Apple: Financial Analysis NEW

1

Dec-06

Mar-07

Jun-07

Sep-07

Dec-07

Mar-08

Jun-08

Sep-08

Dec-08

Mar-09

June-09

Sep-09

Dec-09

Mar-10

Jun-10

Sept-10

Dec-10

Mar-11

Jun-11

Sept-11

Dec-11

Mar-11

Jun-12

FY 2007

FY 2008

FY 2009

FY 2010

2

1Q07

2Q07

3Q07

4Q07

1Q08

2Q08

3Q08

4Q08

1Q09

2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

3Q12

3

Analysis By:

4

Silicon Alley Insider

5

NEW ACCOUNTING PRINCIPLES

6

INCOME STATEMENT

Dec-06

Mar-07

Jun-07

Sep-07

Dec-07

Mar-08

Jun-08

Sep-08

Dec-08

Mar-09

June-09

Sep-09

Dec-09

Mar-10

Jun-10

Sept-10

Dec-10

Mar-11

Jun-11

Sept-11

Dec-11

Mar-11

Jun-12

2007

2008

2009

2010

2011

7

8

Revenues

$7,123,000

$5,286,000

$5,563,000

$6,606,000

$10,430,000

$7,980,000

$7,561,000

$11,520,000

$11,880,000

$9,084,000

$9,734,000

$12,207,000

$15,683,000

$13,499,000

$15,700,000

$20,343,000

$26,741,000

$24,667,000

$28,571,000

$28,270,000

$46,333,000

$39,186,000

$35,023,000

$24,578,000

$37,491,000

$42,905,000

$65,225,000

$108,249,000

9

Y/Y Change

46%

51%

36%

74%

14%

29%

6%

32%

49%

61%

67%

71%

83%

82%

39%

73%

59%

23%

53%

14%

52%

66%

10

11

Cost of Sales

$4,900,000

$3,435,000

$3,530,000

$4,561,000

$7,026,000

$5,373,000

$4,818,000

$7,077,000

$7,373,000

$5,457,000

$5,751,000

$7,102,000

$9,272,000

$7,874,000

$9,564,000

$12,831,000

$16,443,000

$14,449,000

$16,649,000

$16,890,000

$25,630,000

$20,622,000

$20,029,000

$16,426,000

$24,294,000

$25,683,000

$39,541,000

$64,431,000

12

Margin

69%

65%

63%

69%

67%

64%

61%

62%

60%

59%

58%

59%

58%

61%

63%

61%

59%

58%

60%

55%

53%

57%

67%

65%

60%

61%

60%

13

Gross Profit

$2,223,000

$1,851,000

$2,033,000

$2,045,000

$3,404,000

$2,607,000

$2,743,000

$4,443,000

$4,507,000

$3,627,000

$3,983,000

$5,105,000

$6,411,000

$5,625,000

$6,136,000

$7,512,000

$10,297,000

$10,218,000

$11,922,000

$11,380,000

$20,703,000

$18,564,000

$14,994,000

$8,152,000

$13,197,000

$17,222,000

$25,684,000

$43,818,000

14

Margin

31%

35%

37%

31%

33%

36%

39%

38%

40%

41%

42%

41%

42%

39%

37%

39%

41%

42%

40%

45%

47%

43%

33%

35%

40%

39%

40%

15

16

R&D

$184,000

$183,000

$208,000

$207,000

$246,000

$273,000

$292,000

$298,000

$315,000

$319,000

$341,000

$358,000

$398,000

$426,000

$464,000

$494,000

$575,000

$581,000

$628,000

$645,000

$758,000

$841,000

$876,000

$782,000

$1,109,000

$1,333,000

$1,782,000

$2,429,000

17

Margin

3%

4%

3%

2%

3%

4%

3%

4%

3%

2%

3%

2%

18

SG&A

$714,000

$680,000

$746,000

$823,000

$960,000

$886,000

$916,000

$999,000

$1,091,000

$985,000

$1,010,000

$1,063,000

$1,288,000

$1,220,000

$1,438,000

$1,571,000

$1,896,000

$1,763,000

$1,915,000

$2,025,000

$2,605,000

$2,339,000

$2,545,000

$2,963,000

$3,761,000

$4,149,000

$5,517,000

$7,599,000

19

Margin

10%

13%

12%

9%

11%

12%

9%

11%

10%

9%

8%

9%

8%

7%

6%

7%

12%

10%

8%

7%

20

Total

$898,000

$863,000

$954,000

$1,030,000

$1,206,000

$1,159,000

$1,208,000

$1,297,000

$1,406,000

$1,304,000

$1,351,000

$1,421,000

$1,686,000

$1,646,000

$1,902,000

$2,065,000

$2,471,000

$2,344,000

$2,543,000

$2,670,000

$3,363,000

$3,180,000

$3,421,000

$3,745,000

$4,870,000

$5,482,000

$7,299,000

$10,028,000

21

Margin

13%

16%

17%

16%

12%

15%

16%

11%

12%

14%

12%

11%

12%

10%

9%

10%

9%

7%

8%

10%

15%

13%

11%

9%

22

23

Operating Income

$1,325,000

$988,000

$1,079,000

$1,015,000

$2,198,000

$1,448,000

$1,535,000

$3,146,000

$3,101,000

$2,323,000

$2,632,000

$3,684,000

$4,725,000

$3,979,000

$4,234,000

$5,447,000

$7,826,000

$7,874,000

$9,379,000

$8,710,000

$17,340,000

$15,384,000

$11,573,000

$4,407,000

$8,327,000

$11,740,000

$18,385,000

$33,790,000

24

Margin

19%

15%

21%

18%

20%

27%

26%

27%

30%

29%

27%

29%

32%

33%

31%

37%

39%

33%

18%

22%

27%

28%

31%

25

26

Other income and expense

$126,000

$148,000

$155,000

$170,000

$200,000

$162,000

$118,000

$140,000

$158,000

$63,000

$60,000

$45,000

$33,000

$50,000

$58,000

$14,000

$136,000

$26,000

$172,000

$81,000

$137,000

$148,000

$288,000

$599,000

$620,000

$326,000

$155,000

$415,000

27

Margin

2%

3%

2%

1%

0%

1%

0%

1%

0%

1%

2%

1%

0%

28

Pre-Tax Income

$1,451,000

$1,136,000

$1,234,000

$1,185,000

$2,398,000

$1,610,000

$1,653,000

$3,286,000

$3,259,000

$2,386,000

$2,692,000

$3,729,000

$4,758,000

$4,029,000

$4,292,000

$5,461,000

$7,962,000

$7,900,000

$9,551,000

$8,791,000

$17,477,000

$15,532,000

$11,861,000

$5,006,000

$8,947,000

$12,066,000

$18,540,000

$34,205,000

29

Margin

20%

21%

22%

18%

23%

20%

22%

29%

27%

26%

28%

31%

30%

27%

30%

32%

33%

31%

38%

40%

34%

20%

24%

28%

32%

30

Tax

$440,000

$362,000

$394,000

$315,000

$758,000

$509,000

$522,000

$1,039,000

$1,004,000

$766,000

$864,000

$1,197,000

$1,380,000

$955,000

$1,039,000

$1,153,000

$1,959,000

$1,913,000

$2,243,000

$2,168,000

$4,413,000

$3,910,000

$3,037,000

$1,511,000

$2,828,000

$3,831,000

$4,527,000

$8,283,000

31

% of Pre-Tax

30%

32%

27%

32%

31%

32%

29%

24%

21%

25%

24%

23%

25%

26%

30%

32%

24%

32

33

Net Income

$1,011,000

$774,000

$840,000

$870,000

$1,640,000

$1,101,000

$1,131,000

$2,247,000

$2,255,000

$1,620,000

$1,828,000

$2,532,000

$3,378,000

$3,074,000

$3,253,000

$4,308,000

$6,003,000

$5,987,000

$7,308,000

$6,623,000

$13,064,000

$11,622,000

$8,824,000

$3,495,000

$6,119,000

$8,235,000

$14,013,000

$25,922,000

34

Margin

14%

15%

13%

16%

14%

15%

20%

19%

18%

19%

21%

22%

23%

21%

22%

24%

26%

23%

28%

30%

25%

14%

16%

19%

21%

24%

35

36

EPS (Diluted)

$1.14

$0.87

$0.94

$0.97

$1.82

$1.22

$1.25

$2.48

$2.50

$1.79

$2.01

$2.77

$3.67

$3.33

$3.51

$4.64

$6.43

$6.40

$7.79

$7.05

$13.87

$12.30

$9.32

$3.93

$6.78

$9.08

$15.15

$27.68

37

Y/Y Change

59%

40%

33%

156%

37%

47%

61%

12%

47%

86%

75%

67%

75%

92%

122%

52%

116%

92%

20%

73%

34%

67%

83%

38

Shares Out (Diluted)

883,297

886,653

890,671

895,666

900,054

899,329

903,167

904,786

901,494

902,993

909,160

914,374

919,783

922,878

927,361

928,825

933,154

935,944

937,810

939,517

941,572

944,893

947,059

889,292

902,139

907,005

924,712

936,645

39

Y/Y Change

2%

1%

0%

1%

2%

1%

2%

1%

40

41

42

PRODUCT SUMMARY

Dec-06

Mar-07

Jun-07

Sep-07

Dec-07

Mar-08

Jun-08

Sep-08

Dec-08

Mar-09

June-09

Sep-09

Dec-09

Mar-10

Jun-10

Sept-10

Dec-10

Mar-11

Jun-11

Sept-11

Dec-11

Mar-11

Jun-12

2007

2008

2009

2010

43

44

DESKTOP COMPUTERS

45

Units (000s)

637

626

634

817

977

856

943

936

728

818

849

787

1,234

1,147

1,004

1,242

1,227

1,009

1,155

1,278

1,479

1,199

1,010

2,714

3,712

3,182

4,627

4,669

46

Y/Y Change

53%

37%

49%

15%

-25%

-4%

-10%

-16%

70%

40%

18%

58%

-1%

-12%

15%

3%

21%

19%

-13%

37%

-14%

45%

1%

47

Revenues

$955,000

$914,000

$956,000

$1,198,000

$1,516,000

$1,355,000

$1,383,000

$1,368,000

$1,045,000

$1,056,000

$1,134,000

$1,089,000

$1,692,000

$1,532,000

$1,301,000

$1,676,000

$1,731,000

$1,441,000

$1,580,000

$1,687,000

$1,936,000

$1,563,000

$1,287,000

$4,023,000

$5,622,000

$4,324,000

$6,201,000

$6,439,000

48

Y/Y Change

59%

48%

45%

14%

-31%

-22%

-18%

-20%

62%

45%

15%

54%

2%

-6%

21%

1%

12%

8%

-19%

40%

-23%

43%

4%

49

% of Total

13%

17%

18%

15%

17%

18%

12%

9%

12%

9%

11%

8%

6%

4%

16%

15%

10%

6%

50

Revenue/Unit

$1,499

$1,460

$1,508

$1,466

$1,552

$1,583

$1,467

$1,462

$1,435

$1,291

$1,336

$1,384

$1,371

$1,336

$1,296

$1,349

$1,411

$1,428

$1,368

$1,320

$1,309

$1,304

$1,274

$1,482

$1,515

$1,359

$1,340

$1,379

51

Y/Y Change

4%

8%

-3%

0%

-7%

-18%

-9%

-5%

-4%

3%

-3%

-2%

3%

7%

6%

-2%

-7%

-9%

-7%

2%

-10%

-1%

3%

52

53

PORTABLE COMPUTERS

54

Units (000s)

969

891

1,130

1,347

1,342

1,433

1,553

1,675

1,796

1,398

1,754

2,266

2,128

1,796

2,468

2,643

2,907

2,751

2,792

3,616

3,719

2,818

3,010

4,337

6,003

7,214

9,035

12,066

55

Y/Y Change

38%

61%

37%

24%

34%

-2%

13%

35%

18%

28%

41%

17%

37%

53%

13%

37%

28%

2%

8%

38%

20%

25%

34%

56

Revenues

$1,462,000

$1,357,000

$1,577,000

$1,917,000

$2,054,000

$2,156,000

$2,251,000

$2,271,000

$2,520,000

$1,904,000

$2,220,000

$2,891,000

$2,758,000

$2,228,000

$3,908,000

$3,194,000

$3,699,000

$3,535,000

$3,525,000

$4,585,000

$4,662,000

$3,510,000

$3,646,000

$6,313,000

$8,732,000

$9,535,000

$12,088,000

$15,344,000

57

Y/Y Change

40%

59%

43%

18%

23%

-12%

-1%

27%

9%

17%

76%

10%

34%

59%

-10%

44%

26%

-1%

3%

38%

9%

27%

58

% of Total

21%

26%

28%

29%

20%

27%

30%

20%

21%

23%

24%

18%

17%

25%

16%

14%

12%

16%

10%

9%

10%

26%

23%

22%

19%

14%

59

Revenue/Unit

$1,509

$1,523

$1,396

$1,423

$1,531

$1,505

$1,449

$1,356

$1,403

$1,362

$1,266

$1,276

$1,296

$1,241

$1,583

$1,208

$1,272

$1,285

$1,263

$1,268

$1,254

$1,246

$1,211

$1,482

$1,515

$1,359

$1,340

$1,379

60

Y/Y Change

1%

-1%

4%

-5%

-8%

-9%

-13%

-6%

-8%

-9%

25%

-5%

-2%

4%

-20%

5%

-1%

-3%

-4%

2%

-10%

-1%

3%

61

62

TOTAL COMPUTERS

63

Units (000s)

1,606

1,517

1,764

2,164

2,319

2,289

2,496

2,611

2,524

2,216

2,603

3,053

3,362

2,943

3,472

3,885

4,134

3,760

3,947

4,894

5,198

4,017

4,020

7,051

9,715

10,396

13,662

16,735

64

Y/Y Units Change

1517

1764

2164

713

772

732

447

205

-73

107

442

838

727

869

832

772

817

475

1009

1064

257

73

6662

7034

10719

13263

65

Y/Y Change

44%

51%

41%

21%

9%

-3%

4%

17%

33%

27%

23%

28%

14%

26%

7%

2%

38%

7%

31%

22%

66

Revenues

$2,417,000

$2,271,000

$2,533,000

$3,115,000

$3,570,000

$3,511,000

$3,634,000

$3,639,000

$3,565,000

$2,960,000

$3,354,000

$3,980,000

$4,450,000

$3,760,000

$4,399,000

$4,870,000

$5,430,000

$4,976,000

$5,105,000

$6,272,000

$6,598,000

$5,073,000

$4,933,000

$10,336,000

$14,354,000

$13,859,000

$18,289,000

$21,783,000

67

Y/Y Change

48%

55%

43%

17%

0%

-16%

-8%

9%

25%

27%

31%

22%

32%

16%

29%

22%

2%

-3%

39%

-3%

32%

19%

68

% of Total

34%

43%

46%

47%

34%

44%

48%

32%

30%

33%

34%

33%

28%

24%

20%

18%

22%

14%

13%

14%

42%

38%

32%

28%

20%

69

Revenue/Unit

$1,505

$1,497

$1,436

$1,439

$1,539

$1,534

$1,456

$1,394

$1,412

$1,336

$1,289

$1,304

$1,324

$1,278

$1,267

$1,254

$1,313

$1,323

$1,293

$1,282

$1,269

$1,263

$1,227

$1,466

$1,478

$1,333

$1,339

$1,302

70

Y/Y Change

2%

1%

-3%

-8%

-13%

-11%

-6%

-4%

-2%

-4%

-1%

4%

2%

-3%

-5%

1%

-10%

0%

-3%

71

72

iPODS

73

Units (000s)

21,066

10,549

9,815

10,200

22,121

10,644

11,011

11,052

22,727

11,013

10,215

10,177

20,970

10,885

9,406

9,051

19,446

9,017

7,535

6,622

15,397

7,673

6,751

51,630

54,828

54,132

50,312

42,620

74

Y/Y Change

5%

1%

12%

8%

3%

-7%

-8%

-1%

-8%

-11%

-7%

-17%

-20%

-27%

-21%

-15%

-10%

6%

-1%

-7%

-15%

75

Revenues

$3,427,000

$1,689,000

$1,570,000

$1,619,000

$3,997,000

$1,818,000

$1,678,000

$1,660,000

$3,371,000

$1,665,000

$1,492,000

$1,563,000

$3,391,000

$1,861,000

$1,545,000

$1,477,000

$3,425,000

$1,600,000

$1,325,000

$1,103,000

$2,528,000

$1,207,000

$1,060,000

$8,305,000

$9,153,000

$8,091,000

$8,274,000

$7,453,000

76

Y/Y Change

17%

8%

7%

3%

-16%

-8%

-11%

-6%

1%

12%

4%

-6%

1%

-14%

-25%

-26%

-25%

-20%

10%

-12%

2%

-10%

77

% of Total

48%

32%

28%

25%

38%

23%

22%

14%

28%

18%

15%

13%

22%

14%

10%

7%

13%

6%

5%

4%

5%

3%

34%

24%

19%

13%

7%

78

Revenue/Unit

$163

$160

$159

$181

$171

$152

$150

$148

$151

$146

$154

$162

$171

$164

$163

$176

$177

$176

$167

$164

$157

$161

$167

$149

$164

$175

79

Y/Y Change

11%

7%

-5%

-18%

-11%

-4%

2%

9%

13%

12%

6%

9%

4%

7%

2%

-7%

-11%

4%

-10%

10%

6%

80

81

OTHER MUSIC PRODUCTS

82

Revenues

$634,000

$653,000

$608,000

$601,000

$808,000

$881,000

$819,000

$832,000

$1,011,000

$1,049,000

$958,000

$1,018,000

$1,164,000

$1,327,000

$1,214,000

$1,243,000

$1,431,000

$1,634,000

$1,571,000

$1,678,000

$2,027,000

$2,151,000

$2,060,000

$2,496,000

$3,340,000

$4,036,000

$4,948,000

$6,314,000

83

Y/Y Change

27%

35%

38%

25%

19%

17%

22%

15%

27%

22%

23%

29%

35%

42%

32%

31%

34%

21%

23%

28%

84

% of Total

9%

12%

11%

9%

8%

11%

7%

9%

12%

10%

8%

7%

10%

8%

6%

5%

7%

5%

6%

4%

5%

6%

10%

9%

8%

6%

85

86

iPHONES

87

Units (000s)

0

270

1,119

2,315

1,703

717

6,892

4,363

3,793

5,208

7,367

8,737

8,752

8,398

14,102

16,235

18,647

20,338

17,073

37,044

35,064

26,028

1,389

11,627

20,731

39,989

72,293

88

Y/Y Change

166%

516%

88%

123%

626%

7%

100%

131%

61%

91%

86%

113%

142%

21%

128%

88%

28%

737%

78%

93%

81%

89

Revenues

$0

$141,000

$489,000

$1,036,000

$817,000

$483,000

$4,406,000

$2,940,000

$2,427,000

$3,060,000

$4,606,000

$5,578,000

$5,445,000

$5,334,000

$8,822,000

$10,468,000

$12,298,000

$13,311,000

$10,980,000

$24,417,000

$22,690,000

$16,245,000

$630,000

$6,742,000

$13,033,000

$25,179,000

$47,057,000

90

Y/Y Change

243%

801%

184%

197%

534%

5%

90%

124%

74%

92%

88%

126%

150%

24%

133%

85%

22%

970%

93%

87%

91

% of Total

3%

7%

10%

6%

38%

25%

27%

31%

38%

36%

40%

34%

43%

39%

50%

47%

39%

53%

58%

46%

3%

18%

30%

39%

43%

92

Revenue/Unit

$522

$437

$448

$480

$674

$639

$674

$640

$588

$625

$638

$622

$635

$626

$645

$660

$654

$643

$659

$647

$624

$454

$580

$629

$630

$651

93

Y/Y Change

29%

46%

51%

33%

-13%

-2%

-5%

-3%

8%

0%

1%

6%

3%

2%

-2%

-5%

28%

8%

0%

3%

94

95

iPADS

96

Units (000s)

3,270

4,188

7,331

4,694

9,246

11,123

15,434

11,798

17,042

7,458

32,394

97

Y/Y Change

183%

166%

111%

151%

84%

-

334%

98

Revenues

$2,166,000

$2,792,000

$4,608,000

$2,836,000

$6,046,000

$6,868,000

$9,153,000

$6,590,000

$9,171,000

$4,958,000

$20,358,000

99

Y/Y Change

179%

146%

99%

132%

52%

-

311%

100

% of Total

14%

17%

11%

21%

24%

20%

17%

26%

-

19%

101

Revenue/Unit

$662

$667

$629

$604

$654

$617

$593

$559

$538

$665

$628

102

Y/Y Change

-1%

-7%

-6%

-8%

-18%

-

-5%

103

104

PERIPHERALS & OTHER HW

105

Revenues

$297,000

$328,000

$325,000

$353,000

$391,000

$424,000

$446,000

$433,000

$387,000

$357,000

$340,000

$391,000

$469,000

$472,000

$396,000

$477,000

$593,000

$580,000

$517,000

$640,000

$766,000

$643,000

$663,000

$1,303,000

$1,694,000

$1,475,000

$1,814,000

$2,330,000

106

Y/Y Change

32%

29%

37%

23%

-1%

-16%

-24%

-10%

21%

32%

16%

22%

26%

23%

31%

34%

29%

11%

28%

30%

-13%

23%

28%

107

% of Total

4%

6%

5%

4%

5%

6%

4%

3%

4%

3%

2%

5%

3%

2%

108

109

SOFTWARE, SERVICE & OTHER

110

Revenues

$348,000

$345,000

$386,000

$429,000

$628,000

$529,000

$501,000

$550,000

$606,000

$626,000

$530,000

$649,000

$631,000

$634,000

$646,000

$662,000

$786,000

$743,000

$696,000

$729,000

$844,000

$832,000

$891,000

$1,508,000

$2,208,000

$2,411,000

$2,573,000

$2,954,000

111

Y/Y Change

80%

53%

30%

28%

-4%

18%

6%

18%

4%

1%

22%

2%

25%

17%

8%

10%

7%

12%

28%

46%

9%

7%

15%

112

% of Total

5%

7%

6%

7%

5%

7%

5%

4%

5%

4%

3%

2%

3%

2%

3%

6%

4%

3%

113

114

TOTAL REVENUE

$7,123,000

$5,286,000

$5,563,000

$6,606,000

$10,430,000

$7,980,000

$7,561,000

$11,520,000

$11,880,000

$9,084,000

$9,734,000

$12,207,000

$15,683,000

$13,499,000

$15,700,000

$20,343,000

$26,741,000

$24,667,000

$28,571,000

$28,270,000

$46,333,000

$39,186,000

$35,023,000

$24,578,000

$37,491,000

$42,905,000

$65,225,000

$108,249,000

115

118

REVENUE BY SEGMENT

Dec-06

Mar-07

Jun-07

Sep-07A

Dec-07

Mar-08

Jun-08

Sep-08

Dec-08

Mar-09

June-09

Sep-09

Dec-09

Mar-10

Jun-10

Sept-10

Dec-10

Mar-11

Jun-11

Sept-11

Dec-11

Mar-11

Jun-12

119

Americas

$3,528,000

$2,480,000

$2,743,000

$3,156,000

$4,635,000

$3,463,000

$3,538,000

$4,811,000

$5,278,000

$3,942,000

$4,452,000

$5,215,000

$6,092,000

$4,993,000

$6,227,000

$7,186,000

$9,218,000

$9,323,000

$10,126,000

$9,648,000

$17,714,000

$13,182,000

$12,806,000

$11,907,000

$16,447,000

$18,887,000

$24,498,000

$38,315,000

120

Y/Y Change

31%

40%

29%

52%

14%

26%

8%

15%

27%

40%

38%

51%

87%

63%

34%

92%

41%

26%

38%

15%

30%

56%

121

% of Total

50%

47%

49%

48%

44%

43%

47%

42%

44%

43%

46%

43%

39%

37%

40%

35%

34%

38%

35%

34%

38%

34%

37%

48%

44%

38%

35%

122

Europe

$1,712,000

$1,252,000

$1,166,000

$1,339,000

$2,651,000

$1,784,000

$1,630,000

$3,168,000

$3,585,000

$2,485,000

$2,505,000

$3,235,000

$5,024,000

$4,050,000

$4,160,000

$5,458,000

$7,256,000

$6,027,000

$7,098,000

$7,397,000

$11,256,000

$8,807,000

$8,237,000

$5,469,000

$9,233,000

$11,810,000

$18,692,000

$27,778,000

123

Y/Y Change

55%

42%

40%

137%

35%

39%

54%

2%

40%

63%

66%

69%

44%

49%

71%

36%

55%

46%

16%

69%

28%

58%

49%

124

% of Total

24%

21%

20%

25%

22%

28%

30%

27%

26%

27%

32%

30%

26%

27%

24%

25%

26%

24%

22%

24%

22%

25%

28%

29%

26%

125

Japan

$285,000

$259,000

$255,000

$400,000

$424,000

$365,000

$539,000

$498,000

$587,000

$560,000

$634,000

$783,000

$887,000

$910,000

$1,401,000

$1,433,000

$1,383,000

$1,510,000

$1,111,000

$3,550,000

$2,645,000

$2,009,000

$1,084,000

$1,728,000

$2,279,000

$3,981,000

$5,437,000

126

Y/Y Change

40%

49%

41%

111%

25%

38%

53%

18%

57%

51%

63%

121%

83%

56%

66%

-21%

148%

91%

33%

59%

32%

75%

37%

127

% of Total

4%

5%

4%

5%

4%

6%

5%

7%

6%

7%

5%

6%

5%

4%

8%

7%

6%

4%

5%

6%

5%

128

Retail

$1,116,000

$837,000

$998,000

$1,411,000

$2,007,000

$1,720,000

$1,454,000

$2,111,000

$1,746,000

$1,377,000

$1,492,000

$2,041,000

$1,971,000

$1,683,000

$2,578,000

$3,566,000

$3,847,000

$3,191,000

$3,505,000

$3,584,000

$6,116,000

$4,399,000

$4,084,000

$4,362,000

$7,292,000

$6,656,000

$9,798,000

$14,127,000

129

Y/Y Change

80%

105%

46%

50%

-13%

-20%

3%

-3%

13%

22%

73%

75%

95%

90%

36%

1%

59%

38%

17%

67%

-9%

47%

44%

130

% of Total

16%

18%

21%

19%

22%

19%

18%

15%

17%

13%

12%

16%

18%

14%

13%

12%

13%

11%

12%

18%

19%

16%

15%

13%

131

Other (Asia-Pacific and FileMaker)

$482,000

$432,000

$397,000

$445,000

$737,000

$589,000

$574,000

$891,000

$773,000

$693,000

$725,000

$1,082,000

$1,813,000

$1,886,000

$1,825,000

$2,732,000

$4,987,000

$4,743,000

$6,332,000

$6,530,000

$7,697,000

$10,153,000

$7,887,000

$1,756,000

$2,791,000

$3,273,000

$8,256,000

$22,592,000

132

Y/Y Change

53%

36%

45%

100%

5%

18%

26%

21%

135%

172%

152%

175%

151%

247%

139%

54%

114%

25%

59%

17%

152%

174%

133

% of Total

7%

8%

7%

8%

7%

8%

7%

9%

12%

14%

12%

13%

19%

22%

23%

17%

26%

23%

7%

8%

13%

21%

134

135

TOTAL REVENUE

$7,123,000

$5,286,000

$5,563,000

$6,606,000

$10,430,000

$7,980,000

$7,561,000

$11,520,000

$11,880,000

$9,084,000

$9,734,000

$12,207,000

$15,683,000

$13,499,000

$15,700,000

$20,343,000

$26,741,000

$24,667,000

$28,571,000

$28,270,000

$46,333,000

$39,186,000

$35,023,000

$24,578,000

$37,491,000

$42,905,000

$65,225,000

$108,249,000

136

139

CASH FLOW

140

Cash Flow From Operations (millions)

$1,813

$734

$1,227

$1,696

$2,787

$1,193

$1,321

$4,295

$3,938

$841

$2,270

$3,110

$5,781

$2,330

$4,801

$5,683

$9,773

$6,219

$11,108

$10,429

$17,554

$13,977

$10,189

$5,470

$9,596

10,159

18,595

37,529

141

Y/Y Change

54%

63%

8%

153%

41%

-30%

72%

-28%

47%

177%

111%

83%

69%

167%

131%

84%

80%

125%

-8%

75%

6%

83%

102%

142

% of Total

$1,838

$1,401

143

Capital Expenditures

$142

$247

$530

$735

$224

$384

$688

$1,091

$339

$439

$685

$1,144

$376

$274

$595

$760

$1,214

$624

$777

$1,645

$1,321

$1,457

$2,056

$1,654

$2,387

2,607

2,005

4,260

144

Y/Y Change

58%

55%

30%

48%

51%

14%

0%

5%

11%

-38%

-13%

-34%

223%

128%

31%

116%

9%

133%

165%

44%

9%

-23%

112%

145

% of Revenue

146

FREE CASH FLOW

$1,671

$487

$697

$961

$2,563

$809

$633

$3,204

$3,599

$402

$1,585

$1,966

$5,405

$2,056

$4,206

$4,923

$8,559

$5,595

$10,331

$8,784

$16,233

$12,520

$8,133

$3,816

$7,209

7,552

16,590

33,269

147

Y/Y Change

53%

66%

-9%

233%

40%

-50%

150%

-39%

50%

411%

165.36%

150.41%

58.35%

172.13%

145.63%

78.43%

89.66%

123.77%

-21.28%

89%

5%

120%

101%

148

% of Revenue

23.46%

9.21%

12.53%

14.55%

24.57%

10.14%

8.37%

27.81%

30.29%

4.43%

16.28%

16.11%

34.46%

15.23%

26.79%

24.20%

32.01%

22.68%

36.16%

31.07%

35.04%

31.95%

23.22%

15.53%

19.23%

17.60%

25.44%

30.73%

149

150

BALANCE SHEET

151

Cash, Equivalents + Marketable Securities (Short & Long)

$11,869

$12,577

$13,767

$15,386

$18,448

$19,448

$20,774

$24,490

$28,145

$28,878

$31,121

$33,992

$39,820

$41,704

$45,839

$51,011

$59,707

$65,767

$75,856

$81,570

$97,601

$110,176

$117,221

152

Y/Y Change

55%

51%

59%

53%

48%

50%

39%

41%

44%

47%

50%

58%

65%

60%

63%

68%

55%

153

Inventory

$303

$208

$251

$346

$459

$364

$545

$509

$396

$312

$380

$455

$576

$942

$1,051

$885

$930

$889

$776

$1,236

$1,102

$1,122

154

Y/Y Change

51%

75%

117%

47%

-14%

-30%

-11%

45%

85%

148%

131%

54%

61%

-6%

-26%

40%

18%

26%

155

% of Revenue

156

157

Debt (Current + Long-Term)

158

174

175

176

177

178

179

180

181

182

183

184

185

186


1
2	Apple - discounted cash flow
3	$ in millions
4
5					fye sept
6		2012e	2013e	2014e	2015e	2016e	2017e	2018e	2019e	2020e	2021e
7	revenue	$162,374	$202,967	$233,412	$256,753	$282,428	$302,198	$317,308	$333,174	$349,832	$367,324
8	year over year growth	50%	25%	15%	10%	10%	7%	5%	5%	5%	5%
9
10	operating income	$45,465	$56,831	$65,355	$71,891	$79,080	$84,616	$88,846	$93,289	$97,953	$102,851
11	operating margin	28%	28%	28%	28%	28%	28%	28%	28%	28%	28%
12
13	estimated free cash flow	$40,593	$40,593	$46,682	$51,351	$42,364	$45,330	$47,596	$49,976	$52,475	$55,099
14	as % of revenue	25%	20%	20%	20%	15%	15%	15%	15%	15%	15%
15
16	year	1	2	3	4	5	6	7	8	9	10
17	discount factor	0.91	0.83	0.75	0.68	0.62	0.57	0.52	0.47	0.43	0.39
18	present value of fcf	$36,927	$33,591	$35,140	$35,163	$26,389	$25,685	$24,533	$23,433	$22,382	$21,379
19
20	cost of capital assumptions			dcf calc.
21	risk-free rate	3.00%		multiple		14
22	equity risk premium	9		value		$299,300
23	beta	1.1		pv of fcf		$583,922
24	terminal growth rate	3.00%		cash		$81,570
25	equity as % of capitalization	1		debt		0
26	debt as % of capitalization	0		opt. value		0
27	cost of equity	9.93		npv		$665,492
28	cost of debt	0		shares		939.52
29	wacc	9.93%		price		$708.33


1	Date	Close	Shares Out	Market Cap	Cash	Enterprise Value	TTM Revenue	EV / TTMR	TTM Free Cash Flow	EV / TTMFCF
2	8/10/2012	$621.70	947.06	$588.79	$117.22	$471.57	$148.81	3.17	$45.67	10.33


1	Quarterly Operating Income ($000)	1Q07	2Q07	3Q07	4Q07	1Q08	2Q08	3Q08	4Q08	1Q09	2Q09	3Q09	4Q09	1Q10	2Q10	3Q10	4Q10	1Q11	2Q11	3Q11	4Q11	1Q12	2Q12	3Q12
2	OPERATING INCOME	$2,223,000	$1,851,000	$2,033,000	$2,045,000	$3,404,000	$2,607,000	$2,743,000	$4,443,000	$4,507,000	$3,627,000	$3,983,000	$5,105,000	$6,411,000	$5,625,000	$6,136,000	$7,512,000	$10,297,000	$10,218,000	$11,922,000	$11,380,000	$20,703,000	$18,564,000	$14,994,000
3
4	Trailing Twelve Months Operating Income ($000)	Sep-07	Dec-07	Mar-08	Jun-08	Sep-08	Dec-08	Mar-09	June-09	Sep-09	Dec-09	Mar-10	Jun-10	Sept-10	Dec-10	Mar-11	Jun-11	Sept-11	Dec-11	Mar-12	Jun-12
5	OPERATING INCOME	$8,152,000	$9,333,000	$10,089,000	$10,799,000	$13,197,000	$14,300,000	$15,320,000	$16,560,000	$17,222,000	$19,126,000	$21,124,000	$23,277,000	$25,684,000	$29,570,000	$34,163,000	$39,949,000	$43,817,000	$54,223,000	$62,569,000	$65,641,000
6
7	Y/Y Operating Income % Growth	1Q08	2Q08	3Q08	4Q08	1Q09	2Q09	3Q09	4Q09	1Q10	2Q10	3Q10	4Q10	1Q11	2Q11	3Q11	4Q11	1Q12	2Q12	3Q12
8		53.13%	40.84%	34.92%	117.26%	32.40%	39.13%	45.21%	14.90%	42.25%	55.09%	54.05%	47.15%	60.61%	81.65%	94.30%	51.49%	101.06%	81.68%	25.77%
9
10	Quarterly Revenue By Segment ($000)	Sep-07	Dec-07	Mar-08	Jun-08	Sep-08	Dec-08	Mar-09	June-09	Sep-09	Dec-09	Mar-10	Jun-10	Sept-10	Dec-10	Mar-11	Jun-11	Sept-11	Dec-11	Mar-12	Jun-12
11	Americas	$3,156,000	$4,635,000	$3,463,000	$3,538,000	$4,811,000	$5,278,000	$3,942,000	$4,452,000	$5,215,000	$6,092,000	$4,993,000	$6,227,000	$7,186,000	$9,218,000	$9,323,000	$10,126,000	$9,648,000	$17,714,000	$13,182,000	$12,806,000
12	Europe	$1,339,000	$2,651,000	$1,784,000	$1,630,000	$3,168,000	$3,585,000	$2,485,000	$2,505,000	$3,235,000	$5,024,000	$4,050,000	$4,160,000	$5,458,000	$7,256,000	$6,027,000	$7,098,000	$7,397,000	$11,256,000	$8,807,000	$8,237,000
13	Japan	$255,000	$400,000	$424,000	$365,000	$539,000	$498,000	$587,000	$560,000	$634,000	$783,000	$887,000	$910,000	$1,401,000	$1,433,000	$1,383,000	$1,510,000	$1,111,000	$3,550,000	$2,645,000	$2,009,000
14	Retail	$1,411,000	$2,007,000	$1,720,000	$1,454,000	$2,111,000	$1,746,000	$1,377,000	$1,492,000	$2,041,000	$1,971,000	$1,683,000	$2,578,000	$3,566,000	$3,847,000	$3,191,000	$3,505,000	$3,584,000	$6,116,000	$4,399,000	$4,084,000
15	Other (Asia-Pacific)	$445,000	$737,000	$589,000	$574,000	$891,000	$773,000	$693,000	$725,000	$1,082,000	$1,813,000	$1,886,000	$1,825,000	$2,732,000	$4,987,000	$4,743,000	$6,332,000	$6,530,000	$7,697,000	$10,153,000	$7,887,000


1	Quarterly Revenue by Product Category (000)	1Q07	2Q07	3Q07	4Q07	1Q08	2Q08	3Q08	4Q08	1Q09	2Q09	3Q09	4Q09	1Q10	2Q10	3Q10	4Q10	1Q11	2Q11	3Q11	4Q11	1Q12	2Q12	3Q12
2	SOFTWARE, SERVICE & OTHER	$348,000	$345,000	$386,000	$429,000	$628,000	$529,000	$501,000	$550,000	$606,000	$626,000	$530,000	$649,000	$631,000	$634,000	$646,000	$662,000	$786,000	$743,000	$696,000	$729,000	$844,000	$832,000	$891,000
3	TOTAL COMPUTERS	$2,417,000	$2,271,000	$2,533,000	$3,115,000	$3,570,000	$3,511,000	$3,634,000	$3,639,000	$3,565,000	$2,960,000	$3,354,000	$3,980,000	$4,450,000	$3,760,000	$4,399,000	$4,870,000	$5,430,000	$4,976,000	$5,105,000	$6,272,000	$6,598,000	$5,073,000	$4,933,000
4	IPODS	$3,427,000	$1,689,000	$1,570,000	$1,619,000	$3,997,000	$1,818,000	$1,678,000	$1,660,000	$3,371,000	$1,665,000	$1,492,000	$1,563,000	$3,391,000	$1,861,000	$1,545,000	$1,477,000	$3,425,000	$1,600,000	$1,325,000	$1,103,000	$2,528,000	$1,207,000	$1,060,000
5	OTHER MUSIC PRODUCTS	$634,000	$653,000	$608,000	$601,000	$808,000	$881,000	$819,000	$832,000	$1,011,000	$1,049,000	$958,000	$1,018,000	$1,164,000	$1,327,000	$1,214,000	$1,243,000	$1,431,000	$1,634,000	$1,571,000	$1,678,000	$2,027,000	$2,151,000	$2,060,000
6	IPHONES	$0	$0	$141,000	$489,000	$1,036,000	$817,000	$483,000	$4,406,000	$2,940,000	$2,427,000	$3,060,000	$4,606,000	$5,578,000	$5,445,000	$5,334,000	$8,822,000	$10,468,000	$12,298,000	$13,311,000	$10,980,000	$24,417,000	$22,690,000	$16,245,000
7	IPADS															$2,166,000	$2,792,000	$4,608,000	$2,836,000	$6,046,000	$6,868,000	$9,153,000	$6,590,000	$9,171,000
8	PERIPHERALS & OTHER HW	$297,000	$328,000	$325,000	$353,000	$391,000	$424,000	$446,000	$433,000	$387,000	$357,000	$340,000	$391,000	$469,000	$472,000	$396,000	$477,000	$593,000	$580,000	$517,000	$640,000	$766,000	$643,000	$663,000
9
10
11	Trailing Twelve Months Revenue by Product Category (000)	Sep-07	Dec-07	Mar-08	Jun-08	Sep-08	Dec-08	Mar-09	June-09	Sep-09	Dec-09	Mar-10	Jun-10	Sept-10	Dec-10	Mar-11	Jun-11	Sept-11	Dec-11	Mar-12	Jun-12
12	SOFTWARE, SERVICE & OTHER	$1,508,000	$1,788,000	$1,972,000	$2,087,000	$2,208,000	$2,186,000	$2,283,000	$2,312,000	$2,411,000	$2,436,000	$2,444,000	$2,560,000	$2,573,000	$2,728,000	$2,837,000	$2,887,000	$2,954,000	$3,012,000	$3,101,000	$3,296,000
13	TOTAL COMPUTERS	$10,336,000	$11,489,000	$12,729,000	$13,830,000	$14,354,000	$14,349,000	$13,798,000	$13,518,000	$13,859,000	$14,744,000	$15,544,000	$16,589,000	$17,479,000	$18,459,000	$19,675,000	$20,381,000	$21,783,000	$22,951,000	$23,048,000	$22,876,000
14	IPODS	$8,305,000	$8,875,000	$9,004,000	$9,112,000	$9,153,000	$8,527,000	$8,374,000	$8,188,000	$8,091,000	$8,111,000	$8,307,000	$8,360,000	$8,274,000	$8,308,000	$8,047,000	$7,827,000	$7,453,000	$6,556,000	$6,163,000	$5,898,000
15	OTHER MUSIC PRODUCTS	$2,496,000	$2,670,000	$2,898,000	$3,109,000	$3,340,000	$3,543,000	$3,711,000	$3,850,000	$4,036,000	$4,189,000	$4,467,000	$4,723,000	$4,948,000	$5,215,000	$5,522,000	$5,879,000	$6,314,000	$6,910,000	$7,427,000	$7,916,000
16	IPHONES	$630,000	$1,666,000	$2,483,000	$2,825,000	$6,742,000	$8,646,000	$10,256,000	$12,833,000	$13,033,000	$15,671,000	$18,689,000	$20,963,000	$25,179,000	$30,069,000	$36,922,000	$44,899,000	$47,057,000	$61,006,000	$71,398,000	$74,332,000
17	IPADS												$2,166,000	$4,958,000	$9,566,000	$12,402,000	$16,282,000	$20,358,000	$24,903,000	$28,657,000	$31,782,000
18	PERIPHERALS & OTHER HW	$1,303,000	$1,397,000	$1,493,000	$1,614,000	$1,694,000	$1,690,000	$1,623,000	$1,517,000	$1,475,000	$1,557,000	$1,672,000	$1,728,000	$1,814,000	$1,938,000	$2,046,000	$2,167,000	$2,330,000	$2,503,000	$2,566,000	$2,712,000
19
20	Y/Y Revenue Growth % by Product Category	1Q08	2Q08	3Q08	4Q08	1Q09	2Q09	3Q09	4Q09	1Q10	2Q10	3Q10	4Q10	1Q11	2Q11	3Q11	4Q11	1Q12	2Q12	3Q12
21	SOFTWARE, SERVICE & OTHER	80.46%	53.33%	29.79%	28.21%	-3.50%	18.34%	5.79%	18.00%	4.13%	1.28%	21.89%	2.00%	24.56%	17.19%	7.74%	10.12%	7.38%	11.98%	28.02%
22	TOTAL COMPUTERS	47.70%	54.60%	43.47%	16.82%	-0.14%	-15.69%	-7.71%	9.37%	24.82%	27.03%	31.16%	22.36%	22.02%	32.34%	16.05%	28.79%	21.51%	1.95%	-3.37%
23	IPODS	16.63%	7.64%	6.88%	2.53%	-15.66%	-8.42%	-11.08%	-5.84%	0.59%	11.77%	3.55%	-5.50%	1.00%	-14.02%	-14.24%	-25.32%	-26.19%	-24.56%	-20.00%
24	OTHER MUSIC PRODUCTS	27.44%	34.92%	34.70%	38.44%	25.12%	19.07%	16.97%	22.36%	15.13%	26.50%	26.72%	22.10%	22.94%	23.13%	29.41%	35.00%	41.65%	31.64%	31.13%
25	IPHONES			242.55%	801.02%	183.78%	197.06%	533.54%	4.54%	89.73%	124.35%	74.31%	91.53%	87.67%	125.86%	149.55%	24.46%	133.25%	84.50%	22.04%
26	IPADS															179.13%	145.99%	98.63%	132.37%	51.69%
27	PERIPHERALS & OTHER HW	31.65%	29.27%	37.23%	22.66%	-1.02%	-15.80%	-23.77%	-9.70%	21.19%	32.21%	16.47%	21.99%	26.44%	22.88%	30.56%	34.17%	29.17%	10.86%	28.24%
28
29	Quarterly Portable & Desktop Computers Revenue Mix (000)	1Q07	2Q07	3Q07	4Q07	1Q08	2Q08	3Q08	4Q08	1Q09	2Q09	3Q09	4Q09	1Q10	2Q10	3Q10	4Q10	1Q11	2Q11	3Q11	4Q11	1Q12	2Q12	3Q12
30	PORTABLE	$1,462,000	$1,357,000	$1,577,000	$1,917,000	$2,054,000	$2,156,000	$2,251,000	$2,271,000	$2,520,000	$1,904,000	$2,220,000	$2,891,000	$2,758,000	$2,228,000	$3,908,000	$3,194,000	$3,699,000	$3,535,000	$3,525,000	$4,585,000	$4,662,000	$3,510,000	$3,646,000
31	DESKTOP	$955,000	$914,000	$956,000	$1,198,000	$1,516,000	$1,355,000	$1,383,000	$1,368,000	$1,045,000	$1,056,000	$1,134,000	$1,089,000	$1,692,000	$1,532,000	$1,301,000	$1,676,000	$1,731,000	$1,441,000	$1,580,000	$1,687,000	$1,936,000	$1,563,000	$1,287,000
32
33	Quarterly Portable & Desktop Computers Unit Sales Mix (000)	1Q07	2Q07	3Q07	4Q07	1Q08	2Q08	3Q08	4Q08	1Q09	2Q09	3Q09	4Q09	1Q10	2Q10	3Q10	4Q10	1Q11	2Q11	3Q11	4Q11	1Q12	2Q12	3Q12
34	PORTABLE	969	891	1,130	1,347	1,342	1,433	1,553	1,675	1,796	1,398	1,754	2,266	2,128	1,796	2,468	2,643	2,907	2,751	2,792	3,616	3,719	2,818	3,010
35	DESKTOP	637	626	634	817	977	856	943	936	728	818	849	787	1,234	1,147	1,004	1,242	1,227	1,009	1,155	1,278	1,479	1,199	1,010
36
37	Y/Y Unit Sales Growth % for Portable & Desktop Computers	1Q08	2Q08	3Q08	4Q08	1Q09	2Q09	3Q09	4Q09	1Q10	2Q10	3Q10	4Q10	1Q11	2Q11	3Q11	4Q11	1Q12	2Q12	3Q12
38	DESKTOP	53.38%	36.74%	48.74%	14.57%	-25.49%	-4.44%	-9.97%	-15.92%	69.51%	40.22%	18.26%	57.81%	-0.57%	-12.03%	15.04%	2.90%	20.54%	18.83%	-12.55%
39	PORTABLE	38.49%	60.83%	37.43%	24.35%	33.83%	-2.44%	12.94%	35.28%	18.49%	28.47%	40.71%	16.64%	36.61%	53.17%	13.13%	36.81%	27.93%	2.44%	7.81%
40
41	Quarterly iPhone & iPod Unit Sales Mix (000)	1Q07	2Q07	3Q07	4Q07	1Q08	2Q08	3Q08	4Q08	1Q09	2Q09	3Q09	4Q09	1Q10	2Q10	3Q10	4Q10	1Q11	2Q11	3Q11	4Q11	1Q12	2Q12	3Q12
42	IPHONE	0	0	270	1,119	2,315	1,703	717	6,892	4,363	3,793	5,208	7,367	8,737	8,752	8,398	14,102	16,235	18,647	20,338	17,073	37,044	35,064	26,028
43	IPOD	21,066	10,549	9,815	10,200	22,121	10,644	11,011	11,052	22,727	11,013	10,215	10,177	20,970	10,885	9,406	9,051	19,446	9,017	7,535	6,622	15,397	7,673	6,751
44	IPAD															3,270	4,188	7,331	4,694	9,246	11,123	15,434	11,798	17,042
45
46	Trailing Twelve Months iPhone & iPod Unit Sales Mix (000)	Sep-07	Dec-07	Mar-08	Jun-08	Sep-08	Dec-08	Mar-09	June-09	Sep-09	Dec-09	Mar-10	Jun-10	Sept-10	Dec-10	Mar-11	Jun-11	Sept-11	Dec-11	Mar-12	Jun-12
47	IPHONE	$1,389	$3,704	$5,407	$5,854	$11,627	$13,675	$15,765	$20,256	$20,731	$25,105	$30,064	$33,254	$39,989	$47,487	$57,382	$69,322	$72,293	$93,102	$109,519	$115,209
48	IPOD	$51,630	$52,685	$52,780	$53,976	$54,828	$55,434	$55,803	$55,007	$54,132	$52,375	$52,247	$51,438	$50,312	$48,788	$46,920	$45,049	$42,620	$38,571	$37,227	$36,443
49	IPAD												$3,270	$7,458	$14,789	$19,483	$25,459	$32,394	$40,497	$47,601	$55,397
50
51	Y/Y Unit Sales Growth % for iPhone & iPod	1Q08	2Q08	3Q08	4Q08	1Q09	2Q09	3Q09	4Q09	1Q10	2Q10	3Q10	4Q10	1Q11	2Q11	3Q11	4Q11	1Q12	2Q12	3Q12
52	IPHONE			265.56%	615.91%	188.47%	222.72%	726.36%	106.89%	200.25%	230.74%	161.25%	191.42%	185.82%	213.06%	242.18%	121.07%	228.17%	188.04%	127.98%
53	IPOD	105.01%	100.90%	112.19%	108.35%	102.74%	103.47%	92.77%	92.08%	92.27%	98.84%	92.08%	88.94%	92.73%	82.84%	80.11%	73.16%	79.18%	85.09%	89.60%
54	IPAD															282.75%	265.59%	210.53%	251.34%	184.32%
55
56	Quarterly Revenue Per Unit by Product ($)	1Q07	2Q07	3Q07	4Q07	1Q08	2Q08	3Q08	4Q08	1Q09	2Q09	3Q09	4Q09	1Q10	2Q10	3Q10	4Q10	1Q11	2Q11	3Q11	4Q11	1Q12	2Q12	3Q12
57	PORTABLE	$1,509	$1,523	$1,396	$1,423	$1,531	$1,505	$1,449	$1,356	$1,403	$1,362	$1,266	$1,276	$1,296	$1,241	$1,583	$1,208	$1,272	$1,285	$1,263	$1,268	$1,254	$1,246	$1,211
58	DESKTOP	$1,499	$1,460	$1,508	$1,466	$1,552	$1,583	$1,467	$1,462	$1,435	$1,291	$1,336	$1,384	$1,371	$1,336	$1,296	$1,349	$1,411	$1,428	$1,368	$1,320	$1,309	$1,304	$1,274
59	IPOD	$163	$160	$160	$159	$181	$171	$152	$150	$148	$151	$146	$154	$162	$171	$164	$163	$176	$177	$176	$167	$164	$157	$157
60	IPHONE			$522	$437	$448	$480	$674	$639	$674	$640	$588	$625	$638	$622	$635	$626	$645	$660	$654	$643	$659	$647	$624
61	IPAD															$662	$667	$629	$604	$654	$617	$593	$559	$538


1	Cash, Equivalents, Short/Long Marketable Securities (millions)	1Q07	2Q07	3Q07	4Q07	1Q08	2Q08	3Q08	4Q08	1Q09	2Q09	3Q09	4Q09	1Q10	2Q10	3Q10	4Q10	1Q11	2Q11	3Q11	4Q11	1Q12	2Q12	3Q12
2		$11,869	$12,577	$13,767	$15,386	$18,448	$19,448	$20,774	$24,490	$28,145	$28,878	$31,121	$33,992	$39,820	$41,704	$45,839	$51,011	$59,707	$65,767	$75,856	$81,570	$97,601	$110,176	$117,221
3	Cash, Equivalents, Short / Long Marketable Securities (Billions)	1Q07	2Q07	3Q07	4Q07	1Q08	2Q08	3Q08	4Q08	1Q09	2Q09	3Q09	4Q09	1Q10	2Q10	3Q10	4Q10	1Q11	2Q11	3Q11	4Q11	1Q12	2Q12	3Q12
4		$11.869	$12.577	$13.767	$15.386	$18.448	$19.448	$20.774	$24.49	$28.145	$28.878	$31.121	$33.992	$39.82	$41.704	$45.839	$51.011	$59.707	$65.767	$75.856	$81.57	$97.601	$110.176	$117.221
5
6	CapEx	1Q07	2Q07	3Q07	4Q07	1Q08	2Q08	3Q08	4Q08	1Q09	2Q09	3Q09	4Q09	1Q10	2Q10	3Q10	4Q10	1Q11	2Q11	3Q11	4Q11	1Q12	2Q12	3Q12
7		$142	$247	$530	$735	$224	$384	$688	$1,091	$339	$439	$685	$1,144	$376	$274	$595	$760	$1,214	$624	$777	$1,645	$1,321	$1,457	$2,056