Apple Earnings 2020-06-27

Balance Sheet	Income Statement	Cash Flow
Assets, Equity	Rev, G Profit, Net Income	Ops, Inv, Fin

aapl-20200627

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 27, 2020

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to .

Commission File Number: 001-36743

Apple Inc.

(Exact name of Registrant as specified in its charter)


California						94-2404110
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

One Apple Park Way
Cupertino, California						95014
(Address of principal executive offices)						(Zip Code)

(408) 996-1010

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Stock, $0.00001 par value per share	AAPL	The Nasdaq Stock Market LLC
1.000% Notes due 2022	—	The Nasdaq Stock Market LLC
1.375% Notes due 2024	—	The Nasdaq Stock Market LLC
0.000% Notes due 2025	—	The Nasdaq Stock Market LLC
0.875% Notes due 2025	—	The Nasdaq Stock Market LLC
1.625% Notes due 2026	—	The Nasdaq Stock Market LLC
2.000% Notes due 2027	—	The Nasdaq Stock Market LLC
1.375% Notes due 2029	—	The Nasdaq Stock Market LLC
3.050% Notes due 2029	—	The Nasdaq Stock Market LLC
0.500% Notes due 2031	—	The Nasdaq Stock Market LLC
3.600% Notes due 2042	—	The Nasdaq Stock Market LLC

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

4,275,634,000 shares of common stock were issued and outstanding as of July 17, 2020.

Apple Inc.

Form 10-Q

For the Fiscal Quarter Ended June 27, 2020

TABLE OF CONTENTS

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements

Apple Inc.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

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


	Three Months Ended						Nine Months Ended
	June 27, 2020		June 29, 2019		June 27, 2020		June 29, 2019
Net sales:
Products	$	46,529	$	42,354	$	170,598	$	162,354
Services	13,156		11,455		39,219		33,780
Total net sales	59,685		53,809		209,817		196,134

Cost of sales:
Products	32,693		29,473		116,089		109,758
Services	4,312		4,109		13,461		12,297
Total cost of sales	37,005		33,582		129,550		122,055
Gross margin	22,680		20,227		80,267		74,079

Operating expenses:
Research and development	4,758		4,257		13,774		12,107
Selling, general and administrative	4,831		4,426		14,980		13,667
Total operating expenses	9,589		8,683		28,754		25,774

Operating income	13,091		11,544		51,513		48,305
Other income/(expense), net	46		367		677		1,305
Income before provision for income taxes	13,137		11,911		52,190		49,610
Provision for income taxes	1,884		1,867		7,452		8,040
Net income	$	11,253	$	10,044	$	44,738	$	41,570

Earnings per share:
Basic	$	2.61	$	2.20	$	10.25	$	8.92
Diluted	$	2.58	$	2.18	$	10.16	$	8.86

Shares used in computing earnings per share:
Basic	4,312,573		4,570,633		4,362,571		4,660,175
Diluted	4,354,788		4,601,380		4,404,695		4,691,759

See accompanying Notes to Condensed Consolidated Financial Statements.

Apple Inc. | Q3 2020 Form 10-Q | 1

Apple Inc.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)

(In millions)


	Three Months Ended						Nine Months Ended
	June 27, 2020		June 29, 2019		June 27, 2020		June 29, 2019
Net income	$	11,253	$	10,044	$	44,738	$	41,570
Other comprehensive income/(loss):
Change in foreign currency translation, net of tax	194		(219)		(170)		(123)

Change in unrealized gains/losses on derivative instruments, net of tax:
Change in fair value of derivatives	78		(108)		46		(492)
Adjustment for net (gains)/losses realized and included in net income	(1,120)		(44)		(884)		(107)
Total change in unrealized gains/losses on derivative instruments	(1,042)		(152)		(838)		(599)

Change in unrealized gains/losses on marketable debt securities, net of tax:
Change in fair value of marketable debt securities	3,098		1,253		898		3,405
Adjustment for net (gains)/losses realized and included in net income	(11)		(22)		8		43
Total change in unrealized gains/losses on marketable debt securities	3,087		1,231		906		3,448

Total other comprehensive income/(loss)	2,239		860		(102)		2,726
Total comprehensive income	$	13,492	$	10,904	$	44,636	$	44,296

See accompanying Notes to Condensed Consolidated Financial Statements.

Apple Inc. | Q3 2020 Form 10-Q | 2

Apple Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

(In millions, except number of shares which are reflected in thousands and par value)


	June 27, 2020		September 28, 2019
ASSETS:
Current assets:
Cash and cash equivalents	$	33,383	$	48,844
Marketable securities	59,642		51,713
Accounts receivable, net	17,882		22,926
Inventories	3,978		4,106
Vendor non-trade receivables	14,193		22,878
Other current assets	10,987		12,352
Total current assets	140,065		162,819

Non-current assets:
Marketable securities	100,592		105,341
Property, plant and equipment, net	35,687		37,378
Other non-current assets	41,000		32,978
Total non-current assets	177,279		175,697
Total assets	$	317,344	$	338,516

LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities:
Accounts payable	$	35,325	$	46,236
Other current liabilities	35,005		37,720
Deferred revenue	6,313		5,522
Commercial paper and repurchase agreements	11,166		5,980
Term debt	7,509		10,260
Total current liabilities	95,318		105,718

Non-current liabilities:
Term debt	94,048		91,807
Other non-current liabilities	55,696		50,503
Total non-current liabilities	149,744		142,310
Total liabilities	245,062		248,028

Commitments and contingencies

Shareholders’ equity:
Common stock and additional paid-in capital, $0.00001 par value: 12,600,000 shares authorized; 4,283,939 and 4,443,236 shares issued and outstanding, respectively	48,696		45,174
Retained earnings	24,136		45,898
Accumulated other comprehensive income/(loss)	(550)		(584)
Total shareholders’ equity	72,282		90,488
Total liabilities and shareholders’ equity	$	317,344	$	338,516

See accompanying Notes to Condensed Consolidated Financial Statements.

Apple Inc. | Q3 2020 Form 10-Q | 3

Apple Inc.

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Unaudited)

(In millions, except per share amounts)


	Three Months Ended						Nine Months Ended
	June 27, 2020		June 29, 2019		June 27, 2020		June 29, 2019
Total shareholders’ equity, beginning balances	$	78,425	$	105,860	$	90,488	$	107,147

Common stock and additional paid-in capital:
Beginning balances	48,032		42,801		45,174		40,201
Common stock issued	—		1		430		391
Common stock withheld related to net share settlement of equity awards	(1,071)		(958)		(2,123)		(1,885)
Share-based compensation	1,735		1,527		5,215		4,664
Ending balances	48,696		43,371		48,696		43,371

Retained earnings:
Beginning balances	33,182		64,558		45,898		70,400
Net income	11,253		10,044		44,738		41,570
Dividends and dividend equivalents declared	(3,611)		(3,580)		(10,528)		(10,605)
Common stock withheld related to net share settlement of equity awards	(688)		(336)		(1,320)		(944)
Common stock repurchased	(16,000)		(16,962)		(54,516)		(49,198)
Cumulative effects of changes in accounting principles	—		—		(136)		2,501
Ending balances	24,136		53,724		24,136		53,724

Accumulated other comprehensive income/(loss):
Beginning balances	(2,789)		(1,499)		(584)		(3,454)
Other comprehensive income/(loss)	2,239		860		(102)		2,726
Cumulative effects of changes in accounting principles	—		—		136		89
Ending balances	(550)		(639)		(550)		(639)

Total shareholders’ equity, ending balances	$	72,282	$	96,456	$	72,282	$	96,456

Dividends and dividend equivalents declared per share or RSU	$	0.82	$	0.77	$	2.36	$	2.23

See accompanying Notes to Condensed Consolidated Financial Statements.

Apple Inc. | Q3 2020 Form 10-Q | 4

Apple Inc.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(In millions)


	Nine Months Ended
	June 27, 2020		June 29, 2019
Cash, cash equivalents and restricted cash, beginning balances	$	50,224	$	25,913
Operating activities:
Net income	44,738		41,570
Adjustments to reconcile net income to cash generated by operating activities:
Depreciation and amortization	8,354		9,368
Share-based compensation expense	5,105		4,569
Deferred income tax expense/(benefit)	182		(38)
Other	(94)		(340)
Changes in operating assets and liabilities:
Accounts receivable, net	5,149		9,013
Inventories	10		496
Vendor non-trade receivables	8,685		13,483
Other current and non-current assets	(6,760)		693
Accounts payable	(10,787)		(19,804)
Deferred revenue	1,649		(776)
Other current and non-current liabilities	3,867		(8,753)
Cash generated by operating activities	60,098		49,481
Investing activities:
Purchases of marketable securities	(96,606)		(21,902)
Proceeds from maturities of marketable securities	54,865		26,783
Proceeds from sales of marketable securities	39,760		49,516
Payments for acquisition of property, plant and equipment	(5,525)		(7,718)
Payments made in connection with business acquisitions, net	(1,473)		(611)
Purchases of non-marketable securities	(210)		(632)
Proceeds from non-marketable securities	58		1,526
Other	(689)		(268)
Cash generated by/(used in) investing activities	(9,820)		46,694
Financing activities:
Proceeds from issuance of common stock	430		391
Payments for taxes related to net share settlement of equity awards	(3,234)		(2,626)
Payments for dividends and dividend equivalents	(10,570)		(10,640)
Repurchases of common stock	(55,171)		(49,453)
Proceeds from issuance of term debt, net	10,635		—
Repayments of term debt	(12,629)		(5,500)
Proceeds from/(Repayments of) commercial paper, net	31		(2,026)
Proceeds from repurchase agreements	5,165		—
Other	(120)		(83)
Cash used in financing activities	(65,463)		(69,937)
Increase/(Decrease) in cash, cash equivalents and restricted cash	(15,185)		26,238
Cash, cash equivalents and restricted cash, ending balances	$	35,039	$	52,151
Supplemental cash flow disclosure:
Cash paid for income taxes, net	$	8,410	$	11,795
Cash paid for interest	$	2,275	$	2,563

See accompanying Notes to Condensed Consolidated Financial Statements.

Apple Inc. | Q3 2020 Form 10-Q | 5

Apple Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited)

Note 1 – Summary of Significant Accounting Policies

Basis of Presentation and Preparation

The condensed consolidated financial statements include the accounts of Apple Inc. and its wholly owned subsidiaries (collectively “Apple” or the “Company”). Intercompany accounts and transactions have been eliminated. In the opinion of the Company’s management, the condensed consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. The preparation of these condensed consolidated financial statements and accompanying notes in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ materially from those estimates. These condensed consolidated financial statements and accompanying notes should be read in conjunction with the Company’s annual consolidated financial statements and accompanying notes included in its Annual Report on Form 10-K for the fiscal year ended September 28, 2019 (the “2019 Form 10-K”).

The Company’s fiscal year is the 52- or 53-week period that ends on the last Saturday of September. A 14th week is included in the first fiscal quarter every five or six years to realign the Company’s fiscal quarters with calendar quarters. The Company’s fiscal years 2020 and 2019 span 52 weeks each. Unless otherwise stated, references to particular years, quarters, months and periods refer to the Company’s fiscal years ended in September and the associated quarters, months and periods of those fiscal years.

Recently Adopted Accounting Pronouncements

Leases

At the beginning of the first quarter of 2020, the Company adopted the Financial Accounting Standards Board’s (the “FASB”) Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842) (“ASU 2016-02”), and additional ASUs issued to clarify and update the guidance in ASU 2016-02 (collectively, the “new leases standard”), which modifies lease accounting for lessees to increase transparency and comparability by recording lease assets and liabilities for operating leases and disclosing key information about leasing arrangements. The Company adopted the new leases standard utilizing the modified retrospective transition method, under which amounts in prior periods presented were not restated. For contracts existing at the time of adoption, the Company elected to not reassess (i) whether any are or contain leases, (ii) lease classification, and (iii) initial direct costs. Upon adoption, the Company recorded $7.5 billion of right-of-use (“ROU”) assets and $8.1 billion of lease liabilities on its Condensed Consolidated Balance Sheet.

Hedging

At the beginning of the first quarter of 2020, the Company adopted FASB ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities (“ASU 2017-12”). ASU 2017-12 expands component and fair value hedging, specifies the presentation of the effects of hedging instruments, eliminates the separate measurement and presentation of hedge ineffectiveness, and updates disclosure requirements related to hedging. The Company adopted ASU 2017-12 utilizing the modified retrospective transition method. Upon adoption, the Company recorded a $136 million increase in accumulated other comprehensive income/(loss) (“AOCI”) and a corresponding decrease in retained earnings in the Condensed Consolidated Statement of Shareholders’ Equity.

Apple Inc. | Q3 2020 Form 10-Q | 6

Earnings Per Share

The following table shows the computation of basic and diluted earnings per share for the three- and nine-month periods ended June 27, 2020 and June 29, 2019 (net income in millions and shares in thousands):


	Three Months Ended						Nine Months Ended
	June 27, 2020		June 29, 2019		June 27, 2020		June 29, 2019
Numerator:
Net income	$	11,253	$	10,044	$	44,738	$	41,570

Denominator:
Weighted-average basic shares outstanding	4,312,573		4,570,633		4,362,571		4,660,175
Effect of dilutive securities	42,215		30,747		42,124		31,584
Weighted-average diluted shares	4,354,788		4,601,380		4,404,695		4,691,759

Basic earnings per share	$	2.61	$	2.20	$	10.25	$	8.92
Diluted earnings per share	$	2.58	$	2.18	$	10.16	$	8.86

Potentially dilutive securities representing 1.5 million and 20.5 million shares of common stock were excluded from the computation of diluted earnings per share for the three- and nine-month periods ended June 29, 2019, respectively, because their effect would have been antidilutive.

Note 2 – Revenue Recognition

Net sales consist of revenue from the sale of iPhone^®, Mac^®, iPad^®, Services and other products. The Company recognizes revenue at the amount to which it expects to be entitled when control of the products or services is transferred to its customers. Control is generally transferred when the Company has a present right to payment and title and the significant risks and rewards of ownership of products or services are transferred to its customers. For most of the Company’s Products net sales, control transfers when products are shipped. For the Company’s Services net sales, control transfers over time as services are delivered. Payment for Products and Services net sales is collected within a short period following transfer of control or commencement of delivery of services, as applicable.

The Company records reductions to Products net sales related to future product returns, price protection and other customer incentive programs based on the Company’s expectations and historical experience.

For arrangements with multiple performance obligations, which represent promises within an arrangement that are capable of being distinct, the Company allocates revenue to all distinct performance obligations based on their relative stand-alone selling prices (“SSPs”). When available, the Company uses observable prices to determine SSPs. When observable prices are not available, SSPs are established that reflect the Company’s best estimates of what the selling prices of the performance obligations would be if they were sold regularly on a stand-alone basis. The Company’s process for estimating SSPs without observable prices considers multiple factors that may vary depending upon the unique facts and circumstances related to each performance obligation including, where applicable, prices charged by the Company for similar offerings, market trends in the pricing for similar offerings, product-specific business objectives and the estimated cost to provide the performance obligation.

The Company has identified up to three performance obligations regularly included in arrangements involving the sale of iPhone, Mac, iPad and certain other products. The first performance obligation, which represents the substantial portion of the allocated sales price, is the hardware and bundled software delivered at the time of sale. The second performance obligation is the right to receive certain product-related bundled services, which include iCloud^®, Siri^® and Maps. The third performance obligation is the right to receive, on a when-and-if-available basis, future unspecified software upgrades relating to the software bundled with each device. The Company allocates revenue and any related discounts to these performance obligations based on their relative SSPs. Because the Company lacks observable prices for the undelivered performance obligations, the allocation of revenue is based on the Company’s estimated SSPs. Revenue allocated to the delivered hardware and bundled software is recognized when control has transferred to the customer, which generally occurs when the product is shipped. Revenue allocated to the product-related bundled services and unspecified software upgrade rights is deferred and recognized on a straight-line basis over the estimated period they are expected to be provided. Cost of sales related to delivered hardware and bundled software, including estimated warranty costs, are recognized at the time of sale. Costs incurred to provide product-related bundled services and unspecified software upgrade rights are recognized as cost of sales as incurred.

Apple Inc. | Q3 2020 Form 10-Q | 7

For certain long-term service arrangements, the Company has performance obligations for services it has not yet delivered. For these arrangements, the Company does not have a right to bill for the undelivered services. The Company has determined that any unbilled consideration relates entirely to the value of the undelivered services. Accordingly, the Company has not recognized revenue, and has elected not to disclose amounts, related to these undelivered services.

For the sale of third-party products where the Company obtains control of the product before transferring it to the customer, the Company recognizes revenue based on the gross amount billed to customers. The Company considers multiple factors when determining whether it obtains control of third-party products including, but not limited to, evaluating if it can establish the price of the product, retains inventory risk for tangible products or has the responsibility for ensuring acceptability of the product. For third-party applications sold through the App Store^®, Mac App Store, TV App Store and Watch App Store and certain digital content sold through the Company’s other digital content stores, the Company does not obtain control of the product before transferring it to the customer. Therefore, the Company accounts for such sales on a net basis by recognizing in Services net sales only the commission it retains.

The Company has elected to record revenue net of taxes collected from customers that are remitted to governmental authorities, with the collected taxes recorded within other current liabilities until remitted to the relevant government authority.

Deferred Revenue

As of June 27, 2020 and September 28, 2019, the Company had total deferred revenue of $9.8 billion and $8.1 billion, respectively. As of June 27, 2020, the Company expects 65% of total deferred revenue to be realized in less than a year, 26% within one-to-two years, 7% within two-to-three years and 2% in greater than three years.

Disaggregated Revenue

Net sales disaggregated by significant products and services for the three- and nine-month periods ended June 27, 2020 and June 29, 2019 were as follows (in millions):


	Three Months Ended						Nine Months Ended
	June 27, 2020		June 29, 2019		June 27, 2020		June 29, 2019
iPhone⁽¹⁾	$	26,418	$	25,986	$	111,337	$	109,019
Mac ⁽¹⁾	7,079		5,820		19,590		18,749
iPad⁽¹⁾	6,582		5,023		16,927		16,624
Wearables, Home and Accessories ⁽¹⁾⁽²⁾	6,450

Price	287.00	EPS	13
Shares	4,455	P/E	22
MCap	1,278,449	P/FCF	17
Net Debt	61,421	EBIT	74,711
TEV	1,339,870	TEV/EBIT	18
TTM 2019-12-28, in MM, except price, ratios

10-Q	2020-06-27	Filed 2020-07-31
10-Q	2020-03-28	Filed 2020-05-01
10-Q	2019-12-28	Filed 2020-01-29
10-K	2019-09-28	Filed 2019-10-31
10-Q	2019-06-29	Filed 2019-07-31
10-Q	2019-03-30	Filed 2019-05-01
10-Q	2018-12-29	Filed 2019-01-30
10-K	2018-09-29	Filed 2018-11-05
10-Q	2018-06-30	Filed 2018-08-01
10-Q	2018-03-31	Filed 2018-05-02
10-Q	2017-12-30	Filed 2018-02-02
10-K	2017-09-30	Filed 2017-11-03
10-Q	2017-07-01	Filed 2017-08-02
10-Q	2017-04-01	Filed 2017-05-03
10-Q	2016-12-31	Filed 2017-02-01
10-K	2016-09-24	Filed 2016-10-26
10-Q	2016-06-25	Filed 2016-07-27
10-Q	2016-03-26	Filed 2016-04-27
10-Q	2015-12-26	Filed 2016-01-27
10-K	2015-09-26	Filed 2015-10-28
10-Q	2015-06-27	Filed 2015-07-22
10-Q	2015-03-28	Filed 2015-04-28
10-Q	2014-12-27	Filed 2015-01-28
10-K	2014-09-27	Filed 2014-10-27
10-Q	2014-06-28	Filed 2014-07-23
10-Q	2014-03-29	Filed 2014-04-24
10-Q	2013-12-28	Filed 2014-01-28
10-K	2013-09-28	Filed 2013-10-30
10-Q	2013-06-29	Filed 2013-07-24
10-Q	2013-03-30	Filed 2013-04-24
10-Q	2012-12-29	Filed 2013-01-24
10-K	2012-09-29	Filed 2012-10-31
10-Q	2012-06-30	Filed 2012-07-25
10-Q	2012-03-31	Filed 2012-04-25
10-Q	2011-12-31	Filed 2012-01-25
10-K	2011-09-24	Filed 2011-10-26
10-Q	2011-06-25	Filed 2011-07-20
10-Q	2011-03-26	Filed 2011-04-21
10-Q	2010-12-25	Filed 2011-01-19
10-K	2010-09-25	Filed 2010-10-27
10-Q	2010-06-26	Filed 2010-07-21
10-Q	2010-03-27	Filed 2010-04-21
10-Q	2009-12-26	Filed 2010-01-25

8-K	2020-07-30	Earnings, Exhibits
8-K	2020-05-04
8-K	2020-04-30
8-K	2020-02-26
8-K	2020-02-17
8-K	2020-01-28
8-K	2019-11-07
8-K	2019-10-30
8-K	2019-09-10
8-K	2019-09-04
8-K	2019-07-30
8-K	2019-04-30
8-K	2019-03-01
8-K	2019-02-05
8-K	2019-01-29
8-K	2019-01-02
8-K	2018-11-01
8-K	2018-07-31
8-K	2018-05-01
8-K	2018-04-30
8-K	2018-02-13
8-K	2018-02-01
8-K	2015-09-10
8-K	2015-07-24
8-K	2015-07-21
8-K	2015-06-03
8-K	2015-05-06
8-K	2015-04-27
8-K	2015-04-27
8-K	2015-03-10
8-K	2015-02-02
8-K	2015-01-28
8-K	2015-01-27

EX-31.1	a10-qexhibit3116272020.htm
EX-31.2	a10-qexhibit3126272020.htm
EX-32.1	a10-qexhibit3216272020.htm

AAPL 10Q Quarterly Report

Apple Earnings 2020-06-27