Apple

Apple Computers
Jessica Bourgoin
Amy Kakuk
Beth Theriault
04/25/2005

Outline
• Brief History of HD
• Where we are now
• Vision and Mission
• External Analysis
– CPM
– EFE
– Summary
• Internal Analysis
– IFE
– Financial ratio analysis
– Net Worth Analysis
– Summary
• Strategic Analysis
– SWOT Matrix
– SPACE
– Grand Strategy Matrix
– IE matrix
– BCG
– Summary
• Possible strategies
– QSPM
• Recommendations
– Strategic implementation
and desired results
– Objectives & Goals

History 1976-1978
• Wozniak and Jobs form the Apple Computer Company on April Fool's
Day.
• Wozniak and Jobs finish work on a preassembled computer circuit
board. It has no keyboard, case, sound or graphics. They call it the
Apple® I.
• The Apple I board is released for sale to hobbyists and electronics
enthusiasts at the price of $666.66.
• Apple's first formal business plan sets a goal for sales to grow to $500
million in ten years. As it turns out, the company will pass that mark in
half the time.
• Apple I computer boards are sold through 10 retail stores in the U.S.
• Apple moves from Jobs' garage to a building on Stevens Creek
Boulevard in Cupertino, California.
• The new Apple® II is unveiled at the first West Coast Computer Fair. It
is the first personal computer able to generate color graphics and
includes a keyboard, power supply and attractive case.
• The Apple logo as seen today is designed by Rob Janoff, art director
for Regis McKenna Advertising.
• Regis McKenna Advertising launches its first ad campaign for Apple.
Although advertising is initially aimed at electronics enthusiasts,
Apple will soon become the first company to advertise personal
computers in consumer magazines.
• Monthly orders reach a $1 million annual sales rate.
http://www.apple-history.com/frames/?

History 1978
• Apple introduces various interface cards for connecting
to most printers.
• Apple's Disk II® is introduced at the Consumer
Electronics Show. It is the easiest to use, lowest priced,
and fastest mini-floppy disk drive ever offered by a
computer manufacturer. It will make possible the
development of serious software. Production at first is
handled by just two employees, turning out 30 drives a
day.
• In only its second year, Apple is one of the fastest
growing companies in America. Sales have increased,
and its dealer network has grown to over 300.

History 1979-1981
• Apple's first printer, the Silentype®, is introduced.
• Apple opens a manufacturing plant in Carrollton, TX. Apple facilities
now occupy more than half a million square feet of floor space in the
U.S. and Europe.
• Apple goes public. Morgan Stanley and Co. and Hambrecht & Quist
underwrite an initial public offering of 4.6 million shares of Apple
common stock at a price of $22 per share. Every share is bought
within minutes of the offering, making this the largest public offering
since Ford went public in 1956.
• Apple's employee count breaks 1,000.
• Apple's distribution network is the largest in the industry-800
independent retailers in the U.S. and Canada, plus 1,000 outlets
abroad.
• Apple's first mass storage system, the 5MB ProFile(tm) hard disk is
introduced, priced at $3,499.
• Apple becomes a household name. Surveys show that public
awareness rose from 10 percent to 80 percent in 1981.

History 1982-1985
• Apple Dot Matrix printer introduced for $2,195.
• Apple becomes the first personal computer company to reach
$1 billion annual sales rate. It throws a "Billion Dollar Party" for
employees.
• Apple University founded to provide employee training
programs.
• Apple enters the Fortune 500 at number 411 in under five years.
• EVA (Employee Volunteer Action) is created to match the skills
of Apple employees with community needs.
• Apple is elected to the Consumers Digest Hall of Fame for
responsiveness to consumer needs.
• Apple II receives the 1984 Industrial Design Excellence Award
(IDEA) sponsored by the Product Industrial Designers Society
of America.
• Apple announces a computer training scholarship program for
elementary and secondary school educators.

History 1986-1990
• Apple announces plans to create an independent software company,
to be known later as Claris.
• For the first time, Apple uses its HyperCard technology to distribute a
1987 HyperCard supplement on diskette for Macintosh personal
computers.
• Apple files suit against Microsoft and Hewlett-Packard to protect its
Macintosh audio visual display. The lawsuit is seen as having industry
wide implications regarding copyright laws.
• Apple reports first billion dollar quarter in its history as net
income rises 108 percent.
• Apple reports net sales of $4.07 billion and net income of $400.3
million for fiscal year 1988.
• Apple acquires Coral Software Corp., which markets programming
languages and artificial intelligence tools for Macintosh computers.
• Apple introduces 32-Bit QuickDraw(tm) that allows Macintosh
personal computers to process and display photo-quality documents,
images and visualizations with exceptional color clarity.
• Apple donates $2 million in computers to 23 schools to help at-risk
students.
• Fiscal 1990 revenues surpass $5.5 billion.

History 1991-1995
• Apple announces it will restructure the company over the next
12 months to reduce operating expenses. Apple's workforce is
reduced approximately 10 percent.
• Apple and IBM sign a letter of intent to cooperate on major
technology initiatives for the 1990s.
• Apple, IBM, and Motorola finalize milestone technology
alliance.
• Apple announces a new Token Ring 4/16 NB Card, for the
Macintosh product line. It is the first product to emerge from
Apple and IBM alliance.
• Apple and Kodak announce that they are working together to
integrate support for Photo CD images into future versions of
QuickTime.
• The U.S. Environmental Protection Agency officially releases
the Energy Star emblem for display with energy-efficient
computers and peripherals. Apple has more than 20 products
that meet the EPA's the technical requirements.
• Apple's Macintosh celebrates 10th birthday!

As of January 2005 Apple has introduced the Mini
Mac and the iPod Shuffle.
Apple in 2005

• The Apple Mini Mac is a
compact desktop
computer. It is 2 inches
tall and weights 2.9lbs.
The Mini Mac starts at
$499 and comes
standard with iChat AV
desktop video
conferencing, Mail,
Address Book,
QuickTime®, iSync, and
a DVD Player.
http://www.apple.com/pr/library/2005/jan/index.html
Graphics from: http://www.apple.com/macmini/
Mini Mac

iPod Shuffle
• The iPod shuffle is a
smaller version of the
original iPod. It is much
smaller and lighter and
can double as a portable
USB flash drive with up to
1GB of storage space to
back up personal files
and exchange them
between computers. For
$99 you can purchase the
512MB holding up to 120
songs or the 1GB holding
up to 240 songs for just
$149.
Graphics from: http://www.apple.com/ipodshuffle/
http://www.apple.com/pr/library/2005/jan/index.html

Mac OS X Tiger
• On April 29, 2005, the
Mac OS X Tiger will be
released. This is an
advanced operating
system that requires a
Macintosh computer with
a PowerPC G3, G4 or G5
processor, Built-in
FireWire, 256MB of RAM,
and 3GB of available
hard disk space. It cost
$129 for a single user
and $199 for a 5 license
family pack
http://www.apple.com/macosx/newfeatures/over200.html

Apple in the Market (as of 4/22/05)
Last Trade: 35.50
52 Week Low: 12.75
52 Week High: 45.44
Apple had a 2:1 Stock split on
02/28/05

Vision Statement
(proposed)
To become the world wide leader in
computer and mp3 player sales.

Mission Statement (actual)
Apple ignited the personal computer revolution in
the 1970s with the Apple II and reinvented the
personal computer in the 1980s with the
Macintosh. Apple is committed to bringing the
best personal computing experience to students,
educators, creative professionals and consumers
around the world through its innovative hardware,
software and Internet offerings.

The Apple commitment to excellence is its mission to provide
computers and service (2) for people (1) that meet the highest
standards of value and reliability. Apple is one of leaders in the
computer industry and makes the best-selling computers in the world
(7) (3). Apple provides the highest level of quality and value for our
customers. Those are timeless fundamentals. We also apply innovative
technology to our core business (4) to differentiate ourselves and make
our products irresistible to our customers, beneficial to society, and
profitable to our company (5). We strive to provide additional
opportunities for growth and enrichment of company personnel while
maintaining a work environment for all employees (9) that encourages
personal commitment and participation in support of achieving
excellence. We are committed to being a good corporate citizen, and
being openly honest with all of our stakeholders (6). We support
activities that help to build common understanding, enhance
excellence, and enable people to improve their lives and reinforce their
commitment to society (8).
Mission Statement (Proposed)

External Audit
Opportunities
• Increase in worms and
viruses on PCs.
• Large population (Gen X&Y)
which are extremely
individualistic and name
brand conscious.
• Weak ties with Microsoft
products.
• Downloadable music and
MP3 players are highly
marketable.
• Increase sales of computers
online by 25 percent.
• Increase sales of laptops by
20 percent.
Threats
• Companies not seeing Apple
as compatible with their
software.
• Dell and HP are major
competitors.
• Increasing competition with
music downloads.
• Dell does not invent but
provides computers at a more
cost effective rate for
customers.
• Recession—price of Apple
computers are higher.
• Intel’s future Pentium release.

CPM – Competitive Profile Matrix
Apple Computer Market Dell
Critical Success
Factors
Weight Rating Weighted
Score
Rating Weighted
Score
Rating Weighted
Score
Market Share
Price
Financial Position
Product Quality
Consumer Loyalty
Advertising
Management
Global Expansion
Innovation
Web Development
0.10
0.10
0.15
0.15
0.15
0.04
0.06
0.06
0.14
0.05
1
2
3
3
4
2
4
2
4
3
0.10
0.20
0.45
0.45
0.60
0.08
0.24
0.12
0.56
0.15
3
3
2
2
2
3
3
2
2
2
0.30
0.30
0.30
0.30
0.30
0.12
0.18
0.12
0.28
0.10
4
4
3
4
3
3
3
3
2
3
0.40
0.40
0.45
0.60
0.45
0.12
0.18
0.18
0.28
0.15
Total 1.00 2.95 2.30 3.21

External Factor Evaluation (EFE) Matrix
Key External Factors Weight Ratin
g
Weighted
Score
Opportunities
Increase in worms and virus on PCs. 0.15 4 0.60
Downloadable music and MP3 players are highly marketable. 0.6 3 0.18
Large population (Gen X & Y) which are extremely individualistic and name
brand conscious.
0.15 4 0.60
Increase in sales of laptops by 20 percent. 0.04 3 0.12
Increasing sales of computers online by 25 percent. 0.05 3 0.15
Creating more ties with Microsoft products. 0.10 4 0.40
Threats
Increasing competition with music downloads. 0.07 2 0.14
Intel’s future Pentium release. 0.03 3 0.09
Dell and HP are major competitors. 0.10 4 0.40
Dell does not invent but provides computers at a more cost effective rate for
customers.
0.06 3 0.18
Recession—price of Apple computers are higher. 0.04 2 0.08
Companies not seeing Apple as compatible with their software. 0.15 2 0.30
TOTAL 1.00 3.24

External Summary
• Apple has rated the Increase in worms and
virus on PCs, Large population (Gen X & Y)
which are extremely individualistic and name
brand conscious, and the Creating more ties
with Microsoft products as their three highest
opportunities.
• Apple has rated that the fact of Dell and HP
being such huge competitors as their top
threat.

Internal Audit
Strengths
• iTunes Music Store is a good
source of revenue, especially
with the iPod and the availability
on Windows platform.
• Developing own software and
hardware.
• Apple’s niche audience provides
the company with some
insulation from the direct price
competition.
• Revamping desktop and
notebook lines.
• Web technology can be used to
improve product awareness and
sales.
• Low debt—more maneuverable.
• Good brand loyalty.
Weaknesses
• Weak relationship with Intel and
Microsoft.
• Weak presence in business arena.
• Dependency on new product
launches.
• Weak presence in markets other
than education and publishing.
• Slow turn around on high demand
products.

Internal Factor Evaluation (IFE) Matrix
Key Internal Factors Weight Rating Weighted
Score
Strengths
iTunes Music Store is a good source of revenue, especially with the iPod and the
availability on Windows platform.
0.15 4 0.60
Apple’s niche audience provides the company with some insulation from the
direct price competition.
0.10 3 0.30
Revamping desktop and notebook lines. 0.10 3 0.30
Low debt—more maneuverable. 0.06 4 0.24
Developing own software and hardware. 0.14 3 0.42
Good brand loyalty. 0.05 3 0.15
Web technology can be used to improve product awareness and sales. 0.10 4 0.40
Weaknesses
Dependency on new product launches. 0.06 1 0.06
Weak presence in business arena. 0.07 1 0.07
Slow turn around on high demand products. 0.03 2 0.06
Weak relationship with Intel and Microsoft. 0.10 1 0.10
Weak presence in markets other than education and publishing. 0.04 2 0.08
Total 1.00 2.78

Financial Ratio Analysis (March 2004)
Company Industry Sector S&P 500
Valuation Ratios
P/E Ratio (TTM) 69.70 26.87 33.52 24.01
P/E High - Last 5 Yrs 277.96 54.58 64.14 45.41
P/E Low - Last 5 Yrs 6.84 17.34 19.55 16.26
Beta 1.75 1.60 1.91 1.00
Price to Sales (TTM) 1.41 1.84 5.08 3.33
Price to Book (MRQ) 2.20 7.56 4.78 4.29
Price to Tangible Book (MRQ) 2.26 8.77 6.53 7.56
Price to Cash Flow (TTM) 37.64 19.69 25.48 17.32
Price to Free Cash Flow (TTM) 45.13 23.77 28.26 28.97
% Owned Institutions 63.21 50.31 48.14 64.19
Dividends
Dividend Yield N/A 0.70 0.75 2.04
Dividend Yield - 5 Yr Avg 0.00 0.34 0.27 1.48
Dividend 5 Yr Growth Rate NM 7.94 1.50 6.48
Payout Ratio (TTM) 0.00 7.99 9.34 26.78
www.investor.stockpoint.com

Growth Rates % Company Industry Sector S&P 500
Sales (MRQ) vs Qtr 1 Yr Ago 36.28 12.54 18.89 13.40
Sales (TTM) vs TTM 1 Yr Ago 15.45 10.97 11.78 11.90
Sales - 5 Yr Growth Rate 0.88 7.09 14.52 9.30
EPS (MRQ) vs Qtr 1 Yr Ago N/A 34.00 35.07 28.69
EPS (TTM) vs TTM 1 Yr Ago 587.04 35.55 41.74 21.92
EPS - 5 Yr Growth Rate -29.16 6.85 13.18 12.15
Capital Spending - 5 Yr Growth Rate 28.95 2.65 1.99 4.06
Financial Strength
Quick Ratio (MRQ) 2.26 1.02 2.54 1.26
Current Ratio (MRQ) 2.53 1.25 3.02 1.76
LT Debt to Equity (MRQ) 0.00 0.38 0.23 0.68
Total Debt to Equity (MRQ) 0.07 0.52 0.29 0.85
Interest Coverage (TTM) 13.75 11.34 9.81 11.86
Profitability Ratios %
Gross Margin (TTM) 27.27 30.60 51.71 47.32
Gross Margin - 5 Yr Avg 26.65 31.08 51.13 47.01
EBITD Margin (TTM) 3.34 12.43 18.41 20.79
Financial Ratios (cont)

EBITD - 5 Yr Avg 2.87 12.18 16.18 20.82
Operating Margin (TTM) 1.63 8.70 13.63 20.33
Operating Margin - 5 Yr Avg 1.25 8.28 11.62 18.35
Pre-Tax Margin (TTM) 2.77 9.47 15.96 17.27
Pre-Tax Margin - 5 Yr Avg 5.34 9.76 14.77 17.54
Net Profit Margin (TTM) 2.03 6.02 9.90 13.12
Net Profit Margin - 5 Yr Avg 4.24 6.55 8.67 11.59
Effective Tax Rate (TTM) 26.74 29.57 27.57 31.31
Effective Tax Rate - 5 Yr Avg 22.62 30.59 32.39 34.20
Management Effectiveness %
Return on Assets (TTM) 2.09 8.44 6.07 6.40
Return on Assets - 5 Yr Avg 5.47 9.25 5.79 6.79
Return on Investment (TTM) 3.05 16.54 8.75 9.97
Return on Investment - 5 Yr Avg 7.90 17.57 9.30 10.93
Return on Equity (TTM) 3.26 30.10 12.17 18.71
Return on Equity - 5 Yr Avg 10.37 31.78 13.11 19.22
Efficiency
Revenue/Employee (TTM) 617,760 568,624 401,787 622,866
Net Income/Employee (TTM) 12,555 37,722 65,474 81,707
Receivable Turnover (TTM) 11.59 7.25 7.64 9.76
Inventory Turnover (TTM) 91.47 20.93 9.64 10.46
Asset Turnover (TTM 1.03 1.45 0.77 0.92
Financial Ratios (cont)

Net Worth Analysis
SE + Additional paid in capital + retained earnings 4,095M + 119M +2,325= 6.5B
9/28/02 Net income x 565M x 5 = 325M
Share price (10/17/03)/ EPS (10/17/03) x avg. net income (3years)
[22.75/ 0.49] x 275M =
12.7B
Number of shares outstanding x share price
358,958,989 x 22.75 = 8.1B
Method average = 6.9B

Internal Summary
Apple has rated their iTunes Music Store being a good source of
revenue, especially with the iPod and the availability on Windows
platform, their low debt—more maneuverable, and their Web
technology being used to improve product awareness and sales as
their 3 highest strengths.
Apple did not rate any of their weaknesses higher than a 2. they
should work on being able to direct more attention to those areas
and especially concentrate on the two areas of dependency on new
product launches and the weak presence in business arena.

SWOT Matrix
S-O Strategies
• Increase awareness through the web
of the immunity of Mac products to
worms and viruses. (S5, O1)
• Advertise using individuals that will
link Generation X & Y to the iTunes
and other related products. (S1, O2,
O4, O5, O6)
• Using movies and music groups that
are geared towards Gen X and Y to
promote computers and laptops.
(S3, S5, O2, O5, O6)
S-T Strategies
• Increase and promote the
compatibility to Window operating
system. (S5,T1)
• Promote the originality of Apple
computers and the different style
and stable system that is slightly
more but worth the price difference
in style, stability and speed. (S2, S5,
T2, T4, T5)
W-O Strategies
• Increase ties with Microsoft and
Intel and their products.(W1, W2,
W4 O2, O3)
• Promote to business the safety of
having a worm and virus free
computer by using Mac. (W2, W4,
O1, O5, O6)
W-T Strategies
• Improve relationship with Microsoft
and Intel so that companies will
see them as compatible. (W1, W2
T1)
• Increase productivity and turn
around of high demand products
to compete with Dell and HP (W5,
T2)

SPACE Matrix
ES
ISCA
FSConservative
CompetitiveDefensive
Aggressive
Space Matrix
Forward Integration
Backward Integration
Horizontal Integration
Market Penetration
Market Development
Product Development
Joint Venture

Grand Strategy Matrix
RAPID MARKET
GROWTH
Quadrant II Quadrant I
WEAK STRONG
COMPETITIVE COMPETITIVE
POSITION POSITION
Quadrant III Quadrant IV
SLOW MARKET
GROWTH
Apple
ComputerConcentric Diversification
Conglomerate
Diversification
Horizontal Diversification
Retrenchment
Divestiture
Liquidation

The Internal-External (IE) Matrix

1.0 to 1.99

IXVIIIVII
Low
2.0 to 2.99

VIVIV
Medium

3.0 to 3.99

III
II
I
High

1.0 to 1.992.0 to 2.99
3.0 to 4.0

WeakAverageStrong
Grow and
Build
Segments Revenue Profit EFE IFE
Domestic 54% 52% 3.5 2.6
International 46% 48% 3.0 3.0

DogsCash CowsMedium 0

Question MarksStarsHigh +20




Boston Consulting Group (BCG) Matrix
Low -20
High 1.0 Medium .50 Low 0.0
International
Domestic
Segments Revenue Profit EFE IFE Growth Rate Relative Market
Share
Domestic 54% 52% 3.5 2.6 17 0.3
Internationa
l
46% 48% 3.0 3.0 5 0.2
Cash need High
vs. cash flow low
Market Penetration
Market
Development
Product
Development
Sell

Alternative Strategies IE SPACE GRAND COUNT
Forward Integration * * 2
Backward Integration * * 2
Horizontal Integration * * 2
Market Penetration * * 2
Market Development * * 2
Product Development * * 2
Concentric Diversification * 1
Conglomerate Diversification * 1
Horizontal Diversification * 1
Joint Venture * 1
Retrenchment * 1
Divestiture * 1
Liquidation * 1
Matrix Analysis Summary

QSPM
Key Internal Factors
Weight
Start
producing
Wintel
compatible
Expand
production into
Asia
Strengths AS TAS AS TAS
iTunes Music Store is a good source of
revenue, especially with the iPod and the
availability on Windows platform.
0.15 1.00 0.15 3.00 0.45
Apple’s niche audience provides the
company with some insulation from the
direct price competition.
0.20 4.00 0.80 3.00 0.60
Good brand loyalty. 0.20 4.00 0.80 3.00 0.60
Web technology can be used to improve
product awareness and sales.
0.15 4.00 0.60 3.00 0.45
Weaknesses
Weak relationship with Intel and Microsoft. 0.15 4.00 0.60 1.00 0.15
Weak presence in markets other than
education and publishing.
0.15 2.00 0.30 4.00 0.60
SUBTOTAL 1.00 3.25 2.85

Key External Factors
Weight
Start producing
Wintel
Expand production
into Asia
Opportunities AS TAS AS TAS
Increase in worms and virus on PCs. 0.15 2 .30 3 .45
Downloadable music and MP3 players are highly
marketable.
0.06 1.00 0.12 4.00 0.48
Large population (Gen X & Y) which are extremely
individualistic and name brand conscious.
0.15 1.00 0.10 4.00 0.40
Increase in sales of laptops by 20 percent. 0.08 1.00 0.08 4.00 0.32
Creating more ties with Microsoft products. 0.10 4.00 0.12 2.00 0.08
Threats
Intel’s future Pentium release. 0.10 1.00 0.10 3.00 0.30
Dell does not invent but provides computers at a more
cost effective rate for customers.
0.06 1.00 0.06 3.00 0.18
Companies not seeing Apple as compatible with their
software.
0.15 1.00 0.05 3.00 0.15
SUBTOTAL 1.00 0.93 2.36
SUM TOTAL ATTRACTIVENESS SCORE 4.18 5.21
QSPM

Recommendations
Strategy 1
•Open six computer retail stores (not just peripheral and accessories). Apple currently has
stores opened throughout the United States with only peripheral and accessories for their
computers. Adding the hardware should generate more hands-on awareness and use
already established locations.
•This will increase product accessibility for those who wish to view items other than just
accessories and increase awareness of the originality of Apple’s products.
•2 percent increase over the next 2 years in sales representatives for the computer
hardware.
Strategy 2
•Contract music spokesperson to attract the upcoming generation who are attending high
school and college. This will invoke a sense of style and linking apple with a distinctive and
memorable top 10 hit. This will stay in the customer’s awareness and influence future
purchase decisions.
•Contracting one music spokesperson estimated $6 million.
Strategy 3
•Add more features to current products for greater Wintel compatibility. Features such as
iTune software compatible with windows based computers, Office programs loadable from
PC installation disk (This would require a software agreement with Microsoft). In late
October 2003 Apple released an iTune software package that is PC ready.
•It will increase the United States market share at least 30 percent for the next 2-3
years.
•$50 million is the estimated cost for Research and Development.

Cost of Recommendations
• Open 6 computer retail stores (not
just peripheral and accessories)
• Contract music spokes person
(Sarah McLachlan | 50 cent) for a
cost of
• Start production of Wintel
compatible software for a cost of
Total expected cost =
100M
6M
50M
156M

EPS/EBIT Analysis
Common Stock
Financing
Debt Financing 50/50 Combination
Financing
High Low High Low High Low
EBIT 20,000.0
0
6,000.00 20,000.0
0
6,000.00 20,000.0
0
6,000.00
Interest (6%) 0.00 0.00 3,900.00 3,900.00 1,950.00 1,950.00
EBT 20,000.0
0
6,000.00 16,100.0
0
2,100.00 18,050.0
0
4,050.00
Taxes (30%) 6,000.00 1,800.00 4,830.00 630.00 5,415.00 1,215.00
EAT 14,000.0
0
4,200.00 11,270.0
0
1,470.00 12,635.0
0
2,835.00
# Shares 5,653.00 5,653.00 1,837.00 1,837.00 3,747.00 3,747.00
EPS 2.48 0.74 6.14 0.80 3.37 0.76

Objectives and Goals
• Over the next 3-4 years Apple would like
to increase their product accessibility (new
stores).
• Increase their market share by 30%
• Eliminate the need for new products in
order to raise sales.

Apple in the News
• April 12, 2005
Apple Announces Mac OS X Server “Tiger”
• February 23, 2005
Apple Unveils New iPod mini Starting at Just $199
Apple Honors GRAMMY Award Winning Artists
Apple Announces Two-for-One Stock Split

Apple

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