Author

Jae Jun

mail questions or comments to: jjun0366@gmail.comwww.oldschoolvalue.com

Disclaimer

Nothing on Old School Value, related pages, emails, or other communications by the author, either written or oral, are intended to be arecommendation to either buy, hold, or sell any specific security or group of securities. Likewise, nothing herein should be construed as anendorsement of any financial adviser, investment manager, commercial information provider, transaction service, or brokerage firm.The findings from this spreadsheet is merely a start to a means of further research and uncovering a great business and investment. Old SchoolValue holds no responsibility for any investment whatsoever.

Quick Instructions

- Yellow highlighted fields are user input fields. Use these fields to override the default values without messing up formulas and accidently savingincorrect values-

Press F9 to start calculations.

Automatic formula calculations have been turned off in the excel menu to improve start speed and convenience.- Refer to the manual for trouble shooting issues. The manual contains every possible problem you will encounter or the problem is a variant of what Ihave written which is solved the same way. The solutions in the manual has been able to help everyone with a problem thus far.

http://www.oldschoolvalue.com/intrinsic-value-spreadsheets/installation-troubleshooting-guide/

Company NameTicker

Apple Inc

www.oldschoolvalue.com

AAPL

8/13/2009

Financial Statement figures in $Mil

Fiscal Ending Date2008/092007/092006/092005/092004/092003/092002/092001/092000/091999/09Data Loaded2008-10-222007-10-232006-10-192005-10-172004-10-142003-10-162002-10-172001-12-262000-10-201999-10-15

2008200720062005200420032002200120001999Income Statement

Revenues

Operating Revenue32,479.0$ 24,006.0$ 19,315.0$ 13,931.0$ 8,279.0$ 6,207.0$ 5,742.0$ 5,363.0$ 7,983.0$ 6,134.0$

Total Revenue

32,479.0$ 24,006.0$ 19,315.0$ 13,931.0$ 8,279.0$ 6,207.0$ 5,742.0$ 5,363.0$ 7,983.0$ 6,134.0$ Adjustments to Revenue-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Cost of Sales20,861.0$ 15,535.0$ 13,492.0$ 9,709.0$ 5,870.0$ 4,386.0$ 4,021.0$ 4,026.0$ 5,733.0$ 4,353.0$ Cost of Sales w/ Depreciation21,334.0$ 15,852.0$ 13,717.0$ 9,888.0$ 6,020.0$ 4,499.0$ 4,139.0$ 4,128.0$ 5,817.0$ 4,438.0$

COGS (%)65.7%66.0%71.0%71.0%72.7%72.5%72.1%77.0%72.9%72.4%

Gross Margin11,145.0$ 8,154.0$ 5,598.0$ 4,043.0$ 2,259.0$ 1,708.0$ 1,603.0$ 1,235.0$ 2,166.0$ 1,696.0$ Gross Operating Profit11,618.0$ 8,471.0$ 5,823.0$ 4,222.0$ 2,409.0$ 1,821.0$ 1,721.0$ 1,337.0$ 2,250.0$ 1,781.0$

Gross Profit (%)35.8%35.3%30.1%30.3%29.1%29.3%30.0%24.9%28.2%29.0%

Operating Expense

R&D Expense1,109.0$ 782.0$ 712.0$ 534.0$ 489.0$ 471.0$ 446.0$ 430.0$ 380.0$ 314.0$

R&D (%)3.4%3.3%3.7%3.8%5.9%7.6%7.8%8.0%4.8%5.1%

SG&A Expense3,761.0$ 2,963.0$ 2,433.0$ 1,859.0$ 1,421.0$ 1,212.0$ 1,111.0$ 1,138.0$ 1,166.0$ 996.0$

SG&A (%)11.6%12.3%12.6%13.3%17.2%19.5%19.3%21.2%14.6%16.2%

Advertising-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Operating Income6,275.0$ 4,409.0$ 2,453.0$ 1,650.0$ 326.0$ (1.0)$ 17.0$ (344.0)$ 522.0$ 359.0$

Operating Income (%)19.3%18.4%12.7%11.8%3.9%0.0%0.3%-6.4%6.5%5.9%

EBITDA6,748.0$ 4,726.0$ 2,678.0$ 1,829.0$ 499.0$ 138.0$ 164.0$ (231.0)$ 704.0$ 471.0$ Depreciation473.0$ 317.0$ 225.0$ 179.0$ 150.0$ 113.0$ 118.0$ 102.0$ 84.0$ 85.0$ Depreciation Unrecognised-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Amortization-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Amortization of Intangibles-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Operating Profit after Depreciation6,275.0$ 4,409.0$ 2,453.0$ 1,650.0$ 349.0$ 25.0$ 46.0$ (333.0)$ 620.0$ 386.0$

Other Income and Expense

Interest Income-$ 647.0$ 394.0$ 183.0$ 53.0$ 83.0$ 112.0$ 218.0$ 203.0$ 87.0$ Other Income Net620.0$ (48.0)$ (29.0)$ (18.0)$ 4.0$ 10.0$ (42.0)$ 90.0$ 367.0$ 230.0$ Other Special Charges-$ -$ -$ -$ -$ -$ 2.0$ -$ (98.0)$ -$ Special Income Charges-$ -$ -$ -$ (23.0)$ (26.0)$ (29.0)$ (11.0)$ (98.0)$ (27.0)$

EBIT

6,895.0$ 5,008.0$ 2,818.0$ 1,815.0$ 383.0$ 92.0$ 87.0$ (36.0)$ 1,092.0$ 676.0$ Interest Expense-$ -$ -$ -$ -$ -$ -$ 16.0$ -$ -$ Pre-Tax Income6,895.0$ 5,008.0$ 2,818.0$ 1,815.0$ 383.0$ 92.0$ 87.0$ (52.0)$ 1,092.0$ 676.0$ Income Taxes2,061.0$ 1,512.0$ 829.0$ 480.0$ 107.0$ 24.0$ 22.0$ (15.0)$ 306.0$ 75.0$

Net Income: Cont. Operations

4,834.0$ 3,496.0$ 1,989.0$ 1,335.0$ 276.0$ 68.0$ 65.0$ (37.0)$ 786.0$ 601.0$ Net Income: Disc Operations-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Other Gains/Losses-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Total Net Income4,834.0$ 3,496.0$ 1,989.0$ 1,335.0$ 276.0$ 69.0$ 65.0$ (25.0)$ 786.0$ 601.0$

Total Net Income (%)14.9%14.6%10.3%9.6%3.3%1.1%1.1%-0.5%9.8%9.8%

Dividends & EPS

Preferred Dividends-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Basic EPS5.5$ 4.0$ 2.4$ 1.7$ 0.4$ 0.1$ 0.1$ (0.0)$ 1.2$ 1.1$

Diluted EPS: Total

5.4$ 3.9$ 2.3$ 1.6$ 0.4$ 0.1$ 0.1$ (0.0)$ 1.1$ 0.9$ Diluted EPS: Dividends per Share-$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Shares Outstanding

Shares Out (Common Class Only)888.3872.3855.3835.0782.9733.5717.9701.8671.4643.2Preferred Shares0.00.00.00.00.00.00.00.00.10.2Basic Weighted Shares881.6864.6844.1808.4743.2721.3710.0691.2649.1572.6

Diluted Weighted Shares

902.1889.3877.5856.8774.6726.9723.6691.2720.6696.7

Assets

Cash & Equivalents

11,875.0$ 9,352.0$ 6,392.0$ 3,491.0$ 2,969.0$ 3,396.0$ 2,252.0$ 2,310.0$ 1,191.0$ 1,326.0$ Restricted Cash-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Marketable Securities12,615.0$ 6,034.0$ 3,718.0$ 4,770.0$ 2,495.0$ 1,170.0$ 2,085.0$ 2,026.0$ 786.0$ 601.0$ Accounts Receivable2,422.0$ 1,637.0$ 1,252.0$ 895.0$ 774.0$ 766.0$ 565.0$ 466.0$ 953.0$ 681.0$ Other Receivable2,282.0$ 2,392.0$ -$ -$ -$ -$ -$ -$ -$ -$

Receivables

4,704.0$ 4,029.0$ 1,252.0$ 895.0$ 774.0$ 766.0$ 565.0$ 466.0$ 953.0$ 681.0$

Inventories: Raw Materials

-$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Inventories: Work in Progress

-$ -$ -$ -$ -$ 4.0$ -$ -$ 2.0$ 3.0$

Inventories: Purchased Components

-$ -$ -$ -$ 1.0$ 2.0$ 9.0$ 1.0$ 1.0$ 4.0$

Inventories: Finished Goods

-$ -$ -$ -$ 100.0$ 50.0$ 36.0$ 10.0$ 30.0$ 13.0$

Inventories: Other

509.0$ 346.0$ 270.0$ 165.0$ -$ -$ -$ -$ -$ -$

Inventories -- Total

509.0$ 346.0$ 270.0$ 165.0$ 101.0$ 56.0$ 45.0$ 11.0$ 33.0$ 20.0$ Prepaid Expenses475.0$ 417.0$ -$ -$ -$ -$ -$ -$ -$ -$ Current Defered Income Taxes1,447.0$ 782.0$ 607.0$ 331.0$ 231.0$ 190.0$ 166.0$ 169.0$ 162.0$ 143.0$ Other Current Assets3,065.0$ 996.0$ 2,270.0$ 648.0$ 485.0$ 309.0$ 275.0$ 161.0$ 252.0$ 215.0$

Total Current Assets34,690.0$ 21,956.0$ 14,509.0$ 10,300.0$ 7,055.0$ 5,887.0$ 5,388.0$ 5,143.0$ 5,427.0$ 4,285.0$

Land And Improvements810.0$ 762.0$ 626.0$ 361.0$ 351.0$ 350.0$ 342.0$ 337.0$ 324.0$ 323.0$ Building And Improvements1,324.0$ 1,019.0$ 760.0$ 545.0$ 446.0$ 357.0$ 281.0$ 186.0$ -$ -$ Machinery, Furniture & Equipment1,613.0$ 1,060.0$ 689.0$ 575.0$ 501.0$ 467.0$ 250.0$ 245.0$ 245.0$ 281.0$ Construction in Progress-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Other Fixed Assets-$ -$ -$ -$ -$ -$ 184.0$ 156.0$ 131.0$ 125.0$

Total Fixed Assets

3,747.0$ 2,841.0$ 2,075.0$ 1,481.0$ 1,298.0$ 1,174.0$ 1,057.0$ 924.0$ 700.0$ 729.0$ Accumulated Depreciation1,292.0$ 1,009.0$ 794.0$ 664.0$ 591.0$ 505.0$ 436.0$ 360.0$ 387.0$ 411.0$ Net Fixed Assets2,455.0$ 1,832.0$ 1,281.0$ 817.0$ 707.0$ 669.0$ 621.0$ 564.0$ 313.0$ 318.0$

Intangibles

285.0$ 382.0$ 160.0$ 96.0$ 97.0$ 109.0$ 119.0$ -$ -$ -$ Other Long-Term Assets1,935.0$ 1,051.0$ 1,217.0$ 155.0$ 191.0$ 150.0$ 170.0$ 314.0$ 1,063.0$ 558.0$ Total Lonng-Term Assets4,882.0$ 3,391.0$ 2,696.0$ 1,251.0$ 995.0$ 928.0$ 910.0$ 878.0$ 1,376.0$ 876.0$

Total Assets39,572.0$ 25,347.0$ 17,205.0$ 11,551.0$ 8,050.0$ 6,815.0$ 6,298.0$ 6,021.0$ 6,803.0$ 5,161.0$

Liabilities & Equity

Accounts Payable5,520.0$ 4,970.0$ 3,390.0$ 1,779.0$ 1,451.0$ 1,154.0$ 911.0$ 801.0$ 1,157.0$ 812.0$ Notes Payable-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Short-Term Debt-$ -$ -$ -$ -$ 304.0$ -$ -$ -$ -$ Accrued Expenses8,572.0$ 1,260.0$ 1,191.0$ -$ 1,229.0$ 899.0$ 747.0$ 717.0$ 776.0$ 737.0$ Accrued Liabilities-$ -$ -$ 576.0$ -$ -$ -$ -$ -$ -$ Deferred Revenues-$ 1,410.0$ 746.0$ 501.0$ -$ -$ -$ -$ -$ -$ Current Deferred Income Taxes-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Other Current Liabilities-$ 3,391.0$ 1,144.0$ 628.0$ -$ -$ -$ -$ -$ -$

Total Current Liabilities

14,092.0$ 9,299.0$ 6,471.0$ 3,484.0$ 2,680.0$ 2,357.0$ 1,658.0$ 1,518.0$ 1,933.0$ 1,549.0$ Long-Term Debt-$ -$ -$ -$ -$ -$ 316.0$ 317.0$ 300.0$ 300.0$ Capital Lease Obligations-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Deferred Income Taxes675.0$ 619.0$ 381.0$ 601.0$ 294.0$ 235.0$ 229.0$ 266.0$ 463.0$ 208.0$ Other Non-Current Liabilities3,775.0$ 897.0$ 369.0$ -$ -$ -$ -$ -$ -$ -$ Total Non-Current Liabilities4,450.0$ 1,516.0$ 750.0$ 601.0$ 294.0$ 235.0$ 545.0$ 583.0$ 763.0$ 508.0$

Total Liabilities

18,542.0$ 10,815.0$ 7,221.0$ 4,085.0$ 2,974.0$ 2,592.0$ 2,203.0$ 2,101.0$ 2,696.0$ 2,057.0$ Preferred Stock Equity-$ -$ -$ -$ -$ -$ -$ -$ 76.0$ 150.0$ Common Stock Equity21,030.0$ 14,532.0$ 9,984.0$ 7,466.0$ 5,076.0$ 4,223.0$ 4,095.0$ 3,920.0$ 4,031.0$ 2,954.0$ Retained Earnings13,845.0$ 9,101.0$ 5,607.0$ 4,005.0$ 2,670.0$ 2,394.0$ 2,325.0$ 2,260.0$ 2,285.0$ 1,499.0$

Total Capitalization/Invested Capital

21,030.0$ 14,532.0$ 9,984.0$ 7,466.0$ 5,076.0$ 4,223.0$ 4,411.0$ 4,237.0$ 4,407.0$ 3,404.0$

Total Equity

21,030.0$ 14,532.0$ 9,984.0$ 7,466.0$ 5,076.0$ 4,223.0$ 4,095.0$ 3,920.0$ 4,107.0$ 3,104.0$

Total Liabilities & Stock Equity39,572.0$ 25,347.0$ 17,205.0$ 11,551.0$ 8,050.0$ 6,815.0$ 6,298.0$ 6,021.0$ 6,803.0$ 5,161.0$ Working Capital20,598.0$ 12,657.0$ 8,038.0$ 6,816.0$ 4,375.0$ 3,530.0$ 3,730.0$ 3,625.0$ 3,494.0$ 2,736.0$ Invested Capital21,030.0$ 14,532.0$ 9,984.0$ 7,466.0$ 5,076.0$ 4,223.0$ 4,411.0$ 4,237.0$ 4,407.0$ 3,404.0$ Cash Flow5,307.0$ 3,813.0$ 2,214.0$ 1,514.0$ 426.0$ 181.0$ 183.0$ 65.0$ 870.0$ 686.0$