TIe

BegInnIng
nLroducLIon
ncome
SLuLemenL
TIe
DeveIopmenL
RuLIo
CompurIson
BuIunce SIeeL
CuIcuIuLIon oI
RuLIos
Group
Members
MIcrosoIL vs
AppIe
CusI Iow
SLuLemenL
PredIcLIons
NeL ncome
EurnIngs Per
SIure
TIe uLure
RuLIos &
DeIInILIons
RuLIos &
DeIInILIons
EurnIngs Per
SIure
NeL ncome
PrIce und
Move Key
DuLes
ne IIne duy In 1q;6, z1 yeur oId SLeve Jobs quIL IIs duy
job uL ALurI und convInced compuLer engIneer SLeve
Woz WoznIuk Lo quIL IIs job uL HewIeLL-Puckurd.
TogeLIer, In LIe guruge oI Jobs` CuperLIno, CA Iome,
LIey Iounded u new compuny wIIcI LIey cIrIsLened
AppIe. TIeIr gouI - creuLe un InexpensIve und sImpIe
Lo use compuLer. n AprII ooI`s Duy In 1q;6, LIey
InLroduced LIeIr IIrsL sysLem, un encused cIrcuIL bourd
known us LIe AppIe (prevIous compuLers consIsLed oI
cIrcuIL bourds und swILcIes wIIcI produced IIusIIng
IIgILs) und soId Ior $666.66 uL LIe IocuI eIecLronIcs
sLore. By LIe LIme LIe AppIe und LIe Muc roIIed
uround, Jobs und Woz Iud popuIurIzed LIe personuI
compuLIng revoIuLIon, und LIe resL, us LIey suy, Is
IIsLory.
App|e Inc
Statement of comprehens|ve |ncome for the year ended
2011 3 2010 2009 2008 2007
8evenue 79979 63223 42903 37491 24378
CosL of sales 47341 39341 23683 24294 16426
Cross proflL 32438 23684 17222 13197 8132
1oLal
expenses 7338 7299 3482 4870 3743
CperaLlng
lncome 23080 18383 11740 8327 4407
lncome
before Lax 23414 18340 12066 8947 3006
lncome Lax
expense 6113 4327 3831 2828 1311
lncome afLer
Lax 19299 14013 8233 6119 3493
Statement of f|nanc|a| pos|t|on as at
2011 3 2010 2009 2008 2007
Cash shorLLerm
lnvesLmenL 28393 23620 23464 22111 13386
1oLal recelvables 11471 9924 3037 4704 4029
1oLal lnvenLory 889 1031 433 309 346
repald expenses 0 309 473 417
CLher currenL asseLs 6143 3083 2270 2207 1778
1oLal currenL AsseLs 46898 41678 31333 30006 21936
1oLal noncurrenL
asseLs 39860 33303 13946 6163 3391
1oLal asseLs 106738 73183 47301 36171 23347
AccounLs payable 13270 12013 3601 3320 4970
Accrued expenses 2224 1393 1293 1320 772
oLher currenL
llablllLles 9363 7114 4612 4321 3338
1oLal currenL
llablllLles 26839 20722 11306 11361 9280
1oLal noncurrenL
llablllLles 10336 6670 4333 2313 1333
1oLal llablllLles 37413 27392 13861 13874 10813
1oLal equlLy 69343 47791 31640 22297 14332
1oLal llablllLles
shareholders equlLy 106738 73183 47301 36171 23347
Statement of cash f|ows for the year ended
2011 3 2010 2009 2008 2007
Cash from operaLlng
acLlvlLles 27100 18393 10139 9396 3470
Cash from lnvesLlng
acLlvlLles (27283) ###### ###### (8189) (3249)
Cash from flnanclng
acLlvlLles 1013 1237 663 1116 739
neL change ln cash 830 3998 (6612) 2323 2960
neL cash aL beglnnlng
of year 11261 3263 11873 9332 6392
neL cash aL end of year 12091 11261 3263 11873 9332
A1IC ANALSIS
2011 3 2010 2009 2008 2007
Cross roflL Margln 4036 3938 4014 3320 3317
CperaLlng margln 3136 2819 2736 2221 1793
CurrenL 173 201 274 264 237
Culck 171 196 270 260 233
8CCL 3181 3404 3332 3606 3116
8CL 2783 2932 2603 2744 2403
8CA 1808 1864 1734 1692 1379
LIS1 CI IC,DLAS CALCDLA1ICNS
Cross proflL margln (8evenue/CosL of sales)/8evenue
CperaLlng margln (CperaLlng/8evenue)
CurrenL raLlo (CurrenL AsseLs/CurrenL llablllLles)
Culck raLlo (CurrenL AsseLs lnvenLorles)/CurrenL LlablllLles
8eLurn on caplLal employed L8l1/(1oLal AsseLsCurrenL LlablllLles)
8eLurn on equlLy (neL lncome/Shareholders LqulLy)
8eLurn on asseLs (neL lncome/1oLal AsseLs)
Net Income 18,760.0 14,569.0 17,681.0 14,065.0


Total Adjustments to Net Income 0.0 0.0 0.0 0.0
PreIerred Dividends
General Partners' Distributions


Basic Weighted Average Shares 8,813.0 8,945.0 9,328.0 9,742.0
Basic EPS Excluding Extraordinary
Items
2.13 1.63 1.9 1.44
Basic EPS Including Extraordinary
Items
2.13 1.63 1.9 1.44


Net Income
140130
823S0 61190 349S0
1oLal Ad[usLmenLs Lo neL
lncome
00 00 00 00
referred ulvldends 00 00 00 00 00
Ceneral arLners
ulsLrlbuLlons
00 00 00 00 00
8aslc WelghLed Average
Shares
90946 89302 88139 8646
8aslc LS Lxcludlng
LxLraordlnary lLems
1341 922 694 404
8aslc LS lncludlng
LxLraordlnary lLems
1341 922 694 404
zo1o zo1o zoo; zooq zooq zoo8 zoo; zoo8
AppIe
MIcrosoIL
A1IC ANALSIS
2011 3 2010 2009 2008 2007
Cross
roflL
Margln 4036 3938 4014 3320 3317
CperaLln
g margln 3136 2819 2736 2221 1793
CurrenL 173 201 274 264 237
Culck 171 196 270 260 233
8CCL 3181 3404 3332 3606 3116
8CL 2783 2932 2603 2744 2403
8CA 1808 1864 1734 1692 1379
A1IC ANALSIS
2011 2010 2009 2008 2007
Cross
roflL
Margln 7773 8016 7920 8080 7908
CperaLln
g margln 3883 3868 3632 3686 3607
CurrenL 260 213 182 143 169
Culck 236 210 180 141 164
8CCL 3312 4171 3898 3330 3019
8CL 4033 4063 3683 4873 4323
8CA 2130 2179 1871 2429 2203
AppIe
MIcrosoIL
EurnIngs per sIure(EPS) Is wIdeIy regurded us LIe mosL ImporLunL IndIcuLor oI
u compuny`s perIormunce.( puper I; zo1oJ11) TIIs reIers Lo LIe neL
Income uILer Lux dIvIded by LIe ouLsLundIng sIures
EPS=NET NCME J&TSTANDNG SHARES
TIe EPS Ior uppIe beLween zoo;-zo1o Ius drumuLIcuIIy Increused, n
zoo; AppIe reporLed un EPS ruLIo oI q.oq LIree yeurs IuLer In zo1o IL
reporLed un EPS oI 1.q. L sIouId be noLed LIuL LIese drusLIc Increuse In
EPS Is due LIe Increuse In neL proIIL LrIggered by LIe Increuse In revenue
und u proporLIonuLe reducLIon In cosLs beLween zoo; und zo1o,
Compured Lo MIcrosoIL wIIcI uIso reporLed un Increuse In IL EPS ruLIo oI
z.1 Irom 1.qq beLween zoo; und zo1o. However LIe IucL LIuL uppIe suw
un Increuse demund oI IL Muc suIe wIIIe MIcrosoIL regIsLered jusL
murgInuI Increuse In LIe demund Ior LIe pc meunL LIuL InvesLor wIII be
more uLLrucLed Lo uppIe. WIuL InvesLor sIouId uIso Iook uL Is LIe cusI EPS
ruLIo becuuse LIe proIIL IIgures cun be eusIIy munIpuIuLed compured Lo LIe
cusI ruLIo. TIIs meuns LIuL u compuny wILI u IIgI EPS ruLIo und neguLIve
cusI IIow Is noL very ImpressIve compured Lo LIuL oI u posILIve cusI IIow.
q
th
Aogost o11 - AppIe unnounces resIgnuLIon oI SLeve job us CE. TIe sIure prIces
were LrudIng uL ;6.18 on LIe sLurL oI LIuL duy buL dropped Lo ;.;z by LIe cIose oI LIe
murkeL.(Nusduq) PossIbIe reusons couId LIuL InvesLor or LIe generuI murkeL Iud mIx
IeeIIngs on LIe IuLure oI uppIe wILIIn SLeve us LIe CE. bvIousIy specuIuLIons were LIuL
uppIes sIure prIces wIII pIunge us SLeve resIgnuLIons.
g
th
Aogost - However, sIure prIce sLurLed rIsIng on LIe sLurL oI LIe duy possIbIy Ior Lwo
reusons, IIrsL LIe IucL SLeve job wus sLIII wILIIn LIe bourd, now us cIuIrmun und us news
cume ouL LIuL u Germun courL Ius upIeId uppIe InjuncLIon on Sumsung burrIng LIem
Irom seIIIng LIe guIuxy LubIeL In Germun us IL wus Loo sImIIur Lo LIuL oI uppIes LubIeL.
TIese reusons possIbIy pusIed LIe sIure prIce up 8q.q.
1
st
Aogost - pen wuves sysLem unnounces LIuL IL Is LukIng IeguI ucLIon uguInsL uppIe In
order Lo order Lo proLecL ILs InLeIIecLuuI properLy on Iow mobIIe devIces connecL Lo LIe
InLerneL. RequesLIng LIe InLernuLIonuI Lrude commIssIon (TC) Lo bur on LIe ImporLuLIon
oI vIrLuuIIy uII oI uppIe`s producLs. By mIdduy LIe sIure prIces Iud dropped Lo 8q.oz.
1q- o
th
September - SIure prIces Lop qoq.o. TIougI new wus comIng AusLruIIu LIuL
Sumsung Iud IIIIed u compIuInLs uguInsL uppIe
q
th
October - AppIe unnounces LIe IuuncI oI LIe Iong uwuILed PIone q S Lo LIe dIsmuy
oI LIe pubIIc wIo were expecLIng LIe PIone . TIIs coursed LIe sIure prIces Lo IuII Lo
.1z. TIe murkeL wus noL Iuppy wILI LIe qS.
11th October-SIure prIce ure ucLuuI LrudIng ubove qoo.zq up by z.q%. possIbIy due Lo
encourugIng pre-order IeveI oI LIe PIone qS.
here do we see upple in ten yeurs' time.
AppIe Ius u very brIgIL IuLure, becuuse LIey udopL u Iorwurd IookIng upproucI. SLeve job
cerLuInIy undersLood LIe power oI Moore`s Iuw wIIcI Is doubIIng oI compeLILIve cupucILy
over Lwo yeurs und LIe power oI neLwork compuLIng. (ErIc scImIdL, zo11) I we IookIng uL
LIe IusL coupIe oI yeurs LIuL uppIe Ius moved. TIey Iuve moved very uggressIveIy Lo u
wIoIe buncI oI new LecInoIogy deveIopmenL IncIudIng LIe cIoud seLLIng uppIe on u
course Lo be one oI LIe sIgnIIIcunL pIuyers In LIe nexL generuLIon oI compuLIng wIIcI
cuIIed cIoud Is compuLIng und noL common wILI oLIer compeLILors wILIIn LIIs IndusLry.
TIIs Is u very good exumpIe oI SLeve job und uppIe ucLuuIIy seeIng InLo LIe IuLure becuuse
Ie wus ubIe Lo ImugIne wIuL wIII Iuppen wIen LIIngs wIII be Len or u Iundred LIme IusLer
und sLurL Lo LIInk ubouL Iow LIe LecInoIogy wIII evoIve. He wus uppIe Lo creuLe u pIuLIorm
Ior IuLure growLI. An exumpIe cun be seen wILI LIe IIrsL PIone wIIcI dId noL Iuve
deveIopers oI S buL wIIcI Is conLuIned wILI LIe second versIon wIIcI becume LIe
growLI pIuLIorm Ior LIe pIone. n IucL everyLIIng SLeve und uppIe dId Iud u Lwo, LIree
or Iour yeur`s Iorwurd LIInkIng. AnuIyzIng AppIe nc.`s IInuncIuI resuILs oI LIe IusL Iour
yeurs, Irom zoo; unLII zo1o, we ure ubIe Lo see LIuL AppIe reporLed In zoo; u revenue oI
$zq,;8 mIIIIon, Iour yeurs IuLer, In zo1o, IL reporLed LoLuI revenue oI $6,zz mIIIIon.
TIe sIows u medIum Increuse oI $1,qq mIIIIon every yeur, us cuIcuIuLed on LIe
percenLuge growLI LubIe wIIcI Is represenLed by LIe IoIIowIng dIugrums:
zoo;
I AppIe muInLuIns LIe sume upwurd Lrend, uILer 1o yeurs IL wIII probubIy reporL
revenues oI $zoo,;1 mIIIIon. TIIs predIcLIve unuIysIs Is mucI cIeurIy
exempIIIIed by LIe IoIIowIng grupIIc.
I course, LIe predIcLIve reporLs ure vuIId onIy und onIy II AppIe wIII muInLuIn
LIe sume Lrend LIuL IL Ius sIown over LIe IusL yeurs. or LIIs LIIng Lo Iuppen,
AppIe needs Lo vuIue ILs sLruLegIes In LIe sume wuy IL dId unLII now und keep
on deveIopIng some greuL und LruIy compeLILIve producLs. or LIe momenL,
AppIe Is consIdered us LIe uILImuLe symboI wIIcI ouLcIusses muny
compeLILIve producLs, ILs Iumous brund beIng u Lrue sIgn oI exceIIence.
W ILLp:JJwww.nusduq.comJsymboIJuupI
W ILLp:JJwww.bIoomberg.comJ
W KImmy PoweII, zoo6 An InsuneIy greuL
LIIrLy yeurs oI InnovuLIon
ILLp:JJwww.geeks.comJLecILIpsJzoo6JLec
ILIps-1ouugo6.ILm
W ErIc ScImIdL , cLober zoo6. SLeve jobs,
wIo buIId worIds mosL vuIuubIe LecInoIogy
compuny. BIoomberg.
ILLp:JJseurcI1.bIoomberg.comJseurcIJ?q=
cIurIIe+rose+InLervIew+erIc+scImIdL
W ILLp:JJwww.usymco.comJcuLegoryJIInuncIuIJ
W Puper I;,zo1oJ11. KupIun pubIIsIIng &K
!urveshsingh
Seebulluck
sp1,@greenwich.uc.
ok
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'uIery CIu cvoo;greenwIcI.uc.
uk
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MoId HuIIz BIn MusLuIu mm1z8greenwIcI.uc.
uk
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