Question: What is the Net Income Growth Rate from 2023 to 2024?

The Net Income Growth Rate is calculated as (Net Income for 2024 - Net Income for 2023) / Net Income for 2023.

Net Income Growth Rate = ($14,974 million - $14,738 million) / $14,738 million = 1.6%

Item 8. Financial Statements and Supplementary Data.

PROCTER & GAMBLE Co 10-K form for the fiscal year ended 2024-06-30, page 36:
36 The Procter & Gamble Company

Consolidated Statements of Earnings

Amounts in millions except per share amounts; fiscal years ended June 30	2024		2023		2022

NET SALES	$	84,039 			$	82,006 			$	80,187

Cost of products sold	40,848 			42,760 			42,157

Selling, general and administrative expense	23,305 			21,112 			20,217

Indefinite-lived intangible asset impairment charge	1,341 			- 			-

OPERATING INCOME	18,545 			18,134 			17,813

Interest expense	(925)			(756)			(439)

Interest income	473 			307 			51

Other non-operating income, net	668 			668 			570

EARNINGS BEFORE INCOME TAXES	18,761 			18,353 			17,995

Income taxes	3,787 			3,615 			3,202

NET EARNINGS	14,974 			14,738 			14,793

Less: Net earnings attributable to noncontrolling interests	95 			85 			51

NET EARNINGS ATTRIBUTABLE TO PROCTER & GAMBLE	$	14,879 			$	14,653 			$	14,742

NET EARNINGS PER COMMON SHARE (1)

Basic	$	6.18 			$	6.07 			$	6.00

Diluted	$	6.02 			$	5.90 			$	5.81

(1)Basic net earnings per common share and Diluted net earnings per common share are calculated on Net earnings attributable to Procter & Gamble.

Consolidated Statements of Comprehensive Income

Amounts in millions; fiscal years ended June 30	2024		2023		2022

NET EARNINGS	$	14,974 			$	14,738 			$	14,793

OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAX

Foreign currency translation (net of tax (benefit)/expense of $66, $(197) and $515, respectively)	(226)			(71)			(1,450)

Unrealized gains/(losses) on investment securities(net of tax (benefit)/expense of $(1), $(2) and $1, respectively)	(3)			(7)			5

Unrealized gains on defined benefit postretirement plans(net of tax expense of $230, $9 and $1,022, respectively)	546 			40 			2,992

TOTAL OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAX	317 			(38)			1,547

TOTAL COMPREHENSIVE INCOME	15,291 			14,700 			16,340

Less: Comprehensive income attributable to noncontrolling interests	92 			78 			43

TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO           PROCTER & GAMBLE	$	15,199 			$	14,622 			$	16,297

See accompanying Notes to Consolidated Financial Statements.


Question: What is the Capital Efficiency Ratio for 2024, and how does it compare to 2023?

Capital Efficiency Ratio is Operating Income divided by Total Capital Employed.
For 2024:
Capital Employed = Total Assets - Current Liabilities = $122,370 million - $33,627 million = $88,743 million
Capital Efficiency Ratio = $18,545 million / $88,743 million = 20.9%

For 2023:
Capital Employed = $120,829 million - $35,756 million = $85,073 million
Capital Efficiency Ratio = $18,134 million / $85,073 million = 21.3%

Item 8. Financial Statements and Supplementary Data.

PROCTER & GAMBLE Co 10-K form for the fiscal year ended 2024-06-30, page 36:
36 The Procter & Gamble Company

Consolidated Statements of Earnings

Amounts in millions except per share amounts; fiscal years ended June 30	2024		2023		2022

NET SALES	$	84,039 			$	82,006 			$	80,187

Cost of products sold	40,848 			42,760 			42,157

Selling, general and administrative expense	23,305 			21,112 			20,217

Indefinite-lived intangible asset impairment charge	1,341 			- 			-

OPERATING INCOME	18,545 			18,134 			17,813

Interest expense	(925)			(756)			(439)

Interest income	473 			307 			51

Other non-operating income, net	668 			668 			570

EARNINGS BEFORE INCOME TAXES	18,761 			18,353 			17,995

Income taxes	3,787 			3,615 			3,202

NET EARNINGS	14,974 			14,738 			14,793

Less: Net earnings attributable to noncontrolling interests	95 			85 			51

NET EARNINGS ATTRIBUTABLE TO PROCTER & GAMBLE	$	14,879 			$	14,653 			$	14,742

NET EARNINGS PER COMMON SHARE (1)

Basic	$	6.18 			$	6.07 			$	6.00

Diluted	$	6.02 			$	5.90 			$	5.81

(1)Basic net earnings per common share and Diluted net earnings per common share are calculated on Net earnings attributable to Procter & Gamble.

Consolidated Statements of Comprehensive Income

Amounts in millions; fiscal years ended June 30	2024		2023		2022

NET EARNINGS	$	14,974 			$	14,738 			$	14,793

OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAX

Foreign currency translation (net of tax (benefit)/expense of $66, $(197) and $515, respectively)	(226)			(71)			(1,450)

Unrealized gains/(losses) on investment securities(net of tax (benefit)/expense of $(1), $(2) and $1, respectively)	(3)			(7)			5

Unrealized gains on defined benefit postretirement plans(net of tax expense of $230, $9 and $1,022, respectively)	546 			40 			2,992

TOTAL OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAX	317 			(38)			1,547

TOTAL COMPREHENSIVE INCOME	15,291 			14,700 			16,340

Less: Comprehensive income attributable to noncontrolling interests	92 			78 			43

TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO           PROCTER & GAMBLE	$	15,199 			$	14,622 			$	16,297

See accompanying Notes to Consolidated Financial Statements.

, PROCTER & GAMBLE Co 10-K form for the fiscal year ended 2024-06-30, page 37:
The Procter & Gamble Company 37

Consolidated Balance Sheets

Amounts in millions except stated values; as of June 30	2024		2023

Assets

CURRENT ASSETS

Cash and cash equivalents	$	9,482 			$	8,246

Accounts receivable	6,118 			5,471

INVENTORIES

Materials and supplies	1,617 			1,863

Work in process	929 			956

Finished goods	4,470 			4,254

Total inventories	7,016 			7,073

Prepaid expenses and other current assets	2,095 			1,858

TOTAL CURRENT ASSETS	24,709 			22,648

PROPERTY, PLANT AND EQUIPMENT, NET	22,152 			21,909

GOODWILL	40,303 			40,659

TRADEMARKS AND OTHER INTANGIBLE ASSETS, NET	22,047 			23,783

OTHER NONCURRENT ASSETS	13,158 			11,830

TOTAL ASSETS	$	122,370 			$	120,829

Liabilities and Shareholders' Equity

CURRENT LIABILITIES

Accounts payable	$	15,364 			$	14,598

Accrued and other liabilities	11,073 			10,929

Debt due within one year	7,191 			10,229

TOTAL CURRENT LIABILITIES	33,627 			35,756

LONG-TERM DEBT	25,269 			24,378

DEFERRED INCOME TAXES	6,516 			6,478

OTHER NONCURRENT LIABILITIES	6,398 			7,152

TOTAL LIABILITIES	71,811 			73,764

SHAREHOLDERS' EQUITY

Convertible Class A preferred stock, stated value $1 per share (600 shares authorized)	798 			819

Non-Voting Class B preferred stock, stated value $1 per share (200 shares authorized)	- 			-

Common stock, stated value $1 per share (10,000 shares authorized; shares issued:                       2024 - 4,009.2, 2023 - 4,009.2)	4,009 			4,009

Additional paid-in capital	67,684 			66,556

Reserve for ESOP debt retirement	(737)			(821)

Accumulated other comprehensive loss	(11,900)			(12,220)

Treasury stock (shares held:  2024 - 1,652.2; 2023 - 1,647.1)	(133,379)			(129,736)

Retained earnings	123,811 			118,170

Noncontrolling interest	272 			288

TOTAL SHAREHOLDERS' EQUITY	50,559 			47,065

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	122,370 			$	120,829

See accompanying Notes to Consolidated Financial Statements.

36 The Procter & Gamble Company

Consolidated Statements of Earnings

Amounts in millions except per share amounts; fiscal years ended June 30	2024		2023		2022

NET SALES	$	84,039 			$	82,006 			$	80,187

Cost of products sold	40,848 			42,760 			42,157

Selling, general and administrative expense	23,305 			21,112 			20,217

Indefinite-lived intangible asset impairment charge	1,341 			- 			-

OPERATING INCOME	18,545 			18,134 			17,813

Interest expense	(925)			(756)			(439)

Interest income	473 			307 			51

Other non-operating income, net	668 			668 			570

EARNINGS BEFORE INCOME TAXES	18,761 			18,353 			17,995

Income taxes	3,787 			3,615 			3,202

NET EARNINGS	14,974 			14,738 			14,793

Less: Net earnings attributable to noncontrolling interests	95 			85 			51

NET EARNINGS ATTRIBUTABLE TO PROCTER & GAMBLE	$	14,879 			$	14,653 			$	14,742

NET EARNINGS PER COMMON SHARE (1)

Basic	$	6.18 			$	6.07 			$	6.00

Diluted	$	6.02 			$	5.90 			$	5.81

(1)Basic net earnings per common share and Diluted net earnings per common share are calculated on Net earnings attributable to Procter & Gamble.

Consolidated Statements of Comprehensive Income

Amounts in millions; fiscal years ended June 30	2024		2023		2022

NET EARNINGS	$	14,974 			$	14,738 			$	14,793

OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAX

Foreign currency translation (net of tax (benefit)/expense of $66, $(197) and $515, respectively)	(226)			(71)			(1,450)

Unrealized gains/(losses) on investment securities(net of tax (benefit)/expense of $(1), $(2) and $1, respectively)	(3)			(7)			5

Unrealized gains on defined benefit postretirement plans(net of tax expense of $230, $9 and $1,022, respectively)	546 			40 			2,992

TOTAL OTHER COMPREHENSIVE INCOME/(LOSS), NET OF TAX	317 			(38)			1,547

TOTAL COMPREHENSIVE INCOME	15,291 			14,700 			16,340

Less: Comprehensive income attributable to noncontrolling interests	92 			78 			43

TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO           PROCTER & GAMBLE	$	15,199 			$	14,622 			$	16,297

See accompanying Notes to Consolidated Financial Statements.

,
The Procter & Gamble Company 37

Consolidated Balance Sheets

Amounts in millions except stated values; as of June 30	2024		2023

Assets

CURRENT ASSETS

Cash and cash equivalents	$	9,482 			$	8,246

Accounts receivable	6,118 			5,471

INVENTORIES

Materials and supplies	1,617 			1,863

Work in process	929 			956

Finished goods	4,470 			4,254

Total inventories	7,016 			7,073

Prepaid expenses and other current assets	2,095 			1,858

TOTAL CURRENT ASSETS	24,709 			22,648

PROPERTY, PLANT AND EQUIPMENT, NET	22,152 			21,909

GOODWILL	40,303 			40,659

TRADEMARKS AND OTHER INTANGIBLE ASSETS, NET	22,047 			23,783

OTHER NONCURRENT ASSETS	13,158 			11,830

TOTAL ASSETS	$	122,370 			$	120,829

Liabilities and Shareholders' Equity

CURRENT LIABILITIES

Accounts payable	$	15,364 			$	14,598

Accrued and other liabilities	11,073 			10,929

Debt due within one year	7,191 			10,229

TOTAL CURRENT LIABILITIES	33,627 			35,756

LONG-TERM DEBT	25,269 			24,378

DEFERRED INCOME TAXES	6,516 			6,478

OTHER NONCURRENT LIABILITIES	6,398 			7,152

TOTAL LIABILITIES	71,811 			73,764

SHAREHOLDERS' EQUITY

Convertible Class A preferred stock, stated value $1 per share (600 shares authorized)	798 			819

Non-Voting Class B preferred stock, stated value $1 per share (200 shares authorized)	- 			-

Common stock, stated value $1 per share (10,000 shares authorized; shares issued:                       2024 - 4,009.2, 2023 - 4,009.2)	4,009 			4,009

Additional paid-in capital	67,684 			66,556

Reserve for ESOP debt retirement	(737)			(821)

Accumulated other comprehensive loss	(11,900)			(12,220)

Treasury stock (shares held:  2024 - 1,652.2; 2023 - 1,647.1)	(133,379)			(129,736)

Retained earnings	123,811 			118,170

Noncontrolling interest	272 			288

TOTAL SHAREHOLDERS' EQUITY	50,559 			47,065

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	122,370 			$	120,829

See accompanying Notes to Consolidated Financial Statements.


Question: What was the interest coverage ratio for NEE in 2023?

The interest coverage ratio is calculated by dividing earnings before interest and taxes (EBIT) by interest expense. For NEE in 2023, the operating income (EBIT) was $10,237 million, and the interest expense was $3,324 million. Therefore, the interest coverage ratio for NEE in 2023 is:

Interest Coverage Ratio = EBIT / Interest Expense = $10,237 million / $3,324 million ≈ 3.08

Item 8.  Financial Statements and Supplementary Data

NEXTERA ENERGY INC 10-K form for the fiscal year ended 2023-12-31, page 60:
Table of Contents

NEXTERA ENERGY, INC.

CONSOLIDATED STATEMENTS OF INCOME

(millions, except per share amounts)

 		Years Ended December 31,

	2023		2022		2021

OPERATING REVENUES		$	28,114 			$	20,956 			$	17,069

OPERATING EXPENSES

Fuel, purchased power and interchange		5,457 			6,389 			4,527

Other operations and maintenance		4,681 			4,428 			3,981

Depreciation and amortization		5,879 			4,503 			3,924

Taxes other than income taxes and other – net		2,265 			2,077 			1,801

Total operating expenses – net		18,282 			17,397 			14,233

GAINS ON DISPOSAL OF BUSINESSES/ASSETS – NET		405 			522 			77

OPERATING INCOME		10,237 			4,081 			2,913

OTHER INCOME (DEDUCTIONS)

Interest expense		(3,324)			(585)			(1,270)

Equity in earnings (losses) of equity method investees		(648)			203 			666

Allowance for equity funds used during construction		161 			112 			142

Gains on disposal of investments and other property – net		125 			80 			70

Change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds – net		159 			(461)			267

Other net periodic benefit income		245 			202 			257

Other – net		333 			200 			130

Total other income (deductions) – net		(2,949)			(249)			262

INCOME BEFORE INCOME TAXES		7,288 			3,832 			3,175

INCOME TAXES		1,006 			586 			348

NET INCOME		6,282 			3,246 			2,827

NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS		1,028 			901 			746

NET INCOME ATTRIBUTABLE TO NEE		$	7,310 			$	4,147 			$	3,573

Earnings per share attributable to NEE:

Basic		$	3.61 			$	2.10 			$	1.82

Assuming dilution		$	3.60 			$	2.10 			$	1.81

The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

60


Question: What was the current ratio for NEE in 2023?

The current ratio is calculated by dividing total current assets by total current liabilities. For NEE in 2023, the total current assets were $15,361 million, and the total current liabilities were $27,963 million. Therefore, the current ratio for NEE in 2023 is:

Current Ratio = Total Current Assets / Total Current Liabilities = $15,361 million / $27,963 million ≈ 0.55

Item 8.  Financial Statements and Supplementary Data

NEXTERA ENERGY INC 10-K form for the fiscal year ended 2023-12-31, page 62:
Table of Contents

NEXTERA ENERGY, INC.

CONSOLIDATED BALANCE SHEETS

(millions, except par value)

		December 31,

		2023		2022

ASSETS

Current assets:

Cash and cash equivalents		$	2,690 			$	1,601

Customer receivables, net of allowances of $52 and $54, respectively		3,609 			4,349

Other receivables		944 			744

Materials, supplies and fuel inventory		2,106 			1,934

Regulatory assets		1,460 			2,165

Derivatives		1,730 			1,590

Contract assets		1,487 			318

Other		1,335 			789

Total current assets		15,361 			13,490

Other assets:

Property, plant and equipment – net ($26,900 and $22,927 related to VIEs, respectively)		125,776 			111,059

Special use funds		8,698 			7,496

Investment in equity method investees		6,156 			6,582

Prepaid benefit costs		2,112 			1,832

Regulatory assets		4,801 			5,992

Derivatives		1,790 			1,935

Goodwill		5,091 			4,854

Other		7,704 			5,695

Total other assets		162,128 			145,445

TOTAL ASSETS		$	177,489 			$	158,935

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY

Current liabilities:

Commercial paper		$	4,650 			$	1,709

Other short-term debt		255 			1,368

Current portion of long-term debt ($66 and $61 related to VIEs, respectively)		6,901 			6,633

Accounts payable ($1,718 and $1,250 related to VIEs, respectively)		8,504 			8,312

Customer deposits		638 			560

Accrued interest and taxes		970 			719

Derivatives		845 			2,102

Accrued construction-related expenditures		1,861 			1,760

Regulatory liabilities		340 			350

Other		2,999 			3,182

Total current liabilities		27,963 			26,695

Other liabilities and deferred credits:

Long-term debt ($1,374 and $1,108 related to VIEs, respectively)		61,405 			55,256

Asset retirement obligations		3,403 			3,245

Deferred income taxes		10,142 			9,072

Regulatory liabilities		10,049 			9,626

Derivatives		2,741 			2,909

Other		2,762 			2,696

Total other liabilities and deferred credits		90,502 			82,804

TOTAL LIABILITIES		118,465 			109,499

COMMITMENTS AND CONTINGENCIES

REDEEMABLE NONCONTROLLING INTERESTS – VIEs		1,256 			1,110

EQUITY

Common stock ($0.01 par value, authorized shares – 3,200; outstanding shares – 2,052 and 1,987, respectively)		21 			20

Additional paid-in capital		17,365 			12,720

Retained earnings		30,235 			26,707

Accumulated other comprehensive loss		(153)			(218)

Total common shareholders' equity		47,468 			39,229

Noncontrolling interests ($10,180 and $9,092 related to VIEs, respectively)		10,300 			9,097

TOTAL EQUITY		57,768 			48,326

TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY		$	177,489 			$	158,935

The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

62


Question: What was the quick ratio for NEE in 2023?

The quick ratio is calculated by subtracting inventories from total current assets and then dividing by total current liabilities. For NEE in 2023, the total current assets were $15,361 million, inventories were $2,106 million, and total current liabilities were $27,963 million. Therefore, the quick ratio for NEE in 2023 is:

Quick Ratio = (Total Current Assets - Inventories) / Total Current Liabilities = ($15,361 million - $2,106 million) / $27,963 million ≈ 0.47

This ratio indicates that NEE has $0.47 in liquid assets for every $1 of current liabilities

Item 8.  Financial Statements and Supplementary Data

NEXTERA ENERGY INC 10-K form for the fiscal year ended 2023-12-31, page 62:
Table of Contents

NEXTERA ENERGY, INC.

CONSOLIDATED BALANCE SHEETS

(millions, except par value)

		December 31,

		2023		2022

ASSETS

Current assets:

Cash and cash equivalents		$	2,690 			$	1,601

Customer receivables, net of allowances of $52 and $54, respectively		3,609 			4,349

Other receivables		944 			744

Materials, supplies and fuel inventory		2,106 			1,934

Regulatory assets		1,460 			2,165

Derivatives		1,730 			1,590

Contract assets		1,487 			318

Other		1,335 			789

Total current assets		15,361 			13,490

Other assets:

Property, plant and equipment – net ($26,900 and $22,927 related to VIEs, respectively)		125,776 			111,059

Special use funds		8,698 			7,496

Investment in equity method investees		6,156 			6,582

Prepaid benefit costs		2,112 			1,832

Regulatory assets		4,801 			5,992

Derivatives		1,790 			1,935

Goodwill		5,091 			4,854

Other		7,704 			5,695

Total other assets		162,128 			145,445

TOTAL ASSETS		$	177,489 			$	158,935

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY

Current liabilities:

Commercial paper		$	4,650 			$	1,709

Other short-term debt		255 			1,368

Current portion of long-term debt ($66 and $61 related to VIEs, respectively)		6,901 			6,633

Accounts payable ($1,718 and $1,250 related to VIEs, respectively)		8,504 			8,312

Customer deposits		638 			560

Accrued interest and taxes		970 			719

Derivatives		845 			2,102

Accrued construction-related expenditures		1,861 			1,760

Regulatory liabilities		340 			350

Other		2,999 			3,182

Total current liabilities		27,963 			26,695

Other liabilities and deferred credits:

Long-term debt ($1,374 and $1,108 related to VIEs, respectively)		61,405 			55,256

Asset retirement obligations		3,403 			3,245

Deferred income taxes		10,142 			9,072

Regulatory liabilities		10,049 			9,626

Derivatives		2,741 			2,909

Other		2,762 			2,696

Total other liabilities and deferred credits		90,502 			82,804

TOTAL LIABILITIES		118,465 			109,499

COMMITMENTS AND CONTINGENCIES

REDEEMABLE NONCONTROLLING INTERESTS – VIEs		1,256 			1,110

EQUITY

Common stock ($0.01 par value, authorized shares – 3,200; outstanding shares – 2,052 and 1,987, respectively)		21 			20

Additional paid-in capital		17,365 			12,720

Retained earnings		30,235 			26,707

Accumulated other comprehensive loss		(153)			(218)

Total common shareholders' equity		47,468 			39,229

Noncontrolling interests ($10,180 and $9,092 related to VIEs, respectively)		10,300 			9,097

TOTAL EQUITY		57,768 			48,326

TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY		$	177,489 			$	158,935

The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

62


Question: What was the asset turnover ratio for NEE in 2023?

The asset turnover ratio is calculated by dividing net sales by average total assets. For NEE in 2023, the net sales (operating revenues) were $28,114 million. The average total assets can be calculated by taking the average of total assets at the beginning and end of the year. The total assets at the end of 2023 were $177,489 million, and at the end of 2022, they were $158,935 million. Therefore, the average total assets for 2023 are:

Average Total Assets = (Total Assets at Beginning of Year + Total Assets at End of Year) / 2 = ($158,935 million + $177,489 million) / 2 = $168,212 million
The asset turnover ratio for NEE in 2023 is:
Asset Turnover Ratio = Net Sales / Average Total Assets = $28,114 million / $168,212 million ≈ 0.17

Item 8.  Financial Statements and Supplementary Data

NEXTERA ENERGY INC 10-K form for the fiscal year ended 2023-12-31, page 60:
Table of Contents

NEXTERA ENERGY, INC.

CONSOLIDATED STATEMENTS OF INCOME

(millions, except per share amounts)

 		Years Ended December 31,

	2023		2022		2021

OPERATING REVENUES		$	28,114 			$	20,956 			$	17,069

OPERATING EXPENSES

Fuel, purchased power and interchange		5,457 			6,389 			4,527

Other operations and maintenance		4,681 			4,428 			3,981

Depreciation and amortization		5,879 			4,503 			3,924

Taxes other than income taxes and other – net		2,265 			2,077 			1,801

Total operating expenses – net		18,282 			17,397 			14,233

GAINS ON DISPOSAL OF BUSINESSES/ASSETS – NET		405 			522 			77

OPERATING INCOME		10,237 			4,081 			2,913

OTHER INCOME (DEDUCTIONS)

Interest expense		(3,324)			(585)			(1,270)

Equity in earnings (losses) of equity method investees		(648)			203 			666

Allowance for equity funds used during construction		161 			112 			142

Gains on disposal of investments and other property – net		125 			80 			70

Change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds – net		159 			(461)			267

Other net periodic benefit income		245 			202 			257

Other – net		333 			200 			130

Total other income (deductions) – net		(2,949)			(249)			262

INCOME BEFORE INCOME TAXES		7,288 			3,832 			3,175

INCOME TAXES		1,006 			586 			348

NET INCOME		6,282 			3,246 			2,827

NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS		1,028 			901 			746

NET INCOME ATTRIBUTABLE TO NEE		$	7,310 			$	4,147 			$	3,573

Earnings per share attributable to NEE:

Basic		$	3.61 			$	2.10 			$	1.82

Assuming dilution		$	3.60 			$	2.10 			$	1.81

The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

60

, NEXTERA ENERGY INC 10-K form for the fiscal year ended 2023-12-31, page 62:
Table of Contents

NEXTERA ENERGY, INC.

CONSOLIDATED BALANCE SHEETS

(millions, except par value)

		December 31,

		2023		2022

ASSETS

Current assets:

Cash and cash equivalents		$	2,690 			$	1,601

Customer receivables, net of allowances of $52 and $54, respectively		3,609 			4,349

Other receivables		944 			744

Materials, supplies and fuel inventory		2,106 			1,934

Regulatory assets		1,460 			2,165

Derivatives		1,730 			1,590

Contract assets		1,487 			318

Other		1,335 			789

Total current assets		15,361 			13,490

Other assets:

Property, plant and equipment – net ($26,900 and $22,927 related to VIEs, respectively)		125,776 			111,059

Special use funds		8,698 			7,496

Investment in equity method investees		6,156 			6,582

Prepaid benefit costs		2,112 			1,832

Regulatory assets		4,801 			5,992

Derivatives		1,790 			1,935

Goodwill		5,091 			4,854

Other		7,704 			5,695

Total other assets		162,128 			145,445

TOTAL ASSETS		$	177,489 			$	158,935

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY

Current liabilities:

Commercial paper		$	4,650 			$	1,709

Other short-term debt		255 			1,368

Current portion of long-term debt ($66 and $61 related to VIEs, respectively)		6,901 			6,633

Accounts payable ($1,718 and $1,250 related to VIEs, respectively)		8,504 			8,312

Customer deposits		638 			560

Accrued interest and taxes		970 			719

Derivatives		845 			2,102

Accrued construction-related expenditures		1,861 			1,760

Regulatory liabilities		340 			350

Other		2,999 			3,182

Total current liabilities		27,963 			26,695

Other liabilities and deferred credits:

Long-term debt ($1,374 and $1,108 related to VIEs, respectively)		61,405 			55,256

Asset retirement obligations		3,403 			3,245

Deferred income taxes		10,142 			9,072

Regulatory liabilities		10,049 			9,626

Derivatives		2,741 			2,909

Other		2,762 			2,696

Total other liabilities and deferred credits		90,502 			82,804

TOTAL LIABILITIES		118,465 			109,499

COMMITMENTS AND CONTINGENCIES

REDEEMABLE NONCONTROLLING INTERESTS – VIEs		1,256 			1,110

EQUITY

Common stock ($0.01 par value, authorized shares – 3,200; outstanding shares – 2,052 and 1,987, respectively)		21 			20

Additional paid-in capital		17,365 			12,720

Retained earnings		30,235 			26,707

Accumulated other comprehensive loss		(153)			(218)

Total common shareholders' equity		47,468 			39,229

Noncontrolling interests ($10,180 and $9,092 related to VIEs, respectively)		10,300 			9,097

TOTAL EQUITY		57,768 			48,326

TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY		$	177,489 			$	158,935

The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

62

Table of Contents

NEXTERA ENERGY, INC.

CONSOLIDATED STATEMENTS OF INCOME

(millions, except per share amounts)

 		Years Ended December 31,

	2023		2022		2021

OPERATING REVENUES		$	28,114 			$	20,956 			$	17,069

OPERATING EXPENSES

Fuel, purchased power and interchange		5,457 			6,389 			4,527

Other operations and maintenance		4,681 			4,428 			3,981

Depreciation and amortization		5,879 			4,503 			3,924

Taxes other than income taxes and other – net		2,265 			2,077 			1,801

Total operating expenses – net		18,282 			17,397 			14,233

GAINS ON DISPOSAL OF BUSINESSES/ASSETS – NET		405 			522 			77

OPERATING INCOME		10,237 			4,081 			2,913

OTHER INCOME (DEDUCTIONS)

Interest expense		(3,324)			(585)			(1,270)

Equity in earnings (losses) of equity method investees		(648)			203 			666

Allowance for equity funds used during construction		161 			112 			142

Gains on disposal of investments and other property – net		125 			80 			70

Change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds – net		159 			(461)			267

Other net periodic benefit income		245 			202 			257

Other – net		333 			200 			130

Total other income (deductions) – net		(2,949)			(249)			262

INCOME BEFORE INCOME TAXES		7,288 			3,832 			3,175

INCOME TAXES		1,006 			586 			348

NET INCOME		6,282 			3,246 			2,827

NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS		1,028 			901 			746

NET INCOME ATTRIBUTABLE TO NEE		$	7,310 			$	4,147 			$	3,573

Earnings per share attributable to NEE:

Basic		$	3.61 			$	2.10 			$	1.82

Assuming dilution		$	3.60 			$	2.10 			$	1.81

The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

60

,
Table of Contents

NEXTERA ENERGY, INC.

CONSOLIDATED BALANCE SHEETS

(millions, except par value)

		December 31,

		2023		2022

ASSETS

Current assets:

Cash and cash equivalents		$	2,690 			$	1,601

Customer receivables, net of allowances of $52 and $54, respectively		3,609 			4,349

Other receivables		944 			744

Materials, supplies and fuel inventory		2,106 			1,934

Regulatory assets		1,460 			2,165

Derivatives		1,730 			1,590

Contract assets		1,487 			318

Other		1,335 			789

Total current assets		15,361 			13,490

Other assets:

Property, plant and equipment – net ($26,900 and $22,927 related to VIEs, respectively)		125,776 			111,059

Special use funds		8,698 			7,496

Investment in equity method investees		6,156 			6,582

Prepaid benefit costs		2,112 			1,832

Regulatory assets		4,801 			5,992

Derivatives		1,790 			1,935

Goodwill		5,091 			4,854

Other		7,704 			5,695

Total other assets		162,128 			145,445

TOTAL ASSETS		$	177,489 			$	158,935

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY

Current liabilities:

Commercial paper		$	4,650 			$	1,709

Other short-term debt		255 			1,368

Current portion of long-term debt ($66 and $61 related to VIEs, respectively)		6,901 			6,633

Accounts payable ($1,718 and $1,250 related to VIEs, respectively)		8,504 			8,312

Customer deposits		638 			560

Accrued interest and taxes		970 			719

Derivatives		845 			2,102

Accrued construction-related expenditures		1,861 			1,760

Regulatory liabilities		340 			350

Other		2,999 			3,182

Total current liabilities		27,963 			26,695

Other liabilities and deferred credits:

Long-term debt ($1,374 and $1,108 related to VIEs, respectively)		61,405 			55,256

Asset retirement obligations		3,403 			3,245

Deferred income taxes		10,142 			9,072

Regulatory liabilities		10,049 			9,626

Derivatives		2,741 			2,909

Other		2,762 			2,696

Total other liabilities and deferred credits		90,502 			82,804

TOTAL LIABILITIES		118,465 			109,499

COMMITMENTS AND CONTINGENCIES

REDEEMABLE NONCONTROLLING INTERESTS – VIEs		1,256 			1,110

EQUITY

Common stock ($0.01 par value, authorized shares – 3,200; outstanding shares – 2,052 and 1,987, respectively)		21 			20

Additional paid-in capital		17,365 			12,720

Retained earnings		30,235 			26,707

Accumulated other comprehensive loss		(153)			(218)

Total common shareholders' equity		47,468 			39,229

Noncontrolling interests ($10,180 and $9,092 related to VIEs, respectively)		10,300 			9,097

TOTAL EQUITY		57,768 			48,326

TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY		$	177,489 			$	158,935

The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

62


Question: How does Apple Inc.'s Return on Equity (ROE) for 2023 compare with that of 2022?

Method 1: Using End-of-Year Shareholders' Equity
Return on Equity (ROE) is calculated using the formula:
ROE = (Net Income / Shareholder's Equity) * 100.

For 2023:
Net Income = $96,995 million
Shareholder's Equity = $62,146 million
ROE = ($96,995 million / $62,146 million) * 100 = 156.1%

For 2022:
Net Income = $99,803 million
Shareholder's Equity = $50,672 million
ROE = ($99,803 million / $50,672 million) * 100 = 196.9%

Analysis:
The ROE for Apple Inc. decreased from 196.9% in 2022 to 156.1% in 2023.

Method 2: Using Average Shareholders' Equity
Return on Equity (ROE) is calculated using the formula:
ROE = (Net Income / Average Shareholder's Equity) * 100.

For 2023:
Net Income = $96,995 million
Shareholder's Equity (2022) = $50,672 million
Shareholder's Equity (2023) = $62,146 million
Average Shareholder's Equity = ($50,672 million + $62,146 million) / 2 = $56,409 million
ROE = ($96,995 million / $56,409 million) * 100 = 172%

For 2022:
Net Income = $99,803 million
Shareholder's Equity (2021) = $63,090 million
Shareholder's Equity (2022) = $50,672 million
Average Shareholder's Equity = ($63,090 million + $50,672 million) / 2 = $56,881 million
ROE = ($99,803 million / $56,881 million) * 100 = 175%

Analysis:
The ROE for Apple Inc. decreased slightly from 175% in 2022 to 172% in 2023.

Item 8.    Financial Statements and Supplementary Data

Apple Inc. 10-K form for the fiscal year ended 2023-09-30, page 28:
Apple Inc.

CONSOLIDATED STATEMENTS OF OPERATIONS

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

	Years ended

	September 30,2023		September 24,2022		September 25,2021

Net sales:

   Products	$	298,085 			$	316,199 			$	297,392

   Services	85,200 			78,129 			68,425

Total net sales	383,285 			394,328 			365,817

Cost of sales:

   Products	189,282 			201,471 			192,266

   Services	24,855 			22,075 			20,715

Total cost of sales	214,137 			223,546 			212,981

Gross margin	169,148 			170,782 			152,836

Operating expenses:

Research and development	29,915 			26,251 			21,914

Selling, general and administrative	24,932 			25,094 			21,973

Total operating expenses	54,847 			51,345 			43,887

Operating income	114,301 			119,437 			108,949

Other income/(expense), net	(565)			(334)			258

Income before provision for income taxes	113,736 			119,103 			109,207

Provision for income taxes	16,741 			19,300 			14,527

Net income	$	96,995 			$	99,803 			$	94,680

Earnings per share:

Basic	$	6.16 			$	6.15 			$	5.67

Diluted	$	6.13 			$	6.11 			$	5.61

Shares used in computing earnings per share:

Basic	15,744,231 			16,215,963 			16,701,272

Diluted	15,812,547 			16,325,819 			16,864,919

See accompanying Notes to Consolidated Financial Statements.

Apple Inc. | 2023 Form 10-K | 28

, Apple Inc. 10-K form for the fiscal year ended 2023-09-30, page 30:
Apple Inc.

CONSOLIDATED BALANCE SHEETS

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

	September 30,2023		September 24,2022

ASSETS:

Current assets:

Cash and cash equivalents	$	29,965 			$	23,646

Marketable securities	31,590 			24,658

Accounts receivable, net	29,508 			28,184

Vendor non-trade receivables	31,477 			32,748

Inventories	6,331 			4,946

Other current assets	14,695 			21,223

Total current assets	143,566 			135,405

Non-current assets:

Marketable securities	100,544 			120,805

Property, plant and equipment, net	43,715 			42,117

Other non-current assets	64,758 			54,428

Total non-current assets	209,017 			217,350

Total assets	$	352,583 			$	352,755

LIABILITIES AND SHAREHOLDERS' EQUITY:

Current liabilities:

Accounts payable	$	62,611 			$	64,115

Other current liabilities	58,829 			60,845

Deferred revenue	8,061 			7,912

Commercial paper	5,985 			9,982

Term debt	9,822 			11,128

Total current liabilities	145,308 			153,982

Non-current liabilities:

Term debt	95,281 			98,959

Other non-current liabilities	49,848 			49,142

Total non-current liabilities	145,129 			148,101

Total liabilities	290,437 			302,083

Commitments and contingencies

Shareholders' equity:

Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,550,061 and 15,943,425 shares issued and outstanding, respectively	73,812 			64,849

Accumulated deficit	(214)			(3,068)

Accumulated other comprehensive loss	(11,452)			(11,109)

Total shareholders' equity	62,146 			50,672

Total liabilities and shareholders' equity	$	352,583 			$	352,755

See accompanying Notes to Consolidated Financial Statements.

Apple Inc. | 2023 Form 10-K | 30

, Apple Inc. 10-K form for the fiscal year ended 2023-09-30, page 31:
Apple Inc.

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY

(In millions, except per-share amounts)

	Years ended

	September 30,2023		September 24,2022		September 25,2021

Total shareholders' equity, beginning balances	$	50,672 			$	63,090 			$	65,339

Common stock and additional paid-in capital:

Beginning balances	64,849 			57,365 			50,779

Common stock issued	1,346 			1,175 			1,105

Common stock withheld related to net share settlement of equity awards	(3,521)			(2,971)			(2,627)

Share-based compensation	11,138 			9,280 			8,108

Ending balances	73,812 			64,849 			57,365

Retained earnings/(Accumulated deficit):

Beginning balances	(3,068)			5,562 			14,966

Net income	96,995 			99,803 			94,680

Dividends and dividend equivalents declared	(14,996)			(14,793)			(14,431)

Common stock withheld related to net share settlement of equity awards	(2,099)			(3,454)			(4,151)

Common stock repurchased	(77,046)			(90,186)			(85,502)

Ending balances	(214)			(3,068)			5,562

Accumulated other comprehensive income/(loss):

Beginning balances	(11,109)			163 			(406)

Other comprehensive income/(loss)	(343)			(11,272)			569

Ending balances	(11,452)			(11,109)			163

Total shareholders' equity, ending balances	$	62,146 			$	50,672 			$	63,090

Dividends and dividend equivalents declared per share or RSU	$	0.94 			$	0.90 			$	0.85

See accompanying Notes to Consolidated Financial Statements.

Apple Inc. | 2023 Form 10-K | 31

Apple Inc.

CONSOLIDATED STATEMENTS OF OPERATIONS

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

	Years ended

	September 30,2023		September 24,2022		September 25,2021

Net sales:

   Products	$	298,085 			$	316,199 			$	297,392

   Services	85,200 			78,129 			68,425

Total net sales	383,285 			394,328 			365,817

Cost of sales:

   Products	189,282 			201,471 			192,266

   Services	24,855 			22,075 			20,715

Total cost of sales	214,137 			223,546 			212,981

Gross margin	169,148 			170,782 			152,836

Operating expenses:

Research and development	29,915 			26,251 			21,914

Selling, general and administrative	24,932 			25,094 			21,973

Total operating expenses	54,847 			51,345 			43,887

Operating income	114,301 			119,437 			108,949

Other income/(expense), net	(565)			(334)			258

Income before provision for income taxes	113,736 			119,103 			109,207

Provision for income taxes	16,741 			19,300 			14,527

Net income	$	96,995 			$	99,803 			$	94,680

Earnings per share:

Basic	$	6.16 			$	6.15 			$	5.67

Diluted	$	6.13 			$	6.11 			$	5.61

Shares used in computing earnings per share:

Basic	15,744,231 			16,215,963 			16,701,272

Diluted	15,812,547 			16,325,819 			16,864,919

See accompanying Notes to Consolidated Financial Statements.

Apple Inc. | 2023 Form 10-K | 28

,
Apple Inc.

CONSOLIDATED BALANCE SHEETS

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

	September 30,2023		September 24,2022

ASSETS:

Current assets:

Cash and cash equivalents	$	29,965 			$	23,646

Marketable securities	31,590 			24,658

Accounts receivable, net	29,508 			28,184

Vendor non-trade receivables	31,477 			32,748

Inventories	6,331 			4,946

Other current assets	14,695 			21,223

Total current assets	143,566 			135,405

Non-current assets:

Marketable securities	100,544 			120,805

Property, plant and equipment, net	43,715 			42,117

Other non-current assets	64,758 			54,428

Total non-current assets	209,017 			217,350

Total assets	$	352,583 			$	352,755

LIABILITIES AND SHAREHOLDERS' EQUITY:

Current liabilities:

Accounts payable	$	62,611 			$	64,115

Other current liabilities	58,829 			60,845

Deferred revenue	8,061 			7,912

Commercial paper	5,985 			9,982

Term debt	9,822 			11,128

Total current liabilities	145,308 			153,982

Non-current liabilities:

Term debt	95,281 			98,959

Other non-current liabilities	49,848 			49,142

Total non-current liabilities	145,129 			148,101

Total liabilities	290,437 			302,083

Commitments and contingencies

Shareholders' equity:

Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,550,061 and 15,943,425 shares issued and outstanding, respectively	73,812 			64,849

Accumulated deficit	(214)			(3,068)

Accumulated other comprehensive loss	(11,452)			(11,109)

Total shareholders' equity	62,146 			50,672

Total liabilities and shareholders' equity	$	352,583 			$	352,755

See accompanying Notes to Consolidated Financial Statements.

Apple Inc. | 2023 Form 10-K | 30

,
Apple Inc.

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY

(In millions, except per-share amounts)

	Years ended

	September 30,2023		September 24,2022		September 25,2021

Total shareholders' equity, beginning balances	$	50,672 			$	63,090 			$	65,339

Common stock and additional paid-in capital:

Beginning balances	64,849 			57,365 			50,779

Common stock issued	1,346 			1,175 			1,105

Common stock withheld related to net share settlement of equity awards	(3,521)			(2,971)			(2,627)

Share-based compensation	11,138 			9,280 			8,108

Ending balances	73,812 			64,849 			57,365

Retained earnings/(Accumulated deficit):

Beginning balances	(3,068)			5,562 			14,966

Net income	96,995 			99,803 			94,680

Dividends and dividend equivalents declared	(14,996)			(14,793)			(14,431)

Common stock withheld related to net share settlement of equity awards	(2,099)			(3,454)			(4,151)

Common stock repurchased	(77,046)			(90,186)			(85,502)

Ending balances	(214)			(3,068)			5,562

Accumulated other comprehensive income/(loss):

Beginning balances	(11,109)			163 			(406)

Other comprehensive income/(loss)	(343)			(11,272)			569

Ending balances	(11,452)			(11,109)			163

Total shareholders' equity, ending balances	$	62,146 			$	50,672 			$	63,090

Dividends and dividend equivalents declared per share or RSU	$	0.94 			$	0.90 			$	0.85

See accompanying Notes to Consolidated Financial Statements.

Apple Inc. | 2023 Form 10-K | 31


Question: What changes occurred in Apple Inc.'s Earnings Per Share (EPS) from 2021 to 2023?

The Earnings Per Share (EPS) for Apple Inc. for the years 2021, 2022, and 2023 are as follows:

FY 2021
Basic EPS = $5.67
Diluted EPS = $5.61

FY 2022
Basic EPS = $6.15
Diluted EPS = $6.11

FY 2023
Basic EPS = $6.16
Diluted EPS = $6.13

Item 8.    Financial Statements and Supplementary Data

Apple Inc. 10-K form for the fiscal year ended 2023-09-30, page 28:
Apple Inc.

CONSOLIDATED STATEMENTS OF OPERATIONS

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

	Years ended

	September 30,2023		September 24,2022		September 25,2021

Net sales:

   Products	$	298,085 			$	316,199 			$	297,392

   Services	85,200 			78,129 			68,425

Total net sales	383,285 			394,328 			365,817

Cost of sales:

   Products	189,282 			201,471 			192,266

   Services	24,855 			22,075 			20,715

Total cost of sales	214,137 			223,546 			212,981

Gross margin	169,148 			170,782 			152,836

Operating expenses:

Research and development	29,915 			26,251 			21,914

Selling, general and administrative	24,932 			25,094 			21,973

Total operating expenses	54,847 			51,345 			43,887

Operating income	114,301 			119,437 			108,949

Other income/(expense), net	(565)			(334)			258

Income before provision for income taxes	113,736 			119,103 			109,207

Provision for income taxes	16,741 			19,300 			14,527

Net income	$	96,995 			$	99,803 			$	94,680

Earnings per share:

Basic	$	6.16 			$	6.15 			$	5.67

Diluted	$	6.13 			$	6.11 			$	5.61

Shares used in computing earnings per share:

Basic	15,744,231 			16,215,963 			16,701,272

Diluted	15,812,547 			16,325,819 			16,864,919

See accompanying Notes to Consolidated Financial Statements.

Apple Inc. | 2023 Form 10-K | 28


Question: How did Apple Inc.'s Gross Profit Margin evolve between 2021 and 2023?

Gross Profit Margin is calculated using the formula: Gross Profit Margin = (Gross Margin / Total Net Sales) * 100.

For 2021:
Gross Margin = $152,836 million
Total Net Sales = $365,817 million
Gross Profit Margin = ($152,836 million / $365,817 million) * 100 = 41.8%

For 2022:
Gross Margin = $170,782 million
Total Net Sales = $394,328 million
Gross Profit Margin = ($170,782 million / $394,328 million) * 100 = 43.3%

For 2023:
Gross Margin = $169,148 million
Total Net Sales = $383,285 million
Gross Profit Margin = ($169,148 million / $383,285 million) * 100 = 44.1%

Item 8.    Financial Statements and Supplementary Data

Apple Inc. 10-K form for the fiscal year ended 2023-09-30, page 28:
Apple Inc.

CONSOLIDATED STATEMENTS OF OPERATIONS

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

	Years ended

	September 30,2023		September 24,2022		September 25,2021

Net sales:

   Products	$	298,085 			$	316,199 			$	297,392

   Services	85,200 			78,129 			68,425

Total net sales	383,285 			394,328 			365,817

Cost of sales:

   Products	189,282 			201,471 			192,266

   Services	24,855 			22,075 			20,715

Total cost of sales	214,137 			223,546 			212,981

Gross margin	169,148 			170,782 			152,836

Operating expenses:

Research and development	29,915 			26,251 			21,914

Selling, general and administrative	24,932 			25,094 			21,973

Total operating expenses	54,847 			51,345 			43,887

Operating income	114,301 			119,437 			108,949

Other income/(expense), net	(565)			(334)			258

Income before provision for income taxes	113,736 			119,103 			109,207

Provision for income taxes	16,741 			19,300 			14,527

Net income	$	96,995 			$	99,803 			$	94,680

Earnings per share:

Basic	$	6.16 			$	6.15 			$	5.67

Diluted	$	6.13 			$	6.11 			$	5.61

Shares used in computing earnings per share:

Basic	15,744,231 			16,215,963 			16,701,272

Diluted	15,812,547 			16,325,819 			16,864,919

See accompanying Notes to Consolidated Financial Statements.

Apple Inc. | 2023 Form 10-K | 28


Question: What was Apple Inc.'s Debt to Equity Ratio for 2023, and how does it compare to the ratio from 2022?

Debt to Equity Ratio is calculated using the formula: Debt to Equity Ratio = Total Debt / Shareholders' Equity.

For 2023:
Total Debt = Current Term Debt + Non-current Term Debt = $9,822 million + $95,281 million = $105,103 million
Shareholders' Equity = $62,146 million
Debt to Equity Ratio = $105,103 million / $62,146 million = 1.69

For 2022:
Total Debt = Current Term Debt + Non-current Term Debt = $11,128 million + $98,959 million = $110,087 million
Shareholders' Equity = $50,672 million
Debt to Equity Ratio = $110,087 million / $50,672 million = 2.17

Analysis:
The Debt to Equity Ratio for Apple Inc. decreased from 2.17 in 2022 to 1.69 in 2023.

Item 8.    Financial Statements and Supplementary Data

Apple Inc. 10-K form for the fiscal year ended 2023-09-30, page 30:
Apple Inc.

CONSOLIDATED BALANCE SHEETS

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

	September 30,2023		September 24,2022

ASSETS:

Current assets:

Cash and cash equivalents	$	29,965 			$	23,646

Marketable securities	31,590 			24,658

Accounts receivable, net	29,508 			28,184

Vendor non-trade receivables	31,477 			32,748

Inventories	6,331 			4,946

Other current assets	14,695 			21,223

Total current assets	143,566 			135,405

Non-current assets:

Marketable securities	100,544 			120,805

Property, plant and equipment, net	43,715 			42,117

Other non-current assets	64,758 			54,428

Total non-current assets	209,017 			217,350

Total assets	$	352,583 			$	352,755

LIABILITIES AND SHAREHOLDERS' EQUITY:

Current liabilities:

Accounts payable	$	62,611 			$	64,115

Other current liabilities	58,829 			60,845

Deferred revenue	8,061 			7,912

Commercial paper	5,985 			9,982

Term debt	9,822 			11,128

Total current liabilities	145,308 			153,982

Non-current liabilities:

Term debt	95,281 			98,959

Other non-current liabilities	49,848 			49,142

Total non-current liabilities	145,129 			148,101

Total liabilities	290,437 			302,083

Commitments and contingencies

Shareholders' equity:

Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,550,061 and 15,943,425 shares issued and outstanding, respectively	73,812 			64,849

Accumulated deficit	(214)			(3,068)

Accumulated other comprehensive loss	(11,452)			(11,109)

Total shareholders' equity	62,146 			50,672

Total liabilities and shareholders' equity	$	352,583 			$	352,755

See accompanying Notes to Consolidated Financial Statements.

Apple Inc. | 2023 Form 10-K | 30


Question: What is the Long-term Debt to Capitalization Ratio for Apple Inc. for the year 2023, and how does it compare to 2022?

Long-term Debt to Capitalization Ratio is calculated using the formula: Long-term Debt to Capitalization Ratio = Long-term Debt / (Long-term Debt + Shareholders' Equity).

For 2023:
Long-term Debt = $95,281 million
Shareholders' Equity = $62,146 million
Long-term Debt to Capitalization Ratio = $95,281 million / ($95,281 million + $62,146 million) = 0.61

For 2022:
Long-term Debt = $98,959 million
Shareholders' Equity = $50,672 million
Long-term Debt to Capitalization Ratio = $98,959 million / ($98,959 million + $50,672 million) = 0.66

Item 8.    Financial Statements and Supplementary Data

Apple Inc. 10-K form for the fiscal year ended 2023-09-30, page 30:
Apple Inc.

CONSOLIDATED BALANCE SHEETS

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

	September 30,2023		September 24,2022

ASSETS:

Current assets:

Cash and cash equivalents	$	29,965 			$	23,646

Marketable securities	31,590 			24,658

Accounts receivable, net	29,508 			28,184

Vendor non-trade receivables	31,477 			32,748

Inventories	6,331 			4,946

Other current assets	14,695 			21,223

Total current assets	143,566 			135,405

Non-current assets:

Marketable securities	100,544 			120,805

Property, plant and equipment, net	43,715 			42,117

Other non-current assets	64,758 			54,428

Total non-current assets	209,017 			217,350

Total assets	$	352,583 			$	352,755

LIABILITIES AND SHAREHOLDERS' EQUITY:

Current liabilities:

Accounts payable	$	62,611 			$	64,115

Other current liabilities	58,829 			60,845

Deferred revenue	8,061 			7,912

Commercial paper	5,985 			9,982

Term debt	9,822 			11,128

Total current liabilities	145,308 			153,982

Non-current liabilities:

Term debt	95,281 			98,959

Other non-current liabilities	49,848 			49,142

Total non-current liabilities	145,129 			148,101

Total liabilities	290,437 			302,083

Commitments and contingencies

Shareholders' equity:

Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,550,061 and 15,943,425 shares issued and outstanding, respectively	73,812 			64,849

Accumulated deficit	(214)			(3,068)

Accumulated other comprehensive loss	(11,452)			(11,109)

Total shareholders' equity	62,146 			50,672

Total liabilities and shareholders' equity	$	352,583 			$	352,755

See accompanying Notes to Consolidated Financial Statements.

Apple Inc. | 2023 Form 10-K | 30


Question: How did the Financial Leverage Ratio chnage for Apple Inc. change from 2022 to 2023?

Financial Leverage Ratio is calculated using the formula: Financial Leverage Ratio = Total Assets / Shareholders' Equity.

For 2023:
Total Assets = $352,583 million
Shareholders' Equity = $62,146 million
Financial Leverage Ratio = $352,583 million / $62,146 million = 5.67

For 2022:
Total Assets = $352,755 million
Shareholders' Equity = $50,672 million
Financial Leverage Ratio = $352,755 million / $50,672 million = 6.96

Item 8.    Financial Statements and Supplementary Data

Apple Inc. 10-K form for the fiscal year ended 2023-09-30, page 30:
Apple Inc.

CONSOLIDATED BALANCE SHEETS

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

	September 30,2023		September 24,2022

ASSETS:

Current assets:

Cash and cash equivalents	$	29,965 			$	23,646

Marketable securities	31,590 			24,658

Accounts receivable, net	29,508 			28,184

Vendor non-trade receivables	31,477 			32,748

Inventories	6,331 			4,946

Other current assets	14,695 			21,223

Total current assets	143,566 			135,405

Non-current assets:

Marketable securities	100,544 			120,805

Property, plant and equipment, net	43,715 			42,117

Other non-current assets	64,758 			54,428

Total non-current assets	209,017 			217,350

Total assets	$	352,583 			$	352,755

LIABILITIES AND SHAREHOLDERS' EQUITY:

Current liabilities:

Accounts payable	$	62,611 			$	64,115

Other current liabilities	58,829 			60,845

Deferred revenue	8,061 			7,912

Commercial paper	5,985 			9,982

Term debt	9,822 			11,128

Total current liabilities	145,308 			153,982

Non-current liabilities:

Term debt	95,281 			98,959

Other non-current liabilities	49,848 			49,142

Total non-current liabilities	145,129 			148,101

Total liabilities	290,437 			302,083

Commitments and contingencies

Shareholders' equity:

Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,550,061 and 15,943,425 shares issued and outstanding, respectively	73,812 			64,849

Accumulated deficit	(214)			(3,068)

Accumulated other comprehensive loss	(11,452)			(11,109)

Total shareholders' equity	62,146 			50,672

Total liabilities and shareholders' equity	$	352,583 			$	352,755

See accompanying Notes to Consolidated Financial Statements.

Apple Inc. | 2023 Form 10-K | 30


Question: What is the Current Ratio for Apple Inc. for the year 2023, and how does it compare to 2022?

Current Ratio is calculated using the formula: Current Ratio = Current Assets / Current Liabilities.

For 2023:
Current Assets = $143,566 million
Current Liabilities = $145,308 million
Current Ratio = $143,566 million / $145,308 million = 0.99

For 2022:
Current Assets = $135,405 million
Current Liabilities = $153,982 million
Current Ratio = $135,405 million / $153,982 million = 0.88

Analysis:
The Current Ratio for Apple Inc. increased from 0.88 in 2022 to 0.99 in 2023. This improvement indicates a better liquidity position, with the company having nearly enough current assets to cover its current liabilities. The increase in the Current Ratio suggests that Apple Inc. has enhanced its ability to meet short-term obligations, reflecting improved financial health. However, a Current Ratio below 1 still indicates that the company has more current liabilities than current assets, which could pose liquidity risks. The upward trend is positive, but further improvement is needed to achieve a more comfortable liquidity position.

Item 8.    Financial Statements and Supplementary Data

Apple Inc. 10-K form for the fiscal year ended 2023-09-30, page 30:
Apple Inc.

CONSOLIDATED BALANCE SHEETS

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

	September 30,2023		September 24,2022

ASSETS:

Current assets:

Cash and cash equivalents	$	29,965 			$	23,646

Marketable securities	31,590 			24,658

Accounts receivable, net	29,508 			28,184

Vendor non-trade receivables	31,477 			32,748

Inventories	6,331 			4,946

Other current assets	14,695 			21,223

Total current assets	143,566 			135,405

Non-current assets:

Marketable securities	100,544 			120,805

Property, plant and equipment, net	43,715 			42,117

Other non-current assets	64,758 			54,428

Total non-current assets	209,017 			217,350

Total assets	$	352,583 			$	352,755

LIABILITIES AND SHAREHOLDERS' EQUITY:

Current liabilities:

Accounts payable	$	62,611 			$	64,115

Other current liabilities	58,829 			60,845

Deferred revenue	8,061 			7,912

Commercial paper	5,985 			9,982

Term debt	9,822 			11,128

Total current liabilities	145,308 			153,982

Non-current liabilities:

Term debt	95,281 			98,959

Other non-current liabilities	49,848 			49,142

Total non-current liabilities	145,129 			148,101

Total liabilities	290,437 			302,083

Commitments and contingencies

Shareholders' equity:

Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,550,061 and 15,943,425 shares issued and outstanding, respectively	73,812 			64,849

Accumulated deficit	(214)			(3,068)

Accumulated other comprehensive loss	(11,452)			(11,109)

Total shareholders' equity	62,146 			50,672

Total liabilities and shareholders' equity	$	352,583 			$	352,755

See accompanying Notes to Consolidated Financial Statements.

Apple Inc. | 2023 Form 10-K | 30


Question: How did the Quick Ratio for Apple Inc. change from 2022 to 2023?

Method 1: Quick Ratio is calculated using the formula: Quick Ratio = (Current Assets - Inventory) / Current Liabilities.

For 2023:
Current Assets = $143,566 million
Inventory = $6,331 million
Current Liabilities = $145,308 million
Quick Ratio = ($143,566 million - $6,331 million) / $145,308 million = 0.95

For 2022:
Current Assets = $135,405 million
Inventory = $4,946 million
Current Liabilities = $153,982 million
Quick Ratio = ($135,405 million - $4,946 million) / $153,982 million = 0.85

Analysis:
The Quick Ratio for Apple Inc. increased from 0.85 in 2022 to 0.95 in 2023. This improvement indicates a better liquidity position, with the company having more liquid assets (excluding inventory) to cover its current liabilities. The increase in the Quick Ratio suggests that Apple Inc. has enhanced its ability to meet short-term obligations without relying on the sale of inventory. The upward trend is a positive indicator of improved financial health and liquidity management. However, a Quick Ratio below 1 still indicates that the company has more current liabilities than liquid assets, which could pose liquidity risks. Further improvement is needed to achieve a more comfortable liquidity position.
Method 2:
Using the Formula Quick Ratio = (Cash and Cash Equivalents + Marketable Securities + Accounts Receivable) / Current Liabilities

For 2023:

Cash and Cash Equivalents = $29,965 million
Marketable Securities (current) = $31,590 million
Accounts Receivable = $29,508 million
Current Liabilities = $145,308 million
Quick Ratio = ($29,965 million + $31,590 million + $29,508 million) / $145,308 million
Quick Ratio = $91,063 million / $145,308 million = 0.63
For 2022:

Cash and Cash Equivalents = $23,646 million
Marketable Securities (current) = $24,658 million
Accounts Receivable = $28,184 million
Current Liabilities = $153,982 million
Quick Ratio = ($23,646 million + $24,658 million + $28,184 million) / $153,982 million
Quick Ratio = $76,488 million / $153,982 million = 0.50
Analysis (Method 2):
The Quick Ratio increased from 0.50 in 2022 to 0.63 in 2023, highlighting an improvement in Apple Inc.'s ability to meet short-term obligations using its most liquid assets.

Item 8.    Financial Statements and Supplementary Data

Apple Inc. 10-K form for the fiscal year ended 2023-09-30, page 30:
Apple Inc.

CONSOLIDATED BALANCE SHEETS

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

	September 30,2023		September 24,2022

ASSETS:

Current assets:

Cash and cash equivalents	$	29,965 			$	23,646

Marketable securities	31,590 			24,658

Accounts receivable, net	29,508 			28,184

Vendor non-trade receivables	31,477 			32,748

Inventories	6,331 			4,946

Other current assets	14,695 			21,223

Total current assets	143,566 			135,405

Non-current assets:

Marketable securities	100,544 			120,805

Property, plant and equipment, net	43,715 			42,117

Other non-current assets	64,758 			54,428

Total non-current assets	209,017 			217,350

Total assets	$	352,583 			$	352,755

LIABILITIES AND SHAREHOLDERS' EQUITY:

Current liabilities:

Accounts payable	$	62,611 			$	64,115

Other current liabilities	58,829 			60,845

Deferred revenue	8,061 			7,912

Commercial paper	5,985 			9,982

Term debt	9,822 			11,128

Total current liabilities	145,308 			153,982

Non-current liabilities:

Term debt	95,281 			98,959

Other non-current liabilities	49,848 			49,142

Total non-current liabilities	145,129 			148,101

Total liabilities	290,437 			302,083

Commitments and contingencies

Shareholders' equity:

Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,550,061 and 15,943,425 shares issued and outstanding, respectively	73,812 			64,849

Accumulated deficit	(214)			(3,068)

Accumulated other comprehensive loss	(11,452)			(11,109)

Total shareholders' equity	62,146 			50,672

Total liabilities and shareholders' equity	$	352,583 			$	352,755

See accompanying Notes to Consolidated Financial Statements.

Apple Inc. | 2023 Form 10-K | 30


Question: What is the Cash Ratio for Apple Inc. for the year 2023, and how it varies from 2022?

Cash Ratio is calculated using the formula: Cash Ratio = Cash & Cash Equivalents / Current Liabilities.

For 2023:
Cash & Cash Equivalents = $29,965 million
Current Liabilities = $145,308 million
Cash Ratio = $29,965 million / $145,308 million = 0.21

For 2022:
Cash & Cash Equivalents = $23,646 million
Current Liabilities = $153,982 million
Cash Ratio = $23,646 million / $153,982 million = 0.15

Item 8.    Financial Statements and Supplementary Data

Apple Inc. 10-K form for the fiscal year ended 2023-09-30, page 30:
Apple Inc.

CONSOLIDATED BALANCE SHEETS

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

	September 30,2023		September 24,2022

ASSETS:

Current assets:

Cash and cash equivalents	$	29,965 			$	23,646

Marketable securities	31,590 			24,658

Accounts receivable, net	29,508 			28,184

Vendor non-trade receivables	31,477 			32,748

Inventories	6,331 			4,946

Other current assets	14,695 			21,223

Total current assets	143,566 			135,405

Non-current assets:

Marketable securities	100,544 			120,805

Property, plant and equipment, net	43,715 			42,117

Other non-current assets	64,758 			54,428

Total non-current assets	209,017 			217,350

Total assets	$	352,583 			$	352,755

LIABILITIES AND SHAREHOLDERS' EQUITY:

Current liabilities:

Accounts payable	$	62,611 			$	64,115

Other current liabilities	58,829 			60,845

Deferred revenue	8,061 			7,912

Commercial paper	5,985 			9,982

Term debt	9,822 			11,128

Total current liabilities	145,308 			153,982

Non-current liabilities:

Term debt	95,281 			98,959

Other non-current liabilities	49,848 			49,142

Total non-current liabilities	145,129 			148,101

Total liabilities	290,437 			302,083

Commitments and contingencies

Shareholders' equity:

Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,550,061 and 15,943,425 shares issued and outstanding, respectively	73,812 			64,849

Accumulated deficit	(214)			(3,068)

Accumulated other comprehensive loss	(11,452)			(11,109)

Total shareholders' equity	62,146 			50,672

Total liabilities and shareholders' equity	$	352,583 			$	352,755

See accompanying Notes to Consolidated Financial Statements.

Apple Inc. | 2023 Form 10-K | 30


Question: What is the Inventory Turnover Ratio for Apple Inc. for the fiscal year 2023?

The Inventory Turnover ratio is calculated using the formula: Inventory Turnover = Cost of Goods Sold / Average Inventory. For Apple Inc. in 2023, the Cost of Goods Sold (Total cost of sales) is $214,137 million. The average inventory is calculated as the average of the inventory at the beginning and end of the year. The inventory at the end of 2023 is $6,331 million, and at the end of 2022, it was $4,946 million. Therefore, the average inventory is ($6,331 million + $4,946 million) / 2 = $5,638.5 million. The Inventory Turnover ratio is $214,137 million / $5,638.5 million = 37.98.

Item 8.    Financial Statements and Supplementary Data

Apple Inc. 10-K form for the fiscal year ended 2023-09-30, page 28:
Apple Inc.

CONSOLIDATED STATEMENTS OF OPERATIONS

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

	Years ended

	September 30,2023		September 24,2022		September 25,2021

Net sales:

   Products	$	298,085 			$	316,199 			$	297,392

   Services	85,200 			78,129 			68,425

Total net sales	383,285 			394,328 			365,817

Cost of sales:

   Products	189,282 			201,471 			192,266

   Services	24,855 			22,075 			20,715

Total cost of sales	214,137 			223,546 			212,981

Gross margin	169,148 			170,782 			152,836

Operating expenses:

Research and development	29,915 			26,251 			21,914

Selling, general and administrative	24,932 			25,094 			21,973

Total operating expenses	54,847 			51,345 			43,887

Operating income	114,301 			119,437 			108,949

Other income/(expense), net	(565)			(334)			258

Income before provision for income taxes	113,736 			119,103 			109,207

Provision for income taxes	16,741 			19,300 			14,527

Net income	$	96,995 			$	99,803 			$	94,680

Earnings per share:

Basic	$	6.16 			$	6.15 			$	5.67

Diluted	$	6.13 			$	6.11 			$	5.61

Shares used in computing earnings per share:

Basic	15,744,231 			16,215,963 			16,701,272

Diluted	15,812,547 			16,325,819 			16,864,919

See accompanying Notes to Consolidated Financial Statements.

Apple Inc. | 2023 Form 10-K | 28

, Apple Inc. 10-K form for the fiscal year ended 2023-09-30, page 30:
Apple Inc.

CONSOLIDATED BALANCE SHEETS

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

	September 30,2023		September 24,2022

ASSETS:

Current assets:

Cash and cash equivalents	$	29,965 			$	23,646

Marketable securities	31,590 			24,658

Accounts receivable, net	29,508 			28,184

Vendor non-trade receivables	31,477 			32,748

Inventories	6,331 			4,946

Other current assets	14,695 			21,223

Total current assets	143,566 			135,405

Non-current assets:

Marketable securities	100,544 			120,805

Property, plant and equipment, net	43,715 			42,117

Other non-current assets	64,758 			54,428

Total non-current assets	209,017 			217,350

Total assets	$	352,583 			$	352,755

LIABILITIES AND SHAREHOLDERS' EQUITY:

Current liabilities:

Accounts payable	$	62,611 			$	64,115

Other current liabilities	58,829 			60,845

Deferred revenue	8,061 			7,912

Commercial paper	5,985 			9,982

Term debt	9,822 			11,128

Total current liabilities	145,308 			153,982

Non-current liabilities:

Term debt	95,281 			98,959

Other non-current liabilities	49,848 			49,142

Total non-current liabilities	145,129 			148,101

Total liabilities	290,437 			302,083

Commitments and contingencies

Shareholders' equity:

Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,550,061 and 15,943,425 shares issued and outstanding, respectively	73,812 			64,849

Accumulated deficit	(214)			(3,068)

Accumulated other comprehensive loss	(11,452)			(11,109)

Total shareholders' equity	62,146 			50,672

Total liabilities and shareholders' equity	$	352,583 			$	352,755

See accompanying Notes to Consolidated Financial Statements.

Apple Inc. | 2023 Form 10-K | 30

Apple Inc.

CONSOLIDATED STATEMENTS OF OPERATIONS

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

	Years ended

	September 30,2023		September 24,2022		September 25,2021

Net sales:

   Products	$	298,085 			$	316,199 			$	297,392

   Services	85,200 			78,129 			68,425

Total net sales	383,285 			394,328 			365,817

Cost of sales:

   Products	189,282 			201,471 			192,266

   Services	24,855 			22,075 			20,715

Total cost of sales	214,137 			223,546 			212,981

Gross margin	169,148 			170,782 			152,836

Operating expenses:

Research and development	29,915 			26,251 			21,914

Selling, general and administrative	24,932 			25,094 			21,973

Total operating expenses	54,847 			51,345 			43,887

Operating income	114,301 			119,437 			108,949

Other income/(expense), net	(565)			(334)			258

Income before provision for income taxes	113,736 			119,103 			109,207

Provision for income taxes	16,741 			19,300 			14,527

Net income	$	96,995 			$	99,803 			$	94,680

Earnings per share:

Basic	$	6.16 			$	6.15 			$	5.67

Diluted	$	6.13 			$	6.11 			$	5.61

Shares used in computing earnings per share:

Basic	15,744,231 			16,215,963 			16,701,272

Diluted	15,812,547 			16,325,819 			16,864,919

See accompanying Notes to Consolidated Financial Statements.

Apple Inc. | 2023 Form 10-K | 28

,
Apple Inc.

CONSOLIDATED BALANCE SHEETS

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

	September 30,2023		September 24,2022

ASSETS:

Current assets:

Cash and cash equivalents	$	29,965 			$	23,646

Marketable securities	31,590 			24,658

Accounts receivable, net	29,508 			28,184

Vendor non-trade receivables	31,477 			32,748

Inventories	6,331 			4,946

Other current assets	14,695 			21,223

Total current assets	143,566 			135,405

Non-current assets:

Marketable securities	100,544 			120,805

Property, plant and equipment, net	43,715 			42,117

Other non-current assets	64,758 			54,428

Total non-current assets	209,017 			217,350

Total assets	$	352,583 			$	352,755

LIABILITIES AND SHAREHOLDERS' EQUITY:

Current liabilities:

Accounts payable	$	62,611 			$	64,115

Other current liabilities	58,829 			60,845

Deferred revenue	8,061 			7,912

Commercial paper	5,985 			9,982

Term debt	9,822 			11,128

Total current liabilities	145,308 			153,982

Non-current liabilities:

Term debt	95,281 			98,959

Other non-current liabilities	49,848 			49,142

Total non-current liabilities	145,129 			148,101

Total liabilities	290,437 			302,083

Commitments and contingencies

Shareholders' equity:

Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,550,061 and 15,943,425 shares issued and outstanding, respectively	73,812 			64,849

Accumulated deficit	(214)			(3,068)

Accumulated other comprehensive loss	(11,452)			(11,109)

Total shareholders' equity	62,146 			50,672

Total liabilities and shareholders' equity	$	352,583 			$	352,755

See accompanying Notes to Consolidated Financial Statements.

Apple Inc. | 2023 Form 10-K | 30


Question: How is the Receivables Turnover Ratio calculated for Apple Inc. in 2023.

The Receivables Turnover ratio is calculated using the formula: Receivables Turnover = Net Credit Sales / Average Accounts Receivable. For Apple Inc. in 2023, the Net Sales (Total net sales) is $383,285 million. The average accounts receivable is calculated as the average of the accounts receivable at the beginning and end of the year. The accounts receivable at the end of 2023 is $29,508 million, and at the end of 2022, it was $28,184 million. Therefore, the average accounts receivable is ($29,508 million + $28,184 million) / 2 = $28,846 million. The Receivables Turnover ratio is $383,285 million / $28,846 million = 13.29.

Item 8.    Financial Statements and Supplementary Data

Apple Inc. 10-K form for the fiscal year ended 2023-09-30, page 28:
Apple Inc.

CONSOLIDATED STATEMENTS OF OPERATIONS

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

	Years ended

	September 30,2023		September 24,2022		September 25,2021

Net sales:

   Products	$	298,085 			$	316,199 			$	297,392

   Services	85,200 			78,129 			68,425

Total net sales	383,285 			394,328 			365,817

Cost of sales:

   Products	189,282 			201,471 			192,266

   Services	24,855 			22,075 			20,715

Total cost of sales	214,137 			223,546 			212,981

Gross margin	169,148 			170,782 			152,836

Operating expenses:

Research and development	29,915 			26,251 			21,914

Selling, general and administrative	24,932 			25,094 			21,973

Total operating expenses	54,847 			51,345 			43,887

Operating income	114,301 			119,437 			108,949

Other income/(expense), net	(565)			(334)			258

Income before provision for income taxes	113,736 			119,103 			109,207

Provision for income taxes	16,741 			19,300 			14,527

Net income	$	96,995 			$	99,803 			$	94,680

Earnings per share:

Basic	$	6.16 			$	6.15 			$	5.67

Diluted	$	6.13 			$	6.11 			$	5.61

Shares used in computing earnings per share:

Basic	15,744,231 			16,215,963 			16,701,272

Diluted	15,812,547 			16,325,819 			16,864,919

See accompanying Notes to Consolidated Financial Statements.

Apple Inc. | 2023 Form 10-K | 28

, Apple Inc. 10-K form for the fiscal year ended 2023-09-30, page 30:
Apple Inc.

CONSOLIDATED BALANCE SHEETS

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

	September 30,2023		September 24,2022

ASSETS:

Current assets:

Cash and cash equivalents	$	29,965 			$	23,646

Marketable securities	31,590 			24,658

Accounts receivable, net	29,508 			28,184

Vendor non-trade receivables	31,477 			32,748

Inventories	6,331 			4,946

Other current assets	14,695 			21,223

Total current assets	143,566 			135,405

Non-current assets:

Marketable securities	100,544 			120,805

Property, plant and equipment, net	43,715 			42,117

Other non-current assets	64,758 			54,428

Total non-current assets	209,017 			217,350

Total assets	$	352,583 			$	352,755

LIABILITIES AND SHAREHOLDERS' EQUITY:

Current liabilities:

Accounts payable	$	62,611 			$	64,115

Other current liabilities	58,829 			60,845

Deferred revenue	8,061 			7,912

Commercial paper	5,985 			9,982

Term debt	9,822 			11,128

Total current liabilities	145,308 			153,982

Non-current liabilities:

Term debt	95,281 			98,959

Other non-current liabilities	49,848 			49,142

Total non-current liabilities	145,129 			148,101

Total liabilities	290,437 			302,083

Commitments and contingencies

Shareholders' equity:

Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,550,061 and 15,943,425 shares issued and outstanding, respectively	73,812 			64,849

Accumulated deficit	(214)			(3,068)

Accumulated other comprehensive loss	(11,452)			(11,109)

Total shareholders' equity	62,146 			50,672

Total liabilities and shareholders' equity	$	352,583 			$	352,755

See accompanying Notes to Consolidated Financial Statements.

Apple Inc. | 2023 Form 10-K | 30

Apple Inc.

CONSOLIDATED STATEMENTS OF OPERATIONS

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

	Years ended

	September 30,2023		September 24,2022		September 25,2021

Net sales:

   Products	$	298,085 			$	316,199 			$	297,392

   Services	85,200 			78,129 			68,425

Total net sales	383,285 			394,328 			365,817

Cost of sales:

   Products	189,282 			201,471 			192,266

   Services	24,855 			22,075 			20,715

Total cost of sales	214,137 			223,546 			212,981

Gross margin	169,148 			170,782 			152,836

Operating expenses:

Research and development	29,915 			26,251 			21,914

Selling, general and administrative	24,932 			25,094 			21,973

Total operating expenses	54,847 			51,345 			43,887

Operating income	114,301 			119,437 			108,949

Other income/(expense), net	(565)			(334)			258

Income before provision for income taxes	113,736 			119,103 			109,207

Provision for income taxes	16,741 			19,300 			14,527

Net income	$	96,995 			$	99,803 			$	94,680

Earnings per share:

Basic	$	6.16 			$	6.15 			$	5.67

Diluted	$	6.13 			$	6.11 			$	5.61

Shares used in computing earnings per share:

Basic	15,744,231 			16,215,963 			16,701,272

Diluted	15,812,547 			16,325,819 			16,864,919

See accompanying Notes to Consolidated Financial Statements.

Apple Inc. | 2023 Form 10-K | 28

,
Apple Inc.

CONSOLIDATED BALANCE SHEETS

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

	September 30,2023		September 24,2022

ASSETS:

Current assets:

Cash and cash equivalents	$	29,965 			$	23,646

Marketable securities	31,590 			24,658

Accounts receivable, net	29,508 			28,184

Vendor non-trade receivables	31,477 			32,748

Inventories	6,331 			4,946

Other current assets	14,695 			21,223

Total current assets	143,566 			135,405

Non-current assets:

Marketable securities	100,544 			120,805

Property, plant and equipment, net	43,715 			42,117

Other non-current assets	64,758 			54,428

Total non-current assets	209,017 			217,350

Total assets	$	352,583 			$	352,755

LIABILITIES AND SHAREHOLDERS' EQUITY:

Current liabilities:

Accounts payable	$	62,611 			$	64,115

Other current liabilities	58,829 			60,845

Deferred revenue	8,061 			7,912

Commercial paper	5,985 			9,982

Term debt	9,822 			11,128

Total current liabilities	145,308 			153,982

Non-current liabilities:

Term debt	95,281 			98,959

Other non-current liabilities	49,848 			49,142

Total non-current liabilities	145,129 			148,101

Total liabilities	290,437 			302,083

Commitments and contingencies

Shareholders' equity:

Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,550,061 and 15,943,425 shares issued and outstanding, respectively	73,812 			64,849

Accumulated deficit	(214)			(3,068)

Accumulated other comprehensive loss	(11,452)			(11,109)

Total shareholders' equity	62,146 			50,672

Total liabilities and shareholders' equity	$	352,583 			$	352,755

See accompanying Notes to Consolidated Financial Statements.

Apple Inc. | 2023 Form 10-K | 30


Question: What is the Payables Turnover Ratio for Apple Inc. for the year 2023?

The Payables Turnover ratio is calculated using the formula: Payables Turnover = Cost of Goods Sold / Average Accounts Payable. For Apple Inc. in 2023, the Cost of Goods Sold (Total cost of sales) is $214,137 million. The average accounts payable is calculated as the average of the accounts payable at the beginning and end of the year. The accounts payable at the end of 2023 is $62,611 million, and at the end of 2022, it was $64,115 million. Therefore, the average accounts payable is ($62,611 million + $64,115 million) / 2 = $63,363 million. The Payables Turnover ratio is $214,137 million / $63,363 million = 3.38

Item 8.    Financial Statements and Supplementary Data

Apple Inc. 10-K form for the fiscal year ended 2023-09-30, page 28:
Apple Inc.

CONSOLIDATED STATEMENTS OF OPERATIONS

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

	Years ended

	September 30,2023		September 24,2022		September 25,2021

Net sales:

   Products	$	298,085 			$	316,199 			$	297,392

   Services	85,200 			78,129 			68,425

Total net sales	383,285 			394,328 			365,817

Cost of sales:

   Products	189,282 			201,471 			192,266

   Services	24,855 			22,075 			20,715

Total cost of sales	214,137 			223,546 			212,981

Gross margin	169,148 			170,782 			152,836

Operating expenses:

Research and development	29,915 			26,251 			21,914

Selling, general and administrative	24,932 			25,094 			21,973

Total operating expenses	54,847 			51,345 			43,887

Operating income	114,301 			119,437 			108,949

Other income/(expense), net	(565)			(334)			258

Income before provision for income taxes	113,736 			119,103 			109,207

Provision for income taxes	16,741 			19,300 			14,527

Net income	$	96,995 			$	99,803 			$	94,680

Earnings per share:

Basic	$	6.16 			$	6.15 			$	5.67

Diluted	$	6.13 			$	6.11 			$	5.61

Shares used in computing earnings per share:

Basic	15,744,231 			16,215,963 			16,701,272

Diluted	15,812,547 			16,325,819 			16,864,919

See accompanying Notes to Consolidated Financial Statements.

Apple Inc. | 2023 Form 10-K | 28

, Apple Inc. 10-K form for the fiscal year ended 2023-09-30, page 30:
Apple Inc.

CONSOLIDATED BALANCE SHEETS

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

	September 30,2023		September 24,2022

ASSETS:

Current assets:

Cash and cash equivalents	$	29,965 			$	23,646

Marketable securities	31,590 			24,658

Accounts receivable, net	29,508 			28,184

Vendor non-trade receivables	31,477 			32,748

Inventories	6,331 			4,946

Other current assets	14,695 			21,223

Total current assets	143,566 			135,405

Non-current assets:

Marketable securities	100,544 			120,805

Property, plant and equipment, net	43,715 			42,117

Other non-current assets	64,758 			54,428

Total non-current assets	209,017 			217,350

Total assets	$	352,583 			$	352,755

LIABILITIES AND SHAREHOLDERS' EQUITY:

Current liabilities:

Accounts payable	$	62,611 			$	64,115

Other current liabilities	58,829 			60,845

Deferred revenue	8,061 			7,912

Commercial paper	5,985 			9,982

Term debt	9,822 			11,128

Total current liabilities	145,308 			153,982

Non-current liabilities:

Term debt	95,281 			98,959

Other non-current liabilities	49,848 			49,142

Total non-current liabilities	145,129 			148,101

Total liabilities	290,437 			302,083

Commitments and contingencies

Shareholders' equity:

Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,550,061 and 15,943,425 shares issued and outstanding, respectively	73,812 			64,849

Accumulated deficit	(214)			(3,068)

Accumulated other comprehensive loss	(11,452)			(11,109)

Total shareholders' equity	62,146 			50,672

Total liabilities and shareholders' equity	$	352,583 			$	352,755

See accompanying Notes to Consolidated Financial Statements.

Apple Inc. | 2023 Form 10-K | 30

Apple Inc.

CONSOLIDATED STATEMENTS OF OPERATIONS

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

	Years ended

	September 30,2023		September 24,2022		September 25,2021

Net sales:

   Products	$	298,085 			$	316,199 			$	297,392

   Services	85,200 			78,129 			68,425

Total net sales	383,285 			394,328 			365,817

Cost of sales:

   Products	189,282 			201,471 			192,266

   Services	24,855 			22,075 			20,715

Total cost of sales	214,137 			223,546 			212,981

Gross margin	169,148 			170,782 			152,836

Operating expenses:

Research and development	29,915 			26,251 			21,914

Selling, general and administrative	24,932 			25,094 			21,973

Total operating expenses	54,847 			51,345 			43,887

Operating income	114,301 			119,437 			108,949

Other income/(expense), net	(565)			(334)			258

Income before provision for income taxes	113,736 			119,103 			109,207

Provision for income taxes	16,741 			19,300 			14,527

Net income	$	96,995 			$	99,803 			$	94,680

Earnings per share:

Basic	$	6.16 			$	6.15 			$	5.67

Diluted	$	6.13 			$	6.11 			$	5.61

Shares used in computing earnings per share:

Basic	15,744,231 			16,215,963 			16,701,272

Diluted	15,812,547 			16,325,819 			16,864,919

See accompanying Notes to Consolidated Financial Statements.

Apple Inc. | 2023 Form 10-K | 28

,
Apple Inc.

CONSOLIDATED BALANCE SHEETS

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

	September 30,2023		September 24,2022

ASSETS:

Current assets:

Cash and cash equivalents	$	29,965 			$	23,646

Marketable securities	31,590 			24,658

Accounts receivable, net	29,508 			28,184

Vendor non-trade receivables	31,477 			32,748

Inventories	6,331 			4,946

Other current assets	14,695 			21,223

Total current assets	143,566 			135,405

Non-current assets:

Marketable securities	100,544 			120,805

Property, plant and equipment, net	43,715 			42,117

Other non-current assets	64,758 			54,428

Total non-current assets	209,017 			217,350

Total assets	$	352,583 			$	352,755

LIABILITIES AND SHAREHOLDERS' EQUITY:

Current liabilities:

Accounts payable	$	62,611 			$	64,115

Other current liabilities	58,829 			60,845

Deferred revenue	8,061 			7,912

Commercial paper	5,985 			9,982

Term debt	9,822 			11,128

Total current liabilities	145,308 			153,982

Non-current liabilities:

Term debt	95,281 			98,959

Other non-current liabilities	49,848 			49,142

Total non-current liabilities	145,129 			148,101

Total liabilities	290,437 			302,083

Commitments and contingencies

Shareholders' equity:

Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,550,061 and 15,943,425 shares issued and outstanding, respectively	73,812 			64,849

Accumulated deficit	(214)			(3,068)

Accumulated other comprehensive loss	(11,452)			(11,109)

Total shareholders' equity	62,146 			50,672

Total liabilities and shareholders' equity	$	352,583 			$	352,755

See accompanying Notes to Consolidated Financial Statements.

Apple Inc. | 2023 Form 10-K | 30


Question: How many days does it take for Apple Inc. to sell its inventory (DSI) in 2023?

The Days Sales of Inventory (DSI) is calculated using the formula: DSI = (Average Inventory / Cost of Goods Sold) * Number of Days. For Apple Inc. in 2023, the average inventory is $5,638.5 million, and the Cost of Goods Sold is $214,137 million. The number of days in a year is 365. Therefore, DSI = ($5,638.5 million / $214,137 million) * 365 = 9.61 days.

Item 8.    Financial Statements and Supplementary Data

Apple Inc. 10-K form for the fiscal year ended 2023-09-30, page 28:
Apple Inc.

CONSOLIDATED STATEMENTS OF OPERATIONS

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

	Years ended

	September 30,2023		September 24,2022		September 25,2021

Net sales:

   Products	$	298,085 			$	316,199 			$	297,392

   Services	85,200 			78,129 			68,425

Total net sales	383,285 			394,328 			365,817

Cost of sales:

   Products	189,282 			201,471 			192,266

   Services	24,855 			22,075 			20,715

Total cost of sales	214,137 			223,546 			212,981

Gross margin	169,148 			170,782 			152,836

Operating expenses:

Research and development	29,915 			26,251 			21,914

Selling, general and administrative	24,932 			25,094 			21,973

Total operating expenses	54,847 			51,345 			43,887

Operating income	114,301 			119,437 			108,949

Other income/(expense), net	(565)			(334)			258

Income before provision for income taxes	113,736 			119,103 			109,207

Provision for income taxes	16,741 			19,300 			14,527

Net income	$	96,995 			$	99,803 			$	94,680

Earnings per share:

Basic	$	6.16 			$	6.15 			$	5.67

Diluted	$	6.13 			$	6.11 			$	5.61

Shares used in computing earnings per share:

Basic	15,744,231 			16,215,963 			16,701,272

Diluted	15,812,547 			16,325,819 			16,864,919

See accompanying Notes to Consolidated Financial Statements.

Apple Inc. | 2023 Form 10-K | 28

, Apple Inc. 10-K form for the fiscal year ended 2023-09-30, page 30:
Apple Inc.

CONSOLIDATED BALANCE SHEETS

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

	September 30,2023		September 24,2022

ASSETS:

Current assets:

Cash and cash equivalents	$	29,965 			$	23,646

Marketable securities	31,590 			24,658

Accounts receivable, net	29,508 			28,184

Vendor non-trade receivables	31,477 			32,748

Inventories	6,331 			4,946

Other current assets	14,695 			21,223

Total current assets	143,566 			135,405

Non-current assets:

Marketable securities	100,544 			120,805

Property, plant and equipment, net	43,715 			42,117

Other non-current assets	64,758 			54,428

Total non-current assets	209,017 			217,350

Total assets	$	352,583 			$	352,755

LIABILITIES AND SHAREHOLDERS' EQUITY:

Current liabilities:

Accounts payable	$	62,611 			$	64,115

Other current liabilities	58,829 			60,845

Deferred revenue	8,061 			7,912

Commercial paper	5,985 			9,982

Term debt	9,822 			11,128

Total current liabilities	145,308 			153,982

Non-current liabilities:

Term debt	95,281 			98,959

Other non-current liabilities	49,848 			49,142

Total non-current liabilities	145,129 			148,101

Total liabilities	290,437 			302,083

Commitments and contingencies

Shareholders' equity:

Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,550,061 and 15,943,425 shares issued and outstanding, respectively	73,812 			64,849

Accumulated deficit	(214)			(3,068)

Accumulated other comprehensive loss	(11,452)			(11,109)

Total shareholders' equity	62,146 			50,672

Total liabilities and shareholders' equity	$	352,583 			$	352,755

See accompanying Notes to Consolidated Financial Statements.

Apple Inc. | 2023 Form 10-K | 30

Apple Inc.

CONSOLIDATED STATEMENTS OF OPERATIONS

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

	Years ended

	September 30,2023		September 24,2022		September 25,2021

Net sales:

   Products	$	298,085 			$	316,199 			$	297,392

   Services	85,200 			78,129 			68,425

Total net sales	383,285 			394,328 			365,817

Cost of sales:

   Products	189,282 			201,471 			192,266

   Services	24,855 			22,075 			20,715

Total cost of sales	214,137 			223,546 			212,981

Gross margin	169,148 			170,782 			152,836

Operating expenses:

Research and development	29,915 			26,251 			21,914

Selling, general and administrative	24,932 			25,094 			21,973

Total operating expenses	54,847 			51,345 			43,887

Operating income	114,301 			119,437 			108,949

Other income/(expense), net	(565)			(334)			258

Income before provision for income taxes	113,736 			119,103 			109,207

Provision for income taxes	16,741 			19,300 			14,527

Net income	$	96,995 			$	99,803 			$	94,680

Earnings per share:

Basic	$	6.16 			$	6.15 			$	5.67

Diluted	$	6.13 			$	6.11 			$	5.61

Shares used in computing earnings per share:

Basic	15,744,231 			16,215,963 			16,701,272

Diluted	15,812,547 			16,325,819 			16,864,919

See accompanying Notes to Consolidated Financial Statements.

Apple Inc. | 2023 Form 10-K | 28

,
Apple Inc.

CONSOLIDATED BALANCE SHEETS

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

	September 30,2023		September 24,2022

ASSETS:

Current assets:

Cash and cash equivalents	$	29,965 			$	23,646

Marketable securities	31,590 			24,658

Accounts receivable, net	29,508 			28,184

Vendor non-trade receivables	31,477 			32,748

Inventories	6,331 			4,946

Other current assets	14,695 			21,223

Total current assets	143,566 			135,405

Non-current assets:

Marketable securities	100,544 			120,805

Property, plant and equipment, net	43,715 			42,117

Other non-current assets	64,758 			54,428

Total non-current assets	209,017 			217,350

Total assets	$	352,583 			$	352,755

LIABILITIES AND SHAREHOLDERS' EQUITY:

Current liabilities:

Accounts payable	$	62,611 			$	64,115

Other current liabilities	58,829 			60,845

Deferred revenue	8,061 			7,912

Commercial paper	5,985 			9,982

Term debt	9,822 			11,128

Total current liabilities	145,308 			153,982

Non-current liabilities:

Term debt	95,281 			98,959

Other non-current liabilities	49,848 			49,142

Total non-current liabilities	145,129 			148,101

Total liabilities	290,437 			302,083

Commitments and contingencies

Shareholders' equity:

Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,550,061 and 15,943,425 shares issued and outstanding, respectively	73,812 			64,849

Accumulated deficit	(214)			(3,068)

Accumulated other comprehensive loss	(11,452)			(11,109)

Total shareholders' equity	62,146 			50,672

Total liabilities and shareholders' equity	$	352,583 			$	352,755

See accompanying Notes to Consolidated Financial Statements.

Apple Inc. | 2023 Form 10-K | 30


Question: What is the Fixed Asset Turnover Ratio for Apple Inc. for the year 2023?

The Fixed Asset Turnover Ratio is calculated using the formula: Fixed Asset Turnover Ratio = Net Sales / Average Net Fixed Assets. For Apple Inc. in 2023, the Net Sales (Total net sales) is $383,285 million. The average net fixed assets are calculated as the average of the net fixed assets (Property, plant, and equipment, net) at the beginning and end of the year. The net fixed assets at the end of 2023 are $43,715 million, and at the end of 2022, they were $42,117 million. Therefore, the average net fixed assets are ($43,715 million + $42,117 million) / 2 = $42,916 million. The Fixed Asset Turnover Ratio is $383,285 million / $42,916 million = 8.93.

Item 8.    Financial Statements and Supplementary Data

Apple Inc. 10-K form for the fiscal year ended 2023-09-30, page 28:
Apple Inc.

CONSOLIDATED STATEMENTS OF OPERATIONS

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

	Years ended

	September 30,2023		September 24,2022		September 25,2021

Net sales:

   Products	$	298,085 			$	316,199 			$	297,392

   Services	85,200 			78,129 			68,425

Total net sales	383,285 			394,328 			365,817

Cost of sales:

   Products	189,282 			201,471 			192,266

   Services	24,855 			22,075 			20,715

Total cost of sales	214,137 			223,546 			212,981

Gross margin	169,148 			170,782 			152,836

Operating expenses:

Research and development	29,915 			26,251 			21,914

Selling, general and administrative	24,932 			25,094 			21,973

Total operating expenses	54,847 			51,345 			43,887

Operating income	114,301 			119,437 			108,949

Other income/(expense), net	(565)			(334)			258

Income before provision for income taxes	113,736 			119,103 			109,207

Provision for income taxes	16,741 			19,300 			14,527

Net income	$	96,995 			$	99,803 			$	94,680

Earnings per share:

Basic	$	6.16 			$	6.15 			$	5.67

Diluted	$	6.13 			$	6.11 			$	5.61

Shares used in computing earnings per share:

Basic	15,744,231 			16,215,963 			16,701,272

Diluted	15,812,547 			16,325,819 			16,864,919

See accompanying Notes to Consolidated Financial Statements.

Apple Inc. | 2023 Form 10-K | 28

, Apple Inc. 10-K form for the fiscal year ended 2023-09-30, page 30:
Apple Inc.

CONSOLIDATED BALANCE SHEETS

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

	September 30,2023		September 24,2022

ASSETS:

Current assets:

Cash and cash equivalents	$	29,965 			$	23,646

Marketable securities	31,590 			24,658

Accounts receivable, net	29,508 			28,184

Vendor non-trade receivables	31,477 			32,748

Inventories	6,331 			4,946

Other current assets	14,695 			21,223

Total current assets	143,566 			135,405

Non-current assets:

Marketable securities	100,544 			120,805

Property, plant and equipment, net	43,715 			42,117

Other non-current assets	64,758 			54,428

Total non-current assets	209,017 			217,350

Total assets	$	352,583 			$	352,755

LIABILITIES AND SHAREHOLDERS' EQUITY:

Current liabilities:

Accounts payable	$	62,611 			$	64,115

Other current liabilities	58,829 			60,845

Deferred revenue	8,061 			7,912

Commercial paper	5,985 			9,982

Term debt	9,822 			11,128

Total current liabilities	145,308 			153,982

Non-current liabilities:

Term debt	95,281 			98,959

Other non-current liabilities	49,848 			49,142

Total non-current liabilities	145,129 			148,101

Total liabilities	290,437 			302,083

Commitments and contingencies

Shareholders' equity:

Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,550,061 and 15,943,425 shares issued and outstanding, respectively	73,812 			64,849

Accumulated deficit	(214)			(3,068)

Accumulated other comprehensive loss	(11,452)			(11,109)

Total shareholders' equity	62,146 			50,672

Total liabilities and shareholders' equity	$	352,583 			$	352,755

See accompanying Notes to Consolidated Financial Statements.

Apple Inc. | 2023 Form 10-K | 30

Apple Inc.

CONSOLIDATED STATEMENTS OF OPERATIONS

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

	Years ended

	September 30,2023		September 24,2022		September 25,2021

Net sales:

   Products	$	298,085 			$	316,199 			$	297,392

   Services	85,200 			78,129 			68,425

Total net sales	383,285 			394,328 			365,817

Cost of sales:

   Products	189,282 			201,471 			192,266

   Services	24,855 			22,075 			20,715

Total cost of sales	214,137 			223,546 			212,981

Gross margin	169,148 			170,782 			152,836

Operating expenses:

Research and development	29,915 			26,251 			21,914

Selling, general and administrative	24,932 			25,094 			21,973

Total operating expenses	54,847 			51,345 			43,887

Operating income	114,301 			119,437 			108,949

Other income/(expense), net	(565)			(334)			258

Income before provision for income taxes	113,736 			119,103 			109,207

Provision for income taxes	16,741 			19,300 			14,527

Net income	$	96,995 			$	99,803 			$	94,680

Earnings per share:

Basic	$	6.16 			$	6.15 			$	5.67

Diluted	$	6.13 			$	6.11 			$	5.61

Shares used in computing earnings per share:

Basic	15,744,231 			16,215,963 			16,701,272

Diluted	15,812,547 			16,325,819 			16,864,919

See accompanying Notes to Consolidated Financial Statements.

Apple Inc. | 2023 Form 10-K | 28

,
Apple Inc.

CONSOLIDATED BALANCE SHEETS

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

	September 30,2023		September 24,2022

ASSETS:

Current assets:

Cash and cash equivalents	$	29,965 			$	23,646

Marketable securities	31,590 			24,658

Accounts receivable, net	29,508 			28,184

Vendor non-trade receivables	31,477 			32,748

Inventories	6,331 			4,946

Other current assets	14,695 			21,223

Total current assets	143,566 			135,405

Non-current assets:

Marketable securities	100,544 			120,805

Property, plant and equipment, net	43,715 			42,117

Other non-current assets	64,758 			54,428

Total non-current assets	209,017 			217,350

Total assets	$	352,583 			$	352,755

LIABILITIES AND SHAREHOLDERS' EQUITY:

Current liabilities:

Accounts payable	$	62,611 			$	64,115

Other current liabilities	58,829 			60,845

Deferred revenue	8,061 			7,912

Commercial paper	5,985 			9,982

Term debt	9,822 			11,128

Total current liabilities	145,308 			153,982

Non-current liabilities:

Term debt	95,281 			98,959

Other non-current liabilities	49,848 			49,142

Total non-current liabilities	145,129 			148,101

Total liabilities	290,437 			302,083

Commitments and contingencies

Shareholders' equity:

Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,550,061 and 15,943,425 shares issued and outstanding, respectively	73,812 			64,849

Accumulated deficit	(214)			(3,068)

Accumulated other comprehensive loss	(11,452)			(11,109)

Total shareholders' equity	62,146 			50,672

Total liabilities and shareholders' equity	$	352,583 			$	352,755

See accompanying Notes to Consolidated Financial Statements.

Apple Inc. | 2023 Form 10-K | 30