Step 1. Apple statements loaded: fiscal 2015 to 2025 (eleven fiscal years), anchor file joined to the Addendum 1 columns on ticker and fiscal year end

Step 2. Growth table (dollars in billions):
   Fiscal year   Revenue   Growth %   Net income   Free cash flow   Growth %
   2015           233.7        -       53.4       70.0        -
   2016           215.6     -7.7       45.7       53.5    -23.6
   2017           229.2     +6.3       48.4       51.8     -3.2
   2018           265.6    +15.9       59.5       64.1    +23.8
   2019           260.2     -2.0       55.3       58.9     -8.1
   2020           274.5     +5.5       57.4       73.4    +24.6
   2021           365.8    +33.3       94.7       93.0    +26.7
   2022           394.3     +7.8       99.8      111.4    +19.9
   2023           383.3     -2.8       97.0       99.6    -10.6
   2024           391.0     +2.0       93.7      108.8     +9.3
   2025           416.2     +6.4      112.0       98.8     -9.2

Step 3. Margin ladder (percent of the same year's revenue):
   Fiscal year   Gross   Operating   Net   Free cash flow
   2015          40.1     30.5     22.8     30.0
   2016          39.1     27.8     21.2     24.8
   2017          38.5     26.8     21.1     22.6
   2018          38.3     26.7     22.4     24.1
   2019          37.8     24.6     21.2     22.6
   2020          38.2     24.1     20.9     26.7
   2021          41.8     29.8     25.9     25.4
   2022          43.3     30.3     25.3     28.3
   2023          44.1     29.8     25.3     26.0
   2024          46.2     31.5     24.0     27.8
   2025          46.9     32.0     26.9     23.7
   Check, fiscal 2025: operating income 133.05 + depreciation and amortization 11.70 = EBITDA 144.75 billion

Step 4. Compound annual growth, fiscal 2015 to fiscal 2025 (ten years): revenue 5.94 percent a year; free cash flow 3.50 percent a year

Part B, R lane solution: Coca-Cola growth table, fiscal 2010 to 2025
   Fiscal year   Revenue $B   Growth %   Net margin %   Free cash flow $B   Dividends per share
   2010           35.12        -     33.6       7.32   0.88
   2011           46.54    +32.5     18.4       6.55   0.94
   2012           48.02     +3.2     18.8       7.87   1.02
   2013           46.85     -2.4     18.3       7.99   1.12
   2014           46.00     -1.8     15.4       8.21   1.22
   2015           44.29     -3.7     16.6       7.97   1.32
   2016           41.86     -5.5     15.6       6.53   1.40
   2017           36.21    -13.5      3.4       5.29   1.48
   2018           34.30     -5.3     18.8       6.08   1.56
   2019           37.27     +8.6     23.9       8.42   1.60
   2020           33.01    -11.4     23.5       8.67   1.64
   2021           38.66    +17.1     25.3      11.26   1.68
   2022           43.00    +11.3     22.2       9.53   1.76
   2023           45.75     +6.4     23.4       9.75   1.84
   2024           47.06     +2.9     22.6       4.74   1.94
   2025           47.94     +1.9     27.3       5.30   2.04

Chapter 8 lab complete.
