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着名分析师:苹果资本支出下降与硬件产品部署周期有关

????编者按:在过渡期,苹果的资本支出有所下降。与此同时,亚马逊、Alphabet、微软和Facebook的资本支出都在显着增长。这背后的问题是什么?最近,着名的苹果分析师NeilCybart在他的博客上发表了一篇文章来分析这一趋势。He pointed out that this is related to the deployment cycle of Apple's hardware products. 在可预见的未来,苹果很可能继续保持其显着的自由现金流优势。这篇文章最初的标题是苹果不断下降的资本支出。在苹果最近10-Q和10-K提交的报告中,最不正常的情况与资本支出(capex)有关。苹果预计资本支出将在新的财政年度下降,这是其16年财政年度的首次下降。鉴于亚马逊、Alphabet、微软和Facebook的资本支出都出现了显着增长,苹果资本支出的下降更是有趣。通过分析苹果的资本支出及其下降的根本原因,我们可以看到苹果的管理策略有多独特,与其他华尔街科技巨头相比,它有多独特。资本支出是指企业为提高现金流量、生产效率和最终价值而购买或升级长期资产所支出的现金。这些费用包括购买有形和无形货物。根据财务记录,苹果的资本支出包括:产品工装和制造工艺设备数据中心。改进企业设施和基础设施,包括信息系统硬件和软件。零售店。其他资本支出项目,包括专利等知识产权。区分资本支出和传统运营成本(OPEX)的一种方法是,资本支出对公司的收益超过了公司产生成本的当前财政年度。常规经营性支出在发生时予以扣除,资本性支出是资产负债表上的一次性成本,其支出分散于资产的整个生命周期。未经证明具有商业可行性的资产的现金支出为研发支出,并在发生时记录为支出。在每一个财政年度结束时,苹果提供了对来年资本支出的预期。如表1所示,苹果预计2016财年资本支出将首次同比下降。苹果公司最初估计2019年资本支出为140亿美元,低于2018年预计的160亿美元。图1:苹果公司对资本支出(年)的预期通常不同于最初的预期,原因多种多样,包括难以估计资本支出。图2显示了苹果在每个财政年度末报告的最终资本支出。除2018财年资本支出高于预期外,苹果公司的资本支出趋势低于预期。这就是为什么在苹果最近的10-Q报告中,管理层进一步降低了对2019年资本支出的预期,这并不奇怪。苹果现在预计2019年资本支出将达到120亿美元,根据这一修订后的估计,苹果的最终资本支出可能比去年同期下降近30%。图2:苹果报告的资本支出(年)可能与任何财政年度的公布总额不同。公司通过现金流量表使用项目财产、厂房和设备(PP)。

bian zhe an: zai guo du qi, ping guo de zi ben zhi chu you suo xia jiang. yu ci tong shi, ya ma xun Alphabet wei ruan huo Facebook de zi ben zhi chu dou zai xian zhu zeng zhang. zhe bei hou de wen ti shi shen me? zui jin, zhu ming de ping guo fen xi shi NeilCybart zai ta de bo ke shang fa biao le yi pian wen zhang lai fen xi zhe yi qu shi. He pointed out that this is related to the deployment cycle of Apple' s hardware products. zai ke yu jian de wei lai, ping guo hen ke neng ji xu bao chi qi xian zhu de zi you xian jin liu you shi. zhe pian wen zhang zui chu de biao ti shi ping guo bu duan xia jiang de zi ben zhi chu. zai ping guo zui jin 10Q he 10K ti jiao de bao gao zhong, zui bu zheng chang de qing kuang yu zi ben zhi chu capex you guan. ping guo yu ji zi ben zhi chu jiang zai xin de cai zheng nian du xia jiang, zhe shi qi 16 nian cai zheng nian du de shou ci xia jiang. jian yu ya ma xun Alphabet wei ruan huo Facebook de zi ben zhi chu dou chu xian le xian zhu zeng zhang, ping guo zi ben zhi chu de xia jiang geng shi you qu. tong guo fen xi ping guo de zi ben zhi chu ji qi xia jiang de gen ben yuan yin, wo men ke yi kan dao ping guo de guan li ce lue you duo du te, yu qi ta hua er jie ke ji ju tou xiang bi, ta you duo du te. zi ben zhi chu shi zhi qi ye wei ti gao xian jin liu liang sheng chan xiao lv he zui zhong jia zhi er gou mai huo sheng ji chang qi zi chan suo zhi chu de xian jin. zhei xie fei yong bao kuo gou mai you xing he wu xing huo wu. gen ju cai wu ji lu, ping guo de zi ben zhi chu bao kuo: chan pin gong zhuang he zhi zao gong yi she bei shu ju zhong xin. gai jin qi ye she shi he ji chu she shi, bao kuo xin xi xi tong ying jian he ruan jian. ling shou dian. qi ta zi ben zhi chu xiang mu, bao kuo zhuan li deng zhi shi chan quan. qu fen zi ben zhi chu he chuan tong yun ying cheng ben OPEX de yi zhong fang fa shi, zi ben zhi chu dui gong si de shou yi chao guo le gong si chan sheng cheng ben di dang qian cai zheng nian du. chang gui jing ying xing zhi chu zai fa sheng shi yu yi kou chu, zi ben xing zhi chu shi zi chan fu zhai biao shang de yi ci xing cheng ben, qi zhi chu fen san yu zi chan de zheng ge sheng ming zhou qi. wei jing zheng ming ju you shang ye ke xing xing de zi chan de xian jin zhi chu wei yan fa zhi chu, bing zai fa sheng shi ji lu wei zhi chu. zai mei yi ge cai zheng nian du jie shu shi, ping guo ti gong le dui lai nian zi ben zhi chu de yu qi. ru biao 1 suo shi, ping guo yu ji 2016 cai nian zi ben zhi chu jiang shou ci tong bi xia jiang. ping guo gong si zui chu gu ji 2019 nian zi ben zhi chu wei 140 yi mei yuan, di yu 2018 nian yu ji de 160 yi mei yuan. tu 1: ping guo gong si dui zi ben zhi chu nian de yu qi tong chang bu tong yu zui chu de yu qi, yuan yin duo zhong duo yang, bao kuo nan yi gu ji zi ben zhi chu. tu 2 xian shi le ping guo zai mei ge cai zheng nian du mo bao gao de zui zhong zi ben zhi chu. chu 2018 cai nian zi ben zhi chu gao yu yu qi wai, ping guo gong si de zi ben zhi chu qu shi di yu yu qi. zhe jiu shi wei shen me zai ping guo zui jin de 10Q bao gao zhong, guan li ceng jin yi bu jiang di le dui 2019 nian zi ben zhi chu de yu qi, zhe bing bu qi guai. ping guo xian zai yu ji 2019 nian zi ben zhi chu jiang da dao 120 yi mei yuan, gen ju zhe yi xiu ding hou de gu ji, ping guo de zui zhong zi ben zhi chu ke neng bi qu nian tong qi xia jiang jin 30. tu 2: ping guo bao gao de zi ben zhi chu nian ke neng yu ren he cai zheng nian du de gong bu zong e bu tong. gong si tong guo xian jin liu liang biao shi yong xiang mu cai chan chang fang he she bei PP.

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