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0000320193 | 20061229 | 10-Q | 550 | In connection with the Company’s restatement of its consolidated financial statements, the Company has applied judgment in choosing whether to revise measurement dates for prior option grants. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 551 | Information regarding the restatement, including ranges of possible additional stock-based compensation expense if other measurement dates had been selected for certain grants, is set forth in the “Explanatory Note” immediately preceding Part I, Item 1. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 552 | Income Taxes
The Company records a tax provision for the anticipated tax consequences of the reported results of operations. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 553 | In accordance with SFAS No. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 554 | 109, Accounting for Income Taxes, the provision for income taxes is computed using the asset and liability method, under which deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and... | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 555 | Deferred tax assets and liabilities are measured using the currently enacted tax rates that apply to taxable income in effect for the years in which those tax assets are expected to be realized or settled. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 556 | The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 557 | Management believes it is more likely than not that forecasted income, including income that may be generated as a result of certain tax planning strategies, together with the tax effects of the deferred tax liabilities, will be sufficient to fully recover the remaining deferred tax assets. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 558 | In the event that all or part of the net deferred tax assets are determined not to be realizable in the future, an adjustment to the valuation allowance would be charged to earnings in the period such determination is made. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 559 | Similarly, if the Company subsequently realizes deferred tax assets that were previously determined to be unrealizable, the respective valuation allowance would be reversed, resulting in a positive adjustment to earnings in the period such determination is made. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 560 | In addition, the calculation of tax liabilities involves significant judgment in estimating the impact of uncertainties in the application of complex tax laws. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 561 | Resolution of these uncertainties in a manner inconsistent with management’s expectations could have a material impact on the Company’s results of operations and financial position. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 562 | Products
The Company offers a range of personal computing products including desktop and portable personal computers, related devices and peripherals, and various third-party hardware products. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 563 | In addition, the Company offers software products including Mac OS® X, the Company’s proprietary operating system software for the Macintosh®; server software and related solutions; professional application software; and consumer, education and business oriented application software. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 564 | The Company also designs, develops and markets to Macintosh and Windows users its line of iPod® digital music players along with related accessories and services including the online distribution of third-party content through the Company’s iTunes Store®. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 565 | A detailed discussion of the Company’s products may be found in the 2006 Form 10-K.
Net Sales
The first nine months of 2006 spanned 40 weeks while the first nine months of 2005 spanned 39 weeks. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 566 | This additional week is added to the first fiscal quarter approximately every six years to realign fiscal quarters with calendar quarters. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 567 | Net sales and Macintosh unit sales by operating segment and net sales and unit sales by product follow (net sales in millions and unit sales in thousands):
Notes:
(a) Other Segments include Asia Pacific and FileMaker. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 568 | (b) Includes iMac, eMac, Mac mini, Power Mac, and Xserve product lines. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 569 | (c) Includes MacBook, iBook, MacBook Pro, and PowerBook product lines. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 570 | (d) Consists of iTunes Store sales, iPod services, and Apple-branded and third-party iPod accessories. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 571 | (e) Includes Apple-branded and third-party displays, wireless connectivity and networking solutions, and other hardware accessories. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 572 | (f) Includes Apple-branded operating system software, application software, third-party software, AppleCare, and Internet services. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 573 | (g) Derived by dividing total Macintosh net sales by total Macintosh unit sales. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 574 | (h) Derived by dividing total iPod net sales by total iPod unit sales. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 575 | Net sales during the third quarter of 2006 increased 24% or $850 million from the same period in 2005, and were up 41% or $4.2 billion for the first nine months of 2006 compared to the same period in 2005. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 576 | The increase for the nine months was due in part to the fact that the first nine months of 2006 spanned 40 weeks while the first nine months of 2005 spanned 39 weeks. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 577 | Several other factors contributed to these increases including the following:
· Net sales of iPods increased $394 million or 36% during the third quarter of 2006 and increased $2.8 billion or 84% in the first nine months of 2006 compared to the same periods in 2005. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 578 | Unit sales of iPods totaled 8.1 million in the third quarter of 2006, which represents an increase of 32% from 6.2 million iPod units sold in the third quarter of 2005. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 579 | For the first nine months of 2006, iPod unit sales increased 91% to 30.7 million iPod units sold compared to 16.0 million iPod units sold in the same period in 2005. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 580 | Strong iPod sales during the third quarter and first nine months of 2006 reflected continued acceptance in the marketplace of both the fifth generation iPod that supports video and the iPod nano, introduced in October and September 2005, respectively, as well as continued expansion of iPod distribution points. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 581 | Net sales per iPod unit sold increased by 3% year-over-year during the third quarter of 2006 due to a shift in product mix from the lower-priced iPod shuffle, introduced in January 2005, towards the higher-priced iPod nano and fifth generation iPod. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 582 | During the first nine months of 2006, the net sales per iPod unit sold decreased by 4% compared to the first nine months of 2005 primarily due to an overall decrease in average selling prices for all iPods. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 583 | · Macintosh net sales increased $301 million or 19% during the third quarter of 2006 and increased $498 million or 11% during the first nine months of 2006 compared to the same periods in 2005. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 584 | Macintosh unit sales increased by 145,000 units or 12% during the third quarter of 2006 and increased by 395,000 units or 12% during the first nine months of 2006 compared to the same periods in 2005. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 585 | These increases were mainly due to strong demand for the Intel-based MacBook and MacBook Pro systems and reflect a shift in product mix to portable products in most of the Company’s operating segments. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 586 | Net sales and unit sales of the Company’s portable products both increased 61% during the third quarter of 2006 compared to the same period in 2005. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 587 | Net sales and unit sales of the Company’s portable products increased 35% and 36%, respectively, during the first nine months of 2006 compared to the same period in 2005. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 588 | Macintosh desktop net sales and unit sales decreased by 17% and 23%, respectively, during the third quarter of 2006 compared to the same period in 2005 and decreased by 8% and 6%, respectively, during the first nine months of 2006 compared to the same period in 2005. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 589 | The decrease in sales of the Company’s professional-oriented desktop products was a primary reason for the decline in Macintosh desktop sales. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 590 | The Company believes the decline in the Company’s professional-oriented desktop products was due to customers delaying purchases of such products in anticipation of the release of Intel-based professional systems and updated software applications capable of running on Intel-based Macintosh computers. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 591 | Net sales per Macintosh unit sold increased 6% for the third quarter of 2006 compared to the same period in 2005 due primarily to a shift in product mix to Intel-based portable systems. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 592 | Lower average selling prices on PowerPC-based Mac Mini, iMac, iBook, and PowerBook systems contributed to a decline in net sales per Macintosh unit sold of 1% for the first nine months of 2006 compared to the same period in 2005. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 593 | · Net sales of other music related products and services increased $216 million or 90% during the third quarter of 2006 and increased $799 million or 126% during the first nine months of 2006 compared to the same periods in 2005. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 594 | The increases were primarily due to increased net sales from the iTunes Store, iPod services and accessories, and the iPod Hi-Fi that was introduced in February 2006. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 595 | The increase in sales from the iTunes Store stemmed from significant growth in U.S. sales and the opening of iTunes Stores in Japan during August 2005 and Australia during October 2005. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 596 | The increased sales from the iTunes Store were also attributable to the availability of video content in October 2005. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 597 | The Company also experienced strong growth in sales of both Apple-branded and third-party iPod services and accessories, consistent with the increase in overall iPod unit sales for the third quarter and first nine months of 2006. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 598 | · Net sales of software, service, and other sales increased $166 million or 21% during the first nine months of 2006 compared to the same period in 2005. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 599 | The year-to-date growth was primarily attributable to increased net sales of AppleCare Protection Plan (“APP”) extended service and support contracts and application software, partially offset by a decrease in sales of Mac OS X. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 600 | Offsetting the favorable factors discussed above, the Company’s net sales during the third quarter and first nine months of 2006 were negatively impacted by the following:
· Net sales of peripherals and other hardware declined $30 million or 11% during the third quarter of 2006 compared to the third quarter of 2005 due... | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 601 | During the first nine months of 2006 net sales of peripherals and other hardware declined $27 million or 3% compared to the same period in 2005 due primarily to a decrease in net sales of displays. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 602 | The decrease in net sales of displays for both the third quarter and first nine months of 2006 is consistent with the overall decrease in desktop Macintosh computer sales. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 603 | · Net sales of software, service, and other sales decreased $31 million or 9% during the third quarter of 2006 compared to the same period in 2005. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 604 | The decrease during the quarter was primarily due to a decrease in sales of Mac OS X software due to higher sales volumes of Tiger during the third quarter of 2005 when Tiger was released. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 605 | Segment Operating Performance
The Company manages its business primarily on a geographic basis. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 606 | The Company’s reportable operating segments are comprised of the Americas, Europe, Japan, and Retail. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 607 | The Americas, Europe, and Japan reportable segments do not include activities related to the Retail segment. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 608 | The Americas segment includes both North and South America. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 609 | The Europe segment includes European countries as well as the Middle East and Africa. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 610 | The Retail segment operates Apple-owned retail stores in the U.S., Canada, Japan, and the U.K. Each reportable geographic operating segment provides similar hardware and software products and similar services. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 611 | Further information regarding the Company’s operating segments may be found in Part I, Item 1 of this Form 10-Q in the Notes to Condensed Consolidated Financial Statements at Note 10, “Segment Information and Geographic Data.”
Americas
Net sales in the Americas segment during the third quarter of 2006 increased $449 mi... | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 612 | The increase in net sales during the third quarter was primarily attributable to strong consumer demand for the MacBook and MacBook Pro, and significant growth in iPod sales, sales of other music related products and services, and sales of APP. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 613 | Strong sales of iPods during the third quarter of 2006 were mainly due to high demand for the iPod nano and fifth generation iPod and expansion of third-party products available for the iPod. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 614 | The Americas segment also experienced an increase in sales from the iTunes® Music Store due to additional content added in 2006 such as music videos, television shows, and short films. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 615 | The increase in net sales was partially offset by a decrease in net sales of desktops, Mac OS X, and displays. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 616 | During the third quarter of 2006, the Americas segment represented approximately 50% of the Company’s total net sales as compared to 49% in the same period of 2005. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 617 | U.S. education channel net sales and Macintosh unit sales both increased by 11% during the third quarter of 2006 compared to the same period in 2005. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 618 | Net sales from the higher education market grew 19% in the third quarter of 2006 compared to the same period in 2005 largely due to strong sales of Macintosh portable products and iPods, while net sales increased by 4% for K-12 year-over-year. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 619 | For the first nine months of 2006, net sales in the Americas segment increased $2.2 billion, or 45%, compared to the same period in 2005. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 620 | The main factors for this increase were significant year-over-year increases in net sales of iPods, other music related products and services, portable Macintosh systems, APP, and Apple-branded software. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 621 | This increase in net sales was partially offset by a decline in net sales of desktops and displays. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 622 | During the first nine months of 2006, the Americas segment represented approximately 48% of the Company’s total net sales as compared to 47% in the same period of 2005. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 623 | During the first nine months of 2006, U.S. education channel net sales and Macintosh unit sales increased by 11% and 4%, respectively, compared to the same period in 2005. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 624 | Net sales from the higher education market grew 17% in the first nine months of 2006 compared to the same period in 2005 due to strong sales of Macintosh portable products and iPods, while net sales were relatively flat for K-12. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 625 | Europe
Net sales in Europe increased $157 million or 21% during the third quarter of 2006 compared to the same period in 2005. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 626 | Total Macintosh unit sales in Europe were up 6% in the third quarter of 2006 compared to the same period in 2005. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 627 | The Europe segment experienced strong sales of iPods and Macintosh portable systems, which were slightly offset by decreases in net sales of displays and Mac OS X.
Europe segment net sales increased $813 million or 35% during the first nine months of 2006 compared to the same period in 2005. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 628 | These increases were a result of strong growth in iPod sales, Macintosh portable systems, and sales from the iTunes Store. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 629 | Europe also reported increased sales in APP and other music related products and services that were partially offset by a decrease in desktop and Mac OS X net sales during the first nine months of 2006 compared to the same period in 2005. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 630 | Japan
Japan’s net sales increased $31 million or 14% during the third quarter of 2006 and increased $226 million or 32% during the first nine months of 2006 compared to the same periods in 2005. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 631 | The Japan segment experienced increased net sales in iPods, Macintosh portable products, and other music related products and services. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 632 | These increases were partially offset by decreases in net sales of Macintosh desktop products, displays, and Mac OS X. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 633 | Total Macintosh unit sales during the third quarter and first nine months of 2006 remained relatively flat compared to the same periods in 2005. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 634 | The relatively flat growth in Macintosh unit sales is partially attributable to Japan’s overall slow consumer PC market growth. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 635 | The Company is continuing to evaluate ways to improve its indirect and direct channel sales in Japan. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 636 | Retail
The Retail segment’s net sales grew 29% to $715 million during the third quarter of 2006 compared to the same period in 2005. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 637 | Retail segment Macintosh unit sales increased 50% during the third quarter of 2006 compared to the same period in 2005. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 638 | These increases are primarily attributable to an increase in total stores from 110 stores at the end of the third quarter of 2005 to 155 stores at the end of the third quarter of 2006, with an average of 146 stores open during the quarter. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 639 | During the third quarter of 2006, average revenue per store decreased to $4.9 million from $5.3 million in the third quarter of 2005. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 640 | The decrease in average revenue per store was largely due to lower sales of iPods and related accessories on a per store basis, which the Company believes is due to an increase in iPod third-party points of distribution as well as an increase in supply of products to third-party resellers, partially offset by an increa... | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 641 | The Retail segment’s net sales increased by 44% to $2.4 billion in the first nine months of 2006 compared to the same period in 2005. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 642 | Retail segment Macintosh unit sales increased 38% during the first nine months of 2006 compared to the same period in 2005. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 643 | With an average of 137 stores open during the first nine months of 2006, average revenue per store increased to $17.6 million from $16.7 million in the first nine months of 2005. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 644 | This increase was primarily due to strong sales of iPods, other music related products and services, and Macintosh portable products. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 645 | As measured by the Company’s operating segment reporting, the Retail segment reported operating income of $29 million and $148 million during the third quarter and first nine months of 2006, respectively, as compared to operating income of $29 million and $116 million during the third quarter and first nine months of 2... | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 646 | Profitability remained flat for the third quarter of 2006 primarily due to a change in the product mix to lower margin products and continued increases in the service investment in the stores, offset by an increase in the number of open stores. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 647 | For the first nine months of 2006, profitability increased primarily due to increased sales of iPods, other music products, and portable Macintosh systems. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 648 | Expansion of the Retail segment will continue to require a substantial investment in fixed assets and related infrastructure, operating lease commitments, personnel, and other operating expenses. | 0001104659-06-084286/full-submission.txt |
0000320193 | 20061229 | 10-Q | 649 | Capital expenditures associated with the Retail segment since its inception totaled $665 million through the end of the third quarter of 2006, of which $136 million was incurred during the first nine months of 2006. | 0001104659-06-084286/full-submission.txt |
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