US Web order daily rates (fwd 30 dma)

Datetime (PST) Order# days orders rate

12/26/2003 00:00 6912 35.00 375 10.71 24.0
01/16/2004 00:00 7143 14.00 144 10.29 21.0
01/27/2004 00:00 7248 35.00 335 9.57 11.0
01/30/2004 00:00 7287 32.00 296 9.25 3.0
03/02/2004 00:00 7583 7.00 59 8.43 32.0
03/09/2004 00:00 7642 41.00 347 8.46 7.0
04/19/2004 00:00 7989 49.00 425 8.67 41.0
06/07/2004 00:00 8414 33.00 311 9.42 49.0
06/12/2004 00:00 8472 28.00 253 9.04 5.0
07/10/2004 00:00 8725 52.00 530 10.19 28.0
08/31/2004 00:00 9255 57.00 564 9.89 52.0
10/27/2004 00:00 9819 30.00 353 11.77 57.0
11/26/2004 00:00 10172 30.00 707 23.57 30.0
12/09/2004 00:00 10459 27.00 564 20.89 13.0
12/26/2004 00:00 10879 28.00 436 15.57 17.0
01/05/2005 00:00 11023 33.00 413 12.52 10.0
01/23/2005 00:00 11315 34.00 530 15.59 18.0
02/07/2005 00:00 11436 35.00 663 18.94 15.0
02/26/2005 00:00 11845 31.00 454 14.65 19.0
03/02/2005 00:00 11925 33.00 442 13.39 4.0
03/14/2005 00:00 12099 32.00 459 14.34 12.0
03/29/2005 00:00 12299 31.00 475 15.32 15.0
04/04/2005 00:00 12367 30.00 539 17.97 6.0
04/10/2005 00:00 12437 31.00 581 18.74 6.0
04/15/2005 00:00 12558 26.00 460 17.69 5.0
04/25/2005 00:00 12699 16.00 319 19.94 10.0
04/29/2005 00:00 12774 34.00 574 16.88 4.0
05/04/2005 00:00 12906 29.00 442 15.24 5.0
05/11/2005 00:00 13018 34.00 507 14.91 7.0
06/02/2005 00:00 13348 26.00 368 14.15 22.0
06/14/2005 00:00 13525 35.00 469 13.40 12.0
06/28/2005 00:00 13716 34.00 447 13.15 14.0
07/13/2005 00:00 13909 34.00 475 13.97 15.0
07/19/2005 00:00 13994 32.00 453 14.16 6.0
08/01/2005 00:00 14163 28.00 391 13.96 13.0
08/07/2005 00:00 14256 31.48 412 13.09 6.0
08/16/2005 00:00 14384 34.75 564 16.22 9.0
08/20/2005 00:00 14447 30.75 501 16.28 4.0
08/24/2005 06:42 14494 31.72 563 17.74 4.3
08/29/2005 00:00 14554 31.57 584 18.51 4.7
09/07/2005 11:25 14668 28.88 577 19.97 9.5
09/13/2005 21:00 14827 30.53 569 18.64 6.4
09/19/2005 18:03 14948 31.62 599 18.96 5.9
09/24/2005 23:58 15057 32.61 614 18.84 5.2
09/29/2005 13:43 15138 28.03 533 19.01 4.6
10/06/2005 08:32 15245 28.34 556 19.61 6.8
10/14/2005 09:40 15396 28.02 557 19.89 8.0
10/21/2005 09:00 15547 28.11 569 20.23 7.0
10/27/2005 14:30 15671 32.74 854 26.10 6.2
11/03/2005 16:42 15800 28.79 899 31.23 7.1
11/11/2005 10:02 15953 34.18 1756 51.39 7.7
11/18/2005 11:41 16116 27.11 1594 58.79 7.1
11/25/2005 12:07 16338 28.46 1898 66.69 7.0
11/29/2005 08:10 16525 32.36 1964 60.70 3.8
12/02/2005 11:40 16700 29.21 1790 61.27 3.1
12/09/2005 15:19 17198 33.84 1580 46.68 7.2
12/15/2005 14:15 17710 34.64 1219 35.20 6.0
12/23/2005 23:08 18236 32.51 815 25.07 8.4
12/31/2005 16:42 18489 30.65 667 21.77 7.7
01/06/2006 11:48 18621 32.08 677 21.11 5.8
01/12/2006 11:26 18778 33.82 678 20.05 6.0
01/19/2006 05:30 18929 27.07 528 19.49 6.8
01/25/2006 11:17 19050 28.87 547 18.95 6.2
01/31/2006 08:18 19156 30.11 567 18.84 5.9
02/07/2006 13:42 19298 31.18 565 18.11 7.2
02/15/2006 07:08 19456 30.39 510 16.79 7.7
02/23/2006 08:05 19597 29.02 464 15.98 8.0
03/02/2006 10:53 19724 30.43 458 15.06 7.1
03/10/2006 18:05 19863 34.85 502 14.41 8.3
03/17/2006 16:28 19966 33.61 474 14.11 6.9
03/24/2006 08:30 20061 32.98 479 14.52 6.7
04/01/2006 21:08 20182 30.71 431 14.05 8.5
04/07/2006 23:50 20273 31.70 444 14.01 6.1
04/14/2006 14:29 20365 31.86 458 14.37 6.6
04/20/2006 07:00 20441 33.52 512 15.29 5.7
04/26/2006 08:00 20540 27.48 413 15.03 6.0
05/02/2006 14:10 20613 30.04 472 15.73 6.3
05/09/2006 16:45 20717 30.01 489 16.31 7.1
05/16/2006 11:02 20823 30.86 511 16.57 6.8
05/23/2006 19:35 20953 31.35 509 16.24 7.4
06/01/2006 15:01 21086 30.36 491 16.18 8.8
06/08/2006 16:54 21206 29.02 453 15.61 7.1
06/16/2006 07:38 21334 34.02 513 15.08 7.6
06/24/2006 04:00 21462 33.24 500 15.04 7.8
07/01/2006 23:45 21577 31.45 479 15.22 7.8
07/07/2006 17:25 21659 31.82 499 15.69 5.7
07/14/2006 04:35 21753 32.91 556 16.90 6.5
07/20/2006 08:05 21847 34.53 604 17.49 6.1
07/27/2006 09:46 21962 27.46 488 17.79 7.1
08/02/2006 10:30 22056 29.30 527 18.00 6.0
08/08/2006 13:00 22158 30.78 540 17.56 6.1
08/16/2006 02:19 22309 30.06 548 18.23 7.6
08/23/2006 20:45 22451 30.73 597 19.41 7.8
08/31/2006 17:35 22583 30.67 608 19.83 7.9
09/08/2006 07:48 22699 29.30 611 20.84 7.6
09/15/2006 03:44 22857 28.76 565 19.65 6.8
09/23/2006 14:20 23047 34.64 639 18.45 8.4
10/01/2006 09:40 23191 26.83 495 18.45 7.8
10/07/2006 15:06 23310 30.66 582 18.98 6.2
10/13/2006 22:05 23423 33.85 701 20.70 6.3 Web order daily rate (fwd
10/20/2006 06:45 23536 27.49 587 21.36 6.4
70
10/28/2006 05:40 23686 34.70 1033 29.76 8.0
65
11/07/2006 06:57 23892 31.92 1210 37.92 10.1 60
11/16/2006 18:30 24124 29.06 1429 49.16 9.5 55
11/25/2006 02:18 24423 34.99 1650 47.17 8.3 50
12/01/2006 22:35 24719 28.15 1354 48.11 6.8 45
12/09/2006 05:05 25102 34.76 1262 36.30 7.3 40
12/15/2006 20:00 25552 34.93 940 26.91 6.6 35
30
12/23/2006 08:35 25885 27.41 607 22.14 7.5
25
12/30/2006 02:05 26073 28.90 575 19.90 6.7 20
01/06/2007 11:00 26210 28.30 596 21.05 7.4 15
01/12/2007 23:15 26364 29.14 611 20.96 6.5 10
01/19/2007 18:20 26492 29.22 623 21.31 6.8 5
01/27/2007 23:45 26648 34.96 709 20.28 8.2 0
02/03/2007 18:10 26806 28.19 552 19.57 6.8 1 00000110 0000000 0000000 1111111 000
02/11/2007 02:37 26974 34.96 623 17.82 7.4 2 13468121 2344456 7888999 0011222 112
/ / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / /
02/17/2007 23:41 27115 28.08 482 17.18 6.9
02/25/2007 01:20 27234 34.95 597 17.07 7.1
03/03/2007 22:40 27357 28.06 473 16.87 6.9
03/11/2007 11:36 27484 32.19 537 16.67 7.5 Short term forecasting (next 2 months)
03/18/2007 01:34 27597 25.61 424 16.55 6.6 Datetime (PST) ord# yr ago days orders
03/25/2007 03:15 27718 31.48 513 16.30 7.1 03/25/2007 03:15 27718 20072
04/01/2007 00:10 27831 24.60 400 16.26 6.9 04/01/2007 00:10 27831 20169 6.87 113
04/12/2007 16:05 28021 26.80 457 17.07 11.7 04/12/2007 16:05 28021 20339 11.66 190
04/25/2007 14:40 28231 26.73 465 17.41 12.9 04/25/2007 14:40 28231 20529 12.94 210
05/09/2007 11:21 28478 27.15 458 16.87 13.9 05/09/2007 11:21 28478 20713 13.86 248
05/22/2007 08:10 28696 27.26 495 18.16 12.9 05/22/2007 08:10 28696 20928 12.87 218
06/05/2007 15:00 28937 25.38 508 20.00 14.3 06/05/2007 15:00 28937 21152 14.28 240
06/18/2007 14:30 29191 26.50 518 19.55 13.0 06/18/2007 14:30 29191 21373 12.98 255
07/01/2007 00:08 29444 30.33 567 18.70 12.4 07/01/2007 00:08 29444 21563 12.40 253
07/15/2007 02:23 29709 31.40 628 20.00 14.1 07/15/2007 02:23 29709 21766 14.09 265
07/25/2007 06:00 29896 21.25 442 20.78 10.2 07/25/2007 06:00 29896 21927 10.15 186
07/26/2007 18:30 29924 34.90 740 21.19 1.5 07/26/2007 18:30 29924 21952 1.52 28
07/28/2007 07:00 29953 33.37 711 21.30 1.5 07/28/2007 07:00 29953 21976 1.52 29
07/31/2007 08:00 30011 30.33 652 21.50 3.0 07/31/2007 08:00 30011 22023 3.04 59
08/15/2007 12:00 30337 15.17 326 21.52 15.2 08/15/2007 12:00 30337 22297 15.17 326
08/30/2007 16:00 30663 30.84 6.6 08/30/2007 16:00 30663 22567 15.17 326

Short term forecasting (next

30

28

25

23

20

18

15
28

25

23

20

18

15

13
1-Apr 8-Apr 15-Apr 22-Apr 29-Apr 6-May 13-May 20-May 27-May 3-Jun 10-Jun 17-Jun 24

rate yr ago
Web order daily rate (fwd 30 dma) and regressions

0000011 1111100 0000000 000 0000 000 1111 110 0000 000 0000 0
8899900 1122211 2233445 566 7778 899 0011 221 1223 344 5677 7
/ / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / /

rate

ng (next 2 months) 9.10

% rel rate yr ago events 8/3 8:30
interp 7/25 6:00 29896 18.70 27.7 -32%
16.1% 16.45 14.17 EoQ interp 4/1 0:00 27831 16.95 25.0 -32%
12.0% 16.30 14.55 8x PM project 8/15 12:00 30337 21.50 28.1 -24%
10.7% 16.22 14.65
34.1% 17.85 13.32 MB upd
1.6% 16.92 16.65
7.0% 16.83 15.72 MBP upd
15.2% 19.63 17.03 iPhone
33.0% 20.39 15.33 EoQ
30.6% 18.80 14.39
16.0% 18.37 15.84
13.7% 18.61 16.37 2.00 (interpolation)
19.7% 18.86 15.76 2.01 (interpolation)
24.9% 19.30 15.45 18.70 (current trend and planned events)
18.8% 21.48 18.08 1.90 (interpolation)
21.1% 21.52 17.76 21.50 (long-term trends and seasonality)

rt term forecasting (next 2 months)

un 10-Jun 17-Jun 24-Jun 1-Jul 8-Jul 15-Jul 22-Jul 29-Jul 5-Aug 12-Aug 19-Aug 26-Aug 2-Sep

yr ago events
Aug 26-Aug 2-Sep
Monthly interpolation / projections / adjustments
Month est Ord# est rate rate regr %diff avg adj err
Dec-04 10879 23.4 14.1 66% 34% 49%
Jan-05 11334 15.0 15.4 -3% 6% -15%
Feb-05 11816 15.9 15.9 0% -4% 7%
Mar-05 12272 15.0 16.0 -6% -10% 6%
Apr-05 12724 14.9 16.1 -7% -10% 4%
May-05 13252 17.4 16.1 8% -7% 23%
Jun-05 13689 14.4 16.2 -11% -13% 2%
Jul-05 14089 13.2 16.4 -19% -14% -8%
Aug-05 14512 13.9 16.5 -16% -8% -12%
Sep-05 15057 18.0 16.7 7% 0% 12%
Oct-05 15672 18.8 17.1 10% -2% 19%
Nov-05 16525 26.1 17.4 50% 24% 40%
Dec-05 18496 60.3 18.4 228% 89% 194%
Jan-06 19156 21.8 19.1 14% 9% 8%
Feb-06 19727 18.8 19.4 -3% -4% 1%
Mar-06 20184 15.0 19.5 -23% -15% -13%
Apr-06 20610 14.1 19.4 -28% -17% -18%
May-06 21086 15.7 19.7 -20% -12% -14%
Jun-06 21577 16.2 19.9 -19% -15% -6%
Jul-06 22039 15.2 20.0 -24% -18% -10%
Aug-06 22582 17.9 20.2 -11% -9% -3%
Sep-06 23184 19.8 20.4 -3% -1% -3%
Oct-06 23749 18.6 20.7 -10% -5% -8%
Nov-06 24664 30.1 20.9 44% 31% 20%
Dec-06 26090 47.0 21.2 121% 101% 33%
Jan-07 26703 20.2 21.5 -6% 3% -15%
Feb-07 27317 20.2 21.7 -7% -5% -3% Monthly interpolation / projection / adjustments Seasonality
Mar-07 27831 16.9 22.0 -23% -18% -8% 80 160% 100%
Apr-07 28333 16.6 22.0 -25% -20% -7% 90%
70
May-07 28853 17.1 22.0 -22% -16% -10% 80%
60 120%
Jun-07 29444 19.5 22.3 -13% -14% 2% 70%
Jul-07 30011 18.7 22.0 -15% -17% 3% 50 60%
Aug-07 30663 21.5 21.9 -2% -7% 7% 40 80% 50%
Sep-07 31387 23.8 22.1 8% 2% 9% 30 40%
Oct-07 32140 24.8 23.7 5% -1% 10% 20 40% 30%
Nov-07 33210 35.3 24.1 46% 37% 15% 10 20%
Dec-07 34951 57.4 25.4 126% 110% 25% 10%
0 0% 0%
Jan-08 35823 28.8 28.0 3% 3% 0% -10
-10%
Feb-08 36648 27.2 28.6 -5% -5% 0% -20 -40% -20%
Mar-08 37367 23.7 29.0 -18% -18% 0%
DF A J AODF A J AODF A J AODF A J AODF A J AODF R RR R RR R RR RR R R RR RR R RR R RR R RR R RR R RR
Apr-08 38069 23.1 29.0 -20% -20% 0% e e p u u ct e e p u u ct e e p u u ct e e p u u ct e e p u u ct e e o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o
May-08 38804 24.3 28.9 -16% -16% 0% c b r- n g - c b r- n g - c b r- n g - c b r- n g - c b r- n g - c b w ww w ww w ww ww w w ww ww w ww w ww w ww w ww w ww
Jun-08 39560 24.9 29.0 -14% -14% 0%
Jul-08 40292 24.1 29.1 -17% -17% 0% est rate rate regr %diff avg adj err
Aug-08 41117 27.2 29.1 -7% -7% 0%
Sep-08 42029 30.1 29.4 2% 2% 0% Quarterly orders and revenue Stock valuation
Oct-08 42925 29.5 29.9 -1% -1% 0% 16000 60 240
Nov-08 44185 41.5 30.4 37% 37% 0%
Dec-08 46197 66.3 31.6 110% 110% 0% 14000 50 200
Jan-09 47257 35.0 34.0 3% 3% 0% 12000
Feb-09 48259 33.0 34.7 -5% -5% 0% 40 160
10000
Mar-09 49132 28.8 35.2 -18% -18% 0%
8000 30 120
pe
Apr-09 49987 28.2 35.3 -20% -20% 0%
May-09 50887 29.7 35.4 -16% -16% 0% 6000
Jun-09 51814 30.6 35.6 -14% -14% 0% 20 80
Jul-09 52715 29.7 35.8 -17% -17% 0% 4000
Aug-09 53733 33.6 35.9 -7% -7% 0% 10 40
2000
Sep-09 54860 37.2 36.4 2% 2% 0%
0 - 0
Oct-09 55968 36.5 37.0 -1% -1% 0%
Nov-09 57526 51.4 37.6 37% 37% 0% D M Ju S D M Ju S D M Ju S D M Ju S D M Ju S D M Ju S D M D M J S D M J S D M J S D M J S D M J S D M J S D M
ec ar n- e ec ar n- e ec ar n- e ec ar n- e ec ar n- e ec ar n- e ec ar e ar u e e ar u e e ar u e e ar u e e ar u e e ar u e e ar
Dec-09 60006 81.7 39.0 110% 110% 0%
- - 0 p- - - 0 p- - - 0 p- - - 0 p- - - 0 p- - - 1 p- - - c- - n- p- c- - n- p- c- - n- p- c- - n- p- c- - n- p- c- - n- p- c- -
Jan-10 61299 42.6 41.5 3% 3% 0%
Feb-10 62520 40.2 42.3 -5% -5% 0%
orders rev rev/ord ord regr rev regr r/o regr halo pps pe fwd pe dsc pe fw+dsc
Mar-10 63585 35.1 42.9 -18% -18% 0%

Quarterly / financials
Quarter orders rev rev/ord ord regr rev regr r/o regr halo rev grw opex dev g mrgn op ex cash st inv int int rate tax tax rate sh cnt eps ttm pps pe fwd pe dsc pe fw+dsc 1q grw 1y grw cash/sh 1y rtrn mkt cap rev gd eps gd %rev %eps
Dec-04 1371 3490 2546 1181 2882 2440 74% 3.8% 28.5% 593 2475 3973 26 2.4% 134 31.2% 838 0.35 0.65 32.20 49.42 18.58 37.61 14.14 340% 291% 7.69 201% 26.99 2850 0.2 22% 74%
Mar-05 1393 3243 2328 1273 3147 2472 70% 1.6% 29.8% 566 2254 4803 33 3.4% 145 33.3% 857.01 0.34 0.92 41.67 45.49 22.39 36.50 17.97 357% 317% 8.23 208% 35.71 2900 0.2 12% 69%
Jun-05 1416 3520 2485 1372 3436 2505 75% 1.0% 29.7% 617 3094 4432 46 4.6% 153 32.3% 861 0.37 1.20 36.81 30.68 18.15 23.39 13.84 323% 327% 8.74 126% 31.68 3250 0.28 8% 33%
Sep-05 1368 3678 2688 1478 3752 2538 57% -0.2% 28.1% 617 3491 4770 60 5.8% 152 31.8% 866 0.38 1.44 53.61 37.27 24.25 30.64 19.94 173% 279% 9.53 177% 46.45 3500 0.32 5% 18%
Dec-05 3439 5749 1672 1602 4125 2575 65% 0.8% 27.2% 814 4150 4557 81 6.8% 266 32.0% 874 0.65 1.73 71.89 41.49 26.62 35.74 22.93 84% 166% 9.96 123% 62.85 4700 0.46 22% 41%
Mar-06 1688 4359 2583 1727 4505 2609 34% 4.0% 29.8% 768 6346 1880 76 6.2% 195 32.2% 879 0.47 1.86 62.72 33.70 20.22 28.67 17.20 38% 103% 9.36 51% 55.10 4300 0.38 1% 23%
Jun-06 1393 4370 3136 1861 4919 2643 24% 2.7% 30.3% 759 8013 1163 95 5.7% 189 28.6% 876 0.54 2.03 57.27 28.24 17.15 23.08 14.01 45% 69% 10.47 56% 50.19 4300 0.41 2% 31%
Sep-06 1607 4837 3011 2006 5372 2678 4837 32% 4.5% 29.2% 803 6392 3718 113 5.9% 231 32.0% 879 0.56 2.21 74.22 33.58 20.51 28.37 17.33 48% 54% 11.50 38% 65.22 4550 0.47 6% 19%
Dec-06 2906 7115 2448 2161 5866 2714 7115 24% 3.3% 31.2% 898 7159 4710 126 5.9% 444 30.7% 883 1.14 2.70 84.84 31.41 20.41 26.44 17.18 76% 56% 13.44 18% 74.94 6100 0.72 17% 59%
Mar-07 1740 5264 3024 2329 6406 2750 5264 21% -3.0% 35.1% 863 7095 5482 148 6.7% 364 32.1% 887 0.87 3.10 92.91 29.95 21.05 25.38 17.84 86% 67% 14.18 48% 82.38 4850 0.55 9% 58%
Jun-07 1613 5357 3320 2510 6995 2787 5335 23% 1.7% 34.0% 959 7462 5756 154 7.7% 325 32.0% 891 0.78 3.34 122.04 36.54 25.71 32.10 22.58 44% 65% 14.84 113% 108.68
Sep-07 1942 5866 3020 2705 7639 2824 5901 21% 2.2% 32.5% 971 7545 6044 164 8.1% 352 32.0% 894 0.84 3.62 130.36 36.03 25.00 31.83 22.08 50% 64% 15.20 76% 116.52
Dec-07 3564 9445 2650 2915 8341 2861 9434 33% 3.9% 32.0% 987 9931 6346 174 8.0% 707 32.0% 897 1.67 4.16 140.69 33.85 25.00 29.49 21.78 47% 54% 18.14 66% 126.23
Mar-08 2416 7006 2899 3142 9109 2899 7065 33% 3.7% 32.0% 965 10438 6663 215 8.0% 477 32.0% 901 1.13 4.41 150.53 34.11 25.00 29.80 21.85 30% 42% 18.99 62% 135.57
Jun-08 2193 7279 3320 3386 9947 2938 7318 36% -2.0% 31.0% 1018 11580 6997 236 8.0% 472 32.0% 904 1.11 4.75 158.99 33.49 25.00 29.16 21.77 43% 42% 20.55 30% 143.73
Sep-08 2469 8159 3304 3649 10862 2977 8196 39% -5.0% 31.0% 1066 13116 7346 276 8.0% 557 32.0% 907 1.30 5.21 169.35 32.48 25.00 28.15 21.67 56% 44% 22.55 30% 153.67
Dec-08 4168 12087 2900 3932 11861 3016 12283 28% -2.5% 30.5% 1189 16161 7714 299 8.0% 895 32.0% 911 2.09 5.63 182.46 32.42 25.00 27.77 21.41 25% 35% 26.21 30% 166.19
Mar-09 2935 9151 3118 4238 12952 3056 9370 31% -1.5% 31.0% 1142 17128 8099 349 8.0% 654 32.0% 914 1.52 6.02 193.25 32.09 25.00 27.51 21.43 35% 36% 27.59 28% 176.67
Jun-09 2682 9136 3407 4567 14144 3097 9559 26% 1.5% 30.5% 1210 18630 8504 377 8.0% 625 32.0% 918 1.45 6.36 202.88 31.90 25.00 27.25 21.36 30% 34% 29.57 28% 186.17
Sep-09 3047 10325 3389 4922 15445 3138 10705 27% 3.0% 30.5% 1250 20730 8930 428 8.0% 745 32.0% 921 1.72 6.77 216.58 31.97 25.00 27.22 21.28 32% 30% 32.20 28% 199.49
Dec-09 5145 14664 2850 5304 16865 3180 15211 21% 1.0% 30.0% 1313 24528 9376 466 8.0% 1137 32.0% 925 2.61 7.30 236.51 32.40 25.00 27.38 21.12 25% 30% 36.67 30% 218.67
Mar-10 3579 11187 3125 5716 18417 3222 11544 22% 0.0% 30.5% 1273 25920 9845 524 8.0% 852 32.0% 928 1.95 7.73 249.69 32.30 25.00 27.32 21.14 28% 28% 38.54 29% 231.72
Jun-10 3218 10927 3396 6160 20111 3265 11481 20% 0.0% 30.5% 1383 27802 10337 561 8.0% 803 32.0% 932 1.83 8.12 243.45 30.00 25.00 24.95 20.80 27% 28% 40.94 20% 226.78
Sep-10 3656 12578 3441 6638 21962 3308 12919 22% 0.0% 31.0% 1407 30542 10854 624 8.0% 997 32.0% 935 2.27 8.66 259.90 30.00 25.00 24.89 20.74 32% 28% 44.27 20% 243.01
Dec-10 6174 17596 2850 7154 23982 3352 18045 20% 0.0% 31.0% 1428 35186 11397 679 8.0% 1506 32.0% 939 3.41 9.46 283.81 30.00 25.00 24.75 20.63 31% 30% 49.63 20% 266.36
Mar-11 4295 13130 3057 7710 26188 3397 13757 17% 0.0% 31.0% 1378 36768 11967 741 8.0% 1099 32.0% 942 2.48 9.99 299.63 30.00 25.00 24.82 20.68 27% 29% 51.73 20% 282.27
9.74 20%
0.7760 10.40 137.4 -11% 20%
nx yr 31889 5.2142 11.35 10% 20%
5.70 11.99 142.57 4% 20%
gd 5572.9 0.75
 7/1 7/14 7/20 8/2 8/16 10/1 10/13 10/20 11/7 12/15 12/30 1/12 1/19 1/27 2/11 2/25 3/11
F06Q2
F06Q3 .44 .44 .54
F06Q4 .55 .55 .55 .56 .56 .57 .57 .56
F07Q1 .89 .89 .89 .89 .90 .90 .90 .91 .91 .93 .92 .92 1.14
F07Q2 .80 .81 .79 .78 .76 .77 .77 .77 .76 .76 .74 .67 .65 .66 .66 .66 .66
F07Q3 .72 .71 .74 .75 .75 .75 .74 .75 .74 .74 .75 .74 .74 .74 .74
F07Q4 .76 .74 .75 .75 .76 .81 .81 .81 .81 .82
F08Q1 1.39 1.40 1.41 1.39 1.39
F08Q2
fwd12m 2.68 2.68 2.95 2.94 2.96 2.99 2.98 3.17 3.15 3.18 3.14 3.08 3.60 3.61 3.62 3.60 3.61
actual 3.10 3.34 3.62
diff ### -11% ###

1.75

1.45

1.15

.85

.55

.25
Jul-06 Oct-06 Dec-06

F06Q2 F06Q3 F06Q4 F07Q1 F07Q2 F07Q3 F

 4/1 4/12 4/25 5/9 5/22 6/5 6/18 7/1 7/15 7/25

.67 .67 .87

.73 .69 .73 .74 .76 .76 .76 .78 .78 .78
.82 .78 .84 .84 .81 .86 .86 .87 .85 .84
1.41 1.45 1.61 1.60 1.60 1.60 1.61 1.66 1.68 1.67
1.15 1.15 1.13 1.13 1.08 1.14 1.15 1.13
3.63 3.58 4.33 4.32 4.30 4.35 4.31 4.44 4.45 4.41
4.16
###

4.5

4.1

3.7

3.3

2.9

2.5
Apr-07 Jul-07 Sep-07

F07Q2 F07Q3 F07Q4 F08Q1 F08Q2 fwd12m

 4.5

4.1

3.7

3.3

2.9

2.5
ep-07
 iPhn iPhn New iPhn srvc iPhn iPhn Tot iPod iPod iPod
iPhn unit inst iPhn life iPhn /user HW srvc iPhn iPod unit inst switch
Date units grw base usrs cycl AUP /year rev rev rev units grw base base
Dec-03 0.7 170% 1.8 0.4
Mar-04 0.8 320% 2.5 0.7
Jun-04 0.9 268% 3.2 1.0
Sep-04 2.0 370% 5.0 2.1
Dec-04 4.6 469% 9.3 5.0
Mar-05 5.3 486% 14.2 8.4
Jun-05 6.2 560% 19.9 12.6
Sep-05 6.5 409% 25.5 17.0
Dec-05 14.0 287% 37.5 27.3
Apr-06 8.5 176% 43.9 32.9
Jul-06 8.1 106% 49.5 38.2
Sep-06 8.7 75% 55.3 43.6
Dec-06 21.1 45% 70.0 57.3
Mar-07 10.5 38% 76.0 62.6
Jun-07 0.4 0.4 0.4 2.5 550 90 0.0 0.0 0.0 9.8 35% 81.2 67.2
Sep-07 2.2 2.6 2.2 2.5 550 90 0.1 0.1 0.2 10.0 30% 86.2 71.5
Dec-07 3.0 5.6 3.0 2.5 550 90 0.3 0.1 0.4 24.0 17% 98.3 82.5
Mar-08 2.7 8.3 2.7 2.5 550 90 0.5 0.2 0.7 11.0 13% 102.6 85.6
Jun-08 2.4 10.5 2.3 2.5 550 90 0.7 0.2 0.9 10.3 10% 106.4 88.5
Sep-08 2.8 104% 12.4 1.9 2.8 550 90 0.8 0.3 1.1 10.5 8% 110.1 91.3
Dec-08 3.8 62% 15.1 2.7 2.5 550 90 1.1 0.3 1.4 24.7 4% 118.1 98.0
Mar-09 3.3 49% 17.3 2.3 2.5 550 90 1.3 0.4 1.7 11.9 5% 121.7 100.0
Jun-09 2.9 24% 19.2 iPhone market 90
1.9 2.5 550 1.5 0.4 1.9 10.9 5% 124.8 101.9
Sep-09 3.3 22% 21.0 1.7 2.6 550 90 1.6 0.5 2.1 11.2 5% 127.8 103.8
Dec-09 5 4.5 20% 23.2 2.2 2.5 550 90 1.7 0.5 50
2.2 25.6 6% 20
133.6 107.9
Mar-10 4 3.9 19% 25.2 2.0 2.5 550 90 1.8 0.6 2.4
40 13.2 6% 137.3 109.4
Jun-10 3.4 18% 26.8 1.7 2.6 550 90 1.9 0.6 2.5 11.8 7% 15
140.2 110.9
Sep-10 3 3.9 17% 28.4 1.6 2.6 550 90 2.0 0.6 30
2.6 12.1 7% 142.9 112.2
Dec-10 2 5.2 17% 30.5 2.1 2.5 550 90 2.0 0.7 2.7 26.9 7% 147.7 115.0
20
Mar-11 4.5 17% 32.4 1.8 2.5 550 90 2.1 0.7 2.9 15.0 8% 10
152.0 116.5
Jun-11 1 3.9 17% 33.9 1.6 2.6 550 90 2.2 0.8 10
3.0 13.0 8% 154.9 117.7
Sep-11 4.5 16% 35.6 1.6 2.6 550 90 2.3 0.8 3.1 13.2 9% 157.8
5 118.9
0 0
Dec-11 6.1 16% 37.6 2.1 2.6 550 90 2.4 0.8 3.2 28.5 9% 162.3 121.0
Mar-12 D5.2J D16%
J D 39.5
J D J 1.8
D J D 2.6J 1
550J D J90D J2.5D J0.9
1 3.4 17.3 10% 167.4 122.7
Jun-12 e4.6u e16%
u e 41.1
u e u 1.6
e u e 2.6u 2
550u e u90e u e u
2.6 0.9 2 3.5 0
14.5 10% 170.7 123.9
Sep-12 c5.2n c16%
n c 42.8
n c n 1.7
c n c2.6n /550n c n90c n c n
2.7 1.0 / 3.6 14.6 10% 173.9D J D125.1
J D J D J D J
12/29/12 7.0 16% 45.0 2.2 2.6 550 90 2.8 1.0 3.8 30.5 10% 178.7e u e127.1
u e u e u e u
Mar-13 6.0 Mac
16%iPod
46.9 iPhn
1.9 inst New iPhn
2.6 550 90 iPhn
2.9 HW1.1 3.9 20.2 11% 184.8c n c129.0
n c l c n c n
Jun-13 5.3 inst
16%bs 48.6 base
1.7 2.6 550 usrs 90 rev
3.0 1.1 4.1 16.2 11% 188.6 130.4
Sep-13 6.0 iPhn
15% srvc
50.4 1.8 2.6 550 90 3.1 1.1 4.2 16.3 11% 192.4 iPod131.7inst base iP
Dec-13 8.1 rev
15% 52.8 2.4 2.6 550 90 3.2 1.2 4.4 32.9 11% 197.8 133.8 ba
Mar-14 7.0 15% 54.9 2.1 2.6 550 90 3.3 1.2 4.6 23.6 12% 205.0 136.2
Jun-14 6.1 15% 56.7 1.8 2.6 550 90 3.4 1.3 4.7 18.4 12% 209.6 137.8
Sep-14 6.9 15% 58.8 2.0 2.6 550 90 3.5 1.3 4.9 18.4 12% 50 213.9 139.4
Dec-14 9.3 15% 61.4 2.7 2.6 550 90 3.7 1.4 5.1 35.7 12% 40 220.2 141.7
Mar-15 8.0 15% 63.8 2.3 2.6 550 90 3.8 1.4 5.3 27.6 12% 228.8 144.7
Jun-15 7.0 15% 65.8 2.0 2.6 550 90 4.0 1.5 5.4 20.9 12% 30 234.1 146.6
Sep-15 8.0 15% 68.1 2.3 2.6 550 90 4.1 1.5 5.6 20.8 13% 20 239.3 148.5
Dec-15 10.7 15% 71.1 3.0 2.6 550 90 4.2 1.6 5.8 39.0 13% 10 246.5 151.1
0
D J D J D J D J D J
e u e u e u e u e u
c n c n c l c n c n

iPod AUP
 50
40
30
20
10
Mar-16 9.2 15% 73.7 2.6 2.6 550 90 4.4 1.7 6.1 32.4 13% 256.6
0 154.8
Jun-16 8.0 15% 75.9 2.3 2.6 550 90 4.5 1.7 6.2 23.8 13% 262.9 157.0
D J D J D J D J D J
Sep-16 9.1 15% 78.5 2.6 2.6 550 90 4.7 1.8 6.4 23.6 13% 269.0 159.2
e u e u e u e u e u
12/31/16 12.2 15% 81.9 3.4 2.6 550 90 4.9 1.8 6.7 42.8 13% 277.4 162.3
c n c n c l c n c n
Apr-17 10.5 15% 84.8 2.9 2.6 550 90 5.0 1.9 7.0 37.8 13% 289.2 166.7
iPod AUP
 New Switch iPod accs iTMS iPod iTMS Mac PC Mac
iPod CPU life iPod /user /user iPod accs iTMS +accs Mac unit PC CPU inst
usrs units cycl AUP /year /year rev rev rev rev units grw CPUs grw base
0.6 1.9 0.357 37.5 29.1 0.256 0.028 0.019 0.047 0.83 0% 43.3 15% 15.2
0.7 2.5 0.345 47.1 37.5 0.264 0.033 0.027 0.060 0.75 5% 40.1 18% 15.2
0.7 2.2 0.325 47.9 42.0 0.249 0.036 0.037 0.073 0.88 10% 40.0 18% 15.3
1.8 2.4 0.296 47.2 41.5 0.537 0.051 0.047 0.098 0.84 9% 44.6 12% 15.4
4.2 0.109 2.3 0.274 43.2 38.4 1.211 0.096 0.081 0.177 1.05 13% 48.9 13% 15.7
5.0 0.226 2.4 0.236 34.3 36.8 1.014 0.089 0.127 0.216 1.07 22% 45.2 13% 16.0
5.7 0.146 2.6 0.214 28.7 31.8 1.103 0.111 0.130 0.241 1.18 28% 47.3 18% 16.4
5.6 0.255 2.8 0.202 24.6 27.7 1.212 0.127 0.138 0.265 1.24 38% 52.3 17% 16.9
12.1 0.045 2.6 0.195 23.7 26.3 2.906 0.248 0.243 0.491 1.25 35% 56.6 16% 17.3
6.4 -0.094 2.6 0.197 22.5 24.2 1.714 0.228 0.257 0.485 1.11 25% 50.9 13% 17.6
5.6 0.027 2.6 0.197 19.9 23.6 1.497 0.174 0.283 0.457 1.33 19% 52.0 10% 18.1
5.8 0.275 2.9 0.195 16.6 23.9 1.559 0.124 0.328 0.452 1.61 17% 56.5 8% 18.8
14.7 0.252 2.5 0.177 13.5 23.6 3.427 0.212 0.422 0.634 1.61 19% 61.1 8% 19.5
6.0 0.316 2.7 0.169 11.5 23.5 1.689 0.212 0.441 0.653 1.52 27% 55.0 8% 20.2
5.3 0.224 2.7 0.165 11.0 23.3 1.599 0.233 0.463 0.695 1.66 30% 56.2 8% 20.9
5.0 0.243 2.8 0.162 10.0 23.0 1.614 0.141 0.510 0.651 1.98 28% 61.0 8% 21.9
12.1 0.565 2.6 0.160 10.0 22.5 3.794 0.296 0.572 0.868 2.30 32% 66.0 8% 23.1
4.3 0.272 2.7 0.160 10.0 22.5 1.761 0.292 0.621 0.913 1.91 30% 59.4 8% 24.1
3.9 0.233 2.7 0.160 10.0 22.5 1.674 0.321 0.661 0.982 2.02 29% 60.7 8% 25.0
3.7 0.409 2.8 0.160 10.0 22.5 1.694 0.226 0.699 0.925 2.55 30% 65.9 8% 26.3
8.0 0.722 2.6 0.160 10.0 22.5 3.899 0.370 0.737 1.107 3.21 30% 71.3 8% 28.3
3.7 0.337 2.7 0.160 10.0 22.5 1.898 0.363 0.780 1.143 2.40 30% 64.2 8% 29.5
3.1 0.293 2.7 0.160 10.0 22.5 1.780 0.389 0.814 1.203 2.48 29% 65.5 8% 30.7
iPod market Mac m
3.0 0.465 2.7 0.160 10.0 22.5 1.802 0.291 0.847 1.138 3.22 29% 71.1 8% 32.5
5.8 0.767 2.6 0.160 10.0 22.5 4.051 0.429 0.870 200 1.299 10.0%
4.23 27% 77.0 8% 35.0
3.8 0.379 2.7 0.160 10.0 22.5 2.111 0.421 0.912 1.333 2.97 27% 69.3 8% 36.6
2.8 0.333 2.7 0.160 10.0 22.5 1.925 0.446 0.943 150 1.389 3.01
7.5%26% 70.8 8% 38.1
2.7 0.503 2.7 0.160 10.0 22.5 1.946 0.348 0.974 1.322 3.98 26% 76.8 8% 40.3
4.8 0.799 2.7 0.160 10.0 22.5 4.254 0.482 0.990 1.473 5.37 24% 83.1 8% 43.5
4.3 0.411 2.7 0.160 10.0 22.5 2.402 0.476 1.035 100 1.511 5.0%
3.62 24% 74.8 8% 45.4
2.9 0.364 2.7 0.160 10.0 22.5 2.112 0.501 1.066 1.567 3.61 23% 76.5 8% 47.2
2.8 0.533 2.7 0.160 10.0 22.5 2.129 0.403 1.098 50 1.500 4.83
2.5%23% 83.0 8% 49.8
4.6 0.826 2.7 0.160 10.0 22.5 4.512 0.537 1.113 1.650 6.62 22% 89.8 8% 53.6
5.1 0.439 2.7 0.160 10.0 22.5 2.774 0.532 1.162 1.694 4.35 22% 80.8 8% 55.9
3.3 0.392 2.7 0.160 10.0 22.5 2.346 0.558 1.195 01.753 0.0%
4.29 21% 82.6 8% 58.1
D J D J D J 3.2 D J 0.561
D J D 2.7 J D0.160
J D J10.0
D J 22.5
1 J 2.355
D J D0.461
J D 1.229
J 1 1.690 5.78 21%D JS M S8%
89.6 A J S61.1
M S M S M S
e u e u e u4.8 e u 0.853
e u e 2.7 u e0.160
u e u10.0
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2 u 4.829
e u e0.596
u e 1.246
u 2 1.842 8.00 20%e u e96.9
a e8% p ue65.6
a e a e a e
c n c n c l 6.1 c n 0.467
c n c 2.7 n c0.160
n c n10.0
c n 22.5
/ n 3.231
c n c0.594
n c 1.301
n / 1.896 5.16 20%c np r p8%
87.3 r l p68.2
r p r p r p
3.8 0.421 2.7 0.160 10.0 22.5 2.630 0.622 1.338 1.960 5.06 19% 89.2 8% 70.7
iPod inst 3.7
base 0.591
iPod switch New iPod
2.7 0.160 10.0 22.5usrs
2.628 Switch CPU
0.526 1.376 1.902 6.83 19%Mac96.8
inst base
8% 74.2 Mac iPod inst
5.4 base 2.7 0.160 10.0 22.5 5.210 units
0.883 0.663 1.397 2.061 9.53 19% 104.7 8% 79.3
7.3 0.500 2.7 0.160 10.0 22.5 3.779 0.665 1.460 2.125 6.08 18% 94.3 8% 82.4
4.5 0.454 2.7Music0.160 $$10.0 22.5 2.970 0.694 1.502 2.196 5.92 18% 96.3 8% 85.2 Ma
4.4 0.625 2.7 0.160 10.0 22.5 2.953 0.601 1.544 .500 2.145 8.00 18% 104.5 8% 89.2
120
6.2 0.919 2.7 0.160 10.0 22.5 5.660 0.741 1.572 .400 2.313 11.21
100 17% 113.1 8% 95.0
8.6 0.538 2.7 0.160 10.0 22.5 4.425 0.746 1.644 2.390 7.10 17% 101.8 8% 98.5
80
5.4 0.494 2.7 0.160 10.0 22.5 3.371 0.779 1.691 .300 2.469 6.88 17% 104.0 8% 101.8
5.1 0.666 2.7 0.160 10.0 22.5 3.336 0.688 1.739 .200 2.427 60 17% 112.9 8% 106.3
9.31
7.2 0.961 2.7 0.160 10.0 22.5 6.187 0.831 1.774 .100 40 17% 122.1 8% 112.9
2.605 13.06
.000 20
D J D J D J D J D J D J D J D J D J 1 J D J D J D J 1 0
e u e u e u e u e u e u e u e u e u 2 u e u e u e u 2 D J S M S AJ S M S M S M S M S
c n c n c l c n c n c n c n c n c n / n c n c n c n / e ue a e p u e a e a e a e a e
c np r p r l p r p r p r p r p
iPod AUP accs /user /year iTMS /user
 .500 120
.400 100
.300 80
.200 60
.100 40
10.2 0.583 2.7 0.160 10.0 22.5 5.178 0.841 1.856 .000
2.697 8.25
20 16% 110.0 8% 116.8
6.3 0.541 2.7 0.160 10.0 22.5 3.842 0.876 1.910 2.786 7.98
0 16% 112.3 8% 120.6
D J D J D J D J D J D J D J D J D J 1 J D J D J D J 1
6.1 0.715 2.7 0.160 10.0 22.5 3.785 0.788 1.965 2.753 10.77 16% 121.9 8% 125.7
e u e u e u e u e u e u e u e u e u 2 u e u e u e u 2 D JS M S AJ S M S M S M S M S
8.4 1.011 2.7 0.160 10.0 22.5 6.800 0.935 2.009 2.944 15.12 16% 131.9 8% 133.0
c n c n c l c n c n c n c n c n c n / n c n c n c n / e ue a e p ue a e a e a e a e
11.9 0.637 2.7 0.160 10.0 22.5 6.051 0.950 2.102 3.052 9.55 16% 118.8 8% 137.5
c np r p rlp r p r p r p r p
iPod AUP accs /user /year iTMS /user
/year Mac CPU AUP prfls
 Mac Mac New Mac Mac prfls SW Mac Mac
iPod Market 1y halo to life CPU /usr /usr CPU prfls SW Tot
inst bs share % Mac cycl AUP /yr /yr rev rev rev rev Products
1.4 2.1% 0.1 5.0 1.505 52.0 46.5 1.269 0.222 0.212 2.006 PC iTMS
1.8 2.0% 0.0 5.0 1.506 55.3 48.2 1.160 0.238 0.187 1.909 iPod mini
2.2 2.0% 0.1 5.0 1.509 58.5 51.2 1.263 0.219 0.210 2.014
3.0 2.0% 0.0 5.0 1.496 62.2 53.8 1.231 0.271 0.213 2.350 4G iPod
4.3 2.0% 5.0% 0.3 5.0 1.500 65.7 53.4 1.605 0.284 0.213 3.490
5.8 2.1% 8.1% 0.4 5.0 1.461 67.5 56.1 1.494 0.280 0.239 3.243 iPod shuffle
7.3 2.2% 6.8% 0.4 5.0 1.426 69.3 63.6 1.565 0.266 0.345 3.520
8.5 2.3% 6.8% 0.4 5.1 1.384 69.3 67.1 1.611 0.296 0.294 3.678 iPod nano
10.3 2.4% 4.1% 0.5 5.1 1.348 68.7 72.2 1.724 0.303 0.325 5.749 5G iPod/TV series
11.0 2.3% 1.6% 0.3 5.1 1.353 66.2 75.5 1.572 0.264 0.324 4.359 Intel Macs/Hi-Fi
11.3 2.3% 0.8% 0.5 5.1 1.374 62.9 71.9 1.866 0.236 0.314 4.370 MacBook
11.8 2.5% 0.7% 0.7 5.1 1.391 61.2 71.2 2.213 0.297 0.316 4.837 Mac Pro/movies
12.7 2.6% 1.1% 0.7 5.0 1.425 59.0 70.2 2.410 0.297 0.347 7.115 Shuffle 2
13.4 2.7% 1.7% 0.7 5.1 1.445 59.4 69.0 2.268 0.309 0.345 5.264 iTV
14.1 2.8% 1.9% 0.7 5.1 1.455 60.0 68.0 2.407 0.289 0.343 5.335
14.7 2.9% 1.6% 1.0 5.1 1.460 60.5 66.5 2.787 0.353 0.337 5.901
15.8 3.1% 1.9% 1.3 5.1 1.475 61.5 69.0 3.534 0.373 0.461 9.434
17.0 3.2% 1.7% 0.9 5.1 1.475 62.0 73.0 2.848 0.380 0.502 7.065
17.9 3.3% 1.6% 0.9 5.1 1.475 62.5 75.0 2.945 0.365 0.465 7.3
18.7 3.5% 1.7% 1.3 5.1 1.475 62.5 75.0 3.624 0.423 0.421 8.2
20.1 3.8% 1.8% 1.9 5.1 1.475 62.5 75.0 4.871 0.453 0.557 12.3
21.8 3.9% 1.8% 1.2 5.1 1.475 62.5 75.0 3.570 0.464 0.603 9.4
22.9 4.0% 1.8% 1.2 5.1 1.475 62.5 75.0 3.616 0.454 0.572 9.6
Mac market
24.0 4.2% 1.8% 1.7 5.1 1.475 62.5 75.0 4.611 0.518 0.535 10.7
25.6 4.4% 1.8% 2.6 5.0 1.475 62.5 75.0 806.380 0.559 0.684 15.2
27.9 4.6% 1.8% 1.6 5.1 1.475 62.5 75.0 4.412 0.575 0.736 11.5
29.3 4.7% 1.8% 1.5 5.1 1.475 62.5 75.0 604.399 0.569 0.711 11.5
30.7 4.8% 1.8% 2.2 5.1 1.475 62.5 75.0 5.733 0.640 0.682 12.9
32.7 5.1% 1.8% 3.2 5.0 1.475 62.5 75.0 8.056 0.691 0.842 18.0
35.5 5.2% 1.8% 1.9 5.1 1.475 62.5 75.0 405.369 0.713 0.901 13.8
37.3 5.3% 1.8% 1.8 5.1 1.475 62.5 75.0 5.291 0.711 0.881 13.5
38.9 5.5% 1.8% 2.6 5.1 1.475 62.5 75.0 206.988 0.789 0.861 15.4
41.3 5.8% 1.8% 3.8 5.1 1.475 62.5 75.0 9.907 0.850 1.033 21.2
44.8 5.9% 1.8% 2.3 5.1 1.475 62.5 75.0 6.443 0.877 1.099 16.3
46.8 6.0% 1.8% 2.1 5.1 1.475 62.5 75.0 0 6.295 0.881 1.085 15.9
S A J S M S M48.8S M S6.1%M S M S M 3.0
1.8% S 1 J5.2S M1.475
S M 62.5
S M S75.01A 8.386 0.966 1.072 18.1
e p ue a e a 51.7e a e6.4%a e a1.8%e a 4.5
e 2 u5.1e a1.475
e a 62.5
e a e75.02p 11.946 1.036 1.256 24.7
p r l p r p r 55.8
p r p6.5%r p r1.8%p r 2.6
p / n5.1p r1.475
p r 62.5
p r p75.0/r 7.646 1.069 1.329 19.1
58.3 6.6% 1.8% 2.5 5.1 1.475 62.5 75.0 7.422 1.079 1.322 18.5
base Mac60.6
iPod inst
6.8%bs Mac Market
1.8% 3.5 5.2 1.475 1y halo
62.5 % 75.0 9.939 1.171 1.318 21.2
64.0 7.0% share 5.1 5.1 1.475 62.5 75.0 14.193 1.251 1.514 28.6
1.8%
68.8 7.1% 1.8% 3.0 5.1 1.475 62.5 75.0 8.993 1.291 1.595 22.3
71.7 Mac7.2%$$ 1.8% 2.9 5.1 1.475 62.5 75.0 8.689 1.306 1.595 21.5
74.5 7.4% 1.8% 4.0 5.2 1.475 62.5 75.0 11.667 1.406 1.600 24.6
1.600
78.4 7.6% 1.8% 5.8 5.1 1.475 62.5 75.0 16.672 1.496 1.809 33.0
1.500
84.1 7.8% 1.8% 3.5 5.1 1.475 62.5 75.0 10.503 1.543 1.898 26.0
1.400
87.5 7.8% 1.8% 3.3 5.1 1.475 62.5 75.0 10.116 1.565 1.905 24.9
90.8 8.0% 1.8% 4.5 5.2 1.475 62.5 75.0 1.300
13.593 1.673 1.920 28.6
95.3 8.2% 1.8% 6.5 5.1 1.475 62.5 75.0 1.200
19.412 1.775 2.143 38.0
1.100
1.000
A J S M S M S M S M S M S M S 1 J S M S M S M S 1A
p ue a e a e a e a e a e a e 2 ue a e a e a e 2p
r l p r p r p r p r p r p r p / np r p r p r p / r
 1.600
1.500
1.400
1.300
1.200
101.9 8.4% 1.8% 4.0 5.1 1.475 62.5 75.0 12.201
1.100 1.829 2.241 30.2
105.9 8.4% 1.8% 3.7 5.2 1.475 62.5 75.0 11.726
1.000 1.858 2.257 28.7
109.8 8.6% 1.8% 5.1 5.2 1.475 62.5 75.0 15.746 1.975 2.283 33.0
AJ S M S M S M S M S M S M S1 J S M S M S M S 1A
115.0 8.8% 1.8% 7.3 5.1 1.475 62.5 75.0 22.445 2.089 2.520 43.5
p ue a e a e a e a e a e a e 2 ue a e a e a e 2p
122.6 9.0% 1.8% 4.5 5.1 1.475 62.5 75.0 14.115 2.151 2.628 35.0
r l p r p r p r p r p r p r p / np r p r p r p/ r

Mac CPU AUP prfls /usr /yr SW /usr /yr

Comments
43.33

All unit numbers in millions

$ revenue in billions
$ unit prices in thousands

Assumptions/definitions
Halo effect starts in F04 CPUs from F03 PC iPods
Switch CPU units = CPUs beyond industry growth
Halo% = ttm switch CPU units / iPod switch base

iPod installed base / Replacement cycles:

Installed base increase (new usrs) = iPods sold - iPods replaced
iPods replaced = previous installed base / avg life cycle
2 year initial life cycle

iPod switch base:

1st year (03) new iPod users PC/Mac share is 1/5 CPU share
2nd year (04) new iPod users PC/Mac share is 1/4 CPU share
3rd year (05) new iPod users PC/Mac share is 1/2 CPU share
Beyond 3rd year (>05) new iPod users PC/Mac share = 3/4 CPU share

iPod future sales:

53.5M iPod units in next 12m
Beyond 12m iPod unit growth based on CPU unit growth + rev.halo
10M iPhone units in C08

Unit prices / Revenues:

Other music revenue (iTMS, accessories) attached to iPod units
Other revenue (software, peripherals) attached to CPU units

CPU industry / Market share:

2.1% pre-halo CPU market share
15M pre-halo Mac installed base
Historical industry unit growth from IDC
8% future industry unit growth