Apple represented 28% of fiscal 2018 (ending in August) revenues and it has caused volatility in operating performance in the past, but performance has been good over the past four years. We estimate revenue from Apple grew in the 30% to 40% range in 2018, much higher than the mid-teens growth for Apple itself, we think because it expanded in non-phone categories. In our view, the company's current leverage of 2.4x provides adequate cushion to our downside threshold of 3x to absorb a meaningful macroeconomic slowdown, even if revenue growth is temporarily negative. We also think the impact from current U.S. tariff policies targeting Chinese exports, representing nearly half of U.S.-Chinese imports, will likely be modest given that technology products
