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AAPL » Topics » UNAUDITED RECONCILIATION OF NON-GAAP TO GAAP RESULTS OF OPERATIONS

This excerpt taken from the AAPL 8-K filed Jul 21, 2009.

UNAUDITED RECONCILIATION OF NON-GAAP TO GAAP RESULTS OF OPERATIONS

(In millions, except share amounts which are reflected in thousands and per share amounts)

 

     Three Months Ended June 27, 2009
     As Reported
in accordance
  with GAAP  		    Non-GAAP
Adjustments		       Non-GAAP  

Net sales

    $ 8,337    $ 1,405 (a)    $ 9,742

Cost of sales

      5,314      400 (b)      5,714

Gross margin

      3,023      1,005 (c)      4,028

Operating expenses

      1,351      —          1,351

Operating income

      1,672      1,005 (c)      2,677

Net income

    $ 1,229    $ 713 (d)    $ 1,942

Earnings per diluted common share

    $ 1.35    $ 0.79 (e)    $ 2.14

Shares used in computing diluted earnings per share

      909,160        909,160

Footnotes:

 

(a) Non-GAAP adjustment to net sales reflect (i) the reversal of the current period’s amortization of deferred revenue derived from iPhone handsets and Apple TV units shipped in current and prior periods and (ii) the inclusion of amounts generally due to Apple at the time of sale related to iPhone handsets and Apple TV units shipped in the current period.

 

(b) Non-GAAP adjustment to cost of sales reflect (i) the reversal of the current period’s amortization of deferred cost related to iPhone handsets and Apple TV units shipped in current and prior periods and (ii) the inclusion of the total cost of iPhone handsets and Apple TV units shipped in the current period. In addition, the non-GAAP adjustment to cost of sales reflects the estimate of the warranty expense in the period when the related product is sold, rather than when the expense is incurred. The non-GAAP adjustment to cost of sales does not reflect the cost of providing unspecified additional software products and upgrades.

 

(c) Non-GAAP adjustments to gross margin and operating income are the difference between non-GAAP adjustments to net sales and non-GAAP adjustments to cost of sales [(a)—(b)].

 

(d) Represents the after-tax effect of the non-GAAP adjustments to gross margin and operating income. The tax effect on the non-GAAP adjustments to gross margin and operating income is estimated by applying the period’s effective tax rate to the non-GAAP adjustments. The tax effect on the non-GAAP adjustments is $292 million for the three months ended June 27, 2009. The non-GAAP adjustment to net income does not reflect any changes to the Company’s other income and expense.

 

(e) Represents the per share impact of the non-GAAP adjustments to net income.
This excerpt taken from the AAPL 8-K filed Apr 22, 2009.

UNAUDITED RECONCILIATION OF NON-GAAP TO GAAP RESULTS OF OPERATIONS

(In millions, except share amounts which are reflected in thousands and per share amounts)

 

     Three Months Ended March 28, 2009
     As Reported
in accordance
with GAAP		    Non-GAAP
Adjustments		     Non-GAAP

Net sales

    $ 8,163    $ 893 (a)   $ 9,056

Cost of sales

      5,192      240 (b)     5,432

Gross margin

      2,971      653 (c)     3,624

Operating expenses

      1,304      —         1,304

Operating income

      1,667      653 (c)     2,320

Net income

    $ 1,205    $ 455 (d)   $ 1,660

Earnings per diluted common share

    $ 1.33    $ 0.51 (e)   $ 1.84

Shares used in computing diluted earnings per share

      902,993        902,993

Footnotes:

 

(a) Non-GAAP adjustment to net sales reflect (i) the reversal of the current period’s amortization of deferred revenue derived from iPhone handsets and Apple TV units shipped in current and prior periods and (ii) the inclusion of amounts generally due to Apple at the time of sale related to iPhone handsets and Apple TV units shipped in the current period.

 

(b) Non-GAAP adjustment to cost of sales reflect (i) the reversal of the current period’s amortization of deferred cost related to iPhone handsets and Apple TV units shipped in current and prior periods and (ii) the inclusion of the total cost of iPhone handsets and Apple TV units shipped in the current period. In addition, the non-GAAP adjustment to cost of sales reflects the estimate of the warranty expense in the period when the related product is sold, rather than when the expense is incurred. The non-GAAP adjustment to cost of sales does not reflect the cost of providing unspecified additional software products and upgrades.

 

(c) Non-GAAP adjustments to gross margin and operating income are the difference between non-GAAP adjustments to net sales and non-GAAP adjustments to cost of sales [(a) – (b)].

 

(d) Represents the after-tax effect of the non-GAAP adjustments to gross margin and operating income. The tax effect on the non-GAAP adjustments to gross margin and operating income is estimated by applying the period’s effective tax rate to the non-GAAP adjustments. The tax effect on the non-GAAP adjustments is $198 million for the three months ended March 28, 2009. The non-GAAP adjustment to net income does not reflect any changes to the Company’s other income and expense.

 

(e) Represents the per share impact of the non-GAAP adjustments to net income.
This excerpt taken from the AAPL 8-K filed Jan 21, 2009.

UNAUDITED RECONCILIATION OF NON-GAAP TO GAAP RESULTS OF OPERATIONS

(In millions, except share amounts which are reflected in thousands and per share amounts)

 

     Three Months Ended December 27, 2008
     As
Reported		    Non-GAAP
Adjustments		     Non-GAAP

Net sales

    $ 10,167    $ 1,632 (a)   $ 11,799

Cost of sales

      6,635      637 (b)     7,272
                     

Gross margin

      3,532      995 (c)     4,527

Operating expenses

      1,406      —         1,406
                     

Operating income

      2,126      995 (c)     3,121

Other income and expense

      158      —         158
                     

Income before provision for income taxes

      2,284      995 (c)     3,279

Provision for income taxes

      679      296 (d)     975
                     

Net income

    $ 1,605    $ 699 (e)   $ 2,304
                     

Earnings per diluted common share

    $ 1.78    $ .78 (f)   $ 2.56

Shares used in computing diluted earnings per share

      901,494        901,494

Footnotes:

 

(a) Non-GAAP adjustment to net sales reflect (i) the reversal of the current period’s amortization of deferred revenue derived from iPhone handsets and Apple TV units shipped in current and prior periods and (ii) the inclusion of amounts generally due to Apple at the time of sale related to iPhone handsets and Apple TV units shipped in the current period.

 

(b) Non-GAAP adjustment to cost of sales reflect (i) the reversal of the current period’s amortization of deferred cost related to iPhone handsets and Apple TV units shipped in current and prior periods and (ii) the inclusion of the total cost of iPhone handsets and Apple TV units shipped in the current period. In addition, the non-GAAP adjustment to cost of sales reflects the estimate of the warranty expense in the period when the related product is sold, rather than when the expense is incurred. The non-GAAP adjustment to cost of sales does not reflect the cost of providing unspecified additional software products and upgrades.

 

(c) Non-GAAP adjustments to gross margin, operating income and income before provision for income taxes are the difference between non-GAAP adjustments to net sales and non-GAAP adjustments to cost of sales [(a) – (b)].

 

(d) Represents the application of the period’s effective tax rate to the non-GAAP adjustments to income before provision for income taxes.

 

(e) Represents the after-tax effect of the non-GAAP adjustments to gross margin, operating income and income before provision for income taxes.

 

(f) Represents the per share impact of the non-GAAP adjustments to net income.
This excerpt taken from the AAPL 8-K filed Oct 21, 2008.

UNAUDITED RECONCILIATION OF NON-GAAP TO GAAP RESULTS OF OPERATIONS

(In millions, except share amounts which are reflected in thousands and per share amounts)

 

     Three Months Ended September 27, 2008
     As
Reported		    Non-GAAP
Adjustments		     Non-GAAP

Net sales

    $ 7,895    $ 3,787 (a)   $ 11,682

Cost of sales

      5,156      1,975 (b)     7,131
                     

Gross margin

      2,739      1,812 (c)     4,551

Operating expenses

      1,297      —         1,297
                     

Operating income

      1,442      1,812 (c)     3,254

Other income and expense

      140      —         140
                     

Income before provision for income taxes

      1,582      1,812 (c)     3,394

Provision for income taxes

      446      511 (d)     957
                     

Net income

    $ 1,136    $ 1,301 (e)   $ 2,437
                     

Earnings per diluted common share

    $ 1.26    $ 1.43 (f)   $ 2.69

Shares used in computing diluted earnings per share

      904,786        904,786

Footnotes:

 

(a) Non-GAAP adjustment to net sales reflect (i) the reversal of the current period's amortization of deferred revenue derived from iPhone handsets and Apple TV units shipped in current and prior periods and (ii) the inclusion of amounts generally due to Apple at the time of sale related to iPhone handsets and Apple TV units shipped in the current period.

 

(b) Non-GAAP adjustment to cost of sales reflect (i) the reversal of the current period's amortization of deferred cost related to iPhone handsets and Apple TV units shipped in current and prior periods and (ii) the inclusion of the total cost of iPhone handsets and Apple TV units shipped in the current period. In addition, the non-GAAP adjustment to cost of sales reflects the estimate of the warranty expense in the period when the related product is sold, rather than when the expense is incurred. The non-GAAP adjustment to cost of sales does not reflect the cost of providing unspecified additional software products and upgrades.

 

(c) Non-GAAP adjustments to gross margin, operating income and income before provision for income taxes are the difference between non-GAAP adjustments to net sales and non-GAAP adjustments to cost of sales [(a) – (b)].

 

(d) Represents the application of the period’s effective tax rate to the non-GAAP adjustments to income before provision for income taxes.

 

(e) Represents the after-tax effect of the non-GAAP adjustments to gross margin, operating income and income before provision for income taxes.

 

(f) Represents the per share impact of the non-GAAP adjustments to net income.

EXCERPTS ON THIS PAGE:

8-K
Jul 21, 2009
8-K
Apr 22, 2009
8-K
Jan 21, 2009
8-K
Oct 21, 2008

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