1. Based on attached information, please prepare common-size balance sheets and income statements for the years 2003 to 2018. What do these summary ratios tell us about the company in the current year, as well as over time? 2. What do you observe about the changes in Apple's performance based on Balance Sheet and IS? What are the changes in liquidity, solvency, and capital structure over the years presented? Use any relations and ratios that are appropriate. Do your observations fit with what you know about the company's business model and strategy? What surprised you? 3. Use three ratios from each category (profitability, liquidity & solvency) and justify your analysis. 4. Please use the DuPont analysis of ROE and ROA and provide insight of what this analysis shows. 5. Evaluate the company's current financial performance, liquidity, solvency and capital structure - both for an individual period as well as across time. Exhibit3 Apple Inc.: An Application of Financial Analysis, 2003-2018 Balance Sheets STOC 2003 ++++ MC 2018 23913 40,38 23,186 3,956 2017 20.289 33,822 17,874 4,855 2016 20,484 46,671 15754 2.132 2013 14,29 26.289 1,100 1.14 3,450 7.399 2005 11.05 12,615 2402 500 1447 1120 766 56 061 SIC H Balance Sheets fin millions of US dollars) Cash & cash equivalente Short-term marketable securities Accounts receivable, not Inventories Deferred tax assots Vendor nontrade receivables Other current assets Total current is iets Long term marketable secunties Grow property, plant, & equipment (PPE Accumulatod depreciation & amortition Other noncurrent assets Total assets CRET OS 2014 21,120 13.840 20,481 11.233 16,149 17.40 249 2,111 3,546 13,494 9,759 9,539 9,806 89.378 6801 164,065 130,162 49.257 99,015 (26,786 (18.991) 14,565 12.522 290.479231839 1.510 34290 2012 107 18.30 10,000 791 2.50 7,162 6.45 57.659 92,122 21.87 (6.05) 10.17 176.04 23,809 12.07 131,339 170,799 20,40 (19.099) 22,260 365,725 109 S88 17,799 13,956 128645 1944,714 73,076 (41,293) 18.177 375.319 4 13.345 RO 106,869 120.430 61,245 04.235) 17.377 321.686 2.747 73.286 106.215 28,519 (11.922) 10:52 207.000 (1.12) ( () () HE .. 117 (505) 259 6215 2.627 393372 *** 1.154 299 22.367 13.56 7,05 5.5.20 572 30.196 18,433 R.491 6.MS 21,175 11,414 5,983 FREE HER *** ***** *** 304 2.354 215 38342 14792 3,029 ) 819Z 55,888 44,242 37,2014 25,190 32,687 30,531 22.027 25,161 7,543 7,548 BO 8.940 11.964 11,977 los 8,499 3,784 6,496 3.500 2.500 116.365 100,814 79.106 80.610 2,797 2.836 2,900 3.64 99,738 97.207 75,427 53,463 43,180 40,413 36,074 13.427 258578 241.272 193437 171.124 40,201 35.367 31.251 27,416 70,400 964 92.284 (3,454) (150) 614 (145) 107.147 134,047 120.249 119,355 365,725 375,319 321.686 290,479 19991 Accounts payable Accrued expenses Deferred revenue Commercial paper Current portion of long-term dobt Total current liabilities Deferred revente concurrent Long-term debt Deferred tax & other noncurrent liabilities Total liabilities Common stock Retained camnings Accumulated other comprehensive income (los) & other, net Total shareholdersity Total liabilities and shareholders equity ***** 63.448 43465 3,01 2.625 28,987 16.960 24,825 20.208 120,292 83,451 2,313 19,164 87,152 104256 1,082 (471) 111317 123.849 231.839 207.000 1,421 1343 7.177 13.45 29 1.96 2.91 *** ***** OLL 6 57854 16422 101289 100 HINTO 176/14 (97 ! () () CHE *** 4.223 21.030 39.872 SINO parla 2001. IN UVA-C-2420 Page 7 Exhibit 4 Apple Inc.: An Application of Financial Analysis 2003-2018 Income Statements and Statement of Retained Earnings 2003 2014 2016 215.639 131,376 84.263 10.05 14.194 24.239 60.024 2.99 12.479 21.314 11.145 1.109 3261 4870 12.795 112.268 70.537 6,041 11.993 18034 $2.503 1,705 42 1.218 1.709 (1) 2017 229.234 1410 88,186 11.381 15.261 26,843 61,344 5.200 2.323 ( 64,019 15.78 45.351 2018 28,595 163.756 101.839 14.236 16208 30,941 70,898 5.686 3.240 (441) 72.903 12372 59.531 6,275 2015 233,715 160,089 93/626 067 14219 22,396 71,230 2921 733 (201) 72.515 19.121 33.194 2013 2012 120.910 156.SOS 106006 74 64.304 65.262 4015 3.381 10.30 10040 15.305 13.421 55341 1616 18 M (104) SA 50.155 55.763 DS 140 37037 41.733 603 1.795 (31) 53433 92 24 (1.195) 61.372 15.685 45.657 6,895 2003 4X34 39.810 6171 5029 5.08 6544 4 6.315 5.733 5,793 60 6123 5,471 5.500 4.985 5.217 5.252 Income Statements fin millions of US dollars) Net sales Cost ofsnes Gross murgin Research & development expense Selling general & administrative expense Total operating expenses Operating income (los) Interest & dividend income Interest expense Other income (penses), net Income loss) before provision for tres Provision for benefit from income as Netine me loss) Weighted average shares outstanding-basie Weighted average shares outstanding-diluted Net camings (lows) per common share-hasie Net camins (loss) per common share-diluted Statements of Retained Earnings (in millions of dollars) Previous retained eamings Net income Cum effect of change in accounting principle Dividends & dividend equivalent nghts declared Repurchase of common stock Dividends & dividend equivalent nghts declared Retained earnings 5.000 078 001 001 6:49 5.72 615 631 077 92 922 835 31 9.27 921 5.68 1201 1191 2003 2.325 2012 2,841 2015 87,150 2016 92.284 45,687 2017 2013 101.29 37.007 2014 104256 9,510 2009 9.101 4334 11 41.733 48 351 2018 9.330 59,331 27 (13.735) (73,0599 (918) 70,400 (12.18 (11/27 (6,009 (11,215) (10,6769 2,523) (35,000) (22.950) 292) (460 87.152 104,256 101289 (76) (100) 13.345 (12.800) (33.001) (581) 98,330 2.394 92,284 96,364 Exhibit 5 Apple Inc.: An Application of Financial Analysis, 2003-2018 Statements of Cash Flow 2018 2017 2016 2015 2014 2013 2003 2012 2008 Statements of Cash Flow fin millions of US dollars) Operating Activities Net income (los) Depreciation & amortization Share-based compensation expense Deferred income tax expense (benefit) Accounts receivable, net Inventories Accounts payable Deferred revoniac Net changes in other assets and liabilities Net cash flows from operating activities 45,687 10,505 4.210 4,938 53.394 11.257 3.586 1.362 4 473 516 (368) (785) 1.095 59,531 10,903 5340 (32.590) (5,322) 898 9,175 (44) 29,613 77.434 611 48,351 10.157 4,840 5,966 (2,093) (2,723) 9.618 (625) (9.892) 63,598 37.007 6757 2,253 1,141 (2,172) (973) 2,340 1,489 5.824 53,666 69 113 16 (ID) 200) (11) 243 39,510 7.9446 2,863 2,347 (4.232) (769 5.938 1,460 3,957 59,713 41.733 3,277 1,740 4405 (5.551) (15) 4,467 2,804 C.004) 50.856 217 1.791 (1,554) 0.065) 65.824 (238) 5,400 1,042 4,832 81.266 (163) 596 5.642 71 289 9.596 (199,486) 126,339 (2,648) 3.607 (71,356) 103,719 (721) (13,313) (329) Investing Activities Purchases of secunities and long-term investments Proceeds from sales of securities and investments Payments made in connection w/ business acq.net Payment for acquisition of PPE Payment for acquisition of intangible assets Payments for strategic investments Other cash flow from investing activities Net cash flows from investing activities (23,003) 16,343 (220) (1.091) (106) (166,400) (217.128) (148,489 (151,232) 121.985 208,111 124447 112,805 (343) (3,765) (499 (350) (11,247) (9,571) (8,165) (8.295) (241) (342) (910) (1,107) (164) (142,438) 111,794 (297) (12,734) (84) (1,388) (110) (45977) (12,451) (346) (1.518) (745) 16,066 (395) 220 (46,446) (26) 36 (160) (48) (56,274) (22.579) (33,774) (48,227) (10) (3.189) 33 828 Statements of Cash Flow 2003 2005 2013 2012 2014 2015 2016 2018 2017 53 UR 757 609 555 543 709 (1.999 (11.561) (35,253) 27.114 (26) 665 1,351 (1.25) (248) 530 701 (1,082) (10.554) (22.860) 16,896 730 739 (1.156) (11.126) (45,000 11.960 495 400 (1.520) (12.150) (29,722) 24.954 (2.500) (397 (20.453) (124) (2.527) (13,712) (72,735) 6,969 (6.500) (37) (87,876) (1,874) (12,769) (32.900) 28,662 0,500) 3.852 (17,347) 29 1.116 (1.698) 2191 6306 (17.716) (37.849) (16.379) 9,352 2,523 Emancing Activities Proceeds from issuance of common stock Bess tax benefits from stock-based compensation Payments for taxes rel. to settlement of equity awards Payments for dividends & dividend equivalent paid Repurchases of common stock and other equity Proceeds from issuance of term debt, net Payments of long-term debt Change in commercial paper, net Net cash flows from financing activities Cash & cash equivalents, beginning of the year Increase (decrease) in cash & cash equivalents Cash & cash equivalents, end of the year Cash paid (received) for income taxes, net Cash paid during the year for interest 2.252 1,144 336 9815 91 10,746 14,259 (415) 13,844 21,120 (636) 20,484 20484 (195) 20,289 11.875 10,746 3,313 14.250 13,84 7,276 21,130 20.289 5,624 25,913 1.267 43 20 9,128 7.682 10,444 1,316 13.252 514 19,006 339 10,417 3,022 11,591 2,092 Apple Inc.: An Application of Financial Analysis, 2003-2018 Sales by Segment and by Product 2005 2003 53,181 $ 14,573 1,309 22,533 1.509 698 No Sales by Sarment (in millions of us dollars) Americas Europe Greater China Japan Rest of Asia Pacific Retail Other segments Total Net Sales 2015 2017 2016 2015 2014 2013 2012 $ 112.093 96,600 $ 86,613 S 93,866 $ 65,232 $ 62,739 $ 57,512 54.938 49,952 50337 40,929 37,883 36.323 51,942 44,764 48,492 56715 296 23.417 21,733 17,733 16,928 15,706 14,982 13,462 10,571 17,407 15,199 13,654 15.093 10.144 11,181 10,741 n/a n/a n/a 21,462 20228 18,828 /s n'a $ 265,595 $ 229,234 S 215,639 S 233.715 5182,795 $ 170,910 $ 156,508 6015 2.450 32.479 621 398 5 6.207 5 2005 2003 $ 1,844 4,491 145 644 16 *** Ner Sales y Product (in millions of us dollars) iPhone iPad Mac iPod Services Other products Accessories Total Net Sales 2018 2017 2016 2015 2014 2013 2012 $ 166,6995 141,319 S 136,700 S 155,041 S 101,991 S 91,279 $ 78,692 18,805 19.222 20,628 23.227 30281 31,980 30,945 25,484 25,850 22,831 25,471 24079 21.483 23.221 5,615 37,190 29,980 24,348 19.909 18,063 12.890 17,417 12,863 11,132 10,067 8,379 5205 5145 $ 265,595 $ 229,234 S 215,639 S 233,715 $182,795 $ 170,910 5156,508 14.276 9.153 2,207 3,140 1.659 32499 4411 16,031 56,207 $ Apple Inc.: An Application of Financial Analysis, 2003-2018 Unit Sales and Other Miscellancous Data 2003 2008 11,627 Unit Sales y Predmet (in thousands) iPhone iPad Mac iPod 2018 217,722 43.535 18,209 2017 216 756 43,753 19.251 2016 211,884 42,590 18.484 2015 231,218 34,856 20,587 2014 169,219 67,977 18,906 2013 150,257 71,033 16,341 26,379 2012 125,046 58,310 18,158 35,165 9,715 54,828 3,012 939 Other Items 2018 2017 4 755 5,126 $ 225.74 $ 151.82 $ 114 1.02 3.16 238 Shares outstanding Stock price per share Beta 10-year T-bond rate (%) 2016 5,336 109.11 $ 1.00 1.83 2015 2014 5,579 5,866 108 72 $ 93.88 $ 1.16 0.62 2.15 234 2013 2012 6,294 6,574 62.84 5 84 R2 099 0.81 2.54 1.69 2003 5.134 $ 131 1.10 430 2008 6,218 $16.24 1.38 3.97 + 038 1.99 $ 1.63 $ 218 $ 1.82 $ $ 2725 2.40 $ Cash dividends declared Full-time employees 132,000 123.000 116,000 110,000 92,600 80,300 72.800 32,000 10,912 Data source "Sharms outstanding" is split adjusted, in million data from Apple Inc. anual report, 2003-18. "Suck price per shine data from CRSP Dully Stock Price database, and we bond use" data from CRSP US Treasury database. "Beta estimated by author one-year daily stock wum.(ending September of each you, egressed on decid-based value-weighted mattum, duta from CRSP Daily Stock Proe database 1. Based on attached information, please prepare common-size balance sheets and income statements for the years 2003 to 2018. What do these summary ratios tell us about the company in the current year, as well as over time? 2. What do you observe about the changes in Apple's performance based on Balance Sheet and IS? What are the changes in liquidity, solvency, and capital structure over the years presented? Use any relations and ratios that are appropriate. Do your observations fit with what you know about the company's business model and strategy? What surprised you? 3. Use three ratios from each category (profitability, liquidity & solvency) and justify your analysis. 4. Please use the DuPont analysis of ROE and ROA and provide insight of what this analysis shows. 5. Evaluate the company's current financial performance, liquidity, solvency and capital structure - both for an individual period as well as across time. Exhibit3 Apple Inc.: An Application of Financial Analysis, 2003-2018 Balance Sheets STOC 2003 ++++ MC 2018 23913 40,38 23,186 3,956 2017 20.289 33,822 17,874 4,855 2016 20,484 46,671 15754 2.132 2013 14,29 26.289 1,100 1.14 3,450 7.399 2005 11.05 12,615 2402 500 1447 1120 766 56 061 SIC H Balance Sheets fin millions of US dollars) Cash & cash equivalente Short-term marketable securities Accounts receivable, not Inventories Deferred tax assots Vendor nontrade receivables Other current assets Total current is iets Long term marketable secunties Grow property, plant, & equipment (PPE Accumulatod depreciation & amortition Other noncurrent assets Total assets CRET OS 2014 21,120 13.840 20,481 11.233 16,149 17.40 249 2,111 3,546 13,494 9,759 9,539 9,806 89.378 6801 164,065 130,162 49.257 99,015 (26,786 (18.991) 14,565 12.522 290.479231839 1.510 34290 2012 107 18.30 10,000 791 2.50 7,162 6.45 57.659 92,122 21.87 (6.05) 10.17 176.04 23,809 12.07 131,339 170,799 20,40 (19.099) 22,260 365,725 109 S88 17,799 13,956 128645 1944,714 73,076 (41,293) 18.177 375.319 4 13.345 RO 106,869 120.430 61,245 04.235) 17.377 321.686 2.747 73.286 106.215 28,519 (11.922) 10:52 207.000 (1.12) ( () () HE .. 117 (505) 259 6215 2.627 393372 *** 1.154 299 22.367 13.56 7,05 5.5.20 572 30.196 18,433 R.491 6.MS 21,175 11,414 5,983 FREE HER *** ***** *** 304 2.354 215 38342 14792 3,029 ) 819Z 55,888 44,242 37,2014 25,190 32,687 30,531 22.027 25,161 7,543 7,548 BO 8.940 11.964 11,977 los 8,499 3,784 6,496 3.500 2.500 116.365 100,814 79.106 80.610 2,797 2.836 2,900 3.64 99,738 97.207 75,427 53,463 43,180 40,413 36,074 13.427 258578 241.272 193437 171.124 40,201 35.367 31.251 27,416 70,400 964 92.284 (3,454) (150) 614 (145) 107.147 134,047 120.249 119,355 365,725 375,319 321.686 290,479 19991 Accounts payable Accrued expenses Deferred revenue Commercial paper Current portion of long-term dobt Total current liabilities Deferred revente concurrent Long-term debt Deferred tax & other noncurrent liabilities Total liabilities Common stock Retained camnings Accumulated other comprehensive income (los) & other, net Total shareholdersity Total liabilities and shareholders equity ***** 63.448 43465 3,01 2.625 28,987 16.960 24,825 20.208 120,292 83,451 2,313 19,164 87,152 104256 1,082 (471) 111317 123.849 231.839 207.000 1,421 1343 7.177 13.45 29 1.96 2.91 *** ***** OLL 6 57854 16422 101289 100 HINTO 176/14 (97 ! () () CHE *** 4.223 21.030 39.872 SINO parla 2001. IN UVA-C-2420 Page 7 Exhibit 4 Apple Inc.: An Application of Financial Analysis 2003-2018 Income Statements and Statement of Retained Earnings 2003 2014 2016 215.639 131,376 84.263 10.05 14.194 24.239 60.024 2.99 12.479 21.314 11.145 1.109 3261 4870 12.795 112.268 70.537 6,041 11.993 18034 $2.503 1,705 42 1.218 1.709 (1) 2017 229.234 1410 88,186 11.381 15.261 26,843 61,344 5.200 2.323 ( 64,019 15.78 45.351 2018 28,595 163.756 101.839 14.236 16208 30,941 70,898 5.686 3.240 (441) 72.903 12372 59.531 6,275 2015 233,715 160,089 93/626 067 14219 22,396 71,230 2921 733 (201) 72.515 19.121 33.194 2013 2012 120.910 156.SOS 106006 74 64.304 65.262 4015 3.381 10.30 10040 15.305 13.421 55341 1616 18 M (104) SA 50.155 55.763 DS 140 37037 41.733 603 1.795 (31) 53433 92 24 (1.195) 61.372 15.685 45.657 6,895 2003 4X34 39.810 6171 5029 5.08 6544 4 6.315 5.733 5,793 60 6123 5,471 5.500 4.985 5.217 5.252 Income Statements fin millions of US dollars) Net sales Cost ofsnes Gross murgin Research & development expense Selling general & administrative expense Total operating expenses Operating income (los) Interest & dividend income Interest expense Other income (penses), net Income loss) before provision for tres Provision for benefit from income as Netine me loss) Weighted average shares outstanding-basie Weighted average shares outstanding-diluted Net camings (lows) per common share-hasie Net camins (loss) per common share-diluted Statements of Retained Earnings (in millions of dollars) Previous retained eamings Net income Cum effect of change in accounting principle Dividends & dividend equivalent nghts declared Repurchase of common stock Dividends & dividend equivalent nghts declared Retained earnings 5.000 078 001 001 6:49 5.72 615 631 077 92 922 835 31 9.27 921 5.68 1201 1191 2003 2.325 2012 2,841 2015 87,150 2016 92.284 45,687 2017 2013 101.29 37.007 2014 104256 9,510 2009 9.101 4334 11 41.733 48 351 2018 9.330 59,331 27 (13.735) (73,0599 (918) 70,400 (12.18 (11/27 (6,009 (11,215) (10,6769 2,523) (35,000) (22.950) 292) (460 87.152 104,256 101289 (76) (100) 13.345 (12.800) (33.001) (581) 98,330 2.394 92,284 96,364 Exhibit 5 Apple Inc.: An Application of Financial Analysis, 2003-2018 Statements of Cash Flow 2018 2017 2016 2015 2014 2013 2003 2012 2008 Statements of Cash Flow fin millions of US dollars) Operating Activities Net income (los) Depreciation & amortization Share-based compensation expense Deferred income tax expense (benefit) Accounts receivable, net Inventories Accounts payable Deferred revoniac Net changes in other assets and liabilities Net cash flows from operating activities 45,687 10,505 4.210 4,938 53.394 11.257 3.586 1.362 4 473 516 (368) (785) 1.095 59,531 10,903 5340 (32.590) (5,322) 898 9,175 (44) 29,613 77.434 611 48,351 10.157 4,840 5,966 (2,093) (2,723) 9.618 (625) (9.892) 63,598 37.007 6757 2,253 1,141 (2,172) (973) 2,340 1,489 5.824 53,666 69 113 16 (ID) 200) (11) 243 39,510 7.9446 2,863 2,347 (4.232) (769 5.938 1,460 3,957 59,713 41.733 3,277 1,740 4405 (5.551) (15) 4,467 2,804 C.004) 50.856 217 1.791 (1,554) 0.065) 65.824 (238) 5,400 1,042 4,832 81.266 (163) 596 5.642 71 289 9.596 (199,486) 126,339 (2,648) 3.607 (71,356) 103,719 (721) (13,313) (329) Investing Activities Purchases of secunities and long-term investments Proceeds from sales of securities and investments Payments made in connection w/ business acq.net Payment for acquisition of PPE Payment for acquisition of intangible assets Payments for strategic investments Other cash flow from investing activities Net cash flows from investing activities (23,003) 16,343 (220) (1.091) (106) (166,400) (217.128) (148,489 (151,232) 121.985 208,111 124447 112,805 (343) (3,765) (499 (350) (11,247) (9,571) (8,165) (8.295) (241) (342) (910) (1,107) (164) (142,438) 111,794 (297) (12,734) (84) (1,388) (110) (45977) (12,451) (346) (1.518) (745) 16,066 (395) 220 (46,446) (26) 36 (160) (48) (56,274) (22.579) (33,774) (48,227) (10) (3.189) 33 828 Statements of Cash Flow 2003 2005 2013 2012 2014 2015 2016 2018 2017 53 UR 757 609 555 543 709 (1.999 (11.561) (35,253) 27.114 (26) 665 1,351 (1.25) (248) 530 701 (1,082) (10.554) (22.860) 16,896 730 739 (1.156) (11.126) (45,000 11.960 495 400 (1.520) (12.150) (29,722) 24.954 (2.500) (397 (20.453) (124) (2.527) (13,712) (72,735) 6,969 (6.500) (37) (87,876) (1,874) (12,769) (32.900) 28,662 0,500) 3.852 (17,347) 29 1.116 (1.698) 2191 6306 (17.716) (37.849) (16.379) 9,352 2,523 Emancing Activities Proceeds from issuance of common stock Bess tax benefits from stock-based compensation Payments for taxes rel. to settlement of equity awards Payments for dividends & dividend equivalent paid Repurchases of common stock and other equity Proceeds from issuance of term debt, net Payments of long-term debt Change in commercial paper, net Net cash flows from financing activities Cash & cash equivalents, beginning of the year Increase (decrease) in cash & cash equivalents Cash & cash equivalents, end of the year Cash paid (received) for income taxes, net Cash paid during the year for interest 2.252 1,144 336 9815 91 10,746 14,259 (415) 13,844 21,120 (636) 20,484 20484 (195) 20,289 11.875 10,746 3,313 14.250 13,84 7,276 21,130 20.289 5,624 25,913 1.267 43 20 9,128 7.682 10,444 1,316 13.252 514 19,006 339 10,417 3,022 11,591 2,092 Apple Inc.: An Application of Financial Analysis, 2003-2018 Sales by Segment and by Product 2005 2003 53,181 $ 14,573 1,309 22,533 1.509 698 No Sales by Sarment (in millions of us dollars) Americas Europe Greater China Japan Rest of Asia Pacific Retail Other segments Total Net Sales 2015 2017 2016 2015 2014 2013 2012 $ 112.093 96,600 $ 86,613 S 93,866 $ 65,232 $ 62,739 $ 57,512 54.938 49,952 50337 40,929 37,883 36.323 51,942 44,764 48,492 56715 296 23.417 21,733 17,733 16,928 15,706 14,982 13,462 10,571 17,407 15,199 13,654 15.093 10.144 11,181 10,741 n/a n/a n/a 21,462 20228 18,828 /s n'a $ 265,595 $ 229,234 S 215,639 S 233.715 5182,795 $ 170,910 $ 156,508 6015 2.450 32.479 621 398 5 6.207 5 2005 2003 $ 1,844 4,491 145 644 16 *** Ner Sales y Product (in millions of us dollars) iPhone iPad Mac iPod Services Other products Accessories Total Net Sales 2018 2017 2016 2015 2014 2013 2012 $ 166,6995 141,319 S 136,700 S 155,041 S 101,991 S 91,279 $ 78,692 18,805 19.222 20,628 23.227 30281 31,980 30,945 25,484 25,850 22,831 25,471 24079 21.483 23.221 5,615 37,190 29,980 24,348 19.909 18,063 12.890 17,417 12,863 11,132 10,067 8,379 5205 5145 $ 265,595 $ 229,234 S 215,639 S 233,715 $182,795 $ 170,910 5156,508 14.276 9.153 2,207 3,140 1.659 32499 4411 16,031 56,207 $ Apple Inc.: An Application of Financial Analysis, 2003-2018 Unit Sales and Other Miscellancous Data 2003 2008 11,627 Unit Sales y Predmet (in thousands) iPhone iPad Mac iPod 2018 217,722 43.535 18,209 2017 216 756 43,753 19.251 2016 211,884 42,590 18.484 2015 231,218 34,856 20,587 2014 169,219 67,977 18,906 2013 150,257 71,033 16,341 26,379 2012 125,046 58,310 18,158 35,165 9,715 54,828 3,012 939 Other Items 2018 2017 4 755 5,126 $ 225.74 $ 151.82 $ 114 1.02 3.16 238 Shares outstanding Stock price per share Beta 10-year T-bond rate (%) 2016 5,336 109.11 $ 1.00 1.83 2015 2014 5,579 5,866 108 72 $ 93.88 $ 1.16 0.62 2.15 234 2013 2012 6,294 6,574 62.84 5 84 R2 099 0.81 2.54 1.69 2003 5.134 $ 131 1.10 430 2008 6,218 $16.24 1.38 3.97 + 038 1.99 $ 1.63 $ 218 $ 1.82 $ $ 2725 2.40 $ Cash dividends declared Full-time employees 132,000 123.000 116,000 110,000 92,600 80,300 72.800 32,000 10,912 Data source "Sharms outstanding" is split adjusted, in million data from Apple Inc. anual report, 2003-18. "Suck price per shine data from CRSP Dully Stock Price database, and we bond use" data from CRSP US Treasury database. "Beta estimated by author one-year daily stock wum.(ending September of each you, egressed on decid-based value-weighted mattum, duta from CRSP Daily Stock Proe database