Tugas Lab Pertemuan 1 (individu)

Pelajari struktur model yang tergabung dalam 1 sheet "Model"

Anda tidak harus memahami secara detail dan rinci masing-masing akun atau angka.
Pisahkan struktur model ke dalam beberapa sheet berbeda, seperti assumptions dan output.
Detail sub bagian assumptions dan output dapat disesuaikan dengan informasi yang ada.
Informasi berupa input ditandai dengan font warna biru
Contoh: $604.86
Informasi berupa perhitungan dan output ditandai dengan font warna hitam
Contoh: 43,818
Periode historis/aktual ditandai dengan "A"
Contoh: 2013A
Periode forecast/proyeksi ditandai dengan "P"
Contoh: 2014P
Berikan format dan style jika diperlukan untuk menambah konsistensi tampilan model

Tugas dikumpulkan sebelum lab pertemuan 2

Financial Statement Model for Apple
$ mm except per share

Company name Apple

Ticker AAPL
Share price as of last close $604.86
Latest closing share price date 5/19/2014
Latest fiscal year end date 9/28/2013

INCOME STATEMENT
Fiscal year 2011A 2012A 2013A
Fiscal year end date 9/24/11 9/29/12 9/28/13

Revenue 108,249 156,508 170,910

Cost of sales (enter as -) (64,431) (87,846) (106,606)
Gross Profit 43,818 68,662 64,304
Research & development (enter as -) (2,429) (3,381) (4,475)
Selling, general & administrative (enter as -) (7,599) (10,040) (10,830)
Operating profit (EBIT) 33,790 55,241 48,999
Interest income 519 1,088 1,616
Interest expense (enter as -) 0 0 (136)
Other expense (enter as -) (104) (566) (324)
Pretax profit 34,205 55,763 50,155
Taxes (enter expense as -) (8,283) (14,030) (13,118)
Net income 25,922 41,733 37,037

Basic shares outstanding 924 935 925

Impact of dilutive securities 12 11 6
Diluted shares outstanding 937 945 932

Basic EPS $28.05 $44.64 $40.03

Diluted EPS $27.68 $44.15 $39.75

Growth rates & margins

Revenue growth NA 44.6% 9.2%
Gross profit as % of sales 40.5% 43.9% 37.6%
R&D margin 2.2% 2.2% 2.6%
SG&A margin 7.0% 6.4% 6.3%
Tax rate 24.2% 25.2% 26.2%

EBITDA reconciliation
Depreciation & amortization 1,814 3,277 6,757
 Stock based compensation 1,168 1,740 2,253
EBITDA 36,772 60,258 58,009

SEGMENTS
Fiscal year 2011A 2012A 2013A
Fiscal year end date 9/24/11 9/29/12 9/28/13
Product
iPhone 45,998 78,692 91,279
iPad 19,168 30,945 31,980
Mac 21,783 23,221 21,483
iPod 7,453 5,615 4,411
iTunes / Software / Services 9,373 12,890 16,051
Accessories 4,474 5,145 5,706
Total 108,249 156,508 170,910
% growth 44.6% 9.2%

Units
iPhone 72,293 125,046 150,257
% growth 73.0% 20.2%
iPad 32,394 58,310 71,033
% growth 80.0% 21.8%
Mac 16,735 18,158 16,341
% growth 8.5% (10.0%)
iPod 42,620 35,165 26,379
% growth (17.5%) (25.0%)

ASPs
iPhone 636.3 629.3 607.5
% growth (1.1%) (3.5%)
iPad 591.7 530.7 450.2
% growth (10.3%) (15.2%)
Mac 1,301.6 1,278.8 1,314.7
% growth (1.8%) 2.8%
iPod 174.9 159.7 167.2
% growth (8.7%) 4.7%

iTunes / Software / Services 37.5% 24.5%

Accessories 15.0% 10.9%

BALANCE SHEET
Fiscal year 2012A 2013A
Fiscal year end date 9/29/12 9/28/13
Cash & equivalents ST & LT market. securities 121,251 146,761
Accounts receivable 10,930 13,102
Inventory 791 1,764
Deferred tax assets 2,583 3,453
Other current assets (inc. non-trade receivables) 14,220 14,421
Property, plant & equipment 15,452 16,597
Acquired intangible assets (inc. Goodwill) 5,359 5,756
Other assets 5,478 5,146
Total assets 176,064 207,000

Accounts payable 21,175 22,367

Accrued expenses & def rev. (current & non-current) 20,015 23,916
Revolver 0 0
Long term debt 0 16,960
Other non-current liabilities 16,664 20,208
Total liabilities 57,854 83,451

Common stock / additional paid in capital 16,422 19,764

Treasury stock 0 0
Retained earnings / accumulated deficit 101,289 104,256
Other comprehensive income / (loss) 499 (471)
Total equity 118,210 123,549

Balance check 0 0

Ratios
Net debt (121,251) (129,801)
Asset turnover (Revenue / Total assets) 0.89x 0.83x
Net profit margin 26.7% 21.7%
Return on assets (ROA) 23.7% 17.9%
Return on book equity (ROE) 35.3% 30.0%

WORKING CAPITAL
Fiscal year 2012A 2013A
Fiscal year end date 9/29/12 9/28/13

Accounts receivable
Beginning of period
Increases / (decreases)
End of period 10,930 13,102

AR as % of sales 7.0% 7.7%

Days sales outstanding (DSO) 25 days 28 days

Inventory
Beginning of period
 Increases / (decreases)
End of period 791 1,764

Inventory as % of COGS 0.9% 1.7%

Inventory turnover 111.1x 60.4x

Accounts payable
Beginning of period
Increases / (decreases)
End of period 21,175 22,367

AP as % of COGS 24.1% 21.0%

Days payables outstanding (DPO) 88 days 77 days

Accrued expenses & def revenues

Beginning of period
Increases / (decreases)
End of period 20,015 23,916

Accrued expenses & def revs as % of sales 12.8% 14.0%

INTANGIBLE ASSETS (INC. GOODWILL)

Fiscal year 2011A 2012A 2013A
Fiscal year end date 9/24/11 9/29/12 9/28/13

Beginning of period
Plus: Purchases of intangible assets
Less: Amortization
End of period 5,359 5,756

Purchases of intangible assets (enter as +) 3,192 1,107 911

Amortization (enter as -) (192) (605) (960)

PROPERTY, PLANT & EQUIPMENT

Fiscal year 2011A 2012A 2013A
Fiscal year end date 9/24/11 9/29/12 9/28/13

Beginning of period
Plus: Capital expenditures
Less: Depreciation
End of period 15,452 16,597

Capex (enter as +) 4,260 8,295 8,165

Capital expenditures as % of revenue 3.9% 5.3% 4.8%
 Depreciation (enter as -) (1,622) (2,672) (5,797)
Depreciation as a % of capital expenditures 38.1% 32.2% 71.0%

OTHER ASSETS / LIABILITIES & DEFERRED TAXES

Fiscal year 2011A 2012A 2013A
Fiscal year end date 9/24/11 9/29/12 9/28/13

Other current assets (inc. non-trade receivables)

Beginning of period
Increases / (decreases)
End of period 14,220 14,421

Deferred tax assets (DTAs)

Beginning of period
Increases / (decreases)
End of period 2,583 3,453

Other assets
Beginning of period
Increases / (decreases)
End of period 5,478 5,146

Other non current liabilities

Beginning of period
Increases / (decreases)
End of period 16,664 20,208

DEBT
Fiscal year 2012A 2013A
Fiscal year end date 9/29/12 9/28/13

Long term debt

Beginning of period
Additional borrowing / (pay down)
PIK accrual
End of period 0 16,960

Interest expense on long term debt

Weighted average interest rate

% of interest expense paid in cash

% of interest expense accrues as PIK

CAPITAL STOCK
Fiscal year 2012A 2013A
Fiscal year end date 9/29/12 9/28/13

Common stock / APIC

Beginning of period
Plus: new share issuances
Plus: Stock based compensation
End of period 16,422 19,764

New share issuance 831 665 530

Stock based compensation 1,168 1,740 2,253
SBC as % of all operating expenses 1.6% 1.7% 1.8%

Treasury stock
Beginning of period
Less: Stock repurchases
End of period 0 0

Stock repurchases 0 0 (22.860)

RETAINED EARNINGS & OCI

Fiscal year 2011A 2012A 2013A
Fiscal year end date 9/24/11 9/29/12 9/28/13

Retained earnings
Beginning of period
Plus: Net income
Less: Common dividends
End of period 101,289 104,256

Net income 25,922 41,733 37,037

Dividend payout ratio 0.0% 6.0% 28.5%
Common dividends 0 (2,488) (10,564)

Other comprehensive income / (loss)

Beginning of period
Plus: Income / (loss)
End of period 499 (471)

CASH FLOW STATEMENT

Fiscal year 2012A 2013A
Fiscal year end date 9/29/12 9/28/13

Net income
Depreciation and amortization
Stock based compensation
Accounts receivable
Inventory
Accounts payable
Accrued expenses & def revenues
Other current assets (inc. non-trade receivables)
Deferred tax assets (DTAs)
Other assets
Other non current liabilities
Non-cash (PIK) interest
Cash from operating activities

Capital expenditures
Purchases of intangible assets
Cash from investing activities

Long term debt

Common dividends
New share issuances
Share repurchases
Other comprehensive income / (loss)
Revolver
Cash from financing activities

Net change in cash during period

MODEL PLUG: REVOLVER & CASH

Fiscal year 2012A 2013A
Fiscal year end date 9/29/12 9/28/13

Revolver
Beginning of period
Increases / (decreases)
End of period 0 0

Maximum availability
Compliance check

Revolver needs analysis

Beginning of period
Less: Minimum cash desired
Equals: Excess cash at BOP
Plus: Free cash flows generated during period
 Equals: Cash available (needed) to paydown (draw from) revolver

Interest rate on revolver

Interest expense

Cash
Beginning of period
+/- additions
End of period 121,251 146,761

Interest rate on cash 0.77% 1.03%

Interest income 519 1,088 1,616

SHARES OUTSTANDING
Fiscal year 2012A 2013A
Fiscal year end date 9/29/12 9/28/13

Basic shares outstanding

Beginning of period
+ new shares issued
- shares repurchased
End of period 900

Consensus EPS $27.68 $44.15 $39.75

% change in EPS, year-over-year 59.5% (9.9%)
Average share price $604.86

SENSITIVITY ANALYSIS

2014 EPS sensitivity

Revenue growth
$41.52 0.0% 2.5%
Gross 38.0% 40.86 41.87
Profit 37.5% 40.15 41.14
Margin: 37.0% 39.44 40.42
36.5% 38.73 39.69
36.0% 38.02 38.96
36.5% 38.73 39.69

iPad unit grow

$41.52 0.0% 5.0%
25.0% 44.10 44.45
20.0% 43.09 43.45
 iPhone 15.0% 42.09 42.45
unit 10.0% 41.09 41.45
growth 5.0% 40.09 40.45
0.0% 39.08 39.44

SCENARIO ANALYSIS
Fiscal year 2012A 2013A
Fiscal year end date 9/29/12 9/28/13

Select an operating scenario: Base case

Revenue growth
Gross profit as % of sales
R&D margin
SG&A margin

Revenue growth
Best case
Base case
Weak case
Gross profit as % of sales
Best case
Base case
Weak case
R&D margin
Best case
Base case
Weak case
SG&A margin
Best case
Base case
Weak case
 2014P 2015P 2016P 2017P 2018P
9/30/14 9/30/15 9/30/16 9/30/17 9/30/18

179,381 188,389 196,830 206,514 217,643

(112,830) (117,932) (123,216) (129,278) (136,245)
66,550 70,458 73,614 77,236 81,398
(5,202) (5,840) (6,102) (6,402) (6,747)
(12,198) (12,810) (13,384) (14,043) (14,800)
49,150 51,807 54,128 56,791 59,852
1,541 1,614 1,694 1,786 1,875
(329) (329) (317) (329) (264)
(324) (324) (324) (324) (324)
50,038 52,768 55,181 57,924 61,139
(13,160) (13,720) (14,347) (15,060) (15,896)
36,878 39,048 40,834 42,864 45,243

882 847 816 789 764

6 6 6 6 6
888 854 822 795 770

$41.82 $46.08 $50.03 $54.36 $59.21

$41.52 $45.74 $49.65 $53.93 $58.72

5.0% 5.0% 4.5% 4.9% 5.4%

37.1% 37.4% 37.4% 37.4% 37.4%
2.9% 3.1% 3.1% 3.1% 3.1%
6.8% 6.8% 6.8% 6.8% 6.8%
26.3% 26.0% 26.0% 26.0% 26.0%

7,149 7,535 7,677 7,786 8,001

 2,214 2,213 2,426 2,545 2,682
58,513 61,555 64,231 67,123 70,536

2014P 2015P 2016P 2017P 2018P

9/30/14 9/30/15 9/30/16 9/30/17 9/30/18

97,968 104,826 107,970 111,210 114,546

31,654 31,654 31,654 31,654 31,654
20,946 18,850 18,850 18,850 18,850
3,275 2,728 2,319 1,971 1,675
19,261 23,113 27,736 33,283 39,940
6,277 7,218 8,301 9,546 10,978
179,381 188,389 196,830 206,514 217,643
5.0% 5.0% 4.5% 4.9% 5.4%

167,987 179,746 185,139 190,693 196,414

11.8% 7.0% 3.0% 3.0% 3.0%
71,743 71,743 71,743 71,743 71,743
1.0% 0.0% 0.0% 0.0% 0.0%
15,932 15,335 15,335 15,335 15,335
(2.5%) (3.8%) 0.0% 0.0% 0.0%
19,784 16,817 14,294 12,150 10,328
(25.0%) (15.0%) (15.0%) (15.0%) (15.0%)

583.2 583.2 583.2 583.2 583.2

(4.0%) 0.0% 0.0% 0.0% 0.0%
441.2 441.2 441.2 441.2 441.2
(2.0%) 0.0% 0.0% 0.0% 0.0%
1,314.7 1,229.2 1,229.2 1,229.2 1,229.2
0.0% (6.5%) 0.0% 0.0% 0.0%
165.5 162.2 162.2 162.2 162.2
(1.0%) (2.0%) 0.0% 0.0% 0.0%

20.0% 20.0% 20.0% 20.0% 20.0%

10.0% 15.0% 15.0% 15.0% 15.0%

2014A 2015A 2016A 2017A 2018A

9/30/14 9/30/15 9/30/16 9/30/17 9/30/18
152,456 161,000 167,912 178,856 185,247
13,454 14,318 14,959 15,695 16,541
 1,805 1,887 1,971 2,068 2,180
3,453 3,453 3,453 3,453 3,453
14,421 14,421 14,421 14,421 14,421
19,467 23,655 28,031 32,621 37,460
4,706 3,721 2,888 2,282 1,848
5,146 5,146 5,146 5,146 5,146
214,908 227,600 238,781 254,543 266,295

22,905 24,412 25,506 26,760 28,203

23,858 23,925 23,816 23,956 23,941
0 0 0 0 0
16,960 16,960 14,460 14,460 8,460
23,208 26,208 29,208 32,208 35,208
86,930 91,505 92,990 97,384 95,811

21,978 24,191 26,616 29,162 31,844

(23,968) (47,936) (71,904) (95,872) (119,840)
130,439 160,311 191,549 224,340 258,951
(471) (471) (471) (471) (471)
127,978 136,095 145,791 157,159 170,484

0 0 0 0 0

(135,496) (144,040) (153,452) (164,396) (176,787)

0.83x 0.83x 0.82x 0.81x 0.82x
20.6% 20.7% 20.7% 20.8% 20.8%
17.2% 17.2% 17.1% 16.8% 17.0%
28.8% 28.7% 28.0% 27.3% 26.5%

2014P 2015P 2016P 2017P 2018P

9/30/14 9/30/15 9/30/16 9/30/17 9/30/18

13,102 13,454 14,318 14,959 15,695

352 864 642 736 846
13,454 14,318 14,959 15,695 16,541

7.5% 7.6% 7.6% 7.6% 7.6%

27 days 28 days 28 days 28 days 28 days

1,764 1,805 1,887 1,971 2,068

 41 82 85 97 111
1,805 1,887 1,971 2,068 2,180

1.6% 1.6% 1.6% 1.6% 1.6%

62.5x 62.5x 62.5x 62.5x 62.5x

22,367 22,905 24,412 25,506 26,760

538 1,507 1,094 1,255 1,442
22,905 24,412 25,506 26,760 28,203

20.3% 20.7% 20.7% 20.7% 20.7%

74 days 76 days 76 days 76 days 76 days

23,916 23,858 23,925 23,816 23,956

(58) 68 (109) 139 (15)
23,858 23,925 23,816 23,956 23,941

13.3% 12.7% 12.1% 11.6% 11.0%

2014P 2015P 2016P 2017P 2018P

9/30/14 9/30/15 9/30/16 9/30/17 9/30/18

5,756 4,706 3,721 2,888 2,282

0 0 0 0 0
(1,050) (985) (833) (606) (434)
4,706 3,721 2,888 2,282 1,848

0 0 0 0 0
(1,050) (985) (833) (606) (434)

2014P 2015P 2016P 2017P 2018P

9/30/14 9/30/15 9/30/16 9/30/17 9/30/18

16,597 19,467 23,655 28,031 32,621

8,969 10,738 11,219 11,771 12,406
(6,099) (6,550) (6,844) (7,180) (7,567)
19,467 23,655 28,031 32,621 37,460

8,969 10,738 11,219 11,771 12,406

5.0% 5.7% 5.7% 5.7% 5.7%
(6,099) (6,550) (6,844) (7,180) (7,567)
68.0% 61.0% 61.0% 61.0% 61.0%

2014P 2015P 2016P 2017P 2018P

9/30/14 9/30/15 9/30/16 9/30/17 9/30/18

14,421 14,421 14,421 14,421 14,421

0 0 0 0 0
14,421 14,421 14,421 14,421 14,421

3,453 3,453 3,453 3,453 3,453

0 0 0 0 0
3,453 3,453 3,453 3,453 3,453

5,146 5,146 5,146 5,146 5,146

0 0 0 0 0
5,146 5,146 5,146 5,146 5,146

20,208 23,208 26,208 29,208 32,208

3,000 3,000 3,000 3,000 3,000
23,208 26,208 29,208 32,208 35,208

2014P 2015P 2016P 2017P 2018P

9/30/14 9/30/15 9/30/16 9/30/17 9/30/18

16,960 16,960 16,960 14,460 14,460

0 0 (2,500) 0 (6,000)
0 0 0 0 0
16,960 16,960 14,460 14,460 8,460

329 329 317 329 264

1.9% 1.9% 2.0% 2.3% 2.3%

100% 100% 100% 100% 100%

0% 0% 0% 0% 0%
 2014P 2015P 2016P 2017P 2018P
9/30/14 9/30/15 9/30/16 9/30/17 9/30/18

19,764 21,978 24,191 26,616 29,162

0 0 0 0 0
2,214 2,213 2,426 2,545 2,682
21,978 24,191 26,616 29,162 31,844

0 0 0 0 0
2,214 2,213 2,426 2,545 2,682
1.7% 1.6% 1.7% 1.7% 1.7%

0 (23,968) (47,936) (71,904) (95,872)

(23,968) (23,968) (23,968) (23,968) (23,968)
(23,968) (47,936) (71,904) (95,872) (119,840)

(23,968) (23,968) (23,968) (23,968) (23,968)

2014P 2015P 2016P 2017P 2018P

9/30/14 9/30/15 9/30/16 9/30/17 9/30/18

104,256 130,439 160,311 191,549 224,340

36,878 39,048 40,834 42,864 45,243
(10,695) (9,176) (9,596) (10,073) (10,632)
130,439 160,311 191,549 224,340 258,951

36,878 39,048 40,834 42,864 45,243

29.0% 23.5% 23.5% 23.5% 23.5%
(10,695) (9,176) (9,596) (10,073) (10,632)

(471) (471) (471) (471) (471)

0 0 0 0 0
(471) (471) (471) (471) (471)

2014P 2015P 2016P 2017P 2018P

9/30/14 9/30/15 9/30/16 9/30/17 9/30/18

36,878 39,048 40,834 42,864 45,243

 7,149 7,535 7,677 7,786 8,001
2,214 2,213 2,426 2,545 2,682
(352) (864) (642) (736) (846)
(41) (82) (85) (97) (111)
538 1,507 1,094 1,255 1,442
(58) 68 (109) 139 (15)
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
3,000 3,000 3,000 3,000 3,000
0 0 0 0 0
49,327 52,426 54,196 56,756 59,397

(8,969) (10,738) (11,219) (11,771) (12,406)

0 0 0 0 0
(8,969) (10,738) (11,219) (11,771) (12,406)

0 0 (2,500) 0 (6,000)
(10,695) (9,176) (9,596) (10,073) (10,632)
0 0 0 0 0
(23,968) (23,968) (23,968) (23,968) (23,968)
0 0 0 0 0
0 0 0 0 0
(34,663) (33,144) (36,064) (34,041) (40,600)

5,695 8,543 6,912 10,944 6,391

2014P 2015P 2016P 2017P 2018P

9/30/14 9/30/15 9/30/16 9/30/17 9/30/18

0 0 0 0 0
0 0 0 0 0
0 0 0 0 0

15,259 16,204 16,931 17,763 18,721

OK OK OK OK OK

146,761 152,456 161,000 167,912 178,856

5,000 5,000 5,000 5,000 5,000
141,761 147,456 156,000 162,912 173,856
5,695 8,543 6,912 10,944 6,391
 147,456 156,000 162,912 173,856 180,247

2% 2% 2% 2% 2%
0 0 0 0 0

146,761 152,456 161,000 167,912 178,856

5,695 8,543 6,912 10,944 6,391
152,456 161,000 167,912 178,856 185,247

1.03% 1.03% 1.03% 1.03% 1.03%

1,541 1,614 1,694 1,786 1,875

2014P 2015P 2016P 2017P 2018P

9/30/14 9/30/15 9/30/16 9/30/17 9/30/18

900 864 831 802 776

0 0 0 0 0
(36) (33) (29) (26) (23)
864 831 802 776 753

43.98 47.57 53.75 60.74 68.64

10.6% 8.2% 13.0% 13.0% 13.0%
$669.16 $723.79 $817.88 $924.20 $1,044.35

Revenue growth rate

5.0% 7.5% 10.0%
42.88 43.89 44.90
42.14 43.13 44.12
41.39 42.36 43.34
40.64 41.60 42.56
39.90 40.84 41.77
40.64 41.60 42.56

iPad unit growth

10.0% 15.0% 20.0%
44.81 45.17 45.53
43.81 44.17 44.53
 42.81 43.17 43.52
41.81 42.16 42.52
40.80 41.16 41.52
39.80 40.16 40.52

2014P 2015P 2016P 2017P 2018P

9/30/14 9/30/15 9/30/16 9/30/17 9/30/18

5.0% 5.0% 4.5% 4.9% 5.4%

37.1% 37.4% 37.4% 37.4% 37.4%
2.9% 3.1% 3.1% 3.1% 3.1%
6.8% 6.8% 6.8% 6.8% 6.8%

10.0% 10.0% 10.0% 10.0% 10.0%

5.0% 5.0% 4.5% 4.9% 5.4%
0.0% 0.0% 0.0% 0.0% 0.0%

37.5% 37.5% 37.5% 37.5% 37.5%

37.1% 37.4% 37.4% 37.4% 37.4%
36.5% 36.5% 36.5% 36.5% 36.5%

2.5% 2.5% 2.5% 2.5% 2.5%

2.9% 3.1% 3.1% 3.1% 3.1%
3.3% 3.3% 3.3% 3.3% 3.3%

6.4% 6.4% 6.4% 6.4% 6.4%

6.8% 6.8% 6.8% 6.8% 6.8%
7.0% 7.0% 7.0% 7.0% 7.0%
Forecast Assumption
Year Ending 31 December 2014P 2015P

Income Statement

Revenue 179,381 188,389

Cost of Sales (112,830) (117,932)

Gross Margin 66,550 70,458

Research & development (enter as -) (5,202) (5,840)

Selling, general & administrative (enter as -) (12,198) (12,810)

EBIT 49,150 51,807

Interest income 1,541 1,614

Interest expense (enter as -) (329) (329)
Other expense (enter as -) (324) (324)

Pretax profit 50,038 52,768

Taxes (enter expense as -) (13,160) (13,720)

Net income 36,878 39,048

Basic shares outstanding 882 847

Impact of dilutive securities 6 6
Diluted shares outstanding 888 854

Basic EPS $41.82 $46.08

Diluted EPS $41.52 $45.74

Growth rates & margins

Revenue growth 5.0% 5.0%
Gross profit as % of sales 37.1% 37.4%
R&D margin 2.9% 3.1%
SG&A margin 6.8% 6.8%
Tax rate 26.3% 26.0%

EBITDA reconciliation
Depreciation & amortization 7,149 7,535
Stock based compensation 2,214 2,213
EBITDA 58,513 61,555

Segments
Year Ending 31 December 2014P 2015P

Product
iPhone 97,968 104,826
iPad 31,654 31,654
Mac 20,946 18,850
iPod 3,275 2,728
iTunes / Software / Services 19,261 23,113
Accessories 6,277 7,218
Total 179,381 188,389
% growth 5.0% 5.0%

Units
iPhone 167,987 179,746
% growth 11.8% 7.0%
iPad 71,743 71,743
% growth 1.0% 0.0%
Mac 15,932 15,335
% growth (2.5%) (3.8%)
iPod 19,784 16,817
% growth (25.0%) (15.0%)

ASPs
iPhone 583.2 583.2
% growth (4.0%) 0.0%
iPad 441.2 441.2
% growth (2.0%) 0.0%
Mac 1,314.7 1,229.2
% growth 0.0% (6.5%)
iPod 165.5 162.2
% growth (1.0%) (2.0%)

iTunes / Software / Services 20.0% 20.0%

Accessories 10.0% 15.0%

Balance Sheet - Forecast Outputs

Year Ending 31 December

Cash & equivalents ST & LT market. securities 152,456 161,000

Accounts receivable 13,454 14,318
Inventory 1,805 1,887
Deferred tax assets 3,453 3,453
Other current assets (inc. non-trade receivables) 14,421 14,421
Property, plant & equipment 19,467 23,655
Acquired intangible assets (inc. Goodwill) 4,706 3,721
 Other assets 5,146 5,146
Total assets 214,908 227,600

Accounts payable 22,905 24,412

Accrued expenses & def rev. (current & non-current) 23,858 23,925
Revolver 0 0
Long term debt 16,960 16,960
Other non-current liabilities 23,208 26,208
Total liabilities 86,930 91,505

Common stock / additional paid in capital 21,978 24,191

Treasury stock (23,968) (47,936)
Retained earnings / accumulated deficit 130,439 160,311
Other comprehensive income / (loss) (471) (471)
Total equity 127,978 136,095

Ratios
Net debt (135,496) (144,040)
Asset turnover (Revenue / Total assets) 0.83x 0.83x
Net profit margin 20.6% 20.7%
Return on assets (ROA) 17.2% 17.2%
Return on book equity (ROE) 28.8% 28.7%

WORKING CAPITAL
Fiscal year 2014P 2015P
Fiscal year end date 9/30/14 9/30/15

Accounts receivable
Beginning of period 13,102 13,454
Increases / (decreases) 352 864
End of period 13,454 14,318

AR as % of sales 7.5% 7.6%

Days sales outstanding (DSO) 27 days 28 days

Inventory
Beginning of period 1,764 1,805
Increases / (decreases) 41 82
End of period 1,805 1,887

Inventory as % of COGS 1.6% 1.6%

Inventory turnover 62.5x 62.5x

Accounts payable
Beginning of period 22,367 22,905
Increases / (decreases) 538 1,507
 End of period 22,905 24,412

AP as % of COGS 20.3% 20.7%

Days payables outstanding (DPO) 74 days 76 days

Accrued expenses & def revenues

Beginning of period 23,916 23,858
Increases / (decreases) (58) 68
End of period 23,858 23,925

Accrued expenses & def revs as % of sales 13.3% 12.7%

INTANGIBLE ASSETS (INC. GOODWILL)

Fiscal year 2014P 2015P
Fiscal year end date 9/30/14 9/30/15

Beginning of period 5,756 4,706

Plus: Purchases of intangible assets 0 0
Less: Amortization (1,050) (985)
End of period 4,706 3,721

Purchases of intangible assets (enter as +) 0 0

Amortization (enter as -) (1,050) (985)

PROPERTY, PLANT & EQUIPMENT

Fiscal year 2014P 2015P
Fiscal year end date 9/30/14 9/30/15

Beginning of period 16,597 19,467

Plus: Capital expenditures 8,969 10,738
Less: Depreciation (6,099) (6,550)
End of period 19,467 23,655

Capex (enter as +) 8,969 10,738

Capital expenditures as % of revenue 5.0% 5.7%
Depreciation (enter as -) (6,099) (6,550)
Depreciation as a % of capital expenditures 68.0% 61.0%

OTHER ASSETS / LIABILITIES & DEFERRED TAXES

Fiscal year 2014P 2015P
Fiscal year end date 9/30/14 9/30/15

Other current assets (inc. non-trade receivables)

Beginning of period 14,421 14,421
Increases / (decreases) 0 0
End of period 14,421 14,421
Deferred tax assets (DTAs)
Beginning of period 3,453 3,453
Increases / (decreases) 0 0
End of period 3,453 3,453

Other assets
Beginning of period 5,146 5,146
Increases / (decreases) 0 0
End of period 5,146 5,146

Other non current liabilities

Beginning of period 20,208 23,208
Increases / (decreases) 3,000 3,000
End of period 23,208 26,208

DEBT
Fiscal year 2014P 2015P
Fiscal year end date 9/30/14 9/30/15

Long term debt

Beginning of period 16,960 16,960
Additional borrowing / (pay down) 0 0
PIK accrual 0 0
End of period 16,960 16,960

Interest expense on long term debt 329 329

Weighted average interest rate 1.9% 1.9%

% of interest expense paid in cash 100% 100%

% of interest expense accrues as PIK 0% 0%

CAPITAL STOCK
Fiscal year 2014P 2015P
Fiscal year end date 9/30/14 9/30/15

Common stock / APIC

Beginning of period 19,764 21,978
Plus: new share issuances 0 0
Plus: Stock based compensation 2,214 2,213
End of period 21,978 24,191

New share issuance 0 0

Stock based compensation 2,214 2,213
SBC as % of all operating expenses 1.7% 1.6%

Treasury stock
Beginning of period 0 (23,968)
 Less: Stock repurchases (23,968) (23,968)
End of period (23,968) (47,936)

Stock repurchases (23,968) (23,968)

RETAINED EARNINGS & OCI

Fiscal year 2014P 2015P
Fiscal year end date 9/30/14 9/30/15

Retained earnings
Beginning of period 104,256 130,439
Plus: Net income 36,878 39,048
Less: Common dividends (10,695) (9,176)
End of period 130,439 160,311

Net income 36,878 39,048

Dividend payout ratio 29.0% 23.5%
Common dividends (10,695) (9,176)

Other comprehensive income / (loss)

Beginning of period (471) (471)
Plus: Income / (loss) 0 0
End of period (471) (471)

Cash Flow Statements - Forecast Outputs

Year Ending 31 December 2014P 2015P

Net income 36,878 39,048

Depreciation and amortization 7,149 7,535
Stock based compensation 2,214 2,213
Accounts receivable (352) (864)
Inventory (41) (82)
Accounts payable 538 1,507
Accrued expenses & def revenues (58) 68
Other current assets (inc. non-trade receivables) 0 0
Deferred tax assets (DTAs) 0 0
Other assets 0 0
Other non current liabilities 3,000 3,000
Non-cash (PIK) interest 0 0

Cash from operating activities 49,327 52,426

Capital expenditures (8,969) (10,738)

Purchases of intangible assets 0 0
Cash from investing activities (8,969) (10,738)

Long term debt 0 0

Common dividends (10,695) (9,176)
New share issuances 0 0
Share repurchases (23,968) (23,968)
Other comprehensive income / (loss) 0 0
Revolver 0 0

Cash from financing activities (34,663) (33,144)

Net change in cash during period 5,695 8,543

 2016P 2017P 2018P

196,830 206,514 217,643

(123,216) (129,278) (136,245)

73,614 77,236 81,398

(6,102) (6,402) (6,747)

(13,384) (14,043) (14,800)

54,128 56,791 59,852

1,694 1,786 1,875

(317) (329) (264)
(324) (324) (324)

55,181 57,924 61,139

(14,347) (15,060) (15,896)

40,834 42,864 45,243

816 789 764

6 6 6
822 795 770

$50.03 $54.36 $59.21

$49.65 $53.93 $58.72

4.5% 4.9% 5.4%

37.4% 37.4% 37.4%
3.1% 3.1% 3.1%
6.8% 6.8% 6.8%
26.0% 26.0% 26.0%

7,677 7,786 8,001

2,426 2,545 2,682
64,231 67,123 70,536
 2016P 2017P 2018P

107,970 111,210 114,546

31,654 31,654 31,654
18,850 18,850 18,850
2,319 1,971 1,675
27,736 33,283 39,940
8,301 9,546 10,978
196,830 206,514 217,643
4.5% 4.9% 5.4%

185,139 190,693 196,414

3.0% 3.0% 3.0%
71,743 71,743 71,743
0.0% 0.0% 0.0%
15,335 15,335 15,335
0.0% 0.0% 0.0%
14,294 12,150 10,328
(15.0%) (15.0%) (15.0%)

583.2 583.2 583.2

0.0% 0.0% 0.0%
441.2 441.2 441.2
0.0% 0.0% 0.0%
1,229.2 1,229.2 1,229.2
0.0% 0.0% 0.0%
162.2 162.2 162.2
0.0% 0.0% 0.0%

20.0% 20.0% 20.0%

15.0% 15.0% 15.0%

167,912 178,856 185,247

14,959 15,695 16,541
1,971 2,068 2,180
3,453 3,453 3,453
14,421 14,421 14,421
28,031 32,621 37,460
2,888 2,282 1,848
 5,146 5,146 5,146
238,781 254,543 266,295

25,506 26,760 28,203

23,816 23,956 23,941
0 0 0
14,460 14,460 8,460
29,208 32,208 35,208
92,990 97,384 95,811

26,616 29,162 31,844

(71,904) (95,872) (119,840)
191,549 224,340 258,951
(471) (471) (471)
145,791 157,159 170,484

(153,452) (164,396) (176,787)

0.82x 0.81x 0.82x
20.7% 20.8% 20.8%
17.1% 16.8% 17.0%
28.0% 27.3% 26.5%

2016P 2017P 2018P

9/30/16 9/30/17 9/30/18

14,318 14,959 15,695

642 736 846
14,959 15,695 16,541

7.6% 7.6% 7.6%

28 days 28 days 28 days

1,887 1,971 2,068

85 97 111
1,971 2,068 2,180

1.6% 1.6% 1.6%

62.5x 62.5x 62.5x

24,412 25,506 26,760

1,094 1,255 1,442
25,506 26,760 28,203

20.7% 20.7% 20.7%

76 days 76 days 76 days

23,925 23,816 23,956

(109) 139 (15)
23,816 23,956 23,941

12.1% 11.6% 11.0%

2016P 2017P 2018P

9/30/16 9/30/17 9/30/18

3,721 2,888 2,282

0 0 0
(833) (606) (434)
2,888 2,282 1,848

0 0 0
(833) (606) (434)

2016P 2017P 2018P

9/30/16 9/30/17 9/30/18

23,655 28,031 32,621

11,219 11,771 12,406
(6,844) (7,180) (7,567)
28,031 32,621 37,460

11,219 11,771 12,406

5.7% 5.7% 5.7%
(6,844) (7,180) (7,567)
61.0% 61.0% 61.0%

2016P 2017P 2018P

9/30/16 9/30/17 9/30/18

14,421 14,421 14,421

0 0 0
14,421 14,421 14,421
 3,453 3,453 3,453
0 0 0
3,453 3,453 3,453

5,146 5,146 5,146

0 0 0
5,146 5,146 5,146

26,208 29,208 32,208

3,000 3,000 3,000
29,208 32,208 35,208

2016P 2017P 2018P

9/30/16 9/30/17 9/30/18

16,960 14,460 14,460

(2,500) 0 (6,000)
0 0 0
14,460 14,460 8,460

317 329 264

2.0% 2.3% 2.3%

100% 100% 100%

0% 0% 0%

2016P 2017P 2018P

9/30/16 9/30/17 9/30/18

24,191 26,616 29,162

0 0 0
2,426 2,545 2,682
26,616 29,162 31,844

0 0 0
2,426 2,545 2,682
1.7% 1.7% 1.7%

(47,936) (71,904) (95,872)

(23,968) (23,968) (23,968)
(71,904) (95,872) (119,840)

(23,968) (23,968) (23,968)

2016P 2017P 2018P

9/30/16 9/30/17 9/30/18

160,311 191,549 224,340

40,834 42,864 45,243
(9,596) (10,073) (10,632)
191,549 224,340 258,951

40,834 42,864 45,243

23.5% 23.5% 23.5%
(9,596) (10,073) (10,632)

(471) (471) (471)

0 0 0
(471) (471) (471)

2016P 2017P 2018P

40,834 42,864 45,243

7,677 7,786 8,001
2,426 2,545 2,682
(642) (736) (846)
(85) (97) (111)
1,094 1,255 1,442
(109) 139 (15)
0 0 0
0 0 0
0 0 0
3,000 3,000 3,000
0 0 0

54,196 56,756 59,397

(11,219) (11,771) (12,406)

0 0 0
(11,219) (11,771) (12,406)

(2,500) 0 (6,000)
(9,596) (10,073) (10,632)
0 0 0
(23,968) (23,968) (23,968)
0 0 0
0 0 0

(36,064) (34,041) (40,600)

6,912 10,944 6,391

Income Statement - Historical Assumptions
Year Ending 31 December 2011A 2012A

Income Statement

Revenue 108,249 156,508

Cost of sales (enter as -) (64,431) (87,846)

Gross Margin 43,818 68,662

Research & development (enter as -) (2,429) (3,381)

Selling, general & administrative (enter as -) (7,599) (10,040)

EBIT 33,790 55,241

Interest income 519 1,088

Interest expense (enter as -) 0 0
Other expense (enter as -) (104) (566)

Pretax profit 34,205 55,763

Taxes (enter expense as -) (8,283) (14,030)

Net Income 25,922 41,733

Basic shares outstanding 924 935

Impact of dilutive securities 12 11
Diluted shares outstanding 937 945

Basic EPS $28.05 $44.64

Diluted EPS $27.68 $44.15

Growth rates & margins

Revenue growth NA 44.6%
Gross profit as % of sales 40.5% 43.9%
R&D margin 2.2% 2.2%
SG&A margin 7.0% 6.4%
Tax rate 24.2% 25.2%

EBITDA reconciliation
Depreciation & amortization 1,814 3,277
Stock based compensation 1,168 1,740
EBITDA 36,772 60,258

Segments
Year Ending 31 December 2011A 2012A

Product
iPhone 45,998 78,692
iPad 19,168 30,945
Mac 21,783 23,221
iPod 7,453 5,615
iTunes / Software / Services 9,373 12,890
Accessories 4,474 5,145
Total 108,249 156,508
% growth 44.6%

Units
iPhone 72,293 125,046
% growth 73.0%
iPad 32,394 58,310
% growth 80.0%
Mac 16,735 18,158
% growth 8.5%
iPod 42,620 35,165
% growth (17.5%)

ASPs
iPhone 636.3 629.3
% growth (1.1%)
iPad 591.7 530.7
% growth (10.3%)
Mac 1,301.6 1,278.8
% growth (1.8%)
iPod 174.9 159.7
% growth (8.7%)

iTunes / Software / Services 37.5%

Accessories 15.0%
2013A

170,910
(106,606)

64,304

(4,475)
(10,830)

48,999

1,616
(136)
(324)

50,155

(13,118)

37,037

925
6
932

$40.03
$39.75

9.2%
37.6%
2.6%
6.3%
26.2%

6,757
2,253
58,009
2013A

91,279
31,980
21,483
4,411
16,051
5,706
170,910
9.2%

150,257
20.2%
71,033
21.8%
16,341
(10.0%)
26,379
(25.0%)

607.5
(3.5%)
450.2
(15.2%)
1,314.7
2.8%
167.2
4.7%

24.5%
10.9%
Income Statement - Historical Outputs
Year Ending 31 December 2011A 2012A

Income Statement

Revenue 108,249 156,508

Cost of sales (enter as -) (64,431) (87,846)

Gross Margin 43,818 68,662

Research & development (enter as -) (2,429) (3,381)

Selling, general & administrative (enter as -) (7,599) (10,040)

EBIT 33,790 55,241

Interest income 519 1,088

Interest expense (enter as -) 0 0
Other expense (enter as -) (104) (566)

Pretax profit 34,205 55,763

Taxes (enter expense as -) (8,283) (14,030)

Net Income 25,922 41,733

Basic shares outstanding 924 935

Impact of dilutive securities 12 11
Diluted shares outstanding 937 945

Basic EPS $28.05 $44.64

Diluted EPS $27.68 $44.15

Growth rates & margins

Revenue growth NA 44.6%
Gross profit as % of sales 40.5% 43.9%
R&D margin 2.2% 2.2%
SG&A margin 7.0% 6.4%
Tax rate 24.2% 25.2%

EBITDA reconciliation
Depreciation & amortization 1,814 3,277
Stock based compensation 1,168 1,740
EBITDA 36,772 60,258

Segments
Year Ending 31 December 2011A 2012A

Product
iPhone 45,998 78,692
iPad 19,168 30,945
Mac 21,783 23,221
iPod 7,453 5,615
iTunes / Software / Services 9,373 12,890
Accessories 4,474 5,145
Total 108,249 156,508
% growth 44.6%

Units
iPhone 72,293 125,046
% growth 73.0%
iPad 32,394 58,310
% growth 80.0%
Mac 16,735 18,158
% growth 8.5%
iPod 42,620 35,165
% growth (17.5%)

ASPs
iPhone 636.3 629.3
% growth (1.1%)
iPad 591.7 530.7
% growth (10.3%)
Mac 1,301.6 1,278.8
% growth (1.8%)
iPod 174.9 159.7
% growth (8.7%)

iTunes / Software / Services 37.5%

Accessories 15.0%
2013A

170,910
(106,606)

64,304

(4,475)
(10,830)

48,999

1,616
(136)
(324)

50,155

(13,118)

37,037

925
6
932

$40.03
$39.75

9.2%
37.6%
2.6%
6.3%
26.2%

6,757
2,253
58,009
2013A

91,279
31,980
21,483
4,411
16,051
5,706
170,910
9.2%

150,257
20.2%
71,033
21.8%
16,341
(10.0%)
26,379
(25.0%)

607.5
(3.5%)
450.2
(15.2%)
1,314.7
2.8%
167.2
4.7%

24.5%
10.9%
Income Statement - Forecast Outputs
Year Ending 31 December 2014P 2015P

Income Statement

Revenue 179,381 188,389

Cost of Sales (112,830) (117,932)

Gross Margin 66,550 70,458

Research & development (enter as -) (5,202) (5,840)

Selling, general & administrative (enter as -) (12,198) (12,810)

EBIT 49,150 51,807

Interest income 1,541 1,614

Interest expense (enter as -) (329) (329)
Other expense (enter as -) (324) (324)

Pretax profit 50,038 52,768

(13,160) (13,720)
Taxes (enter expense as -)
36,878 39,048
Net income

Basic shares outstanding 882 847

Impact of dilutive securities 6 6
Diluted shares outstanding 888 854

Basic EPS $41.82 $46.08

Diluted EPS $41.52 $45.74

Growth rates & margins

Revenue growth 5.0% 5.0%
Gross profit as % of sales 37.1% 37.4%
R&D margin 2.9% 3.1%
SG&A margin 6.8% 6.8%
Tax rate 26.3% 26.0%

EBITDA reconciliation
Depreciation & amortization 7,149 7,535
Stock based compensation 2,214 2,213
EBITDA 58,513 61,555

Segments
Year Ending 31 December 2014P 2015P

Product
iPhone 97,968 104,826
iPad 31,654 31,654
Mac 20,946 18,850
iPod 3,275 2,728
iTunes / Software / Services 19,261 23,113
Accessories 6,277 7,218
Total 179,381 188,389
% growth 5.0% 5.0%

Units
iPhone 167,987 179,746
% growth 11.8% 7.0%
iPad 71,743 71,743
% growth 1.0% 0.0%
Mac 15,932 15,335
% growth (2.5%) (3.8%)
iPod 19,784 16,817
% growth (25.0%) (15.0%)

ASPs
iPhone 583.2 583.2
% growth (4.0%) 0.0%
iPad 441.2 441.2
% growth (2.0%) 0.0%
Mac 1,314.7 1,229.2
% growth 0.0% (6.5%)
iPod 165.5 162.2
% growth (1.0%) (2.0%)

iTunes / Software / Services 20.0% 20.0%

Accessories 10.0% 15.0%
 2016P 2017P 2018P

196,830 206,514 217,643

(123,216) (129,278) (136,245)

73,614 77,236 81,398

(6,102) (6,402) (6,747)

(13,384) (14,043) (14,800)

54,128 56,791 59,852

1,694 1,786 1,875

(317) (329) (264)
(324) (324) (324)

55,181 57,924 61,139

(14,347) (15,060) (15,896)

40,834 42,864 45,243

816 789 764

6 6 6
822 795 770

$50.03 $54.36 $59.21

$49.65 $53.93 $58.72

4.5% 4.9% 5.4%

37.4% 37.4% 37.4%
3.1% 3.1% 3.1%
6.8% 6.8% 6.8%
26.0% 26.0% 26.0%

7,677 7,786 8,001

2,426 2,545 2,682
64,231 67,123 70,536
 2016P 2017P 2018P

107,970 111,210 114,546

31,654 31,654 31,654
18,850 18,850 18,850
2,319 1,971 1,675
27,736 33,283 39,940
8,301 9,546 10,978
196,830 206,514 217,643
4.5% 4.9% 5.4%

185,139 190,693 196,414

3.0% 3.0% 3.0%
71,743 71,743 71,743
0.0% 0.0% 0.0%
15,335 15,335 15,335
0.0% 0.0% 0.0%
14,294 12,150 10,328
(15.0%) (15.0%) (15.0%)

583.2 583.2 583.2

0.0% 0.0% 0.0%
441.2 441.2 441.2
0.0% 0.0% 0.0%
1,229.2 1,229.2 1,229.2
0.0% 0.0% 0.0%
162.2 162.2 162.2
0.0% 0.0% 0.0%

20.0% 20.0% 20.0%

15.0% 15.0% 15.0%
Balance Sheet - Historical Assumptions
Year Ending 31 December 2011A

Cash & equivalents ST & LT market. securities

Accounts receivable
Inventory
Deferred tax assets
Other current assets (inc. non-trade receivables)
Property, plant & equipment
Acquired intangible assets (inc. Goodwill)
Other assets
Total assets

Accounts payable
Accrued expenses & def rev. (current & non-current)
Revolver
Long term debt
Other non-current liabilities
Total liabilities

Common stock / additional paid in capital

Treasury stock
Retained earnings / accumulated deficit
Other comprehensive income / (loss)
Total equity

Ratios
Net debt
Asset turnover (Revenue / Total assets)
Net profit margin
Return on assets (ROA)
Return on book equity (ROE)

WORKING CAPITAL
Fiscal year
Fiscal year end date

Accounts receivable
Beginning of period
Increases / (decreases)
End of period

AR as % of sales
Days sales outstanding (DSO)
Inventory
Beginning of period
Increases / (decreases)
End of period

Inventory as % of COGS
Inventory turnover

Accounts payable
Beginning of period
Increases / (decreases)
End of period

AP as % of COGS
Days payables outstanding (DPO)

Accrued expenses & def revenues

Beginning of period
Increases / (decreases)
End of period

Accrued expenses & def revs as % of sales

INTANGIBLE ASSETS (INC. GOODWILL)

Fiscal year 2011A
Fiscal year end date 9/24/11

Beginning of period
Plus: Purchases of intangible assets
Less: Amortization
End of period

Purchases of intangible assets (enter as +) 3,192

Amortization (enter as -) (192)

PROPERTY, PLANT & EQUIPMENT

Fiscal year 2011A
Fiscal year end date 9/24/11

Beginning of period
Plus: Capital expenditures
Less: Depreciation
End of period

Capex (enter as +) 4,260

Capital expenditures as % of revenue 3.9%
Depreciation (enter as -) (1,622)
 Depreciation as a % of capital expenditures 38.1%

OTHER ASSETS / LIABILITIES & DEFERRED TAXES

Fiscal year 2011A
Fiscal year end date 9/24/11

Other current assets (inc. non-trade receivables)

Beginning of period
Increases / (decreases)
End of period

Deferred tax assets (DTAs)

Beginning of period
Increases / (decreases)
End of period

Other assets
Beginning of period
Increases / (decreases)
End of period

Other non current liabilities

Beginning of period
Increases / (decreases)
End of period

DEBT
Fiscal year
Fiscal year end date

Long term debt

Beginning of period
Additional borrowing / (pay down)
PIK accrual
End of period

Interest expense on long term debt

Weighted average interest rate

% of interest expense paid in cash

% of interest expense accrues as PIK

CAPITAL STOCK
Fiscal year
Fiscal year end date

Common stock / APIC

 Beginning of period
Plus: new share issuances
Plus: Stock based compensation
End of period

New share issuance 831

Stock based compensation 1,168
SBC as % of all operating expenses 1.6%

Treasury stock
Beginning of period
Less: Stock repurchases
End of period

Stock repurchases 0

RETAINED EARNINGS & OCI

Fiscal year 2011A
Fiscal year end date 9/24/11

Retained earnings
Beginning of period
Plus: Net income
Less: Common dividends
End of period

Net income 25,922

Dividend payout ratio 0.0%
Common dividends 0

Other comprehensive income / (loss)

Beginning of period
Plus: Income / (loss)
End of period
 2012A 2013A

121,251 146,761
10,930 13,102
791 1,764
2,583 3,453
14,220 14,421
15,452 16,597
5,359 5,756
5,478 5,146
176,064 207,000

21,175 22,367
20,015 23,916
0 0
0 16,960
16,664 20,208
57,854 83,451

16,422 19,764
0 0
101,289 104,256
499 (471)
118,210 123,549

(121,251) (129,801)
0.89x 0.83x
26.7% 21.7%
23.7% 17.9%
35.3% 30.0%

2012A 2013A
9/29/12 9/28/13

10,930 13,102

7.0% 7.7%
25 days 28 days
 791 1,764

0.9% 1.7%
111.1x 60.4x

21,175 22,367

24.1% 21.0%
88 days 77 days

20,015 23,916

12.8% 14.0%

2012A 2013A
9/29/12 9/28/13

5,359 5,756

1,107 911
(605) (960)

2012A 2013A
9/29/12 9/28/13

15,452 16,597

8,295 8,165
5.3% 4.8%
(2,672) (5,797)
 32.2% 71.0%

2012A 2013A
9/29/12 9/28/13

14,220 14,421

2,583 3,453

5,478 5,146

16,664 20,208

2012A 2013A
9/29/12 9/28/13

0 16,960

2012A 2013A
9/29/12 9/28/13
 16,422 19,764

665 530
1,740 2,253
1.7% 1.8%

0 0

0 (22.860)

2012A 2013A
9/29/12 9/28/13

101,289 104,256

41,733 37,037
6.0% 28.5%
(2,488) (10,564)

499 (471)
Balance Sheet - Historical Outputs
Year Ending 31 December 2011A

Cash & equivalents ST & LT market. securities

Accounts receivable
Inventory
Deferred tax assets
Other current assets (inc. non-trade receivables)
Property, plant & equipment
Acquired intangible assets (inc. Goodwill)
Other assets
Total assets

Accounts payable
Accrued expenses & def rev. (current & non-current)
Revolver
Long term debt
Other non-current liabilities
Total liabilities

Common stock / additional paid in capital

Treasury stock
Retained earnings / accumulated deficit
Other comprehensive income / (loss)
Total equity

Ratios
Net debt
Asset turnover (Revenue / Total assets)
Net profit margin
Return on assets (ROA)
Return on book equity (ROE)

WORKING CAPITAL
Fiscal year
Fiscal year end date

Accounts receivable
Beginning of period
Increases / (decreases)
End of period

AR as % of sales
Days sales outstanding (DSO)
Inventory
Beginning of period
Increases / (decreases)
End of period

Inventory as % of COGS
Inventory turnover

Accounts payable
Beginning of period
Increases / (decreases)
End of period

AP as % of COGS
Days payables outstanding (DPO)

Accrued expenses & def revenues

Beginning of period
Increases / (decreases)
End of period

Accrued expenses & def revs as % of sales

INTANGIBLE ASSETS (INC. GOODWILL)

Fiscal year 2011A
Fiscal year end date 9/24/11

Beginning of period
Plus: Purchases of intangible assets
Less: Amortization
End of period

Purchases of intangible assets (enter as +) 3,192

Amortization (enter as -) (192)

PROPERTY, PLANT & EQUIPMENT

Fiscal year 2011A
Fiscal year end date 9/24/11

Beginning of period
Plus: Capital expenditures
Less: Depreciation
End of period

Capex (enter as +) 4,260

Capital expenditures as % of revenue 3.9%
Depreciation (enter as -) (1,622)
 Depreciation as a % of capital expenditures 38.1%

OTHER ASSETS / LIABILITIES & DEFERRED TAXES

Fiscal year 2011A
Fiscal year end date 9/24/11

Other current assets (inc. non-trade receivables)

Beginning of period
Increases / (decreases)
End of period

Deferred tax assets (DTAs)

Beginning of period
Increases / (decreases)
End of period

Other assets
Beginning of period
Increases / (decreases)
End of period

Other non current liabilities

Beginning of period
Increases / (decreases)
End of period

DEBT
Fiscal year
Fiscal year end date

Long term debt

Beginning of period
Additional borrowing / (pay down)
PIK accrual
End of period

Interest expense on long term debt

Weighted average interest rate

% of interest expense paid in cash

% of interest expense accrues as PIK

CAPITAL STOCK
Fiscal year
Fiscal year end date

Common stock / APIC

 Beginning of period
Plus: new share issuances
Plus: Stock based compensation
End of period

New share issuance 831

Stock based compensation 1,168
SBC as % of all operating expenses 1.6%

Treasury stock
Beginning of period
Less: Stock repurchases
End of period

Stock repurchases 0

RETAINED EARNINGS & OCI

Fiscal year 2011A
Fiscal year end date 9/24/11

Retained earnings
Beginning of period
Plus: Net income
Less: Common dividends
End of period

Net income 25,922

Dividend payout ratio 0.0%
Common dividends 0

Other comprehensive income / (loss)

Beginning of period
Plus: Income / (loss)
End of period
 2012A 2013A

121,251 146,761
10,930 13,102
791 1,764
2,583 3,453
14,220 14,421
15,452 16,597
5,359 5,756
5,478 5,146
176,064 207,000

21,175 22,367
20,015 23,916
0 0
0 16,960
16,664 20,208
57,854 83,451

16,422 19,764
0 0
101,289 104,256
499 (471)
118,210 123,549

(121,251) (129,801)
0.89x 0.83x
26.7% 21.7%
23.7% 17.9%
35.3% 30.0%

2012A 2013A
9/29/12 9/28/13

10,930 13,102

7.0% 7.7%
25 days 28 days
 791 1,764

0.9% 1.7%
111.1x 60.4x

21,175 22,367

24.1% 21.0%
88 days 77 days

20,015 23,916

12.8% 14.0%

2012A 2013A
9/29/12 9/28/13

5,359 5,756

1,107 911
(605) (960)

2012A 2013A
9/29/12 9/28/13

15,452 16,597

8,295 8,165
5.3% 4.8%
(2,672) (5,797)
 32.2% 71.0%

2012A 2013A
9/29/12 9/28/13

14,220 14,421

2,583 3,453

5,478 5,146

16,664 20,208

2012A 2013A
9/29/12 9/28/13

0 16,960

2012A 2013A
9/29/12 9/28/13
 16,422 19,764

665 530
1,740 2,253
1.7% 1.8%

0 0

0 (22.860)

2012A 2013A
9/29/12 9/28/13

101,289 104,256

41,733 37,037
6.0% 28.5%
(2,488) (10,564)

499 (471)
Balance Sheet - Forecast Outputs
Year Ending 31 December 2014P 2015P

Cash & equivalents ST & LT market. securities 152,456 161,000

Accounts receivable 13,454 14,318
Inventory 1,805 1,887
Deferred tax assets 3,453 3,453
Other current assets (inc. non-trade receivables) 14,421 14,421
Property, plant & equipment 19,467 23,655
Acquired intangible assets (inc. Goodwill) 4,706 3,721
Other assets 5,146 5,146
Total assets 214,908 227,600

Accounts payable 22,905 24,412

Accrued expenses & def rev. (current & non-current) 23,858 23,925
Revolver 0 0
Long term debt 16,960 16,960
Other non-current liabilities 23,208 26,208
Total liabilities 86,930 91,505

Common stock / additional paid in capital 21,978 24,191

Treasury stock (23,968) (47,936)
Retained earnings / accumulated deficit 130,439 160,311
Other comprehensive income / (loss) (471) (471)
Total equity 127,978 136,095

Ratios
Net debt (135,496) (144,040)
Asset turnover (Revenue / Total assets) 0,83x 0,83x
Net profit margin 20.6% 20.7%
Return on assets (ROA) 17.2% 17.2%
Return on book equity (ROE) 28.8% 28.7%

WORKING CAPITAL
Fiscal year 2014P 2015P
Fiscal year end date 9/30/14 9/30/15

Accounts receivable
Beginning of period 13,102 13,454
Increases / (decreases) 352 864
End of period 13,454 14,318

AR as % of sales 7.5% 7.6%

Days sales outstanding (DSO) 27 days 28 days
Inventory
Beginning of period 1,764 1,805
Increases / (decreases) 41 82
End of period 1,805 1,887

Inventory as % of COGS 1.6% 1.6%

Inventory turnover 62,5x 62,5x

Accounts payable
Beginning of period 22,367 22,905
Increases / (decreases) 538 1,507
End of period 22,905 24,412

AP as % of COGS 20.3% 20.7%

Days payables outstanding (DPO) 74 days 76 days

Accrued expenses & def revenues

Beginning of period 23,916 23,858
Increases / (decreases) (58) 68
End of period 23,858 23,925

Accrued expenses & def revs as % of sales 13.3% 12.7%

INTANGIBLE ASSETS (INC. GOODWILL)

Fiscal year 2014P 2015P
Fiscal year end date 9/30/14 9/30/15

Beginning of period 5,756 4,706

Plus: Purchases of intangible assets 0 0
Less: Amortization (1,050) (985)
End of period 4,706 3,721

Purchases of intangible assets (enter as +) 0 0

Amortization (enter as -) (1,050) (985)

PROPERTY, PLANT & EQUIPMENT

Fiscal year 2014P 2015P
Fiscal year end date 9/30/14 9/30/15

Beginning of period 16,597 19,467

Plus: Capital expenditures 8,969 10,738
Less: Depreciation (6,099) (6,550)
End of period 19,467 23,655

Capex (enter as +) 8,969 10,738

Capital expenditures as % of revenue 5.0% 5.7%
Depreciation (enter as -) (6,099) (6,550)
 Depreciation as a % of capital expenditures 68.0% 61.0%

OTHER ASSETS / LIABILITIES & DEFERRED TAXES

Fiscal year 2014P 2015P
Fiscal year end date 9/30/14 9/30/15

Other current assets (inc. non-trade receivables)

Beginning of period 14,421 14,421
Increases / (decreases) 0 0
End of period 14,421 14,421

Deferred tax assets (DTAs)

Beginning of period 3,453 3,453
Increases / (decreases) 0 0
End of period 3,453 3,453

Other assets
Beginning of period 5,146 5,146
Increases / (decreases) 0 0
End of period 5,146 5,146

Other non current liabilities

Beginning of period 20,208 23,208
Increases / (decreases) 3,000 3,000
End of period 23,208 26,208

DEBT
Fiscal year 2014P 2015P
Fiscal year end date 9/30/14 9/30/15

Long term debt

Beginning of period 16,960 16,960
Additional borrowing / (pay down) 0 0
PIK accrual 0 0
End of period 16,960 16,960

Interest expense on long term debt 329 329

Weighted average interest rate 1.9% 1.9%

% of interest expense paid in cash 100% 100%

% of interest expense accrues as PIK 0% 0%

CAPITAL STOCK
Fiscal year 2014P 2015P
Fiscal year end date 9/30/14 9/30/15

Common stock / APIC

 Beginning of period 19,764 21,978
Plus: new share issuances 0 0
Plus: Stock based compensation 2,214 2,213
End of period 21,978 24,191

New share issuance 0 0

Stock based compensation 2,214 2,213
SBC as % of all operating expenses 1.7% 1.6%

Treasury stock
Beginning of period 0 (23,968)
Less: Stock repurchases (23,968) (23,968)
End of period (23,968) (47,936)

Stock repurchases (23,968) (23,968)

RETAINED EARNINGS & OCI

Fiscal year 2014P 2015P
Fiscal year end date 9/30/14 9/30/15

Retained earnings
Beginning of period 104,256 130,439
Plus: Net income 36,878 39,048
Less: Common dividends (10,695) (9,176)
End of period 130,439 160,311

Net income 36,878 39,048

Dividend payout ratio 29.0% 23.5%
Common dividends (10,695) (9,176)

Other comprehensive income / (loss)

Beginning of period (471) (471)
Plus: Income / (loss) 0 0
End of period (471) (471)
2016P 2017P 2018P

167,912 178,856 185,247

14,959 15,695 16,541
1,971 2,068 2,180
3,453 3,453 3,453
14,421 14,421 14,421
28,031 32,621 37,460
2,888 2,282 1,848
5,146 5,146 5,146
238,781 254,543 266,295

25,506 26,760 28,203

23,816 23,956 23,941
0 0 0
14,460 14,460 8,460
29,208 32,208 35,208
92,990 97,384 95,811

26,616 29,162 31,844

(71,904) (95,872) (119,840)
191,549 224,340 258,951
(471) (471) (471)
145,791 157,159 170,484

(153,452) (164,396) (176,787)

0,82x 0,81x 0,82x
20.7% 20.8% 20.8%
17.1% 16.8% 17.0%
28.0% 27.3% 26.5%

2016P 2017P 2018P

9/30/16 9/30/17 9/30/18

14,318 14,959 15,695

642 736 846
14,959 15,695 16,541

7.6% 7.6% 7.6%

28 days 28 days 28 days
 1,887 1,971 2,068
85 97 111
1,971 2,068 2,180

1.6% 1.6% 1.6%

62,5x 62,5x 62,5x

24,412 25,506 26,760

1,094 1,255 1,442
25,506 26,760 28,203

20.7% 20.7% 20.7%

76 days 76 days 76 days

23,925 23,816 23,956

(109) 139 (15)
23,816 23,956 23,941

12.1% 11.6% 11.0%

2016P 2017P 2018P

9/30/16 9/30/17 9/30/18

3,721 2,888 2,282

0 0 0
(833) (606) (434)
2,888 2,282 1,848

0 0 0
(833) (606) (434)

2016P 2017P 2018P

9/30/16 9/30/17 9/30/18

23,655 28,031 32,621

11,219 11,771 12,406
(6,844) (7,180) (7,567)
28,031 32,621 37,460

11,219 11,771 12,406

5.7% 5.7% 5.7%
(6,844) (7,180) (7,567)
 61.0% 61.0% 61.0%

2016P 2017P 2018P

9/30/16 9/30/17 9/30/18

14,421 14,421 14,421

0 0 0
14,421 14,421 14,421

3,453 3,453 3,453

0 0 0
3,453 3,453 3,453

5,146 5,146 5,146

0 0 0
5,146 5,146 5,146

26,208 29,208 32,208

3,000 3,000 3,000
29,208 32,208 35,208

2016P 2017P 2018P

9/30/16 9/30/17 9/30/18

16,960 14,460 14,460

(2,500) 0 (6,000)
0 0 0
14,460 14,460 8,460

317 329 264

2.0% 2.3% 2.3%

100% 100% 100%

0% 0% 0%

2016P 2017P 2018P

9/30/16 9/30/17 9/30/18
 24,191 26,616 29,162
0 0 0
2,426 2,545 2,682
26,616 29,162 31,844

0 0 0
2,426 2,545 2,682
1.7% 1.7% 1.7%

(47,936) (71,904) (95,872)

(23,968) (23,968) (23,968)
(71,904) (95,872) (119,840)

(23,968) (23,968) (23,968)

2016P 2017P 2018P

9/30/16 9/30/17 9/30/18

160,311 191,549 224,340

40,834 42,864 45,243
(9,596) (10,073) (10,632)
191,549 224,340 258,951

40,834 42,864 45,243

23.5% 23.5% 23.5%
(9,596) (10,073) (10,632)

(471) (471) (471)

0 0 0
(471) (471) (471)
Cash Flow Statements - Forecast Outputs
Year Ending 31 December 2014P

Net income 36,878

Depreciation and amortization 7,149
Stock based compensation 2,214
Accounts receivable (352)
Inventory (41)
Accounts payable 538
Accrued expenses & def revenues (58)
Other current assets (inc. non-trade receivables) 0
Deferred tax assets (DTAs) 0
Other assets 0
Other non current liabilities 3,000
Non-cash (PIK) interest 0

Cash from operating activities 49,327

Capital expenditures (8,969)

Purchases of intangible assets 0

Cash from investing activities (8,969)

Long term debt 0

Common dividends (10,695)
New share issuances 0
Share repurchases (23,968)
Other comprehensive income / (loss) 0
Revolver 0

Cash from financing activities (34,663)

Net change in cash during period 5,695

2015P 2016P 2017P 2018P

39,048 40,834 42,864 45,243

7,535 7,677 7,786 8,001
2,213 2,426 2,545 2,682
(864) (642) (736) (846)
(82) (85) (97) (111)
1,507 1,094 1,255 1,442
68 (109) 139 (15)
0 0 0 0
0 0 0 0
0 0 0 0
3,000 3,000 3,000 3,000
0 0 0 0

52,426 54,196 56,756 59,397

(10,738) (11,219) (11,771) (12,406)

0 0 0 0

(10,738) (11,219) (11,771) (12,406)

0 (2,500) 0 (6,000)
(9,176) (9,596) (10,073) (10,632)
0 0 0 0
(23,968) (23,968) (23,968) (23,968)
0 0 0 0
0 0 0 0

(33,144) (36,064) (34,041) (40,600)

8,543 6,912 10,944 6,391