1. From the beginning of 2000 to its peak in 2012, Apples stock price increased by more than 25 times, from $27.97 to $702.10. Examine ONLY the financial reports (in the appendices) and identify areas that were responsible for this stock performance. 2. From its peak in September 2012 to the end of March 2013, Apples stock price fell by 37%, from $702.10 to $442.66. Examine ONLY the financial reports (in the appendices) and identify areas that were responsible for this stock performance. 3. Following the events noted in this case, state what Apple actually chose to do with their cash (2013 - 2014) and any rationale for this decision. 4. State the amount of cash holdings Apple reported in their 2020 annual report (10-k)1 and state Apples plan to disburse cash holdings for 2020 and beyond.

Apple Inc | Income Statement Income Statement Annual Common Size (% of Sales) 09-Dec-2021 23:34 Revenue Net Sales Total Revenue Cost of Revenue, Total Cost of Revenue Gross Profit 2006 Earnings Quality Score N/A 2007 97 2008 2009 97 97 2010 91 2011 67 2012 2013 67 90 Period End Date 30-Sep-2006 29-Sep-2007 27-Sep-2008 26-Sep-2009 25-Sep-2010 24-Sep-2011 29-Sep-2012 28-Sep-2013 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 71.02% 66.83% 64.80% 59.86% 60.62% 59.52% 56.13% 62.38% 71.02% 66.83% 64.80% 59.86% 60.62% 59.52% 56.13% 62.38% 28.98% 33.17% 35.20% 40.14% 39.38% 40.48% 43.87% 37.62% Selling/General/Admin. Expenses, Total 12.60% 12.06% 10.03% 9.67% 8.46% 7.02% 6.42% 6.34% Selling/General/Administrative Expense 12.60% 12.06% 10.03% 9.67% 8.46% 7.02% 6.42% 5.76% Research & Development 3.69% 3.18% 2.96% 3.11% 2.73% 2.24% 2.16% 2.62% Depreciation/Amortization --- - -- Interest Expense, Net - Operating Total Operating Expense 87.30% 82.07% 77.79% 72.64% 71.81% 68.78% 64.70% 71.33% Operating Income 12.70% 17.93% 22.21% 27.36% 28.19% 31.22% 35.30% 28.67% Interest/Invest Income - Non-Operating 2.04% 2.63% 1.74% 0.95% 0.48% 0.48% 0.70% 0.77% Interest Income - Non-Operating 2.04% 2.63% 1.74% 0.95% 0.48% 0.48% 0.70% 0.95% Investment Income - Non-Operating 0.00% -0.18% Interest Inc.(Exp.),Net-Non-Op., Total 2.04% 2.63% 1.74% 0.95% 0.48% 0.48% 0.70% 0.69% Other, Net -0.15% -0.20% -0.09% -0.19% -0.24% -0.10% -0.36% -0.01% Other Non-Operating Income (Expense) -0.15% -0.20% -0.09% -0.19% -0.24% -0.10% -0.36% -0.01% Net Income Before Taxes 14.59% 20.37% 23.86% 28.12% 28.42% 31.60% 35.63% 29.35% Provision for Income Taxes 4.29% 6.15% 7.54% 8.93% 6.94% 7.65% 8.96% 7.68% Net Income After Taxes 10.30% 14.22% 16.32% 19.19% 21.48% 23.95% 26.67% 21.67% Net Income Before Extra. Items 10.30% 14.22% 16.32% 19.19% 21.48% 23.95% 26.67% 21.67% Net Income 10.30% 14.22% 16.32% 19.19% 21.48% 23.95% 26.67% 21.67%