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The company ramped spending in acquired businesses and combined with light top-line drove EPS and cash flow below our estimates.
FORBES: Connect
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To supplement our consolidated financial statements, which statements are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures: non-GAAP operating income, non-GAAP operating margin, non-GAAP net income, non-GAAP EPS, free cash flow, and non-GAAP international revenues.
ENGADGET: Google's Q4 2011 results: $2.71 billion profit, $8.13 billion in revenue, Wall Street disappointed
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His conclusion: trading at 8.9x his calendar 2012 EPS estimate ex-cash, the stock is cheap.
FORBES: Apple: Credit Suisse Launches With $500 Target Price
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Apple down 7% over the past several days and trading at just 11x (ex-cash) our CY11 pro forma EPS estimate, we believe the stock represents an attractive entry point for investors.
FORBES: Apple: Are The Street's EPS Estimates, Well, Too Bearish?
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In extreme cases, a company could have consecutive quarters of negative operating cash flow and, in accordance with GAAP, legitimately report positive EPS. In this situation, investors should determine the source of the cash hemorrhage (inventories, receivables, etc.) and whether this situation is a short-term issue or long-term problem.
FORBES: Operating Cash Flow: Better Than Net Income?
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He notes that the company already trades for just 8x estimated 2013 EPS, or 5x ex-cash.
FORBES: Cisco: Time To Bottom Fish?
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Think of a company that, say, sells off a division at a loss, incurring a large non-cash charge against its earnings, so the EPS dips temporarily way below the per-share dividend.
FORBES: Connect
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He also notes that Apple trades at just 10.4X his calendar 2013 EPS estimate, just 8.4x ex-cash.
FORBES: Apple: No Reason Valuation Can't Hit Trillions, Analyst Says