Apple reported financial results for Q3 2014 with year-over-year revenue growth of 6% to $38 billion. iPhone sales increased 13% to 35.3 million units while iPad sales declined 9% to 13.8 million units. Net income grew 12% to $7.7 billion. The company provided guidance for Q4 2014 with expected revenue of $40.4 billion, representing continued growth.
Apple managed to follow its record-breaking first quarter with another that managed to stun observers. Wall Street had forecast a strong quarter, with good momentum carried over from the previous period, but the beat was even stronger. The real test will follow in the coming quarters, as the iPhone 6 heads towards the end of its cycle, and competition, most significantly Samsung, ships the new Galaxy 6 series.
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
2015 AppFolio End of Year Preparation WebinarAppFolio
Hard to imagine the year will soon be coming to a close.
To help you prepare for end of year we are inviting you to view this 1 hour overview of what to do now to ensure you have the most trouble and stress free year end possible.
• Home values increased by 0.9% in January however they were lower over the past 3 months
• House sales have levelled while unit transactions are trending lower
• Rental rates continue to increase at their slowest annual pace on record
• Selling time of homes is seeing a seasonal spike while discounting is also increasing slightly
• Listing values are starting to rise from their seasonal slumber and are higher than a year ago
3 stories from Steve Jobs' life that shaped his views on building teams that create life-changing products. Lessons on leadership, conflict, communication, collaboration, sharing. Includes links to videos of interviews with Steve.
Apple managed to follow its record-breaking first quarter with another that managed to stun observers. Wall Street had forecast a strong quarter, with good momentum carried over from the previous period, but the beat was even stronger. The real test will follow in the coming quarters, as the iPhone 6 heads towards the end of its cycle, and competition, most significantly Samsung, ships the new Galaxy 6 series.
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
2015 AppFolio End of Year Preparation WebinarAppFolio
Hard to imagine the year will soon be coming to a close.
To help you prepare for end of year we are inviting you to view this 1 hour overview of what to do now to ensure you have the most trouble and stress free year end possible.
• Home values increased by 0.9% in January however they were lower over the past 3 months
• House sales have levelled while unit transactions are trending lower
• Rental rates continue to increase at their slowest annual pace on record
• Selling time of homes is seeing a seasonal spike while discounting is also increasing slightly
• Listing values are starting to rise from their seasonal slumber and are higher than a year ago
3 stories from Steve Jobs' life that shaped his views on building teams that create life-changing products. Lessons on leadership, conflict, communication, collaboration, sharing. Includes links to videos of interviews with Steve.
Internet for all: Stratospheric solutions by Google loon and Facebook droneAbdullateef Abdulsalam
Internet for all: Stratospheric solutions by Google loon and Facebook drone
Course project for Wireless Technologies course at Northwestern University's MSIT program
3D IC Presented by Tripti Kumari, School of Engineering, CUSATthevijayps
A 3D Integrated Circuit is a chip that has active electronic components stacked on one or more layers that are integrated both vertically and horizontally forming a single circuit.
In the 3-D design architecture, an entire chip is divided into a number of blocks, and each block is placed on a separate layer of Si that are stacked on top of each other.
In a generic 3D IC structure, each die is stacked on top of another and communicated by Through-Silicon Vias (TSVs).
Architectural issues
Traditional shared buses do not scale well – bandwidth saturation
Chip IO is pad limited
Physical issues
On-chip Interconnects become increasingly slower w.r.t. logic
IOs are increasingly expensive
Consequences
Performance losses
Power/Energy cost
Design closure issues or infeasibility
Reduced wire length
Total wire length
Larger circuits produce more improvement
Lower power per transistor
Decreased interconnect delay
Higher transistor packing densities
Smaller chip areas
There are four ways to build a 3D IC:
Monolithic
Wafer-on-Wafer
Die-on-Wafer
Die On Die
At runtime, thermal variations will introduce additional time-varying clock skew, further increasing design uncertainty
2 - Thermal Issues In 3-D ICs
Due to reduction in chip size of a 3D implementation, 3D circuits exhibit a sharp increase in power density
Analysis of Thermal problems in 3D is necessary to evaluate thermal robustness of different 3D technology and design options.
3 - Reliability Issues In 3-D ICs
Electro thermal and Thermo-mechanical effects between various active layers can influence electro-migration and chip performance
Die yield issues may arise due to mismatches between die yields of different layers, which affect net yield of 3D chips.
TSV check on reset
Control use dedicated Vias in order to establish which vias are corrupted.
If 1, 2 and 3 TSVs are OK, the control set the enable signal set_to and set_from: broken path are skipped!
Pads routing shift as show in the figure
Need to define The handling protocol during the TSVs check
3D IC design is a relief to interconnect driven IC design.
Still many manufacturing and technological difficulties
Physical Design needs to consider the multiple layers of Silicon available.
Optimization of both temperature and wirelength
Placement and routing algorithms need to be modified
[1] J. Davis, et al., "Interconnect limits on gigascale integration (GSI) in the 21st century," Proceedings of the IEEE , vol.89, no.3, pp.305-324, Mar 2001.
[2] Banerjee, K.; Souri, S.J.; Kapur, P.; Saraswat, K.C.; , "3-D ICs: a novel chip design for improving deep- submicrometer interconnect performance and systems-on-chip integration," Proceedings of the IEEE , vol.89, no.5, pp.602-633, May 2001.
the Facebook Connectivity Lab is developing many new technologies to bring affordable internet access to more people, more quickly. One of the technologies we are building is a fleet of solar-powered aircraft called Aquila. Once they are fully operational, these high-altitude planes will stay airborne for up to 90 days at a time and beam broadband coverage to a 60-mile-wide area on the ground, helping to open the opportunities of the internet to people in under-connected regions.
New technologies and new features and functionalities will make automotive lighting a $27.7 billion market by 2021 (and an exciting one at that)!
AUTOMOTIVE LIGHTING IS GROWING FAST ($27.7B IN 2021) BY INCREASING ITS DESIGN USES AND PROVIDING NEW FUNCTIONALITIES
With the recent integration of LED technology, lighting has evolved from a basic, functional feature to a distinctive feature with high-value potential in automotive. Indeed, LED technology has given manufacturers the opportunity for strong differentiation via lighting design and additional functionalities. This is particularly true for exterior lighting, but it is also spreading to interior lighting. These changes are heavily impacting the supply chain, with new suppliers and a new value chain emerging.
In 2015, the automotive lighting market totaled nearly $22.4B, up 5.4% from 2014. This growth was driven by increased lighting system content per vehicle and a more favorable product mix driven by strong adoption of LED-based front lighting systems. Indeed, headlamp and Day Running Light (DRL) systems represented 43% and 28% of total 2015 revenue, respectively. Other lighting systems (i.e. Rear Combination Light/Center High-Mounted Signal Light, interior light, and side turn-signal light) comprised the remaining 29% of 2015 revenue. The automotive lighting market will continue growing, reaching a market size of almost $27.7B by 2021 - +23.7% compared to 2015, and driven by different growth areas:
Short-term: increased LED technology penetration rate into different automotive lighting applications/systems, and increased lighting content per vehicle.
Middle/long-term: potential integration of new lighting technologies like OLED and laser, development of Advanced Front Lighting Systems (AFLS) and other security functions, and incredible developments employing lighting as a new design feature.
This report presents all automotive lighting applications and the associated market revenue for the period 2013 - 2021, with details concerning drivers and challenges, integration status of different lighting technologies and systems, recent trends, and market size per application.
These popular slides cover an in-depth analysis of Apple’s important Q3 2016 results
The slides shown are a subset
To receive the full set, including
additional slides, charts, commentary, interpretation and outlook plus all slides in full colour
contact
Aquilla Europe nick@aquilla-europe.com
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
These popular slides cover an in-depth analysis of Samsung's important Q2 2016 results
The slides shown are a subset
To receive the full set, including
additional slides, charts, commentary, interpretation and outlook plus all slides in full colour
contact
Aquilla Europe nick@aquilla-europe.com
Samsung Electronics reported another quarter of declining YoY revenue and profits, largely driven by weakness in its mobile division. The new Galaxy S6 appears to have had little impact in its battle against Apple, and had even less effect on the major Chinese vendors. Both Huawei and Xiaomi achieved strong growth, while Samsung's smartphone business saw both revenue and unit declines. Meanwhile the shift in focus back towards its B-to-B and OEM divisions - Semi-Conductors and Displays - is accelerating.
Here once again is an introduction to the popular detailed summary of Samsung's results, analysing and commenting on all the major metrics, and considering the key questions facing Samsung 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
Apple Operating and Financial Metrics Review – July 2014Jan Dawson
This deck is a review of Apple's major financial and operating metrics, dated July 2014. The underlying data is available for purchase from Jackdaw Research on either a one-off basis or an annual subscription with quarterly updates, along with other data products.
Internet for all: Stratospheric solutions by Google loon and Facebook droneAbdullateef Abdulsalam
Internet for all: Stratospheric solutions by Google loon and Facebook drone
Course project for Wireless Technologies course at Northwestern University's MSIT program
3D IC Presented by Tripti Kumari, School of Engineering, CUSATthevijayps
A 3D Integrated Circuit is a chip that has active electronic components stacked on one or more layers that are integrated both vertically and horizontally forming a single circuit.
In the 3-D design architecture, an entire chip is divided into a number of blocks, and each block is placed on a separate layer of Si that are stacked on top of each other.
In a generic 3D IC structure, each die is stacked on top of another and communicated by Through-Silicon Vias (TSVs).
Architectural issues
Traditional shared buses do not scale well – bandwidth saturation
Chip IO is pad limited
Physical issues
On-chip Interconnects become increasingly slower w.r.t. logic
IOs are increasingly expensive
Consequences
Performance losses
Power/Energy cost
Design closure issues or infeasibility
Reduced wire length
Total wire length
Larger circuits produce more improvement
Lower power per transistor
Decreased interconnect delay
Higher transistor packing densities
Smaller chip areas
There are four ways to build a 3D IC:
Monolithic
Wafer-on-Wafer
Die-on-Wafer
Die On Die
At runtime, thermal variations will introduce additional time-varying clock skew, further increasing design uncertainty
2 - Thermal Issues In 3-D ICs
Due to reduction in chip size of a 3D implementation, 3D circuits exhibit a sharp increase in power density
Analysis of Thermal problems in 3D is necessary to evaluate thermal robustness of different 3D technology and design options.
3 - Reliability Issues In 3-D ICs
Electro thermal and Thermo-mechanical effects between various active layers can influence electro-migration and chip performance
Die yield issues may arise due to mismatches between die yields of different layers, which affect net yield of 3D chips.
TSV check on reset
Control use dedicated Vias in order to establish which vias are corrupted.
If 1, 2 and 3 TSVs are OK, the control set the enable signal set_to and set_from: broken path are skipped!
Pads routing shift as show in the figure
Need to define The handling protocol during the TSVs check
3D IC design is a relief to interconnect driven IC design.
Still many manufacturing and technological difficulties
Physical Design needs to consider the multiple layers of Silicon available.
Optimization of both temperature and wirelength
Placement and routing algorithms need to be modified
[1] J. Davis, et al., "Interconnect limits on gigascale integration (GSI) in the 21st century," Proceedings of the IEEE , vol.89, no.3, pp.305-324, Mar 2001.
[2] Banerjee, K.; Souri, S.J.; Kapur, P.; Saraswat, K.C.; , "3-D ICs: a novel chip design for improving deep- submicrometer interconnect performance and systems-on-chip integration," Proceedings of the IEEE , vol.89, no.5, pp.602-633, May 2001.
the Facebook Connectivity Lab is developing many new technologies to bring affordable internet access to more people, more quickly. One of the technologies we are building is a fleet of solar-powered aircraft called Aquila. Once they are fully operational, these high-altitude planes will stay airborne for up to 90 days at a time and beam broadband coverage to a 60-mile-wide area on the ground, helping to open the opportunities of the internet to people in under-connected regions.
New technologies and new features and functionalities will make automotive lighting a $27.7 billion market by 2021 (and an exciting one at that)!
AUTOMOTIVE LIGHTING IS GROWING FAST ($27.7B IN 2021) BY INCREASING ITS DESIGN USES AND PROVIDING NEW FUNCTIONALITIES
With the recent integration of LED technology, lighting has evolved from a basic, functional feature to a distinctive feature with high-value potential in automotive. Indeed, LED technology has given manufacturers the opportunity for strong differentiation via lighting design and additional functionalities. This is particularly true for exterior lighting, but it is also spreading to interior lighting. These changes are heavily impacting the supply chain, with new suppliers and a new value chain emerging.
In 2015, the automotive lighting market totaled nearly $22.4B, up 5.4% from 2014. This growth was driven by increased lighting system content per vehicle and a more favorable product mix driven by strong adoption of LED-based front lighting systems. Indeed, headlamp and Day Running Light (DRL) systems represented 43% and 28% of total 2015 revenue, respectively. Other lighting systems (i.e. Rear Combination Light/Center High-Mounted Signal Light, interior light, and side turn-signal light) comprised the remaining 29% of 2015 revenue. The automotive lighting market will continue growing, reaching a market size of almost $27.7B by 2021 - +23.7% compared to 2015, and driven by different growth areas:
Short-term: increased LED technology penetration rate into different automotive lighting applications/systems, and increased lighting content per vehicle.
Middle/long-term: potential integration of new lighting technologies like OLED and laser, development of Advanced Front Lighting Systems (AFLS) and other security functions, and incredible developments employing lighting as a new design feature.
This report presents all automotive lighting applications and the associated market revenue for the period 2013 - 2021, with details concerning drivers and challenges, integration status of different lighting technologies and systems, recent trends, and market size per application.
These popular slides cover an in-depth analysis of Apple’s important Q3 2016 results
The slides shown are a subset
To receive the full set, including
additional slides, charts, commentary, interpretation and outlook plus all slides in full colour
contact
Aquilla Europe nick@aquilla-europe.com
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
These popular slides cover an in-depth analysis of Samsung's important Q2 2016 results
The slides shown are a subset
To receive the full set, including
additional slides, charts, commentary, interpretation and outlook plus all slides in full colour
contact
Aquilla Europe nick@aquilla-europe.com
Samsung Electronics reported another quarter of declining YoY revenue and profits, largely driven by weakness in its mobile division. The new Galaxy S6 appears to have had little impact in its battle against Apple, and had even less effect on the major Chinese vendors. Both Huawei and Xiaomi achieved strong growth, while Samsung's smartphone business saw both revenue and unit declines. Meanwhile the shift in focus back towards its B-to-B and OEM divisions - Semi-Conductors and Displays - is accelerating.
Here once again is an introduction to the popular detailed summary of Samsung's results, analysing and commenting on all the major metrics, and considering the key questions facing Samsung 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
Apple Operating and Financial Metrics Review – July 2014Jan Dawson
This deck is a review of Apple's major financial and operating metrics, dated July 2014. The underlying data is available for purchase from Jackdaw Research on either a one-off basis or an annual subscription with quarterly updates, along with other data products.
Estimate future financial outcomes of your company with the help of this content ready Revenue Forecasting Powerpoint Presentation Slides. The income forecast Power complete deck contains professional looking PPT slides such as retail store revenue projections, revenue forecast model, monthly revenue projection, income statement projection, revenue projection per share, earning sales forecast product-wise, revenue projections by active users, etc. The income forecast presentation deck also includes charts and graphs. You can use these charts & graphs to present your financial data in an organized way. All templates are fully editable, you can add or change the text if you wish to. Furthermore, the annual budgeting process and planning cycles can also be shown with the help of visually appealing earning projection PPT visuals. Not just this monetary forecast PPT slideshow also goes well with topics like financial projection, income forecast, earning projection, revenue management and so on. Download yield management PowerPoint template to showcase financial reports in a visual manner. Discuss the impasse with our Revenue Forecasting Powerpoint Presentation Slides. Figure out how to get around it.
TechStars presentation - Financial presentations for investorsDavid Fogel
Presentation on August 7 2015 at TechStars Boston - Topic: Financial presentations to investors. Presented by David Fogel, Member of TiE Angels, Mass Medical Angels. Instructor at WPI.
Electrolux Capital Markets Day 2012 - Presentation Keith McLoughlin and Tomas...Electrolux Group
Electrolux Capital Markets Day. November 14, 2012, Stockholm, Sweden. Together with senior management, the President and CEO of Electrolux, Keith McLoughlin will present the Group’s strategy to create further sustainable economic value at today’s capital markets day.
2. Aquilla
Key Data Points
Wall Street Reported YoY
Revenue $ 38 B $ 37.43 B + 6%
Net Income $ 7.5 B $ 7.7 B + 12%
EPS (Diluted) (vs Adjusted) $1.23 $1.28 + 20%
iPhone Units 35.3 M 35.2 M + 13%
iPhone ASP $561 -3%
iPad Units 13.8 M 13.3 M - 9%
iPad ASP $444 2%
Mac Units 3.9 M 4.4 M + 18%
iPod Units 2.3 M 2.9 M - 36%
Gross Margin 39.4% + 2.5 points
Cash & Long Term Securities 164 B 9% *
Q4 Revenue Guidance $ 40.4 B $ 37 - 40 B FY13: $37.5 B
Q4 Gross Margin Guidance 37.5% 37-38% FY13: 37.0%
* QoQ
3. Aquilla
Source: Apple Results
Annual Revenue
Apple Still Growing
•Revenues topped $140B
after 3 quarters, and are
heading for $180B in FY14
•This is over 4x growth in 5
years
•Grew 6% YoY, pretty much
in line with Wall Street
expectations consensus
•6% growth is still
impressive for a company
of Apple’s size (This is
$10B annualised)
•Growth was largely from
iPhone in $ terms, but
Mac and iTunes were also
strong
•Anticipation of new
products on top of this
brings confidence to the
analyst community
•Meanwhile the stock is
becoming recognised as
an income hold.
0.0
20.0
40.0
60.0
80.0
100.0
120.0
140.0
160.0
180.0
FY '07 FY '08 FY '09 FY '10 FY '11 FY '12 FY '13 FY '14 3Q
($B)
Apple Revenue
4. Aquilla
Quarterly Revenue
Source: Apple Results
Apple Still Leads
•Apple still leads the
market in scale, and
despite this size, has
returned to growth
•Comparisons with
leading competitors
are revealing, in
particular with
Samsung, whose
revenues fell by 6%,
and Microsoft, whose
business is
undergoing a
complete
restructuring.
Comparative
Revenues
CQ2 2014
SamsungMobile
Microsoft
Google
0%
15%
30%
45%
60%
75%
90%
0.0
10.0
20.0
30.0
40.0
50.0
60.0
Q1
'07
Q2
'07
Q3
'07
Q4
'07
Q1
'08
Q2
'08
Q3
'08
Q4
'08
Q1
'09
Q2
'09
Q3
'09
Q4
'09
Q1
'10
Q2
'10
Q3
'10
Q4
'10
Q1
'11
Q2
'11
Q3
'11
Q4
'11
Q1
'12
Q2
'12
Q3
'12
Q4
'12
Q1
'13
Q2
'13
Q3
'13
Q4
'13
Q1
'14
Q2
'14
Q3
'14
Q4
'14
($B)
Apple Revenue
Revenue B$ Revenue YoY Growth
5. Aquilla
Net Income
Comparative
Net Income
CQ1 2014
Net Income Grows 12%
•Net Income came in at
$7.7B, or 22% of
revenues, reflecting the
still strong iPhone mix,
this being the highest
margin product line for
Apple
•With the iPhone 6
expected this quarter, a
boost to both sales and
margins is anticipated
Source: Apple Results
Google
SamsungMobile
Microsoft
0%
5%
10%
15%
20%
25%
30%
35%
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
Q1
'07
Q2
'07
Q3
'07
Q4
'07
Q1
'08
Q2
'08
Q3
'08
Q4
'08
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
$M
Apple Net Income
Net Income B$ Net Income %
6. Aquilla
Source: Apple Results
Diluted EPS
EPS Up YoY
•EPS Adjusted reflects the
7:1 stock split
•EPS was well ahead of
Wall Street expectations,
and was up 20% YoY
•Q3 being Apple’s slowest
quarter, this was a good
result for the company
$ 0.00
$ 0.50
$ 1.00
$ 1.50
$ 2.00
$ 2.50
Q1
'07
Q2
'07
Q3
'07
Q4
'07
Q1
'08
Q2
'08
Q3
'08
Q4
'08
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
Apple Diluted EPS $ (Adjusted)
7. Aquilla
Source: Apple Results
Gross and Net Margins
Margins Strong
•Gross Margins held up
close to the 40% mark
which many felt was
unsustainable
•GM of 39.4% was
influenced by the strong
iPhone and Mac quarters,
as well as weaker iPad,
which is the lowest margin
product family
•Upcoming quarter
forecasts a slight decline
QoQ, though gain YoY
•A longer term gross margin
trend rate of between 35
and 40% still seems likely
•Wall Street was impressed
by the GM number, and
the consensus was that
Apple may yet be able to
avoid the deeply damaging
price wars facing Android
vendors
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
45.0%
50.0%
Q1
'07
Q2
'07
Q3
'07
Q4
'07
Q1
'08
Q2
'08
Q3
'08
Q4
'08
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
Margins
Gross Margin % Net Income %
8. Aquilla
Source: Apple Results
Cash and Investments
Cash Pile Grows Again
•Apple generated $10.3B of
cash-flow from operations
in the Quarter
•Total Cash grew $13B to
$164B
•Stock buybacks and
dividends returned $8B to
shareholders
•Much of the cash remains
outside the US, held there
for tax reasons
•Apple is now increasingly
positioned as an income
stock, satisfying some on
Wall Street who wanted
access to this bonanza
•Apple also completed the
7:1 stock split, and recent
gains have made this a
highly successful action 0
20
40
60
80
100
120
140
160
180
Q1
'07
Q2
'07
Q3
'07
Q4
'07
Q1
'08
Q2
'08
Q3
'08
Q4
'08
Q1
'09
Q2
'09
Q3
'09
Q4
'09
Q1
'10
Q2
'10
Q3
'10
Q4
'10
Q1
'11
Q2
'11
Q3
'11
Q4
'11
Q1
'12
Q2
'12
Q3
'12
Q4
'12
Q1
'13
Q2
'13
Q3
'13
Q4
'13
Q1
'14
Q2
'14
Q3
'14
Q4
'14
($B)
Cash
Short Term Cash B$ Long Term Cash B$
9. Aquilla
Source: Apple Results
Inventory
Stock Stable
•Apple’s miracle stock
management continues,
ending the quarter with
3.9 days of stock
•This is still nearly 100
annual stock turns!
•And this despite having
428 retail stores with stock
on the shelves
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
Q1
'07
Q2
'07
Q3
'07
Q4
'07
Q1
'08
Q2
'08
Q3
'08
Q4
'08
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
Days
Days of Stock
10. Aquilla
Source: Apple Results
Revenue by Product Line
Apple as Phone Company
•iPhone continues to
dominate Apple’s mix,
and while growth
slowed a little (to be
expected at this stage of
the cycle, it was still up
13% YoY
•Mac also had 18% YoY
growth, a good 20%
ahead of the PC market,
and a great result for
Apple
•iPad disappointed again,
declining 9%
•iTunes/SW/Services
continued their
inevitable growth, 12%
this quarter, with the
App Store the main
driver, meaning that
iTunes overall grew 25%
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
Q1
'07
Q2
'07
Q3
'07
Q4
'07
Q1
'08
Q2
'08
Q3
'08
Q4
'08
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
Product Line Revenue Streams
iPhone M$ iPad M$ Mac M$ iPod M$ iTunes/SW/Svcs M$ Accessories M$
11. Aquilla
Revenue Mix by Product Line
Source: Apple Results
Most recent
$ Share YoY
4% 12%
12% 12%
1% -36%
15% 18%
16% -9%
53% 13%
iPhone dominates
•iPhone still dominates
with 53% of Apple’s
revenues
•A strong quarter for Mac
moved it to 15% of the
mix
•iPad declined again by
9%, but the IBM
partnership opens
potentially massive
opportunities in
enterprise
•iTunes/SW/Services
continues to grow, and
now represents 12% in
share
iPhone M$
iPad M$
Mac M$
iPod M$
iTunes/SW/Svcs M$
Accessories M$
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Product Line Revenue Mix
12. Aquilla
iPhone Trailing 12 months - Soaring
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
30,000
60,000
90,000
120,000
150,000
180,000
0
10,000
20,000
30,000
40,000
50,000
60,000
Q1
'07
Q2
'07
Q3
'07
Q4
'07
Q1
'08
Q2
'08
Q3
'08
Q4
'08
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
Trailing 12m
Units (000s)
Q Units
(000s)
iPhone Units
iPhone Units kU iPhone Units Trailing 12m kU
13. Aquilla
iPad Trailing 12 months - Peaked?
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
15,000
30,000
45,000
60,000
75,000
90,000
0
5,000
10,000
15,000
20,000
25,000
30,000
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
Trailing 12m
Units (000s)
Q Units
(000s)
iPad Units
iPad Units kU iPad Units Trailing 12m kU
14. Aquilla
Mac Trailing 12 months - Ticking Up
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
24,000
0
1,000
2,000
3,000
4,000
5,000
6,000
Q1
'07
Q2
'07
Q3
'07
Q4
'07
Q1
'08
Q2
'08
Q3
'08
Q4
'08
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
Trailing 12m
Units (000s)
Units
(000s)
Mac Units
Mac Units kU Mac Units Trailing 12m kU
15. Aquilla
iPod Trailing 12 months - Decline
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
15,000
30,000
45,000
60,000
75,000
0
5,000
10,000
15,000
20,000
25,000
Q1
'07
Q2
'07
Q3
'07
Q4
'07
Q1
'08
Q2
'08
Q3
'08
Q4
'08
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
Trailing 12m
Units (000s)
Units
(000s)
iPod Units
iPod Units kU iPod Units Trailing 12m kU
17. Aquilla
Source: Apple Results
Product Line Average Selling Prices
iPhone ASPs Slip A Little
•iPhone ASPs slipped to
$561, which is to be
expected at this stage in
the product cycle, but
are still healthy
•Other product lines also
ticked down slightly, but
not enough to indicate
any longer term trend
•Indications are that
Apple can continue to
operate its premium
approach to the market
0
200
400
600
800
1,000
1,200
1,400
1,600
Q1
'07
Q2
'07
Q3
'07
Q4
'07
Q1
'08
Q2
'08
Q3
'08
Q4
'08
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
$
ASPs
iPhone ASP $ iPad ASP $ Mac ASP $ iPod ASP $
18. Aquilla
Geographical Split
Most recent
Share YoY
11% 1%
6% 6%
7% 1%
16% 28%
22% 6%
39% 1%
Source: Apple Results
US Diminished
•Minimal growth in
the Americas again,
but seasonality saw
share back up to
39% (excluding
Retail)
Retail Flat
•Angela Ahrendts
now on board (1st
May), but too early
for impact. Store
count grew by 5%
China soars
•28% growth was
ahead of Apple’s
expectations, and
shows there is a
market for premium
phones in China
Europe Gains
•Healthy growth, and
seasonality keeps
EMEIA ahead of
China (for now)
Americas
EMEIA
Greater China
Japan
APAC
Retail
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Geo Splits
19. Aquilla
Geographical Split with Estimated Retail Allocation
Most recent
Share YoY
6% 5%
7% 1%
16% 28%
24% 6%
46% 1%
Source: Apple Results, Q-end Apple Store counts, pro-rata revenue allocation
Estimations
•Estimations from
allocation of Retail
revenues by region
(pro-rata by Q-end
store counts)
US Flat
•US still shows only
1% growth. As
flagship stores are a
higher proportion
outside the US, pro-
rata allocation may
be generous to
Americas
Europe Strong
•With 101 Apple
Stores, EMEIA is
solid at 24% share
Americas
EMEIA
Greater China
Japan
APAC
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Geo Splits Inc Retail
20. Aquilla
Source: Apple Results
Geo Share with Retail - 12m Trailing
US/APAC Flat / Declining
•Trailing 12 months
shows clearly where
Apple’s growth is
coming from
•China is consistently
upwards (and has
massive upside)
•EMEIA is promising,
despite ongoing
problems in southern
Europe. India could
become a driver of
future growth
•Japan is an ongoing
success story
Tracking the trailing 12 months (current and 3
previous Quarters) eliminates seasonality, and
gives a better indication of the longer term trends
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
Q1
'07
Q2
'07
Q3
'07
Q4
'07
Q1
'08
Q2
'08
Q3
'08
Q4
'08
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
Revenue
$M
Geo Growth 12m Trailing Revenue Inc Retail
Americas EMEIA Greater China Japan APAC
21. Aquilla
Main Conclusions
•A relatively dull set of results, with a few hidden gems
•Highlights were iPhone, Mac and Gross Margins
•iPhone matched expectations, and despite heading towards the end of its cycle, still saw 13% growth
•Mac grew 18%, which is impressive, but even more so in light of the declines in the PC market (~ 2% down overall)
•Gross Margin jump of 2.5% YoY had Wall Street salivating that GMs of close to 40% may be defendable in the long term
•Another miss on iPad, down 9%, and below analyst expectations
•Cook indicated some channel inventory adjustments, but also a sluggish US market
•A broader view is that Phablets are eating into iPad in Asia, while developed countries see slower than anticipated upgrade cycles
•If iPhone 6 has the rumoured larger screen, Apple may see overall upside, but not for iPad (this is good - iPhone is higher margin)
•Cook again flagged iPad’s success in enterprise, alongside (or including) education, and put much emphasis on the IBM partnership
•Strong gains in China, with EMEIA and Japan also growing
• Every region saw growth, though Americas and APAC were minimal. Retail is also treading water
• Cook reported overall strong performance in the BRICs, and with two of these being in EMEIA, this could prove significant (unless
the Ukraine crisis derails Russia)
•Guidance for Q4 Revenues on the low side of expectations, but GM is in line
•Three big questions:
•Will the iPhone 6 open new opportunities in the Asia Phablet market? (assuming the rumoured bigger screen materialises)
•Can the App Store continue to support iTunes/Services growth while transitioning/developing subscription music services?
•Can Apple develop a mobile payments business, perhaps as its “Next big thing”