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Case 1 – Ratio Analysis

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income statement

APPLE INC.
INCOME STATEMENT
Form Type: 10-K
Period End: Sep 25, 2021
Date Filed: Oct 29, 2021
Table Of Contents
Apple Inc.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions)
Years ended Trends APPLE Common Sized Income Statement
September 25, September 26, September 28, September 25, September 26, September 28,
2021 2020 2019 2021 v 2020 2021 v 2019 2021 2020 2019
Net sales $ 297,392 $ 220,747 $ 213,883 35% 39% Net sales 81% 80% 82%
Services 68,425 53,768 46,291 27% 48% Services 19% 20% 18%
Total net sales 365,817 274,515 260,174 33% 41% Total net sales 100% 100% 100%
Cost of sales: Cost of sales:
Products 192,266 151,286 144,996 Products 53% 55% 56%
Services 20,715 18,273 16,786 Services 6% 7% 6%
Total cost of sales 212,981 169,559 161,782 Total cost of sales 58% 62% 62%
Gross Margin 152,836 104,956 98,392 46% 55% Gross Margin 42% 38% 38%
Operating expenses Operating expenses
Research and development 21,914 18,752 16,217 Research and development 6% 7% 6%
Selling, general and administrative 21,973 19,916 18,245 Selling, general and administrative 6% 7% 7%
Total operating expenses 43,887 38,668 34,462 Total operating expenses 12% 14% 13%
Operating Income 108,949 66,288 63,930 64% 70% Operating Income 30% 24% 25%
Other income/(expense), net 258 803 1,807 Other income/(expense), net 0% 0% 1%
Income before provision for income taxes 109,207 67,091 65,737 Income before provision for income taxes 30% 24% 25%
Provision for income taxes 14,527 9,680 10,481 Provision for income taxes 4% 4% 4%
Net income $94,680 $57,411 $55,256 65% 71% Net income 26% 21% 21%
Earnings per share: Key Ratios and Trends
Basic $5.67 $3.31 $2.99 71% 90% Margins:
Diluted $5.61 $3.28 $2.97 71% 89% Sales 35% 31% 32%
Shares used in computing earnings per share: Services 70% 66% 64%
Basic 16,701,272 17,352,119 18,471,336 Growth:
Diluted 16,864,919 17,528,214 18,595,651 Sales 35% 3%
Services 27% 16%
Operating income 64% 4%
Net income 65% 4%
EPS, diluted 71% 10%

balance sheet

Created by EDGAR Online, Inc.
APPLE INC.
BALANCE_SHEET
Form Type: 10-K
Period End: Sep 25, 2021
Date Filed: Oct 29, 2021
Table Of Contents
Apple Inc.
CONSOLIDATED BALANCE SHEETS
(In millions, except number of shares which are reflected in thousands and par
value)
September 25, September 26, What happened in 2021?
2021 2020 Change %
ASSETS: Sold marketable securities while there is an increase
Current assets: in receivables and inventory
Cash and cash equivalents $ 34,940 $ 38,016 $ (3,076) -8%
Marketable securities 27,699 52,927 (25,228) -48%
Accounts receivable, net 26,278 16,120 10,158 63%
Inventories 6,580 4,061 2,519 62%
Vendor non-trade receivables 25,228 21,325 3,903 18%
Other current assets 14,111 11,264 2,847 25%
Total current assets 134,836 143,713 (8,877) -6%
Non-current assets:
Marketable securities 127,877 100,887 26,990 27% Increase in marketable securities…looks like maturing
Property, plant and equipment, net 39,440 36,766 2,674 7% securities were sold/matured and purchased long-term
Other non-current assets 48,849 42,522 6,327 15%
Total non-current assets 216,166 180,175 35,991 20%
Total assets $ 351,002 $ 323,888 27,114 8%
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities:
Accounts payable $ 54,763 $ 42,296 12,467 29% Increase in payables
Other current liabilities 47,493 42,684 4,809 11%
Deferred revenue 7,612 6,643 969 15%
Commercial paper 6,000 4,996 1,004 20%
Term debt 9,613 8,773 840 10%
Total current liabilities 125,481 105,392 20,089 19%
Non-current liabilities:
Term debt 109,106 98,667 10,439 11% Increase in long-term debt
Other non-current liabilities 53,325 54,490 (1,165) -2%
Total non-current liabilities 162,431 153,157 9,274 6%
Total liabilities 287,912 258,549 29,363 11% Growth in total debt
Commitments and contingencies
Shareholders’ equity:
Common stock and additional paid-in capital, $0.00001 par value:
50,400,000 shares authorized; 16,426,786 and 16,976,763 shares
issued and outstanding, respectively 57,365 50,779 6,586 13% Issued stock (may be in conjunction of sale or stock comp)
Retained earnings 5,562 14,966 (9,404) -63% Large decrease in retained earnings
Accumulated other comprehensive income/(loss) 163 (406) 569 -140%
Total shareholders’ equity 63,090 65,339 (2,249) -3% Reduction in equity due to share repurchases
Total liabilities and shareholders’ equity $ 351,002 $ 323,888 27,114 8%

stockholders’ equity

Created by EDGAR Online, Inc.
APPLE INC.
STOCKHOLDERS_EQUITY
Form Type: 10-K
Period End: Sep 25, 2021
Date Filed: Oct 29, 2021
Table Of Contents
Apple Inc.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(In millions, except per share amounts)
Years ended
September 25, September 26, September 28,
2021 2020 2019
Total shareholders’ equity, beginning balances $ 65,339 $ 90,488 $ 107,147
Common stock and additional paid-in capital:
Beginning balances 50,779 45,174 40,201
Common stock issued 1,105 880 781
Common stock withheld related to net share settlement
of equity awards (2,627) (2,250) (2,002)
Share-based compensation 8,108 6,975 6,194 Stock based compensation caused increase in equity
Ending balances 57,365 50,779 45,174
Retained earnings:
Beginning balances 14,966 45,898 70,400
Net income 94,680 57,411 55,256
Dividends and dividend equivalents declared (14,431) (14,087) (14,129)
Common stock withheld related to net share settlement
of equity awards (4,151) (1,604) (1,029)
Common stock repurchased (85,502) (72,516) (67,101) Apple is using earnings to repurchase & retire stock
Cumulative effects of changes in accounting principles – 0 (136) 2,501
Ending balances 5,562 14,966 45,898
Accumulated other comprehensive income/(loss):
Beginning balances (406) (584) (3,454)
Other comprehensive income/(loss) 569 42 2,781
Cumulative effects of changes in accounting principles – 0 136 89
Ending balances 163 (406) (584)
Total shareholders’ equity, ending balances $ 63,090 $ 65,339 $ 90,488
Dividends and dividend equivalents declared per share
or RSU $ 0.85 $ 0.80 $ 0.75

cash flow

Created by EDGAR Online, Inc.
APPLE INC.
CASH_FLOW
Form Type: 10-K
Period End: Sep 25, 2021
Date Filed: Oct 29, 2021
Table Of Contents
Apple Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
Years ended
September 25, September 26, September 28,
2021 2020 2019 Look at CFO, uses of cash
Cash, cash equivalents & restricted cash, beginning balances $ 39,789 $ 50,224 $ 25,913 for investing & financing
Operating activities:
Net income 94,680 57,411 55,256
Adjustments to reconcile net income to cash from operating activities
Depreciation and amortization 11,284 11,056 12,547
Share-based compensation expense 7,906 6,829 6,068
Deferred income tax benefit (4,774) (215) (340)
Other (147) (97) (652)
Changes in operating assets and liabilities:
Accounts receivable, net (10,125) 6,917 245
Inventories (2,642) (127) (289)
Vendor non-trade receivables (3,903) 1,553 2,931
Other current and non-current assets (8,042) (9,588) 873
Accounts payable 12,326 (4,062) (1,923)
Deferred revenue 1,676 2,081 (625)
Other current and non-current liabilities 5,799 8,916 (4,700)
Cash generated by operating activities (CFO) 104,038 80,674 69,391 CFO change 29% 16%
Investing activities: Free cash flow 78,486 59,284 44,777 CFO – PPE – Div
Purchases of marketable securities (109,558) (114,938) (39,630) Free cash flow = (CFO – purchase of PP&E – dividends)
Proceeds from maturities of marketable securities 59,023 69,918 40,102
Proceeds from sales of marketable securities 47,460 50,473 56,988
Payments for acquisition of property, plant and equipment (11,085) (7,309) (10,495)
Payments made in connection with business acquisitions,net (33) (1,524) (624)
Purchases of non-marketable securities (131) (210) (1,001)
Proceeds from non-marketable securities 387 92 1,634
Other (608) (791) (1,078)
Cash generated by/(used in) investing activities (14,545) (4,289) 45,896 Modest use of cash for investing activities
Financing activities:
Proceeds from issuance of common stock 1,105 880 781
Payments for taxes related to net share settlement of equity awards (6,556) (3,634) (2,817)
Payments for dividends and dividend equivalents (14,467) (14,081) (14,119)
Repurchases of common stock (85,971) (72,358) (66,897)
Proceeds from issuance of term debt, net 20,393 16,091 6,963
Repayments of term debt (8,750) (12,629) (8,805)
Proceeds from/(Repayments of) commercial paper, net 1,022 (963) (5,977)
Other (129) (126) (105)
Cash used in financing activities (93,353) (86,820) (90,976) Use of cash to repurchase common stock
Increase/(Decrease) in cash, cash equivalents and restricted cash (3,860) (10,435) 24,311
Cash, cash equivalents and restricted cash, ending balances $ 35,929 $ 39,789 $ 50,224
Supplemental cash flow disclosure:
Cash paid for income taxes, net $ 25,385 $ 9,501 $ 15,263
Cash paid for interest $ 2,687 $ 3,002 $ 3,423
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