- Главная
- Разное
- Дизайн
- Бизнес и предпринимательство
- Аналитика
- Образование
- Развлечения
- Красота и здоровье
- Финансы
- Государство
- Путешествия
- Спорт
- Недвижимость
- Армия
- Графика
- Культурология
- Еда и кулинария
- Лингвистика
- Английский язык
- Астрономия
- Алгебра
- Биология
- География
- Детские презентации
- Информатика
- История
- Литература
- Маркетинг
- Математика
- Медицина
- Менеджмент
- Музыка
- МХК
- Немецкий язык
- ОБЖ
- Обществознание
- Окружающий мир
- Педагогика
- Русский язык
- Технология
- Физика
- Философия
- Химия
- Шаблоны, картинки для презентаций
- Экология
- Экономика
- Юриспруденция
The Money Problem Apple Doesn’t Want You To Know About презентация
Содержание
- 1. The Money Problem Apple Doesn’t Want You To Know About
- 2. Apple’s Balance Sheet As of its latest
- 3. Show me the money Apple is avoiding
- 4. That’s a lot of coin Since Apple
- 5. That’s a lot of coin But it
- 6. It’s not a problem today It’s made
- 7. It’s not a problem today Over the
- 8. But fortunes change The tech industry changes
- 9. Other companies have made the same mistake
- 10. Or a better example Over $3 billion
- 11. Apple isn’t about to turn into Radio
- 12. The Next Billion-Dollar iSecret
Apple’s Balance Sheet As of its latest quarterly report, it held $203 billion in cash and cash equivalents. Activist Carl Icahn has been demanding that the company return more cash to
Слайд 2Apple’s Balance Sheet
As of its latest quarterly report, it held $203
billion in cash and cash equivalents.
Activist Carl Icahn has been demanding that the company return more cash to investors.
But there’s a catch.
Activist Carl Icahn has been demanding that the company return more cash to investors.
But there’s a catch.
It’s often cited is one of the stocks’s key strengths
Слайд 3Show me the money
Apple is avoiding American corporate taxes, which could
cost as much as 35% to repatriate its overseas hoard.
Instead it’s borrowing money to return capital to shareholders.
But its debt load has ballooned.
Instead it’s borrowing money to return capital to shareholders.
But its debt load has ballooned.
Almost 90% of its cash is kept overseas
Слайд 4That’s a lot of coin
Since Apple first issued $17 billion in
debt in 2013, it has been adding about $15 billion in borrowings a year.
Слайд 6It’s not a problem today
It’s made $51 billion in the last
four quarters.
Interest expense is approaching $1 billion.
But interest income more than cancels it out.
Interest expense is approaching $1 billion.
But interest income more than cancels it out.
The company is more profitable than any other in the U.S.
Слайд 7It’s not a problem today
Over the last four quarters it’s returned
$50 billion to shareholders in dividends and buybacks.
That’s equal to its total amount of free cash flow minus investments.
If profits keeps growing that’s not a problem.
That’s equal to its total amount of free cash flow minus investments.
If profits keeps growing that’s not a problem.
But it may not be able to return capital at this pace
Слайд 8But fortunes change
The tech industry changes quickly - just ask its
old rival Blackberry.
Its heavily dependent on one product - the iPhone.
The company has swooned before - profits fell 11% in 2013.
Its heavily dependent on one product - the iPhone.
The company has swooned before - profits fell 11% in 2013.
Apple has a number of risks
Слайд 9Other companies have made the same mistake
IBM shares have faltered as
the company has borrowed money to buy back shares.
Слайд 10Or a better example
Over $3 billion went out the door to
shareholders between 2000-2011 as the company took out debt to help fund the repurchases.
Radio Shack declared bankruptcy earlier this year.
Radio Shack declared bankruptcy earlier this year.
When Radio Shack was flying high around 2000, the company spent liberally on buybacks
Слайд 11Apple isn’t about to turn into Radio Shack
As long as it
keeps making long-term investments to balance out the debt, the stock should be safe.
But if its performance deteriorates that debt burden could become a significant liability.
But if its performance deteriorates that debt burden could become a significant liability.
But this rate of debt accumulation is not sustainable.
