M 2019 Microsoft 2010 Account cable Total Revenue Inventory Cost of Revenue Accounts Payable Cost of Good Sold From Bang Sheet from income Statement From Balance Sheet from income Statement France Sheet From income Statement Turnover 0 14 Don't forget to fill in column - 2017 17 Apple Account Recall Sales Avenge Accu Recev Turnover 50 56 10 13 Day Salesis Receivable 365 Days Account 165 DIV/ Micro Accounts Payable Cost of Good old Are Account Payable SO 10 +25 11 Payable Turnover in deye Days Accounts Payable 365 V. DI/ Micro trentary Turnover Costel Good NR Average very SO / 50 2 We Days' Sales In Inventory D65 Days Inventory 165 BON/OF Apple Accounts Receivable Sales Average Account Re so yo + 50 72 DO Day Sales in Receivable Me Dame 7 Accounts Receivable Turnover 365 DIV/0! DO Acole Accounts Payable Com of Good Sold Average Accounts Payable Turnover So $0 12 DIV/DI 365 Days Accounts Payable Turnover Payable Turnover in days 365 DIV/ DIV/! Apple Cost of Good old Average Inventory Inventory Turnover $0 $0 + 50 12 DIV/ 365 Days Inventory Turnover Day Sales in Inventory // no 2019 2018 Financial Statement From Balance Sheet) From Income Statement From Salance Sheet) (From Income Statement) From Balance Sheet (From income Statement 19 Accounts Receivable Total Revenue 21 Inventory 22 Cost of Revenge 23 Accounts Payable 24 Cost of Goods Sold 25 26 27 Apple Inc. CONSOLIDATED BALANCE SHEETS (In millions, except number of shares which are reflected in thousands and par value) September 28, 2019 September 29, 2018 ASSETS: Current assets: Cash and cash equivalents Marketable securities Accounts receivable, net Inventories Vendor non-trade receivables Other current assets Total current assets 48,844 5 51,713 22,926 4,106 22,878 12,352 162,819 25,913 40,388 23,186 3,956 25,809 12,087 131,339 Non-current assets: Marketable securities Property, plant and equipment, net Other non-current assets Total non-current assets Total assets 105,341 37 378 32,978 175,697 338,516 $ 170,799 41,304 22,283 234,386 365,725 $ LIABILITIES AND SHAREHOLDERS' EQUITY: $ Current liabilities: Accounts payable Other current liabilities Deferred revenue Commercial paper Temm debt Total current liabilities 46,236 $ 37.720 5,522 5,980 10,260 105,718 55,888 33,327 5,966 11.964 8,784 115,929 Non-current liabilities: Tem debt Other non-current liabilities Total non-current liabilities Total liabilities 91,807 50,503 142,310 248,028 93,735 48,914 142,649 258,578 Commitments and contingencies Shareholders' equity s 9. 18 Apple Inc. CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except number of shares which are reflected in thousands and per share amounts) September 20, Years ended September 29, 2018 2019 September 30, 2017 Net sales: Products Services Totil net sales 213,883 $ 46,291 260,174 225,847 $ 39,748 265,595 196,534 32,700 229,234 Cost of sales: Products Services Total cost of sales Gross margin 144.996 16,786 161,782 98,392 148,164 15,592 163,756 101,839 126,337 14,711 141,048 88,185 16,217 18.245 34,462 14,236 16,705 30,941 11,581 15.261 26,842 Operating expenses Research and development Selling, general and administrative Total operating expenses Operating income Other income/expense), net Income before provision for income taxes Provision for income taxes Net Income 63,930 1,807 65.737 10,481 55,256 $ 70,898 2,005 72.903 13,372 59,5315 61,344 2,745 64,089 15,738 48,351 $ $ $ 11.97 $ 11.89 $ 12.01$ 11.91 $ 9.27 9.21 Enrings per share Basic Diluted Shares used in computing camninga per share: Basic Diluted 4.617,834 4,648,913 4,955,377 5,000,109 5,217.242 5.251,692 See nocompanying Notes to Consolidated Financial Statements Apple Inc. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In millions) Years onded September 28, September 29, September 30, 2019 2018 2017 $ 55,256 $ 59,531 $ 48,351 Net income Other comprehensive income/loss): Change in foreign currency translation, net of tax (408) (525) 224 (661) 523 1,315 Change in unrealized gains/losses on derivative instruments, net of tax: Change in fair value of derivatives Adjustment for net (gains)losses realized and included in net Total change in unrealized gains/losses on derivative instruments income 23 382 (1,477) (638) 905 (162) 3,802 (3,407) (782) Change in unrealized gains/losses on marketable securities, net of tax: Change in fair value of marketable securities Adjustment for net (gains)losses realized and included in net income Total change in unrealized gains/losses on marketable securities 25 1 (64) 3,827 (3,406) (846) Total other comprehensive income/(loss) Total comprehensive income 2,781 58,037 $ $ (3,026) 56,505 $ (784) 47,567 See accompanying Notes to Consolidated Financial Statements PARTE Ham ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA INCOME STATEMENTS 2019 2018 2017 66,069 $ 59,774 125.843 54.4975 45,853 110,360 63,811 32.780 96,571 On me pershare amount Year Ended June 30 Reverso Product Service and other Total revenue Cost of revenue Product Service and other Total cost of revenue Gross margin Research and development Sales and marketing General and administrative Restructuring Operating income Other income, net Income before income taxes Provision for income taxes Net Income Earnings per share: Diluted Weighted average shares outstanding Basic Diluted 16.273 26,637 42,910 32,933 16,876 18.213 4,885 15,420 22.933 38.253 72,007 14,726 17,469 4,754 0 35 058 1.416 15. 175 19.036 34,261 82,310 13,037 15,451 4,481 306 29.025 876 29,901 4,412 25.489 42.959 729 43,683 4,448 36,474 19,603 16.571 $ $ 39,240 $ Basic $ 5.11 5 5.06 $ 2.15$ 2.135 329 3.25 7,673 7,753 7.700 7,794 7,746 7,832 Refer to accompanying notes 51 PARTI $ 2017 25.489 COMPREHENSIVE INCOME STATEMENTS in milliona) Year Ended June 30, 2019 2018 Net Income 39,240 $ 16,571 Other comprehensive income (loss), net of tax: Net change related to derivatives (173) 39 Net change related to investments 2,405 (2,717) Translation adjustments and other (318) (178) Other comprehensive income (loss) 1,914 (2,856) Comprehensive income 41,154 $ 13.715 Refer to accompanying notes. Refer to Note 18 - Accumulated Other Comprehensive Income (1085) for further information (218) (1,116) 167 (1,167) 24,322 52 PARTU ana BALANCE SHEETS 2010 2018 in millions) June 30, Assets Current assets Cash and cash equivalents Short-term investments Totalcash, cash equivalents, and short-term investments Accounts receivable, net of allowance for doubtful accounts of $411 and $377 Inventories Other $ 11,356 $ 11,940 122,463 121,822 133,819 133.768 29,524 26,481 2,063 2,662 10,140 6.751 175,552 169.682 36,477 29.460 7,379 8.686 2,649 1,862 42.026 36,583 7.750 8,053 14.723 7,442 $ 286,556 $268,848 Total current assets Property and equipment, net of accumulated depreciation of $35,330 and $29,223 Operating leasenght-of-use assets Equity Investments Goodwill Intangible assets, net Other long-term assets Total assets Liabilities and stockholders' equity Current liabilities Accounts payable Current portion of long-term debt Accrued compensation Short-term income taxes Short-term uneamed revenue Other Total current liabilities Long-term debi Long-term income taxes Long-term uneamed revenue Deferred income taxes Operating lease liabilities Other long-term liabilities Tot liabilities Commitments and contingencies Stockholdersequity Common stock and paid in capital - shares authorized 24,000, outstanding 7,643 and 7,677 Retained earnings Accumulated other comprehensive loss Total stockholders' equity Total Wabilities and stockholders equity Refer to accompanying noten $ 9,382 $8,817 5,516 3,998 6,830 6,103 5,665 2,121 32,676 28,906 9,351 8.744 69,420 68,488 66,662 72,242 29,612 30.265 4,530 3,815 541 6,188 5,548 7,581 5,211 184,226 178,130 233 78,520 71,223 24,150 13,882 (340) (2,187) 102,330 82,718 $ 286,556 $ 258.848 M 2019 Microsoft 2010 Account cable Total Revenue Inventory Cost of Revenue Accounts Payable Cost of Good Sold From Bang Sheet from income Statement From Balance Sheet from income Statement France Sheet From income Statement Turnover 0 14 Don't forget to fill in column - 2017 17 Apple Account Recall Sales Avenge Accu Recev Turnover 50 56 10 13 Day Salesis Receivable 365 Days Account 165 DIV/ Micro Accounts Payable Cost of Good old Are Account Payable SO 10 +25 11 Payable Turnover in deye Days Accounts Payable 365 V. DI/ Micro trentary Turnover Costel Good NR Average very SO / 50 2 We Days' Sales In Inventory D65 Days Inventory 165 BON/OF Apple Accounts Receivable Sales Average Account Re so yo + 50 72 DO Day Sales in Receivable Me Dame 7 Accounts Receivable Turnover 365 DIV/0! DO Acole Accounts Payable Com of Good Sold Average Accounts Payable Turnover So $0 12 DIV/DI 365 Days Accounts Payable Turnover Payable Turnover in days 365 DIV/ DIV/! Apple Cost of Good old Average Inventory Inventory Turnover $0 $0 + 50 12 DIV/ 365 Days Inventory Turnover Day Sales in Inventory // no 2019 2018 Financial Statement From Balance Sheet) From Income Statement From Salance Sheet) (From Income Statement) From Balance Sheet (From income Statement 19 Accounts Receivable Total Revenue 21 Inventory 22 Cost of Revenge 23 Accounts Payable 24 Cost of Goods Sold 25 26 27 Apple Inc. CONSOLIDATED BALANCE SHEETS (In millions, except number of shares which are reflected in thousands and par value) September 28, 2019 September 29, 2018 ASSETS: Current assets: Cash and cash equivalents Marketable securities Accounts receivable, net Inventories Vendor non-trade receivables Other current assets Total current assets 48,844 5 51,713 22,926 4,106 22,878 12,352 162,819 25,913 40,388 23,186 3,956 25,809 12,087 131,339 Non-current assets: Marketable securities Property, plant and equipment, net Other non-current assets Total non-current assets Total assets 105,341 37 378 32,978 175,697 338,516 $ 170,799 41,304 22,283 234,386 365,725 $ LIABILITIES AND SHAREHOLDERS' EQUITY: $ Current liabilities: Accounts payable Other current liabilities Deferred revenue Commercial paper Temm debt Total current liabilities 46,236 $ 37.720 5,522 5,980 10,260 105,718 55,888 33,327 5,966 11.964 8,784 115,929 Non-current liabilities: Tem debt Other non-current liabilities Total non-current liabilities Total liabilities 91,807 50,503 142,310 248,028 93,735 48,914 142,649 258,578 Commitments and contingencies Shareholders' equity s 9. 18 Apple Inc. CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except number of shares which are reflected in thousands and per share amounts) September 20, Years ended September 29, 2018 2019 September 30, 2017 Net sales: Products Services Totil net sales 213,883 $ 46,291 260,174 225,847 $ 39,748 265,595 196,534 32,700 229,234 Cost of sales: Products Services Total cost of sales Gross margin 144.996 16,786 161,782 98,392 148,164 15,592 163,756 101,839 126,337 14,711 141,048 88,185 16,217 18.245 34,462 14,236 16,705 30,941 11,581 15.261 26,842 Operating expenses Research and development Selling, general and administrative Total operating expenses Operating income Other income/expense), net Income before provision for income taxes Provision for income taxes Net Income 63,930 1,807 65.737 10,481 55,256 $ 70,898 2,005 72.903 13,372 59,5315 61,344 2,745 64,089 15,738 48,351 $ $ $ 11.97 $ 11.89 $ 12.01$ 11.91 $ 9.27 9.21 Enrings per share Basic Diluted Shares used in computing camninga per share: Basic Diluted 4.617,834 4,648,913 4,955,377 5,000,109 5,217.242 5.251,692 See nocompanying Notes to Consolidated Financial Statements Apple Inc. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In millions) Years onded September 28, September 29, September 30, 2019 2018 2017 $ 55,256 $ 59,531 $ 48,351 Net income Other comprehensive income/loss): Change in foreign currency translation, net of tax (408) (525) 224 (661) 523 1,315 Change in unrealized gains/losses on derivative instruments, net of tax: Change in fair value of derivatives Adjustment for net (gains)losses realized and included in net Total change in unrealized gains/losses on derivative instruments income 23 382 (1,477) (638) 905 (162) 3,802 (3,407) (782) Change in unrealized gains/losses on marketable securities, net of tax: Change in fair value of marketable securities Adjustment for net (gains)losses realized and included in net income Total change in unrealized gains/losses on marketable securities 25 1 (64) 3,827 (3,406) (846) Total other comprehensive income/(loss) Total comprehensive income 2,781 58,037 $ $ (3,026) 56,505 $ (784) 47,567 See accompanying Notes to Consolidated Financial Statements PARTE Ham ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA INCOME STATEMENTS 2019 2018 2017 66,069 $ 59,774 125.843 54.4975 45,853 110,360 63,811 32.780 96,571 On me pershare amount Year Ended June 30 Reverso Product Service and other Total revenue Cost of revenue Product Service and other Total cost of revenue Gross margin Research and development Sales and marketing General and administrative Restructuring Operating income Other income, net Income before income taxes Provision for income taxes Net Income Earnings per share: Diluted Weighted average shares outstanding Basic Diluted 16.273 26,637 42,910 32,933 16,876 18.213 4,885 15,420 22.933 38.253 72,007 14,726 17,469 4,754 0 35 058 1.416 15. 175 19.036 34,261 82,310 13,037 15,451 4,481 306 29.025 876 29,901 4,412 25.489 42.959 729 43,683 4,448 36,474 19,603 16.571 $ $ 39,240 $ Basic $ 5.11 5 5.06 $ 2.15$ 2.135 329 3.25 7,673 7,753 7.700 7,794 7,746 7,832 Refer to accompanying notes 51 PARTI $ 2017 25.489 COMPREHENSIVE INCOME STATEMENTS in milliona) Year Ended June 30, 2019 2018 Net Income 39,240 $ 16,571 Other comprehensive income (loss), net of tax: Net change related to derivatives (173) 39 Net change related to investments 2,405 (2,717) Translation adjustments and other (318) (178) Other comprehensive income (loss) 1,914 (2,856) Comprehensive income 41,154 $ 13.715 Refer to accompanying notes. Refer to Note 18 - Accumulated Other Comprehensive Income (1085) for further information (218) (1,116) 167 (1,167) 24,322 52 PARTU ana BALANCE SHEETS 2010 2018 in millions) June 30, Assets Current assets Cash and cash equivalents Short-term investments Totalcash, cash equivalents, and short-term investments Accounts receivable, net of allowance for doubtful accounts of $411 and $377 Inventories Other $ 11,356 $ 11,940 122,463 121,822 133,819 133.768 29,524 26,481 2,063 2,662 10,140 6.751 175,552 169.682 36,477 29.460 7,379 8.686 2,649 1,862 42.026 36,583 7.750 8,053 14.723 7,442 $ 286,556 $268,848 Total current assets Property and equipment, net of accumulated depreciation of $35,330 and $29,223 Operating leasenght-of-use assets Equity Investments Goodwill Intangible assets, net Other long-term assets Total assets Liabilities and stockholders' equity Current liabilities Accounts payable Current portion of long-term debt Accrued compensation Short-term income taxes Short-term uneamed revenue Other Total current liabilities Long-term debi Long-term income taxes Long-term uneamed revenue Deferred income taxes Operating lease liabilities Other long-term liabilities Tot liabilities Commitments and contingencies Stockholdersequity Common stock and paid in capital - shares authorized 24,000, outstanding 7,643 and 7,677 Retained earnings Accumulated other comprehensive loss Total stockholders' equity Total Wabilities and stockholders equity Refer to accompanying noten $ 9,382 $8,817 5,516 3,998 6,830 6,103 5,665 2,121 32,676 28,906 9,351 8.744 69,420 68,488 66,662 72,242 29,612 30.265 4,530 3,815 541 6,188 5,548 7,581 5,211 184,226 178,130 233 78,520 71,223 24,150 13,882 (340) (2,187) 102,330 82,718 $ 286,556 $ 258.848