{
  "docId": "019dd923-622b-71dc-a6da-df4a74be41a3",
  "docSlug": "d4c64e242528",
  "documentTitle": "Apple Inc. (AAPL)",
  "authorId": "04_Greenlight_Capital",
  "authorName": "David Einhorn",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2013-02-21 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 23,
  "pageCount": 55,
  "prevPage": 22,
  "nextPage": 24,
  "slideType": "scenario_table",
  "function": "propose_solution",
  "density": "balanced",
  "nDataPoints": 3,
  "notes": "This slide is part of the Greenlight Capital presentation regarding Apple's capital allocation.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "paragraph"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6da-df4a74be41a3/23",
  "deckHref": "/decks/019dd923-622b-71dc-a6da-df4a74be41a3",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6da-df4a74be41a3.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6da-df4a74be41a3#slide-23",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "In the next alternative, Apple could keep its current cash balance, but use all of its future free cash flow generation to buy back stock.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-3f40-73bb-a5fb-06ad048c77d9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.6,
        "x": 0.205,
        "y": 0.235
      },
      "kind": "list",
      "text": "Apple spends 100% of free cash flow after dividends on stock buyback\nTotal cash on the balance sheet is held constant at $137 billion\nDomestic cash is used before foreign cash\nStarting in mid 2014, foreign cash is needed and used (repatriated)\nUse of foreign cash increases Apple's tax rate from 25% to 35%",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1b1bf914-455e-45bb-bd10-b244d8d86735",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.73,
        "x": 0.135,
        "y": 0.48
      },
      "kind": "paragraph",
      "text": "In the next alternative, Apple could keep its current cash balance, but use all of its future free cash flow generation to buy back stock. In this example we maintain the current dividend and freeze the cash on the balance sheet at $137 billion. To fund the repurchase, we assume Apple uses its domestic cash until it runs out. Then it switches to foreign cash, which will require it to pay taxes as needed in order to execute the repurchase program and keep overall cash flat.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "78def1b0-cbac-423e-8a90-58fd88213cbc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.59,
        "x": 0.205,
        "y": 0.158
      },
      "kind": "title",
      "text": "Large On-Going Share Repurchases",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f0303cc5-6d83-4fa7-b425-6b341d6cb859",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.1,
        "x": 0.205,
        "y": 0.205
      },
      "kind": "title",
      "text": "Assumptions",
      "attrs": null,
      "subkind": "subtitle",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b1f09991-b6fe-48d0-8ce7-11da28e073fb",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}