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  "documentTitle": "Apple Inc. (AAPL)",
  "authorId": "04_Greenlight_Capital",
  "authorName": "David Einhorn",
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  "presentationDate": "2013-02-21 00:00:00",
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  "notes": "The slide explains the mechanics of how Apple's cash repatriation affects its tax rate and subsequent free cash flow.",
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      "text": "When Apple pays out 100% of its future cash flow, it depletes its domestic cash sometime in 2014.",
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      "text": "Free cash flow: $137.1",
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      "text": "For forecasting purposes, we use current consensus estimates. Here's what the numbers look like over three years: When Apple pays out 100% of its future cash flow, it depletes its domestic cash sometime in 2014. Foreign cash continues to build until then, at which point it is used in the repurchase program and needs to be repatriated. That causes Apple's tax rate to go up, which drives free cash flow lower in 2015.",
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      "text": "Forecast cash flow, Tax on repatriated cash, Free cash flow, Domestic cash, Foreign cash, Total cash, Dividends, Repurchases, Total return of capital",
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      "text": "Large On-Going Share Repurchases",
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