Ashford University Week 3 Financial Returns and Capital Constraints Discussion

Be sure to review the instructor mentorship video for this assignment in the gradebook
and note the specific feedback provided by your instructor/mentor prior
to beginning your revisions for this assignment. Review the elements from the textbook.You may also revisit the required the Adaptive Coach materials as necessary. You may review the full set of requirements for the final project in order to see how this fits into the finished report.In order to be successful, companies must leverage their spending in
ways that will add to their value and propel them in the marketplace. In
this portion of your report you will use the skills and content you
mastered in your Adaptive Coach this week, to analyze the business
conditions and begin to create the big financial picture of how the
chosen company is spending their money and managing their investments in
the future value of their organization through purchases and research
and development.
Need Help Now? Struggling? Click the tutoring button below to get immediate help with content related questions or issues.Download the Week 3 Guidance for additional help.Include the following content in this section.Formulate the expected financial returns and associated risks by completing the following calculations.
Calculate the Return on Equity (ROE) using the DuPont system.Calculate the Constant Growth Stock Valuation (CGSV) and compare it to the current stock price.
Research your companys industry and evaluate what type(s) of
capital constraints your company must consider in order to be
competitive in the market. Explain the appropriate financial techniques
that would be used in this evaluation.The Financial Returns and Capital ConstraintsMust be two to three double-spaced pages in length (not including
title and references pages) and formatted according to APA style as
outlined in the Ashford Writing Center (Links to an external site.).Must include a separate title page with the following:
TitleStudents nameCourse name and numberInstructors nameDate submitted
Must use at least two industry or scholarly sources in addition to the course text.
The Scholarly, Peer Reviewed, and Other Credible Sources (Links to an external site.)
table offers additional guidance on appropriate source types. If you
have questions about whether a specific source is appropriate for this
assignment, please contact your instructor. Your instructor has the
final say about the appropriateness of a specific source for a
particular assignment.
Must document all sources in APA style as outlined in the Ashford Writing Center.Must include a separate references page that is formatted according to APA style as outlined in the Ashford Writing Center.Carefully review the Grading Rubric (Links to an external site.) for the criteria that will be used to evaluate your assignment.
Mergent Online – As Reported : Apple Inc
1 of 2
https://www-mergentonline-com.proxy-library.ashford.edu/companyfina…
Apple Inc (NMS: AAPL)
Pow ered by Clearbit
Exchange rate used is that of the Year End reported date
As Reported Annual Balance Sheet
Report Date
09/28/2019
09/29/2018
09/30/2017
USD
USD
USD
Not Qualified
Not Qualified
Not Qualified
Yes
Yes
Yes
Thousands
Thousands
Thousands
Cash & cash equivalents
48,844,000
25,913,000
20,289,000
Marketable securities
51,713,000
40,388,000
53,892,000
Accounts receivable, gross
–
–
17,932,000
Allowances
–
–
58,000
22,926,000
23,186,000
17,874,000
4,106,000
3,956,000
4,855,000
Vendor non-trade receivables
22,878,000
25,809,000
17,799,000
Other current assets
12,352,000
12,087,000
13,936,000
Total current assets
162,819,000
131,339,000
128,645,000
Marketable securities
105,341,000
170,799,000
194,714,000
Land & buildings
17,085,000
16,216,000
13,587,000
Machinery, equipment, & internal-use software
69,797,000
65,982,000
54,210,000
9,075,000
8,205,000
7,279,000
Gross property, plant & equipment
95,957,000
90,403,000
75,076,000
Accumulated depreciation & amortization
58,579,000
49,099,000
41,293,000
Property, plant & equipment, net
37,378,000
41,304,000
33,783,000
Goodwill
–
–
5,717,000
Acquired intangible assets, net
–
–
2,298,000
Other non-current assets
32,978,000
22,283,000
10,162,000
Total non-current assets
175,697,000
234,386,000
–
Total assets
338,516,000
365,725,000
375,319,000
46,236,000
55,888,000
49,049,000
–
–
25,744,000
5,522,000
7,543,000
7,548,000
37,720,000
32,687,000
–
Currency
Audit Status
Consolidated
Scale
Accounts receivable, net
Inventories
Leasehold improvements
Accounts payable
Accrued expenses
Deferred revenue
Other current liabilities
1/22/2020, 12:37 AM
Mergent Online – As Reported : Apple Inc
2 of 2
Report Date
https://www-mergentonline-com.proxy-library.ashford.edu/companyfina…
09/28/2019
09/29/2018
09/30/2017
USD
USD
USD
Not Qualified
Not Qualified
Not Qualified
Yes
Yes
Yes
Thousands
Thousands
Thousands
5,980,000
11,964,000
11,977,000
10,260,000
–
–
–
8,784,000
6,496,000
105,718,000
116,866,000
100,814,000
–
2,797,000
2,836,000
Floating & fixed-rate notes
101,679,000
104,193,000
104,021,000
Total debt
101,679,000
104,193,000
104,021,000
(224,000)
(218,000)
(225,000)
612,000
(1,456,000)
(93,000)
Less: current portion of long-term debt
10,260,000
8,784,000
6,496,000
Term debt
91,807,000
93,735,000
97,207,000
Long-term taxes payable
29,545,000
33,589,000
–
–
426,000
31,504,000
Other non-current liabilities
20,958,000
11,165,000
8,911,000
Other non-current liabilities
50,503,000
45,180,000
40,415,000
Total non-current liabilities
142,310,000
141,712,000
–
Total liabilities
248,028,000
258,578,000
241,272,000
Common stock
45,174,000
40,201,000
35,867,000
Retained earnings
45,898,000
70,400,000
98,330,000
Cumulative foreign currency translation
(1,463,000)
(1,055,000)
(354,000)
Unrecognized gains (losses) on derivative instruments
172,000
810,000
(124,000)
Unrealized gains (losses) on marketable securities
707,000
(3,209,000)
328,000
(584,000)
(3,454,000)
(150,000)
90,488,000
107,147,000
134,047,000
Currency
Audit Status
Consolidated
Scale
Commercial paper
Term debt
Current portion of long-term debt
Total current liabilities
Deferred revenue
Unamortized discount
Hedge accounting fair value adjustments
Deferred tax liabilities
Accumulated other comprehensive income (loss)
Total shareholders’ equity
1/22/2020, 12:37 AM
Mergent Online – As Reported : Apple Inc
1 of 2
https://www-mergentonline-com.proxy-library.ashford.edu/companyfina…
Apple Inc (NMS: AAPL)
Pow ered by Clearbit
Exchange rate used is that of the Year End reported date
As Reported Annual Cash Flow
Report Date
09/28/2019
09/29/2018
09/30/2017
USD
USD
USD
Not
Qualified
Not
Qualified
Not Qualified
Yes
Yes
Yes
Thousands
Thousands
Thousands
Net income (loss)
55,256,000
59,531,000
48,351,000
Depreciation & amortization
12,547,000
10,903,000
10,157,000
Share-based compensation expense
6,068,000
5,340,000
4,840,000
Deferred income tax expense (benefit)
(340,000)
(32,590,000)
5,966,000
Other adjustments
(652,000)
(444,000)
(166,000)
245,000
(5,322,000)
(2,093,000)
Inventories
(289,000)
828,000
(2,723,000)
Vendor non-trade receivables
2,931,000
(8,010,000)
(4,254,000)
873,000
(423,000)
(5,318,000)
Accounts payable
(1,923,000)
9,175,000
9,618,000
Deferred revenue
(625,000)
(44,000)
(626,000)
Other current & non-current liabilities
(4,700,000)
38,490,000
(154,000)
Net cash flows from operating activities
69,391,000
77,434,000
63,598,000
(39,630,000)
(71,356,000)
(159,486,000)
Proceeds from maturities of marketable securities
40,102,000
55,881,000
31,775,000
Proceeds from sales of marketable securities
56,988,000
47,838,000
94,564,000
(624,000)
(721,000)
(329,000)
(1,001,000)
(1,871,000)
–
1,634,000
353,000
–
(10,495,000)
(13,313,000)
(12,451,000)
Payment for acquisition of intangible assets
–
–
(344,000)
Payments for strategic investments
–
–
(395,000)
Other cash flow from investing activities
(1,078,000)
(745,000)
220,000
Net cash flows from investing activities
45,896,000
16,066,000
(46,446,000)
781,000
669,000
555,000
Currency
Audit Status
Consolidated
Scale
Accounts receivable, net
Other current & non-current assets
Purchases of marketable securities
Payments made in connection with business acquisitions, net
Purchases of non-marketable securities
Proceeds from non-marketable securities
Payments for acquisition of property, plant & equipment
Proceeds from issuance of common stock
1/22/2020, 12:40 AM
Mergent Online – As Reported : Apple Inc
2 of 2
https://www-mergentonline-com.proxy-library.ashford.edu/companyfina…
Report Date
09/28/2019
09/29/2018
09/30/2017
USD
USD
USD
Not
Qualified
Not
Qualified
Not Qualified
Yes
Yes
Yes
Thousands
Thousands
Thousands
–
–
627,000
(2,817,000)
(2,527,000)
(1,874,000)
Payments for dividends & dividend equivalents
(14,119,000)
(13,712,000)
(12,769,000)
Repurchases of common stock
(66,897,000)
(72,738,000)
(32,900,000)
6,963,000
6,969,000
28,662,000
Repayments of term debt
(8,805,000)
(6,500,000)
(3,500,000)
Proceeds from/(repayments of) commercial paper, net
(5,977,000)
(37,000)
3,852,000
(105,000)
–
–
(90,976,000)
(87,876,000)
(17,347,000)
Net increase (decrease) in cash, cash equivalents & restricted
cash
24,311,000
–
–
Cash, cash equivalents & restricted cash, beginning balances
25,913,000
–
–
Cash, cash equivalents & restricted cash, ending balances
50,224,000
–
–
Increase (decrease) in cash & cash equivalents
–
5,624,000
(195,000)
Cash & cash equivalents, beginning of the year
–
20,289,000
20,484,000
Cash & cash equivalents, end of the year
–
25,913,000
20,289,000
15,263,000
10,417,000
11,591,000
3,423,000
3,022,000
2,092,000
Currency
Audit Status
Consolidated
Scale
Excess tax benefits from equity awards
Payments for taxes related to net share settlement of equity
awards
Proceeds from issuance of term debt, net
Other cash flows from financing activities
Net cash flows from financing activities
Cash paid (received) for income taxes, net
Cash paid for interest
1/22/2020, 12:40 AM
Mergent Online – As Reported : Apple Inc
1 of 1
https://www-mergentonline-com.proxy-library.ashford.edu/companyfina…
Apple Inc (NMS: AAPL)
Pow ered by Clearbit
Exchange rate used is that of the Year End reported date
As Reported Annual Retained Earnings
Report Date
09/28/2019
09/29/2018
09/30/2017
USD
USD
USD
Not
Qualified
Not
Qualified
Not
Qualified
Yes
Yes
Yes
Thousands
Thousands
Thousands
70,400,000
98,330,000
96,364,000
2,501,000
278,000
–
Dividends & dividend equivalents declared
14,129,000
13,735,000
12,803,000
Common stock repurchased
67,101,000
73,056,000
33,001,000
1,029,000
948,000
581,000
45,898,000
70,400,000
98,330,000
Currency
Audit Status
Consolidated
Scale
Previous retained earnings
Cumulative effect of change in accounting principle
Common stock issued, net of shares withheld for employee
taxes
Retained earnings
1/22/2020, 12:39 AM
Mergent Online – As Reported : Apple Inc
1 of 2
https://www-mergentonline-com.proxy-library.ashford.edu/companyfina…
Apple Inc (NMS: AAPL)
Pow ered by Clearbit
Exchange rate used is that of the Year End reported date
As Reported Annual Income Statement
Report Date
09/28/2019
09/29/2018
09/30/2017
USD
USD
USD
Not Qualified
Not Qualified
Not Qualified
Yes
Yes
Yes
Scale
Thousands
Thousands
Thousands
Products
213,883,000
–
–
Services
46,291,000
–
–
Net sales
260,174,000
265,595,000
229,234,000
Cost of sales – products
144,996,000
–
–
Cost of sales – services
16,786,000
–
–
Cost of sales
161,782,000
163,756,000
141,048,000
Gross margin
98,392,000
101,839,000
88,186,000
Research & development expense
16,217,000
14,236,000
11,581,000
Selling, general & administrative expense
18,245,000
16,705,000
15,261,000
Total operating expenses
34,462,000
30,941,000
26,842,000
Operating income (loss)
63,930,000
70,898,000
61,344,000
Interest & dividend income
4,961,000
5,686,000
5,201,000
Interest expense
3,576,000
3,240,000
2,323,000
Other income (expense), net
422,000
(441,000)
(133,000)
Other income/(expense), net
1,807,000
2,005,000
2,745,000
65,737,000
72,903,000
64,089,000
6,384,000
41,425,000
7,842,000
(2,939,000)
(33,819,000)
5,980,000
3,445,000
7,606,000
13,822,000
Current state income tax expense (benefit)
475,000
551,000
259,000
Deferred state income tax expense (benefit)
(67,000)
48,000
2,000
Total state income tax expense (benefit)
408,000
599,000
261,000
Current foreign income tax expense (benefit)
3,962,000
3,986,000
1,671,000
Deferred foreign income tax expense (benefit)
2,666,000
1,181,000
(16,000)
Total foreign income tax expense (benefit)
6,628,000
5,167,000
1,655,000
Currency
Audit Status
Consolidated
Income (loss) before provision for income taxes
Current federal income tax expense (benefit)
Deferred federal income tax expense (benefit)
Total federal income tax expense (benefit)
1/22/2020, 12:39 AM
Mergent Online – As Reported : Apple Inc
2 of 2
Report Date
https://www-mergentonline-com.proxy-library.ashford.edu/companyfina…
09/28/2019
09/29/2018
09/30/2017
USD
USD
USD
Not Qualified
Not Qualified
Not Qualified
Yes
Yes
Yes
Thousands
Thousands
Thousands
Provision for (benefit from) income taxes
10,481,000
13,372,000
15,738,000
Net income (loss)
55,256,000
59,531,000
48,351,000
Weighted average shares outstanding – basic
4,617,834
4,955,377
5,217,242
Weighted average shares outstanding – diluted
4,648,913
5,000,109
5,251,692
Year end shares outstanding
4,443,236
4,754,986
5,126,201
Net earnings (loss) per common share – basic
11.97
12.01
9.27
Net earnings (loss) per common share – diluted
11.89
11.91
9.21
–
2.72
2.4
137,000
132,000
123,000
23,233
23,710
25,333
(408,000)
(525,000)
224,000
Currency
Audit Status
Consolidated
Scale
Cash dividends declared per common share
Number of full time employees
Number of common stockholders
Foreign currency translation adjustments
1/22/2020, 12:39 AM

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