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 | FY 2010 | |||
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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% | 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% | 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% | 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% | 3% | 4% | 3% | 2% | 3% | 4% | 3% | 3% | 4% | 4% | 3% | 3% | 3% | 3% | 2% | 2% | 2% | 2% | 2% | 2% | 2% | 3% | 3% | 3% | 3% | 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% | 13% | 12% | 9% | 11% | 12% | 9% | 9% | 11% | 10% | 9% | 8% | 9% | 9% | 8% | 7% | 7% | 7% | 7% | 6% | 6% | 7% | 12% | 10% | 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% | 14% | 12% | 11% | 12% | 12% | 10% | 9% | 10% | 9% | 9% | 7% | 8% | 10% | 15% | 13% | 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% | 19% | 19% | 15% | 21% | 18% | 20% | 27% | 26% | 26% | 27% | 30% | 30% | 29% | 27% | 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% | 3% | 3% | 2% | 2% | 2% | 1% | 1% | 1% | 1% | 0% | 0% | 0% | 0% | 0% | 1% | 0% | 1% | 0% | 0% | 0% | 1% | 2% | 2% | 1% | 0% | 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% | 30% | 27% | 27% | 30% | 32% | 33% | 31% | 38% | 40% | 34% | 20% | 24% | 28% | 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% | 32% | 27% | 32% | 32% | 32% | 32% | 31% | 32% | 32% | 32% | 29% | 24% | 24% | 21% | 25% | 24% | 23% | 25% | 25% | 25% | 26% | 30% | 32% | 32% | 24% | 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% | 15% | 13% | 16% | 14% | 15% | 20% | 19% | 18% | 19% | 21% | 22% | 23% | 21% | 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% | 1% | 1% | 0% | 0% | 1% | 1% | 2% | 2% | 2% | 2% | 1% | 1% | 1% | 1% | 1% | 1% | 1% | 1% | 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 | 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% | 17% | 18% | 15% | 17% | 18% | 12% | 9% | 12% | 12% | 9% | 11% | 11% | 8% | 8% | 6% | 6% | 6% | 6% | 4% | 4% | 4% | 16% | 15% | 10% | 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% | 27% | |||||||
58 | % of Total | 21% | 26% | 28% | 29% | 20% | 27% | 30% | 20% | 21% | 21% | 23% | 24% | 18% | 17% | 25% | 16% | 14% | 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% | 33% | 33% | 27% | 23% | 28% | 14% | 26% | 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% | 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% | 28% | 28% | 24% | 20% | 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% | 2% | 1% | -3% | -8% | -13% | -11% | -6% | -6% | -4% | -2% | -4% | -1% | 4% | 2% | 2% | -3% | -5% | -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% | 3% | -7% | -8% | -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% | -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% | 3% | 34% | 24% | 19% | 13% | 7% | ||
78 | Revenue/Unit | $163 | $160 | $160 | $159 | $181 | $171 | $152 | $150 | $148 | $151 | $146 | $154 | $162 | $171 | $164 | $163 | $176 | $177 | $176 | $167 | $164 | $157 | $157 | $161 | $167 | $149 | $164 | $175 | ||
79 | Y/Y Change | 11% | 7% | -5% | -5% | -18% | -11% | -4% | 2% | 9% | 13% | 12% | 6% | 9% | 4% | 7% | 2% | -7% | -11% | -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% | 35% | 38% | 25% | 19% | 17% | 22% | 15% | 27% | 27% | 22% | 23% | 23% | 29% | 35% | 42% | 32% | 31% | 34% | 21% | 23% | 28% | |||||||
84 | % of Total | 9% | 12% | 11% | 9% | 8% | 11% | 11% | 7% | 9% | 12% | 10% | 8% | 7% | 10% | 8% | 6% | 5% | 7% | 5% | 6% | 4% | 5% | 6% | 10% | 9% | 9% | 8% | 6% | ||
85 | |||||||||||||||||||||||||||||||
86 | iPHONES | ||||||||||||||||||||||||||||||
87 | Units (000s) | 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 | 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 | $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% | 93% | 87% | |||||||||
91 | % of Total | 3% | 7% | 10% | 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% | 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% | 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% | 6% | 5% | 4% | 5% | 6% | 4% | 3% | 4% | 3% | 3% | 3% | 3% | 3% | 2% | 2% | 2% | 2% | 2% | 2% | 2% | 2% | 5% | 5% | 3% | 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% | 7% | 6% | 6% | 7% | 7% | 5% | 5% | 7% | 5% | 5% | 4% | 5% | 4% | 3% | 3% | 3% | 2% | 3% | 2% | 2% | 3% | 6% | 6% | 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% | 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% | 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% | 24% | 21% | 20% | 25% | 22% | 22% | 28% | 30% | 27% | 26% | 27% | 32% | 30% | 26% | 27% | 27% | 24% | 25% | 26% | 24% | 22% | 24% | 22% | 25% | 28% | 29% | 26% | ||
125 | Japan | $285,000 | $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% | 5% | 4% | 4% | 5% | 5% | 5% | 4% | 6% | 6% | 5% | 5% | 7% | 6% | 7% | 5% | 6% | 5% | 4% | 8% | 7% | 6% | 4% | 5% | 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% | 16% | 18% | 21% | 19% | 22% | 19% | 18% | 15% | 15% | 15% | 17% | 13% | 12% | 16% | 18% | 14% | 13% | 12% | 13% | 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% | 152% | 175% | 151% | 247% | 139% | 54% | 114% | 25% | 59% | 17% | 152% | 174% | |||||||
133 | % of Total | 7% | 8% | 7% | 7% | 7% | 7% | 8% | 8% | 7% | 8% | 7% | 9% | 12% | 14% | 12% | 13% | 19% | 19% | 22% | 23% | 17% | 26% | 23% | 7% | 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% | 55% | 51% | 59% | 53% | 48% | 50% | 39% | 41% | 44% | 47% | 50% | 50% | 58% | 65% | 60% | 63% | 68% | 55% | |||||||||||
153 | Inventory | $303 | $208 | $251 | $346 | $459 | $364 | $545 | $509 | $396 | $312 | $380 | $455 | $576 | $576 | $942 | $1,051 | $885 | $930 | $889 | $776 | $1,236 | $1,102 | $1,122 | |||||||
154 | Y/Y Change | 51% | 75% | 117% | 47% | -14% | -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 | |||||||||||||||||||||||||||||||
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180 | |||||||||||||||||||||||||||||||
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183 | |||||||||||||||||||||||||||||||
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185 | |||||||||||||||||||||||||||||||
186 |
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 |
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 |