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.

1. Jan Dawson
Chief Analyst
(408) 744-6244
jan@jackdawresearch.com
@jandawson
Apple profile
Appendix – numbers

2. Introduction
• This appendix is intended to complement the
written Apple profile, with a series of financial and
operating data on Apple
• The data presented is largely based on reported
information from Apple, but in some cases data is
estimated by Jackdaw Research
• In those cases where data is estimated, it will be
noted in the title of each chart

3. Table of contents
1. Long-term financials
2. Near-term financials
3. Regional splits
4. Retail data
5. Shipment data
6. iTunes data

4. 1. Long-term
financials

5. Revenues
Source: Apple financial reporting, Jackdaw Research analysis
Fiscal year revenues, $m
0
45,000
90,000
135,000
180,000
1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012
1. Long-term financials

6. Year-on-year growth in trailing 4-quarter revenue
-60%
-30%
0%
30%
60%
90%
Q4 1999 Q2 2001 Q4 2002 Q2 2004 Q4 2005 Q2 2007 Q4 2008 Q2 2010 Q4 2011 Q2 2013
Revenue growth
Source: Apple financial reporting, Jackdaw Research analysis
iPod era iPhone era
1. Long-term financials

7. Profitability
Source: Apple financial reporting, Jackdaw Research analysis
Fiscal year margins
-25%
-13%
0%
13%
25%
38%
50%
1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012
Gross margin Operating margin Net margin
1. Long-term financials

8. Profitability
Trailing 4-quarter margins
-10%
0%
10%
20%
30%
40%
50%
Q4 1998 Q2 2000 Q4 2001 Q2 2003 Q4 2004 Q2 2006 Q4 2007 Q2 2009 Q4 2010 Q2 2012 Q4 2013
Gross margin Operating margin Net margin
Source: Apple financial reporting, Jackdaw Research analysis
Inventory adjustment in Q4 2000 led to unusual losses
iPod launch
iPhone launch
iPad launch
1. Long-term financials

9. Cost components
Source: Apple financial reporting, Jackdaw Research analysis
0%
20%
40%
60%
80%
Q4 2001 Q1 2003 Q2 2004 Q3 2005 Q4 2006 Q1 2008 Q2 2009 Q3 2010 Q4 2011 Q1 2013
Cost of sales as % of revenues R&D as % of revenues
SG&A as % of revenues Operating costs as % of revenues
iPad eraiPhone era
1. Long-term financials

10. Revenues by segment
Source: Apple financial reporting, Jackdaw Research analysis
Revenues by segment, $m
0
20,000
40,000
60,000
80,000
100,000
Q3 2001 Q4 2002 Q1 2004 Q2 2005 Q3 2006 Q4 2007 Q1 2009 Q2 2010 Q3 2011 Q4 2012 Q1 2014
Mac iPod iPhone
iPad iTunes, Software & Services Peripherals / Accessories
1. Long-term financials

11. Revenues by segment
Source: Apple financial reporting, Jackdaw Research analysis
Revenues as % of total revenues
0%
15%
30%
45%
60%
75%
90%
Q3 2001 Q4 2002 Q1 2004 Q2 2005 Q3 2006 Q4 2007 Q1 2009 Q2 2010 Q3 2011 Q4 2012 Q1 2014
Mac iPod
iPhone iPad
iTunes, Software & Services Peripherals / Accessories
1. Long-term financials

12. Revenue growth by segment
Source: Apple financial reporting, Jackdaw Research analysis
Year on year growth in trailing 4-quarter revenues, by segment
-150%
0%
150%
300%
450%
600%
Q3 2002 Q4 2003 Q1 2005 Q2 2006 Q3 2007 Q4 2008 Q1 2010 Q2 2011 Q3 2012 Q4 2013
Mac
iPod
iPhone
iPad
iTunes, Software & Services
Peripherals and Accessories
1. Long-term financials

13. Near-term financials

14. High-level overview
Source: Apple financial reporting, Jackdaw Research analysis
0
30,000
60,000
90,000
120,000
150,000
180,000
Q1 2010 Q3 2010 Q1 2011 Q3 2011 Q1 2012 Q3 2012 Q1 2013 Q3 2013 Q1 2014
Revenues Gross profit Operating income Net income
2. Near-term financials

15. Margins
Source: Apple financial reporting, Jackdaw Research analysis
0%
10%
20%
30%
40%
50%
Q1 2010 Q3 2010 Q1 2011 Q3 2011 Q1 2012 Q3 2012 Q1 2013 Q3 2013 Q1 2014
20%
21% 21% 22% 22%
24% 24%
26%
27% 27% 27%
25%
23%
22% 22% 21% 21%
27%
28% 28% 28% 29%
30% 31%
34%
36% 36% 35%
33%
31%
29% 29% 28% 29%
39% 40% 39% 39% 39% 40% 40%
42%
44% 44% 44%
42%
40%
38% 38% 37% 38%
Gross margin Operating margin Net margin
2. Near-term financials

16. Cost components
Source: Apple financial reporting, Jackdaw Research analysis
Trailing 4-quarter ratios
0%
5%
10%
15%
Q1 2010 Q3 2010 Q1 2011 Q3 2011 Q1 2012 Q3 2012 Q1 2013 Q3 2013 Q1 2014
12.9%
12.2%
11.2%
10.6%
10.0%
9.4% 9.3%
8.5%
8.3% 8.5% 8.6% 8.4% 8.6% 8.8% 9.0% 9.1% 9.3%
9.7%
9.1%
8.5%
8.0%
7.6%
7.1% 7.0%
6.5%
6.2% 6.4% 6.4% 6.2% 6.3% 6.3% 6.3% 6.3% 6.4%
3.2% 3.0%
2.7% 2.6% 2.4% 2.3% 2.2% 2.0% 2.0% 2.1% 2.2% 2.2% 2.3% 2.5% 2.6% 2.8% 2.9%
R&D as % of revenues SG&A as % of revenues
Operating costs as % of revenues
2. Near-term financials

17. Revenue by segment
Source: Apple financial reporting, Jackdaw Research analysis
0
45,000
90,000
135,000
180,000
Q2 2010 Q4 2010 Q2 2011 Q4 2011 Q2 2012 Q4 2012 Q2 2013 Q4 2013
Mac iPod iPhone iPad iTunes, Software & Services
Accessories
2. Near-term financials

18. Revenue by segment
Source: Apple financial reporting, Jackdaw Research analysis
Revenue split by segment, trailing 4 quarters
0%
25%
50%
75%
100%
Q4 2010 Q2 2011 Q4 2011 Q2 2012 Q4 2012 Q2 2013 Q4 2013
iPhone iPad Mac iPod
Accessories iTunes - Apps iTunes - Content Software & Services
2. Near-term financials

19. Revenue by segment
Source: Apple financial reporting, Jackdaw Research analysis
Revenue split by major category
75%
80%
85%
90%
95%
100%
Q3 2011 Q1 2012 Q3 2012 Q1 2013 Q3 2013 Q1 2014
3.3%3.3%3.3%3.3%3.4%3.3%3.3%3.4%3.5%3.8%4.1%
4.2%4.1%4.0%3.8%3.7%3.5%3.5%3.4%3.2%3.3%3.6%
5.6%5.5%5.4%5.3%4.9%4.7%4.7%4.6%4.6%4.7%
5.0%
86.9%87.1%87.3%87.6%88.1%88.4%88.5%88.6%88.7%
88.2%
87.2%
Hardware products Apps & Content
Software & Services Accessories
2. Near-term financials

20. Revenue growth by segment
Source: Apple financial reporting, Jackdaw Research analysis
Year on year growth in trailing 4-quarter revenues
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
120%
140%
Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014
Overall Mac iPod iPhone
iPad iTunes Peripherals / accessories Software, Services & other
2. Near-term financials

21. Regional splits

22. Revenue split by region
Source: Apple financial reporting, Jackdaw Research analysis
Trailing 4 quarter revenue split by region (Retail is not included in regions)
0%
25%
50%
75%
100%
Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014
11.8%11.9%11.8%11.8%11.8%11.6%12.0%
5.8%6.2%6.5%6.7%7.0%6.8%6.9%
8.4%8.0%7.9%7.4%7.1%7.0%6.8%
16.2%15.8%14.9%14.8%15.3%15.4%14.4%
22.1%22.1%22.2%22.4%22.8%22.8%23.2%
35.6%35.9%36.7%37.0%36.1%36.5%36.7%
Americas Europe Greater China Japan Rest of AP Retail
3. Regional splits

23. Regional margins
Source: Apple financial reporting, Jackdaw Research analysis
Operating margins by region (trailing 4 quarters)
0%
15%
30%
45%
60%
Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014
Americas Europe Greater China Japan Rest of AP Retail
3. Regional splits

24. Revenue split by region
Source: Apple financial reporting, Jackdaw Research analysis
Operating margin split by region
0%
25%
50%
75%
100%
Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014
6.9%7.0%6.8%6.9%7.0%6.8%7.3%
5.9%6.2%6.4%6.4%6.5%6.3%6.8%
11.8%11.6%11.6%10.8%10.0%9.7%9.3%
16.0%15.2%14.5%14.6%15.8%16.9%15.7%
21.9%22.0%22.1%22.5%23.1%23.1%23.7%
37.4%37.9%38.7%38.7%37.6%37.2%37.3%
Americas Europe Greater China Japan Rest of AP Retail
3. Regional splits

25. Revenue split by region
Source: Apple financial reporting, Jackdaw Research analysis
Revenue and operating income split by regional segment, year to March ‘14
0%
25%
50%
75%
100%
Revenue Operating income
6.9%11.8%
5.9%
5.8% 11.8%
8.4%
16.0%16.2%
21.9%22.1%
37.4%35.6%
Americas Europe Greater China Japan Rest of AP Retail
3. Regional splits

26. Revenue split by region
Source: Apple financial reporting, Jackdaw Research analysis
-20%
-10%
0%
10%
20%
30%
Q3 2013 Q4 2013 Q1 2014
Americas Europe Greater China Japan Rest of AP Retail
3. Regional splits

27. Retail data

28. Retail vs revenue split
Source: Apple financial reporting, Jackdaw Research analysis
Split of Apple retail stores and total revenue by reported region
0%
10%
20%
30%
40%
50%
60%
70%
Americas Europe Rest of AP Greater China Japan
10%
18%
7%
25%
40%
2%3%5%
23%
67% Stores Revenue*
*Regional revenue split excludes Retail
segment, which is not split by region.
Store count as of May 2014
4. Retail data

29. Stores open
Source: Apple financial reporting, Jackdaw Research analysis
Number of Apple retail stores open at end of quarter
0
100
200
300
400
500
Q3 2009 Q1 2010 Q3 2010 Q1 2011 Q3 2011 Q1 2012 Q3 2012 Q1 2013 Q3 2013 Q1 2014
US stores International stores
4. Retail data

30. Stores open
Source: Apple financial reporting, Jackdaw Research analysis
0%
20%
40%
60%
80%
Q3 2009 Q1 2010 Q3 2010 Q1 2011 Q3 2011 Q1 2012 Q3 2012 Q1 2013 Q3 2013 Q1 2014
US as % of stores Intl as % of stores
4. Retail data

31. New stores opened
Source: Apple financial reporting, Jackdaw Research analysis
0
10
20
30
40
Q3 2010 Q1 2011 Q3 2011 Q1 2012 Q3 2012 Q1 2013 Q3 2013 Q1 2014
18
16
22
33
3535
28
32
29
2828
23
22
25
28
33
4
3
4
55
13
11
10
12
11
1515
16
New US stores New intl stores
4. Retail data

32. New stores opened
Source: Apple financial reporting, Jackdaw Research analysis
New stores opened by region
0%
25%
50%
75%
100%
Q4 2010 Q2 2011 Q4 2011 Q2 2012 Q4 2012 Q2 2013 Q4 2013
US as % of new stores Intl as % of new stores
4. Retail data

33. 0
4
8
12
16
Q3 2009 Q1 2010 Q3 2010 Q1 2011 Q3 2011 Q1 2012 Q3 2012 Q1 2013 Q3 2013 Q1 2014
No of countries with Apple retail stores
New stores opened
Source: Apple financial reporting, Jackdaw Research analysis
Spain
Netherlands
Sweden
Brazil, Turkey
US
UK
Canada
Australia
France
Italy
Germany
China
Japan
Switzerland
Hong Kong
4. Retail data

34. Revenue per store
Source: Apple financial reporting, Jackdaw Research analysis
0
20
40
60
Q2 2010 Q4 2010 Q2 2011 Q4 2011 Q2 2012 Q4 2012 Q2 2013 Q4 2013
Annual retail revenue per store – trailing four quarters ($m)
4. Retail data

35. Visitor numbers
Source: Apple financial reporting, Jackdaw Research analysis
0
100
200
300
400
Q2 2010 Q4 2010 Q2 2011 Q4 2011 Q2 2012 Q4 2012 Q2 2013 Q4 2013
4-quarter visitors to stores
4. Retail data

36. Revenue per visitor
Source: Apple financial reporting, Jackdaw Research analysis
4-quarter retail revenue per visitor, $
0
15
30
45
60
Q2 2010 Q4 2010 Q2 2011 Q4 2011 Q2 2012 Q4 2012 Q2 2013 Q4 2013
53.6
51.251.251.450.050.651.150.8
49.3
47.447.846.8
45.3
42.1
39.6
4. Retail data

37. Store employees
Source: Apple financial reporting, Jackdaw Research analysis
0%
15%
30%
45%
60%
0
10,000
20,000
30,000
40,000
50,000
Q3 2009 Q1 2010 Q3 2010 Q1 2011 Q3 2011 Q1 2012 Q3 2012 Q1 2013 Q3 2013 Q1 2014
Headcount (left axis) Retail as % of overall employees (right axis)
4. Retail data

38. Revenue per employee
Source: Apple financial reporting, Jackdaw Research analysis
4. Retail data
0
100
200
300
400
500
Q3 2010 Q1 2011 Q3 2011 Q1 2012 Q3 2012 Q1 2013 Q3 2013 Q1 2014
487487
471466469
450450452
468473
447
482485481
451
4-q revenue per employee, $ thousands

39. Employees per store
Source: Apple financial reporting, Jackdaw Research analysis
0
20
40
60
80
100
120
Q3 2009 Q1 2010 Q3 2010 Q1 2011 Q3 2011 Q1 2012 Q3 2012 Q1 2013 Q3 2013 Q1 2014
Employees per store
4. Retail data

40. Shipment data

41. Unit shipments – long view
Source: Apple financial reporting, Jackdaw Research analysis
Unit shipments, quarterly, 000s, Q1 2000 to Q1 2014
0
15,000
30,000
45,000
60,000
Q1 2000 Q3 2001 Q1 2003 Q3 2004 Q1 2006 Q3 2007 Q1 2009 Q3 2010 Q1 2012 Q3 2013
Mac iPod iPhone iPad
5. Shipment data

42. Unit shipments – long view
Source: Apple financial reporting, Jackdaw Research analysis
Trailing 4-quarter shipments, 000s, Q4 2000 to Q1 2014
0
40,000
80,000
120,000
160,000
Q4 2000 Q2 2002 Q4 2003 Q2 2005 Q4 2006 Q2 2008 Q4 2009 Q2 2011 Q4 2012
Mac iPod iPhone iPad
5. Shipment data

43. Unit shipments – 4-year view
Source: Apple financial reporting, Jackdaw Research analysis
Quarterly unit shipments, 000s, Q1 2010 to Q1 2014
0
15,000
30,000
45,000
60,000
Q1 2010 Q3 2010 Q1 2011 Q3 2011 Q1 2012 Q3 2012 Q1 2013 Q3 2013 Q1 2014
Mac iPod iPhone iPad
5. Shipment data

44. Unit shipments – 4-year view
Source: Apple financial reporting, Jackdaw Research analysis
Trailing 4-quarter shipments, 000s, Q1 2010 to Q1 2014
0
40,000
80,000
120,000
160,000
Q1 2010 Q3 2010 Q1 2011 Q3 2011 Q1 2012 Q3 2012 Q1 2013 Q3 2013 Q1 2014
Mac iPod iPhone iPad
5. Shipment data

45. Growth rates
Source: Apple financial reporting, Jackdaw Research analysis
Year-on-year growth in quarterly shipments
-100%
-50%
0%
50%
100%
150%
200%
Q1 2010 Q3 2010 Q1 2011 Q3 2011 Q1 2012 Q3 2012 Q1 2013 Q3 2013 Q1 2014
Mac iPod iPhone iPad
5. Shipment data

46. Average selling prices
Source: Apple financial reporting, Jackdaw Research analysis
Revenue per shipment (average selling price), $, quarterly
0
500
1,000
1,500
Q4 2010 Q2 2011 Q4 2011 Q2 2012 Q4 2012 Q2 2013 Q4 2013
596
561
606 590 568
531 515 508
467 449 436 439 440 465
631 646 644 621 647 635 608 619 642
613
581 577
637
596
176 177 176 167 164 157 157 153 168 171 160 164 161 167
1,313 1,323
1,293 1,282 1,269 1,263
1,227
1,344 1,359 1,378
1,303
1,230
1,322 1,334
Mac iPod iPhone iPad
5. Shipment data

47. Average selling prices
Source: Apple financial reporting, Jackdaw Research analysis
Revenue per shipment, trailing 4 quarters, $
0
375
750
1,125
1,500
Q3 2011Q4 2011Q1 2012Q2 2012Q3 2012Q4 2012Q1 2013Q2 2013Q3 2013Q4 2013Q1 2014
592 582 571 548 531
500 481 464 450 442 445
636 641 638 630 629 629 623 617 607 607 602
175 170 166 162 160 161 163 165 167 164 162
1,302 1,289 1,276 1,262 1,279 1,301 1,328 1,347
1,315 1,306 1,297
Mac iPod iPhone iPad
5. Shipment data

48. iTunes data

49. iTunes revenues and billings
Source: Apple financial reporting, Jackdaw Research analysis
Net sales and gross billings for iTunes, as reported, $m
0
1,500
3,000
4,500
6,000
Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014
5,200
4,700
4,4004,300
4,000
2,600
2,4002,4002,4002,400
iTunes net sales iTunes billings
6. iTunes data

50. iTunes revenue by category
Source: Apple financial reporting, Jackdaw Research analysis
Trailing 4-quarter iTunes revenue by category, net, $m (estimated)
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
Q3 2010 Q1 2011 Q3 2011 Q1 2012 Q3 2012 Q1 2013 Q3 2013 Q1 2014
Content revenues App revenues
6. iTunes data

51. iTunes accounts
Source: Apple financial reporting, Jackdaw Research analysis
Number of iTunes accounts, 000s, reported and estimated
0
200,000
400,000
600,000
800,000
Q3 2008 Q2 2009 Q1 2010 Q4 2010 Q3 2011 Q2 2012 Q1 2013 Q4 2013
6. iTunes data

52. iTunes revenue by category
Source: Apple financial reporting, Jackdaw Research analysis
Revenue per iTunes account ($ per year), estimated
0
5
10
15
20
25
Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014
Content Apps Total iTunes
6. iTunes data

53. Apps in app stores
Source: Apple financial reporting, Jackdaw Research analysis
Apps in Apple App Store, 000s, as reported, with interpolation
0
300
600
900
1,200
Q2 2008 Q1 2009 Q4 2009 Q3 2010 Q2 2011 Q1 2012 Q4 2012 Q3 2013
iOS total iPad optimized
6. iTunes data

54. Apps downloaded
Source: Apple financial reporting, Jackdaw Research analysis
Apps downloaded, m, as reported, with interpolation
0
10
20
30
40
50
60
70
Q2 2008 Q1 2009 Q4 2009 Q3 2010 Q2 2011 Q1 2012 Q4 2012 Q3 2013
6. iTunes data

55. Developer payments
Source: Apple financial reporting, Jackdaw Research analysis
Cumulative payments to app developers, $m, reported and estimated
0
6,000
12,000
18,000
Q3 2008 Q2 2009 Q1 2010 Q4 2010 Q3 2011 Q2 2012 Q1 2013 Q4 2013
6. iTunes data

56. Revenue per app
Source: Apple financial reporting, Jackdaw Research analysis
Gross app revenue per app download, $, calculated based on estimates
0.00
0.25
0.50
0.75
1.00
Q3 2008 Q2 2009 Q1 2010 Q4 2010 Q3 2011 Q2 2012 Q1 2013 Q4 2013
Revenue per app ($), quarterly basis Revenue per app ($), cumulative basis
6. iTunes data

57. Jan Dawson
Chief Analyst
(408) 744-6244
jan@jackdawresearch.com
@jandawson