Document Mentions (3 shared documents)

EFTA02602766

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ment research are available on =he Morgan Stanley Wealth Management disclosure website at https://www.morganstanley.com/online/researchdisclosures. Morgan Stanley Wealth Management Not Acting as Municipal =dvisor Morgan Stanley Wealth Management is not acting as a municipal =dvisor to any municipal entity or obligated person within the meaning =f Sect

2Q18, accounting for 76% of total App Store net =evenue, slightly below the T12M average of 77%. App Store growth in =hina decelerated 400bps to 25% Y/Y (4) as did growth in Japan (+11%=/Y), however growth in the US accelerated over 800bps to 36% Y/Y (5). =rowth for all other countries accelerated 100

EFTA02634595

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ensor Tower, estimated March quarter App =tore net revenue was $3.7B, up 15% Y/Y, a 1 point deceleration from revised December quarter growth of 16% Y/Y (1). Using Sensor Tower= revised historical App Store revenue totals (2), our 17% Y/Y revenue =rowth forecast would imply $3.8B in March quarter App

EFTA02530706

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organ Stanley Wealth Management disclosure website at https://www.morganstanley.com/online/researchdisclosures. 2 EFTA_R1_01673734 EFTA02530707 Morgan Stanley Wealth Management Not Acting as Municipal =dvisor Morgan Stanley Wealth Management is not acting as a municipal =dvisor to any municipal entity or obligated person within the meaning =f Sect

average seasonality over the prior three years =2). As a result, total non-vendor trade receivables and inventory on =he balance sheet is up $15.2B Y/Y (3). The bulk of the increase was =riven by vendor non-trade receivables (+$13.58 Y/Y) that are =istorically correlated to revenue growth (5). Howeve