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0000320193 | 20111026 | 10-K | 657 | However, net sales per iPod unit sold increased during 2011 compared to 2010 due primarily to a shift in iPod product mix toward iPod touch. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 658 | Net sales of iPod accounted for 7% of the Company’s total net sales for 2011. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 659 | Fiscal Year 2010 versus 2009
Net sales during 2010 increased $22.3 billion or 52% compared to 2009. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 660 | Several factors contributed positively to this increase, including the following:
•
Net sales of iPhone and related products and services were $25.2 billion in 2010 representing an increase of $12.1 billion or 93% compared to 2009. iPhone unit sales totaled 40 million in 2010, which represents an increase of 19.3 milli... | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 661 | As of September 25, 2010, the Company distributed iPhone in 89 countries through 166 carriers. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 662 | Net sales of iPhone and related products and services accounted for 39% of the Company’s total net sales for 2010 compared to 30% in 2009. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 663 | •
Net sales of iPad and related products and services were $5.0 billion and unit sales of iPad were 7.5 million during 2010. iPad was released in the U.S. in April 2010 and in various other countries over the remainder of 2010. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 664 | As of September 25, 2010, the Company distributed iPad in 26 countries. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 665 | The Company distributes iPad through its direct channels, certain cellular network carriers’ distribution channels and certain third-party resellers. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 666 | Net sales of iPad and related products and services accounted for 8% of the Company’s total net sales for 2010, reflecting the strong demand for iPad during the five months following its release. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 667 | •
Mac net sales increased by $3.6 billion or 26% in 2010 compared to 2009, and Mac unit sales increased by 3.3 million or 31% in 2010 compared to 2009. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 668 | Net sales per Mac unit sold decreased by 4% in 2010 compared to 2009 due primarily to lower average selling prices of Mac portable systems. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 669 | During 2010, net sales and unit sales of the Company’s Mac portable systems increased by 18% and 25%, respectively, primarily attributable to strong demand for MacBook Pro, which was updated in April 2010. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 670 | Net sales and unit sales of the Company’s Mac desktop systems increased by 43% and 45%, respectively, as a result of higher sales of iMac, which was updated in July 2010. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 671 | Net sales of the Company’s Macs accounted for 27% of the Company’s total net sales in 2010 compared to 32% in 2009. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 672 | •
Net sales of other music related products and services increased $912 million or 23% during 2010 compared to 2009. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 673 | This increase was due primarily to growth of the iTunes Store which generated total net sales of $4.1 billion for 2010. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 674 | The results of the iTunes Store reflect growth of the iTunes App Store, continued growth in the installed base of iPhone, iPad, and iPod customers, and the expansion of third-party audio and video content available for sale and rent via the iTunes Store. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 675 | The Company continues to expand its iTunes content and applications offerings around the world. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 676 | Net sales of other music related products and services accounted for 8% of the Company’s total net sales for 2010 compared to 9% in 2009. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 677 | •
Net sales of iPods increased $183 million or 2% during 2010, while iPod unit sales declined by 7% during 2010 compared to 2009. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 678 | Net sales per iPod unit sold increased by 10% to $164 in 2010 compared to 2009, due to a shift in product mix toward iPod touch. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 679 | iPod touch experienced strong growth in each of the Company’s reportable operating segments. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 680 | Net sales of iPods accounted for 13% of the Company’s total net sales for 2010 compared to 19% in 2009. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 681 | Segment Operating Performance
The Company manages its business primarily on a geographic basis. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 682 | The Company’s reportable operating segments consist of the Americas, Europe, Japan, Asia-Pacific and Retail operations. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 683 | The results of the Americas, Europe, Japan and Asia-Pacific reportable segments do not include the results of the Retail segment. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 684 | The Americas segment includes both North and South America. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 685 | The Europe segment includes European countries, as well as the Middle East and Africa. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 686 | The Asia-Pacific segment includes Australia and Asian
countries, other than Japan. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 687 | The Retail segment operates Apple retail stores in 11 countries. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 688 | Each reportable operating segment provides similar hardware and software products and similar services. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 689 | Further information regarding the Company’s operating segments may be found in Note 8, “Segment Information and Geographic Data” in Notes to Consolidated Financial Statements of this Form 10-K.
Americas
During 2011, net sales in the Americas segment increased $13.8 billion or 56% compared to 2010. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 690 | The primary contributors to the growth in net sales was a significant year-over-year increase in iPhone revenue from carrier expansion and strong demand for iPhone 4 and increased sales of iPad and Macs, partially offset by a decrease in iPod net sales. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 691 | Higher sales of third-party digital content and applications from the iTunes Store and App Store also drove an increase in sales during 2011. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 692 | The Americas segment represented approximately 35% and 37% of the Company’s total net sales for 2011 and 2010, respectively. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 693 | During 2010, net sales in the Americas segment increased $5.5 billion or 29% compared to 2009. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 694 | This increase in net sales was driven by increased iPhone revenue, strong demand for iPad, continued demand for Mac desktop and portable systems, and higher sales of third-party digital content and applications from the iTunes Store. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 695 | The Americas segment represented 37% and 44% of the Company’s total net sales in 2010 and 2009, respectively. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 696 | Europe
For 2011, net sales in the Europe segment increased $9.1 billion or 49%, compared to 2010. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 697 | The increase in net sales during 2011 was attributable primarily to the continued year-over-year increase in iPhone revenue from carrier expansion and strong demand for iPhone 4, and increased sales of iPad and Macs, partially offset by a decrease in iPod net sales. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 698 | The Europe segment represented 26% and 29% of total net sales for 2011 and 2010, respectively. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 699 | During 2010, net sales in Europe increased $6.9 billion or 58% compared to 2009. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 700 | The growth in net sales was due mainly to a significant increase in iPhone revenue attributable to continued growth from existing carriers and country and carrier expansion, increased sales of Mac desktop and portable systems and strong demand for iPad, partially offset by a stronger U.S. dollar. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 701 | The Europe segment represented 29% and 28% of the Company’s total net sales in 2010 and 2009, respectively. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 702 | Japan
Japan’s net sales increased $1.5 billion or 37% during 2011 compared to 2010. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 703 | The key contributors to Japan’s net sales growth were increased iPhone revenue, strong sales of iPad, increased sales of Macs, and strength in the Japanese Yen relative to the U.S. dollar. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 704 | The Japan segment represented 5% and 6% of total net sales for 2011 and 2010, respectively. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 705 | The recent earthquakes and tsunami that struck the northeast coast of Japan have created uncertainty regarding general economic and market conditions in Japan. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 706 | Any significant impact of these events on consumer demand could negatively impact the Company’s net sales in Japan in the future. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 707 | The Company does not currently believe that the impact of these events will have a material adverse effect on the Company or its results of operations. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 708 | During 2010, Japan’s net sales increased $1.7 billion or 75% compared to 2009. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 709 | The primary contributors to this growth were significant year-over-year increases in iPhone revenue, strong demand for iPad, and to a lesser extent strength in the Japanese Yen. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 710 | The Japan segment represented 6% and 5% of the Company’s total net sales for 2010 and 2009, respectively. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 711 | Asia-Pacific
Net sales in the Asia Pacific segment increased $14.3 billion or 174% during 2011 compared to 2010. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 712 | The Company experienced particularly strong year-over-year net sales growth in its Asia Pacific segment during 2011, especially in Greater China, which includes Hong Kong and Taiwan. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 713 | Korea and Australia also experienced strong year-over-year revenue growth. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 714 | Higher net sales in the Asia Pacific segment were due mainly to the increase in iPhone revenue primarily attributable to the strong demand for iPhone 4 and carrier expansion, strong sales of iPad, and increased sales of Macs. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 715 | The Asia Pacific segment represented 21% and 13% of total net sales in 2011 and 2010, respectively. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 716 | Net sales in Asia-Pacific increased $5.1 billion or 160% during 2010 compared to 2009. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 717 | The significant growth in Asia-Pacific net sales was due mainly to increased iPhone revenue, which was primarily attributable to country and carrier expansion and continued growth from existing carriers. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 718 | Asia-Pacific net sales were also favorably affected by strong demand for Mac portable and desktop systems and for iPad. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 719 | Particularly strong year-over-year growth was experienced in China, Korea and Australia. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 720 | The Asia-Pacific segment represented 13% and 7% of the Company’s total net sales for 2010 and 2009, respectively. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 721 | Retail
Retail segment net sales increased $4.3 billion or 44% during 2011 compared to 2010. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 722 | The increase in net sales was driven primarily by strong demand for iPad, higher sales of Macs, and an increase in iPhone revenue. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 723 | The Company opened 40 new retail stores during 2011, 28 of which were outside the U.S., ending the year with 357 stores open compared to 317 stores at the end of 2010. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 724 | As of September 24, 2011, the Company had a total of 245 U.S. retail stores and 112 international retail stores. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 725 | During 2011, the Company had an average of 326 stores compared to an average of 288 stores during 2010. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 726 | The average revenue per store increased 27% to $43.3 million in 2011 compared to $34.1 million in 2010. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 727 | The Retail segment represented 13% and 15% of total net sales in 2011 and 2010, respectively. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 728 | Retail net sales increased $3.1 billion or 47% during 2010 compared to 2009. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 729 | The increase in net sales was driven primarily by strong demand for iPad, increased sales of Mac desktop and portable systems and a significant year-over-year increase in iPhone revenue. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 730 | The Company opened 44 new retail stores during 2010, 28 of which were outside the U.S., ending the year with 317 stores open compared to 273 stores at the end of 2009. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 731 | With an average of 288 stores and 254 stores opened during 2010 and 2009, respectively, average revenue per store increased to $34.1 million in 2010, compared to $26.2 million in 2009. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 732 | The Retail segment represented 15% and 16% of the Company’s total net sales in 2010 and 2009, respectively. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 733 | The Retail segment reported operating income of $3.3 billion during 2011 compared to $2.4 billion during 2010. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 734 | The year-over-year increase in Retail operating income was primarily attributable to higher overall net sales that resulted in significantly higher average revenue per store during 2011 compared to 2010. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 735 | The Retail segment reported operating income of $1.7 billion during 2009. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 736 | The increase in Retail operating income during 2010 compared to 2009 was attributable to higher overall net sales. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 737 | Expansion of the Retail segment has required and will continue to require a substantial investment in fixed assets and related infrastructure, operating lease commitments, personnel, and other operating expenses. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 738 | Capital asset purchases associated with the Retail segment since inception totaled $2.8 billion through the end of 2011. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 739 | As of September 24, 2011, the Retail segment had approximately 36,000 full-time equivalent employees and had outstanding lease commitments associated with retail space and related facilities of $2.4 billion. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 740 | The Company would incur substantial costs if it were to close multiple retail stores and such costs could adversely affect the Company’s financial condition and operating results. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 741 | Gross Margin
Gross margin for the three years ended September 24, 2011, are as follows (in millions, except gross margin percentages):
The gross margin percentage in 2011 was 40.5%, compared to 39.4% in 2010. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 742 | This year-over-year increase in gross margin was largely driven by lower commodity and other product costs. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 743 | The gross margin percentage in 2010 was 39.4% compared to 40.1% in 2009. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 744 | This year-over-year decline in gross margin was primarily attributable to new products that had higher cost structures, including iPad, partially offset by a more favorable sales mix of iPhone, which had a higher gross margin than the Company average. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 745 | The Company expects to experience decreases in its gross margin percentage in future periods, as compared to levels achieved during 2011, largely due to a higher mix of new and innovative products with flat or reduced pricing that have higher cost structures and deliver greater value to customers, and potential future ... | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 746 | The foregoing statements regarding the Company’s expected gross margin percentage are forward-looking and could differ from anticipated levels because of several factors including, but not limited to certain of those set forth below in Part I, Item 1A, “Risk Factors” under the subheading “Future operating results depen... | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 747 | In general, gross margins and margins on individual products will remain under downward pressure due to a variety of factors, including continued industry wide global product pricing pressures, increased competition, compressed product life cycles, product transitions and potential increases in the cost of components, ... | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 748 | In response to these competitive pressures, the Company expects it will continue to take product pricing actions, which would adversely affect gross margins. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 749 | Gross margins could also be affected by the Company’s ability to manage product quality and warranty costs effectively and to stimulate demand for certain of its products. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 750 | Due to the Company’s significant international operations, financial results can be significantly affected in the short-term by fluctuations in exchange rates. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 751 | Operating Expenses
Operating expenses for the three years ended September 24, 2011, are as follows (in millions, except for percentages):
Research and Development Expense (“R&D”)
R&D expense increased $647 million or 36% to $2.4 billion in 2011 compared to 2010. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 752 | This increase was due primarily to an increase in headcount and related expenses to support expanded R&D activities. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 753 | Although total
R&D expense increased 36% during 2011 compared to 2010, it declined slightly as a percentage of net sales, due to the 66% year-over-year growth in the Company’s net sales during 2011. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 754 | R&D expense increased 34% or $449 million to $1.8 billion in 2010 compared to 2009. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 755 | This increase was due primarily to an increase in headcount and related expenses in the current year to support expanded R&D activities. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 756 | Also contributing to this increase in R&D expense in 2010 was the capitalization in 2009 of software development costs of $71 million related to Mac OS X Snow Leopard. | 0001193125-11-282113/full-submission.txt |
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