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...and that's a wrap! Short call, obviously set to end before the market opens. Thanks for following along with us!
OK, that's it. It's over.
This was the worst crop of analyst questions I've heard in a long, long time of covering these sorts of things.
Another question asking if Apple is going to do something different in the future. Tim repeated for the 50th time what he's already said.
Tim said that Apple can grow its cash and still have money left over, which is why we are here in the first place.
She was essentially asking if Tim thought Apple would still have a nice cash stack at the end of three years.
Shannon Cross with Cross Research asked about Cook's comfort level with cash cushion. Cook: "Within the domestic cash, our first and foremost objective is, as it will always be, to make great products for the world."
Peter said it was a mix of shareholder feedback and math.
Shannon Cross with Cross Research asked for details on how Apple came to work out its plan.
New question: Will Apple consider expanding its buyback plan. Peter didn't commit.
Gene asked if Apple would announce new iPad launch weekend details. Tim said it was a great weekend but declined to offer details.
Piper Jaffray's Gene Munster asked if Apple would have a schedule for revisiting/revising the dividend. Tim Cook said there was no formal schedule, but they would continually re-examine it "as you would expect."
He added that Apple has lobbied for a tax holiday to bring it home.
Peter is repeating that Apple doesn't want to take the tax hit to repatriate that cash.
Tim said earlier he didn't want to pay the tax to bring it back to the US.
Katy Huberty from Morgan Stanley up next. She's asking about the money that is overseas.
Cook: "Pipeline is full of great products [...] customers will love what we have coming."
Cook: "We do love to announce new products, we just don't do it during conference calls."
In other words, Apple is only committing to what it is announcing today.
First question is whether Apple will grow its dividend (see the earlier math). Peter repeated mantra that Apple will periodically review it.
Peter stressed that Apple is confident of its future and the notion that the dividend doesn't threaten Apple's ability to grow.
The buyback plan will begin in fiscal 2013, which starts on September 30 of this year.
The dividend will begin "sometime in the fiscal 4th quarter." Q4 starts in July of this year.
Tim Cook's shares will not be paid a dividend. Tim owns several million shares of last year.
Looking ahead and being silly, if Apple's cash generation fell to $12 billion per quarter, it could pay the dividend and still grow its hoard.
Aside from the obvious reasons, Oppenheimer also noted that this buyback will limit future dilution from Apple's employee equity programs.
All of which makes sense. In December, Apple generated $16 billion. Today's plan would have pay out $2.5 billion of that.
Tim stressed that Apple will have plenty of money to keep doing what it has been doing to make it so successful.
Cook and Oppenheimer both confirm $2.65 per share quarterly dividend and stock buyback program, as per their press release earlier this morning.
The plan will be reviewed periodically.
he said that a dividend will broaden Apple's shareholder base by opening up the stock to investors who look for dividends.
He said that Apple has invested plenty of money, and that it will continue to do so. He said that Apple can maintain an extensive war chest and pay out a dividend, too.
Turns out that all this success has led to a lot of cash piling up, according to Tim.
Macs doing well, too. Note that this is all rehash from the December quarter.
Tim said that the potential for iPhones is "enormous." "With the launch of the new iPad, it just keeps getting better."
Tim says he is confident in Apple's future. No duh, eh? He is recapping the December quarter.
No business updates for Apple will be discussed, according to the mod.
Opening remarks from the moderator. Tim Cool and Peter Oppenheimer will be here for the event.
The call is beginning.
There is also a repurchase program of $10 billion.
Quick details on the announcement: Apple will pay $2.65 quarterly dividend, which works out to about $2.47 billion per quarter.
We were just told that the call is about to begin.
Story posted with the information that Apple has announced a dividend and stock buyback program.
Checking in from TMO Towers West.
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