Apple Board Has Been "Considering" Dividends and Buybacks Since 2005

has been made of recent comment apple ceo tim cook apple board of directors has been "actively discussing" enormous cash pile. see sign apple pay dividend or initiate share buyback program -- except apple's board has been discussing cash 7 years.

macrumors went through seeking alpha's entire apple earnings call transcript history find out apple has been saying likelihood of dividend. between july of 2005 , october of 2010, apple execs had little apple going burgeoning cash pile -- pile grew $7.5 billion $51 billion on time.

july 2005 earliest transcript, , first time apple exec said board "from time time" considered options use of apple's cash. cfo peter oppenheimer on july 13, 2005:

quote

i don't have change in our philosophy can share today. maintaining our cash flexibility invest in business , share buyback considered board time time.

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then-coo tim cook used same phrasing on april 20, 2006:

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regarding our use of cash, continuing conservative cash, despite of investments made quarter. we're wanting retain flexibility invest in business. discuss board time time share buyback, don't have change in philosophy discuss today.

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finally, after twelve conference calls during apple's cash pile discussed , phrase "from time time" used on 6 separate occasions, ceo steve jobs appeared on october 18, 2010 , laid out more detailed vision apple's investment strategy:

quote

we believe 1 or more strategic opportunities may come along we're in unique position take advantage of because of our strong cash position. , think we've demonstrated strong track record of being disciplined use of our cash. don't let burn hole in our pocket, don't allow motivate stupid acquisitions.

, think we'd continue keep our powder dry because feel there 1 or more strategic opportunities in future. that's biggest reason. , there other reasons go into. that's biggest one.

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newly appointed apple ceo tim cook expanded on jobs' thoughts year later, perhaps indicating more flexible approach disclosure , apple's use of cash. october 18, 2011:

quote

i believe we're doing cash, way we're -- cash spend we're doing extremely job of , we're frugal using , using in right places. said, i'm not religious holding cash or not holding it. i'm religious lot of things not one. , continually ask ourselves what's in apple's best interest , believe in apple's best interest. , it's topic board on ongoing basis, , we'll continue discuss it.

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with apple nearing $100 billion in cash, coo peter oppenheimer addressed issue again on january 24 of year, during introductory remarks , q&a session when answered 4 separate questions cash:

quote

we have discussed, internally management team , our board, our cash. recognize cash growing right reasons , characterize our discussions today active makes sense cash balance, don't have announce today.

[...]

we're examining uses of our cash balance, might in supply chain, can acquisition perspective , otherwise. since don't have perspective share today, on dividends or buybacks, other again, actively discussing cash balance. , in meantime, we're not letting burn hole in our pockets.

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analysts have inquired apple's cash plans more half decade, , apple, wont do, has said little of substance. apple execs have consistently said have "nothing share" , "it's topic board on ongoing basis".

may changing, -- ubs research report noted apple board's ongoing discussions may progressing slightly. ubs's bob faulkner writes "we ... understand management has been soliciting opinions of large shareholders on subject [of paying dividend]." if true, significant shift in direction company.

said, apple has been growing sales , profits no other company in world. may feel that, adage goes, if ain't broke, don't fix it. perhaps board's ongoing discussions come sort of conclusion, no 1 should surprised if don't.

the full list of quotes , links earnings call transcripts available. transcripts courtesy seeking alpha.

article link: apple board has been "considering" dividends , buybacks since 2005

 

apple cfo peter oppenheimer on july 13, 2005:

quote

i don’t have change in our philosophy can share today. maintaining our cash flexibility invest in business , share buyback considered board time time.

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then-coo tim cook on april 20, 2006:

quote

regarding our use of cash, continuing conservative cash, despite of investments made quarter. we’re wanting retain flexibility invest in business. discuss board time time share buyback, don't have change in philosophy discuss today.

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oppenheimer on january 17, 2007:

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the stock buyback programs , other forms of returning cash shareholders reviewed senior management , board time time, our preference continues to maintain strong balance sheet in order preserve our ability make strategic investments or acquisitions.

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oppenheimer on april 25, 2007:

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i don't have change in our position share today. continue retain our cash our flexibility invest in business , discuss share buyback , other forms of returning cash shareholders board time time.

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oppenheimer on july 25, 2007:

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we still discuss board time time, don’t have change share today.

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oppenheimer on january 22, 2008:

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stock buy-back programs , other forms of returning cash discussed board time time our preference continues to maintain strong balance sheet in order preserve our flexibility make strategic investments and/or acquisitions.

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oppenheimer on april 23, 2008:

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no change announce today.

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oppenheimer on july 21, 2008:

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i don’t have change in our position share today.

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then-ceo steve jobs on october 21, 2008:

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you know, think economic downturn may present extraordinary opportunities companies have cash. think cash king , may more way, comfortable our cash position in bank , it’s not burning hole in our pocket.

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oppenheimer on january 21, 2009:

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there no new update shared last quarter.

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oppenheimer on april 23, 2009:

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no, nothing new announce today , continue careful how we’re investing cash , we’re focused on principal preservations.

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oppenheimer on january 25, 2010:

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we have told our philosophy on cash. don’t have change in philosophy share today nothing forever.

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jobs on october 18, 2010:

quote

we believe 1 or more strategic opportunities may come along we're in unique position take advantage of because of our strong cash position. , think we've demonstrated strong track record of being disciplined use of our cash. don't let burn hole in our pocket, don't allow motivate stupid acquisitions.

, think we'd continue keep our powder dry because feel there 1 or more strategic opportunities in future. that's biggest reason. , there other reasons go into. that's biggest one.

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newly appointed apple ceo tim cook on october 18, 2011:

quote

to date know, we've wanted maintain flexibility. think knows knows cash isn't burning hole in our pocket , we're not type of people silly things it. invest conservatively. if @ gary , team's track record, they've done phenomenal job in extremely difficult market last few years. we've taken money , done things in apple's best interest. example, we've acquired several companies. we've acquired ip know. we've invested in supply chain, , used money build out our stores , provide lot of new product tooling , like.

, believe we're doing cash, way we're -- cash spend we're doing extremely job of , we're frugal using , using in right places. said, i'm not religious holding cash or not holding it. i'm religious lot of things not one. , continually ask ourselves what's in apple's best interest , believe in apple's best interest. , it's topic board on ongoing basis, , we'll continue discuss it.

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oppenheimer during introductory remarks on january 24, 2012:

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we actively discussing uses of our cash balance , don't have specific announce today. in meantime, continue disciplined cash , not letting burn hole in our pockets.

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oppenheimer during q&a on january 24, 2012:

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we have discussed, internally management team , our board, our cash. recognize cash growing right reasons , characterize our discussions today active makes sense cash balance, don't have announce today.

[...]

when have announce ... announce it. want again actively discussing best uses of our cash balance.

[...]

we're examining uses of our cash balance, might in supply chain, can acquisition perspective , otherwise. since don't have perspective share today, on dividends or buybacks, other again, actively discussing cash balance. , in meantime, we're not letting burn hole in our pockets.

[...]

have done acquisitions tended smaller or medium-sized companies have great engineering , other talent, great start on product or technology we'd bring in apple, , including ip. , that's acquisitions we've done. tend several year. we're very, disciplined in how think , how it. , think our track record here has been strong.

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