RWA 1 Final Draft

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Texas Tech University *

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Apr 3, 2024

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Cover Page - USD ($) shares in Thousands, $ in Millions Entity Information [Line Items] Document Type Document Annual Report Current Fiscal Year End Date Document Period End Date Document Transition Report Entity File Number Entity Registrant Name Entity Incorporation, State or Country Code Entity Tax Identification Number Entity Address, Address Line One Entity Address, City or Town Entity Address, State or Province Entity Address, Postal Zip Code City Area Code Local Phone Number Entity Well-known Seasoned Issuer Entity Voluntary Filers Entity Current Reporting Status Entity Interactive Data Current Entity Filer Category Entity Small Business Entity Emerging Growth Company ICFR Auditor Attestation Flag Document Financial Statement Error Correction Flag Entity Shell Company Entity Public Float Entity Common Stock, Shares Outstanding (in shares) Documents Incorporated by Reference Amendment Flag Document Fiscal Year Focus Document Fiscal Period Focus Entity Central Index Key Common Stock, $0.00001 par value per share
Entity Information [Line Items] Title of 12(b) Security Trading Symbol Security Exchange Name 1.375% Notes due 2024 Entity Information [Line Items] Title of 12(b) Security No Trading Symbol Flag Security Exchange Name 0.000% Notes due 2025 Entity Information [Line Items] Title of 12(b) Security No Trading Symbol Flag Security Exchange Name 0.875% Notes due 2025 Entity Information [Line Items] Title of 12(b) Security No Trading Symbol Flag Security Exchange Name 1.625% Notes due 2026 Entity Information [Line Items] Title of 12(b) Security No Trading Symbol Flag Security Exchange Name 2.000% Notes due 2027 Entity Information [Line Items] Title of 12(b) Security No Trading Symbol Flag Security Exchange Name 1.375% Notes due 2029 Entity Information [Line Items] Title of 12(b) Security No Trading Symbol Flag Security Exchange Name 3.050% Notes due 2029 Entity Information [Line Items] Title of 12(b) Security No Trading Symbol Flag Security Exchange Name 0.500% Notes due 2031
Entity Information [Line Items] Title of 12(b) Security No Trading Symbol Flag Security Exchange Name 3.600% Notes due 2042 Entity Information [Line Items] Title of 12(b) Security No Trading Symbol Flag Security Exchange Name
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12 Months Ended Sep. 30, 2023 Oct. 20, 2023 10-K true --09-30 Sep. 30, 2023 false 001-36743 Apple Inc. CA 94-2404110 One Apple Park Way Cupertino CA 95014 408 996-1010 Yes No Yes Yes Large Accelerated Filer false false true false false 15,552,752 false 2023 FY 0000320193 Portions of the Registrant’s definitive proxy statement relating to its 2024 annual meeting of shareholders are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. The Registrant’s definitive proxy statement will be filed with the U.S. Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates.
Common Stock, $0.00001 par value per share AAPL NASDAQ 1.375% Notes due 2024 true NASDAQ 0.000% Notes due 2025 true NASDAQ 0.875% Notes due 2025 true NASDAQ 1.625% Notes due 2026 true NASDAQ 2.000% Notes due 2027 true NASDAQ 1.375% Notes due 2029 true NASDAQ 3.050% Notes due 2029 true NASDAQ
0.500% Notes due 2031 true NASDAQ 3.600% Notes due 2042 true NASDAQ
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Mar. 31, 2023 $ 2,591,165
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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Millions Net sales Cost of sales Gross margin Operating expenses: Research and development Selling, general and administrative Total operating expenses Operating income, EBIT Other income/(expense), net Income before provision for income taxes Provision for income taxes Net income Earnings per share: Basic (in dollars per share) Diluted (in dollars per share) Shares used in computing earnings per share: Basic (in shares) Diluted (in shares) Products Net sales Cost of sales Services Net sales Cost of sales EBITDA
12 Months Ended Sep. 30, 2023 Sep. 24, 2022 Sep. 25, 2021 Sep. 26, 2020 Sep. 28, 2019 CS2023 CS2022 $ 383,285 $ 394,328 $ 365,817 $ 274,515 $ 260,174 100.00% 100.00% 214,137 223,546 212,981 169,559 161,782 55.87% 56.69% 169,148 170,782 152,836 104,956 98,392 44.13% 43.31% 29,915 26,251 21,914 18,752 16,217 7.80% 6.66% 24,932 25,094 21,973 19,916 18,245 6.50% 6.36% 54,847 51,345 43,887 38,668 34,462 14.31% 13.02% 114,301 119,437 108,949 66,288 63,930 29.82% 30.29% (565) (334) 258 803 1,807 -0.15% -0.08% 113,736 119,103 109,207 67,091 65,737 29.67% 30.20% 16,741 19,300 14,527 9,680 10,481 4.37% 4.89% $ 96,995 $ 99,803 $ 94,680 $ 57,411 $ 55,256 25.31% 25.31% $ 6.16 $ 6.15 $ 5.67 $ 3.31 $ 2.99 $ 6.13 $ 6.11 $ 5.61 $ 3.28 $ 2.97 15,744,231 16,215,963 16,701,272 17,352,119 18,471,336 15,812,547 16,325,819 16,864,919 17,528,214 18,595,651 $ 298,085 $ 316,199 $ 297,392 $ 220,747 $ 213,883 189,282 201,471 192,266 151,286 144,996 85,200 78,129 68,425 53,768 46,291 $ 24,855 $ 22,075 $ 20,715 $ 18,273 $ 16,786 125,820 130,541 120,233 77,344 76,477
CS2021 CS2020 CS2019 100.00% 100.00% 100.00% 58.22% 61.77% 62.18% 41.78% 38.23% 37.82% 5.99% 6.83% 6.23% 6.01% 7.25% 7.01% 12.00% 14.09% 13.25% 29.78% 24.15% 24.57% 0.07% 0.29% 0.69% 29.85% 24.44% 25.27% 3.97% 3.53% 4.03% 25.88% 20.91% 21.24%
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CONSOLIDATED BALANCE SHEETS - USD ($) shares in Thousands, $ in Millions Sep. 30, 2023 Current assets: Cash and cash equivalents $ 29,965 Marketable securities 31,590 Accounts receivable, net 29,508 Vendor non-trade receivables 31,477 Inventories 6,331 Other current assets 14,695 Total current assets 143,566 Non-current assets: Marketable securities 100,544 Property, plant and equipment, net 43,715 Other non-current assets 64,758 Total non-current assets 209,017 Total assets 352,583 Current liabilities: Accounts payable 62,611 Other current liabilities 58,829 Deferred revenue 8,061 Commercial paper 5,985 Term debt 9,822 Total current liabilities 145,308 Non-current liabilities: Term debt 95,281 Other non-current liabilities 49,848 Total non-current liabilities 145,129 Total liabilities 290,437 Shareholders’ equity: $ 73,812 Accumulated deficit (214) Accumulated other comprehensive loss (11,452) Total shareholders’ equity 62,146 Total liabilities and shareholders’ equity $ 352,583 Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,550,061 and 15,943,425 shares issued and outstanding, respectively
Sep. 24, 2022 Sep. 25, 2021 Sep. 26, 2020 Sep. 28, 2019 $ 23,646 $ 34,940 $ 38,016 $ 48,844 8.50% 6.70% 9.95% 11.74% 24,658 27,699 52,927 51,713 8.96% 6.99% 7.89% 16.34% 28,184 26,278 16,120 22,926 8.37% 7.99% 7.49% 4.98% 32,748 6,580 4,061 4,106 8.93% 9.28% 1.87% 1.25% 4,946 25,228 21,325 22,878 1.80% 1.40% 7.19% 6.58% 21,223 14,111 11,264 12,352 4.17% 6.02% 4.02% 3.48% 135,405 134,836 143,713 162,819 40.72% 38.38% 38.41% 44.37% 120,805 127,877 100,887 105,341 28.52% 34.25% 36.43% 31.15% 42,117 39,440 36,766 37,378 12.40% 11.94% 11.24% 11.35% 54,428 48,849 42,522 32,978 18.37% 15.43% 13.92% 13.13% 217,350 216,166 180,175 175,697 59.28% 61.62% 61.59% 55.63% 352,755 351,002 323,888 338,516 100.00% 100.00% 100.00% 100.00% 64,115 54,763 42,296 46,236 17.76% 18.18% 15.60% 13.06% 60,845 47,493 42,684 37,720 16.69% 17.25% 13.53% 13.18% 7,912 7,612 6,643 5,522 2.29% 2.24% 2.17% 2.05% 9,982 6,000 4,996 5,980 1.70% 2.83% 1.71% 1.54% 11,128 9,613 8,773 10,260 2.79% 3.15% 2.74% 2.71% 153,982 125,481 105,392 105,718 41.21% 43.65% 35.75% 32.54% 98,959 109,106 98,667 91,807 27.02% 28.05% 31.08% 30.46% 49,142 53,325 54,490 50,503 14.14% 13.93% 15.19% 16.82% 148,101 162,431 153,157 142,310 41.16% 41.98% 46.28% 47.29% 302,083 287,912 258,549 248,028 82.37% 85.64% 82.03% 79.83% $ 64,849 57,365 50,779 45,174 20.93% 18.38% 16.34% 15.68% (3,068) 5,562 14,966 45,898 -0.06% -0.87% 1.58% 4.62% (11,109) 163 (406) (584) -3.25% -3.15% 0.05% -0.13% 50,672 63,090 65,339 90,488 17.63% 14.36% 17.97% 20.17% $ 352,755 $ 351,002 $ 323,888 $ 338,516 100.00% 100.00% 100.00% 100.00%
14.43% 15.28% 6.77% 1.21% 6.76% 3.65% 48.10% 31.12% 11.04% 9.74% 51.90% 100.00% 13.66% 11.14% 1.63% 1.77% 3.03% 31.23% 27.12% 14.92% 42.04% 73.27% 13.34% 13.56% -0.17% 26.73% 100.00%
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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions Sep. 30, 2023 Statement of Cash Flows [Abstract] Cash, cash equivalents and restricted cash, beginning balances $ 24,977 Operating activities: Net income 96,995 Adjustments to reconcile net income to cash generated by operating activities: Depreciation and amortization 11,519 Share-based compensation expense 10,833 Other (2,227) Changes in operating assets and liabilities: Accounts receivable, net (1,688) Vendor non-trade receivables 1,271 Inventories (1,618) Other current and non-current assets (5,684) Accounts payable (1,889) Other current and non-current liabilities 3,031 Cash generated by operating activities 110,543 Investing activities: Purchases of marketable securities (29,513) Proceeds from maturities of marketable securities 39,686 Proceeds from sales of marketable securities 5,828 Payments for acquisition of property, plant and equipment (10,959) Other (1,337) Cash generated by/(used in) investing activities 3,705 Financing activities: Payments for taxes related to net share settlement of equity awards (5,431) Payments for dividends and dividend equivalents (15,025) Repurchases of common stock (77,550) Proceeds from issuance of term debt, net 5,228 Repayments of term debt (11,151) Proceeds from/(Repayments of) commercial paper, net (3,978) Other (581) Cash used in financing activities (108,488) Increase/(Decrease) in cash, cash equivalents and restricted cash 5,760 Cash, cash equivalents and restricted cash, ending balances 30,737 Supplemental cash flow disclosure: Cash paid for income taxes, net 18,679 Cash paid for interest $ 3,803
12 Months Ended Sep. 24, 2022 Sep. 25, 2021 Sep. 26, 2020 Sep. 28, 2019 $ 35,929 $ 39,789 $ 50,224 $ 25,913 99,803 94,680 57,411 55,256 11,104 11,284 11,056 12,547 9,038 7,906 6,829 6,068 1,006 (4,921) (312) (992) (1,823) (10,125) 6,790 245 (7,520) (3,903) 1,553 2,931 1,484 (2,642) (127) (289) (6,499) (8,042) (9,588) 873 9,448 12,326 (4,062) (1,923) 6,110 7,475 10997 (5,325) 122,151 104,038 80,674 69,391 (76,923) (109,558) (114,938) (39,630) 29,917 59,023 69,918 40,102 37,446 47,460 50,473 56,988 (10,708) (11,085) (8,833) (10,495) (2,086) (385) (909) (1,069) (22,354) (14,545) (4,289) 45,896 (6,223) (6,556) (3,634) (2,817) (14,841) (14,467) (14,081) (14,119) (89,402) (85,971) (72,358) (66,897) 5,465 20,393 16,091 6,963 (9,543) (8,750) (12,629) (8,024) 3,955 1,022 (963) (5,977) (160) 976 754 (105) (110,749) (93,353) (86,820) (90,976) (10,952) (3,860) (10,435) 24,311 24,977 35,929 39,789 50,224 19,573 25,385 9,501 15,263 $ 2,865 $ 2,687 $ 3,002 $ 3,423
Document and Entity Information - USD ($) $ / shares in Units, $ in Trillions Entity Information [Line Items] Document Type Amendment Flag Document Period End Date Document Fiscal Year Focus Document Fiscal Period Focus Entity Registrant Name Entity Central Index Key Current Fiscal Year End Date Entity Current Reporting Status Entity Interactive Data Current Entity Well-known Seasoned Issuer Entity Voluntary Filers Entity Filer Category Entity Small Business Entity Emerging Growth Company Entity Shell Company Entity File Number Entity Incorporation, State or Country Code Entity Tax Identification Number Entity Address, Address Line One Entity Address, City or Town Entity Address, State or Province Entity Address, Postal Zip Code City Area Code Local Phone Number Document Annual Report Document Transition Report Entity Common Stock, Shares Outstanding Document Financial Statement Error Correction [Flag] Entity Public Float ICFR Auditor Attestation Flag Entity Common Stock, Par Value Per Share Auditor Name Auditor Firm ID Auditor Location
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Documents Incorporated by Reference Common Stock Entity Information [Line Items] Trading Symbol Title of 12(b) Security Security Exchange Name 3.125% Notes Due 2028 Entity Information [Line Items] Trading Symbol Title of 12(b) Security Security Exchange Name 2.625% Notes Due 2033 Entity Information [Line Items] Trading Symbol Title of 12(b) Security Security Exchange Name
12 Months Ended Jun. 30, 2023 Jul. 24, 2023 10-K false Jun. 30, 2023 2023 FY MICROSOFT CORPORATION 0000789019 --06-30 Yes Yes Yes No Large Accelerated Filer false false false 001-37845 WA 91-1144442 ONE MICROSOFT WAY REDMOND WA 98052-6399 425 882-8080 true false 7,429,763,722 false true $ 0.00000625 DELOITTE & TOUCHE LLP 34 Seattle, Washington
MSFT Common stock, $0.00000625 par value per share NASDAQ MSFT 3.125% Notes due 2028 NASDAQ MSFT 2.625% Notes due 2033 NASDAQ Portions of the definitive Proxy Statement to be delivered to shareholders in connection with the Annual Meeting of Shareholders to be held on December 7, 2023 are incorporated by reference into Part III.
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INCOME STATEMENTS - USD ($) shares in Millions, $ in Millions 12 M Jun. 30, 2023 Jun. 30, 2022 Revenue $ 211,915 $ 198,270 Cost of revenue 65,863 62,650 Gross margin 146,052 135,620 Research and development 27,195 24,512 Sales and marketing 22,759 21,825 General and administrative 7,575 5,900 Operating income 88,523 83,383 Other income, net 788 333 Income before income taxes 89,311 83,716 Provision for income taxes 16,950 10,978 Net income $ 72,361 $ 72,738 Earnings per share: Basic $ 9.72 $ 9.70 Diluted $ 9.68 $ 9.65 Weighted average shares outstanding: Basic 7,446 7,496 Diluted 7,472 7,540 Product Revenue $ 64,699 $ 72,732 Cost of revenue 17,804 19,064 Service and Other Revenue 147,216 125,538 Cost of revenue $ 48,059 $ 43,586 EBITDA 102,384 97,843 Interest Expense 1,968 2,063 EBIT 88,523 83,383
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Months Ended Jun. 30, 2021 Jun. 30, 2020 Jun. 30, 2019 $ 168,088 $ 143,015 $ 125,843 52,232 46,078 42,910 115,856 96,937 82,933 20,716 19,269 16,876 20,117 19,598 18,213 5,107 5,111 4,885 69,916 52,959 42,959 1,186 77 729 71,102 53,036 43,688 9,831 8,755 4,448 $ 61,271 $ 44,281 $ 39,240 $ 8.12 $ 5.82 $ 5.11 $ 8.05 $ 5.76 $ 5.06 7,547 7,610 7,673 7,608 7,683 7,753 $ 71,074 $ 68,041 $ 66,069 18,219 16,017 16,273 97,014 74,974 59,774 $ 34,013 $ 30,061 $ 26,637 81,602 65,755 54,641 2,346 2,591 2,686 69,916 52,959 42,959
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BALANCE SHEETS - USD ($) $ in Millions Jun. 30, 2023 Current assets: Cash and cash equivalents $ 34,704 Short-term investments 76,558 Total cash, cash equivalents, and short-term investments 111,262 Accounts receivable, net of allowance for doubtful accounts of $650 and $633 48,688 Inventories 2,500 Other current assets 21,807 Total current assets 184,257 Property and equipment, net of accumulated depreciation of $68,251 and $59,660 95,641 Operating lease right-of-use assets 14,346 Equity investments 9,879 Goodwill 67,886 Intangible assets, net 9,366 Other long-term assets 30,601 Total assets 411,976 Current liabilities: Accounts payable 18,095 Current portion of long-term debt 5,247 Accrued compensation 11,009 Short-term income taxes 4,152 Short-term unearned revenue 50,901 Other current liabilities 14,745 Total current liabilities 104,149 Long-term debt 41,990 Long-term income taxes 25,560 Long-term unearned revenue 2,912 Deferred income taxes 433 Operating lease liabilities 12,728 Other long-term liabilities 17,981 Total liabilities 205,753 Commitments and contingencies Stockholders’ equity: Common stock and paid-in capital - shares authorized 24,000; outstanding 7,432 and 7,464 93,718 Retained earnings 118,848 Accumulated other comprehensive loss (6,343) Total stockholders’ equity 206,223 Total liabilities and stockholders’ equity $ 411,976
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Jun. 30, 2022 Jun. 30, 2021 Jun. 30, 2020 Jun. 30, 2019 $ 13,931 $ 14,224 $ 13,576 $ 11,356 90,826 116,110 122,951 122,463 104,757 130,334 136,527 133,819 44,261 38,043 32,011 29,524 3,742 2,636 1,895 2,063 16,924 13,393 11,482 10,146 169,684 184,406 181,915 175,552 74,398 59,715 44,151 36,477 13,148 11,088 8,753 7,379 6,891 5,984 2,965 2,649 67,524 49,711 43,351 42,026 11,298 7,800 7,038 7,750 21,897 15,075 13,138 14,723 364,840 333,779 301,311 286,556 19,000 15,163 12,530 9,382 2,749 8,072 3,749 5,516 10,661 10,057 7,874 6,830 4,067 2,174 2,130 5,665 45,538 41,525 36,000 32,676 13,067 11,666 10,027 9,351 95,082 88,657 72,310 69,420 47,032 50,074 59,578 66,662 26,069 27,190 29,432 29,612 2,870 2,616 3,180 4,530 230 198 204 233 11,489 9,629 7,671 6,188 15,526 13,427 10,632 7,581 198,298 191,791 183,007 184,226 86,939 83,111 80,552 78,520 84,281 57,055 34,566 24,150 (4,678) 1,822 3,186 (340) 166,542 141,988 118,304 102,330 $ 364,840 $ 333,779 $ 301,311 $ 286,556
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CASH FLOWS STATEMENTS - USD ($) $ in Millions Jun. 30, 2023 Operations Net income $ 72,361 Adjustments to reconcile net income to net cash from operations: Depreciation, amortization, and other 13,861 Stock-based compensation expense 9,611 Net recognized losses (gains) on investments and derivatives 196 Deferred income taxes (6,059) Changes in operating assets and liabilities: Accounts receivable (4,087) Inventories 1,242 Other current assets (1,991) Other long-term assets (2,833) Accounts payable (2,721) Unearned revenue 5,535 Income taxes (358) Other current liabilities 2,272 Other long-term liabilities 553 Net cash from operations 87,582 Financing Cash premium on debt exchange 0 Repayments of debt (2,750) Common stock issued 1,866 Common stock repurchased (22,245) Common stock cash dividends paid (19,800) Other, net (1,006) Net cash used in financing (43,935) Investing Additions to property and equipment (28,107) Acquisition of companies, net of cash acquired, and purchases of intangible and other assets (1,670) Purchases of investments (37,651) Maturities of investments 33,510 Sales of investments 14,354 Other, net (3,116) Net cash used in investing (22,680) Effect of foreign exchange rates on cash and cash equivalents (194) Net change in cash and cash equivalents 20,773
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Cash and cash equivalents, beginning of period 13,931 Cash and cash equivalents, end of period $ 34,704
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12 Months Ended Jun. 30, 2022 Jun. 30, 2021 Jun. 30, 2020 Jun. 30, 2019 $ 72,738 $ 61,271 $ 44,281 $ 39,240 14,460 11,686 12,796 11,682 7,502 6,118 5,289 4,652 (409) (1,249) (219) (792) (5,702) (150) 11 (6,463) (6,834) (6,481) (2,577) (2,812) (1,123) (737) 168 597 (709) (932) (2,330) (1,718) (2,805) (3,459) (1,037) (1,834) 2,943 2,798 3,018 232 5,109 4,633 2,212 4,462 696 (2,309) (3,631) 2,929 2,344 4,149 1,346 1,419 825 1,402 1,348 591 89,035 76,740 60,675 52,185 0 (1,754) (3,417) 0 (9,023) (3,750) (5,518) (4,000) 1,841 1,693 1,343 1,142 (32,696) (27,385) (22,968) (19,543) (18,135) (16,521) (15,137) (13,811) (863) (769) (334) (675) (58,876) (48,486) (46,031) (36,887) (23,886) (20,622) (15,441) (13,925) (22,038) (8,909) (2,521) (2,388) (26,456) (62,924) (77,190) (57,697) 16,451 51,792 66,449 20,043 28,443 14,008 17,721 38,194 (2,825) (922) (1,241) 0 (30,311) (27,577) (12,223) (15,773) (141) (29) (201) (115) (293) 648 2,220 (590)
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14,224 13,576 11,356 11,946 $ 13,931 $ 14,224 $ 13,576 $ 11,356
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Formula Liquidity Ratio FY2023 CA / CL Current Ratio 1.1086 Anything above inventory / CL Quick Ratio 0.9462 Cash / CL Cash Ratio 0.4753 Long-Term Solvency FY2023 TL / TA Total Debt Ratio 0.8237 TL / TE Debt-to-Equity 4.6735 TA / TE Equity Multiplier 5.6735 EBIT / Interest Expense Time Interest Earned 30.0555 EBITDA / Interest Expense Cash Coverage Ratio 33.0844 Turnover Ratios FY2023 COGS / Inventory Inventory Turnover 29.8976 365 / inventory turnover Days in Inventory 12.2083 Sales / AR Receivables Turnover 6.2849 365 / Rec. Turnover Days in Receivables 58.0756 Sales / total Assets Total Asset Turnover 1.0871 Total Assets / Sales Capital intensity 0.9199 Profitability Ratios FY2023 (Sales - COGS) / Sales Gross Profit 44.13% EBIT / Sales Operating Profit 29.82% Net Income / Sales Net Profit Margin 25.31% EBIT / TA OROA 32.42% Net Income / TA ROA 27.51% Net Income / TE ROE 156.08% TAT * EM * NPM DuPont Model (ROE) 156% FY2023 Taken from Morningstar Closing Price Per Share $ 192.53 Annual Return (%) 48.18% Dividends $ 0.95 Payout Ratio 15.50% SEC 10-k Data # of Shares Outstanding 15,812,547,000 Price * Shares Out Market Cap 3,044,389,673,910.00 MC + Interest bearing debt - Cash Enterprise Value (EV) 3,125,512,673,910 Net income / shares outstanding EPS 6.13 Free Cash Flows FY2023 FCF = CFF + Int Exp 112,291,000,000 Market Ratios FY2023 Price / Earnings 31.4078 Price / Sales 7.9429 Price / FCF 27.1116 Mkt / Book 48.9877
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EV / FCF 27.8340 EV / EBITDA 24.8411
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AAPL FY2022 FY2021 FY2020 FY2019 1.0191 1.2273 1.5685 1.8197 0.8221 0.8692 1.2128 1.4259 0.3635 0.5701 0.9926 1.1238 FY2022 FY2021 FY2020 FY2019 0.8564 0.8203 0.7983 0.7327 5.9615 4.5635 3.9570 2.7410 6.9615 5.5635 4.9570 3.7410 41.6883 40.5467 22.0813 18.6766 45.5640 44.7462 25.7642 22.3421 FY2022 FY2021 FY2020 FY2019 40.7341 7.6211 7.0943 6.3378 8.9605 47.8931 51.4497 57.5910 6.4716 11.1333 13.6026 9.6247 56.4002 32.7846 26.8330 37.9234 1.1179 1.0422 0.8476 0.7686 0.8946 0.9595 1.1799 1.3011 FY2022 FY2021 FY2020 FY2019 43.31% 41.78% 38.23% 37.82% 30.29% 29.78% 24.15% 24.57% 25.31% 25.88% 20.91% 21.24% 33.86% 31.04% 20.47% 18.89% 28.29% 26.97% 17.73% 16.32% 196.96% 150.07% 87.87% 61.06% 197% 150% 88% 61% FY2022 FY2021 FY2020 FY2019 $ 129.93 $ 127.57 $ 132.69 $ 73.41 1.85% -3.86% 80.75% $ 0.91 $ 0.87 $ 0.81 $ 0.76 14.89% 15.51% 24.70% 25.59% 16,325,819,000 16,864,919,000 17,528,214,000 18,595,651,000 2,121,213,662,670.00 2,151,457,716,830.00 2,325,818,715,660.00 1,365,106,739,910.00 2,217,636,662,670 2,241,236,716,830 2,400,238,715,660 1,424,309,739,910 6.11 5.61 3.28 2.97 FY2022 FY2021 FY2020 FY2019 113,614,000,000 96,040,000,000 89,822,000,000 94,399,000,000 FY2022 FY2021 FY2020 FY2019 21.2651 22.7398 40.4543 24.7172 5.3793 5.8812 8.4725 5.2469 18.6704 22.4017 25.8936 14.4610 41.8617 34.1014 35.5962 15.0861
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19.5190 23.3365 26.7222 15.0882 16.9880 18.6408 31.0333 18.6240
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MSFT FY2023 FY2022 FY2021 FY2020 1.7692 1.7846 2.0800 2.5158 2.6041 2.6690 3.3693 4.2188 0.3332 0.1465 0.1604 0.1877 FY2023 FY2022 FY2021 FY2020 0.4994 0.5435 0.5746 0.6074 0.9977 1.1907 1.3508 1.5469 1.9977 2.1907 2.3508 2.5469 44.9812 40.4183 29.8022 20.4396 52.0244 47.4275 34.7835 25.3782 FY2023 FY2022 FY2021 FY2020 19.2236 11.6477819347942 12.9032625189681 15.8633245382586 18.9871 31.3364 28.2874 23.0090 4.3525 4.4796 4.4184 4.4677 83.8597 81.4811 82.6097 81.6978 0.5144 0.5434 0.5036 0.4746 1.9441 1.8401 1.9857 2.1068 FY2023 FY2022 FY2021 FY2020 68.92% 68.40% 68.93% 67.78% 41.77% 42.06% 41.59% 37.03% 34.15% 36.69% 36.45% 30.96% 21.49% 22.85% 20.95% 17.58% 17.56% 19.94% 18.36% 14.70% 35.09% 43.68% 43.15% 37.43% 35.09% 43.68% 43.15% 37.43% FY2023 FY2022 FY2021 FY2020 $ 376.04 $ 239.82 $ 336.32 $ 222.42 56.80% -28.69% 51.21% 41.04% $ 2.79 $ 2.54 $ 2.30 $ 2.09 28.82% 26.32% 28.57% 36.28% 7,472,000,000 7,540,000,000 7,608,000,000 7,683,000,000 2,809,770,880,000.00 1,808,242,800,000.00 2,558,722,560,000.00 1,708,852,860,000.00 2,809,770,887,286 1,808,242,833,101 2,558,722,595,850 1,708,852,906,002 9.68 9.65 8.05 5.76 FY2023 FY2022 FY2021 FY2020 45,903 60,939 50,832 48,622 FY2023 FY2022 FY2021 FY2020 38.8471 24.8518 41.7789 38.6146 13.2590 9.1201 15.2225 11.9488 61.2111 29.6730 50.3368 35.1457 13.6249 10.8576 18.0207 14.4446
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61.4841 30.2613 51.2009 36.1689 27.5659 18.8475 31.8944 21.7448
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FY2019 Ratio Analysis - Part 2 2.5288 MSFT generally has higher lquidity ratios, suggesting better liquidit 4.2806 MSFT has a higher current ratio, quick ratio, and cash ratio in FY20 0.1636 Even MSFT's cash ratio is greater than 1, suggesting their cash acco FY2019 Both firms were more liquid in FY2019 (five years ago), than they a 0.6429 APPL's cash ratio is declining, indiacting reduced immidiate liquidit 1.8003 2.8003 15.9937 MSFT's financial leverage has been decling over the past 5 years, w 20.3429 MSFT's financed 64.29 cents of every dollar of assets in FY2019, co FY2019 In FY2023, MSFT financed 49.94 cents of every dollar of assets with 12.9117789626757 APPL's LT solvency ratios indicate higher uses of debt, which may b 28.2688 APPL is more aggressive with its financial leverage. 4.2624 Both firms have seen a huge improvement in their Tie and cash cov 85.6326 MSFT's TIE ratio increased from 15.994(FY2019) to 44.981 (FY2023 0.4392 APPL's TIE rate increased from 18.667 (FY2019) to 30.056(FY2023) 2.2771 In summary, both firms are able to easily pay their intrest expense FY2019 65.90% APPL has seen a large improvement in their days in inventory. Days 34.14% In comparison, MSFT's days in inventory exhibits greater fluctuatio 31.18% In FY2023, MSFT's inventory turnover was 7.12 trasnlating to 51.25 14.99% In short, it takes MSFT much longer to turn over its inventory, anot 13.69% 38.35% APPL's days in recievables has got worse over the past 5 years. It in 38.35% In comparison, MSFT's days in recievables has been relatively stabl FY2019 APPL collects its AR neatly one month faster (approx. 25 days) than $ 157.70 APPL does a better job at generating sales per $1 of assets. $ 1.89 Both firms have seen improvements in their TAT over the past 5 ye 37.35% MASFT is more capital intensive than APPL, suggesting that it takes 7,753,000,000 In FY2023, MSFT's TAT was 0.51 vs APPL's 1.087. 1,222,648,100,000.00 1,222,648,155,306 When comparing the gross profit margin, operating profit margin, 5.06 MSFT is more profitable. They have higher gross profit margins, hig FY2019 MSFT's gross profit margin has remained about 65%, it was 68.92% 39,573 In comparison to APPL, APPL's gross profit margins improved from FY2019 APPL's OROA and ROA are much higher than MSFT's because of the 31.1660 APPL's ROE is significantly greater than MSFT's; 156% vs 35% respe 9.7157 30.8960 The P/E multiple for MSFT is higher than that of APPL's suggesting 11.9481 MSFT is more expensive on the P/S multiple. MSFT's P/S is 13.25 vs
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32.433 MSFT's P/FCF is significantly higher than that of APPL 23.4891 When comparing MKT to book, the story flips and it appears that M Lastly, the EV/FCF and EV/Ebitda are much higher for MSFT than A
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ty management. 023. All ratios are greater than 1. ount is sufficient. are at the end of FY2023. ty. whereas APPL's financial leverage increase over the same period ompared to APPL's 73.27 cents of every dollar of assets. h debt, in comparison APPL financed 82.37 cents of every dollar of assets with debt. be a concern if intrest rates continue to rise, or if there is a severe economic downturn. verage ratios. 3) e obligation. s in inventory delcined from 57.6 days (FY2019) to 12.2 days in (FY2023) ons, it was as law as 43 days and as high as 71.6 days 5 days ther way to say this would be MSFT's inventory is less liquid. ncreased from 37.92 days (FY2019) to 58.08 days in (FY2023); this may be driven by the economy, pr le over the past years. In FY2023, MSFT's days in recievable was 83.86 days n MSFT. ears/ s significantly more asset to generate a dollar of sales. and net profit margin, MSFT is superior. gher operating margins, and are able to get a greater percentage of sales to the bottom line. % in FY2023; fairly stable over the past five years. 37.82% (FY2019) to 44.13% (FY2023). e greater ability to generate sales ectively. The higher ROE is driven by the higher TAT ratio, but also the mich higher usage of debt to fi that investors are willing to pay more for a dollar of MSFT's earnings today. s APPL's 7.94. Investorys are willing to pay more for a dollar of MSFT's sales.
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MSFT is cheaper re4lative to its book equity value. MSFT M/B= 13.62 compared to APPLs APPL.
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roduct mix, and/or customer mis. finance the assets.
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