11 Important Images From Apple's 'PictureBook'

Analysts at Wells Fargo recently released a PictureBook report on Apple Inc AAPL which presents visual representation of key data on Apple’s operations. Here are 11 important images contained in the report.
In Q1, Apple’s warranty accruals decreased by $1.1 billion quarter-over-quarter (Q/Q) while the cost of claims remained mostly flat.

Analysts estimate that this decrease in accruals resulted in a 1.9 percent increase in Apple’s Gross margins.

Another major boost to gross margins came from Apple’s recent drop-off in accrued marketing and selling expenses. Wells Fargo estimates the decline in expenses in Q1 increased gross margins by 1.0 percent.

In the past, analysts have seen a correlation between third party manufacturing/component commitments and forward revenue for Apple, but the latest numbers don’t clearly suggest revenue upside in Q2.

Apple raised $8 billion in debt in May to help fund its $200 billion capital return program.

Apple has already spent $6.2 billion this year and projects full-year capex of $13 billion for 2015.

iPhone sales have been extremely strong following the launch of the iPhone 6/Plus.

Analysts believe that the 23 percent year-over-year (Y/Y) drop in iPad numbers was partially due to cannibalization from other products and partially due to a longer repurchase cycle.

Mac sales, driven by the launch of the Mac desktops and demand for MacBook Air, climbed 10 percent Y/Y.

Apple continues to piece together a sizable chunk of revenue from sales of its “other products,” including iPods, Apple TV and Beats Electronics.

Apple’s services sales, which include iTunes Store, App Store, iBooks Store, Apple Care, Apple Pay and licensing, continue their steady, long-term growth.