蘋果 (AAPL) 2011 Q1 法說會逐字稿

Good day everyone and welcome to this Apple, Inc.

大家好，歡迎來到這家 Apple, Inc.

first-quarter fiscal year 2011 earnings release conference call.

2011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 Nancy Paxton, Senior Director of Investor Relations.

在這個時候，我想把電話轉給投資者關係高級總監 Nancy Paxton，作為開場白和介紹。

Please go ahead, ma'am.

請繼續，女士。

Thank you.

謝謝你。

Good afternoon and thanks for joining us.

下午好，感謝您加入我們。

Please note that some of the information you'll hear during our discussion today 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，您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、每股收益和未來產品。

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 2010 and the Form 8-K filed with the SEC this afternoon, along with the attached press release.

有關更多信息，請參閱 Apple 2010 年 10-K 表格和今天下午向 SEC 提交的 8-K 表格中討論的風險因素，以及隨附的新聞稿。

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信息的義務，這些陳述或信息截至其各自日期。

With that I would like to turn the call over to Apple's CFO, Peter Oppenheimer, for introductory remarks.

有了這個，我想把電話轉給蘋果公司的首席財務官彼得奧本海默，做介紹性的發言。

Thank you, Nancy.

謝謝你，南希。

Thank you for joining us.

感謝您加入我們。

We are very pleased to report the outstanding results of our December quarter.

我們非常高興地報告我們 12 月季度的出色業績。

The performance of our business was extremely strong as we sold more Macs, iPhones and iPads than in any previous quarter in Apple's history, and as a result, we are thrilled to announce all-time record quarterly revenue and earnings.

我們的業務表現非常強勁，因為我們銷售的 Mac、iPhone 和 iPad 比 Apple 歷史上任何一個季度都多，因此，我們很高興地宣布季度收入和收益創下歷史新高。

Revenue for the quarter was $26.7 billion, an increase of more than $11 billion over the prior December quarter's results, representing growth of 71%.

本季度收入為 267 億美元，比去年 12 月季度的業績增加了 110 億美元以上，增長了 71%。

The robust revenue growth was fueled by record iPhone, iPad and Mac sales.

強勁的收入增長得益於創紀錄的 iPhone、iPad 和 Mac 銷量。

Operating margin was over $7.8 billion, representing 29.3% of revenue.

營業利潤率超過 78 億美元，佔收入的 29.3%。

Net income was $6 billion, which exceeded our previous quarterly earnings record set in the September quarter by $1.7 billion and represented 78% growth over the year ago quarter's earnings.

淨收入為 60 億美元，比我們在 9 月季度創下的上一季度收益記錄高出 17 億美元，比去年同期的收益增長了 78%。

These results translated to earnings per share of $6.43.

這些結果轉化為每股收益 6.43 美元。

Turning to the details of the quarter, I would like to begin with our Mac products and services.

談到本季度的細節，我想從我們的 Mac 產品和服務開始。

We established a new quarterly record with sales of 4.13 million Macs, representing 23% growth over the year ago quarter.

我們以 413 萬台 Mac 的銷量創造了新的季度記錄，比去年同期增長 23%。

That is almost 8 times IDC's most recently published estimate of 3% growth for the PC market.

這幾乎是 IDC 最近公佈的 PC 市場增長 3% 估計值的 8 倍。

We experienced strong sales growth in each of our geographic segments, with over 50% growth in both the Asia-Pacific region and Japan.

我們在每個地理區域都經歷了強勁的銷售增長，亞太地區和日本的增長均超過 50%。

The growth was fueled primarily by strong demand for the new MacBook Air, which was launched in October, as well as continued strong sales of MacBook Pro.

這一增長主要得益於 10 月份推出的新款 MacBook Air 的強勁需求，以及 MacBook Pro 的持續強勁銷售。

Customers love the new thin and light unibody design of the MacBook Air, and the impressive responsiveness and reliability of its solid-state storage.

客戶喜歡 MacBook Air 的全新輕薄一體式設計，以及其固態存儲令人印象深刻的響應能力和可靠性。

While MacBook Pro continues to provide customers tremendous speed and high-performance graphics at an excellent value.

雖然 MacBook Pro 繼續以超值的價格為客戶提供驚人的速度和高性能圖形。

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

我們以三到四個星期的 Mac 渠道庫存結束了本季度。

We opened the Mac App Store on January 6, bringing what we have learned from iOS apps to Mac users to make discovering, installing and updating apps easier than ever.

我們於 1 月 6 日開設了 Mac App Store，將我們從 iOS 應用程序中學到的知識帶給 Mac 用戶，讓發現、安裝和更新應用程序比以往任何時候都更容易。

The Mac App Store is available in 90 countries, and features more than 1,000 free and paid apps in categories like education, games, graphics and design, lifestyle, productivity and utilities.

Mac App Store 在 90 個國家/地區提供，提供超過 1,000 款免費和付費應用程序，涵蓋教育、遊戲、圖形和設計、生活方式、生產力和實用程序等類別。

We have been very pleased with customer response with over 1 million downloads on the first day alone.

我們對客戶的反應感到非常滿意，僅第一天就下載了超過 100 萬次。

Moving to our Mac products -- the moving to our music products, we sold 19.4 million iPods compared to 21 million in the year ago quarter.

轉向我們的 Mac 產品——轉向我們的音樂產品，我們售出了 1940 萬台 iPod，而去年同期為 2100 萬台。

We experienced continued strong sales of iPod touch, which grew 27% year-over-year and accounted for over 50% of all iPods sold during the quarter.

我們經歷了 iPod touch 持續強勁的銷售，同比增長 27%，佔本季度銷售的所有 iPod 的 50% 以上。

IPod's share of the US market for MP3 players remains at over 70% based on the latest monthly data published by MPD, and iPod continued to be the top selling MP3s player in most countries we track based on the latest data published by GfK.

根據 MPD 發布的最新月度數據，iPod 在美國 MP3 播放器市場的份額保持在 70% 以上，根據 GfK 發布的最新數據，在我們追踪的大多數國家/地區，iPod 繼續是最暢銷的 MP3 播放器。

We ended the quarter within our target range of 4 to 6 weeks of iPod channel inventory.

本季度結束時，我們的 iPod 渠道庫存目標範圍為 4 到 6 週。

The iTunes Store generated another strong quarter with revenue exceeding $1.1 billion thanks to strong sales of music, video and apps.

得益於音樂、視頻和應用程序的強勁銷售，iTunes Store 又創造了一個強勁的季度，收入超過 11 億美元。

We were extremely pleased to bring the legendary music of the Beatles to iTunes during the quarter and to introduce movies to the iTunes Store in Japan.

我們非常高興能夠在本季度將披頭士的傳奇音樂帶到 iTunes，並將電影引入日本的 iTunes Store。

And as we announced a few weeks ago, iTunes users are now renting and purchasing over 400,000 TV episodes and 150,000 movies per day.

正如我們幾週前宣布的那樣，iTunes 用戶現在每天租用和購買超過 400,000 集電視劇集和 150,000 部電影。

I would now like to turn to iPhone.

我現在想轉向 iPhone。

We were thrilled to have sold 16.2 million iPhones compared to 8.7 million in the previous December quarter.

我們很高興售出 1620 萬部 iPhone，而去年 12 月季度為 870 萬部。

This represents 86% year-over-year growth compared to IDC's latest published estimate of 70% growth in the global smartphone market overall in the December quarter.

與 IDC 最新公佈的 12 月季度全球智能手機市場整體增長 70% 的估計相比，這意味著同比增長 86%。

Recognized revenue from iPhone handset and accessory sales was $10.47 billion during the quarter, compared to $5.58 billion in the year ago quarter, an increase of 88%.

本季度來自 iPhone 手機和配件銷售的確認收入為 104.7 億美元，比去年同期的 55.8 億美元增長 88%。

The sales value of iPhones alone was over $10.1 billion, which yields an ASP of about $625.

僅 iPhone 的銷售額就超過 101 億美元，平均售價約為 625 美元。

At the end of December quarter we had iPhone distribution through 185 carriers in 90 countries.

在 12 月季度末，我們通過 90 個國家的 185 家運營商分銷 iPhone。

We continue to experience very strong year-over-year growth in all of our segments, with sales in the Asia-Pacific region and Japan both more than doubling year-over-year.

我們在所有細分市場繼續實現非常強勁的同比增長，亞太地區和日本的銷售額同比增長一倍以上。

Enterprise customers continue to embrace iPhone, with 88 of the Fortune 100 companies and also 60% of the Financial Times Europe 100 companies now testing or deploying iPhone.

企業客戶繼續使用 iPhone，88 家財富 100 強公司和 60% 的《金融時報》歐洲 100 強公司正在測試或部署 iPhone。

Strong employee demand and custom app development are fueling deployments within the corporate sector.

強勁的員工需求和定制應用程序開發正在推動企業部門內的部署。

Enterprise CIOs continue to add iPhone to their approved device list worldwide.

企業 CIO 繼續將 iPhone 添加到其全球批准的設備列表中。

Most recently Fortune 500s like Wells Fargo, Archers Daniel Midlands, DuPont, Staples, Starbucks and Genworth Financial, and Global 500 accounts such as Nissan Motor, BBVA, Standard Chartered Group and [Denun] have made iPhone available to their employees.

最近，富國銀行、Archers Daniel Midlands、杜邦、史泰博、星巴克和 Genworth Financial 等財富 500 強企業以及日產汽車、BBVA、渣打集團和 [Denun] 等全球 500 強客戶都向其員工提供了 iPhone。

We ended the quarter with about 3.5 million iPhones in channel inventory, a sequential increase of about 250,000.

截至本季度末，我們的渠道庫存約為 350 萬部 iPhone，環比增加約 25 萬部。

We continue to have a sizable backlog and believe we could have sold even more iPhones if we had been able to supply them.

我們仍然有大量積壓，並且相信如果我們能夠供應它們，我們可以銷售更多的 iPhone。

And we are thrilled to begin working with Verizon next month to offer iPhone 4 to its more than 93 million customers, as well as to new customers who want iPhone 4 on Verizon.

我們很高興下個月開始與 Verizon 合作，為超過 9300 萬客戶以及希望在 Verizon 上使用 iPhone 4 的新客戶提供 iPhone 4。

Turning to iPads, we continue to be thrilled with its momentum and customer interest.

談到 iPad，我們繼續對其勢頭和客戶興趣感到興奮。

We sold 7.3 million iPads, a sequential increase of over 3 million, with distribution in 46 countries by the end of December quarter.

我們售出了 730 萬台 iPad，環比增長超過 300 萬台，截至 12 月底季度已在 46 個國家/地區銷售。

We continue to see great enthusiasm for iPad from consumer, business and education customers.

我們繼續看到消費者、商業和教育客戶對 iPad 的極大熱情。

Employee demand for iPad in the corporate environment remains strong and the response to the product continues to be significant.

員工在企業環境中對 iPad 的需求依然強勁，並且對該產品的反應依然顯著。

Enterprise CIOs are adding iPad to their approved device list at an amazing rate.

企業 CIO 正在以驚人的速度將 iPad 添加到他們的批准設備列表中。

Today over 80% of the Fortune 100 are already deploying or piloting iPad, up from 65% in the September quarter.

如今，超過 80% 的財富 100 強企業已經在部署或試用 iPad，高於 9 月季度的 65%。

Some recent examples include JPMorgan Chase, Cardinal Health, Wells Fargo, Archer Daniels Midland, Sears Holding and DuPont.

最近的一些例子包括摩根大通、Cardinal Health、富國銀行、阿徹丹尼爾斯米德蘭、西爾斯控股和杜邦。

Recognized revenue from sales of iPad and iPad accessories during the quarter was $4.61 billion.

本季度確認的 iPad 和 iPad 配件銷售收入為 46.1 億美元。

The sales volume of iPods alone was over $4.4 billion, which yields an ASP of about $600.

僅 iPod 的銷售額就超過 44 億美元，平均售價約為 600 美元。

We increased the supply of iPads during the quarter and expanded both the number of countries and the number of channel partners carrying iPads.

我們在本季度增加了 iPad 的供應，並擴大了攜帶 iPad 的國家和渠道合作夥伴的數量。

Channel inventory increased by about 525,000 units from the beginning to the end of the quarter to support increased sales and channel expansion.

從本季度初到末，渠道庫存增加了約 525,000 台，以支持增加的銷售和渠道擴張。

And we ended the quarter within our target range of 4 to 6 weeks.

我們在 4 到 6 週的目標範圍內結束了本季度。

Combining iPhone, iPad and iPod touch we reached over 160 million cumulative iOS device sales through the end of the December quarter.

結合 iPhone、iPad 和 iPod touch，截至 12 月季度末，我們的 iOS 設備累計銷量已超過 1.6 億台。

In November we launched iOS 4.2, which brings over 100 new features to iPad users, including multitasking, folders, unified inbox, a game center, AirPlay and AirPrint.

11 月，我們推出了 iOS 4.2，它為 iPad 用戶帶來了 100 多項新功能，包括多任務處理、文件夾、統一收件箱、遊戲中心、AirPlay 和 AirPrint。

The App Store continues to be incredibly successful with over 300,000 apps available and well over 9 billion downloads to date.

App Store 繼續取得令人難以置信的成功，迄今已提供超過 300,000 個應用程序和超過 90 億次下載。

We continue to be very pleased with iAd, which combines the narrative quality of TV ads with the interactivity of digital to provide a new kind of advertising experience.

我們繼續對 iAd 感到非常滿意，它將電視廣告的敘事質量與數字的交互性相結合，提供了一種全新的廣告體驗。

During the quarter we expanded iAd beyond the US to Europe and Japan and provided iAd Producer to marketers.

在本季度，我們將 iAd 從美國擴展到歐洲和日本，並向營銷人員提供 iAd Producer。

I would now like to turn to the Apple retail stores, which had a record-breaking quarter.

我現在想談談蘋果零售店，它有一個創紀錄的季度。

Retail revenue almost doubled year-over-year to $3.85 billion compared to $1.97 billion in the year ago quarter, an increase of 95%.

零售收入同比幾乎翻了一番，達到 38.5 億美元，而去年同期為 19.7 億美元，增長了 95%。

IPad sales in our stores were very strong in the first holiday quarter.

我們商店的 iPad 銷售在第一個假日季度非常強勁。

The stores also delivered a record Mac quarter, selling 851,000 Macs compared to 689,000 Macs in the year ago quarter, an increase of 24%.

這些商店還交付了創紀錄的 Mac 季度，售出 851,000 台 Mac，而去年同期為 689,000 台，增長了 24%。

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。

International retail store sales were particularly strong with our average international store volume exceeding our very productive average US store volume.

國際零售店銷售特別強勁，我們的平均國際商店數量超過了我們非常高效的美國平均商店數量。

Additionally, our four stores in China were on average our highest traffic and our highest revenue stores in the world.

此外，我們在中國的四家門店平均是我們在全球客流量最高、收入最高的門店。

We opened six stores during the December quarter, bringing us to a total of 323 stores worldwide at the quarter end, with 87 of them outside the United States.

我們在 12 月季度開設了 6 家門店，截至本季度末，我們在全球共有 323 家門店，其中 87 家在美國以外。

With an average of 321 stores open during the December quarter average revenue per store was $12 million, compared to $7.1 million in the year ago quarter, an increase of 69%.

12 月季度平均開設 321 家門店，每家門店的平均收入為 1200 萬美元，與去年同期的 710 萬美元相比，增長了 69%。

Retail segment margin exceeded $1 billion for the first time, and more than doubled from $481 million in the year ago quarter.

零售部門的利潤率首次超過 10 億美元，比去年同期的 4.81 億美元增長了一倍多。

We hosted a record 75.7 million visitors in our stores during the quarter compared to 50.9 million visitors in the year ago quarter, an increase of 49%.

本季度我們的門店接待了創紀錄的 7570 萬訪客，而去年同期為 5090 萬，增長了 49%。

Total Company gross margin was 38.5%, which was about 250 basis points higher than our guidance.

公司總毛利率為 38.5%，比我們的預期高出約 250 個基點。

About half this difference was due to better commodity cost than we had planned.

大約一半的差異是由於商品成本比我們計劃的要好。

The remainder of the difference was due to the leverage on the higher revenue, and lower other product cost, including freight, warranty and phone support.

其餘的差異是由於更高的收入和更低的其他產品成本，包括運費、保修和電話支持。

Operating expenses were $2.47 billion, and included $247 million in stock-based compensation expense.

運營費用為 24.7 億美元，其中包括 2.47 億美元的股票薪酬費用。

OI&E was $136 million, ahead of our guidance primarily due to the positive impact of fluctuating foreign exchange rates from net assets.

OI&E 為 1.36 億美元，高於我們的指引，主要是由於淨資產匯率波動的積極影響。

The tax rate for the quarter was 24.6%, below our guidance of 25.5%, due to the one-time benefit of the retroactive extension of the R&D tax credit from January 1, 2010.

由於從 2010 年 1 月 1 日起追溯延長研發稅收抵免的一次性收益，本季度的稅率為 24.6%，低於我們 25.5% 的指導。

We expect our tax rate for the remaining quarters of fiscal '11 to be about 25.5%.

我們預計 11 財年剩餘季度的稅率約為 25.5%。

Turning to cash, our cash, both short-term and long-term marketable securities, totaled $59.7 billion at the end of the December quarter compared to $51 billion at the end of the September quarter, an increase of $8.7 billion.

現金方面，截至 12 月季度末，我們的短期和長期有價證券現金總額為 597 億美元，而 9 月季度末為 510 億美元，增加了 87 億美元。

Cash flow from operations was $9.8 billion, an increase of 69% year-over-year.

運營現金流為 98 億美元，同比增長 69%。

During the September and December quarters we executed long-term supply agreements with three vendors through which we expect to spend a total of approximately $3.9 billion in inventory component prepayments and capital expenditures over a two-year period.

在 9 月和 12 月兩個季度，我們與三個供應商簽訂了長期供應協議，我們預計通過這些協議，我們將在兩年內花費總計約 39 億美元的庫存組件預付款和資本支出。

We made approximately $650 million in payments under these agreements in the December quarter, and anticipate making $1.05 billion in payments in the March quarter.

根據這些協議，我們在 12 月季度支付了大約 6.5 億美元，預計在 3 月季度支付 10.5 億美元。

As we move ahead into the March 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.

隨著我們進入第三季度，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 expect revenues to be about $22 billion, compared to $13.5 billion in the March quarter last year.

我們預計收入約為 220 億美元，而去年第三季度為 135 億美元。

We expect gross margins to be about 38.5%, reflecting approximately $50 million related to stock-based compensation expense.

我們預計毛利率約為 38.5%，反映出與股票薪酬費用相關的約 5000 萬美元。

We expect OpEx to be about $2.35 billion, including about $250 million related to stock-based compensation.

我們預計運營支出約為 23.5 億美元，其中包括與股票薪酬相關的約 2.5 億美元。

We expect OI&E to be about $50 million.

我們預計 OI&E 約為 5000 萬美元。

And we expect the tax rate to be about 25.5%.

我們預計稅率約為 25.5%。

We are targeting EPS of about $4.90.

我們的目標是每股收益約為 4.90 美元。

In closing, we are extremely pleased with our record-breaking results and customer response to our products.

最後，我們對我們創紀錄的結果和客戶對我們產品的反應感到非常滿意。

We look forward to expanding the reach of the iPhone in the United States with the addition of Verizon.

我們期待通過加入 Verizon 來擴大 iPhone 在美國的影響力。

And we remain very confident in our strategy and our new product pipeline.

我們對我們的戰略和新產品線仍然非常有信心。

And with that I would like to open the call to questions.

有了這個，我想打開提問的電話。

Thank you, Peter.

謝謝你，彼得。

Also joining us for Q&A are Apple COO Tim Cook, and Treasurer Gary Wipfler.

蘋果首席運營官 Tim Cook 和財務主管 Gary Wipfler 也加入了我們的問答環節。

And we ask that you limit yourself to one question and one follow-up.

我們要求您將自己限制在一個問題和一個後續行動上。

Operator, may we have the first question please?

接線員，請問第一個問題好嗎？

(Operator Instructions).

（操作員說明）。

Katy Huberty, Morgan Stanley.

凱蒂·休伯蒂，摩根士丹利。

Katy, your line is open.

凱蒂，你的電話是開放的。

You may want to check your mute button.

您可能需要檢查靜音按鈕。

Can we go on to the next question and come back?

我們可以繼續下一個問題並回來嗎？

Shannon Cross, Cross Research.

香農交叉，交叉研究。

Thank you very much.

非常感謝。

I had a question for you with regard to availability of iPhones, especially with the Verizon launch.

我有一個關於 iPhone 可用性的問題，尤其是在 Verizon 推出時。

I think you had mentioned that there was a backlog that you weren't able to meet in the December quarter.

我想你曾提到有一個你無法在 12 月季度遇到的積壓工作。

So I don't know, Tim and Peter, if you could talk a little bit about what you're doing to ensure that you have sufficient quantities of iPhones and any changes you have made to ensure more component availability.

所以我不知道，蒂姆和彼得，你們是否可以談談你們正在做些什麼來確保你們有足夠數量的 iPhone，以及你們為確保更多組件可用性所做的任何更改。

Hi, Shannon, it is Tim.

嗨，香農，我是蒂姆。

As I mentioned on last quarter's call, we made a very bold bet on taking iPhone capacity for the September quarter with the new iPhone 4 in the lineup to 14 million.

正如我在上個季度的電話會議中提到的那樣，我們非常大膽地押注 iPhone 9 季度的產能將達到 1400 萬部。

As you may remember, we sold over 14 million that quarter in total iPhones.

您可能還記得，我們在那個季度售出了超過 1400 萬部 iPhone。

It was a fantastic quarter.

這是一個很棒的季度。

That was up from a previous number that was in the 8, 8ish range.

這比之前在 8、8ish 範圍內的數字有所上升。

We were able to step that up in this past quarter to over 16, as Peter said in his opening remarks, and so we were able to increase over 2 million.

正如彼得在開場白中所說，我們能夠在上一季度將其提高到 16 個以上，因此我們能夠增加超過 200 萬個。

And we obviously have continued to work on increasing this further.

我們顯然已經繼續努力進一步增加這一點。

But as with all good things it takes some time to do that.

但就像所有美好的事物一樣，它需要一些時間來做到這一點。

Relative to Verizon, we are thrilled to offer the iPhone 4 to Verizon with 93 million customers, as well as any new customers who want an iPhone 4 on Verizon.

與 Verizon 相比，我們很高興向擁有 9300 萬客戶的 Verizon 以及任何想要在 Verizon 購買 iPhone 4 的新客戶提供 iPhone 4。

And we're going to do everything possible to get the iPhone into as many hands of those customers as possible.

我們將盡一切可能將 iPhone 送到盡可能多的客戶手中。

Okay, great, and then I just have one follow-up.

好的，很好，然後我只有一個跟進。

With regard to the Mac App Store, which clearly just started, so I am not sure how much you'll talk about it, but we have noticed your best-selling apps tend to be Apple software based -- Apple software apps.

關於 Mac App Store，顯然剛剛開始，所以我不確定你會談論多少，但我們注意到你最暢銷的應用程序往往是基於 Apple 軟件的——Apple 軟件應用程序。

So how should we think about the Mac App Store, any initial thoughts you have on it and initial things you have seen?

那麼我們應該如何看待 Mac App Store，您對它的任何初步想法以及您最初看到的東西？

Thank you.

謝謝你。

It is just getting going, but we are thrilled to have reported over 1 million in a very short amount of time, and so we're very happy with the start of it.

它剛剛開始，但我們很高興在很短的時間內報告了超過 100 萬，因此我們對它的開始感到非常高興。

Thank you, Shannon.

謝謝你，香農。

Could we have the next question please?

請問下一個問題好嗎？

Katy Huberty, Morgan Stanley.

凱蒂·休伯蒂，摩根士丹利。

Thank you.

謝謝你。

Good afternoon.

下午好。

The first question for Tim.

提姆的第一個問題。

How comfortable are you right now with the availability of iPhones and iPads?

您現在對 iPhone 和 iPad 的可用性有多滿意？

And if you still see shortages how quickly do you think they can be addressed early this year?

如果你仍然看到短缺，你認為今年年初可以多快解決它們？

Let me take each one of those separately.

讓我把每一個分開。

On iPad we increased dramatically last quarter.

在 iPad 上，我們在上個季度大幅增長。

We sold 7.3.

我們賣了 7.3。

The previous quarter we were in the low 4's, as you know.

如您所知，上一季度我們處於低 4 位。

That did get us into supply/demand balance and also allowed us to expand to 46 countries or to a total of 46 by the end of the quarter, which added 20 during the quarter.

這確實使我們實現了供需平衡，也使我們能夠擴展到 46 個國家或到本季度末的總數為 46 個，在本季度增加了 20 個。

And we are confident enough to add another 15 countries during the month of January that will take us over 60.

我們有足夠的信心在 1 月份再增加 15 個國家/地區，這將使我們超過 60 個。

And so we feel very, very good about the progress that we have made here.

所以我們對我們在這裡取得的進展感覺非常非常好。

Relative to iPhone 4, I also feel very, very good about what we have been able to do; however, it is not enough.

相對於 iPhone 4，我也覺得我們能夠做到的事情非常非常好；然而，這還不夠。

We do still have a significant backlog.

我們仍然有大量積壓。

We are working around the clock to build more.

我們正在夜以繼日地工作以建造更多。

I feel great that the demand is so hot that we -- at this point I'm not going to predict when supply and demand will meet.

我覺得需求如此之大，以至於我們 - 在這一點上，我不打算預測供需何時會滿足。

We believe the reaction and results from the Verizon customers will be huge, and so I don't want to give a prediction right now on when supply and demand will cross.

我們相信 Verizon 客戶的反應和結果將是巨大的，所以我現在不想預測供需何時會交叉。

Tim, one of the most impressive metrics is the sequential and year-on-year growth at Asia-Pacific.

Tim，最令人印象深刻的指標之一是亞太地區的連續和同比增長。

Can you just talk about what is driving that and what plans you have in place going forward to sustain that growth?

你能談談是什麼推動了這一點，以及你為維持這種增長而製定了哪些計劃？

Yes, that is a very good question.

是的，這是一個非常好的問題。

First of all, let me say that of the BRIC countries, Brazil, Russia, India, China, we several years ago identified China as our top priority, and we put enormous energy into China.

首先，我要說的是，在金磚四國中，巴西、俄羅斯、印度、中國，我們幾年前就將中國作為我們的首要任務，並為中國投入了巨大的精力。

The results of that have been absolutely staggering.

其結果絕對令人震驚。

To give you some numbers there and some specifics -- and we look at Greater China as a region.

給你一些數字和一些細節——我們將大中華區視為一個地區。

Greater China, just for clarity is Mainland China, Hong Kong and Taiwan.

大中華區，為了清楚起見，是中國大陸、香港和台灣。

The revenue from Greater China for Apple for last quarter was $2.6 billion, which was up 4X from the prior-year quarter.

蘋果上一季度來自大中華區的收入為 26 億美元，比去年同期增長了 4 倍。

And to further -- just an exclamation point by that, we did a little over $3 billion for the entire year, fiscal year '10.

更進一步——這只是一個感嘆號，我們在 10 財年全年做了超過 30 億美元。

So we are very, very proud of the team and the results that we have gotten there.

因此，我們為團隊和我們取得的成果感到非常非常自豪。

Korea is also -- has also been a very, very good market for us.

韓國也是——對我們來說也是一個非常非常好的市場。

We had an outstanding Q1 there, primarily driven by iPhone and iPad.

我們在那裡有一個出色的第一季度，主要是由 iPhone 和 iPad 推動的。

And there are several other Asian countries doing extremely well.

還有其他幾個亞洲國家做得非常好。

Japan is not in the segment that you're looking at, but Japan by itself, the revenue was up 83% year-over-year.

日本不在你所關注的領域，但日本本身的收入同比增長了 83%。

And if you are familiar with the Japanese economy and the growth there, to grow 83% on the base that we are doing is stunning.

如果你熟悉日本經濟和那裡的增長，在我們所做的基礎上增長 83% 是驚人的。

And so we are placing more and more resource in these areas and continue to look for expansion possibilities throughout Asia.

因此，我們在這些領域投入了越來越多的資源，並繼續在整個亞洲尋找擴張的可能性。

Thank you, Katy.

謝謝你，凱蒂。

Could we have the next question please?

請問下一個問題好嗎？

Gene Munster, Piper Jaffray.

吉恩·芒斯特，派珀·杰弗瑞。

Good afternoon, and I will add my congratulations.

下午好，我會祝賀你。

And a question for Tim in terms of the long-term business planning.

還有一個關於長期業務規劃的問題。

There has been a lot of questions in terms of how far out you guys actually plan.

關於你們實際計劃多遠，存在很多問題。

I was wondering if there is any insight you can give us in terms of what your long-term business plan is in terms of product roadmap?

我想知道您是否可以就產品路線圖方面的長期業務計劃向我們提供任何見解？

Obviously, you can't share what that roadmap is, but how far out do you guys go?

顯然，您無法分享該路線圖是什麼，但是你們走了多遠？

And retail stores and so forth, is it a one-year plan, is it a five-year plan, is it -- any sort of insight would be helpful?

零售店等等，是一年計劃，還是五年計劃，是不是——任何形式的洞察力都會有所幫助？

Well, that is a part of the magic of Apple.

嗯，這就是 Apple 的魅力之一。

And I don't want to let anybody know our magic, because I don't want anybody copying it.

我不想讓任何人知道我們的魔法，因為我不想讓任何人抄襲它。

What I would tell you is that in my view Apple is doing its best work ever.

我要告訴你的是，在我看來，Apple 正在做最好的工作。

That we are all very happy with the product pipeline.

我們都對產品管道非常滿意。

And the team here has an unparalleled breadth and depth of talent and a culture of innovation that Steve has driven in the Company, and excellence has become a habit.

這裡的團隊擁有無與倫比的人才廣度和深度，以及史蒂夫在公司推動的創新文化，卓越已成為一種習慣。

So we feel very, very confident about the future of the Company.

因此，我們對公司的未來充滿信心。

I would also note for those people that haven't thought about it is we have done outstanding in our Mac business.

對於那些沒有想到的人，我還要指出，我們在 Mac 業務上做得非常出色。

We have had 19 quarters straight of growing faster than the market.

我們連續 19 個季度的增長速度超過了市場。

But we still have a relatively low share of a very large PC market just by having great momentum there.

但是我們在一個非常大的個人電腦市場中的份額仍然相對較低，僅僅因為那裡的勢頭很好。

So it would seem like there is enormous opportunity still there.

因此，似乎仍然存在巨大的機會。

We have relatively low share in the handset market.

我們在手機市場的份額相對較低。

The handset market is well over 1 billion units a year, and the smartphone market is growing faster than a weed.

手機市場每年超過 10 億部，而智能手機市場的增長速度超過了雜草。

So there is enormous opportunity here and we have incredible momentum in that space.

所以這裡有巨大的機會，我們在這個領域有著難以置信的發展勢頭。

iPads just got started.

iPad 剛剛起步。

It is a new category.

這是一個新的類別。

We sold almost 15 million through the first three quarters.

前三個季度我們售出了近 1500 萬台。

And we believe the market is huge.

我們相信這個市場是巨大的。

IDC, I saw this morning, is predicting it to quadruple in two years.

我今天早上看到的 IDC 預測它會在兩年內翻兩番。

I don't know what to predict in terms of specific numbers; however, we believe it is a huge market, as we have said before.

我不知道根據具體數字來預測什麼；然而，正如我們之前所說，我們相信這是一個巨大的市場。

So we are in some great markets, some fast-moving markets.

所以我們在一些偉大的市場，一些快速發展的市場。

We have the best products we have ever done, and an incredible product pipeline.

我們擁有我們做過的最好的產品，以及令人難以置信的產品線。

We feel very, very confident.

我們感到非常非常有信心。

Okay, that's helpful.

好的，這很有幫助。

And just a follow-up for Peter.

只是彼得的後續行動。

In terms of iPhones you mentioned that if not for production constraints you could have sold more.

就 iPhone 而言，您提到如果不是因為生產限制，您本可以賣出更多。

Is there any way to help us back into how many more?

有什麼辦法可以幫助我們回到多少？

You can't run the experiment both ways.

您不能以兩種方式運行實驗。

Demand for iPhones has just been incredible.

對 iPhone 的需求簡直令人難以置信。

We could not make enough in the quarter, and we would have loved to have ended with more channel inventory than we did.

我們在本季度無法賺到足夠的錢，我們本來希望以比我們更多的渠道庫存結束。

Thank you, Gene.

謝謝你，吉恩。

Could we have the next question please?

請問下一個問題好嗎？

Richard Gardner, Citigroup.

花旗集團的理查德·加德納。

Thank you and congrats.

謝謝和祝賀。

I was just hoping that you could talk about what components were better than you thought in terms of price during the quarter?

我只是希望您能談談在本季度的價格方面，哪些組件比您想像的要好？

And then, Tim, if you could give us your thoughts on the commodity environment going into the March quarter, given that flat panels are below cash costs for some providers.

然後，蒂姆，如果您能告訴我們您對進入 3 月季度的商品環境的看法，因為對於某些供應商來說，平板電腦的現金成本低於現金成本。

What are you looking for going into the March quarter please?

請問您在 3 月季度有什麼期待？

Thank you.

謝謝你。

In terms of the go forward in March quarter and what is embedded in the guidance that Peter gave earlier is that we expect a favorable pricing environment for DRAM, where supply exceeds the demand still.

就 3 月季度的發展而言，以及 Peter 早些時候給出的指導中所包含的內容是，我們預計 DRAM 的定價環境有利，供應仍然超過需求。

Some prices for raw materials, such as key metals, is currently increasing due to the anticipated strengthening of the worldwide economy.

由於全球經濟預期走強，一些原材料（例如關鍵金屬）的價格目前正在上漲。

It remains to be seen whether that continues.

這種情況是否會持續還有待觀察。

The bulk of the other commodities from NAND Flash to batteries to HDDs to ODDs to LCDs and most other commodities are generally in a supply/demand balance, and so we would expect this group of commodities to fall in prices consistent with their historical trends.

從 NAND Flash 到電池到 HDD 到 ODD 到 LCD 和大多數其他商品的大部分其他商品通常處於供需平衡狀態，因此我們預計這組商品的價格將與其歷史趨勢一致。

In terms of what we saw last quarter, frankly speaking, in most areas we saw a favorability, and it was a key part of us overachieving our guidance gross margin.

坦率地說，就我們上個季度看到的情況而言，在大多數領域我們都看到了有利因素，這是我們超額實現指導毛利率的關鍵部分。

Okay, thank you.

好的謝謝你。

Actually, Tim, if I could follow up, can you talk about which component areas you are making long-term commitments in on supply?

實際上，蒂姆，如果我可以跟進，您能談談您在哪些組件領域做出長期供應承諾嗎？

Thank you.

謝謝你。

You know, it is something I don't want to give out, because I view it as a competitive -- something I just don't want our competition knowing.

你知道，這是我不想放棄的東西，因為我認為這是一種競爭——我只是不想讓我們的競爭對手知道。

But let me talk about it in general and hopefully that will suffice.

但讓我籠統地說一下，希望就足夠了。

From our point of view on the design side, we design components where we believe we can innovate beyond what is available in the market.

從我們設計方面的角度來看，我們設計的組件是我們相信我們可以在市場上提供的產品之外進行創新的地方。

And the most recent example of this is the A4 chip.

最新的例子是 A4 芯片。

But with the A4 chip we didn't feel like we had to invest in the fab itself and build a fab.

但有了 A4 芯片，我們覺得我們不必投資晶圓廠本身並建造晶圓廠。

Because we felt like there were good options in the market for doing that, but not good options in terms of buying a design, and so we have really focused on design.

因為我們覺得市場上有很好的選擇可以做到這一點，但在購買設計方面沒有很好的選擇，所以我們真正專注於設計。

On the operational side of the house, as you probably remember, we have historically entered into certain agreements with different people to secure supply and other benefits.

您可能還記得，在房子的運營方面，我們歷來與不同的人簽訂了某些協議，以確保供應和其他利益。

And the largest one in the recent past has been -- we signed a deal with several Flash suppliers back at the end of 2005 that totaled over $1 billion.

最近最大的一筆交易是——我們在 2005 年底與幾家閃存供應商簽署了一項總額超過 10 億美元的協議。

Because we anticipated that Flash would become increasingly important across our entire product line, and increasingly important to the industry, and so we wanted a secure supply for the Company.

因為我們預計 Flash 將在我們的整個產品線中變得越來越重要，並且對行業越來越重要，因此我們希望為公司提供安全的供應。

We think that was an absolutely fantastic use of Apple's cash.

我們認為這是對 Apple 現金的一次絕妙使用。

And we constantly look for more of these.

我們不斷地尋找更多這些。

So in the past several quarters we have identified another area and come to some recent agreements that Peter talked about in his opening comments.

因此，在過去的幾個季度中，我們確定了另一個領域，並達成了彼得在開場白中談到的一些最近的協議。

And these payments consist of both prepayments and capital for process equipment and tooling.

這些付款包括工藝設備和工具的預付款和資本。

And similar to the Flash agreements, they are focused in an area that we feel is very strategic.

與 Flash 協議類似，它們專注於我們認為非常具有戰略意義的領域。

And in fact, I prefer not to go into more detail about what specific area it is in.

事實上，我不想更詳細地說明它在哪個特定領域。

But it is the same kind of thinking that led us to those deals that led us to the Flash deals.

但正是同樣的想法讓我們促成了那些導致我們進行 Flash 交易的交易。

Okay, that is helpful.

好的，這很有幫助。

Thank you.

謝謝你。

Thanks, Rich.

謝謝，里奇。

Can we have the next question please?

請問下一個問題可以嗎？

Bill Shope, Goldman Sachs.

比爾·肖普，高盛。

Great, thanks.

太謝謝了。

Guys, in the past year your bill of materials for key devices has generally come down at a rate that allowed for a fairly healthy gross margin expansion over time.

伙計們，在過去的一年中，您的關鍵設備的材料清單通常以允許隨著時間的推移相當健康的毛利率增長的速度下降。

And I would say that this has generally been true for iPod refreshes in the past, iPhone refreshes.

我想說的是，過去 iPod 的更新和 iPhone 的更新通常都是如此。

Is there anything different about the iPad that we should consider going forward that would make it difficult for margins to follow this historical pattern?

iPad 有什麼不同之處是我們應該考慮的，這會使利潤率難以遵循這種歷史模式嗎？

And did you see some of this in the most recent quarter as well?

您是否在最近一個季度也看到了其中的一些？

So margins consist of a number of different factors like which direction the commodity markets are going, where the product is within the product lifecycle, and as well as the value engineering that we do and negotiating and so forth we do.

因此，利潤率由許多不同的因素組成，例如商品市場的發展方向、產品在產品生命週期內的位置，以及我們所做的價值工程和談判等等。

So I don't think that you can take a single product kind of out by itself and speak about it with any accuracy.

所以我不認為你可以單獨拿出一種產品並準確地談論它。

As you know, we don't guide at the product level on margin.

如您所知，我們不會在產品級別指導保證金。

We are confident with the guidance that Peter provided on gross margin in his opening comments.

我們對彼得在開場評論中提供的毛利率指導充滿信心。

I would add to that that we have always aggressively worked to lower our costs.

我還要補充一點，我們一直在積極努力降低成本。

I think we have a good track record in this regard.

我認為我們在這方面有很好的記錄。

And we shipped a lot of iPads in the December quarter and had very strong gross margins, so I think we were quite happy with our progress.

我們在 12 月季度出貨了很多 iPad，毛利率非常強勁，所以我認為我們對我們的進展感到非常滿意。

Okay, that's helpful.

好的，這很有幫助。

I understand.

我明白。

On the iPad side again, now that you have had the opportunity over the past few weeks to see more detailed specs, and in some cases, the price points for all the countless tablet devices coming in 2011, can you comment on how you're currently viewing the competitive landscape for the iPad and how that has changed, if at all, over the past few months?

再次在 iPad 方面，既然您在過去幾周有機會看到更詳細的規格，在某些情況下，還有 2011 年所有無數平板設備的價格點，您能評論一下您的情況嗎？目前正在查看 iPad 的競爭格局，以及在過去幾個月中發生了怎樣的變化（如果有的話）？

If you look at what is shipping today there is not much out there, as you know.

如您所知，如果您查看今天正在運送的東西，那麼那裡並不多。

Generally speaking, there is two kind of groups today that are at least on the market today.

一般來說，今天至少有兩種群體在市場上。

The ones that are using a Windows-based operating system are generally fairly big and heavy and expensive.

使用基於 Windows 的操作系統的系統通常相當大、重且昂貴。

They have a very weak battery life.

他們的電池壽命很短。

They require keyboard or stylus as an input device.

它們需要鍵盤或觸控筆作為輸入設備。

And from our point of view and what we have seen customers, frankly, just are just not interested in them.

坦率地說，從我們的觀點和我們所看到的客戶的角度來看，他們只是對他們不感興趣。

Then you have the Android tablets.

然後你就有了安卓平板電腦。

And the variety that are out shipping today, the operating system wasn't really designed for tablet.

而今天出貨的品種，操作系統並不是真正為平板電腦設計的。

Google has said this, and so this is not just an Apple view by any means.

谷歌已經說過了，所以這絕不是蘋果的觀點。

So you wind up having a size of a tablet that is less than what we believe is reasonable, or even one that would provide what we feel is a real tablet experience.

因此，您最終擁有的平板電腦尺寸小於我們認為合理的尺寸，或者甚至可以提供我們認為是真正的平板電腦體驗的尺寸。

So basically you wind up with kind of a scaled up smartphone, which is a bizarre product in our view.

所以基本上你最終會得到一種放大的智能手機，在我們看來這是一個奇怪的產品。

Then you've got a third group -- so those are the two that are shipping today.

然後你有第三組——這就是今天要發貨的那兩個。

And, frankly speaking, it is hard for me to understand if somebody does a side-by-side with an iPad, I think some enormous percentage of people are going to select an iPad there.

而且，坦率地說，我很難理解如果有人與 iPad 並排使用，我認為很大一部分人會在那裡選擇 iPad。

Those are not tablets that we have any concern on.

這些不是我們擔心的平板電腦。

The next generation Android tablets, which are primarily what you mentioned in terms of the CES, there is nothing shipping yet, and so I don't know.

下一代 Android 平板電腦，主要是你在 CES 上提到的，還沒有發貨，所以我不知道。

Generally they lack performance specs, they lack prices, they lack timing.

一般來說，他們缺乏性能規格，缺乏價格，缺乏時機。

And so today they are vapor.

所以今天它們是蒸汽。

We will assess them as they come out; however, we are not sitting still, and we have a huge first mover advantage.

我們將在它們出來時對其進行評估；然而，我們並沒有坐以待斃，我們擁有巨大的先發優勢。

We have an incredible user experience from iTunes to the App Store and an enormous number of apps and a huge ecosystem.

從 iTunes 到 App Store，我們擁有令人難以置信的用戶體驗，還有大量的應用程序和龐大的生態系統。

So we are very, very confident with entering into a fight with anyone.

所以我們非常非常有信心與任何人打架。

Thank you, Bill.

謝謝你，比爾。

Can we have the next question please?

請問下一個問題可以嗎？

Toni Sacconaghi, Sanford Bernstein.

托尼·薩科納吉，桑福德·伯恩斯坦。

Yes, thank you.

是的，謝謝。

You have said on previous earnings calls that the move to iPhone non-exclusivity in regions of the world has had no impact on your ASPs.

您在之前的財報電話會議上曾表示，在全球各地區轉向 iPhone 非獨家銷售對您的 ASP 沒有影響。

Can you comment on whether that is still the case today, and whether we should expect any impact in the migration away from US exclusivity?

您能否評論一下今天的情況是否仍然如此，以及我們是否應該期望從美國的排他性遷移中產生任何影響？

And related to that, there are several large carriers globally that the iPhone is still not offered in.

與此相關的是，全球仍有幾家大型運營商尚未提供 iPhone。

Can you talk about some of the reasons why that isn't the case?

你能談談為什麼不是這樣的一些原因嗎？

Many of them are CDMA-based, and given that you now have a CDMA-based offering, is it unreasonable to expect that we should see more CDMA carriers going forward?

其中許多是基於 CDMA 的，鑑於您現在擁有基於 CDMA 的產品，期望我們會看到更多的 CDMA 運營商向前發展是不是不合理？

Hi, Toni, it is Tim.

嗨，托尼，我是蒂姆。

Relative to the ASP, I generally would not do this, and I want to be specific that this comment isn't related to the US or any specific carrier or any specific region.

相對於 ASP，我一般不會這樣做，我想明確一點，此評論與美國或任何特定運營商或任何特定地區無關。

But to specifically answer your question, I don't envision the overall iPhone ASP decreasing from the December quarter that we just completed to the March quarter that we are currently in.

但要具體回答您的問題，我不認為 iPhone 的整體 ASP 從我們剛剛完成的 12 月季度到我們目前所處的 3 月季度會下降。

And as you know, our long-standing practice has been we don't comment on -- after that period of time.

如你所知，我們的長期做法是我們不評論——在那段時間之後。

Relative to other carriers, we are always looking and assessing in every country who we should be doing business with and exploring different deals and arrangements, etc.

相對於其他運營商，我們一直在尋找和評估我們應該與之開展業務的每個國家/地區，並探索不同的交易和安排等。

And so we will continue to do that.

因此，我們將繼續這樣做。

What I have said before, and it has -- we have seen this in every case literally that we have done is where we have moved from an exclusive carrier arrangement to a dual or multicarrier arrangement, our growth has changed significantly and our marketshare has increased.

我之前說過，而且確實 - 我們已經從字面上看到了這一點，我們已經從獨家運營商安排轉變為雙運營商或多運營商安排，我們的增長發生了顯著變化，我們的市場份額增加了.

So that doesn't mean that would happen in every country, nor does it mean that we are just out doing that in every country.

所以這並不意味著這會在每個國家發生，也不意味著我們只是在每個國家都這樣做。

We look at each one individual, because each market has its own individual characteristics and parameters and technologies.

我們關注每一個個體，因為每個市場都有自己的個體特徵、參數和技術。

On the CDMA phone, specifically, I don't have any specific thing to announce today, other than we are truly thrilled to be working with the Verizon team.

具體來說，在 CDMA 手機上，我今天沒有任何具體的事情要宣布，除了我們真的很高興能與 Verizon 團隊合作。

They have built quite a company and earned a great deal of respect from their customers.

他們建立了一家相當不錯的公司，並贏得了客戶的極大尊重。

And some of them have waited a long time to get iPhone, and we are very, very happy to give them iPhone and any other customers that are non-Verizon customers who wish to buy an iPhone.

他們中的一些人已經等了很長時間才拿到 iPhone，我們非常非常高興地給他們 iPhone 和任何其他希望購買 iPhone 的非 Verizon 客戶。

We are also very happy that we have signed a multiyear nonexclusive deal with AT&T.

我們也很高興與 AT&T 簽署了一項多年期非獨家協議。

And so we're very happy that we will have shortly a dual carrier setup in the United States.

因此，我們很高興我們很快就會在美國建立雙運營商設置。

If I could follow up on that, given your previous comments on China and the importance of that country strategically for you and the investments that you are making in stores, etc., can you maybe use that as a case study for why you're only in one carrier there?

如果我可以跟進，鑑於您之前對中國的評論以及該國對您的戰略重要性以及您在商店中進行的投資等，您是否可以將其用作案例研究來說明您為什麼只有在一個運營商那裡？

I think you have said that there are no longer any exclusive conditions that you have in place globally with any carrier.

我認為您已經說過，您在全球範圍內與任何運營商都不再有任何排他性條件。

So can you talk about other either impediments or hindrances beyond technology, of which CDMA is one, that may be limiting your ability to sign important carrier agreements in potentially very important strategic areas for the Company?

那麼，您能否談談技術之外的其他障礙或障礙，CDMA 就是其中之一，這可能會限制您在公司可能非常重要的戰略領域簽署重要運營商協議的能力？

I have generally found people really want to do business with us.

我通常發現人們真的很想和我們做生意。

And their customers are -- very much desire to have the iPhone, so I don't really see a lack of desire.

他們的客戶非常渴望擁有 iPhone，所以我並沒有真正看到缺乏渴望。

I don't want to comment about any specific country because I view any conversations that we have going confidential in nature.

我不想對任何特定國家發表評論，因為我查看了我們在本質上進行保密的任何對話。

It is true, as you said, that we are not under a contractual exclusivity now in any country in the world.

正如您所說，確實，我們現在在世界上任何國家都沒有合同排他性。

The last one was the United States.

最後一個是美國。

So we have moved away from those.

所以我們已經遠離了那些。

I can guarantee you that we are -- we always are looking at opportunities to grow.

我可以向你保證，我們是——我們一直在尋找成長的機會。

Of course, in the very short term I would also remind you that we are constrained on iPhone 4, and we are working around the clock to get as many of these out to our existing partners as we can.

當然，在很短的時間內，我還要提醒您，我們在 iPhone 4 上受到限制，我們正在夜以繼日地努力將盡可能多的這些內容提供給我們現有的合作夥伴。

Thank you, Toni.

謝謝你，托尼。

Could we have the next question please?

請問下一個問題好嗎？

[Bryan Blair], [Sledge Partners].

[布萊恩布萊爾]，[雪橇合作夥伴]。

Great, thank you.

太好了謝謝。

Congratulations on a great quarter.

祝賀一個偉大的季度。

Can you maybe give us your updated thoughts on the Mac side, and maybe specifically address the impact of iPads.

您能否向我們提供您在 Mac 方面的最新想法，並可能專門針對 iPad 的影響。

You know, with the tremendous iPad unit this quarter, the cannibalization question is going to come up, and I just want to hear your latest thoughts on that, if we could.

你知道，隨著本季度巨大的 iPad 設備的出現，蠶食問題將會出現，如果可以的話，我只想听聽你對此的最新想法。

That's a good question.

這是個好問題。

What we saw in the Mac this quarter was we grew 23% at the worldwide level, and that is compared to a market growth of only 3%, so we grew almost 8 times the market rate of growth, which is, I think, stunning, in every region [of] the market.

本季度我們在 Mac 上看到的是，我們在全球範圍內增長了 23%，而市場增長率僅為 3%，因此我們的增長率幾乎是市場增長率的 8 倍，我認為這令人震驚，在市場的每個區域。

So it wasn't just one region.

所以它不僅僅是一個地區。

Asia-Pacific, led the growth with a whopping 67% year-over-year increase.

亞太地區以高達 67% 的同比增幅引領增長。

And that is almost 10 times what the market did there, to put it in context.

放在上下文中，這幾乎是市場在那裡的 10 倍。

Japan grew at 56%, which is about 6 times the market.

日本的增長率為 56%，約為市場的 6 倍。

And Europe and the United States both grew in double digits despite both markets contracting overall.

儘管兩個市場總體都在收縮，但歐洲和美國的增長率都達到了兩位數。

So we did significantly better than the market in every major region, and we are very proud of that.

因此，我們在每個主要地區的表現都明顯優於市場，我們為此感到非常自豪。

Now was there any cannibalization by iPad?

現在有沒有被 iPad 蠶食？

Honestly, I don't know for sure, but, yes, I think there is some cannibalization.

老實說，我不確定，但是，是的，我認為有一些自相殘殺。

But I also think there is a halo effect.

但我也認為有光環效應。

As we have seen on the Mac by the iPod some years ago, I think there is a halo effect from Apple product to Apple product.

正如我們幾年前在 Mac 上看到的 iPod 一樣，我認為蘋果產品之間存在光環效應。

And, of course, we have introduced millions of people in Asia to Apple through the iPhone.

當然，我們已經通過 iPhone 向亞洲數百萬人介紹了 Apple。

And we are now introducing many were through the iPad, and I think some of those decide to buy Mac.

我們現在介紹了許多是通過 iPad 進行的，我認為其中一些人決定購買 Mac。

So when you look at the Mac growth in Asia at 67%, and you look at the Japan growth at 56%, and you look at the US and Europe growing in double digits against shrinking markets, if this is cannibalization it feels pretty good.

因此，當您看到 Mac 在亞洲的增長率為 67%，您看到日本的增長率為 56%，您看到美國和歐洲在市場萎縮的情況下以兩位數的速度增長，如果這是蠶食，感覺還不錯。

The other point I would make is that if the iPad or tablets do cannibalize the PC markets, keep in mind that we have low share of the PC market.

我想說的另一點是，如果 iPad 或平板電腦確實蠶食了 PC 市場，請記住，我們在 PC 市場的份額很低。

The other guys lose a lot more and we have a lot more to win because of that.

其他人輸得更多，因此我們要贏的更多。

So, honestly, cannibalization is not something that we are spending one minute on here.

所以，老實說，蠶食不是我們在這里花一分鐘的事情。

The iPad team are building the best iPads for the future and the Mac teams are building the best Macs.

iPad 團隊正在為未來打造最好的 iPad，而 Mac 團隊正在打造最好的 Mac。

And I can tell you that both groups believe that they can continue to grow and do great stuff, and I believe that.

我可以告訴你，這兩個群體都相信他們可以繼續成長並做出偉大的事情，我相信這一點。

That's a great way to look at it.

這是看待它的好方法。

One of the things that's interesting to me is I see this trend of you are bring a lot more of the functionality from the tablet side -- you are bringing it on to the Mac side.

讓我感興趣的一件事是我看到你的這種趨勢是從平板電腦端帶來更多的功能——你正在把它帶到 Mac 端。

It was talked about earlier that the Mac App Store that is now on Mac OS 10.

前面提到過 Mac App Store 現在在 Mac OS 10 上。

And then as we are getting teaser shots of Lion, it looks like the next OS is also taking even more design and UI elements from the iPad side.

然後，當我們獲得 Lion 的預告片時，看起來下一個操作系統也將採用 iPad 方面的更多設計和 UI 元素。

So maybe if you could just talk about that a little bit.

所以也許你可以談談這個。

Are these two platforms really merging into one, and is this the future of computing as you see it, or are you just grabbing one or two aspects of tablets and bringing it into the OS 10?

這兩個平台真的會合二為一嗎，這是您所看到的計算的未來，還是您只是抓住平板電腦的一兩個方面並將其帶入 OS 10？

I think, one of the -- part of the magic of Apple is that there is not high walls between these product groups.

我認為，Apple 的魔力之一是這些產品組之間沒有高牆。

They like each other, talk to each other.

他們互相喜歡，互相交談。

They are of the same DNA.

它們具有相同的DNA。

They want to build the best products in the world.

他們想製造世界上最好的產品。

So if one has a great idea, there is not a not-invented here in the other group.

因此，如果一個人有一個好主意，那麼在另一組中就沒有一個未發明的人。

So one of the key learnings from the iPad was that people love instant on.

因此，從 iPad 中學到的關鍵知識之一就是人們喜歡即時啟動。

They really love that.

他們真的很喜歡。

So the MacBook Air incorporated that.

所以 MacBook Air 採用了這一點。

And that is just one simple example, but there are tons of examples through all of our products where something started on one and went to a different one.

這只是一個簡單的例子，但是在我們所有的產品中都有大量的例子，其中一些東西從一個開始，然後轉到另一個不同的。

And it is not always in the same direction either.

而且也不總是朝著同一個方向發展。

It could start on the phone and then flow forward.

它可以在電話上開始，然後向前流動。

It could start on the iPad and flow and so on and so forth.

它可以在 iPad 上啟動並流式傳輸等等。

So it is a part of the way we run the Company.

因此，這是我們運營公司方式的一部分。

I think Steve said it great when he said, if the Mac company were a separate company and the iPad company were a separate company, what would the Mac company build to compete with the iPad?

我認為史蒂夫說得很好，他說如果 Mac 公司是一家獨立的公司，而 iPad 公司是一家獨立的公司，Mac 公司會建造什麼來與 iPad 競爭？

And I think the answer is the MacBook Air.

我認為答案是 MacBook Air。

I think that is a phenomenal insight, and I think a great way to look at it.

我認為這是一種非凡的洞察力，我認為這是一種很好的看待它的方式。

It is not that the groups are competing, and they are sharing and coming up with these incredible products that people really want.

並不是這些團體在競爭，而是在分享並提出人們真正想要的這些令人難以置信的產品。

Thanks, Bryan.

謝謝，布萊恩。

Great, thank you very much.

太好了，非常感謝。

Can we have the next question please?

請問下一個問題可以嗎？

Keith Bachman, Bank of Montreal.

蒙特利爾銀行的基思·巴赫曼。

Hi, guys.

嗨，大家好。

It actually relates to what you were just talking about.

它實際上與您剛才所說的有關。

Tim, do you have data that you have gathered on the phone and or the iPad?

蒂姆，你有在手機和/或 iPad 上收集的數據嗎？

I am new to the brand.

我是這個品牌的新手。

You typically talk about Macs, in the stories, you're getting 50% new to the brand.

你通常會談論 Mac，在故事中，你對這個品牌有 50% 的新鮮感。

Do you have any data related to the newness of the brand?

您是否有任何與品牌新穎性相關的數據？

I would assume it is substantially higher than that, but I wanted to hear a little bit about that.

我會假設它比這要高得多，但我想听聽一點。

Depending on that outcome, if you talk a little bit about how you think these products, and particularly the Pad, in emerging market may help to continue to drive share opportunities for you.

根據這一結果，如果您稍微談談您如何看待這些產品，尤其是 Pad，在新興市場可能有助於繼續為您帶來分享機會。

Yes, I don't want to share -- did we collect it, yes, of course we do.

是的，我不想分享——我們是否收集了它，是的，我們當然會。

The numbers for iPhone are --there are many sets of numbers now because we have been shipping iPhone for a while.

iPhone 的數字是——現在有很多組數字，因為我們已經發布 iPhone 有一段時間了。

Any product that you ship for a while looks a little different at the front end when you're in the early adopter cycle versus when you get into the mainstream.

當您處於早期採用者周期與進入主流時，您發布一段時間的任何產品在前端看起來都有點不同。

Now iPad went through that cycle quickly and moved from mainstream to enterprise and all the rest in record time.

現在 iPad 迅速經歷了這個週期，並在創紀錄的時間內從主流轉向了企業和其他所有領域。

But, nevertheless, that data needs to settle some even before internally we put a lot of weight in it.

但是，儘管如此，這些數據需要在我們內部投入大量精力之前解決一些問題。

But the bulk of your question doesn't need specific numbers to make a point.

但是你的大部分問題不需要具體的數字來說明問題。

If you look at our Asia Pacific business, the revenue growth was 175% or so, and so this is incredible.

如果你看看我們的亞太業務，收入增長了 175% 左右，這太不可思議了。

And the size business in Asia that we have now built is massive.

我們現在在亞洲建立的規模業務是巨大的。

To do $2.6 billion in China in three months, where just two years ago we did less than $1 billion in the whole year is phenomenal.

三個月內在中國做 26 億美元，而就在兩年前，我們全年做的還不到 10 億美元，這是了不起的。

And -- or actually for the year before.

而且 - 或者實際上是前一年。

So I think we are -- it is clear that we are introducing a lot of people to Apple who previously had not been introduced to the Company, and I think that helps across the product line.

所以我認為我們是——很明顯，我們正在向蘋果公司介紹很多以前沒有被介紹過的人，我認為這對整個產品線都有幫助。

Can I ask a follow-up, Tim?

蒂姆，我可以問一個後續嗎？

Yes, sure.

是的，當然。

In the US, I'm just trying to understand how you see the tablet market more broadly having greater penetration rates say in established markets versus emerging market.

在美國，我只是想了解您如何更廣泛地看待平板電腦市場在成熟市場與新興市場相比具有更高的滲透率。

Typically the notion is the tablets in many cases are more about consumption versus creation.

通常的概念是，在許多情況下，平板電腦更多的是關於消費而不是創造。

And I just wanted to hear your thoughts, not on growth rate, but on absolute unit opportunities between the established markets and the emerging markets.

我只是想听聽你的想法，不是關於增長率，而是關於成熟市場和新興市場之間的絕對單位機會。

I think that the tablet market is -- the opportunity is so large it is large everywhere honestly.

我認為平板電腦市場是——機會如此之大，老實說無處不在。

Okay, all right, fair enough.

好吧，好吧，夠公平的。

Thanks very much.

非常感謝。

I think it's huge, yes.

我認為這是巨大的，是的。

Thank you, Keith.

謝謝你，基思。

Could we have the next question please?

請問下一個問題好嗎？

Ben Reitzes, Barclays Capital,

Ben Reitzes，巴克萊資本，

A question for Peter.

彼得的問題。

I just wanted to hash out the revenue outlook.

我只是想弄清楚收入前景。

Your sequential decline of 17% is a little more than last year's, but you have Verizon now for the iPhone, so what components, other than iPod, are expected to have -- to contribute the big decline, if intuitively maybe iPhones have some support from Verizon?

你的連續下降 17% 比去年略多一點，但你現在有 iPhone 的 Verizon，那麼除了 iPod 之外，預計會有哪些組件 - 會導致大幅下降，如果直覺上 iPhone 有一些支持的話來自威瑞森？

I'll answer your question in a couple ways.

我會從幾個方面回答你的問題。

First of all, we are working hard to increased supply of iPhones.

首先，我們正在努力增加 iPhone 的供應。

Tim has talked about that, but that will come over a period of time and not necessarily overnight, as we said.

正如我們所說，蒂姆已經談到了這一點，但這將在一段時間內出現，而不一定是一夜之間。

In terms of the sequential guidance this year, let me start by saying we are thrilled to be giving you guidance for 63% revenue growth year-over-year, which will translate to 50% earnings growth.

關於今年的連續指導，讓我首先說我們很高興為您提供 63% 的收入同比增長的指導，這將轉化為 50% 的收益增長。

So that the business is performing extremely well.

因此，業務表現非常出色。

We are shipping the best products in Apple's history and customer response has been tremendous.

我們正在運送 Apple 歷史上最好的產品，客戶反應非常好。

But as I said in my prepared remarks, we increased the iPhone and the iPad channel inventory by about 775,000 units, and this will have a bit of an impact on the sequential compare that you referred to.

但正如我在準備好的評論中所說，我們將 iPhone 和 iPad 渠道庫存增加了約 775,000 台，這將對您提到的順序比較產生一些影響。

In terms of the products, for Mac we just reported the highest Mac sales ever, and we have outgrown the market for 19 consecutive quarters.

在產品方面，我們剛剛公佈了 Mac 有史以來最高的 Mac 銷量，並且已經連續 19 個季度超過市場。

We would expect to see a sequential unit decline, which is typical for us after the holiday season.

我們預計會看到連續的單位下降，這對我們來說是假期後的典型情況。

For iPod we would also expect to see a large sequential decline, which is also typical for us after the holiday season.

對於 iPod，我們還預計會出現大幅的連續下滑，這對我們來說也是假期後的典型情況。

For iPhone, we would expect to see a significant year-over-year increase.

對於 iPhone，我們預計會出現顯著的同比增長。

And for iPad this will be our first experience going from the December to March quarter, so we will see.

對於 iPad，這將是我們從 12 月到 3 月季度的第一次體驗，所以我們拭目以待。

However, that was clear to us that the iPad was a hot holiday gift item, which fueled the 75% sequential growth that we saw in the December quarter, and given this, we would expect a sequential decline in the March quarter.

然而，我們很清楚 iPad 是一款熱門的節日禮物，它推動了我們在 12 月季度看到的 75% 的環比增長，鑑於此，我們預計 3 月季度將環比下降。

So that is what has gone into our thinking.

這就是我們的想法。

Thanks so much.

非常感謝。

Then just a follow-up for Tim.

然後只是蒂姆的後續行動。

Last call, or one of the last calls, Steve had a lot of comments around Android and perhaps some of its disadvantages versus your platform.

最後一個電話，或者最後一個電話，Steve 對 Android 有很多評論，也許它與你的平台相比有一些缺點。

Just is there any other observations you would like to make now that we had a few more months to see the market develop further, and with Verizon and even more tablet sales on the Verizon that your feedback you're getting from developers is there anything else you would like to add on the battle with Android, updating Steve's recent comments from last quarter?

既然我們還有幾個月的時間來觀察市場的進一步發展，而且隨著 Verizon 和 Verizon 上更多的平板電腦銷售，您從開發人員那裡得到的反饋，您是否還有其他意見？您想添加與 Android 的戰鬥，更新史蒂夫上個季度的最新評論嗎？

Well, if you look at the iPhone portion, we had record sales on the iPhone with 16.2 million units sold in the quarter, and as Peter said, we believe we could have sold more if we had more supply.

好吧，如果你看一下 iPhone 部分，我們在本季度的 iPhone 銷量達到了創紀錄的 1620 萬部，正如彼得所說，我們相信如果我們有更多的供應，我們可以賣出更多。

From the market estimates that we have seen, it suggests that we grew faster than the market.

從我們所看到的市場估計來看，這表明我們的增長速度快於市場。

Obviously, we are working around the clock on increasing supply.

顯然，我們正在夜以繼日地增加供應。

We are continuing to expand countries and carriers.

我們正在繼續擴大國家和運營商。

And you guys talked a little bit of what with Toni's questions.

你們談到了托尼的問題。

We are getting enormous enterprise traction with 88% of the Fortune 100, which is mind blowing, I believe.

我們正在獲得巨大的企業牽引力，88% 的財富 100 強企業中，我相信這令人興奮。

83% of the Fortune 500, 60% of the [MT] 100.

83% 的財富 500 強企業，60% 的 [MT] 100 強企業。

So the enterprise traction is gaining.

因此，企業的吸引力正在增強。

We had the highest customer sat ratings in the industry versus Android or RIM or any -- we have the largest app store with over 300,000 apps.

與 Android 或 RIM 或任何其他產品相比，我們擁有業內最高的客戶滿意度——我們擁有最大的應用商店，擁有超過 300,000 款應用。

We have now sold over 160 million iOS devices.

我們現在已售出超過 1.6 億台 iOS 設備。

This is huge.

這是巨大的。

And we fundamentally believe that our integrated approach delivers a far superior customer experience than the fragmented approach.

而且我們從根本上相信，我們的集成方法提供的客戶體驗遠遠優於分散的方法。

You can see this in a variety of ways from the fragmentation of the number of apps stores out there that people are going to pull their hair out because they're going to have a variety of updating methodologies and a variety of payment methods and slightly different derivative.

你可以從各種各樣的應用商店數量的碎片中看到這一點，人們會拔掉頭髮，因為他們將有各種更新方法和各種支付方式，而且略有不同衍生物。

You can see from surveys people are doing to see who is on the latest OS, and you'll notice that the iOS is always off the charts on the percentage of people that have the latest version versus the other guys.

你可以從人們正在做的調查中看到誰在使用最新的操作系統，你會注意到 iOS 總是在擁有最新版本的人與其他人的百分比上遙遙領先。

We are launching with Verizon next month.

我們將在下個月與 Verizon 合作推出。

We believe there is a huge pent-up demand there, and we think that will help us in the US.

我們相信那裡有巨大的被壓抑的需求，我們認為這將對我們在美國有所幫助。

So I think I probably just repeated much of what he said before.

所以我想我可能只是重複了他之前所說的大部分內容。

But the net net is we think our integrated approach is much better for the end-user, because it makes -- it takes out all the complexity for the end-user instead of making the end-user a systems integrator themselves.

但是網絡是我們認為我們的集成方法對最終用戶來說要好得多，因為它為最終用戶消除了所有復雜性，而不是讓最終用戶自己成為系統集成商。

I don't know about you, but I don't know very many people that want to be system integrators.

我不了解你，但我不知道有多少人想成為系統集成商。

(technical difficulty) or somebody in the enterprise.

（技術難度）或企業中的某個人。

So I think that the more iPhones that we can get out there into people's hands, the more people love them.

所以我認為，我們可以將更多的 iPhone 送到人們手中，就會有更多的人喜歡它們。

And I think we've got a very bright future.

我認為我們有一個非常光明的未來。

I think the same thing about iPad.

我對 iPad 也有同樣的看法。

It is the same set of issues at the end of the day.

歸根結底，這是同一組問題。

The difference is on iPads of course, is that we have -- we have been running three quarters without any significant competition of any type.

不同之處當然在於 iPad，我們有——我們已經運行了四分之三，沒有任何類型的重大競爭。

And I think that the customer sat ratings on the iPad are also off the charts.

而且我認為 iPad 上的客戶坐在評分也超出了圖表。

So I don't know if any of that is new; I doubt that it is, but I think we are in a very good position.

所以我不知道這是否是新的；我懷疑是這樣，但我認為我們處於非常好的位置。

Okay, thanks, Tim.

好的，謝謝，蒂姆。

Thanks, Ben.

謝謝，本。

Could we have the next question please?

請問下一個問題好嗎？

Mark Moskowitz, JPMorgan.

馬克·莫斯科維茨，摩根大通。

Thank you, good afternoon.

謝謝，下午好。

Peter, I want to see if you can give us a little more insight on the iPad gross margins going forward.

彼得，我想看看你能否讓我們更深入地了解 iPad 未來的毛利率。

Just given Tim's comment earlier about the bounty of underachievers out there (inaudible), should we assume then that Apple can really improve the feature set with the next generation and kind of hold pricing stable?

剛才蒂姆早些時候評論了那些成績不佳的人（聽不清），我們是否應該假設蘋果真的可以通過下一代改進功能集並保持定價穩定？

I am sorry, Mark, that is not a question I can answer.

對不起，馬克，這不是我能回答的問題。

We don't talk about future products.

我們不談論未來的產品。

But I can tell you that in terms of what we are shipping today we are always aggressively working to lower our costs.

但我可以告訴你，就我們今天的運輸而言，我們一直在積極努力降低成本。

And I think we have a good track record in doing so.

我認為我們在這方面有很好的記錄。

And our gross margins were stronger than we thought for the December quarter.

我們的毛利率比我們對 12 月季度的預期要高。

And I provided guidance for the March quarter at 38.5%.

我為 3 月季度提供了 38.5% 的指導。

So we feel very, very good about the performance of our products and our cost center products.

所以我們對我們的產品和成本中心產品的性能感覺非常非常好。

Then my follow-up, Tim, I apologize if this question has been asked.

然後我的跟進，蒂姆，如果有人問了這個問題，我很抱歉。

I fell off for moment.

我一時跌倒。

I want to come back to the MacBook Air.

我想回到 MacBook Air。

Just given the initial success here and momentum, can you give us any set of insights in terms of how you're looking at that platform now?

鑑於這裡的初步成功和勢頭，您能否就您現在如何看待該平台向我們提供任何見解？

Is it a premium tablet?

它是高級平板電腦嗎？

Is this more of a notebook still?

這更像是一個筆記本嗎？

I just want to get a sense is this kind of a one-two punch in terms of the iPad with the MacBook Air giving you double coverage, if you will, in both notebooks and in tablets?

我只是想了解一下這種對 iPad 的一擊二打，如果你願意的話，在筆記本電腦和平板電腦上，MacBook Air 會給你雙重覆蓋嗎？

The way that we look at it is the Mac of the future shipping today.

我們看待它的方式是今天發布的未來 Mac。

And it was a phenomenal part of our growth on the Mac last quarter.

這是我們上個季度在 Mac 上增長的顯著部分。

It had gotten off to an unbelievable start.

它有一個令人難以置信的開始。

The customers love it.

客戶喜歡它。

They love the precision of it, they love the thinness, the weight, the instant on.

他們喜歡它的精確度，他們喜歡它的纖薄、重量和瞬間。

The list is long of things.

清單很長。

So we are really happy with how it is doing out of the starting block.

所以我們對它在起步階段的表現非常滿意。

You know, we have only been shipping it for less than 90 days, so we have just gotten going.

你知道，我們只運送了不到 90 天，所以我們才剛剛開始。

Thank you, Mark.

謝謝你，馬克。

Could we have the next question please?

請問下一個問題好嗎？

Jason Maynard, Wells Fargo.

傑森梅納德，富國銀行。

Hi, there has still a lot of talk about this consumerization of enterprise technology, and obviously, it is being driven by folks brining in their iPhones and their iPads to work.

嗨，關於企業技術的這種消費化仍然有很多討論，顯然，它是由人們帶著他們的 iPhone 和 iPad 工作的。

I know you cited some big share gains within your statistics, but I was curious if you think there still are some barriers around maybe developer training at the corporate level or security, or things that just naturally need to get worked through before you start to see those penetration numbers even increase further or start to see a wider swathe of employees using iPhones and iPads in business?

我知道您在統計數據中引用了一些大的份額收益，但我很好奇您是否認為在公司級別或安全性的開發人員培訓方面仍然存在一些障礙，或者在您開始看到之前自然需要解決的事情這些滲透率甚至進一步增加，還是開始看到更多員工在業務中使用 iPhone 和 iPad？

I think that the consumerization that you speak of at the enterprise is one of the megatrends that are occurring.

我認為您所說的企業消費化是正在發生的大趨勢之一。

I think the most forward-looking CIOs are coming to the realization that the productivity of the person, the creativity of the employee is materially more important than everyone using the same thing.

我認為最具前瞻性的 CIO 開始意識到，個人的生產力、員工的創造力在物質上比每個人都使用同樣的東西更重要。

And that the ability to write apps in a simple and straightforward manner for the phone or the iPad through the SDK is an incredible thing, and you can wind up literally running your whole business off of an iPad or an iPhone.

而且，通過 SDK 以簡單直接的方式為手機或 iPad 編寫應用程序的能力是一件不可思議的事情，您最終可以在 iPad 或 iPhone 上運行您的整個業務。

So I think the list of ideas and places that people can go there are -- were unimaginable just a few months ago.

所以我認為人們可以去那裡的想法和地方的清單 - 就在幾個月前是不可想像的。

And so I see an enormous potential there.

所以我看到了那裡的巨大潛力。

The numbers are already incredible.

這些數字已經令人難以置信。

Think about this, the iPad started shipping in April, and we are already up to 80% of the largest companies deploying or piloting the product.

想想看，iPad 於 4 月開始出貨，我們已經有多達 80% 的大公司在部署或試用該產品。

This is unheard of, at least in my dealings with the enterprise over the years.

這是聞所未聞的，至少在我這些年與企業打交道的過程中是這樣。

Generally enterprises is much slower, much more cautious and uses things that have been in the market for a long time.

一般來說，企業要慢得多，謹慎得多，使用市場上已經存在很長時間的東西。

I think to everyone's credit they have seen the value of this from a productivity and creativity point of view, and they are really moving fast.

我認為值得大家稱讚的是，他們已經從生產力和創造力的角度看到了這一點的價值，而且他們的行動真的很快。

So I think we are just scratching the surface right now.

所以我認為我們現在只是觸及表面。

In terms of inhibitors, the iPad has a huge advantage because, you probably remember, as we went to various different iOS releases we always put in a huge chunk of enterprise features.

在抑制因素方面，iPad 具有巨大的優勢，因為您可能還記得，當我們發佈各種不同的 iOS 版本時，我們總是會加入大量的企業功能。

And so this isn't something that we just started focusing on.

所以這不是我們剛剛開始關注的事情。

We started focusing on this before we shipped the first phones.

在我們發布第一部手機之前，我們就開始關注這一點。

With the synergies that exist with the iOS between the different products, other products get the advantage of it, not just the product that it ships on initially.

由於不同產品之間存在與 iOS 的協同作用，其他產品可以從中受益，而不僅僅是最初發布的產品。

So, yes, I think there is a huge play here for us.

所以，是的，我認為這對我們來說是一場大戲。

Okay, thank you.

好的謝謝你。

Thank you, Jason.

謝謝你，傑森。

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 Store 上的播客、apple.com/investor 上的網絡廣播和電話形式提供。

The numbers for the telephone replay are 888-203-1112 or 719-457-0820.

電話重播的號碼是 888-203-1112 或 719-457-0820。

The confirmation code is 275-2840.

確認碼為 275-2840。

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

這些重播將於今天太平洋時間下午 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.

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 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。