Apple Inc Assignment, Financial Module
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Currency in 25-Sep 24-Sep 29-Sep 28-Sep 4 Year Millions of US Dollars 2010 2011 2012 2013 Trend 65,225.00 108,249.00 156,508.00 170,910.00 65,225.00 108,249.00 156,508.00 170,910.00 39,541.00 64,431.00 87,846.00 106,606.00 25,684.00 43,818.00 68,662.00 64,304.00 5,517.00 7,599.00 10,040.00 10,830.00 1,782.00 2,429.00 3,381.00 4,475.00 7,299.00 10,028.00 13,421.00 15,305.00 18,385.00 33,790.00 55,241.00 48,999.00 -- -- -- -136 311 519 1,088.00 1,616.00 311 519 1,088.00 1,480.00 -- -- -655 -300 -156 -104 89 -24 18,540.00 34,205.00 55,763.00 50,155.00 18,540.00 34,205.00 55,763.00 50,155.00 4,527.00 8,283.00 14,030.00 13,118.00 14,013.00 25,922.00 41,733.00 37,037.00 14,013.00 25,922.00 41,733.00 37,037.00 NET INCOME Currency Exchange Gains (Loss) Other Non-Operating Income (Expenses) EBT, EXCLUDING UNUSUAL ITEMS EBT, INCLUDING UNUSUAL ITEMS Income Tax Expense Earnings from Continuing Operations NET INTEREST EXPENSE As of: Revenues TOTAL REVENUES Cost of Goods Sold GROSS PROFIT Selling General & Admin Expenses, Total R&D Expenses OTHER OPERATING EXPENSES, TOTAL OPERATING INCOME Interest Expense Interest and Investment Income
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Transcript of Apple Inc Assignment, Financial Module
Currency in25-Sep 24-Sep 29-Sep 28-Sep 4 Year
Millions of
US Dollars
2010 2011 2012 2013 Trend
65,225.00 108,249.00 156,508.00 170,910.00
65,225.00 108,249.00 156,508.00 170,910.00
39,541.00 64,431.00 87,846.00 106,606.00
25,684.00 43,818.00 68,662.00 64,304.00
5,517.00 7,599.00 10,040.00 10,830.00
1,782.00 2,429.00 3,381.00 4,475.00
7,299.00 10,028.00 13,421.00 15,305.00
18,385.00 33,790.00 55,241.00 48,999.00
-- -- -- -136
311 519 1,088.00 1,616.00
311 519 1,088.00 1,480.00
-- -- -655 -300
-156 -104 89 -24
18,540.00 34,205.00 55,763.00 50,155.00
18,540.00 34,205.00 55,763.00 50,155.00
4,527.00 8,283.00 14,030.00 13,118.00
14,013.00 25,922.00 41,733.00 37,037.00
14,013.00 25,922.00 41,733.00 37,037.00NET INCOME
Currency Exchange Gains
(Loss)Other Non-Operating Income
(Expenses)EBT, EXCLUDING UNUSUAL
ITEMSEBT, INCLUDING UNUSUAL
ITEMS
Income Tax Expense
Earnings from Continuing
Operations
NET INTEREST EXPENSE
As of:
Revenues
TOTAL REVENUES
Cost of Goods Sold
GROSS PROFIT
Selling General & Admin
Expenses, Total
R&D Expenses
OTHER OPERATING
EXPENSES, TOTAL
OPERATING INCOME
Interest Expense
Interest and Investment Income
Currency in25-Sep 24-Sep 29-Sep 28-Sep 4 Year
Millions of
US Dollars
2010 2011 2012 2013 Trend
11,261.00 9,815.00 10,746.00 14,259.00
14,359.00 16,137.00 18,383.00 26,287.00
-- -- -- 44
25,620.00 25,952.00 29,129.00 40,590.00
5,510.00 5,369.00 10,930.00 13,102.00
4,414.00 6,348.00 7,762.00 7,539.00
9,924.00 11,717.00 18,692.00 20,641.00
1,051.00 776 791 1,764.00
1,636.00 2,014.00 2,583.00 3,453.00
445 -- 278 164
3,002.00 4,529.00 6,180.00 6,674.00
41,678.00 44,988.00 57,653.00 73,286.00
7,234.00 11,768.00 21,887.00 28,519.00
-2,466.00 -3,991.00 -6,435.00 -11,922.00
4,768.00 7,777.00 15,452.00 16,597.00
741 896 1,135.00 1,577.00
25,391.00 55,618.00 92,122.00 106,215.00
342 3,536.00 4,224.00 4,179.00
2,263.00 3,556.00 5,478.00 5,146.00
75,183.00 116,371.00 176,064.00 207,000.00
12,015.00 14,632.00 21,175.00 22,367.00
3,641.00 4,829.00 6,749.00 8,427.00
658 1,140.00 1,535.00 1,200.00
761 1,240.00 1,638.00 2,967.00
3,647.00 6,129.00 7,445.00 8,697.00
20,722.00 27,970.00 38,542.00 43,658.00
-- -- -- 16,960.00
1,139.00 1,686.00 2,648.00 2,625.00
4,300.00 8,159.00 13,847.00 16,489.00
1,231.00 1,941.00 2,817.00 3,719.00
27,392.00 39,756.00 57,854.00 83,451.00
10,668.00 13,331.00 16,422.00 19,764.00
37,169.00 62,841.00 101,289.00 104,256.00
-46 443 499 -471
47,791.00 76,615.00 118,210.00 123,549.00
47,791.00 76,615.00 118,210.00 123,549.00
75,183.00 116,371.00 176,064.00 207,000.00
Retained Earnings
Comprehensive Income and
Other
TOTAL COMMON EQUITY
TOTAL EQUITY
TOTAL LIABILITIES AND
EQUITY
Common Stock
Accounts Payable
Accrued Expenses
Current Income Taxes Payable
Other Current Liabilities, Total
Unearned Revenue, Current
TOTAL CURRENT LIABILITIES
Long-Term Debt
Unearned Revenue, Non-
CurrentDeferred Tax Liability Non-
Current
Other Non-Current Liabilities
TOTAL LIABILITIES
LIABILITIES & EQUITY
Other Current Assets
TOTAL CURRENT ASSETS
Gross Property Plant and
Equipment
Accumulated Depreciation
NET PROPERTY PLANT AND
EQUIPMENT
Goodwill
Long-Term Investments
Other Intangibles
Other Long-Term Assets
TOTAL ASSETS
Restricted Cash
As of:
Assets
Cash and Equivalents
Short-Term Investments
Trading Asset Securities
TOTAL CASH AND SHORT
TERM INVESTMENTS
Accounts Receivable
Other Receivables
TOTAL RECEIVABLES
Inventory
Deferred Tax Assets, Current
Assumption/Margin 2011 2012 2013 2014 2015 2016 2017 2018Sales 5.5% +1 Annually 30.8% 8.4% 5.5% 6.5% 7.5% 8.5% 9.5%
Cost of Sales 60% Sales Annually 59.5% 56.1% 62.4% 60.0% 60.0% 60.0% 60.0% 60.0%Research and development (0.01 Increase
Annualy)xSales 2.2% 2.2% 2.6% 2.6% 2.7% 2.8% 2.9% 3.0%Selling, general and administrative (0.01
Decrease Annualy)Sales 7.0% 6.4% 6.3% 6.2% 6.1% 6.0% 5.9% 5.8%
Other Income Provision 0.02% 0.02% 0.02% 0.02% 0.02%
Other Income (0.02Increase Annually) 0.4% 0.3% 0.68% 0.70% 0.72% 0.74% 0.76% 0.78%
Income Tax 25% Constant 24.2% 25.2% 26.2% 25.0% 25.0% 25.0% 25.0% 25.0%
Inventory 0.02% Increase As of Sales 0.5% 1.0% 1.05% 1.07% 1.09% 1.11% 1.13%
0.02% 0.02% 0.02% 0.02% 0.02%
Property Plant & Equipments 9% as of Sales 9.9% 9.7% 9.0% 9.0% 9.0% 9.0% 9.0%
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions)
September 28, September 29, September 24,
2013 2012 2011
Net income 37,037 41,733 25,922
Other comprehensive income/(loss):
Change in foreign currency translation, net of tax effects of $35, $13 and $18,
respectively (112 (15 (12
Change in unrecognized gains/losses on derivative instruments:
Change in fair value of derivatives, net of tax benefit/(expense) of $(351),
$73 and $(50), respectively 522 (131 92
Adjustment for net losses/(gains) realized and included in net income, net of
tax expense/(benefit) of $255, $220 and $(250), respectively (458 (399 450
Total change in unrecognized gains/losses on derivative instruments, net of
tax 64 (530 542
Change in unrealized gains/losses on marketable securities:
Change in fair value of marketable securities, net of tax benefit/(expense) of
$458, $(421) and $17, respectively (791 715 29
Adjustment for net losses/(gains) realized and included in net income, net of
tax expense/(benefit) of $82, $68 and $(40), respectively (131 (114 (70
Total change in unrealized gains/losses on marketable securities, net of tax (922 601 (41
Total other comprehensive income/(loss) (970 56 489
Total comprehensive income 36,067 41,789 26,411
)
)
)
CONSOLIDATED BALANCE SHEETS
(In millions, except number of shares which are reflected in thousands)
ASSETS: September 28, 2013September 29, 2012
Current assets:
Cash and cash equivalents 14,259 10,746
Short-term marketable securities 26,287 18,383
Accounts receivable, less allowances of $99 and $98, respectively 13,102 10,930
Inventories 1,764 791
Deferred tax assets 3,453 2,583
Vendor non-trade receivables 7,539 7,762
Other current assets 6,882 6,458
Total current assets 73,286 57,653
Long-term marketable securities 106,215 92,122
Property, plant and equipment, net 16,597 15,452
Goodwill 1,577 1,135
Acquired intangible assets, net 4,179 4,224
Other assets 5,146 5,478
Total assets 207,000 176,064
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities:
Accounts payable 22,367 21,175
Accrued expenses 13,856 11,414
Deferred revenue 7,435 5,953
Total current liabilities 43,658 38,542
Deferred revenue – non-current 2,625 2,648
Long-term debt 16,960 0
Other non-current liabilities 20,208 16,664
Total liabilities 83,451 57,854
Commitments and contingencies
Shareholders’ equity:
Common stock, no par value; 1,800,000 shares authorized; 899,213 and
939,208 shares issued and outstanding, respectively 19,764 16,422
Retained earnings 104,256 101,289
Accumulated other comprehensive income/(loss) (471 499
Total shareholders’ equity 123,549 118,210
Total liabilities and shareholders’ equity 207,000 176,064
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(In millions, except number of shares which are reflected in thousands)
Shares Amount
Balances as of September 25, 2010 915,970 10,668
Net income 0 0
Other comprehensive income/(loss) 0 0
Share-based compensation 0 1,168
Common stock issued under stock plans, net of shares
withheld for employee taxes 13,307 561
Tax benefit from equity awards, including transfer
pricing adjustments 0 934
Balances as of September 24, 2011 929,277 13,331
Net income 0 0
Other comprehensive income/(loss) 0 0
Dividends and dividend equivalent rights declared 0 0
Share-based compensation 0 1,740
Common stock issued under stock plans, net of shares
withheld for employee taxes 9,931 200
Tax benefit from equity awards, including transfer
pricing adjustments 0 1,151
Balances as of September 29, 2012 939,208 16,422
Net income 0 0
Other comprehensive income/(loss) 0 0
Common Stock
Dividends and dividend equivalent rights declared 0 0
Repurchase of common stock (46,976 0
Share-based compensation 0 2,253
Common stock issued under stock plans, net of shares
withheld for employee taxes 6,981 (143
Tax benefit from equity awards, including transfer
pricing adjustments 0 1,232
Balances as of September 28, 2013 899,213 19,764
Retained Earnings Other Comprehensive Income Total Shareholders Equity
37,169 (46 47,791
25,922 0 25,922
0 489 489
0 0 1,168
(250 0 311
0 0 934
62,841 443 76,615
41,733 0 41,733
0 56 56
(2,523 0 (2,523 )
0 0 1,740
(762 0 (562 )
0 0 1,151
101,289 499 118,210
37,037 0 37,037
0 (970 (970 )
(10,676 0 (10,676 )
(22,950 0 (22,950 )
0 0 2,253
(444 0 (587 )
0 0 1,232
104,256 (471 123,549
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
Years ended
September 28, September 29, September 24,
2013 2012 2011
Cash and cash equivalents, beginning of the year 10,746 9,815 11,261
Operating activities:
Net income 37,037 41,733 25,922 Adjustments to reconcile net income to cash generated by
operating activities:
Depreciation and amortization 6,757 3,277 1,814
Share-based compensation expense 2,253 1,740 1,168
Deferred income tax expense 1,141 4,405 2,868
Changes in operating assets and liabilities:
Accounts receivable, net (2,172 (5,551 143
Inventories (973 (15 275
Vendor non-trade receivables 223 (1,414 (1,934 )
Other current and non-current assets 1,080 (3,162 (1,391 )
Accounts payable 2,340 4,467 2,515
Deferred revenue 1,459 2,824 1,654
Other current and non-current liabilities 4,521 2,552 4,495
Cash generated by operating activities 53,666 50,856 37,529
Investing activities:
Purchases of marketable securities (148,489 (151,232 (102,317 )
Proceeds from maturities of marketable securities 20,317 13,035 20,437
Proceeds from sales of marketable securities 104,130 99,770 49,416 Payments made in connection with business acquisitions,
net(496 (350 (244 )
Payments for acquisition of property, plant and equipment (8,165 (8,295 (4,260 )
Payments for acquisition of intangible assets (911 (1,107 (3,192 )
Other (160 (48 (259 )
Cash used in investing activities (33,774 (48,227 (40,419 )
Financing activities:
Proceeds from issuance of common stock 530 665 831
Excess tax benefits from equity awards 701 1,351 1,133
Taxes paid related to net share settlement of equity awards (1,082 (1,226 (520 )
Dividends and dividend equivalent rights paid (10,564 (2,488 0
Repurchase of common stock (22,860 0 0
Proceeds from issuance of long-term debt, net 16,896 0 0
Cash generated by/(used in) financing activities (16,379 (1,698 1,444
Increase/(decrease) in cash and cash equivalents 3,513 931 (1,446 )
Cash and cash equivalents, end of the year 14,259 10,746 9,815
Supplemental cash flow disclosure:
Cash paid for income taxes, net 9,128 7,682 3,338
