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0000320193 | 20221028 | 10-K | 100 | The Company periodically provides certain information for investors on its corporate website, www.apple.com, and its investor relations website, investor.apple.com. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 101 | This includes press releases and other information about financial performance, information on environmental, social and governance matters, and details related to the Company’s annual meeting of shareholders. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 102 | The information contained on the websites referenced in this Form 10-K is not incorporated by reference into this filing. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 103 | Further, the Company’s references to website URLs are intended to be inactive textual references only. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 104 | Apple Inc. | 2022 Form 10-K | 4
Item 1A. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 105 | Risk Factors
The Company’s business, reputation, results of operations, financial condition and stock price can be affected by a number of factors, whether currently known or unknown, including those described below. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 106 | When any one or more of these risks materialize from time to time, the Company’s business, reputation, results of operations, financial condition and stock price can be materially and adversely affected. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 107 | Because of the following factors, as well as other factors affecting the Company’s results of operations and financial condition, past financial performance should not be considered to be a reliable indicator of future performance, and investors should not use historical trends to anticipate results or trends in future... | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 108 | This discussion of risk factors contains forward-looking statements. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 109 | This section should be read in conjunction with Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the consolidated financial statements and accompanying notes in Part II, Item 8, “Financial Statements and Supplementary Data” of this Form 10-K. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 110 | Macroeconomic and Industry Risks
The Company’s operations and performance depend significantly on global and regional economic conditions and adverse economic conditions can materially adversely affect the Company’s business, results of operations and financial condition. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 111 | The Company has international operations with sales outside the U.S. representing a majority of the Company’s total net sales. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 112 | In addition, the Company’s global supply chain is large and complex and a majority of the Company’s supplier facilities, including manufacturing and assembly sites, are located outside the U.S. As a result, the Company’s operations and performance depend significantly on global and regional economic conditions. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 113 | Adverse macroeconomic conditions, including inflation, slower growth or recession, new or increased tariffs and other barriers to trade, changes to fiscal and monetary policy, tighter credit, higher interest rates, high unemployment and currency fluctuations can adversely impact consumer confidence and spending and mat... | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 114 | In addition, consumer confidence and spending can be materially adversely affected in response to financial market volatility, negative financial news, conditions in the real estate and mortgage markets, declines in income or asset values, energy shortages and cost increases, labor and healthcare costs and other econom... | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 115 | In addition to an adverse impact on demand for the Company’s products, uncertainty about, or a decline in, global or regional economic conditions can have a significant impact on the Company’s suppliers, contract manufacturers, logistics providers, distributors, cellular network carriers and other channel partners. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 116 | Potential effects include financial instability; inability to obtain credit to finance operations and purchases of the Company’s products; and insolvency. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 117 | A downturn in the economic environment can also lead to increased credit and collectibility risk on the Company’s trade receivables; the failure of derivative counterparties and other financial institutions; limitations on the Company’s ability to issue new debt; reduced liquidity; and declines in the fair value of the... | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 118 | These and other economic factors can materially adversely affect the Company’s business, results of operations, financial condition and stock price. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 119 | The Company’s business, results of operations, financial condition and stock price have been adversely affected and could in the future be materially adversely affected by the COVID-19 pandemic. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 120 | COVID-19 has had, and continues to have, a significant impact around the world, prompting governments and businesses to take unprecedented measures in response. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 121 | Such measures have included restrictions on travel and business operations, temporary closures of businesses, and quarantine and shelter-in-place orders. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 122 | The COVID-19 pandemic has at times significantly curtailed global economic activity and caused significant volatility and disruption in global financial markets. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 123 | The COVID-19 pandemic and the measures taken by many countries in response have adversely affected and could in the future materially adversely impact the Company’s business, results of operations, financial condition and stock price. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 124 | During the course of the pandemic, certain of the Company’s component suppliers and manufacturing and logistical service providers have experienced disruptions, resulting in supply shortages that affected sales worldwide, and similar disruptions could occur in the future. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 125 | Public safety measures can also adversely impact consumer demand for the Company’s products and services in affected areas. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 126 | Apple Inc. | 2022 Form 10-K | 5
The Company continues to monitor the situation and take appropriate actions in accordance with the recommendations and requirements of relevant authorities. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 127 | The extent to which the COVID-19 pandemic may impact the Company’s operational and financial performance remains uncertain and will depend on many factors outside the Company’s control, including the timing, extent, trajectory and duration of the pandemic, the emergence of new variants, the development, availability, d... | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 128 | Additional future impacts on the Company may include material adverse effects on demand for the Company’s products and services, the Company’s supply chain and sales and distribution channels, the Company’s ability to execute its strategic plans, and the Company’s profitability and cost structure. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 129 | To the extent the COVID-19 pandemic adversely affects the Company’s business, results of operations, financial condition and stock price, it may also have the effect of heightening many of the other risks described in this Part I, Item 1A of this Form 10-K. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 130 | The Company’s business can be impacted by political events, trade and other international disputes, war, terrorism, natural disasters, public health issues, industrial accidents and other business interruptions. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 131 | Political events, trade and other international disputes, war, terrorism, natural disasters, public health issues, industrial accidents and other business interruptions can harm or disrupt international commerce and the global economy, and could have a material adverse effect on the Company and its customers, suppliers... | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 132 | The Company has a large, global business with sales outside the U.S. representing a majority of the Company’s total net sales, and the Company believes that it generally benefits from growth in international trade. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 133 | Substantially all of the Company’s manufacturing is performed in whole or in part by outsourcing partners located primarily in Asia, including China mainland, India, Japan, South Korea, Taiwan and Vietnam. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 134 | Trade policies and disputes and other international conflicts can result in tariffs, sanctions and other measures that restrict international trade, and can materially adversely affect the Company’s business, particularly if these measures occur in regions where the Company derives a significant portion of its revenues... | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 135 | For example, tensions between the U.S. and China have led to a series of tariffs being imposed by the U.S. on imports from China mainland, as well as other business restrictions. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 136 | Tariffs increase the cost of the Company’s products and the components and raw materials that go into making them. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 137 | These increased costs can adversely impact the gross margin that the Company earns on its products. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 138 | Tariffs can also make the Company’s products more expensive for customers, which could make the Company’s products less competitive and reduce consumer demand. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 139 | Countries may also adopt other measures, such as controls on imports or exports of goods, technology or data, that could adversely impact the Company’s operations and supply chain and limit the Company’s ability to offer its products and services as designed. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 140 | These measures can require the Company to take various actions, including changing suppliers, restructuring business relationships, and ceasing to offer third-party applications on its platforms. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 141 | Changing the Company’s operations in accordance with new or changed trade restrictions can be expensive, time-consuming and disruptive to the Company’s operations. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 142 | Such restrictions can be announced with little or no advance notice and the Company may not be able to effectively mitigate all adverse impacts from such measures. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 143 | If disputes and conflicts further escalate in the future, actions by governments in response could be significantly more severe and restrictive and could materially adversely affect the Company’s business. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 144 | Political uncertainty surrounding trade and other international disputes could also have a negative effect on consumer confidence and spending, which could adversely affect the Company’s business. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 145 | Many of the Company’s operations and facilities, as well as critical business operations of the Company’s suppliers and contract manufacturers, are in locations that are prone to earthquakes and other natural disasters. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 146 | In addition, such operations and facilities are subject to the risk of interruption by fire, power shortages, nuclear power plant accidents and other industrial accidents, terrorist attacks and other hostile acts, ransomware and other cybersecurity attacks, labor disputes, public health issues, including pandemics such... | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 147 | Global climate change is resulting in certain types of natural disasters occurring more frequently or with more intense effects. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 148 | Such events can make it difficult or impossible for the Company to manufacture and deliver products to its customers, create delays and inefficiencies in the Company’s supply and manufacturing chain, and result in slowdowns and outages to the Company’s service offerings. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 149 | Following an interruption to its business, the Company can require substantial recovery time, experience significant expenditures to resume operations, and lose significant sales. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 150 | Because the Company relies on single or limited sources for the supply and manufacture of many critical components, a business interruption affecting such sources would exacerbate any negative consequences to the Company. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 151 | Apple Inc. | 2022 Form 10-K | 6
The Company’s operations are also subject to the risks of industrial accidents at its suppliers and contract manufacturers. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 152 | While the Company’s suppliers are required to maintain safe working environments and operations, an industrial accident could occur and could result in serious injuries or loss of life, disruption to the Company’s business, and harm to the Company’s reputation. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 153 | Major public health issues, including pandemics such as the COVID-19 pandemic, have adversely affected, and could in the future materially adversely affect, the Company due to their impact on the global economy and demand for consumer products; the imposition of protective public safety measures, such as stringent empl... | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 154 | While the Company maintains insurance coverage for certain types of losses, such insurance coverage may be insufficient to cover all losses that may arise. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 155 | Global markets for the Company’s products and services are highly competitive and subject to rapid technological change, and the Company may be unable to compete effectively in these markets. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 156 | The Company’s products and services are offered in highly competitive global markets characterized by aggressive price competition and resulting downward pressure on gross margins, frequent introduction of new products and services, short product life cycles, evolving industry standards, continual improvement in produc... | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 157 | The Company’s ability to compete successfully depends heavily on ensuring the continuing and timely introduction of innovative new products, services and technologies to the marketplace. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 158 | The Company designs and develops nearly the entire solution for its products, including the hardware, operating system, numerous software applications and related services. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 159 | As a result, the Company must make significant investments in R&D. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 160 | There can be no assurance these investments will achieve expected returns, and the Company may not be able to develop and market new products and services successfully. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 161 | The Company currently holds a significant number of patents, trademarks and copyrights and has registered, and applied to register, additional patents, trademarks and copyrights. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 162 | In contrast, many of the Company’s competitors seek to compete primarily through aggressive pricing and very low cost structures, and by imitating the Company’s products and infringing on its intellectual property. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 163 | Effective intellectual property protection is not consistently available in every country in which the Company operates. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 164 | If the Company is unable to continue to develop and sell innovative new products with attractive margins or if competitors infringe on the Company’s intellectual property, the Company’s ability to maintain a competitive advantage could be materially adversely affected. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 165 | The Company has a minority market share in the global smartphone, personal computer and tablet markets. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 166 | The Company faces substantial competition in these markets from companies that have significant technical, marketing, distribution and other resources, as well as established hardware, software and digital content supplier relationships. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 167 | In addition, some of the Company’s competitors have broader product lines, lower-priced products and a larger installed base of active devices. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 168 | Competition has been particularly intense as competitors have aggressively cut prices and lowered product margins. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 169 | Certain competitors have the resources, experience or cost structures to provide products at little or no profit or even at a loss. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 170 | Some of the markets in which the Company competes have from time to time experienced little to no growth or contracted overall. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 171 | Additionally, the Company faces significant competition as competitors imitate the Company’s product features and applications within their products or collaborate to offer solutions that are more competitive than those they currently offer. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 172 | The Company also expects competition to intensify as competitors imitate the Company’s approach to providing components seamlessly within their offerings or work collaboratively to offer integrated solutions. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 173 | The Company’s services also face substantial competition, including from companies that have significant resources and experience and have established service offerings with large customer bases. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 174 | The Company competes with business models that provide content to users for free. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 175 | The Company also competes with illegitimate means to obtain third-party digital content and applications. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 176 | The Company’s business, results of operations and financial condition depend substantially on the Company’s ability to continually improve its products and services to maintain their functional and design advantages. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 177 | There can be no assurance the Company will be able to continue to provide products and services that compete effectively. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 178 | Apple Inc. | 2022 Form 10-K | 7
Business Risks
To remain competitive and stimulate customer demand, the Company must successfully manage frequent introductions and transitions of products and services. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 179 | Due to the highly volatile and competitive nature of the markets and industries in which the Company competes, the Company must continually introduce new products, services and technologies, enhance existing products and services, effectively stimulate customer demand for new and upgraded products and services, and suc... | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 180 | The success of new product and service introductions depends on a number of factors, including timely and successful development, market acceptance, the Company’s ability to manage the risks associated with production ramp-up issues, the availability of application software for the Company’s products, the effective man... | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 181 | There can be no assurance the Company will successfully manage future introductions and transitions of products and services. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 182 | The Company depends on component and product manufacturing and logistical services provided by outsourcing partners, many of which are located outside of the U.S. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 183 | Substantially all of the Company’s manufacturing is performed in whole or in part by outsourcing partners located primarily in Asia, including China mainland, India, Japan, South Korea, Taiwan and Vietnam, and a significant concentration of this manufacturing is currently performed by a small number of outsourcing part... | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 184 | Changes or additions to the Company’s supply chain require considerable time and resources and involve significant risks and uncertainties. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 185 | The Company has also outsourced much of its transportation and logistics management. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 186 | While these arrangements can lower operating costs, they also reduce the Company’s direct control over production and distribution. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 187 | Such diminished control has from time to time and may in the future have an adverse effect on the quality or quantity of products manufactured or services provided, or adversely affect the Company’s flexibility to respond to changing conditions. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 188 | Although arrangements with these partners may contain provisions for product defect expense reimbursement, the Company generally remains responsible to the consumer for warranty and out-of-warranty service in the event of product defects and experiences unanticipated product defect liabilities from time to time. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 189 | While the Company relies on its partners to adhere to its supplier code of conduct, violations of the supplier code of conduct occur from time to time and can materially adversely affect the Company’s business, reputation, results of operations and financial condition. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 190 | The Company relies on single-source outsourcing partners in the U.S., Asia and Europe to supply and manufacture many components, and on outsourcing partners primarily located in Asia, for final assembly of substantially all of the Company’s hardware products. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 191 | Any failure of these partners to perform can have a negative impact on the Company’s cost or supply of components or finished goods. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 192 | In addition, manufacturing or logistics in these locations or transit to final destinations can be disrupted for a variety of reasons, including natural and man-made disasters, information technology system failures, commercial disputes, armed conflict, economic, business, labor, environmental, public health or politic... | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 193 | The Company has invested in manufacturing process equipment, much of which is held at certain of its outsourcing partners, and has made prepayments to certain of its suppliers associated with long-term supply agreements. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 194 | While these arrangements help ensure the supply of components and finished goods, if these outsourcing partners or suppliers experience severe financial problems or other disruptions in their business, such continued supply can be reduced or terminated, and the recoverability of manufacturing process equipment or prepa... | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 195 | Future operating results depend upon the Company’s ability to obtain components in sufficient quantities on commercially reasonable terms. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 196 | Because the Company currently obtains certain components from single or limited sources, the Company is subject to significant supply and pricing risks. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 197 | Many components, including those that are available from multiple sources, are at times subject to industry-wide shortages and significant commodity pricing fluctuations that can materially adversely affect the Company’s business, results of operations and financial condition. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 198 | For example, the global semiconductor industry is experiencing high demand and shortages of supply, which has adversely affected, and could materially adversely affect, the Company’s ability to obtain sufficient quantities of components and products on commercially reasonable terms or at all. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 199 | While the Company has entered into agreements for the supply of many components, there can be no assurance the Company will be able to extend or renew these agreements on similar terms, or at all. | 0000320193-22-000108/full-submission.txt |
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