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A history of Apple's share price
Anybody who has been watching Apple's share prices since September 2012 would think that the company is in the midst of a huge crisis. Shares of AAPL have dropped from a high of over US$700 a share to around $400 now, and the financial press is sure that the company is doomed. Abdel Ibrahim, co-founder of The Tech Block and a technical analysis trader for about 10 years, points out that based on a look at historical data, large upswings in AAPL share price followed by swift downturns are actually quite normal for the company. Ibrahim based his analysis on what is called Fibonacci retracements, a method of technical analysis that uses "the idea that markets will retrace a predictable portion of a move, after which they will continue to move in the original direction." In other words, the share price will rise significantly, then fall back to a lower level before starting to rise again. Ibrahim notes: "Most technical traders use the 50 percent and 61.8 percent Fibonacci levels to predict where a market may find support or resistance. For example, if a stock went from $10 to $20, and then started to significantly pull back, many technical traders would expect that stock to have a lot of support somewhere in between $14 - $15 (roughly 50 percent to 61.8 percent of the $10 move). In my personal analysis (emphasis is Ibrahim's) I have found this to be true nearly 70 percent of the time." Ibrahim then follows with AAPL chart examples demonstrating this recurring trend. It happened between late 1997 and late 1999, in 2005 into 2006, then late 2006 through early 2008. Since that time, AAPL has been following the same trend and is currently on the downward path it has followed so many times before. As Ibrahim notes, the charts he's created aren't meant to stir investors to buy AAPL. Instead: "It's to tell you to ignore the bullshit headlines that seem to be flooding the internet and newspapers. They come from analysts. Analysts with agendas to either inflate the price of a stock they own or deflate the price of a stock they want. ... Apple, in my eyes, is still a very good company. Time will tell if I'm right or wrong." If you'd like to hear what some of those analysts with agendas are asking Apple executives, be sure to join us at 4:50 PM ET today for our liveblog of the company's Q2 2013 earnings call. [Via The Loop]
Join us for a TUAW liveblog of the Apple Q2 2013 earnings call
This afternoon, Apple CEO Tim Cook and CFO Peter Oppenheimer will host Apple's Q2 2013 earnings call to discuss the company's financial fortunes for the quarter ending March 31, 2013. As always, TUAW is hosting a liveblog of the event, during which we'll be providing commentary on the actual results, questions from the financial community, and how the results are likely to affect Apple's share price. The call is scheduled at 5 PM ET today and our liveblog will begin at 4:50 PM ET. If you're an IRC user, we'll have a chat room set up on server irc.freenode.net, chat room #tuaw so you can converse with the TUAW team and others. You can listen to a live audio stream of the event here.
Apple India sees iPhone boost to bottom line
TUAW has recently reported several times about Apple's efforts to tap the huge market for iPhones in India. Now the Times of India is reporting that Apple's net profit for the India business unit has skyrocketed 431 percent year over year. As the newspaper explains, these figures do not take into account Apple's recent agressive marketing strategies, and that it may be that the company became aware of the vast potential for sales in India during two strong years in 2011-12. Now the company is "chasing volumes and looking at the numbers game," according to Manasi Yadav of IDC. Market research firm Canalys notes that iPhone shipments to India have risen threefold in just six months. At the beginning of that period back in September 2012, Apple began advertising the iPhone extensively on the Indian subcontinent and appointed two retail distributors. Just a few weeks ago, the company started a buy-back scheme that resulted in a 300 percent increase in sales in just one week. Canalys analyst Jessica Kwee was quoted as saying that "Apple India should generate US$1 billion sales between April 2013 and March 2014," a number that should cheer the hearts of Apple executives wondering why the company's share price has plummeted to $400 today.
Daily Update for April 11, 2013
It's the TUAW Daily Update, your source for Apple news in a convenient audio format. You'll get all the top Apple stories of the day in three to five minutes for a quick review of what's happening in the Apple world. You can listen to today's Apple stories by clicking the inline player (requires Flash) or the non-Flash link below. To subscribe to the podcast for daily listening through iTunes, click here. No Flash? Click here to listen. Subscribe via RSS
Apple to release Q2 2013 earnings results on April 23
Apple updated its investor relations page on Monday to reveal that the company will post its earnings results for Q2 2013 on Tuesday, April 23. Per usual, an earnings conference call will follow at 5 PM ET. Typically, this is where CEO Tim Cook and CFO Peter Oppenheimer go over Apple's earnings in further detail and answer an assortment of questions from analysts. Naturally, all eyes will be on Apple and its perceived ability to maintain the tremendous growth it has enjoyed over the past few years. For historical context, let's take a quick look at Apple's Q2 results from the past two years. During Apple's second fiscal quarter of 2012, the company posted revenue of $39.2 billion and a quarterly net profit of $11.6 billion, resulting in EPS of $12.30. During Apple's second fiscal quarter of 2011, the company posted revenue of $24.7 billion and a quarterly net profit of $6 billion, resulting in an EPS of $6.40. So quarter over quarter, Apple's Q2 profits increased by nearly 94 percent from 2011 to 2012. While no one on Wall Street anticipates Apple's Q2 2013 growth to be anywhere near 94 percent, it'll be interesting to see how drastically the addition of the iPad mini to Apple's fleet of products will affect its bottom line compared to last quarter.
iTunes is more than earning its keep
As writer John Paczkowski notes in an AllThingsD article today, iTunes was originally "conceived as a low-margin 'break-even' operation intended to drive hardware sales" -- in particular sales of iPods. Now that the iTunes Store is used to sell more than just songs and videos, it's turning into a "significant profit center for the company". Paczkowski was commenting on numbers from Asymco analyst Horace Dediu, who notes that now that Apple has folded its in-house software group into iTunes, Apple software is having "significant implications for iTunes margins." The software, including items like iWork, iLife, Final Cut Pro, Aperture and more, has much higher profit margins than traditional iTunes items like music, books, video, and apps. Dediu deduced that Apple sold about US$3.6 billion worth of its software products in 2012, and that profit margins for software is usually about 50 percent. If that's the case for Apple -- and Dediu is usually correct in his assumptions -- then iTunes is generating operating margins of about 15 percent on gross revenue. That's about $2 billion in profit for 2012, or as Paczkowski so eloquently put it, one "hell of a way to break even."
Apple Store boosts revenues for entire shopping district
There's an old saying that "A rising tide lifts all boats," but nowhere has the truth of that saying been demonstrated more than in Berkeley, Calif., where the opening of the Fourth Street Apple Store in 2011 quadrupled sales tax revenues for the district in which the store is located. That quadrupling is just in the sales tax category in which the Apple Store is placed -- "furniture and appliances" -- but the impact of the opening is apparent even when all of the various categories are shown together. As pointed out on ifoAppleStore.com, it appears that the Apple Store was placed into that category specifically to disguise its contribution to overall tax revenues. The website did a quick calculation based on the revenue trend and determines that the store will probably have about US$38.4 million in sales for the first quarter of 2013, more than twice the per-store average for all Apple Stores. A PDF copy of the City of Berkeley economic report is available for viewing here.
A look at Apple's international retail strategy
Asymco analyst Horace Dediu does a very good job of dissecting the Apple financial data released publicly to discover trends and tidbits of information. Today Dediu looked into Apple's international retail strategy and pulled out some tasty nuggets about Apple Stores. Apple's rate of store openings is surprisingly slow, but Dediu goes on to point out that sales outside of Apple's retail channel are a much higher portion of the total than they were in 2007. The percentage of sales from Apple Stores has actually dropped from 17 percent in 2007 to 12 percent in 2012. Dediu points out that while, currently, most Apple Stores are in the Americas, the company's strategy is to open more stores in other markets. Whereas almost 80 percent of store openings in 2007 were in the US, that number shrunk to about 15 percent in 2012. Dediu notes that, "It would seem reasonable therefore to expect that the priority for most, if not all, future openings should be outside the US to address the current sales/retail presence imbalance and to accomodate the bulk of future growth."
NPD: Apple accounted for 1/5th of all US consumer tech revenue last year
The 2012 superlatives for Apple just keep rolling in. NPD Group released a report today showing an overall decline in US sales of consumer technology for the year, but that Apple's share of sales (based on revenue) rose from 17.3 percent in 2011 to 19.9 percent in 2012. Apple's sales share was over 10 percent higher than number two brand Samsung at 9.3 percent. HP, Sony and Dell -- taken together -- had less of a share (15.6 percent) of US consumer technology sales than Apple alone. NPD's data also show several ominous trends for all companies in the consumer technology sector. Revenues from sales of notebook computers were down 9 percent from 2011, while desktops showed a 11 percent drop year over year. Smartphone revenues grew at a slightly slower rate -- 25 percent -- in 2012 than in 2011 (28 percent), and growth in the tablet market slowed dramatically as well. 2011 was a banner year for growth of the tablet market, with a growth in revenue of 135 percent. Last year's numbers showed a drop to "only" a 42 percent growth rate. Whether that trend will affect Apple's earnings in 2013 is unknown, making growth in offshore markets like China and India all that much more important to the company. [via AppleInsider]
Ranking Apple analysts
Philip Elmer-DeWitt at Apple 2.0 keeps track of the how well Wall Street analysts -- and amateur Apple watchers -- predict the fortunes of the company. An overzealous estimate of earnings that isn't met by a correspondingly big figure by Apple always seems to result in a hit on share price, so Elmer-DeWitt has been ranking the analysts by accuracy. In the not-so-distant past, the amateur stock watchers were doing a much better job than the professionals, but that's changed. Now the professionals have taken eight of the top 10 positions on Elmer-DeWitt's list. He points out that this doesn't necessarily mean anything, since professionals also filled nine of the bottom 10 in his "Top 40." Based on the last nine quarters, the most accurate analyst on The Street appears to be Colin Gillis of BCG Partners. Some other familiar names from the Apple earnings calls don't fare as well. Gene "Apple TV" Munster of Piper Jaffray is about halfway down the list in the No. 19 spot, while perennial earnings call questioner Katy Huberty of Morgan Stanley barely made the Top 40 by coming in at No. 39. During the second quarter earnings call sometime in April, we'll be sure to give participants in our live blog Elmer-DeWitt's ranking information for each analyst who asks a question so you know how much credence to give their opinions.
Apple blasts shareholder lawsuit in court response
Just a few days after Apple CEO Tim Cook referred to a shareholder lawsuit spearheaded by Greenlight Capital fund manager David Einhorn as a "silly sideshow," the company filed its formal response to the lawsuit. As one would expect, the response is rather harsh. As noted in MacNN's analysis of the response, Apple found that Einhorn's plan was "self-serving," with even Einhorn himself referring to the proposal as a "roadblock." In previous coverage of this lawsuit, we noted that it was brought on by a desire by shareholders to have Apple distribute more of its sizable cash hoard through dividends. Einhorn had made a proposal asking for the issuance of "perpetual" preferred shares of AAPL that would pay a larger dividend than common stock. Apple has a proposal coming up for vote at its general meeting on February 27 to prevent any distribution of preferred shares without the approval of shareholders, and Einhorn's not happy with that. In Apple's response, the company notes that Einhorn's plan -- which calls for the preferred shares to be called "Greenlight Opportunistic Use of Preferreds" or GO-UPs -- has little benefit to anyone except Greenlight Capital. To paraphrase the title of a book by Einhorn, he appears to be trying to "fool some of the people all of the time" with his proposal. Apple CFO Peter Oppenheimer declared to the court that Einhorn referred to his lawsuit as a "roadblock" in a conversation between the two, and the company calls for the lawsuit to be dismissed for any one of four reasons listed in the response. First hearings on the lawsuit are scheduled for February 19, and Greenlight must file its response to Apple's claims by this Friday.
Apple pays dividend to shareholders this Valentine's Day
Apple shareholders get an extra special Valentine's Day gift from Apple this week in the form of a dividend from the company, says a report in AppleInsider. This will be the third dividend paid to shareholders and will amount to US$2.65 per share. Shareholders will receive the payment on February 15. Apple announced its dividend program last year and said it would distribute $45 billion to its shareholders over the next three years. This breaks down to $2.5 billion per quarter. Though Apple is paying out cash, the company is raking in cash at a faster rate. In its last quarter, Apple added $16 billion to its cash reserve, which now sits at a healthy $137.1 billion.
Apple's "disappointing" quarter out-performs hugely profitable companies
In many of the financial press accounts of Apple's Q1 2013 results, the terms "disappointing" and "flat" were used to describe the company's performance. Well, as you can see in the graphic above from Statista, Apple's performance was far and away better than that of any other US company. How good was the first quarter? It was the most profitable quarter ever for a tech company at $13.1 billion in net income. The previous record? Apple's Q1 2012 net income at $13.06 billion. How did the other tech companies do? Microsoft came in a distant second place at $6.4 billion, while IBM trailed in third place at $5.8 billion. Apple's profits were more than those of Microsoft and IBM combined. Why Apple's share price is bumbling around the $460 mark at this point is still a matter of conjecture. Legg Mason portfolio manager Bill Miller said it could be that investors are beginning to think that Apple products no longer have the attractiveness to consumers that they used to. His idea for bringing the share price up? Apple should increase the dividend it began paying to shareholders. [via AppleInsider]
The Daily Roundup for 01.23.2013
You might say the day is never really done in consumer technology news. Your workday, however, hopefully draws to a close at some point. This is the Daily Roundup on Engadget, a quick peek back at the top headlines for the past 24 hours -- all handpicked by the editors here at the site. Click on through the break, and enjoy.
AAPL dropped below $500 on Monday
Apple 2.0 is reporting that Apple stock dropped to US$497 in pre-market trading this morning. That's the first time that the stock has been below $500 since February 15, 2012. On Sunday, Citigroup lowered its price target for AAPL and also downgraded the stock from Buy to Neutral. That bad news was tempered by a report from Apple showing that over 2 million iPhone 5s had been sold in mainland China in just three days. At the time this post was being written (about 9:45 AM), the stock had recovered and was hovering in the range of $511 per share.
Games top App Store revenue in 2012
Inside Mobile Apps looked at Apple's list of 2012's top apps and noticed that games dominate the numbers. The top iPhone paid app category, top iPhone grossing, top iPad paid and top iPad grossing are all games (Angry Birds Space, Kingdoms of Camelot: Battle for the North, Angry Birds Space HD and DragonVale, respectively). Gaming titles held much more than the top spots in these categories. Eight of the top 10 iPhone apps are games, as are seven of the top 10 iPad apps. iPhone: a mobile gaming device that just happens to make phone calls.
HTC 'happy' with Apple settlement
HTC chief executive Peter Chou told Reuters that his company is "happy" with its recent settlement with Apple. He also noted that press suggestions that HTC will pay Apple between $6 and $8 per phone sold as part of a licensing agreement is "outrageous." "I think that these estimates are baseless and very, very wrong," Chou told Reuters. "[The popular estimate] is a outrageous number, but I'm not going to comment anything on a specific number. I believe we have a very, very happy settlement and a good ending." Of course, details on the actual arrangement between Apple and HTC were not revealed.
Apple to pay $2.5 billion dividend to shareholders today
Later today, Apple will pay a dividend to its shareholders for the second time in 17 years. You'll remember Apple announced its intention to pay a dividend "sometime in the fourth quarter of fiscal year 2012" last March. The company stated it will pay its shareholders a US$2.65 per share dividend. Apple is expected to distribute just about $2.5 billion from its 935 million outstanding shares. That's enough to swim through a room full of gold coins. Meanwhile, Apple continues to earn cash at an alarming rate. Congratulations to Apple and its shareholders.
Apple 4Q 2012 earnings reported
Apple has announced its fourth quarter 2012 earnings, which will be discussed on the upcoming earnings call. From the press release: '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.' The company posted quarterly revenues of $36 billion, up from $28.3 billion a year ago. Net profit was $8.2 billion or $8.67 per diluted share, up from $6.6 billion last year or $7.05 per diluted share. Apple sold 26.9 million iPhones, which indicates 58 percent growth over the year-ago quarter. The company sold 14.0 million iPads during the quarter, up 26 percent over the previous year. 4.9 million Macs were sold, representing a 1 percent increase over last year's quarter. The full press release can be found below. Show full PR text 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.
Daily Update for October 25, 2012
It's the TUAW Daily Update, your source for Apple news in a convenient audio format. You'll get all the top Apple stories of the day in three to five minutes for a quick review of what's happening in the Apple world. You can listen to today's Apple stories by clicking the inline player (requires Flash) or the non-Flash link below. To subscribe to the podcast for daily listening through iTunes, click here. No Flash? Click here to listen. Subscribe via RSS
