Investcorp Credit Management BDC Inc
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Financials : Capital Markets | Small Cap Value
Company profile

Investcorp Credit Management BDC, Inc., formerly CM Finance Inc, is an externally managed, non-diversified closed-end management investment company. The Company is a specialty finance company that invests primarily in the debt of the United States middle-market companies. The Company's primary investment objective is to maximize total return to stockholders in the form of current income and capital appreciation by investing in debt and related equity of privately held lower middle-market companies. As of June 30, 2016, the Company's portfolio consisted of debt and equity investments in 22 portfolio companies. It invests in unitranche loans and standalone second and first lien loans, with an emphasis on floating rate debt. It also selectively invests in mezzanine loans/structured equity and in the equity of portfolio companies through warrants and other instruments.CM Investment Partners LLC is an external investment advisor of the Company.

Price
Delayed
$5.74
Day's Change
-0.10 (-1.71%)
Bid
--
Ask
--
B/A Size
--
Day's High
5.90
Day's Low
5.72
Volume
(Above Average)

Today's volume of 27,003 shares is on pace to be greater than ICMB's 10-day average volume of 36,869 shares.

27,003

Apple Reports Second Quarter Results

4:30 pm ET April 28, 2021 (BusinessWire) Print

--Services and Mac revenue reach new all-time high

Apple(R) today announced financial results for its fiscal 2021 second quarter ended March 27, 2021. The Company posted a March quarter record revenue of $89.6 billion, up 54 percent year over year, and quarterly earnings per diluted share of $1.40. International sales accounted for 67 percent of the quarter's revenue.

"This quarter reflects both the enduring ways our products have helped our users meet this moment in their own lives, as well as the optimism consumers seem to feel about better days ahead for all of us," said Tim Cook, Apple's CEO. "Apple is in a period of sweeping innovation across our product lineup, and we're keeping focus on how we can help our teams and the communities where we work emerge from this pandemic into a better world. That certainly begins with products like the all-new iMac and iPad Pro, but it extends to efforts like the 8 gigawatts of new clean energy we'll help bring onto the grid and our $430 billion investment in the United States over the next 5 years."

"We are proud of our March quarter performance, which included revenue records in each of our geographic segments and strong double-digit growth in each of our product categories, driving our installed base of active devices to an all-time high," said Luca Maestri, Apple's CFO. "These results allowed us to generate operating cash flow of $24 billion and return nearly $23 billion to shareholders during the quarter. We are confident in our future and continue to make significant investments to support our long-term plans and enrich our customers' lives."

Apple's board of directors has declared a cash dividend of $0.22 per share of the Company's common stock, an increase of 7 percent. The dividend is payable on May 13, 2021 to shareholders of record as of the close of business on May 10, 2021. The board of directors has also authorized an increase of $90 billion to the existing share repurchase program.

Apple will provide live streaming of its Q2 2021 financial results conference call beginning at 2:00 p.m. PT on April 28, 2021 at apple.com/investor/earnings-call. This webcast will also be available for replay for approximately two weeks thereafter.

Apple periodically provides information for investors on its corporate website, apple.com, and its investor relations website, investor.apple.com. This includes press releases and other information about financial performance, reports filed or furnished with the SEC, information on corporate governance, and details related to its annual meeting of shareholders.

This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include without limitation those about the Company's expectations regarding the impact of the COVID-19 pandemic; anticipated revenue, gross margin, operating expenses, other income/(expense), and tax rate; plans for return of capital; our goal of maintaining a net cash neutral position; and our investment plans and environmental initiatives. These statements involve risks and uncertainties, and actual results may differ materially from any future results expressed or implied by the forward-looking statements. Risks and uncertainties include without limitation: the effect of the COVID-19 pandemic on the Company's business, results of operations, financial condition, and stock price; the effect of global and regional economic conditions on the Company's business, including effects on purchasing decisions by consumers and businesses; the ability of the Company to compete in markets that are highly competitive and subject to rapid technological change; the ability of the Company to manage frequent introductions and transitions of products and services, including delivering to the marketplace, and stimulating customer demand for, new products, services, and technological innovations on a timely basis; the effect that shifts in the mix of products and services and in the geographic, currency, or channel mix, component cost increases, increases in the cost of acquiring and delivering content for the Company's services, price competition, or the introduction of new products or services, including new products or services with higher cost structures, could have on the Company's gross margin; the dependency of the Company on the performance of distributors of the Company's products, including cellular network carriers and other resellers; the risk of write-downs on the value of inventory and other assets and purchase commitment cancellation risk; the continued availability on acceptable terms, or at all, of certain components, services, and new technologies essential to the Company's business, including components and technologies that may only be available from single or limited sources; the dependency of the Company on manufacturing and logistics services provided by third parties, many of which are located outside of the US and which may affect the quality, quantity, or cost of products manufactured or services rendered to the Company; the effect of product and services design and manufacturing defects on the Company's financial performance and reputation; the dependency of the Company on third-party intellectual property and digital content, which may not be available to the Company on commercially reasonable terms or at all; the dependency of the Company on support from third-party software developers to develop and maintain software applications and services for the Company's products; the impact of unfavorable legal proceedings or government investigations; the impact of complex and changing laws and regulations worldwide, which expose the Company to potential liabilities, increased costs, and other adverse effects on the Company's business; the ability of the Company to manage risks associated with the Company's retail stores; the ability of the Company to manage risks associated with the Company's investments in new business strategies and acquisitions; the impact on the Company's business and reputation from information technology system failures, network disruptions, or losses or unauthorized access to, or release of, confidential information; the ability of the Company to comply with laws and regulations regarding data protection; the continued service and availability of key executives and employees; political events, international trade disputes, war, terrorism, natural disasters, public health issues, and other business interruptions that could disrupt supply or delivery of, or demand for, the Company's products; financial risks, including risks relating to currency fluctuations, credit risks, and fluctuations in the market value of the Company's investment portfolio; and changes in tax rates and exposure to additional tax liabilities. More information on these risks and other potential factors that could affect the Company's business and financial results is included in the Company's filings with the SEC, including in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. The Company assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates.

Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with iPhone, iPad, Mac, Apple Watch, and Apple TV. Apple's five software platforms -- iOS, iPadOS, macOS, watchOS, and tvOS -- provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, and iCloud. Apple's more than 100,000 employees are dedicated to making the best products on earth, and to leaving the world better than we found it.

NOTE TO EDITORS: For additional information visit Apple Newsroom (www.apple.com/newsroom), or call Apple's Media Helpline at (408) 974-2042.

(C) 2021 Apple Inc. All rights reserved. Apple and the Apple logo are trademarks of Apple. Other company and product names may be trademarks of their respective owners.

                                                                                             Apple Inc.
                                                                                         
                                                                     CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
                                                    (In millions, except number of shares which are reflected in thousands and per share amounts)
                                                                           
                                                 Three Months Ended                                                  Six Months Ended
                                             ------------------------------------------------------------                          ------------------------------------------------------------
                                 March 27,               March 28,               March 27,               March 28,
                                                      2021                                       2020                                       2021                                       2020
                                             --------------------                       --------------------                       --------------------                       --------------------
Net sales:                                                   
                                             $              72,683   $              44,965   $             168,361   $             124,069
   Products
                                                            16,901                  13,348                  32,662                  26,063
   Services
                                             --------------------                       --------------------                       --------------------                       --------------------
                                                            89,584                  58,313                 201,023                 150,132
      Total net sales (1)
Cost of sales:                                               
                                                            46,447                  31,321                 108,577                  83,396
   Products
                                                             5,058                   4,622                  10,039                   9,149
   Services
                                             --------------------                       --------------------                       --------------------                       --------------------
                                                            51,505                  35,943                 118,616                  92,545
      Total cost of sales
                                             --------------------                       --------------------                       --------------------                       --------------------
                                                            38,079                  22,370                  82,407                  57,587
         Gross margin
                                             --------------------                       --------------------                       --------------------                       --------------------
                                          
Operating expenses:                                          
                                                             5,262                   4,565                  10,425                   9,016
   Research and development
                                                             5,314                   4,952                  10,945                  10,149
   Selling, general and administrative
                                             --------------------                       --------------------                       --------------------                       --------------------
                                                            10,576                   9,517                  21,370                  19,165
      Total operating expenses
                                             --------------------                       --------------------                       --------------------                       --------------------
                                          
Operating income                                            27,503                  12,853                  61,037                  38,422
Other income/(expense), net                                    508                     282                     553                     631
                                             --------------------                       --------------------                       --------------------                       --------------------
Income before provision for income taxes                    28,011                  13,135                  61,590                  39,053
Provision for income taxes                                   4,381                   1,886                   9,205                   5,568
                                             --------------------                       --------------------                       --------------------                       --------------------
Net income                                   $              23,630   $              11,249   $              52,385   $              33,485
                                             ========== ==========                      ========== ==========                      ========== ==========                      ========== ==========
                                          
Earnings per share:                                          
                                             $                1.41   $                0.64   $                3.11   $                1.91
   Basic
                                             $                1.40   $                0.64   $                3.08   $                1.89
   Diluted
Shares used in computing earnings per share:                 
                                                        16,753,476              17,440,402              16,844,298              17,550,281
   Basic
                                                        16,929,157              17,618,765              17,021,423              17,718,591
   Diluted
                                          
(1) Net sales by reportable segment:                         
                                             $              34,306   $              25,473   $              80,616   $              66,840
   Americas
                                                            22,264                  14,294                  49,570                  37,567
   Europe
                                                            17,728                   9,455                  39,041                  23,033
   Greater China
                                                             7,742                   5,206                  16,027                  11,429
   Japan
                                                             7,544                   3,885                  15,769                  11,263
   Rest of Asia Pacific
                                             --------------------                       --------------------                       --------------------                       --------------------
                                             $              89,584   $              58,313   $             201,023   $             150,132
      Total net sales
                                             ========== ==========                      ========== ==========                      ========== ==========                      ========== ==========
                                          
(1) Net sales by category:                                   
                                             $              47,938   $              28,962   $             113,535   $              84,919
   iPhone
                                                             9,102                   5,351                  17,777                  12,511
   Mac
                                                             7,807                   4,368                  16,242                  10,345
   iPad
                                                             7,836                   6,284                  20,807                  16,294
   Wearables, Home and Accessories
                                                            16,901                  13,348                  32,662                  26,063
   Services
                                             --------------------                       --------------------                       --------------------                       --------------------
                                                                                                                                    Apple Inc.
                                                                                                                                
                                                                                                                 CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
                                                                                               (In millions, except number of shares which are reflected in thousands and par value)
                                                                                                                                                                                
                                                                                                                                                                      March 27,                                  September 26,
                                                                                                                                                                                           2021                                                            2020
                                                                                                                                                                        ----------------------------------------                        ----------------------------------------
                                                                                                                                      ASSETS:
Current assets:                                                                                                                                                                                    
                                                                                                                                                                        $              38,466     $              38,016  
   Cash and cash equivalents
                                                                                                                                                                                       31,368                    52,927  
   Marketable securities
                                                                                                                                                                                       18,503                    16,120  
   Accounts receivable, net
                                                                                                                                                                                        5,219                     4,061  
   Inventories
                                                                                                                                                                                       14,533                    21,325  
   Vendor non-trade receivables
                                                                                                                                                                                       13,376                    11,264  
   Other current assets
                                                                                                                                                                        --------------------  --------------------                      --------------------  --------------------
                                                                                                                                                                                      121,465                   143,713  
      Total current assets
                                                                                                                                                                                
Non-current assets:                                                                                                                                                                                
                                                                                                                                                                                      134,539                   100,887  
   Marketable securities
                                                                                                                                                                                       37,815                    36,766  
   Property, plant and equipment, net
                                                                                                                                                                                       43,339                    42,522  
   Other non-current assets
                                                                                                                                                                        --------------------  --------------------                      --------------------  --------------------
                                                                                                                                                                                      215,693                   180,175  
      Total non-current assets
                                                                                                                                                                        --------------------  --------------------                      --------------------  --------------------
                                                                                                                                                                        $             337,158     $             323,888  
         Total assets
                                                                                                                                                                        ========== ========== ====================                      ========== ========== ====================
                                                                                                                                                                                
                                                                                                         LIABILITIES AND SHAREHOLDERS' EQUITY:
Current liabilities:                                                                                                                                                                               
                                                                                                                                                                        $              40,127     $              42,296  
   Accounts payable
                                                                                                                                                                                       45,660                    42,684  
   Other current liabilities
                                                                                                                                                                                        7,595                     6,643  
   Deferred revenue
                                                                                                                                                                                        5,000                     4,996  
   Commercial paper
                                                                                                                                                                                        8,003                     8,773  
   Term debt
                                                                                                                                                                        --------------------  --------------------                      --------------------  --------------------
                                                                                                                                                                                      106,385                   105,392  
      Total current liabilities
                                                                                                                                                                                
Non-current liabilities:                                                                                                                                                                           
                                                                                                                                                                                      108,642                    98,667  
   Term debt
                                                                                                                                                                                       52,953                    54,490  
   Other non-current liabilities
                                                                                                                                                                        --------------------  --------------------                      --------------------  --------------------
                                                                                                                                                                                      161,595                   153,157  
      Total non-current liabilities
                                                                                                                                                                        --------------------  --------------------                      --------------------  --------------------
                                                                                                                                                                                      267,980                   258,549  
         Total liabilities
                                                                                                                                                                        --------------------  --------------------                      --------------------  --------------------
                                                                                                                                                                                
Commitments and contingencies                                                                                                                                                                      
                                                                                                                                                                                
Shareholders' equity:                                                                                                                                                   
                                                                                                                                                                                       54,203                    50,779  
   Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 16,686,305 and 16,976,763 shares issued and outstanding, respectively
                                                                                                                                                                                       15,261                    14,966  
   Retained earnings
                                                                                                                                                                                         (286 )                                       (406 )
   Accumulated other comprehensive income/(loss)
                                                                                                                                                                        --------------------  --------------------                      --------------------  --------------------
                                                                                                                                                                                       69,178                    65,339  
      Total shareholders' equity
                                                                                                                                                                        --------------------  --------------------                      --------------------  --------------------
                                                                                   Apple Inc.
                                                                               
                                                           CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
                                                                                  (In millions)
                                                                
                                                                                                      Six Months Ended
                                                                                  ----------------------------------------------------------------------------------------
                                                                             March 27,                              March 28,
                                                                                                  2021                                                      2020
                                                                                  ----------------------------------                        ----------------------------------
Cash, cash equivalents and restricted cash, beginning balances                    $        39,789     $        50,224  
                                                                                  ------- ------- --------------------                      ------- ------- --------------------
Operating activities:                                                                                  
                                                                                           52,385              33,485  
   Net income
                                                                                                       
   Adjustments to reconcile net income to cash generated by operating activities:
                                                                                            5,463               5,602  
      Depreciation and amortization
                                                                                            4,001               3,407  
      Share-based compensation expense
                                                                                             (207 )                                 (651 )
      Deferred income tax benefit
                                                                                             (474 )                                 (259 )
      Other
                                                                                                       
   Changes in operating assets and liabilities:
                                                                                           (2,347 )                                7,284  
      Accounts receivable, net
                                                                                           (1,226 )                                  699  
      Inventories
                                                                                            6,792               7,923  
      Vendor non-trade receivables
                                                                                           (4,333 )                               (8,866 )
      Other current and non-current assets
                                                                                           (1,997 )                              (13,520 )
      Accounts payable
                                                                                            1,642               1,223  
      Deferred revenue
                                                                                            3,045               7,500  
      Other current and non-current liabilities
                                                                                  --------------  --------------------                      --------------  --------------------
                                                                                           62,744              43,827  
         Cash generated by operating activities
                                                                                  --------------  --------------------                      --------------  --------------------
Investing activities:                                                                                  
                                                                                          (74,424 )                              (66,489 )
   Purchases of marketable securities
                                                                                           39,605              39,738  
   Proceeds from maturities of marketable securities
                                                                                           21,645              27,762  
   Proceeds from sales of marketable securities
                                                                                           (5,769 )                               (3,960 )
   Payments for acquisition of property, plant and equipment
                                                                                               (9 )                               (1,134 )
   Payments made in connection with business acquisitions, net
                                                                                   --                (572 )
   Other
                                                                                  --------------  --------------------                      --------------  --------------------
                                                                                          (18,952 )                               (4,655 )
         Cash used in investing activities
                                                                                  --------------  --------------------                      --------------  --------------------
Financing activities:                                                                                  
                                                                                              561                 430  
   Proceeds from issuance of common stock
                                                                                           (3,160 )                               (1,566 )
   Payments for taxes related to net share settlement of equity awards
                                                                                           (7,060 )                               (6,914 )
   Payments for dividends and dividend equivalents
                                                                                          (43,323 )                              (39,280 )
   Repurchases of common stock
                                                                                           13,923               2,210  
   Proceeds from issuance of term debt, net
                                                                                           (4,500 )                               (5,250 )
   Repayments of term debt
                                                                                               22               1,518  
   Proceeds from commercial paper, net
                                                                                   --               2,556  
   Proceeds from repurchase agreement
                                                                                              (38 )                                  (51 )
   Other
                                                                                  --------------  --------------------                      --------------  --------------------
                                                                                          (43,575 )                              (46,347 )
         Cash used in financing activities
                                                                                  --------------  --------------------                      --------------  --------------------
Increase/(Decrease) in cash, cash equivalents and restricted cash                             217              (7,175 )
                                                                                  --------------  --------------------                      --------------  --------------------
Cash, cash equivalents and restricted cash, ending balances                       $        40,006     $        43,049  
                                                                                  ======= ======= ====================                      ======= ======= ====================
Supplemental cash flow disclosure:                                                                     
                                                                                  $        10,276     $         7,505  
   Cash paid for income taxes, net

View source version on businesswire.com: https://www.businesswire.com/news/home/20210428006043/en/

SOURCE: Apple Inc.

Press Contact: 
Kristin Huguet
Apple
khuguet@apple.com 
(408) 974-2414

Investor Relations Contact: 
Tejas Gala
Apple
tgala@apple.com 
(669) 227-2402
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