Apple’s iPhone sales accounted for around ** percent of the company’s overall revenue in the first quarter of fiscal year 2025, the largest share of all Apple products. Over the years, services as well as wearables, home and accessories have made a growing contribution to Apple’s net sales. Apple’s revenue growth amid the pandemic In the first quarter of financial year 2025, Apple’s global revenue reached around *** billion U.S. dollars. The Americas are Apple’s largest regional market and contributed to around ** percent of the firm’s sales in that quarter. Who are Apple’s competitors? Having a broad family of products, Apple competes with different companies in different markets. Samsung is Apple’s largest adversaries in the global smartphone market, where the company had a share of almost ** percent in the second quarter of 2024. Similarly, Apple has a solid position in the PC market without a leading advantage. The situation is reversed in the tablet market and the smartwatch market, where Apple has remained the leader since the early days, staying ahead of Samsung, Huawei, Amazon, etc.

Apple generated over ** billion U.S. dollars in revenue from iPhone sales in the first quarter of the 2025 financial year. Apple revenue streams Apple registered its highest revenue to date in FY 2022, when the company’s revenue stood at over *** billion U.S. dollars. Apple’s success over the years can be explained by strong brand loyalty, and the constant release of innovative products, updates and features. The iPod, for example, was one of the first successful releases of the company to the consumer market. However, according to industry experts, the increased capacity of smartphones to play and store music led to the decline of digital music devices sales, such as the iPod. Rise of Apple iPhone Since its introduction in 2007, Apple’s iPhone has gained space in the market. In the first quarter of Apple's 2025 financial year iPhone sales revenue stood at over ** billion U.S. dollars. The increase in devices sales had a direct impact on the iPhone’s share of the company’s total revenue. In the beginning of 2009, sales of the iPhone accounted for about ** percent of Apple’s total revenue. By the first quarter of 2025, this share was at around ** percent. Other products and services Apple’s iPad tablet, the Mac computer and costumer services are important revenue streams as well for Apple. Together, these three revenue streams generated over ** billion U.S. dollars for the company in the first quarter of the 2025 fiscal year. Other products such as wearables, home, and accessories generated over ** billion U.S. dollars in the same quarter.

Apple is one of the most influential and recognisable brands in the world, responsible for the rise of the smartphone with the iPhone. Valued at over $2 trillion in 2021, it is also the most valuable...

Apple’s total revenue amounted to around *** billion U.S. dollars in their 2024 financial year, a decrease from the historical record of ****** billion U.S. dollars in financial year 2022. Apple’s annual revenue quadrupled in the last ten years. The fiscal year end of the company is September, 30th. Apple’s dramatic growth Constant waves of innovative products underly Apple’s drastic growth over the years: the Mac computer, iPhone, iPad, and Apple Watch are all revolutionary products that started their own dynasties and enjoy immense commercial success. Apple’s stock tells an even more impressive story: over the last decade, Apple’s share price has grown more than tenfold and prompted it to become the first trillion-dollar company in terms of market capitalization. As of 2024, Apple is the most valuable brand worldwide. Apple store: a unique invention Huge glass panes, minimalistic design – these are the signature characteristics Apple stores are known for. Opened in the early 2000s, the Apple store contributes yet again to Apple’s success story: it was the fastest retailer worldwide to surpass the one-billion-U.S. dollar annual sales trademark and showcases Apple’s diverse products in hundreds of locations around the globe now. Apple’s home market the United States has the highest concentration of these stores – there are ** Apple stores in California alone when looking at the number of Apple stores by state .

The Americas are Apple’s largest regional market, bringing in net sales of ***** billion U.S. dollars in the first quarter of the company’s 2025 fiscal year. Europe and Greater China are two other major markets for Apple. U.S.: Apple’s biggest market The high revenue generated from the Americas is largely due to Apple’s strong performance in their home market, the United States. Apple has the largest market share among smartphone vendors in the U.S. by a large margin. Although international sales have a growing share of Apple’s total revenue, the U.S. still counts for around ** percent of Apple’s net sales. The U.S. also has the highest concentration of Apple stores, which is Apple’s own chain of retail stores that showcase and sell Apple’s various products including the iPhone, iPad, Apple Watch, among others. iPhone: Apple’s most profitable product The iPhone, initially released in 2007, became Apple’s most successful product: The share of iPhone sales consistently amount to more than ** percent of Apple’s overall share of sales. The early generations of iPhone revolutionized the mobile phone industry and popularized the use of smartphones. Now in the **** generation, the new iPhone ** Pro and ** Pro Max continue to contribute to the success of Apple’s signature product, helping push for year-on-year iPhone sales growth despite the economic recession we are experiencing.

Apple reported net income of 93.74 billion U.S. dollars in its 2024 fiscal year, down from the highest net income to date in 2022. Apple’s global revenue amounted to 391 billion U.S. dollars in that same year. Founded in 1976 in California by Steve Jobs, Steve Wozniak and Ronald Wayne, Apple has over the years developed into one of the most valuable brands worldwide. The fiscal year end of the company is September, 30th. Apple’s products The product that contributed most to Apple’s success is the iPhone, which brought in 52 billion U.S. dollars sales revenue in the first quarter of 2019 alone. Revenues generated from iPhone sales consistently make up around 50 percent of Apple’s overall revenue in recent years. Other major Apple products include consumer electronic devices such as the Mac computers, iPad, Apple Watch and the smart speaker HomePod. Apple’s service products, such as the iTunes Store and iCloud, are becoming a greater part of the company’s business and provides new sources of revenue stream.

iPhone sales made up approximately **** percent of Apple’s total revenue in the first quarter of the company’s fiscal year 2025. iPhone sales usually contribute to **** or more than **** of Apple’s overall sales revenue. Apple’s other businesses such as the Apple Watch and the iTunes Store have been bringing in growing shares of revenues, from around **** percent in 2017 to a combined almost ** percent in the first quarter of FY 2025. Apple is the second largest smartphone vendor As Apple’s most successful product, the iPhone is one of the most heavyweight players in the smartphone market, with dozens of millions of iPhones being shipped every quarter. Indeed, when it comes to smartphone vendor share, Apple is the second largest smartphone vendor in the world, after Samsung. iPhone runs the iOS system, which is Apple’s inhouse operating system. Most other products on the market run the Android system developed by Google. iOS occupies around a ******* of the overall mobile operating system market, Android the rest. The differences between iOS and Android iOS is a closed system while Android is more open, which means that users can better customize their phones using the Android system. Because of its open nature, Android is also an easier target for hackers, whereas iOS is considered safer as Apple does not release its source code to developers and users. Both operating systems get regularly updated – Android 13 is Android’s 13th major release, and iOS 17 is the 17th major iOS release. Due to the great many models of Android phone devices, the Android versions are more fragmented than iOS, with older versions like Marshmallow and Lollipop still running on a big number of devices, whereas iOS **, released in 2023, runs on around ** percent of all Apple devices when looking at iOS version share.

In 2021, The Gioi Di Dong earned around *** million U.S. dollars in revenue from selling Apple products. The Gioi Di Dong is among the largest consumer electronics retailers in Vietnam, and a major distributor of Apple products in the country. By 2022, the revenue from Apple items of this retailer was forecast to amount to *** million U.S. dollars, accounting for around ** percent of the total revenue of Apple in Vietnam.

In the first quarter of 2025, Apple generated a total of 26.34 billion U.S. dollars in services revenue. These services include iTunes, the company’s online entertainment library, as well as software, digital content, AppleCare, Apple Pay, and licensing. Overall, Apple’s services segment has shown strong growth over the last few years, passing the mark of ten billion U.S. dollars in revenue in a quarter for the first time in 2018. Apple's services segment now only trails the revenue generated by its largest segment, the iPhone, which brings in tens of billions of U.S. dollars each quarter. Apple Inc. Since its famous beginning in a garage in California, Apple has grown into a giant of the technology industry, becoming one of the most valuable companies in the world. Every year, it brings in hundreds of billions of U.S. dollars and revolutionize the industry time and time again with its various consumer electronic devices. Some of the company’s most famous products include the Apple I, MacBook, iPod, Apple Watch, and the iPhone. In order to continue to innovate and improve its product offerings, Apple allocates over ten billion U.S. dollars per year towards its research and development budget. This massive R&D budget not only helps from a hardware perspective, but also assists in the development of more digital solutions to everyday needs such as iCloud and Apple Pay.

In the first quarter of its 2025 fiscal year, Apple generated around ** billion U.S. dollars in revenue from the sales of iPhones. Apple iPhone revenue The Apple iPhone is one of the biggest success stories in the smartphone industry. Since its introduction to the market in 2007, Apple has sold more than *** billion units worldwide. As of the third quarter of 2024, the Apple iPhone’s market share of new smartphone sales was over ** percent. Much of its accomplishments can be attributed to Apple’s ability to keep the product competitive throughout the years, with new releases and updates. Apple iPhone growth The iPhone has shown to be a crucial product for Apple, considering that the iPhone’s share of the company’s total revenue has consistently grown over the years. In the first quarter of 2009, the iPhone sales were responsible for about ********* of Apple’s revenue. In the third quarter of FY 2024, this figure reached a high of roughly ** percent, equating to less than ** billion U.S. dollars in that quarter. In terms of units sold, Apple went from around **** million units in 2010 to about *** million in 2023, but registered a peak in the fourth quarter of 2020 with more than ** million iPhones sold worldwide.

The momentum of Databricks (not yet public) and Snowflake to re-write the reality of data in the Cloud truly is a sight to behold. Snowflake fell in extended trading on Wednesday after the company released third-quarter results that beat estimates but offered light product revenue guidance. However its stock price later bounced back even stronger. Go figure? A lot of hype… SNOW Up 10%, it’s really in a league of its own for growth in the Cloud. With a market cap close to $50 billion (data taken from its stock price in Excel), it’s hard to evaluate the business fundamentals away from the hype. The promise of unified data is very tantalizing indeed, yet when Databricks goes public, I don’t see Snowflake dominating like it has been in recent times. The Company’s platform enables customers to consolidate data into a single source to drive business insights, build data-driven applications and share data. Snowflake said it anticipates product revenue will be between $535 and $540 million in its fourth quarter, short of the $553 million expected by analysts estimates according to StreetAccount. Yet investors don’t seem to mind. Snowflake Inc. Shares have lost about 59.7% since the beginning of the year versus the S&P 500's decline of -17%. The recent low was $119 in June, 2022. You can read their Earnings here. Snowflake Earnings Product revenue of $522.8 million in the third quarter, representing 67% year-over-year growth Remaining performance obligations of $3.0 billion, representing 66% year-over-year growth 7,292 total customers Net revenue retention rate of 165% 287 customers with trailing 12-month product revenue greater than $1 million Revenue for the quarter was $557.0 million, representing 67% year-over-year growth. I can see why Snowflake is so popular though. Snowflake is Wildly Popular Currently Snowflake is wildly popular as one of the best growth stocks, . Snowflake provides an end to end data warehousing solution. There is practically no limit to the amount of databases and warehouses you can create (Ofcourse, you need Snowflake credits for creating and using warehouses). It's a highly scalable solution that adheres to all the data security best practices. I do believe Databricks is the better company in the end, but time will tell. Why would this company have a market cap of $50 billion already? They have 5,000 employees, lose money at a good clip and will experience significant competition in the coming years. Net Loss is Concerning Snowflake may not respond well to the significant slowdown in spending we are likely to see in 2023. It needs to significantly reset to be tempting. It does have 287 customers with trailing 12-month product revenue greater than $1 million which is encouraging. It’s growth in the 45-50% range is still very impressive for a company of its size. After 2023 we’ll have a much better idea of the real momentum of Snowflake. Snowflake reported 34% year-over-year growth in the number of customers, reaching 7,292 in the reported quarter. The company added 28 Forbes Global 2000 customers in the reported quarter. Snowflake signed 14 new customers with $1 million in trailing 12-month product revenues in the reported quarter. The real question is how much will it slow down in 2023. The Data Cloud is still Nascent While it’s appealing to invest in first-movers like Snowflake or later Databricks, how will competition and the Data cloud continue to evolve? It’s fairly hard to predict. Snowflake is not a traditional SaaS model, it’s pay as you go consumption based. It’s not yet clear if this is the right business model for optimal profitability. 93% of revenue is consumption-based Revenue recognized only as consumption occurs In many cases, rollover of unused capacity permitted, generally on the purchase of additional capacity Contract durations increasing along with larger customer commitments Primarily billed annually in advance with some on-demand in arrears If you are uncertain of Snowflake’s growth you can visit their visual Earnings PDF. The TAM of the Data Cloud is big enough for room for a lot of different kinds of companies and competitors. In our opinion, Snowflake is in a prime position to compete with AMD, one of the best value stocks. To read more about other Cloud Computing companies, check out: Apple Fair Value Apple P/E Apple EV/EBITDA Microsoft Fair Value Microsoft P/E Microsoft EV/EBITDA Tesla Fair Value Tesla P/E Tesla EV/EBITDA Amazon Fair Value Amazon P/E Amazon EV/EBITDA Netflix Fair Value Netflix P/E Netflix EV/EBITDA

According to Cognitive Market Research, the vinegar industry Market Size will be USD XX Billion in 2024 and is set to achieve a market size of USD XX Billion by the end of 2033 growing at a CAGR of XX% from 2024 to 2033.

North America held largest share of XX% in the year 2024 
Europe held share of XX% in the year 2024 
Asia-Pacific held significant share of XX% in the year 2024 
South America held significant share of XX% in the year 2024
Middle East and Africa held significant share of XX% in the year 2024 

Market Dynamics of Vinegar Industry

key Drivers of Vinegar Industry

Multipurpose use and health advantages of vinegar is propelling the market growth

The vinegar industry market will rise during the forecast period based on the extensive applications of vinegar and the large number of health benefits associated with its consumption. Vinegar has the potential to act as a good antioxidant in addition to its anti-microbial and anti-diabetic properties based on its bioactive compounds. The industry of vinegar is growing partly due to its strong cleansing properties as well as the inclusion of mineral salts and riboflavin. In most home cooking recipes, vinegar is a regular ingredient. Vinegar is used in baking as well as for use as a preservative to make food, especially pickles, stay fresh longer. Acetic acid is an acidic ingredient that can be employed to sauce, vinegar, pickled vegetables, and as a raw ingredient for spices. It is an ingredient used in sauces like mayonnaise, mustard sauce, and ketchup. Chutneys seldom contain vinegar as a flavour ingredient. Apple cider vinegar is widely utilized as a preservative, flavouring, and dressing ingredient in food products. Apple cider vinegar is also being accepted as a home remedy for many types of medical issues. Apple cider vinegar also enhances immunity and metabolism, helps lose weight, and does a number of other things. Apple cider vinegar is being launched in the market by various nutraceuticals producers as a health drink and supplement, which is supporting the market's growth. For instance, Bragg Live Food Products Inc. launched the Bragg True Energy Apple Cider Vinegar supplement in January of 2022. As per the manufacturer, this provides customers with their daily recommended amount of energy without the ill effects of caffeine. Also, in November 2021, Dadra and Nagar Haveli, India-headquartered company MyFitness launched the Suprfit brand that retails effervescent tablets and apple cider vinegar. Thus, propelling the Vinegar market revenue. Moreover, Its multifarious uses include being an important component in food dishes to a cleaning product and a medicine tonic. Apple cider vinegar and other forms of vinegar have gained prominence due to their health advantages, such as supporting digestion, managing blood sugar, and supporting weight loss. For instance, apple cider vinegar is a favorite among health-conscious consumers because of its numerous claimed health benefits, such as supporting digestion, weight loss, and blood sugar control. In a survey by HealthLine, almost 30% of U.S. consumers use apple cider vinegar as a natural remedy for these health issues on a regular basis. Apart from its medicinal properties, vinegar is also heavily utilized in food preparation, disinfecting, and even as a natural preservative, all of which are adding to the demand for vinegar. Furthermore For instance, in the food industry, balsamic vinegar has found favor not just for salad dressing but also for its potential to bring out meat and vegetable flavors, driving its use in various industries. As people continue to identify vinegar's versatility and health benefits, its application in both daily home use and wellness routines is propelling growth in the market.
For instance, a study appearing in Diabetes Care discovered that taking 1 to 2 tablespoons of apple cider vinegar daily could decrease blood glucose levels by as much as 4%. Second, the increased popularity of natural and organic products has created greater demand for vinegar in homes worldwide. Additionally, it is estimated to develop at a constant rate of 4.5% every year for the coming few years. The increase in consumer consciousness toward healthy options is also likely to accelerate this development.

Restraints of Vinegar Industry

Competition from substitutes is restraining the vinegar industry mark...

In 2022, Apple generated *** billion U.S. dollars with its global advertising business. A year earlier, the company’s ad revenue stood at *********** less, namely *** billion. Bitesize info on Apple’s financials With an estimated brand value of over *** billion U.S. dollars, Apple beat Google and Amazon in the running for the title of world’s most valuable brand in 2022. During the past decade, the California-based technology titan has expanded and innovated its product and service portfolio at an impressive pace, now serving millions of loyal customers worldwide. Company reports highlighted that Apple’s revenue jumped from just under *** billion U.S. dollars in 2020 to over *** billion in 2021, marking an unparalleled annual boost of *********** billion. The lion’s share of this sum was generated via sales of the iPhone – Apple’s most profitable operating segment by far. Apple’s position in the online advertising market Apple’s growth is primarily supported by device sales, whereas its advertising business only accounts for a small fraction of total revenues. This distribution of revenue streams looks fundamentally different from other tech giants. For example, Amazon reported advertising takings of around **** billion U.S. dollars in 2021, whereas Google’s ad revenues peaked at *** billion U.S. dollars that year. But even though Apple remains a comparatively small fish in the online advertising pond, the company’s advertising endeavors are still worth looking out for – especially those that center around its Search Ads feature.

The number of Apple iPhone unit sales dramatically increased between 2007 and 2023. Indeed, in 2007, when the iPhone was first introduced, Apple shipped around *** million smartphones. By 2023, this number reached over *** million units. The newest models and iPhone’s lasting popularity Apple has ventured into its 17th smartphone generation with its Phone ** lineup, which, released in September 2023, includes the **, ** Plus, ** Pro and Pro Max. Powered by the A16 bionic chip and running on iOS **, these models present improved displays, cameras, and functionalities. On the one hand, such features come, however, with hefty price tags, namely, an average of ***** U.S. dollars. On the other hand, they contribute to making Apple among the leading smartphone vendors worldwide, along with Samsung and Xiaomi. In the first quarter of 2024, Samsung shipped over ** million smartphones, while Apple recorded shipments of roughly ** million units. Success of Apple’s other products Apart from the iPhone, which is Apple’s most profitable product, Apple is also the inventor of other heavy-weight players in the consumer electronics market. The Mac computer and the iPad, like the iPhone, are both pioneers in their respective markets and have helped popularize the use of PCs and tablets. The iPad is especially successful, having remained as the largest vendor in the tablet market ever since its debut. The hottest new Apple gadget is undoubtedly the Apple Watch, which is a line of smartwatches that has fitness tracking capabilities and can be integrated via iOS with other Apple products and services. The Apple Watch has also been staying ahead of other smart watch vendors since its initial release and secures around ** percent of the market share as of the latest quarter.

Description Executive Summary Bausch Health Companies Inc. (BHC) is an attractive and timely event-driven short idea. On 02/06/25 BHC announced that the sale process for its subsidiary Bausch + Lomb Corporation (BLCO) “will not result in a transaction at this time.” With the sale process now dead, BHC has failed in its remaining attempt to transfer corporate value away from creditors to shareholders. BHC is highly and unsustainably leveraged. Up to this point the value of BHC stock has essentially been an option that BHC management might find a way to separate off BLCO in a manner which is beneficial to the equity. BHC originally tried to accomplish this through a spinoff of BLCO (May 2022). The full separation was never completed. Management then tried to sell the BLCO subsidiary outright. That process has now failed as well. With no more realistic avenues for management to pursue to try to strip value away from creditors for the benefit of shareholders, the most likely path forward for BHC is a financial restructuring through bankruptcy which should leave little value to the existing equity. As discussed below, the Company might be able to meet its November and December 2025 debt maturities through a combination of FCF generation, revolver draw and refinancing, but this will only delay the inevitable restructuring which should take place no later than early 2027. Is Apple undervalued? Is Apple a buy? Is Apple a good investment Is Nvidia undervalued? Is Nvidia a buy? Is Nvidia a good investment The main event to play for is the restructuring of BHC which should take place no later than early 2027. Other catalysts which are nearer-term include: BHC potentially defaulting on its November and December 2025 debt maturities Insertion of “going concern” language in its SEC filings Currently, the short interest in BHC is 3% of the float at the short interest ratio for the stock is 5.4x. Background BHC was written up on VIC by dsteiner84 in February 2022. Please reference that write-up for additional detail on BHC and BLCO. BHC is the former Valeant Pharmaceuticals (VRX). Benefitting from a favorable tax structure, Valeant pursued a “growth through acquisition” strategy, primarily funded through debt. As the Company grew, its balance sheet steadily expanded and its stock price soared. However, Valeant collapsed in 2015-2016 due to an accounting scandal and regulatory inquiries into its pharmaceutical pricing. The history of Valeant is quite a saga and typing “what happened to Valeant Pharmaceuticals” into Google search will yield many articles which will tell the story. After its collapse Valeant rebranded itself as Bausch Health Companies, Inc. and has been struggling to manage under its high debt load. Company Description BHC is a global, diversified specialty pharmaceutical and medical device company that develops, manufactures and markets, primarily in the therapeutic areas of gastroenterology (GI), hepatology, neurology and dermatology, a broad range of branded, generic and branded generic pharmaceuticals, over-the-counter (OTC) products and aesthetic medical devices. The Company has five reportable segments: Salix (26% of 2023 Revenues) – consists of sales in the US of GI products. Sales of Xifaxan represented ~80% of Salix revenues. Xifaxan is used for the treatment of irritable bowel syndrome in adults. International (12% of 2023 Revenues) – consists of sales outside the US of branded pharmaceutical products, branded generic pharmaceutical products and OTC products Solta Medical (4% of 2023 Revenues) – consists of global sales of Solta Medical aesthetic medical devices Diversified (11% of 2023 Revenues) – consists of sales in the US of (i) pharmaceutical products in the areas of neurology and certain other therapeutic classes, (ii) dermatology products, (iii) generic pharmaceutical products, and (iv) dentistry products. Bausch + Lomb (BLCO) (47% of 2023 Revenues) – consists of global sales of Bausch + Lomb Vision Care, Surgical and Pharmaceutical products. Although BHC reports in five segments, it is easiest to think about BHC as being composed of two parts: Bausch Health (excl. B+L) – composed of Salix, International, Solta and Diversified Bausch + Lomb (BLCO) This is also how BHC presents its financials in its earnings releases. Importantly, Bausch Health (excl. B+L) is the parent company which owns 88% of BLCO. The Problem The problem Bausch Health (excl. B+L) faces is twofold: First, Bausch Health (excl. B+L) EBITDA will decline significantly in 2028 when it loses exclusivity on Xifaxan and faces competition from generics. Presented below are historical and estimated financials for Bausch Health (excl. B+L). Several things to note: Is Google undervalued? Is Google a buy? Is Google a good investment Is Walmart undervalued? Is Walmart a buy? Is Walmart a good investment Financials for 2024 are estimated and fall within management’s guidance of $4.775-4.850bn in Revenues and $2.425-2.475bn in EBITDA (see 3Q24 earnings release). The Company is scheduled to report 4Q24 earnings on 02/19/25 Xifaxan sales are based on its percentage of Salix revenues provided by BHC in its earnings presentations (as an example, see slide 11 of BHC’s 3Q24 earnings presentation). Bausch Health (excl. B+L) will lose exclusivity on Xifaxan no later than 01/01/28 and will face competition from generic versions of the drug. Branded drug revenues typically decline by 80% once generic competition is introduced and this assumption is used here. While BHC doesn’t disclose its EBITDA margin on Xifaxan, conversations with multiple sell-side analysts estimate it is ~70%. Inputting this margin estimate, one can back out that the remainder of Bausch Health (excl. B+L)’s portfolio has an EBITDA margin of ~37%. One can then apply these margins to 2028E revenues and the resulting margin is about 41%, as shown in the table below. Based on the above financial estimates, Bausch Health (excl. B+L) EBITDA will decline to ~$1.5bn in 2028. On a consolidated basis, BHC generates ~$1.0bn/year in FCF. The FCF from BLCO is actually minimal, as one can see in its separately published financial filings. Accordingly, Bausch Health (excl. B+L) generates almost all of the $1.0bn/year in FCF. When Bausch Health (excl. B+L) loses Xifaxan exclusivity and EBITDA drops by ~$1.0bn, Bausch Health (excl. B+L)’s FCF will drop to ~$0. Second, Bausch Health (excl. B+L) has $15.3bn in Net Debt and will not be able to meet its maturity schedule, as shown in the chart below (slide 28, 3Q24 earnings presentation). Several things to note: In 2025 BHC has the following maturities: $1.68bn outstanding of 5.500% 1L Notes due 11/01/25 $535mm outstanding of 9.000% Sr. Unsec. Notes due 12/15/25, and $125mm of mandatory amortization ($31.25mm quarterly) on its Term Loan B maturing on 02/01/27 As of 9/30/24, BHC has the following sources of liquidity: $719mm in cash $975mm in undrawn revolver capacity The Company might meet its 2025 debt maturities through a combination of FCF generation, revolver draw and refinancing. It’s not a sure thing but possible. Given the magnitude of the 2025 maturities vs. the Company’s liquidity, BHC might insert “going concern” language into its SEC filings. This would be a negative catalyst for the stock. In addition, failure to meet these maturities would be a significant, negative catalyst for the stock. It does not appear possible for the Company to meet the $4.1bn in debt maturing in 2027, most of which matures in early 2027: $643mm of 8.500% Sr. Unsec. Notes due 01/31/27 $1,000mm of 6.125% 1L Notes due 02/01/27 $1,937mm of SOFR + 525 Term Loan B due 02/01/27, and $500mm of 5.750% 1L Notes due 08/15/27 Based on $15.3bn in current Net Debt outstanding and 2024E EBITDA of $2.468bn, Bausch Health (excl. B+L)’s current Net Leverage is already an elevated 6.2x. The Net Leverage will then jump higher with Bausch Health (excl. B+L)’s EBITDA projected to decline to ~$1.5bn in 2028. With Bausch Health (excl. B+L) being unable to meet its debt maturities in early 2027 or generate any FCF starting in 2028, it appears inevitable that it will need to pursue a significant financial restructuring, likely through bankruptcy. Attempted Separation of BLCO BHC management has been well aware of the twofold problem above for years. Management has significant exposure to BHC’s equity and has been trying shift as much “corporate value” as possible away from creditors to the equity. This is why management has been trying to separate off BLCO from BHC. In May 2022 BHC executed a partial spinoff of BLCO. The stock of BLCO became publicly traded and BHC retained an 88% interest. Management then tried to distribute BHC’s remaining 88% interest in BLCO to BHC shareholders, including themselves. The concept was to take the value of BLCO assets, separate it from BHC, distribute that value to BHC shareholders in the form of BLCO stock, and leave BHC creditors with only a claim on the assets remaining at Bausch Health (excl. B+L). However, in order to consummate the full spinoff of BLCO, BHC needed to get (i) a financial advisor’s opinion that both BLCO and Bausch Health (excl. B+L) would be financially viable entities as separate companies and (ii) Canadian regulatory approval. It appears that BHC was not able to find a financial advisor to issue such an opinion given the high leverage that would be left on Bausch Health (excl. B+L). BHC then pursued an outright sale of BLCO to private equity, with interested parties including Blackstone, Advent International, and TPG Capital. According to industry chatter, a large bid/ask spread existed between BHC and the financial buyer(s) with BHC looking for an unreasonable price. This was not surprising. Given the leverage at Bausch Health (excl. B+L), the sale price of BLCO had to be high enough for BHC management to receive any value to their equity. On 02/06/25

Apple claimed a **** percent share of the market in the second quarter of 2024, an increase from the previous quarter. Apple's long time competitor, Samsung, ranked first with a market share of **** percent. Apple and Samsung continue to dominate the smartphone market Apple has been among the top-five smartphone vendors in the world since 2009. With the decline of former market leaders Nokia and RIM, Apple and Samsung were able to grow their presence in the market. As a result of political pressure, tariffs and restrictions imposed by the U.S, Chinese manufacturer Huawei has recently dropped off of the top five list in the smartphone market, while Xiaomi, Oppo, and Transsion have gained ground. Coronavirus (COVD-19) pandemic impact on iPhone sales While the long-term impact of the coronavirus (COVID-19) pandemic on sale is difficult to determine, the immediate impact was quickly visible. While large quarterly fluctuations are normal for Apple’s revenue cycle, one must look back to 2017 to find two consecutive quarters in which Apple generated less than ** billion U.S. dollars in revenue from the iPhone. A less strong performance in the first quarter of 2024, lead by the iPhone 16, gave Apple the ****** spot in terms of quarterly global unit shipments after Samsung, although strong sales in the fourth quarter of every year is a common occurrence with Apple products.

Apple Inc. spent a record **** billion U.S. dollars on research and development in its 2024 fiscal year, increasing by about *** billion from its 2023 total. The company’s massive research and development budget over the years has led to the release of various famous products including the iPhone, iPod, MacBook, and iPad. In 2024, the company released their first VR headset, the Apple Vision Pro. Apple Inc. Since its famous beginning in a garage in California, Apple has grown into a tech industry giant, today holding the title of the world’s most valuable brand. The company released over a dozen new products in 2023, with new generations of its iPhone, Apple Watch, and iPad being released. In addition to its consumer electronics products, the company develops a variety of software packages, applications, web browsers, and more recently, cloud technology offerings. On November 1, 2019, with the official launch of its ambitious Apple TV+, Apple also entered the over-the-top media service market, albeit late to the already competitive game. Apple’s massive range of compatible products and software bring in hundreds of billions of dollars in revenue each year and made it the first public company whose market value reaches the ****trillion U.S. dollar landmark.

In 2023, Apple Inc. generated an estimated **** billion U.S. dollars in e-commerce net sales through its online store, apple.com. This was a decrease from the year before where it hit a peak of net sales on their website in 2022, at **** billion U.S. dollars. For more information please visit ecommerceDB.

In the first quarter of 2023, Lenovo shipped 22.4 percent of all personal computers worldwide, whilst HP Inc. occupied 21.1 percent of the PC market. Dell ranked third among vendors in terms of PC shipments, accounting for 16.7 percent of the market.

In 2024, Meta Platforms generated a revenue of over 164 billion U.S. dollars, up from 134 billion USD in 2023. The majority of Meta’s profits come from its advertising revenue.Meta’s total Family of Apps revenue for 2022 amounted to 114 billion U.S. dollars. Additionally, Meta’s Reality Labs, the company’s VR division, generated around 2.1 billion dollars. Meta’s marketing expenditure for 2022 amounted to just over 15 billion U.S. dollars, up from 14 billion U.S. dollars in the previous year. Increasing audience base despite privacy misgivings Meta’s user numbers have continued to grow steadily throughout past years. In the fourth quarter of 2022, there was a total of 3.74 billion worldwide users across all of Meta’s platforms. For this same time frame, the company recorded 407 million monthly active users across Europe. Downloads of Meta’s app Oculus, for which virtual reality headsets are required, increased greatly from 2020 to 2021, reaching a total of 10.62 million downloads by the end of last year. Up until 2021, downloads had grown in a steady manner but from 2020 to 2021, they more than doubled.User numbers have increased despite data security issues and past controversy such as the Cambridge Analytica scandal in 2018. There remains skepticism surrounding the idea of the metaverse in which Meta aims to immerse itself. Of surveyed adults in the United States, the majority said that they were concerned about their privacy if Meta were to succeed in creating the metaverse.