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45% before R&D costs, which have to be amortized somehow.

I don't know if Apple accounts for R&D the same way other normal companies, ones that don't have $60 billion in cash on hand, do.

The company I work for expects each individual R&D effort to pay off and track that effort under a myriad of overhead/IRAD/misc charge numbers. Companies like Apple, Alphabet, and Microsoft just shovel money into that fire.

Somehow? Wild guess, but maybe they will be selling the product of that R&D for more than 10 days.

I doubt it’s less than 10 days. And there are ongoing software development costs. Apple still can’t print money without lots of investment.

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