APOLLO GROUP
			Liquidity Ratios
							2000	2001	2002	2003	2004	2005	2006
Net Working Capital ($ million)			Total Current Assets-Total Current Liabilities				115,818	$304,851	$466,133	$615,020	$389,246	$317,117	$207,176
Ratio, Net Working Capital			Net Working Capital				0.190	0.396	0.462	0.459	0.216	0.141	0.084
to sales			Sales
Ratio, Net Working Capital			Net Working Capital				0.469	0.626	0.638	0.647	0.455	0.380	0.258
to Current Assets			Current Assets
Current Ratio			Current Assets				1.884	2.673	2.764	2.835	1.836	1.612	1.348
			Current Liabilities
Quick Ratio			Current Assets-Inventory				1.884	2.673	2.764	2.835	1.836	1.612	1.348
			Current Liabilities
			Efficiency Ratios
Assumptions:
Number of business days per year =			365
Percent of revenues that are on credit			25%
Percent of company purchases that are on credit			95%
Inventory Turnover			COGS				0	0	0	0	0	0	0
			Average Inventory
Average Collection Period			Average Accounts Receivable				862,177,161	1,157,912,908	1,618,900,320	2,320,935,232	3,341,913,381	4,468,376,194	4,359,996,512
			Factor * Annual Revenue/365
Accounts Receivable Turnover			Annual Credit Sales				1.182	1.401	1.724	2.118	2.652	3.108	3.857
			Average Accounts Receivables
Average Payment Period (Days)			Accounts payable				7.457	8.987	11.040	13.147	20.848	15.054	21.164
			Factor * Average COGS/365
Fixed Asset Turnover			Revenue				3.864	3.981	4.051	3.130	3.009	4.812	5.155
			Fixed Assets
Total Asset Turnover			Revenue				1.507	1.131	1.030	0.972	1.238	1.728	1.931
			Total Assets
			Leverage Ratios
Total Debt to Total Assets			Total Liabilities				0.355	0.292	0.286	0.255	0.341	0.457	0.529
			Total Assets
Long-Term Debt  to Total Assets			Long Term Debt				0.025	0.022	0.016	0.011	0.020	0.060	0.064
			Total Assets
Long-Term Debt to Total Capitalization			Long Term Debt				0.037	0.030	0.022	0.015	0.030	0.099	0.115
			Long Term Debt+ Stockholders' Equity
Total Debt to Equity			Total Liabilities				0.550	0.412	0.402	0.342	0.517	0.843	1.070
			Total Equity
Long-Term Debt to Equity			Long  Term Debt				0.038	0.031	0.022	0.015	0.030	0.110	0.130
			Total Equity
			Coverage Ratios
Times Interest Earned			EBIT				0	0	0	0	0	0	0
			Interest Expense
Cash Coverage			EBIT + Depreciation				0	0	0	0	0	0	0
			Interest Expense
			Profitability Ratios
Gross Profit Margin			Gross Profit				0.422	0.467	0.520	0.542	0.574	0.584	0.551
			Revenues
Operating Profit Margin			Earnings before Interest and Taxes				0.197	0.228	0.263	0.300	0.254	0.324	0.270
			Revenue
Net Profit Margin			Earnings after Interest and Taxes (EAT)				0.117	0.140	0.160	0.184	0.154	0.190	0.167
			Revenue
Return on Total Assets			EAT				0.176	0.158	0.164	0.179	0.191	0.328	0.323
			Total Assets
Return on Equity			EAT				0.273	0.224	0.231	0.241	0.290	0.605	0.654
			Total Equity
Return on Common Equity			Net Earnings Available to Common Stockholders				0.273	0.224	0.231	0.241	0.290	0.605	0.654
			Common Stockholders' Equity