Apple Inc (NAS:AAPL) 08/14/2018 2:31PM EST GuruFocus

Price: $ 209.69 +0.82(+0.39%) Market Cap: $ 1.01 T Enterprise Value: $1.06 T Stock PDF
Financial Strength : 7/10 Profitability & Growth : 8/10 Valuation Ratios Valuation Box
vs vs
vs vs vs vs industry history
industry history industry history
P/E(ttm) 19.01
Cash to Debt 0.62 Operating margin (%) 26.60
Forward P/E N/A
Equity to Asset 0.33 Net-margin (%) 21.98
PE(NRI) 19.01
Interest Coverage 22.35 ROE (%) 43.27
F-Score:
P/B 8.84
ROA (%) 15.22
7
P/S 4.19
Z-Score: ROC (Joel Greenblatt) (%) 216.06
4.42 PFCF 18.25
Revenue Growth (3Y)(%) 13.50
M-Score: POCF 14.63
-2.59 EBITDA Growth (3Y)(%) 13.00
EV-to-EBIT 14.38
WACC vs 9.03% EPS Growth (3Y)(%) 12.60
ROIC 32.05% PEG 1.52
WACC
ROIC Shiller P/E 31.71

Current Ratio 1.31

Quick Ratio 1.24

Days Inventory 12.05

Days Sales Outstanding 20.17

Warning Signs Quarterly Revenues Company Description

Dividend Yield %: Close to 5- Mar Jun Sep Dec Full Year Apple designs consumer electronic devices, including smartphones (iPhone), tablets (iPad), PCs (Mac), smartwatches
(Watch), and TV boxes (Apple TV), as well as a variety of services such as Apple Music, iCloud, and Apple Pay.
year low 2014 45,646 37,432 42,123 74,599 199,800 Apple's products run internally developed software, and we believe this integration of hardware, software, and
2015 58,010 49,605 51,501 75,872 234,988 services often allows the firm to maintain premium pricing for its devices. Apple's products are distributed online as well
Price: Close to 10-year high as through company-owned stores and third-party retailers.... (Read More)
2016 50,557 42,358 46,852 78,351 218,118
Competitors: XKRX:005930 , TSE:6758 , SZSE:000333 , TSE:6752 , TSE:6971 , TSE:6753 , XKRX:003550 ,
PB Ratio: Close to 10-year 2017 52,896 45,408 52,579 88,293 239,176 HKSE:01169, XKRX:034220, OSTO:ELUX A, SZSE:000100, SZSE:002241, SZSE:200418, SZSE:002508,
high 2018 61,137 53,265 SZSE:000050, SZSE:002925, SHSE:600707, MIL:DLG, TSE:6770, SHSE:600525

PS Ratio: Close to 5-year high Quarterly Earnings per Share Guru Trades
Long-Term Debt: Issuing new Mar Jun Sep Dec Full Year
debt 2014 1.66 1.28 1.42 3.06 7.42
2015 2.33 1.85 1.97 3.28 9.43
2016 1.90 1.42 1.69 3.36 8.37
Good Signs 2017 2.10 1.67 2.07 3.89 9.73
Piotroski F-Score: High 2018 2.73 2.34

Revenue per Share: Quarterly Dividends Per Share

Consistent growth Mar Jun Sep Dec Full Year
2014 0.44 0.47 0.47 0.47 1.85
DCF 2015 0.47 0.52 0.52 0.52 2.03 Insider Trades
2016 0.52 0.57 0.57 0.57 2.23
EPS without NRI: $11.03 2017 0.57 0.63 0.63 0.63 2.46
Growth Rate in the next 10 2018 0.63 0.73
years: 20%
Terminal Growth Rate for 10 Growth Rate
years: 4% Annual Rates(per share) 10-Y 5-Y 12-M
Fair Value: $314.01
Revenue Growth (%) 28.50 14.00 19.00
EBITDA Growth (%) 34.60 12.40 17.30
Reverse DCF Free Cash Flow Growth (%) 31.40 10.70 17.50
Expected eps Growth Rate: Book Value Growth (%) 27.00 7.70 -7.30
13.88%
EPS Growth (%) 32.60 10.20 25.10

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 Per Share Data

Sep02 Sep03 Sep04 Sep05 Sep06 Sep07 Sep08 Sep09 Sep10 Sep11 Sep12 Sep13 Sep14 Sep15 Sep16 Sep17 TTM Fiscal Period
Revenue per Share
1.13 1.23 1.53 2.32 3.14 3.95 5.94 6.76 10.08 16.51 23.65 26.21 29.86 40.34 39.21 43.65 50.14
0.03 0.03 0.09 0.30 0.44 0.76 1.40 1.97 3.00 5.49 8.92 8.75 10.10 14.59 13.33 14.58 16.50 EBITDA per Share

0.01 0.01 0.06 0.27 0.40 0.71 1.32 1.85 2.84 5.22 8.43 7.71 8.80 12.64 11.42 12.65 14.41 EBIT per Share

0.01 0.01 0.05 0.22 0.32 0.56 0.97 1.30 2.16 3.95 6.31 5.68 6.45 9.22 8.31 9.21 11.03 Earnings per Share (diluted)

0.01 0.01 0.05 0.22 0.32 0.56 0.97 1.30 2.16 3.95 6.31 5.68 6.45 9.22 8.31 9.21 11.03 eps without NRI

-0.02 0.03 0.11 0.30 0.29 0.77 1.36 1.37 2.59 5.21 6.86 7.31 8.48 12.17 9.67 9.50 11.69 Owner Earnings per Share (TTM)

-0.02 0.03 0.14 0.38 0.25 0.72 1.33 1.41 2.55 4.59 6.26 6.84 8.15 12.05 9.50 9.67 11.48 Free Cashflow per Share

-- -- -- -- -- -- -- -- -- -- 0.38 1.63 1.81 1.98 2.18 2.40 2.62 Dividends per Share

0.82 0.82 0.93 1.27 1.67 2.38 3.60 5.02 7.45 11.78 17.98 19.63 19.02 21.40 24.03 26.15 23.74 Book Value per Share

0.79 0.80 0.91 1.25 1.64 2.31 3.51 4.95 7.29 11.10 17.17 18.71 17.52 19.78 22.42 24.59 23.74 Tangible Book per Share

0.06 0.06 -- -- -- -- -- -- -- -- -- 2.69 6.02 11.53 16.31 22.57 23.66 Total Debt per Share

1.04 1.48 2.77 7.66 11.00 21.92 16.24 26.48 40.54 54.47 95.30 68.11 101 110 113 154 210 Month End Stock Price

Ratios
Sep02 Sep03 Sep04 Sep05 Sep06 Sep07 Sep08 Sep09 Sep10 Sep11 Sep12 Sep13 Sep14 Sep15 Sep16 Sep17 TTM Fiscal Period
1.62 1.66 5.72 21.24 22.85 28.51 33.23 30.54 35.28 41.67 42.84 30.64 33.61 46.25 36.90 36.87 43.27 Return on Equity %

1.06 1.05 3.58 13.57 13.85 16.43 19.89 19.68 22.84 27.06 28.54 19.34 18.01 20.45 14.93 13.87 15.22 Return on Assets %

8.10 3.88 48.84 216 234 283 388 434 476 545 480 314 289 340 254 218 216 Return on Capital %

-- 106 -- -- -- -- -- 192 91.58 70.31 59.17 38.28 34.98 39.76 30.79 28.60 32.05 Return on Invested Capital %

15.44 11.94 11.74 11.00 16.42 17.83 21.36 12.23 10.85 7.09 6.82 6.08 8.54 8.20 9.99 9.74 9.03 Weighted Average Cost Of Capital (WACC) %

-- -- -- -- -- -- -- -- -- -- -- 1.60 1.47 1.47 1.92 2.29 2.61 Effective Interest Rate on Debt %

27.92 27.52 27.26 29.01 28.98 33.17 35.20 40.14 39.38 40.48 43.87 37.62 38.59 40.06 39.08 38.47 38.27 Gross Margin %

0.84 0.40 4.06 11.79 12.70 17.93 22.21 27.36 28.19 31.22 35.30 28.67 28.72 30.48 27.84 26.76 26.60 Operating Margin %

1.13 1.11 3.21 9.53 10.30 14.22 16.32 19.19 21.48 23.95 26.67 21.67 21.61 22.85 21.19 21.09 21.98 Net Margin %

-1.48 2.01 9.16 16.33 8.09 18.24 22.40 20.85 25.26 27.79 26.49 26.09 27.30 29.86 24.24 22.16 22.94 FCF Margin %

0.08 0.07 -- -- -- -- -- -- -- -- -- 0.14 0.32 0.54 0.68 0.86 1.00 Debt to Equity

0.65 0.62 0.63 0.65 0.58 0.57 0.62 0.67 0.64 0.66 0.67 0.60 0.48 0.41 0.40 0.36 0.33 Total Equity to Total Asset

0.05 0.05 -- -- -- -- -- -- -- -- -- 0.08 0.15 0.22 0.27 0.31 0.33 Total Debt to Total Asset

26.02 26.05 30.37 41.32 38.98 38.32 42.90 41.17 41.87 45.75 46.96 33.57 32.15 35.86 27.54 25.30 26.49 Gross Profit to Total Asset %

0.93 0.95 1.11 1.42 1.35 1.16 1.22 1.03 1.06 1.13 1.07 0.89 0.83 0.90 0.71 0.66 0.69 Asset Turnover

-- -- -- -- -- -- -- -- -- -- 0.06 0.29 0.28 0.22 0.26 0.26 0.24 Dividend Payout Ratio

35.92 45.04 34.12 23.45 23.66 24.31 23.58 28.59 30.83 18.10 25.49 27.98 34.86 26.31 26.67 28.46 20.17 Days Sales Outstanding

80.34 93.62 87.95 65.66 90.21 110 82.93 79.60 111 82.89 87.98 76.58 98.18 92.47 104 127 89.15 Days Accounts Payable

2.47 4.10 4.76 4.91 5.79 6.84 6.42 6.85 6.95 5.17 3.26 4.37 6.30 5.81 6.22 9.04 12.05 Days Inventory

-41.95 -44.48 -49.07 -37.30 -60.76 -79.29 -52.93 -44.16 -73.13 -59.62 -59.23 -44.23 -57.02 -60.35 -70.72 -89.43 -56.93 Cash Conversion Cycle

148 89.09 76.71 74.35 63.07 53.33 56.83 53.28 52.51 70.53 112 83.45 57.94 62.82 58.64 40.37 30.28 Inventory Turnover

0.72 0.72 0.73 0.71 0.71 0.67 0.65 0.60 0.61 0.60 0.56 0.62 0.61 0.60 0.61 0.62 0.62 COGS to Revenue

0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.02 Inventory to Revenue

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 Income Statement

Sep02 Sep03 Sep04 Sep05 Sep06 Sep07 Sep08 Sep09 Sep10 Sep11 Sep12 Sep13 Sep14 Sep15 Sep16 Sep17 TTM Fiscal Period
5,742 6,207 8,279 13,931 19,315 24,578 37,491 42,905 65,225 108,249 156,508 170,910 182,795 233,715 215,639 229,234 255,274 Revenue
4,139 4,499 6,022 9,889 13,717 16,426 24,294 25,683 39,541 64,431 87,846 106,606 112,258 140,089 131,376 141,048 157,588 Cost of Goods Sold
1,603 1,708 2,257 4,042 5,598 8,152 13,197 17,222 25,684 43,818 68,662 64,304 70,537 93,626 84,263 88,186 97,686 Gross Profit
27.92 27.52 27.26 29.01 28.98 33.17 35.20 40.14 39.38 40.48 43.87 37.62 38.59 40.06 39.08 38.47 38.27 Gross Margin %
1,111 1,212 1,430 1,864 2,433 2,963 3,761 4,149 5,517 7,599 10,040 10,830 11,993 14,329 14,194 15,261 16,303 Selling, General, & Admin.
Expense
446 471 491 535 712 782 1,109 1,333 1,782 2,429 3,381 4,475 6,041 8,067 10,045 11,581 13,483 Research & Development
-2.00 -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Other Operating Expense
48.00 25.00 336 1,643 2,453 4,407 8,327 11,740 18,385 33,790 55,241 48,999 52,503 71,230 60,024 61,344 67,900 Operating Income
0.84 0.40 4.06 11.79 12.70 17.93 22.21 27.36 28.19 31.22 35.30 28.67 28.72 30.48 27.84 26.76 26.60 Operating Margin %

-- -- -- -- -- -- 653 407 311 519 1,088 1,616 1,795 2,921 3,999 5,201 5,743 Interest Income
-- -- -- -- -- -- -- -- -- -- -- -136 -384 -733 -1,456 -2,323 -3,038 Interest Expense
-- -- -- -- -- -- 653 407 311 519 1,088 1,480 1,411 2,188 2,543 2,878 2,705 Net Interest Income

39.00 67.00 34.00 165 365 599 -33.00 -81.00 -156 -104 -566 -324 -431 -903 -1,195 -133 -206 Other Income (Expense)
87.00 92.00 370 1,808 2,818 5,006 8,947 12,066 18,540 34,205 55,763 50,155 53,483 72,515 61,372 64,089 70,399 Pre-Tax Income
-22.00 -24.00 -104 -480 -829 -1,511 -2,828 -3,831 -4,527 -8,283 -14,030 -13,118 -13,973 -19,121 -15,685 -15,738 -14,279 Tax Provision
25.29 26.09 28.11 26.55 29.42 30.18 31.61 31.75 24.42 24.22 25.16 26.15 26.13 26.37 25.56 24.56 20.28 Tax Rate %
65.00 68.00 266 1,328 1,989 3,495 6,119 8,235 14,013 25,922 41,733 37,037 39,510 53,394 45,687 48,351 56,120 Net Income (Continuing
Operations)
65.00 69.00 266 1,328 1,989 3,495 6,119 8,235 14,013 25,922 41,733 37,037 39,510 53,394 45,687 48,351 56,120 Net Income
1.13 1.11 3.21 9.53 10.30 14.22 16.32 19.19 21.48 23.95 26.67 21.67 21.61 22.85 21.19 21.09 21.98 Net Margin %

0.01 0.01 0.05 0.23 0.34 0.58 0.99 1.32 2.20 4.01 6.38 5.72 6.49 9.28 8.35 9.27 11.12 EPS (Basic)
0.01 0.01 0.05 0.22 0.32 0.56 0.97 1.30 2.16 3.95 6.31 5.68 6.45 9.22 8.31 9.21 11.03 EPS (Diluted)
5,065 5,063 5,423 5,998 6,143 6,225 6,315 6,349 6,473 6,557 6,617 6,522 6,123 5,793 5,500 5,252 4,927 Shares Outstanding (Diluted
Average)
118 113 150 179 225 317 496 734 1,027 1,814 3,277 6,757 7,946 11,257 10,505 10,157 10,633 Depreciation, Depletion and
Amortization
166 138 486 1,822 2,678 4,724 8,823 12,474 19,412 36,019 59,040 57,048 61,813 84,505 73,333 76,569 84,070 EBITDA

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 Balance Sheet

Sep02 Sep03 Sep04 Sep05 Sep06 Sep07 Sep08 Sep09 Sep10 Sep11 Sep12 Sep13 Sep14 Sep15 Sep16 Sep17 TTM Fiscal Period
2,252 3,396 2,969 3,491 6,392 9,352 11,875 5,263 11,261 9,815 10,746 14,259 13,844 21,120 20,484 20,289 31,971 Cash And Cash Equivalents
2,085 1,170 2,495 4,770 3,718 6,034 10,236 18,201 14,359 16,137 18,383 26,287 11,233 20,481 46,671 53,892 38,999 Marketable Securities
4,337 4,566 5,464 8,261 10,110 15,386 22,111 23,464 25,620 25,952 29,129 40,546 25,077 41,601 67,155 74,181 70,970 Cash, Cash Equivalents,
Marketable Securities
565 766 774 895 1,252 1,637 2,422 3,361 5,510 5,369 10,930 13,102 17,460 16,849 15,754 17,874 14,104 Accounts Receivable
9.00 2.00 1.00 -- -- -- -- -- -- -- 124 683 -- -- -- -- 4,287 Inventories, Raw Materials &
Components
-- 4.00 -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Inventories, Work In Process
36.00 50.00 100.00 -- -- -- -- -- -- -- 667 1,081 -- -- -- -- 1,649 Inventories, Finished Goods
-- -- -- 165 270 346 509 455 1,051 776 -- -- 2,111 2,349 2,132 4,855 -- Inventories, Other

45.00 56.00 101 165 270 346 509 455 1,051 776 791 1,764 2,111 2,349 2,132 4,855 5,936 Total Inventories
441 499 716 979 2,877 2,195 2,682 2,579 5,083 6,543 9,041 10,335 14,124 15,085 8,283 13,936 12,488 Other Current Assets
5,388 5,887 7,055 10,300 14,509 21,956 30,006 31,555 41,678 44,988 57,653 73,286 68,531 89,378 106,869 128,645 115,761 Total Current Assets
-- -- -- -- -- -- 2,379 10,528 25,391 55,618 92,122 106,215 130,162 164,065 170,430 194,714 172,773 Investments And Advances
342 350 351 361 626 762 810 955 1,471 2,059 2,439 3,309 4,863 6,956 10,185 13,587 15,409 Land And Improvements
281 357 446 545 760 1,019 -- -- -- -- -- -- -- -- -- -- -- Buildings And Improvements
250 467 501 575 689 1,060 1,613 2,047 3,733 7,110 15,984 21,242 29,639 37,038 44,543 54,210 62,060 Machinery, Furniture, Equipment
1,057 1,174 1,298 1,481 2,075 2,841 3,747 4,667 7,234 11,768 21,887 28,519 39,015 49,257 61,245 75,076 85,368 Gross Property, Plant and
Equipment
-436 -505 -591 -664 -794 -1,009 -1,292 -1,713 -2,466 -3,991 -6,435 -11,922 -18,391 -26,786 -34,235 -41,293 -47,251 Accumulated Depreciation
621 669 707 817 1,281 1,832 2,455 2,954 4,768 7,777 15,452 16,597 20,624 22,471 27,010 33,783 38,117 Property, Plant and Equipment
119 109 97.00 134 198 420 559 453 1,083 4,432 5,359 5,756 8,758 9,009 8,620 8,015 -- Intangible Assets
-- -- -- 69.00 38.00 38.00 207 206 741 896 1,135 1,577 4,616 5,116 5,414 5,717 -- Goodwill
170 150 191 265 1,217 1,139 772 2,011 2,263 3,556 5,478 5,146 3,764 5,422 8,757 10,162 22,546 Other Long Term Assets
6,298 6,815 8,050 11,516 17,205 25,347 36,171 47,501 75,183 116,371 176,064 207,000 231,839 290,345 321,686 375,319 349,197 Total Assets
911 1,154 1,451 1,779 3,390 4,970 5,520 5,601 12,015 14,632 21,175 22,367 30,196 35,490 37,294 49,049 38,489 Accounts Payable
-- -- -- -- -- -- 506 430 658 1,140 1,535 1,200 -- -- -- -- -- Total Tax Payable
1,658 2,053 1,837 2,551 4,581 6,230 7,026 8,871 17,302 17,610 25,258 27,825 48,649 60,671 59,321 74,793 63,673 Accounts Payable & Accrued
Expense
-- 304 -- -- -- -- -- -- -- -- -- -- 6,308 10,999 11,605 18,473 17,472 Current Portion of Long-Term Debt
-- -- 342 501 746 1,410 1,617 2,053 2,984 4,091 5,953 7,435 8,491 8,940 8,080 7,548 7,403 Current Deferred Revenue
-- -- 342 501 746 1,410 2,298 2,278 2,984 6,129 7,445 8,697 8,491 8,940 8,080 7,548 7,403 DeferredTaxAndRevenue
-- -- 472 435 1,144 1,659 2,037 357 436 4,231 5,839 7,136 -- -- -- -- -- Other Current Liabilities
1,658 2,357 2,651 3,487 6,471 9,299 11,361 11,506 20,722 27,970 38,542 43,658 63,448 80,610 79,006 100,814 88,548 Total Current Liabilities
316 -- -- -- -- -- -- -- -- -- -- 16,960 28,987 53,329 75,427 97,207 97,128 Long-Term Debt
316 -- -- -- -- -- -- -- -- -- -- 16,960 28,987 53,329 75,427 97,207 97,128 Long-Term Debt & Capital Lease
Obligation
0.08 0.07 -- -- -- -- -- -- -- -- -- 0.14 0.32 0.54 0.68 0.86 1.00 Debt to Equity

229 235 323 308 381 619 1,767 853 1,139 9,845 16,495 19,114 23,290 27,686 28,949 34,340 3,276 NonCurrent Deferred Liabilities
-- -- -- 293 369 897 746 3,502 5,531 1,941 2,817 3,719 4,567 9,365 10,055 8,911 45,296 Other Long-Term Liabilities
2,203 2,592 2,974 4,088 7,221 10,815 13,874 15,861 27,392 39,756 57,854 83,451 120,292 170,990 193,437 241,272 234,248 Total Liabilities
1,826 1,926 2,514 3,564 4,355 5,368 -- -- -- -- -- 19,764 23,313 27,416 31,251 35,867 38,624 Common Stock
2,325 2,394 2,670 3,925 5,607 9,101 15,129 23,353 37,169 62,841 101,289 104,256 87,152 92,284 96,364 98,330 79,436 Retained Earnings
-56.00 -97.00 -108 -61.00 22.00 63.00 -9.00 77.00 -46.00 443 499 -471 1,082 -345 634 -150 -3,111 Accumulated other comprehensive
income (loss)
-- -- -- -- -- -- 7,177 8,210 10,668 13,331 16,422 -- -- -- -- -- -- Additional Paid-In Capital
4,095 4,223 5,076 7,428 9,984 14,532 22,297 31,640 47,791 76,615 118,210 123,549 111,547 119,355 128,249 134,047 114,949 Total Equity
0.65 0.62 0.63 0.65 0.58 0.57 0.62 0.67 0.64 0.66 0.67 0.60 0.48 0.41 0.40 0.36 0.33 Total Equity to Total Asset

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 Cashflow Statement

Sep02 Sep03 Sep04 Sep05 Sep06 Sep07 Sep08 Sep09 Sep10 Sep11 Sep12 Sep13 Sep14 Sep15 Sep16 Sep17 TTM Fiscal Period
65.00 69.00 266 1,328 1,989 3,495 6,119 8,235 14,013 25,922 41,733 37,037 39,510 53,394 45,687 48,351 56,120 Net Income
65.00 69.00 266 1,328 1,989 3,496 6,119 8,235 14,013 25,922 41,733 37,037 39,510 53,394 45,687 48,351 56,120 Net Income From Continuing
Operations
118 113 150 179 225 317 496 734 1,027 1,814 3,277 6,757 7,946 11,257 10,505 10,157 10,633 Depreciation, Depletion and
Amortization
-99.00 -201 -8.00 -121 -357 -385 -675 -353 -4,860 -1,791 -6,965 -1,949 -6,452 -3,318 476 -6,347 -3,748 Change In Receivables
-34.00 -11.00 -45.00 -64.00 -105 -76.00 -163 54.00 -596 275 -15.00 -973 -76.00 -238 217 -2,723 -2,823 Change In Inventory
110 243 297 328 1,611 1,494 596 92.00 6,307 2,515 4,467 2,340 5,938 5,001 1,837 9,618 3,691 Change In Payables And Accrued
Expense
-103 126 368 492 -221 1,325 2,045 -586 1,236 5,757 -299 6,478 7,047 11,262 -2.00 -5,550 33,452 Change In Working Capital
-34.00 -11.00 19.00 50.00 53.00 78.00 398 1,040 1,440 2,868 4,405 1,141 2,347 1,382 4,938 5,966 -31,907 Change In DeferredTax
-- -- -- -- -- 242 516 710 879 1,168 1,740 2,253 2,863 3,586 4,210 4,840 5,169 Stock Based Compensation
43.00 -8.00 131 486 174 12.00 22.00 26.00 -- -- -- -- -- 385 -434 Cash Flow from Others
486 -166
89.00 289 934 2,535 2,220 5,470 9,596 10,159 18,595 37,529 50,856 53,666 59,713 81,266 65,824 63,598 73,033 Cash Flow from Operations
-174 -164 -176 -260 -657 -735 -1,091 -1,144 -2,005 -4,260 -8,295 -8,165 -9,571 -11,247 -12,734 -12,451 -14,137 Purchase Of Property, Plant,
Equipment
-- -- -- -- -- -- -220 -- -638 -244 -350 -496 -3,765 -343 -297 -329 -512 Purchase Of Business
-4,144 -2,648 -3,270 -11,470 -7,280 -11,736 -23,003 -46,825 -57,793 -102,317 -151,232 -148,489 -217,128 -166,402 -142,428 -159,486 -93,413 Purchase Of Investment
4,125 3,607 1,947 9,195 8,312 9,424 16,243 30,678 46,718 69,853 112,805 124,447 208,111 121,985 111,794 126,339 118,333 Sale Of Investment
-- -- -- -- -- -251 -108 -69.00 -116 -3,192 -1,107 -911 -242 -241 -814 -344 -154 Net Intangibles Purchase And Sale
-59.00 33.00 11.00 -21.00 -18.00 49.00 -10.00 -74.00 -20.00 -259 -48.00 -160 16.00 -26.00 -1,498 -175 -992 Cash From Other Investing
Activities
-252 828 -1,488 -2,556 357 -3,249 -8,189 -17,434 -13,854 -40,419 -48,227 -33,774 -22,579 -56,274 -45,977 -46,446 9,125 Cash Flow from Investing
105 53.00 427 543 318 365 483 475 912 831 665 530 730 543 495 555 -- Issuance of Stock
-- -26.00 -- -- -355 -3.00 -124 -- -- -- -- -22,860 -45,000 -35,253 -29,722 -32,900 -61,429 Repurchase of Stock
-- -- -300 -- -- -- -- -- -- -- -- 16,896 18,266 29,305 22,057 29,014 7,382 Net Issuance of Debt
-- -- -- -- -- -- -- -- -- -- -2,488 -10,564 -11,126 -11,561 -12,150 -12,769 -13,452 Cash Flow for Dividends
-- -- -- -- 361 374 633 188 345 613 125 -381 -419 -750 -1,163 -1,247 -1,868 Other Financing
105 27.00 127 543 324 739 1,116 663 1,257 1,444 -1,698 -16,379 -37,549 -17,716 -20,483 -17,347 -68,758 Cash Flow from Financing
-58.00 1,144 -427 522 2,901 2,960 2,523 -6,612 5,998 -1,446 931 3,513 -415 7,276 -636 -195 13,400 Net Change in Cash
-174 -164 -176 -260 -657 -986 -1,199 -1,213 -2,121 -7,452 -9,402 -9,076 -9,813 -11,488 -13,548 -12,795 -14,481 Capital Expenditure
-85.00 125 758 2,275 1,563 4,484 8,397 8,946 16,474 30,077 41,454 44,590 49,900 69,778 52,276 50,803 58,552 Free Cash Flow

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 Valuation Ratios

Sep02 Sep03 Sep04 Sep05 Sep06 Sep07 Sep08 Sep09 Sep10 Sep11 Sep12 Sep13 Sep14 Sep15 Sep16 Sep17 TTM Fiscal Period
80.00 123 56.53 34.35 33.74 39.00 16.74 20.42 18.73 13.78 15.10 12.00 15.67 11.98 13.64 16.75 19.01 PE Ratio(TTM)

-- 47.74 24.30 25.28 37.80 28.36 11.99 19.31 15.65 10.45 13.89 9.32 11.88 9.07 11.69 16.22 17.95 Price to Owner Earnings
(TTM)

1.28 1.80 2.99 6.03 6.59 9.21 4.52 5.27 5.44 4.62 5.30 3.47 5.30 5.16 4.70 5.89 8.84 Price to Book

1.31 1.85 3.05 6.14 6.73 9.49 4.63 5.35 5.56 4.91 5.55 3.64 5.75 5.58 5.04 6.27 8.83 Price to Tangible Book

-- 59.20 20.07 20.16 43.14 30.44 12.22 18.79 15.93 11.87 15.20 10.02 12.45 9.20 11.94 15.99 18.25 Price-to-Free-Cash-Flow
Ratio

61.18 25.96 16.29 18.11 30.47 24.97 10.69 16.55 14.11 9.52 12.39 8.32 10.38 7.90 9.47 12.76 14.63 Price-to-Operating-Cash-
Flow Ratio

0.92 1.21 1.82 3.29 3.50 5.55 2.74 3.92 4.02 3.30 4.03 2.60 3.38 2.74 2.89 3.54 4.19 PS Ratio

-- -- -- -- 0.49 0.32 0.16 0.28 0.31 0.22 0.23 0.22 0.39 0.41 0.78 1.25 1.52 PEG Ratio

0.21 0.54 1.17 2.62 2.89 4.82 2.11 3.34 3.59 3.03 3.82 2.37 3.29 2.73 2.89 3.63 4.12 EV-to-Revenue

7.26 24.18 19.99 19.99 20.82 25.08 8.95 11.49 12.07 9.12 10.17 7.10 9.73 7.55 8.50 10.86 12.55 EV-to-EBITDA

25.11 133 28.92 22.16 22.73 26.88 9.48 12.21 12.74 9.60 10.77 8.06 11.16 8.71 9.92 12.52 14.38 EV-to-EBIT

3.98 0.75 3.46 4.51 4.40 3.72 10.55 8.19 7.85 10.42 9.29 12.41 8.96 11.48 10.08 7.99 6.94 Return on Capital %

8.30 4.05 1.95 1.31 70.85 21.32 23.31 22.99 22.99 23.76 23.27 26.21 25.43 26.65 24.79 19.19 17.80 Forward Rate of Return

131 237 -- 1,296 158 131 61.50 70.84 70.60 54.35 57.47 30.36 34.41 28.83 24.25 27.23 31.71 Shiller PE Ratio

-- -- -- -- -- -- -- -- -- -- 0.40 2.39 1.80 1.80 1.93 1.56 1.29 Dividend Yield %

Valuation and Quality

Sep02 Sep03 Sep04 Sep05 Sep06 Sep07 Sep08 Sep09 Sep10 Sep11 Sep12 Sep13 Sep14 Sep15 Sep16 Sep17 TTM Fiscal Period
Market Cap
5,226 7,599 15,180 44,774 65,855 133,850 100,706 166,788 259,934 354,324 626,546 428,718 591,016 615,336 603,254 790,050 1,012,787
1,205 3,337 9,716 36,513 55,745 118,464 78,595 143,324 234,314 328,372 597,417 405,132 601,234 638,063 623,131 831,549 1,056,417 Enterprise Value

1.04 1.48 2.77 7.66 11.00 21.92 16.24 26.48 40.54 54.47 95.30 68.11 101 110 113 154 210 Month End Stock Price

0.42 0.38 0.45 0.71 0.48 0.75 1.33 1.21 -0.28 -2.12 -4.37 -6.82 -16.23 -23.19 -23.67 -32.60 -33.71 Net Cash (per share)

0.63 0.64 0.74 1.06 1.22 1.82 2.60 2.49 2.23 0.80 -0.03 -1.61 -8.82 -14.63 -16.22 -21.97 -24.47 Net Current Asset Value
(per share)

0.51 0.50 0.57 0.84 0.66 0.98 1.66 1.64 0.45 -1.44 -3.06 -5.12 -13.82 -20.72 -21.25 -29.51 -30.92 Net-Net Working Capital
(per share)

1.34 1.35 1.34 2.11 3.14 5.46 9.69 14.18 21.93 35.66 55.24 73.89 94.35 127 151 162 180 Projected FCF (per share)

3.91 4.23 5.27 8.03 10.87 13.65 20.51 23.35 34.81 57.04 81.73 90.36 103 139 135 151 173 Median PS (per share)

-- -- -- -- 8.25 14.05 24.25 32.43 54.10 98.83 158 142 161 230 145 123 145 Peter Lynch Fair Value
(per share)

0.48 0.45 1.00 2.49 3.45 5.40 8.74 12.02 18.83 31.42 49.37 48.90 50.43 64.06 64.74 71.38 76.75 Graham Number (per
share)
1.25 1.15 1.20 1.70 2.59 3.84 6.32 8.54 11.76 16.09 29.20 40.23 48.55 61.56 72.08 71.48 79.89 Earnings Power Value
(EPV)
3.61 3.83 5.36 9.49 8.15 10.02 7.43 9.25 8.40 8.18 9.37 5.59 5.06 4.28 3.71 3.62 4.42 Altman Z-Score

7.00 6.00 7.00 8.00 5.00 7.00 8.00 6.00 6.00 7.00 6.00 5.00 5.00 8.00 5.00 4.00 7.00 Piotroski F-Score

-2.40 -2.42 -2.78 -2.63 -1.70 -2.84 -2.18 -1.67 -2.06 -2.51 -1.89 -2.76 -2.69 -2.97 -2.82 -2.56 -2.59 Beneish M-Score

0.01 -0.01 -0.06 -0.10 -0.01 -0.05 0.01 0.23 0.47 0.67 0.77 0.57 0.59 0.61 0.51 0.55 0.43 Scaled Net Operating
Assets

3.62 -15.38 10.19 11.71 -3.42 5.03 13.03 32.65 12.33 24.76 22.21 8.28 1.02 9.78 8.03 8.31 -7.46 Sloan Ratio (%)

3.25 2.50 2.66 2.95 2.24 2.36 2.64 2.74 2.01 1.61 1.50 1.68 1.08 1.11 1.35 1.28 1.31 Current Ratio

3.22 2.47 2.62 2.91 2.20 2.32 2.60 2.70 1.96 1.58 1.48 1.64 1.05 1.08 1.33 1.23 1.24 Quick Ratio

1.87 1.65 2.77 7.69 11.09 22.07 27.14 26.59 41.76 59.06 100 72.53 103 133 116 164 211 Highest Stock Price

1.00 0.94 1.41 2.74 7.04 10.46 15.04 11.17 25.84 39.81 51.94 55.79 68.71 96.26 90.34 106 149 Lowest Stock Price

-2.29 -2.16 -6.74 -6.66 -2.42 -2.00 -1.55 -1.57 -1.80 -1.45 -1.07 4.26 6.80 4.90 4.35 3.93 6.32 Shares Buyback Ratio (%)

2.35 8.11 24.55 52.13 35.34 25.57 50.38 13.83 49.10 63.85 43.25 10.81 13.92 35.13 -2.82 11.34 19.02 YoY Rev. per Sh. Growth
(%)
360 -15.38 345 351 46.61 73.15 72.73 33.85 66.85 82.72 59.59 -9.98 13.56 42.95 -9.87 10.83 25.06 YoY EPS Growth (%)

169 -18.18 233 238 43.42 74.08 84.06 40.66 52.62 83.19 62.40 -1.95 15.41 44.48 -8.60 9.35 17.27 YoY EBITDA Growth (%)

-- -- -- -- 69.45 120 102 73.13 60.72 62.02 64.68 53.55 40.65 28.90 17.46 13.40 12.40 EBITDA 5-Y Growth (%)

4,970 5,049 5,202 5,659 5,908 6,052 6,171 6,251 6,366 6,470 6,544 6,477 6,086 5,753 5,471 5,217 4,882 Shares Outstanding (Basic
Average)

5,025 5,134 5,480 5,845 5,987 6,106 6,201 6,299 6,412 6,505 6,574 6,294 5,866 5,579 5,336 5,126 4,830 Shares Outstanding (EOP)

2.12 1.41 1.29 1.11 1.96 2.21 2.92 1.49 1.39 0.86 0.86 0.58 1.04 1.09 1.55 1.39 1.14 Beta

12/19/02 12/19/03 12/03/04 12/01/05 12/29/06 11/15/07 11/05/08 01/25/10 10/27/10 10/26/11 10/31/12 10/30/13 10/27/14 10/28/15 10/26/16 11/03/17 Filing Date

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12/19/02 12/03/04 12/01/05 12/29/06 12/29/06 01/25/10 10/27/10 10/27/10 10/31/12 10/30/13 10/27/14 10/28/15 10/26/16 11/03/17 11/03/17 11/03/17 Restated Filing Date

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