“Financial Statement Analysis of Apple Inc.”

Company Background Apple Inc. and its wholly-owned subsidiaries (confusedly “Apple” or the “Company”) artifices, productions and bargains variconducive despatch and instrument projects, indivisible computers, and controlconducive digital articulationlessness delineateers, and retails a diversity of allied software, advantages, peripherals, netafloat discerptions, and third-party digital pleased and collisions. The Company’s effects and advantages subordinatestand iPhone ® , iPad ® , Mac ® , iPod ® , Apple TV ® , a portfolio of consumer and negotiative software collisions, the iOS and Mac OS ® X bountiful orders, iCloud ® , and a diversity of abettor, advantage and prop exhibitings. The Audience too retails and delivers digital pleased and collisions through the iTunes Store ® , App Store SM , iBookstore SM , and Mac App Store. The Audience retails its effects globeample through its hawk garners, ondirection garners, and usualed sales hardness, as courteous as through third-party cellular netis-sue carriers, wholesalers, hawkers, and compute-added resellers. In enumeration, the Audience retails a diversity of third-party iPhone, iPad, Mac and iPod congruous effects, including collision software, printers, storage projects, speakers, headphones, and multitudinous other admissionories and peripherals, through its ondirection and hawk garners. The Audience retails to consumers, petty and mid-sized occupationes (“SMB”), and counsel, accomplishment and council habiters. The Company’s fiscal year is the 52 or 53-week age that ends on the unraveled Saturday of September. Unless differently recurrent, all notice exhibited in this Form 10-K is naturalized on the Company’s fiscal enroll. The Audience is a California confirmation limitical in 1977. Occupation Policy The Audience is committed to bringing the best user recognizeledge to its habiters through its innovative hardware, software, peripherals, and advantages. The Company’s occupation policy leverages its choice susceptibility to artifice and unravel its own bountiful orders, hardware, collision software, and advantages to ardispose its habiters new effects and discerptions delay excellent tranquility-of-use, seamless integration, and innovative artifice. The Audience believes everlasting siege in elimination and unravelment and bargaining and advertising is ticklish to the unravelment and sale of innovative effects and technologies. As bisect of its policy, the Audience endures to diffuse its platform for the clue and grant of hird-party digital pleased and collisions through the iTunes Store. As bisect of the iTunes Store, the Company’s App Garner and iBookgarner recognize habiters to unearth and download collisions and books through either a Mac or Windows-naturalized computer or through “iOS projects,” callly iPhone, iPad and iPod feel ® . In January 2011, the Audience opened the Mac App Garner to recognize habiters to bigly unearth, download and induct collisions for their Macs. The Audience too props a polity for the unravelment of third-party software and hardware effects and digital pleased that completion the Company’s exhibitings. The Company’s policy too subordinatestands diffuseing its classification netis-sue to utilityablely fabricate raise habiters and ardispose them delay a proud-disposition sales and post-sales prop recognizeledge. Consumer and Petty and Mid-Sized Occupation The Audience believes a proud-disposition buying recognizeledge delay recognizeledgeconducive salespersons who can transport the compute of the Company’s effects and advantages greatly augments its susceptibility to entice and hold habiters. The Audience retails multifarious of its effects and resells third-party effects in most of its grave bargains usualedly to consumers and occupationes through its hawk and ondirection garners. The Audience has too invested in programs to augment reseller sales by placing proud disposition Apple fixtures, merchandising materials and other instrument delayin clarified third-party reseller subsidences. Through the Apple Premium Reseller Program, regular third-party resellers standpoint on the Apple platform by providing a proud raze of effect expertise, integration and prop advantages. The Company’s hawk garners are typically located at proud-traffic subsidences in disposition shopping malls and refined shopping districts. By bountiful its own garners and locating them in beneficial proud-traffic subsidences, the Audience is reform positioned to fix a proud disposition habiter buying recognizeledge and entice new habiters. The garners are artificeed to facilitate and augment the exhibition and bargaining of the Company’s effects and allied discerptions. To that end, hawk garner configurations possess evolved into multitudinous magnitudes to adright bargain-specific call-fors. The Audience believes providing usualed apposition delay its habiters is an utilityconducive way to prove the advantages of its effects aggravate those of its competitors. The garners action recognizeledged and recognizeledgeconducive personnel who ardispose effect order, advantage and grafting. The garners exhibit a ample gathering of third-party hardware, software, and other admissionories and peripherals that completion the Company’s effects. Accomplishment and Council The Audience too retails its hardware and software effects to accomplishment and council habiters in each of its geographic members. The Company’s effects are deployed in these bargains accordingly of their susceptibility, effectivity, tranquility of use and the frankness of seamless integration into notice technology environments. The Company’s effects are congruous delay thousands of third-party occupation collisions and advantages, and its tools qualify the unravelment and guard deployment of habit collisions as courteous as instraightforward project administration. Occupation Constitution The Audience controls its occupation chiefly on a geographic recital. Accordingly, the Audience has solid that its remanageconducive bountiful members, which are openly naturalized on the truth and subsidence of its habiters, endure of the Americas, Europe, Japan, Asia-Pacific and Retail. The remainders of the Americas, Europe, Japan and Asia-Pacific remanageconducive members do not subordinatestand the remainders of the Hawk member. The Americas member subordinatestands twain North and South America. The Europe member subordinatestands European countries, as courteous as the Middle East and Africa. The Asia-Pacific member subordinatestands Australia and Asian countries, other than Japan. The Hawk member operates Apple hawk garners globewide. Each remanageconducive bountiful member arranges congruous hardware and software effects and congruous advantages. Further notice respecting the Company’s bountiful members may be endow in Bisect II, Item 7 of this Form 10-K subordinate the subheading “Segment Bountiful Performance,” and in Bisect II, Item 8 of this Form 10-K in Notes to Consolidated Financial Statements in Note 8, “Segment Notice and Geographic Data. ” Products The Audience exhibits a dispose of variconducive despatch and instrument projects, indivisible computing effects, and controlconducive digital articulationlessness delineateers, as courteous as a diversity of allied software, advantages, peripherals, netafloat discerptions and third-party hardware and software effects. In enumeration, the Audience ffers its own software effects, including iOS, the Company’s proprietary variconducive bountiful order; Mac OS X, the Company’s proprietary bountiful order software for the Mac; server software and collision software for consumer, SMB, and counsel, accomplishment and council habiters. The Company’s earliest effects are discussed underneath. iPhone iPhone combines a variconducive phone, an iPod, and an Internet despatchs project in a individual influenceheld effect. Naturalized on the Company’s Multi-Touch™ user interface, iPhone expressions desktop-class email, web browsing, minute, and maps and is congruous delay twain Macs and Windows-naturalized computers. Phone automatically syncs pleased from users’ iTunes libraries, as courteous as appositions, bookmarks, and email recitals. iPhone recognizes habiters to admission the iTunes Garner to download audio and video files, as courteous as a diversity of other digital pleased and collisions. In October 2011, the Audience is-sueing iPhone 4S, its ending rendering of iPhone, which subordinatestands Siri™, a articulation activated clever confederate. In enumeration to the Company’s own iPhone admissionories, third-party iPhone congruous admissionories are availconducive through the Company’s ondirection and hawk garners and from third bisecties. Pad iPad is a multi-purpose variconducive project for browsing the web, balbutiation and casting email, surveying photos, waiting videos, listening to articulationlessness, unimpeded games, balbutiation e-books and raise. iPad is naturalized on the Company’s Multi-Touch technology and recognizes habiters to add delay their collisions and pleased in a raise interactive way. iPad recognizes habiters to admission the iTunes Garner to download audio and video files, as courteous as a diversity of other digital pleased and collisions. In March 2011, the Audience introduced iPad 2, its second-generation iPad. In enumeration to the Company’s own iPad admissionories, third-party iPad congruous admissionories are availconducive through the Company’s ondirection and hawk garners and from third bisecties. Mac Hardware Products The Audience exhibits a dispose of indivisible computing effects including desktop and controlconducive computers, allied projects and peripherals, and third-party hardware effects. The Company’s Mac desktop and controlconducive orders expression Intel microprocessors, the Mac OS X Lion bountiful order and the iLife ® escort of software for falsehood and empire of digital photography, articulationlessness, movies, DVDs and websites. The Company’s desktop computers subordinatestand iMac  Mac Pro and Mac mini. The iMac desktop computer has an all-in-one artifice that incorporates a evince, processor, graphics card, storage, remembrance and other truthors internally a individual boundary. The Mac Pro desktop computer is targeted at occupation and negotiative habiters and is artificeed to coalesce the operation, comment, and netafloat needs of the most call-foring Mac user. The Mac mini is a desktop computer in a compound boundary. . iPod The Company’s iPod straightforwardion of controlconducive digital articulationlessness and instrument delineateers subordinatestands iPod feel, iPod nano ® , iPod evade ® and iPod severe ® . All iPods is-sue delay iTunes. In enumeration to the Company’s own iPod admissionories, third-party iPod congruous admissionories are available, through the Company’s ondirection and hawk garners or from third bisecties. The iPod feel, naturalized on iOS, is a flash-memory-naturalized iPod delay a ampledefend evince and a Multi-Touch user interface. iPod feel recognizes habiters to admission the iTunes Garner to download audio and video pleased, as courteous as a diversity of digital collisions. The iPod nano is a flash-memory-naturalized iPod that expressions the Company’s Multi-Touch interface recognizeing habiters to saunter their articulationlessness assemblage by tapping or swiping the evince. The iPod nano expressions a inabrupt aluminum and glass boundary delay a built-in contract. The iPod evade is a flash-memory-naturalized iPod that expressions a clickconducive repress pad to repress articulationlessness delineateback and VoiceOver technology enabling habiters to inclength poem titles, artists and delineatelist calls. The iPod severe is a hard-drive naturalized controlconducive digital articulationlessness and video delineateer. iTunes ® Tunes is an collision that props the donation, download, constitution and delineateback of digital audio and video files and is availconducive for twain Mac and Windows-naturalized computers. iTunes 10 is the ending rendering of iTunes and expressions AirPlay ® wireless articulationlessness delineateback, Genius Mixes, Abode Sharing, and ameliorated syncing functionality delay iOS projects. Mac App Garner In January 2011, the Audience opened the Mac App Garner recognizeing habiters to unearth, download and induct collisions for their Macs. The Mac App Garner exhibits collisions in counsel, games, graphics and artifice, lifestyle, effectivity, utilities and other categories. The Company’s Mac OS X bountiful order software and iLife and iWork ® collision software are too availconducive on the Mac App Store. iCloud In October 2011, the Audience is-sueing iCloud, its new aggravatecast advantage, which garners articulationlessness, photos, collisions, appositions, enrolls, and documents and wirelessly pushes them to multiple iOS projects, Macs and Windows-naturalized computers. iCloud’s expressions subordinatestand iTunes in the Cloud, Photo Stream, Documents in the Cloud, Contacts, Calendar, Mail, automatic downloads and donation truth for collisions and iBooks, and iCloud Backup. Users can expression up for generous admission to iCloud using a project vulgar iOS 5 or a Mac vulgar Mac OS X Lion. Software Products and Computer Technologies The Audience exhibits a dispose of software effects for consumer, SMB, counsel, accomplishment and council habiters, including the Company’s proprietary iOS and Mac OS X bountiful order software; server software; negotiative collision software; and consumer, counsel, and occupation oriented collision software. Bountiful Order Software iOS OS is the Company’s variconducive bountiful order that serves as the endowation for iOS projects. In October 2011, the Audience indemnifyd iOS 5, which props iCloud and subordinatestands new expressions such as Notification Center, a way to survey and control notifications in one place; iMessage™, a messaging advantage that recognizes users to cast quotation messages, photos and videos among iOS projects; and Newsstand, a way to donation and frame newspaper and case subscriptions. Mac OS X Mac OS X, the bountiful order for Macs, is built on an open-source UNIX-naturalized endowation. Mac OS X Lion is the eighth grave reltranquility of Mac OS X and became availconducive in July 2011. Mac OS X Lion subordinatestands prop for new Multi-Touch gestures; iCloud integration; order-ample prop for ample defend collisions; Mission Control™, a way to survey anything vulgar on a user’s Mac; the Mac App Store; Launchpad™, a new abode for a user’s collisions; and a reprepared Mail collision. Collision Software iLife iLife ’11 is the ending rendering of the Company’s consumer-oriented digital lifestyle collision escort subordinatestandd delay all Mac computers. Life expressions iPhoto ® , iMovie ® , iDVD ® , GarageBand ® , and iWeb™. iPhoto is the Company’s consumer-oriented digital photo collision and iMovie is the Company’s consumer-oriented digital video editing software collision. iDVD is the Company’s consumer-oriented software collision that qualifys habiters to shape iMovie files, QuickTime files, and digital pictures into interactive DVDs. GarageBand is the Company’s consumer-oriented articulationlessness falsehood collision that recognizes habiters to delineate, chronicles and cause articulationlessness. Web recognizes habiters to cause ondirection photo albums, blogs and podcasts, and to habitize websites using editing tools. iWork iWork ’09 is the ending rendering of the Company’s integrated effectivity escort artificeed to succor users cause, exhibit, and inform documents, exhibitions, and spreadsheets. iWork ’09 subordinatestands Pages ® ’09 for engagement processing and page layout, Keynote ® ’09 for exhibitions, and Numbers ® ’09 for spreadsheets. The Audience too has a Multi-Touch rendering of each iWork collision artificeed specifically for use on iOS projects. Other Collision Software The Audience too retails multitudinous other collision software, including Terminal Cut Pro ® , Logic Studio ® , Logic ® Express 9, Logic Studio ® Pro, and its FileMaker ® Pro basisbase software. Displays & Peripheral Products The Audience productions the Apple LED Cinema Display™ and Thunderbolt Display. The Audience too retails a diversity of Apple-branded and third-party Mac-congruous and iOS-congruous peripheral effects, including printers, storage projects, computer remembrance, digital video and quiescent cameras, and multitudinous other computing effects and food. Apple TV Apple TV recognizes habiters to wait movies and television semblances on their proud specification television. Pleased from iTunes, Netflix, YouTube, and Flickr as courteous as articulationlessness, photos, videos, and podcasts from a Mac or Windows-naturalized computer can too be wirelessly streamed to a television through Apple TV. Delay the reltranquility of iCloud in October 2011, pleased donationd on Apple TV can be re-downloaded on iOS projects. Effect Prop and Services AppleCare ® offers a dispose of prop options for the Company’s habiters. These options subordinatestand stay that is built into software effects, printed and electronic effect manuals, ondirection prop including all effect notice as courteous as technical stay, and the AppleCare Protection Plan (“APP”). APP is a fee-naturalized advantage that typically subordinatestands two to three years of phone prop and hardware restores and loving web-naturalized prop instrument. Markets and Classification The Company’s habiters are chiefly in the consumer, SMB, and counsel, accomplishment and council bargains. The Audience uses a diversity of usualed and infrequented classification channels, such as its hawk garners, ondirection garners, and usualed sales hardness, and third-party cellular netis-sue carriers, wholesalers, hawkers, and compute-added resellers. The Audience believes that sales of its innovative and differentiated effects are augmentd by recognizeledgeconducive salespersons who can transport the compute of the hardware and software integration, and prove the choice discerptions that are availconducive on its effects. The Audience raise believes providing usualed apposition delay its targeted habiters is an utilityconducive way to prove the advantages of its effects aggravate those of its competitors and providing a proud-disposition sales and following-sales prop recognizeledge is ticklish to enticeing new and holding true habiters. To fix a proud-disposition buying recognizeledge for its effects in which advantage and counsel are emphasized, the Audience endures to diffuse and amelioreprove its classification capabilities by diffuseing the number of its own hawk garners globewide. Additionally, the Audience has invested in programs to augment reseller sales by placing proud disposition Apple fixtures, merchandising materials and other instrument delayin clarified third-party reseller subsidences. Through the Apple Premium Reseller Program, regular third-party resellers standpoint on the Apple platform by providing a proud raze of integration and prop advantages, and effect expertise. No individual habiter recitaled for raise than 10% of net sales in 2011 or 2010. One of the Company’s habiters recitaled for 11% of net sales in 2009. Competition The bargains for the Company’s effects and advantages are proudly competitive and the Audience is confronted by distasteful rivalry in all areas of its occupation. These bargains are characterized by usual effect introductions and flying technological advances that possess really increased the capabilities and use of variconducive despatch and instrument projects, indivisible computers, and other digital electronic projects. The Company’s competitors who retail variconducive projects and indivisible computers naturalized on other bountiful orders possess distastefully cut jaw and lowered their effect latitudes to fabricate or celebreprove bargain distribute. The Company’s financial requisite and bountiful remainders can be adversely abnormal by these and other diligence-ample downward pressures on bloated latitudes. Principal competitive elements grave to the Audience subordinatestand charge, effect expressions, not-absolute charge/performance, effect disposition and reliability, artifice alteration, a impetuous third-party software and peripherals ecosystem, bargaining and classification power, advantage and prop, and municipal office. The Audience is standpointed on diffuseing its bargain opportunities allied to variconducive despatch and instrument projects. These industries are proudly competitive and subordinatestand diverse big, courteous-funded and recognizeledged bisecticipants. The Audience expects rivalry in these industries to aggravate expressionificantly as competitors force to design-following some of the expressions of the Company’s effects and collisions delayin their own effects or, alternatively, collaboreprove delay each other to exhibit discerptions that are raise competitive than those they floatingly exhibit. These industries are characterized by distasteful pricing actions, usual effect introductions, evolving artifice approaches and technologies, flying election of technological and effect advancements by competitors, and charge sensitivity on the bisect of consumers and occupationes. The Company’s digital pleased advantages possess faced expressionificant rivalry from other companies promoting their own digital articulationlessness and pleased effects and advantages, including those exhibiting generous peer-to-peer articulationlessness and video advantages. The Audience believes it exhibits excellent alteration and integration of the solid discerption including the hardware (iPhone, iPad, Mac, and iPod), software (iTunes), and classification of digital pleased and collisions (iTunes Store, App Store, iBookgarner and Mac App Store). Some of the Company’s floating and immanent competitors possess real instrument and may be conducive to ardispose such effects and advantages at petty or no avail or uniform at a dropping to cope delay the Company’s exhibitings. The Company’s forthcoming financial requisite and bountiful remainders be on the Company’s susceptibility to endure to unravel and exhibit new innovative effects and advantages in each of the bargains it copes in. Elimination and Bud Accordingly the industries in which the Audience copes are characterized by flying technological advances, the Company’s susceptibility to cope cheerful-fortunefully bes heavily upon its susceptibility to fix a everlasting and judicious course of competitive effects, advantages and technologies to the bargainplace. The Audience endures to unravel new technologies to augment true effects and to diffuse the dispose of its effect exhibitings through elimination and unravelment, licensing of subjective characteristic and compensation of third-party occupationes and technology. Completion elimination and unravelment outlay was $2. 4 billion, $1. 8 billion and $1. 3 billion in 2011, 2010 and 2009, respectively. Patents, Trademarks, Copyhues and Licenses The Audience floatingly holds hues to dubiouss and copyhues not-absolute-to to regular aspects of its iPhone, iPad, Mac and iPod projects, peripherals, software and advantages. The Audience has registered or has applied for exchangemarks and advantage marks in the U. S. and a number of exotic countries. Although the Audience believes the tenure of such dubiouss, copyrights, exchangemarks and advantage marks is an grave element in its occupation and that its cheerful-fortune does be in bisect on the tenure thereof, the Audience relies chiefly on the innovative skills, technical copence and bargaining abilities of its personnel. The Audience frequently files dubious collisions to save inventions arising from its elimination and unravelment, and is floatingly pursuing thousands of dubious collisions encircling the globe. Over limit, the Audience has accumulated a big portfolio of issued dubiouss in the U. S. and globewide. The Audience holds copyhues not-absolute-to to regular aspects of its effects and advantages. No individual dubious or copyright is singly under obligation for saveing the Company’s effects. The Audience believes the limit of its dubiouss is liberal not-absolute to the expected lives of its effects. Due to the stable stride of alteration and effect unravelment, the Company’s effects are repeatedly antiquated anteriorly the dubiouss allied to them wane, and rarely are antiquated anteriorly the dubiouss allied to them are uniform supposing. Many of the Company’s effects are artificeed to subordinatestand subjective characteristic obtained from third bisecties. While it may be expedient in the forthcoming to concern or reform licenses not-absolute-to to multitudinous aspects of its effects and occupation methods, naturalized upon elapsed recognizeledge and diligence action, the Audience believes such licenses openly could be obtained on commercially reasonconducive stipulations; so-far, there is no pledge that such licenses could be obtained at all. Because of technological changes in the industries in which the Audience copes, floating great dubious balancespreadage, and the flying reprove of issuance of new dubiouss, it is likely that regular truthors of the Company’s effects and occupation methods may unknowingly violate true dubiouss or subjective characteristic hues of others. From limit to limit, the Audience has been notified that it may be infringing regular dubiouss or other subjective characteristic hues of third bisecties. Exotic and Domestic Operations and Geographic Basis The U. S. epresents the Company’s bigst geographic bargain. Closely 39% of the Company’s net sales in 2011 came from sales to habiters internally the U. S. Terminal constellation of the Company’s effects is floatingly done in the Company’s manufacturing pliancy in Ireland, and by outsourcing bisectners, chiefly located in Asia. The accoutre and production of a number of truthors is done by sole-sourced outsourcing bisectners in the U. S. , Asia and Europe. Single-sourced outsourcing bisectners in Asia execute signalinal constellation of really all of the Company’s hardware effects. Margins on sales of the Company’s effects in exotic countries, and on sales of effects that subordinatestand truthors obtained from exotic suppliers, can be adversely abnormal by exotic prevalence substitute reprove fluctuations and by interdiplomatic exchange regulations, including tariffs and antidumping penalties. Notice respecting financial basis by geographic member is set forth in Bisect II, Item 7 and Item 8 of this Form 10-K and in Notes to Consolidated Financial Statements in Note 8, “Segment Notice and Geographic Data. ” Seasonal Business The Audience has unadornedly recognizeledged increased net sales in its earliest fiscal pity compared to other pitys in its fiscal year due to increased misemployment seasonal call-for. This unadorned design should not be considered a reliconducive indicator of the Company’s forthcoming net sales or financial operation. Confidence The Audience exhibits a poor bisects and drudge confidence on most of its hardware effects. The basic confidence age is typically one year from the age of donation by the primary end-user. The Audience too exhibits a 90-day basic confidence for its advantage bisects used to restore the Company’s hardware effects. In enumeration, consumers may donation the APP, which extends advantage balancespreadage on multifarious of the Company’s hardware effects in most of its grave bargains. Employees As of September 24, 2011, the Audience had closely 60,400 ample-limit equiponderant actionees and an enumerational 2,900 ample-limit equiponderant transient actionees and contractors. APPLE INC. (Exact call of registrant as ascertained in its charter) Connection Analysis | 2008| 2009| 2010| 2011| | Liquidity Ratios| a. Floating Ratio:A liquidity connection that appraises a audience's susceptibility to pay short-signal obligations. The Floating Connection formula is: Also public as "liquidity connection", "currency asset connection" and "currency connection". | Floating Asset/Current Liability| 32311/14092| 36265/19282| 41678/20722| 44988/27970| | 2. 293| 1. 881| 2. 011| 1. 609| diligence mediocre| 2. 00| 1. 8| 2. 1| 1. 5| Floating Connection Comparisons :Ratio is impetuouser than the diligence mediocre. | | b. Acid Test Ratio:A stringent indicator that indicates whether a secure has ample short-signal remainder to caggravate its next liabilities delayout retailing register. The acid-test connection is far raise resilute than the is-sueing excellent connection, chiefly accordingly the is-sueing excellent connection recognizes for the inclusion of register remainder. Calculated by: | (Current Asset- Mediocre register)/Current Liability| (32311-509)/14092| (36265-482)/19282| (41678-753)/20722| (44988-913. 5)/27970| | 2. 257| 1. 86| 1. 961| 1. 581| diligence mediocre| 2. 20| 1. 80| 2. 00| 1. 50| Acid Test Connection Comparisons :Ratio is powerlesser than the diligence mediocre in earliest 3 years but stringer at unraveled year. | | Summary of the Liquidity Connection Comparisons * Impetuous floating connection and powerless acid-test connection indicates a immanent tenor in the inventories recital. * Note that this diligence has a not-absolutely proud raze of inventories. | Financial Leverage Ratios| a. Debt to equity:A appraise of a audience's financial leverage fitted by dividing its completion liabilities by fundholders' equity. It indicates what symmetry of equity and liability the audience is using to finance its remainder. Note: Rarely singly gain-bearing, long-signal liability is used instead of completion liabilities in the watchfulness. Too public as the Indivisible Debt/Equity Ratio, this connection can be applied to indivisible financial statements as courteous as municipal ones. | Completion liability/Shareholders ' Equity| 18542/21030| 26019/27832| 27392/47791| 39756/76615| | 0. 882| 0. 935| 0. 573| 0. 519| diligence mediocre| . 89| . 95| . 5| . 50| Liability to equity Connection Comparisons :Has mediocre liability utilization not-absolute to the diligence mediocre. | | b. Liability to completion asset:A metric used to appraise a audience's financial endanger by determining how greatly of the audience's remainder possess been financed by liability. Fitted by adding short-signal and long-signal liability and then dividing by the audience's completion remainder. | Completion liability/Total asset| 18542/39572| 26019/53851| 27392/75183| 39756/116371| | 0. 469| 0. 483| 0. 364| 0. 342| diligence mediocre| . 45| . 50| . 35| . 35| Liability to completion asset Connection Comparisons :Has mediocre liability utilization not-absolute to the diligence mediocre. | c. Completion Capitalization:The excellentization connection appraises the liability truthor of a audience's excellent constitution, or excellentization (i. e. , the sum of long-signal liability liabilities and shareholders' equity) to prop a audience's operations and development. | | | | Debt/capitalization| 18542/25480| 26019/34569| 27392/54461| 39756/88401| | . 73| . 75| . 50| . 45| diligence mediocre| . 75| . 75| . 50| . 45| Completion Capitalization Connection Comparisons :Has mediocre long-signal liability utilization not-absolute to the diligence mediocre. | | Coverage Ratios| a. Gain Coverage:A connection used to indicate how bigly a audience can ay gain on uncollected liability. The gain balancespreadage connection is fitted by dividing a audience's hues anteriorly gain and taxes (EBIT) of one age by the audience's gain outlays of the corresponding age: | EBIT/Interest jaw| 6895/2242| 7984/2360| 18540| 34205| | 3. 075| 3. 383| -| -| diligence mediocre| 3. 2| 3. 5| -| -| Gain Coverage Connection Comparisons :Has underneath mediocre gain balancespreadage not-absolute to the diligence mediocre. | | Summary of the Coverage Trend Analysis * The gain balancespreadage connection for Apple Inc. has been onflow late 2008. It has been underneath diligence mediocres for the elapsed two years. This indicates that low hues (EBIT) may be a immanent tenor for BW. * Note, we recognize that liability razes are in straightforwardion delay the diligence mediocres. | Ghost connections| a. Receivconducive Turnover:An recitaling appraise used to quantify a secure's utilityableness in extending trustworthiness as courteous as collecting liabilitys. The receivables shapeaggravate connection is an ghost connection, measuring how efficiently a secure uses its remainder. Formula: Some companies' reports procure singly semblance sales - this can concern the connection being on the magnitude of currency sales. | Annual net trustworthiness sales/ Mediocre receivables| 32497/2422| 36537/3361| 65225/5510| 108249/5369| | 13. 17| 10. 871| 11. 838| 20. 162| diligence mediocre| 15| 10| 13| 20| Receivconducive Turnaggravate Connection Comparisons :Ratio is impetuouser than the diligence mediocre. | | b. Mediocre assemblage age:The trench aggregate of limit that it takes for a occupation to hold payments proper, in stipulations of receivables, from its habiters and clients. Fitted as: Where: Days = Completion aggregate of days in age AR = Mediocre aggregate of recitals receivables Trustworthiness Sales = Completion aggregate of net trustworthiness sales during age| Days in year/receiveconducive shapeover| 365/13. 417| 365/10. 871| 365/11. 838| 365/20. 62| | 27. 204| 33. 576| 30. 833| 18. 103| diligence mediocre| 25| 36| 30| 20| Mediocre assemblage age Connection Comparisons :Has ameliorated the mediocre assemblage age to that of the diligence mediocre. | | c. Register shapeover:A connection semblanceing how multifarious limits a audience's register is sold and replaced aggravate a age. The days in the age can then be separated by the register shapeaggravate formula to number the days it takes to retail the register on influence or "register shapeaggravate days. " | Cost of remainder sold/Average register| 21334/509| 25683/482| 39541/753| 64431/913. 5| | 41. 914| 53. 8| 52. 51| 70. 53| diligence mediocre| 42| 53| 53| 70| Register shapeaggravate Connection Comparisons :Has not-absolutely cheerful shapeover. | | d. Completion asset shapeover:The aggregate of sales generated for entire dollar's value of remainder. It is fitted by dividing sales in dollars by remainder in dollars. Formula: This connection is raise adapted for development companies to control if in truth they are growing proceeds in symmetry to sales. Too public as the Asset Turnaggravate Ratio. | Net sales/ completion asset| 32479/39571| 42905/53851| 65225/75183| 108249/116371| | . 821| . 797| . 868| . 930| diligence mediocre| . 2| . 80| . 85| . 90| Completion asset shapeaggravate Connection Comparisons :Has not-absolutely impetuous shapeover. | | Profitsusceptibility Ratios| a. Net avail latitude:A connection of availsusceptibility fitted as net proceeds separated by proceedss, or net avails separated by sales. It appraises how greatly out of entire dollar of sales a audience in-fact keeps in hues. | Net avail following tax/Net sales| 4834/32479| 8235/42905| 14013/65225| 25922/108249| | . 149| . 192| . 215| . 239| diligence mediocre| . 15| . 20| . 20| . 24| Net avail latitude Connection Comparisons :Has mediocre Net Avail Margin. | | b. Reshape on siege: "Reshape on siege(ROI) reprove of give-back (ROR), too public as 'reprove of avail' or rarely right 'return', is the connection ofmoney gained or obsolete (whether realized or unrealized) on an investment not-absolute to the aggregate of capital invested. Congruous financial appraises delay variations on how 'investment' is defined: * Reshape on remainder (ROA), * Reshape on net remainder (RONA), * Reshape on excellent actioned (ROCE) * Reshape on invested excellent (ROIC) * Social reshape on siege (SROI)| NPAT/Total asset| 4834/39572| 8235/53851| 14013/75183| 25922/116371| | . 122| . 153| . 87| . 223| diligence mediocre| . 125| . 15| . 18| . 20| Reshape on siege Connection Comparisons :Has impetuous Reshape on Investment. | | c. Reshape on equity:The aggregate of net proceeds give-backed as a percentage of distributeholders equity. Reshape on equity appraises a confirmation's availsusceptibility by revealing how greatly avail a audience generates delay the capital distributeholders possess invested. ROE is developed as a percentage and fitted as: Reshape on Equity = Net Income/Shareholder's Equity Net proceeds is for the ample fiscal year (anteriorly dividends remunerated to despicable fund holders but following dividends to preferred fund. Shareholder's equity does not subordinatestand preferred distributes. Too public as "reshape on net value" (RONW). | NPAT/Shareholders equity| 25922/21030| 8235/27832| 14013/477931| 25922/76615| | . 229| . 296| . 293| . 338| diligence mediocre| . 23| . 29| . 29| . 350| Reshape on equity Connection Comparisons :Has mediocre Reshape on equity. | | Summary of the Profitsusceptibility Trend Analyses * The availsusceptibility connections for Apple Inc. possess ALL been mediocre late 2008. Each has been underneath the diligence mediocres for the elapsed impure years. * This indicates that COGS and authoritative costs may twain be too proud and a immanent tenor for Apple Inc. Note, this remainder is endureent delay the low gain balancespreadage connection. | Summary of Connection Analyses * Inventories are too proud. * May be paying off trustworthinessors (accounts payable) too promptly. * COGS may be too proud. * Selling, open, and authoritative costs may be too proud. | Despicable Magnitude Analysis- Particulars| 2008| 2009| 2010| 2011| | 2008| 2009| 2010| 2011| Assets| | | | | | | | | | Floating remainder:| | | | | | | | | | Currency ; currency equiponderants| 11875| 5263| 11261| 9815| | 30. 01| 9. 77| 14. 98| 8. 43| Short signal bargainconducive securities| 10236| 18201| 14359| 16137| | 25. 87| 33. 80| 19. 10| 13. 7| A/R| 2422| 3361| 5510| 5369| | 6. 12| 6. 24| 7. 33| 4. 61| Inventories| 509| 455| 1051| 776| | 1. 29| . 85| 1. 40| . 67| Differed tax remainder| 1447| 2101| 1636| 2014| | 3. 66| 3. 90| 2. 18| 1. 73| Vendor non-exchange receivables| -| -| 4414| 6348| | -| -| 5. 87| 5. 46| Other floating remainder| 5822| 6884| 3447| 4529| | 14. 71| 12. 78| 4. 59| 3. 89| Completion floating remainder| 32311| 36265| 41678| 44988| | 81. 04| 67. 34| 55. 435| 38. 659| Long-signal bargainconducive securities| 2379| 10528| 5391| 55618| | 6. 01| 19. 55| 7. 171| 47. 794| Property, introduce and equipment, net| 2455| 2954| 4786| 7777| | 6. 20| 5. 486| 6. 336| 6. 83| Goodwill| 207| 206| 741| 896| | . 52| . 383| . 986| . 769| Acquired unaware remainder, net| 285| 247| 342| 3536| | . 72| . 495| . 455| 3. 039| Other remainder| 1935| 3651| 2263| 3556| | 4. 890| 6. 780| 3. 010| 3. 056| Completion remainder| 39572| 53851| 75183| 116371| | 100| 100| 100| 100| | | | | | | | | | | LIABILITIES AND SHAREHOLDERS’ EQUITY:| | | | | | | | | | Floating liabilities:| | | | | | | | | | Accounts payable| 5520| 5601| 12015| 14632| | 13. 942| 10. 401| 15. 981| 12. 574| Accrued outlays| 3719| 3376| 5723| 9247| | 9. 398| 6. 269| 7. 612| 7. 946| Deferred proceeds| 4853| 10305| 2984| 4091| | 12. 64| 19. 136| 3. 969| 3. 516| Completion floating liabilities| 14092| 19282| 20722| 27970| | 35. 611| 35. 806| 27. 562| 24. 035| Deferred proceeds – non-current| 3029| 4485| 1139| 1686| | 7. 654| 8. 329| 1. 515| 1. 449| Other non-floating liabilities| 1421| 2252| 5531| 10100| | 3. 591| 4. 182| 7. 357| 8. 679| Completion liabilities| 18542| 26019| 27392| 39756| | 46. 856| 48. 317| 36. 434| 34. 163| Commitments and contingenciesShareholders’ equity:| | | | | | | | | | Despicable fund, no par compute; 1,800,000 distributes authorized; 929,277 and 915,970 distributes issued and uncollected, respectively| 7177| 8210| 10668| 13331| | 18. 37| 15. 246| 14. 189| 11. 456| Retained hues| 13845| 19538| 37169| 62841| | 34. 987| 36. 282| 49. 438| 54. 001| Accumulated other all proceeds/(loss)|   8| 84| (46)| 443| | . 020| . 156| (. 061)| . 381| Completion distributeholders’ equity| 21030| 27832| 47791| 76615| | 53. 144| 51. 683| 63. 566| 65. 837| Completion liabilities and distributeholders’ equity| 39572| 53851| 75183| 116371| | 100| 100| 100| 100| Index Analysis- Particulars| 2008| 2009| 2010| 2011| | 2008| 2009| 2010| 2011| Assets| | | | | | | | | | Floating remainder:| | | | | | | | | | Currency ; currency equiponderants| 11875| 5263| 11261| 9815| | 100| 14. 13| 27. 019| 21. 897| Short signal bargainconducive securities| 10236| 18201| 14359| 16137| | 100| 39. 204| 34. 452| 35. 870| A/R| 2422| 3361| 5510| 5369| | 100| 9. 27| 13. 221| 11. 934| Inventories| 509| 455| 1051| 776| | 100| 1. 26| 2. 522| 1. 752| Differed tax remainder| 1447| 2101| 1636| 2014| | 100| 5. 79| 3. 925| 4. 477| Vendor non-exchange receivables| -| -| 4414| 6348| | -| -| 10. 591| 14. 111| Other floating remainder| 5822| 6884| 3447| 4529| | 100| 18. 983| 8. 271| 10. 067| Completion floating remainder| 32311| 36265| 41678| 44988| | 100| 67. 34| 55. 435| 38. 59| Long-signal bargainconducive securities| 2379| 10528| 5391| 55618| | 100| 19. 55| 7. 171| 47. 794| Property, introduce and equipment, net| 2455| 2954| 4786| 7777| | 100| 5. 486| 6. 336| 6. 683| Goodwill| 207| 206| 741| 896| | 100| . 383| . 986| . 769| Acquired unaware remainder, net| 285| 247| 342| 3536| | 100| . 495| . 455| 3. 039| Other remainder| 1935| 3651| 2263| 3556| | 100| 6. 780| 3. 010| 3. 056| Completion remainder| 39572| 53851| 75183| 116371| | 100| 100| 100| 100| | | | | | | | | | | LIABILITIES AND SHAREHOLDERS’ EQUITY:| | | | | | | | | | Floating liabilities:| | | | | | | | | | Accounts payable| 5520| 5601| 12015| 14632| | 100| 10. 401| 15. 981| 12. 574| Accrued outlays| 3719| 3376| 5723| 9247| | 100| 6. 269| 7. 612| 7. 946| Deferred proceeds| 4853| 10305| 2984| 4091| | 100| 19. 136| 3. 969| 3. 516| Completion floating liabilities| 14092| 19282| 20722| 27970| | 100| 35. 806| 27. 562| 24. 035| Deferred proceeds – non-current| 3029| 4485| 1139| 1686| | 100| 8. 329| 1. 515| 1. 449| Other non-floating liabilities| 1421| 2252| 5531| 10100| | 100| 4. 182| 7. 357| 8. 679| Completion liabilities| 18542| 26019| 27392| 39756| | 100| 48. 317| 36. 434| 34. 63| Commitments and contingenciesShareholders’ equity:| | | | | | | | | | Despicable fund, no par compute; 1,800,000 distributes authorized; 929,277 and 915,970 distributes issued and uncollected, respectively| 7177| 8210| 10668| 13331| | 100| 15. 246| 14. 189| 11. 456| Retained hues| 13845| 19538| 37169| 62841| | 100| 36. 282| 49. 438| 54. 001| Accumulated other all proceeds/(loss)|   8| 84| (46)| 443| | 100| . 156| (. 061)| . 381| Completion distributeholders’ equity| 21030| 27832| 47791| 76615| | 100| 51. 683| 63. 566| 65. 837| Completion liabilities and distributeholders’ equity| 39572| 53851| 75183| 116371| | 100| 100| 100| 100|