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Apple q1'15 commentary intro

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Apple delivered the most profitable quarter by any company ever, which stunned pretty much everyone, if only by its scale. A strong quarter had been widely forecast, but this one was explosive.

Here once again is an introduction to the popular detailed summary of Apple's results, analysing and commenting on all the major metrics, and considering the key questions facing Apple in the coming months. (Not all the colours have successfully uploaded).

If you would like access to the full and detailed slides, with all the correct colours, drop me an email at nick@aquilla-europe.com

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Apple q1'15 commentary intro

  1. 1. Aquilla Apple Results Q1 2015 Summary and Commentary Note: Apple Q1 = Calendar Q4
  2. 2. Aquilla Source: Apple Results Quarterly Revenue Apple in Growth •Wall Street had been talking up the numbers leading up to the announcement, yet Apple still managed to crush the most bullish forecasts, with quarterly revenues of $74.6B •Comparisons with leading competitors are revealing, in particular with Samsung Electronics, whose revenues fell by 11% in Q4 (25% in USD), and Samsung Mobile, which fell by 22% (34% in USD) •Apple’s uptick in growth is marked, and all the more startling considering the size of the company today. Comparative Revenues CQ4 2014 SamsungElectronics Microsoft Google 0% 15% 30% 45% 60% 75% 90% 0 15 30 45 60 75 90 Q1 '09 Q2 '09 Q3 '09 Q4 '09 Q1 '10 Q2 '10 Q3 '10 Q4 '10 Q1 '11 Q2 '11 Q3 '11 Q4 '11 Q1 '12 Q2 '12 Q3 '12 Q4 '12 Q1 '13 Q2 '13 Q3 '13 Q4 '13 Q1 '14 Q2 '14 Q3 '14 Q4 '14 Q1 '15 Q2 '15 Q3 '15 Q4 '15 Revenue Growth (%) Revenue (B$) Apple Revenue Revenue B$ Revenue YoY Growth SamsungMobile
  3. 3. Aquilla Source: Apple Results Cash, Investments & Capital Return Capital Return Program Grows •Apple generated $33.7B of cash from operations in the Quarter, another huge record, 50% greater than the year-ago quarter •The company returned $7.8B to shareholders during the quarter, mostly through Stock Repurchases •Long and short term cash holdings grew by $23B in the quarter, and the company now has over $178B in cash •This is enough to pay off the national debt of Israel or Thailand, and is more than the GDP of Kuwait •Much of the cash remains outside the US, held there for tax reasons 0 20 40 60 80 100 120 140 160 180 200 Q1 '09 Q2 '09 Q3 '09 Q4 '09 Q1 '10 Q2 '10 Q3 '10 Q4 '10 Q1 '11 Q2 '11 Q3 '11 Q4 '11 Q1 '12 Q2 '12 Q3 '12 Q4 '12 Q1 '13 Q2 '13 Q3 '13 Q4 '13 Q1 '14 Q2 '14 Q3 '14 Q4 '14 Q1 '15 Q2 '15 Q3 '15 Q4 '15 (B$) Cash & Capital Return Short Term Cash B$ Long Term Cash B$ Cash Generated B$ Capital Return B$
  4. 4. Aquilla Source: Apple Results Revenue Mix by Product Line iPhone dominates •iPhone’s dominance was massive, with 69% of the revenues, and probably nearer 75-80% of the profit in the quarter •Despite a strong quarter for Mac, with 9% growth, it was squeezed down to 9% share of the mix •iPad was the big loser, declining a further 22%, but remaining larger than Mac in this Holiday quarter •Services continues to grow (but needs subscription audio) •Other Products declined with iPod, which was about a third of this category in Q1 2014 •iOS hardware topped 80% of revenues Most recent $ Share $ YoY 4% -5% 6% 8% 9% 9% 12% -22% 69% 57%iPhone M$ iPad M$ Mac M$ Services M$ Other Products M$ 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Q1 '09 Q2 '09 Q3 '09 Q4 '09 Q1 '10 Q2 '10 Q3 '10 Q4 '10 Q1 '11 Q2 '11 Q3 '11 Q4 '11 Q1 '12 Q2 '12 Q3 '12 Q4 '12 Q1 '13 Q2 '13 Q3 '13 Q4 '13 Q1 '14 Q2 '14 Q3 '14 Q4 '14 Q1 '15 Product Line Revenue Mix Services: iTunes, App, Mac App & iBooks Stores, AppleCare, Apple Pay, licensing, other services Other Products: iPod, Apple TV, Beats Electronics and Apple-branded and third-party accessories
  5. 5. Aquilla Services Trailing 12 months - Slowing Tracking the trailing 12 months (current and 3 previous Quarters) eliminates seasonality, and gives a better indication of the longer term trends Source: Apple Results 0 4,000 8,000 12,000 16,000 20,000 0 1,000 2,000 3,000 4,000 5,000 Q1 '09 Q2 '09 Q3 '09 Q4 '09 Q1 '10 Q2 '10 Q3 '10 Q4 '10 Q1 '11 Q2 '11 Q3 '11 Q4 '11 Q1 '12 Q2 '12 Q3 '12 Q4 '12 Q1 '13 Q2 '13 Q3 '13 Q4 '13 Q1 '14 Q2 '14 Q3 '14 Q4 '14 Q1 '15 Q2 '15 Q3 '15 Q4 '15 Trailing 12m Revenue ($M) Revenue ($M) Services Revenue Services M$ Services Trailing 12m M$ Services: iTunes, App, Mac App & iBooks Stores, AppleCare, Apple Pay, licensing, other services
  6. 6. Aquilla Source: Apple Results Geo Revenue and 12m Trailing Americas/China Ticked Up •Trailing 12 months shows clearly where Apple’s growth came from - Americas, China and Europe •iPhone 6 was not available in China in Q4, hence the very sharp uptick in Q1 •That EMEIA saw good growth is particularly impressive in light of the Eurozone stagnation •Japan was the one weaker region •APAC is small, but ticked up nicely Tracking the trailing 12 months (current and 3 previous Quarters) eliminates seasonality, and gives a better indication of the longer term trends 0 20,000 40,000 60,000 80,000 100,000 Q1 '09 Q2 '09 Q3 '09 Q4 '09 Q1 '10 Q2 '10 Q3 '10 Q4 '10 Q1 '11 Q2 '11 Q3 '11 Q4 '11 Q1 '12 Q2 '12 Q3 '12 Q4 '12 Q1 '13 Q2 '13 Q3 '13 Q4 '13 Q1 '14 Q2 '14 Q3 '14 Q4 '14 Q1 '15 Revenue $M Geo Revenue and 12m Trailing Revenue Americas EMEIA Greater China Japan APAC Americas 12m Trailing EMEIA 12m Trailing Greater China 12m Trailing Japan 12m Trailing APAC 12m Trailing
  7. 7. Aquilla Apple’s Q1 Results Analysis - Full Slide Deck
  8. 8. Aquilla Apple’s Q1 Results Analysis These popular slides cover an in-depth analysis of Apple’s historic record-beating Q1 results The slides shown are an introduction To receive the full set, including charts, commentary, interpretation and outlook plus all slides in full colour contact Aquilla Europe nick@aquilla-europe.com
  9. 9. Aquilla Nick Graves, CEO • nick@aquilla-europe.com • +44 780 225 6536 Aquilla Europe Ltd • Kennett Cottage • OX9 3QS • UK • www.aquilla-europe.com

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