蘋果 (AAPL) 2010 Q3 法說會逐字稿

Good day, ladies and gentlemen and welcome to the Apple Incorporated third quarter fiscal year 2010 earnings release conference call.

女士們，先生們，美好的一天，歡迎參加 Apple Incorporated 2010 財年第三季度財報電話會議。

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 conference over to Ms.

在這個時候開始致辭和介紹，我想把會議交給陳女士。

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

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

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

請注意，某些信息將包含前瞻性陳述，包括但不限於有關收入、毛利率、運營費用、其他收入和費用、股票補償費用、稅收、每股收益和未來產品的陳述。

Actual results or trends could differ materially from our forecast.

實際結果或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 as amended, the forms 10-Q for the first two quarters of fiscal 2010 and the form 8-K filed with the SEC today, along with the attached press release.

有關更多信息，請參閱 Apple 經修訂的 2009 年 10-K 表格、2010 財年前兩個季度的 10-Q 表格和今天向美國證券交易委員會提交的 8-K 表格中討論的風險因素，以及附件新聞稿。

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 would 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 extremely pleased to report outstanding results for the June quarter.

我們非常高興地報告六月季度的出色業績。

During the quarter, we began shipping iPad to millions of delighted customers in ten countries, we launched a very popular iPhone 4, we shipped iOS4 with many great new features, and set a new all time record for quarterly Mac sales.

在本季度，我們開始向 10 個國家/地區數百萬滿意的客戶交付 iPad，我們推出了非常受歡迎的 iPhone 4，我們發布了具有許多出色新功能的 iOS4，並創下了 Mac 季度銷售的新紀錄。

We're shipping the best products in Apple's history, and the response from our customers has been terrific.

我們正在運送 Apple 歷史上最好的產品，客戶的反應非常好。

And as a result, we're thrilled to announce today our highest quarterly revenue ever, surpassing the previous record set in the most recent holiday quarter.

因此，我們今天很高興地宣布我們有史以來最高的季度收入，超過了最近一個假日季度創下的紀錄。

Revenue was $15.7 billion, an increase of $6 billion or 61% over the prior June quarter's results.

收入為 157 億美元，比上一季度的業績增加了 60 億美元或 61%。

The tremendous revenue growth was driven primarily by the very successful lunch of iPad, in addition to strong sales of iPhone and Mac.

除了 iPhone 和 Mac 的強勁銷售外，巨大的收入增長主要是由非常成功的 iPad 午餐推動的。

Operating margin was $4.23 billion, representing 27% of revenue.

營業利潤率為 42.3 億美元，佔收入的 27%。

Net income was $3.25 billion, up 78% over the year ago quarter, and earnings per share were $3.51.

淨收入為 32.5 億美元，比去年同期增長 78%，每股收益為 3.51 美元。

Turning to the details of our results, I would 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 quarterly sales of 3.47 million Macs, exceeding the previous record established in the most recent December quarter by over 100,000.

我們創造了 347 萬台 Mac 的創紀錄季度銷量，比最近一個 12 月季度創下的紀錄高出 100,000 多台。

This represents 33% year-over-year growth, compared to IDC's latest published estimate of 22% growth for the market overall in the June quarter.

這代表了 33% 的同比增長，而 IDC 最新公佈的估計是 6 月季度整個市場的增長為 22%。

We are pleased to have out grown the global market in both the desktop and portable categories.

我們很高興在台式機和便攜式設備類別中都超越了全球市場。

We experienced strong double-digit Mac growth in each of our geographies, led by both the continued momentum of iMac and the very popular MacBook Pro family, which was updated in April with faster processors, more powerful graphics, and even longer battery life.

我們在每個地區都經歷了兩位數的 Mac 強勁增長，這得益於 iMac 的持續發展勢頭和非常受歡迎的 MacBook Pro 系列，該系列於 4 月進行了更新，配備了更快的處理器、更強大的圖形功能，甚至更長的電池續航時間。

We're also pleased to report record Mac sales in our US education institution business, despite state budget constraints.

儘管州預算有限，我們也很高興地報告我們在美國教育機構業務中的 Mac 銷售創紀錄。

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。

Moving on to our music products, we told 9.4 million iPods compared to 10.2 million in the year ago quarter.

繼續我們的音樂產品，我們告訴 940 萬個 iPod，而去年同期為 1020 萬個。

Sales of iPod Touch continue to be very strong, with sales growing 48% year-over-year.

iPod Touch 的銷售繼續非常強勁，銷售額同比增長 48%。

The continued mix shift towards iPod Touch resulted in an overall iPod ASP increase of 12%, generating total iPod revenue growth of 4%.

向 iPod Touch 的持續組合轉變導致 iPod ASP 整體增長 12%，使 iPod 總收入增長 4%。

iPod's share of the US market for mp3 players remains at over 70%, based on the latest monthly data published by NPD.

根據 NPD 公佈的最新月度數據，iPod 在美國 mp3 播放器市場的份額保持在 70% 以上。

iPod also continues to be the top selling mp3 player and to gain share internationally, year over year, in every country we track, based on the latest data published by GFK.

根據 GFK 發布的最新數據，iPod 也繼續成為最暢銷的 mp3 播放器，並在我們追踪的每個國家/地區逐年獲得國際份額。

The iTunes store had another great quarter, with revenue exceeding $1 billion, and growing 25% year-over-year.

iTunes 商店又迎來了一個不錯的季度，收入超過 10 億美元，同比增長 25%。

The App Store continues to be an unparalleled success with more than 225,000 apps available, including more than 11,000 apps specifically for iPad.

App Store 繼續取得空前成功，提供超過 225,000 個應用程序，其中包括 11,000 多個專門用於 iPad 的應用程序。

iPhone, iPod Touch, and iPad users have downloaded over 5 billion apps from the App Store.

iPhone、iPod Touch 和 iPad 用戶已從 App Store 下載了超過 50 億個應用程序。

We ended the quarter within our target range of four to six weeks of iPod channel inventory.

本季度結束時，我們的 iPod 渠道庫存目標範圍為四到六週。

I would now like to turn to iPhone.

我現在想轉向 iPhone。

we were very pleased with iPhone sales of 8.4 million including over 1.7 million iPhone 4s in the initial five countries where it was launched.

我們對 840 萬部 iPhone 的銷量感到非常滿意，其中包括在最初五個國家推出的超過 170 萬部 iPhone 4。

This represents 61% year-over-year growth and is considerably higher than IDC's latest published estimate of 38% growth for the global smartphone market overall in the June quarter.

這代表了 61% 的同比增長，遠高於 IDC 最新公佈的 6 月季度全球智能手機市場整體增長 38% 的估計。

Customers are loving the great new features of iPhone 4, including face time for video calling, the high resolution retina display, HD video recording, and the beautiful new glass and stainless steel design.

客戶喜愛 iPhone 4 的新功能，包括視頻通話的面容時間、高分辨率視網膜顯示屏、高清視頻錄製，以及精美的全新玻璃和不銹鋼設計。

Recognized revenue from the iPhone handset sales, accessory sales and carrier payments was $5.33 billion during the quarter, compared to $3.06 billion in the year ago quarter, an increase of 74%.

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 53.3 億美元，比去年同期的 30.6 億美元增長 74%。

The sales value of iPhones alone was about $5 billion, which yields an ASP of about $595.

僅 iPhone 的銷售額就約為 50 億美元，平均售價約為 595 美元。

At the end of the June quarter, we had iPhone distribution with 154 carriers in 88 countries.

在 6 月季度末，我們在 88 個國家/地區的 154 家運營商處分發了 iPhone。

We continued to experience very strong year-over-year growth, particularly in Asia, Europe, and Japan.

我們繼續經歷非常強勁的同比增長，特別是在亞洲、歐洲和日本。

Additionally, we continue to be very pleased with strong sales growth from both longstanding and new carrier partners.

此外，我們繼續對長期和新運營商合作夥伴的強勁銷售增長感到非常高興。

During the quarter, we surpassed cumulative sales of 100 million iOS devices.

本季度，我們的 iOS 設備累計銷量超過 1 億台。

Response to the iOS4 since its June 21st launch has been very favorable, with customers and reviewers praising its many new features, including multitasking, folders, enhanced mail and deeper enterprise support.

自 6 月 21 日發布以來，iOS4 的反響非常好，客戶和評論者稱讚它的許多新功能，包括多任務處理、文件夾、增強的郵件和更深入的企業支持。

Turning to iPad, we're off to an amazing start, and we're extremely pleased with customer response and sales to date.

談到 iPad，我們有了一個驚人的開端，我們對迄今為止的客戶反應和銷售情況感到非常滿意。

Through the end of the June quarter, we shipped 3.27 million iPads to customers in ten countries.

截至 6 月季度末，我們向 10 個國家/地區的客戶發貨了 327 萬台 iPad。

Recognized revenue from sales of iPad and iPad accessories during the quarter was $2.17 billion.

本季度確認的 iPad 和 iPad 配件銷售收入為 21.7 億美元。

The sales value of iPads alone was almost $2.1 billion which yields ASP of about $640.

僅 iPad 的銷售額就接近 21 億美元，平均售價約為 640 美元。

Feedback from customers continues to be outstanding, as more and more of them experienced iPad and take advantage of its multi-touch user interface, large screen and high quality graphics to browse the web, read and send email, read E-books and much more.

隨著越來越多的客戶體驗 iPad，並利用其多點觸控用戶界面、大屏幕和高品質圖形瀏覽網頁、閱讀和發送電子郵件、閱讀電子書等，客戶的反饋仍然非常出色.

We look forward to bringing iPad to customers in nine additional countries on July 23rd.

我們期待在 7 月 23 日將 iPad 帶給另外 9 個國家的客戶。

I would now like to turn to the Apple retail stores which had an outstanding quarter, generating record revenue and customer traffic.

我現在想談談蘋果零售店，它們在一個季度表現出色，創造了創紀錄的收入和客戶流量。

Retail revenue was $2.58 billion compared to $1.49 billion in the year ago quarter, an increase of 73%.

零售收入為 25.8 億美元，比去年同期的 14.9 億美元增長 73%。

Our store sold 677,000 Macs, compared to 492,000 Macs in the year ago quarter, an increase of 38%.

我們的商店售出了 677,000 台 Mac，與去年同期的 492,000 台相比，增長了 38%。

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

在 6 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 seven new stores during the quarter, including four in the US, two in Australia, and one in Canada, ending with 293 stores.

我們在本季度開設了 7 家新店，其中美國有 4 家，澳大利亞有 2 家，加拿大有 1 家，最終共有 293 家門店。

With an average of 287 stores open during the June quarter, average revenue per store was $9 million compared to $5.9 million in the year ago quarter.

6 月季度平均有 287 家門店開業，每家門店的平均收入為 900 萬美元，而去年同期為 590 萬美元。

Retail segment margin was $593 million compared to $387 million in the year ago quarter.

零售部門的利潤率為 5.93 億美元，而去年同期為 3.87 億美元。

We hosted a record 60.5 million visitors in our stores during the quarter compared to 38.6 million visitors in the year ago quarter, an increase of 57%.

本季度我們的門店接待了創紀錄的 6050 萬訪客，而去年同期為 3860 萬，增長了 57%。

We expect to open 24 stores this quarter, including our fabulous new stores in Paris and Shanghai which opened earlier this month, our Covent Garden store in London, and our first two stores in Spain to be opened in Barcelona and Madrid.

我們預計本季度將開設 24 家門店，包括本月早些時候在巴黎和上海開設的新店、在倫敦的考文特花園店，以及我們在西班牙巴塞羅那和馬德里開設的前兩家店。

Total company gross margin was 39.1%, which was 310 basis points above our guidance.

公司總毛利率為 39.1%，比我們的預期高出 310 個基點。

This difference was driven by two categories of factors.

這種差異是由兩類因素驅動的。

The first category accounted for a little over half of the difference.

第一類占差異的一半多一點。

When we provided our guidance for the June quarter, we identified five things that we expected to drive the sequential decline in gross margin from the March to June quarters.

當我們為 6 月季度提供指導時，我們確定了五件事，我們預計會推動毛利率從 3 月到 6 月季度連續下降。

These were the first quarter of iPad sales, a stronger US dollar, our portable Mac transition, the beginning of the education buying season, and the iPhone 4 transition.

這些是 iPad 銷售的第一季度、美元走強、我們的便攜式 Mac 過渡、教育購買季節的開始以及 iPhone 4 的過渡。

Collectively, these things did have an impact sequentially, but to a lesser extent than we had anticipated in our guidance.

總的來說，這些事情確實產生了順序影響，但程度低於我們在指導中預期的程度。

The second category of factors which accounted for the remainder of the difference consisted of unanticipated favorable adjustments, as well as leverage on the higher than expected revenue.

造成差異其餘部分的第二類因素包括意外的有利調整，以及對高於預期收入的槓桿作用。

Operating expenses were $1.9 billion and included $181 million in stock-based compensation expense.

運營費用為 19 億美元，其中包括 1.81 億美元的股票薪酬費用。

OI&E for the quarter was $58 million.

本季度的 OI&E 為 5800 萬美元。

Our tax rate for the quarter was 24.2%, about three points below our guidance as a result of two factors.

由於兩個因素，我們本季度的稅率為 24.2%，比我們的指導低約 3 個百分點。

First, we had a better mix of foreign earnings, and this accounted for about two-thirds of the difference.

首先，我們有更好的外國收入組合，這約佔差異的三分之二。

Second, we finalized favorably some prior year US tax audits, accounting for the remainder of the difference.

其次，我們有利地完成了前一年的一些美國稅務審計，彌補了剩餘的差異。

As a result of the better mix of foreign earnings, we have lowered our expected fourth quarter tax rate from 27% to about 26.5%.

由於外國收入的更好組合，我們已將預期的第四季度稅率從 27% 下調至約 26.5%。

Turning to cash, our cash plus short-term and long-term marketable securities totaled $45.8 billion at the end of the June quarter compared to $41.7 billion at the end of the March quarter, an increase of $4.1 billion.

現金方面，截至 6 月季度末，我們的現金加上短期和長期有價證券總額為 458 億美元，而 3 月季度末為 417 億美元，增加了 41 億美元。

Cash flow from operations was $4.8 billion.

運營現金流為 48 億美元。

Our investment priority for cash continues to be preservation of capital, and we are continuing to focus on relatively short-dated, high quality investments, and remain comfortable with our investment portfolio.

我們的現金投資重點仍然是保本，我們將繼續專注於相對短期、高質量的投資，並對我們的投資組合感到滿意。

Looking ahead to the September quarter, I would 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 9 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。

As we announced on Friday, we will be offering free cases to all customer who is have purchased an iPhone 4 through September 30th.

正如我們週五宣布的那樣，我們將在 9 月 30 日之前為所有購買 iPhone 4 的客戶提供免費保護套。

As a result, we will be deferring revenue corresponding to the value of the cases that have yet to be ordered by or delivered to eligible customers under this offer as of the end of the September quarter.

因此，截至 9 月季度末，我們將根據此優惠推遲與符合條件的客戶尚未訂購或交付的案例價值相對應的收入。

We estimate this deferral to be about $175 million, and we expect this September quarter deferral to be recognized as revenue in the December quarter.

我們估計這一延期約為 1.75 億美元，我們預計今年 9 月季度的延期將被確認為 12 月季度的收入。

We will recognize the cost of the cases upon delivery to our customers.

我們將在交付給客戶時確認箱子的成本。

We expect revenue to be about $18 billion compared to $12.2 billion in the September quarter last year.

我們預計收入約為 180 億美元，而去年第四季度為 122 億美元。

We expect gross margin to be about 35% reflecting approximately 40 million related to stock-based compensation expense.

我們預計毛利率約為 35%，反映了與股票補償費用相關的約 4000 萬美元。

We expect most of the sequential decline to be due to a higher mix of iPhone 4 and iPad sales, which have higher cost structures and provide great value to our customers, as well as the revenue deferral impact of the iPhone 4 case offer.

我們預計大部分環比下降是由於 iPhone 4 和 iPad 銷售的混合增加，它們具有更高的成本結構並為我們的客戶提供了巨大的價值，以及 iPhone 4 保護殼報價的收入遞延影響。

To a lesser extent, we expect the sequential decline to be driven by back-to-school promotion and the absence of the favorable adjustments that benefited gross margin in the June quarter.

在較小程度上，我們預計環比下降是由返校促銷和缺乏有利的調整來推動 6 月季度的毛利率。

We expect OpEx to be about $2 billion including about $195 million related to stock-based compensation expense.

我們預計運營支出約為 20 億美元，其中約 1.95 億美元與基於股票的薪酬費用相關。

We expect OI&E to be about $50 million, reflective of the short-term interest rate environment, and we expect the tax rate to be about 26.5%.

我們預計 OI&E 約為 5000 萬美元，反映了短期利率環境，我們預計稅率約為 26.5%。

We are targeting EPS of about $3.44.

我們的目標是每股收益約為 3.44 美元。

In closing, we're thrilled with our record June quarter revenue and strong financial performance.

最後，我們對創紀錄的 6 月季度收入和強勁的財務業績感到非常興奮。

we're very pleased with sales of iPad and iPhone 4.

我們對 iPad 和 iPhone 4 的銷量感到非常滿意。

We're working hard on catching up with customer demand for these great products, and we look forward to rolling them out to even more customers and more countries this quarter.

我們正在努力滿足客戶對這些出色產品的需求，我們期待在本季度將它們推廣到更多客戶和更多國家。

We are very pleased with the market share gains for our iPhones, Macs and iPods, and remain very confident in our new product pipeline.

我們對我們的 iPhone、Mac 和 iPod 的市場份額增長感到非常滿意，並對我們的新產品線充滿信心。

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

有了這個，我想打開問題的電話。

(Operator Instructions).

（操作員說明）。

Your first question will come from Shannon Cross with Cross research.

您的第一個問題將來自 Shannon Cross 和 Cross 研究。

Thank you very much, and good afternoon.

非常感謝，下午好。

Can you talk a bit about what you're hearing from Corporations on their thoughts on the iPhone, the iPad, and Macs, just what you are seeing in terms of corporate adoption?

您能否談談您從公司那裡聽到的關於他們對 iPhone、iPad 和 Mac 的看法，以及您在公司採用方面看到的情況？

Hi, Shannon.

嗨，香農。

It is Tim.

是蒂姆。

If you look at the iPhone, we're now up to more than 80% of the Fortune 100 that are deploying or piloting the iPhone, and we also see very good momentum in the Fortune 500.

如果你看看 iPhone，我們現在有超過 80% 的財富 100 強正在部署或試用 iPhone，我們也看到財富 500 強的勢頭非常好。

In fact, over 60% of the Fortune 500 are deploying or piloting iPhone.

事實上，超過 60% 的財富 500 強企業正在部署或試用 iPhone。

This is also transcending into education institutions, and we see around 400 higher education institutions which have approved the iPhone for faculty, staff and students.

這也超越了教育機構，我們看到大約 400 家高等教育機構批准了 iPhone 供教職員工和學生使用。

And so iPhone is really taking off, and iOS4 was another help in doing that.

所以 iPhone 真的起飛了，而 iOS4 是另一個幫助。

In terms of the Macintosh, you can see that Mac had an incredible quarter.

就 Macintosh 而言，您可以看到 Mac 有一個令人難以置信的季度。

We're still selling principally to consumer and education, but we are seeing businesses with increasing interest in the Mac.

我們仍然主要向消費者和教育銷售，但我們看到企業對 Mac 越來越感興趣。

it is more difficult to measure because many of those sales are filled through the channel.

它更難以衡量，因為其中許多銷售都是通過渠道完成的。

We're obviously thrilled with growing 33% year-on-year.

我們顯然對同比增長 33% 感到興奮。

Great.

偉大的。

The iPad?

iPad？

The iPad, very surprisingly in the first quarter, so in the first 90 days, we already have 50% of the Fortune 500 that are deploying or testing the iPad.

iPad，在第一季度非常令人驚訝，所以在前 90 天，我們已經有 50% 的財富 500 強企業正在部署或測試 iPad。

It is incredible

不可思議

That's great

那太棒了

That's the Fortune 100.

那就是財富100強。

Excuse me.

打擾一下。

That's great.

那太棒了。

I had a follow-up for Peter.

我對彼得進行了跟進。

When you talked about the gross margin upside this quarter you mentioned about half came from those five areas performing better than you had expected.

當您談到本季度的毛利率上升時，您提到大約一半來自這五個領域的表現好於您的預期。

Can you give us any more specifics on why exactly those areas were better than you anticipated?

您能否詳細說明為什麼這些領域比您預期的要好？

Sure.

當然。

Shannon, the largest contributors were higher iPhone sales than we had included in our guidance, and also higher accessory sales as well.

香農，最大的貢獻者是 iPhone 銷量高於我們在我們的指導中包含的，以及更高的配件銷量。

Okay, great.

好，太棒了。

Thank you

謝謝

Thanks, Shannon.

謝謝，香農。

Can we have the next question, please

請問下一個問題可以嗎

That will come from Richard Gardner with Citigroup

這將來自花旗集團的理查德加德納

Thanks.

謝謝。

Tim, I wanted to start just by asking to you give us a supply/demand breakdown for each of the product categories if you would, and talk about any notable supply constraints within each product line, and how severe they are and when you expect them to be alleviated?

蒂姆，我想首先請你給我們每個產品類別的供需細分，如果你願意的話，並談談每個產品線中任何顯著的供應限制，以及它們的嚴重程度以及你期望它們的時間得到緩解？

Okay.

好的。

Rich, starting with the Mac there were no significant supply/demand issues during the quarter, and there are none currently.

Rich，從 Mac 開始，本季度沒有重大的供需問題，目前也沒有。

On the iPod, it is the same, none significant last quarter and none currently.

在 iPod 上也是如此，上個季度沒有顯著影響，目前也沒有。

The iPad and the iPhone are significantly different.

iPad 和 iPhone 有很大的不同。

Both of these products, the iPad and specifically the iPhone 4, we had backlog at the end of the last quarter that we were not able to fill, and currently we are still selling both of those products as fast as we can make them.

這兩種產品，iPad，特別是 iPhone 4，我們在上個季度末都有積壓，我們無法填補，目前我們仍在盡可能快地銷售這兩種產品。

We still are quoting longer lead times than we would like, and we're working around the clock to try to get supply/demand in balance.

我們仍然引用比我們想要的更長的交貨時間，並且我們正在夜以繼日地工作以試圖使供需平衡。

In the scheme of things, it is a good problem to have.

在事物的計劃中，這是一個很好的問題。

Tim, are you willing to provide I guess any additional color on what the sources of constraint are and when you expect those to be alleviated or is it just simply a demand problem and not so much a supply problem?

蒂姆，您是否願意提供任何額外的顏色說明限制的來源是什麼，以及您何時期望這些限制會得到緩解，或者這只是一個需求問題而不是供應問題？

I don't think high demand is never a problem, but on the iPad, as I mentioned last quarter, we went into the iPad thinking that planning a 1 million per month capacity was a very bold move, and in fact if you look at the -- a lot of the industry analysts we're predicting that we would only sell somewhere around that number for the whole calendar year.

我不認為高需求從來都不是問題，但是在 iPad 上，正如我上個季度提到的，我們進入 iPad 時認為計劃每月 100 萬個產能是一個非常大膽的舉措，事實上，如果你看- 我們預測的許多行業分析師在整個日曆年中只會賣出這個數字附近的某個地方。

As you know, we did 1 million the first month and the second million the second month and the third million the third month, and so basically what we're doing is we're increasing capacity as quickly as we can, and there is a number of things that we have to increase in order to do that.

如你所知，我們第一個月做了 100 萬，第二個月做了第二百萬，第三個月做了第三百萬，所以基本上我們正在做的就是盡可能快地增加產能，並且有一個為了做到這一點，我們必須增加的事情的數量。

But I am fairly confident that we will be able to increase the capacity.

但我相當有信心，我們將能夠增加容量。

It is not a situation where there is something profound that we can't eventually increase.

在這種情況下，我們最終無法增加一些深刻的東西。

The iPhone, we just started ramping it in June.

iPhone，我們剛剛在 6 月份開始升級。

We had very limited days last quarter.

上個季度我們的日子非常有限。

As you know, we launched on the 24th, and the quarter ended on the 26th, and we're still ramping and increasing volume, but again there is not a specific thing that is an overwhelming gate, it is just a matter of getting up the ramp

如您所知，我們於 24 日推出，並於 26 日結束該季度，我們仍在加速和增加銷量，但再次沒有具體的事情是壓倒性的大門，這只是起床的問題坡道

If I could, Peter, you mentioned actually the mix of iPhone 4 and iPad sales as a negative for gross margin this coming quarter, and iPhone 4, well, iPhone in general I guess has typically had margins that are well above the corporate average.

如果可以的話，彼得，你實際上提到了 iPhone 4 和 iPad 的銷售組合對下一季度的毛利率不利，而 iPhone 4，好吧，我猜 iPhone 的利潤率通常遠高於公司平均水平。

Just wondering why you would put that on the negative side of the ledger for gross margin for September and was hoping you could tell us -- give us a little more detail on the adjustments that possibly affected the gross margin in June.

只是想知道為什麼你會把它放在 9 月份毛利率分類賬的負面部分，並希望你能告訴我們——給我們更多關於可能影響 6 月份毛利率的調整的細節。

Sure.

當然。

Let me start with your second question.

讓我從你的第二個問題開始。

I don't want to go into a lot of specificity there, but we did have some adjustments that occurred in our supply chain and some other product costs that benefited us in June.

我不想在這裡詳細說明，但我們確實在我們的供應鏈中進行了一些調整，以及在 6 月份使我們受益的其他一些產品成本。

They were the larger contributor of the second set of factors that I outlined for you.

它們是我為您概述的第二組因素的更大貢獻者。

As regards our gross margin for the September quarter, we just introduced the iPad and the iPhone 4.

至於我們 9 月季度的毛利率，我們剛剛推出了 iPad 和 iPhone 4。

We are delivering great value to customers, and these products have higher cost structures.

我們正在為客戶提供巨大的價值，而這些產品具有更高的成本結構。

In the case of the iPhone 4 it has a higher cost structure than the predecessor product that we were shipping, so while the margin there is attractive, on a sequential basis we have been pretty aggressive here with pricing and it is going to play through a bit on the margin one.

就 iPhone 4 而言，它的成本結構比我們交付的前代產品更高，因此雖然利潤很有吸引力，但在連續的基礎上，我們在定價方面一直非常激進，它將通過位在邊緣一。

Thank you, Rich, can we have the next question, please?

謝謝你，Rich，我們可以問下一個問題嗎？

From Piper Jaffray, we'll hear from Gene Munster

Piper Jaffray 的消息，我們將聽到 Gene Munster 的消息

Good afternoon and congratulations.

下午好，祝賀你。

The iPhone number was strong despite or a lot of moving parts in the channel in terms of inventory this quarter versus a year ago when you launched the 3GS.

儘管與一年前推出 3GS 時相比，本季度的庫存在渠道中有很多移動部件，但 iPhone 的數量仍然很強勁。

Can you talk a little bit about what those dynamics were and how they impacted the 8.4 million unit number you printed?

您能否談談這些動態是什麼以及它們如何影響您打印的 840 萬個單位數量？

Gene, it is Tim.

吉恩，是蒂姆。

We greatly reduced shipments of the previous generation iPhone beginning around June 7th, which was our Worldwide Developer's Conference, and coincided with the announcement of the iPhone 4, but as you probably know, we did not launch the iPhone 4 and the new 8 gigabyte 3GS until June 24th, which was only three days before the end of the quarter.

我們從 6 月 7 日左右開始大幅減少上一代 iPhone 的出貨量，那是我們的全球開發者大會，恰逢 iPhone 4 的發布，但你可能知道，我們沒有推出 iPhone 4 和新的 8 GB 3GS一直到 6 月 24 日，也就是離季末只有三天的時間。

The result of that was that we had significantly lower sales after June the 7th for that period of time, as we waited on the official launch.

這樣做的結果是，在 6 月 7 日之後的那段時間裡，我們的銷售額顯著下降，因為我們正在等待正式發布。

In fact, if you looked at our year-over-year growth rate prior to June 7th, it was around 90%.

事實上，如果你看一下我們在 6 月 7 日之前的同比增長率，大約是 90%。

As you know, we exited the quarter, you can see this from the data sheets.

如您所知，我們退出了本季度，您可以從數據表中看到這一點。

We exited the quarter with total iPhone sales up 61%, so basically we did a channel adjustment.

我們在本季度結束時，iPhone 的總銷量增長了 61%，所以基本上我們進行了渠道調整。

We pulled the previous generation of iPhones down significantly in channel inventory.

我們大幅降低了上一代 iPhone 的渠道庫存。

We increased from the iPhone 4 inventory and the inventory of the 8 gigabyte 3GS, and the net reduction in the channel was about a quarter of a million units from the beginning of the quarter.

我們從 iPhone 4 庫存和 8G 3GS 的庫存增加，渠道淨減少量比季度初約 100 萬台。

I would remind you that as you probably guessed the run rate associated with the sales of the new product are larger than the run rate associated with the sales of the old product, and so in terms of any kind of weeks of inventory, it would be much less where we were running before.

我要提醒您，您可能猜到與新產品銷售相關的運行率大於與舊產品銷售相關的運行率，因此就任何類型的庫存週數而言，它將是更不用說我們之前跑的地方了。

So last quarter I think your comment was you had about 2.7 million units in the channel.

所以上個季度我認為你的評論是你在頻道中有大約 270 萬台。

Is that correct?

那是對的嗎？

That's right.

這是正確的。

We ended with about 2.45.

我們以大約 2.45 結束。

if you look at the ins and outs in that just to give you the numbers, the previous generation drawdown by the end of the quarter was slightly less than 1.3 million, and the combination of iPhone 4 and iPhone 3GS was up about a million, and the vast, vast majority of that million was in transit at the end of the quarter, not available for sale.

如果你看裡面的來龍去脈只是給你一個數字，到本季度末的上一代縮編略低於 130 萬部，iPhone 4 和 iPhone 3GS 的組合增加了約 100 萬部，並且在本季度末，這百萬美元中的絕大多數都在運輸途中，無法出售。

So is it safe to say that you would have printed around 8.7 million iPhones if assuming more of a normalized inventory levels throughout the quarter?

如果假設整個季度的庫存水平更高，可以肯定地說你會打印大約 870 萬部 iPhone 嗎？

If we would have held inventory flat from the beginning of the quarter, we would have done a little over 250,000 more units.

如果我們從本季度開始就保持庫存持平，我們會多生產 250,000 多件。

However, what we would have really wanted to do is the if we had the opportunity to do it quite frankly is to take inventory up quarter over quarter beginning of the quarter to end of the quarter because the sales run rate was larger at the end of the quarter with the new product.

然而，我們真正想做的是，如果我們有機會坦率地做到這一點，那就是在季度初到季度末逐個季度增加庫存，因為銷售運行率在季度末更大。新產品的季度。

Quickly, I have a philosophical question that I can understand why you run out of products and the iPad comes out and it is the first time are you doing it, but these shortages that we have right out of the gate, can you just give us any insight?

很快，我有一個哲學問題，我能理解為什麼你的產品用完了，iPad 出來了，這是你第一次做，但是我們一開始就有這些短缺，你能不能給我們有什麼見解嗎？

There is obviously a lot of talk that you do this just to create buzz.

顯然有很多人說你這樣做只是為了製造轟動。

I suspect that's not the case, but can you give us any insight into a company that understands how to build products as well as you do that we still have these problems going into those product launches?

我懷疑情況並非如此，但是您能否向我們介紹一家像您一樣了解如何構建產品的公司，我們在產品發佈時仍然存在這些問題？

On the -- let me answer in that two different ways.

關於——讓我以兩種不同的方式回答。

If you look at the previous generation product, we call the number of units that we're going to sell many weeks beforehand, and when we run out, we run out.

如果您查看上一代產品，我們會提前數週調用我們要銷售的單位數量，當我們用完時，我們就用完了。

Quite frankly, we tend to manage that aggressively on purpose, because we would rather the market move very quickly to the new product.

坦率地說，我們傾向於故意積極地進行管理，因為我們希望市場迅速轉向新產品。

That's what happened here, and frankly speaking, I am glad that it happened, and it is exactly the way that we want to manage it.

這就是這裡發生的事情，坦率地說，我很高興它發生了，這正是我們想要管理它的方式。

In terms of the new product, we do not purposely create a shortage for buzz.

在新產品方面，我們並沒有刻意製造嗡嗡聲的短缺。

I am not sure where that comes from.

我不確定那是從哪裡來的。

That's certainly not our objective.

這當然不是我們的目標。

We would like to fill every customer's order as quickly as we can.

我們希望盡快完成每位客戶的訂單。

The demand for iPhone 4 is absolutely stunning.

iPhone 4 的需求絕對是驚人的。

We're working very hard to catch up with demand, and I can't predict when that will occur, but I can tell you that everyone is working very hard to do it

我們正在努力趕上需求，我無法預測什麼時候會發生，但我可以告訴你，每個人都在努力做到這一點

Last question and I will turn it over.

最後一個問題，我會把它翻過來。

Since the issues with the antenna have you seen any changes in demand or what changes have you seen in demand for iPhone 4?

由於天線問題，您是否看到需求發生了任何變化，或者您看到 iPhone 4 的需求發生了哪些變化？

Gene, let me be very clear on this.

吉恩，讓我非常清楚這一點。

We're selling every unit we can make currently.

我們正在銷售我們目前可以製造的每一個單位。

Great.

偉大的。

Thank you.

謝謝你。

Thank you, Gene.

謝謝你，吉恩。

Could we have the next question, please?

請問下一個問題好嗎？

That will come from Ben Reitzes with Barclays Capital

這將來自巴克萊資本的 Ben Reitzes

Good afternoon.

下午好。

Thanks.

謝謝。

I guess I want to elaborate on that last question a little more, Tim.

我想我想進一步詳細說明最後一個問題，蒂姆。

So you haven't seen any slowdown in order rates online or your lead times remain the same, and is that what you mean you haven't seen any slowdown in order rates or any increase in returns that are noticeable in the marketplace?

因此，您沒有看到在線訂單率下降或交貨時間保持不變，這是否意味著您沒有看到訂單率下降或市場上明顯的退貨率增加？

My phone is ringing off the hook for people that want more supply.

對於需要更多供應的人，我的電話響了。

So, right now, it is hard to test the real question that you are asking about, is there an effect or not, because we're selling every one that we can make, and you can't run the experiment both ways.

所以，現在，很難測試你所問的真正問題，是否有影響，因為我們正在銷售我們可以製造的每一個，你不能同時進行實驗。

On the return issue, is there anything noticeable, maybe I will tease the answer because we're not seeing a huge blip up but are you?

關於退貨問題，有什麼值得注意的嗎，也許我會取笑答案，因為我們沒有看到很大的變化，但是你呢？

The returns that we have seen on the iPhone 4 are less than the iPhone 3GS, as Steve shared in the presentation on Friday, and the ones for this specific issue are extremely small.

正如史蒂夫在周五的演講中分享的那樣，我們在 iPhone 4 上看到的回報低於 iPhone 3GS，而且針對這個特定問題的回報非常小。

Okay.

好的。

Moving on with regard to the iPad, when do you think supply and demand will be in balance?

繼續說 iPad，你認為什麼時候供需平衡？

Maybe if you can refer back to your experience with other products that have soaring demand and when you got the equilibrium or is there any other experience that's comparable that you can give us any indication of when you feel you could be in equilibrium for such a hot product?

也許如果您可以回顧一下您對其他需求飆升的產品的體驗以及您何時達到平衡，或者是否有任何其他可比較的體驗，您可以向我們提供任何跡象，表明您何時覺得自己可以在如此熱的情況下達到平衡產品？

We honestly don't know is the answer.

老實說，我們不知道答案。

We have been pleasantly surprised at how fast this product has gotten out of the chute.

我們對這款產品從滑槽中脫穎而出的速度感到驚喜。

If you look at how long it took us to sell the first million iPods, the 20 plus months versus the one month of iPad, it is a phenomenal difference.

如果你看看我們銷售第一百萬台 iPod 花了多長時間，20 多個月與 iPad 的一個月，這是一個驚人的差異。

It is not following a typical early adopter curve and then taking a long time to cross into the mainstream.

它沒有遵循典型的早期採用者曲線，然後需要很長時間才能進入主流。

So I don't know how high is high.

所以不知道高到什麼程度。

Our guts tell us this market is very big, and we believe that iPad is really defining the market, and we to want take full advantage of it, and so we are investing enormous time and resource in increasing our capability and getting iPad out to as many people as we can.

我們的直覺告訴我們這個市場非常大，我們相信 iPad 真正定義了市場，我們希望充分利用它，因此我們投入大量時間和資源來提高我們的能力，讓 iPad 成為盡可能多的人。

Okay.

好的。

Then just finally maybe, Peter, for you are you surprised on how many people want the 3G product for the iPad and since you launched that product what is the split between 3G and Wi-Fi?

最後也許，Peter，你對有多少人想要 iPad 的 3G 產品感到驚訝嗎？既然你推出了那個產品，那麼 3G 和 Wi-Fi 之間的區別是什麼？

Ben, we don't -- we're not going to disclose the splits between that, but all of the models have been very popular.

Ben，我們不會——我們不會透露這兩者之間的區別，但所有的模型都非常受歡迎。

I commented in my prepared remarks and Tim just did, the demand has just been amazing, and this is off to an incredible start, and overall ASP in the June quarter for iPad was about $640

我在準備好的評論中發表了評論，蒂姆剛剛做了，需求剛剛好，這是一個令人難以置信的開端，iPad 六月季度的整體 ASP 約為 640 美元

Just would seem like that's the base ASP because now have you a better mix of 3Gs, so that might be the low point.

看起來這就是基本的 ASP，因為現在你有了更好的 3G 組合，所以這可能是低點。

But okay, I will cede the floor.

但是好吧，我會放棄發言權。

Thank you so much.

非常感謝。

Thank you, Ben.

謝謝你，本。

Can we have the next question, please?

請問下一個問題可以嗎？

We'll move to Brian Marshall with Gleacher & Company.

我們將搬到 Gleacher & Company 的 Brian Marshall。

Thanks.

謝謝。

Nice quarter.

漂亮的季度。

Question with regards to the upside that you saw in the Mac as well as the iPhone units.

關於你在 Mac 和 iPhone 上看到的好處的問題。

That's pretty impressive considering iPad came in very strongly this quarter as well, so do you have any updated thoughts kind of longer term philosophical perspective about how the iPad will potentially cannibalize or take away some dollars from some of your other product lines going forward?

考慮到 iPad 在本季度的表現也非常強勁，這非常令人印象深刻，那麼您是否有任何更新的想法，即關於 iPad 將如何蠶食或從您的其他一些產品線中奪走一些資金的長期哲學觀點？

It is a very good question, and it is one that we do talk about internally.

這是一個非常好的問題，也是我們在內部討論的問題。

We had only been selling for three months, and so I think the real answer is that it is too early to tell.

我們只賣了三個月，所以我認為真正的答案是現在說還為時過早。

If you do look at the quarter that we just finished, we are thrilled that we reported our best Mac quarter ever in the same quarter that iPad sold almost 3.3 million units, and so for us it is a jaw dropper.

如果您確實查看了我們剛剛完成的季度，我們很高興我們在 iPad 售出近 330 萬台的同一季度報告了我們有史以來最好的 Mac 季度，因此對我們來說，這是一個令人瞠目結舌的事情。

Was wondering if you can give us any updates on how the iAd business is coming to fruition here?

想知道您是否可以向我們提供有關 iAd 業務如何在這裡取得成果的最新信息？

We have just launched the iAd in the early part of July.

我們剛剛在 7 月初推出了 iAd。

We're going to learn a lot this calendar year and build a foundation for the future, and beyond that, I don't have any further specifics to share with you today.

這個日曆年我們將學到很多東西，並為未來打下基礎，除此之外，我今天沒有任何進一步的細節要與你分享。

Okay.

好的。

Final question, can you give us an update on how the data center build in coming along in North Carolina and that's it.

最後一個問題，您能否向我們介紹一下北卡羅來納州數據中心的建設情況，僅此而已。

Thank you

謝謝

North Carolina is on schedule.

北卡羅來納州如期而至。

Everything is going fine.

一切都很順利。

Can you share with the schedule is with us, Peter?

彼得，你能和我們分享一下時間表嗎？

We expect to complete it by the end of the calendar year and begin to use it.

我們預計在日曆年年底前完成並開始使用它。

Great.

偉大的。

Thank you very much.

非常感謝你。

Thank you, Brian.

謝謝你，布賴恩。

Can we have the next question, please?

請問下一個問題可以嗎？

We'll hear from Toni Sacconaghi with Sanford Bernstein

我們將與 Sanford Bernstein 一起聆聽 Toni Sacconaghi 的來信

Thank you.

謝謝你。

I want to revisit the gross margin question, please.

我想重新討論毛利率問題，拜託。

Peter, on your guidance last quarter, you basically said about a quarter of the expected sequential decline in gross margins was expected to come from iPads, about 150 basis points.

彼得，關於你上個季度的指導，你基本上說，預計毛利率連續下降的大約四分之一來自 iPad，大約 150 個基點。

Relative to your expectation on that, what kind of impact did iPad have on a gross margins versus your guidance, and why may it have been different?

相對於您對此的預期，iPad 對毛利率的影響與您的指導相比有何不同，為什麼會有所不同？

Toni, the factors that we cited last quarter, largely on a collective basis, were as we thought, and we did about 310 basis points better than we had guided to, and a little more than half of that was those five factors want being quite as deep as we thought, and the biggest piece of that difference really came from selling more iPhones and selling accessories, so the other factors were generally about what we thought they would be.

Toni，我們上個季度引用的因素，主要是在集體的基礎上，正如我們所想的那樣，我們比我們指導的要好大約 310 個基點，其中一半多一點是這五個因素想要相當和我們想像的一樣深刻，最大的差異確實來自銷售更多的 iPhone 和銷售配件，所以其他因素通常與我們認為的那樣。

So if we think about it, you were expecting to be down about 570 basis points, you were down about 260 basis points, but you had mentioned you had a favorable benefit as well as some operating leverage.

因此，如果我們考慮一下，您預計會下跌約 570 個基點，下跌約 260 個基點，但您曾提到您有有利的收益以及一些經營槓桿。

What was the collective impact of those two positive forces of operating leverage in favorable?

這兩種有利的經營槓桿的積極力量的集體影響是什麼？

So were you down?

那你下來了嗎？

You thought you would be down 570 from those factors and you were down 400 to 450, and then you had favorable impact of 150 from the other two factors, or how do we think about that in basis points?

你認為你會從這些因素中下降 570，然後你從 400 下降到 450，然後你從其他兩個因素中產生了 150 的有利影響，或者我們如何看待這個基點？

Sure.

當然。

We were ahead of what we thought by about 310 basis points, a little more than half of that came from the five factors not being quite as deep as we thought, and it was mostly selling more iPhones and more accessories that drove that.

我們比我們想像的要高出大約 310 個基點，其中超過一半來自五個因素並沒有我們想像的那麼深，主要是銷售更多的 iPhone 和更多的配件推動了這一點。

A little less than half the 310 basis points occurred from the unanticipated favorable adjustments and the leverage on the higher revenue, and the favorable adjustments were the bigger piece of that second group.

310 個基點的不到一半來自意料之外的有利調整和更高收入的槓桿作用，而有利調整是第二組的較大部分。

Thank you.

謝謝你。

That's helpful.

這很有幫助。

On the favorable adjustments, can you comment on whether they were one-time and whether they were discretionary, any more color you can provide on those?

關於有利的調整，你能評論一下它們是否是一次性的，是否是可自由支配的，你能提供更多的顏色嗎？

I don't expect the ones that we benefited from to reoccur, and again I don't want to be specific, but these were things that really just occurred in our supply chain and with other product costs.

我不希望我們從中受益的事情再次發生，我也不想具體說明，但這些事情確實只是發生在我們的供應鍊和其他產品成本中。

And on the -- Tim, you talked a little bit about channel inventory.

在——蒂姆，你談到了渠道庫存。

It sounds like and correct me if I'm wrong, that you might have 1.4 million in existing channel inventory of the older 3GS, the 16 and the 32 gig.

如果我錯了，這聽起來像是並糾正我，您可能在舊 3GS、16 和 32 演出的現有渠道庫存中擁有 140 萬個。

Is that a correct, and where and how are those being sold currently?

這是正確的，目前在哪里以及如何銷售？

Toni, we had about 1.4 on June 26th which was the end of the fiscal quarter.

托尼，我們在 6 月 26 日有大約 1.4，這是本財季末。

Currently we have materially less than that.

目前，我們的數量遠遠少於此。

Those are being sold at basically most not all but most of the -- in most of the countries that is we sell the 3GS in.

在我們銷售 3GS 的大多數國家/地區，這些產品基本上不是全部銷售，而是大部分銷售。

Have you been able to take up that so since the end of the quarter the June 26th have you had any progress in increasing your total channel inventory or you feel like you are fighting a losing battle?

您是否能夠接受這一點，所以自 6 月 26 日季度末以來，您在增加總渠道庫存方面是否有任何進展，或者您覺得自己正在打一場失敗的戰鬥？

I never feel like I am fighting a losing battle.

我從不覺得我在打一場失敗的戰鬥。

On iPhone 4, we are selling things as quickly as we make them, and so, we have more work to do there.

在 iPhone 4 上，我們的產品銷售速度與製造速度一樣快，因此，我們還有更多工作要做。

I guess that implication would be if you have taken down inventory of the non-iPhone 4 product, and you are selling them as quickly as you can, that would actually suggest your total inventory would be even lower now than it was on June 26th?

我想這意味著如果你已經取消了非 iPhone 4 產品的庫存，並且你正在盡快銷售它們，那實際上意味著你現在的總庫存會比 6 月 26 日時更低？

Keep in mind we also sell the iPhone 3GS 8 gig, that's a new model in the line.

請記住，我們還銷售 iPhone 3GS 8 gig，這是該系列中的新型號。

So the 1.4 million that I was referring to that I assumed that you were also referring to or the iPhone 3GS units were in the previous generation

所以我所指的 140 萬台，我假設你也指的是 iPhone 3GS 單元是在上一代

Correct.

正確的。

Thank you.

謝謝你。

You would have to look at the whole line.

您將不得不查看整條線。

Final question.

最後一個問題。

You had talked a little bit about cannibalization of iPad on Macs and I know you talked about the iPod and iPod Touch on a year-over-year basis, but sequentially, your ASPs fell quite a bit on the iPod business.

您曾談及 iPad 在 Mac 上的蠶食，我知道您每年都在談論 iPod 和 iPod Touch，但依次，您在 iPod 業務上的 ASP 下降了很多。

Do you think there may be any cannibalization of iPad on iPod Touches and specifically can you comment on whether iPod Touch was a higher percentage of units sold or actually if you sold higher percentage of units sold in Q3 versus Q2?

您認為 iPod Touch 上的 iPad 可能會被蠶食嗎？具體來說，您能否評論一下 iPod Touch 的銷量比例是否更高，或者實際上您在第三季度的銷量是否比第二季度更高？

Toni, our iPod ASPs were down about $7 sequentially, and that really was driven by the start of the back-to-school promotion which we began in the month of June, and a stronger US dollar.

Toni，我們的 iPod ASP 環比下降了大約 7 美元，這確實是由我們在 6 月份開始的返校促銷活動和美元走強推動的。

We did mix on a year-over-year basis up into iPod Touch, and I am sorry, I don't have on a sequential basis the Touch mix in front of me.

我們確實在 iPod Touch 中逐年進行混音，很抱歉，我面前沒有按順序進行的 Touch 混音。

Thank you.

謝謝你。

Thanks, Toni.

謝謝，托尼。

Can we have the next question please?

請問下一個問題可以嗎？

That will come from Keith Bachman with Bank of Montreal.

這將來自蒙特利爾銀行的 Keith Bachman。

Hi.

你好。

Thank you.

謝謝你。

I had a couple as well.

我也有一對。

When you were using the accrual counting or deferred accounting rather on the iPhone, the deferred balance indicated that margins went up over time.

當您在 iPhone 上使用應計計數或遞延會計時，遞延餘額表明利潤率隨著時間的推移而上升。

Would you anticipate that the iPad margins would increase as we move forward?

您是否預計 iPad 的利潤率會隨著我們的發展而增加？

Look, we were purposely aggressive when we launched the iPad because we absolutely believed that we had a great product and we had a great first mover advantage, so we were aggressive coming out of the chute, and as both Tim and I have commented, we are selling them as quickly as we can make them.

看，當我們推出 iPad 時，我們故意咄咄逼人，因為我們絕對相信我們有一個偉大的產品，我們有一個偉大的先發優勢，所以我們積極地走出了滑道，正如蒂姆和我所評論的那樣，我們我們會盡快把它們賣掉。

I think it was a very, very good way to launch the product for us.

我認為這是為我們推出產品的一種非常非常好的方式。

We are always working to become more efficient and to ride down the cost curves, and I don't see that motivation being any different on the iPad than it is on our other products.

我們一直在努力提高效率並降低成本曲線，我認為 iPad 的動機與我們其他產品的動機沒有什麼不同。

Okay.

好的。

A few to follow up.

有幾個要跟進。

Peter, is there any comments that you could make on the impact of the bumpers?

彼得，您對保險槓的影響有何評論？

I know you said you were incurring the costs in the September quarter.

我知道你說你在九月季度產生了費用。

Is there any way to quantify in terms of a basis points or any other metric that you can give us for the impact in the September quarter?

是否有任何方法可以量化基點或任何其他指標，您可以為我們提供 9 月季度的影響？

Well, there are two impacts of this.

嗯，這有兩個影響。

The first is, we will need to defer revenue for the iPhone 4s that we sell where we have not delivered the bumpers and where we have not heard from the customers wanting to place an order, and I expect the accrual that we'll need to make, which is a revenue accrual with no costs to be about $175 million in the September quarter, and I would expect to have that be recorded as revenue in the December quarter.

首先是，我們需要推遲銷售 iPhone 4s 的收入，因為我們沒有交付保險槓，也沒有收到想要下訂單的客戶的消息，我預計我們需要的應計費用make，這是一項無成本的應計收入，在 9 月季度約為 1.75 億美元，我預計將在 12 月季度將其記錄為收入。

We will expense the cost of the bumpers when we ship them to customers, and our most important objective there is to take care of every customer and delight them.

當我們將保險槓運送給客戶時，我們將支付保險槓的成本，我們最重要的目標是照顧每一位客戶並讓他們滿意。

I guess the last question for me then is directed to Tim if I could.

如果可以的話，我想我的最後一個問題是針對蒂姆的。

Android-based shipments are certainly increasing and gaining a lot of press.

基於 Android 的出貨量肯定在增加，並獲得了很多媒體的關注。

I wonder if you guys can give any color about where you might be seeing Android as competition to the iPhone family in terms of GO or customer sets or any other color there, and that's my last question.

我想知道你們是否可以就 GO 或客戶集或任何其他顏色方面將 Android 視為 iPhone 系列的競爭對手提供任何顏色，這是我的最後一個問題。

Thank you.

謝謝你。

I haven't seen the android results for June since it is a sum of several companies' shipments, but iPhone sales were up 61% in the June quarter despite the inventory drawdown and the transition that we spoke about.

我沒有看到 6 月份的 android 業績，因為它是幾家公司出貨量的總和，但儘管庫存下降和我們談到的轉型，但 iPhone 的銷售額在 6 月份季度增長了 61%。

That's against the IDC estimate of smartphone market growth of 38%, so we're growing substantially faster than the market.

這與 IDC 對智能手機市場增長 38% 的估計相反，因此我們的增長速度大大快於市場。

Thanks very much.

非常感謝。

Thank you, Keith.

謝謝你，基思。

Can we have the next question, please?

請問下一個問題可以嗎？

From RBC Capital Markets, we'll hear from Mike Abramsky

來自加拿大皇家銀行資本市場，我們將聽取 Mike Abramsky 的意見

Thanks very much.

非常感謝。

Tim, do you think there has been some sort of I think still some questions around sustainability of iPad demand after early adopters and international channel fill, even with new product cycles given that it is still a relatively new category, and I am wondering what your thoughts are there and also given that there may be some competitive subsidized 3G tablets coming in the fall.

蒂姆，你認為在早期採用者和國際渠道填滿之後，即使有了新的產品週期，我認為仍然存在一些關於 iPad 需求可持續性的問題，因為它仍然是一個相對較新的類別，我想知道你的想法是存在的，而且考慮到秋季可能會有一些有競爭力的補貼 3G 平板電腦。

How do you see that potentially impacting or not the iPod pricing strategy or demand?

您如何看待這可能會影響或不會影響 iPod 定價策略或需求？

Thanks.

謝謝。

Mike, the only thing I can share right now is that on iPad we are absolutely selling every unit that we can make, and it looks good in every country that we have launched it in so far, and we're excited about launching it in additional countries this coming weekend.

邁克，我現在唯一可以分享的是，在 iPad 上，我們絕對在銷售我們可以製造的每一台設備，到目前為止，它在我們推出的每個國家/地區看起來都不錯，我們很高興能在即將到來的周末其他國家。

Anecdotally, it does seem to me that it is beyond an early adopter stage already as I indicated earlier, just based on watching the people that are using it, and so it is the fastest that that has happened in any product I know of, or have ever been involved with.

有趣的是，在我看來，它已經超出了我之前指出的早期採用者階段，僅基於觀察使用它的人，所以它是我所知道的任何產品中發生的最快的，或者曾經參與過。

So I think it is extremely unique and extremely special.

所以我認為它非常獨特，非常特別。

In terms of what the competition does, I don't know what they will do, and what they will try.

至於比賽做什麼，我不知道他們會做什麼，他們會嘗試什麼。

It is no secret that everybody is trying to work on something to come out with it, but we're extremely happy with our competitive position, and the business model that we have if you look at the US as an example since everybody can look at that model, where you have a very affordable rate structure that starts at $15 with no commitment at all, and a very aggressive device price, that seems to be what the end-user really desires, and so, yes, somebody could come in and jack the rate plans way up and subsidize the -- I am not so sure that people are really going to want another contract.

眾所周知，每個人都在努力解決問題，但我們對我們的競爭地位以及我們擁有的商業模式感到非常滿意，如果你以美國為例，因為每個人都可以看到那個模型，你有一個非常實惠的價格結構，起價 15 美元，完全沒有承諾，以及非常激進的設備價格，這似乎是最終用戶真正想要的，所以，是的，有人可以進來將費率計劃大幅提高並補貼-我不太確定人們是否真的會想要另一份合同。

We'll see if somebody tries that and we'll both learn.

我們會看看是否有人嘗試過，我們都會學習。

Right now we're thrilled with our position.

現在我們對我們的位置感到興奮。

Thanks, Tim

謝謝，蒂姆

Thank you, Mike.

謝謝你，邁克。

Can we have the next question, please?

請問下一個問題可以嗎？

That will come from Charles Wolf with Needham & Company.

這將來自於Needham & Company 的Charles Wolf。

Yes, in the past, iPhone software developers have complained not about the App Store rules but the fact that they were arbitrary.

是的，過去，iPhone 軟件開發人員抱怨的不是 App Store 規則，而是它們的任意性。

Has Apple done anything to address this issue?

蘋果有沒有採取任何措施來解決這個問題？

Charlie, I think that we are always looking to make our developers happy.

查理，我認為我們一直在努力讓我們的開發人員滿意。

We have over 225,000 apps on the store with over 5 billion downloads.

我們的商店中有超過 225,000 個應用程序，下載量超過 50 億次。

We were thrilled to have very recently crossed $1 billion in payments to our developers, and we have just launched iAd with the primary objective of developing another revenue stream for them, so we care deeply about our developers and want to have many, many great apps for our iOS products and the success we've had on the store today is unparalleled.

我們很高興最近向我們的開發人員支付了超過 10 億美元的款項，我們剛剛推出 iAd，主要目標是為他們開發另一個收入來源，因此我們非常關心我們的開發人員，並希望擁有許多很棒的應用程序對於我們的 iOS 產品而言，我們今天在商店中取得的成功是無與倫比的。

Charlie, I would just add the vast majority of apps are approved within seven days of their submission and that many of the apps that aren't approved have bugs in them, and are eventually resubmitted and approved, and we obviously I think all of us want to ensure that pornography and graphic scenes don't make their way to the platform, and so I think these are things that I realize not 100% of everybody is going to agree, but I think many of us would want those to occur.

查理，我只想補充一下，絕大多數應用程序在提交後 7 天內獲得批准，許多未批准的應用程序存在錯誤，最終重新提交並獲得批准，我們顯然認為我們所有人希望確保色情和圖像場景不會進入平台，所以我認為這些事情我意識到並不是 100% 的人都會同意，但我認為我們中的許多人都希望這些事情發生。

Well, just asking the question slightly differently, do you think the concern of developers is really misplaced?

好吧，只是問的問題稍有不同，你覺得開發者的關注真的是放錯地方了嗎？

We value the input of every developer and very much listen to them and modify our programs accordingly when it is appropriate to do that.

我們重視每個開發人員的意見，並且非常傾聽他們的意見，並在適當的時候相應地修改我們的程序。

I am not going to say every concern out there is misplaced.

我不會說所有的擔憂都是錯誤的。

We're very open to any kind of feedback.

我們非常願意接受任何形式的反饋。

Thanks, Tim

謝謝，蒂姆

Thank you, Charlie.

謝謝你，查理。

Can we have the next question, please?

請問下一個問題可以嗎？

That question will come from Shaw with Kaufman Brothers

這個問題將來自肖和考夫曼兄弟

Thanks.

謝謝。

I have two questions.

我有兩個問題。

First, just on your desktop Mac business, normally it is up sequentially from March to June and I understand there is a secular trend towards portables.

首先，就您的台式機 Mac 業務而言，通常從 3 月到 6 月它會依次上升，我知道便攜式計算機存在長期趨勢。

Is there anything else, any color you can share there that's occurring?

還有什麼，你可以分享那裡正在發生的任何顏色嗎？

Shaw, it is Tim.

肖，是蒂姆。

You have a little ying and yang when we announce new portables.

當我們宣布新的便攜式設備時，你有一點陰陽。

You will see a substantial move to portables, and when there is not a new desktop announced at the same time, and so I think that is more of what we saw than anything else, but, yes, there is clearly a move to mobility, and in the long, long, long run I think will you see portables grow as a percentage of mix continually.

您將看到向便攜式設備的重大轉變，並且當沒有同時宣布新的台式機時，因此我認為這比我們看到的更多，但是，是的，顯然有向移動性的轉變，從長遠來看，我認為您會看到便攜式設備在混合中所佔的百分比不斷增長。

Thanks for the color.

謝謝你的顏色。

Second question is just on face time, you talked about how you wanted to turn that into an industry standard.

第二個問題是在面對面的時候，你談到了你想如何把它變成一個行業標準。

Just wondering how you plan to roll that out?

只是想知道你打算如何推出它？

will it be available on Windows?

它會在 Windows 上可用嗎？

I imagine today it is on the iPhone.

我想今天它在 iPhone 上。

What about on the Mac?

在 Mac 上呢？

Any color you can share there?

你可以在那里分享任何顏色嗎？

thanks.

謝謝。

Shaw, I want to make sure we get to all of the financial related questions today, so I am going to talk that one for another day

肖，我想確保我們今天解決所有與財務相關的問題，所以我打算再談一天

Okay.

好的。

Thanks

謝謝

Thanks, Shaw.

謝謝，肖。

Can we have the next question, please?

請問下一個問題可以嗎？

From Morgan Stanley, Katy Huberty

來自摩根士丹利，凱蒂·休伯蒂

Thanks.

謝謝。

Good afternoon.

下午好。

Tim, when Peter was walking through the iPhone business, he said the iPhone revenues and units were particularly strong in the Asia, Europe and Japan.

蒂姆，當彼得介紹 iPhone 業務時，他說 iPhone 的收入和銷量在亞洲、歐洲和日本特別強勁。

Would love your 2 cents as to why North America isn't on that list.

想知道為什麼北美不在那個名單上的 2 美分。

Are we hitting law of large numbers, or is there anything you can do to really reaccelerate the growth in the domestic market?

我們是否達到了大數定律，或者您可以做些什麼來真正重新加速國內市場的增長？

I don't think we're hitting the law of large numbers.

我不認為我們正在觸及大數定律。

I think that the market over time will increasingly -- the phone market will increasingly become a Smartphone market, and Steve said that long ago, and we have seen that that forecast has come true as the Smartphone market continues to grow at multiples of the basic handset market that is shrinking.

我認為隨著時間的推移，市場將越來越多——手機市場將越來越成為智能手機市場，史蒂夫很久以前就說過，我們已經看到隨著智能手機市場繼續以基本的倍數增長，這一預測已經成真。正在萎縮的手機市場。

I think we have a lot of opportunity domestically and in the other parts of the Americas.

我認為我們在國內和美洲其他地區有很多機會。

I think Peter's comment was more that our growth as a company whether you look at Mac, iPhone, or iPod is we're growing faster internationally than we are domestically, and you can see that in the revenues as well.

我認為彼得的評論更多的是我們作為一家公司的增長，無論你看 Mac、iPhone 還是 iPod，我們的國際增長速度都快於國內增長，你也可以從收入中看到這一點。

However, I think you have to put that in perspective that the Company's revenues in the Americas are growing over 40%.

但是，我認為您必須正確看待公司在美洲的收入增長超過 40%。

So this is a huge number.

所以這是一個巨大的數字。

We're not talking about a low number.

我們不是在談論一個低數字。

It is just that the international numbers are absolutely killer.

只是國際數字絕對是殺手。

And just on a more global basis, a lot of the iPhone growth has come from broadening distribution among carriers and in new countries.

僅在更全球化的基礎上，iPhone 的大部分增長都來自運營商和新國家/地區的分銷範圍擴大。

Can you just cover the opportunity that you see or don't see to broaden within countries you are already in to go after emerging markets like China and India and then just quickly thoughts on prepaid markets and whether that is an opportunity for you?

您能否介紹一下您看到或沒有看到的機會，在您已經進入的國家/地區擴大範圍，以開拓中國和印度等新興市場，然後快速考慮預付費市場，這對您來說是否是一個機會？

Yes.

是的。

I think both on the Mac and the iPhone and later the iPad as we roll it out to more places, I think there is still extraordinary opportunity left.

我認為在 Mac 和 iPhone 以及後來的 iPad 上，隨著我們將其推廣到更多地方，我認為仍然存在非凡的機會。

if you look at the Mac as an example, in Asia-Pacific, the Macs grew 73% year-over-year.

以 Mac 為例，在亞太地區，Mac 同比增長 73%。

This is phenomenal, that we could grow by this much, and in China we grew 144%.

這是驚人的，我們可以增長這麼多，在中國我們增長了 144%。

In Korea we grew 184%.

在韓國，我們增長了 184%。

In Hong Kong we almost doubled, and even in a country like Spain where the economy has clearly been very difficult, the Mac grew 59%, and so there is some very, very extraordinary numbers in that.

在香港，我們幾乎翻了一番，即使在像西班牙這樣經濟顯然非常困難的國家，Mac 也增長了 59%，因此其中有一些非常非常非同尋常的數字。

In the iPhone space we are doing well in basically all of the key markets.

在 iPhone 領域，我們基本上在所有主要市場都做得很好。

So in terms of the expanding that, we, learning what we learned with the exclusive deals and continuing to look market by market as I have indicated in the past, we have elected to open Spain up, and at the end of this month, we will go from an exclusive carrier market to having three carriers, and so that's one example.

因此，就擴展而言，我們學習了我們從獨家交易中學到的東西，並繼續按市場觀察，正如我過去所指出的，我們選擇開放西班牙，在本月底，我們將從一個獨家運營商市場發展為擁有三個運營商，這就是一個例子。

There are also more countries remaining, and frankly, there is still increased distribution and increased market penetration like enterprise and consumer and a general move in the marketplace from the basic voice and text phone to the Smartphones, all of which are in the iPhone's favor, and so honestly I just see an enormous amount of opportunity out there and our biggest challenge is to decide which of these to deploy resources against, not to have good ideas about which ones or about making the list of ideas.

還有更多的國家，坦率地說，仍然有更多的分銷和市場滲透率增加，如企業和消費者，以及市場從基本的語音和文本電話到智能手機的普遍轉變，所有這些都對 iPhone 有利，老實說，我只是看到了巨大的機會，我們最大的挑戰是決定部署資源中的哪些，而不是對哪些有好的想法或製作想法列表。

Okay.

好的。

Thank you.

謝謝你。

Thank you, Katy.

謝謝你，凱蒂。

Can we have the next question please?

請問下一個問題可以嗎？

From JPMorgan, we'll go to Mark Moskowitz

從摩根大通，我們將前往馬克莫斯科維茨

Two quick questions.

兩個快速的問題。

Tim, coming back to the iPad for a second, I know there is a lot of speculation about potential cannibalization down the road while it is still premature to speculate.

蒂姆，回到 iPad 上一秒鐘，我知道有很多關於未來潛在蠶食的猜測，但現在猜測還為時過早。

I am trying to get a sense, could there be a reverse effect where Apple maybe benefits from a halo effect where folks buy the iPad and also decide maybe to buy some other Apple devices to keep at home when they're using the iPad on the road?

我想了解一下，蘋果可能會從人們購買 iPad 的光環效應中受益，並決定購買其他一些 Apple 設備以在家中使用 iPad 時，是否會產生相反的效果？路？

the early stages, has your data shown that where you are seeing someone buying an iPad, and then there is a subsequent purchase of a MacBook or iMac or an iPhone?

在早期階段，您的數據是否顯示您看到有人購買 iPad，然後有人購買 MacBook、iMac 或 iPhone？

That's a very good question, Mark, and I do agree that I think most people external to Apple focus on cannibalization as the negative and internally we focus on exactly the opposite, the synergy between, both technically and from a demand point of view.

這是一個非常好的問題，馬克，我確實同意，我認為大多數蘋果公司外部的人都將蠶食視為負面因素，而在內部，我們關注的是完全相反的，兩者之間的協同作用，無論是從技術上還是從需求的角度來看。

If you look at the iPod historically, all of the people here felt that the iPod created a halo for the Mac, and in fact as the iPod volumes took off, you will see a dramatic change in the Mac sales back in time that we experienced, and so could that happen on iPhone and iPad?

如果你回顧 iPod 的歷史，這裡的所有人都覺得 iPod 為 Mac 創造了一個光環，事實上，隨著 iPod 銷量的起飛，你會看到我們經歷過的 Mac 銷量的巨大變化，那麼這會發生在 iPhone 和 iPad 上嗎？

We'll see.

我們拭目以待。

I don't want to predict it.

我不想預測它。

I do think that with our Mac share, the Mac has out grown the market 17 straight quarters.

我確實認為，憑藉我們的 Mac 份額，Mac 已經連續 17 個季度超過市場增長。

However, the Mac share is still low, and so there is still an enormous opportunity for the Mac to grow, and certainly the more customers we can introduce to Apple through iPads and through iPhones and through iPods, you would think that there might be some synergy with the Mac there, and there may be synergy between the iPad and the iPhone as well and so on and so forth, and so that's the way that we look at it internally instead of this negative although I know everybody is more focused on the negative piece of it.

然而，Mac 的份額仍然很低，因此 Mac 仍有巨大的增長機會，當然，我們可以通過 iPad、iPhone 和 iPod 向 Apple 介紹的客戶越多，你會認為可能會有一些與那裡的 Mac 有協同作用，iPad 和 iPhone 之間也可能有協同作用，等等等等，所以這就是我們內部看待它的方式，而不是這種負面的看法，儘管我知道每個人都更專注於它的負面部分。

This is where it is great to be -- to have a lower share, because if it turns out that the iPad cannibalizes PCs, then I think it is fantastic for us, because there is a lot of PCs to cannibalize.

這是很棒的地方——擁有較低的份額，因為如果事實證明 iPad 蠶食了個人電腦，那麼我認為這對我們來說太棒了，因為有很多個人電腦可以蠶食。

It is still a big market

它仍然是一個很大的市場

Thanks, Tim.

謝謝，蒂姆。

Maybe I can shift gears to Peter quickly.

或許我可以盡快給彼得換檔。

Peter, have you had a chance to what could be the scenario where by some of the subcontractors you work with that they do have to put through significant wage hikes over the next course of contract renewals over the next year or so, how would that impact Apple?

彼得，您是否有機會了解與您合作的一些分包商在明年左右的下一個續約過程中必須大幅加薪的情況，這將如何影響蘋果？

you have to absorb any of those pass through on the wage hikes or where those subcontractors have to absorb 100% of the wage hikes?

您必須吸收工資上漲中的任何一個，或者那些分包商必須吸收 100% 的工資上漲？

This is Tim again.

這又是蒂姆。

We don't want to get into the terms of our commercial agreements.

我們不想涉及我們的商業協議的條款。

We hold these to be competitive advantages and do not want to release those.

我們認為這些是競爭優勢，並且不想釋放這些優勢。

Okay.

好的。

That's fine.

沒關係。

Thank you

謝謝

Thanks, Mark.

謝謝，馬克。

Can we have the next question, please

請問下一個問題可以嗎

That will come from Chris Whitmore with Deutsche Bank

這將來自德意志銀行的克里斯·惠特莫爾

Thanks very much.

非常感謝。

Tim, earlier you mentioned a lot of opportunity domestically for the iPhone.

蒂姆，你之前提到了 iPhone 在國內的很多機會。

Do you need to expand your carrier relationships to tap that, or do you think there is plenty of head room with AT&T?

您是否需要擴展您的運營商關係以利用這一點，或者您認為 AT&T 是否有足夠的空間？

I don't want to get into what we will or will not do.

我不想討論我們會做什麼或不會做什麼。

I would say that we are very happy to be a partner with AT&T, and they have been a first class partner and have really pioneered the Smartphone growth from a network point of view in the US, and that's all I have to say about that.

我想說，我們很高興成為 AT&T 的合作夥伴，他們一直是一流的合作夥伴，並且從網絡的角度真正引領了美國智能手機的發展，這就是我要說的全部內容。

Okay.

好的。

Secondly on the gross margin guidance just back of the envelope, seems to suggest iPhone margins will be down maybe 10 or 15 points quarter on quarter.

其次，在信封後面的毛利率指導上，似乎表明 iPhone 的利潤率將環比下降 10 或 15 個百分點。

Is that in the right neighborhood, and if so can you provide a little more color which components are driving that?

那是在正確的附近嗎？如果是這樣，您能否提供更多顏色，哪些組件正在驅動它？

seems to contradict third party data around the bill of material costs for that product.

似乎與圍繞該產品的材料成本的第三方數據相矛盾。

Sure.

當然。

Chris, it is Peter.

克里斯，是彼得。

Let me begin by suggesting that you don't put a lot of credence in these third party reports that you see.

讓我首先建議您不要太相信您看到的這些第三方報告。

It is always amazing to me the cost categories and the components that never seem to make it into the reports.

對我來說，似乎從未出現在報告中的成本類別和組件總是讓我感到驚訝。

As I think answered in Toni's questions, with the iPhone 4 we have been very aggressive here.

正如我認為在 Toni 的問題中所回答的那樣，對於 iPhone 4，我們在這裡一直非常積極。

This is the best iPhone that we have ever shipped.

這是我們出貨過的最好的 iPhone。

we're delivering great value to customers, and then it has a higher cost structure than the predecessor product, and I don't want to comment on its specific gross margin

我們為客戶提供了巨大的價值，然後它的成本結構比以前的產品更高，我不想評論它的具體毛利率

Last question for me.

我的最後一個問題。

Back to you, Tim.

回到你身邊，蒂姆。

Just trying to ballpark the size of the supply/demand gap for the iPhone and the iPad, again back of the envelope.

只是想大致了解 iPhone 和 iPad 的供需缺口的大小，再次回到信封後面。

Are we talking about a couple million iPhone units short of demand and maybe half a million iPads short of demand?

我們是在說幾百萬部 iPhone 供不應求，也許還有 50 萬部 iPad 供不應求？

Is that the kind of gap we're talking about?

這就是我們所說的差距嗎？

I don't know.

我不知道。

That question is very difficult to answer because the way that you truly find out what it is at least from my own experience and perspective is you have enough supply to serve the demand and then you know what the demand is.

這個問題很難回答，因為至少從我自己的經驗和角度來看，你真正了解它的方式是你有足夠的供應來滿足需求，然後你就知道需求是什麼。

today we don't have enough on either iPhone 4 or iPad and so I truly don't know.

今天我們沒有足夠的 iPhone 4 或 iPad，所以我真的不知道。

Obviously we have taken bets internally in terms of the capacity that is we're going for, and we rolled those into the guidance, and I think you can get from the guidance that I think is extremely strong that we are pretty confident with being able to pick up the supply.

顯然，我們在內部就我們的能力進行了賭注，我們將這些賭注納入了指導，我認為你可以從指導中得到我認為非常強大的指導，我們對能夠做到這一點非常有信心拿起供應。

Thanks a lot.

非常感謝。

Thank you, Chris.

謝謝你，克里斯。

A replay of today's call will be available for two weeks as a pod cast on the iTunes store, as a webcast on Apple.com/investor and by telephone, and the numbers for the telephone replay are 888-203-1112 or 719-457-0820, and the confirmation code is 474-8846.

今天電話會議的重播將在兩週內通過 iTunes 商店的播客、Apple.com/investor 上的網絡廣播和電話播放，電話重播的號碼是 888-203-1112 或 719-457 -0820，確認碼為 474-8846。

These replays will be available beginning at approximately 5 PM specific time today.

這些重播將從今天特定時間下午 5 點左右開始提供。

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.

有其他問題的媒體成員可以聯繫 Steve Dowling，電話是 408-974-1896，金融分析師可以聯繫 Joan Hoover 或我有其他問題。

Joan is at 408-974-4570, and I am 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。