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Financial Statement Model Sample Template

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Financial Statement Model for Apple
$ mm except per share

Company name Apple


Ticker AAPL
Share price as of last close $604.86
Latest closing share price date 5/19/2014
Latest fiscal year end date 9/28/2013
Circuit breaker: OFF

INCOME STATEMENT
Fiscal year 2011A 2012A 2013A
Fiscal year end date 9/24/11 9/29/12 9/28/13

Revenue 108,249 156,508 170,910


Cost of sales (enter as -) (64,431) (87,846) (106,606)
Gross Profit 43,818 68,662 64,304
Research & development (enter as -) (2,429) (3,381) (4,475)
Selling, general & administrative (enter as -) (7,599) (10,040) (10,830)
Operating profit (EBIT) 33,790 55,241 48,999
Interest income 519 1,088 1,616
Interest expense (enter as -) 0 0 (136)
Other expense (enter as -) (104) (566) (324)
Pretax profit 34,205 55,763 50,155
Taxes (enter expense as -) (8,283) (14,030) (13,118)
Net income 25,922 41,733 37,037

Basic shares outstanding 924 935 925


Impact of dilutive securities 12 11 6
Diluted shares outstanding 937 945 932

Basic EPS $28.05 $44.64 $40.03


Diluted EPS $27.68 $44.15 $39.75

Growth rates & margins


Revenue growth NA 44.6% 9.2%
Gross profit as % of sales 40.5% 43.9% 37.6%
R&D margin 2.2% 2.2% 2.6%
SG&A margin 7.0% 6.4% 6.3%
Tax rate 24.2% 25.2% 26.2%
EBITDA reconciliation
Depreciation & amortization 1,814 3,277 6,757
Stock based compensation 1,168 1,740 2,253
EBITDA 36,772 60,258 58,009

SEGMENTS
Fiscal year 2011A 2012A 2013A
Fiscal year end date 9/24/11 9/29/12 9/28/13
Product
iPhone 45,998 78,692 91,279
iPad 19,168 30,945 31,980
Mac 21,783 23,221 21,483
iPod 7,453 5,615 4,411
iTunes / Software / Services 9,373 12,890 16,051
Accessories 4,474 5,145 5,706
Total 108,249 156,508 170,910
% growth 44.6% 9.2%

Units
iPhone 72,293 125,046 150,257
% growth 73.0% 20.2%
iPad 32,394 58,310 71,033
% growth 80.0% 21.8%
Mac 16,735 18,158 16,341
% growth 8.5% (10.0%)
iPod 42,620 35,165 26,379
% growth (17.5%) (25.0%)

ASPs
iPhone 636.3 629.3 607.5
% growth (1.1%) (3.5%)
iPad 591.7 530.7 450.2
% growth (10.3%) (15.2%)
Mac 1,301.6 1,278.8 1,314.7
% growth (1.8%) 2.8%
iPod 174.9 159.7 167.2
% growth (8.7%) 4.7%

iTunes / Software / Services 37.5% 24.5%


Accessories 15.0% 10.9%

BALANCE SHEET
Fiscal year 2012A 2013A
Fiscal year end date 9/29/12 9/28/13
Cash & equivalents ST & LT market. securities 121,251 146,761
Accounts receivable 10,930 13,102
Inventory 791 1,764
Deferred tax assets 2,583 3,453
Other current assets (inc. non-trade receivables) 14,220 14,421
Property, plant & equipment 15,452 16,597
Acquired intangible assets (inc. Goodwill) 5,359 5,756
Other assets 5,478 5,146
Total assets 176,064 207,000

Accounts payable 21,175 22,367


Accrued expenses & def rev. (current & non-current) 20,015 23,916
Revolver 0 0
Long term debt 0 16,960
Other non-current liabilities 16,664 20,208
Total liabilities 57,854 83,451

Common stock / additional paid in capital 16,422 19,764


Treasury stock 0 0
Retained earnings / accumulated deficit 101,289 104,256
Other comprehensive income / (loss) 499 (471)
Total equity 118,210 123,549

Balance check 0 0

Ratios
Net debt (121,251) (129,801)
Asset turnover (Revenue / Total assets) 0.89x 0.83x
Net profit margin 26.7% 21.7%
Return on assets (ROA) 23.7% 17.9%
Return on book equity (ROE) 35.3% 30.0%

WORKING CAPITAL
Fiscal year 2012A 2013A
Fiscal year end date 9/29/12 9/28/13

Accounts receivable
Beginning of period
Increases / (decreases)
End of period 10,930 13,102

AR as % of sales 7.0% 7.7%


Days sales outstanding (DSO) 25 days 28 days

Inventory
Beginning of period
Increases / (decreases)
End of period 791 1,764

Inventory as % of COGS 0.9% 1.7%


Inventory turnover 111.1x 60.4x

Accounts payable
Beginning of period
Increases / (decreases)
End of period 21,175 22,367

AP as % of COGS 24.1% 21.0%


Days payables outstanding (DPO) 88 days 77 days

Accrued expenses & def revenues


Beginning of period
Increases / (decreases)
End of period 20,015 23,916

Accrued expenses & def revs as % of sales 12.8% 14.0%

INTANGIBLE ASSETS (INC. GOODWILL)


Fiscal year 2011A 2012A 2013A
Fiscal year end date 9/24/11 9/29/12 9/28/13

Beginning of period
Plus: Purchases of intangible assets
Less: Amortization
End of period 5,359 5,756

Purchases of intangible assets (enter as +) 3,192 1,107 911


Amortization (enter as -) (192) (605) (960)

PROPERTY, PLANT & EQUIPMENT


Fiscal year 2011A 2012A 2013A
Fiscal year end date 9/24/11 9/29/12 9/28/13

Beginning of period
Plus: Capital expenditures
Less: Depreciation
End of period 15,452 16,597

Capex (enter as +) 4,260 8,295 8,165


Capital expenditures as % of revenue 3.9% 5.3% 4.8%
Depreciation (enter as -) (1,622) (2,672) (5,797)
Depreciation as a % of capital expenditures 38.1% 32.2% 71.0%

OTHER ASSETS / LIABILITIES & DEFERRED TAXES


Fiscal year 2011A 2012A 2013A
Fiscal year end date 9/24/11 9/29/12 9/28/13

Other current assets (inc. non-trade receivables)


Beginning of period
Increases / (decreases)
End of period 14,220 14,421

Deferred tax assets (DTAs)


Beginning of period
Increases / (decreases)
End of period 2,583 3,453

Other assets
Beginning of period
Increases / (decreases)
End of period 5,478 5,146

Other non current liabilities


Beginning of period
Increases / (decreases)
End of period 16,664 20,208

DEBT
Fiscal year 2012A 2013A
Fiscal year end date 9/29/12 9/28/13

Long term debt


Beginning of period
Additional borrowing / (pay down)
PIK accrual
End of period 0 16,960

Interest expense on long term debt


Weighted average interest rate

% of interest expense paid in cash


% of interest expense accrues as PIK

CAPITAL STOCK
Fiscal year 2012A 2013A
Fiscal year end date 9/29/12 9/28/13

Common stock / APIC


Beginning of period
Plus: new share issuances
Plus: Stock based compensation
End of period 16,422 19,764

New share issuance 831 665 530


Stock based compensation 1,168 1,740 2,253
SBC as % of all operating expenses 1.6% 1.7% 1.8%

Treasury stock
Beginning of period
Less: Stock repurchases
End of period 0 0

Stock repurchases 0 0 (22.860)

RETAINED EARNINGS & OCI


Fiscal year 2011A 2012A 2013A
Fiscal year end date 9/24/11 9/29/12 9/28/13

Retained earnings
Beginning of period
Plus: Net income
Less: Common dividends
End of period 101,289 104,256

Net income 25,922 41,733 37,037


Dividend payout ratio 0.0% 6.0% 28.5%
Common dividends 0 (2,488) (10,564)

Other comprehensive income / (loss)


Beginning of period
Plus: Income / (loss)
End of period 499 (471)

CASH FLOW STATEMENT


Fiscal year 2012A 2013A
Fiscal year end date 9/29/12 9/28/13

Net income
Depreciation and amortization
Stock based compensation
Accounts receivable
Inventory
Accounts payable
Accrued expenses & def revenues
Other current assets (inc. non-trade receivables)
Deferred tax assets (DTAs)
Other assets
Other non current liabilities
Non-cash (PIK) interest
Cash from operating activities

Capital expenditures
Purchases of intangible assets
Cash from investing activities

Long term debt


Common dividends
New share issuances
Share repurchases
Other comprehensive income / (loss)
Revolver
Cash from financing activities

Net change in cash during period

MODEL PLUG: REVOLVER & CASH


Fiscal year 2012A 2013A
Fiscal year end date 9/29/12 9/28/13

Revolver
Beginning of period
Increases / (decreases)
End of period 0 0
Maximum availability
Compliance check

Revolver needs analysis


Beginning of period
Less: Minimum cash desired
Equals: Excess cash at BOP
Plus: Free cash flows generated during period
Equals: Cash available (needed) to paydown (draw from) revolver

Interest rate on revolver


Interest expense

Cash
Beginning of period
+/- additions
End of period 121,251 146,761

Interest rate on cash 0.77% 1.03%


Interest income 519 1,088 1,616

SHARES OUTSTANDING
Fiscal year 2012A 2013A
Fiscal year end date 9/29/12 9/28/13

Basic shares outstanding


Beginning of period
+ new shares issued
- shares repurchased
End of period 900

Consensus EPS $27.68 $44.15 $39.75


% change in EPS, year-over-year 59.5% (9.9%)
Average share price $604.86

SENSITIVITY ANALYSIS

2014 EPS sensitivity


Revenue growth
$41.52 0.0% 2.5%
Gross 38.0% 40.86 41.87
Profit 37.5% 40.15 41.14
Margin: 37.0% 39.44 40.42
36.5% 38.73 39.69
36.0% 38.02 38.96
36.5% 38.73 39.69

iPad unit grow


$41.52 0.0% 5.0%
25.0% 44.10 44.45
20.0% 43.09 43.45
iPhone 15.0% 42.09 42.45
unit 10.0% 41.09 41.45
growth 5.0% 40.09 40.45
0.0% 39.08 39.44

SCENARIO ANALYSIS
Fiscal year 2012A 2013A
Fiscal year end date 9/29/12 9/28/13

Select an operating scenario: Base case

Revenue growth
Gross profit as % of sales
R&D margin
SG&A margin

Revenue growth
Best case
Base case
Weak case
Gross profit as % of sales
Best case
Base case
Weak case
R&D margin
Best case
Base case
Weak case
SG&A margin
Best case
Base case
Weak case
2014P 2015P 2016P 2017P 2018P
9/30/14 9/30/15 9/30/16 9/30/17 9/30/18

179,381 188,389 196,830 206,514 217,643


(112,830) (117,932) (123,216) (129,278) (136,245)
66,550 70,458 73,614 77,236 81,398
(5,202) (5,840) (6,102) (6,402) (6,747)
(12,198) (12,810) (13,384) (14,043) (14,800)
49,150 51,807 54,128 56,791 59,852
1,541 1,614 1,694 1,786 1,875
(329) (329) (317) (329) (264)
(324) (324) (324) (324) (324)
50,038 52,768 55,181 57,924 61,139
(13,160) (13,720) (14,347) (15,060) (15,896)
36,878 39,048 40,834 42,864 45,243

882 847 816 789 764


6 6 6 6 6
888 854 822 795 770

$41.82 $46.08 $50.03 $54.36 $59.21


$41.52 $45.74 $49.65 $53.93 $58.72

5.0% 5.0% 4.5% 4.9% 5.4%


37.1% 37.4% 37.4% 37.4% 37.4%
2.9% 3.1% 3.1% 3.1% 3.1%
6.8% 6.8% 6.8% 6.8% 6.8%
26.3% 26.0% 26.0% 26.0% 26.0%
7,149 7,535 7,677 7,786 8,001
2,214 2,213 2,426 2,545 2,682
58,513 61,555 64,231 67,123 70,536

2014P 2015P 2016P 2017P 2018P


9/30/14 9/30/15 9/30/16 9/30/17 9/30/18

97,968 104,826 107,970 111,210 114,546


31,654 31,654 31,654 31,654 31,654
20,946 18,850 18,850 18,850 18,850
3,275 2,728 2,319 1,971 1,675
19,261 23,113 27,736 33,283 39,940
6,277 7,218 8,301 9,546 10,978
179,381 188,389 196,830 206,514 217,643
5.0% 5.0% 4.5% 4.9% 5.4%

167,987 179,746 185,139 190,693 196,414


11.8% 7.0% 3.0% 3.0% 3.0%
71,743 71,743 71,743 71,743 71,743
1.0% 0.0% 0.0% 0.0% 0.0%
15,932 15,335 15,335 15,335 15,335
(2.5%) (3.8%) 0.0% 0.0% 0.0%
19,784 16,817 14,294 12,150 10,328
(25.0%) (15.0%) (15.0%) (15.0%) (15.0%)

583.2 583.2 583.2 583.2 583.2


(4.0%) 0.0% 0.0% 0.0% 0.0%
441.2 441.2 441.2 441.2 441.2
(2.0%) 0.0% 0.0% 0.0% 0.0%
1,314.7 1,229.2 1,229.2 1,229.2 1,229.2
0.0% (6.5%) 0.0% 0.0% 0.0%
165.5 162.2 162.2 162.2 162.2
(1.0%) (2.0%) 0.0% 0.0% 0.0%

20.0% 20.0% 20.0% 20.0% 20.0%


10.0% 15.0% 15.0% 15.0% 15.0%

2014A 2015A 2016A 2017A 2018A


9/30/14 9/30/15 9/30/16 9/30/17 9/30/18
152,456 161,000 167,912 178,856 185,247
13,454 14,318 14,959 15,695 16,541
1,805 1,887 1,971 2,068 2,180
3,453 3,453 3,453 3,453 3,453
14,421 14,421 14,421 14,421 14,421
19,467 23,655 28,031 32,621 37,460
4,706 3,721 2,888 2,282 1,848
5,146 5,146 5,146 5,146 5,146
214,908 227,600 238,781 254,543 266,295

22,905 24,412 25,506 26,760 28,203


23,858 23,925 23,816 23,956 23,941
0 0 0 0 0
16,960 16,960 14,460 14,460 8,460
23,208 26,208 29,208 32,208 35,208
86,930 91,505 92,990 97,384 95,811

21,978 24,191 26,616 29,162 31,844


(23,968) (47,936) (71,904) (95,872) (119,840)
130,439 160,311 191,549 224,340 258,951
(471) (471) (471) (471) (471)
127,978 136,095 145,791 157,159 170,484

0 0 0 0 0

(135,496) (144,040) (153,452) (164,396) (176,787)


0.83x 0.83x 0.82x 0.81x 0.82x
20.6% 20.7% 20.7% 20.8% 20.8%
17.2% 17.2% 17.1% 16.8% 17.0%
28.8% 28.7% 28.0% 27.3% 26.5%

2014P 2015P 2016P 2017P 2018P


9/30/14 9/30/15 9/30/16 9/30/17 9/30/18

13,102 13,454 14,318 14,959 15,695


352 864 642 736 846
13,454 14,318 14,959 15,695 16,541

7.5% 7.6% 7.6% 7.6% 7.6%


27 days 28 days 28 days 28 days 28 days

1,764 1,805 1,887 1,971 2,068


41 82 85 97 111
1,805 1,887 1,971 2,068 2,180

1.6% 1.6% 1.6% 1.6% 1.6%


62.5x 62.5x 62.5x 62.5x 62.5x

22,367 22,905 24,412 25,506 26,760


538 1,507 1,094 1,255 1,442
22,905 24,412 25,506 26,760 28,203

20.3% 20.7% 20.7% 20.7% 20.7%


74 days 76 days 76 days 76 days 76 days

23,916 23,858 23,925 23,816 23,956


(58) 68 (109) 139 (15)
23,858 23,925 23,816 23,956 23,941

13.3% 12.7% 12.1% 11.6% 11.0%

2014P 2015P 2016P 2017P 2018P


9/30/14 9/30/15 9/30/16 9/30/17 9/30/18

5,756 4,706 3,721 2,888 2,282


0 0 0 0 0
(1,050) (985) (833) (606) (434)
4,706 3,721 2,888 2,282 1,848

0 0 0 0 0
(1,050) (985) (833) (606) (434)

2014P 2015P 2016P 2017P 2018P


9/30/14 9/30/15 9/30/16 9/30/17 9/30/18

16,597 19,467 23,655 28,031 32,621


8,969 10,738 11,219 11,771 12,406
(6,099) (6,550) (6,844) (7,180) (7,567)
19,467 23,655 28,031 32,621 37,460

8,969 10,738 11,219 11,771 12,406


5.0% 5.7% 5.7% 5.7% 5.7%
(6,099) (6,550) (6,844) (7,180) (7,567)
68.0% 61.0% 61.0% 61.0% 61.0%

2014P 2015P 2016P 2017P 2018P


9/30/14 9/30/15 9/30/16 9/30/17 9/30/18

14,421 14,421 14,421 14,421 14,421


0 0 0 0 0
14,421 14,421 14,421 14,421 14,421

3,453 3,453 3,453 3,453 3,453


0 0 0 0 0
3,453 3,453 3,453 3,453 3,453

5,146 5,146 5,146 5,146 5,146


0 0 0 0 0
5,146 5,146 5,146 5,146 5,146

20,208 23,208 26,208 29,208 32,208


3,000 3,000 3,000 3,000 3,000
23,208 26,208 29,208 32,208 35,208

2014P 2015P 2016P 2017P 2018P


9/30/14 9/30/15 9/30/16 9/30/17 9/30/18

16,960 16,960 16,960 14,460 14,460


0 0 (2,500) 0 (6,000)
0 0 0 0 0
16,960 16,960 14,460 14,460 8,460

329 329 317 329 264


1.9% 1.9% 2.0% 2.3% 2.3%

100% 100% 100% 100% 100%


0% 0% 0% 0% 0%

2014P 2015P 2016P 2017P 2018P


9/30/14 9/30/15 9/30/16 9/30/17 9/30/18

19,764 21,978 24,191 26,616 29,162


0 0 0 0 0
2,214 2,213 2,426 2,545 2,682
21,978 24,191 26,616 29,162 31,844

0 0 0 0 0
2,214 2,213 2,426 2,545 2,682
1.7% 1.6% 1.7% 1.7% 1.7%

0 (23,968) (47,936) (71,904) (95,872)


(23,968) (23,968) (23,968) (23,968) (23,968)
(23,968) (47,936) (71,904) (95,872) (119,840)

(23,968) (23,968) (23,968) (23,968) (23,968)

2014P 2015P 2016P 2017P 2018P


9/30/14 9/30/15 9/30/16 9/30/17 9/30/18

104,256 130,439 160,311 191,549 224,340


36,878 39,048 40,834 42,864 45,243
(10,695) (9,176) (9,596) (10,073) (10,632)
130,439 160,311 191,549 224,340 258,951

36,878 39,048 40,834 42,864 45,243


29.0% 23.5% 23.5% 23.5% 23.5%
(10,695) (9,176) (9,596) (10,073) (10,632)

(471) (471) (471) (471) (471)


0 0 0 0 0
(471) (471) (471) (471) (471)

2014P 2015P 2016P 2017P 2018P


9/30/14 9/30/15 9/30/16 9/30/17 9/30/18

36,878 39,048 40,834 42,864 45,243


7,149 7,535 7,677 7,786 8,001
2,214 2,213 2,426 2,545 2,682
(352) (864) (642) (736) (846)
(41) (82) (85) (97) (111)
538 1,507 1,094 1,255 1,442
(58) 68 (109) 139 (15)
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
3,000 3,000 3,000 3,000 3,000
0 0 0 0 0
49,327 52,426 54,196 56,756 59,397

(8,969) (10,738) (11,219) (11,771) (12,406)


0 0 0 0 0
(8,969) (10,738) (11,219) (11,771) (12,406)

0 0 (2,500) 0 (6,000)
(10,695) (9,176) (9,596) (10,073) (10,632)
0 0 0 0 0
(23,968) (23,968) (23,968) (23,968) (23,968)
0 0 0 0 0
0 0 0 0 0
(34,663) (33,144) (36,064) (34,041) (40,600)

5,695 8,543 6,912 10,944 6,391

2014P 2015P 2016P 2017P 2018P


9/30/14 9/30/15 9/30/16 9/30/17 9/30/18

0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
15,259 16,204 16,931 17,763 18,721
OK OK OK OK OK

146,761 152,456 161,000 167,912 178,856


5,000 5,000 5,000 5,000 5,000
141,761 147,456 156,000 162,912 173,856
5,695 8,543 6,912 10,944 6,391
147,456 156,000 162,912 173,856 180,247

2% 2% 2% 2% 2%
0 0 0 0 0

146,761 152,456 161,000 167,912 178,856


5,695 8,543 6,912 10,944 6,391
152,456 161,000 167,912 178,856 185,247

1.03% 1.03% 1.03% 1.03% 1.03%


1,541 1,614 1,694 1,786 1,875

2014P 2015P 2016P 2017P 2018P


9/30/14 9/30/15 9/30/16 9/30/17 9/30/18

900 864 831 802 776


0 0 0 0 0
(36) (33) (29) (26) (23)
864 831 802 776 753

43.98 47.57 53.75 60.74 68.64


10.6% 8.2% 13.0% 13.0% 13.0%
$669.16 $723.79 $817.88 $924.20 $1,044.35

Revenue growth rate


5.0% 7.5% 10.0%
42.88 43.89 44.90
42.14 43.13 44.12
41.39 42.36 43.34
40.64 41.60 42.56
39.90 40.84 41.77
40.64 41.60 42.56

iPad unit growth


10.0% 15.0% 20.0%
44.81 45.17 45.53
43.81 44.17 44.53
42.81 43.17 43.52
41.81 42.16 42.52
40.80 41.16 41.52
39.80 40.16 40.52

2014P 2015P 2016P 2017P 2018P


9/30/14 9/30/15 9/30/16 9/30/17 9/30/18

5.0% 5.0% 4.5% 4.9% 5.4%


37.1% 37.4% 37.4% 37.4% 37.4%
2.9% 3.1% 3.1% 3.1% 3.1%
6.8% 6.8% 6.8% 6.8% 6.8%

10.0% 10.0% 10.0% 10.0% 10.0%


5.0% 5.0% 4.5% 4.9% 5.4%
0.0% 0.0% 0.0% 0.0% 0.0%

37.5% 37.5% 37.5% 37.5% 37.5%


37.1% 37.4% 37.4% 37.4% 37.4%
36.5% 36.5% 36.5% 36.5% 36.5%

2.5% 2.5% 2.5% 2.5% 2.5%


2.9% 3.1% 3.1% 3.1% 3.1%
3.3% 3.3% 3.3% 3.3% 3.3%

6.4% 6.4% 6.4% 6.4% 6.4%


6.8% 6.8% 6.8% 6.8% 6.8%
7.0% 7.0% 7.0% 7.0% 7.0%