The Apple Investor Relations website was updated yesterday to announce that Apple’s next quarterly earnings for the holiday 2020 quarter will be presented Wednesday, January 27.
This will be the important earnings call as it will include the sales of the new iPhone 12 models. According to surveys, all four iPhone 12 models except for the iPhone 12 mini are selling better than Apple has anticipated, allegedly prompting it to increase handset orders from suppliers for the upcoming period. The first M1 Macs launched in November to a solid start so it’ll be interesting seeing whether Mac sales grow vs. the year-ago quarter.
Apple will release the earnings report at 1:30pm PT / 4:30pm ET. A conference call with Wall Street analysts will follow at 2pm PT / 5pm ET. Apple also said in the 2020 proxy statement it filed yesterday with the United States Securities and Exchange Commission (SEC) that its chief executive took home north of $14 million in 2020 salary, excluding lucrative stock awards.
Specifically, Tim Cook’s pay package rose 28 percent in Apple’s fiscal year 2020 to about $14.8 million in total compensation. Although Cook’s base salary remained at $3 million like in the past two years, his non-equity incentive plan compensation rose from $7.7 million the year prior to $10.7 million. “In 2020, Apple’s performance exceeded the target performance goals for both net sales and operating income, resulting in a total payout of 179 percent of the target payout opportunity for each named executive officer,” the company explained in the proxy filing.
Apple’s board of directors said in a statement:
Tim has brought unparalleled innovation and focus to his role as CEO and demonstrated what it means to lead with values and integrity. For the first time in nearly a decade, we are awarding Tim a new stock grant that will vest over time in recognition of his outstanding leadership and with great optimism for Apple’s future as he carries these efforts forward.
Other key Apple executives recover over $26 million in total compensation each, including finance boss Luca Maestri, retail and HR head Deidre O’Brien and Apple’s chief operating officer Jeff Williams. And lastly, Apple has scheduled its next annual shareholders meeting on February 23 at 9am PT to discuss topics of interest, like board re-electin, ratifying Ernst & Young LLP as Apple’s public accounting firm and voting on shareholder proposals.
Due to the coronavirus pandemic and the current restrictions, the shareholder meeting will be an online conference via the Apple Investor website (you’ll need a 16-digit code included in the Notice of Internet Availability of Proxy Materials to join the meeting). While that may disappoint shareholders who liked attending these meetings in person at the Apple Park headquarters, the good news is that the virtual meeting will be open to more shareholders than previously.