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.
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
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
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