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The Money Problem Apple Inc Doesn't Want You To Know About

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A look at Apple's debt burden and what the future may hold.

Veröffentlicht in: Technologie, Business
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The Money Problem Apple Inc Doesn't Want You To Know About

  1. The Money Problem Apple Doesn’t Want You To Know About
  2. 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 investors. • But there’s a catch. It’s often cited is one of the stocks’s key strengths
  3. Show 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. Almost 90% of its cash is kept overseas
  4. That’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.
  5. That’s a lot of coin But it has also been making equivalent amounts of long-term investments.
  6. It’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. The company is more profitable than any other in the U.S.
  7. It’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. But it may not be able to return capital at this pace
  8. But 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. Apple has a number of risks
  9. Other companies have made the same mistake IBM shares have faltered as the company has borrowed money to buy back shares.
  10. Or 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. When Radio Shack was flying high around 2000, the company spent liberally on buybacks
  11. Apple 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 this rate of debt accumulation is not sustainable.
  12. The Next Billion-Dollar iSecret

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