0% found this document useful (0 votes)

5 views

Financial Model

Uploaded by

hanaalex04

Available Formats

Download as XLSX, PDF, TXT or read online on Scribd

0% found this document useful (0 votes)

5 views

Financial Model

Uploaded by

hanaalex04

Available Formats

Download as XLSX, PDF, TXT or read online on Scribd

You are on page 1/ 16

Financial Statement Model for Apple

$ in thousands except per share

Company name Apple

Ticker AAPL
Circ break 1=off, 0=on 1
Latest closing share price $171.25
Latest closing share price date 2/4/2019
Latest fiscal year end date 9/29/18
Shares outstanding (millions) 4,745,398

INCOME STATEMENT
Fiscal year 2016A 2017A 2018A
Fiscal year end date 9/30/16 9/30/17 9/29/18

Revenue 215,639 229,234 265,595

Cost of sales (enter as -) (131,376) (141,048) (163,756)
Gross Profit 84,263 88,186 101,839
Research & development (enter as -) (10,045) (11,581) (14,236)
Selling, general & administrative (enter as -) (14,194) (15,261) (16,705)
Operating profit (EBIT) 60,024 61,344 70,898
Interest income 3,999 5,201 5,686
Interest expense (enter as -) (1,456) (2,323) (3,240)
Other expense, net (enter as -) (1,195) (133) (441)
Pretax profit 61,372 64,089 72,903
Taxes (enter expense as -) (15,685) (15,738) (13,372)
Net income 45,687 48,351 59,531

Depreciation & amortization 10,505 10,157 10,903 From cash flow statement
EBITDA 70,529 71,501 81,801 EBIT + D&A
Stock based compensation 4,210 4,840 5,340 From cash flow statement
Adjusted EBITDA 74,739 76,341 87,141 EBITDA + Stock-based compensation

Growth rates & margins

Revenue growth 6.3% 15.9% Current year / Last year - 1
Gross profit margin 39.1% 38.5% 38.3% Gross profit / revenue
R&D % of sales 4.7% 5.1% 5.4% R&D / Revenue
SG&A % of sales 6.6% 6.7% 6.3% SG&A / Revenue
Tax rate 25.6% 24.6% 18.3% Taxes / Pretax Profit

BALANCE SHEET
Fiscal year 2017A 2018A
Fiscal year end date 9/30/17 9/29/18
Cash & equivalents, ST and LT marketable securities 268,895 237,100
Accounts receivable 17,874 23,186
Inventories 4,855 3,956
Other current assets 31,735 37,896
Property, plant & equipment 33,783 41,304
Other non current assets 18,177 22,283
Total assets 375,319 365,725

Accounts payable 44,242 55,888

Other current liabilities 30,551 32,687
Deferred revenue (current and non current) 10,384 10,340
Commercial paper / revolver 11,977 11,964
Long term debt (includes current portion) 103,703 102,519
Other non current liabilities 40,415 45,180
Total liabilities 241,272 258,578

Common stock 35,867 40,201

Retained earnings 98,330 70,400
Other comprehensive income (150) (3,454)
Total equity 134,047 107,147

Balance check 0 0

Additional data
Capital expenditures (enter as +) 12,734 12,451 13,313 Payments for PPE
D&A related only to PP&E (enter as -) (8,300) (8,200) (9,300) Property plant and equipment section
Dividends (enter as -) (12,188) (12,803) (13,735) Statement of shareholders equity schedule
Repurchases (enter as -) (29,000) (33,001) (73,056) Statement of shareholders equity schedule
Weighted average interest rate on commercial paper 1.20% 2.18% Check notes
Weighted average interest rate on cash 1.73% 1.99% 2.16% Check notes
Financial Statement Model for Apple
$ in thousands except per share

Company name Apple

Ticker AAPL
Circ break 1=off, 0=on 1
Latest closing share price $171.25
Latest closing share price date 2/4/2019
Latest fiscal year end date 9/29/18
Shares outstanding (millions) 4,745.398

INCOME STATEMENT
Fiscal year 2016A 2017A 2018A 2019P 2020P 2021P 2022P 2023P
Fiscal year end date 9/30/16 9/30/17 9/29/18 9/30/19 9/30/20 9/30/21 9/30/22 9/30/23 WSP Comments

Revenue 215,639 229,234 265,595 Previous year's revenues x (1+revenue growth rate)
Cost of sales (enter as -) (131,376) (141,048) (163,756) Plug = Revenue - Gross Profit
Gross Profit 84,263 88,186 101,839 Revenue x Gross Profit Margin forecast
Research & development (enter as -) (10,045) (11,581) (14,236) Revenue x R&D % of sales forecast
Selling, general & administrative (enter as -) (14,194) (15,261) (16,705) Revenue x SG&A % of sales forecast
Operating profit (EBIT) 60,024 61,344 70,898 Gross Profit - R&D - SG&A
Interest income 3,999 5,201 5,686 Reference from interest on cash schedule
Interest expense (enter as -) (1,456) (2,323) (3,240) Reference from interest expense schedule
Other expense, net (enter as -) (1,195) (133) (441) Straight-line
Pretax profit 61,372 64,089 72,903 EBIT + interest income less interest expense less other expense
Taxes (enter expense as -) (15,685) (15,738) (13,372) Pre-tax Profit x Tax Rate forecast
Net income 45,687 48,351 59,531 Pre-tax Profit less taxes

Depreciation & amortization 10,505 10,157 10,903 Reference from D&A schedule
EBITDA 70,529 71,501 81,801 EBIT + D&A
Stock based compensation 4,210 4,840 5,340 WSP assumption: grow SBC in-line with revenue growth
Adjusted EBITDA 74,739 76,341 87,141 EBITDA + Stock-based compensation

Growth rates & margins

Revenue growth 6.3% 15.9% JP Morgan estimates through 2021; straight-line growth rate thereafter
Gross profit margin 39.1% 38.5% 38.3% JP Morgan estimates through 2021; straight-line margin thereafter
R&D % of sales 4.7% 5.1% 5.4% JP Morgan estimates through 2021: straight-line margin thereafter
SG&A % of sales 6.6% 6.7% 6.3% JP Morgan estimates through 2021: straight-line margin thereafter
Tax rate 25.6% 24.6% 18.3% JP Morgan estimates through 2021: straight-line margin thereafter

Accounts payable 44,242 55,888 Grow in-line with cost of sales growth
Other current liabilities 30,551 32,687 Grow in-line with revenue growth
Deferred revenue (current and non current) 10,384 10,340 Grow in-line with revenue growth
Commercial paper / revolver 11,977 11,964 Reference from revolver schedule
Long term debt (includes current portion) 103,703 102,519 WSP assumption: straight-line
Other non current liabilities 40,415 45,180 Grow in-line with revenue growth
Total liabilities 241,272 258,578

Common stock 35,867 40,201 Increase by stock-based compensation forecasted in the I/S section
Retained earnings 98,330 70,400 Reference from Retained Earnings schedule
Other comprehensive income (150) (3,454) WSP assumption: straight-line
Total equity 134,047 107,147

Balance check 0 0 0 0 0 0 0

CASH FLOW STATEMENT

Fiscal year 2019P 2020P 2021P 2022P 2023P
Fiscal year end date 9/30/19 9/30/20 9/30/21 9/30/22 9/30/23

Net income
Depreciation and amortization
Stock based compensation
Decreases / (Increases) in working capital assets
Increases / (Decreases) in working capital liabilities
Other non current assets Reference additions to 'other non-current assets' from schedule
Other non current liabilities
Cash from operating activities

Capital expenditures
Cash from investing activities

Long term debt

Revolver
Share repurchases
Common dividends
Cash from financing activities

Net change in cash during period

PROPERTY, PLANT & EQUIPMENT

Fiscal year 2016A 2017A 2018A 2019P 2020P 2021P 2022P 2023P
Fiscal year end date 9/30/16 9/30/17 9/29/18 9/30/19 9/30/20 9/30/21 9/30/22 9/30/23
Forecast
Beginning of period BOP = Previous year EOP
Plus: Capital expenditures 12,734 12,451 13,313 13,285 13,649 13,819 14,000 14,200 JP Morgan through 2021; WSP assumption thereafter
Less: Depreciation (8,300) (8,200) (9,300) Capex x 'D&A related to PP&E as a % of capex' ratio (below)
End of period 33,783 41,304 BOP + Capex - Depreciation
Step
D&A related to PP&E as a % of capex 65.2% 65.9% 69.9% 2.0%

IMPUTING TOTAL DEPRECIATION & AMORTIZATION

D&A not related to PP&E 2,205 1,957 1,603 Revenue x 'as % of revenue' assumption
as % of revenue 1.0% 0.9% 0.6% Straight line last historical % of revenue - WSP assumption
Depreciation & Amortization - Total 10,505 10,157 10,903 D&A from PP&E + D&A not from PP&E

OTHER NON-CURRENT ASSETS

Beginning of period BOP = Previous year EOP
Less: D&A not related to PP&E 0 0 0 0 0 Assume all D&A not from PP&E is in non-current assets
Plus: Additions Because we already know the EOP balance, this is a plug: EOP - D&A not from PP&E - BOP
End of period 18,177 22,283 0 0 0 0 0 Referenced from balance sheet

RETAINED EARNINGS
Beginning of period BOP = Previous year EOP
Plus: Net income 45,687 48,351 59,531 Reference from income statement
Less: Dividends (12,188) (12,803) (13,735) WSP assumption: Straight-line last historical year dividends
Less: Repurchases (29,000) (33,001) (73,056) WSP assumption: Straight-line last historical year repurchases
End of period 0 98,330 70,400 BOP + net income - dividends - repurchases
Financial Statement Model for Apple
$ in thousands except per share

Company name Apple

Ticker AAPL
Circ break 1=off, 0=on 1
Latest closing share price $171.25
Latest closing share price date 2/4/2019
Latest fiscal year end date 9/29/18
Shares outstanding (millions) 4,745.398

INCOME STATEMENT
Fiscal year 2016A 2017A 2018A 2019P 2020P 2021P 2022P 2023P
Fiscal year end date 9/30/16 9/30/17 9/29/18 9/30/19 9/30/20 9/30/21 9/30/22 9/30/23 WSP Comments

Revenue 215,639 229,234 265,595 254,971 270,269 288,918 308,853 330,164 Previous year's revenues x (1+revenue growth rate)
Cost of sales (enter as -) (131,376) (141,048) (163,756) (158,592) (167,297) (178,551) (190,871) (204,042) Plug = Revenue - Gross Profit
Gross Profit 84,263 88,186 101,839 96,379 102,973 110,367 117,982 126,123 Revenue x Gross Profit Margin forecast
Research & development (enter as -) (10,045) (11,581) (14,236) (15,808) (17,027) (18,202) (19,458) (20,800) Revenue x R&D % of sales forecast
Selling, general & administrative (enter as -) (14,194) (15,261) (16,705) (18,868) (18,649) (19,935) (21,311) (22,781) Revenue x SG&A % of sales forecast
Operating profit (EBIT) 60,024 61,344 70,898 61,703 67,297 72,230 77,213 82,541 Gross Profit - R&D - SG&A
Interest income 3,999 5,201 5,686 Reference from interest on cash schedule
Interest expense (enter as -) (1,456) (2,323) (3,240) Reference from interest expense schedule
Other expense, net (enter as -) (1,195) (133) (441) (441) (441) (441) (441) (441) Straight-line
Pretax profit 61,372 64,089 72,903 61,262 66,856 71,789 76,772 82,100 EBIT + interest income less interest expense less other expense
Taxes (enter expense as -) (15,685) (15,738) (13,372) (10,231) (11,366) (12,132) (12,975) (13,875) Pre-tax Profit x Tax Rate forecast
Net income 45,687 48,351 59,531 51,031 55,491 59,656 63,798 68,225 Pre-tax Profit less taxes

Depreciation & amortization 10,505 10,157 10,903 Reference from D&A schedule
EBITDA 70,529 71,501 81,801 61,703 67,297 72,230 77,213 82,541 EBIT + D&A
Stock based compensation 4,210 4,840 5,340 5,126 5,434 5,809 6,210 6,638 WSP assumption: grow SBC in-line with revenue growth
Adjusted EBITDA 74,739 76,341 87,141 66,829 72,731 78,038 83,423 89,179 EBITDA + Stock-based compensation

Growth rates & margins

Revenue growth 6.3% 15.9% (4.0%) 6.0% 6.9% 6.9% 6.9% JP Morgan estimates through 2021; straight-line growth rate thereafter
Gross profit margin 39.1% 38.5% 38.3% 37.8% 38.1% 38.2% 38.2% 38.2% JP Morgan estimates through 2021; straight-line margin thereafter
R&D % of sales 4.7% 5.1% 5.4% 6.2% 6.3% 6.3% 6.3% 6.3% JP Morgan estimates through 2021: straight-line margin thereafter
SG&A % of sales 6.6% 6.7% 6.3% 7.4% 6.9% 6.9% 6.9% 6.9% JP Morgan estimates through 2021: straight-line margin thereafter
Tax rate 25.6% 24.6% 18.3% 16.7% 17.0% 16.9% 16.9% 16.9% JP Morgan estimates through 2021: straight-line margin thereafter

BALANCE SHEET
Fiscal year 2017A 2018A 2019P 2020P 2021P 2022P 2023P
Fiscal year end date 9/30/17 9/29/18 9/30/19 9/30/20 9/30/21 9/30/22 9/30/23
Cash & equivalents, ST and LT marketable securities 268,895 237,100 290,535 355,783 426,721 502,672 583,889 Reference from 'net change in cash' line on the cash flow statement
Accounts receivable 17,874 23,186 22,259 23,594 25,222 26,962 28,823 Grow in-line with revenue growth
Inventories 4,855 3,956 3,831 4,042 4,313 4,611 4,929 Grow in-line with cost of sales growth
Other current assets 31,735 37,896 36,380 38,563 41,224 44,068 47,109 Grow in-line with revenue growth
Property, plant & equipment 33,783 41,304 Reference from PP&E schedule
Other non current assets 18,177 22,283 21,392 22,675 24,240 25,912 27,700 Grow in-line with revenue growth
Total assets 375,319 365,725 374,397 444,656 521,721 604,226 692,450

Accounts payable 44,242 55,888 54,126 57,096 60,937 65,142 69,637 Grow in-line with cost of sales growth
Other current liabilities 30,551 32,687 31,380 33,262 35,557 38,011 40,634 Grow in-line with revenue growth
Deferred revenue (current and non current) 10,384 10,340 9,926 10,522 11,248 12,024 12,854 Grow in-line with revenue growth
Commercial paper / revolver 11,977 11,964 Reference from revolver schedule
Long term debt (includes current portion) 103,703 102,519 102,519 102,519 102,519 102,519 102,519 WSP assumption: straight-line
Other non current liabilities 40,415 45,180 43,373 45,975 49,147 52,539 56,164 Grow in-line with revenue growth
Total liabilities 241,272 258,578 241,323 249,375 259,409 270,235 281,807

Common stock 35,867 40,201 45,327 50,761 56,570 62,780 69,418 Increase by stock-based compensation forecasted in the I/S section
Retained earnings 98,330 70,400 Reference from Retained Earnings schedule
Other comprehensive income (150) (3,454) (3,454) (3,454) (3,454) (3,454) (3,454) WSP assumption: straight-line
Total equity 134,047 107,147 41,873 47,307 53,116 59,326 65,964

Balance check 0 0 91,200 147,974 209,195 274,665 344,678

CASH FLOW STATEMENT

Fiscal year 2019P 2020P 2021P 2022P 2023P
Fiscal year end date 9/30/19 9/30/20 9/30/21 9/30/22 9/30/23

Net income 51,031 55,491 59,656 63,798 68,225

Depreciation and amortization
Stock based compensation 5,126 5,434 5,809 6,210 6,638
Decreases / (Increases) in working capital assets 2,568 (3,729) (4,561) (4,882) (5,219)
Increases / (Decreases) in working capital liabilities (3,483) 5,449 6,862 7,434 7,947
Other non current assets Reference additions to 'other non-current assets' from schedule
Other non current liabilities (1,807) 2,602 3,172 3,391 3,625
Cash from operating activities 53,435 65,247 70,939 75,951 81,216

Capital expenditures
Cash from investing activities 0 0 0 0 0

Long term debt 0 0 0 0 0

Revolver
Share repurchases
Common dividends
Cash from financing activities 0 0 0 0 0

Net change in cash during period 53,435 65,247 70,939 75,951 81,216
Financial Statement Model for Apple
$ in thousands except per share

Company name Apple

Ticker AAPL
Circ break 1=off, 0=on 1
Latest closing share price $171.25
Latest closing share price date 2/4/2019
Latest fiscal year end date 9/29/18
Shares outstanding (millions) 4,745.398

INCOME STATEMENT
Fiscal year 2016A 2017A 2018A 2019P 2020P 2021P 2022P 2023P
Fiscal year end date 9/30/16 9/30/17 9/29/18 9/30/19 9/30/20 9/30/21 9/30/22 9/30/23 WSP Comments

Depreciation & amortization 10,505 10,157 10,903 11,085 11,712 12,226 13,365 14,604 Reference from D&A schedule
EBITDA 70,529 71,501 81,801 72,788 79,009 84,456 90,579 97,145 EBIT + D&A
Stock based compensation 4,210 4,840 5,340 5,126 5,434 5,809 6,210 6,638 WSP assumption: grow SBC in-line with revenue growth
Adjusted EBITDA 74,739 76,341 87,141 77,914 84,443 90,265 96,789 103,783 EBITDA + Stock-based compensation

Growth rates & margins

BALANCE SHEET
Fiscal year 2017A 2018A 2019P 2020P 2021P 2022P 2023P
Fiscal year end date 9/30/17 9/29/18 9/30/19 9/30/20 9/30/21 9/30/22 9/30/23
Cash & equivalents, ST and LT marketable securities 268,895 237,100 200,896 174,501 153,748 137,964 127,421 Reference from 'net change in cash' line on the cash flow statement
Accounts receivable 17,874 23,186 22,259 23,594 25,222 26,962 28,823 Grow in-line with revenue growth
Inventories 4,855 3,956 3,831 4,042 4,313 4,611 4,929 Grow in-line with cost of sales growth
Other current assets 31,735 37,896 36,380 38,563 41,224 44,068 47,109 Grow in-line with revenue growth
Property, plant & equipment 33,783 41,304 45,043 48,611 51,948 55,219 58,400 Reference from PP&E schedule
Other non current assets 18,177 22,283 21,392 22,675 24,240 25,912 27,700 Grow in-line with revenue growth
Total assets 375,319 365,725 329,801 311,986 300,695 294,737 294,382

Common stock 35,867 40,201 45,327 50,761 56,570 62,780 69,418 Increase by stock-based compensation forecasted in the I/S section
Retained earnings 98,330 70,400 34,640 3,340 (23,795) (46,788) (65,354) Reference from Retained Earnings schedule
Other comprehensive income (150) (3,454) (3,454) (3,454) (3,454) (3,454) (3,454) WSP assumption: straight-line
Total equity 134,047 107,147 76,514 50,647 29,321 12,538 610

Balance check 0 0 11,964 11,964 11,964 11,964 11,964

CASH FLOW STATEMENT

Fiscal year 2019P 2020P 2021P 2022P 2023P
Fiscal year end date 9/30/19 9/30/20 9/30/21 9/30/22 9/30/23

Net income 51,031 55,491 59,656 63,798 68,225

Depreciation and amortization 11,085 11,712 12,226 13,365 14,604
Stock based compensation 5,126 5,434 5,809 6,210 6,638
Decreases / (Increases) in working capital assets 2,568 (3,729) (4,561) (4,882) (5,219)
Increases / (Decreases) in working capital liabilities (3,483) 5,449 6,862 7,434 7,947
Other non current assets (648) (2,915) (3,308) (3,537) (3,781) Reference additions to 'other non-current assets' from schedule
Other non current liabilities (1,807) 2,602 3,172 3,391 3,625
Cash from operating activities 63,872 74,045 79,857 85,779 92,039

Capital expenditures (13,285) (13,649) (13,819) (14,773) (15,792)

Cash from investing activities (13,285) (13,649) (13,819) (14,773) (15,792)

Long term debt 0 0 0 0 0

Revolver
Share repurchases (73,056) (73,056) (73,056) (73,056) (73,056)
Common dividends (13,735) (13,735) (13,735) (13,735) (13,735)
Cash from financing activities (86,791) (86,791) (86,791) (86,791) (86,791)

Net change in cash during period (36,204) (26,395) (20,753) (15,784) (10,543)

PROPERTY, PLANT & EQUIPMENT

Fiscal year 2016A 2017A 2018A 2019P 2020P 2021P 2022P 2023P
Fiscal year end date 9/30/16 9/30/17 9/29/18 9/30/19 9/30/20 9/30/21 9/30/22 9/30/23
Forecast
Beginning of period 41,304 45,043 48,611 51,948 55,219 BOP = Previous year EOP
Plus: Capital expenditures 12,734 12,451 13,313 13,285 13,649 13,819 14,773 15,792 JP Morgan through 2021; WSP assumption thereafter
Less: Depreciation (8,300) (8,200) (9,300) (9,546) (10,081) (10,483) (11,501) (12,611) Capex x 'D&A related to PP&E as a % of capex' ratio (below)
End of period 33,783 41,304 45,043 48,611 51,948 55,219 58,400 BOP + Capex - Depreciation
Step
D&A related to PP&E as a % of capex 65.2% 65.9% 69.9% 71.9% 73.9% 75.9% 77.9% 79.9% 2.0%

IMPUTING TOTAL DEPRECIATION & AMORTIZATION

D&A not related to PP&E 2,205 1,957 1,603 1,539 1,631 1,744 1,864 1,993 Revenue x 'as % of revenue' assumption
as % of revenue 1.0% 0.9% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% Straight line last historical % of revenue - WSP assumption
Depreciation & Amortization - Total 10,505 10,157 10,903 11,085 11,712 12,226 13,365 14,604 D&A from PP&E + D&A not from PP&E

OTHER NON-CURRENT ASSETS

Beginning of period 22,283 21,392 22,675 24,240 25,912 BOP = Previous year EOP
Less: D&A not related to PP&E (1,539) (1,631) (1,744) (1,864) (1,993) Assume all D&A not from PP&E is in non-current assets
Plus: Additions 648 2,915 3,308 3,537 3,781 Because we already know the EOP balance, this is a plug: EOP - D&A not from PP&E - BOP
End of period 18,177 22,283 21,392 22,675 24,240 25,912 27,700 Referenced from balance sheet

RETAINED EARNINGS
Beginning of period 70,400 34,640 3,340 (23,795) (46,788) BOP = Previous year EOP
Plus: Net income 45,687 48,351 59,531 51,031 55,491 59,656 63,798 68,225 Reference from income statement
Less: Dividends (12,188) (12,803) (13,735) (13,735) (13,735) (13,735) (13,735) (13,735) WSP assumption: Straight-line last historical year dividends
Less: Repurchases (29,000) (33,001) (73,056) (73,056) (73,056) (73,056) (73,056) (73,056) WSP assumption: Straight-line last historical year repurchases
End of period 0 98,330 70,400 34,640 3,340 (23,795) (46,788) (65,354) BOP + net income - dividends - repurchases
Financial Statement Model for Apple
$ in thousands except per share

Company name Apple

Ticker AAPL
1
Latest closing share price $171.25
Latest closing share price date 2/4/2019
Latest fiscal year end date 9/29/18
Shares outstanding (millions) 4,745.398

INCOME STATEMENT
Fiscal year 2016A 2017A 2018A 2019P 2020P 2021P 2022P 2023P
Fiscal year end date 9/30/16 9/30/17 9/29/18 9/30/19 9/30/20 9/30/21 9/30/22 9/30/23 WSP Comments

Growth rates & margins

BALANCE SHEET
Fiscal year 2017A 2018A 2019P 2020P 2021P 2022P 2023P
Fiscal year end date 9/30/17 9/29/18 9/30/19 9/30/20 9/30/21 9/30/22 9/30/23
Cash & equivalents, ST and LT marketable securities 268,895 237,100 200,896 174,501 153,748 137,964 127,421 Reference from 'net change in cash' line on the cash flow statement
Accounts receivable 17,874 23,186 22,259 23,594 25,222 26,962 28,823 Grow in-line with revenue growth
Inventories 4,855 3,956 3,831 4,042 4,313 4,611 4,929 Grow in-line with cost of sales growth
Other current assets 31,735 37,896 36,380 38,563 41,224 44,068 47,109 Grow in-line with revenue growth
Property, plant & equipment 33,783 41,304 45,043 48,611 51,948 55,219 58,400 Reference from PP&E schedule
Other non current assets 18,177 22,283 21,392 22,675 24,240 25,912 27,700 Grow in-line with revenue growth
Total assets 375,319 365,725 329,801 311,986 300,695 294,737 294,382

Accounts payable 44,242 55,888 54,126 57,096 60,937 65,142 69,637 Grow in-line with cost of sales growth
Other current liabilities 30,551 32,687 31,380 33,262 35,557 38,011 40,634 Grow in-line with revenue growth
Deferred revenue (current and non current) 10,384 10,340 9,926 10,522 11,248 12,024 12,854 Grow in-line with revenue growth
Commercial paper / revolver 11,977 11,964 Reference EOP balance from CP/revolver schedule
Long term debt (includes current portion) 103,703 102,519 102,519 102,519 102,519 102,519 102,519 WSP assumption: straight-line
Other non current liabilities 40,415 45,180 43,373 45,975 49,147 52,539 56,164 Grow in-line with revenue growth
Total liabilities 241,272 258,578 241,323 249,375 259,409 270,235 281,807

Balance check 0 0 11,964 11,964 11,964 11,964 11,964

CASH FLOW STATEMENT

Fiscal year 2019P 2020P 2021P 2022P 2023P
Fiscal year end date 9/30/19 9/30/20 9/30/21 9/30/22 9/30/23

Net income 51,031 55,491 59,656 63,798 68,225

Depreciation and amortization 11,085 11,712 12,226 13,365 14,604 Reference from the I/S
Stock based compensation 5,126 5,434 5,809 6,210 6,638
Decreases / (Increases) in working capital assets 2,568 (3,729) (4,561) (4,882) (5,219)
Increases / (Decreases) in working capital liabilities (3,483) 5,449 6,862 7,434 7,947
Other non current assets (648) (2,915) (3,308) (3,537) (3,781) Reference from schedule NOT the B/S: Only include 'Additions' (as outflow)
Other non current liabilities (1,807) 2,602 3,172 3,391 3,625
Cash from operating activities 63,872 74,045 79,857 85,779 92,039

Capital expenditures (13,285) (13,649) (13,819) (14,773) (15,792) Reference from PP&E schedule
Cash from investing activities (13,285) (13,649) (13,819) (14,773) (15,792)

Long term debt 0 0 0 0 0

Revolver Reference from B/S
Share repurchases (73,056) (73,056) (73,056) (73,056) (73,056) Reference from Retained Earnings schedule
Common dividends (13,735) (13,735) (13,735) (13,735) (13,735) Reference from Retained Earnings schedule
Cash from financing activities (86,791) (86,791) (86,791) (86,791) (86,791)

Net change in cash during period (36,204) (26,395) (20,753) (15,784) (10,543)

PROPERTY, PLANT & EQUIPMENT

IMPUTING TOTAL DEPRECIATION & AMORTIZATION

OTHER NON-CURRENT ASSETS

REVOLVER (MODEL PLUG)

Fiscal year 2016A 2017A 2018A 2019P 2020P 2021P 2022P 2023P
Fiscal year end date 9/30/16 9/30/17 9/29/18 9/30/19 9/30/20 9/30/21 9/30/22 9/30/23

Revolver needs analysis

Cash at beginning of period (BOP) Reference prior period EOP from B/S
Less: Minimum cash balance (50,000) (50,000) (50,000) (50,000) (50,000) WSP assumption
Plus: Current period cash flows except revolver CFO + CFI + CFF except revolver
Equals: Cash available (needed) to pay down (draw from) revolver

Commercial paper / Revolver

Beginning of period BOP = Previous year EOP
Draw / (paydown) Cash (paydown) / additional borrowing from revolver/CP. Paydown not to exceed BOP balance.
Additional discretionary draw / (paydown) 12,000 12,000 12,000 12,000 12,000 WSP assumption
End of period 0 11,977 11,964 12,000 12,000 12,000 12,000 12,000
Debt balance: OK OK OK OK OK

INTEREST EXPENSE AND INTEREST INCOME

Fiscal year 2016A 2017A 2018A 2019P 2020P 2021P 2022P 2023P
Fiscal year end date 9/30/16 9/30/17 9/29/18 9/30/19 9/30/20 9/30/21 9/30/22 9/30/23

Total interest expense 1,456 2,323 3,240 Interest expense from revolver/CP + interest expense from long term debt

Commercial Paper / Revolver

Weighted average interest rate 1.20% 2.18% WSP assumption: Straight-line
End of period balance (from B/S) 11,977 11,964 Reference from revolver / CP schedule above
Interest expense 144 261 Interest rate x average of BOP & EOP revolver balances (circularity)

Long term debt

End of period balance (from B/S) 103,703 102,519 Reference from B/S
Weighted average interest rate 2.1% 2.9% WSP assumption: Straight-line
Interest expense 2,179 2,979 Interest rate x average of BOP & EOP LTD balances

Interest rate on cash

Weighted average interest rate on cash 1.73% 1.99% 2.16% WSP assumption: Straight-line
Interest income 3,999 5,201 5,686 Interest rate x average of BOP & EOP B/S cash (circularity)
Financial Statement Model for Apple
$ in thousands except per share

Company name Apple

Ticker AAPL
Circ break 1=off, 0=on 1
Latest closing share price $171.25
Latest closing share price date 2/4/2019
Latest fiscal year end date 9/29/18
Shares outstanding (millions) 4,745.398

INCOME STATEMENT
Fiscal year 2016A 2017A 2018A 2019P 2020P 2021P 2022P 2023P
Fiscal year end date 9/30/16 9/30/17 9/29/18 9/30/19 9/30/20 9/30/21 9/30/22 9/30/23 WSP Comments

Revenue 215,639 229,234 265,595 254,971 270,269 288,918 308,853 330,164 Previous year's revenues x (1+revenue growth rate)
Cost of sales (enter as -) (131,376) (141,048) (163,756) (158,592) (167,297) (178,551) (190,871) (204,042) Plug = Revenue - Gross Profit
Gross Profit 84,263 88,186 101,839 96,379 102,973 110,367 117,982 126,123 Revenue x Gross Profit Margin forecast
Research & development (enter as -) (10,045) (11,581) (14,236) (15,808) (17,027) (18,202) (19,458) (20,800) Revenue x R&D % of sales forecast
Selling, general & administrative (enter as -) (14,194) (15,261) (16,705) (18,868) (18,649) (19,935) (21,311) (22,781) Revenue x SG&A % of sales forecast
Operating profit (EBIT) 60,024 61,344 70,898 61,703 67,297 72,230 77,213 82,541 Gross Profit - R&D - SG&A
Interest income 3,999 5,201 5,686 4,744 4,090 3,592 3,201 2,913 Reference from interest on cash schedule
Interest expense (enter as -) (1,456) (2,323) (3,240) (3,223) (3,224) (3,224) (3,224) (3,224) Reference from interest expense schedule
Other expense, net (enter as -) (1,195) (133) (441) (441) (441) (441) (441) (441) Straight-line
Pretax profit 61,372 64,089 72,903 62,783 67,723 72,157 76,749 81,790 EBIT + interest income less interest expense less other expense
Taxes (enter expense as -) (15,685) (15,738) (13,372) (10,485) (11,513) (12,195) (12,971) (13,822) Pre-tax Profit x Tax Rate forecast
Net income 45,687 48,351 59,531 52,299 56,210 59,963 63,779 67,967 Pre-tax Profit less taxes

Growth rates & margins

BALANCE SHEET
Fiscal year 2017A 2018A 2019P 2020P 2021P 2022P 2023P
Fiscal year end date 9/30/17 9/29/18 9/30/19 9/30/20 9/30/21 9/30/22 9/30/23
Cash & equivalents, ST and LT marketable securities 268,895 237,100 202,200 176,524 156,077 140,274 129,472 Reference from 'net change in cash' line on the cash flow statement
Accounts receivable 17,874 23,186 22,259 23,594 25,222 26,962 28,823 Grow in-line with revenue growth
Inventories 4,855 3,956 3,831 4,042 4,313 4,611 4,929 Grow in-line with cost of sales growth
Other current assets 31,735 37,896 36,380 38,563 41,224 44,068 47,109 Grow in-line with revenue growth
Property, plant & equipment 33,783 41,304 45,043 48,611 51,948 55,219 58,400 Reference from PP&E schedule
Other non current assets 18,177 22,283 21,392 22,675 24,240 25,912 27,700 Grow in-line with revenue growth
Total assets 375,319 365,725 331,104 314,009 303,024 297,046 296,433

Accounts payable 44,242 55,888 54,126 57,096 60,937 65,142 69,637 Grow in-line with cost of sales growth
Other current liabilities 30,551 32,687 31,380 33,262 35,557 38,011 40,634 Grow in-line with revenue growth
Deferred revenue (current and non current) 10,384 10,340 9,926 10,522 11,248 12,024 12,854 Grow in-line with revenue growth
Commercial paper / revolver 11,977 11,964 12,000 12,000 12,000 12,000 12,000 Reference EOP balance from CP/revolver schedule
Long term debt (includes current portion) 103,703 102,519 102,519 102,519 102,519 102,519 102,519 WSP assumption: straight-line
Other non current liabilities 40,415 45,180 43,373 45,975 49,147 52,539 56,164 Grow in-line with revenue growth
Total liabilities 241,272 258,578 253,323 261,375 271,409 282,235 293,807

Common stock 35,867 40,201 45,327 50,761 56,570 62,780 69,418 Increase by stock-based compensation forecasted in the I/S section
Retained earnings 98,330 70,400 35,908 5,326 (21,502) (44,514) (63,338) Reference from Retained Earnings schedule
Other comprehensive income (150) (3,454) (3,454) (3,454) (3,454) (3,454) (3,454) WSP assumption: straight-line
Total equity 134,047 107,147 77,781 52,634 31,614 14,812 2,626

Balance check 0 0 0 0 0 0 0

CASH FLOW STATEMENT

Fiscal year 2019P 2020P 2021P 2022P 2023P
Fiscal year end date 9/30/19 9/30/20 9/30/21 9/30/22 9/30/23

Net income 52,299 56,210 59,963 63,779 67,967

Capital expenditures (13,285) (13,649) (13,819) (14,773) (15,792) Reference from PP&E schedule
Cash from investing activities (13,285) (13,649) (13,819) (14,773) (15,792)

Long term debt 0 0 0 0 0

Revolver 36 0 0 0 0 Reference from B/S
Share repurchases (73,056) (73,056) (73,056) (73,056) (73,056) Reference from Retained Earnings schedule
Common dividends (13,735) (13,735) (13,735) (13,735) (13,735) Reference from Retained Earnings schedule
Cash from financing activities (86,755) (86,791) (86,791) (86,791) (86,791)

Net change in cash during period (34,900) (25,676) (20,447) (15,803) (10,801)

PROPERTY, PLANT & EQUIPMENT

IMPUTING TOTAL DEPRECIATION & AMORTIZATION

OTHER NON-CURRENT ASSETS

Beginning of period 22,283 21,392 22,675 24,240 25,912 BOP = Previous year EOP
Less: Amortization of intangible assets (1,539) (1,631) (1,744) (1,864) (1,993) Assume all D&A not from PP&E is in non-current assets
Plus: Additions 648 2,915 3,308 3,537 3,781 Because we already know the EOP balance, this is a plug: EOP - D&A not from PP&E - BOP
End of period 18,177 22,283 21,392 22,675 24,240 25,912 27,700 Referenced from balance sheet

RETAINED EARNINGS
Beginning of period 70,400 35,908 5,326 (21,502) (44,514) BOP = Previous year EOP
Plus: Net income 45,687 48,351 59,531 52,299 56,210 59,963 63,779 67,967 Reference from income statement
Less: Dividends (12,188) (12,803) (13,735) (13,735) (13,735) (13,735) (13,735) (13,735) WSP assumption: Straight-line last historical year dividends
Less: Repurchases (29,000) (33,001) (73,056) (73,056) (73,056) (73,056) (73,056) (73,056) WSP assumption: Straight-line last historical year repurchases
End of period 0 98,330 70,400 35,908 5,326 (21,502) (44,514) (63,338) BOP + net income - dividends - repurchases

REVOLVER (MODEL PLUG)

Fiscal year 2016A 2017A 2018A 2019P 2020P 2021P 2022P 2023P
Fiscal year end date 9/30/16 9/30/17 9/29/18 9/30/19 9/30/20 9/30/21 9/30/22 9/30/23

Revolver needs analysis

Cash at beginning of period (BOP) 237,100 202,200 176,524 156,077 140,274 Reference prior period EOP from B/S
Less: Minimum cash balance (50,000) (50,000) (50,000) (50,000) (50,000) WSP assumption
Plus: Free cash flows generated during period (34,936) (25,676) (20,447) (15,803) (10,801) CFO + CFI + CFF except revolver
Equals: Cash available (needed) to pay down (draw from) revolver 152,164 126,524 106,077 90,274 79,472

Commercial paper / Revolver

Beginning of period 11,964 12,000 12,000 12,000 12,000 BOP = Previous year EOP
Draw / (paydown) (11,964) (12,000) (12,000) (12,000) (12,000) Cash (paydown) / additional borrowing from revolver. Paydown not to exceed BOP balance.
Discretionary borrowing / (paydown) 12,000 12,000 12,000 12,000 12,000 WSP assumption
End of period 0 11,977 11,964 12,000 12,000 12,000 12,000 12,000
Debt balance: OK OK OK OK OK

INTEREST EXPENSE AND INTEREST INCOME

Fiscal year 2016A 2017A 2018A 2019P 2020P 2021P 2022P 2023P
Fiscal year end date 9/30/16 9/30/17 9/29/18 9/30/19 9/30/20 9/30/21 9/30/22 9/30/23

Total interest expense (from I/S) 1,456 2,323 3,240 3,223 3,224 3,224 3,224 3,224 Interest expense from revolver/CP + interest expense from long term debt

Commercial Paper / Revolver

Weighted average interest rate 1.20% 2.18% 2.18% 2.18% 2.18% 2.18% 2.18% WSP assumption: Straight-line
End of period balance (from B/S) 11,977 11,964 12,000 12,000 12,000 12,000 12,000 Reference from revolver / CP schedule above
Interest expense 144 261 261 262 262 262 262 Interest rate x average of BOP & EOP revolver balances (circularity)

Long term debt

End of period balance (from B/S) 103,703 102,519 102,519 102,519 102,519 102,519 102,519 Reference from B/S
Weighted average interest rate 2.1% 2.9% 2.9% 2.9% 2.9% 2.9% 2.9% WSP assumption: Straight-line
Interest expense 2,179 2,979 2,962 2,962 2,962 2,962 2,962 Interest rate x average of BOP & EOP LTD balances

Interest rate on cash

Weighted average interest rate on cash 1.73% 1.99% 2.16% 2.16% 2.16% 2.16% 2.16% 2.16% WSP assumption: Straight-line
Interest income 3,999 5,201 5,686 4,744 4,090 3,592 3,201 2,913 Interest rate x average of BOP & EOP cash balances (circularity)
Financial Statement Model for Apple
$ in thousands except per share

Company name Apple

Ticker AAPL
Circ break 1=off, 0=on 1
Latest closing share price $171.25
Latest closing share price date 2/4/2019
Latest fiscal year end date 9/29/18
Shares outstanding (millions) 4,745.398

INCOME STATEMENT
Fiscal year 2016A 2017A 2018A 2019P 2020P 2021P 2022P 2023P
Fiscal year end date 9/30/16 9/30/17 9/29/18 9/30/19 9/30/20 9/30/21 9/30/22 9/30/23 WSP Comments

Revenue 215,639 229,234 265,595 254,971 270,269 288,918 308,853 330,164 Previous year's revenues x (1+revenue growth rate)
Cost of sales (enter as -) (131,376) (141,048) (163,756) (158,592) (167,297) (178,551) (190,871) (204,042) Plug = Revenue - Gross Profit
Gross Profit 84,263 88,186 101,839 96,379 102,973 110,367 117,982 126,123 Revenue x Gross Profit Margin forecast
Research & development (enter as -) (10,045) (11,581) (14,236) (15,808) (17,027) (18,202) (19,458) (20,800) Revenue x R&D % of sales forecast
Selling, general & administrative (enter as -) (14,194) (15,261) (16,705) (18,868) (18,649) (19,935) (21,311) (22,781) Revenue x SG&A % of sales forecast
Operating profit (EBIT) 60,024 61,344 70,898 61,703 67,297 72,230 77,213 82,541 Gross Profit - R&D - SG&A
Interest income 3,999 5,201 5,686 4,855 4,562 4,589 4,760 5,063 Reference from interest on cash schedule
Interest expense (enter as -) (1,456) (2,323) (3,240) (3,223) (3,224) (3,224) (3,224) (3,224) Reference from interest expense schedule
Other expense, net (enter as -) (1,195) (133) (441) (441) (441) (441) (441) (441) Straight-line
Pretax profit 61,372 64,089 72,903 62,894 68,194 73,154 78,309 83,939 EBIT + interest income less interest expense less other expense
Taxes (enter expense as -) (15,685) (15,738) (13,372) (10,503) (11,593) (12,363) (13,234) (14,186) Pre-tax Profit x Tax Rate forecast
Net income 45,687 48,351 59,531 52,391 56,601 60,791 65,075 69,753 Pre-tax Profit less taxes

Growth rates & margins

BALANCE SHEET
Fiscal year 2017A 2018A 2019P 2020P 2021P 2022P 2023P
Fiscal year end date 9/30/17 9/29/18 9/30/19 9/30/20 9/30/21 9/30/22 9/30/23
Cash & equivalents, ST and LT marketable securities 268,895 237,100 212,430 209,969 214,950 225,807 242,958 Reference from 'net change in cash' line on the cash flow statement
Accounts receivable 17,874 23,186 22,259 23,594 25,222 26,962 28,823 Grow in-line with revenue growth
Inventories 4,855 3,956 3,831 4,042 4,313 4,611 4,929 Grow in-line with cost of sales growth
Other current assets 31,735 37,896 36,380 38,563 41,224 44,068 47,109 Grow in-line with revenue growth
Property, plant & equipment 33,783 41,304 45,043 48,611 51,948 55,219 58,400 Reference from PP&E schedule
Other non current assets 18,177 22,283 21,392 22,675 24,240 25,912 27,700 Grow in-line with revenue growth
Total assets 375,319 365,725 341,334 347,453 361,897 382,580 409,919

Accounts payable 44,242 55,888 54,126 57,096 60,937 65,142 69,637 Grow in-line with cost of sales growth
Other current liabilities 30,551 32,687 31,380 33,262 35,557 38,011 40,634 Grow in-line with revenue growth
Deferred revenue (current and non current) 10,384 10,340 9,926 10,522 11,248 12,024 12,854 Grow in-line with revenue growth
Commercial paper / revolver 11,977 11,964 12,000 12,000 12,000 12,000 12,000 Reference EOP balance from CP/revolver schedule
Long term debt (includes current portion) 103,703 102,519 102,519 102,519 102,519 102,519 102,519 WSP assumption: straight-line
Other non current liabilities 40,415 45,180 43,373 45,975 49,147 52,539 56,164 Grow in-line with revenue growth
Total liabilities 241,272 258,578 253,323 261,375 271,409 282,235 293,807

Common stock 35,867 40,201 40,201 40,201 40,201 40,201 40,201 Increase by stock-based compensation forecasted in the I/S section
Retained earnings 98,330 70,400 (34,400) (30,190) (26,000) (21,716) (17,038) Reference from Retained Earnings schedule
Other comprehensive income (150) (3,454) (3,454) (3,454) (3,454) (3,454) (3,454) WSP assumption: straight-line
Total equity 134,047 107,147 2,347 6,557 10,747 15,031 19,709

Balance check 0 0 85,664 79,521 79,741 85,314 96,403

CASH FLOW STATEMENT

Fiscal year 2019P 2020P 2021P 2022P 2023P
Fiscal year end date 9/30/19 9/30/20 9/30/21 9/30/22 9/30/23

Net income 52,391 56,601 60,791 65,075 69,753

Depreciation and amortization 11,085 11,712 12,226 13,365 14,604 Reference from the I/S
Stock based compensation 5,126 5,434 5,809 6,210 6,638
Decreases / (Increases) in working capital assets (2,568) 3,729 4,561 4,882 5,219
Increases / (Decreases) in working capital liabilities (3,483) 5,449 6,862 7,434 7,947
Other non current assets 891 (1,284) (1,565) (1,673) (1,788) Reference from schedule NOT the B/S: Only include 'Additions' (as outflow)
Other non current liabilities (1,807) 2,602 3,172 3,391 3,625
Cash from operating activities 61,635 84,244 91,857 98,685 105,999

Capital expenditures (13,285) (13,649) (13,819) (14,773) (15,792) Reference from PP&E schedule
Cash from investing activities (13,285) (13,649) (13,819) (14,773) (15,792)

Long term debt 0 0 0 0 0

Commercial paper/ Revolver 36 0 0 0 0 Reference from B/S
Share repurchases (73,056) (73,056) (73,056) (73,056) (73,056) Reference from Retained Earnings schedule
Common dividends (13,735) (13,735) (13,735) (13,735) (13,735) Reference from Retained Earnings schedule
Cash from financing activities (73,020) (73,056) (73,056) (73,056) (73,056)

Net change in cash during period (24,670) (2,461) 4,982 10,857 17,151

PROPERTY, PLANT & EQUIPMENT

IMPUTING TOTAL DEPRECIATION & AMORTIZATION

OTHER NON-CURRENT ASSETS

RETAINED EARNINGS
Beginning of period 70,400 36,000 5,810 (20,190) (41,906) BOP = Previous year EOP
Plus: Net income 45,687 48,351 59,531 52,391 56,601 60,791 65,075 69,753 Reference from income statement
Less: Dividends (12,188) (12,803) (13,735) (13,735) (13,735) (13,735) (13,735) (13,735) WSP assumption: Straight-line last historical year dividends
Less: Repurchases (29,000) (33,001) (73,056) (73,056) (73,056) (73,056) (73,056) (73,056) WSP assumption: Straight-line last historical year repurchases
End of period 0 98,330 70,400 36,000 5,810 (20,190) (41,906) (58,944) BOP + net income - dividends - repurchases

REVOLVER (MODEL PLUG)

Fiscal year 2016A 2017A 2018A 2019P 2020P 2021P 2022P 2023P
Fiscal year end date 9/30/16 9/30/17 9/29/18 9/30/19 9/30/20 9/30/21 9/30/22 9/30/23

Revolver needs analysis

Cash at beginning of period (BOP) 237,100 212,430 209,969 214,950 225,807 Reference prior period EOP from B/S
Less: Minimum cash balance (50,000) (50,000) (50,000) (50,000) (50,000) WSP assumption
Plus: Free cash flows generated during period (38,441) (16,196) (8,753) (2,878) 3,416 CFO + CFI + CFF except revolver
Equals: Cash available (needed) to pay down (draw from) revolver 148,659 146,234 151,215 162,072 179,223

Commercial paper / Revolver

INTEREST EXPENSE AND INTEREST INCOME

Fiscal year 2016A 2017A 2018A 2019P 2020P 2021P 2022P 2023P
Fiscal year end date 9/30/16 9/30/17 9/29/18 9/30/19 9/30/20 9/30/21 9/30/22 9/30/23

Total interest expense (from I/S) 1,456 2,323 3,240 3,223 3,224 3,224 3,224 3,224 Interest expense from revolver/CP + interest expense from long term debt

Commercial Paper / Revolver

Long term debt

Interest rate on cash

Weighted average interest rate on cash 1.73% 1.99% 2.16% 2.16% 2.16% 2.16% 2.16% 2.16% WSP assumption: Straight-line
Interest income 3,999 5,201 5,686 4,855 4,562 4,589 4,760 5,063 Interest rate x average of BOP & EOP cash balances (circularity)
Financial Statement Model for Apple
$ in thousands except per share

Company name Apple

Ticker AAPL
Circ break 1=off, 0=on 1
Latest closing share price $171.25
Latest closing share price date 2/4/2019
Latest fiscal year end date 9/29/18
Shares outstanding (millions) 4,745.398

INCOME STATEMENT
Fiscal year 2016A 2017A 2018A 2019P 2020P 2021P 2022P 2023P
Fiscal year end date 9/30/16 9/30/17 9/29/18 9/30/19 9/30/20 9/30/21 9/30/22 9/30/23 WSP Comments

Revenue 215,639 229,234 265,595 254,971 270,269 288,918 308,853 330,164 Previous year's revenues x (1+revenue growth rate)
Cost of sales (enter as -) (131,376) (141,048) (163,756) (158,592) (167,297) (178,551) (190,871) (204,042) Plug = Revenue - Gross Profit
Gross Profit 84,263 88,186 101,839 96,379 102,973 110,367 117,982 126,123 Revenue x Gross Profit Margin forecast
Research & development (enter as -) (10,045) (11,581) (14,236) (15,808) (17,027) (18,202) (19,458) (20,800) Revenue x R&D % of sales forecast
Selling, general & administrative (enter as -) (14,194) (15,261) (16,705) (18,868) (18,649) (19,935) (21,311) (22,781) Revenue x SG&A % of sales forecast
Operating profit (EBIT) 60,024 61,344 70,898 61,703 67,297 72,230 77,213 82,541 Gross Profit - R&D - SG&A
Interest income 3,999 5,201 5,686 4,744 4,090 3,592 3,201 2,913 Reference from interest on cash schedule
Interest expense (enter as -) (1,456) (2,323) (3,240) (3,223) (3,224) (3,224) (3,224) (3,224) Reference from interest expense schedule
Other expense, net (enter as -) (1,195) (133) (441) (441) (441) (441) (441) (441) Straight-line
Pretax profit 61,372 64,089 72,903 62,783 67,723 72,157 76,749 81,790 EBIT + interest income less interest expense less other expense
Taxes (enter expense as -) (15,685) (15,738) (13,372) (10,485) (11,513) (12,195) (12,971) (13,822) Pre-tax Profit x Tax Rate forecast
Net income 45,687 48,351 59,531 52,299 56,210 59,963 63,779 67,967 Pre-tax Profit less taxes

Growth rates & margins

BALANCE SHEET
Fiscal year 2017A 2018A 2019P 2020P 2021P 2022P 2023P
Fiscal year end date 9/30/17 9/29/18 9/30/19 9/30/20 9/30/21 9/30/22 9/30/23
Cash & equivalents, ST and LT marketable securities 268,895 237,100 202,200 176,524 156,077 140,274 129,472 Reference from 'net change in cash' line on the cash flow statement
Accounts receivable 17,874 23,186 22,259 23,594 25,222 26,962 28,823 Grow in-line with revenue growth
Inventories 4,855 3,956 3,831 4,042 4,313 4,611 4,929 Grow in-line with cost of sales growth
Other current assets 31,735 37,896 36,380 38,563 41,224 44,068 47,109 Grow in-line with revenue growth
Property, plant & equipment 33,783 41,304 45,043 48,611 51,948 55,219 58,400 Reference from PP&E schedule
Other non current assets 18,177 22,283 21,392 22,675 24,240 25,912 27,700 Grow in-line with revenue growth
Total assets 375,319 365,725 331,104 314,009 303,024 297,046 296,433

Accounts payable 44,242 55,888 54,126 57,096 60,937 65,142 69,637 Grow in-line with cost of sales growth
Other current liabilities 30,551 32,687 31,380 33,262 35,557 38,011 40,634 Grow in-line with revenue growth
Deferred revenue (current and non current) 10,384 10,340 9,926 10,522 11,248 12,024 12,854 Grow in-line with revenue growth
Commercial paper / revolver 11,977 11,964 12,000 12,000 12,000 12,000 12,000 Reference EOP balance from CP/revolver schedule
Long term debt (includes current portion) 103,703 102,519 102,519 102,519 102,519 102,519 102,519 WSP assumption: straight-line
Other non current liabilities 40,415 45,180 43,373 45,975 49,147 52,539 56,164 Grow in-line with revenue growth
Total liabilities 241,272 258,578 253,323 261,375 271,409 282,235 293,807

Balance check 0 0 0 0 0 0 0

CASH FLOW STATEMENT

Fiscal year 2019P 2020P 2021P 2022P 2023P
Fiscal year end date 9/30/19 9/30/20 9/30/21 9/30/22 9/30/23

Net income 52,299 56,210 59,963 63,779 67,967

Capital expenditures (13,285) (13,649) (13,819) (14,773) (15,792) Reference from PP&E schedule
Cash from investing activities (13,285) (13,649) (13,819) (14,773) (15,792)

Long term debt 0 0 0 0 0

Net change in cash during period (34,900) (25,676) (20,447) (15,803) (10,801)

PROPERTY, PLANT & EQUIPMENT

IMPUTING TOTAL DEPRECIATION & AMORTIZATION

OTHER NON-CURRENT ASSETS

REVOLVER (MODEL PLUG)

Fiscal year 2016A 2017A 2018A 2019P 2020P 2021P 2022P 2023P
Fiscal year end date 9/30/16 9/30/17 9/29/18 9/30/19 9/30/20 9/30/21 9/30/22 9/30/23

Revolver needs analysis

Commercial paper / Revolver

INTEREST EXPENSE AND INTEREST INCOME

Fiscal year 2016A 2017A 2018A 2019P 2020P 2021P 2022P 2023P
Fiscal year end date 9/30/16 9/30/17 9/29/18 9/30/19 9/30/20 9/30/21 9/30/22 9/30/23

Total interest expense (from I/S) 1,456 2,323 3,240 3,223 3,224 3,224 3,224 3,224 Interest expense from revolver/CP + interest expense from long term debt

Commercial Paper / Revolver

Long term debt

Interest rate on cash

Company name Apple

Ticker AAPL
Circ break 1=off, 0=on 1
Latest closing share price $171.25
Latest closing share price date 2/4/2019
Latest fiscal year end date 9/29/18
Shares outstanding (millions) 4,745.398
Select an operating scenario: Base case

INCOME STATEMENT
Fiscal year 2016A 2017A 2018A 2019P 2020P 2021P 2022P 2023P
Fiscal year end date 9/30/16 9/30/17 9/29/18 9/30/19 9/30/20 9/30/21 9/30/22 9/30/23 WSP Comments

Revenue 215,639 229,234 265,595 254,971 270,269 288,918 308,853 330,164 Previous year's revenues x (1+revenue growth rate)
Cost of sales (enter as -) (131,376) (141,048) (163,756) (158,592) (167,297) (178,551) (190,871) (204,042) Plug = Revenue - Gross Profit
Gross Profit 84,263 88,186 101,839 96,379 102,973 110,367 117,982 126,123 Revenue x Gross Profit Margin forecast
Research & development (enter as -) (10,045) (11,581) (14,236) (15,808) (17,027) (18,202) (19,458) (20,800) Revenue x R&D % of sales forecast
Selling, general & administrative (enter as -) (14,194) (15,261) (16,705) (18,868) (18,649) (19,935) (21,311) (22,781) Revenue x SG&A % of sales forecast
Operating profit (EBIT) 60,024 61,344 70,898 61,703 67,297 72,230 77,213 82,541 Gross Profit - R&D - SG&A
Interest income 3,999 5,201 5,686 4,744 4,090 3,592 3,201 2,913 Reference from interest on cash schedule
Interest expense (enter as -) (1,456) (2,323) (3,240) (3,223) (3,224) (3,224) (3,224) (3,224) Reference from interest expense schedule
Other expense, net (enter as -) (1,195) (133) (441) (441) (441) (441) (441) (441) Straight-line
Pretax profit 61,372 64,089 72,903 62,783 67,723 72,157 76,749 81,790 EBIT + interest income less interest expense less other expense
Taxes (enter expense as -) (15,685) (15,738) (13,372) (10,485) (11,513) (12,195) (12,971) (13,822) Pre-tax Profit x Tax Rate forecast
Net income 45,687 48,351 59,531 52,299 56,210 59,963 63,779 67,967 Pre-tax Profit less taxes

Growth rates & margins

Revenue growth 6.3% 15.9% (4.0%) 6.0% 6.9% 6.9% 6.9% From scenario analysis below
Gross profit margin 39.1% 38.5% 38.3% 37.8% 38.1% 38.2% 38.2% 38.2% From scenario analysis below
R&D % of sales 4.7% 5.1% 5.4% 6.2% 6.3% 6.3% 6.3% 6.3% From scenario analysis below
SG&A % of sales 6.6% 6.7% 6.3% 7.4% 6.9% 6.9% 6.9% 6.9% From scenario analysis below
Tax rate 25.6% 24.6% 18.3% 16.7% 17.0% 16.9% 16.9% 16.9% JP Morgan estimates through 2021: straight-line margin thereafter

BALANCE SHEET
Fiscal year 2017A 2018A 2019P 2020P 2021P 2022P 2023P
Fiscal year end date 9/30/17 9/29/18 9/30/19 9/30/20 9/30/21 9/30/22 9/30/23
Cash & equivalents, ST and LT marketable securities 268,895 237,100 202,200 176,524 156,077 140,274 129,472 Reference from 'net change in cash' line on the cash flow statement
Accounts receivable 17,874 23,186 22,259 23,594 25,222 26,962 28,823 Grow in-line with revenue growth
Inventories 4,855 3,956 3,831 4,042 4,313 4,611 4,929 Grow in-line with cost of sales growth
Other current assets 31,735 37,896 36,380 38,563 41,224 44,068 47,109 Grow in-line with revenue growth
Property, plant & equipment 33,783 41,304 45,043 48,611 51,948 55,219 58,400 Reference from PP&E schedule
Other non current assets 18,177 22,283 21,392 22,675 24,240 25,912 27,700 Grow in-line with revenue growth
Total assets 375,319 365,725 331,104 314,009 303,024 297,046 296,433

Accounts payable 44,242 55,888 54,126 57,096 60,937 65,142 69,637 Grow in-line with cost of sales growth
Other current liabilities 30,551 32,687 31,380 33,262 35,557 38,011 40,634 Grow in-line with revenue growth
Deferred revenue (current and non current) 10,384 10,340 9,926 10,522 11,248 12,024 12,854 Grow in-line with revenue growth
Commercial paper / revolver 11,977 11,964 12,000 12,000 12,000 12,000 12,000 Reference EOP balance from CP/revolver schedule
Long term debt (includes current portion) 103,703 102,519 102,519 102,519 102,519 102,519 102,519 WSP assumption: straight-line
Other non current liabilities 40,415 45,180 43,373 45,975 49,147 52,539 56,164 Grow in-line with revenue growth
Total liabilities 241,272 258,578 253,323 261,375 271,409 282,235 293,807

Balance check 0 0 0 0 0 0 0

CASH FLOW STATEMENT

Fiscal year 2019P 2020P 2021P 2022P 2023P
Fiscal year end date 9/30/19 9/30/20 9/30/21 9/30/22 9/30/23

Net income 52,299 56,210 59,963 63,779 67,967

Capital expenditures (13,285) (13,649) (13,819) (14,773) (15,792) Reference from PP&E schedule
Cash from investing activities (13,285) (13,649) (13,819) (14,773) (15,792)

Long term debt 0 0 0 0 0

Net change in cash during period (34,900) (25,676) (20,447) (15,803) (10,801)

PROPERTY, PLANT & EQUIPMENT

IMPUTING TOTAL DEPRECIATION & AMORTIZATION

OTHER NON-CURRENT ASSETS

REVOLVER (MODEL PLUG)

Fiscal year 2016A 2017A 2018A 2019P 2020P 2021P 2022P 2023P
Fiscal year end date 9/30/16 9/30/17 9/29/18 9/30/19 9/30/20 9/30/21 9/30/22 9/30/23

Revolver needs analysis

Commercial paper / Revolver

INTEREST EXPENSE AND INTEREST INCOME

Fiscal year 2016A 2017A 2018A 2019P 2020P 2021P 2022P 2023P
Fiscal year end date 9/30/16 9/30/17 9/29/18 9/30/19 9/30/20 9/30/21 9/30/22 9/30/23

Total interest expense (from I/S) 1,456 2,323 3,240 3,223 3,224 3,224 3,224 3,224 Interest expense from revolver/CP + interest expense from long term debt

Commercial Paper / Revolver

Long term debt

End of period balance (from B/S) 103,703 102,519 102,519 102,519 102,519 102,519 102,519 Reference from B/S
Weighted average interest rate 2.1% 2.9% 2.89% 2.89% 2.89% 2.89% 2.89% WSP assumption: Straight-line
Interest expense 2,179 2,979 2,962 2,962 2,962 2,962 2,962 Interest rate x average of BOP & EOP LTD balances

Interest rate on cash

SENSITIVITY ANALYSIS

First forecast year net income sensitivity

Revenue growth rate

Gross
Profit
Margin:

SCENARIO ANALYSIS

Active case: Base case Variance from 2019P 2020P 2021P 2022P 2023P
base case 9/30/19 9/30/20 9/30/21 9/30/22 9/30/23
Revenue growth
Gross profit margin
R&D % of sales
SG&A % of sales

Revenue growth
Best case 2.5% (1.5%) 8.5% 9.4% 9.4% 9.4%
Base case NM (4.0%) 6.0% 6.9% 6.9% 6.9% JP Morgan estimates through 2021; straight-line growth rate thereafter
Weak case (2.5%) (6.5%) 3.5% 4.4% 4.4% 4.4%
Gross profit margin
Best case 1.0% 38.8% 39.0% 39.2% 39.2% 39.2%
Base case NM 37.8% 38.0% 38.2% 38.2% 38.2% JP Morgan estimates through 2021; straight-line margin thereafter
Weak case (1.0%) 36.8% 37.0% 37.2% 37.2% 37.2%
R&D % of sales
Best case (1.0%) 5.2% 5.3% 5.3% 5.3% 5.3%
Base case NM 6.2% 6.3% 6.3% 6.3% 6.3% JP Morgan estimates through 2021: straight-line margin thereafter
Weak case 1.0% 7.2% 7.3% 7.3% 7.3% 7.3%
SG&A % of sales
Best case (1.0%) 6.4% 5.9% 5.9% 5.9% 5.9%
Base case NM 7.4% 6.9% 6.9% 6.9% 6.9% JP Morgan estimates through 2021: straight-line margin thereafter
Weak case 1.0% 8.4% 7.9% 7.9% 7.9% 7.9%

EARNINGS PER SHARE

Fiscal year 2016A 2017A 2018A 2019P 2020P 2021P 2022P 2023P
Fiscal year end date 9/30/16 9/30/17 9/29/18 9/30/19 9/30/20 9/30/21 9/30/22 9/30/23

Net income 45,687 48,351 59,531 Reference from I/S

Basic shares 5,471 5,217 4,955 Last period basic shares + ($ shares issued - $ shares repurchased)/Current period average share price OR reference average Basic shares from schedule below
Basic EPS $8.35 $9.27 $12.01 Net income / Basic shares

Diluted Shares 5,500 5,252 5,000 Basic shares + Dilutive securities

Diluted EPS $8.31 $9.21 $11.91 Net income/Diluted Shares

$ amount of shares repurchased Reference from RE schedule - treasury repurchases (flip sign)
$ amount of new shares issued Reference SBC from I/S
Average share price $180.00 Last period share price x (1+growth rate)
Share price increase 15% 15% 15% 15% WSP assumption OR grow with net income growth rate (calculated below)
Financial Statement Model for Apple
$ in thousands except per share

Company name Apple

INCOME STATEMENT
Fiscal year 2016A 2017A 2018A 2019P 2020P 2021P 2022P 2023P
Fiscal year end date 9/30/16 9/30/17 9/29/18 9/30/19 9/30/20 9/30/21 9/30/22 9/30/23 WSP Comments

Revenue 215,639 229,234 265,595 272,235 270,269 288,918 308,853 330,164 Previous year's revenues x (1+revenue growth rate)
Cost of sales (enter as -) (131,376) (141,048) (163,756) (158,592) (167,297) (178,551) (190,871) (204,042) Plug = Revenue - Gross Profit
Gross Profit 84,263 88,186 101,839 99,366 102,973 110,367 117,982 126,123 Revenue x Gross Profit Margin forecast
Research & development (enter as -) (10,045) (11,581) (14,236) (16,879) (17,027) (18,202) (19,458) (20,800) Revenue x R&D % of sales forecast
Selling, general & administrative (enter as -) (14,194) (15,261) (16,705) (20,145) (18,649) (19,935) (21,311) (22,781) Revenue x SG&A % of sales forecast
Operating profit (EBIT) 60,024 61,344 70,898 62,342 67,297 72,230 77,213 82,541 Gross Profit - R&D - SG&A
Interest income 3,999 5,201 5,686 4,744 4,090 3,592 3,201 2,913 Reference from interest on cash schedule
Interest expense (enter as -) (1,456) (2,323) (3,240) (3,223) (3,224) (3,224) (3,224) (3,224) Reference from interest expense schedule
Other expense, net (enter as -) (1,195) (133) (441) (441) (441) (441) (441) (441) Straight-line
Pretax profit 61,372 64,089 72,903 62,783 67,723 72,157 76,749 81,790 EBIT + interest income less interest expense less other expense
Taxes (enter expense as -) (15,685) (15,738) (13,372) (10,485) (11,513) (12,195) (12,971) (13,822) Pre-tax Profit x Tax Rate forecast
Net income 45,687 48,351 59,531 52,299 56,210 59,963 63,779 67,967 Pre-tax Profit less taxes

Depreciation & amortization 10,505 10,157 10,903 11,085 11,712 12,226 13,365 14,604 Reference from D&A schedule
EBITDA 70,529 71,501 81,801 70,386 79,009 84,456 90,579 97,145 EBIT + D&A
Stock based compensation 4,210 4,840 5,340 5,126 5,434 5,809 6,210 6,638 WSP assumption: grow SBC in-line with revenue growth
Adjusted EBITDA 74,739 76,341 87,141 75,512 84,443 90,265 96,789 103,783 EBITDA + Stock-based compensation

Growth rates & margins

BALANCE SHEET
Fiscal year 2017A 2018A 2019P 2020P 2021P 2022P 2023P
Fiscal year end date 9/30/17 9/29/18 9/30/19 9/30/20 9/30/21 9/30/22 9/30/23
Cash & equivalents, ST and LT marketable securities 268,895 237,100 202,200 176,524 156,077 140,274 129,472 Reference from 'net change in cash' line on the cash flow statement
Accounts receivable 17,874 23,186 22,259 23,594 25,222 26,962 28,823 Grow in-line with revenue growth
Inventories 4,855 3,956 3,831 4,042 4,313 4,611 4,929 Grow in-line with cost of sales growth
Other current assets 31,735 37,896 36,380 38,563 41,224 44,068 47,109 Grow in-line with revenue growth
Property, plant & equipment 33,783 41,304 45,043 48,611 51,948 55,219 58,400 Reference from PP&E schedule
Other non current assets 18,177 22,283 21,392 22,675 24,240 25,912 27,700 Grow in-line with revenue growth
Total assets 375,319 365,725 331,104 314,009 303,024 297,046 296,433

Accounts payable 44,242 55,888 54,126 57,096 60,937 65,142 69,637 Grow in-line with cost of sales growth
Other current liabilities 30,551 32,687 31,380 33,262 35,557 38,011 40,634 Grow in-line with revenue growth
Deferred revenue (current and non current) 10,384 10,340 9,926 10,522 11,248 12,024 12,854 Grow in-line with revenue growth
Commercial paper / revolver 11,977 11,964 12,000 12,000 12,000 12,000 12,000 Reference EOP balance from CP/revolver schedule
Long term debt (includes current portion) 103,703 102,519 102,519 102,519 102,519 102,519 102,519 WSP assumption: straight-line
Other non current liabilities 40,415 45,180 43,373 45,975 49,147 52,539 56,164 Grow in-line with revenue growth
Total liabilities 241,272 258,578 253,323 261,375 271,409 282,235 293,807

Balance check 0 0 0 0 0 0 0

CASH FLOW STATEMENT

Fiscal year 2019P 2020P 2021P 2022P 2023P
Fiscal year end date 9/30/19 9/30/20 9/30/21 9/30/22 9/30/23

Net income 52,299 56,210 59,963 63,779 67,967

Capital expenditures (13,285) (13,649) (13,819) (14,773) (15,792) Reference from PP&E schedule
Cash from investing activities (13,285) (13,649) (13,819) (14,773) (15,792)

Long term debt 0 0 0 0 0

Net change in cash during period (34,900) (25,676) (20,447) (15,803) (10,801)

PROPERTY, PLANT & EQUIPMENT

IMPUTING TOTAL DEPRECIATION & AMORTIZATION

OTHER NON-CURRENT ASSETS

REVOLVER (MODEL PLUG)

Fiscal year 2016A 2017A 2018A 2019P 2020P 2021P 2022P 2023P
Fiscal year end date 9/30/16 9/30/17 9/29/18 9/30/19 9/30/20 9/30/21 9/30/22 9/30/23

Revolver needs analysis

Commercial paper / Revolver

INTEREST EXPENSE AND INTEREST INCOME

Fiscal year 2016A 2017A 2018A 2019P 2020P 2021P 2022P 2023P
Fiscal year end date 9/30/16 9/30/17 9/29/18 9/30/19 9/30/20 9/30/21 9/30/22 9/30/23

Total interest expense (from I/S) 1,456 2,323 3,240 3,223 3,224 3,224 3,224 3,224 Interest expense from revolver/CP + interest expense from long term debt

Commercial Paper / Revolver

Long term debt

Interest rate on cash

SENSITIVITY ANALYSIS

First forecast year net income sensitivity

Revenue growth rate
$52,299 (5.0%) (2.5%) 0.0% 2.5% 5.0%
39.0% 52,299 52,299 52,299 52,299 52,299
Gross 38.5% 52,299 52,299 52,299 52,299 52,299
Profit 38.0% 52,299 52,299 52,299 52,299 52,299
Margin: 37.5% 52,299 52,299 52,299 52,299 52,299
37.0% 52,299 52,299 52,299 52,299 52,299
36.5% 52,299 52,299 52,299 52,299 52,299

SCENARIO ANALYSIS

Active case: Base case Variance from 2019P 2020P 2021P 2022P 2023P
base case 9/30/19 9/30/20 9/30/21 9/30/22 9/30/23
Revenue growth NM (4.0%) 6.0% 6.9% 6.9% 6.9%
Gross profit margin NM 37.8% 38.1% 38.2% 38.2% 38.2%
R&D % of sales NM 6.2% 6.3% 6.3% 6.3% 6.3%
SG&A % of sales NM 7.4% 6.9% 6.9% 6.9% 6.9%

Revenue growth
Best case 2.5% (1.5%) 8.5% 9.4% 9.4% 9.4%
Base case NM (4.0%) 6.0% 6.9% 6.9% 6.9% JP Morgan estimates through 2021; straight-line growth rate thereafter
Weak case (2.5%) (6.5%) 3.5% 4.4% 4.4% 4.4%
Gross profit margin
Best case 1.0% 38.8% 39.1% 39.2% 39.2% 39.2%
Base case NM 37.8% 38.1% 38.2% 38.2% 38.2% JP Morgan estimates through 2021; straight-line margin thereafter
Weak case (1.0%) 36.8% 37.1% 37.2% 37.2% 37.2%
R&D % of sales
Best case (1.0%) 5.2% 5.3% 5.3% 5.3% 5.3%
Base case NM 6.2% 6.3% 6.3% 6.3% 6.3% JP Morgan estimates through 2021: straight-line margin thereafter
Weak case 1.0% 7.2% 7.3% 7.3% 7.3% 7.3%
SG&A % of sales
Best case (1.0%) 6.4% 5.9% 5.9% 5.9% 5.9%
Base case NM 7.4% 6.9% 6.9% 6.9% 6.9% JP Morgan estimates through 2021: straight-line margin thereafter
Weak case 1.0% 8.4% 7.9% 7.9% 7.9% 7.9%

EARNINGS PER SHARE

Fiscal year 2016A 2017A 2018A 2019P 2020P 2021P 2022P 2023P
Fiscal year end date 9/30/16 9/30/17 9/29/18 9/30/19 9/30/20 9/30/21 9/30/22 9/30/23

Net income 45,687 48,351 59,531 52,299 56,210 59,963 63,779 67,967 Reference from I/S
Basic shares 5,471 5,217 4,955 4,578 4,251 3,969 3,725 3,514 Last period basic shares + ($ shares issued - $ shares repurchased)/Current period average share price
Basic EPS $8.35 $9.27 $12.01 $11.42 $13.22 $15.11 $17.12 $19.34 Net income / Basic shares

Diluted Shares 5,500 5,252 5,000 4,623 4,296 4,014 3,769 3,558 Basic shares + Dilutive securities
Diluted EPS $8.31 $9.21 $11.91 $11.31 $13.08 $14.94 $16.92 $19.10 Net income/Diluted Shares

$ amount of shares repurchased 73,056 73,056 73,056 73,056 73,056 Reference from RE schedule - treasury repurchases (flip sign)
$ amount of new shares issued 5,126 5,434 5,809 6,210 6,638 Reference SBC from I/S
Average share price $180.00 $207.00 $238.05 $273.76 $314.82 Last period share price x (1+growth rate)
Share price increase 15% 15% 15% 15% WSP assumption
Financial Statement Model for Apple
$ in thousands except per share

Company name Apple

INCOME STATEMENT
Fiscal year 2016A 2017A 2018A 2019P 2020P 2021P 2022P 2023P 5 Year
Fiscal year end date 9/30/16 9/30/17 9/29/18 9/30/19 9/30/20 9/30/21 9/30/22 9/30/23 CAGR Comments

Revenue 215,639 229,234 265,595 254,971 270,269 288,918 308,853 330,164 4.4% Previous year's revenues x (1+revenue growth rate)
Cost of sales (enter as -) (131,376) (141,048) (163,756) (158,592) (167,297) (178,551) (190,871) (204,042) Plug = Revenue - Gross Profit
Gross Profit 84,263 88,186 101,839 96,379 102,973 110,367 117,982 126,123 Revenue x Gross Profit Margin forecast
Research & development (enter as -) (10,045) (11,581) (14,236) (15,808) (17,027) (18,202) (19,458) (20,800) Revenue x R&D % of sales forecast
Selling, general & administrative (enter as -) (14,194) (15,261) (16,705) (18,868) (18,649) (19,935) (21,311) (22,781) Revenue x SG&A % of sales forecast
Operating profit (EBIT) 60,024 61,344 70,898 61,703 67,297 72,230 77,213 82,541 3.1% Gross Profit - R&D - SG&A
Interest income 3,999 5,201 5,686 4,763 4,135 3,645 3,242 2,924 Reference from interest on cash schedule
Interest expense (enter as -) (1,456) (2,323) (3,240) (3,223) (3,224) (3,224) (3,224) (3,224) Reference from interest expense schedule
Other expense, net (enter as -) (1,195) (133) (441) (441) (441) (441) (441) (441) Straight-line
Pretax profit 61,372 64,089 72,903 62,801 67,768 72,210 76,791 81,800 EBIT + interest income less interest expense less other expense
Taxes (enter expense as -) (15,685) (15,738) (13,372) (10,488) (11,521) (12,203) (12,978) (13,824) Pre-tax Profit x Tax Rate forecast
Net income 45,687 48,351 59,531 52,314 56,247 60,006 63,813 67,976 2.7% Pre-tax Profit less taxes

Depreciation & amortization 10,505 10,157 10,903 11,085 11,712 12,226 13,365 14,604 Reference from D&A schedule
EBITDA 70,529 71,501 81,801 72,788 79,009 84,456 90,579 97,145 3.5% EBIT + D&A
Stock based compensation 4,210 4,840 5,340 5,126 5,434 5,809 6,210 6,638 Assumption: grow SBC in-line with revenue growth
Adjusted EBITDA 74,739 76,341 87,141 77,914 84,443 90,265 96,789 103,783 EBITDA + Stock-based compensation

Growth rates & margins

BALANCE SHEET
Fiscal year 2017A 2018A 2019P 2020P 2021P 2022P 2023P
Fiscal year end date 9/30/17 9/29/18 9/30/19 9/30/20 9/30/21 9/30/22 9/30/23
Cash & equivalents, ST and LT marketable securities 268,895 237,100 203,880 178,999 158,486 141,730 128,989 Reference from 'net change in cash' line on the cash flow statement
Accounts receivable 17,874 23,186 22,259 23,594 25,222 26,962 28,823 Reference from A/R schedule
Inventories 4,855 3,956 3,831 4,042 4,313 4,611 4,929 Reference from Inventories schedule
Vendor non trade receivable 0 0 0 0 0 Grow in-line with revenue growth
Other current assets 31,735 37,896 36,380 38,563 41,224 44,068 47,109 Grow in-line with revenue growth
Property, plant & equipment 33,783 41,304 45,043 48,611 51,948 55,219 58,400 Reference from PP&E schedule
Other non current assets 18,177 22,283 21,392 22,675 24,240 25,912 27,700 Grow in-line with revenue growth
Total assets 375,319 365,725 332,785 316,484 305,433 298,503 295,950

Accounts payable 44,242 55,888 54,126 57,096 60,937 65,142 69,637 Grow in-line with cost of sales growth
Other current liabilities 30,551 32,687 31,380 33,262 35,557 38,011 40,634 Grow in-line with revenue growth
Deferred revenue (current and non current) 10,384 10,340 9,926 10,522 11,248 12,024 12,854 Grow in-line with revenue growth
Commercial paper / revolver 11,977 11,964 12,000 12,000 12,000 12,000 12,000 Reference EOP balance from CP/revolver schedule
Long term debt (includes current portion) 103,703 102,519 102,519 102,519 102,519 102,519 102,519 Assumption: straight-line
Other non current liabilities 40,415 45,180 43,373 45,975 49,147 52,539 56,164 Grow in-line with revenue growth
Total liabilities 241,272 258,578 253,323 261,375 271,409 282,235 293,807

Common stock 35,867 40,201 45,327 50,761 56,570 62,780 69,418 Increase by stock-based compensation forecasted in the I/S section
Retained earnings 98,330 70,400 37,588 7,802 (19,093) (43,058) (63,822) Reference from Retained Earnings schedule
Other comprehensive income (150) (3,454) (3,454) (3,454) (3,454) (3,454) (3,454) Assumption: straight-line
Total equity 134,047 107,147 79,461 55,109 34,024 16,268 2,143

Balance check 0 0 0 0 0 0 0

CASH FLOW STATEMENT

Fiscal year 2019P 2020P 2021P 2022P 2023P
Fiscal year end date 9/30/19 9/30/20 9/30/21 9/30/22 9/30/23

Net income 52,314 56,247 60,006 63,813 67,976

Depreciation and amortization 11,085 11,712 12,226 13,365 14,604 Reference from the I/S
Stock based compensation 5,126 5,434 5,809 6,210 6,638
Decreases / (Increases) in working capital assets 2,568 (3,729) (4,561) (4,882) (5,219) Add in
Increases / (Decreases) in working capital liabilities (3,483) 5,449 6,862 7,434 7,947
Other non current assets (648) (2,915) (3,308) (3,537) (3,781) Reference from schedule NOT the B/S: Only include 'Additions' (as outflow)
Other non current liabilities (1,807) 2,602 3,172 3,391 3,625
Cash from operating activities 65,155 74,801 80,207 85,795 91,790

Capital expenditures (13,285) (13,649) (13,819) (14,773) (15,792) Reference from PP&E schedule
Cash from investing activities (13,285) (13,649) (13,819) (14,773) (15,792)

Long term debt 0 0 0 0 0

Revolver 36 0 0 0 0 Reference from B/S
Share repurchases (73,056) (73,056) (73,056) (73,056) (73,056) Reference from Retained Earnings schedule
Common dividends (12,070) (12,977) (13,845) (14,723) (15,683) Reference from Retained Earnings schedule
Cash from financing activities (85,090) (86,033) (86,901) (87,779) (88,739)

Net change in cash during period (33,220) (24,881) (20,513) (16,757) (12,741)

WORKING CAPITAL
Fiscal year 2016A 2017A 2018A 2019A 2020A 2021A 2022A 2023A
Fiscal year end date 9/30/16 9/30/17 9/29/18 9/30/19 9/30/20 9/30/21 9/30/22 9/30/23

ACCOUNTS RECEIVABLE Historical Forecast

Beginning of period
Increases / (decreases)
End of period

Average AR as % of sales #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Select an A/R forecasting approach (1=grow w rev, 2=explicit DSO) 2

Approach 1: Grow A/R with revenue growth rate (4.0%) 6.0% 6.9% 6.9% 6.9%
Approach 2: DSO Assumption #DIV/0!

INVENTORIES Historical Forecast

Beginning of period 3,956 #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Increases / (decreases) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
End of period 4,855 3,956 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Select an inventory forecasting approach: 2

Approach 1: Keep avg. inventory / COGS ratio constant 2.7% 2.7% 2.7% 2.7% 2.7% 2.7%
Approach 2: Inventory turnover (using 365 day year) 37.2x

Working capital ratios / Liquidity

Trade A/R Days sales outstanding (average) 28 days 33 days 31 days 31 days 31 days 31 days
Trade A/R + Non-Trade A/R Days sales outstanding (average) #DIV/0! 33 days 31 days 31 days 31 days 31 days
Days inventory outstanding 10 days 9 days 9 days 9 days 9 days 9 days
Operating cycle (inc vendor non-trade A/R) #DIV/0! 41 days 40 days 39 days 39 days 39 days

Days payable outstanding 112 days 127 days 121 days 121 days 121 days 121 days
Net operating cycle (Cash conversion cycle) #DIV/0! -85 days -82 days -81 days -81 days -81 days

Current ratio (CA/CL) 1.42 1.43 1.41 1.39 1.36 1.34

Quick ratio (Cash + A/R / CL) 1.22 1.24 1.21 1.18 1.15 1.12

Memo
LT marketable securities (33,220) (58,101) (78,614) (95,370) (108,111) Assume all cash changes impact LT investments first
LT deferred revenue 0 0 0 0 0
LT term debt 0 0 0 0 0
Current assets 323,359 302,138 299,570 303,299 307,859 312,742 317,961
Current liabilities 200,857 213,398 209,951 215,400 222,262 229,696 237,643

PROPERTY, PLANT & EQUIPMENT

Fiscal year 2016A 2017A 2018A 2019P 2020P 2021P 2022P 2023P
Fiscal year end date 9/30/16 9/30/17 9/29/18 9/30/19 9/30/20 9/30/21 9/30/22 9/30/23
Forecast
Beginning of period 41,304 45,043 48,611 51,948 55,219 BOP = Previous year EOP
Plus: Capital expenditures 12,734 12,451 13,313 13,285 13,649 13,819 14,773 15,792 JP Morgan through 2021; assumption thereafter
Less: Depreciation (8,300) (8,200) (9,300) (9,546) (10,081) (10,483) (11,501) (12,611) From depreciation waterfall
End of period 33,783 41,304 45,043 48,611 51,948 55,219 58,400 BOP + Capex - Depreciation
Step
D&A related to PP&E as a % of capex 65.2% 65.9% 69.9% 71.9% 73.9% 75.9% 77.9% 79.9% 2.0%

Depreciation waterfall
Existing PP&E
Gross PP&E
Non-depreciable PP&E (i.e. land)
Accumulated depreciation
Net PP&E (excl. land)

Average useful life 0.00

Override - If necessary for smoothing

Depreciation from existing PP&E Midyear adj.

Depreciation from capex purchased in 2019 1
Depreciation from capex purchased in 2020
Depreciation from capex purchased in 2021
Depreciation from capex purchased in 2022
Depreciation from capex purchased in 2023
Total depreciation 0 0 0 0 0

IMPUTING TOTAL DEPRECIATION & AMORTIZATION

D&A not related to PP&E 2,205 1,957 1,603 1,539 1,631 1,744 1,864 1,993 Revenue x 'as % of revenue' assumption
as % of revenue 1.0% 0.9% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% Straight line last historical % of revenue
Depreciation & Amortization - Total 10,505 10,157 10,903 11,085 11,712 12,226 13,365 14,604 D&A from PP&E + D&A not from PP&E

OTHER NON-CURRENT ASSETS

RETAINED EARNINGS
Beginning of period 70,400 37,588 7,802 (19,093) (43,058) BOP = Previous year EOP
Plus: Net income 45,687 48,351 59,531 52,314 56,247 60,006 63,813 67,976 Reference from income statement
Less: Dividends (12,188) (12,803) (13,735) (12,070) (12,977) (13,845) (14,723) (15,683) Based on flat DPR
Less: Repurchases (29,000) (33,001) (73,056) (73,056) (73,056) (73,056) (73,056) (73,056) Assumption: Straight-line last historical year repurchases
End of period 0 98,330 70,400 37,588 7,802 (19,093) (43,058) (63,822) BOP + net income - dividends - repurchases

Dividend payout ratio 26.7% 26.5% 23.1% 23.1% 23.1% 23.1% 23.1% 23.1% Assumption that DPR will stay the same

REVOLVER (MODEL PLUG)

Fiscal year 2016A 2017A 2018A 2019P 2020P 2021P 2022P 2023P
Fiscal year end date 9/30/16 9/30/17 9/29/18 9/30/19 9/30/20 9/30/21 9/30/22 9/30/23

Revolver needs analysis Minimum Cash as % of Revenue

Cash at beginning of period (BOP) 237,100 203,880 178,999 158,486 141,730 Reference prior period EOP from B/S 2.0%
Less: Minimum cash balance (5,099) (5,405) (5,778) (6,177) (6,603) Assumption
Plus: Free cash flows generated during period (33,256) (24,881) (20,513) (16,757) (12,741) CFO + CFI + CFF except revolver
Equals: Cash available (needed) to pay down (draw from) revolver 198,745 173,594 152,708 135,553 122,385

Commercial paper / Revolver

Beginning of period 11,964 12,000 12,000 12,000 12,000 BOP = Previous year EOP
Draw / (paydown) (11,964) (12,000) (12,000) (12,000) (12,000) Cash (paydown) / additional borrowing from revolver. Paydown not to exceed BOP balance.
Discretionary borrowing / (paydown) 12,000 12,000 12,000 12,000 12,000 Assumption: does the company like having cheap debt on it's BS?
End of period 0 11,977 11,964 12,000 12,000 12,000 12,000 12,000
Debt balance: OK OK OK OK OK

INTEREST EXPENSE AND INTEREST INCOME

Fiscal year 2016A 2017A 2018A 2019P 2020P 2021P 2022P 2023P
Fiscal year end date 9/30/16 9/30/17 9/29/18 9/30/19 9/30/20 9/30/21 9/30/22 9/30/23

Total interest expense (from I/S) 1,456 2,323 3,240 3,223 3,224 3,224 3,224 3,224 Interest expense from revolver/CP + interest expense from long term debt

Commercial Paper / Revolver

Weighted average interest rate 1.20% 2.18% 2.18% 2.18% 2.18% 2.18% 2.18% Assumption: Straight-line
End of period balance (from B/S) 11,977 11,964 12,000 12,000 12,000 12,000 12,000 Reference from revolver / CP schedule above
Interest expense 144 261 261 262 262 262 262 Interest rate x average of BOP & EOP revolver balances (circularity)

Long term debt

End of period balance (from B/S) 103,703 102,519 102,519 102,519 102,519 102,519 102,519 Reference from B/S
Weighted average interest rate 2.1% 2.9% 2.9% 2.9% 2.9% 2.9% 2.9% Assumption: Straight-line
Interest expense 2,179 2,979 2,962 2,962 2,962 2,962 2,962 Interest rate x average of BOP & EOP LTD balances

Interest rate on cash

Weighted average interest rate on cash 1.73% 1.99% 2.16% 2.16% 2.16% 2.16% 2.16% 2.16% Assumption: Straight-line
Interest income 3,999 5,201 5,686 4,763 4,135 3,645 3,242 2,924 Interest rate x average of BOP & EOP cash balances (circularity)

SENSITIVITY ANALYSIS

First forecast year net income sensitivity

Revenue growth rate
$52,314

Gross
Profit
Margin:

SCENARIO ANALYSIS

Active case: Base case Variance from 2019P 2020P 2021P 2022P 2023P
base case 9/30/19 9/30/20 9/30/21 9/30/22 9/30/23
iPhone ASP NM 0.0 0.0 0.0 0.0 0.0
Service revenue NM 0.0 0.0 0.0 0.0 0.0
Gross profit margin NM 0.0% 0.0% 0.0% 0.0% 0.0%
R&D % of sales NM 0.0% 0.0% 0.0% 0.0% 0.0%
SG&A % of sales NM 0.0% 0.0% 0.0% 0.0% 0.0%

iPhone ASP
Best case 0.0 0.0 0.0 0.0 0.0
Base case NM JP Morgan estimates through 2021; straight-line growth rate thereafter
Weak case 0.0 0.0 0.0 0.0 0.0
Service revenue
Best case 0.0 0.0 0.0 0.0 0.0
Base case NM
Weak case 0.0 0.0 0.0 0.0 0.0
Gross profit margin
Best case 0.0% 0.0% 0.0% 0.0% 0.0%
Base case NM 0.0% 0.0% JP Morgan estimates through 2021; straight-line margin thereafter
Weak case 0.0% 0.0% 0.0% 0.0% 0.0%
R&D % of sales
Best case 0.0% 0.0% 0.0% 0.0% 0.0%
Base case NM 0.0% 0.0% JP Morgan estimates through 2021: straight-line margin thereafter
Weak case 0.0% 0.0% 0.0% 0.0% 0.0%
SG&A % of sales
Best case 0.0% 0.0% 0.0% 0.0% 0.0%
Base case NM 0.0% 0.0% JP Morgan estimates through 2021: straight-line margin thereafter
Weak case 0.0% 0.0% 0.0% 0.0% 0.0%

EARNINGS PER SHARE

Fiscal year 2016A 2017A 2018A 2019P 2020P 2021P 2022P 2023P
Fiscal year end date 9/30/16 9/30/17 9/29/18 9/30/19 9/30/20 9/30/21 9/30/22 9/30/23

Net income 45,687 48,351 59,531 52,314 56,247 60,006 63,813 67,976 Reference from I/S
Basic shares #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Last period basic shares + ($ shares issued - $ shares repurchased)/Current period average share price
Basic EPS #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Net income / Basic shares

Diluted Shares #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Basic shares + Dilutive securities
Diluted EPS #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Net income/Diluted Shares

$ amount of shares repurchased 73,056 73,056 73,056 73,056 73,056 Reference from RE schedule - treasury repurchases (flip sign)
$ amount of new shares issued (5,126) (5,434) (5,809) (6,210) (6,638) Reference SBC from I/S
Average share price $0.00 $0.00 $0.00 $0.00 Last period share price x (1+growth rate)
Share price increase WSP assumption
Price / volume build
Fiscal year 2016A 2017A 2018A 2019P 2020P 2021P 2022P 2023P
Fiscal year end date 9/30/16 9/30/17 9/29/18 9/30/19 9/30/20 9/30/21 9/30/22 9/30/23
Revenue by product
Core products
iPhone
iPad
Mac

Services CG estimates through 2020; WSP thereafter based on growth rate assumption
Other products CG estimates through 2020; WSP thereafter based on growth rate assumption
Total revenue
% growth

Units
iPhone CG estimates through 2020; Straight line therafter
iPad CG estimates through 2020; Straight line therafter
Mac CG estimates through 2020; Straight line therafter

Average selling price

iPhone CG estimates through 2020; Straight line therafter
iPad CG estimates through 2020; Straight line therafter
Mac CG estimates through 2020; Straight line therafter

Units % growth
iPhone
iPad
Mac

Average selling price % growth

iPhone
iPad
Mac

Revenue growth rate by product

iPhone
iPad
Mac
Services CG estimates through 2020; Straight line growth rate thereafter
Other products CG estimates through 2020; Straight line growth rate thereafter
Price / volume build
Fiscal year 2016A 2017A 2018A 2019P 2020P 2021P 2022P 2023P
Fiscal year end date 9/30/16 9/30/17 9/29/18 9/30/19 9/30/20 9/30/21 9/30/22 9/30/23
Revenue by product
Core products
iPhone 136,700 141,319 166,699 137,570 138,388 138,388 138,388 138,388
iPad 20,628 19,222 18,805 20,223 20,476 20,476 20,476 20,476
Mac 22,831 25,850 25,484 26,515 26,643 26,643 26,643 26,643

Services 24,348 29,980 37,190 45,603 53,592 62,981 74,014 86,980 CG estimates through 2020; WSP thereafter based on growth rate assumption
Other products 11,132 12,863 17,417 23,079 26,278 29,920 34,068 38,790 CG estimates through 2020; WSP thereafter based on growth rate assumption
Total revenue 215,639 229,234 265,595 252,990 265,377 278,408 293,588 311,277
% growth 6.3% 15.9% (4.7%) 4.9% 4.9% 5.5% 6.0%

Units
iPhone 211,884 216,756 217,722 173,700 190,880 190,880 190,880 190,880 CG estimates through 2020; Straight line therafter
iPad 45,590 43,753 43,535 46,170 49,260 49,260 49,260 49,260 CG estimates through 2020; Straight line therafter
Mac 18,484 19,251 18,209 19,670 19,140 19,140 19,140 19,140 CG estimates through 2020; Straight line therafter

Average selling price

iPhone 645.2 652.0 765.7 792.0 725.0 725.0 725.0 725.0 CG estimates through 2020; Straight line therafter
iPad 452.5 439.3 432.0 438.0 415.7 415.7 415.7 415.7 CG estimates through 2020; Straight line therafter
Mac 1,235.2 1,342.8 1,399.5 1,348.0 1,392.0 1,392.0 1,392.0 1,392.0 CG estimates through 2020; Straight line therafter

Units % growth
iPhone 2.3% 0.4% (20.2%) 9.9% 0.0% 0.0% 0.0%
iPad (4.0%) (0.5%) 6.1% 6.7% 0.0% 0.0% 0.0%
Mac 4.1% (5.4%) 8.0% (2.7%) 0.0% 0.0% 0.0%

Average selling price % growth

iPhone 1.1% 17.4% 3.4% (8.5%) 0.0% 0.0% 0.0%
iPad (2.9%) (1.7%) 1.4% (5.1%) 0.0% 0.0% 0.0%
Mac 8.7% 4.2% (3.7%) 3.3% 0.0% 0.0% 0.0%

Revenue growth rate by product

iPhone 3.4% 18.0% (17.5%) 0.6% – – –
iPad (6.8%) (2.2%) 7.5% 1.3% – – –
Mac 13.2% (1.4%) 4.0% 0.5% – – –
Services 23.1% 24.0% 22.6% 17.5% 17.5% 17.5% 17.5% CG estimates through 2020; Straight line growth rate thereafter
Other products 15.5% 35.4% 32.5% 13.9% 13.9% 13.9% 13.9% CG estimates through 2020; Straight line growth rate thereafter
"iPhone ASP will be primary driver as Apple continues to
increase hardware prices."
Jeffries research note January 30, 2019
Financial Statement Model for Apple
$ in thousands except per share

Company name Apple

Ticker AAPL
Circ break 1=off, 0=on –
Latest closing share price $293.65
Latest closing share price date 12/31/2019
Latest fiscal year end date 9/29/19
Shares outstanding (millions) 4,745.398

INCOME STATEMENT
Fiscal year 2016A 2017A 2018A 2019A 2020P 2021P 2022P 2023P 2024P
Fiscal year end date 9/30/17 9/30/18 9/29/19 9/29/19 9/30/20 9/30/21 9/30/22 9/30/23 9/30/24 WSP Comments

Revenue 215,639 229,234 265,595 260,174 275,784 294,814 315,156 336,901 360,148 Previous year's revenues x (1+revenue growth rate)
Cost of sales (enter as -) (131,376) (141,048) (163,756) 0 0 0 0 0 Plug = Revenue - Gross Profit
Gross Profit 84,263 88,186 101,839 260,174 275,784 294,814 315,156 336,901 360,148 Revenue x Gross Profit Margin forecast
Research & development (enter as -) (10,045) (11,581) (14,236) 0 0 0 0 0 Revenue x R&D % of sales forecast
Selling, general & administrative (enter as -) (14,194) (15,261) (16,705) 0 0 0 0 0 Revenue x SG&A % of sales forecast
Operating profit (EBIT) 60,024 61,344 70,898 260,174 275,784 294,814 315,156 336,901 360,148 Gross Profit - R&D - SG&A
Interest income 3,999 5,201 5,686 0 0 0 0 0 Reference from interest on cash schedule
Interest expense (enter as -) (1,456) (2,323) (3,240) 0 0 0 0 0 Reference from interest expense schedule
Other expense, net (enter as -) (1,195) (133) (441) 0 0 0 0 0 Straight-line
Pretax profit 61,372 64,089 72,903 260,174 275,784 294,814 315,156 336,901 360,148 EBIT + interest income less interest expense less other expense
Taxes (enter expense as -) (15,685) (15,738) (13,372) 0 0 0 0 0 Pre-tax Profit x Tax Rate forecast
Net income 45,687 48,351 59,531 260,174 275,784 294,814 315,156 336,901 360,148 Pre-tax Profit less taxes

Depreciation & amortization 10,505 10,157 10,903 (312) (458) (783) (541) (263) Reference from D&A schedule
EBITDA 70,529 71,501 81,801 260,174 275,473 294,356 314,373 336,360 359,885 EBIT + D&A
Stock based compensation 4,210 4,840 5,340 0 0 0 0 0 WSP assumption: grow SBC in-line with revenue growth
Adjusted EBITDA 74,739 76,341 87,141 260,174 275,473 294,356 314,373 336,360 359,885 EBITDA + Stock-based compensation

Growth rates & margins

Revenue growth 6.3% 15.9% (2.0%) 6.0% 6.9% 6.9% 6.9% 6.9% JP Morgan estimates through 2021; straight-line growth rate thereafter
Gross profit margin 39.1% 38.5% 38.3% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% JP Morgan estimates through 2021; straight-line margin thereafter
R&D % of sales 4.7% 5.1% 5.4% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% JP Morgan estimates through 2021: straight-line margin thereafter
SG&A % of sales 6.6% 6.7% 6.3% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% JP Morgan estimates through 2021: straight-line margin thereafter
Tax rate 25.6% 24.6% 18.3% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% JP Morgan estimates through 2021: straight-line margin thereafter

BALANCE SHEET
Fiscal year 2018A 2019A 2020P 2021P 2022P 2023P 2024P
Fiscal year end date 9/29/19 9/29/19 9/30/20 9/30/21 9/30/22 9/30/23 9/30/24
Cash & equivalents, ST and LT marketable securities 268,895 237,100 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Reference from 'net change in cash' line on the cash flow statement
Accounts receivable 17,874 23,186 0 0 0 0 0 Grow in-line with revenue growth
Inventories 4,855 3,956 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Grow in-line with cost of sales growth
Other current assets 31,735 37,896 0 0 0 0 0 Grow in-line with revenue growth
Property, plant & equipment 33,783 41,304 3,739 7,307 10,644 13,915 17,096 Reference from PP&E schedule
Other non current assets 18,177 22,283 0 0 0 0 0 Grow in-line with revenue growth
Total assets 375,319 365,725 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Accounts payable 44,242 55,888 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Grow in-line with cost of sales growth
Other current liabilities 30,551 32,687 0 0 0 0 0 Grow in-line with revenue growth
Deferred revenue (current and non current) 10,384 10,340 0 0 0 0 0 Grow in-line with revenue growth
Commercial paper / revolver 11,977 11,964 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Reference EOP balance from CP/revolver schedule
Long term debt (includes current portion) 103,703 102,519 0 0 0 0 0 WSP assumption: straight-line
Other non current liabilities 40,415 45,180 0 0 0 0 0 Grow in-line with revenue growth
Total liabilities 241,272 258,578 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Common stock 35,867 40,201 0 0 0 0 0 Increase by stock-based compensation forecasted in the I/S section
Retained earnings 98,330 70,400 188,993 397,016 625,381 875,491 1,148,848 Reference from Retained Earnings schedule
Other comprehensive income (150) (3,454) 0 0 0 0 0 WSP assumption: straight-line
Total equity 134,047 107,147 0 188,993 397,016 625,381 875,491 1,148,848

Balance check 0 0 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

CASH FLOW STATEMENT

Fiscal year 2020P 2021P 2022P 2023P 2024P
Fiscal year end date 9/30/20 9/30/21 9/30/22 9/30/23 9/30/24

Net income 275,784 294,814 315,156 336,901 360,148

Depreciation and amortization (312) (458) (783) (541) (263) Reference from the I/S
Stock based compensation 0 0 0 0 0
Decreases / (Increases) in working capital assets #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Increases / (Decreases) in working capital liabilities #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Other non current assets 9,858 10,538 11,265 12,043 12,874 Reference from schedule NOT the B/S: Only include 'Additions' (as outflow)
Other non current liabilities 0 0 0 0 0
Cash from operating activities #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Capital expenditures (13,285) (13,649) (13,819) (14,773) (15,792) Reference from PP&E schedule
Cash from investing activities (13,285) (13,649) (13,819) (14,773) (15,792)

Long term debt 0 0 0 0 0

Commercial paper/ Revolver #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Reference from B/S
Share repurchases (73,056) (73,056) (73,056) (73,056) (73,056) Reference from Retained Earnings schedule
Common dividends (13,735) (13,735) (13,735) (13,735) (13,735) Reference from Retained Earnings schedule
Cash from financing activities #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Net change in cash during period #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

PROPERTY, PLANT & EQUIPMENT

Fiscal year 2017A 2018A 2019A 2020P 2021P 2022P 2023P 2024P
Fiscal year end date 9/30/18 9/29/19 9/29/19 9/30/20 9/30/21 9/30/22 9/30/23 9/30/24
Forecast
Beginning of period 0 3,739 7,307 10,644 13,915 BOP = Previous year EOP
Plus: Capital expenditures 12,734 12,451 13,313 13,285 13,649 13,819 14,773 15,792 JP Morgan through 2021; WSP assumption thereafter
Less: Depreciation (8,300) (8,200) (9,300) (9,546) (10,081) (10,483) (11,501) (12,611) Capex x 'D&A related to PP&E as a % of capex' ratio (below)
End of period 41,304 0 3,739 7,307 10,644 13,915 17,096 BOP + Capex - Depreciation
Step
D&A related to PP&E as a % of capex 65.2% 65.9% 69.9% 71.9% 73.9% 75.9% 77.9% 79.9% 2.0%

IMPUTING TOTAL DEPRECIATION & AMORTIZATION

D&A not related to PP&E 1,857 2,703 (9,300) (9,858) (10,538) (11,265) (12,043) (12,874) Revenue x 'as % of revenue' assumption
as % of revenue 0.8% 1.0% (3.6%) (3.6%) (3.6%) (3.6%) (3.6%) (3.6%) Straight line last historical % of revenue - WSP assumption
Depreciation & Amortization - Total 10,157 10,903 0 (312) (458) (783) (541) (263) D&A from PP&E + D&A not from PP&E

OTHER NON-CURRENT ASSETS

Beginning of period 0 0 0 0 0 BOP = Previous year EOP
Less: Amortization of intangible assets 9,858 10,538 11,265 12,043 12,874 Assume all D&A not from PP&E is in non-current assets
Plus: Additions (9,858) (10,538) (11,265) (12,043) (12,874) Because we already know the EOP balance, this is a plug: EOP - D&A not from PP&E - BOP
End of period 22,283 0 0 0 0 0 0 Referenced from balance sheet

RETAINED EARNINGS
Beginning of period 0 188,993 397,016 625,381 875,491 BOP = Previous year EOP
Plus: Net income 48,351 59,531 260,174 275,784 294,814 315,156 336,901 360,148 Reference from income statement
Less: Dividends (12,188) (12,803) (13,735) (13,735) (13,735) (13,735) (13,735) (13,735) WSP assumption: Straight-line last historical year dividends
Less: Repurchases (29,000) (33,001) (73,056) (73,056) (73,056) (73,056) (73,056) (73,056) WSP assumption: Straight-line last historical year repurchases
End of period 98,330 70,400 0 188,993 397,016 625,381 875,491 1,148,848 BOP + net income - dividends - repurchases

REVOLVER (MODEL PLUG)

Fiscal year 2017A 2018A 2019A 2020P 2021P 2022P 2023P 2024P
Fiscal year end date 9/30/18 9/29/19 9/29/19 9/30/20 9/30/21 9/30/22 9/30/23 9/30/24

Revolver needs analysis

Cash at beginning of period (BOP) 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! Reference prior period EOP from B/S
Less: Minimum cash balance (50,000) (50,000) (50,000) (50,000) (50,000) WSP assumption
Plus: Free cash flows generated during period #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! CFO + CFI + CFF except revolver
Equals: Cash available (needed) to pay down (draw from) revolver #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Commercial paper / Revolver

Beginning of period 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! BOP = Previous year EOP
Draw / (paydown) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Cash (paydown) / additional borrowing from revolver. Paydown not to exceed BOP balance.
Discretionary borrowing / (paydown) 12,000 12,000 12,000 12,000 12,000 WSP assumption
End of period 11,977 11,964 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Debt balance: #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

INTEREST EXPENSE AND INTEREST INCOME

Fiscal year 2017A 2018A 2019A 2020P 2021P 2022P 2023P 2024P
Fiscal year end date 9/30/18 9/29/19 9/29/19 9/30/20 9/30/21 9/30/22 9/30/23 9/30/24

Total interest expense (from I/S) 2,323 3,240 0 0 0 0 0 0 Interest expense from revolver/CP + interest expense from long term debt

Commercial Paper / Revolver

Weighted average interest rate 1.20% 2.18% 2.18% 2.18% 2.18% 2.18% 2.18% WSP assumption: Straight-line
End of period balance (from B/S) 11,964 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Reference from revolver / CP schedule above
Interest expense 144 130 0 0 0 0 0 Interest rate x average of BOP & EOP revolver balances (circularity)

Long term debt

End of period balance (from B/S) 102,519 0 0 0 0 0 0 Reference from B/S
Weighted average interest rate 3.0% (0.3%) (0.3%) (0.3%) (0.3%) (0.3%) (0.3%) WSP assumption: Straight-line
Interest expense 3,096 (130) 0 0 0 0 0 Interest rate x average of BOP & EOP LTD balances

Interest rate on cash

Weighted average interest rate on cash 1.73% 1.99% 2.16% 2.16% 2.16% 2.16% 2.16% 2.16% WSP assumption: Straight-line
Interest income 5,201 5,686 0 0 0 0 0 0 Interest rate x average of BOP & EOP cash balances (circularity)
Financial Statement Model for Apple
$ in thousands except per share

Company name Apple Select an operating scenario: Base case

Ticker AAPL
Circ break 1=off, 0=on 1
Latest closing share price $293.65
Latest closing share price date 12/31/2019
Latest fiscal year end date 9/29/19
Shares outstanding (millions) 4,443.265

INCOME STATEMENT
Fiscal year 2016A 2017A 2018A 2019A 2020P 2021P 2022P 2023P 2024P
Fiscal year end date 9/30/16 9/30/17 9/29/18 9/29/19 9/30/20 9/30/21 9/30/22 9/30/23 9/30/24 WSP Comments

Revenue 215,639 229,234 265,595 260,174 275,784 294,814 315,156 336,901 360,148 Previous year's revenues x (1+revenue growth rate)
Cost of sales (enter as -) (131,376) (141,048) (163,756) (161,782) (171,538) (183,374) (196,027) (209,553) (224,012) Plug = Revenue - Gross Profit
Gross Profit 84,263 88,186 101,839 98,392 104,247 111,440 119,129 127,349 136,136 Revenue x Gross Profit Margin forecast
Research & development (enter as -) (10,045) (11,581) (14,236) (16,217) (17,099) (18,278) (19,540) (20,888) (22,329) Revenue x R&D % of sales forecast
Selling, general & administrative (enter as -) (14,194) (15,261) (16,705) (18,245) (19,305) (20,637) (22,061) (23,583) (25,210) Revenue x SG&A % of sales forecast
Operating profit (EBIT) 60,024 61,344 70,898 63,930 67,843 72,524 77,528 82,878 88,596 Gross Profit - R&D - SG&A
Interest income 3,999 5,201 5,686 4,961 4,387 4,119 3,871 3,710 3,643 Reference from interest on cash schedule
Interest expense (enter as -) (1,456) (2,323) (3,240) (3,576) (3,569) (3,636) (3,636) (3,636) (3,636) Reference from interest expense schedule
Other expense, net (enter as -) (1,195) (133) (441) 422 422 422 422 422 422 Straight-line
Pretax profit 61,372 64,089 72,903 65,737 69,083 73,429 78,185 83,373 89,025 EBIT + interest income less interest expense less other expense
Taxes (enter expense as -) (15,685) (15,738) (13,372) (10,481) (11,014) (11,707) (12,466) (13,293) (14,194) Pre-tax Profit x Tax Rate forecast
Net income 45,687 48,351 59,531 55,256 58,068 61,722 65,719 70,080 74,831 Pre-tax Profit less taxes

Depreciation & amortization 10,505 10,157 10,903 12,547 11,808 12,418 13,558 14,796 16,141 Reference from D&A schedule
EBITDA 70,529 71,501 81,801 76,477 79,651 84,942 91,086 97,674 104,737 EBIT + D&A
Stock based compensation 4,210 4,840 5,340 6,068 6,432 6,876 7,350 7,858 8,400 WSP assumption: grow SBC in-line with revenue growth
Adjusted EBITDA 74,739 76,341 87,141 82,545 86,083 91,818 98,437 105,532 113,137 EBITDA + Stock-based compensation

Growth rates & margins

Revenue growth 6.3% 15.9% (2.0%) 6.0% 6.9% 6.9% 6.9% 6.9% Consensus estimates through 2021; straight-line growth rate thereafter
Gross profit margin 39.1% 38.5% 38.3% 37.8% 37.8% 37.8% 37.8% 37.8% 37.8% Straight line last historical year
R&D % of sales 4.7% 5.1% 5.4% 6.2% 6.2% 6.2% 6.2% 6.2% 6.2% Straight line last historical year
SG&A % of sales 6.6% 6.7% 6.3% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% Straight line last historical year
Tax rate 25.6% 24.6% 18.3% 15.9% 15.9% 15.9% 15.9% 15.9% 15.9% Straight line last historical year

BALANCE SHEET
Fiscal year 2017A 2018A 2019A 2020P 2021P 2022P 2023P 2024P
Fiscal year end date 9/30/17 9/29/18 9/29/19 9/30/20 9/30/21 9/30/22 9/30/23 9/30/24
Cash & equivalents, ST and LT marketable securities 268,895 237,100 205,898 194,727 181,481 172,040 166,750 165,986 Reference from 'net change in cash' line on the cash flow statement
Accounts receivable 17,874 23,186 22,926 24,302 25,978 27,771 29,687 31,735 Grow in-line with revenue growth
Inventories 4,855 3,956 4,106 4,354 4,654 4,975 5,318 5,685 Grow in-line with cost of sales growth
Other current assets 31,735 37,896 35,230 37,344 39,921 42,675 45,620 48,767 Grow in-line with revenue growth
Property, plant & equipment 33,783 41,304 37,378 39,817 42,051 44,156 46,103 47,861 Reference from PP&E schedule
Other non current assets 18,177 22,283 32,978 34,957 37,369 39,947 42,703 45,650 Grow in-line with revenue growth
Total assets 375,319 365,725 338,516 335,500 331,454 331,564 336,182 345,686

Accounts payable 44,242 55,888 46,236 49,024 52,407 56,023 59,888 64,021 Grow in-line with cost of sales growth
Other current liabilities 30,551 33,327 37,720 39,983 42,742 45,691 48,844 52,214 Grow in-line with revenue growth
Deferred revenue (current) 10,384 5,966 5,522 5,853 6,257 6,689 7,150 7,644 Grow in-line with revenue growth
Commercial paper / revolver 11,977 11,964 5,980 12,000 12,000 12,000 12,000 12,000 Reference EOP balance from CP/revolver schedule
Long term debt (includes current portion) 103,703 102,519 102,067 102,067 102,067 102,067 102,067 102,067 WSP assumption: straight-line
Other non current liabilities 40,415 48,914 50,503 53,533 57,227 61,176 65,397 69,909 Grow in-line with revenue growth
Total liabilities 241,272 258,578 248,028 262,461 272,700 283,646 295,347 307,855

Common stock 35,867 40,201 45,174 51,606 58,482 65,832 73,690 82,089 Increase by stock-based compensation forecasted in the I/S section
Retained earnings 98,330 70,400 45,898 22,017 856 (17,330) (32,271) (43,675) Reference from Retained Earnings schedule
Other comprehensive income (150) (3,454) (584) (584) (584) (584) (584) (584) WSP assumption: straight-line
Total equity 134,047 107,147 90,488 73,039 58,754 47,918 40,835 37,831

Balance check 0 0 0 0 0 0 0 0

CASH FLOW STATEMENT

Fiscal year 2020P 2021P 2022P 2023P 2024P
Fiscal year end date 9/30/20 9/30/21 9/30/22 9/30/23 9/30/24

Net income 58,068 61,722 65,719 70,080 74,831

Depreciation and amortization 11,808 12,418 13,558 14,796 16,141 Reference from the I/S
Stock based compensation 6,432 6,876 7,350 7,858 8,400
Decreases / (Increases) in working capital assets (3,737) (4,554) (4,868) (5,204) (5,563)
Increases / (Decreases) in working capital liabilities 5,383 6,545 6,997 7,480 7,996
Other non current assets (3,301) (3,825) (4,089) (4,371) (4,673) Reference from schedule NOT the B/S: Only include 'Additions' (as outflow)
Other non current liabilities 3,030 3,694 3,949 4,221 4,512
Cash from operating activities 77,684 82,876 88,616 94,860 101,644

Capital expenditures (12,926) (13,239) (14,152) (15,129) (16,173) Reference from PP&E schedule
Cash from investing activities (12,926) (13,239) (14,152) (15,129) (16,173)

Long term debt 0 0 0 0 0

Commercial paper/ Revolver 6,020 0 0 0 0 Reference from B/S
Share repurchases (67,101) (67,101) (67,101) (67,101) (67,101) Reference from Retained Earnings schedule
Common dividends (14,848) (15,782) (16,804) (17,920) (19,134) Reference from Retained Earnings schedule
Cash from financing activities (75,929) (82,883) (83,905) (85,021) (86,235)

Net change in cash during period (11,171) (13,246) (9,441) (5,290) (764)

PROPERTY, PLANT & EQUIPMENT

Fiscal year 2017A 2018A 2019A 2020P 2021P 2022P 2023P 2024P
Fiscal year end date 9/30/17 9/29/18 9/29/19 9/30/20 9/30/21 9/30/22 9/30/23 9/30/24
Forecast
Beginning of period 37,378 39,817 42,051 44,156 46,103 BOP = Previous year EOP
Plus: Capital expenditures 12,734 12,451 13,313 10,495 12,926 13,239 14,152 15,129 16,173 First two years - consensus estimates, then grow with revenue
Less: Depreciation (8,300) (8,200) (9,300) (11,300) (10,487) (11,005) (12,048) (13,181) (14,414) Capex x 'D&A related to PP&E as a % of capex' ratio (below)
End of period 0 33,783 41,304 37,378 39,817 42,051 44,156 46,103 47,861 BOP + Capex - Depreciation
Step
D&A related to PP&E as a % of capex 65.9% 69.9% 107.7% 81.1% 83.1% 85.1% 87.1% 89.1% 2.0%

IMPUTING TOTAL DEPRECIATION & AMORTIZATION

D&A not related to PP&E 2,205 1,957 1,603 1,247 1,322 1,413 1,511 1,615 1,726 Revenue x 'as % of revenue' assumption
as % of revenue 1.0% 0.9% 0.6% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% Straight line last historical % of revenue - WSP assumption
Depreciation & Amortization - Total 10,505 10,157 10,903 12,547 11,808 12,418 13,558 14,796 16,141 D&A from PP&E + D&A not from PP&E

OTHER NON-CURRENT ASSETS

Beginning of period 32,978 34,957 37,369 39,947 42,703 BOP = Previous year EOP
Less: Amortization of intangible assets (1,322) (1,413) (1,511) (1,615) (1,726) Assume all D&A not from PP&E is in non-current assets
Plus: Additions 3,301 3,825 4,089 4,371 4,673 Because we already know the EOP balance, this is a plug: EOP - D&A not from PP&E - BOP
End of period 18,177 22,283 32,978 34,957 37,369 39,947 42,703 45,650 Referenced from balance sheet

RETAINED EARNINGS
Beginning of period 45,898 22,017 856 (17,330) (32,271) BOP = Previous year EOP
Plus: Net income 45,687 48,351 59,531 55,256 58,068 61,722 65,719 70,080 74,831 Reference from income statement
Less: Dividends (12,188) (12,803) (13,735) (14,129) (14,848) (15,782) (16,804) (17,920) (19,134) WSP assumption: Hold last historical year's dividend payout ratio constant
Less: Repurchases (29,000) (33,001) (73,056) (67,101) (67,101) (67,101) (67,101) (67,101) (67,101) WSP assumption: Straight-line last historical year repurchases
End of period 0 98,330 70,400 45,898 22,017 856 (17,330) (32,271) (43,675) BOP + net income - dividends - repurchases

REVOLVER (MODEL PLUG)

Fiscal year 2017A 2018A 2019A 2020P 2021P 2022P 2023P 2024P
Fiscal year end date 9/30/17 9/29/18 9/29/19 9/30/20 9/30/21 9/30/22 9/30/23 9/30/24

Revolver needs analysis

Cash at beginning of period (BOP) 205,898 194,727 181,481 172,040 166,750 Reference prior period EOP from B/S
Less: Minimum cash balance (50,000) (50,000) (50,000) (50,000) (50,000) WSP assumption
Plus: Free cash flows generated during period (17,191) (13,246) (9,441) (5,290) (764) CFO + CFI + CFF except revolver
Equals: Cash available (needed) to pay down (draw from) revolver 138,707 131,481 122,040 116,750 115,986

Commercial paper / Revolver

Beginning of period 5,980 12,000 12,000 12,000 12,000 BOP = Previous year EOP
Draw / (paydown) (5,980) (12,000) (12,000) (12,000) (12,000) Cash (paydown) / additional borrowing from revolver. Paydown not to exceed BOP balance.
Discretionary borrowing / (paydown) 12,000 12,000 12,000 12,000 12,000 WSP assumption
End of period 11,977 11,964 5,980 12,000 12,000 12,000 12,000 12,000
Debt balance: OK OK OK OK OK

INTEREST EXPENSE AND INTEREST INCOME

Fiscal year 2017A 2018A 2019A 2020P 2021P 2022P 2023P 2024P
Fiscal year end date 9/30/17 9/29/18 9/29/19 9/30/20 9/30/21 9/30/22 9/30/23 9/30/24

Total interest expense (from I/S) 1,456 2,323 3,240 3,576 3,569 3,636 3,636 3,636 3,636 Interest expense from revolver/CP + interest expense from long term debt

Commercial Paper / Revolver

Weighted average interest rate 1.20% 2.18% 2.24% 2.24% 2.24% 2.24% 2.24% 2.24% WSP assumption: Straight-line
End of period balance (from B/S) 11,977 11,964 5,980 12,000 12,000 12,000 12,000 12,000 Reference from revolver / CP schedule above
Interest expense 144 261 201 201 269 269 269 269 Interest rate x average of BOP & EOP revolver balances (circularity)

Long term debt

End of period balance (from B/S) 103,703 102,519 102,067 102,067 102,067 102,067 102,067 102,067 Reference from B/S
Weighted average interest rate 2.1% 2.9% 3.3% 3.3% 3.3% 3.3% 3.3% 3.3% WSP assumption: Straight-line
Interest expense 2,179 2,979 3,375 3,368 3,368 3,368 3,368 3,368 Interest rate x average of BOP & EOP LTD balances

Interest rate on cash

Weighted average interest rate on cash 1.73% 1.99% 2.16% 2.19% 2.19% 2.19% 2.19% 2.19% 2.19% WSP assumption: Straight-line
Interest income 3,999 5,201 5,686 4,961 4,387 4,119 3,871 3,710 3,643 Interest rate x average of BOP & EOP cash balances (circularity)

List of Key Financial Ratios: Formulas and Calculation Examples Defined for Different Types of Profitability Ratios and the Other Most Important Financial Ratios
From Everand
List of Key Financial Ratios: Formulas and Calculation Examples Defined for Different Types of Profitability Ratios and the Other Most Important Financial Ratios
The KPI List
No ratings yet
WSP OpModelPrep
No ratings yet
WSP OpModelPrep
22 pages
Apple Inc Financial Model - Without Solution
No ratings yet
Apple Inc Financial Model - Without Solution
35 pages
FSM With DCF
No ratings yet
FSM With DCF
31 pages
Apple Final Model
No ratings yet
Apple Final Model
11 pages
Apple Inc Financial Model - With Solution
No ratings yet
Apple Inc Financial Model - With Solution
35 pages
FY23 Q1 Consolidated Financial Statements
No ratings yet
FY23 Q1 Consolidated Financial Statements
3 pages
FY24 Q1 Consolidated Financial Statements
No ratings yet
FY24 Q1 Consolidated Financial Statements
3 pages
Company: Apple, Inc. Ticker: Aapl Date: 7/31/2018
No ratings yet
Company: Apple, Inc. Ticker: Aapl Date: 7/31/2018
14 pages
Financial Statement Model For Apple: $ MM Except Per Share
No ratings yet
Financial Statement Model For Apple: $ MM Except Per Share
16 pages
Apple - Annual Report
No ratings yet
Apple - Annual Report
5 pages
Q3fy16consolidated Financial Statements
No ratings yet
Q3fy16consolidated Financial Statements
3 pages
Document (4)
No ratings yet
Document (4)
12 pages
Apple
No ratings yet
Apple
15 pages
Apple 2024 (1)
No ratings yet
Apple 2024 (1)
5 pages
Higgins 13e CH 03 Accessible
No ratings yet
Higgins 13e CH 03 Accessible
31 pages
ValueInvesting - Io - Financials & Models Template
No ratings yet
ValueInvesting - Io - Financials & Models Template
66 pages
Apple Inc Financial Statement
No ratings yet
Apple Inc Financial Statement
4 pages
analysis
No ratings yet
analysis
2 pages
Apple Inc
No ratings yet
Apple Inc
13 pages
Apple Q3 FY19 Consolidated Financial Statements
No ratings yet
Apple Q3 FY19 Consolidated Financial Statements
3 pages
Higgins 13e CH 01 Accessible
No ratings yet
Higgins 13e CH 01 Accessible
32 pages
Financial Analysis of Apple Inc. (2021–2023)
No ratings yet
Financial Analysis of Apple Inc. (2021–2023)
5 pages
Rezultate Financiare Apple
No ratings yet
Rezultate Financiare Apple
3 pages
Projected Balancesheet For Three Years - Apple: 2018 (In MILLION Usd) 2019 (In MILLION Usd) 2020 (In MILLION Usd)
No ratings yet
Projected Balancesheet For Three Years - Apple: 2018 (In MILLION Usd) 2019 (In MILLION Usd) 2020 (In MILLION Usd)
3 pages
Financial Statement Analysis
No ratings yet
Financial Statement Analysis
7 pages
Apple_2024_Assignment_2___WACC.xlsx
No ratings yet
Apple_2024_Assignment_2___WACC.xlsx
15 pages
LBO Sensitivity Tables Before
100% (3)
LBO Sensitivity Tables Before
37 pages
Apple Fs
No ratings yet
Apple Fs
3 pages
Report On Financial Analysis
No ratings yet
Report On Financial Analysis
18 pages
Analysis of Apples Financial Statements
No ratings yet
Analysis of Apples Financial Statements
7 pages
3-Statement Model (Complete)
No ratings yet
3-Statement Model (Complete)
16 pages
APPLE
No ratings yet
APPLE
12 pages
3-Statement Model (Complete)
No ratings yet
3-Statement Model (Complete)
16 pages
ValueInvesting - Io - Financials & Models Template
No ratings yet
ValueInvesting - Io - Financials & Models Template
60 pages
Apple Inc Income Statement
No ratings yet
Apple Inc Income Statement
2 pages
Apple Inc.: September 30, 141,048 Cost of Sales Gross Margin September 24, 131,376 September 93,626
No ratings yet
Apple Inc.: September 30, 141,048 Cost of Sales Gross Margin September 24, 131,376 September 93,626
8 pages
AAPL
No ratings yet
AAPL
12 pages
AAPL Financial Report
No ratings yet
AAPL Financial Report
110 pages
Apple
No ratings yet
Apple
2 pages
EEFF Modelo
No ratings yet
EEFF Modelo
10 pages
Ionots Assignmnet
No ratings yet
Ionots Assignmnet
1 page
Apple Inc.: Form 10-Q
No ratings yet
Apple Inc.: Form 10-Q
55 pages
Apple Valuation Practice
No ratings yet
Apple Valuation Practice
13 pages
Apple 3 Statement Model 1717230434
No ratings yet
Apple 3 Statement Model 1717230434
12 pages
Apple - Report PDF
No ratings yet
Apple - Report PDF
1 page
Financial Report
No ratings yet
Financial Report
144 pages
GST: Practical Aspects for Business Owners, Accountants, and Professionals: Part 1, #1
From Everand
GST: Practical Aspects for Business Owners, Accountants, and Professionals: Part 1, #1
Akhila S
5/5 (1)
Portfolio Management Revenues World Summary: Market Values & Financials by Country
From Everand
Portfolio Management Revenues World Summary: Market Values & Financials by Country
Editorial DataGroup
No ratings yet
Miscellaneous Intermediation Revenues World Summary: Market Values & Financials by Country
From Everand
Miscellaneous Intermediation Revenues World Summary: Market Values & Financials by Country
Editorial DataGroup
No ratings yet
Commodity Contracts Dealing Revenues World Summary: Market Values & Financials by Country
From Everand
Commodity Contracts Dealing Revenues World Summary: Market Values & Financials by Country
Editorial DataGroup
No ratings yet
Miscellaneous Financial Investment Activity Revenues World Summary: Market Values & Financials by Country
From Everand
Miscellaneous Financial Investment Activity Revenues World Summary: Market Values & Financials by Country
Editorial DataGroup
No ratings yet
Investment Advice Revenues World Summary: Market Values & Financials by Country
From Everand
Investment Advice Revenues World Summary: Market Values & Financials by Country
Editorial DataGroup
No ratings yet
Investment Banking & Securities Dealing Revenues World Summary: Market Values & Financials by Country
From Everand
Investment Banking & Securities Dealing Revenues World Summary: Market Values & Financials by Country
Editorial DataGroup
No ratings yet
Financial Statements: QuickStudy Laminated Reference Guide
From Everand
Financial Statements: QuickStudy Laminated Reference Guide
Michael P Griffin
No ratings yet
Miscellaneous Financial Investment Activity Lines World Summary: Market Values & Financials by Country
From Everand
Miscellaneous Financial Investment Activity Lines World Summary: Market Values & Financials by Country
Editorial DataGroup
No ratings yet
Securities Brokerage Revenues World Summary: Market Values & Financials by Country
From Everand
Securities Brokerage Revenues World Summary: Market Values & Financials by Country
Editorial DataGroup
No ratings yet
Temporary Shelters Revenues World Summary: Market Values & Financials by Country
From Everand
Temporary Shelters Revenues World Summary: Market Values & Financials by Country
Editorial DataGroup
No ratings yet
Pawn Shop Revenues World Summary: Market Values & Financials by Country
From Everand
Pawn Shop Revenues World Summary: Market Values & Financials by Country
Editorial DataGroup
No ratings yet
Trust, Fiduciary & Custody Activity Revenues World Summary: Market Values & Financials by Country
From Everand
Trust, Fiduciary & Custody Activity Revenues World Summary: Market Values & Financials by Country
Editorial DataGroup
No ratings yet
Advertising Agencies: Agency Management Tybammc Advertising
No ratings yet
Advertising Agencies: Agency Management Tybammc Advertising
82 pages
10-1108_10878570410699069
No ratings yet
10-1108_10878570410699069
8 pages
AARS Test 2 Q. Paper Final
No ratings yet
AARS Test 2 Q. Paper Final
3 pages
MIZO
No ratings yet
MIZO
14 pages
Cost Sheet Sol IMT1
No ratings yet
Cost Sheet Sol IMT1
9 pages
CASE STUDY Flower Inc
100% (2)
CASE STUDY Flower Inc
5 pages
New Member Webinar Agenda V3
No ratings yet
New Member Webinar Agenda V3
2 pages
Reportorial Requirements
100% (1)
Reportorial Requirements
2 pages
IAS8-Summary Notes PDF
No ratings yet
IAS8-Summary Notes PDF
8 pages
T8. IAS 36 - 2016 - Revised
No ratings yet
T8. IAS 36 - 2016 - Revised
34 pages
AE 18 Financial Market: The Great Plebeian College Don P. Reinoso Street Poblacion Alaminos City, Pangasinan
No ratings yet
AE 18 Financial Market: The Great Plebeian College Don P. Reinoso Street Poblacion Alaminos City, Pangasinan
5 pages
Intermediate Accounting: Eleventh Canadian Edition
No ratings yet
Intermediate Accounting: Eleventh Canadian Edition
42 pages
Money and Credit Extra Question Answer
No ratings yet
Money and Credit Extra Question Answer
3 pages
Corporate Venture Building
No ratings yet
Corporate Venture Building
13 pages
List of Mutual Funds
No ratings yet
List of Mutual Funds
2 pages
Cost of Goods Sold and Operating Expenses
No ratings yet
Cost of Goods Sold and Operating Expenses
4 pages
Ethics
No ratings yet
Ethics
17 pages
Introductory Material Introduction To Structured Product
No ratings yet
Introductory Material Introduction To Structured Product
64 pages
PDF Test Bank for Fundamentals of Financial Accounting, 3rd Edition: Phillips download
100% (8)
PDF Test Bank for Fundamentals of Financial Accounting, 3rd Edition: Phillips download
66 pages
Accounting Grade 10 Lesson and Tasks
No ratings yet
Accounting Grade 10 Lesson and Tasks
4 pages
GARCH Models in Python 4
No ratings yet
GARCH Models in Python 4
30 pages
Formats SOFP AND SOCI FOR IGCSE accouting students
No ratings yet
Formats SOFP AND SOCI FOR IGCSE accouting students
2 pages
Proforma Statement of Comprehensive Income Including Notes
No ratings yet
Proforma Statement of Comprehensive Income Including Notes
8 pages
Bitcoin & Rypto Curre Cy Update
No ratings yet
Bitcoin & Rypto Curre Cy Update
5 pages
Get Ultimate Edge
100% (1)
Get Ultimate Edge
31 pages
Al-Othaim Markets Company Overweight: Performance Highlights
No ratings yet
Al-Othaim Markets Company Overweight: Performance Highlights
7 pages
Enter The Following Data:: Field Name or Data Type Value
No ratings yet
Enter The Following Data:: Field Name or Data Type Value
11 pages
Intro To XVA Economics PDF
100% (1)
Intro To XVA Economics PDF
36 pages
ch08
No ratings yet
ch08
18 pages
Wharton_Applied_Value_Investing_Certificate_Program
No ratings yet
Wharton_Applied_Value_Investing_Certificate_Program
27 pages