Greenlight Company Presentation
Large On-Going Share Repurchases
$(billions)
Forecast cash flow
Tax on repatriated cash
Free cash flow
Domestic cash
Foreign cash
Total cash
Dividends
Repurchases
Total return of capital
Greenlight Capital, Inc.
9 months ended 9/30/13
24.0
24.0
25.1
112.0
137.1
7.2
16.8
24.0
FY 2014
50.1
1.6
48.5
0
137.1
137.1
9.0
39.5
48.5
FY 2015
53.4
7.0
46.4
0
137.1
137.1
8.4
38.0
46.4
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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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