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02 13 Fix BS Problem 3 After
02 13 Fix BS Problem 3 After
- Financial Statements
($ in Millions, Except Per Share Amounts in Dollars and Share Counts in Thousands)
Operating Assumptions
Company Name: Apple Inc. Last Historical Year: 2009 Days in Year: 360
Debt Issue Date: 2010 Debt Amount: $1,000
Historical Projections
FY 2007 FY 2008 FY 2009 FY 2010E FY 2011E FY 2012E FY 2013E FY 2014E
Revenue Growth %: 27.2% 52.5% 14.4% 25.0% 17.0% 11.0% 9.0% 7.0%
COGS % Revenue: 66.2% 64.1% 59.0% 59.0% 59.0% 59.0% 59.0% 59.0%
R&D % Revenue: 2.4% 2.0% 1.9% 1.9% 1.9% 1.9% 1.9% 1.9%
SG&A % Revenue: 11.1% 8.9% 8.3% 8.3% 8.3% 8.3% 8.3% 8.3%
Stock-Based Compensation % Revenue: 1.0% 1.4% 1.7% 1.7% 1.7% 1.7% 1.7% 1.7%
Depreciation & Amortization % Revenue: 1.3% 1.3% 1.7% 1.7% 1.7% 1.7% 1.7% 1.7%
Effective Cash Interest Rate: 5.3% 3.4% 1.4% 1.0% 1.0% 2.0% 2.0% 3.0%
Debt Interest Rate: 0.0% 0.0% 0.0% 9.0% 9.0% 9.0% 9.0% 9.0%
Effective Tax Rate: 30.2% 31.6% 31.8% 30.0% 30.0% 30.0% 30.0% 30.0%
Accounts Receivable % Revenue: 6.5% 7.8% 7.8% 7.8% 7.8% 7.8% 7.8%
Accounts Receivable Days: 23.3 28.2 28.2 28.2 28.2 28.2 28.2
Inventory % COGS: 2.1% 1.8% 1.8% 1.8% 1.8% 1.8% 1.8%
Amortization of Intangibles: $40 $37 $28 $13 $10
Accounts Payable % COGS: 23.0% 22.1% 22.1% 22.1% 22.1% 22.1% 22.1%
Accounts Payable Days: 82.6 79.6 79.6 79.6 79.6 79.6 79.6
Accrued Expenses % Operating Expenses: 102.9% 87.6% 87.6% 87.6% 87.6% 87.6% 87.6%
Short-Term Deferred Revenue % Revenue: 4.3% 4.8% 4.8% 4.8% 4.8% 4.8% 4.8%
Long-Term Deferred Revenue % Revenue: 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%
CapEx % Revenue: 3.0% 2.9% 2.7% 2.7% 2.7% 2.7% 2.7% 2.7%
Income Statement
FY 2007 FY 2008 FY 2009 FY 2010E FY 2011E FY 2012E FY 2013E FY 2014E
Depreciation & Amortization of PP&E: $327 $496 $734 $917 $1,073 $1,192 $1,299 $1,390
Amortization of Intangibles: $0 $0 $0 $40 $37 $28 $13 $10
Stock-Based Compensation: $242 $516 $710 $888 $1,038 $1,153 $1,256 $1,344
Operating Income: $4,407 $8,327 $11,740 $14,635 $17,133 $19,030 $20,761 $22,218
Interest Income: $647 $653 $407 $424 $568 $1,443 $1,780 $3,223
Interest Expense: $0 $0 $0 ($45) ($90) ($90) ($90) ($90)
Other Income & Expense: ($48) ($33) ($81) $0 $0 $0 $0 $0
Pre-Tax Income: $5,006 $8,947 $12,066 $15,014 $17,610 $20,383 $22,450 $25,351
Income Tax Provision: $1,511 $2,828 $3,831 $4,504 $5,283 $6,115 $6,735 $7,605
Net Income: $3,495 $6,119 $8,235 $10,510 $12,327 $14,268 $15,715 $17,746
Earnings Per Share: $3.93 $6.78 $9.08 $11.59 $13.59 $15.73 $17.33 $19.56
Diluted Shares Outstanding: 889,292 902,139 907,005 907,005 907,005 907,005 907,005 907,005
Balance Sheet
FY 2008 FY 2009 FY 2010E FY 2011E FY 2012E FY 2013E FY 2014E
Assets:
Current Assets:
Cash & Cash-Equivalents: $11,875 $6,559 $20,620 $35,238 $51,396 $68,903 $88,285
Short-Term Securities: $10,236 $26,282 $26,282 $26,282 $26,282 $26,282 $26,282
Accounts Receivable: $2,422 $3,361 $4,201 $4,915 $5,456 $5,947 $6,364
Inventory: $509 $455 $569 $665 $739 $805 $861
Deferred Tax Assets: $1,044 $4 $4 $4 $4 $4 $4
Other Current Assets: $3,920 $3,140 $3,140 $3,140 $3,140 $3,140 $3,140
Total Current Assets: $30,006 $39,801 $54,816 $70,245 $87,017 $105,082 $124,936
Long-Term Assets:
Long-Term Securities: $2,379 $2,554 $2,554 $2,554 $2,554 $2,554 $2,554
Plants, Property & Equipment: $2,455 $2,839 $3,352 $3,951 $4,617 $5,342 $6,118
Goodwill: $207 $207 $207 $207 $207 $207 $207
Other Intangible Assets: $285 $354 $314 $277 $249 $236 $226
Other Assets: $839 $2,011 $2,011 $2,011 $2,011 $2,011 $2,011
Total Assets: $36,171 $47,766 $63,253 $79,245 $96,654 $115,432 $136,052
Long-Term Liabilities:
Deferred Revenue: $768 $853 $1,066 $1,248 $1,385 $1,509 $1,615
Long-Term Debt: $0 $0 $1,000 $1,000 $1,000 $1,000 $1,000
Other Long-Term Liabilities: $1,745 $3,502 $3,502 $3,502 $3,502 $3,502 $3,502
Total Liabilities: $13,874 $15,861 $19,951 $22,577 $24,565 $26,371 $27,902
Shareholders' Equity:
Common Stock: $7,177 $7,177 $7,177 $7,177 $7,177 $7,177 $7,177
Additional Paid-In Capital: $0 $1,185 $2,073 $3,111 $4,263 $5,520 $6,864
Treasury Stock: $0 $0 $0 $0 $0 $0 $0
Retained Earnings: $15,129 $23,364 $33,874 $46,201 $60,470 $76,185 $93,930
Accumulated Other Comprehensive Income: ($9) $179 $179 $179 $179 $179 $179
Total Shareholders' Equity: $22,297 $31,905 $43,302 $56,668 $72,089 $89,061 $108,151
Total Liabilities & SE: $36,171 $47,766 $63,253 $79,245 $96,654 $115,432 $136,052
BALANCE CHECK: $0 $0 $0 $0 $0 $0 $0
Investing Activities:
Purchases of Securities: ($11,719) ($22,965) ($46,724) $0 $0 $0 $0 $0
Proceeds from Maturities & Sales: $9,424 $16,243 $30,678 $0 $0 $0 $0 $0
Purchases of LT Investments: ($17) ($38) ($101) $0 $0 $0 $0 $0
Capital Expenditures: ($735) ($1,091) ($1,144) ($1,430) ($1,673) ($1,857) ($2,024) ($2,166)
Acquisition of Intangibles: ($251) ($108) ($69) $0 $0 $0 $0 $0
Other: $49 ($230) ($74) $0 $0 $0 $0 $0
Cash Flow from Investing: ($3,249) ($8,189) ($17,434) ($1,430) ($1,673) ($1,857) ($2,024) ($2,166)
Financing Activities:
Proceeds from Common Stock: $365 $483 $475 $0 $0 $0 $0 $0
Common Stock Repurchased: $0 $0 $0 $0 $0 $0 $0 $0
Dividends Issued: $0 $0 $0 $0 $0 $0 $0 $0
Tax Benefits from Stock-Based Comp: $377 $757 $270 $0 $0 $0 $0 $0
Raise / (Pay Off) Long-Term Debt $0 $0 $0 $1,000 $0 $0 $0 $0
Cash Used for Equity Awards: ($3) ($124) ($82) $0 $0 $0 $0 $0
Cash Flow from Financing: $739 $1,116 $663 $1,000 $0 $0 $0 $0
Increase / Decrease in Cash: $2,960 $2,523 ($5,316) $14,061 $14,618 $16,158 $17,507 $19,382
Cash & Cash Equivalents: $9,352 $11,875 $6,559 $20,620 $35,238 $51,396 $68,903 $88,285
$14,061 $14,618 $16,158 $17,507 $19,382
$0 $0 $0 $0 $0
$840 $714 $541 $491 $416
$114 $97 $73 $66 $56
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$513 $600 $666 $725 $776
$0 $0 $0 $0 $0
($40) ($37) ($28) ($13) ($10)
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$888 $1,038 $1,153 $1,256 $1,344
$0 $0 $0 $0 $0
$10,510 $12,327 $14,268 $15,715 $17,746
$0 $0 $0 $0 $0