is a summary and does not pu…

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The 3.050% 2029 Notes
We issued £750,000,000 aggregate principal amount of the 3.050% 2029 Notes o…

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the European Monetary Union that have adopted the euro as their currency or for the settlement of t…

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(2) to any holder that is not the sole beneficial owner of the Notes, or a portion of the Notes, or…

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announced or becomes effective on or after the date of the applicable prospectus supplement, we bec…

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makers in, German government bonds selected by us, determine to be appropriate for determining the …

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If we consolidate or merge with or into any other person or sell, transfer, lease or convey all or …

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(6) any other event of default provided with respect to debt securities of such series occurs.
“Ba…

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the conduct of such person’s own affairs. Subject to such provisions, the trustee will be under no …

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• to add one or more guarantees, and in the case of the 2018 Indenture, co-obligors, for the benefi…

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Discharge, Defeasance and Covenant Defeasance
We may discharge certain obligations to holders of t…

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Book-Entry and Settlement
The Notes were issued in book-entry form and are represented by global n…

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APPLE INC.
2022 EMPLOYEE STOCK PLAN
RESTRICTED STOCK UNIT AWARD AGREEMENT
NOTICE OF GRANT
Name:…

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APPLE INC.
2022 EMPLOYEE STOCK PLAN
RESTRICTED STOCK UNIT AWARD AGREEMENT
TERMS AND CONDITIONS O…

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5. Dividend and Voting Rights.
(a) Limitations on Rights Associated with RSUs. The Participant sha…

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the Vesting Commencement Date) and the Severance Date, and the denominator of which shall be the
…

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11. Responsibility for Taxes. The Participant acknowledges that, regardless of any action
the Com…

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solely for the purpose of paying the Tax-Related Items. The Company may refuse to issue or deliver …

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not materially and adversely affect the interests of the Participant hereunder, but no such waiver …

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APPLE INC.
2022 EMPLOYEE STOCK PLAN
RESTRICTED STOCK UNIT AWARD AGREEMENT
PERFORMANCE AWARD
NOT…

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APPLE INC.
2022 EMPLOYEE STOCK PLAN
RESTRICTED STOCK UNIT AWARD AGREEMENT
TERMS AND CONDITIONS O…

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5. Dividend and Voting Rights.
(a) Limitations on Rights Associated with RSUs. The Participant sha…

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(determined as set forth below). Any RSUs (as well as the related Dividend Equivalent Rights) that …

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issued in respect of the Award. No such adjustment shall be made with respect to any ordinary cash …

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to the Company or Employer. If the obligation for Tax-Related Items is satisfied by withholding a n…

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16. Entire Agreement. This Award Agreement and the Plan together constitute the entire
agreement …

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PERFORMANCE AWARD
EXHIBIT A
PERFORMANCE VESTING REQUIREMENTS
The RSUs (and related Dividend Equi…

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traded on a national securities exchange on the last trading day of the Performance
Period. In th…

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APPLE INC.
2022 EMPLOYEE STOCK PLAN
RESTRICTED STOCK UNIT AWARD AGREEMENT
NOTICE OF GRANT
Name:…

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APPLE INC.
2022 EMPLOYEE STOCK PLAN
RESTRICTED STOCK UNIT AWARD AGREEMENT
TERMS AND CONDITIONS O…

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5. Dividend and Voting Rights.
(a) Limitations on Rights Associated with RSUs. The Participant sha…

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with the schedule set forth in the Grant Notice and Section 8(d)), without regard to the Participan…

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(c) during the Employment Period or at any time thereafter, the Participant has
committed or enga…

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(e) any other method of withholding determined by the Company to be permitted
under the Plan and,…

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received, but if the Participant is no longer an employee of the Company, shall be deemed to have b…

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23. Imposition of Other Requirements. The Company reserves the right to impose other
requirements…

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APPLE INC.
2022 EMPLOYEE STOCK PLAN
RESTRICTED STOCK UNIT AWARD AGREEMENT
PERFORMANCE AWARD
NOT…

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APPLE INC.
2022 EMPLOYEE STOCK PLAN
RESTRICTED STOCK UNIT AWARD AGREEMENT
TERMS AND CONDITIONS O…

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5. Dividend and Voting Rights.
(a) Limitations on Rights Associated with RSUs. The Participant sha…

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RSUs (as well as the related Dividend Equivalent Rights) shall continue to be eligible to vest on t…

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such section in the number of RSUs then outstanding and the number and kind of securities that may …

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The Company may withhold or account for Tax-Related Items by considering statutory
withholding am…

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deemed to) create any rights in the Participant unless such rights are expressly set forth herein o…

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PERFORMANCE AWARD
EXHIBIT A
PERFORMANCE VESTING REQUIREMENTS
The RSUs (and related Dividend Equi…

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traded on a national securities exchange on the last trading day of the Performance
Period. In th…

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Insider Trading Policy
Exhibit 19.1

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This policy is designed to prevent trading of securities when a person is aware of
material nonpu…

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In addition to the above prohibitions, this policy includes important additional information.
“Mat…

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Restricted Trading Periods and Trading Windows
A restricted trading period is a specified period o…

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restrictions that apply to you under this policy; provided, however, that in all other
instances …

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• is established in good faith and not as part of a plan or scheme to evade the prohibitions
of R…

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Exhibit 21.1
Subsidiaries of
Apple Inc.*
Jurisdiction
of Incorporation
Apple Asia Limited Hong…

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Exhibit 23.1
Consent of Independent Registered Public Accounting Firm
We consent to the incorpora…

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Exhibit 31.1
CERTIFICATION
I, Timothy D. Cook, certify that:
1. I have reviewed this annual repo…

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Exhibit 31.2
CERTIFICATION
I, Luca Maestri, certify that:
1. I have reviewed this annual report …

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Exhibit 32.1
CERTIFICATIONS OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER
PURSUANT TO
1…

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Rule 10D-1 Recovery Policy
A. Introduction
This Rule 10D-1 Recovery Policy (the “Policy”) is admi…

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C. Administration
The Committee is authorized and directed to consult with the full Board or such …

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If the Committee determines a Covered Executive Received erroneously awarded
Incentive-Based Comp…

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Insights from Apple Inc. 10-K Filing

@financepresentations

This presentation provides an overview of Apple Inc.’s 2024 Annual Report (Form 10-K) filed with the U.S. SEC. Key segments include business performance, competitive analysis, market conditions, and extensive details on product lines such as iPhone, Mac, and wearables. The report emphasizes Apple's strategies, challenges, risks, and future outlook while addressing macroeconomic influences on operations.

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#BusinessStrategy #AppleInc #AnnualReport #FinancialInsights #MarketAnalysis

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