蘋果 (AAPL) 2010 Q1 法說會逐字稿

Good day, everyone, and Welcome to Apple Inc.

大家好，歡迎來到 Apple Inc.

first quarter fiscal year 2010 earnings release conference call.

2010財年第一季度財報電話會議。

Today's call is being recorded.

今天的電話正在錄音。

At this time for opening remarks and introductions I would like to turn the call over to Ms.

在這個時候開始致辭和介紹，我想把電話轉給女士。

Nancy Paxton, Senior Director of Investor Relations.

Nancy Paxton，投資者關係高級總監。

Please go ahead, ma'am.

請繼續，女士。

Thank you.

謝謝你。

Good afternoon and thanks to everyone for joining us.

下午好，感謝大家加入我們。

Speaking today is Apple CFO Peter Oppenheimer and he'll be joined by Apple's COO Tim Cook, and Treasurer Gary Wipfler for the Q&A session with Alex.

今天發言的是 Apple 首席財務官 Peter Oppenheimer，他將與 Apple 首席運營官 Tim Cook 和財務主管 Gary Wipfler 一起參加與 Alex 的問答環節。

Please note some of the information you will hear during our discussion today will consist of forward-looking statements including, without limitation, those regarding revenue, gross margins, operating expenses other income and expense, stock based compensation expense, taxes, earnings per share and future products.

請注意，您將在我們今天的討論中聽到的一些信息將包括前瞻性陳述，包括但不限於有關收入、毛利率、運營費用、其他收入和費用、股票薪酬費用、稅收、每股收益和未來的產品。

Actual results and trends could differ materially from our forecast.

實際結果和趨勢可能與我們的預測大相徑庭。

For more information please refer to the risk factors discussed in Apple's Form 10-K for 2009 and the Form 10-Q for the first quarter of fiscal 2010 filed earlier today.

如需更多信息，請參閱今天早些時候提交的 Apple 2009 年 10-K 表格和 2010 財年第一季度 10-Q 表格中討論的風險因素。

Apple assumes no obligation to update any forward-looking statements or information which speak as of their respective dates.

Apple 不承擔更新任何前瞻性陳述或截至其各自日期的信息的義務。

With that I'd like to turn the call over to Peter Oppenheimer for introductory remarks.

有了這個，我想把電話轉給彼得奧本海默做介紹性發言。

Thank you, Nancy.

謝謝你，南希。

Thank you for joining us.

感謝您加入我們。

We are thrilled to report our best quarter ever.

我們很高興地報告我們有史以來最好的季度。

We posted Apple's highest quarter revenue and earnings and set new records with sales of Macs and iPhones.

我們公佈了蘋果公司最高的季度收入和收益，並創下了 Mac 和 iPhone 銷量的新紀錄。

We're shipping the best products in our history and customers love them.

我們正在運送我們歷史上最好的產品，客戶喜歡它們。

Today we are recording our current results as well as all historical comparisons under the new accounting principles we discussed with you on our last earnings conference call which I will explain in detail after going through the highlights of our record breaking December quarter.

今天，我們正在根據我們在上次財報電話會議上與您討論的新會計原則記錄我們當前的結果以及所有歷史比較，我將在瀏覽我們創紀錄的 12 月季度的亮點後詳細解釋。

Revenue for the quarter was $15.68 billion growing 32% from prior's quarter results and surpassing our previous quarterly record by almost $3.5 billion.

本季度收入為 156.8 億美元，比上一季度業績增長 32%，比我們之前的季度記錄高出近 35 億美元。

Operating margin was Apple's highest ever at $3.73 billion representing 30.1% of revenue.

營業利潤率為蘋果公司有史以來最高的 37.3 億美元，佔收入的 30.1%。

Net income was $3.38 billion up 50% over the year ago quarter and was almost $850 million higher than our previous quarterly record.

淨收入為 33.8 億美元，比去年同期增長 50%，比我們之前的季度記錄高出近 8.5 億美元。

Earnings per share were $3.67.

每股收益為 3.67 美元。

Turning to the details of our results I'd like to begin with our Mac products and services.

談到我們結果的細節，我想從我們的 Mac 產品和服務開始。

We generated record Mac sales of 3.36 million beating our previous record set in the September quarter by over 300,000.

我們創造了創紀錄的 336 萬台 Mac 銷量，比我們之前在 9 月季度創下的紀錄高出 30 萬台。

Quarterly Mac sales grew 33% year over year and this compares extremely favorably to IDC's latest published estimate of 17% growth for the market overall in the December quarter.

季度 Mac 銷售額同比增長 33%，這與 IDC 最新公佈的 12 月季度市場整體增長 17% 的估計相比極為有利。

We are extremely proud of this result and believe our Mac hardware and software are providing outstanding innovation and value that our customers really love.

我們對這一結果感到非常自豪，並相信我們的 Mac 硬件和軟件正在提供我們客戶真正喜愛的卓越創新和價值。

Response to the new iMacs introduced in October was very strong, contributing to 70% year over year growth in desktop sales.

對 10 月份推出的新款 iMac 的反應非常強烈，桌面銷量同比增長 70%。

Customers are thrilled with the iMac's tremendous new features including enhanced performance, wide screen LED display, wireless keyboard and new Magic Mouse.

客戶對 iMac 的巨大新功能感到非常興奮，包括增強的性能、寬屏 LED 顯示屏、無線鍵盤和新的 Magic Mouse。

Portable sales were also robust during the quarter, increasing 18% year over year based on strong sales of both MacBook and MacBook Pro.

由於 MacBook 和 MacBook Pro 的強勁銷售，本季度便攜式銷售也很強勁，同比增長 18%。

We experienced very strong demand following the October launch of the new MacBook which features a durable unibody design, brilliant LED display, glass multi-task track pad, and enhanced performance.

在 10 月份推出新款 MacBook 後，我們經歷了非常強勁的需求，該款 MacBook 採用耐用的一體成型設計、明亮的 LED 顯示屏、玻璃多任務觸控板和增強的性能。

The new iMac and MacBook launches fueled very strong results in our education business during the quarter.

新 iMac 和 MacBook 的推出在本季度為我們的教育業務帶來了非常強勁的業績。

Overall Mac sales through our US education channel increased 16% year over year as we set new December quarter records from both K to 12 and high ed channels.

我們通過我們的美國教育渠道銷售的 Mac 整體銷量同比增長 16%，因為我們在 12 月從 K 到 12 和 high ed 渠道創造了新的季度記錄。

We began and ended the quarter with between three and four weeks of Mac channel inventory.

我們以三到四周的 Mac 渠道庫存開始和結束本季度。

Now I'll turn to our music products.

現在我將轉向我們的音樂產品。

We sold almost 21 million iPods compared to 22.7 million in the year ago quarter.

我們售出了近 2100 萬台 iPod，而去年同期為 2270 萬台。

As expected, sales of our traditional ipods declined year over year but the very strong 55% year-over-year growth in sales of iPod Touch resulted in an overall iPod ASP increase of 9% and revenue growth of 1%.

正如預期的那樣，我們傳統 iPod 的銷售額同比下降，但 iPod Touch 銷售額同比增長 55%，導致 iPod 的整體 ASP 增長 9%，收入增長 1%。

Our share of the US market for MP3 players remains at over 70% based on the latest monthly data published by MPD.

根據 MPD 發布的最新月度數據，我們在美國 MP3 播放器市場的份額保持在 70% 以上。

And IPod was the top selling MP3 player and continued to gain share internationally year over year in most countries we tracked based on the latest data published by GFK.

根據 GFK 發布的最新數據，iPod 是最暢銷的 MP3 播放器，並且在我們追踪的大多數國家/地區的國際份額逐年增加。

The iTunes store delivered a recording breaking quarter with strong sales of music, video and apps.

iTunes 商店的音樂、視頻和應用程序銷售強勁，創下了創紀錄的季度業績。

iTunes has the world's largest online music catalogue, with a selection of 11 million songs.

iTunes 擁有世界上最大的在線音樂目錄，有 1100 萬首歌曲可供選擇。

iTunes also features over 8,000 Hollywood films including 2,000 HD video, 10,000 music videos and over 50,000 TV episodes.

iTunes 還收錄了 8,000 多部好萊塢電影，包括 2,000 部高清視頻、10,000 部音樂視頻和 50,000 多部電視劇集。

The app store continues to be an unparalleled success with more than 3 billion downloads to date by iPhone and iPod Touch users in 77 countries.

該應用程序商店繼續取得空前成功，迄今為止，77 個國家/地區的 iPhone 和 iPod Touch 用戶下載量已超過 30 億次。

We ended the quarter within our target range of four to six weeks of iPod channel inventory on a look forward basis.

本季度末，我們在 iPod 渠道庫存四到六週的目標範圍內進行了展望。

I'd now like to turn to the iPhone.

我現在想轉向 iPhone。

We are thrilled to have sold over 8.7 million iPhones during the quarter which is a new Company record and an increase of 100% over the prior December quarter.

我們很高興在本季度售出了超過 870 萬部 iPhone，這是公司的新紀錄，比去年 12 月季度增長了 100%。

This compares extremely favorably to Canalys' latest published estimate of 35% growth for the smartphone overall in December quarter.

這與 Canalys 最新公佈的 12 月季度智能手機整體增長 35% 的估計相比極為有利。

Recognized revenue from iPhone handset sales, accessory sales and carrier payments was $5.58 billion during the quarter compared to $2.94 billion in the year ago quarter.

本季度來自 iPhone 手機銷售、配件銷售和運營商支付的確認收入為 55.8 億美元，而去年同期為 29.4 億美元。

The sales value of the 8.7 million iPhones sold in the quarter was over $5.4 billion resulting in an ASP of about $620.

本季度售出的 870 萬部 iPhone 的銷售額超過 54 億美元，平均售價約為 620 美元。

We added 17 new carriers during the quarter including Canada Bell and Telus, Orange in the UK, China Unicom and KTF in South Korea.

本季度我們新增了 17 家運營商，包括加拿大貝爾和 Telus、英國的 Orange、中國聯通和韓國的 KTF。

We now have iPhone distribution in 86 countries and we are very pleased with the international growth we achieved as we have added both countries and carriers.

我們現在在 86 個國家/地區擁有 iPhone 分銷渠道，我們對增加國家和運營商所取得的國際增長感到非常滿意。

We experienced very strong year-over-year growth in a number of major markets including Japan, Australia, the UK, France and Germany.

我們在日本、澳大利亞、英國、法國和德國等多個主要市場實現了非常強勁的同比增長。

Satisfaction and demand for iPhone in the corporate environment remains strong.

企業環境中對 iPhone 的滿意度和需求依然強勁。

In fact, business customers have ranked iPhone the Number one smart phone in JD Powers customer satisfaction survey for the second year in a row.

事實上，在 JD Powers 客戶滿意度調查中，企業客戶連續第二年將 iPhone 評為智能手機第一名。

And we have continued to see a rapidly growing number of enterprise CIOs who have added iPhone to their approved device list.

我們繼續看到越來越多的企業 CIO 將 iPhone 添加到他們的批准設備列表中。

Specifically, we now have over 70% of the Fortune 100 deploying or piloting iPhone.

具體來說，我們現在有超過 70% 的財富 100 強企業部署或試用 iPhone。

This penetration has doubled since the iPhone 3GS first shipped this past summer.

自去年夏天 iPhone 3GS 首次出貨以來，這一滲透率翻了一番。

I would now like to turn to the Apple retail stores.

我現在想轉向蘋果零售店。

Revenue in the quarter was $1.97 billion compared to $1.75 billion in the year ago quarter, an increase of 13%.

本季度收入為 19.7 億美元，比去年同期的 17.5 億美元增長 13%。

Our stores sold a record 689,000 Macs compared to 515,000 Macs in the year ago quarter.

我們的商店售出了創紀錄的 689,000 台 Mac，而去年同期為 515,000 台。

About half the Macs sold in our stores during the December quarter were to customers who had never owned a Mac before.

在 12 月季度，我們商店出售的 Mac 中約有一半是面向從未擁有過 Mac 的客戶。

We opened 10 new stores during the quarter including spectacular new stores at the Louvre in Paris and on the upper west side of New York.

我們在本季度開設了 10 家新店，其中包括位於巴黎盧浮宮和紐約上西區的壯觀新店。

Bringing us to a total of 283 stores in 10 countries.

將我們帶到 10 個國家的 283 家商店。

We also completed 32 store remodel projects during the December quarter bringing us to 100 remodels in the calendar year.

我們還在 12 月季度完成了 32 個商店改造項目，使我們在日曆年中完成了 100 個改造。

With an average of 278 stores open during the December quarter average revenue per store was $7.1 million compared to $7 million in the year ago quarter.

12 月季度平均有 278 家門店開業，每家門店的平均收入為 710 萬美元，而去年同期為 700 萬美元。

Retail segment margin was $481 million or 24.4%, up from $409 million or 23.4% in the year ago quarter.

零售部門利潤率為 4.81 億美元或 24.4%，高於去年同期的 4.09 億美元或 23.4%。

We hosted a record 50.9 million visitors in our stores during the quarter compared to 46.7 million visitors in the year ago quarter, an increase of 9%.

本季度我們的門店接待了創紀錄的 5090 萬訪客，而去年同期為 4670 萬，增長了 9%。

We also conducted 586,000 personal training sessions and sold 280,000 memberships to our one-to-one program.

我們還舉辦了 586,000 次個人培訓課程，並向我們的一對一計劃售出了 280,000 名會員。

We now have 62 stores outside the US and we are on track to open 40 to 50 stores in fiscal 2010, at least half of which we expect to be in international locations.

我們現在在美國以外擁有 62 家門店，我們有望在 2010 財年開設 40 至 50 家門店，我們預計其中至少有一半位於國際地點。

We remain very pleased with the performance of our stores and customers continue to truly value the great experience our stores provide.

我們仍然對我們商店的表現感到非常滿意，客戶繼續真正重視我們商店提供的出色體驗。

Total gross margin was 40.9%.

總毛利率為40.9%。

Operating expenses were $1.69 billion and included $168 million in stock-based compensation expense.

運營費用為 16.9 億美元，其中包括 1.68 億美元的股票薪酬費用。

OI&E was $33 million.

OI&E 為 3300 萬美元。

And the tax rate for the quarter was 29%.

本季度的稅率為 29%。

Better than we expected due to a higher mix of foreign earnings.

好於我們的預期，因為外國收入的組合更高。

Turning to cash.

轉向現金。

Our cash plus short term and long-term marketable securities totaled $39.8 billion at the end of the December quarter compared to $34 billion at the end of the September quarter, an increase of $5.8 billion.

截至 12 月季度末，我們的現金加上短期和長期有價證券總額為 398 億美元，而 9 月季度末為 340 億美元，增加了 58 億美元。

Cash flow from operations was about $5.8 billion.

運營現金流約為 58 億美元。

Our investment priority for the cash continues to be preservation of capital which has served us well in the current environment.

我們對現金的投資重點仍然是保本，這在當前環境下為我們提供了很好的服務。

We are continuing to focus on short dated high quality investments and remain comfortable with our investment portfolio.

我們將繼續專注於短期優質投資，並對我們的投資組合感到滿意。

As we discussed on our last conference call, in September of 2009 the FASB amended the accounting standards that determine how we account for sales of iPhone and Apple TV, as well as certain other types of transactions related to revenue recognition for arrangements with multiple deliverables.

正如我們在上次電話會議上討論的那樣，2009 年 9 月，FASB 修訂了會計準則，該準則確定了我們如何核算 iPhone 和 Apple TV 的銷售，以及與多交付安排的收入確認相關的某些其他類型的交易。

We elected to adopt these new accounting principles on a retrospective basis in the December quarter.

我們選擇在 12 月季度追溯採用這些新的會計原則。

Because we began selling both iPhone and Apple TV in fiscal 2007 we retrospectively adopted the new accounting principles as if the new accounting principles had been applied in all prior periods.

因為我們在 2007 財年開始銷售 iPhone 和 Apple TV，所以我們追溯採用了新的會計準則，就好像新的會計準則在之前的所有期間都得到了應用一樣。

Consequently, the financial results of each quarter from fiscal 2007 through fiscal 2009 have been revised.

因此，對 2007 財年至 2009 財年每個季度的財務業績進行了修訂。

We believe retrospective adoption provides analysts and investors the most comparable and useful financial information and better reflects the underlying economic performance of our business.

我們認為，追溯採用為分析師和投資者提供了最具可比性和最有用的財務信息，並更好地反映了我們業務的基本經濟表現。

Under the old accounting principles we were required to account for sales of both iPhone and Apple TV using subscription accounting because we indicated we might provide future unspecified software upgrades and features for those products free of charge.

根據舊的會計原則，我們必須使用訂閱會計來計算 iPhone 和 Apple TV 的銷售，因為我們表示我們可能會在未來免費為這些產品提供未指定的軟件升級和功能。

Under subscription accounting, revenue and associated product costs of sales were deferred at the time of sale and recognized on a straight line basis over 24 months which resulted in significant amounts of deferred revenue and deferred costs on the balance sheet.

根據訂閱會計，銷售收入和相關產品成本在銷售時遞延，並在 24 個月內以直線法確認，這導致資產負債表上出現大量遞延收入和遞延成本。

The new accounting principles require us (inaudible) for the sale of each iPhone and Apple TV as two deliverables.

新的會計準則要求我們（聽不清）將每部 iPhone 和 Apple TV 作為兩個可交付成果進行銷售。

The first deliverable is the hardware and software provided at the time of sale and the second deliverable is the right to receive future unspecified software upgrades and features when and if they become available.

第一個交付物是銷售時提供的硬件和軟件，第二個交付物是在未來可用時接收未指定軟件升級和功能的權利。

The new rules require us to estimate the standalone selling price for the software upgrade right and to recognize that amount ratably over our estimated 24-month live for iPhone and Apple TV.

新規則要求我們估計軟件升級權的獨立售價，並在我們估計的 iPhone 和 Apple TV 24 個月的直播時間內確認該金額。

For all periods to date from 2007 we have estimated the selling price of the upgrade right to be $25 for iPhone and $10 for Apple TV.

從 2007 年至今，我們估計 iPhone 升級權的售價為 25 美元，Apple TV 為 10 美元。

The difference between the total iPhone or Apple TV sales price and the $25 or $10 estimated selling price of the upgrade right is recognized as revenue immediately.

iPhone 或 Apple TV 總售價與升級權的 25 美元或 10 美元估計售價之間的差額立即確認為收入。

As a result, substantially all of the revenue and all of the product costs including warranty expense from the sales of iPhone and Apple TV are recognized at the time of sale.

因此，銷售 iPhone 和 Apple TV 的幾乎所有收入和所有產品成本（包括保修費用）均在銷售時確認。

Therefore, you will see much less deferred revenue and no deferred cost on the revised balance sheets related to past iPhone and Apple TV sales.

因此，在與過去 iPhone 和 Apple TV 銷售相關的修訂後的資產負債表中，您將看到更少的遞延收入和沒有遞延成本。

The accounting for OpEx has been affected by the new accounting principles.

OpEx 的會計處理受到新會計準則的影響。

The new accounting principles also alter the way we previously accounted for some other aspects of the business including some education and other shipments and some international carrier payments.

新的會計準則還改變了我們之前對業務其他方面的會計處理方式，包括一些教育和其他運輸以及一些國際承運人付款。

None of which were significant.

這些都不重要。

For example, under the old accounting principles we were required to recognize revenue from certain education sales over multiple years because we could not meet the strict criteria required for immediate revenue recognition.

例如，根據舊的會計原則，我們需要在多年內確認某些教育銷售的收入，因為我們無法滿足立即確認收入所需的嚴格標準。

Under the new accounting principles we are permitted to make estimates of the value of the elements that need to be deferred and recognized over time.

根據新的會計原則，我們可以對需要隨時間遞延和確認的要素的價值進行估計。

Therefore, in our revised financial statements a significant portion of the revenue from such transactions has been recognized as of the time of sale.

因此，在我們修訂的財務報表中，此類交易的大部分收入已在銷售時確認。

The results of the December quarter as well as the revised results in each of the past three fiscal years reflect the new accounting principles.

12 月季度的業績以及過去三個財政年度每年的修訂業績都反映了新的會計準則。

In addition to filing the 10-Q for the December quarter with the SEC today, we also filed an amended 10-K for 2009 to reflect the retrospective application of the new principles to prior years.

除了今天向 SEC 提交 12 月季度的 10-Q 之外，我們還提交了 2009 年修訂的 10-K，以反映新原則對前幾年的追溯應用。

To assist analysts and investors in their understanding the impact of the new principles, we also filed an 8-K today to provide quarterly financial schedules reconciling the application of old and new accounting principles to historical income statements, balance sheets, cash flow from operations, deferred revenue and summary data information.

為了幫助分析師和投資者了解新原則的影響，我們今天還提交了一份 8-K，以提供季度財務時間表，以協調新舊會計原則對歷史損益表、資產負債表、運營現金流的應用，遞延收入和匯總數據信息。

These schedules will also be available later today on our website at Apple.com/investor.

這些時間表也將於今天晚些時候在我們的網站 Apple.com/investor 上提供。

We are very pleased by the FASB's ratification of the new accounting principles as we believe they will better enable us to reflect the underlying economics and performance of our business and therefore we will no longer be providing non-GAAP financial measures.

我們對 FASB 批准新會計準則感到非常高興，因為我們相信它們將使我們能夠更好地反映我們業務的基本經濟和業績，因此我們將不再提供非公認會計準則財務指標。

Looking ahead to the March quarter, I'd like to review our outlook which includes the types of forward-looking information that Nancy referred to at the beginning of the call.

展望 3 月季度，我想回顧一下我們的前景，其中包括南希在電話會議開始時提到的前瞻性信息類型。

We will provide a range of guidance for the March quarter under the new accounting principles.

我們將根據新的會計準則為 3 月季度提供一系列指導。

We expect revenue to be between about $11 billion and $11.4 billion compared to $9.1 billion in the March quarter last year under the new accounting principles.

根據新會計準則，我們預計收入將在 110 億美元至 114 億美元之間，而去年第三季度的收入為 91 億美元。

We expect gross margin to be about 39% reflecting approximately $40 million related to stock-based compensation expense.

我們預計毛利率約為 39%，反映出與股票薪酬費用相關的約 4000 萬美元。

We expect OpEx to be about $1.64 billion including about $190 million related to stock-based compensation.

我們預計運營支出約為 16.4 億美元，其中包括與股票薪酬相關的約 1.9 億美元。

We expect OI&E to be about $30 million reflective of the short term interest rate environment and we expect the tax rate to be about 29%.

我們預計 OI&E 約為 3000 萬美元，以反映短期利率環境，我們預計稅率約為 29%。

We are targeting EPS in the range of $2.06 to $2.18 compared to $1.79 in the year ago quarter under the new accounting principles.

根據新的會計準則，我們的每股收益目標在 2.06 美元至 2.18 美元之間，而去年同期為 1.79 美元。

In closing we are extremely pleased with the results of our record breaking December quarter including our 32% revenue growth and 50% net income growth.

最後，我們對我們創紀錄的 12 月季度的業績感到非常滿意，其中包括 32% 的收入增長和 50% 的淨收入增長。

We remain focused on delivering the industry's most innovative products and great value to our customers and we are incredibly excited about our new product Pipeline.

我們仍然專注於為我們的客戶提供業內最具創新性的產品和巨大的價值，我們對我們的新產品 Pipeline 感到無比興奮。

With that I would like to open the call to questions.

有了這個，我想打開提問的電話。

Ladies and gentlemen, the question and answer session will be conducted electronically.

女士們，先生們，問答環節將以電子方式進行。

Your first question will come from Gene Munster with Piper Jaffray.

您的第一個問題將來自 Gene Munster 和 Piper Jaffray。

Good afternoon and congratulations.

下午好，祝賀你。

The Mac was impressive, 33% growth.

Mac 令人印象深刻，增長了 33%。

Third quarter consecutive Mac growth rate, I'm not sure if that's through a combination of new products and better economy.

Mac 連續第三季度的增長率，我不確定這是否是通過新產品和更好的經濟的結合。

But before the slowdown, MAcs were growing at 41% in June of 2008.

但在經濟放緩之前，MAC 在 2008 年 6 月以 41% 的速度增長。

Besides the law of large numbers is there any reason to think the Mac growth rates won't continue in these just reported ranges?

除了大數定律之外，還有什麼理由認為 Mac 的增長率不會在剛剛報告的這些範圍內繼續下去？

Hi, Gene, it is Tim.

嗨，吉恩，我是蒂姆。

We are thrilled to see the Mac at the 33% growth rate.

我們很高興看到 Mac 以 33% 的速度增長。

It is about two times the market and so I wouldn't want to predict what will occur in the future.

它大約是市場的兩倍，所以我不想預測未來會發生什麼。

As you know, we don't do that other than to give guidance.

如您所知，除了提供指導外，我們不會這樣做。

But I would point out that some of the markets that we are in, the Mac growth was absolutely spectacular.

但我要指出，在我們所處的一些市場中，Mac 的增長絕對是驚人的。

As an example, Italy, France, Switzerland and Spain all grew at 40% or higher.

例如，意大利、法國、瑞士和西班牙均以 40% 或更高的速度增長。

Australia was up over 70%.

澳大利亞上漲了 70% 以上。

China was up almost 100%.

中國幾乎上漲了100%。

There are some markets we are doing extremely well in and we will just have to see where it takes us.

有些市場我們做得非常好，我們只需要看看它會把我們帶到哪裡。

But we believe that we are shipping the best products that we have ever shipped before and are very confident about the pipeline.

但我們相信我們正在運送我們以前運送過的最好的產品，並且對管道非常有信心。

Great.

偉大的。

Just one quick follow-up question regarding AT&T.

只是一個關於 AT&T 的快速後續問題。

40% of your iPhone units are in AT&T, by our estimates.

據我們估計，您 40% 的 iPhone 都在 AT&T。

Obviously AT&T has had a lot of bad press here recently and obviously that impacts your brand.

顯然，AT&T 最近在這裡受到了很多負面新聞，這顯然會影響您的品牌。

Can you remind us what the benefits and virtues of sticking with a single carrier in the US are?

您能否提醒我們在美國堅持使用單一運營商的好處和優點是什麼？

AT&T is a great partner.

AT&T 是一個很好的合作夥伴。

We have been working with them since well before we announced the first iPhone to get it out.

早在我們宣布推出第一款 iPhone 之前，我們就一直在與他們合作。

I think it is important to remember they had more mobile broadband usage than any other carrier in the world.

我認為重要的是要記住他們的移動寬帶使用量比世界上任何其他運營商都多。

And in the vast majority of locations we think that iPhone customers are having a great experience, from the research that we have done.

根據我們所做的研究，在絕大多數地區，我們認為 iPhone 客戶的體驗非常好。

As you know, AT&T has acknowledged that they are having some issues in a few cities and they have very detailed plans to address these.

如您所知，AT&T 已經承認他們在一些城市遇到了一些問題，並且他們有非常詳細的計劃來解決這些問題。

We have reviewed these plans and we have very high confidence they will make significant progress towards fixing them.

我們已經審查了這些計劃，我們非常相信他們將在修復這些計劃方面取得重大進展。

Next question, please.

下一個問題，請。

Your next question will come from Richard Gardner with Citigroup.

您的下一個問題將來自花旗集團的 Richard Gardner。

Great, thank you.

太好了謝謝。

Peter, I wanted to ask you about gross margin.

彼得，我想問你關於毛利率的問題。

I know you've switched over the accounting but it looked like under the prior accounting method your gross margin would have been somewhere north of 37% which is well above the 34% you guided to on the last call, and I was hoping that you could, as you usually do, give us a sense of the puts and takes on gross margin during the December quarter.

我知道你已經轉換了會計，但看起來在以前的會計方法下，你的毛利率應該在 37% 以上，遠高於你在上次電話中指導的 34%，我希望你可以像您通常所做的那樣，讓我們了解 12 月季度的看跌期權和毛利率。

And for the March quarter as well.

對於三月季度也是如此。

Thank you.

謝謝你。

As you know, we are reporting our results for the December quarter today under the new accounting principles and the guidance that we provided, as you said, Rich, was under the historic principles.

如您所知，我們今天根據新的會計準則報告了 12 月季度的業績，正如您所說，我們提供的指導是根據歷史原則進行的。

So the two are not comparable.

所以兩者沒有可比性。

But let me try and help.

但讓我試著幫忙。

And actually, I'd like to first start with revenue.

實際上，我想首先從收入開始。

Our actual revenue of $15.68 billion exceeded the guidance that we gave under the old accounting principles by over $4 billion and roughly half of that was attributed to the performance of the business.

我們 156.8 億美元的實際收入超過了我們根據舊會計準則給出的指導超過 40 億美元，其中大約一半歸因於業務表現。

We set records for Mac and iPhone shipments, had a great iTunes quarter.

我們創造了 Mac 和 iPhone 出貨量的記錄，iTunes 季度表現出色。

And, by the way, IPod Touch up very strongly, 55%.

順便說一下，iPod Touch 的增長非常強勁，達到了 55%。

And the accounting change accounted for the other half of the $4 billion.

而會計變更佔了 40 億美元的另一半。

We focused our attention on converting to the new accounting which was really complex.

我們將注意力集中在轉換到非常複雜的新會計上。

And I'm so proud of how hard the finance team and the systems team worked to accomplish this so quickly after the FASB amended the standards.

我為財務團隊和系統團隊在 FASB 修改標准後如此迅速地完成這項工作而感到自豪。

So we didn't spend as much time really diving into the gross margin but I can tell you that the December quarter margin of 40.9% was a bit better than we expected heading into the quarter due to three factors.

因此，我們沒有花太多時間真正深入研究毛利率，但我可以告訴你，由於三個因素，12 月季度 40.9% 的利潤率比我們預期的要好一些。

The first is we did experience a better commodity environment than we had anticipated.

首先是我們確實經歷了比我們預期的更好的商品環境。

Second we had better warranty performance and lower freight and duty costs than we planned and we did benefit from the higher revenue and leveraged some of our fixed costs.

其次，我們比我們計劃的保修性能更好，運費和關稅成本更低，我們確實從更高的收入中受益，並利用了我們的一些固定成本。

As we go forward to the March quarter I would expect gross margins to be about 39%, down a little bit sequentially as a result of three factors, all about equal in size.

隨著我們進入 3 月季度，我預計毛利率約為 39%，由於三個因素的影響，毛利率將略有下降，而且規模大致相同。

The first is we do expect a higher component environment and some other costs in the March quarter relative to what we saw in December.

首先，與我們在 12 月看到的情況相比，我們確實預計 3 月季度的組件環境和其他一些成本會更高。

Second, we will have a very typical seasonal decline in revenue so we won't have as much leverage on our fixed costs and we won't have the benefit of a couple of small one-time items that we had in the December quarter not repeating.

其次，我們的收入將出現非常典型的季節性下降，因此我們不會對我們的固定成本有太大的影響力，我們也不會像 12 月季度那樣從一次性的幾個小項目中受益重複。

And then finally the US dollar has strengthened here in the new calendar year from where we were in the December quarter and that's having an impact, as well.

最後，美元在新的日曆年從 12 月季度的情況開始走強，這也產生了影響。

Peter, if I could ask a quick follow-up.

彼得，如果我可以要求快速跟進。

Could you elaborate on which component prices you expect to be up in the March quarter?

您能否詳細說明您預計 3 月季度哪些組件價格會上漲？

Rich, it's Time.

富貴，是時候了。

For this quarter compared to last quarter we are continuing to see that the market is very constrained in DRAM and we do expect that that will drive prices higher sequentially.

本季度與上一季度相比，我們繼續看到 DRAM 市場非常受限，我們確實預計這將推動價格連續上漲。

For the vast majority of the other commodities it appears to us that the excess inventories that causes prices to fall last year have been depleted and are more in a supply/demand balance.

對於絕大多數其他商品，在我們看來，導致去年價格下跌的過剩庫存已經耗盡，並且更多地處於供需平衡狀態。

The one exception to that is the 3.5-inch drive which will be supply constrained.

一個例外是 3.5 英寸驅動器，它將受到供應限制。

Great, thank you.

太好了謝謝。

Thank you, Rich.

謝謝你，里奇。

Could we have the next question, please?

請問下一個問題好嗎？

From Credit Suisse we will hear from Bill Shope.

我們將收到來自瑞士信貸的 Bill Shope 的消息。

Thanks, guys.

多謝你們。

First of all, just as a clarification, does the guidance you gave include any impact from unannounced products this quarter?

首先，作為澄清，您提供的指導是否包括本季度未發布產品的任何影響？

Bill, I think you're maybe alluding to our event on Wednesday and I don't have anything to share with you today.

比爾，我想你可能是在暗示我們週三的活動，我今天沒有什麼要和你分享的。

So please stay tuned.

所以請繼續關注。

Okay.

好的。

Then off of that, now that the iPhone business has been around for several years can you guys provide us some color on how we should think about March quarter seasonality?

那麼除此之外，既然 iPhone 業務已經存在了好幾年，你們能否為我們提供一些關於我們應該如何看待 3 月季度季節性的顏色？

And also, Tim, could you give us an update on how we should think about channel inventory within the iPhone business?

另外，蒂姆，你能否告訴我們如何看待 iPhone 業務中的渠道庫存？

Sure, Bill.

當然，比爾。

First of all, the channel inventory question.

首先，渠道庫存問題。

We ended the quarter with approximately 2.7 million units in the channel.

我們在本季度末的渠道中約有 270 萬台。

I would remind you that that includes demos and also includes in transit inventories that have been invoiced to carrier and so we probably count that in a more conservative manner than others might.

我會提醒您，這包括演示，還包括已向承運人開具發票的運輸庫存，因此我們可能以比其他人更保守的方式計算。

In terms of seasonal I think Peter will comment on that.

就季節性而言，我認為彼得會對此發表評論。

Sure.

當然。

Bill, I will talk about all three of our product areas.

比爾，我將談談我們所有的三個產品領域。

For Mac we would expect to see a sequential decline which is very typical in the March quarter from the December holiday quarter.

對於 Mac，我們預計會出現連續下降，這在 3 月季度與 12 月假期季度相比是非常典型的。

For iPod we certainly would expect to see the same.

對於 iPod，我們當然希望看到同樣的情況。

And given that our expectations that traditional iPod sales will decrease over time the sequential decline may be a little bigger than we have seen in prior years.

鑑於我們預計傳統 iPod 銷量將隨著時間的推移而下降，因此連續下降可能比我們前幾年看到的要大一些。

And we don't have a lot of experience with iPhone but certainly gaining some.

我們在 iPhone 方面沒有太多經驗，但肯定獲得了一些經驗。

And given that the quarter ended after Christmas we would expect to see a sequential decline in the March quarter from December which is, we think, very seasonal.

鑑於該季度在聖誕節後結束，我們預計 3 月季度將比 12 月連續下降，我們認為這是非常季節性的。

Okay, great.

好，太棒了。

Thanks, guys.

多謝你們。

Thank you, Bill.

謝謝你，比爾。

Could we have the next question, please?

請問下一個問題好嗎？

From Barclays Capital we hear from Ben Reitzes.

我們從 Barclays Capital 聽到 Ben Reitzes 的消息。

Good afternoon.

下午好。

Peter, your free cash flow was $5.88 in the quarter, if I calculated it right, higher than EPS.

彼得，如果我計算正確的話，你本季度的自由現金流為 5.88 美元，高於每股收益。

Do you see any dynamics that would change the way you are generating free cash flow versus earnings and do you think that that will remain the case over the long-term?

您是否看到任何會改變您產生自由現金流與收益的方式的動態，您是否認為這種情況會在長期內保持不變？

The cash generating in the quarter was very very strong.

本季度的現金產生非常非常強勁。

GAAP earnings under the new accounting which have a very small deferral for iPhone and Apple TV were up just under $3.4 billion and our cash increased by $5.8 billion and our cash flow from operations about equaled our total cash generation.

新會計準則下的 GAAP 收益（iPhone 和 Apple TV 的延期很小）增長了略低於 34 億美元，我們的現金增加了 58 億美元，我們的運營現金流大約等於我們的總現金產生。

It really speaks to the power of our business model and our asset management.

它確實說明了我們的商業模式和資產管理的力量。

And to answer your question I don't see that changing.

為了回答你的問題，我認為這種情況沒有改變。

We are very very good with our receivables and our inventory management and with payables, as well.

我們的應收賬款和庫存管理以及應付賬款也非常出色。

We have been operating on a cash conversion cycle in the range of about a negative 40 days for as many years as I can remember.

據我所知，多年來，我們一直在以負 40 天左右的現金轉換週期運作。

And I'm not looking to see that change.

我不希望看到這種變化。

All right.

好的。

Thanks a lot, Peter.

非常感謝，彼得。

Then with regard to the iPhone could you talk a little bit more about China in particular.

那麼關於iPhone，您能否特別談談中國。

Did that meet your expectations in the quarter and how is that looking into this year?

這是否符合您在本季度的預期？今年的情況如何？

And do you think you will add more partners over time in that area as well, IPhone related, obviously.

你認為隨著時間的推移你會在那個領域增加更多的合作夥伴嗎，很明顯，與 iPhone 相關。

Ben, it is Tim.

本，是蒂姆。

We typically do not disclose units by country but given the visibility I'll do so.

我們通常不會按國家/地區披露單位，但考慮到知名度，我會這樣做。

We started selling in China, as you know, at the very end of October, beginning of November.

如您所知，我們在 10 月底、11 月初開始在中國銷售。

Earlier this month we had cumulatively activated 200,000 units, crossing over the 200,000 unit mark.

本月早些時候，我們累計激活了 200,000 台，突破了 200,000 台大關。

We ramped the point of sales across that period of time to end at about 1,500 by the end of Q.

我們在這段時間內提高了銷售點，到 Q 結束時達到了大約 1,500 個。

And we are very, very focused on the quality of the point of sales and the customer experience.

我們非常非常關註銷售點的質量和客戶體驗。

So we would prefer to move slow because we are building the brand for the long-term and we are very much focused on the long-term in that market because we think there is significant potential there.

因此，我們寧願放慢腳步，因為我們正在建立長期品牌，而且我們非常關注該市場的長期發展，因為我們認為那裡有巨大的潛力。

I wouldn't want to forecast where sales will go and what we may or may not do from a partner point of view.

我不想從合作夥伴的角度預測銷售的去向以及我們可能會或可能不會做的事情。

But we are very happy with working with China Unicom.

但我們很高興與中國聯通合作。

They are an excellent partner for us and I am thrilled that we are underway and have got about 2.5 months of experience under our belt.

他們對我們來說是一個很好的合作夥伴，我很高興我們正在進行中並且已經獲得了大約 2.5 個月的經驗。

Thanks a lot.

非常感謝。

Thank you, Ben.

謝謝你，本。

Could we have the next question please?

請問下一個問題好嗎？

From Sanford Bernstein, we will hear from Tony

從桑福德伯恩斯坦，我們將聽到托尼

Yes, thank you.

是的，謝謝。

Just a couple questions, please.

請問幾個問題。

First, can you just comment on your comfort level with iPhone inventory.

首先，您能否評論一下您對 iPhone 庫存的舒適度。

You mentioned you expect iPhones to be seasonally down but channel inventory was up.

您提到您預計 iPhone 會季節性下降，但渠道庫存增加。

I know you were below where you want inventory to be last quarter, so perhaps you could just clarify is four to six weeks the right number.

我知道你在上個季度低於你想要的庫存水平，所以也許你可以澄清一下四到六周是正確的數字。

Are you right in the middle of that?

你在這中間嗎？

How do we think about iPhone channel inventory?

我們如何看待 iPhone 渠道庫存？

Tony, it is Tim.

托尼，是蒂姆。

You're correct, channel inventory grew by about 230,000 units from the beginning to the end of the quarter to around the 2.7 million level.

沒錯，渠道庫存從本季度初到末增長了約 230,000 台，達到 270 萬台左右的水平。

We are completely comfortable with it.

我們對此完全滿意。

We could have sold a lot more and elected not to because we are managing inventories very tightly.

我們本可以賣得更多而選擇不賣，因為我們非常嚴格地管理庫存。

I'm not putting a target of four to six weeks out there on iPhone.

我沒有在 iPhone 上設定四到六週的目標。

We do have that target on iPod as you know and we have a target on the Mac of four to five.

如您所知，我們在 iPod 上確實有這個目標，我們在 Mac 上的目標是四到五個。

We ended under the Mac number and we ended within the iPod number despite, although we did pull the inventory on the iPod down from beginning to end of the quarter by about 150,000 units.

儘管我們確實將 iPod 的庫存從本季度開始到結束減少了約 150,000 台，但我們以 Mac 編號結束，並且以 iPod 編號結束。

On the phone we obviously had expansion through the quarter in terms of the number of carriers that we are dealing with within some existing countries and also launched some larger countries like China and Korea and really needed more inventory than we started with.

在電話上，我們顯然在本季度與我們在一些現有國家/地區打交道的運營商數量有所擴大，並且還推出了一些較大的國家，例如中國和韓國，並且確實需要比我們開始時更多的庫存。

But I feel totally comfortable with it.

但我對此感到非常舒服。

Any update on litigation?

訴訟有更新嗎？

Obviously a relatively high profile suit from Nokia.

顯然是來自諾基亞的相對高調的西裝。

Can you, A, give us an update at all or equally importantly can you confirm that there's no potential material risk to Apple's financial from litigation expense or settling patent infringement lawsuits going forward?

A，您能否向我們提供最新信息，或者同樣重要的是，您能否確認蘋果的財務不會因訴訟費用或解決專利侵權訴訟而造成潛在的重大風險？

Tony, as you know we have a longstanding practice of not commenting on pending litigation.

托尼，如您所知，我們長期以來一直不對未決訴訟發表評論。

Finally on the gross margin side, I think you're guiding on your new GAAP basis for gross margins to be down from 40% last year to 39% this year.

最後在毛利率方面，我認為您正在指導新的 GAAP 基礎，將毛利率從去年的 40% 降至今年的 39%。

How do we think through that given the iPhone gross margins are 60%, iPhones just grew 100%, year over year growth is going to be very strong, so you're going to have a huge mix shift to iPhone.

鑑於 iPhone 的毛利率為 60%，iPhone 剛剛增長 100%，我們如何看待這一點，同比增長將非常強勁，所以你將有一個巨大的組合轉向 iPhone。

How do we just reconcile the notion on a year-over-year basis that overall Company gross margin should be going down given that mix shift?

鑑於這種混合轉變，我們如何才能在同比基礎上調和公司整體毛利率應該下降的概念？

Tony, it is Peter.

托尼，是彼得。

As I've commented before, it is very difficult for us to talk about gross margin on a year-over-year basis because we are in different product cycles, different commodity cycles, currency, mix can be different and other factors as well.

正如我之前評論過的，我們很難談論同比毛利率，因為我們處於不同的產品週期、不同的商品週期、貨幣、組合可能不同以及其他因素。

I do see our gross margin coming down a bit on a sequential basis from where we ended the second quarter.

我確實看到我們的毛利率比第二季度結束時的連續下降。

I can back through that, if you want, but I answered that in Rich's question.

如果你願意，我可以回過頭來，但我在 Rich 的問題中回答了這個問題。

Thank you.

謝謝你。

Thank you, Tony.

謝謝你，托尼。

Could we have the next question, please?

請問下一個問題好嗎？

From Needham we will hear from Charles Wolf.

從李約瑟我們將聽到查爾斯沃爾夫的消息。

I have a two-part question.

我有一個兩部分的問題。

The iPhone application approval process has come under constant criticism for delays and reportedly arbitrary guidelines for acceptance.

iPhone 應用程序的審批流程一直因延誤和據報導的任意接受準則而受到批評。

First, is the problem the model itself where Apple acts as the gatekeeper, or the implementation of the model?

首先，問題是蘋果作為看門人的模型本身，還是模型的實現？

And second, have you received any feedback from iPhone owners who shop at the store?

其次，您是否收到過在商店購物的 iPhone 用戶的反饋？

Would they also prefer an alternative?

他們還會更喜歡替代方案嗎？

Hi, Charlie, it is Tim.

嗨，查理，我是蒂姆。

I think it is important to keep this in some perspective.

我認為從某種角度保持這一點很重要。

That we have over 100,000 apps in the store and that over 90% of the apps that we've had have been approved within 14 days of the submission.

我們在商店中有超過 100,000 個應用程序，並且超過 90% 的應用程序已在提交後的 14 天內獲得批准。

We created the approval process to really make sure that it protected consumer privacy, safeguard children from inappropriate content, and to avoid apps that degrade the core experience of the phone.

我們創建了審批流程，以真正確保它保護消費者隱私，保護兒童免受不當內容的侵害，並避免使用會降低手機核心體驗的應用程序。

Some types of content such as pornography are rejected outright.

某些類型的內容（例如色情內容）會被徹底拒絕。

Some things, like graphic combat scenes and action games might be approved but with appropriate age ratings.

有些東西，比如圖形戰斗場景和動作遊戲可能會被批准，但有適當的年齡等級。

Most of the rejections, however, are actually bugs in the code itself.

然而，大多數拒絕實際上是代碼本身的錯誤。

And this is protecting the customer and the developer to a great extent because they don't want customers that are unhappy with the apps.

這在很大程度上保護了客戶和開發人員，因為他們不希望客戶對應用程序不滿意。

So I think what you have here is something that the noise on it occasionally may be much higher than the reality with over 90% approved within 14 days, I think this is pretty good.

所以我認為你這裡有一些東西，它偶爾的噪音可能比實際情況要高得多，在 14 天內批准超過 90%，我認為這很好。

On the second question, have you got any feedback from the iPhone owners who buy at the stores and are they comfortable and are they happy with it?

關於第二個問題，你有沒有從在商店購買的 iPhone 用戶那裡得到任何反饋，他們是否感到舒適，他們對此是否滿意？

I have not and in the research that I have seen from our team I don't see it in the research.

我沒有，在我從我們團隊看到的研究中，我沒有在研究中看到它。

Okay.

好的。

Thank you.

謝謝你。

Thank you, Charlie.

謝謝你，查理。

Could we have the next question, please?

請問下一個問題好嗎？

Your next question will come from Mike Abramsky with RBC Capital Markets.

您的下一個問題將來自 RBC Capital Markets 的 Mike Abramsky。

In view of the fact you did indicate in your release, and I think probably everybody except for some folks on the moon know that you're going to be unveiling something exciting soon, how do you feel, maybe Tim, about new product category opportunities ahead?

鑑於你在發布中確實表明了這一事實，而且我認為除了月球上的一些人之外，可能每個人都知道你將很快推出一些令人興奮的東西，你對新產品類別的機會感覺如何，也許是 Tim先？

Can you see things that are as large an opportunity for Apple as has been the iPhone, iPod, the Mac, or is that perhaps setting expectations too high?

你能看到對蘋果來說像 iPhone、iPod、Mac 一樣大的機會嗎，或者這可能是把期望設定得太高了嗎？

Mike, I wouldn't want to take away your joy of surprise on Wednesday when you see our latest creation.

邁克，當你在周三看到我們最新的作品時，我不想帶走你驚喜的喜悅。

So I'll delay that for Wednesday.

所以我會推遲到星期三。

Okay.

好的。

And when we see your latest creation will you perhaps give us visibility to things like whether it is in your guidance or not or so on and so forth to help us understand a little bit better how to think about how things will unfold from an analyst, investor point of view?

當我們看到您的最新作品時，您可能會讓我們了解它是否在您的指導中等等，以幫助我們更好地了解如何從分析師那裡思考事情將如何發展，投資者的觀點？

Mike, it is Peter.

邁克，是彼得。

Stay tuned.

敬請關注。

All right.

好的。

Thanks, guys.

多謝你們。

Thank you, Mike.

謝謝你，邁克。

Could we have the next question, please?

請問下一個問題好嗎？

And your next question will come from Katy Huberty with Morgan Stanley.

您的下一個問題將來自摩根士丹利的 Katy Huberty。

Good afternoon.

下午好。

I want to revisit the discussion on China and emerging markets from a broader perspective because these regions often share characteristics that are very different than the mature markets where you've had lots of success, particularly the percentage of customers that purchase phone service on a prepaid basis, lower average income levels, et cetera.

我想從更廣泛的角度重新討論關於中國和新興市場的討論，因為這些地區通常具有與您已經取得很大成功的成熟市場截然不同的特徵，特別是購買預付費電話服務的客戶百分比基礎，較低的平均收入水平等。

As you think about those barriers is it appropriate to roll out iPhone and other products and pricing and distribution in a homogeneous or global way or might you down the road have to look at it on a country by country or region by region basis?

當您考慮這些障礙時，以同質或全球方式推出 iPhone 和其他產品以及定價和分銷是否合適，或者您是否可能必須逐個國家或逐個地區地看待它？

Katy, it is Tim.

凱蒂，是蒂姆。

We have just really got going in China.

我們在中國才真正開始行動。

I really like what I see so far.

我真的很喜歡我目前看到的。

Although the average income is not nearly as high as perhaps the United States and some other western European markets, there is a significant sized middle class and up, there.

儘管平均收入可能不如美國和其他一些西歐市場那麼高，但那裡有相當規模的中產階級及以上。

I think to do a real deep analysis you really have to look not just at the averages but at the distribution of income within these countries.

我認為要進行真正的深入分析，您不僅要查看平均值，還要查看這些國家/地區的收入分配。

We have been selling in Brazil for a while and we are learning about Brazil, as well.

我們在巴西銷售了一段時間，我們也在了解巴西。

The Brazilian economy is different than the Chinese economy because the duties are very significant, and the taxes are very significant there which tends to compound the price.

巴西經濟與中國經濟不同，因為關稅非常高，而且那裡的稅收非常高，這往往會加劇價格。

But we are very focused on these markets and in fact if you look at greater China last quarter, which is China, Hong Kong and Taiwan, our revenues tripled year over year in that geography which is, I think, phenomenal by any measure.

但我們非常關注這些市場，事實上，如果你看看上個季度的大中華區，即中國大陸、香港和台灣，我們的收入在那個地區同比增長了兩倍，我認為無論以何種方式衡量，這都是驚人的。

And so we have a tremendous focus on it.

所以我們非常關注它。

As was alluded to earlier in the call, 58% of our revenue last quarter was from outside the United States and it is clear as you can look at our numbers our growth rates are much higher outside the US.

正如電話會議早些時候提到的那樣，我們上個季度 58% 的收入來自美國以外的地區，很明顯，您可以查看我們的數據，我們的增長率在美國以外的地區要高得多。

And so we realize that we must do well in these markets to continue to grow.

所以我們意識到，我們必須在這些市場上做得很好才能繼續增長。

Thanks.

謝謝。

And then just, Peter, as a follow-up.

然後，彼得，作為後續行動。

You mentioned the plans for store openings in 2010 but what are your expectations for non retail store capex?

您提到了 2010 年開店的計劃，但您對非零售店的資本支出有何期望？

And if it's growing, what type of projects should we think about?

如果它在增長，我們應該考慮什麼類型的項目？

We expect our capex in fiscal '10 to be about $1.9 billion.

我們預計我們在 10 財年的資本支出約為 19 億美元。

That is unchanged from what we told you a quarter ago.

這與我們在四分之一前告訴您的內容沒有變化。

About $400 million of it is in retail.

其中約 4 億美元用於零售。

And about $1.5 billion not in retail.

大約 15 億美元不屬於零售業。

The areas that we are focused on that exclude retail are, of course, our facilities and infrastructure and some of our systems areas and manufacturing.

我們關注的不包括零售的領域當然是我們的設施和基礎設施以及我們的一些系統領域和製造。

Thanks so much.

非常感謝。

Thank you, Katy.

謝謝你，凱蒂。

Could we have the next question, please.

請問下一個問題可以嗎？

From Cross Research we will hear from Shannon Cross.

在 Cross Research 中，我們將聽到 Shannon Cross 的消息。

Quick question just on the apps store.

應用商店上的快速問題。

Can you provide some more color regarding what you're hearing from developers and customers, what you are seeing in terms of any changes of paid versus free apps.

您能否提供更多關於您從開發人員和客戶那裡聽到的信息，以及您所看到的付費與免費應用程序的任何變化。

I think you gave a $3 billion download number, probably not giving an update.

我認為您提供了 30 億美元的下載量，可能沒有提供更新。

How have you seen the success of the apps store?

您如何看待應用商店的成功？

Shannon, it is Peter.

香農，是彼得。

For competitive reasons we don't want to share much of the answers to much of the question that you asked so I'm sorry.

出於競爭原因，我們不想分享您提出的大部分問題的大部分答案，所以我很抱歉。

But again, it is for competitive reasons.

但同樣，這是出於競爭原因。

What I will share with you is that we are way ahead of our competitors with over 100,000 apps on our store.

我將與您分享的是，我們的商店擁有超過 100,000 個應用程序，遠遠領先於我們的競爭對手。

That dwarfs anybody we are competing with.

這讓我們與之競爭的任何人都相形見絀。

We have provided many, many great applications with our developers to customers and it is helping us with both iPhone and iPhone Touch and it was one of the key reasons why iTunes set a record in the quarter.

我們已經與我們的開發人員一起為客戶提供了很多很多很棒的應用程序，它在 iPhone 和 iPhone Touch 方面都為我們提供了幫助，這也是 iTunes 在本季度創下紀錄的關鍵原因之一。

Okay.

好的。

Great.

偉大的。

Then just a follow-up question.

然後只是一個後續問題。

Perhaps you could talk a little bit about that you made a comment that your corporate clients that are looking at the iPhone have more than doubled.

也許您可以稍微談談您發表評論說您的企業客戶正在查看 iPhone 的數量增加了一倍以上。

Are people writing specific apps?

人們是否在編寫特定的應用程序？

Is there any anecdotal evidence that iPhone sales within corporate are helping to drive overall Mac acceptance in the office environment?

是否有任何軼事證據表明企業內部的 iPhone 銷售有助於推動 Mac 在辦公環境中的整體接受度？

Just anything you can give us in terms of your corporate strategy.

就您的企業戰略而言，您可以提供給我們的任何東西。

I think it is early, Shannon, to comment on the halo from the iPhone to the Mac.

Shannon，我認為現在評論從 iPhone 到 Mac 的光環還為時過早。

As you know, we did feel strongly that that did exist with the iPod.

如您所知，我們確實強烈地感覺到 iPod 確實存在這種情況。

On a corporate basis the iPhone really saw a significant acceleration of acceptance and exploration after we announced the iPhone 3GS and associated operating system in the mid part of the year.

在我們在年中發布 iPhone 3GS 和相關操作系統之後，從企業角度來看，iPhone 的接受度和探索度確實顯著加快。

And as I think Peter mentioned in some of his opening comments, 70% now of the Fortune 100 are actively piloting or deploying it.

正如我認為彼得在他的一些開場評論中提到的那樣，現在 70% 的財富 100 強企業正在積極試用或部署它。

If you look internationally, about 50% of the FT 100 is doing the same.

如果你放眼國際，大約 50% 的英國《金融時報》100 指數都在做同樣的事情。

Those are some pretty staggering numbers when you think about the time period that we have been in the business.

當您考慮我們從事該業務的時間段時，這些數字非常驚人。

It is only 2.5 years and several of the requests from enterprises really implemented in the June/July time frame.

僅僅 2.5 年，企業的一些要求在 6 月/7 月的時間框架內真正落實。

And so we feel great about what's happening there.

所以我們對那裡發生的事情感覺很好。

Great.

偉大的。

Thank you.

謝謝你。

Thank you, Shannon.

謝謝你，香農。

Could we have the next question, please?

請問下一個問題好嗎？

David Bailey with Goldman Sachs.

大衛貝利與高盛。

Great, thank you very much.

太好了，非常感謝。

For the iPhone, have you seen any change in the financial model when you move beyond the first carrier in some of the more mature markets where you've had exclusive agreements in the past?

對於 iPhone，當您在過去曾簽訂獨家協議的一些較成熟市場中超越第一家運營商時，您是否看到財務模式發生任何變化？

David, it is Tim.

大衛，是蒂姆。

Primarily what we have seen in the countries that we had done this in is that the sales are largely incremental as we add carriers.

首先，我們在進行此操作的國家/地區看到的是，隨著我們增加運營商，銷售量在很大程度上是遞增的。

As you know, we have added carriers in the UK.

如您所知，我們在英國增加了運營商。

I think when our market share comes out there you will see a significant change.

我認為當我們的市場份額出現時，你會看到一個顯著的變化。

We have added carriers in France and I'm pleased to say that the latest GFK numbers for market share in France is over 60% for the October/November time frame.

我們在法國增加了運營商，我很高興地說，10 月/11 月時間框架內，GFK 在法國市場份額的最新數據超過了 60%。

We have added carriers in the Scandinavian countries and saw market share increases.

我們在斯堪的納維亞國家增加了運營商，市場份額有所增加。

I think we will see the same in Canada when we get the market share numbers for Canada.

我認為當我們獲得加拿大的市場份額數字時，我們會在加拿大看到同樣的情況。

That's what we have seen so far.

這就是我們迄今為止所看到的。

However, we have also selected, in most cases we have selected countries that we thought that would happen in and so I don't want to imply that that would happen in every market or that we are headed that way in every market.

但是，我們也選擇了，在大多數情況下，我們選擇了我們認為會發生這種情況的國家，所以我不想暗示這會在每個市場發生，或者我們在每個市場都朝著這個方向發展。

Great.

偉大的。

Just a follow-up on the last question.

只是對最後一個問題的跟進。

Is there something you're doing specifically either on the sales side or on the technical support side to drive higher corporate growth in the iPhone segment?

您是否在銷售方面或技術支持方面專門做一些事情來推動 iPhone 領域的更高企業增長？

We have done a tremendous amount on the product side itself by implementing tons of features in the latest OS for iPhone that several of our enterprise customers had desired.

通過在最新的 iPhone 操作系統中實現我們的幾個企業客戶所期望的大量功能，我們在產品方面做了大量工作。

Secondly, we have added sales staff to assist the carrier staff in selling the iPhone in several of the major geographies.

其次，我們增加了銷售人員，以協助運營商人員在幾個主要地區銷售 iPhone。

And so, yes, this is a key focus of ours.

所以，是的，這是我們的重點。

Thank you.

謝謝你。

Thank you, David.

謝謝你，大衛。

Could we have the next question, please.

請問下一個問題可以嗎？

From JPMorgan we will hear from Mark Moskowitz.

從摩根大通，我們將聽到馬克莫斯科維茨的消息。

Good afternoon.

下午好。

Two quick questions.

兩個快速的問題。

One on the longer-term strategy.

一個關於長期戰略。

Could you give us an update in terms of the recent acquisitions of LaLa and Quattro ?

您能否介紹一下最近收購 LaLa 和 Quattro 的情況？

How should investors think about Apple's longer term strategy?

投資者應該如何看待蘋果的長期戰略？

Will it be only content and device driven or could we see more of a services type flavor, longer term?

它會只是內容和設備驅動，還是我們可以看到更多的服務類型的味道，長期？

Any thoughts there would be greatly appreciated.

任何想法將不勝感激。

And Peter, on the tax rate, just given the increasing contribution to growth from international should we think about tax rate having a downward pressure as we go into the back half of

彼得，關於稅率，剛剛考慮到國際對增長的貢獻越來越大，我們是否應該考慮到稅率在我們進入後半段時有下行壓力

Mark, it is Peter.

馬克，是彼得。

I'll start with your second question first.

我先從你的第二個問題開始。

We did have a lower tax rate for the first quarter and your tax rate is really the one part of the guidance where under GAAP it is annual.

我們在第一季度確實有較低的稅率，而您的稅率實際上是指導中的一部分，根據 GAAP，它是年度的。

So at this point we expect our tax rate to be about 29% for fiscal 2010 and when I last spoke with you in October we expected it to be 30%.

因此，在這一點上，我們預計 2010 財年的稅率約為 29%，而當我上次在 10 月與您交談時，我們預計為 30%。

So, yes, it is down a point and it's down a point because of a higher mix of foreign earnings.

所以，是的，它下降了一個點，而且下降了一個點，因為外國收入的組合更高。

So if foreign earnings were to grow beyond what we have thought about for the year then our tax rate may very well be lower.

因此，如果外國收入增長超出我們今年的預期，那麼我們的稅率很可能會更低。

In terms of our Quattro and LaLa acquisitions, we acquired Quattro because we wanted to offer a seamless way for our developers to make more money on their apps, especially those that are providing free apps.

在收購 Quattro 和 LaLa 方面，我們收購 Quattro 是因為我們希望為我們的開發人員提供一種無縫的方式，讓他們在他們的應用程序上賺更多的錢，尤其是那些提供免費應用程序的人。

And we occasionally acquire small companies from time to time for their technology and talent and that's why we do it.

我們偶爾會為了他們的技術和人才收購小公司，這就是我們這樣做的原因。

Thank you.

謝謝你。

Thank you, Mark.

謝謝你，馬克。

Could we have the next question please.

請問下一個問題可以嗎？

From UBS we will hear from Maynard Um.

從瑞銀，我們將聽到 Maynard Um 的消息。

Thanks.

謝謝。

We've seen a number of industry revenue forecasts for applications.

我們已經看到了許多對應用程序的行業收入預測。

Just given the expected explosive growth there I'm just wondering if that is still a break even type of business as you look forward over the next couple of years.

鑑於那裡預期的爆炸性增長，我只是想知道這是否仍然是一種收支平衡的業務，正如您在未來幾年所期待的那樣。

Secondly, I have a question on the cash.

其次，我有一個關於現金的問題。

As the economy starts to improve, or hopefully, and we move away from cash preservation can you just talk about uses of cash because it seems like you can fund the M&A and then some solely through cash flow?

隨著經濟開始好轉，或者希望，我們不再保留現金，你能不能只談談現金的用途，因為看起來你可以為併購提供資金，然後只通過現金流來資助一些？

In particular I'm just curious about the Company's appetite for share repurchases, dividends, et cetera.

特別是我只是對公司對股票回購、股息等的興趣感到好奇。

Sure.

當然。

We have told you our philosophy on cash.

我們已經告訴過您我們的現金理念。

I don't have a change in that philosophy to share with you today but nothing is forever.

我今天沒有改變這種哲學與你分享，但沒有什麼是永遠的。

Regarding the apps store and iTunes store we are running those a bit over break even.

關於應用程序商店和 iTunes 商店，我們的運行有點過盈虧平衡。

And that hasn't changed.

而這並沒有改變。

And we are very excited to be providing our developers with just a fabulous opportunity and we think that is helping us a lot with the iPhone and iPod Touch platform.

我們很高興能為我們的開發人員提供一個絕佳的機會，我們認為這對 iPhone 和 iPod Touch 平台有很大幫助。

But as the revenues start to ramp there are there any kind of fixed causes that would grow with it on a like for like basis that would prevent it from seeing good operating leverage?

但是隨著收入開始增加，是否有任何固定的原因會隨著收入的增長而增長，這會阻止它看到良好的經營槓桿？

There are some fixed costs but the variable cost structure is high and we are investing a lot in these stores.

有一些固定成本，但可變成本結構很高，我們在這些商店進行了大量投資。

As revenue grows we are just continuing to invest more to give both developers and customers the best experience in the world.

隨著收入的增長，我們將繼續加大投資力度，為開發人員和客戶提供世界上最好的體驗。

Great, thank you.

太好了謝謝。

Thanks, Maynard.

謝謝，梅納德。

Could we have the next question.

我們可以問下一個問題嗎？

From Bank of Montreal we will hear from Keith Bachman.

從蒙特利爾銀行，我們將聽到基思巴赫曼的消息。

I had a couple.

我有一對。

Peter, to start with, just a clarification.

彼得，首先，只是一個澄清。

On the new accounting standard will there be $25 of deferred revenue going forward on the sale of iPhones as well as I know it is on a look back basis?

在新的會計準則下，iPhone 的銷售是否會有 25 美元的遞延收入，而且我知道這是在回顧的基礎上進行的？

Keith, let me clarify this for you.

基思，讓我為你澄清一下。

I talked about how we are accounting for an iPhone sale in really two elements.

我談到了我們是如何從兩個方面來計算 iPhone 銷售的。

The first being the initial hardware and the software that somebody would buy and walk out of the store with.

第一個是最初的硬件和軟件，有人會購買並走出商店。

And the second element being the right to receive future upgrades when and if they become available.

第二個要素是在未來升級可用時獲得升級的權利。

And we have estimated the selling price of that upgrade for iPhone to be about $25.

我們估計 iPhone 升級的售價約為 25 美元。

So in terms of what we have done here in the revision of our financial statements, we went back and applied a $25 deferral to all iPhones that we had sold in the past and a $10 deferral to Apple TV.

因此，就我們在修訂財務報表時所做的事情而言，我們回過頭來對我們過去銷售的所有 iPhone 應用了 25 美元的延期，對 Apple TV 應用了 10 美元的延期。

When you look at all of the things that we put out today in terms of income statements and balance sheets and cash flow you'll see that there is substantially less deferred revenue on those balance sheets and no deferred cost.

當您查看我們今天在損益表、資產負債表和現金流方面發布的所有內容時，您會發現這些資產負債表上的遞延收入大大減少，並且沒有遞延成本。

We are recognizing the deferred revenue from the $25 deferral each quarter in our balance sheet.

我們在資產負債表中確認每季度 25 美元的遞延收入。

So to help you be sure that you have your models correct on a go-forward basis, we essentially recognized about $110 million in the December quarter for the $25 that we deferred for all the iPhones that we sold over the past two years.

因此，為了幫助您確保您的模型在前進的基礎上是正確的，我們基本上在 12 月季度確認了大約 1.1 億美元，我們為過去兩年銷售的所有 iPhone 推遲了 25 美元。

So, Keith, we deferred $25 on the 8.7 million iPhones that we sold in the quarter.

因此，基思，我們在本季度售出的 870 萬部 iPhone 上推遲了 25 美元。

So that came out of revenue.

所以這是來自收入。

But then we put in about $110 million from the amortization that occurred from the past two years' sales.

但後來我們從過去兩年銷售的攤銷中投入了大約 1.1 億美元。

Does that make sense?

那有意義嗎？

Yes, that's fine.

是的，沒關係。

Tim, for you, on Asia PAC and Japan CPU sales were particularly strong and moreover if you look at Asia PAC the revenues, the year-over-year growth rate was about three times higher than the CPU units.

蒂姆，對你來說，亞洲 PAC 和日本 CPU 的銷售特別強勁，而且如果你看看亞洲 PAC 的收入，同比增長率大約是 CPU 單位的三倍。

So I just want to try to understand in Japan and Asia PAC that looked like a pretty strong mix up in terms of computers but also just underlying strength.

因此，我只想嘗試了解日本和亞洲 PAC 在計算機方面看起來像是一個非常強大的組合，但也只是潛在的實力。

Wanted to hear if you could offer some more color about that, please.

想听聽你是否可以提供更多的顏色，拜託。

Sure.

當然。

In Japan what's going on there is that the iPhone has been a runaway hit.

在日本，正在發生的事情是 iPhone 大受歡迎。

The iPhone was up over 400% year on year during the quarter.

iPhone 在本季度同比增長超過 400%。

And so that is what is driving the huge revenue growth that you see in Japan.

這就是推動您在日本看到的巨大收入增長的原因。

The Mac growth is above market.

Mac 的增長高於市場。

But we believe we can do better in the Mac area in Japan.

但我們相信我們可以在日本的 Mac 領域做得更好。

In Asia-Pacific, Asia-Pacific is doing an incredible job with the Mac growing 54%.

在亞太地區，亞太地區的表現令人難以置信，Mac 增長了 54%。

It is our highest performing region in terms of growth.

就增長而言，這是我們表現最好的地區。

And in the iPhone, the iPhone was up over 500% in Asia-Pacific.

而在 iPhone 方面，iPhone 在亞太地區的銷量增長了 500% 以上。

And as you probably remember, we talked about China on this call but we also added Korea during the quarter and we added several other countries throughout the year after Q1 of last year.

您可能還記得，我們在這次電話會議上談到了中國，但我們在本季度還添加了韓國，並且在去年第一季度之後的全年中添加了其他幾個國家。

And so iPhone really drove an incredible amount of the total revenue growth that you see on the 140%.

因此，iPhone 確實推動了您在 140% 上看到的令人難以置信的總收入增長。

If I could sneak in one more, Peter.

如果我能再偷偷溜進去一個，彼得。

I think you said but I might have missed it what revenue and EPS would have been under the previous accounting policy for the December quarter.

我想你說過，但我可能錯過了在 12 月季度之前的會計政策下的收入和每股收益。

And that's it for me, thanks.

對我來說就是這樣，謝謝。

Keith, actually, I did not say that.

基思，實際上，我沒有這麼說。

That's actually not something that we have the time to try and figure out.

這實際上不是我們有時間嘗試弄清楚的事情。

As I said before, the team did just an amazing job to implement this new accounting within four months of the FASB ratifying it.

正如我之前所說，該團隊在 FASB 批准後的四個月內實施了這一新會計，做得非常出色。

The comments that I made were that our revenue was $15.68 billion under the new accounting, exceeded the guidance we gave under the old accounting by over $4 billion.

我的評論是，我們在新會計下的收入為 156.8 億美元，比我們在舊會計下給出的指導高出超過 40 億美元。

About half of that was driven by the amazing performance of the business and the other half was driven by the accounting change.

其中大約一半是由業務的驚人表現驅動的，另一半是由會計變化驅動的。

Okay.

好的。

Thank you.

謝謝你。

Thanks, Keith.

謝謝，基思。

Could we get the next question, please?

請問下一個問題可以嗎？

We will hear from Chris Whitmore with Deutsche Bank.

我們將聽取德意志銀行的 Chris Whitmore 的來信。

Thanks very much.

非常感謝。

Wanted to follow-up on earlier questions around mobile advertising in the applications stores.

想要跟進有關應用商店中移動廣告的早期問題。

Specifically I'm interested to understand what role, if any, you expect mobile advertising to have on your business model going forward?

具體來說，我有興趣了解您希望移動廣告在您的商業模式中扮演什麼角色（如果有的話）？

Can you characterize the changing relationship you have with Google as a vendor in the smartphone space?

作為智能手機領域的供應商，您能否描述您與 Google 之間不斷變化的關係？

We work with Google in some areas and we compete with them in others.

我們在某些領域與 Google 合作，在其他領域與他們競爭。

I think mobile advertising is just in its infancy.

我認為移動廣告還處於起步階段。

And with the great folks that we have acquired and are going to be working with at Quattro we look forward to providing our developers with a great opportunity for mobile advertising.

與我們已經獲得併將在 Quattro 合作的優秀人員一起，我們期待為我們的開發人員提供移動廣告的絕佳機會。

That's what we know at this point.

這就是我們目前所知道的。

Do you anticipate mobile advertising as being a significant revenue or earnings contributor going forward or is this primarily similar strategy we've seen in iTunes and the apps store to drive demand for your devices?

您是否預計移動廣告會成為未來重要的收入或收益貢獻者，還是我們在 iTunes 和應用商店中看到的這種主要類似的策略來推動對您的設備的需求？

No, we are in infancy and I honestly don't know.

不，我們還處於嬰儿期，我真的不知道。

We will have to see.

我們將不得不看到。

We are going to work hard to provide, as I said, the developers a great opportunity and we will see where that takes us.

正如我所說，我們將努力為開發人員提供一個很好的機會，我們將看看這會將我們帶到哪裡。

Thank you.

謝謝你。

Could we have the next question, please?

請問下一個問題好嗎？

It will come from Bill Feamley with FTN Equity Capital.

它將來自 FTN Equity Capital 的 Bill Feamley。

Thanks.

謝謝。

Two questions in customer segments, if I could.

如果可以的話，請在客戶群中提出兩個問題。

In the Pro segment, Tim, could you update us on what you are seeing in the Pro segment since the last call, and as you look at the upcoming year are you seeing improvement there and if you do is it helping the Mac Pro product line or is it helping sales of higher end MacBook Pros and the iMacs?

在 Pro 部分，Tim，您能否向我們介紹自上次通話以來您在 Pro 部分中看到的情況？當您展望即將到來的一年時，您是否看到了改進，如果您這樣做了，它是否有助於 Mac Pro 產品線還是有助於高端 MacBook Pro 和 iMac 的銷售？

What did you see after the quarter, what do you expect?

您在本季度之後看到了什麼，您有什麼期待？

And I have a quick follow-up.

我有一個快速跟進。

Bill, we saw a small year over year increase in Pro software sales.

比爾，我們看到 Pro 軟件銷售額同比小幅增長。

This is Final Cut, Aperture and Pro audio space.

這是 Final Cut、Aperture 和 Pro 音頻空間。

We use that as a proxy for how many of our Pro machines are being sold in that space.

我們用它來代表我們在該領域銷售的 Pro 機器數量。

So I would still describe that as an economically challenged area currently and I hope that we see improvement as we move forward but I'm not projecting it.

因此，我仍將其描述為目前面臨經濟挑戰的地區，我希望隨著我們的前進，我們會看到改善，但我沒有預測它。

Thanks, and if I could switch gears to education.

謝謝，如果我可以轉向教育。

What are your latest thoughts there because you in the past have made comments about state revenues and budgets have gotten worse, and certainly the headlines have become even worse since the last time we talked to you guys?

你最近有什麼想法，因為你過去曾對國家收入和預算發表評論變得更糟，而且自我們上次與你們交談以來，頭條新聞肯定變得更糟？

So what's going on with K-12 that helps you above the problems that are there?

那麼，K-12 發生了什麼可以幫助您解決存在的問題？

And in higher ed with declining endowments is the student purchase segment your focus in higher Ed?

在捐贈基金下降的高等教育中，學生購買部分是您在高等教育中的重點嗎？

If you could give us some more color on K-12 and higher ed and what is happening right for you and why would be helpful, please.

如果您可以為我們提供更多關於 K-12 和更高版本的信息，以及正在發生的事情以及為什麼會有所幫助，請。

Thanks.

謝謝。

The great thing is, and I'm talking about the Mac here specifically, was that the combination of K-12 and higher ed in the US was up 16% year over year and that's the best growth rate we have seen since before the recession began.

最棒的是，我在這裡專門談論的是 Mac，美國的 K-12 和更高版本的組合同比增長了 16%，這是自經濟衰退前我們看到的最佳增長率開始了。

And so we feel great about how we came out of the quarter.

因此，我們對本季度的表現感到非常滿意。

We had very few orders that were supported with stimulus funds.

我們得到刺激資金支持的訂單很少。

And I would hope that that would change in the future although I don't know if that will happen or not.

我希望這種情況在未來會有所改變，儘管我不知道這是否會發生。

Our whole ed business is based on that we really understand teaching and learning and student achievement at a very deep level and we think we are the only technology company that really gets it.

我們整個教育業務的基礎是，我們真正深入了解教學和學習以及學生的成就，我們認為我們是唯一真正做到這一點的技術公司。

So we sell a lot more than just sell boxes, as many other people do.

因此，我們銷售的不僅僅是盒子，就像其他許多人一樣。

And so I think with staying very focused on that market I think we can continue to do well.

因此，我認為通過保持對這個市場的高度關注，我認為我們可以繼續做得很好。

I was thrilled to see the results that we hit last quarter.

我很高興看到我們上個季度取得的成果。

Thanks.

謝謝。

Thank you, Bill.

謝謝你，比爾。

Thanks to everyone for your participation.

感謝大家的參與。

A replay of today's call will be available for two weeks, as a podcast on the iTunes store, as a webcast on Apple.com/investor, and by telephone.

今天電話會議的重播將在兩週內以 iTunes 商店的播客、Apple.com/investor 的網絡廣播和電話形式播放。

The numbers for the telephone replay are 888-203-1112 or 719-457-0820, and please enter confirmation code 403-5751.

電話重播號碼為888-203-1112或719-457-0820，請輸入確認碼403-5751。

These replays will be available beginning at approximately 5:00 p.m.

這些重播將在大約下午 5:00 開始提供。

Pacific time today.

今天太平洋時間。

Members of the press with additional questions can contact Steve Dowling at 408-974-1896, and financial analysts can contact Joan Hoover or me with additional questions.

媒體成員有其他問題可以聯繫史蒂夫道林，電話 408-974-1896，金融分析師可以聯繫瓊胡佛或我有其他問題。

Joan's at 408-974-4570 and I'm at 408-974-5420.

瓊的電話是 408-974-4570，我的電話是 408-974-5420。

Thanks again for joining us.

再次感謝您加入我們。

Ladies and gentlemen, that does conclude today's presentation.

女士們，先生們，今天的演講到此結束。

We do thank everyone for your participation.

我們非常感謝大家的參與。