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Financial Statement Model of APPLE
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there is a circularity
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Company NameAPPLE
You can turn it on by clicking on Files>Setting>Calcuations
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TickerAAPL
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Shares Outstanding4,745.3982018 10k
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♣️INCOME STATEMENT
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Fiscal year2016A2017A2018A2019A2020A2021A2022A2023A
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Revenue215,639229,234265,595254,971270,269288,918308,853330,164
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Cost of sales-131,376-141,048-163,756-158,592-167,297-178,551-190,871-204,042
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Gross Profit84,26388,186101,83996,379102,973110,367117,982126,123
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Research & development-10,045-11,581-14,236-15,808-17,027-18,202-19,458-20,800
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Selling, general and administrative-14,194-15,261-16,705-18,868-18,649-19,935-21,311-22,781
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Operating Profit (EBIT)60,02461,34470,89861,70367,29772,23077,21382,541
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Interest income3,9995,2015,6864,7444,0903,5923,2012,913
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Interest expense-1,456-2,323-3,240-3,223-3,224-3,224-3,224-3,224
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Other expenses, net-1,195-133-441-441-441-441-441-441
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Pretax profit61,37264,08972,90362,78367,72372,15776,74981,790
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Taxes-15,685-15,738-13,372-10,485-11,513-12,195-12,971-13,822
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Net Income45,68748,35159,53152,29956,21059,96363,77967,967
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Depreciation & amortization10,50510,15710,90311,08511,71212,22613,36514,604
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EBITDA70,52971,50181,80172,78879,00984,45690,57997,145
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Stock based compensation4,2104,8405,3405,1265,4345,8096,2106,638
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Adjusted EBITDA74,73976,34187,14177,91484,44390,26596,789103,783
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Growth rates & margins
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Revenue growth6.3%15.9%(4.0%)6.0% 6.9% 6.9% 6.9%
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Gross profit margin39.1%38.5%38.3%37.8% 38.1% 38.2% 38.2% 38.2%
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R&D % of sales4.7%5.1%5.4%6.2% 6.3% 6.3% 6.3% 6.3%
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SG&A % of sales6.6%6.7%6.3%7.4% 6.9% 6.9% 6.9% 6.9%
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Tax rate25.6%24.6%18.3%16.7% 17.0% 16.9% 16.9% 16.9%
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♥️BALANCE SHEET
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Fiscal year2017A2018A2019A2020A2021A2022A2023A
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Cash & equivalents, ST and LT marketable securities268,895237,100202,200176,524156,077140,274129,472
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Accounts receivable17,87423,18622,25923,59425,22226,96228,823
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Inventories4,8553,9563,8314,0424,3134,6114,929
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Other current assets31,73537,89636,38038,56341,22444,06847,109
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Property, plant & equipment33,78341,30445,04348,61151,94855,21958,400
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Other non current assets18,17722,28321,39222,67524,24025,91227,700
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Total assets 375,319 365,725 331,104 314,009 303,024 297,046 296,433
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Accounts payable44,24255,88854,12657,09660,93765,14269,637
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Other current liabilities30,55132,68731,38033,26235,55738,01140,634
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Deferred revenue (current and non current)10,38410,3409,92610,52211,24812,02412,854
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Commercial paper / revolver11,97711,96412,00012,00012,00012,00012,000
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Long term debt (includes current portion)103,703102,519102,519102,519102,519102,519102,519
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Other non current liabilities40,41545,18043,37345,97549,14752,53956,164
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Total liabilities241,272258,578253,323261,375271,409282,235293,807
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Common stock35,86740,20145,32750,76156,57062,78069,418
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Retained earnings 98,33070,40035,9085,326-21,502-44,514-63,338
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Other comprehensive income-150-3,454-3,454-3,454-3,454-3,454-3,454
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Total equity134,047107,14777,78152,63431,61414,8122,626
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Balance check0000000
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♠️CASH FLOW STATEMENT
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Fiscal year2017A2018A2019A2020A2021A2022A2023A
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Net income52,29956,21059,96363,77967,967
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Depreciation and amortization11,08511,71212,22613,36514,604
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Stock based compensation5,1265,4345,8096,2106,638
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Decreases / (Increases) in working capital assets2,568-3,729-4,561-4,882-5,219
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Increases / (Decreases) in working capital liabilities-3,4835,4496,8627,4347,947
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Other non current assets-648-2,915-3,308-3,537-3,781
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Other non current liabilities-1,8072,6023,1723,3913,625
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Cash from operating activities65,14074,76480,16385,76091,781
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Capital expenditures-13,285-13,649-13,819-14,773-15,792
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Cash from investing activities-13,285-13,649-13,819-14,773-15,792
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Long term debt00000
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Revolver360000
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Share repurchases-73,056-73,056-73,056-73,056-73,056
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Common dividends-13,735-13,735-13,735-13,735-13,735
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Cash from financing activities-86,755-86,791-86,791-86,791-86,791
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Net change in cash during period-34,900-25,676-20,447-15,803-10,801
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♦️ SCHEDULES
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Fiscal year2016A2017A2018A2019A2020A2021A2022A2023A
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PROPERTY PLANT & EQUIPMENTForecast
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Beginning of period41,30445,04348,61151,94855,219
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Plus: Capital expenditures12,73412,45113,31313,28513,64913,81914,77315,792
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Less: Depreciation-8,300-8,200-9,300-9,546-10,081-10,483-11,501-12,611
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End of period33,78341,30445,04348,61151,94855,21958,400
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D&A related to PP&E as a % of capex65.2% 65.9% 69.9% 71.9% 73.9% 75.9% 77.9% 79.9% 2.0%
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IMPUTING TOTAL DEPRECIATION & AMORTIZATION
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D&A not related to PP&E2,2051,9571,6031,5391,6311,7441,8641,993
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as % of revenue 1.0% 0.9% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6%
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Depreciation & Amortization - Total 10,50510,15710,90311,08511,71212,22613,36514,604
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