Stephen Clapham – A Walk Through Apple’s 10-K

Watch a hedge fund analyst study Apple’s accounts, and learn a process you can use to research any company.

In this online training, you’ll watch an experienced hedge-fund analyst tackle Apple’s latest 10-K and financials, page by page.

By doing so, you’ll gain a strong foundational knowledge of Apple. More importantly, you’ll see how a professional analyst goes about studying potential investments. So you can use my process to read and understand any company’s 10-K or annual report.

If you’re already comfortable with annual reports, you’ll find new ways to find stock-moving information faster. And if you aren’t fully comfortable with 10-Ks yet, you’ll go from confused to confident in just a few hours.

After taking this course, you’ll have a solid knowledge of Apple’s business and financials. With key insights into its financial condition, operating segments, and trends to watch out for.

What’s more, you’ll learn a hedge fund analyst’s process for using public accounts and reports to study a company. You’ll know how to ask the right questions in your analysis and where to find the answers. Not just for Apple, but for any public company.

What You’ll Learn In A Walk Through Apple’s 10-K

Welcome

• Welcome to the Course

Resources

• The 10-K
• Spreadsheet Workings

A: Introduction to the 10-K

• Introduction to the Section
• Structure of the 10-K

B: Introduction to Apple’s 10-K 2022

• Welcome and Introduction
• 1 Business Description
• 2 Competition
• 3 Business – Other Factors
• 4 Industry Risks
• 5 Business Risks
• 6 Legal Risks
• 7 Financial Risks
• 8 General Risks

C: Apple 2022 Balance Sheet

• Welcome
• 1 Audit Report
• 2 Non-Current Assets
• 3 Other Non-Current Assets
• 4 Current Assets and Working Capital
• 5 Working Capital Ratios
• 6 Current Liabilities
• 7 Cash and Debt
• 8 Equity

D Apple 2022 Cash Flow and Net Cash Position

• 1 Cash Flow: Introduction
• 2 Cash Flow: Cash from Operations
• 3 Cash Flow: Cash from Investing
• 4 Cash Flow: Cash from Financing and Net Debt
• 5 Cash Flow: Reconciling the Cash Outflow

E Apple 2022 P&L

• 1 Revenue
• 2 Revenue Breakdown – Segmental
• 3 Revenue Breakdowns – Segments & Products
• 4 Gross Margin
• 5 Costs and EBIT Margin
• 6 EBIT to EPS
• 7 MD&A
• 8 Accounting Policies I Revenue Recognition
• 9 Accounting Policies II

F Notes to Apple Financial Statements

• 1 Notes to the Accounts I Deferred Revenue and Rate Sensitivities
• 2 Notes to the Accounts II Cash and Securities
• 3 Notes to the Accounts III Receivables
• 4 Notes to the Accounts IV Tax
• 5 Notes to the Accounts V Leases
• 6 Notes to the Accounts VI Debt
• 7 Notes to the Accounts VII – Buybacks and Stock Options
• 8 Notes to the Accounts VIII Commitments and Contingencies

Wrap-up

• Wrap-Up