Você está na página 1de 15

Apple Inc.

Consolidated Statements of Operations Vertical Analysis


(Amount In Millions)
Years Ended Years Ended
Sep. 30, 2017 Sep. 24, 2016 Sep. 30, 2017 Sep. 24, 2016
Net sales $ 229,234 $ 215,639 100% 100%
Cost of sales (141,048) (131,376) 62% 61%
Gross margin 88,186 84,263 38% 39%
###
Operating Expenses:
Research and development 11,581 10,045 5% 5%
Selling, general and administrative 15,261 14,194 7% 7%
Total Operating Expenses (26,842) (24,239) 12% 11%

Operating income 61,344 60,024 27% 28%


Other income (expense), net 2,745 1,348 1% 1%
Income before provision for income taxes 64,089 61,372 28% 28%
Provision for income taxes
(15,738) (15,685) 7% 7%
Net income
$ 48,351 $ 45,687 21% 21%
Horizontal Analysis
Pro Forma Income Statement
Years Ended Years Ended
Change
Sep. 30, 2017 Sep. 24, 2016 Sep. 2020 Sep. 2019 Sep. 2018
106.30% 100% 6.30% $ 275,381 $ 259,049 $ 243,686
107.36% 100% 7.36% (170,736) (161,611) (151,085)
104.66% 100% 4.66% 104,645 97,438 92,601

115.29% 100% 15.29% 13,769 12,952 12,184


107.52% 100% 7.52% 19,277 18,133 17,058
110.74% 100% 10.74% (33,046) (31,081) (29,242)

102.20% 100% 2.20% 71,599 66,357 63,359


203.64% 100% 103.64% 23,179 11,383 5,590
104.43% 100% 4.43% 94,778 77,740 68,949
100.34% 100% 0.34% 23,695 19,435 17,237
105.83% 100% 5.83% 71,084 58,305 51,712
Assumptions
6.30% increase in Sales
62% of Sales
Sales - CGS

5% of Sales
7% of Sales
Total Operating exp.

Gross Profit - Expenses


Increase by 103%
EBIT
25% of EBIT
EBIT - Taxes or 21% of Sales
Apple Inc.
Consolidated Balance Sheet Vertical Analysis
(Amount in Millions)
Years Ended Years Ended
Assets Sept. 30, 2017 Sept. 24, 2016 Sep. 30, 2017
Cash and cash equivalents $ 20,289 $ 20,484 5%
Short-term marketable securities 53,892 46,671 14%
Accounts receivable, net 17,874 15,754 5%
Inventories 4,855 2,132 1%
Vendor non-trade receivables 17,799 13,545 5%
Other current assets 13,936 8,283 4%
Total Current assets 128,645 108,869 34%

Long-term marketable securities 194,714 170,430 52%


Property, plant and equipment, net 33,783 27,010 9%
Goodwill 5,717 5,414 2%
Acquired Intangible Assets, net 2,298 3,206 1%
Other non-current assets 10,162 8,757 3%
Total Assets $ 375,319 $ 321,686 100%

Liabilities and Shareholders' Equity


Curren Liabilities
Accounts payable $ 49,049 $ 37,294 13%
Accrued expenses 25,744 22,027 7%
Deferred revenue 7,548 8,080 2%
Commercial paper 11,977 8,105 3%
Current portion of term debt 6,496 3,500 2%
Total Current liabilities 100,814 79,006 27%

Deferred revenue Non-current 2,836 2,930 1%


Long-term debt 97,207 75,427 26%
Other non-current liabilities 40,415 36,074 11%
Total liabilities 241,272 193,437 64%

Shareholders’ equity
Common stock and additional paid-in capital,
$0.00001 par value 35,867 31,251 10%
Retained earnings 98,330 96,364 26%
Accumulated other comprehensive income (loss) (150) 634 0.04%
Total Shareholders’ equity 134,047 128,249 36%
Total liabilities and shareholders’ equity $ 375,319 $ 321,686 100%
Vertical Analysis Horizontal Analysis
Pro Forma Balance Sheet
Years Ended Years Ended Years Ended
Change
Sep. 24, 2016 Sep. 30, 2017 Sep. 24, 2016 Sep. 2020 Sep. 2019
6% 99.05% 100% -0.95% $ 19,715 $ 19,905
15% 115.47% 100% 15.47% 86,432 74,081
5% 113.46% 100% 13.46% 29,804 25,545
1% 227.72% 100% 127.72% 8,941 7,664
4% 131.41% 100% 31.41% 29,804 25,545
3% 168.25% 100% 68.25% 23,843 20,436
34% 118.16% 100% 18.16% 198,540 173,175

53% 114.25% 100% 14.25% 318,428 268,857


8% 125.08% 100% 25.08% 53,654 45,987
2% 105.60% 100% 5.60% 6,732 6,375
1% 71.68% 100% -28.32% 846 1,181
3% 116.04% 100% 16.04% 17,882 15,327
100% 116.67% 100% 16.67% 596,082 510,902

12% 131.52% 100% 31.52% 77,491 66,417


7% 116.87% 100% 16.87% 41,726 35,763
3% 93.42% 100% -6.58% 11,922 10,218
3% 147.77% 100% 47.77% 17,882 15,327
1% 185.60% 100% 85.60% 11,922 10,218
25% 127.60% 100% 27.60% 160,942 137,943

1% 96.79% 100% -3.21% 5,961 5,109


23% 128.88% 100% 28.88% 154,981 132,834
11% 112.03% 100% 12.03% 65,569 56,199
60% 124.73% 100% 24.73% 387,453 332,086

10% 114.77% 100% 14.77% 54,224 47,245


30% 102.04% 100% 2.04% 154,981 132,834
0.20% -23.66% 100% -123.66% (576) (1,264)
40% 104.52% 100% 4.52% 208,629 178,816
100% 116.67% 100% 16.67% 596,082 510,902
a Balance Sheet
ars Ended
Sep. 2018
$ 20,096 Assumptions
63,495
21,895 All Assets are calculated as a percentage
of Total Assets, Except Cash which is
6,568 calculated as 0.95% decrase in following
21,895 year.
17,516
151,464

226,199
39,410
6,037
1,647
13,137
437,894 16% Increase in Total Assets

56,926
30,653
8,758
13,137
8,758
118,231

4,379
113,852
48,168
Total Liabilities: calculated through Debt to Assets
284,631 and Debt to Equity Ratios.

41,165 Calculated as 10% increase in each year


113,852 26% of Total Assets as per company policy
(1,754)
153,263 Calculated through Debt to Equity and Financial Leverage Ratio
437,894
Apple Inc.
Consolidated Statement of Cash Flows Vertical Analysis
(Amount in Millions)
years Ended Years Ended
Sept. 30, 2017 Sept. 24, 2016 Sep. 30, 2017
Cash and Cash equivalents, bigining of the year $ 20,484 $ 21,120 8.94%
Net income 48,351 45,687 21.09%
Depreciation and amortization 10,157 10,505 4.43%
Share-based compensation expense 4,840 4,210 2.11%
Deferred income tax expense (benefit) 5,966 4,938 2.60%
Other (166) 486 -0.07%
Changes in operating assets and liabilities
Accounts receivable, net (2,093) 527 -0.91%
Inventories (2,723) 217 -1.19%
Vendor non-trade receivables (4,254) (51) -1.86%
Other current and non-current assets (5,318) 1,055 -2.32%
Accounts payable 9,618 1,837 4.20%
Deferred revenue (626) (1,554) -0.27%
Other current and non-current liabilities (154) (2,033) -0.07%
Cash generated by operating activities 63,598 65,824 27.74%

Investing Activities
Purchases of marketable securities (159,486) (142,428) -69.57%
Proceeds from maturities of marketable securities 31,775 21,258 13.86%
Proceeds from sales of marketable securities 94,564 90,536 41.25%
Payments for acquisition of property, plant and equipment (12,451) (12,734) -5.43%
Payments made in connection with business acquisitions, net (329) (297) -0.14%
Payments for acquisition of intangible assets (344) (814) -0.15%
Payments for strategic investment, net (395) (1,388) -0.17%
Other 220 (110) 0.10%
Cash used in Investing activities (46,446) (45,977) -20.26%

Financing Activities
Proceeds from issuance of common stock 555 495 0.24%
Excess tax benefits from equity awards 627 407 0.27%
Payments for taxes related to net share settlement of equity
awards (1,874) (1,570) -0.82%
Payments for dividends and dividend equivalents (12,769) (12,150) -5.57%
Repurchases of common stock (32,900) (29,722) -14.35%
Proceeds from issuance of long-term debt, net 28,662 24,954 12.50%
Repayments of term debt (3,500) (2,500) -1.53%
Change in commercial paper, net 3,852 (397) 1.68%
Cash used in financing activities (17,347) (20,484) -7.57%
Increase (decrease) in cash and cash equivalents (195) (636) -0.09%
Cash and cash equivalents, end of the year $ 20,289 $ 20,484 8.85%
Vertical Analysis Horizontal Analysis

Years Ended Years Ended


Change
Sep. 24, 2016 Sep. 30, 2017 Sep. 24, 2016
9.79% 96.99% 100% -3.01%
21.19% 105.83% 100% 5.83%
4.87% 96.69% 100% -3.31%
1.95% 114.96% 100% 14.96%
2.29% 120.82% 100% 20.82%
0.23% -34.16% 100% -134.16%

0.24% -397.15% 100% -497.15%


0.10% -1254.84% 100% -1354.84%
-0.02% 8341.18% 100% 8241.18%
0.49% -504.08% 100% -604.08%
0.85% 523.57% 100% 423.57%
-0.72% 40.28% 100% -59.72%
-0.94% 7.58% 100% -92.42%
30.53% 96.62% 100% -3.38%

-66.05% 111.98% 100% 11.98%


9.86% 149.47% 100% 49.47%
41.98% 104.45% 100% 4.45%
-5.91% 97.78% 100% -2.22%
-0.14% 110.77% 100% 10.77%
-0.38% 42.26% 100% -57.74%
-0.64% 28.46% 100% -71.54%
-0.05% -200.00% 100% -300.00%
-21.32% 101.02% 100% 1.02%

0.23% 112.12% 100% 12.12%


0.19% 154.05% 100% 54.05%

-0.73% 119.36% 100% 19.36%


-5.63% 105.09% 100% 5.09%
-13.78% 110.69% 100% 10.69%
11.57% 114.86% 100% 14.86%
-1.16% 140.00% 100% 40.00%
-0.18% -970.28% 100% -1070.28%
-9.50% 84.69% 100% -15.31%
-0.29% 30.66% 100% -69.34%
9.50% 99.05% 100% -0.95%
Activity Ratios 2017
Cost of sales
Inventory Turnover = Cost of Goods Sold/Avg. Invent. 40.37441
Inventories
Total Revenue / Sales
Receivable Turnover = Total Rev./Avg.Rec. 13.63352
Accounts receivable, net
Net sales
Total Asset Turn. = Total Rev./Avg.Total Assets 0.6577686
Total Assets
Total Revenue / Sales
Working Capital Turn. = Total Revenue/Avg. work. Cap 7.95
Working Capital

Operating Cycle Formulas 2017


Purchases = Cost of goods sold + Ending Invent.- B
No. of Days of Inventory = 365/ Inventory Turn. 9.0403799
No. of Days of Receivables = 365/ Receivable Turn. 26.77225 Accounts Payable Turnover = Purchases / A
No. of Days of Payables = 365/Payable Turn. 171.86387

Operating Cycle = No. of days of Inv. + No. of days of Rec. Net Operating Cycle = No. of days of Inv. + No. of da
35.8126300604 -136.0512367834
Total Avg.
141,048
4,855 2,132 6,987 3,493.50
229,234.00
17,874 15,754 33,628 16,814
229,234.00
375,319.00 321,686.00 697,005.00 348,502.50
229,234.00
27831 29863 57694 28847

ost of goods sold + Ending Invent.- Beginning Invent. 143,771

nts Payable Turnover = Purchases / Avg. Pay 2.123773931

ycle = No. of days of Inv. + No. of days of Rec. - No. of days of pay.
-136.0512367834
Liquity Ratios 2017
Current Ratio = Current Assets / Current Liabilities 1.276

Quick Ratio = Cash + Short-Term Investment s+ Receivables / Current Liabilities 1.09

Cash Ratio = Cash + Short-Term Investments / Current Liabilities 0.74

Solvency Ratios (Component percentage) 2017


Debt-to-Assets Ratio = Total Debt / Total Assets 0.276

Long-Term Debt-to-Assets Ratio = Long-Term Debt / Total Assets 0.259

Debt-to-Equity Ratio = Totabl Debt / Total Shareholders' Equity 0.774

Financial Leverage = Total Assets / Total Shareholders' Equity 2.800

Coverage Ratios 2017


Interest Coverage Ratio = EBIT / Interest payments 28.589

Fixed Change Coverage Ratio = EBIT + Lease Payments / Int. Pay + Lease Payments 7.675

Cash Flow Coverage Ratio = CFO + Int.Pay + Tax Pay / Interest Payments 35.152

Cash Flow-to-Debt Ratio = CFO / Total Debt 0.264

Profitability Ratios (Margins) 2017


Gross Profit Margin = Gross Profit/Total Revenue 0.385

Operating Profit Margin = Operating profit / Total Revenue 0.290

Net Profit Margin = Net Profit / Total Revenue 0.211

Pretax Profit Margin = Earnings Befire Taxes 0.280

Returns 2017
Operating Return on Assets = Operating Income / Average Total Assets 0.191

Return on Assets = Net Income / Average Total Assets 0.139

Return on Total Capital = Net Income / Average Interest Bearing Debt+Avg. Assets 0.110
Return on Equity = Net Income / Average Shareholders' Equity 0.369
2016 Cash and cash equivalents 20,289 20,484
Short-term marketable securities 53,892 46,671
1.3780
74,181 67,155
Vendor non-trade receivables 17,799 13,545
1.22
Accounts receivable, net 17,874 15,754
Total 109,854 96,454
0.85

2016
0.245

0.234

0.615

2.508

2016
43.151
2017 2016
EBIT 66412 62828
8.697
Interest Payment 2323 1456
Tax Payment 15738 15685
56.981
Lease Payment 7279 6517
Cash generated by operating activities 63,598 65,824
0.340

2016
0.391

0.291

0.212

0.285
Thre Factor Dupont for Return On Equty (ROE) 2017 2016
Return On Equity 0.36070 0.35624

Total Asset Turnover 0.61077 0.67034


Financial Leverage 2.79991 2.50829
Net Profit Margin 0.21092 0.21187

Other Ratios 2017 2016


Earnings Per Share 9.23908 8.37706
Book Value Per Share 26.10807 24.051289
Price-to-Earnings Ratio 18.67069 13.798395 No. of Common
Dividends Per Share 2.43995 2.22780 Shares Outstanding
Dividends Payout Ratio 0.264089 0.26594
Share Price
Plowback Ratio 0.735911 0.73406
2017 2016 2015
No. of Common 5134.312 5332.313 5575.331
Shares Outstanding
Share Price 172.5 115.59