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AA 13-1 Company Analysis LO C2, A1 Use Apple's financial statements in Appendix A to answer the following. 1. How many shares of Apple common stock are issued and outstanding at (a) September 28, 2019, and (b) September 29, 2018? 2. What is the total amount of cash dividends paid to common stockholders for the years ended (a) September 28, 2019, and (b) September 29, 2018? 3. Identify basic earnings per share (EPS) amounts for fiscal years (a) 2019 and (b) 2018. 4. Is Apple's earnings per share (EPS) on a favorable or unfavorable trend from 2018 to 2019? 5. If Apple buys back outstanding shares from investors, would you expect earnings per share (EPS) to increase or decrease from the buyback? X Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 How many shares of Apple common stock are issued and outstanding at (a) September 28, 2019, and (b) September 29, 2018? (Enter the number of shares in thousands.) Common Stock 50,224 (a) September 28, 2019 (b) September 29, 2018 25,913 X Required 1 Required 2 > Return to qu AA 13-1 Company Analysis LO C2, A1 Use Apple's financial statements in Appendix A to answer the following. 1. How many shares of Apple common stock are issued and outstanding at (a) September 28, 2019, and (b) September 29, 2018? 2. What is the total amount of cash dividends paid to common stockholders for the years ended (a) September 28, 2019, and (b) September 29, 2018? 3. Identify basic earnings per share (EPS) amounts for fiscal years (a) 2019 and (b) 2018. 4. Is Apple's earnings per share (EPS) on a favorable or unfavorable trend from 2018 to 2019? 5. If Apple buys back outstanding shares from investors, would you expect earnings per share (EPS) to increase or decrease from the buyback? X Answer is not complete. Complete this question by entering your answers in the tabs below. Required Required 2 Required 3 Required 4 Required 5 What is the total amount of cash dividends paid to common stockholders for the years ended (a) September 28, 2019, and (b) September 29, 2018? (Enter your answers in millions.) (a) September 28, 2019 (b) September 29, 2018 Cash Dividends million million AA 13-1 Company Analysis LO C2, A1 Use Apple's financial statements in Appendix A to answer the following. 1. How many shares of Apple common stock are issued and outstanding at (a) September 28, 2019, and (b) September 29, 2018? 2. What is the total amount of cash dividends paid to common stockholders for the years ended (a) September 28, 2019, and (b) September 29, 2018? 3. Identify basic earnings per share (EPS) amounts for fiscal years (a) 2019 and (b) 2018. 4. Is Apple's earnings per share (EPS) on a favorable or unfavorable trend from 2018 to 2019? 5. If Apple buys back outstanding shares from investors, would you expect earnings per share (EPS) to increase or decrease from the buyback? X Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Identify basic EPS amounts for fiscal years (a) 2019 and (b) 2018. (Round your answers to 2 decimal places.) Basic EPS (a) 2019 (b) 2018 Return to AA 13-1 Company Analysis LO C2, A1 Use Apple's financial statements in Appendix A to answer the following. 1. How many shares of Apple common stock are issued and outstanding at (a) September 28, 2019, and (b) September 29, 2018? 2. What is the total amount of cash dividends paid to common stockholders for the years ended (a) September 28, 2019, and (b) September 29, 2018? 3. Identify basic earnings per share (EPS) amounts for fiscal years (a) 2019 and (b) 2018. 4. Is Apple's earnings per share (EPS) on a favorable or unfavorable trend from 2018 to 2019? 5. If Apple buys back outstanding shares from investors, would you expect earnings per share (EPS) to increase or decrease from the buyback? X Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required Required 5 Is Apple's EPS on a favorable or unfavorable trend from 2018 to 2019? Apple's EPS trend from 2018 to 2019 is AA 13-1 Company Analysis LO C2, A1 Use Apple's financial statements in Appendix A to answer the following. 1. How many shares of Apple common stock are issued and outstanding at (a) September 28, 2019, and (b) September 29, 2018? 2. What is the total amount of cash dividends paid to common stockholders for the years ended (a) September 28, 2019, and (b) September 29, 2018? 3. Identify basic earnings per share (EPS) amounts for fiscal years (a) 2019 and (b) 2018. 4. Is Apple's earnings per share (EPS) on a favorable or unfavorable trend from 2018 to 2019? 5. If Apple buys back outstanding shares from investors, would you expect earnings per share (EPS) to increase or decrease from the buyback? Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required If Apple buys back outstanding shares from investors, would you expect EPS to increase or decrease from the buyback? Would you expect EPS to increase or decrease from the buyback? September 29, 2018 $ Apple Inc. CONSOLIDATED BALANCE SHEETS (In millions, except number of shares which are reflected in thousands and par value) September 28, 2019 ASSETS Current assets Cash and cash equivalents $ 48.844 Marketable securities 51,713 Accounts receivable, net 22,926 Inventories 4,106 Vendor non-trade receivables 22,878 Other current assets 12,352 Total current assets 162.819 Non-current assets Marketable securities 105,341 Property, plant and equipment, net 37,378 Other non-current assets 32.978 Total non-current assets 175,697 Total assets S 338,516 25.913 40,388 23.186 3,956 25.809 12.087 131,339 170.799 41,304 22,283 234.386 365.725 $ S 46,236 37.720 5,522 5,980 10.260 105.718 55.888 33.327 5.966 11.964 8.784 115,929 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable $ Other current liabilities Deferred revenue Commercial paper Term debt Total current liabilities Non-current liabilities Term debt Other non-current liabilities Total non-current liabilities Total liabilities Commitments and contingencies Shareholders' equity Common stock and additional paid-in capital, $0.00001 par value: 12,600,000 shares authorized; 4.443,236 and 4.754.986 shares issued and outstanding, respectively Retained earnings Accumulated other comprehensive income (loss) Total shareholders' equity Total liabilities and shareholders' equity 91.807 50.503 142,310 248,028 93,735 48.914 142.649 258.578 40,201 70,400 45.174 45.898 (584) 90,488 338,516 107.147 365725 See accompanying Notes to Consolidated Financial Statements. APPLE September 30, 2017 $ 196.534 32.700 229.234 Apple Inc. CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except number of shares which are reflected in thousands and per share amounts) Years ended September 28, 2019 September 29, 2018 Net sales: Products $ 213,883 $ 225,847 Services 46,291 39,748 Total net sales 260,174 265,595 Cost of sales: Products 144,996 148,164 Services 16,786 15,592 Total cost of sales 161,782 163,756 Gross margin 98,392 101,839 Operating expenses: Research and development 16,217 14,236 Selling, general and administrative 18,245 16,705 Total operating expenses 34.462 30,941 Operating income 63,930 70,898 Other income (expense), net 1,807 2.005 Income before provision for income taxes 65,737 72,903 Provision for income taxes 10,481 13,372 Net income 55,256 $ 59,531 126,337 14.711 141,048 88,186 11.581 15,261 26.842 61,344 2,745 64,089 15.738 48,351 $ $ 11.97 $ $ 9.27 Earnings per share: Basic Diluted Shares used in computing earnings per share: Basic Diluted $ 11.89 12.01 11.91 $ $ 9.21 4,617,834 4,648,913 4,955,377 5,000,109 5,217,242 5,251,692 See accompanying Notes to Consolidated Financial Statements. yng Notes to Consolidated Financial Statements. S Apple Inc. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In millions) Years ended September 28, 2019 September 29, 2018 September 30, 2017 Net income $ 55,256 59,531 $ 48.351 Other comprehensive income (loss): Change in foreign currency translation, net of tax (408) (525 224 Change in unrealized gains/losses on derivative instruments, net of tax: Change in fair value of derivatives (661) 523 1,315 Adjustment for net (gains) losses realized and included in net income 23 382 (1,477) Total change in unrealized gains/losses on derivative instruments (638) 905 (162) Change in unrealized gains/losses on marketable securities, net of tax: Change in fair value of marketable securities 3,802 (3,407) (782) Adjustment for net (gains) losses realized and included in net income 25 1 (64) Total change in unrealized gains/losses on marketable securities 3,827 (3,406 (846) Total other comprehensive income (loss) 2,781 (3,026) (784) Total comprehensive income 58,037 S 56.505 S 47.567 accompanying Notes to Consolidated Financial Statements. Appendix A Financial Statement Information A-3 APPLE September 30, 2017 128,249 31,251 555 (1.468) 4,909 Apple Inc. CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (In millions) Years ended Total shareholders' equity, beginning balances September 28, 2019 September 29, 2018 S 107,147 134.047 Common stock and additional paid-in capital Beginning balances 40,201 35,867 Common stock issued 781 669 Common stock withheld related to net share settlement of equity awards (2,002) (1.778) Share-based compensation 6,194 5,443 Tax benefit from equity awards, including transfer pricing adjustments Ending balances 45,174 40.201 Retained earnings Beginning balances 70,400 98,330 Net income 55,256 59,531 Dividends and dividend equivalents declared (14,129) (13.735) Common stock withheld related to net share settlement of equity awards (1.029) (948) Common stock repurchased (67,101) (73,056) Cumulative effects of changes in accounting principles 2,501 278 Ending balances 45,898 70,400 620 35.867 96,364 48,351 (12.803) (581) (33.001) 98.330 (3.454) 2.781 634 Accumulated other comprehensive income (loss) Beginning balances Other comprehensive income (loss) Cumulative effects of changes in accounting principles Ending balances Total shareholders' equity, ending balances (784) 89 (150) (3,026) (278) (3.454) 107,147 (584) 90,488 (150) 134.047 See accompanying Notes to Consolidated Financial Statements. A-4 Appendix A Financial Statement Information APPLE September 30, 2017 $ 20,484 48,351 Apple Inc. CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) Years ended September 28, 2019 Cash, cash equivalents and restricted cash, beginning balances September 29, 2018 25,913 20,289 Operating activities Net income 55,256 59,531 Adjustments to reconcile net income to cash generated by operating activities: Depreciation and amortization 12,547 10,903 Share-based compensation expense 6,068 5.340 Deferred income tax expense (benefit) (340) (32,590) Other (652) (444) Changes in operating assets and liabilities: Accounts receivable, net 245 (5,322) Inventories (289) 828 Vendor non-trade receivables 2,931 (8,010) Other current and non-current assets 873 (423) Accounts payable (1,923) 9,175 Deferred revenue (625) (3) Other current and non-current liabilities (4,700 38,449 Cash generated by operating activities 69,391 77,434 Investing activities 10,157 4,840 5.966 (166) (2.093) (2,723) (4,254) (5,318) 8,966 (593) 1,092 64,225 (625) (4,700) 69,391 (3) 38,449 77,434 (593) 1,092 64,225 Deferred revenue Other current and non-current liabilities Cash generated by operating activities Investing activities Purchases of marketable securities Proceeds from maturities of marketable securities Proceeds from sales of marketable securities Payments for acquisition of property, plant and equipment Payments made in connection with business acquisitions, net Purchases of non-marketable securities Proceeds from non-marketable securities Other Cash generated by (used in) investing activities Financing activities Proceeds from issuance of common stock Payments for taxes related to net share settlement of equity awards Payments for dividends and dividend equivalents Repurchases of common stock Proceeds from issuance of term debt, net Repayments of term debt Proceeds from (Repayments of) commercial paper, net Other Cash used in financing activities Increase (decrease) in cash, cash equivalents and restricted cash Cash, cash equivalents and restricted cash, ending balances (39,630) 40,102 56,988 (10,495) (624) (1,001) 1,634 (1,078) 45,896 (71,356) 55,881 47.838 (13,313) (721) (1,871) 353 (745) 16,066 (159,486) 31,775 94,564 (12.451) (329) (521) 126 (124) (46,446) 669 781 (2,817) (14,119) (66,897) 6,963 (8.805) (5.977) (105) (90.976) 24,311 50,224 (2,527) (13.712) (72.738) 6,969 (6,500) (37) 555 (1,874) (12,769) (32,900) 28,662 (3,500) 3,852 (87,876) 5,624 25,913 (17,974) (195) 20,289 $ S Supplemental cash flow disclosure: Cash paid for income taxes, net Cash paid for interest $ $ $ 15,263 3,423 $ 10,417 3,022 11,591 2,092 $ $ See accompanying Notes to Consolidated Financial Statements