Welcome to Scribd, the world's digital library. Read, publish, and share books and documents. See more
Download
Standard view
Full view
of .
Save to My Library
Look up keyword
Like this
5Activity
0 of .
Results for:
No results containing your search query
P. 1
AAPL Reverse Valuation with Old School Value

AAPL Reverse Valuation with Old School Value

Ratings: (0)|Views: 107 |Likes:
Published by Jae Jun
http://www.oldschoolvalue.com
Reverse valuation on AAPL with the Old School Value program.
http://www.oldschoolvalue.com
Reverse valuation on AAPL with the Old School Value program.

More info:

Categories:Business/Law
Published by: Jae Jun on Feb 19, 2013
Copyright:Attribution Non-commercial

Availability:

Read on Scribd mobile: iPhone, iPad and Android.
download as PDF, TXT or read online from Scribd
See more
See less

07/02/2013

pdf

text

original

 
Apple Inc.
(AAPL)
Figures in Millions except per share values
Company OverviewValuation
Current Price
460.16$
Margin of Safety
NCAV3.84$Total Net Reprod. Cost123.39$Earnings Power Value (EPV)442.94$Discounted Cash Flow (DCF)460.06$Katsenelson Absolute PE469.98$Ben Graham Formula461.28$
Key StatisticsCompany Stats
Mkt Cap ($M)432,117.85$Shares Outstanding939.1 52 Wk High705.07$Shares Float938.8 52 Wk Low435.00$Insider Ownership0.03% % off 52Wk Low5.8%Insider Transactions3.7% Institutional Ownersh64.1%
Cash Flows
Float Short2.0%
Free Cash Flow 
Short Ratio0.95 yr FCF Growth54.3%Piotroski (TTM)5 10 yr FCF Growth69.2% Altman (MRQ)5.3
Fundamental Ratios
20112012TTM
Beneish (TTM)-2.8P/E13.1714.6310.43
Effectiveness
P/E (cash adjusted)12.1613.939.48CROIC
Margins & Profitability
EV/EBITDA8.869.946.68Avg64.3%GrossEV/Free Cash Flow10.4914.038.55 FCF/SGross Margin41.9%P/S3.153.902.65 Avg25.3%OperatingP/BV4.465.173.42 ROAOperating Margin33.5%P/Tang BV4.675.363.55 Avg18.0%Net ProfitP/CF10.4612.018.38 ROENet Margin25.4%P/FCF11.3514.739.41 Avg27.7%ROE33.8%35.3%32.8%
Financial Strength (MRQ)
ROA22.3%23.7%21.3%
Efficiency
Current Ratio(MRQ)1.5ROIC41.0%38.1%37.6% Receivables Turnover (TTM)8.2Quick Ratio(MRQ)1.5CROIC48.2%38.2%42.3% Inventory Turnover (TTM)65.8LTD/Eq(MRQ)0.0Current Ratio1.611.501.54 Days Sales Outstanding (TTM)47.7Tot D/Eq(MRQ)0.0Total Debt/Equity Ratio0.520.490.54 Inventory Turnover 70.53112.1265.75 Apple Inc., together with subsidiaries, designs, manufactures, and markets mobilecommunication and media devices, personal computing products, and portable digitalmusic players worldwide. Its products and services include iPhone, a handheld productthat combines a mobile phone, an iPod, and an Internet communications device; iPad, amulti-purpose mobile device; desktop computers, such as iMac, Mac Pro, and Mac mini;portable computers, including MacBook Pro and MacBook Air; a line of iPod portabledigital music and media players; and iCloud, a cloud service. The company also offers arange of software products, including iOS and OS X operating system software; server software; iLife and iWork application software; and other application software consistingof Final Cut Pro, Logic Studio, Logic Pro, and its FileMaker Pro database software. Italso manufactures the Apple LED Cinema Display and Thunderbolt Display; sells avariety of Apple-branded and third-party Mac-compatible and iOS-compatible peripheralproducts, including printers, storage devices, computer memory, digital video and stillcameras and various other comutin roducts and sulies and Ale TV a deviceFebruary 18, 2013
Selected Financial Statements
 
0
1
2
34
5
Low RiskHigh GrowthUnder ValuedWell ManagedGood FinancialsStrong Moat
-100.0%-100.0%-3.9%0.0%2.1%0.2%
$0.00$100.00$200.00$300.00$400.00$500.00
$600.00$700.00$800.00
Feb-02Feb-04Feb-06Feb-08Feb-10Feb-12
Price vs Intrinsic Value
Stock PriceIntrinsic ValueBuy Price
(In Millions, Except per Share Amounts)
2008 2009 2010 2011 2012 TTM/Latest
Revenue32,479$ 42,905$ 65,225$ 108,249$ 156,508$ 164,687$ Gross Profit11,145$ 17,222$ 25,684$ 43,818$ 68,662$ 69,019$
Margin %34.31%40.14%39.38%40.48%43.87%41.91%
R&D1,109$ 1,333$ 1,782$ 2,429$ 3,381$ 3,633$
Margin %3.41%3.11%2.73%2.24%2.16%2.21%
Operating Income6,275$ 11,740$ 18,385$ 33,790$ 55,241$ 55,111$
Margin %19.32%27.36%28.19%31.22%35.30%33.46%
Net Income4,834$ 8,235$ 14,013$ 25,922$ 41,733$ 41,747$
Margin %14.88%19.19%21.48%23.95%26.67%25.35%
Earnings Per ShareBasic5.48$ 9.22$ 15.41$ 28.05$ 44.64$ 44.55$ Diluted5.36$ 9.08$ 15.15$ 27.68$ 44.15$ 44.10$ Weighted Average Diluted SharesOutstanding902.14907.01924.71936.65945.36947.22Dividends Per Share-$ -$ -$ -$ 2.63$ 5.26$ Dividend Yield0.00%0.00%0.00%0.00%0.41%1.14%Net Cash From Operating Activities9,596$ 10,159$ 18,595$ 37,529$ 50,856$ 56,728$
(Dollars in Millions)
Net Property, Plants & Equipment2,455$ 2,954$ 4,768$ 7,777$ 15,452$ 15,422$ Total Assets39,572$ 47,501$ 75,183$ 116,371$ 176,064$ 196,088$ Long-term Debt4,450$ 4,355$ 6,670$ 11,786$ 19,312$ 21,863$ Stockholders' Equity21,030$ 31,640$ 47,791$ 76,615$ 118,210$ 127,346$
 
Apple Inc.(AAPL)
Figures in Millions except per share values1000000
2003200420052006200720082009201020112012
Q1Q2Q3Q4Q1
TTM
Next Year Est
Income Statement987654321033210
Revenue6,207.0$ 8,279.0$ 13,931.0$ 19,315.0$ 24,006.0$ 32,479.0$ 42,905.0$ 65,225.0$ 108,249.0$ 156,508.0$ 46,333.0$ 39,186.0$ 35,023.0$ 35,966.0$ 54,512.0$ 164,687.0$
% change from prev year 
33.4%68.3%38.6%24.3%35.3%32.1%52.0%66.0%44.6%-15.4%-10.6%2.7%51.6%5.2%
Cost of Revenues4,499.0$ 6,020.0$ 9,888.0$ 13,717.0$ 15,852.0$ 21,334.0$ 25,683.0$ 39,541.0$ 64,431.0$ 87,846.0$ 25,630.0$ 20,622.0$ 20,029.0$ 21,565.0$ 33,452.0$ 95,668.0$
COGS (%)72.5%72.7%71.0%71.0%66.0%65.7%59.9%60.6%59.5%56.1%55.3%52.6%57.2%60.0%61.4%58.1%
Gross Profit1,708.0$ 2,259.0$ 4,043.0$ 5,598.0$ 8,154.0$ 11,145.0$ 17,222.0$ 25,684.0$ 43,818.0$ 68,662.0$ 20,703.0$ 18,564.0$ 14,994.0$ 14,401.0$ 21,060.0$ 69,019.0$
Gross Income (%)27.5%27.3%29.0%29.0%34.0%34.3%40.1%39.4%40.5%43.9%44.7%47.4%42.8%40.0%38.6%41.9%
Operating Expenses
Selling, General & Admin. Expenses1,212.0$ 1,421.0$ 1,859.0$ 2,433.0$ 2,963.0$ 3,761.0$ 4,149.0$ 5,517.0$ 7,599.0$ 10,040.0$ 2,605.0$ 2,339.0$ 2,545.0$ 2,551.0$ 2,840.0$ 10,275.0$
SG&A (%)19.5%17.2%13.3%12.6%12.3%11.6%9.7%8.5%7.0%6.4%5.6%6.0%7.3%7.1%5.2%6.2%
Research & Development471.0$ 489.0$ 534.0$ 712.0$ 782.0$ 1,109.0$ 1,333.0$ 1,782.0$ 2,429.0$ 3,381.0$ 758.0$ 841.0$ 876.0$ 906.0$ 1,010.0$ 3,633.0$
R&D (%)7.6%5.9%3.8%3.7%3.3%3.4%3.1%2.7%2.2%2.2%1.6%2.1%2.5%2.5%1.9%2.2%
EBITDA113.0$ 476.0$ 1,829.0$ 2,678.0$ 4,726.0$ 6,748.0$ 12,474.0$ 19,412.0$ 35,604.0$ 58,518.0$ 18,061.0$ 16,124.0$ 12,408.0$ 11,925.0$ 18,798.0$ 59,255.0$
EBITDA (%)1.8%5.7%13.1%13.9%19.7%20.8%29.1%29.8%32.9%37.4%39.0%41.1%35.4%33.2%34.5%36.0%
Other Special Charges-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Depreciation & Amortization113.0$ 150.0$ 179.0$ 225.0$ 317.0$ 473.0$ 734.0$ 1,027.0$ 1,814.0$ 3,277.0$ 721.0$ 740.0$ 835.0$ 981.0$ 1,588.0$ 4,144.0$
D&A (%)1.8%1.8%1.3%1.2%1.3%1.5%1.7%1.6%1.7%2.1%1.6%1.9%2.4%2.7%2.9%2.5%
Operating Income25.0$ 349.0$ 1,650.0$ 2,453.0$ 4,409.0$ 6,275.0$ 11,740.0$ 18,385.0$ 33,790.0$ 55,241.0$ 17,340.0$ 15,384.0$ 11,573.0$ 10,944.0$ 17,210.0$ 55,111.0$
Operating Income (%)0.4%4.2%11.8%12.7%18.4%19.3%27.4%28.2%31.2%35.3%37.4%39.3%33.0%30.4%31.6%33.5%
Other Income and Expense
EBIT92.0$ 383.0$ 1,815.0$ 2,818.0$ 5,008.0$ 6,895.0$ 12,066.0$ 18,540.0$ 34,205.0$ 55,763.0$ 17,477.0$ 15,532.0$ 11,861.0$ 10,893.0$ 17,672.0$ 55,958.0$
Interest Expense-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Interest Income83.0$ 53.0$ 183.0$ 394.0$ 647.0$ -$ 407.0$ 311.0$ 519.0$ 1,088.0$ -$ -$ -$ 1,088.0$ 421.0$ 1,509.0$ Other Income10.0$ 4.0$ (18.0)$ (29.0)$ (48.0)$ 620.0$ (81.0)$ (156.0)$ (104.0)$ (566.0)$ 137.0$ 148.0$ 288.0$ (1,139.0)$ 41.0$ (662.0)$ Total Other Income93.0$ 57.0$ 165.0$ 365.0$ 599.0$ 620.0$ 326.0$ 155.0$ 415.0$ 522.0$ 137.0$ 148.0$ 288.0$ (51.0)$ 462.0$ 847.0$
Income Before Taxes (EBT)92.0$ 383.0$ 1,815.0$ 2,818.0$ 5,008.0$ 6,895.0$ 12,066.0$ 18,540.0$ 34,205.0$ 55,763.0$ 17,477.0$ 15,532.0$ 11,861.0$ 10,893.0$ 17,672.0$ 55,958.0$
Income Taxes/(Credit)24.0$ 107.0$ 480.0$ 829.0$ 1,512.0$ 2,061.0$ 3,831.0$ 4,527.0$ 8,283.0$ 14,030.0$ 4,413.0$ 3,910.0$ 3,037.0$ 2,670.0$ 4,594.0$ 14,211.0$
Tax Rate %26.1%27.9%26.4%29.4%30.2%29.9%31.8%24.4%24.2%25.2%25.3%25.2%25.6%24.5%26.0%25.4%
Earnings After Taxes68.0$ 276.0$ 1,335.0$ 1,989.0$ 3,496.0$ 4,834.0$ 8,235.0$ 14,013.0$ 25,922.0$ 41,733.0$ 13,064.0$ 11,622.0$ 8,824.0$ 8,223.0$ 13,078.0$ 41,747.0$
Minority Interest Expense-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Net Income From Continuing Operations
68.0$ 276.0$ 1,335.0$ 1,989.0$ 3,496.0$ 4,834.0$ 8,235.0$ 14,013.0$ 25,922.0$ 41,733.0$ 13,064.0$ 11,622.0$ 8,824.0$ 8,223.0$ 13,078.0$ 41,747.0$ Net Income From Discontinued Operations-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Net Income From Total Operations69.0$ 276.0$ 1,335.0$ 1,989.0$ 3,496.0$ 4,834.0$ 8,235.0$ 14,013.0$ 25,922.0$ 41,733.0$ 13,064.0$ 11,622.0$ 8,824.0$ 8,223.0$ 13,078.0$ 41,747.0$
Net Income (%)1.1%3.3%9.6%10.3%14.6%14.9%19.2%21.5%23.9%26.7%28.2%29.7%25.2%22.9%24.0%25.3%
Shares and EPS
Total Basic EPS0.10$ 0.37$ 1.65$ 2.36$ 4.04$ 5.48$ 9.22$ 15.41$ 28.05$ 44.64$ 14.03$ 12.45$ 9.42$ 8.75$ 13.93$ 44.55$ Fully Diluted EPS0.10$ 0.36$ 1.56$ 2.27$ 3.93$ 5.36$ 9.08$ 15.15$ 27.68$ 44.15$ 13.87$ 12.30$ 9.32$ 8.67$ 13.81$ 44.10$ Dividends Paid Per Share-$ -$ -$ -$ -$ -$ -$ -$ -$ 2.65$ -$ -$ -$ 2.65$ 2.65$ 5.30$ Basic Shares Outstanding721.3743.2808.4844.1864.6881.6893.0909.5924.3934.8931.0933.6936.6934.8938.9939.1Diluted Shares Outstanding726.9774.6856.8877.5889.3902.1907.0924.7936.6945.4941.6944.9947.1945.4947.2947.2
User Defined Shares Outstanding
Balance SheetMRQ
Assets
Cash and Equiv3,396.0$ 2,969.0$ 3,491.0$ 6,392.0$ 9,352.0$ 11,875.0$ 5,263.0$ 11,261.0$ 9,815.0$ 10,746.0$ 10,310.0$ 10,121.0$ 7,945.0$ 10,746.0$ 16,154.0$ 16,154.0$ Short-Term Investments1,170.0$ 2,495.0$ 4,770.0$ 3,718.0$ 6,034.0$ 12,615.0$ 18,201.0$ 14,359.0$ 16,137.0$ 18,383.0$ 19,846.0$ 18,417.0$ 19,709.0$ 18,383.0$ 23,666.0$ 23,666.0$ Net Receivables766.0$ 774.0$ 895.0$ 1,252.0$ 4,029.0$ 4,704.0$ 5,057.0$ 9,924.0$ 11,717.0$ 18,692.0$ 16,484.0$ 13,769.0$ 14,298.0$ 18,692.0$ 21,534.0$ 21,534.0$
% change from prev year 
1.0%15.6%39.9%221.8%16.8%7.5%96.2%18.1%59.5%40.7%-26.3%3.8%30.7%15.2%15.2%
Inventories, raw materials-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Inventories, work in progress4.0$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Inventories, purchased components2.0$ 1.0$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Inventories, finished goods50.0$ 100.0$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Inventories, other-$ -$ 165.0$ 270.0$ 346.0$ 509.0$ 455.0$ 1,051.0$ 776.0$ 791.0$ 1,236.0$ 1,102.0$ 1,122.0$ 791.0$ 1,455.0$ 1,455.0$ Inventories56.0$ 101.0$ 165.0$ 270.0$ 346.0$ 509.0$ 455.0$ 1,051.0$ 776.0$ 791.0$ 1,236.0$ 1,102.0$ 1,122.0$ 791.0$ 1,455.0$ 1,455.0$
% change from prev year 
80.4%63.4%63.6%28.1%47.1%-10.6%131.0%-26.2%1.9%59.3%39.3%1.8%-29.5%83.9%83.9%
Prepaid Expenses-$ -$ -$ -$ 417.0$ 475.0$ 309.0$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Current Deferred Income Taxes190.0$ 231.0$ 331.0$ 607.0$ 782.0$ 1,447.0$ 1,135.0$ 1,636.0$ 2,014.0$ 2,583.0$ 1,937.0$ 2,253.0$ 2,309.0$ 2,583.0$ 2,895.0$ 2,895.0$ Other Current Assets309.0$ 485.0$ 648.0$ 2,270.0$ 996.0$ 3,065.0$ 1,135.0$ 3,447.0$ 4,529.0$ 6,458.0$ 4,958.0$ 5,050.0$ 6,560.0$ 6,458.0$ 6,644.0$ 6,644.0$
Total Current Assets5,887.0$ 7,055.0$ 10,300.0$ 14,509.0$ 21,956.0$ 34,690.0$ 31,555.0$ 41,678.0$ 44,988.0$ 57,653.0$ 54,771.0$ 50,712.0$ 51,943.0$ 57,653.0$ 72,348.0$ 72,348.0$
Land and Improvements350.0$ 351.0$ 361.0$ 626.0$ 762.0$ 810.0$ 955.0$ 1,471.0$ 2,059.0$ 2,439.0$ 2,090.0$ 2,156.0$ 2,315.0$ 2,439.0$ 2,627.0$ 2,627.0$ Building and Improvements357.0$ 446.0$ 545.0$ 760.0$ 1,019.0$ 1,324.0$ 1,665.0$ 2,030.0$ 2,599.0$ 3,464.0$ 2,742.0$ 2,930.0$ 3,086.0$ 3,464.0$ 3,593.0$ 3,593.0$ Machinery, Furniture & Equipment467.0$ 501.0$ 575.0$ 689.0$ 1,060.0$ 1,613.0$ 2,047.0$ 3,733.0$ 7,110.0$ 15,984.0$ 7,508.0$ 8,855.0$ 10,804.0$ 15,984.0$ 16,994.0$ 16,994.0$ Construction in Progress-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Other Fixed Assets-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Total Fixed Assets1,174.0$ 1,298.0$ 1,481.0$ 2,075.0$ 2,841.0$ 3,747.0$ 4,667.0$ 7,234.0$ 11,768.0$ 21,887.0$ 12,340.0$ 13,941.0$ 16,205.0$ 21,887.0$ 23,214.0$ 23,214.0$
Net Fixed Assets669.0$ 707.0$ 817.0$ 1,281.0$ 1,832.0$ 2,455.0$ 2,954.0$ 4,768.0$ 7,777.0$ 15,452.0$ 7,816.0$ 8,847.0$ 10,487.0$ 15,452.0$ 15,422.0$ 15,422.0$
Intangible Assets109.0$ 97.0$ 96.0$ 160.0$ 382.0$ 285.0$ 353.0$ 342.0$ 3,536.0$ 4,224.0$ 3,472.0$ 3,604.0$ 4,329.0$ 4,224.0$ 4,462.0$ 4,462.0$ Goodwill-$ -$ -$ 38.0$ 38.0$ 207.0$ 206.0$ 741.0$ 896.0$ 1,135.0$ 896.0$ 1,141.0$ 1,132.0$ 1,135.0$ 1,381.0$ 1,381.0$ Non Current Deferred Income Taxes-$ -$ 183.0$ -$ 88.0$ -$ 163.0$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Other Long-Term Assets150.0$ 191.0$ 155.0$ 1,217.0$ 1,051.0$ 1,935.0$ 12,270.0$ 27,654.0$ 59,174.0$ 97,600.0$ 71,726.0$ 86,630.0$ 95,005.0$ 97,600.0$ 102,475.0$ 102,475.0$ Total Long-Term Assets928.0$ 995.0$ 1,251.0$ 2,696.0$ 3,391.0$ 4,882.0$ 15,946.0$ 33,505.0$ 71,383.0$ 118,411.0$ 83,910.0$ 100,222.0$ 110,953.0$ 118,411.0$ 123,740.0$ 123,740.0$
Total Assets6,815.0$ 8,050.0$ 11,551.0$ 17,205.0$ 25,347.0$ 39,572.0$ 47,501.0$ 75,183.0$ 116,371.0$ 176,064.0$ 138,681.0$ 150,934.0$ 162,896.0$ 176,064.0$ 196,088.0$ 196,088.0$
Liabilities & Stockholders' Equity
 Accounts payable1,154.0$ 1,451.0$ 1,779.0$ 3,390.0$ 4,970.0$ 5,520.0$ 5,601.0$ 12,015.0$ 14,632.0$ 21,175.0$ 18,221.0$ 17,011.0$ 16,808.0$ 21,175.0$ 26,398.0$ 26,398.0$ Short-Term Debt304.0$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Taxes Payable-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$  Accrued Expenses899.0$ 1,229.0$ -$ 1,191.0$ 1,260.0$ 8,572.0$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$  Accrued Liabilities-$ -$ 576.0$ -$ -$ -$ 3,422.0$ 1,593.0$ 8,107.0$ 9,879.0$ 7,435.0$ 6,733.0$ 8,832.0$ 9,879.0$ 11,214.0$ 11,214.0$ Deferred Revenues-$ -$ 501.0$ 746.0$ 1,410.0$ -$ 2,053.0$ 2,984.0$ 4,091.0$ 5,953.0$ 6,431.0$ 6,993.0$ 5,822.0$ 5,953.0$ 7,274.0$ 7,274.0$ Current Deferred Income Taxes-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Other Current Liabilities-$ -$ 628.0$ 1,144.0$ 1,659.0$ -$ 430.0$ 4,130.0$ 1,140.0$ 1,535.0$ 2,520.0$ 1,299.0$ 1,598.0$ 1,535.0$ 1,993.0$ 1,993.0$
Total Current Liabilities2,357.0$ 2,680.0$ 3,484.0$ 6,471.0$ 9,299.0$ 14,092.0$ 11,506.0$ 20,722.0$ 27,970.0$ 38,542.0$ 34,607.0$ 32,036.0$ 33,060.0$ 38,542.0$ 46,879.0$ 46,879.0$
Long-Term Debt-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Other Liabilities-$ -$ -$ 369.0$ 897.0$ 3,775.0$ 2,139.0$ 2,370.0$ 11,786.0$ 19,312.0$ 14,020.0$ 16,400.0$ 18,090.0$ 19,312.0$ 21,863.0$ 21,863.0$ Deferred Income Taxes235.0$ 294.0$ 601.0$ 381.0$ 619.0$ 675.0$ 2,216.0$ 4,300.0$ -$ -$ -$ -$ -$ -$ -$ -$
Total Long-Term Liabilities235.0$ 294.0$ 601.0$ 750.0$ 1,516.0$ 4,450.0$ 4,355.0$ 6,670.0$ 11,786.0$ 19,312.0$ 14,020.0$ 16,400.0$ 18,090.0$ 19,312.0$ 21,863.0$ 21,863.0$ Total Liabilities2,592.0$ 2,974.0$ 4,085.0$ 7,221.0$ 10,815.0$ 18,542.0$ 15,861.0$ 27,392.0$ 39,756.0$ 57,854.0$ 48,627.0$ 48,436.0$ 51,150.0$ 57,854.0$ 68,742.0$ 68,742.0$
Retained Earnings2,394.0$ 2,670.0$ 4,005.0$ 5,607.0$ 9,101.0$ 13,845.0$ 23,353.0$ 37,169.0$ 62,841.0$ 101,289.0$ 75,709.0$ 87,124.0$ 95,641.0$ 101,289.0$ 109,567.0$ 109,567.0$ Preferred Equity-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Total Equity4,223.0$ 5,076.0$ 7,466.0$ 9,984.0$ 14,532.0$ 21,030.0$ 31,640.0$ 47,791.0$ 76,615.0$ 118,210.0$ 90,054.0$ 102,498.0$ 111,746.0$ 118,210.0$ 127,346.0$ 127,346.0$ Total Liabilities & Equity6,815.0$ 8,050.0$ 11,551.0$ 17,205.0$ 25,347.0$ 39,572.0$ 47,501.0$ 75,183.0$ 116,371.0$ 176,064.0$ 138,681.0$ 150,934.0$ 162,896.0$ 176,064.0$ 196,088.0$ 196,088.0$
Cash Flows Statement
TTMCash Flows From Operating Activities
Net Income69.0$ 276.0$ 1,335.0$ 1,989.0$ 3,496.0$ 4,834.0$ 8,235.0$ 14,013.0$ 25,922.0$ 41,733.0$ 13,064.0$ 24,686.0$ 33,510.0$ 41,733.0$ 13,078.0$ 41,747.0$ Depreciation & Amortization113.0$ 150.0$ 179.0$ 225.0$ 317.0$ 473.0$ 734.0$ 1,027.0$ 1,814.0$ 3,277.0$ 721.0$ 1,461.0$ 2,296.0$ 3,277.0$ 1,588.0$ 4,144.0$ Deferred Income Taxes(11.0)$ 20.0$ 52.0$ 53.0$ 78.0$ (368.0)$ 1,040.0$ 1,440.0$ 2,868.0$ 4,405.0$ 1,456.0$ 2,915.0$ 4,066.0$ 4,405.0$ 1,179.0$ 4,128.0$ Operating Gains(8.0)$ 40.0$ 504.0$ 11.0$ 12.0$ 22.0$ 26.0$ 24.0$ -$ -$ -$ -$ -$ -$ -$ -$ Extraordinary Gains-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ (Incr) Decr. in Receivables(201.0)$ (8.0)$ (121.0)$ (357.0)$ (385.0)$ (785.0)$ (939.0)$ (4,860.0)$ (1,791.0)$ (6,965.0)$ (4,767.0)$ (2,042.0)$ (2,571.0)$ (6,965.0)$ (2,842.0)$ (5,040.0)$ (Incr) Decr. in Inventories(11.0)$ (45.0)$ (64.0)$ (105.0)$ (76.0)$ (163.0)$ 54.0$ (596.0)$ 275.0$ (15.0)$ (460.0)$ (326.0)$ (346.0)$ (15.0)$ (664.0)$ (219.0)$ (Incr) Decr. in Prepaid Expenses-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ (Incr) Decr. in Other Current Assets(64.0)$ (215.0)$ (211.0)$ (1,626.0)$ (1,540.0)$ (1,958.0)$ 749.0$ (1,514.0)$ -$ -$ -$ -$ -$ -$ -$ -$ Decr. (Incr) in payables243.0$ 297.0$ 328.0$ 1,611.0$ 1,494.0$ 596.0$ 92.0$ 6,307.0$ 2,515.0$ 4,467.0$ 4,314.0$ 2,809.0$ 2,450.0$ 4,467.0$ 6,145.0$ 6,298.0$ Decr. (Incr) in Other Current Liabilities159.0$ 419.0$ 533.0$ -$ -$ 5,642.0$ 521.0$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Decr. (Incr) in Other Working Capital-$ -$ -$ 256.0$ 1,832.0$ 787.0$ (1,063.0)$ 1,875.0$ 4,758.0$ 2,214.0$ 2,806.0$ 1,184.0$ 1,023.0$ 2,214.0$ 4,397.0$ 3,805.0$ Other Non Cash Items-$ -$ -$ 163.0$ 242.0$ 516.0$ 710.0$ 879.0$ 1,168.0$ 1,740.0$ 420.0$ 844.0$ 1,292.0$ 1,740.0$ 545.0$ 1,865.0$
Net Cash From Operating Activities289.0$ 934.0$ 2,535.0$ 2,220.0$ 5,470.0$ 9,596.0$ 10,159.0$ 18,595.0$ 37,529.0$ 50,856.0$ 17,554.0$ 31,531.0$ 41,720.0$ 50,856.0$ 23,426.0$ 56,728.0$
Cash Flows From Investing Activities
Sale of Long-term Investments45.0$ 5.0$ -$ -$ -$ -$ -$ -$ -$ 99,770.0$ -$ -$ 73,140.0$ 99,770.0$ -$ 99,770.0$ Sale of Short-term Investments-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Capital Expenditures(164.0)$ (176.0)$ (260.0)$ (657.0)$ (986.0)$ (1,199.0)$ (1,213.0)$ (2,121.0)$ (7,452.0)$ (9,402.0)$ (1,429.0)$ (2,938.0)$ (5,901.0)$ (9,402.0)$ (2,455.0)$ (10,428.0)$  Acquisitions-$ -$ -$ -$ -$ (220.0)$ -$ (638.0)$ (244.0)$ (350.0)$ -$ (350.0)$ (350.0)$ (350.0)$ (284.0)$ (634.0)$ Sale of Assets-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Purchase of Long-term Investments-$ -$ -$ (25.0)$ (17.0)$ (38.0)$ (101.0)$ (18.0)$ -$ (151,232.0)$ -$ -$ (121,091.0)$ (151,232.0)$ -$ (151,232.0)$ Purchase of Short-term Investments(2,648.0)$ (3,270.0)$ (11,470.0)$ (7,255.0)$ (11,719.0)$ (22,965.0)$ (46,724.0)$ (57,793.0)$ (102,317.0)$ -$ (40,175.0)$ (85,022.0)$ -$ -$ (37,192.0)$ 2,983.0$ Other Investing Changes, Net33.0$ 11.0$ (21.0)$ (18.0)$ 49.0$ (10.0)$ (74.0)$ (2.0)$ (259.0)$ (48.0)$ (34.0)$ (48.0)$ (56.0)$ (48.0)$ (52.0)$ (66.0)$
Net Cash From Investing Activities828.0$ (1,488.0)$ (2,556.0)$ 357.0$ (3,249.0)$ (8,189.0)$ (17,434.0)$ (13,854.0)$ (40,419.0)$ (48,227.0)$ (17,128.0)$ (31,604.0)$ (43,914.0)$ (48,227.0)$ (13,521.0)$ (44,620.0)$
Cash Flows From Financing Activities
Issuance of Capital Stock53.0$ 427.0$ 543.0$ 318.0$ 365.0$ 483.0$ 475.0$ 912.0$ 831.0$ 665.0$ 91.0$ 377.0$ 433.0$ 665.0$ 76.0$ 650.0$ Repurchase of Capital Stock(26.0)$ -$ -$ (355.0)$ (3.0)$ (124.0)$ -$ -$ -$ -$ -$ -$ -$ -$ (1,950.0)$ (1,950.0)$ Net Issuance of Stock27.0$ 427.0$ 543.0$ (37.0)$ 362.0$ 359.0$ 475.0$ 912.0$ 831.0$ 665.0$ 91.0$ 377.0$ 433.0$ 665.0$ (1,874.0)$ (1,300.0)$ Issuance of Debt-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Repayment of Debt-$ (300.0)$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Net Issuance of Debt-$ (300.0)$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Dividends Paid-$ -$ -$ -$ -$ -$ -$ -$ -$ (2,488.0)$ -$ -$ -$ (2,488.0)$ (2,493.0)$ (4,981.0)$
Cash from Financing27.0$ 127.0$ 543.0$ 324.0$ 739.0$ 1,116.0$ 663.0$ 1,257.0$ 1,444.0$ (1,698.0)$ 69.0$ 379.0$ 324.0$ (1,698.0)$ (4,497.0)$ (6,264.0)$
Cash at Beginning of the Period2,252.0$ 3,396.0$ 2,969.0$ 3,491.0$ 6,392.0$ 9,352.0$ 11,875.0$ 5,263.0$ 11,261.0$ 9,815.0$ 9,815.0$ 9,815.0$ 9,815.0$ 9,815.0$ 10,746.0$ 10,746.0$ Cash at End of the Period3,396.0$ 2,969.0$ 3,491.0$ 6,392.0$ 9,352.0$ 11,875.0$ 5,263.0$ 11,261.0$ 9,815.0$ 10,746.0$ 10,310.0$ 10,121.0$ 7,945.0$ 10,746.0$ 16,154.0$ 16,590.0$ Change in Cash1,144.0$ (427.0)$ 522.0$ 2,901.0$ 2,960.0$ 2,523.0$ (6,612.0)$ 5,998.0$ (1,446.0)$ 931.0$ 495.0$ 306.0$ (1,870.0)$ 931.0$ 5,408.0$ 5,844.0$
Free Cash Flow
Cash from Operations289.0$ 934.0$ 2,535.0$ 2,220.0$ 5,470.0$ 9,596.0$ 10,159.0$ 18,595.0$ 37,529.0$ 50,856.0$ 17,554.0$ 31,531.0$ 41,720.0$ 50,856.0$ 23,426.0$ 56,728.0$ Cap Ex164.0$ 176.0$ 260.0$ 657.0$ 986.0$ 1,199.0$ 1,213.0$ 2,121.0$ 7,452.0$ 9,402.0$ 1,429.0$ 2,938.0$ 5,901.0$ 9,402.0$ 2,455.0$ 10,428.0$
Free Cash Flow125.0$ 758.0$ 2,275.0$ 1,563.0$ 4,484.0$ 8,397.0$ 8,946.0$ 16,474.0$ 30,077.0$ 41,454.0$ 16,125.0$ 28,593.0$ 35,819.0$ 41,454.0$ 20,971.0$ 46,300.0$ Owner Earnings FCF(108.0)$ (198.0)$ 789.0$ 1,941.0$ 1,744.0$ 505.0$ 9,052.0$ 12,586.0$ 15,695.0$ 37,647.0$ 10,883.0$ 22,428.0$ 30,641.0$ 37,647.0$ 5,720.0$ 32,484.0$
User Defined
2/18/2013
Enter Ticker
RefreshCLEAR
 
Apple Inc.(AAPL)
2003200420052006200720082009201020112012
Q2Q3Q4Q1
TTM
Income Statement
Revenue100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%
Cost of Revenues72.5%72.7%71.0%71.0%66.0%65.7%59.9%60.6%59.5%56.1%52.6%57.2%60.0%61.4%58.1%
Gross Profit27.5%27.3%29.0%29.0%34.0%34.3%40.1%39.4%40.5%43.9%47.4%42.8%40.0%38.6%41.9%
Operating Expenses
Selling, General & Admin. Expenses19.5%17.2%13.3%12.6%12.3%11.6%9.7%8.5%7.0%6.4%6.0%7.3%7.1%5.2%6.2% Research & Development7.6%5.9%3.8%3.7%3.3%3.4%3.1%2.7%2.2%2.2%2.1%2.5%2.5%1.9%2.2% EBITDA1.8%5.7%13.1%13.9%19.7%20.8%29.1%29.8%32.9%37.4%41.1%35.4%33.2%34.5%36.0% Other Special Charges0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0% Depreciation & Amortization1.8%1.8%1.3%1.2%1.3%1.5%1.7%1.6%1.7%2.1%1.9%2.4%2.7%2.9%2.5%
Operating Income0.4%4.2%11.8%12.7%18.4%19.3%27.4%28.2%31.2%35.3%39.3%33.0%30.4%31.6%33.5%
Other Income and Expense
Interest Expense0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Other Income0.2%0.0%-0.1%-0.2%-0.2%1.9%-0.2%-0.2%-0.1%-0.4%0.4%0.8%-3.2%0.1%-0.4%
Earnings Before Taxes
1.5%4.6%13.0%14.6%20.9%21.2%28.1%28.4%31.6%35.6%39.6%33.9%30.3%32.4%34.0% Income Taxes/(Credit)0.4%1.3%3.4%4.3%6.3%6.3%8.9%6.9%7.7%9.0%10.0%8.7%7.4%8.4%8.6%
Earnings After Taxes
1.1%3.3%9.6%10.3%14.6%14.9%19.2%21.5%23.9%26.7%29.7%25.2%22.9%24.0%25.3% Minority Interest0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Net Income From ContinuingOperations
1.1%3.3%9.6%10.3%14.6%14.9%19.2%21.5%23.9%26.7%29.7%25.2%22.9%24.0%25.3% Net Income From DiscontinuedOperations0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Net Income From Total Operations1.1%3.3%9.6%10.3%14.6%14.9%19.2%21.5%23.9%26.7%29.7%25.2%22.9%24.0%25.3%
Balance Sheet
MRQ
Assets
Cash & Equivalents49.8%36.9%30.2%37.2%36.9%30.0%11.1%15.0%8.4%6.1%6.7%4.9%6.1%8.2%8.2% Short-Term Investments17.2%31.0%41.3%21.6%23.8%31.9%38.3%19.1%13.9%10.4%12.2%12.1%10.4%12.1%12.1% Net Receivables11.2%9.6%7.7%7.3%15.9%11.9%10.6%13.2%10.1%10.6%9.1%8.8%10.6%11.0%11.0% Inventories0.8%1.3%1.4%1.6%1.4%1.3%1.0%1.4%0.7%0.4%0.7%0.7%0.4%0.7%0.7% Other Current Assets4.5%6.0%5.6%13.2%3.9%7.7%2.4%4.6%3.9%3.7%3.3%4.0%3.7%3.4%3.4%
Total Current Assets86.4%87.6%89.2%84.3%86.6%87.7%66.4%55.4%38.7%32.7%33.6%31.9%32.7%36.9%36.9%
Fixed Assets9.8%8.8%7.1%7.4%7.2%6.2%6.2%6.3%6.7%8.8%5.9%6.4%8.8%7.9%7.9% Intangible Assets1.6%1.2%0.8%0.9%1.5%0.7%0.7%0.5%3.0%2.4%2.4%2.7%2.4%2.3%2.3% Other Long-Term Assets2.2%2.4%1.3%7.1%4.1%4.9%25.8%36.8%50.8%55.4%57.4%58.3%55.4%52.3%52.3% Total Long-Term Assets13.6%12.4%10.8%15.7%13.4%12.3%33.6%44.6%61.3%67.3%66.4%68.1%67.3%63.1%63.1%
Total Assets100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%
Liabilities & Stockholders' Equity
 Accounts payable16.9%18.0%15.4%19.7%19.6%13.9%11.8%16.0%12.6%12.0%11.3%10.3%12.0%13.5%13.5% Short-Term Debt4.5%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0% Taxes Payable0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0% Accrued Liabilities0.0%0.0%5.0%0.0%0.0%0.0%7.2%2.1%7.0%5.6%4.5%5.4%5.6%5.7%5.7% Other Current Liabilities0.0%0.0%5.4%6.6%6.5%0.0%0.9%5.5%1.0%0.9%0.9%1.0%0.9%1.0%1.0%
Total Current Liabilities34.6%33.3%30.2%37.6%36.7%35.6%24.2%27.6%24.0%21.9%21.2%20.3%21.9%23.9%23.9%
Long-Term Debt0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Other Liabilities0.0%0.0%0.0%2.1%3.5%9.5%4.5%3.2%10.1%11.0%10.9%11.1%11.0%11.1%11.1% Deferred Income Taxes3.4%3.7%5.2%2.2%2.4%1.7%4.7%5.7%0.0%0.0%0.0%0.0%0.0%0.0%0.0% Total Long-Term Liabilities3.4%3.7%5.2%4.4%6.0%11.2%9.2%8.9%10.1%11.0%10.9%11.1%11.0%11.1%11.1%
Total Liabilities38.0%36.9%35.4%42.0%42.7%46.9%33.4%36.4%34.2%32.9%32.1%31.4%32.9%35.1%35.1%
Retained Earnings35.1%33.2%34.7%32.6%35.9%35.0%49.2%49.4%54.0%57.5%57.7%58.7%57.5%55.9%55.9% Preferred Equity0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Total Equity62.0%63.1%64.6%58.0%57.3%53.1%66.6%63.6%65.8%67.1%67.9%68.6%67.1%64.9%64.9% Total Liabilities & Equity100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%
Cash Flows Statement
TTM
Cash Flows From Operating Activities
Net Income23.9%29.6%52.7%89.6%63.9%50.4%81.1%75.4%69.1%82.1%78.3%80.3%82.1%55.8%73.6% Depreciation & Amortization39.1%16.1%7.1%10.1%5.8%4.9%7.2%5.5%4.8%6.4%4.6%5.5%6.4%6.8%7.3% Deferred Taxes-3.8%2.1%2.1%2.4%1.4%-3.8%10.2%7.7%7.6%8.7%9.2%9.7%8.7%5.0%7.3% Other 0.0%0.0%0.0%7.3%4.4%5.4%7.0%4.7%3.1%3.4%2.7%3.1%3.4%2.3%3.3%
Net Cash From Operating Activities100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%
Cash Flows From Investing Activities
Capital Expenditures-19.8%11.8%10.2%-184.0%30.3%14.6%7.0%15.3%18.4%19.5%9.3%13.4%19.5%18.2%23.4% Acquisitions0.0%0.0%0.0%0.0%0.0%2.7%0.0%4.6%0.6%0.7%1.1%0.8%0.7%2.1%1.4% Sale of Assets0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Net Cash From Investing Activities100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%
Cash Flows From Financing Activities
Issuance of Capital Stock196.3%336.2%100.0%98.1%49.4%43.3%71.6%72.6%57.5%-39.2%99.5%133.6%-39.2%-1.7%-10.4% Repurchase of Capital Stock-96.3%0.0%0.0%-109.6%-0.4%-11.1%0.0%0.0%0.0%0.0%0.0%0.0%0.0%43.4%31.1% Net Issuance of Stock100.0%336.2%100.0%-11.4%49.0%32.2%71.6%72.6%57.5%-39.2%99.5%133.6%-39.2%41.7%20.8% Issuance of Debt0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0% Repayment of Debt0.0%-236.2%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Net Issuance of Debt0.0%-236.2%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0% Dividends Paid0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%146.5%0.0%0.0%146.5%55.4%79.5%
Cash from Financing100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%
2/18/2013
Enter Ticker
Refresh

You're Reading a Free Preview

Download
/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->