Assets Fiscal year is October September. All values USD Millions. 2021 2020 2019 2018 2017 Cash & Short Term Investments 62,639 90,979 100,580 66,301 74,181 Cash Only 26,913 19,980 28,124 19,658 14,516 Short-Term Investments 35,726 70,999 72,456 46,643 59,665 Cash & Short Term Investments Growth -31.15% -9.55% 51.70% -10.62% Cash & ST Investments/Total Assets 17.85% 28.09% 29.71% 18.13% 19,76% Total Accounts Receivable 51,506 37,445 45,804 48,995 35,673 Accounts Receivables, Net 26,278 16,120 22,926 23,186 17,874 Accounts Receivables, Gross 26,278 16,120 22,926 23,186 17,932 Bad Debt/Doubtful Accounts (58) Other Receivables 25,228 21,325 22,878 25,809 17,799 Accounts Receivable Growth 37.55% -18.25% -6.51% 37.34% Accounts Receivable Turnover 7.10 7.32 5.68 5.43 6.41 Inventories 6,580 4,061 4,106 3,956 4,855 Finished Goods 6,580 4,061 4,106 3,956 4,855 Other Current Assets 14,111 11,228 12,329 12,087 13,936 Miscellaneous Current Assets 14,111 11,228 12.329 12,087 13,936 Total Current Assets 134,836 143,713 162,819 131,339 128,645 Net Property, Plant & Equipment 49,527 45,336 37,378 41,304 33,783 Property, Plant & Equipment - Gross 119,810 112,096 95,957 90,403 75,076 Buildings 20,041 17,952 17,085 16,216 13,587 Machinery & Equipment 78,659 75,291 69,797 65,982 54,210 Other Property, Plant & Equipment 11,023 10,283 9,075 8,205 7,279 Accumulated Depreciation 70,283 66,760 58,579 49,099 41,293 Total Investments and Advances 127,877 102,624 106,698 170,799 194,714 Other Long-Term Investments 127,877 102,624 106,698 170,799 194,714 Intangible Assets 8,015 Net Goodwill 5,717 Net Other Intangibles 2,298 Other Assets 38,762 32,215 31,621 22,283 10,162 Tangible Other Assets 38,762 32,215 31,621 22,283 10,162 Total Assets 351,002 323,888 338,516 365,725 375,319 Assets - Total - Growth 8.37% -4.32% -7.44% -2.56% Asset Turnover 1.08 Return On Average Assets 28.06% Liabilities & Shareholders' Equity All values USD Millions. 2021 2020 2019 2018 2017 ST Debt & Current Portion LT Debt 17,141 15,229 16,240 20,748 18,473 Short Term Debt 7,449 6,432 5,980 11,964 11,977 Current Portion of Long Term Debt 9,692 8,797 10,260 8,784 6,496 Accounts Payable 54,763 42,296 46,236 55,888 49,049 Accounts Payable Growth 29.48% -8.52% -17.27% 13.94% Other Current Liabilities 53,577 47,867 43,242 40,230 33,292 Miscellaneous Current Liabilities 53,577 47,867 43,242 40,230 33,292 Total Current Liabilities 125,481 105,392 105,718 116,866 100,814 Current Ratio 1.07 1.36 1.54 1.12 1.28 Quick Ratio 1.02 1.33 1.50 1.09 1.23 Cash Ratio 0.50 0.86 0.95 0.57 0.74 Long-Term Debt 119,381 107,049 91,807 93,735 97,207 Long-Term Debt excl. Capitalized Leases 109,106 98,667 91,807 93,735 97,207 Non-Convertible Debt 109,106 98,667 91,807 93,735 97,207 Capitalized Lease Obligations 769 637 Provision for Risks & Charges 24,689 28,170 29,545 33,589 Deferred Taxes 16,919 11,520 39,911 Deferred Taxes - Credit 16,919 11,520 39,911 Other Liabilities 18,361 17,938 4,039 2,868 3,340 Other Liabilities (excl. Deferred Income) 18,361 17,938 4,039 71 504 Deferred Income 2,797 2,836 Total Liabilities 287,912 258,549 248,028 258,578 241,272 Total Liabilities/Total Assets 82.03% 79.83% 73.27% 70.70% 64.28% Common Equity (Total) 63,090 65,339 90,488 107,147 134,047 Common Stock Par/Carry Value 57,365 50,779 45,174 40,201 35,867 Retained Earnings 5,562 14,966 45,898 70,400 98,330 Cumulative Translation Adjustment/Unrealized For. Exch. Gain (1,375) (1,463) (1,055) (354) Unrealized Gain/Loss Marketable Securities 1,846 707 (3,209) 328 Other Appropriated Reserves 163 (877) 172 810 (124) Common Equity/Total Assets 1797% 20.17% 26.73% 29.30% 35.72% Total Shareholders' Equity 63,090 65,339 90,488 107,147 134,047 Total Shareholders' Equity/Total Assets 17.97% 20.17% 26.73% 29.30% 35.72% Total Equity 63,090 65,339 90,488 107,147 134,047 Operating Activities Fiscal year is October September. All values USD Millions. 2021 2020 2019 2018 2017 Net Income before Extraordinaries 94,680 57,411 55,256 59,531 48,351 Net Income Growth 64.92% 3.90% -7.18% 23.12% Depreciation, Depletion & Amortization 11,284 11,056 12,547 10,903 10,157 Depreciation and Depletion 11,284 11,056 12,547 10,903 Deferred Taxes & Investment Tax Credit (4,774) (215) (340) (32,590) 5,966 Deferred Taxes (4,774) (215) (340) (32,590) 5,966 Other Funds 7,759 6,732 5,416 4,896 4,674 Funds from Operations 108,949 74,984 72,879 42,740 69,148 Changes in Working Capital (4,911) 5,690 (3,488) 34,694 (5,550) Receivables (14,028) 8,470 3,176 (13,332) (6,347) Inventories (2,642) (127) (289) 828 (2,723) Accounts Payable 12,326 (4,062) (1,923) 9,175 9,618 Other Assets/Liabilities (567) 1,409 (4,452) 38,023 (6,098) Net Operating Cash Flow 104,038 80,674 69,391 77,434 63,598 Net Operating Cash Flow Growth 28.96% 16.26% -10.39% 21.76% Net Operating Cash Flow/ Sales 28.44% 29.43% 26.69% 29.13% 27.82% Investing Activities All values USD Millions. 2021 2020 2019 2018 2017 Capital Expenditures (11,085) (7,309) (10,495) (13,313) (12,795) Capital Expenditures (Fixed Assets) (11,085) (7,309) (10,495) (13,313) (12,451) Capital Expenditures (Other Assets) (344) Capital Expenditures Growth -51.66% 30.36% 21.17% -4.05% Capital Expenditures / Sales -3.03% -2.67% -4.04% -5.01% -5.60% Net Assets from Acquisitions (33) (1,524) (624) (721) (329) Purchase/Sale of Investments (2,819) 5,335 58,093 30,845 (33,147) Purchase of Investments (109,689) (115,148) (40,631) (73,227) (159,486) Sale/Maturity of Investments 106,870 120,483 98,724 104,072 126,339 Other Uses (608) (791) (1,078) (745) (395) Other Sources 220 Net Investing Cash Flow (14,545) (4,289) 45,896 16,066 (46,446) Net Investing Cash Flow Growth -239.12% -109.35% 185.67% 134.59% Net Investing Cash Flow / Sales -3.98% -1.56% 17.65% 6.04% -20.32% Financing Activities All values USD Millions. 2021 2020 2019 2018 2017 Cash Dividends Paid - Total (14,467) (14,081) (14,119) (13,712) (12,769) Common Dividends (14,467) (14,081) (14,119) (13,712) (12,769) Change in Capital Stock (84,866) (71,478) (66,116) (72,069) (32,345) Repurchase of Common & Preferred Stk. (85,971) (72,358) (66,897) (72,738) (32,900) Sale of Common & Preferred Stock 1,105 880 781 669 555 Proceeds from Stock Options 1,105 880 781 669 555 Issuance/Reduction of Net 12,665 2,499 (7,819) 29,014 Change in Current Debt 1,022 (963) (5,977) (37) 3,852 Change in Long-Term Debt 11,643 3,462 (1,842) 469 25,162 Issuance of Long-Term Debt 20,393 16,091 6,963 6,969 28,662 Reduction in Long-Term Debt (8,750) (12,629) (8,805) (6,500) (3,500) Other Funds (6,685) (3,760) (2,922) (2,527) (1,247) Other Uses (6,685) (3,760) (2,922) (2,527) (1,874) Other Sources 627 Net Financing Cash Flow (93,353) (86,820) (90,976) (87,876) (17,347) Net Financing Cash Flow Growth -7.52% 4.57% -3.53% -406.58% Net Financing Cash Flow / Sales -25.52% -31.67% -35.00% -33.06% -7.59% Net Change in Cash (3,860) (10,435) 24,311 5,624 (195) Free Cash Flow 92,953 73,365 58,896 64,121 51,147 Free Cash Flow Growth 26.70% 24.57% -8.15% 25.37% Free Cash Flow Yield 3.17% Fiscal year is October September. All values USD Millions 2021 2020 2019 2018 2017 Sales/Revenue 365,817 274,150 259,968 265,809 228,572 Sales Growth 33.44% 5.46% -2.20% 16.29% Cost of Goods Sold (COGS) incl. D&A 212,981 170.143 162,264 163,826 141,702 COGS excluding D&A 201,697 159,087 150,964 154,526 132,302 Depreciation & Amortization Expense 11,284 11,056 11,300 9,300 9,400 Depreciation 11,284 11,056 11,300 9,300 8,200 Amortization of Intangibles 1,200 COGS Growth 25.18% 4.86% -0.95% 15.61% Gross Income 152,836 104,007 97,704 101,983 86,870 Gross Income Growth 46.95% 6.45% -4.20% 17.40% Gross Profit Margin 41.78% SG&A Expense 43,887 38,668 34,462 30,941 26,842 Research & Development 21,914 18,752 16,217 14,236 11,581 Other SG&A 21,973 19,916 18,245 16,705 15,261 SGA Growth 13.50% 12.20% 11.38% 15.27% EBIT 108,949 65,339 63,242 71,042 60,028 Unusual Expense (465) Non Operating Income/Expense 60 397 1,110 (585) 1,183 Non-Operating Interest Income 2,843 3,763 4,961 5,686 5,201 Interest Expense 2,645 2,873 3,576 3,240 2,323 Interest Expense Growth -7.94% -19,66% 10.37% 39.47% Gross Interest Expense 2,645 2,873 3,576 3,240 2,323 Pretax Income 109,207 67,091 65,737 72,903 64,089 Pretax Income Growth 62.77% 2.06% -9.83% 13.75% Pretax Margin 29.85% Income Tax 14,527 9,680 10,481 13,372 15,738 Income Tax - Current Domestic 9,877 6,761 6,859 41,976 8,101 Income Tax - Current Foreign 9,424 3,134 3,962 3,986 1,671 Income Tax-Deferred Domestic (7,514) (3,598) (3,006) (33,771) 5,982 Income Tax-Deferred Foreign 2,740 3.383 2,666 1,181 (16) Consolidated Net Income 94,680 57,411 55,256 59,531 48,351 Net Income 94,680 57,411 55,256 59,531 48,351 Net Income Growth 64.92% 3.90% -7.18% 23.12% Net Margin 25.88% Net Income After Extraordinaries 94,680 57,411 55,256 59,531 48,351 Net Income Available to Common 94,680 57,411 55,256 59,531 48,351 EPS (Basic) 5.61 3.28 2.97 2.98 2.30 EPS (Basic) Growth 71.40% 10.23% -0.20% 29.32% Basic Shares Outstanding 16,701 17,352 18,471 19,822 20,869 EPS (Diluted) 5.61 3.28 2.97 2.98 2.30 EPS (Diluted) Growth 71.40% 10.23% -0.17% 29.32% Diluted Shares Outstanding 16,865 17,528 18,596 20,000 21,007 EBITDA 120.233 76,395 74,542 80,342 69,428 EBITDA Growth 57,38% 2.49% -7.22% 15.72% EBITDA Margin 32.87% EBIT 108,949 65,339 63,242 71,042 60,028 1. Calculate the inventory turnover, payout ratio, profit margin, return on assets and debt to total assets of the Apple company. Assets Fiscal year is October September. All values USD Millions. 2021 2020 2019 2018 2017 Cash & Short Term Investments 62,639 90,979 100,580 66,301 74,181 Cash Only 26,913 19,980 28,124 19,658 14,516 Short-Term Investments 35,726 70,999 72,456 46,643 59,665 Cash & Short Term Investments Growth -31.15% -9.55% 51.70% -10.62% Cash & ST Investments/Total Assets 17.85% 28.09% 29.71% 18.13% 19,76% Total Accounts Receivable 51,506 37,445 45,804 48,995 35,673 Accounts Receivables, Net 26,278 16,120 22,926 23,186 17,874 Accounts Receivables, Gross 26,278 16,120 22,926 23,186 17,932 Bad Debt/Doubtful Accounts (58) Other Receivables 25,228 21,325 22,878 25,809 17,799 Accounts Receivable Growth 37.55% -18.25% -6.51% 37.34% Accounts Receivable Turnover 7.10 7.32 5.68 5.43 6.41 Inventories 6,580 4,061 4,106 3,956 4,855 Finished Goods 6,580 4,061 4,106 3,956 4,855 Other Current Assets 14,111 11,228 12,329 12,087 13,936 Miscellaneous Current Assets 14,111 11,228 12.329 12,087 13,936 Total Current Assets 134,836 143,713 162,819 131,339 128,645 Net Property, Plant & Equipment 49,527 45,336 37,378 41,304 33,783 Property, Plant & Equipment - Gross 119,810 112,096 95,957 90,403 75,076 Buildings 20,041 17,952 17,085 16,216 13,587 Machinery & Equipment 78,659 75,291 69,797 65,982 54,210 Other Property, Plant & Equipment 11,023 10,283 9,075 8,205 7,279 Accumulated Depreciation 70,283 66,760 58,579 49,099 41,293 Total Investments and Advances 127,877 102,624 106,698 170,799 194,714 Other Long-Term Investments 127,877 102,624 106,698 170,799 194,714 Intangible Assets 8,015 Net Goodwill 5,717 Net Other Intangibles 2,298 Other Assets 38,762 32,215 31,621 22,283 10,162 Tangible Other Assets 38,762 32,215 31,621 22,283 10,162 Total Assets 351,002 323,888 338,516 365,725 375,319 Assets - Total - Growth 8.37% -4.32% -7.44% -2.56% Asset Turnover 1.08 Return On Average Assets 28.06% Liabilities & Shareholders' Equity All values USD Millions. 2021 2020 2019 2018 2017 ST Debt & Current Portion LT Debt 17,141 15,229 16,240 20,748 18,473 Short Term Debt 7,449 6,432 5,980 11,964 11,977 Current Portion of Long Term Debt 9,692 8,797 10,260 8,784 6,496 Accounts Payable 54,763 42,296 46,236 55,888 49,049 Accounts Payable Growth 29.48% -8.52% -17.27% 13.94% Other Current Liabilities 53,577 47,867 43,242 40,230 33,292 Miscellaneous Current Liabilities 53,577 47,867 43,242 40,230 33,292 Total Current Liabilities 125,481 105,392 105,718 116,866 100,814 Current Ratio 1.07 1.36 1.54 1.12 1.28 Quick Ratio 1.02 1.33 1.50 1.09 1.23 Cash Ratio 0.50 0.86 0.95 0.57 0.74 Long-Term Debt 119,381 107,049 91,807 93,735 97,207 Long-Term Debt excl. Capitalized Leases 109,106 98,667 91,807 93,735 97,207 Non-Convertible Debt 109,106 98,667 91,807 93,735 97,207 Capitalized Lease Obligations 769 637 Provision for Risks & Charges 24,689 28,170 29,545 33,589 Deferred Taxes 16,919 11,520 39,911 Deferred Taxes - Credit 16,919 11,520 39,911 Other Liabilities 18,361 17,938 4,039 2,868 3,340 Other Liabilities (excl. Deferred Income) 18,361 17,938 4,039 71 504 Deferred Income 2,797 2,836 Total Liabilities 287,912 258,549 248,028 258,578 241,272 Total Liabilities/Total Assets 82.03% 79.83% 73.27% 70.70% 64.28% Common Equity (Total) 63,090 65,339 90,488 107,147 134,047 Common Stock Par/Carry Value 57,365 50,779 45,174 40,201 35,867 Retained Earnings 5,562 14,966 45,898 70,400 98,330 Cumulative Translation Adjustment/Unrealized For. Exch. Gain (1,375) (1,463) (1,055) (354) Unrealized Gain/Loss Marketable Securities 1,846 707 (3,209) 328 Other Appropriated Reserves 163 (877) 172 810 (124) Common Equity/Total Assets 1797% 20.17% 26.73% 29.30% 35.72% Total Shareholders' Equity 63,090 65,339 90,488 107,147 134,047 Total Shareholders' Equity/Total Assets 17.97% 20.17% 26.73% 29.30% 35.72% Total Equity 63,090 65,339 90,488 107,147 134,047 Operating Activities Fiscal year is October September. All values USD Millions. 2021 2020 2019 2018 2017 Net Income before Extraordinaries 94,680 57,411 55,256 59,531 48,351 Net Income Growth 64.92% 3.90% -7.18% 23.12% Depreciation, Depletion & Amortization 11,284 11,056 12,547 10,903 10,157 Depreciation and Depletion 11,284 11,056 12,547 10,903 Deferred Taxes & Investment Tax Credit (4,774) (215) (340) (32,590) 5,966 Deferred Taxes (4,774) (215) (340) (32,590) 5,966 Other Funds 7,759 6,732 5,416 4,896 4,674 Funds from Operations 108,949 74,984 72,879 42,740 69,148 Changes in Working Capital (4,911) 5,690 (3,488) 34,694 (5,550) Receivables (14,028) 8,470 3,176 (13,332) (6,347) Inventories (2,642) (127) (289) 828 (2,723) Accounts Payable 12,326 (4,062) (1,923) 9,175 9,618 Other Assets/Liabilities (567) 1,409 (4,452) 38,023 (6,098) Net Operating Cash Flow 104,038 80,674 69,391 77,434 63,598 Net Operating Cash Flow Growth 28.96% 16.26% -10.39% 21.76% Net Operating Cash Flow/ Sales 28.44% 29.43% 26.69% 29.13% 27.82% Investing Activities All values USD Millions. 2021 2020 2019 2018 2017 Capital Expenditures (11,085) (7,309) (10,495) (13,313) (12,795) Capital Expenditures (Fixed Assets) (11,085) (7,309) (10,495) (13,313) (12,451) Capital Expenditures (Other Assets) (344) Capital Expenditures Growth -51.66% 30.36% 21.17% -4.05% Capital Expenditures / Sales -3.03% -2.67% -4.04% -5.01% -5.60% Net Assets from Acquisitions (33) (1,524) (624) (721) (329) Purchase/Sale of Investments (2,819) 5,335 58,093 30,845 (33,147) Purchase of Investments (109,689) (115,148) (40,631) (73,227) (159,486) Sale/Maturity of Investments 106,870 120,483 98,724 104,072 126,339 Other Uses (608) (791) (1,078) (745) (395) Other Sources 220 Net Investing Cash Flow (14,545) (4,289) 45,896 16,066 (46,446) Net Investing Cash Flow Growth -239.12% -109.35% 185.67% 134.59% Net Investing Cash Flow / Sales -3.98% -1.56% 17.65% 6.04% -20.32% Financing Activities All values USD Millions. 2021 2020 2019 2018 2017 Cash Dividends Paid - Total (14,467) (14,081) (14,119) (13,712) (12,769) Common Dividends (14,467) (14,081) (14,119) (13,712) (12,769) Change in Capital Stock (84,866) (71,478) (66,116) (72,069) (32,345) Repurchase of Common & Preferred Stk. (85,971) (72,358) (66,897) (72,738) (32,900) Sale of Common & Preferred Stock 1,105 880 781 669 555 Proceeds from Stock Options 1,105 880 781 669 555 Issuance/Reduction of Net 12,665 2,499 (7,819) 29,014 Change in Current Debt 1,022 (963) (5,977) (37) 3,852 Change in Long-Term Debt 11,643 3,462 (1,842) 469 25,162 Issuance of Long-Term Debt 20,393 16,091 6,963 6,969 28,662 Reduction in Long-Term Debt (8,750) (12,629) (8,805) (6,500) (3,500) Other Funds (6,685) (3,760) (2,922) (2,527) (1,247) Other Uses (6,685) (3,760) (2,922) (2,527) (1,874) Other Sources 627 Net Financing Cash Flow (93,353) (86,820) (90,976) (87,876) (17,347) Net Financing Cash Flow Growth -7.52% 4.57% -3.53% -406.58% Net Financing Cash Flow / Sales -25.52% -31.67% -35.00% -33.06% -7.59% Net Change in Cash (3,860) (10,435) 24,311 5,624 (195) Free Cash Flow 92,953 73,365 58,896 64,121 51,147 Free Cash Flow Growth 26.70% 24.57% -8.15% 25.37% Free Cash Flow Yield 3.17% Fiscal year is October September. All values USD Millions 2021 2020 2019 2018 2017 Sales/Revenue 365,817 274,150 259,968 265,809 228,572 Sales Growth 33.44% 5.46% -2.20% 16.29% Cost of Goods Sold (COGS) incl. D&A 212,981 170.143 162,264 163,826 141,702 COGS excluding D&A 201,697 159,087 150,964 154,526 132,302 Depreciation & Amortization Expense 11,284 11,056 11,300 9,300 9,400 Depreciation 11,284 11,056 11,300 9,300 8,200 Amortization of Intangibles 1,200 COGS Growth 25.18% 4.86% -0.95% 15.61% Gross Income 152,836 104,007 97,704 101,983 86,870 Gross Income Growth 46.95% 6.45% -4.20% 17.40% Gross Profit Margin 41.78% SG&A Expense 43,887 38,668 34,462 30,941 26,842 Research & Development 21,914 18,752 16,217 14,236 11,581 Other SG&A 21,973 19,916 18,245 16,705 15,261 SGA Growth 13.50% 12.20% 11.38% 15.27% EBIT 108,949 65,339 63,242 71,042 60,028 Unusual Expense (465) Non Operating Income/Expense 60 397 1,110 (585) 1,183 Non-Operating Interest Income 2,843 3,763 4,961 5,686 5,201 Interest Expense 2,645 2,873 3,576 3,240 2,323 Interest Expense Growth -7.94% -19,66% 10.37% 39.47% Gross Interest Expense 2,645 2,873 3,576 3,240 2,323 Pretax Income 109,207 67,091 65,737 72,903 64,089 Pretax Income Growth 62.77% 2.06% -9.83% 13.75% Pretax Margin 29.85% Income Tax 14,527 9,680 10,481 13,372 15,738 Income Tax - Current Domestic 9,877 6,761 6,859 41,976 8,101 Income Tax - Current Foreign 9,424 3,134 3,962 3,986 1,671 Income Tax-Deferred Domestic (7,514) (3,598) (3,006) (33,771) 5,982 Income Tax-Deferred Foreign 2,740 3.383 2,666 1,181 (16) Consolidated Net Income 94,680 57,411 55,256 59,531 48,351 Net Income 94,680 57,411 55,256 59,531 48,351 Net Income Growth 64.92% 3.90% -7.18% 23.12% Net Margin 25.88% Net Income After Extraordinaries 94,680 57,411 55,256 59,531 48,351 Net Income Available to Common 94,680 57,411 55,256 59,531 48,351 EPS (Basic) 5.61 3.28 2.97 2.98 2.30 EPS (Basic) Growth 71.40% 10.23% -0.20% 29.32% Basic Shares Outstanding 16,701 17,352 18,471 19,822 20,869 EPS (Diluted) 5.61 3.28 2.97 2.98 2.30 EPS (Diluted) Growth 71.40% 10.23% -0.17% 29.32% Diluted Shares Outstanding 16,865 17,528 18,596 20,000 21,007 EBITDA 120.233 76,395 74,542 80,342 69,428 EBITDA Growth 57,38% 2.49% -7.22% 15.72% EBITDA Margin 32.87% EBIT 108,949 65,339 63,242 71,042 60,028 1. Calculate the inventory turnover, payout ratio, profit margin, return on assets and debt to total assets of the Apple company
