Apple 2023 10-K Takeaways
Hello everyone.
Today's Above Avalon daily update includes Neil’s key takeaways from Apple's annual 10-K filing for 2023. The update covers 16 Apple financial topics. Published at the end of the fiscal year, 10-K filings include a more in-depth examination into Apple’s financials and business versus the 10-Q filings published at the end of 1Q, 2Q, and 3Q. Said another way, 10-Ks are a treasure trove of granular financial data. We will also use this opportunity to recap some of Apple’s financial totals for FY2023 and how they compared to prior years. Share buyback is one topic that is mentioned in Apple's 10-K that we will talk about in greater detail tomorrow.
Apple 2023 10-K Takeaways
Quarterly Cash Dividends. Regarding Apple's quarterly cash dividend (a 0.5% dividend yield given Apple's current stock price), Apple's share repurchases have led to a declining share count which makes it less costly to pay the same amount of cash dividends. Despite the quarterly cash dividend increasing by 154% since being reinstated in 2012, Apple's dividend expense has increased by just 40%.
Here is Apple's annual dividend expense:
2013: $11B
2014: $11B
2015: $12B
2016: $12B
2017: $13B
2018: $14B
2019: $14B
2020: $14B
2021: $14B
2022: $15B
2023: $15B
Debt. In 2023, Apple issued $5.3B of debt (floating- and fixed-rate notes) while repaying $11.2B of debt and $4.0B of net repayments of commercial paper.
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