Examine the structure of the model in "RawModel" sheet.

You don't have to understand in detail each account or number.

Separate the whole model into different sheets according to the "Guide" sheet.
In "RawModel" sheet, information of assumptions/input is marked with a blue font
Example: $604.86
In "RawModel" sheet, the calculation and output is marked with a black font
Example: 43,818
Historical/actual period marked with "A"
Example: 2013A
The forecast/projection period is marked with a "P"
Example: 2014P
Provide formatting and styles according to styles in "Guide" sheet
1 INCOME STATEMENT
Fiscal year 2011A 2012A
Fiscal year end date 9/24/11 9/29/12

Revenue 108,249 156,508

Cost of sales (enter as -) (64,431) (87,846)
Gross Profit 43,818 68,662
Research & development (enter as -) (2,429) (3,381)
Selling, general & administrative (enter as -) (7,599) (10,040)
Operating profit (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

2 SEGMENTS
Fiscal year 2011A 2012A
Fiscal year end date 9/24/11 9/29/12
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 2014P 2015P 2016P 2017P 2018P
9/28/13 9/30/14 9/30/15 9/30/16 9/30/17 9/30/18

170,910 179,381 188,389 196,830 206,514 217,643

(106,606) (112,830) (117,932) (123,216) (129,278) (136,245)
64,304 66,550 70,458 73,614 77,236 81,398
(4,475) (5,202) (5,840) (6,102) (6,402) (6,747)
(10,830) (12,198) (12,810) (13,384) (14,043) (14,800)
48,999 49,150 51,807 54,128 56,791 59,852
1,616 1,541 1,614 1,694 1,786 1,875
(136) (329) (329) (317) (329) (264)
(324) (324) (324) (324) (324) (324)
50,155 50,038 52,768 55,181 57,924 61,139
(13,118) (13,160) (13,720) (14,347) (15,060) (15,896)
37,037 36,878 39,048 40,834 42,864 45,243

925 882 847 816 789 764

6 6 6 6 6 6
932 888 854 822 795 770

$40.03 $41.82 $46.08 $50.03 $54.36 $59.21

$39.75 $41.52 $45.74 $49.65 $53.93 $58.72

9.2% 5.0% 5.0% 4.5% 4.9% 5.4%

37.6% 37.1% 37.4% 37.4% 37.4% 37.4%
2.6% 2.9% 3.1% 3.1% 3.1% 3.1%
6.3% 6.8% 6.8% 6.8% 6.8% 6.8%
26.2% 26.3% 26.0% 26.0% 26.0% 26.0%

6,757 7,149 7,535 7,677 7,786 8,001

2,253 2,214 2,213 2,426 2,545 2,682
58,009 58,513 61,555 64,231 67,123 70,536

2013A 2014P 2015P 2016P 2017P 2018P

9/28/13 9/30/14 9/30/15 9/30/16 9/30/17 9/30/18

91,279 97,968 104,826 107,970 111,210 114,546

31,980 31,654 31,654 31,654 31,654 31,654
21,483 20,946 18,850 18,850 18,850 18,850
4,411 3,275 2,728 2,319 1,971 1,675
 16,051 19,261 23,113 27,736 33,283 39,940
5,706 6,277 7,218 8,301 9,546 10,978
170,910 179,381 188,389 196,830 206,514 217,643
9.2% 5.0% 5.0% 4.5% 4.9% 5.4%

150,257 167,987 179,746 185,139 190,693 196,414

20.2% 11.8% 7.0% 3.0% 3.0% 3.0%
71,033 71,743 71,743 71,743 71,743 71,743
21.8% 1.0% 0.0% 0.0% 0.0% 0.0%
16,341 15,932 15,335 15,335 15,335 15,335
(10.0%) (2.5%) (3.8%) 0.0% 0.0% 0.0%
26,379 19,784 16,817 14,294 12,150 10,328
(25.0%) (25.0%) (15.0%) (15.0%) (15.0%) (15.0%)

607.5 583.2 583.2 583.2 583.2 583.2

(3.5%) (4.0%) 0.0% 0.0% 0.0% 0.0%
450.2 441.2 441.2 441.2 441.2 441.2
(15.2%) (2.0%) 0.0% 0.0% 0.0% 0.0%
1,314.7 1,314.7 1,229.2 1,229.2 1,229.2 1,229.2
2.8% 0.0% (6.5%) 0.0% 0.0% 0.0%
167.2 165.5 162.2 162.2 162.2 162.2
4.7% (1.0%) (2.0%) 0.0% 0.0% 0.0%

24.5% 20.0% 20.0% 20.0% 20.0% 20.0%

10.9% 10.0% 15.0% 15.0% 15.0% 15.0%
Contents Model Overview

Historical Assumptions (Input) Sheet Name Worksheet: Intermediate Calculations:

Income Statement - Historical Assumptions Inp_IS
Balance Sheet - Historical Assumptions Inp_BS
Inp_IS
Forecast Assumptions (Input)
Operational Assumptions (Segments) Inp_Fcast Inp_BS
Working Capital Assumptions Inp_Fcast
Assets Assumptions Inp_Fcast Inp_Fcast
Capital Assumptions Inp_Fcast
Scenario Assumptions Inp_Scen Inp_Scen

Forecast Calculations
Operational Outputs (Segments) Fcast_Opr
Working Capital Outputs Fcast_WC Fcast_Opr
Assets Outputs Fcast_Assets
Capital Outputs Fcast_Cap Fcast_WC

Financial Statement Outputs Fcast_Assets

Income Statement - Forecast Outputs Outp_IS
Balance Sheet - Forecast Outputs Outp_BS Fcast_Cap
Cash Flow Statement - Forecast Outputs Outp_CFS

Documentation Outp_IS

Version Ver 1 Outp_BS

Last updated 18 Feb 22
Prepared by Outp_CFS
Reviewed by

Revisions and updates:

Key

Sheet tab colours and fonts

Documentation, information, and guid

Input sheets

Calculation sheets

Output sheets

Quality control sheets

Cell font colours

Blue font Import from another sheet (except to p

Red font Export to another sheet (except from I

Cell shading and borders

Inputs

Non-changeable inputs

Counter-flow (information that does n

Off timeline cells that are (deliberately

Empty cells highlighted to the user whe

Number format

5,000 Currency, numbers and text

31 Dec 22 Dates

5.0 % Percentages
Calculation of Financial Statement Items:
entation, information, and guide sheets

tion sheets

control sheets

from another sheet (except to presentational sheets)

to another sheet (except from Input sheets)

angeable inputs

r-flow (information that does not flow either top to bottom within a sheet, or left to right between sheets)

eline cells that are (deliberately) referenced

cells highlighted to the user where they may expect to see populated cells
cy, numbers and text
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 (2,429) (3,381) (4,475)
Selling, general & administrative (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
 2014P 2015P 2016P 2017P 2018P
9/30/14 9/30/15 9/30/16 9/30/17 9/30/18

26.3% 26.0% 26.0% 26.0% 26.0%

SEGMENTS
Fiscal year 2011A 2012A 2013A
Fiscal year end date 9/24/11 9/29/12 9/28/13
iPhone
iPad
Mac
iPod
iTunes / Software / Services
Accessories
Total
% growth

Units
iPhone
% growth
iPad
% growth
Mac
% growth
iPod
% growth

ASPs
iPhone
iPad
Mac
iPod
 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

71,743 71,743 71,743 71,743 71,743

15,932 15,335 15,335 15,335 15,335

19,784 16,817 14,294 12,150 10,328

583.2 583.2 583.2 583.2 583.2

441.2 441.2 441.2 441.2 441.2
1,314.7 1,229.2 1,229.2 1,229.2 1,229.2
165.5 162.2 162.2 162.2 162.2
INCOME STATEMENT
Fiscal year 2011A 2012A
Fiscal year end date 9/24/11 9/29/12
Revenue
Cost of sales (enter as -)
Gross Profit
Research & development (enter as -)
Selling, general & administrative (enter as -)
Operating profit (EBIT)
Interest income
Interest expense (enter as -)
Other expense (enter as -)
Pretax profit
Taxes (enter expense as -)
Net income

Basic shares outstanding

Impact of dilutive securities
Diluted shares outstanding

Basic EPS
Diluted EPS

Growth rates & margins

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

EBITDA reconciliation
Depreciation & amortization
Stock based compensation
EBITDA
 2013A 2014P 2015P 2016P 2017P 2018P
9/28/13 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%

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