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Financial Statement Model for Apple
$ mm except per share
INCOME STATEMENT
Fiscal year 2011A 2012A 2013A
Fiscal year end date 9/24/11 9/29/12 9/28/13
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%
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
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
Inventory
Beginning of period
Increases / (decreases)
End of period 791 1,764
Accounts payable
Beginning of period
Increases / (decreases)
End of period 21,175 22,367
Beginning of period
Plus: Purchases of intangible assets
Less: Amortization
End of period 5,359 5,756
Beginning of period
Plus: Capital expenditures
Less: Depreciation
End of period 15,452 16,597
Other assets
Beginning of period
Increases / (decreases)
End of period 5,478 5,146
DEBT
Fiscal year 2012A 2013A
Fiscal year end date 9/29/12 9/28/13
CAPITAL STOCK
Fiscal year 2012A 2013A
Fiscal year end date 9/29/12 9/28/13
Treasury stock
Beginning of period
Less: Stock repurchases
End of period 0 0
Retained earnings
Beginning of period
Plus: Net income
Less: Common dividends
End of period 101,289 104,256
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
Revolver
Beginning of period
Increases / (decreases)
End of period 0 0
Maximum availability
Compliance check
Cash
Beginning of period
+/- additions
End of period 121,251 146,761
SHARES OUTSTANDING
Fiscal year 2012A 2013A
Fiscal year end date 9/29/12 9/28/13
SENSITIVITY ANALYSIS
SCENARIO ANALYSIS
Fiscal year 2012A 2013A
Fiscal year end date 9/29/12 9/28/13
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
0 0 0 0 0
0 0 0 0 0
(1,050) (985) (833) (606) (434)
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 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)
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
2% 2% 2% 2% 2%
0 0 0 0 0