Epstein Secrets

From: Richard Kahn < > Sent: Thursday, July 12, 2018 12:12 PM To: Jeffrey Epstein Subject: Fwd: Apple, Inc.: App Store Growth Sustains in June Q Richard Kahn HBRK Associates =nc. 575 Lexington =venue, 4th Floor New York, NY =

: Thursday, July 12, 2018 12:12 PM To: Jeffrey Epstein Subject: Fwd: Apple, Inc.: App Store Growth Sus

> Sent: Thursday, July 12, 2018 12:12 PM To: Jeffrey Epstein Subject: Fwd: Apple, Inc.: App Store Gr

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

From: Richard Kahn Sent: Wednesday, April 3, 2019 10:30 PM To: Jeffrey Epstein Subject: Fwd: Apple, Inc.: App Store Trends Remain Stable Ahead of New Services Ramp Richard Kahn HBRK Associates =nc. 575 Lexington =venue, 4th

Wednesday, April 3, 2019 10:30 PM To: Jeffrey Epstein Subject: Fwd: Apple, Inc.: App Store Trends Rem

n Sent: Wednesday, April 3, 2019 10:30 PM To: Jeffrey Epstein Subject: Fwd: Apple, Inc.: App Store Tr

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

From: Richard Kahn Sent: Monday, February 5, 2018 1:48 PM To: jeffrey E. Subject: Fwd: Apple, Inc.: 10-Q Highlights Elevated Component Inventory Richard Kahn HBRK Associates Inc. 575 =exington Avenue 4th Floor New York

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