Apple Inc. (AAPL)


Short-term (Operating) Activity Analysis
Quarterly Data

Difficulty: Beginner


Ratios (Summary)

Apple Inc., short-term (operating) activity ratios (quarterly data)

Microsoft Excel LibreOffice Calc
Mar 30, 2019 Dec 29, 2018 Sep 29, 2018 Jun 30, 2018 Mar 31, 2018 Dec 30, 2017 Sep 30, 2017 Jul 1, 2017 Apr 1, 2017 Dec 31, 2016 Sep 24, 2016 Jun 25, 2016 Mar 26, 2016 Dec 26, 2015 Sep 26, 2015 Jun 27, 2015 Mar 28, 2015 Dec 27, 2014 Sep 27, 2014 Jun 28, 2014 Mar 29, 2014 Dec 28, 2013 Sep 28, 2013 Jun 29, 2013 Mar 30, 2013 Dec 29, 2012
Turnover Ratios
Inventory turnover 32.79 32.41 41.39 26.55 19.92 33.31 29.05 43.69 46.66 49.45 61.62 72.80 60.04 57.40 59.64 66.23 53.43 53.16 53.18 68.85 59.79 51.32 60.43
Receivables turnover 17.14 14.47 11.45 18.10 17.27 10.20 12.82 18.03 19.04 15.52 13.69 18.81 18.61 18.14 13.87 21.63 19.46 11.96 10.47 16.51 18.15 12.25 13.04
Payables turnover 5.26 3.65 2.93 4.09 4.45 2.34 2.88 4.31 4.75 3.48 3.52 5.06 5.46 4.22 3.95 5.11 5.53 3.19 3.72 5.34 5.78 3.68 4.77
Working capital turnover 8.74 8.04 18.35 9.38 6.07 8.54 8.24 7.08 7.70 11.36 7.74 9.89 11.77 1,850.30 26.66 39.58 23.16 20.40 35.96 8.19 6.44 6.55 5.77
Average No. of Days
Average inventory processing period 11 11 9 14 18 11 13 8 8 7 6 5 6 6 6 6 7 7 7 5 6 7 6
Add: Average receivable collection period 21 25 32 20 21 36 28 20 19 24 27 19 20 20 26 17 19 31 35 22 20 30 28
Operating cycle 32 36 41 34 39 47 41 28 27 31 33 24 26 26 32 23 26 38 42 27 26 37 34
Less: Average payables payment period 69 100 125 89 82 156 127 85 77 105 104 72 67 86 92 71 66 114 98 68 63 99 77
Cash conversion cycle -37 -64 -84 -55 -43 -109 -86 -57 -50 -74 -71 -48 -41 -60 -60 -48 -40 -76 -56 -41 -37 -62 -43

Based on: 10-Q (filing date: 2019-05-01), 10-Q (filing date: 2019-01-30), 10-K (filing date: 2018-11-05), 10-Q (filing date: 2018-08-01), 10-Q (filing date: 2018-05-02), 10-Q (filing date: 2018-02-02), 10-K (filing date: 2017-11-03), 10-Q (filing date: 2017-08-02), 10-Q (filing date: 2017-05-03), 10-Q (filing date: 2017-02-01), 10-K (filing date: 2016-10-26), 10-Q (filing date: 2016-07-27), 10-Q (filing date: 2016-04-27), 10-Q (filing date: 2016-01-27), 10-K (filing date: 2015-10-28), 10-Q (filing date: 2015-07-22), 10-Q (filing date: 2015-04-28), 10-Q (filing date: 2015-01-28), 10-K (filing date: 2014-10-27), 10-Q (filing date: 2014-07-23), 10-Q (filing date: 2014-04-24), 10-Q (filing date: 2014-01-28), 10-K (filing date: 2013-10-30), 10-Q (filing date: 2013-07-24), 10-Q (filing date: 2013-04-24), 10-Q (filing date: 2013-01-24).

Ratio Description The company
Inventory turnover An activity ratio calculated as cost of goods sold divided by inventory. Apple Inc.’s inventory turnover deteriorated from Q4 2018 to Q1 2019 but then slightly improved from Q1 2019 to Q2 2019.
Receivables turnover An activity ratio equal to revenue divided by receivables. Apple Inc.’s receivables turnover improved from Q4 2018 to Q1 2019 and from Q1 2019 to Q2 2019.
Payables turnover An activity ratio calculated as cost of goods sold divided by payables. Apple Inc.’s payables turnover increased from Q4 2018 to Q1 2019 and from Q1 2019 to Q2 2019.
Working capital turnover An activity ratio calculated as revenue divided by working capital. Apple Inc.’s working capital turnover deteriorated from Q4 2018 to Q1 2019 but then slightly improved from Q1 2019 to Q2 2019.

Ratio Description The company
Average inventory processing period An activity ratio equal to the number of days in the period divided by inventory turnover over the period.
Average receivable collection period An activity ratio equal to the number of days in the period divided by receivables turnover. Apple Inc.’s average receivable collection period improved from Q4 2018 to Q1 2019 and from Q1 2019 to Q2 2019.
Operating cycle Equal to average inventory processing period plus average receivables collection period. Apple Inc.’s operating cycle improved from Q4 2018 to Q1 2019 and from Q1 2019 to Q2 2019.
Average payables payment period An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period. Apple Inc.’s average payables payment period declined from Q4 2018 to Q1 2019 and from Q1 2019 to Q2 2019.
Cash conversion cycle A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period. Apple Inc.’s cash conversion cycle deteriorated from Q4 2018 to Q1 2019 and from Q1 2019 to Q2 2019.

Inventory Turnover

Apple Inc., inventory turnover calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Mar 30, 2019 Dec 29, 2018 Sep 29, 2018 Jun 30, 2018 Mar 31, 2018 Dec 30, 2017 Sep 30, 2017 Jul 1, 2017 Apr 1, 2017 Dec 31, 2016 Sep 24, 2016 Jun 25, 2016 Mar 26, 2016 Dec 26, 2015 Sep 26, 2015 Jun 27, 2015 Mar 28, 2015 Dec 27, 2014 Sep 27, 2014 Jun 28, 2014 Mar 29, 2014 Dec 28, 2013 Sep 28, 2013 Jun 29, 2013 Mar 30, 2013 Dec 29, 2012
Selected Financial Data (USD $ in millions)
Cost of sales 36,194  52,279  38,816  32,844  37,715  54,381  32,648  27,920  32,305  48,175  29,039  26,252  30,636  45,449  30,953  29,924  34,354  44,858  26,114  22,697  27,699  35,748  23,601  22,299  27,254  33,452 
Inventories 4,884  4,988  3,956  5,936  7,662  4,421  4,855  3,146  2,910  2,712  2,132  1,831  2,281  2,451  2,349  2,042  2,396  2,283  2,111  1,594  1,829  2,122  1,764  1,697  1,245  1,455 
Ratio
Inventory turnover1 32.79 32.41 41.39 26.55 19.92 33.31 29.05 43.69 46.66 49.45 61.62 72.80 60.04 57.40 59.64 66.23 53.43 53.16 53.18 68.85 59.79 51.32 60.43

Based on: 10-Q (filing date: 2019-05-01), 10-Q (filing date: 2019-01-30), 10-K (filing date: 2018-11-05), 10-Q (filing date: 2018-08-01), 10-Q (filing date: 2018-05-02), 10-Q (filing date: 2018-02-02), 10-K (filing date: 2017-11-03), 10-Q (filing date: 2017-08-02), 10-Q (filing date: 2017-05-03), 10-Q (filing date: 2017-02-01), 10-K (filing date: 2016-10-26), 10-Q (filing date: 2016-07-27), 10-Q (filing date: 2016-04-27), 10-Q (filing date: 2016-01-27), 10-K (filing date: 2015-10-28), 10-Q (filing date: 2015-07-22), 10-Q (filing date: 2015-04-28), 10-Q (filing date: 2015-01-28), 10-K (filing date: 2014-10-27), 10-Q (filing date: 2014-07-23), 10-Q (filing date: 2014-04-24), 10-Q (filing date: 2014-01-28), 10-K (filing date: 2013-10-30), 10-Q (filing date: 2013-07-24), 10-Q (filing date: 2013-04-24), 10-Q (filing date: 2013-01-24).

Q2 2019 Calculations

1 Inventory turnover = (Cost of salesQ2 2019 + Cost of salesQ1 2019 + Cost of salesQ4 2018 + Cost of salesQ3 2018) ÷ Inventories
= (36,194 + 52,279 + 38,816 + 32,844) ÷ 4,884 = 32.79

Ratio Description The company
Inventory turnover An activity ratio calculated as cost of goods sold divided by inventory. Apple Inc.’s inventory turnover deteriorated from Q4 2018 to Q1 2019 but then slightly improved from Q1 2019 to Q2 2019.

Receivables Turnover

Apple Inc., receivables turnover calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Mar 30, 2019 Dec 29, 2018 Sep 29, 2018 Jun 30, 2018 Mar 31, 2018 Dec 30, 2017 Sep 30, 2017 Jul 1, 2017 Apr 1, 2017 Dec 31, 2016 Sep 24, 2016 Jun 25, 2016 Mar 26, 2016 Dec 26, 2015 Sep 26, 2015 Jun 27, 2015 Mar 28, 2015 Dec 27, 2014 Sep 27, 2014 Jun 28, 2014 Mar 29, 2014 Dec 28, 2013 Sep 28, 2013 Jun 29, 2013 Mar 30, 2013 Dec 29, 2012
Selected Financial Data (USD $ in millions)
Net sales 58,015  84,310  62,900  53,265  61,137  88,293  52,579  45,408  52,896  78,351  46,852  42,358  50,557  75,872  51,501  49,605  58,010  74,599  42,123  37,432  45,646  57,594  37,472  35,323  43,603  54,512 
Accounts receivable, net 15,085  18,077  23,186  14,104  14,324  23,440  17,874  12,399  11,579  14,057  15,754  11,714  12,229  12,953  16,849  10,370  10,905  16,709  17,460  10,788  9,700  14,200  13,102  8,839  7,084  11,598 
Ratio
Receivables turnover1 17.14 14.47 11.45 18.10 17.27 10.20 12.82 18.03 19.04 15.52 13.69 18.81 18.61 18.14 13.87 21.63 19.46 11.96 10.47 16.51 18.15 12.25 13.04

Based on: 10-Q (filing date: 2019-05-01), 10-Q (filing date: 2019-01-30), 10-K (filing date: 2018-11-05), 10-Q (filing date: 2018-08-01), 10-Q (filing date: 2018-05-02), 10-Q (filing date: 2018-02-02), 10-K (filing date: 2017-11-03), 10-Q (filing date: 2017-08-02), 10-Q (filing date: 2017-05-03), 10-Q (filing date: 2017-02-01), 10-K (filing date: 2016-10-26), 10-Q (filing date: 2016-07-27), 10-Q (filing date: 2016-04-27), 10-Q (filing date: 2016-01-27), 10-K (filing date: 2015-10-28), 10-Q (filing date: 2015-07-22), 10-Q (filing date: 2015-04-28), 10-Q (filing date: 2015-01-28), 10-K (filing date: 2014-10-27), 10-Q (filing date: 2014-07-23), 10-Q (filing date: 2014-04-24), 10-Q (filing date: 2014-01-28), 10-K (filing date: 2013-10-30), 10-Q (filing date: 2013-07-24), 10-Q (filing date: 2013-04-24), 10-Q (filing date: 2013-01-24).

Q2 2019 Calculations

1 Receivables turnover = (Net salesQ2 2019 + Net salesQ1 2019 + Net salesQ4 2018 + Net salesQ3 2018) ÷ Accounts receivable, net
= (58,015 + 84,310 + 62,900 + 53,265) ÷ 15,085 = 17.14

Ratio Description The company
Receivables turnover An activity ratio equal to revenue divided by receivables. Apple Inc.’s receivables turnover improved from Q4 2018 to Q1 2019 and from Q1 2019 to Q2 2019.

Payables Turnover

Apple Inc., payables turnover calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Mar 30, 2019 Dec 29, 2018 Sep 29, 2018 Jun 30, 2018 Mar 31, 2018 Dec 30, 2017 Sep 30, 2017 Jul 1, 2017 Apr 1, 2017 Dec 31, 2016 Sep 24, 2016 Jun 25, 2016 Mar 26, 2016 Dec 26, 2015 Sep 26, 2015 Jun 27, 2015 Mar 28, 2015 Dec 27, 2014 Sep 27, 2014 Jun 28, 2014 Mar 29, 2014 Dec 28, 2013 Sep 28, 2013 Jun 29, 2013 Mar 30, 2013 Dec 29, 2012
Selected Financial Data (USD $ in millions)
Cost of sales 36,194  52,279  38,816  32,844  37,715  54,381  32,648  27,920  32,305  48,175  29,039  26,252  30,636  45,449  30,953  29,924  34,354  44,858  26,114  22,697  27,699  35,748  23,601  22,299  27,254  33,452 
Accounts payable 30,443  44,293  55,888  38,489  34,311  62,985  49,049  31,915  28,573  38,510  37,294  26,318  25,098  33,312  35,490  26,474  23,159  38,001  30,196  20,535  18,914  29,588  22,367  15,516  14,912  26,398 
Ratio
Payables turnover1 5.26 3.65 2.93 4.09 4.45 2.34 2.88 4.31 4.75 3.48 3.52 5.06 5.46 4.22 3.95 5.11 5.53 3.19 3.72 5.34 5.78 3.68 4.77

Based on: 10-Q (filing date: 2019-05-01), 10-Q (filing date: 2019-01-30), 10-K (filing date: 2018-11-05), 10-Q (filing date: 2018-08-01), 10-Q (filing date: 2018-05-02), 10-Q (filing date: 2018-02-02), 10-K (filing date: 2017-11-03), 10-Q (filing date: 2017-08-02), 10-Q (filing date: 2017-05-03), 10-Q (filing date: 2017-02-01), 10-K (filing date: 2016-10-26), 10-Q (filing date: 2016-07-27), 10-Q (filing date: 2016-04-27), 10-Q (filing date: 2016-01-27), 10-K (filing date: 2015-10-28), 10-Q (filing date: 2015-07-22), 10-Q (filing date: 2015-04-28), 10-Q (filing date: 2015-01-28), 10-K (filing date: 2014-10-27), 10-Q (filing date: 2014-07-23), 10-Q (filing date: 2014-04-24), 10-Q (filing date: 2014-01-28), 10-K (filing date: 2013-10-30), 10-Q (filing date: 2013-07-24), 10-Q (filing date: 2013-04-24), 10-Q (filing date: 2013-01-24).

Q2 2019 Calculations

1 Payables turnover = (Cost of salesQ2 2019 + Cost of salesQ1 2019 + Cost of salesQ4 2018 + Cost of salesQ3 2018) ÷ Accounts payable
= (36,194 + 52,279 + 38,816 + 32,844) ÷ 30,443 = 5.26

Ratio Description The company
Payables turnover An activity ratio calculated as cost of goods sold divided by payables. Apple Inc.’s payables turnover increased from Q4 2018 to Q1 2019 and from Q1 2019 to Q2 2019.

Working Capital Turnover

Apple Inc., working capital turnover calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Mar 30, 2019 Dec 29, 2018 Sep 29, 2018 Jun 30, 2018 Mar 31, 2018 Dec 30, 2017 Sep 30, 2017 Jul 1, 2017 Apr 1, 2017 Dec 31, 2016 Sep 24, 2016 Jun 25, 2016 Mar 26, 2016 Dec 26, 2015 Sep 26, 2015 Jun 27, 2015 Mar 28, 2015 Dec 27, 2014 Sep 27, 2014 Jun 28, 2014 Mar 29, 2014 Dec 28, 2013 Sep 28, 2013 Jun 29, 2013 Mar 30, 2013 Dec 29, 2012
Selected Financial Data (USD $ in millions)
Current assets 123,346  140,828  131,339  115,761  130,053  143,810  128,645  112,875  101,990  103,332  106,869  93,761  87,592  76,219  89,378  70,953  67,891  83,403  68,531  67,949  70,541  80,347  73,286  68,219  63,337  72,348 
Less: Current liabilities 93,772  108,283  116,866  88,548  89,320  115,788  100,814  81,302  73,342  84,130  79,006  71,486  68,265  76,092  80,610  65,285  58,729  73,611  63,448  46,205  43,208  53,769  43,658  36,319  35,508  46,879 
Working capital 29,574  32,545  14,473  27,213  40,733  28,022  27,831  31,573  28,648  19,202  27,863  22,275  19,327  127  8,768  5,668  9,162  9,792  5,083  21,744  27,333  26,578  29,628  31,900  27,829  25,469 
Net sales 58,015  84,310  62,900  53,265  61,137  88,293  52,579  45,408  52,896  78,351  46,852  42,358  50,557  75,872  51,501  49,605  58,010  74,599  42,123  37,432  45,646  57,594  37,472  35,323  43,603  54,512 
Ratio
Working capital turnover1 8.74 8.04 18.35 9.38 6.07 8.54 8.24 7.08 7.70 11.36 7.74 9.89 11.77 1,850.30 26.66 39.58 23.16 20.40 35.96 8.19 6.44 6.55 5.77

Based on: 10-Q (filing date: 2019-05-01), 10-Q (filing date: 2019-01-30), 10-K (filing date: 2018-11-05), 10-Q (filing date: 2018-08-01), 10-Q (filing date: 2018-05-02), 10-Q (filing date: 2018-02-02), 10-K (filing date: 2017-11-03), 10-Q (filing date: 2017-08-02), 10-Q (filing date: 2017-05-03), 10-Q (filing date: 2017-02-01), 10-K (filing date: 2016-10-26), 10-Q (filing date: 2016-07-27), 10-Q (filing date: 2016-04-27), 10-Q (filing date: 2016-01-27), 10-K (filing date: 2015-10-28), 10-Q (filing date: 2015-07-22), 10-Q (filing date: 2015-04-28), 10-Q (filing date: 2015-01-28), 10-K (filing date: 2014-10-27), 10-Q (filing date: 2014-07-23), 10-Q (filing date: 2014-04-24), 10-Q (filing date: 2014-01-28), 10-K (filing date: 2013-10-30), 10-Q (filing date: 2013-07-24), 10-Q (filing date: 2013-04-24), 10-Q (filing date: 2013-01-24).

Q2 2019 Calculations

1 Working capital turnover = (Net salesQ2 2019 + Net salesQ1 2019 + Net salesQ4 2018 + Net salesQ3 2018) ÷ Working capital
= (58,015 + 84,310 + 62,900 + 53,265) ÷ 29,574 = 8.74

Ratio Description The company
Working capital turnover An activity ratio calculated as revenue divided by working capital. Apple Inc.’s working capital turnover deteriorated from Q4 2018 to Q1 2019 but then slightly improved from Q1 2019 to Q2 2019.

Average Inventory Processing Period

Apple Inc., average inventory processing period calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Mar 30, 2019 Dec 29, 2018 Sep 29, 2018 Jun 30, 2018 Mar 31, 2018 Dec 30, 2017 Sep 30, 2017 Jul 1, 2017 Apr 1, 2017 Dec 31, 2016 Sep 24, 2016 Jun 25, 2016 Mar 26, 2016 Dec 26, 2015 Sep 26, 2015 Jun 27, 2015 Mar 28, 2015 Dec 27, 2014 Sep 27, 2014 Jun 28, 2014 Mar 29, 2014 Dec 28, 2013 Sep 28, 2013 Jun 29, 2013 Mar 30, 2013 Dec 29, 2012
Selected Financial Data
Inventory turnover 32.79 32.41 41.39 26.55 19.92 33.31 29.05 43.69 46.66 49.45 61.62 72.80 60.04 57.40 59.64 66.23 53.43 53.16 53.18 68.85 59.79 51.32 60.43
Ratio (no. of days)
Average inventory processing period1 11 11 9 14 18 11 13 8 8 7 6 5 6 6 6 6 7 7 7 5 6 7 6

Based on: 10-Q (filing date: 2019-05-01), 10-Q (filing date: 2019-01-30), 10-K (filing date: 2018-11-05), 10-Q (filing date: 2018-08-01), 10-Q (filing date: 2018-05-02), 10-Q (filing date: 2018-02-02), 10-K (filing date: 2017-11-03), 10-Q (filing date: 2017-08-02), 10-Q (filing date: 2017-05-03), 10-Q (filing date: 2017-02-01), 10-K (filing date: 2016-10-26), 10-Q (filing date: 2016-07-27), 10-Q (filing date: 2016-04-27), 10-Q (filing date: 2016-01-27), 10-K (filing date: 2015-10-28), 10-Q (filing date: 2015-07-22), 10-Q (filing date: 2015-04-28), 10-Q (filing date: 2015-01-28), 10-K (filing date: 2014-10-27), 10-Q (filing date: 2014-07-23), 10-Q (filing date: 2014-04-24), 10-Q (filing date: 2014-01-28), 10-K (filing date: 2013-10-30), 10-Q (filing date: 2013-07-24), 10-Q (filing date: 2013-04-24), 10-Q (filing date: 2013-01-24).

Q2 2019 Calculations

1 Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ 32.79 = 11

Ratio Description The company
Average inventory processing period An activity ratio equal to the number of days in the period divided by inventory turnover over the period.

Average Receivable Collection Period

Apple Inc., average receivable collection period calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Mar 30, 2019 Dec 29, 2018 Sep 29, 2018 Jun 30, 2018 Mar 31, 2018 Dec 30, 2017 Sep 30, 2017 Jul 1, 2017 Apr 1, 2017 Dec 31, 2016 Sep 24, 2016 Jun 25, 2016 Mar 26, 2016 Dec 26, 2015 Sep 26, 2015 Jun 27, 2015 Mar 28, 2015 Dec 27, 2014 Sep 27, 2014 Jun 28, 2014 Mar 29, 2014 Dec 28, 2013 Sep 28, 2013 Jun 29, 2013 Mar 30, 2013 Dec 29, 2012
Selected Financial Data
Receivables turnover 17.14 14.47 11.45 18.10 17.27 10.20 12.82 18.03 19.04 15.52 13.69 18.81 18.61 18.14 13.87 21.63 19.46 11.96 10.47 16.51 18.15 12.25 13.04
Ratio (no. of days)
Average receivable collection period1 21 25 32 20 21 36 28 20 19 24 27 19 20 20 26 17 19 31 35 22 20 30 28

Based on: 10-Q (filing date: 2019-05-01), 10-Q (filing date: 2019-01-30), 10-K (filing date: 2018-11-05), 10-Q (filing date: 2018-08-01), 10-Q (filing date: 2018-05-02), 10-Q (filing date: 2018-02-02), 10-K (filing date: 2017-11-03), 10-Q (filing date: 2017-08-02), 10-Q (filing date: 2017-05-03), 10-Q (filing date: 2017-02-01), 10-K (filing date: 2016-10-26), 10-Q (filing date: 2016-07-27), 10-Q (filing date: 2016-04-27), 10-Q (filing date: 2016-01-27), 10-K (filing date: 2015-10-28), 10-Q (filing date: 2015-07-22), 10-Q (filing date: 2015-04-28), 10-Q (filing date: 2015-01-28), 10-K (filing date: 2014-10-27), 10-Q (filing date: 2014-07-23), 10-Q (filing date: 2014-04-24), 10-Q (filing date: 2014-01-28), 10-K (filing date: 2013-10-30), 10-Q (filing date: 2013-07-24), 10-Q (filing date: 2013-04-24), 10-Q (filing date: 2013-01-24).

Q2 2019 Calculations

1 Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 17.14 = 21

Ratio Description The company
Average receivable collection period An activity ratio equal to the number of days in the period divided by receivables turnover. Apple Inc.’s average receivable collection period improved from Q4 2018 to Q1 2019 and from Q1 2019 to Q2 2019.

Operating Cycle

Apple Inc., operating cycle calculation (quarterly data)

No. of days

Microsoft Excel LibreOffice Calc
Mar 30, 2019 Dec 29, 2018 Sep 29, 2018 Jun 30, 2018 Mar 31, 2018 Dec 30, 2017 Sep 30, 2017 Jul 1, 2017 Apr 1, 2017 Dec 31, 2016 Sep 24, 2016 Jun 25, 2016 Mar 26, 2016 Dec 26, 2015 Sep 26, 2015 Jun 27, 2015 Mar 28, 2015 Dec 27, 2014 Sep 27, 2014 Jun 28, 2014 Mar 29, 2014 Dec 28, 2013 Sep 28, 2013 Jun 29, 2013 Mar 30, 2013 Dec 29, 2012
Selected Financial Data
Average inventory processing period 11 11 9 14 18 11 13 8 8 7 6 5 6 6 6 6 7 7 7 5 6 7 6
Average receivable collection period 21 25 32 20 21 36 28 20 19 24 27 19 20 20 26 17 19 31 35 22 20 30 28
Ratio
Operating cycle1 32 36 41 34 39 47 41 28 27 31 33 24 26 26 32 23 26 38 42 27 26 37 34

Based on: 10-Q (filing date: 2019-05-01), 10-Q (filing date: 2019-01-30), 10-K (filing date: 2018-11-05), 10-Q (filing date: 2018-08-01), 10-Q (filing date: 2018-05-02), 10-Q (filing date: 2018-02-02), 10-K (filing date: 2017-11-03), 10-Q (filing date: 2017-08-02), 10-Q (filing date: 2017-05-03), 10-Q (filing date: 2017-02-01), 10-K (filing date: 2016-10-26), 10-Q (filing date: 2016-07-27), 10-Q (filing date: 2016-04-27), 10-Q (filing date: 2016-01-27), 10-K (filing date: 2015-10-28), 10-Q (filing date: 2015-07-22), 10-Q (filing date: 2015-04-28), 10-Q (filing date: 2015-01-28), 10-K (filing date: 2014-10-27), 10-Q (filing date: 2014-07-23), 10-Q (filing date: 2014-04-24), 10-Q (filing date: 2014-01-28), 10-K (filing date: 2013-10-30), 10-Q (filing date: 2013-07-24), 10-Q (filing date: 2013-04-24), 10-Q (filing date: 2013-01-24).

Q2 2019 Calculations

1 Operating cycle = Average inventory processing period + Average receivable collection period
= 11 + 21 = 32

Ratio Description The company
Operating cycle Equal to average inventory processing period plus average receivables collection period. Apple Inc.’s operating cycle improved from Q4 2018 to Q1 2019 and from Q1 2019 to Q2 2019.

Average Payables Payment Period

Apple Inc., average payables payment period calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Mar 30, 2019 Dec 29, 2018 Sep 29, 2018 Jun 30, 2018 Mar 31, 2018 Dec 30, 2017 Sep 30, 2017 Jul 1, 2017 Apr 1, 2017 Dec 31, 2016 Sep 24, 2016 Jun 25, 2016 Mar 26, 2016 Dec 26, 2015 Sep 26, 2015 Jun 27, 2015 Mar 28, 2015 Dec 27, 2014 Sep 27, 2014 Jun 28, 2014 Mar 29, 2014 Dec 28, 2013 Sep 28, 2013 Jun 29, 2013 Mar 30, 2013 Dec 29, 2012
Selected Financial Data
Payables turnover 5.26 3.65 2.93 4.09 4.45 2.34 2.88 4.31 4.75 3.48 3.52 5.06 5.46 4.22 3.95 5.11 5.53 3.19 3.72 5.34 5.78 3.68 4.77
Ratio (no. of days)
Average payables payment period1 69 100 125 89 82 156 127 85 77 105 104 72 67 86 92 71 66 114 98 68 63 99 77

Based on: 10-Q (filing date: 2019-05-01), 10-Q (filing date: 2019-01-30), 10-K (filing date: 2018-11-05), 10-Q (filing date: 2018-08-01), 10-Q (filing date: 2018-05-02), 10-Q (filing date: 2018-02-02), 10-K (filing date: 2017-11-03), 10-Q (filing date: 2017-08-02), 10-Q (filing date: 2017-05-03), 10-Q (filing date: 2017-02-01), 10-K (filing date: 2016-10-26), 10-Q (filing date: 2016-07-27), 10-Q (filing date: 2016-04-27), 10-Q (filing date: 2016-01-27), 10-K (filing date: 2015-10-28), 10-Q (filing date: 2015-07-22), 10-Q (filing date: 2015-04-28), 10-Q (filing date: 2015-01-28), 10-K (filing date: 2014-10-27), 10-Q (filing date: 2014-07-23), 10-Q (filing date: 2014-04-24), 10-Q (filing date: 2014-01-28), 10-K (filing date: 2013-10-30), 10-Q (filing date: 2013-07-24), 10-Q (filing date: 2013-04-24), 10-Q (filing date: 2013-01-24).

Q2 2019 Calculations

1 Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ 5.26 = 69

Ratio Description The company
Average payables payment period An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period. Apple Inc.’s average payables payment period declined from Q4 2018 to Q1 2019 and from Q1 2019 to Q2 2019.

Cash Conversion Cycle

Apple Inc., cash conversion cycle calculation (quarterly data)

No. of days

Microsoft Excel LibreOffice Calc
Mar 30, 2019 Dec 29, 2018 Sep 29, 2018 Jun 30, 2018 Mar 31, 2018 Dec 30, 2017 Sep 30, 2017 Jul 1, 2017 Apr 1, 2017 Dec 31, 2016 Sep 24, 2016 Jun 25, 2016 Mar 26, 2016 Dec 26, 2015 Sep 26, 2015 Jun 27, 2015 Mar 28, 2015 Dec 27, 2014 Sep 27, 2014 Jun 28, 2014 Mar 29, 2014 Dec 28, 2013 Sep 28, 2013 Jun 29, 2013 Mar 30, 2013 Dec 29, 2012
Selected Financial Data
Average inventory processing period 11 11 9 14 18 11 13 8 8 7 6 5 6 6 6 6 7 7 7 5 6 7 6
Average receivable collection period 21 25 32 20 21 36 28 20 19 24 27 19 20 20 26 17 19 31 35 22 20 30 28
Average payables payment period 69 100 125 89 82 156 127 85 77 105 104 72 67 86 92 71 66 114 98 68 63 99 77
Ratio
Cash conversion cycle1 -37 -64 -84 -55 -43 -109 -86 -57 -50 -74 -71 -48 -41 -60 -60 -48 -40 -76 -56 -41 -37 -62 -43

Based on: 10-Q (filing date: 2019-05-01), 10-Q (filing date: 2019-01-30), 10-K (filing date: 2018-11-05), 10-Q (filing date: 2018-08-01), 10-Q (filing date: 2018-05-02), 10-Q (filing date: 2018-02-02), 10-K (filing date: 2017-11-03), 10-Q (filing date: 2017-08-02), 10-Q (filing date: 2017-05-03), 10-Q (filing date: 2017-02-01), 10-K (filing date: 2016-10-26), 10-Q (filing date: 2016-07-27), 10-Q (filing date: 2016-04-27), 10-Q (filing date: 2016-01-27), 10-K (filing date: 2015-10-28), 10-Q (filing date: 2015-07-22), 10-Q (filing date: 2015-04-28), 10-Q (filing date: 2015-01-28), 10-K (filing date: 2014-10-27), 10-Q (filing date: 2014-07-23), 10-Q (filing date: 2014-04-24), 10-Q (filing date: 2014-01-28), 10-K (filing date: 2013-10-30), 10-Q (filing date: 2013-07-24), 10-Q (filing date: 2013-04-24), 10-Q (filing date: 2013-01-24).

Q2 2019 Calculations

1 Cash conversion cycle = Average inventory processing period + Average receivable collection period – Average payables payment period
= 11 + 2169 = -37

Ratio Description The company
Cash conversion cycle A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period. Apple Inc.’s cash conversion cycle deteriorated from Q4 2018 to Q1 2019 and from Q1 2019 to Q2 2019.