Microsoft

Corp.
Apple, Inc.

Financial Analysis





Accounting 202
Julie Lemmond - Professor
Presented by:
Kristie Linn
Michelle Stupfel

Table of Contents

I.

Introduction ....... 3
A. History of Microsoft Corp. ..... 3
B. History of Apple, Inc. . 4

II.

Financial Ratio Analysis .....

A. Liquidity ......

B. Efficiency .

C. Solvency ...

12

D. Profitability ....

14

E. Market Prospects ...

17

III.

Conclusion & Recommendations ..

18

IV.

Bibliography .

19

V.

2013 & 2014 Combined Ratios

21

VI.

Appendix

22

A. Apple, Inc. Income Statement ...

22

B. Apple, Inc. Balance Sheet .....

23

C. Apple, Inc. Statement of Cash Flows .

24

D. Microsoft Corp. Income Statement ...

25

E. Microsoft Corp. Balance Sheet ....

26

F. Microsoft Corp. Statement of Cash Flows

27

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Introduction

Apple, Inc. and Microsoft Corp. are two very strong companies in an ever-expanding
computer technologies industry. This industry is an anchor to modern business
infrastructures and plays a vital roll in education and personal development. Both
companies strived to create a niche in a flourishing market; each became pioneers in
varying sectors of computer manufacturing and computer software.

In 1975, a young Bill Gates (19) and Paul Allen (22) created Microsoft with vision of
personal and professional computing from every desktop in every home. Form inception,
Microsoft became a contender in program development, application and video game
design, and has become a leader in other modern digital technologies.

In 1981, the first MS-DOS operating system was written for the International Machines
Corp. (IBM), which was followed by the Microsoft mouse in 1983, allowing users the
freedom to point and click vice typing command instructions. Also in 1983, Microsoft went
public after the release of the first of many Windows programs, creating a processing and
computing dynasty of sorts. In 1995 Internet Explorer was introduced as internet
connectivity became more mainstream and 2001 brought the first Xbox. Microsoft works
hard to stay ahead of its competitors by using forward-thinking strategies and technologies
and updating their consumer programs and software with periodic upgrades. In 2014,
Microsoft acquired long-standing business partner, Nokia, a Finnish telecommunications
company, to better compete with both Apple and Android mobile phone systems.
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Apple was established in April 1976 with the introduction of the Apple I personal computer
kit. However, creator Steve Jobs and Steve Wozniak incorporated the company in January
the following year leading to the release of the Apple II. Apple, Inc. was an industry leader
in the 1980s and ruled the market when the Macintosh became available in 1984 and the
portable was released in 1989. However, Apple, Inc. saw steep decline through the 90s as
production costs for their expensive high-end system overshadowed all sales. In 1994,
Apple, Inc. introduced the Power Macintosh that became its mainstay offering.

Apple, Inc. was unable to maintain pace with Microsoft, Inc., however, as the two operating
systems were not compatible and Microsofts market continued to expand through the low
to middle range customer. Also, Apple was plagued with an antiquated operating system,
which they were unable to update organically. In 1996 Apple, Inc. bought the software
development company, NeXT, and began to write a more sophisticated and smooth
operating system called Mac-compatible Windows program in 1997, conceivably saved the
company from certain demise.

Apple, Inc. profits climbed out of the late 90s and are soaring today and the company is
arguably recognized as THE industry leader. They revolutionized personal computing and
the mobile market with products like the iMac, iPhones, iPods, and iPads. Plus, they
announced the release of the Apple Watch, which should be available in early 2015.

Apple, Inc. has pioneered a very successful marketing strategy and through their ever-
expanding retail and online stores the company continues to grow and challenge the
technologies industry with creative and innovative products.

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Net Sales by Operating Segments

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Financial Ratio Analysis

Liquidity

Current Ratio
A current ratio indicates a companys ability to pay its short-term debt with its current
assets over a 12-month period. Generally, the higher the ratio, the more liquid the
company is and able to pay-off its current liabilities. To find the current ratio, the formula
of current assets divided by current liabilities is used.

Total current assets for Apple, Inc. were $68,531 and $73,286 for 2014 and 2013,
respectively. The total current liabilities were $63,448 for 2014 and $43,648 for 2013. The
current ratios for these years were 1.08 for 2014 and 1.68 in 2013. Although both years
are sufficient in supporting its short-term debt with its current assets, 2014s current ratio
fell due to a 57% decline in the value of short-term marketable securities.

The total current assets for Microsoft Corp. were $114,246 and $101,466 for 2014 and
2013, respectively. The total current liabilities were $45,625 and $37,417 for 2014 and
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2013, respectively. The current ratios for these years were 2.5 for 2014 and 2.71 for 2013.
Although both years are sufficient in supporting its short-term debt with its current assets,
2014s current ratio fell due an additional increase of 6.8% total current liabilities from
2013 to 2014 over total current assets.

Acid-Test Ratio
The acid-test ratio, also known as the quick ratio, is the measure of a companys ability to
pay its short-term debt with its most liquid assets (current assets less inventories) and the
higher the ratio, the more liquid the company is. To find the quick ratio, the formula of
current assets less inventories, divided by current liabilities is used.

Apples inventories values for 2014 and 2013 were $2,111 and $1,764, respectively.
Although the 2014 quick ratio of 1.05 and 2013 of 1.64 show that the company was liquid,
Apple was barely above the minimum threshold of 1.0.

Microsoft had inventory values for 2014 of $2,660 and 2013 of $1,938. These values
delivered quick ratios of 2.45 and 2.66, respectively, demonstrating a higher amount of
liquidity in the company.

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With a value of 1.0 or more preferred for the current asset ratio and the acid-test ratio,
both Apple, Inc. and Microsoft Corp. show liquidity in their companies. However, Microsoft
Corp. has a higher value in both ratios and is a more attractive investment.

Efficiency
Accounts Receivables Turnover & Days Sales Uncollected
The accounts receivable turnover is used to measure the ability to collect a companys
accounts receivables and turn it into cash in a timely manner during the year. This ratio is
found by dividing the companys net sales by their net average accounts receivables. A
higher ratio determines the amount of quality customers the company has and a lower
ratio represents the amount of old accounts receivables that are maintained on the
companys balance sheet.

The days sales uncollected ratio is used to determine the liquidity of the accounts
receivables by evaluating how many days it takes for a company to receive payment after a
sale has been made.
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Apples total net sales for 2014 were $182,795 and $170,910 for 2013, a 6.5% increase.
Apple also saw a 24.9% increase in accounts receivable with $17,460 in 2014 and $13,102
in 2013. This produced an 11.96 in 2014 and 14.22 in 2013 accounts receivable turnover
for the company. In 2014, Apple collected customer payments on accounts receivable
every 34.86 days compared to 27.98 days in 2013. Even though 2014 shows a high
receivable turnover, its taking longer to receive payment than in 2013.

The total net sales for Microsoft for 2014 were $86,833 and $77,849 for 2013, a 10.3%
increase. Accounts receivables also increased by 10.5% from 2013 to 2014 with values of
$19,544 in 2014 and $17,486 in 2013. These values produced an accounts receivable
turnover in 2014 of 4.44 and 4.45 in 2013. The days sales uncollected in 2014 were
comparable to 2013 with 82.15 days compared to 81.98. Microsoft was steady in
receivables for the two years.

While both companies had an increase in net sales and accounts receivables from 2013 to
2014, Apples accounts receivable turnover was much higher than Microsofts, which
indicates that Microsoft holds older receivables longer. Additionally, Microsoft receives
payments for their sales in twice as many days as Apple.


Inventory Turnover & Days Sales in Inventory
The inventory turnover, or merchandise turnover, calculates the efficiency of inventory
management by measuring the number of times inventory turns over in a time period. This
ratio can be found by dividing the companys cost of goods sold by the average inventory

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value. This ratio is important for a company as it specifies the amount of sales that are
needed to turn inventory into cash to prevent holding costs.

The days sales in inventory ratio is used to determine the liquidity of the companys
inventory. This ratio calculates the amount of days it takes a company to sell its inventory,
along with how long their total inventory will last.

In 2014, Apple turned their inventory over 57.94 times compared to 83.45 times in 2013.
This shows that compared to 2013, Apple decreased their turnover by 30.5% in 2014.
Apples 2014 consolidated balance sheet depicts an ending inventory amount of $2,111 for
2014 and $1,764 for 2013. This, along with the inventory turnover, indicates that the
company held onto more inventory in 2014 than in 2013. The amount of days that
inventory was uncollected in 2014 was comparable to 2013 with 6.86 days in 2014
compared to 6.04 days in 2013.

Microsoft turned their inventory over 11.72 times compared to 13.17 times in 2013. This
indicates that they held onto 11% more inventory in 2014 than the previous year. The
2014 consolidated balance sheet shows ending values of $2,660 in 2014 and $1,938 in
2013, therefore supports the increase in the amount of inventory held. In 2014, Microsoft
was collecting sales for inventory every 36.05 days, which slightly increased from 34.93 in
2013.

Though Microsoft holds fewer inventories each year, Apple is collecting inventory sales
more rapidly. Ideally that the faster inventory is sold, the sooner payments can be
received for the sale. However, it is taking Microsoft over 5 times longer to receive

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payment than Apple for the amount of turnover they are producing, which contributes to
their high allowances for doubtful accounts that they have allocated on their balance sheet.

Total Asset Turnover
Total asset turnover reflects the efficiency of a companys ability to generate sales from its
assets. This is calculated by dividing net sales by average total assets. A higher ratio
indicates the efficiency of the company by the use of their assets.

The total asset ratio for Apple was steady for 2014 and 2013, with 0.83 in 2014 and 0.89 in
2013. This ratio indicates that in 2014 for every dollar earned, the company generated
$0.83 for the sale.

Microsoft was also steady between the two years, generating a 0.55 turnover in 2014 and
0.59 in 2013.

When comparing the efficiency of the companies, Apple generated nearly 30% more in
their asset turnover than Microsoft. This is a strong indicator for investors of how efficient
Apple is using its assets to generate revenue.

Solvency
Debt Ratio
The debt ratio measures the financial leverage of a company by assessing the percentage of
total debt to total assets. This is calculated by dividing total liabilities by total assets. A
lower debt ratio signifies a low-risk company for investors.

Apple had a debt ratio of 0.52 in 2014 and 0.40 in 2013. Total liabilities increased by
30.6%, which is a result of a large increase in long-term debt in 2014.
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Microsofts debt ratio held steady from 2013 to 2014, carrying ratios of 0.45 in 2013 and
0.48 in 2014. Total assets increased at a steady pace, while a total liabilities increased by
23%. The increase in total liabilities was primarily due to issuing new long-term debt that
matures after the year 20191.

Equity Ratio
The equity ratio measures the amount of assets that are financed by owners equity. This
ratio is calculated by dividing total equity by total assets. The higher the ratio, the more
attractive the company is to investors.

The equity ratio for Apple in 2014 was 0.48 and 0.60 in 2013. From 2013 to 2014, total
shareholders equity decreased by 9.7% contributing primarily to a decrease in retained
earnings2 by the repurchase of its common stock.

Microsoft had a consistent equity ratio with 0.55 in 2013 and 0.52 in 2014. The companys
total stockholders equity and total assets had a steady growth between the two years.

Debt-to-Equity Ratio
The debt-to-equity ratio determines the amount of the companys debt and equity are used
to finance the company. The ratio is computed by dividing the total liability by the total
equity. The lower the ratio is, the more financially stable the company is. In addition, the
closer the ratio is to 1.0, the closer investors and creditors are to having an equal stake in
the company.

1 See page 67 of the 2014 Apple Annual Report
2 See page 26 of the 2014 Apple Annual Report

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Apples 2014 debt-to-equity ratio is quite high compared to 2013. In 2013, the ratio was
0.68 and grew to 1.08 in 2014. As noted in previous ratios, an increase in long-term debt
and a decrease in retained earnings are major contributors to the 37% increase in the ratio.

The debt-to-equity ratio for Microsoft increased by 12.5% from 2013 to 2014. The ratio in
2014 was 0.92, bringing the company closer to the 1.0 mark from 0.80 in 2013. As noted in
previous ratios, this increase is primarily due to an increase in the companys long-term
debt.

Times Interest Earned
Times interest earned is a ratio that indicates the companys ability to meet its interest
payments on its debts. This ratio is determined by the dividing the companies income
before interest expense and income taxes by their interest expense.

In 2013, Apple was able to pay their debt 369.79 times. However, due to an increase in
their interest expense, the company was only able to pay their debts 140.28 times in 2014.
The increase in their interest expense was associated with the movements in their 2014
foreign exchange rate3.

Microsoft had a total times interest earned ratio of 47.6 in 2014, which decreased from
their ability to pay their debt 64.06 times during 2013.

Even though Apple has a very high debt-to-equity ratio, the company is able to pay their
debts more often than Microsoft. Apple increased their liabilities in 2014, yet this increase

3 See page 34 of the 2014 Apple Annual Report

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is consistent to the increase in their shareholders equity, which makes the company a
higher interest to investors.

Profitability
Profit Margin Ratio
The profit margin ratio reflects a companys ability to make a profit based on their sales.
To obtain the profit margin ratio, divide the net income by the net sales. Depending on the
industry, evaluating profit margins range. Companies use this ratio internally as an
indicator cost control.

Apples profit margin was 27.1% in 2013 and 21.6% in 2014, while Microsofts ratio was a
bit higher with 28.1% and 25.45% in 2013 and 2014, respectively. These percentages
show that in 2014 Microsoft earned $0.25 cents in net income to every dollar sold, while
Apple was profiting approximately $0.04 per dollar less.

Gross Margin Ratio
The gross margin ratio, also known as the gross profit ratio, is the proportion of every
dollar in revenue a company earns as gross profit. The ratio is determined by dividing net

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sales less the cost of goods sold by the net sales. This ratio is also an internal indicator for
managers in a company to examine their over-head costs closely.

Microsofts gross margin superseded Apple by nearly 50% between the two years. In 2014
Microsoft had a gross margin of 69% and 74% in 2013, while Apple had 38.6% in 2014 and
37.6% in 2013. As noted in the profit margin ratio, gross margins ratios can vary
depending on the industry. This ratio can also vary within the industry depending on the
companys inventory accounting, such as LIFO versus FIFO.

Return on Total Assets
The return on total assets shows how effect a company is using assets to generate a profit.
This ratio is found by dividing net income by the average total assets.
Apples return on total assets were slightly higher than Microsoft with 19.3% in 2013 and
18% in 2014. Microsoft had a return of 16.6% in 2013 and 14% in 2014. This analysis
shows that Apples return on assets was due to a slightly higher profit margin.

Return on Common Stockholders Equity
The return on common stockholders equity shows how much net income a company
generates from the equity of the stockholders. This may be the most important ratio for
the companys stockholders as it reveals how much income the company is earning based
off the investments of the stockholders. This ratio is found by dividing net income minus
the preferred dividends by the average common stockholders equity.

In 2014, Apple had a 7.4% higher return on equity than Microsoft with a value of 33.6%
compared to 26.2%. In 2013, the ratios for the year were fairly even with 30.6% for Apple
and 30.1% for Microsoft.
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Book Value per Common Share
The book value per common share compares the stockholders equity to the amount of
outstanding shares. This can be calculated by dividing the shareholders equity applicable
to common shares by the number of outstanding common shares. This is an important
value should a company be forced to liquidate and have to payout their shareholders. The
ratio fins the value of the companys stock and is used mainly by investors to evaluate the
price of the companys stock.

Apples book value for 2014 shows a common share of $19.02 and $19.63 for 2013. These
values are a bit higher than that of Microsoft of $10.90 per common share in 2014 and
$9.48 in 2013.

Basic Earnings per Share
The basic earnings per share is a measure of a companys profit allocated per share of
stock. This is figured by dividing the companys net income less preferred stock by the
weighted-average common shares outstanding.
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Apple continues to show a larger value of the basic earnings per share with $6.49 in 2014
compared to Microsofts $2.66, along with the 2013 values of $5.72 for Apple and $2.61 for
Microsoft.

Market Prospects
Price-Earnings Ratio & Dividend Yield
The price-earnings ratio is used as an indicator for future growth and risk of a companys
share price to its per-share earning and is computed by dividing the market price per
common share by the earnings per share. The dividend yield is the amount of cash
dividends that are distributed to shareholders relative to the market value.
For both ratios, Apple and Microsoft have been pretty comparable to each other. The price-
earnings for Apple in 2014 were 15.5 and 12.06 in 20134 compared to Microsoft of 15.68 in
2014 and 13.23 in 2013. Apples dividend yield was slightly lower in 2014 with 1.81%
than 2013 of 2.38%, which were both marginally lower than that of Microsoft of 2.69% in
2014 and 2.66% in 2013.

4 Seven-for-one stock-split on June 6, 2014 See page 21 of the 2014 Apple Annual Report

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Conclusion & Recommendations

Looking at the profitability ratios, Apple, Inc. is stronger with their stock earnings per share
as well as their return on common stockholders equity than Microsoft Inc. They have also
shown strong stock prices over the past 5 years. Apples basic earnings per share were
higher than Microsoft by $3.83 in 2014 and $3.11 in 2013 and also show a higher book
value per common share by $8.12 in 2014 and $10.15 in 2013.
Apple has shown they are more efficient in managing their assets to produce a profit in
their return on total assets. Although Microsoft shows more liquidity, their accounts
remain uncollected longer and their inventory sits longer than Apples.
Its hard to predict the future, however, if Apple continues to produce such cutting edge
and avant-garde products, their stock will continue to prosper and the new Apple Watch
may be the pendulum to carry them into the next chapter. Microsoft has been a household
name for many years, the majority of long-term Microsoft users will continue to use the
system theyre familiar with and continue to upgrade when upgrades are available or
purchase the latest installment with a new computer. However, they are liable to fall
behind should they not find a way to compete with Apples apparent technologically
superior product line.

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Bibliography

1. Apple, Inc. (2014). Form 10-K 2014. Retrieved from SEC APPLE website
http://investor.apple.com/sec
2. Apple Inc. (2013). Form 10-K 2013. Retrieved from SEC APPLE website
http://investor.apple.com/sec
3. Microsoft Corporation. (2014). Annual report 2014 Retrieved from
http://www.microsoft.com/investor/AnnualReports/default.aspx
4. Microsoft Corporation. (2013). Annual report 2013. Retrieved from
http://www.microsoft.com/investor/AnnualReports/default.aspx
5. "GuruFocus Premium Membership." Value Investing. N.p., n.d. Web. 4 Mar. 2015.
<http://www.gurufocus.com/>.
6. "Microsoft Corp." MSFT Historical Stock Quotes. N.p., n.d. Web. 4 Mar. 2015.
<http://www.marketwatch.com/investing/stock/msft/historical>.
7. "Apple Inc." AAPL Historical Stock Quotes. N.p., n.d. Web. 5 Mar. 2015.
<http://www.marketwatch.com/investing/stock/aapl/historical>.
8. "Microsoft Corporation Historical Stock Prices." Microsoft Corporation (MSFT)
Historical Prices & Data. N.p., n.d. Web. 4 Mar. 2015.
<http://www.nasdaq.com/symbol/msft/historical>.
9. "Apple Inc. Historical Stock Prices." Apple Inc. (AAPL) Historical Prices & Data. N.p.,
n.d. Web. 4 Mar. 2015. <http://www.nasdaq.com/symbol/aapl/historical>.
10. U.S. Census Bureau, Washington, DC 20233 Quarterly Financial Report for
Manufacturing, Mining, Trade, and Selected Service Industries. Third Quarter 2014,
Series QFR/14-Q3

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Financial Analysis Microsoft Corp. & Apple, Inc.

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11. "History of Apple Computers." History of Apple Computers. N.p., n.d. Web. 9 Mar.
2015. <http://web.bryant.edu/~ehu/h364proj/fall_97/hill/happle.html>.
12. "A History of Windows - Microsoft Windows." Windows.microsoft.com. N.p., n.d.
Web. 8 Mar. 2015. <http://windows.microsoft.com/en-
us/windows/history#T1=era0>.













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2013 & 2014 Combined Ratios

Financial-Statement-Analysis-Ratios
Prepared%for:

Apple,%Inc.%&%Microsoft%Corp.
2013%H%2014

Apple,-Inc.
2014

2013

Microsoft-Corp
2014

2013

Liquidity-and-Efficiency-Ratios
Current%Ratio......
AcidHTest%Ratio......
Accounts%Receivable%Turnover.
Inventory%Turnover.....
Days'%Sales%Uncollected%(days).
Days'%Sales%in%Inventory%(days)....
Total%Asset%Turnover.....

1.08
1.05
11.96
57.94
34.86
6.86
0.83

1.68
1.64
14.22
83.45
27.98
6.04
0.89

2.50
2.45
4.44
11.72
82.15
36.05
0.55

2.71
2.66
4.45
13.17
81.98
34.93
0.59

0.52
0.48
1.08
140.28

0.40
0.60
0.68
369.79

0.48
0.52
0.92
47.60

0.45
0.55
0.80
64.06

21.6%
38.6%
18.0%
33.6%
19.02
6.49

21.7%
37.6%
19.3%
30.6%
19.63
5.72

25.4%
69.0%
14.0%
26.2%
10.90
2.66

28.1%
74.0%
16.6%
30.1%
9.48
2.61

15.50
1.81%

12.06
2.38%

15.68
2.69%

13.23
2.66%

Solvency-Ratios
Debt%Ratio.....
Equity%Ratio...
DebtHtoHEquity%Ratio...
Times%Interest%Earned%(days).
Profitability-Ratios
Profit%Margin%Ratio
Gross%Margin%Ratio..
Return%on%Total%Assets
Return%on%Common%Stockholders'%Equity.
Book%Value%Per%Common%Share..
Basic%Earnings%Per%Share..
Market-Prospects
PriceHEarnings%Ratio....
Dividend%Yield.....

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Page 21
Team%Members:
Kristie%Linn,%Michelle%Stupfel,%Jeffrey%Crandall

Appendix



Apple(Inc.
Consolidated$Statement$of$Income$S$ThreeSYear$Comparison
(In$millions,$except$number$of$shares$which$are$reflected$in$thousands$and$per$share$amounts)

Net$Sales
Cost$of$Sales
Gross$Margin
Operating$expenses:
Research$and$development
Selling,$general$and$administrative
Total$operating$expenses
Operating$income
Other$income(expense),$net
Income$before$provision$for$income$taxes
Provision$for$income$taxes
Net$income
Earning$per$share:
Basic
Diluted
Shares$used$in$computing$earnings$per$share:
Basic
Diluted
Cash$dividends$declared$per$common$share

September(27,
2014

Years(Ended
September(28,
2013

September(29,
2012

$$$$$$$$$$$$$$182,795
$$$$$$$$$$$$$$$$112,258
$$$$$$$$$$$$$$$$$$70,537

$$$$$$$$$$$$$$170,910
$$$$$$$$$$$$$$$$106,606
$$$$$$$$$$$$$$$$$$64,304

$$$$$$$$$$$$$$156,508
$$$$$$$$$$$$$$$$$$87,846
$$$$$$$$$$$$$$$$$$68,662

$$$$$$$$$$$$$$$$$$$$6,041
$$$$$$$$$$$$$$$$$$11,993
$$$$$$$$$$$$$$$$$$18,034
$$$$$$$$$$$$$$$$$$52,503
$$$$$$$$$$$$$$$$$$$$$$$$980
$$$$$$$$$$$$$$$$$$53,483
$$$$$$$$$$$$$$$$$$13,973
$$$$$$$$$$$$$$$$$39,510

$$$$$$$$$$$$$$$$$$$$4,475
$$$$$$$$$$$$$$$$$$10,830
$$$$$$$$$$$$$$$$$$15,305
$$$$$$$$$$$$$$$$$$48,999
$$$$$$$$$$$$$$$$$$$$1,156
$$$$$$$$$$$$$$$$$$50,155
$$$$$$$$$$$$$$$$$$13,118
$$$$$$$$$$$$$$$$$37,037

$$$$$$$$$$$$$$$$$$$$3,381
$$$$$$$$$$$$$$$$$$10,040
$$$$$$$$$$$$$$$$$$13,421
$$$$$$$$$$$$$$$$$$55,241
$$$$$$$$$$$$$$$$$$$$$$$$522
$$$$$$$$$$$$$$$$$$55,763
$$$$$$$$$$$$$$$$$$14,030
$$$$$$$$$$$$$$$$$41,733

$$$$$$$$$$$$$$$$$$$$$6.49
$$$$$$$$$$$$$$$$$$$$$6.45

$$$$$$$$$$$$$$$$$$$$$5.72
$$$$$$$$$$$$$$$$$$$$$5.68

$$$$$$$$$$$$$$$$$$$$$6.38
$$$$$$$$$$$$$$$$$$$$$6.31

$$$$$$$$$$$$6,085,572
$$$$$$$$$$$$6,122,663
$$$$$$$$$$$$$$$$$$$$$1.82

$$$$$$$$$$$$6,477,320
$$$$$$$$$$$$6,521,634
$$$$$$$$$$$$$$$$$$$$$1.64

$$$$$$$$$$$$6,543,726
$$$$$$$$$$$$6,617,483
$$$$$$$$$$$$$$$$$$$$$0.38

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Apple(Inc.
Consolidated+Balance+Sheet+B+ThreeBYear+Comparison
(In+millions,+except+number+of+shares+which+are+reflected+in+thousands+and+per+value)

September(27,
2014

Years(Ended
September(28,
2013

September(29,
2012

$+++++++++++++++++++++13,844
++++++++++++++++++++++++11,233

$+++++++++++++++++++++14,259
++++++++++++++++++++++++26,287

$+++++++++++++++++++10,746
++++++++++++++++++++++18,383

++++++++++++++++++++++++17,460
++++++++++++++++++++++++++2,111
++++++++++++++++++++++++++4,316
++++++++++++++++++++++++++9,759
++++++++++++++++++++++++++9,806
++++++++++++++++++++++++68,531

++++++++++++++++++++++++13,102
++++++++++++++++++++++++++1,764
++++++++++++++++++++++++++3,453
++++++++++++++++++++++++++7,539
++++++++++++++++++++++++++6,882
++++++++++++++++++++++++73,286

++++++++++++++++++++++10,930
+++++++++++++++++++++++++++791
++++++++++++++++++++++++2,583
++++++++++++++++++++++++7,762
++++++++++++++++++++++++6,458
++++++++++++++++++++++57,653

+++++++++++++++++++++130,162
++++++++++++++++++++++++20,624
++++++++++++++++++++++++++4,616
++++++++++++++++++++++++++4,142
++++++++++++++++++++++++++3,764
$+++++++++++++++++++231,839

+++++++++++++++++++++106,215
++++++++++++++++++++++++16,597
++++++++++++++++++++++++++1,577
++++++++++++++++++++++++++4,179
++++++++++++++++++++++++++5,146
$+++++++++++++++++++207,000

++++++++++++++++++++++92,122
++++++++++++++++++++++15,452
++++++++++++++++++++++++1,135
++++++++++++++++++++++++4,224
++++++++++++++++++++++++5,478
$+++++++++++++++++176,064

Current+Liabilities:
Accounts+payable
Accrued+expenses
Deferred+revenue
Commercial+paper
Total+current+liabilities

$+++++++++++++++++++++30,196
++++++++++++++++++++++++18,453
++++++++++++++++++++++++++8,491
++++++++++++++++++++++++++6,308
++++++++++++++++++++++++63,448

$+++++++++++++++++++++22,367
++++++++++++++++++++++++13,856
++++++++++++++++++++++++++7,435
++++++++++++++++++++++++++++++B
++++++++++++++++++++++++43,658

++++++++++++++++++++++21,175
++++++++++++++++++++++11,414
++++++++++++++++++++++++5,953
++++++++++++++++++++++++++++B
++++++++++++++++++++++38,542

Deferred+revenue+B+nonBcurrent
LongBterm+debt
Other+nonBcurrent+liabilities
Total+liabilities

++++++++++++++++++++++++++3,031
++++++++++++++++++++++++28,987
++++++++++++++++++++++++24,826
+++++++++++++++++++++120,292

++++++++++++++++++++++++++2,625
++++++++++++++++++++++++16,960
++++++++++++++++++++++++20,208
++++++++++++++++++++++++83,451

++++++++++++++++++++++++2,648
++++++++++++++++++++++++++++B
++++++++++++++++++++++16,664
++++++++++++++++++++++57,854

++++++++++++++++++++++++23,313
++++++++++++++++++++++++87,152
++++++++++++++++++++++++++1,082
+++++++++++++++++++++111,547
$+++++++++++++++++++231,839

++++++++++++++++++++++++19,764
+++++++++++++++++++++104,256
B+++++++++++++++++++++++++++++471
+++++++++++++++++++++123,549
$+++++++++++++++++++207,000

++++++++++++++++++++++16,422
+++++++++++++++++++101,289
+++++++++++++++++++++++++++499
+++++++++++++++++++118,210
$+++++++++++++++++176,064

ASSETS
Current+Assets
Cash+and+cash+equivalents
ShortBterm+marketable+securities
Accounts+receivable,+less+allowances+of
+++++$86+and+$99,+respectively
Inventories
Deferred+tax+assets
Vendor+nonBtrade+receivables
Other+current+assets
Total+current+assets
LongBterm+marketable+securities
Property,+plant+and+equipment,+net
Goodwill
Acquired+intabgible+assets,+net
Other+assets
Total+assets
LIABILITIES+AND+SHAREHOLDERS'+EQUITY

Commitments+and+contingencies
Shareholder's+equity:
Common+stock+and+additional+paidBin+capital,+
$.00001+per+value;+12,600,000+shares+
authorized;+5,866,161+and+6,294,494+
shares+issued+and+outstanding,+respectively
Retained+earnings
Accumulated+other+comprehensive+income/(loss)
Total+shareholders'+equity
Total+liabilities+and+shareholders'+equity

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Financial Analysis Microsoft Corp. & Apple, Inc.

Page 23

Apple(Inc.
Consolidated%Statement%of%Cash%Flow
(In%millions)
Twelve(Months(Ended
September(27,
2014

September(28,
2013

September(29,
2012

$%%%%%%%%%%%%%%%%%%14,259

$%%%%%%%%%%%%%%%%%%10,746

%%%%%%%%%%%%%%%%%%%%%%9,815

%%%%%%%%%%%%%%%%%%%%39,510

%%%%%%%%%%%%%%%%%%%%37,037

%%%%%%%%%%%%%%%%%%%%41,733

%%%%%%%%%%%%%%%%%%%%%%7,946
%%%%%%%%%%%%%%%%%%%%%%2,863
%%%%%%%%%%%%%%%%%%%%%%2,347

%%%%%%%%%%%%%%%%%%%%%%6,757
%%%%%%%%%%%%%%%%%%%%%%2,253
%%%%%%%%%%%%%%%%%%%%%%1,141

%%%%%%%%%%%%%%%%%%%%%%3,277
%%%%%%%%%%%%%%%%%%%%%%1,740
%%%%%%%%%%%%%%%%%%%%%%4,405

L%%%%%%%%%%%%%%%%%%%%%%4,232
L%%%%%%%%%%%%%%%%%%%%%%%%%%%%76
%%%%%%%%%%%%%%%%%%%%%%2,220
%%%%%%%%%%%%%%%%%%%%%%%%%%167
%%%%%%%%%%%%%%%%%%%%%%5,938
%%%%%%%%%%%%%%%%%%%%%%1,460
%%%%%%%%%%%%%%%%%%%%%%6,010
%%%%%%%%%%%%%%%%%%%%59,713

L%%%%%%%%%%%%%%%%%%%%%%2,172
L%%%%%%%%%%%%%%%%%%%%%%%%%%973
%%%%%%%%%%%%%%%%%%%%%%%%%%223
%%%%%%%%%%%%%%%%%%%%%%1,080
%%%%%%%%%%%%%%%%%%%%%%2,340
%%%%%%%%%%%%%%%%%%%%%%1,459
%%%%%%%%%%%%%%%%%%%%%%4,521
%%%%%%%%%%%%%%%%%%%%53,666

L%%%%%%%%%%%%%%%%%%%%%%5,551
L%%%%%%%%%%%%%%%%%%%%%%%%%%%%15
L%%%%%%%%%%%%%%%%%%%%%%1,414
L%%%%%%%%%%%%%%%%%%%%%%3,162
%%%%%%%%%%%%%%%%%%%%%%4,467
%%%%%%%%%%%%%%%%%%%%%%2,824
%%%%%%%%%%%%%%%%%%%%%%2,552
%%%%%%%%%%%%%%%%%%%%50,856

Investing%activities:
Purchase%of%marketable%securities
Proceeds%from%maturities%of%marketable%securities
Proceeds%from%sales%of%marketable%securities
Payments%made%in%connection%with%business%acquisitions,%net
Payments%for%acquisition%of%property,%plant%and%equipment
Payments%for%acquisition%of%intangible%assets
Other
Cash%used%in%investing%activities

L%%%%%%%%%%%%%%%%%%217,128
%%%%%%%%%%%%%%%%%%%%18,810
%%%%%%%%%%%%%%%%%%189,301
L%%%%%%%%%%%%%%%%%%%%%%3,765
L%%%%%%%%%%%%%%%%%%%%%%9,571
L%%%%%%%%%%%%%%%%%%%%%%%%%%242
%%%%%%%%%%%%%%%%%%%%%%%%%%%%16
L%%%%%%%%%%%%%%%%%%%%22,579

L%%%%%%%%%%%%%%%%%%148,489
%%%%%%%%%%%%%%%%%%%%20,317
%%%%%%%%%%%%%%%%%%104,130
L%%%%%%%%%%%%%%%%%%%%%%%%%%496
L%%%%%%%%%%%%%%%%%%%%%%8,165
L%%%%%%%%%%%%%%%%%%%%%%%%%%911
L%%%%%%%%%%%%%%%%%%%%%%%%%%160
L%%%%%%%%%%%%%%%%%%%%33,774

L%%%%%%%%%%%%%%%%%%151,232
%%%%%%%%%%%%%%%%%%%%13,035
%%%%%%%%%%%%%%%%%%%%99,770
L%%%%%%%%%%%%%%%%%%%%%%%%%%350
L%%%%%%%%%%%%%%%%%%%%%%8,295
L%%%%%%%%%%%%%%%%%%%%%%1,107
L%%%%%%%%%%%%%%%%%%%%%%%%%%%%48
L%%%%%%%%%%%%%%%%%%%%48,227

Financing%activities:
Proceeds%from%issuance%of%common%stock
Excess%tax%benefits%from%equity%awards
Taxes%paid%related%to%net%share%settlement%of%equity%award
Dividends%and%dividend%equivalents%paid
Repurchase%of%common%stock
Proceeds%from%issuance%of%longLterm%debt,%net
Proceeds%from%issuance%of%commercial%paper,%net
Cash%used%in%financing%activities

%%%%%%%%%%%%%%%%%%%%%%%%%%730
%%%%%%%%%%%%%%%%%%%%%%%%%%739
L%%%%%%%%%%%%%%%%%%%%%%1,158
L%%%%%%%%%%%%%%%%%%%%11,126
L%%%%%%%%%%%%%%%%%%%%45,000
%%%%%%%%%%%%%%%%%%%%11,960
%%%%%%%%%%%%%%%%%%%%%%6,306
L%%%%%%%%%%%%%%%%%%%%37,549

%%%%%%%%%%%%%%%%%%%%%%%%%%530
%%%%%%%%%%%%%%%%%%%%%%%%%%701
L%%%%%%%%%%%%%%%%%%%%%%1,082
L%%%%%%%%%%%%%%%%%%%%10,564
L%%%%%%%%%%%%%%%%%%%%22,860
%%%%%%%%%%%%%%%%%%%%16,896
%%%%%%%%%%%%%%%%%%%%%%%%%%%L
L%%%%%%%%%%%%%%%%%%%%16,379

%%%%%%%%%%%%%%%%%%%%%%%%%%665
%%%%%%%%%%%%%%%%%%%%%%1,351
L%%%%%%%%%%%%%%%%%%%%%%1,226
L%%%%%%%%%%%%%%%%%%%%%%2,488
%%%%%%%%%%%%%%%%%%%%%%%%%%%L
%%%%%%%%%%%%%%%%%%%%%%%%%%%L
%%%%%%%%%%%%%%%%%%%%%%%%%%%L
%%%%%%%%%%%%%%%%%%%%%%1,698

Increase/(decrease)%in%cash%and%cash%equivalents
Cash%and%cash%equivalents,%end%of%the%year

L%%%%%%%%%%%%%%%%%%%%%%%%%%415
$%%%%%%%%%%%%%%%%%%13,844

%%%%%%%%%%%%%%%%%%%%%%3,513
$%%%%%%%%%%%%%%%%%%14,259

%%%%%%%%%%%%%%%%%%%%%%%%%%931
%%%%%%%%%%%%%%%%%%%%10,746

$%%%%%%%%%%%%%%%%%%10,026
$%%%%%%%%%%%%%%%%%%%%%%%339

$%%%%%%%%%%%%%%%%%%%%9,128
$%%%%%%%%%%%%%%%%%%%%%%%%L

%%%%%%%%%%%%%%%%%%%%%%7,682
%%%%%%%%%%%%%%%%%%%%%%%%%%%L

Cash%and%cash%equivalents,%beginning%of%the%year
Opearting%activities:
Net%income
Adjustments%to%reconcile%net%income%to%cash%generated%by%
%%%%operating%activities:
Depreciation%and%amortization
ShareLbased%compensation%expense
Deferred%income%tax%expense
Changes%in%operating%assets%and%liabilities:
Accounts%receivable,%net
Inventories
Vendor%nonLtrade%recceivables
Other%current%and%nonLcurrent%assets
Accounts%payable
Deferred%revenue
Other%current%and%nonLcurrent%liabilities
Cash%generated%by%operating%activities

Supplemental%cash%flow%disclosure:
Cash%paid%for%income%taxes,%net
Cash%paid%for%interest

3/12/15

Financial Analysis Microsoft Corp. & Apple, Inc.

Page 24

Microsoft(Corp.
Statement+of+Income+H+ThreeHYear+Comparison
(In+millions,+except+per+share+amounts)

Revenue
Cost+of+revenue
Gross+margin
Operating+expense
Research+and+development
Sales+and+marketing
General+and+administrative
Goodwill+impairment
Integration+and+restructuring
Total+operating+expense
Operation+income
Other+income,+net
Income+before+income+taxes
Provisions+for+income+taxes
Net+income
Earnings+per+share:
Basic
Diluted
Weighted+average+shares+outstanding
Basic
Diluted
Cash+dividends+declared+per+common+share

September(27,
2014

Years(Ended
September(28,
2013

September(29,
2012

$+++++++++++++++++86,833
+++++++++++++++++++26,934
+++++++++++++++++++59,899

$+++++++++++++++++77,849
+++++++++++++++++++20,249
+++++++++++++++++++57,600

$+++++++++++++++++73,723
+++++++++++++++++++17,530
+++++++++++++++++++56,193

+++++++++++++++++++11,381
+++++++++++++++++++15,811
+++++++++++++++++++++4,821
++++++++++++++++++++++++++H
+++++++++++++++++++++++++127
+++++++++++++++++++32,140
+++++++++++++++++++27,759
+++++++++++++++++++++++++++61
+++++++++++++++++++27,820
+++++++++++++++++++++5,746
$+++++++++++++++++22,074

+++++++++++++++++++10,411
+++++++++++++++++++15,276
+++++++++++++++++++++5,149
++++++++++++++++++++++++++H
++++++++++++++++++++++++++H
+++++++++++++++++++30,836
+++++++++++++++++++26,764
+++++++++++++++++++++++++288
+++++++++++++++++++27,052
+++++++++++++++++++++5,189
$+++++++++++++++++21,863

+++++++++++++++++++++9,811
+++++++++++++++++++13,857
+++++++++++++++++++++4,569
+++++++++++++++++++++6,193
++++++++++++++++++++++++++H
+++++++++++++++++++34,430
+++++++++++++++++++21,763
+++++++++++++++++++++++++504
+++++++++++++++++++22,267
+++++++++++++++++++++5,289
$+++++++++++++++++16,978

$+++++++++++++++++++++2.66
$+++++++++++++++++++++2.63

$+++++++++++++++++++++2.61
$+++++++++++++++++++++2.58

$+++++++++++++++++++++2.02
$+++++++++++++++++++++2.00

+++++++++++++++++++++8,299
+++++++++++++++++++++8,399
$+++++++++++++++++++++1.12

+++++++++++++++++++++8,375
+++++++++++++++++++++8,470
$+++++++++++++++++++++0.92

+++++++++++++++++++++8,396
+++++++++++++++++++++8,506
$+++++++++++++++++++++0.80

3/12/15

Financial Analysis Microsoft Corp. & Apple, Inc.

Page 25

Microsoft%Corp.
Balance+Sheet+>+Three>Year+Comparison
(In+millions)

June%30,
2014

Years%Ended
June%30,
2013

June%30,
2012

$+++++++++++8,669

$+++++++++++3,804

$+++++++++++6,938

+++++++++++77,040
+++++++++++85,709

+++++++++++73,218
+++++++++++77,022

+++++++++++56,102
+++++++++++63,040

+++++++++++19,544
+++++++++++++2,660
+++++++++++++1,941
+++++++++++++4,392
+++++++++114,246

+++++++++++17,486
+++++++++++++1,938
+++++++++++++1,632
+++++++++++++3,388
+++++++++101,466

+++++++++++15,780
+++++++++++++1,137
+++++++++++++2,035
+++++++++++++3,092
+++++++++++85,084

Property+and+equipment,
net+of+accumulated+depreciation+of+$14,793+and+$12,513
Equity+and+other+investments
Goodwill
Intangible+assets,+net
Other+long>term+assets
Total+assets

+++++++++++13,011
+++++++++++14,597
+++++++++++20,127
+++++++++++++6,981
+++++++++++++3,422
$++++++172,384

+++++++++++++9,991
+++++++++++10,844
+++++++++++14,655
+++++++++++++3,083
+++++++++++++2,392
$++++++142,431

+++++++++++++8,269
+++++++++++++9,776
+++++++++++13,452
+++++++++++++3,170
+++++++++++++1,520
$++++++121,271

LIABILITIES+AND+SHAREHOLDERS'+EQUITY
Current+liabilities:
Accounts+payable
Short>term+debt
Current+portion+of+long>term+debt
Accrued+compensation
Income+taxes
Short>term+unearned+revenue
Securities+lending+payable
Other+current+liabilities
Total+Current+Liabilites

$+++++++++++7,432
+++++++++++++2,000
+++++++++++++++++>
+++++++++++++4,797
+++++++++++++++++782
+++++++++++23,150
+++++++++++++++++558
+++++++++++++6,906
+++++++++++45,625

$+++++++++++4,828
+++++++++++++++++>
+++++++++++++2,999
++++++++4,117.00
+++++++++++++++++592
+++++++++++20,639
+++++++++++++++++645
+++++++++++++3,597
+++++++++++37,417

$+++++++++++4,175
+++++++++++++++++>
+++++++++++++1,231
+++++++++++++3,875
+++++++++++++++++789
+++++++++++18,653
+++++++++++++++++814
+++++++++++++3,151
+++++++++++32,688

Long>term+debt
Long>term+unearned+revenue
Deferred+income+taxes
Other+long>term+liabilities
Total+liabilities

+++++++++++20,645
+++++++++++++2,008
+++++++++++++2,728
+++++++++++11,594
+++++++++++82,600

+++++++++++12,601
+++++++++++++1,760
+++++++++++++1,709
+++++++++++10,000
+++++++++++63,487

+++++++++++10,713
+++++++++++++1,406
+++++++++++++1,893
+++++++++++++8,208
+++++++++++54,908

+++++++++++68,366

+++++++++++67,306

+++++++++++65,797

+++++++++++17,710
+++++++++++++3,708
+++++++++++89,784
$++++++172,384

+++++++++++++9,895
+++++++++++++1,743
+++++++++++78,944
$++++++142,431

>+++++++++++++++++856
+++++++++++++1,422
+++++++++++66,363
$++++++121,271

ASSETS
Current+Assets
Cash+and+cash+equivalents
Short>term+marketable+securities
(Including+securities+loaned+of+$541+and+$579)
Total+Cash,+Cash+Equivalents,+and+Short>Term+Investments
Accounts+receivable,+
net+of+allowances+for+doubtful+accounts+of+$301+and+$336
Inventories
Deferred+income+taxes
Other+current+assets
Total+current+assets

Commitments+and+contingencies
Shareholder's+equity:
Common+stock+and+paid>in+capital+>+shares+authorized+24,000;
outstanding+8,239+and+8,328
Retained+earnings
Accumulated+other+comprehensive+income
Total+stockholders'+equity
Total+liabilities+and+stockholders'+equity

3/12/15

Financial Analysis Microsoft Corp. & Apple, Inc.

Page 26

Microsoft%Corp.
Statement,of,Cash,Flow
(In,millions)
Twelve%Months%Ended

Operations
Net,income
Adjustments,to,reconcile,net,income,to,net,cash,from,operations:
Goodwill,Impairment
Depreciation,,amortization,,and,other
StockDbased,compensation,expense
Net,recognized,losses,(gains,on,investments,and,derivatives
Excess,tax,benefits,from,stockDbased,compensation
Deferred,income,taxes
Deferral,of,unearned,revenue
Recognition,of,unearned,revenue
Changes,in,operating,assets,and,liabilities:
Accounts,receivable
Inventories
Other,current,assets
Accounts,payable
Other,current,liabilities
Other,longDterm,liabilities
Net,cash,from,operations
Financing
Proceeds,from,issuance,of,shortDterm,debt,,maturities,of,90,days
or,less,,net
Proceeds,from,issuance,of,debt
Repayments,of,debt
Common,stock,issued
Common,stock,repurchased
Common,stock,cash,dividends,paid
Excess,tax,benefits,from,stockDbased,compensation
Other
Net,cash,used,in,financing
Investing
Additions,to,property,and,equipment
Acquisitions,of,companies,,net,of,cash,required,,and,purchase,of
intangible,and,other,assets
Purchase,of,investments
Maturities,of,investments
Sales,of,investments
Securities,lending,payable
Net,cash,used,in,investing
Effect,of,exchange,rates,on,cash,and,cash,equivalents
Net,change,in,cash,and,cash,equivalents
Cash,and,cash,equivalents,,beginning,of,period

June%30,
2014

June%30,
2013

June%30,
2012

,,,,,,,,,,,22,074

,,,,,,,,,,,21,863

,,,,,,,,,,,16,978

,,,,,,,,,,,,,,,,,D
,,,,,,,,,,,,,5,212
,,,,,,,,,,,,,2,446
D,,,,,,,,,,,,,,,,109
D,,,,,,,,,,,,,,,,271
D,,,,,,,,,,,,,,,,331
,,,,,,,,,,,44,325
D,,,,,,,,,,,41,739

,,,,,,,,,,,,,,,,,D
,,,,,,,,,,,,,3,755
,,,,,,,,,,,,,2,406
,,,,,,,,,,,,,,,,,,80
D,,,,,,,,,,,,,,,,209
D,,,,,,,,,,,,,,,,,,19
,,,,,,,,,,,44,253
D,,,,,,,,,,,41,921

,,,,,,,,,,,,,6,193
,,,,,,,,,,,,,2,967
,,,,,,,,,,,,,2,244
D,,,,,,,,,,,,,,,,200
D,,,,,,,,,,,,,,,,,,93
,,,,,,,,,,,,,,,,954
,,,,,,,,,,,36,104
D,,,,,,,,,,,33,347

D,,,,,,,,,,,,,1,120
D,,,,,,,,,,,,,,,,161
D,,,,,,,,,,,,,,,,628
,,,,,,,,,,,,,,,,473
,,,,,,,,,,,,,1,075
,,,,,,,,,,,,,1,014
,,,,,,,,,,,32,231

D,,,,,,,,,,,,,1,807
D,,,,,,,,,,,,,,,,802
D,,,,,,,,,,,,,,,,478
,,,,,,,,,,,,,,,,537
,,,,,,,,,,,,,,,,146
,,,,,,,,,,,,,1,158
,,,,,,,,,,,28,833

D,,,,,,,,,,,,,1,156
,,,,,,,,,,,,,,,,184
D,,,,,,,,,,,,,,,,248
D,,,,,,,,,,,,,,,,,,31
,,,,,,,,,,,,,,,,410
,,,,,,,,,,,,,,,,174
,,,,,,,,,,,31,626

,,,,,,,,,,,,,,,,500
,,,,,,,,,,,10,350
D,,,,,,,,,,,,,3,888
,,,,,,,,,,,,,,,,607
D,,,,,,,,,,,,,7,316
D,,,,,,,,,,,,,8,879
,,,,,,,,,,,,,,,,271
D,,,,,,,,,,,,,,,,,,39
D,,,,,,,,,,,,,8,394

,,,,,,,,,,,,,,,,,D
,,,,,,,,,,,,,4,883
D,,,,,,,,,,,,,1,346
,,,,,,,,,,,,,,,,931
D,,,,,,,,,,,,,5,360
D,,,,,,,,,,,,,7,455
,,,,,,,,,,,,,,,,209
D,,,,,,,,,,,,,,,,,,10
D,,,,,,,,,,,,,8,148

,,,,,,,,,,,,,,,,,D
,,,,,,,,,,,,,,,,,D
,,,,,,,,,,,,,,,,,D
,,,,,,,,,,,,,1,913
D,,,,,,,,,,,,,5,029
D,,,,,,,,,,,,,6,385
,,,,,,,,,,,,,,,,,,93
,,,,,,,,,,,,,,,,,D
D,,,,,,,,,,,,,9,408

D,,,,,,,,,,,,,5,485

D,,,,,,,,,,,,,4,257

D,,,,,,,,,,,,,2,305

D,,,,,,,,,,,,,5,937
D,,,,,,,,,,,72,690
,,,,,,,,,,,,,5,272
,,,,,,,,,,,60,094
D,,,,,,,,,,,,,,,,,,87
D,,,,,,,,,,,18,833

D,,,,,,,,,,,,,1,584
D,,,,,,,,,,,75,396
,,,,,,,,,,,,,5,130
,,,,,,,,,,,52,464
D,,,,,,,,,,,,,,,,168
,,,,,,,,,,,23,811

D,,,,,,,,,,,10,112
D,,,,,,,,,,,57,250
,,,,,,,,,,,15,575
,,,,,,,,,,,29,700
D,,,,,,,,,,,,,,,,394
,,,,,,,,,,,24,786

D,,,,,,,,,,,,,,,,139

D,,,,,,,,,,,,,,,,,,,,,8

D,,,,,,,,,,,,,,,,104

,,,,,,,,,,,,,4,865
,,,,,,,,,,,,,3,804

D,,,,,,,,,,,,,3,134
,,,,,,,,,,,,,6,938

,,,,,,,,,,,,,2,672
,,,,,,,,,,,,,9,610

3/12/15

Financial Analysis Microsoft Corp. & Apple, Inc.

Page 27