| Document and Entity Information | ||
| 6 Months Ended
Mar. 27, 2010 | Apr. 09, 2010
| |
| Document Type | 10-Q | |
| Amendment Flag | false | |
| Document Period End Date | 2010-03-27 | |
| Document Fiscal Year Focus | 2,010 | |
| Document Fiscal Period Focus | Q2 | |
| Trading Symbol | AAPL | |
| Entity Registrant Name | APPLE INC | |
| Entity Central Index Key | 0000320193 | |
| Current Fiscal Year End Date | --09-25 | |
| Entity Filer Category | Large Accelerated Filer | |
| Entity Common Stock, Shares Outstanding | 909,938,383 |
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | ||||
| In Millions, except Share data in Thousands | 3 Months Ended
Mar. 27, 2010 | 3 Months Ended
Mar. 28, 2009 | 6 Months Ended
Mar. 27, 2010 | 6 Months Ended
Mar. 28, 2009 |
| Net sales | $13,499 | $9,084 | $29,182 | $20,964 |
| Cost of sales | 7,874 | 5,457 | 17,146 | 12,830 |
| Gross margin | 5,625 | 3,627 | 12,036 | 8,134 |
| Operating expenses: | ||||
| Research and development | 426 | 319 | 824 | 634 |
| Selling, general and administrative | 1,220 | 985 | 2,508 | 2,076 |
| Total operating expenses | 1,646 | 1,304 | 3,332 | 2,710 |
| Operating income | 3,979 | 2,323 | 8,704 | 5,424 |
| Other income and expense | 50 | 63 | 83 | 221 |
| Income before provision for income taxes | 4,029 | 2,386 | 8,787 | 5,645 |
| Provision for income taxes | 955 | 766 | 2,335 | 1,770 |
| Net income | $3,074 | $1,620 | $6,452 | $3,875 |
| Earnings per common share: | ||||
| Basic | 3.39 | 1.82 | 7.12 | 4.35 |
| Diluted | 3.33 | 1.79 | $7 | 4.29 |
| Shares used in computing earnings per share: | ||||
| Basic | 907,548 | 891,180 | 905,545 | 890,161 |
| Diluted | 922,878 | 902,993 | 921,331 | 902,243 |
| CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | ||
| In Millions | 6 Months Ended
Mar. 27, 2010 | 12 Months Ended
Sep. 26, 2009 |
| Current assets: | ||
| Cash and cash equivalents | $10,018 | $5,263 |
| Short-term marketable securities | 13,137 | 18,201 |
| Accounts receivable, less allowances of $57 and $52, respectively | 2,886 | 3,361 |
| Inventories | 638 | 455 |
| Deferred tax assets | 1,142 | 1,135 |
| Other current assets | 4,515 | 3,140 |
| Total current assets | 32,336 | 31,555 |
| Long-term marketable securities | 18,549 | 10,528 |
| Property, plant and equipment, net | 3,504 | 2,954 |
| Goodwill | 480 | 206 |
| Acquired intangible assets, net | 263 | 247 |
| Other assets | 1,925 | 2,011 |
| Total assets | 57,057 | 47,501 |
| Current liabilities: | ||
| Accounts payable | 5,666 | 5,601 |
| Accrued expenses | 4,021 | 3,852 |
| Deferred revenue | 2,542 | 2,053 |
| Total current liabilities | 12,229 | 11,506 |
| Deferred revenue - non-current | 941 | 853 |
| Other non-current liabilities | 4,539 | 3,502 |
| Total liabilities | 17,709 | 15,861 |
| Commitments and contingencies | ||
| Shareholders' equity: | ||
| Common stock, no par value; 1,800,000,000 shares authorized; 909,635,811 and 899,805,500 shares issued and outstanding, respectively | 9,553 | 8,210 |
| Retained earnings | 29,670 | 23,353 |
| Accumulated other comprehensive income | 125 | 77 |
| Total shareholders' equity | 39,348 | 31,640 |
| Total liabilities and shareholders' equity | $57,057 | $47,501 |
| CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | ||
| In Millions, except Share data | Mar. 27, 2010
| Sep. 26, 2009
|
| Accounts receivable, allowances | $57 | $52 |
| Common stock, no par value | $0 | $0 |
| Common stock, shares authorized | 1,800,000,000 | 1,800,000,000 |
| Common stock, shares issued | 909,635,811 | 899,805,500 |
| Common stock, shares outstanding | 909,635,811 | 899,805,500 |
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | ||
| In Millions | 6 Months Ended
Mar. 27, 2010 | 6 Months Ended
Mar. 28, 2009 |
| Cash and cash equivalents, beginning of the period | $5,263 | $11,875 |
| Operating activities: | ||
| Net income | 6,452 | 3,875 |
| Adjustments to reconcile net income to cash generated by operating activities: | ||
| Depreciation, amortization and accretion | 425 | 349 |
| Stock-based compensation expense | 436 | 351 |
| Deferred income tax expense | 893 | 570 |
| Loss on disposition of property, plant and equipment | 9 | 8 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable, net | 482 | 490 |
| Inventories | (183) | 197 |
| Other current assets | (824) | 1,234 |
| Other assets | 149 | (361) |
| Accounts payable | (18) | (1,527) |
| Deferred revenue | 577 | 128 |
| Other liabilities | (287) | (535) |
| Cash generated by operating activities | 8,111 | 4,779 |
| Investing activities: | ||
| Purchases of marketable securities | (25,061) | (23,483) |
| Proceeds from maturities of marketable securities | 13,331 | 6,280 |
| Proceeds from sales of marketable securities | 8,686 | 5,457 |
| Purchases of other long-term investments | (9) | (54) |
| Payments made in connection with business acquisitions, net of cash acquired | (325) | |
| Payment for acquisition of property, plant and equipment | (650) | (439) |
| Payment for acquisition of intangible assets | (32) | (30) |
| Other | 19 | (55) |
| Cash used in investing activities | (4,041) | (12,324) |
| Financing activities: | ||
| Proceeds from issuance of common stock | 534 | 122 |
| Excess tax benefits from stock-based compensation | 413 | 47 |
| Cash used to net share settle equity awards | (262) | (33) |
| Cash generated by financing activities | 685 | 136 |
| Increase/(decrease) in cash and cash equivalents | 4,755 | (7,409) |
| Cash and cash equivalents, end of the period | 10,018 | 4,466 |
| Supplemental cash flow disclosure: | ||
| Cash paid for income taxes, net | $2,144 | $1,828 |
| Summary of Significant Accounting Policies | |
| 6 Months Ended
Mar. 27, 2010 | |
| Summary of Significant Accounting Policies | Note 1 Summary of Significant Accounting Policies Apple Inc. and its wholly-owned subsidiaries (collectively Apple or the Company) design, manufacture, and market personal computers, mobile communication devices, and portable digital music and video players and sell a variety of related software, services, peripherals, networking solutions, and third-party digital content and applications. The Company sells its products worldwide through its online stores, its retail stores, its direct sales force, and third-party wholesalers, resellers and value-added resellers. In addition, the Company sells a variety of third-party Macintosh (Mac), iPhone, iPad and iPod compatible products including application software, printers, storage devices, speakers, headphones, and various other accessories and supplies through its online and retail stores. The Company sells to consumer, small and mid-sized business, education, enterprise, government and creative customers. Basis of Presentation and Preparation The accompanying condensed consolidated financial statements include the accounts of the Company. Intercompany accounts and transactions have been eliminated. The preparation of these condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the amounts reported in these condensed consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. Certain prior year amounts in the condensed consolidated financial statements and notes thereto have been reclassified to conform to the current periods presentation. These condensed consolidated financial statements and accompanying notes should be read in conjunction with the Companys annual consolidated financial statements and the notes thereto for the fiscal year ended September26, 2009, included in its Annual Report on Form 10-K, as amended (the 2009 Form 10-K). Unless otherwise stated, references to particular years or quarters refer to the Companys fiscal years ended in September and the associated quarters of those fiscal years. Retrospective Adoption of New Accounting Principles In September 2009, the Financial Accounting Standards Board (FASB) amended the accounting standards related to revenue recognition for arrangements with multiple deliverables and arrangements that include software elements (new accounting principles). The new accounting principles permit prospective or retrospective adoption, and the Company elected retrospective adoption during the first quarter of 2010. Under the historical accounting principles, the Company was required to account for sales of both iPhone and Apple TV using subscription accounting because the Company indicated it might from time-to-time provide future unspecified software upgrades and features for those products free of charge. Under subscription accounting, revenue and associated product cost of sales for iPhone and Apple TV were deferred at the time of sale and recognized on a straight-line basis over each products estimated economic life. This resulted in the defer |
| Financial Instruments | |
| 6 Months Ended
Mar. 27, 2010 | |
| Financial Instruments | Note 2 Financial Instruments Cash, Cash Equivalents and Marketable Securities The following table summarizes the fair value of the Companys cash and available-for-sale securities held in its marketable securities investment portfolio, recorded as cash, cash equivalents or short-term or long-term marketable securities as of March27, 2010 and September26, 2009 (in millions): March27, 2010 September26, 2009 Cash $ 1,773 $ 1,139 Money market funds 2,176 1,608 U.S. Treasury securities 2,504 289 U.S. agency securities 1,165 273 Non-U.S. government securities 188 Certificates of deposit and time deposits 757 572 Commercial paper 1,402 1,381 Corporate securities 48 Municipal securities 5 1 Total cash equivalents 8,245 4,124 U.S. Treasury securities 2,161 2,843 U.S. agency securities 3,842 8,582 Non-U.S. government securities 600 219 Certificates of deposit and time deposits 769 1,142 Commercial paper 1,523 2,816 Corporate securities 4,074 2,466 Municipal securities 168 133 Total short-term marketable securities 13,137 18,201 U.S. Treasury securities 1,461 484 U.S. agency securities 3,793 2,252 Non-U.S. government securities 1,398 102 Certificates of deposit and time deposit 37 Corporate securities 11,175 7,320 Municipal securities 685 370 Total long-term marketable securities 18,549 10,528 Total cash, cash equivalents and marketable securities $ 41,704 $ 33,992 The following tables summarize the Companys available-for-sale securities adjusted cost, gross unrealized gains, gross unrealized losses and fair value by significant investment category as of March27, 2010 and September26, 2009 (in millions): March27, 2010 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Money market funds $ 2,176 $ $ $ 2,176 U.S. Treasury securities 6,126 2 (2 ) 6,126 U.S. agency securities 8,797 5 (2 ) 8,800 Non-U.S. government securities 2,175 12 (1 ) 2,186 Certificates of deposit and time deposits 1,563 1,563 Commercial paper 2,925 2,925 Corporate securities 15,256 53 (12 ) 15,297 Municipal securities 856 3 (1 ) 858 Total cash equivalents and marketable securities $ 39,874 $ 75 $ (18 ) $ 39,931 September26, 2009 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Money market funds $ 1,608 $ $ $ 1,608 U.S. Treasury securities 3,610 6 3,616 U.S. agency securities 11,085 22 11,107 Non-U.S. government securities |
| Fair Value Measurements | |
| 6 Months Ended
Mar. 27, 2010 | |
| Fair Value Measurements | Note 3 Fair Value Measurements The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities, which are required to be recorded at fair value, the Company considers the principal or most advantageous market in which the Company would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as inherent risk, transfer restrictions and credit risk. The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: Level 1 Quoted prices in active markets for identical assets or liabilities. Level 2 Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 Inputs that are generally unobservable and typically reflect managements estimates of assumptions that market participants would use in pricing the asset or liability. The Companys valuation techniques used to measure the fair value of money market funds and certain marketable equity securities were derived from quoted prices in active markets for identical assets or liabilities. The valuation techniques used to measure the fair value of all other financial instruments, all of which have counterparties with high credit ratings, were valued based on quoted market prices or model driven valuations using significant inputs derived from or corroborated by observable market data. Assets/Liabilities Measured at Fair Value on a Recurring Basis The following tables present the Companys assets and liabilities measured at fair value on a recurring basis as of March27, 2010 and September26, 2009 (in millions): March27, 2010 QuotedPrices in Active Markets for Identical Instruments (Level 1) Significant Other Observable Inputs (Level2) Significant Unobservable Inputs (Level 3) Total(a) Assets: Money market funds $ 2,176 $ $ $ 2,176 U.S. Treasury securities 6,126 6,126 U.S. agency securities 8,800 8,800 Non-U.S. government securities 2,186 2,186 Certificates of deposit and time deposits 1,563 1,563 Commercial paper 2,925 2,925 Corporate securities 15,297 15,297 Municipal securities 858 858 Marketable equity securities 77 77 Foreign exchange contracts 95 95 Total assets measured at fair value $ 2,253 $ 37,850 $ $ 4 |
| Condensed Consolidated Financial Statement Details | |
| 6 Months Ended
Mar. 27, 2010 | |
| Condensed Consolidated Financial Statement Details | Note 4 Condensed Consolidated Financial Statement Details The following tables show the Companys condensed consolidated financial statement details as of March27, 2010 and September26, 2009 (in millions): Other Current Assets March27,2010 September26,2009 Vendor non-trade receivables $ 1,743 $ 1,696 Inventory component prepayments - current 190 309 Other current assets 2,582 1,135 Total other current assets $ 4,515 $ 3,140 Property, Plant and Equipment March27,2010 September26,2009 Land and buildings $ 1,170 $ 955 Machinery, equipment and internal-use software 2,459 1,932 Office furniture and equipment 128 115 Leasehold improvements 1,798 1,665 Gross property, plant and equipment 5,555 4,667 Accumulated depreciation and amortization (2,051 ) (1,713 ) Net property, plant and equipment $ 3,504 $ 2,954 Other Assets March27,2010 September26,2009 Inventory component prepayments non-current $ 781 $ 844 Deferred tax assets non-current 129 163 Capitalized software development costs, net 80 106 Other assets 935 898 Total other assets $ 1,925 $ 2,011 Accrued Expenses March27,2010 September26,2009 Accrued warranty and related costs $ 588 $ 577 Accrued compensation and employee benefits 382 357 Deferred margin on component sales 343 225 Accrued marketing and distribution 261 359 Income taxes payable 255 430 Other current liabilities 2,192 1,904 Total accrued expenses $ 4,021 $ 3,852 Non-Current Liabilities March27,2010 September26,2009 Deferred tax liabilities $ 3,241 $ 2,216 Other non-current liabilities 1,298 1,286 Total other non-current liabilities $ 4,539 $ 3,502 |
| Income Taxes | |
| 6 Months Ended
Mar. 27, 2010 | |
| Income Taxes | Note 5 Income Taxes As of March27, 2010, the Company recorded gross unrecognized tax benefits of $946 million, of which $348 million, if recognized, would affect the Companys effective tax rate. As of September26, 2009, the total amount of gross unrecognized tax benefits was $971 million, of which $307 million, if recognized, would affect the Companys effective tax rate. The Companys total gross unrecognized tax benefits are classified as other non-current liabilities in the Condensed Consolidated Balance Sheets. The Company had $272 million and $291 million of gross interest and penalties accrued as of March27, 2010 and September26, 2009, respectively, which are also classified as other non-current liabilities in the Condensed Consolidated Balance Sheets. Management believes that an adequate provision has been made for any adjustments that may result from tax examinations. However, the outcome of tax audits cannot be predicted with certainty. If any issues addressed in the Companys tax audits are resolved in a manner not consistent with managements expectations, the Company could be required to adjust its provision for income tax in the period such resolution occurs. Although timing of the resolution and/or closure of audits is not certain, the Company believes it is reasonably possible that tax audit resolutions could reduce its unrecognized tax benefits by between $105 million and $145 million in the next 12months. |
| Shareholders' Equity and Stock-Based Compensation | |
| 6 Months Ended
Mar. 27, 2010 | |
| Shareholders' Equity and Stock-Based Compensation | Note 6 Shareholders Equity and Stock-Based Compensation Preferred Stock The Company has five million shares of authorized preferred stock, none of which is issued or outstanding. Under the terms of the Companys Restated Articles of Incorporation, the Board of Directors is authorized to determine or alter the rights, preferences, privileges and restrictions of the Companys authorized but unissued shares of preferred stock. Comprehensive Income Comprehensive income consists of two components, net income and other comprehensive income. Other comprehensive income refers to revenue, expenses, gains, and losses that under GAAP are recorded as an element of shareholders equity but are excluded from net income. The Companys other comprehensive income consists of foreign currency translation adjustments from those subsidiaries not using the U.S. dollar as their functional currency, unrealized gains and losses on marketable securities categorized as available-for-sale, and net deferred gains and losses on certain derivative instruments accounted for as cash flow hedges. The following table summarizes the components of total comprehensive income, net of taxes, during the three- and six-month periods ended March27, 2010 and March28, 2009 (in millions): Three Months Ended Six Months Ended March27, 2010 March28, 2009 March27, 2010 March28, 2009 Net income $ 3,074 $ 1,620 $ 6,452 $ 3,875 Other comprehensive income: Change in unrecognized gains on derivative instruments 10 (47 ) 28 (6 ) Change in foreign currency translation 6 (2 ) 11 (107 ) Net change in unrealized gains/losses on marketable securities (2 ) (18 ) 9 31 Total comprehensive income $ 3,088 $ 1,553 $ 6,500 $ 3,793 The following table summarizes activity in other comprehensive income related to derivatives, net of taxes, held by the Company during the three- and six-month periods ended March27, 2010 and March28, 2009 (in millions): Three Months Ended Six Months Ended March27, 2010 March28, 2009 March27, 2010 March28, 2009 Change in fair value of derivatives $ 30 $ 31 $ 36 $ 254 Adjustment for net gains/losses realized and included in net income (20 ) (78 ) (8 ) (260 ) Change in unrecognized gains on derivative instruments $ 10 $ (47 ) $ 28 $ (6 ) The following table summarizes the components of accumulated other comprehensive income, net of taxes, as of March27, 2010 and September26, 2009 (in millions): March27,2010 September26,2009 Net unrealized gains/losses on marketable securities $ 57 $ 48 Net unrecognized gains on derivative instruments 29 1 Cumulative foreign currency translation 39 28 Accumulated other comprehensive income $ 125 $ 77 Employee Benef |
| Commitments and Contingencies | |
| 6 Months Ended
Mar. 27, 2010 | |
| Commitments and Contingencies | Note 7 Commitments and Contingencies Lease Commitments The Company leases various equipment and facilities, including retail space, under noncancelable operating lease arrangements. The Company does not currently utilize any other off-balance sheet financing arrangements. The major facility leases are generally for terms of one to 20 years and generally provide renewal options for terms of one to five additional years. Leases for retail space are for terms of five to 20 years, the majority of which are for ten years, and often contain multi-year renewal options. As of September26, 2009, the Companys total future minimum lease payments under noncancelable operating leases were $1.9 billion, of which $1.5 billion related to leases for retail space. As of March27, 2010, total future minimum lease payments under noncancelable operating leases related to leases for retail space increased $200 million to $1.7 billion. Accrued Warranty and Indemnifications The following table reconciles changes in the Companys accrued warranties and related costs for the three- and six-month periods ended March27, 2010 and March28, 2009 (in millions): Three Months Ended Six Months Ended March27, 2010 March28, 2009 March27, 2010 March28, 2009 Beginning accrued warranty and related costs $ 584 $ 693 $ 577 $ 671 Cost of warranty claims (137 ) (128 ) (272 ) (271 ) Accruals for product warranties 141 72 283 237 Ending accrued warranty and related costs $ 588 $ 637 $ 588 $ 637 The Company generally does not indemnify end-users of its operating system and application software against legal claims that the software infringes third-party intellectual property rights. Other agreements entered into by the Company sometimes include indemnification provisions under which the Company could be subject to costs and/or damages in the event of an infringement claim against the Company or an indemnified third-party. However, the Company has not been required to make any significant payments resulting from such an infringement claim asserted against it or an indemnified third-party and, in the opinion of management, does not have a potential liability related to unresolved infringement claims subject to indemnification that would materially adversely affect its financial condition or operating results. Therefore, the Company did not record a liability for indemnification costs as of either March27, 2010 or September26, 2009. The Company has entered into indemnification agreements with its directors and executive officers. Under these agreements, the Company has agreed to indemnify such individuals to the fullest extent permitted by law against liabilities that arise by reason of their status as directors or officers and to advance expenses incurred by such individuals in connection with related legal proceedings. It is not possible to determine the maximum potential amount of payments the Company could be required to make under these agreements due to the limi |
| Segment Information and Geographic Data | |
| 6 Months Ended
Mar. 27, 2010 | |
| Segment Information and Geographic Data | Note 8 Segment Information and Geographic Data The Company reports segment information based on the management approach. The management approach designates the internal reporting used by management for making decisions and assessing performance as the source of the Companys reportable segments. The Company manages its business primarily on a geographic basis. Accordingly, the Company determined its operating and reporting segments, which are generally based on the nature and location of its customers, to be the Americas, Europe, Japan, Asia-Pacific and Retail operations. The Americas, Europe, Japan and Asia Pacific segments exclude activities related to the Retail segment. The Americas segment includes both North and South America. The Europe segment includes European countries, as well as the Middle East and Africa. The Asia-Pacific segment includes Australia and Asia, but does not include Japan. The Retail segment operates Apple-owned retail stores in the U.S. and in international markets. Each reportable operating segment provides similar hardware and software products and similar services to the same types of customers. The accounting policies of the various segments are the same as those described in Note 1, Summary of Significant Accounting Policies of this Form 10-Q and in the Notes to Consolidated Financial Statements in the Companys 2009 Form 10-K. The Company evaluates the performance of its operating segments based on net sales and operating income. Net sales for geographic segments are generally based on the location of customers, while Retail segment net sales are based on sales from the Companys retail stores. Operating income for each segment includes net sales to third parties, related cost of sales and operating expenses directly attributable to the segment. Advertising expenses are generally included in the geographic segment in which the expenditures are incurred. Operating income for each segment excludes other income and expense and certain expenses managed outside the operating segments. Costs excluded from segment operating income include various corporate expenses, such as manufacturing costs and variances not included in standard costs, research and development, corporate marketing expenses, stock-based compensation expense, income taxes, various nonrecurring charges, and other separately managed general and administrative costs. The Company does not include intercompany transfers between segments for management reporting purposes. Segment assets exclude corporate assets, such as cash, short-term and long-term investments, manufacturing and corporate facilities, miscellaneous corporate infrastructure, goodwill and other acquired intangible assets. Except for the Retail segment, capital asset purchases for long-lived assets are not reported to management by segment. Cash payments for capital asset purchases by the Retail segment were $41 million and $148 million during the three- and six-month periods ended March27, 2010, respectively, and $30 million and $101 million during the three- and six-month periods ended March28, 2009. The Company has certain retail stores that have been designed and built to se |
| Related Party Transactions and Certain Other Transactions | |
| 6 Months Ended
Mar. 27, 2010 | |
| Related Party Transactions and Certain Other Transactions | Note 9 Related Party Transactions and Certain Other Transactions The Company entered into a Reimbursement Agreement with its CEO, Steve Jobs, for the reimbursement of expenses incurred by Mr.Jobs in the operation of his private plane when used for Apple business. The Company recognized a total of $127,000 and $143,000 in expenses pursuant to the Reimbursement Agreement during the three- and six-month periods ended March27, 2010, respectively. The Company did not recognize any expenses pursuant to the Reimbursement Agreement during the three months ended March28, 2009 and recognized a total of $4,000 in expenses pursuant to the Reimbursement Agreement during the six months ended March28, 2009. All expenses recognized pursuant to the Reimbursement Agreement have been included in selling, general, and administrative expenses in the Condensed Consolidated Statements of Operations. |
