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CAPEX projections and Depreciation Waterfall - Apple Inc
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(in $ millions)
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Capex Projections
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2018A 2019A 2020A 2021A 2022A 2023E 2024E 2025E 2026E 2027E
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Sales$265,595 $260,174 $274,515 $365,817 $394,328 $425,061 $455,814 $482,197 $504,525 $529,751
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% growth YoY(2.0%)5.5% 33.3% 7.8% 7.8% 7.2% 5.8% 4.6% 5.0%
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CAPEX$13,313$10,495$7,309$11,085$10,708$13,161$15,849$18,602$21,384$26,488
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CAPEX % sales5.0% 4.0% 2.7% 3.0% 2.7% 3.1% 3.5% 3.9% 4.2% 5.0%
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Depreciation Waterfall
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Depreciation$10,903$12,547$11,056$11,284$11,104$11,757$12,012$13,346$15,314$18,309
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Avg life (yrs)7 yrs6 yrs8 yrs8 yrs8 yrs
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D&A % Gross block12.1% 13.1% 10.7% 10.3% 9.7% 9.2% 8.4% 8.2% 8.3% 8.7%
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Old capex life5 yrs
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New Capex life7 yrs
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Old CAPEX for D&A (ex-Land and Buildings)
$19,991
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2023E 2024E 2025E 2026E 2027E
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D&A from old CAPEX 7,996 4,798 2,879 1,727 1,036
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D&A from Yr1 CAPEX 3,760 2,686 1,919 1,370 979
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D&A from Yr2 CAPEX 4,528 3,234 2,310 1,650
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D&A from Yr3 CAPEX 5,315 3,796 2,712
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D&A from Yr4 CAPEX 6,110 4,364
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D&A from Yr5 CAPEX 7,568
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Total Depreciation$11,757$12,012$13,346$15,314$18,309
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PPE Schedule
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2018A 2019A 2020A 2021A 2022A 2023E 2024E 2025E 2026E 2027E
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Land and Buildings$16,216 $17,085 $17,952 $20,041 $22,126
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Machinery, equipment65,982 69,797 75,291 78,659 81,060
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Leasehold improvements8,205 9,075 10,283 11,023 11,271
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Gross PPE$90,403 $95,957 $103,526 $109,723 $114,457 $127,618 $143,467 $162,069 $183,453 $209,940
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Accumulated Depreciation(49,099)(58,579)(66,760)(70,283)(72,340)(84,097)(96,109)(109,455)(124,769)(143,078)
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Net PPE$41,304 $37,378 $36,766 $39,440 $42,117 $43,521 $47,358 $52,614 $58,684 $66,862
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Opening PPE $42,117 $43,521 $47,358 $52,614 $58,684
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(+) Capex13,161 15,849 18,602 21,384 26,488
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(-) D&A(11,757)(12,012)(13,346)(15,314)(18,309)
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Closing PPE$43,521 $47,358 $52,614 $58,684 $66,862
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