COMPANY NOTE

May 30, 2012

Apple, Inc. (AAPL)

Overweight

A Little Mac Cannibalization From The iPad May Be A Good Thing

CONCLUSION

PRICE: US$572.27
TARGET: US$910.00
(14x CY14E EPS of $65.14)

Given the growth & marketshare opportunity in tablets, the iPad opportunity far
outweighs risks of Mac cannibalization. We continue to believe that over the next 10
years, the total tablet market will exceed that of the PC market in terms of units. As
consumers, in some cases, shift or augment their traditional PC setup to include tablet
devices, some cannibalization of the Mac from the iPad is unavoidable. However, we
believe Apple maintaining its majority (60% plus) market share in the ultimately larger
tablet market is more important than meaningfully increasing single digit market share
in the PC space, despite 2.5x higher ASPs for PCs (Macs vs iPads). Combined iPad and
Mac sales are expected to be $62B today, and assuming aggressive cannibalization of the
Mac, those combined segments should nearly double to $119B in 2015.

Gene Munster
Sr Research Analyst, Piper Jaffray & Co.
612 303-6452, gene.a.munster@pjc.com
Douglas J. Clinton
Research Analyst, Piper Jaffray & Co.
212 284-9488, douglas.j.clinton@pjc.com

Long Term Tablet Opportunity To Be Greater Than PC Market. For CY12, we expect

Changes
Rating
Price Tgt
FY13E Rev (mil)
FY14E Rev (mil)
FY13E EPS
FY14E EPS

Previous

52-Week High / Low

Shares Out (mil)
Market Cap. (mil)
Avg Daily Vol (000)
Book Value/Share
Net Cash Per Share
Debt to Total Capital
Yield
Fiscal Year End

US$644.00 / US$310.50
944.9
US$540,737.9
23,989
US$108.48
US$116.60
0%
0.00%
Sep

Apple to sell 66 million iPads compared to the total tablet market at 99 million (PJC)
and the PC market at 371 million (IDC). Longer term, we believe the total tablet
market will exceed the PC market. For CY15, we expect 176 million iPads to be sold of
301 million total tablets. For 2015, IDC estimates PC sales at 484 million units.Thus
the gap will be significantly closed between tablet and PC unit sales by 2015. We believe
tablets could overtake sales of notebooks by 2015 and total PCs well before 2020.
Why Mac Cannibalization From iPad Is Likely A Positive For Apple. We believe the
reality of the shift to tablets is that some traditional Mac sales are being and will
continue to be cannibalized. Since Jun-10, Mac growth rates have trended from 33%
(iPad was released in Apr-10) to 26% in Dec-11(Mar-12 units were up 7% due to a
slow down ahead of Jun-12 Mac refresh) It's impossible to gauge how much of that
decline was attributed to the iPad. While the shift from a $1,262 ASP Mac to a $559
ASP (Mar-12) iPad appears negative, in the greater scheme of the market we believe
the shift is a net positive to Apple. Currently, if you look at the incremental tablet units
sold y/y in 2012 and years beyond, tablet units growth will far outpace incremental
PC units. At 1% share of the incremental PC units in 2015, Apple would generate
$311 million in incremental revenue, but a 1% share of incremental tablet sales in 2015
would generate $394 million in revenue.

Current
Overweight
US$910.00
US$194,316.7
US$236,321.5
US$50.27
US$61.22

Price Performance - 1 Year

USD

700
650
600
550
500
450

CY15 (m)
PC
Tablet

400

Incremental Incremental Revenue @

Units Y/ Y
1%Share
25.4
$311.15
81.1
$394.32

350
300
May-11 Jul-11

Sep-11

Nov-11

Jan-12

Mar-12

May-12

Source: Bloomberg

Source: Piper Jaffray

R I S K S T O A C H I E V E M E N T O F P R I C E TA R G E T

Risks include: trends in end-markets; component pricing; competitive pressures.

COMPANY DESCRIPTION

Apple, Inc. provides hardware, software, and peripheral solutions focused on the
education, creative professional, and consumer markets.
YEAR
2012E

REVENUE (US$ m)
Dec

Mar

Jun

46,333.0A 39,186.0A 37,597.2

Sep

FY

EARNINGS PER SHARE (US$)

CY

FY RM

CY RM

Dec

Mar

Jun

Sep

FY

CY

FY P/E

CY P/E

36,985.0 160,101.2 169,350.6

3.4x

3.2x

13.87A

12.30A

10.32

9.64

46.14

47.38

12.4x

12.1x

2013E

55,582.4

42,166.5

43,528.9

53,038.9 194,316.7 198,821.4

2.8x

2.7x

15.12

10.80

11.12

13.23

50.27

51.33

11.4x

11.1x

2014E

60,087.1

51,489.3

56,074.1 68,670.9 236,321.5 255,703.4

2.3x

2.1x

16.18

13.24

14.34

17.46

61.22

65.14

9.3x

8.8x

Piper Jaffray does and seeks to do business with companies covered in its research reports. As a result, investors should be aware
that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as
only a single factor in making their investment decisions. This report should be read in conjunction with important disclosure
information, including an attestation under Regulation Analyst certification, found on pages 7 - 9 of this report or at the following
site: http://www.piperjaffray.com/researchdisclosures.
Apple, Inc.
Page 1 of 9

COMPANY NOTE
May 30, 2012

iPad Is More Important Than The

Mac.

Apple, Inc.

To illustrate, if in 2015 Apple maintains its 70% market share in tablets, it will generate $95B
in iPad revenue vs. $36B billion in CY12, and our current CY15 estimate of $85B. If during the
same period, Mac market share declines from 6% to 4% (assumes significant cannibalization),
Mac would account for $24B in sales vs. $26B in CY12 and our current CY15 estimate of $38B.
Adding those two segments, iPad and Mac sales are expected to be $62B today, and assuming
aggressive cannibalization of the Mac, those combined segments should nearly double to
$119B in 2015. Assumptions: iPad ASP from $552 in CY12 to $486 in CY15. Total global
tablets from 95 million units in CY12 to 301 million (PJC Est). iPad market share unchanged
at 70%. Mac ASP from $1,258 in CY12 to $1,225 in CY15. Total global PC units from 370
million in CY12 to 484 million (IDC Est.). Mac market share declines from 6% to 4% to
account for cannibalization.

Page 2 of 9

Apple, Inc.
Updated: 4/24/12
Income Sheet ($ in Millions)

Gene Munster - gene.a.munster@pjc.com

Doug Clinton - douglas.j.clinton@pjc.com

Fiscal Year End Sep 30

Current disclosure information for this company is located at

Net
Sales

Cost of
Sales

Dec-00
Mar-01
Jun-01
Sep-01
Dec-01
Mar-02
Jun-02
Sep-02
Dec-02
Mar-03
Jun-03
Sep-03
Dec-03
Mar-04
Jun-04
Sep-04
Dec-04
Mar-05
Jun-05
Sep-05
Dec-05
Mar-06
Jun-06
Sep-06
Dec-06
Mar-07
Jun-07
Sep-07
Dec-07
Mar-08
Jun-08
Sep-08
Dec-08
Mar-09
Jun-09
Sep-09
Dec-09
Mar-10
Jun-10
Sep-10
Dec-10
Mar-11
Jun-11
Sep-11
Dec-11
Mar-12
Jun-12
Sep-12
Dec-12
Mar-13
Jun-13
Sep-13
Dec-13
Mar-14
Jun-14
Sep-14
Dec-14
Mar-15
Jun-15
Sep-15
Dec-15

1,007.0
1,431.0
1,475.0
1,450.0
1,375.0
1,495.0
1,429.0
1,443.0
1,472.0
1,475.0
1,545.0
1,715.0
2,006.0
1,909.0
2,014.0
2,350.0
3,490.0
3,243.0
3,520.0
3,678.0
5,749.0
4,359.0
4,370.0
4,837.0
7,123.0
5,286.0
5,563.0
6,606.0
10,430.0
7,980.0
7,561.0
11,520.0
11,880.0
9,084.0
9,734.0
12,207.0
15,683.0
13,499.0
15,700.0
20,343.0
26,741.0
24,667.0
28,571.0
28,270.0
46,333.0
39,186.0
37,597.2
36,985.0
55,582.4
42,166.5
43,528.9
53,038.9
60,087.1
51,489.3
56,074.1
68,670.9
79,469.0
68,236.1
72,660.5
86,720.9
93,163.6

FY 09
FY 10
FY 11
FY 12
FY 13
FY 14
FY 15
CY 09
CY 10
CY 11
CY 12
CY 13
CY 14
CY 15

Qtrs &
Years

http://www.piperjaffray.com/researchdisclosures

GM

Gross
Profit

R&D

% of
Sales

SG&A

% of
Sales

Op Ex

Oper
Inc

Oper
Margin

Int &
Other

Pretax
Inc

Tax
Rate

Income
Taxes

Net
Inc

Diluted
Shares

GAAP
EPS

1,028.0
1,046.0
1,041.0
1,013.0
953.0
1,086.0
1,038.0
1,062.0
1,066.0
1,057.0
1,117.0
1,259.0
1,470.0
1,379.0
1,455.0
1,716.0
2,494.0
2,275.0
2,476.0
2,643.0
4,185.0
3,062.0
3,045.0
3,425.0
4,900.0
3,435.0
3,530.0
4,561.0
7,026.0
5,373.0
4,818.0
7,077.0
7,373.0
5,457.0
5,751.0
7,102.0
9,272.0
7,874.0
9,564.0
12,831.0
16,443.0
14,449.0
16,649.0
16,890.0
25,630.0
20,622.0
21,336.4
21,451.3
31,848.7
24,667.4
25,464.4
31,293.0
34,850.5
30,291.2
33,094.9
40,660.1
47,204.6
40,661.9
43,436.5
52,006.5
55,898.2

-2.1%
26.9%
29.4%
30.1%
30.7%
27.4%
27.4%
26.4%
27.6%
28.3%
27.7%
26.6%
26.7%
27.8%
27.8%
27.0%
28.5%
29.8%
29.7%
28.1%
27.2%
29.8%
30.3%
29.2%
31.2%
35.0%
36.5%
31.0%
32.6%
32.7%
36.3%
38.6%
37.9%
39.9%
40.9%
41.8%
40.9%
41.7%
39.1%
36.9%
38.5%
41.4%
41.7%
40.3%
44.7%
47.4%
43.3%
42.0%
42.7%
41.5%
41.5%
41.0%
42.0%
41.2%
41.0%
40.8%
40.6%
40.4%
40.2%
40.0%
40.0%

(21.0)
385.0
434.0
437.0
422.0
409.0
391.0
381.0
406.0
418.0
428.0
456.0
536.0
530.0
559.0
634.0
996.0
968.0
1,044.0
1,035.0
1,564.0
1,297.0
1,325.0
1,412.0
2,223.0
1,851.0
2,033.0
2,045.0
3,404.0
2,607.0
2,743.0
4,443.0
4,507.0
3,627.0
3,983.0
5,105.0
6,411.0
5,625.0
6,136.0
7,512.0
10,298.0
10,218.0
11,922.0
11,380.0
20,703.0
18,564.0
16,260.8
15,533.7
23,733.7
17,499.1
18,064.5
21,746.0
25,236.6
21,198.2
22,979.2
28,010.9
32,264.4
27,574.2
29,224.1
34,714.4
37,265.5

102.0
101.0
111.0
116.0
113.0
111.0
106.0
116.0
121.0
119.0
120.0
111.0
119.0
123.0
125.0
122.0
123.0
119.0
145.0
147.0
182.0
176.0
175.0
179.0
184.0
183.0
208.0
207.0
246.0
273.0
292.0
298.0
315.0
319.0
341.0
358.0
398.0
426.0
464.0
494.0
575.0
581.0
628.0
645.0
758.0
841.0
827.1
850.7
1,167.2
927.7
957.6
1,166.9
1,081.6
988.6
1,043.0
1,236.1
1,382.8
1,146.4
1,177.1
1,352.8
1,397.5

10.1%
7.1%
7.5%
8.0%
8.2%
7.4%
7.4%
8.0%
8.2%
8.1%
7.8%
6.5%
5.9%
6.4%
6.2%
5.2%
3.5%
3.7%
4.1%
4.0%
3.2%
4.0%
4.0%
3.7%
2.6%
3.5%
3.7%
3.1%
2.4%
3.4%
3.9%
2.6%
2.7%
3.5%
3.5%
2.9%
2.5%
3.2%
3.0%
2.4%
2.2%
2.4%
2.2%
2.3%
1.6%
2.1%
2.2%
2.3%
2.1%
2.2%
2.2%
2.2%
1.8%
1.9%
1.9%
1.8%
1.7%
1.7%
1.6%
1.6%
1.5%

297.0
292.0
281.0
268.0
289.0
270.0
272.0
280.0
299.0
300.0
299.0
314.0
343.0
345.0
354.0
379.0
470.0
447.0
472.0
470.0
632.0
592.0
584.0
624.0
714.0
680.0
746.0
823.0
960.0
886.0
916.0
999.0
1,091.0
985.0
1,010.0
1,063.0
1,288.0
1,220.0
1,438.0
1,571.0
1,896.0
1,763.0
1,915.0
2,025.0
2,605.0
2,339.0
2,519.0
2,588.9
3,446.1
2,909.5
2,990.4
3,712.7
3,425.0
3,225.3
3,462.0
4,177.9
4,763.4
4,028.7
4,224.5
4,963.9
5,248.8

29.5%
20.4%
19.1%
18.5%
21.0%
18.1%
19.0%
19.4%
20.3%
20.3%
19.4%
18.3%
17.1%
18.1%
17.6%
16.1%
13.5%
13.8%
13.4%
12.8%
11.0%
13.6%
13.4%
12.9%
10.0%
12.9%
13.4%
12.5%
9.2%
11.1%
12.1%
8.7%
9.2%
10.8%
10.4%
8.7%
8.2%
9.0%
9.2%
7.7%
7.1%
7.1%
6.7%
7.2%
5.6%
6.0%
6.7%
7.0%
6.2%
6.9%
6.9%
7.0%
5.7%
6.3%
6.2%
6.1%
6.0%
5.9%
5.8%
5.7%
5.6%

399.0
393.0
403.0
384.0
426.0
381.0
378.0
401.0
443.0
422.0
419.0
425.0
462.0
478.0
487.0
506.0
593.0
566.0
617.0
617.0
814.0
768.0
759.0
803.0
898.0
863.0
954.0
1,030.0
1,206.0
1,159.0
1,208.0
1,297.0
1,406.0
1,304.0
1,351.0
1,421.0
1,686.0
1,646.0
1,902.0
2,065.0
2,471.0
2,344.0
2,543.0
2,670.0
3,363.0
3,180.0
3,346.2
3,439.6
4,613.3
3,837.2
3,948.1
4,879.6
4,506.5
4,213.9
4,505.0
5,414.0
6,146.1
5,175.0
5,401.6
6,316.7
6,646.3

(420.0)
(8.0)
31.0
53.0
(4.0)
28.0
13.0
(20.0)
(37.0)
(4.0)
9.0
31.0
74.0
52.0
72.0
128.0
403.0
402.0
427.0
418.0
750.0
529.0
566.0
609.0
1,325.0
988.0
1,079.0
1,015.0
2,198.0
1,448.0
1,535.0
3,146.0
3,101.0
2,323.0
2,632.0
3,684.0
4,725.0
3,979.0
4,234.0
5,447.0
7,827.0
7,874.0
9,379.0
8,710.0
17,340.0
15,384.0
12,914.6
12,094.1
19,120.3
13,662.0
14,116.4
16,866.4
20,730.0
16,984.3
18,474.2
22,596.9
26,118.3
22,399.2
23,822.5
28,397.6
30,619.2

NA
NA
2%
4%
NA
2%
1%
NA
NA
NA
1%
2%
4%
3%
4%
5%
12%
12%
12%
11%
13%
12%
13%
13%
19%
19%
19%
15%
21%
18%
20%
27%
26%
26%
27%
30%
30%
29%
27%
27%
29%
32%
33%
31%
37%
39%
34%
33%
34%
32%
32%
32%
35%
33%
33%
33%
33%
33%
33%
33%
33%

125.0
70.0
56.0
41.0
57.0
27.0
26.0
(40.0)
29.0
23.0
17.0
24.0
13.0
12.0
13.0
19.0
26.0
33.0
46.0
60.0
81.0
76.0
95.0
113.0
126.0
148.0
155.0
170.0
200.0
162.0
118.0
140.0
158.0
63.0
60.0
45.0
33.0
50.0
58.0
14.0
136.0
26.0
172.0
81.0
137.0
148.0
175.0
160.0
160.0
160.0
160.0
160.0
160.0
160.0
160.0
160.0
160.0
160.0
160.0
160.0
160.0

(295.0)
62.0
87.0
94.0
53.0
55.0
39.0
(60.0)
(8.0)
19.0
26.0
55.0
87.0
64.0
85.0
147.0
429.0
435.0
473.0
478.0
831.0
605.0
661.0
722.0
1,451.0
1,136.0
1,234.0
1,185.0
2,398.0
1,610.0
1,653.0
3,286.0
3,259.0
2,386.0
2,692.0
3,729.0
4,758.0
4,029.0
4,292.0
5,461.0
7,963.0
7,900.0
9,551.0
8,791.0
17,477.0
15,532.0
13,089.6
12,254.1
19,280.3
13,822.0
14,276.4
17,026.4
20,890.0
17,144.3
18,634.2
22,756.9
26,278.3
22,559.2
23,982.5
28,557.6
30,779.2

30%
31%
30%
30%
28%
27%
18%
25%
25%
26%
27%
25%
28%
28%
28%
28%
31%
33%
32%
32%
32%
32%
29%
24%
31%
32%
32%
27%
32%
32%
32%
32%
31%
32%
32%
32%
29%
24%
24%
21%
25%
24%
23%
25%
25%
25%
25%
25%
25%
25%
25%
25%
25%
25%
25%
25%
25%
25%
25%
25%
25%

(88.0)
19.0
26.0
28.0
15.0
15.0
7.0
(15.0)
(2.0)
5.0
7.0
14.0
24.0
18.0
24.0
41.0
134.0
145.0
153.0
153.0
266.0
195.0
189.0
176.0
444.0
362.0
394.0
315.0
758.0
509.0
522.0
1,039.0
1,004.0
766.0
864.0
1,197.0
1,380.0
955.0
1,039.0
1,153.0
1,959.0
1,913.0
2,243.0
2,168.0
4,413.0
3,910.0
3,305.1
3,088.0
4,858.6
3,483.1
3,597.7
4,290.6
5,264.3
4,320.4
4,695.8
5,734.7
6,622.1
5,684.9
6,043.6
7,196.5
7,756.3

(195.0)
43.0
61.0
66.0
38.0
40.0
32.0
(45.0)
(8.0)
14.0
19.0
44.0
63.0
46.0
61.0
106.0
295.0
290.0
320.0
325.0
565.0
410.0
472.0
546.0
1,007.0
774.0
840.0
870.0
1,640.0
1,101.0
1,131.0
2,247.0
2,255.0
1,620.0
1,828.0
2,532.0
3,378.0
3,074.0
3,253.0
4,308.0
6,004.0
5,987.0
7,308.0
6,623.0
13,064.0
11,622.0
9,784.5
9,166.1
14,421.7
10,338.8
10,678.8
12,735.7
15,625.7
12,823.9
13,938.4
17,022.1
19,656.2
16,874.3
17,938.9
21,361.1
23,022.8

674.3
705.6
717.8
713.1
715.0
731.9
733.8
717.8
718.1
724.5
727.6
741.5
744.6
756.5
785.2
805.8
838.2
857.0
860.7
866.4
874.2
878.5
876.4
878.8
883.3
886.7
890.7
895.7
900.1
899.3
903.2
904.8
901.5
903.0
909.2
914.4
919.8
922.9
927.4
928.8
933.2
935.9
937.8
939.5
941.6
944.9
947.9
950.9
953.9
956.9
959.9
962.9
965.9
968.9
971.9
974.9
977.9
980.9
983.9
986.9
989.9

(0.29)
0.06
0.08
0.09
0.05
0.05
0.04
(0.06)
(0.01)
0.02
0.03
0.06
0.08
0.06
0.08
0.13
0.35
0.34
0.37
0.38
0.65
0.47
0.54
0.62
1.14
0.87
0.94
0.97
1.82
1.22
1.25
2.48
2.50
1.79
2.01
2.77
3.67
3.33
3.51
4.64
6.43
6.40
7.79
7.05
13.87
12.30
10.32
9.64
15.12
10.80
11.12
13.23
16.18
13.24
14.34
17.46
20.10
17.20
18.23
21.64
23.26

42,904.9
65,225.1
108,249.0
160,101.2
194,316.7
236,321.5
307,086.5

25,683.0
39,541.0
64,431.0
89,039.7
113,273.5
138,896.7
183,309.4

40.1%
39.4%
40.5%
44.4%
41.7%
41.2%
40.3%

17,221.9
25,684.1
43,818.0
71,061.5
81,043.2
97,424.8
123,777.0

1,333.0
1,782.0
2,429.0
3,276.8
4,219.4
4,349.2
5,059.1

3.1%
2.7%
2.2%
2.0%
2.2%
1.8%
1.6%

4,149.0
5,517.0
7,599.0
10,052.0
13,058.8
14,290.2
17,980.4

9.7%
8.5%
7.0%
6.3%
6.7%
6.0%
5.9%

5,482.0
7,299.0
10,028.0
13,328.8
17,278.1
18,639.4
23,039.5

11,739.9
18,385.1
33,790.0
57,732.7
63,765.1
78,785.4
100,737.5

27%
28%
31%
36%
33%
33%
33%

326.0
155.0
415.0
620.0
640.0
640.0
640.0

12,065.9
18,540.1
34,205.0
58,352.7
64,405.1
79,425.4
101,377.5

32%
24%
24%
25%
25%
25%
25%

3,831.0
4,527.0
8,283.0
14,716.2
16,230.1
20,015.2
25,547.1

8,234.9
14,013.1
25,922.0
43,636.6
48,175.0
59,410.2
75,830.4

907.0
924.7
936.6
946.3
958.4
970.4
982.4

9.08
15.15
27.67
46.14
50.27
61.22
77.18

46,708.0
76,283.0
127,841.0
169,350.6
198,821.4
255,703.4
320,781.1

27,582.0
46,712.0
73,618.0
95,258.4
116,275.3
151,250.8
192,003.0

40.9%
38.8%
42.4%
43.8%
41.5%
40.8%
40.1%

19,126.0
29,571.0
54,223.0
74,092.2
82,546.1
104,452.6
128,778.1

1,416.0
1,959.0
2,612.0
3,686.0
4,133.7
4,650.4
5,073.8

3.0%
2.6%
2.0%
2.2%
2.1%
1.8%
1.6%

4,346.0
6,125.0
8,308.0
10,893.1
13,037.6
15,628.6
18,465.9

9.3%
8.0%
6.5%
6.4%
6.6%
6.1%
5.8%

5,762.0
8,084.0
10,920.0
14,579.1
17,171.3
20,279.0
23,539.6

13,364.0
21,487.0
43,303.0
59,513.1
57,791.0
84,173.6
105,238.4

29%
28%
34%
35%
29%
33%
33%

201.0
258.0
416.0
643.0
640.0
640.0
640.0

13,565.0
21,745.0
43,719.0
60,156.1
66,014.8
84,813.6
105,878.4

31%
23%
25%
25%
25%
25%
25%

4,207.0
5,106.0
10,737.0
15,161.8
16,635.7
21,373.0
26,681.4

9,358.0
16,639.0
32,982.0
44,994.3
49,379.1
63,440.6
79,197.1

911.6
928.1
938.7
949.4
961.4
973.4
985.4

10.25
17.91
35.11
47.38
51.33
65.14
80.34

Apple, Inc.

Y/Y Growth
Rev
EPS

Est
Est
Est
Est
Est
Est
Est
Est
Est
Est
Est
Est
Est
Est
Est

65%
34%
24%
32%
24%
21%
27%
37%
46%
51%
36%
74%
14%
14%
29%
6%
32%
49%
61%
67%
71%
83%
82%
39%
73%
59%
32%
31%
20%
8%
16%
43%
8%
22%
29%
29%
32%
33%
30%
26%
17%

84%
38%
45%
66%
76%
87%
75%
56%
60%
40%
33%
156%
37%
47%
61%
12%
47%
86%
74%
67%
75%
92%
122%
52%
116%
92%
32%
37%
9%
-12%
8%
37%
7%
23%
29%
32%
24%
30%
27%
24%
16%

Est
Est
Est
Est

14%
52%
66%
48%
21%
22%
30%

34%
67%
83%
67%
9%
22%
26%

Est
Est
Est
Est

20%
63%
68%
32%
17%
29%
25%

37%
75%
96%
35%
8%
27%
23%

6429_142632_ecf169e8-6bae-4db3-98fb-5dcd7e3bb829.xls

Page 3 of 9

Apple, Inc.
Balance Sheet ($ in Millions)
Fiscal Year End Sep 30

Qtrs &
Years

Cash
& Eq.

ST
Invest.

AR,
Net

Invent.

Def Tax
Asts

Assets
Other
Total
Cu. Asts. Cu. Asts.

LT
Mkt Sec.

PP&E

GW

Acquired
Intglbes

Other
Assts

Total
Assets

Accts
Payable

Accrued
Exp

Def
Rev

Liabilities
Total
Def Tax
Cur. Lia. & Other

Dec-08
Mar-09
Jun-09
Sep-09
Dec-09
Mar-10
Jun-10
Sep-10
Dec-10
Mar-11
Jun-11
Sep-11
Dec-11
Mar-12
Jun-12
Sep-12
Dec-12
Mar-13
Jun-13
Sep-13

7,236.0
4,466.0
5,605.0
5,263.0
7,609.0
10,018.0
9,705.0
11,261.0
10,734.0
15,978.0
12,091.0
9,815.0
10,310.0
10,121.0
13,041.4
12,005.1
14,484.0
9,001.4
9,307.6
14,126.2

18,411.0
20,547.0
18,617.0
18,201.0
17,187.0
13,137.0
14,583.0
14,359.0
16,243.0
13,256.0
16,304.0
16,137.0
19,846.0
18,417.0
16,500.0
16,500.0
16,500.0
16,500.0
16,650.0
16,850.0

2,196.0
1,932.0
2,686.0
3,361.0
3,090.0
2,886.0
3,447.0
5,510.0
6,027.0
5,798.0
6,102.0
5,369.0
8,930.0
7,042.0
6,592.4
6,485.0
9,745.9
7,393.6
7,632.5
9,300.0

396.0
312.0
380.0
455.0
576.0
638.0
942.0
1,051.0
885.0
930.0
889.0
776.0
1,236.0
1,102.0
1,140.2
1,146.3
1,701.9
1,318.2
1,360.8
1,672.2

1,097.0
1,065.0
1,095.0
1,135.0
1,180.0
1,142.0
1,216.0
1,636.0
1,724.0
1,683.0
1,892.0
2,014.0
1,937.0
2,253.0
2,253.0
2,253.0
2,253.0
2,253.0
2,253.0
2,253.0

2,890.0
2,676.0
3,015.0
3,140.0
3,690.0
4,515.0
6,140.0
7,861.0
8,314.0
9,352.0
9,620.0
10,877.0
12,512.0
11,777.0
11,894.8
12,013.7
12,133.9
12,255.2
12,377.7
12,501.5

32,226.0
30,998.0
31,398.0
31,555.0
33,332.0
32,336.0
36,033.0
41,678.0
43,927.0
46,997.0
46,898.0
44,988.0
54,771.0
50,712.0
51,421.8
50,403.2
56,818.7
48,721.4
49,581.5
56,703.0

2,498.0
3,865.0
6,899.0
10,528.0
15,024.0
18,549.0
21,551.0
25,391.0
32,730.0
36,533.0
47,761.0
55,618.0
67,445.0
81,638.0
82,454.4
83,278.9
84,111.7
84,952.8
85,802.4
86,660.4

2,580.0
2,546.0
2,653.0
2,954.0
3,115.0
3,504.0
3,990.0
4,768.0
5,868.0
6,241.0
6,749.0
7,777.0
7,816.0
8,847.0
10,047.0
11,247.0
12,447.0
13,647.0
14,847.0
16,047.0

207.0
207.0
207.0
206.0
253.0
480.0
714.0
741.0
741.0
741.0
741.0
896.0
896.0
1,141.0
1,141.0
1,141.0
1,141.0
1,141.0
1,141.0
1,141.0

277.0
268.0
259.0
247.0
241.0
263.0
318.0
342.0
522.0
507.0
1,169.0
3,536.0
3,472.0
3,604.0
3,604.0
3,604.0
3,604.0
3,604.0
3,604.0
3,604.0

832.0
1,264.0
1,585.0
2,011.0
1,961.0
1,925.0
2,119.0
2,263.0
2,954.0
3,885.0
3,440.0
3,556.0
4,281.0
4,992.0
4,992.0
4,992.0
4,992.0
4,992.0
4,992.0
4,992.0

38,620.0
39,148.0
43,001.0
47,501.0
53,926.0
57,057.0
64,725.0
75,183.0
86,742.0
94,904.0
106,758.0
116,371.0
138,681.0
150,934.0
153,660.2
154,666.1
163,114.5
157,058.2
159,967.9
169,147.4

4,715.0
3,976.0
4,854.0
5,601.0
6,511.0
5,666.0
8,469.0
12,015.0
14,301.0
13,714.0
15,270.0
14,632.0
18,221.0
17,011.0
18,798.6
18,492.5
27,791.2
21,083.3
21,764.4
26,519.5

4,391.0
3,661.0
3,805.0
3,852.0
3,996.0
4,021.0
4,452.0
5,723.0
5,953.0
7,022.0
7,597.0
9,247.0
11,500.0
9,778.0
10,071.3
10,373.5
10,684.7
11,005.2
11,335.4
11,675.4

1,771.0
1,742.0
1,920.0
2,053.0
2,590.0
2,542.0
2,691.0
2,984.0
3,541.0
3,591.0
3,992.0
4,091.0
4,886.0
5,247.0
5,509.4
5,784.8
6,074.1
6,377.8
6,696.6
7,031.5

10,877.0
9,379.0
10,579.0
11,506.0
13,097.0
12,229.0
15,612.0
20,722.0
23,795.0
24,327.0
26,859.0
27,970.0
34,607.0
32,036.0
34,379.3
34,650.8
44,549.9
38,466.3
39,796.5
45,226.4

FY 09
FY 10
FY 11
FY 12
FY 13

5,263.0
11,261.0
9,815.0
12,005.1
14,126.2

18,201.0
14,359.0
16,137.0
16,500.0
16,850.0

3,361.0
5,510.0
5,369.0
6,485.0
9,300.0

455.0
1,051.0
776.0
1,146.3
1,672.2

1,135.0
1,636.0
2,014.0
2,253.0
2,253.0

3,140.0
7,861.0
10,877.0
12,013.7
12,501.5

31,555.0
41,678.0
44,988.0
50,403.2
56,703.0

10,528.0 2,954.0 206.0

247.0
25,391.0 4,768.0 741.0
342.0
55,618.0 7,777.0 896.0 3,536.0
83,278.9 11,247.0 1,141.0 3,604.0
86,660.4 16,047.0 1,141.0 3,604.0

2,011.0
2,263.0
3,556.0
4,992.0
4,992.0

47,501.0
75,183.0
116,371.0
154,666.1
169,147.4

5,601.0
3,852.0
12,015.0 5,723.0
14,632.0 9,247.0
18,492.5 10,373.5
26,519.5 11,675.4

2,053.0
2,984.0
4,091.0
5,784.8
7,031.5

11,506.0 4,355.0 15,861.0

20,722.0 6,670.0 27,392.0
27,970.0 11,786.0 39,756.0
34,650.8 17,398.8 52,049.5
45,226.4 19,964.5 65,190.9

2,993.0
3,215.0
3,658.0
4,355.0
5,061.0
5,480.0
6,002.0
6,670.0
8,281.0
9,100.0
10,556.0
11,786.0
14,020.0
16,400.0
16,892.0
17,398.8
17,920.7
18,458.3
19,196.7
19,964.5

Balance Sheet Ratios

Accts Pay Book Val /
Cash /
DSOs To Sales
Share
Share

Total
Liab

Total
SE

Total
L&SE

13,870.0
12,594.0
14,237.0
15,861.0
18,158.0
17,709.0
21,614.0
27,392.0
32,076.0
33,427.0
37,415.0
39,756.0
48,627.0
48,436.0
51,271.3
52,049.5
62,470.6
56,924.6
58,993.2
65,190.9

24,750.0
26,554.0
28,764.0
31,640.0
35,768.0
39,348.0
43,111.0
47,791.0
54,666.0
61,477.0
69,343.0
76,615.0
90,054.0
102,498.0
102,388.9
102,616.6
100,643.8
100,133.6
100,974.7
103,956.4

38,620.0
39,148.0
43,001.0
47,501.0
53,926.0
57,057.0
64,725.0
75,183.0
86,742.0
94,904.0
106,758.0
116,371.0
138,681.0
150,934.0
153,660.2
154,666.1
163,114.5
157,058.2
159,967.9
169,147.4

16
18
24
24
17
18
19
23
19
20
18
16
16
15
16
16
16
16
16
16

0.4
0.4
0.5
0.5
0.4
0.4
0.5
0.6
0.5
0.6
0.5
0.5
0.5
0.5
0.5
0.5
0.5
0.5
0.5
0.5

$27.45
$29.41
$31.64
$34.60
$38.89
$42.64
$46.49
$51.45
$58.58
$65.68
$73.94
$81.55
$95.64
$108.48
$108.02
$107.92
$105.51
$104.64
$105.19
$107.96

$31.22
$31.98
$34.23
$37.18
$43.29
$45.19
$49.43
$54.92
$63.98
$70.27
$81.21
$86.82
$103.66
$116.60
$118.15
$117.56
$120.66
$115.43
$116.43
$122.17

10.79
10.80
11.28
12.10
12.40
12.22
12.22
12.25
13.16
12.89
13.21
13.33
13.47
13.79
14.16
14.50
15.11
15.56
15.97
16.11

31,640.0 47,501.0
47,791.0 75,183.0
76,615.0 116,371.0
102,616.6 154,666.1
103,956.4 169,147.4

24
23
16
16
16

0.5
0.6
0.5
0.5
0.5

$34.60
$51.45
$81.55
$107.92
$107.96

$37.18
$54.92
$86.82
$117.56
$122.17

12.10
12.25
13.33
14.50 Est
16.11 Est

LTD/
Cap

Est
Est
Est
Est
Est
Est

6429_142632_ecf169e8-6bae-4db3-98fb-5dcd7e3bb829.xls

Apple, Inc.

Page 4 of 9

Apple, Inc.
Product Sales Analysis ($ in Millions)
Fiscal Year End Sep 30

Mac Sales

Software & Peripherals Sales

Qtrs &

Total

% of

Y/Y

Total

Y/Y

Total

Desktop

Desk

Desk %

Desk %

Portable

Port

Port %

Port %

Peripherals

% of

Y/Y

% of

Y/Y

Other Music

% of

Y/Y

Software

% of

Y/Y

Years

Mac Sales

Sales

Rev

Mac Units

Units

Mac ASPs

Units

Revenue

Mac Units

Mac Rev

Units

Revenue

Mac Units

Mac Rev

& Other Hdwr

Sales

Rev

iTunes

Sales

Rev

Ex. iTunes

Sales

Rev

& Other

Sales

Growth

Dec-08
Mar-09
Jun-09
Sep-09
Dec-09
Mar-10
Jun-10
Sep-10
Dec-10
Mar-11
Jun-11
Sep-11
Dec-11
Mar-12
Jun-12
Sep-12
Dec-12
Mar-13
Jun-13
Sep-13
Dec-13
Mar-14
Jun-14
Sep-14
Dec-14
Mar-15
Jun-15
Sep-15
Dec-15

3,565.0
2,960.0
3,353.9
3,980.0
4,450.0
3,760.0
4,399.0
4,870.0
5,430.0
4,976.0
5,105.0
6,272.0
6,598.0
5,073.0
5,719.2
7,103.2
7,784.5
5,774.4
6,364.7
7,965.9
8,812.3
6,640.6
7,289.6
9,123.0
10,053.7
7,575.6
8,348.8
10,447.9
11,469.3

30%
33%
34%
33%
28%
28%
28%
24%
20%
20%
18%
22%
14%
13%
15%
19%
14%
14%
15%
15%
15%
13%
13%
13%
13%
11%
11%
12%
12%

0%
-16%
-8%
9%
25%
27%
31%
22%
22%
32%
16%
29%
22%
2%
12%
13%
18%
14%
11%
12%
13%
15%
15%
15%
14%
14%
15%
15%
14%

2,524
2,216
2,603
3,053
3,362
2,943
3,472
3,885
4,134
3,760
3,947
4,894
5,198
4,017
4,539
5,775
6,082
4,620
5,175
6,583
6,994
5,312
5,951
7,571
8,043
6,109
6,843
8,707
9,249

9%
-3%
4%
17%
33%
33%
33%
27%
23%
28%
14%
26%
26%
7%
15%
18%
17%
15%
14%
14%
15%
15%
15%
15%
15%
15%
15%
15%
15%

1,412.4
1,335.7
1,288.5
1,303.6
1,323.6
1,277.6
1,267.0
1,253.6
1,313.5
1,323.4
1,293.4
1,281.6
1,269.3
1,262.9
1,260.0
1,230.0
1,280.0
1,250.0
1,230.0
1,210.0
1,260.0
1,250.0
1,225.0
1,205.0
1,250.0
1,240.0
1,220.0
1,200.0
1,240.0

728
818
849
787
1,234
1,147
1,004
1,242
1,227
1,009
1,155
1,278
1,479
1,199
1,362
1,675
1,706
1,312
1,465
1,857
1,966
1,381
1,547
1,968
2,091
1,466
1,642
2,090
2,220

1045.0
1056.0
1134.0
1089.0
1692.0
1532.0
1301.0
1676.0
1731.0
1441.0
1580.0
1687.0
1936.0
1563.0
1773.0
2130.9
2285.1
1704.9
1872.6
2335.4
2574.3
1793.0
1968.2
2463.2
2714.5
1969.7
2170.7
2716.4
2982.0

29%
37%
33%
26%
37%
39%
29%
32%
30%
27%
29%
26%
28%
30%
30%
29%
28%
28%
28%
28%
28%
26%
26%
26%
26%
24%
24%
24%
24%

29%
36%
34%
27%
38%
41%
30%
34%
32%
29%
31%
27%
29%
31%
31%
30%
29%
30%
29%
29%
29%
27%
27%
27%
27%
26%
26%
26%
26%

1,796
1,398
1,754
2,266
2,128
1,796
2,468
2,643
2,907
2,751
2,792
3,616
3,719
2,818
3,177
4,100
4,375
3,308
3,710
4,726
5,027
3,931
4,404
5,602
5,952
4,643
5,201
6,617
7,030

2520.0
1904.0
2220.0
2891.0
2758.0
2228.0
3098.0
3194.0
3699.0
3535.0
3525.0
4585.0
4662.0
3510.0
3946.3
4972.2
5499.4
4069.5
4492.1
5630.5
6238.0
4847.6
5321.4
6659.8
7339.2
5605.9
6178.1
7731.4
8487.3

71%
63%
67%
74%
63%
61%
71%
68%
70%
73%
71%
74%
72%
70%
70%
71%
72%
72%
72%
72%
72%
74%
74%
74%
74%
76%
76%
76%
76%

71%
64%
66%
73%
62%
59%
70%
66%
68%
71%
69%
73%
71%
69%
69%
70%
71%
70%
71%
71%
71%
73%
73%
73%
73%
74%
74%
74%
74%

387.0
357.0
340.0
391.0
469.0
472.0
396.0
477.0
593.0
580.0
517.0
640.0
766.0
643.0
594.6
755.2
903.9
758.7
695.6
879.8
1,050.3
881.7
808.3
1,022.3
1,220.5
1,024.5
939.3
1,188.0
1,418.2

3%
4%
3%
3%
3%
3%
3%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
1%
1%
2%
2%
1%
1%
2%

-1%
-16%
-24%
-10%
21%
32%
16%
22%
26%
23%
31%
34%
29%
11%
15%
18%
18%
18%
17%
17%
16%
16%
16%
16%
16%
16%
16%
16%
16%

720.0
750.0
750.0
815.0
950.0
1,100.0
1,005.0
1,025.0
1,190.0
1,400.0
1,300.0
1,375.0
1,700.0
1,790.0
1,625.0
1,718.8
2,040.0
2,112.2
1,917.5
2,028.1
2,407.2
2,492.4
2,262.7
2,393.2
2,840.5
2,941.0
2,669.9
2,824.0
3,351.8

6%
8%
8%
7%
6%
8%
6%
5%
4%
6%
5%
5%
4%
5%
4%
5%
4%
5%
4%
4%
4%
5%
4%
3%
4%
4%
4%
3%
4%

36%
27%
40%
48%
32%
47%
34%
26%
25%
27%
29%
34%
43%
28%
25%
25%
20%
18%
18%
18%
18%
18%
18%
18%
18%
18%
18%
18%
18%

291.0
299.0
208.1
203.0
214.0
227.0
209.0
218.0
241.0
234.0
271.0
303.0
327.0
361.0
365.0
371.3
380.0
382.8
397.5
411.9
392.8
397.6
437.4
456.8
459.5
399.0
500.1
516.0
548.2

2%
3%
2%
2%
1%
2%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%

5%
3%
-27%
-28%
-26%
-24%
0%
7%
13%
3%
30%
39%
36%
54%
35%
23%
16%
6%
9%
11%
3%
4%
10%
11%
17%
0%
14%
13%
19%

606.0
626.0
530.0
649.0
631.0
634.0
646.0
662.0
786.0
743.0
696.0
729.0
844.0
832.0
751.7
794.6
920.0
898.6
811.8
858.2
993.6
970.4
876.8
926.8
1,073.0
1,048.1
946.9
1,001.0
1,158.9

5%
7%
5%
5%
4%
5%
4%
3%
3%
3%
2%
3%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
1%
1%
2%
1%
1%
1%

-4%
18%
6%
18%
4%
1%
22%
2%
25%
17%
8%
10%
7%
12%
8%
9%
9%
8%
8%
8%
8%
8%
8%
8%
8%
8%
8%
8%
8%

FY 09
FY 10
FY 11
FY 12
FY 13
FY 14
FY 15

13,858.9
17,479.1
21,783.0
24,493.4
27,889.5
31,865.5
36,426.0

32%
27%
20%
15%
14%
13%
12%

-3%
26%
25%
12%
14%
14%
14%

10,396
13,662
16,735
19,529
22,459
25,828
29,702

7%
31%
22%
17%
15%
15%
15%

1,335.1
1,280.4
1,303.0
1,255.6
1,242.5
1,235.0
1,227.5

3,182
4,627
4,669
5,714
6,340
6,863
7,289

4323.9
6201.0
6439.0
7402.9
8198.0
8798.7
9571.3

31%
34%
28%
29%
28%
27%
25%

31%
35%
30%
30%
29%
28%
26%

7,214
9,035
12,066
13,815
16,119
18,965
22,413

9535.0
11278.1
15344.0
17090.5
19691.6
23066.8
26854.7

69%
66%
72%
71%
72%
73%
75%

69%
65%
70%
70%
71%
72%
74%

1,475.0
1,814.0
2,330.0
2,758.8
3,238.1
3,762.6
4,372.2

3%
3%
2%
2%
2%
2%
1%

-13%
23%
28%
18%
17%
16%
16%

3,035.0
4,080.0
5,265.0
6,833.8
8,097.8
9,555.4
11,275.4

7%
6%
5%
4%
4%
4%
4%

38%
34%
29%
30%
18%
18%
18%

1,001.1
868.0
1,049.0
1,424.3
1,572.2
1,684.6
1,874.6

2%
1%
1%
1%
1%
1%
1%

-12%
-13%
21%
36%
10%
7%
11%

2,411.0
2,573.0
2,954.0
3,222.3
3,488.5
3,767.6
4,069.0

6%
4%
3%
2%
2%
2%
1%

9%
7%
15%
9%
8%
8%
8%

CY 09
CY 10
CY 11
CY 12
CY 13
CY 14
CY 15

14,743.9
18,459.0
22,951.0
25,679.9
28,917.3
33,106.9
37,841.6

32%
24%
18%
15%
15%
13%
12%

3%
25%
24%
12%
13%
14%
14%

11,234
14,434
17,799
20,413
23,371
26,877
30,909

13%
28%
23%
15%
14%
15%
15%

1,312.9
1,277.9
1,291.9
1,258.2
1,237.5
1,232.5
1,225.0

3,688
4,620
4,921
5,942
6,600
6,988
7,418

4,970.9
6,240.0
6,644.0
7,752.0
8,487.2
8,938.9
9,838.8

33%
32%
28%
29%
28%
26%
24%

34%
34%
29%
30%
29%
27%
26%

7,546
9,814
12,878
14,471
16,771
19,889
23,491

67%
68%
72%
71%
72%
74%
76%

66%
66%
71%
70%
71%
73%
74%

1,557.0
1,938.0
2,503.0
2,896.6
3,384.5
3,932.8
4,569.9

3%
3%
2%
2%
2%
2%
1%

-8%
24%
29%
16%
17%
16%
16%

3,265.0
4,320.0
5,775.0
7,173.8
8,465.0
9,988.7
11,786.7

7%
6%
5%
4%
4%
4%
4%

36%
32%
34%
24%
18%
18%
18%

924.1
895.0
1,135.0
1,477.3
1,585.0
1,751.3
1,963.3

2%
1%
1%
1%
1%
1%
1%

-20%
-3%
27%
30%
7%
10%
12%

2,436.0
2,728.0
3,012.0
3,298.3
3,562.1
3,847.1
4,154.8

5%
4%
2%
2%
2%
2%
1%

11%
12%
10%
10%
8%
8%
8%

Apple, Inc.

9,773.0
12,219.0
16,307.0
17,927.9
20,430.1
24,168.0
28,002.8

6429_142632_ecf169e8-6bae-4db3-98fb-5dcd7e3bb829.xls

Page 5 of 9

Apple, Inc.
Product Sales Analysis ($ in Millions)
Fiscal Year End Sep 30

Mobile Device Sales

Qtrs &

iPhone

% of

Y/Y

iPhone

Y/Y

Years

Sales

Sales

Rev

Units

Units

ASP

Dec-08
Mar-09
Jun-09
Sep-09
Dec-09
Mar-10
Jun-10
Sep-10
Dec-10
Mar-11
Jun-11
Sep-11
Dec-11
Mar-12
Jun-12
Sep-12
Dec-12
Mar-13
Jun-13
Sep-13
Dec-13
Mar-14
Jun-14
Sep-14
Dec-14
Mar-15
Jun-15
Sep-15
Dec-15

2,940.0
2,427.0
3,060.0
4,606.0
5,578.0
5,445.0
5,334.0
8,822.0
10,468.0
12,298.0
13,311.0
10,980.0
24,417.0
22,690.0
18,647.0
15,990.0
30,135.0
23,400.0
21,460.0
28,080.0
30,066.4
30,463.9
28,386.4
36,452.0
42,303.5
39,154.2
36,114.0
46,451.7
49,858.1

24.7%
26.7%
31.4%
37.7%
35.6%
40.3%
34.0%
43.4%
39.1%
49.9%
46.6%
38.8%
52.7%
57.9%
49.6%
43.2%
54.2%
55.5%
49.3%
52.9%
50.0%
59.2%
50.6%
53.1%
53.2%
57.4%
49.7%
53.6%
53.5%

184%
197%
534%
5%
90%
124%
74%
92%
88%
126%
150%
24%
133%
85%
40%
46%
23%
3%
15%
76%
0%
30%
32%
30%
41%
29%
27%
27%
18%

4,363
3,793
5,208
7,367
8,737
8,752
8,398
14,102
16,235
18,647
20,338
17,073
37,044
35,064
29,000
26,000
49,000
39,000
37,000
54,000
59,000
61,000
58,000
76,000
90,000
85,000
80,000
105,000
115,000

88%
123%
626%
7%
100%
131%
61%
91%
86%
113%
142%
21%
128%
88%
43%
52%
32%
11%
28%
108%
20%
56%
57%
41%
53%
39%
38%
38%
28%

674
640
588
625
638
622
635
626
645
660
654
643
659
647
643
615
615
600
580
520
510
499
489
480
470
461
451
442
434

2,166.0
2,792.0
4,608.0
2,836.0
6,046.0
6,868.0
9,153.0
6,590.0
8,912.0
9,384.0
11,340.0
7,830.0
11,025.0
12,052.0
14,525.3
8,730.7
15,253.1
17,617.3
19,932.8
15,293.4
22,466.5
23,692.4
23,934.2

13.8%
13.7%
17.2%
11.5%
21.2%
24.3%
19.8%
16.8%
23.7%
25.4%
20.4%
18.6%
25.3%
22.7%
24.2%
17.0%
27.2%
25.7%
25.1%
22.4%
30.9%
27.3%
25.7%

FY 09
FY 10
FY 11
FY 12
FY 13
FY 14
FY 15

13,033.0
25,179.0
47,057.0
81,744.0
103,075.0
125,368.6
164,023.4

30.4%
38.6%
43.5%
51.1%
53.0%
53.1%
53.4%

93%
93%
87%
74%
26%
22%
31%

20,731
39,989
72,293
127,108
179,000
254,000
360,000

78%
93%
81%
76%
41%
42%
42%

632
630
650
641
579
552
527

4,958.0
20,358.0
34,039.0
42,247.0
56,126.4
81,385.1

CY 09
CY 10
CY 11
CY 12
CY 13
CY 14
CY 15

15,671.0
30,069.0
61,006.0
87,462.0
103,006.4
137,605.7
171,578.0

33.6%
39.4%
47.7%
51.6%
51.8%
53.8%
53.5%

81%
92%
103%
43%
18%
34%
25%

25,105
47,487
93,102
139,064
189,000
285,000
385,000

-89%
96%
49%
36%
51%
35%

623
632
654
630
552
485
447

9,566.0
24,903.0
36,226.0
45,432.3
61,533.9
85,386.5

Apple, Inc.

iPad

% of

Y/Y

iPad

Y/Y

Sales

Sales

Rev

Units

Units

Total Sales

iPod

% of

Y/Y

Total

Y/Y

iPod

Seq

YoY

ASP

Sales

Sales

Rev

iPod Units

Units

ASP

classic

% Units

touch

% Units

nano

% Units

shuffle

% Units

Sales

Growh

Growth

3,371.0
1,665.0
1,491.9
1,563.0
3,391.0
1,861.0
1,545.0
1,477.0
3,425.0
1,600.0
1,325.0
1,103.0
2,528.0
1,207.0
982.8
868.0
2,079.0
1,009.8
856.8
763.0
1,839.2
912.0
760.0
679.5
1,585.5
800.3
675.0
600.0
1,425.0

28%
18%
15%
13%
22%
14%
10%
7%
13%
6%
5%
4%
5%
3%
3%
2%
4%
2%
2%
1%
3%
2%
1%
1%
2%
1%
1%
1%
2%

-16%
-8%
-11%
-6%
1%
12%
4%
-6%
1%
-14%
-14%
-25%
-26%
-25%
-26%
-21%
-18%
-16%
-13%
-12%
-12%
-10%
-11%
-11%
-14%
-12%
-11%
-12%
-10%

22,727
11,013
10,215
10,177
20,970
10,885
9,406
9,051
19,446
9,017
7,535
6,622
15,397
7,673
6,300
5,600
13,500
6,600
5,600
5,000
12,100
6,000
5,000
4,500
10,500
5,300
4,500
4,000
9,500

3%
3%
-7%
-8%
-8%
-1%
-8%
-11%
-7%
-17%
-20%
-27%
-21%
-15%
-16%
-15%
-12%
-14%
-11%
-11%
-10%
-9%
-11%
-10%
-13%
-12%
-10%
-11%
-10%

148
151
146
154
162
171
164
163
176
177
176
167
164
157
156
155
154
153
153
153
152
152
152
151
151
151
150
150
150

1,800
400
350
347
1,300
500
300
300
1,200
361
339
265
462
230
189
168
405
211
168
50
0
0
0
0
0
0
0
0
0

8%
4%
3%
3%
6%
5%
3%
3%
6%
4%
5%
4%
3%
3%
3%
3%
3%
3%
3%
1%
0%
0%
0%
0%
0%
0%
0%
0%
0%

3,927
3,125
4,600
4,280
7,910
5,100
6,808
6,651
10,046
5,230
4,031
3,708
9,238
4,757
4,032
3,696
9,180
4,620
3,920
3,600
8,833
4,380
3,650
3,285
7,665
3,869
3,285
2,920
6,935

17%
28%
45%
42%
38%
47%
72%
73%
52%
58%
54%
56%
60%
62%
64%
66%
68%
70%
70%
72%
73%
73%
73%
73%
73%
73%
73%
73%
73%

8,500
3,488
2,400
2,750
5,560
2,700
1,200
1,100
4,000
1,803
1,658
1,457
3,079
1,458
1,134
952
2,025
924
728
600
1,331
660
550
495
1,155
583
495
440
1,045

37%
32%
23%
27%
27%
25%
13%
12%
21%
20%
22%
22%
20%
19%
18%
17%
15%
14%
13%
12%
11%
11%
11%
11%
11%
11%
11%
11%
11%

8,500
4,000
2,865
2,800
6,200
2,585
1,098
1,000
4,200
1,623
1,507
1,192
2,617
1,228
945
784
1,890
845
784
750
1,936
960
800
720
1,680
848
720
640
1,520

37%
36%
28%
28%
30%
24%
12%
11%
22%
18%
20%
18%
17%
16%
15%
14%
14%
13%
14%
15%
16%
16%
16%
16%
16%
16%
16%
16%
16%

11,880.0
9,084.0
9,734.0
12,207.0
15,683.0
13,499.0
15,700.0
20,343.0
26,741.0
24,667.0
28,571.0
28,270.0
46,333.0
39,186.0
37,597.2
36,985.0
55,582.4
42,166.5
43,528.9
53,038.9
60,087.1
51,489.3
56,074.1
68,670.9
79,469.0
68,236.1
72,660.5
86,720.9
93,163.6

3%
-24%
7%
25%
28%
-14%
16%
30%
31%
-8%
16%
-1%
64%
-15%
-4%
-2%
50%
-24%
3%
22%
13%
-14%
9%
22%
16%
-14%
6%
19%
7%

14%
14%
29%
6%
32%
49%
61%
67%
71%
83%
82%
39%
73%
59%
32%
31%
20%
8%
16%
43%
8%
22%
29%
29%
32%
33%
30%
26%
17%

Est
Est
Est
Est
Est
Est
Est
Est
Est
Est
Est
Est
Est
Est
Est

Est
Est
Est
Est

179%
146%
99%
132%
47%
37%
24%
19%
24%
28%
28%
12%
38%
46%
37%
75%
47%
34%
20%

3,270
4,188
7,331
4,694
9,246
11,123
15,434
11,798
16,000
17,000
21,000
14,500
21,000
23,000
28,000
17,000
30,000
35,000
40,000
31,000
46,000
49,000
50,000

183%
166%
111%
151%
73%
53%
36%
23%
31%
35%
33%
17%
43%
52%
43%
82%
53%
40%
25%

662
667
629
604
654
617
593
559
557
552
540
540
525
524
519
514
508
503
498
493
488
484
479

7.6%
18.8%
21.3%
21.7%
23.8%
26.5%

311%
67%
24%
33%
45%

7,458
32,394
60,232
79,500
86,500
89,000

334%
86%
32%
9%
3%

665
626
565
532
511
491

8,090.9
8,274.1
7,453.0
5,585.8
4,708.6
4,190.7
3,660.8

19%
13%
7%
3%
2%
2%
1%

-12%
2%
-10%
-25%
-16%
-11%
-13%

54,132
50,312
42,620
34,970
30,700
29,300
28,700

-1%
-7%
-15%
-18%
-12%
-5%
-2%

150
165
174
158
153
152
151

2,897
2,400
2,165
1,049
834
0
0

5%
5%
5%
3%
3%
0%
0%

15,932
26,469
23,015
21,723
21,320
20,148
17,739

29%
53%
54%
62%
69%
69%
62%

17,138
10,560
8,918
6,623
4,277
3,036
2,673

32%
21%
21%
19%
14%
10%
9%

18,165
10,883
8,522
5,574
4,269
4,416
3,888

34%
22%
20%
16%
14%
15%
14%

42,904.9
65,225.1
108,249.0
160,101.2
194,316.7
236,321.5
307,086.5

--------

14%
52%
66%
48%
21%
22%
30%

12.5%
19.5%
21.4%
22.9%
24.1%
26.6%

14,789
160% 40,497 174%
45% 65,798 62%
25% 86,500 31%
35% 122,000 41%
39% 176,000 44%

653
617
552
527
506
486

8,111.0
8,308.0
6,556.0
5,136.8
4,468.8
3,937.0
3,500.3

17%
11%
5%
3%
2%
2%
1%

-5%
2%
-21%
-22%
-13%
-12%
-11%

52,375
48,788
38,571
33,073
29,300
26,000
23,300

-6%
-7%
-21%
-14%
-11%
-11%
-10%

153
169
171
156
153
152
150

2,397
2,300
1,427
992
429
0
0

5%
5%
4%
3%
1%
0%
0%

19,915
28,605
22,208
21,665
20,973
18,980
17,009

38%
59%
58%
66%
72%
73%
73%

14,198
9,000
7,997
5,569
3,583
2,860
2,563

27%
18%
21%
17%
12%
11%
11%

15,865
8,883
6,940
4,847
4,315
4,160
3,728

30%
18%
18%
15%
15%
16%
16%

46,708.0
76,283.0
127,841.0
169,350.6
198,821.4
255,703.4
320,781.1

--------

20%
63%
68%
32%
17%
29%
25%

Est
Est
Est
Est

6429_142632_ecf169e8-6bae-4db3-98fb-5dcd7e3bb829.xls

Page 6 of 9

COMPANY NOTE
May 30, 2012

IMPORTANT RESEARCH DISCLOSURES

Notes: The boxes on the Rating and Price Target History chart above indicate the date of the Research Note, the rating, and the price target. Each
box represents a date on which an analyst made a change to a rating or price target, except for the first box, which may only represent the first Note
written during the past three years.
Legend:
I: Initiating Coverage
R: Resuming Coverage
T: Transferring Coverage
D: Discontinuing Coverage
S: Suspending Coverage
OW: Overweight
N: Neutral
UW: Underweight
B: Buy (Piper Jaffray discontinued use of the B, N, and S ratings on June 30, 2009)
N: Neutral
S: Sell
AL On/AL Off: Placed on/removed from the Alpha List maintained by Piper Jaffray (AL use discontinued March 2010)
NA: Not Available
UR: Under Review
Distribution of Ratings/IB Services
Piper Jaffray
IB Serv./Past 12 Mos.
Rating

Count

Percent

Count

Percent

BUY [OW]

364

55.32

65

17.86

HOLD [N]

265

40.27

19

7.17

29

4.41

3.45

SELL [UW]

Note: Distribution of Ratings/IB Services shows the number of companies currently in each rating category from which Piper Jaffray and its affiliates
received compensation for investment banking services within the past 12 months. FINRA rules require disclosure of which ratings most closely
correspond with "buy," "hold," and "sell" recommendations. Piper Jaffray ratings are not the equivalent of buy, hold or sell, but instead represent
recommended relative weightings. Nevertheless, Overweight corresponds most closely with buy, Neutral with hold and Underweight with sell. See
Stock Rating definitions below.

Apple, Inc.

Page 7 of 9

COMPANY NOTE
May 30, 2012

Analyst Certification Gene Munster, Sr Research Analyst

Analyst Certification Douglas J. Clinton, Research Analyst
The views expressed in this report accurately reflect my personal views about the subject company and the subject security. In addition, no part of
my compensation was, is, or will be directly or indirectly related to the specific recommendations or views contained in this report.

Research Disclosures
Piper Jaffray was making a market in the securities of Apple, Inc. at the time this research report was published. Piper Jaffray will buy and sell Apple,
Inc. securities on a principal basis.
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Overweight (OW): Anticipated to outperform relative to the median of the group of stocks covered by the analyst.
Neutral (N): Anticipated to perform in line relative to the median of the group of stocks covered by the analyst.
Underweight (UW): Anticipated to underperform relative to the median of the group of stocks covered by the analyst.

An industry outlook represents the analysts view of the industry represented by the stocks in the analysts coverage group. A Favorable industry
outlook generally means that the analyst expects the fundamentals and/or valuations of the industry to improve over the investment time horizon.
A Neutral industry outlook generally means that the analyst does not expect the fundamentals and/or valuations of the industry to either improve
or deteriorate meaningfully from its current state. An Unfavorable industry outlook generally means that the analyst expects the fundamentals
and/or valuations of the industry to deteriorate meaningfully over the investment time horizon.

Apple, Inc.

Page 8 of 9

COMPANY NOTE
May 30, 2012

Other Important Information

The material regarding the subject company is based on data obtained from sources we deem to be reliable; it is not guaranteed as to accuracy and
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Copyright 2012 Piper Jaffray. All rights reserved.

Apple, Inc.

Page 9 of 9