Apple q1'15 commentary intro
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Transcript of Apple q1'15 commentary intro
Aquilla
Apple Results Q1 2015Summary and Commentary
Note: Apple Q1 = Calendar Q4
AquillaSource: Apple Results
Quarterly RevenueApple 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 $74.6B
•Comparisons with leading competitors are revealing, in particular with Samsung
Electronics, whose revenues fell by 11% in Q4 (25% in USD), and Samsung Mobile, which fell by 22% (34% in USD)
•Apple’s uptick in growth is marked, and all the more startling considering the size of the company today.
Comparative Revenues CQ4 2014
Sam
sung
Elec
tronic
s
Mic
roso
ft
Googl
e
0%
15%
30%
45%
60%
75%
90%
0
15
30
45
60
75
90
Q1 '09
Q2 '09
Q3 '09
Q4 '09
Q1 '10
Q2 '10
Q3 '10
Q4 '10
Q1 '11
Q2 '11
Q3 '11
Q4 '11
Q1 '12
Q2 '12
Q3 '12
Q4 '12
Q1 '13
Q2 '13
Q3 '13
Q4 '13
Q1 '14
Q2 '14
Q3 '14
Q4 '14
Q1 '15
Q2 '15
Q3 '15
Q4 '15
Revenue Growth
(%)
Revenue (B$)
Apple Revenue
Revenue B$ Revenue YoY Growth
Sam
sun
g M
ob
ile
AquillaSource: Apple Results
Cash, Investments & Capital ReturnCapital 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 $178B in cash
•This is enough to pay off the national debt of Israel or Thailand, and is more than the GDP of Kuwait
•Much of the cash remains outside the US, held there for tax reasons
0
20
40
60
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Q1 '09
Q2 '09
Q3 '09
Q4 '09
Q1 '10
Q2 '10
Q3 '10
Q4 '10
Q1 '11
Q2 '11
Q3 '11
Q4 '11
Q1 '12
Q2 '12
Q3 '12
Q4 '12
Q1 '13
Q2 '13
Q3 '13
Q4 '13
Q1 '14
Q2 '14
Q3 '14
Q4 '14
Q1 '15
Q2 '15
Q3 '15
Q4 '15
(B$)
Cash & Capital Return
Short Term Cash B$ Long Term Cash B$
Cash Generated B$ Capital Return B$
AquillaSource: Apple Results
Revenue Mix by Product LineiPhone 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
Aquilla
Services Trailing 12 months - SlowingTracking 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
AquillaSource: Apple Results
Geo Revenue and 12m TrailingAmericas/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
Aquilla
Apple’s Q1 Results Analysis - Full Slide Deck
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
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