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The lord of rings all parts in hindi. B8110 PRACTICE EXERCISE SET 1 Exercise 1. Cash Flow Analysis for Apple Inc. Below are the operating and investment sections of the cash flow statement for Apple Inc.

For fiscal-year 2010 and prior years. In reading the statement, you should note that transactions in “marketable securities” are transactions in interest bearing securities. Also, “other long-term investments” are investments in operations. The company’s statutory tax rate (including both federal and state taxes) is 38 percent.

Apple has no debt obligations on its balance sheet. It appears from these numbers that Apple had negative free cash flow in 2009. This is surprising for a firm that is deemed to be a “cash cow.” Can you explain why this cash cow is reporting a cash flow deficit?

Calculate the free cash flow generated by Apple in 2009 and 2010. Note that there were $326 million in interest receipts from “marketable securities” in 2009 and $155 million in 2010. Apple is indeed a cash cow.

It has no debt to pay down and it does not pay dividends, nor does it pay out cash via stock repurchases. What is it doing with its free cash flow?