Apple delivered the most profitable quarter by any company ever, which stunned pretty much everyone, if only by its scale. A strong quarter had been widely forecast, but this one was explosive. Here once again is an introduction to the popular detailed summary of Apple's results, analysing and commenting on all the major metrics, and considering the key questions facing Apple in the coming months. (Not all the colours have successfully uploaded). If you would like access to the full and detailed slides, with all the correct colours, drop me an email at nick@aquilla-europe.com

1. Aquilla
Apple Results Q1 2015
Summary and Commentary
Note: Apple Q1 = Calendar Q4

2. Aquilla
Source: Apple Results
Quarterly Revenue
Apple in Growth
•Wall Street had been
talking up the numbers
leading up to the
announcement, yet
Apple still managed to
crush the most bullish
forecasts, with quarterly
revenues of $74.6B
•Comparisons with
leading competitors are
revealing, in particular
with Samsung
Electronics, whose
revenues fell by 11% in
Q4 (25% in USD), and
Samsung Mobile, which
fell by 22% (34% in
USD)
•Apple’s uptick in growth
is marked, and all the
more startling
considering the size of
the company today.
Comparative
Revenues
CQ4 2014
SamsungElectronics
Microsoft
Google
0%
15%
30%
45%
60%
75%
90%
0
15
30
45
60
75
90
Q1
'09
Q2
'09
Q3
'09
Q4
'09
Q1
'10
Q2
'10
Q3
'10
Q4
'10
Q1
'11
Q2
'11
Q3
'11
Q4
'11
Q1
'12
Q2
'12
Q3
'12
Q4
'12
Q1
'13
Q2
'13
Q3
'13
Q4
'13
Q1
'14
Q2
'14
Q3
'14
Q4
'14
Q1
'15
Q2
'15
Q3
'15
Q4
'15
Revenue
Growth
(%)
Revenue
(B$)
Apple Revenue
Revenue B$ Revenue YoY Growth
SamsungMobile

3. Aquilla
Source: Apple Results
Cash, Investments & Capital Return
Capital Return Program Grows
•Apple generated $33.7B of cash from
operations in the Quarter, another
huge record, 50% greater than the
year-ago quarter
•The company returned $7.8B to
shareholders during the quarter,
mostly through Stock Repurchases
•Long and short term cash holdings
grew by $23B in the quarter, and the
company now has over $178B in
cash
•This is enough to pay off the national
debt of Israel or Thailand, and is more
than the GDP of Kuwait
•Much of the cash remains outside the
US, held there for tax reasons
0
20
40
60
80
100
120
140
160
180
200
Q1
'09
Q2
'09
Q3
'09
Q4
'09
Q1
'10
Q2
'10
Q3
'10
Q4
'10
Q1
'11
Q2
'11
Q3
'11
Q4
'11
Q1
'12
Q2
'12
Q3
'12
Q4
'12
Q1
'13
Q2
'13
Q3
'13
Q4
'13
Q1
'14
Q2
'14
Q3
'14
Q4
'14
Q1
'15
Q2
'15
Q3
'15
Q4
'15
(B$)
Cash & Capital Return
Short Term Cash B$ Long Term Cash B$
Cash Generated B$ Capital Return B$

4. Aquilla
Source: Apple Results
Revenue Mix by Product Line
iPhone dominates
•iPhone’s dominance
was massive, with
69% of the revenues,
and probably nearer
75-80% of the profit
in the quarter
•Despite a strong
quarter for Mac, with
9% growth, it was
squeezed down to 9%
share of the mix
•iPad was the big loser,
declining a further
22%, but remaining
larger than Mac in
this Holiday quarter
•Services continues to
grow (but needs
subscription audio)
•Other Products
declined with iPod,
which was about a
third of this category
in Q1 2014
•iOS hardware topped
80% of revenues
Most recent
$ Share $ YoY
4% -5%
6% 8%
9% 9%
12% -22%
69% 57%iPhone M$
iPad M$
Mac M$
Services M$
Other Products M$
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Q1
'09
Q2
'09
Q3
'09
Q4
'09
Q1
'10
Q2
'10
Q3
'10
Q4
'10
Q1
'11
Q2
'11
Q3
'11
Q4
'11
Q1
'12
Q2
'12
Q3
'12
Q4
'12
Q1
'13
Q2
'13
Q3
'13
Q4
'13
Q1
'14
Q2
'14
Q3
'14
Q4
'14
Q1
'15
Product Line Revenue Mix
Services: iTunes, App, Mac App & iBooks Stores, AppleCare, Apple Pay, licensing, other services
Other Products: iPod, Apple TV, Beats Electronics and Apple-branded and third-party accessories

5. Aquilla
Services Trailing 12 months - Slowing
Tracking the trailing 12 months (current and 3
previous Quarters) eliminates seasonality, and
gives a better indication of the longer term trends
Source: Apple Results
0
4,000
8,000
12,000
16,000
20,000
0
1,000
2,000
3,000
4,000
5,000
Q1
'09
Q2
'09
Q3
'09
Q4
'09
Q1
'10
Q2
'10
Q3
'10
Q4
'10
Q1
'11
Q2
'11
Q3
'11
Q4
'11
Q1
'12
Q2
'12
Q3
'12
Q4
'12
Q1
'13
Q2
'13
Q3
'13
Q4
'13
Q1
'14
Q2
'14
Q3
'14
Q4
'14
Q1
'15
Q2
'15
Q3
'15
Q4
'15
Trailing 12m
Revenue
($M)
Revenue
($M)
Services Revenue
Services M$ Services Trailing 12m M$
Services: iTunes, App, Mac App & iBooks Stores, AppleCare, Apple Pay, licensing, other services

6. Aquilla
Source: Apple Results
Geo Revenue and 12m Trailing
Americas/China Ticked Up
•Trailing 12 months shows clearly
where Apple’s growth came from -
Americas, China and Europe
•iPhone 6 was not available in China
in Q4, hence the very sharp uptick in
Q1
•That EMEIA saw good growth is
particularly impressive in light of the
Eurozone stagnation
•Japan was the one weaker region
•APAC is small, but ticked up nicely
Tracking the trailing 12 months (current and 3
previous Quarters) eliminates seasonality, and
gives a better indication of the longer term trends
0
20,000
40,000
60,000
80,000
100,000
Q1
'09
Q2
'09
Q3
'09
Q4
'09
Q1
'10
Q2
'10
Q3
'10
Q4
'10
Q1
'11
Q2
'11
Q3
'11
Q4
'11
Q1
'12
Q2
'12
Q3
'12
Q4
'12
Q1
'13
Q2
'13
Q3
'13
Q4
'13
Q1
'14
Q2
'14
Q3
'14
Q4
'14
Q1
'15
Revenue
$M
Geo Revenue and 12m Trailing Revenue
Americas EMEIA Greater China Japan APAC
Americas 12m Trailing EMEIA 12m Trailing Greater China 12m Trailing Japan 12m Trailing APAC 12m Trailing

7. Aquilla
Apple’s Q1 Results Analysis - Full Slide Deck

8. Aquilla
Apple’s Q1 Results Analysis
These popular slides cover an in-depth analysis of
Apple’s historic record-beating Q1 results
The slides shown are an introduction
To receive the full set, including
charts, commentary, interpretation and outlook
plus all slides in full colour
contact
Aquilla Europe
nick@aquilla-europe.com

9. Aquilla
Nick Graves, CEO • nick@aquilla-europe.com • +44 780 225 6536
Aquilla Europe Ltd • Kennett Cottage • OX9 3QS • UK • www.aquilla-europe.com