蘋果 (AAPL) 2011 Q2 法說會逐字稿

Good day, everyone, and welcome to this Apple Inc.

大家好，歡迎來到 Apple Inc.

second-quarter fiscal-year 2011 earnings release conference call.

2011財年第二季度財報電話會議。

Today's call is being recorded.

今天的電話正在錄音。

At this time for opening remarks and introductions, I will now turn the call over to Ms.

在這個時候開始致辭和介紹，我現在將電話轉給女士。

Nancy Paxton, Senior Director of Investor Relations.

Nancy Paxton，投資者關係高級總監。

Please go ahead, ma'am.

請繼續，女士。

Thank you.

謝謝你。

Good afternoon, and thanks to everyone for joining us today.

下午好，感謝大家今天加入我們。

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

今天發言的是蘋果首席財務官彼得奧本海默，他將與蘋果首席運營官蒂姆庫克和財務主管加里威普弗勒一起參加與分析師的問答環節。

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

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

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, the Form 10-Q for the first quarter of fiscal 2011, and the Form 8-K filed with the SEC today, along with the attached press release.

如需更多信息，請參閱 Apple 2010 年的 10-K 表格、2011 財年第一季度的 10-Q 表格以及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，以及隨附的新聞稿發布。

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'd like to turn the call over to Apple CFO Peter Oppenheimer for introductory remarks.

有了這個，我想把電話轉給蘋果首席財務官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 very pleased to report the highest March quarter revenue and earnings in Apple's history.

我們非常高興地報告蘋果歷史上最高的 3 月季度收入和收益。

We set a new all-time quarterly record for iPhone sales and a new March quarter record for Mac sales, and we're thrilled with the momentum for iPad.

我們創造了 iPhone 銷售的新季度記錄和 Mac 銷售的新 3 月季度記錄，我們對 iPad 的發展勢頭感到興奮。

Revenue for the quarter was $24.7 billion, which was $11.2 billion over the prior March quarter's results, and represents the largest year-over-year quarterly revenue growth we've ever generated.

本季度收入為 247 億美元，比上一季度的業績高出 112 億美元，是我們有史以來最大的季度收入同比增長。

This tremendous increase of 83% was fueled by, primarily, by record iPhone sales, very robust demand for iPads, and strong growth in Mac sales.

這一 83% 的巨大增長主要得益於 iPhone 銷量創紀錄、對 iPad 的強勁需求以及 Mac 銷量的強勁增長。

Operating margin was an all-time high of almost $7.9 billion, representing 31.9% of revenue.

營業利潤率創下近 79 億美元的歷史新高，佔收入的 31.9%。

Net income was almost $6 billion.

淨收入接近 60 億美元。

This represented 95% growth over the year-ago quarter's earnings and translated to earnings per share of $6.40.

這比去年同期的收益增長了 95%，轉化為每股收益 6.40 美元。

Turning to the details of the quarter, I'd 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 March quarter record with sales of 3.76 million Macs, representing 28% growth over the year-ago quarter.

我們以 376 萬台 Mac 的銷量創造了新的 3 月季度記錄，比去年同期增長 28%。

We are extremely pleased with this very strong growth, particularly given IDC's most recently published estimate of a 3% contraction for the PC market overall.

我們對這種非常強勁的增長感到非常滿意，特別是考慮到 IDC 最近公佈的估計整體 PC 市場將收縮 3%。

This result makes the March quarter the 20th consecutive quarter that we've outperformed the PC market.

這一結果使 3 月季度成為我們連續第 20 個季度跑贏 PC 市場。

We experienced strong Mac sales growth in each of our operating segments, most notably in the Asia-Pacific segment where Mac sales increased 76% year over year.

我們在每個運營部門都經歷了強勁的 Mac 銷售增長，尤其是在亞太地區，Mac 銷售同比增長 76%。

The growth in Mac sales was fueled primarily by the continued great popularity of the MacBook Air, which was updated in the December quarter, as well as very strong sales of MacBook Pro.

Mac 銷量的增長主要得益於 MacBook Air 的持續大受歡迎（在 12 月季度進行了更新），以及 MacBook Pro 的強勁銷量。

We updated the entire MacBook Pro family during the March quarter with the next-generation processors and graphics, high-speed Thunderbolt I/O technology, and the new FaceTime HD camera.

我們在第三季度更新了整個 MacBook Pro 系列，配備了下一代處理器和顯卡、高速 Thunderbolt I/O 技術以及全新的 FaceTime 高清攝像頭。

The new MacBook Pro lineup offers twice the speed of the previous generation, and customer response has been excellent.

新款 MacBook Pro 產品線的速度是上一代產品的兩倍，客戶反應非常好。

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。

During the quarter, we released the developer preview of Mac OS X Lion, which takes some of the best ideas from the iPad and brings them back to the Mac.

在本季度，我們發布了 Mac OS X Lion 的開發者預覽版，它吸取了 iPad 的一些最佳創意，並將它們帶回了 Mac。

Lion features Mission Control, an innovative new view of everything running on a Mac; Launchpad, a new home for all your Mac apps; full-screen apps that use the entire Mac display; and new multi-touch gestures.

Lion 具有 Mission Control，它是 Mac 上運行的一切的創新視圖； Launchpad，所有 Mac 應用程序的新家；使用整個 Mac 顯示器的全屏應用程序；和新的多點觸控手勢。

Lion is scheduled to ship to customers this summer, and we look forward to showing more of its great features at our developers' conference in June.

Lion 計劃於今年夏天向客戶發貨，我們期待在 6 月的開發者大會上展示其更多強大功能。

Moving to our music products, we sold 9 million iPods, compared to 10.9 million in the year-ago quarter.

轉向我們的音樂產品，我們售出了 900 萬台 iPod，而去年同期為 1090 萬台。

Though lower year over year, total iPod sales were ahead of our expectations with iPod Touch continuing to account for over half of all iPods sold.

儘管同比下降，但 iPod 總銷量超出了我們的預期，iPod Touch 繼續佔所有 iPod 銷量的一半以上。

IPod's share of the U.S.

iPod 在美國的份額

market for MP3 players remains at over 70%, based on the latest monthly data published by NPD, and iPod continued to be the top-selling MP3 player in most countries we track, based on the latest data published by GFK.

根據 NPD 發布的最新月度數據，MP3 播放器的市場份額保持在 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 繼續成為最暢銷的 MP3 播放器。

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。

The iTunes store turned in its best quarter ever, with revenue of almost $1.4 billion thanks to record revenue from music, video, iOS apps, and books.

得益於音樂、視頻、iOS 應用程序和圖書的創紀錄收入，iTunes 商店迎來了有史以來最好的季度，收入接近 14 億美元。

We were very pleased to begin offering the full catalog of 17,000 e-books from Random House on the iBookstore during the March quarter.

我們很高興在 3 月季度開始在 iBookstore 上提供來自 Random House 的 17,000 冊電子書的完整目錄。

The iBookstore now includes e-books from more than 2,500 publishers in over 20 categories, and customers have downloaded over 100 million books.

iBookstore 現在包含來自 20 多個類別的 2,500 多家出版商的電子書，客戶已下載超過 1 億本書。

I'd now like to turn to the iPhone.

我現在想轉向 iPhone。

We were thrilled to have sold a record 18.6 million iPhones, compared to 8.8 million in the previous March quarter.

我們很高興售出創紀錄的 1860 萬部 iPhone，而上一季度的銷量為 880 萬部。

This represents 113% year-over-year growth, which is significantly ahead of IDC's latest published estimate of 74% growth for the global smartphone market overall in the March quarter.

這代表了 113% 的同比增長，這大大超過了 IDC 最新公佈的估計，即 3 月季度全球智能手機市場整體增長 74%。

Recognized revenue from iPhone handset and accessories sales was $12.3 billion during the quarter, compared to $5.45 billion in the year-ago quarter, an increase of 126%.

本季度來自 iPhone 手機和配件銷售的確認收入為 123 億美元，與去年同期的 54.5 億美元相比增長了 126%。

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

我們在所有運營部門的 iPhone 銷售量都繼續保持強勁的同比增長，美洲和亞太地區的銷售量同比增長超過一倍。

We were able to make a significant increase in our capacity once again, allowing us to expand distribution and get much-needed supply to our channel partners.

我們能夠再次顯著提高我們的產能，使我們能夠擴大分銷並為我們的渠道合作夥伴獲得急需的供應。

We were very pleased to begin selling iPhones on the Verizon network in the U.S.

我們很高興開始在美國的 Verizon 網絡上銷售 iPhone。

in the March quarter, and we were also happy to add SK Telecom in Korea, as well as Saudi Telecom in Saudi Arabia.

在 3 月季度，我們也很高興增加了韓國的 SK 電信和沙特阿拉伯的沙特電信。

Including some carrier consolidation, we ended the quarter with iPhone distribution through 186 carriers in 90 countries.

包括一些運營商整合，我們在本季度結束時通過 90 個國家的 186 家運營商分銷 iPhone。

We ended the quarter with about 5.2 million iPhones in channel inventory, a sequential increase of about 1.7 million to support new carrier launches and existing channel partners.

截至本季度末，我們的渠道庫存約為 520 萬部 iPhone，環比增加約 170 萬部，以支持新運營商的推出和現有渠道合作夥伴。

This placed us within our target range of four to six weeks of iPhone channel inventory.

這使我們處於 iPhone 渠道庫存四到六週的目標範圍內。

IPhone is continuing to see strong growth within the enterprise segment.

iPhone 在企業領域繼續保持強勁增長。

Today, 88% of the Fortune 500 are testing or deploying iPhone.

如今，88% 的財富 500 強企業正在測試或部署 iPhone。

With strong employee demand and custom app development fueling adoption, we are seeing great scale of iPhone deployments in businesses worldwide.

隨著員工需求旺盛和定制應用程序開發推動採用，我們看到 iPhone 在全球企業中的大規模部署。

In fact, hundreds of private and public companies worldwide are supporting thousands of iPhones on their corporate networks.

事實上，全球數百家私營和上市公司正在其企業網絡上支持數以千計的 iPhone。

Some examples include Cisco, Prudential, Boston Scientific, General Motors, American Airlines, Deloitte, YUM!

一些例子包括思科、保誠、波士頓科學、通用汽車、美國航空公司、德勤、百勝！

Brands, and Xerox.

品牌和施樂。

Turning to iPad, we continue to be thrilled with its momentum.

談到 iPad，我們仍然對它的發展勢頭感到興奮。

We sold 4.7 million iPads during the March quarter, launching iPad 2 in the U.S.

我們在第三季度售出了 470 萬台 iPad，在美國推出了 iPad 2。

on March 11 and in 25 additional countries on March 25.

3 月 11 日和 3 月 25 日在另外 25 個國家/地區。

Customer enthusiasm has been tremendous for iPad 2, and we are working hard to get it into the hands of customers as quickly as possible.

客戶對 iPad 2 的熱情很高，我們正在努力盡快將它交到客戶手中。

Including both the original iPad and iPad 2, we had distribution in 59 countries by the end of the March quarter.

包括最初的 iPad 和 iPad 2，截至 3 月季度末，我們已在 59 個國家/地區進行分銷。

Given the very strong customer demand, and despite the increased geographic distribution, iPad channel inventory declined by 400,000 from the beginning of the quarter, implying sellthrough of about 5.1 million.

鑑於非常強勁的客戶需求，儘管地理分佈有所增加，但 iPad 渠道庫存較本季度初下降了 400,000 台，意味著銷售量約為 510 萬台。

This resulted in ending channel inventory of below 850,000, which was below our target range of four to six weeks.

這導致最終渠道庫存低於 850,000，低於我們 4 至 6 週的目標範圍。

We sold every iPad 2 that we could make during the quarter, and would've liked to end the quarter with more channel inventory.

我們在本季度銷售了我們可以生產的每一台 iPad 2，並且希望在本季度結束時有更多的渠道庫存。

Recognized revenue from sales of iPad and iPad accessories during the quarter was $2.8 billion.

本季度確認的 iPad 和 iPad 配件銷售收入為 28 億美元。

Employee demand for iPad in the corporate environment remains strong, and CIOs continue to embrace iPad in an unprecedented rate.

企業環境中員工對 iPad 的需求依然強勁，CIO 繼續以前所未有的速度擁抱 iPad。

In just over a year since its debut, 75% of the Fortune 500 are testing or deploying iPad within their enterprises.

在 iPad 首次亮相僅一年多的時間裡，75% 的財富 500 強企業都在其企業內測試或部署 iPad。

Some recent examples of enterprises that are deploying iPad include Fortune 500 companies such as Xerox, AutoNation, YUM!

最近一些正在部署 iPad 的企業示例包括財富 500 強公司，例如 Xerox、AutoNation、YUM！

Brands, ADP, Boston Scientific, Estee Lauder, Disney, Stryker, Prudential Financial, Rite Aid, and USAA.

Brands、ADP、波士頓科學、雅詩蘭黛、迪士尼、史賽克、保誠金融、Rite Aid 和 USAA。

Combining iPhone, iPad, and iPod Touch, we reached just under 189 million cumulative iOS device sales through the end of the March quarter.

結合 iPhone、iPad 和 iPod Touch，截至 3 月季度末，我們的 iOS 設備累計銷量接近 1.89 億部。

In March, we introduced iOS 4.3 with new features, including faster Safari mobile browsing performance with the Java Nitro Script engine, iTunes home sharing, enhancements to airplay, and the personal hotspot feature for sharing an iPhone 4's cellular data connection over WiFi.

3 月，我們推出了具有新功能的 iOS 4.3，包括使用 Java Nitro Script 引擎實現更快的 Safari 移動瀏覽性能、iTunes 家庭共享、airplay 增強以及通過 WiFi 共享 iPhone 4 蜂窩數據連接的個人熱點功能。

The App Store continues to be incredibly successful with over 350,000 apps available and well over 10 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 350,000 個應用程序和超過 100 億次的下載量。

In February, we announced a new subscription service available to all publishers of content-based apps, including magazines, newspapers, video, and music.

2 月，我們宣布了一項新的訂閱服務，適用於所有基於內容的應用程序的發行商，包括雜誌、報紙、視頻和音樂。

Publishers set the price and length of subscription, and customers select the subscription and length they want with one click.

發布商設置訂閱價格和時長，客戶一鍵選擇想要的訂閱和時長。

It was also a great pleasure to announce in March that we have made more than $2 billion in payments to developers since opening the App Store.

我們也很高興在 3 月份宣布，自 App Store 開放以來，我們已向開發者支付了超過 20 億美元的款項。

I'd now like to turn to the Apple retail stores.

我現在想轉向蘋果零售店。

We are approaching the retail stores' 10th anniversary on May 19, and we are on the verge of achieving a major milestone.

5 月 19 日，我們即將迎來零售店成立 10 週年，我們即將實現一個重要的里程碑。

In the next few days, we will be thrilled to welcome our 1 billionth visitor.

在接下來的幾天裡，我們將很高興地歡迎我們的第 10 億位訪客。

Store traffic continues to be amazingly strong, and in the March quarter, we hosted a record 71.1 million visitors in our stores, compared to 47 million visitors in the year-ago quarter, an increase of 51%.

店鋪客流量繼續保持驚人的強勁勢頭，在 3 月季度，我們的店鋪接待了創紀錄的 7110 萬訪客，與去年同期的 4700 萬訪客相比，增長了 51%。

Retail revenue was $3.19 billion, compared to $1.68 billion in the year-ago quarter, an increase of 90%.

零售收入為 31.9 億美元，與去年同期的 16.8 億美元相比，增長了 90%。

Capitalizing on the February MacBook Pro update, the stores delivered another record Mac quarter, selling 797,000 Macs, compared to 606,000 Macs in the year-ago quarter, an increase of 32%.

利用 2 月份的 MacBook Pro 更新，這些商店交付了另一個創紀錄的 Mac 季度，售出 797,000 台 Mac，而去年同期為 606,000 台，增長了 32%。

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

在 3 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。

To further enrich our Apple retail customer experience, we recently launched a program called Personal Setup.

為了進一步豐富我們的 Apple 零售客戶體驗，我們最近推出了一個名為 Personal Setup 的計劃。

When customers buy a Mac, iPad, iPhone, or iPod Touch, our teams help the customer set up the product in the store so that they are up and running before they leave.

當客戶購買 Mac、iPad、iPhone 或 iPod Touch 時，我們的團隊會幫助客戶在商店中設置產品，以便他們在離開之前啟動並運行。

Personal Setup includes the customers' e-mail, contacts, calendar, applications, and more.

個人設置包括客戶的電子郵件、聯繫人、日曆、應用程序等。

In the March quarter, our stores set up over 1 million products.

在 3 月季度，我們的門店開設了超過 100 萬件產品。

We operated 323 stores during the quarter.

本季度我們經營了 323 家門店。

Average revenue per store was $9.9 million, compared to $5.9 million in the year-ago quarter, an increase of 67%.

每家商店的平均收入為 990 萬美元，與去年同期的 590 萬美元相比，增長了 67%。

International retail store sales remained strong with our average international store volume exceeding our very productive average U.S.

國際零售店銷售保持強勁，我們的平均國際商店數量超過了我們非常富有成效的美國平均水平。

store volume.

存儲量。

Retail segment margin more than doubled year over year to $807 million, compared to $373 million in the year-ago quarter.

零售部門的利潤率同比增長一倍以上，達到 8.07 億美元，而去年同期為 3.73 億美元。

We anticipate opening 40 new stores in fiscal 2011, nearly three-quarters of which will be outside the United States, including our fifth store in China.

我們預計 2011 財年將開設 40 家新店，其中近四分之三將在美國以外，包括我們在中國的第五家店。

Total Company gross margin was 41.4%, which was 290 basis points higher than our guidance.

公司總毛利率為 41.4%，比我們的預期高出 290 個基點。

More than half of this difference came from better product mix than planned, particularly higher iPhone sales.

這種差異的一半以上來自比計劃更好的產品組合，尤其是更高的 iPhone 銷量。

The remainder was largely the result of leverage on the higher revenue and lower than expected commodity, service, and other costs.

其餘部分主要是由於較高的收入和低於預期的商品、服務和其他成本的槓桿作用的結果。

Operating expenses were $2.34 billion, and included $236 million of stock-based compensation expense.

運營費用為 23.4 億美元，其中包括 2.36 億美元的股票薪酬費用。

OI&E was $26 million, and the tax rate for the quarter was 24.2%, below our guidance of 25.5% due to changes in our full-year forecast of foreign earnings, R&D tax credit, and state taxes.

OI&E 為 2600 萬美元，本季度的稅率為 24.2%，低於我們對 25.5% 的指導，原因是我們對外國收入、研發稅收抵免和州稅的全年預測發生了變化。

Turning to cash, our cash plus short-term and long-term marketable securities totaled $65.8 billion at the end of the March quarter, compared to $59.7 billion at the end of the December quarter, a sequential increase of $6.1 billion.

現金方面，截至 3 月季度末，我們的現金加上短期和長期有價證券總計 658 億美元，而 12 月季度末為 597 億美元，環比增加 61 億美元。

Cash flow from operations was $6.2 billion, an increase of 157% year over year.

運營現金流為 62 億美元，同比增長 157%。

The increase in cash is net of approximately $900 million in combined pre-payments and capital expenditures related to the strategic supplier agreement that we referred to in our last quarterly call.

現金的增加扣除了與我們在上個季度電話會議中提到的戰略供應商協議相關的大約 9 億美元的預付款和資本支出。

As we move into the June quarter, I'd like to review our outlook, which includes the types of forward-looking information that Nancy referred to at the beginning of the call.

隨著我們進入六月季度，我想回顧一下我們的前景，其中包括南希在電話會議開始時提到的前瞻性信息類型。

We expect revenue to be about $23 billion, compared to $15.7 billion in the June quarter last year.

我們預計收入約為 230 億美元，而去年 6 月季度為 157 億美元。

We expect gross margin to be about 38%, reflecting approximately $55 million related to stock-based compensation expense.

我們預計毛利率約為 38%，反映出與股票薪酬費用相關的約 5500 萬美元。

We expect OpEx to be about $2.5 billion, including about $255 million related to stock-based compensation expense.

我們預計運營支出約為 25 億美元，其中約 2.55 億美元與基於股票的薪酬費用相關。

We expect OI&E to be about $70 million and we expect the tax rate to be about 25%.

我們預計 OI&E 約為 7000 萬美元，我們預計稅率約為 25%。

We are targeting EPS of about $5.03.

我們的目標是每股收益約為 5.03 美元。

In closing, we are thrilled with the results and accomplishments of our record March quarter.

最後，我們對創紀錄的 3 月季度的成果和成就感到興奮。

We are extremely pleased with customer response to iPad 2 and are working hard to get it into the hands of customers as fast as we can.

我們對客戶對 iPad 2 的反應感到非常滿意，並正在努力盡快將它交到客戶手中。

We remain very confident in our strategy and are very excited about our new product pipeline.

我們對我們的戰略仍然非常有信心，並對我們的新產品線感到非常興奮。

With that, I'd like to open the call to questions.

有了這個，我想打開問題電話。

Thank you, Peter.

謝謝你，彼得。

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）。

Bill Shope, Goldman Sachs.

比爾·肖普，高盛。

Can you comment, Peter, on whether or not you're seeing any supply chain disruptions from the recent earthquake in Japan?

彼得，您能否評論一下您是否看到最近日本地震造成的供應鏈中斷？

And if so, how should we think about that in terms of that being factored into your guidance?

如果是這樣，我們應該如何考慮將其納入您的指導？

Bill, this is Tim.

比爾，這是蒂姆。

Let me sort of step back and talk about Japan in general, and sort of try to hit all of your questions in advance.

讓我退後一步，談談日本的總體情況，並試著提前回答你所有的問題。

First of all, this is an incredible tragedy, and our hearts go out to everyone involved.

首先，這是一場令人難以置信的悲劇，我們的心與所有相關人員同在。

Apple as a Company has a very long history and has many strong ties to the people in Japan, and we're very, very saddened by the situation.

作為一家公司，Apple 歷史悠久，與日本人民有著許多緊密的聯繫，我們對這種情況感到非常非常難過。

And we've undertaken various actions to assist in the relief effort.

我們已經採取了各種行動來協助救援工作。

And the economic impact that we'll address today pales in comparison to the human impact.

與人類影響相比，我們今天將要解決的經濟影響相形見絀。

Regarding our business in Japan, we had some revenue impact in Q2, but it was not material to Apple's consolidated results.

關於我們在日本的業務，我們在第二季度對收入產生了一些影響，但這對蘋果的綜合業績並不重要。

We believe revenues will be approximately $200 million less in Q3, and this has been factored into the guidance that Peter provided you earlier in his comments.

我們認為第三季度的收入將減少約 2 億美元，這已被納入彼得早些時候在他的評論中為您提供的指導中。

Regarding our global supply chain, as a result of outstanding teamwork and unprecedented resilience of our partners, we did not have any supply or cost impact in our fiscal Q2 as a result of the tragedy, and we currently do not anticipate any material supplier cost impact in our fiscal Q3.

關於我們的全球供應鏈，由於出色的團隊合作和合作夥伴前所未有的韌性，我們在第二財季沒有因悲劇而對供應或成本造成任何影響，我們目前預計不會對供應商成本造成任何重大影響在我們的第三財季。

To provide a bit more color on this, we source hundreds, literally hundreds, of items from Japan, and they range from components such as LCDs, optical drives, NAND flash and DRAM, to base materials such as resins, coatings, and foil that are part of the production process of several layers back in the supply chain.

為了在這方面提供更多色彩，我們從日本採購了數百種產品，它們的範圍從 LCD、光驅、NAND 閃存和 DRAM 等組件，到樹脂、塗層和箔等基礎材料是供應鏈中幾層生產過程的一部分。

The earthquake and subsequent tsunami and the associated nuclear crisis caused disruption for many of these suppliers.

地震和隨後的海嘯以及相關的核危機對這些供應商中的許多人造成了破壞。

And many unaffected suppliers have been impacted by power interruptions.

許多未受影響的供應商受到停電的影響。

But since the disaster, Apple employees have literally been working around the clock with our supplier partners in Japan and have been able to implement a number of contingency plans.

但自災難發生以來，Apple 員工實際上一直在與我們在日本的供應商合作夥伴日以繼夜地工作，並且能夠實施一些應急計劃。

Our preference from the beginning of this tragedy has been to remain with our long-term partners in Japan, and I have to say they have displayed an incredible resilience that I've personally never seen before in the aftermath of this disaster.

從這場悲劇開始，我們的偏好就是留在我們在日本的長期合作夥伴那裡，我不得不說，他們表現出令人難以置信的複原力，這是我個人在這場災難之後從未見過的。

So, while we do not anticipate -- currently anticipate any material impact to our component supply or costs in our fiscal Q3, we do need to caution everyone that this situation remains unpredictable given recent aftershocks, the uncertainty about the nuclear plant, and potential power interruptions.

因此，雖然我們預計——目前預計第三季度我們的零部件供應或成本不會受到任何實質性影響，但我們確實需要提醒大家，鑑於最近的餘震、核電站的不確定性以及潛在的電力，這種情況仍然無法預測中斷。

Further, there are some supply risks that are beyond the current quarter.

此外，還有一些超出當前季度的供應風險。

And although we know of no issue today that we view as unsolvable, the situation is still uncertain and there's obviously no guarantees.

儘管我們今天不知道我們認為無法解決的問題，但情況仍然不確定，顯然沒有任何保證。

For this reason, it's difficult to predict whether the issues created by the tragedy would impact revenues beyond Q3.

出於這個原因，很難預測悲劇造成的問題是否會影響第三季度以後的收入。

However, I'll be happy to address Q4 on our next call in July.

不過，我很樂意在 7 月份的下一次電話會議上向第四季度發表講話。

Okay, great.

好，太棒了。

That was very helpful.

這很有幫助。

I guess digging into another area of supply, looking at your iPad 2 constraints since launch in March, can you give us some color on where the constraints lie and how you're doing in terms of getting supply back in line with demand?

我想深入研究另一個供應領域，看看您自 3 月推出 iPad 2 以來的限制，您能否告訴我們限制在哪里以及您在使供應恢復與需求一致方面做得如何？

Well, the demand on iPad 2 has been staggering.

好吧，對 iPad 2 的需求一直是驚人的。

And we -- we are still amazed at it.

我們 - 我們仍然對此感到驚訝。

We are still heavily backlogged not only at the end of the quarter, but also up to date.

我們仍然大量積壓，不僅在本季度末，而且是最新的。

However, I can tell you that I'm extremely pleased with the progress of the manufacturing ramp, and we were so confident that we rolled out 25 additional countries at the end of last month, and we are shipping to an additional 13 countries next week, and we are planning to add even more countries through the quarter.

但是，我可以告訴你，我對製造斜坡的進展感到非常滿意，我們非常有信心在上月底推出了另外 25 個國家，下週我們將運送到另外 13 個國家，並且我們計劃在本季度增加更多國家/地區。

So I'm very confident that we can produce a very large number of iPads for the quarter.

所以我非常有信心我們可以在本季度生產大量的 iPad。

Richard Gardner, Citigroup.

花旗集團的理查德·加德納。

I was just hoping to get a little bit more color on what drove the iPhone's strength in the quarter.

我只是希望對推動 iPhone 在本季度表現強勁的因素有更多的了解。

If you could, by region or carrier.

如果可以的話，按地區或運營商。

You mentioned that you added SK Telecom, and I'm not sure if shipments there were material during the quarter.

您提到您添加了 SK Telecom，我不確定本季度是否有材料發貨。

And then, Peter, the follow-up to that, I guess, is how do we think about iPhone seasonality going into the June quarter, given all of the moving parts and we have a full quarter of Verizon in the June quarter.

然後，彼得，我想，接下來我們如何看待 iPhone 進入 6 月季度的季節性，考慮到所有的移動部件，我們在 6 月季度擁有 Verizon 的整個季度。

You've got some potential carrier expansion benefit, and yet you have a product refresh hopefully coming mid-year.

您已經獲得了一些潛在的運營商擴展優勢，但您有望在年中進行產品更新。

So I was hoping you could help us think about that a little bit for the June quarter.

所以我希望你能幫助我們在六月季度考慮一下。

Thanks.

謝謝。

It's Tim.

是蒂姆。

In terms of iPhone, we did actually very well everywhere.

在 iPhone 方面，我們實際上在各個方面都做得很好。

I'd call out two places that -- where it was just off the charts.

我會指出兩個地方 - 它剛剛超出圖表。

The U.S.

美國。

grew 155% year over year.

同比增長 155%。

Obviously adding Verizon and beginning to offer iPhone to their enormous customer base was key in that.

顯然，加入 Verizon 並開始向其龐大的客戶群提供 iPhone 是其中的關鍵。

However, as you heard from AT&T's announcement this morning, AT&T did extremely well during the quarter.

但是，正如您從今天早上 AT&T 的公告中聽到的那樣，AT&T 在本季度的表現非常好。

So the U.S.

所以美國

as a geography grew at 155%, and that's about three times IDC's forecast of growth for the smartphone market, which was about 48%.

地理增長率為 155%，大約是 IDC 預測的智能手機市場增長率（約 48%）的三倍。

Also, we continued to be on a tear in China.

此外，我們繼續在中國流淚。

Greater China saw iPhone sales being up over three times, about -- almost 250%.

大中華區的 iPhone 銷量增長了三倍多，大約 - 近 250%。

And this catapulted revenue for the first half or first fiscal half in greater China to just under $5 billion, which is up almost four times year over year.

這使大中華區上半年或上半年的收入猛增至略低於 50 億美元，同比增長近四倍。

And so, we are extremely happy with how we're doing in China.

因此，我們對我們在中國的表現非常滿意。

Rich, to hit the second part of your question, as I commented in my prepared remarks, we were able to increase the iPhone channel inventory by just over 1.7 million units in the March quarter, and we ended within our target four- to six-week range of inventory.

Rich，回答你問題的第二部分，正如我在準備好的評論中評論的那樣，我們能夠在 3 月季度將 iPhone 渠道庫存增加超過 170 萬台，並且我們在目標 4 到 6 內結束了週庫存範圍。

In terms of the June quarter, I would expect to see a significant year-over-year increase in sales.

就六月季度而言，我預計銷售額將同比大幅增長。

Any comment on the sequential, Peter?

對順序有何評論，彼得？

No.

不。

I think I'll leave it at year over year.

我想我會年復一年地離開它。

I would expect this to be up significantly.

我預計這會顯著上升。

Katy Huberty, Morgan Stanley.

凱蒂·休伯蒂，摩根士丹利。

Just following on the iPhone discussion, what, if anything, did you learn about the price elasticity curve for the iPhone with the $49 3GS price point in the market this quarter?

緊接著關於 iPhone 的討論，如果有的話，你是否了解了本季度市場上 49 美元 3GS 價格點的 iPhone 的價格彈性曲線？

Katie, it was very popular.

凱蒂，它很受歡迎。

It did very, very well.

它做得非常非常好。

And then, also from the perspective of some positive feedback on LTE's phones that are out from your competitors, how do you think about the maturity of those networks and Apple's sense of urgency to get products out for those faster networks, and what, if any, bottlenecks exist?

然後，同樣從競爭對手對 LTE 手機的一些積極反饋的角度來看，您如何看待這些網絡的成熟度以及蘋果公司為那些更快的網絡推出產品的緊迫感，以及如果有的話是什麼，瓶頸存在嗎？

I was asked this question or a similar question when we launched the iPhone with Verizon, and what I said then and I still see it as being the case today, and I think you can see this in the products that have been shipped, is that the first generation of LTE chipsets force a lot of design compromises with the handset, and some of those we are just not willing to make.

當我們與 Verizon 合作推出 iPhone 時，有人問我這個問題或類似的問題，我當時所說的，我今天仍然認為是這樣，我認為你可以在已發貨的產品中看到這一點，是第一代 LTE 芯片組迫使手機在設計上做出了很多妥協，其中一些我們只是不願意做出。

And so, we are extremely happy with the iPhone 4 and the iPhone 3GS, and hitting 18.6 million units was a -- something much larger than we thought we could do this quarter, and we are happy to have gotten it out to three more large carriers.

因此，我們對 iPhone 4 和 iPhone 3GS 感到非常滿意，達到 1860 萬部的銷量比我們本季度的預期要大得多，我們很高興將其擴大到三部運營商。

Shannon Cross, Cross Research.

香農交叉，交叉研究。

Thank you very much.

非常感謝。

Could you talk a bit about the international penetration of Macs?

您能談談 Mac 的國際滲透率嗎？

Perhaps, Tim, comparing your adoption curve in the U.S.

也許，蒂姆，比較你在美國的採用曲線。

to where we are internationally, and if there is any difference in terms of the type of computers that your customers are purchasing internationally.

我們在國際上的位置，以及您的客戶在國際上購買的計算機類型是否有任何差異。

Yes, if you look at it, Shannon, the growth on the Mac is -- has been enormous in Asia.

是的，如果你看一下，Shannon，Mac 的增長在亞洲是巨大的。

The last quarter, we were up 76% in Asia Pacific.

上個季度，我們在亞太地區增長了 76%。

And yes, this is many multiples of the growth that that region is seeing for the market.

是的，這是該地區市場增長的許多倍。

I believe the IDC forecast is around 6%.

我相信 IDC 的預測在 6% 左右。

And so, we are seeing enormous growth in the Mac there.

因此，我們看到那裡的 Mac 出現了巨大的增長。

Japan also did quite well on the Mac for the quarter.

日本本季度在 Mac 上的表現也相當不錯。

And the U.S.

而美國

had a surprisingly strong quarter in the Mac, being up around -- Americas was up 25%.

Mac 的季度表現出人意料地強勁，增長了大約——美洲增長了 25%。

The U.S.

美國。

was up just slightly higher than that.

僅略高於此。

Our market share is obviously less outside the U.S.

我們在美國以外的市場份額明顯較小。

in most places than it is in the U.S..

在大多數地方都比在美國。

And so, I think that speaks very, very well to the opportunity that the Mac has.

所以，我認為這很好地說明了 Mac 所擁有的機會。

We have now had 20 quarters in a row where we've outgrown the PC market, and the momentum is still there, and we seem to be the only guys that are really focused on building innovative products in that space.

我們現在已經連續 20 個季度超過了 PC 市場，而且勢頭仍然存在，而且我們似乎是唯一真正專注於在該領域構建創新產品的人。

Thank you.

謝謝你。

Has there been any difference between sort of portable versus desktop purchases internationally, or is it sort of trending in line with what you've seen in the U.S.?

在國際上購買便攜式電腦和台式電腦之間是否有任何區別，或者它的趨勢是否與您在美國看到的一致？

There are several of the international countries that are extremely portable focused.

有幾個國際國家非常注重便攜性。

And you can see that we had enormous growth in our portables for the quarter.

你可以看到我們在本季度的便攜式設備方面取得了巨大的增長。

However, part of that is that we had a launch of the new MacBook Pro line, but honestly I see popularity in both the iMac and the portable factor and believe there is a great future for both of them.

然而，部分原因是我們推出了新的 MacBook Pro 系列，但老實說，我看到 iMac 和便攜式因素都很受歡迎，並相信它們都有一個美好的未來。

Keith Bachman, Bank of Montreal.

蒙特利爾銀行的基思·巴赫曼。

Peter, could you talk a little bit about the forces impacting your sequential decline in gross margins by, call it, 350 basis points?

彼得，你能談談影響毛利率連續下降 350 個基點的因素嗎？

What are the forces that you want to call out and things that we should be thinking about?

你想呼籲的力量是什麼，我們應該考慮的事情是什麼？

Thank you.

謝謝你。

Sure.

當然。

Sequential decline is primarily being driven by a higher mix of iPad sales, which, as you know, we priced very aggressively to capitalize on our first-mover advantage.

連續下降主要是由更高的 iPad 銷售組合推動的，如您所知，我們非常積極地定價以利用我們的先發優勢。

Additionally, we would expect to lose some leverage from the lower sequential revenue.

此外，我們預計會因較低的連續收入而失去一些影響力。

And as I pointed out in my prepared remarks a moment ago, the iPhone channel inventory increased by 1.7 million units in the March quarter.

正如我剛才在準備好的評論中指出的那樣，iPhone 渠道庫存在 3 月季度增加了 170 萬部。

It exited within our four- to six-week range.

它在我們的四到六週範圍內退出。

Conversely, the iPad channel inventory fell by 400,000 units, and we were below our four- to six-week inventory range.

相反，iPad 渠道庫存下降了 400,000 台，低於我們 4 至 6 週的庫存範圍。

So, those are the forces I would highlight.

所以，這些是我要強調的力量。

Okay, and then, perhaps one for Tim on my follow-up.

好的，然後，也許是蒂姆在我的後續行動中的一個。

Related to Shannon's question, how are you seeing different opportunities in the large enterprises with your MacBook in traditional markets of U.S.

與 Shannon 的問題相關，您如何看待使用 MacBook 在美國傳統市場的大型企業的不同機會？

and western Europe, given the seemingly greater receptiveness towards your iPhones and what will be the tablets, I think?

和西歐，鑑於您對 iPhone 的接受度似乎更高，我認為平板電腦會是什麼？

In other words, is that opening doors to go ahead and get the Macs in with CIOs?

換句話說，這是否打開了繼續讓 Mac 與 CIO 合作的大門？

It clearly seems to be creating a halo effect for the Mac, and I think that's one reason we see the growth that we are seeing on the Mac.

顯然，它似乎為 Mac 創造了光環效應，我認為這是我們看到 Mac 的增長的原因之一。

It's amazing when you see the 28% year over year versus the worldwide market on -- in PCs contracting by three points.

當您看到與全球市場相比同比增長 28% 時，這真是令人驚訝——個人電腦收縮了 3 個百分點。

It's an astonishing delta.

這是一個驚人的三角洲。

Ben Reitzes, Barclays.

Ben Reitzes，巴克萊銀行。

Can you talk about the ASP trends for the iPad and the iPhone?

您能談談 iPad 和 iPhone 的 ASP 趨勢嗎？

What were they in the quarter?

他們在那個季度是什麼？

And are there any dynamics that would change that as we move throughout the year, or at least into the June quarter?

隨著我們全年或至少進入六月季度，是否有任何動態會改變這種情況？

Sure.

當然。

This is Peter.

這是彼得。

For competitive reasons, I don't want to provide any more precise ASPs for either of these products.

出於競爭原因，我不想為這些產品中的任何一個提供任何更精確的 ASP。

We just don't want to help our competitors.

我們只是不想幫助我們的競爭對手。

But on the data summary, you know, we provide you both the iPhone and iPad units that we ship, and revenues, which include the accessories, so you can make your own estimates.

但在數據摘要中，您知道，我們向您提供了我們發貨的 iPhone 和 iPad 設備，以及包括配件在內的收入，因此您可以自行估算。

Okay.

好的。

And I guess my other question was with regard to the iPad constraints.

我想我的另一個問題是關於 iPad 的限制。

When do you think that you'll be to equilibrium or have channel inventory where you need it to be?

你認為你什麼時候會達到平衡或有你需要的渠道庫存？

You were able to say that you increased production a lot for the iPhone.

你可以說你為 iPhone 增加了很多產量。

When can you say at least the same thing for the iPad where you feel like you've alleviated your shortage?

你什麼時候可以至少對 iPad 說同樣的話，讓你覺得你已經緩解了你的短缺？

Ben, what I would say to this is that I'm confident we're going to produce a very large number for the quarter.

Ben，我對此要說的是，我有信心我們將在本季度產生一個非常大的數字。

Whether that will be enough to meet demand, I don't know.

這是否足以滿足需求，我不知道。

Demand has been staggering, and I'm not going to predict when supply and demand will come into balance.

需求一直是驚人的，我不打算預測供需何時會達到平衡。

I can only be confident on the supply side.

我只能在供應方面有信心。

Scott Craig, Bank of America Merrill Lynch.

美國銀行美林證券的斯科特·克雷格。

Tim, can you maybe talk a little bit about the CDMA phone, and maybe specifically which new markets you are looking at entering with CDMA over the next couple of quarters?

蒂姆，您能否談談 CDMA 手機，具體來說，您希望在接下來的幾個季度中使用 CDMA 進入哪些新市場？

And then, with regards to the facility investments, can you maybe talk about the magnitude of spending you expect as you go through the year on -- with the partners, I mean, sort of investments both on a CapEx side that they are making, as well as overall investments?

然後，關於設施投資，您能否談談您在這一年中預期的支出規模 - 我的意思是，與合作夥伴一起進行的資本支出方面的投資，以及整體投資？

Thanks.

謝謝。

On the carrier side, I don't want to get into specifics about the CDMA or GSM, for that matter, but we are constantly looking at where we should bring on incremental partners.

在運營商方面，就此而言，我不想詳細介紹 CDMA 或 GSM，但我們一直在尋找應該在哪些方面引入增量合作夥伴。

And you know, as we have said earlier, we brought on three this quarter, three large ones, with Verizon, SKT, and Saudi Telecom.

你知道，正如我們之前所說，我們在本季度引進了三個，三個大的，分別是 Verizon、SKT 和沙特電信。

That's on top of the ones that we brought on in December where we added O2 and Vodafone in Germany.

這是我們在 12 月推出的產品之上的，我們在德國增加了 O2 和沃達丰。

And so, we are constantly looking and adding where it makes sense, and you can keep confidence that we'll continue to do that.

因此，我們一直在尋找並添加有意義的地方，您可以對我們將繼續這樣做充滿信心。

Scott, on your capital question, a couple of updates.

斯科特，關於你的資本問題，有幾個更新。

We expect to spend in our fiscal 2011 about $5.7 billion in capital expenditures.

我們預計 2011 財年的資本支出約為 57 億美元。

That's unchanged from what we told you last quarter.

這與我們上個季度告訴你的情況沒有變化。

We expect about $700 million of that to be in our retail area and $5 billion outside of retail.

我們預計其中約 7 億美元將在我們的零售領域，50 億美元將在零售之外。

Some of the bigger areas outside of retail, and the biggest is in the operations area.

零售之外的一些更大的領域，最大的領域是運營領域。

We talked about on the last call arrangements we had done with three suppliers.

我們談到了我們與三個供應商所做的最後一次通話安排。

We expect to spend about $3.5 billion during fiscal 2011 and fiscal 2012 with those three suppliers on those deals in the form of prepayments and capital expenditures, and as I said in my prepared comments, we expected $900 million of that in the March quarter.

在 2011 財年和 2012 財年，我們預計將在這些交易上以預付款和資本支出的形式與這三個供應商花費約 35 億美元，正如我在準備好的評論中所說，我們預計在 3 月季度會花費 9 億美元。

We expect to spend the remainder across fiscal 2011 and fiscal 2012.

我們預計將在 2011 財年和 2012 財年花費剩餘部分。

Mike Abramsky, RBC Capital Markets.

加拿大皇家銀行資本市場的邁克·阿布拉姆斯基。

It may not be a perfect analogy, but just wondering with the rise of Android what might be some of the similarities and differences you see versus the rise of Windows PCs in the 1990s versus Mac, and I'm just wondering if you think in the U.S.

這可能不是一個完美的類比，但只是想知道隨著 Android 的興起，與 1990 年代 Windows PC 與 Mac 的興起相比，你看到的一些相似之處和不同之處，我只是想知道你是否認為我們。

particularly Android could become a possible headwind to the -- to your U.S.

特別是 Android 可能會成為美國的不利因素。

smartphone business, and how do you maintain such incredible growth in the face of that shift?

智能手機業務，面對這種轉變，您如何保持如此驚人的增長？

I think -- you know, Mike, I just saw yesterday -- it's interesting you should point out the U.S..

我認為——你知道，邁克，我昨天剛看到——有趣的是你應該指出美國。

The comScore data released yesterday reported that the iOS test platform outreaches Android by 59% in the U.S., and so this is an enormous percentage.

comScore 昨天公佈的數據顯示，iOS 測試平台在美國的覆蓋率比 Android 高出 59%，因此這是一個巨大的比例。

On a worldwide basis, we are -- we just did 18.6 million iPhones, which is up 113%, which is materially faster than the market rate of growth.

在全球範圍內，我們剛剛生產了 1860 萬部 iPhone，增長了 113%，這大大快於市場增長率。

And we launched the iPad 2 and sold every one of them that we could make.

我們推出了 iPad 2，並出售了我們能生產的每一台。

As we've said before, we're gaining traction in enterprise on both iPhone and iPad with astonishing 88% and 75%, respectively, of the Fortune 500 companies deploying or testing these.

正如我們之前所說，我們在 iPhone 和 iPad 上的企業中越來越受歡迎，分別有 88% 和 75% 的財富 500 強公司部署或測試了這些設備。

We've got the largest app store with over 350,000 apps for iPhone and over 65,000 iPad-specific apps on iOS, versus what appears to be fewer than 100 on Android.

我們擁有最大的應用商店，擁有超過 350,000 個 iPhone 應用程序和超過 65,000 個 iOS 設備專用應用程序，而 Android 上的應用程序似乎不到 100 個。

And so, we feel very, very good about where we are and we feel great about our future product plan.

因此，我們對我們所處的位置感覺非常非常好，我們對我們未來的產品計劃感覺很好。

We've also paid over $2 billion to developers, and we've had well over 10 billion applications downloaded, and so our business proposition is very, very strong.

我們還向開發人員支付了超過 20 億美元，我們已經下載了超過 100 億個應用程序，因此我們的業務主張非常非常強大。

And as we've said before, we continue to believe, and even more and more every day, that iPhone's integrated approach is materially better than Android's fragmented approach where you have multiple OSes on multiple devices with different screen resolutions and multiple app stores with different rules, payment methods, and update strategies.

正如我們之前所說，我們繼續相信，而且每天都越來越相信，iPhone 的集成方法比 Android 的分散方法要好得多，Android 的分散方法是在具有不同屏幕分辨率的多台設備上擁有多個操作系統，以及具有不同屏幕分辨率的多個應用商店。規則、支付方式和更新策略。

I think the user appreciates that Apple can take full responsibility for their experience, whereas the fragmented approach turns the customer into a systems integrator, and few customers that I know want to be a systems integrator.

我認為用戶很欣賞蘋果可以為他們的體驗承擔全部責任，而碎片化的方法將客戶變成了系統集成商，據我所知，很少有客戶想成為系統集成商。

Gene Munster, Piper Jaffray.

吉恩·芒斯特，派珀·杰弗瑞。

Good afternoon, and congratulations.

下午好，祝賀你。

A question first on the iPhone.

首先是 iPhone 上的一個問題。

Demand, obviously, has been phenomenal.

顯然，需求是驚人的。

And if we look down the road at the opportunity in the post- versus the prepaid markets, are there any considerations that you can share in terms of the you way in terms of price or subsidies or growing market share in this large prepaid market?

如果我們展望後付費市場與預付費市場的機會，您是否可以在價格或補貼或在這個龐大的預付費市場中不斷增長的市場份額方面分享您的任何考慮？

Gene, it's Tim.

吉恩，是蒂姆。

Our focus has very much been on China.

我們的重點一直放在中國。

We wanted to understand that market and understand the levers there.

我們想了解那個市場並了解那裡的槓桿。

And you know, as I said before, we are -- iPhone sales were up over three times during the quarter.

你知道，正如我之前所說，我們 - 本季度 iPhone 銷量增長了三倍以上。

And in the first half, we did over five -- just slightly under $5 billion in greater China in revenue, which you know is about 10% of Apple, to put it in perspective.

上半年，我們在大中華區實現了超過 5 億美元的收入——略低於 50 億美元，你知道，這大約是蘋果的 10%，從正確的角度來看。

And it wasn't but a couple of years ago that that number would've been less than 2%, and so, it's a sea change, and that's certainly not a -- what I would call a classic postpaid market, by any means of the imagination.

就在幾年前，這個數字還不到 2%，所以，這是一個翻天覆地的變化，而且這肯定不是——無論如何，我稱之為經典的後付費市場的想像力。

So we have some ideas about other countries as well.

所以我們對其他國家也有一些想法。

I'm not in a position that I want to share those today, but we purposely put the bulk of our emphasis from an emerging-market point of view on China to really learn, and then we're going to take that learning to other markets.

我今天不想分享這些，但我們有意將大部分重點從新興市場的角度放在中國真正學習，然後我們將把這種學習帶到其他國家市場。

Do you know if China, if more than half -- do you know if more than half of China is prepaid?

你知道中國，如果超過一半——你知道中國是否有一半以上是預付的嗎？

I think considerably more than half of China's prepaid, Gene.

我認為中國預付的一半以上，基因。

I think the first digit would start with a nine.

我認為第一個數字會以 9 開頭。

Okay, very good, and then, separately, it was great to see Steve attending the iPad 2 event, and since going on medical leave, how closely has he stayed involved with the Company's decisions and do you have any idea when he might return?

好的，非常好，然後，另外，很高興看到史蒂夫參加 iPad 2 活動，自從休病假以來，他與公司的決策保持密切聯繫嗎？你知道他什麼時候會回來嗎？

He is still on medical leave, as you say.

正如你所說，他還在休病假。

But we do see him on a regular basis.

但我們確實經常見到他。

And as we've previously said, he continues to be involved in major strategic decisions, and I know he wants to be back full time as soon as he can.

正如我們之前所說，他繼續參與重大戰略決策，我知道他希望盡快回歸全職工作。

Toni Sacconaghi, Sanford Bernstein.

托尼·薩科納吉，桑福德·伯恩斯坦。

I wanted to revisit the supply question on both iPhone and iPad.

我想重新審視 iPhone 和 iPad 上的供應問題。

So last quarter, you were chasing iPhone demand, and you said you were going to work as hard as possible to try and make sure you catch up with your demand, and given your inventory build, it sounds like you're comfortable and you've gotten there.

所以上個季度，你在追逐 iPhone 的需求，你說你會盡可能地努力工作，以確保你趕上你的需求，並且考慮到你的庫存，聽起來你很舒服，你已經到了。

On the iPad side, it's a little less clear to me.

在 iPad 方面，我不太清楚。

You made, I guess, over 7 million iPads in last quarter, in fiscal Q1.

我猜你在上一季度的第一財季製造了超過 700 萬台 iPad。

This quarter, including the inventory drawdown, maybe there were 5.1 million made.

本季度，包括庫存下降，可能有 510 萬隻。

So was this -- you've proven that you have the capacity or the relationships to build a lot more.

這也是——你已經證明你有能力或關係來建立更多的東西。

Was this simply a forecasting error on the iPad side, and can you comment about linearity of demand, and why you couldn't have kept production at a similar rate to the prior quarter and been able to fulfill a lot more?

這僅僅是 iPad 方面的一個預測錯誤嗎？您能否評論一下需求的線性，以及為什麼您不能將生產保持在與上一季度相似的速度並且能夠完成更多任務？

Let me mention a few things for you to consider, Toni.

托尼，讓我提一些你需要考慮的事情。

First off, product transitions are never simple, and as you can probably appreciate, we are in a position that we have to call them for many, many weeks in advance, in terms of how many of the current product we want to produce and the dates at which we will announce the new product.

首先，產品轉換從來都不是簡單的，正如您可能理解的那樣，我們必須提前很多周打電話給他們，就我們想要生產的當前產品的數量和我們將發布新產品的日期。

We drew the channel down on the current product, or the original iPad, I should say, by 570,000 units during the quarter, and we added at the end of the quarter 170,000 of the new iPad 2s, although most of that was in transit at the end of the quarter.

我們在當前產品或原始 iPad 上的渠道在本季度減少了 570,000 台，我們在本季度末增加了 170,000 台新 iPad 2s，儘管其中大部分在運輸中本季度末。

And so the net reduction was 400,000, and so our sellthrough was above 5 million for the quarter.

因此，淨減少量為 400,000，因此本季度我們的銷售量超過 500 萬。

And again, this has to be planned quite a ways into the future.

再一次，這必須在未來相當長的時間內進行規劃。

I think the key point here is -- also the dates, just to remind you.

我認為這裡的關鍵點是——還有日期，只是為了提醒你。

We sent out an invitation to the event toward the end of February.

我們在 2 月底發出了參加該活動的邀請。

We had the event in early March.

我們在三月初舉辦了活動。

We placed the unit on sale in the United States on March 11, and our quarter ended about two weeks thereafter.

我們於 3 月 11 日將該裝置在美國發售，我們的季度在大約兩週後結束。

And so, there was some expectation of a new product, and we would've obviously factored that into our thinking about the product transition as we planned the number of the original unit to build.

因此，對新產品有一些期望，在我們計劃要建造的原始單元的數量時，我們顯然會在考慮產品過渡時考慮到這一點。

And so, I think the key point here is that I am extremely pleased with the progress that we were making on the manufacturing ramp.

因此，我認為這裡的關鍵是我對我們在製造斜坡上取得的進展感到非常滿意。

We have gotten off to a materially better start and produced a lot more units than we did on the original ramp of the first iPad.

我們已經有了一個更好的開端，並且比我們在第一台 iPad 的原始坡道上生產了更多的產品。

And we're so confident with our ability to supply that we've already put on 25 additional countries at the end of March, and will be placing on 13 more next week, and we'll do even more as we step through the quarter.

而且我們對我們的供應能力非常有信心，我們已經在 3 月底增加了 25 個國家/地區，下週將增加 13 個國家，我們將在本季度完成更多工作.

Okay, that's helpful.

好的，這很有幫助。

If I could turn to another topic, which is just your overall guidance for next quarter on the revenue and EPS side, if I look back at your last eight quarters, Q2 to Q3 last eight years, seven of the eight you've been flat to up in revenues and eight out of eight you've been up in EPS sequentially from Q2 to Q3.

如果我可以轉向另一個話題，這只是您對下一季度收入和每股收益方面的總體指導，如果我回顧一下您過去八個季度，過去八年的第二季度至第三季度，您八年中有七個持平收入增長，八分之八的每股收益從第二季度到第三季度連續上升。

On both those metrics, you're providing guidance that is dramatically down double digits.

在這兩個指標上，您提供的指導都大幅下降了兩位數。

Can you comment on forces at work?

你能評論一下工作中的力量嗎？

Obviously, you are typically pretty conservative in your guidance, but what are the things that are kind of underpinning those, directionally, those assumptions, particularly since you're pointing to a dramatic increase in iPads?

顯然，您的指導通常非常保守，但是有什麼東西可以在方向上支持這些假設，特別是因為您指出 iPad 的數量會急劇增加？

Sure, Toni, it's Peter.

當然，托尼，是彼得。

Let me start with topline.

讓我從頂線開始。

I would highlight two things.

我要強調兩點。

First of all, our sequential revenue guidance of $23 million is for a 7% decline, and it had been up in prior years, and two things to point out.

首先，我們 2300 萬美元的連續收入指導是下降 7%，並且在前幾年一直在上升，有兩點需要指出。

First of all, in our most recent March quarter, we were able to increase the iPhone channel inventory by 1.7 million units, and within our target range.

首先，在我們最近的 3 月季度，我們能夠將 iPhone 渠道庫存增加 170 萬部，並且在我們的目標範圍內。

And that had not occurred in any of the prior years.

這在前幾年都沒有發生過。

Second, last year we launched the iPad in the year-ago June quarter, and it was a fabulous launch, contributing $2.2 billion in revenue without a comparison to the prior March quarter, and we obviously have that comparison this year.

其次，去年我們在去年 6 月的那個季度推出了 iPad，這是一個非常棒的發布，貢獻了 22 億美元的收入，與上一個季度相比，我們今年顯然有這樣的比較。

On a year-over-year basis, I am very pleased to be providing revenue guidance for growth of 46% year over year and EPS growing almost as quickly at 43%.

與去年同期相比，我很高興能夠為 46% 的同比增長和每股收益幾乎以 43% 的速度增長提供收入指導。

Chris Whitmore, Deutsche Bank.

德意志銀行的克里斯·惠特莫爾。

Just a follow-up on the iPad question.

只是對 iPad 問題的跟進。

Can you give us a split of iPad 2 versus iPad 1 as a percentage of the 5 million you shipped in the March quarter?

您能否將 iPad 2 與 iPad 1 的比例劃分為您在 3 月季度出貨的 500 萬台中的百分比？

We purposely aren't giving that because we don't want to help out any of our competition.

我們故意不這樣做，因為我們不想幫助我們的任何競爭對手。

But I would tell you I wish we could have produced a lot more iPad 2s because there were certainly a lot of people waiting for them.

但我會告訴你，我希望我們能生產更多的 iPad 2，因為肯定有很多人在等著他們。

Secondly, to follow up on the sequential revenue guidance question, can you provide any color what you expect for Macs, particularly as we enter the educational buying season?

其次，為了跟進連續收入指導問題，您能否提供您對 Mac 的期望的任何顏色，特別是在我們進入教育購買季節時？

Have you seen any pressure on school budgets that is creating a little caution with respect to your Mac business?

你有沒有看到學校預算的壓力讓你的 Mac 業務有點謹慎？

It's a difficult funding environment for schools here in the U.S..

對於美國的學校來說，這是一個艱難的融資環境。

We don't see any evidence of share loss, and Macs are very popular in schools and iPads are proving to be as well.

我們沒有看到任何份額損失的證據，Mac 在學校非常受歡迎，而 iPad 也被證明也是如此。

On a year-over-year basis, we would expect to see a sequential -- I'm sorry, a year-over-year very significant increase in Mac sales and are very confident about the product line as we head into the back-to-school season.

與去年同期相比，我們預計會看到一個連續的 - 對不起，Mac 銷量同比非常顯著增長，並且在我們進入後面時對產品線非常有信心 -上學季。

One thing I would add to that, and this was surprising to me and I think to several people here, is K-12 is sort of even more conservative than enterprise on adopting new technology.

我要補充的一件事，這讓我感到驚訝，我認為這裡的幾個人，K-12 在採用新技術方面比企業更保守。

And last quarter, we were about a one-to-one ratio of iPads to Macs, which is, I think, very -- is amazing with the short life of the iPad and really demonstrates what kind of opportunity there probably is there.

上個季度，我們的 iPad 與 Mac 的比例大約是一比一，我認為，這對於 iPad 的短暫壽命來說是非常驚人的，並且真正證明了那裡可能存在什麼樣的機會。

Brian Blair, Wedge Partners.

布萊恩布萊爾，楔形合夥人。

Thank you.

謝謝你。

For the last several years, we've seen a new iPhone in June and we've seen new iPod models in September.

在過去的幾年裡，我們在 6 月看到了新 iPhone，在 9 月也看到了新的 iPod 型號。

Can you maybe just share some of your views on how you have historically viewed that one-year time horizon for new products, and maybe talk about what might cause that kind of a timeline to change?

您能否分享一些關於您過去如何看待新產品的一年時間範圍的看法，或者談談什麼可能導致這種時間線發生變化？

You know, we don't -- we never comment on unannounced products.

你知道，我們不會——我們從不對未發布的產品發表評論。

So, I don't have anything to share from that perspective.

所以，從這個角度來看，我沒有什麼可分享的。

And then, can you -- you've touched on it a little bit, but can you maybe give some updated thoughts on how you view the supply/demand balance right now for the iPhone?

然後，你能不能 - 你已經觸及了一點，但你能否就你現在如何看待 iPhone 的供需平衡提供一些更新的想法？

You've talked a bit about it with iPad, but one of the things that's really stuck out to me in the last few quarters is just that demand has been so great globally, especially as you've added new carriers, that you still haven't met demand for the iPhone.

你已經用 iPad 談了一點，但在過去幾個季度裡，真正讓我印象深刻的一件事是全球需求如此之大，尤其是當你增加了新的運營商時，你仍然沒有沒有滿足對 iPhone 的需求。

Can you maybe just give some updated thoughts on that?

您能否就此提供一些最新的想法？

Yes, that's a good question.

是的，這是個好問題。

We -- by the end of the quarter, we were in supply/demand balance in almost all of our major markets.

我們——到本季度末，我們幾乎在所有主要市場都處於供需平衡狀態。

And I would say as of today, we are in supply/demand balance virtually everywhere.

我想說，截至今天，我們幾乎在所有地方都處於供需平衡狀態。

The other products, the Mac is in supply/demand balance and the iPod is in supply/demand balance and the iPad has the mother of all backlogs that we are working very, very hard to get out to customers as quickly as we can.

其他產品，Mac 處於供需平衡狀態，iPod 處於供需平衡狀態，而 iPad 是所有積壓訂單之母，我們正在非常非常努力地盡快向客戶發貨。

Andy Hargreaves, Pacific Crest.

安迪·哈格里夫斯，Pacific Crest。

Can we just go back to the supply stuff real quick?

我們能盡快回到供應品上嗎？

Can you clarify, would it require some kind of new disruption to cause problems beyond fiscal Q3, or were your comments just that we could kind of run low on inventory, and if production doesn't get back to full capacity, there could be issues later (multiple speakers)

您能否澄清一下，是否需要某種新的中斷才能在第三季度之後造成問題，或者您的評論只是說我們可能會出現庫存不足，如果生產無法恢復滿負荷，可能會出現問題稍後（多位發言者）

Sorry, I wasn't trying to be unclear.

對不起，我不是想弄不清楚。

I'm saying that as of today, we currently do not anticipate any material supply, or cost impact, as far as that goes, in our fiscal Q3.

我的意思是，截至今天，我們目前預計第三財季不會有任何材料供應或成本影響。

That's the quarter that we're in now that ends in June.

這就是我們現在所處的季度，到 6 月結束。

Beyond June, there are risks, but there is no issue that we are aware of today that we view as unsolvable.

六月之後，存在風險，但我們今天意識到沒有任何我們認為無法解決的問題。

However, new things could happen, and you know, I'm sure you've been paying attention in the news, there's aftershocks, there's still uncertainty about the nuclear plant, there's power interruptions.

但是，可能會發生新的事情，你知道，我相信你一直在關注新聞，有餘震，核電站仍然存在不確定性，還有電力中斷。

If that stayed at the level it is today, I'm not as worried.

如果保持在今天的水平，我就不那麼擔心了。

I would worry if something happened and took a turn for the worst.

如果發生了什麼事，我會擔心，並且會發生最壞的情況。

And obviously, I can't predict that and certainly hope that it does not occur.

顯然，我無法預測，當然希望它不會發生。

Okay, that's really helpful.

好的，這真的很有幫助。

Thanks.

謝謝。

And then, just on the iPhone, you talked a lot about the number of new Mac customers every quarter.

然後，就在 iPhone 上，你談了很多關於每個季度新 Mac 客戶的數量。

Can you give us any help on what the mix is of replacement sales versus new customers, or what your total user base is there?

您能否就替代銷售與新客戶的組合，或者您的總用戶群有什麼幫助我們？

You know, it's a number that we haven't given out before.

你知道，這是一個我們以前沒有給出過的數字。

And so, it's a number that we hold tight to the vest.

所以，這是一個我們緊緊抓住背心的數字。

Shaw Wu, Sterne, Agee.

吳肖，斯特恩，阿吉。

Just two quick ones.

只有兩個快速的。

Just back on components.

回到組件上。

It seems, if you look at other vendors and spot pricing, component pricing has actually been increasing.

看起來，如果你看看其他供應商和現貨定價，組件定價實際上一直在上漲。

I just wanted a little more color why Apple has been able to beat that.

我只是想要更多的色彩，為什麼 Apple 能夠擊敗它。

I know you're a very well-run company, obviously.

很明顯，我知道你是一家經營良好的公司。

Just a little more color on that.

只是多一點顏色。

Yes, it's a good question, Shaw.

是的，這是個好問題，肖。

Certainly, spot markets have spiked.

當然，現貨市場已經飆升。

This is particularly true if you follow the NAND flash and the DRAM markets.

如果您關注 NAND 閃存和 DRAM 市場，情況尤其如此。

However, we do not typically buy in the spot market.

但是，我們通常不會在現貨市場上購買。

And so, for that reason, we see very minimal impact.

因此，出於這個原因，我們看到的影響非常小。

Beyond Q3, I'm saying I'm not sure because it's tough to see that far, but for Q3, we feel very good.

在第三季度之後，我說我不確定，因為很難看到那麼遠，但對於第三季度，我們感覺非常好。

Companies that buy on the spot market would obviously be seeing something extremely differently than we would.

在現貨市場上購買的公司顯然會看到與我們截然不同的東西。

Thanks for the color on that, and then, just on the iPad, in terms of the selling model, does it make sense or is there interest in terms of having it subsidized by service providers at some point?

感謝上面的顏色，然後，就銷售模式而言，僅在 iPad 上，它是否有意義，或者是否有興趣在某個時候由服務提供商補貼？

The iPad today is subsidized in a few markets.

今天的 iPad 在一些市場得到補貼。

It is subsidized in Korea if people sign a 24-month contract.

如果人們簽訂 24 個月的合同，它在韓國得到補貼。

It's subsidized in Japan with a 24-month contract, and a couple of European countries.

它在日本和幾個歐洲國家獲得了為期 24 個月的合同的補貼。

But the vast majority of people that are using the iPad on 3G are doing so on a pay-as-you-go plan, a no-commitment plan, and so, yes, carriers can do that, but I think the -- many customers prefer the pay-as-you-go plan.

但是絕大多數在 3G 上使用 iPad 的人都是按即用即付計劃、無承諾計劃這樣做的，所以，是的，運營商可以這樣做，但我認為 - 許多客戶更喜歡現收現付計劃。

Thanks, and great quarter.

謝謝，很棒的季度。

Maynard Um, UBS.

梅納德嗯，瑞銀。

Two questions.

兩個問題。

Last year, when you gave gross margin guidance for the fiscal third quarter, I think you -- one thing you mentioned was a new product transition that would impact the gross margins.

去年，當您為第三財季提供毛利率指導時，我認為您 - 您提到的一件事是會影響毛利率的新產品過渡。

Just curious if that's also a factor.

只是好奇這是否也是一個因素。

You didn't mention that.

你沒有提到那個。

And then, secondly, if you could just talk a little bit about the suit against Samsung.

然後，其次，如果你能談談對三星的訴訟。

I'm just wondering how that might impact anything on your component supply relationship.

我只是想知道這會如何影響您的組件供應關係。

Thanks.

謝謝。

I'll take your gross margin question.

我會回答你的毛利率問題。

It's Peter.

是彼得。

It's hard for us to comment on gross margin changes year over year because we are in different product cycles, commodity environments, different mixes, and other factors.

我們很難對毛利率的逐年變化發表評論，因為我們處於不同的產品週期、商品環境、不同的組合和其他因素中。

So I prefer just to talk about it sequentially, and I gave you, really, the biggest drivers of the change that we see.

所以我更願意按順序討論它，我給了你，真的，我們看到的變化的最大驅動力。

We expect to have a sequential increase in terms of our mix of iPad sales, and also expect our revenues to be down sequentially a little bit and to loosen leverage.

我們預計 iPad 銷售組合將環比增長，並預計我們的收入將環比下降並放鬆槓桿。

So those are the factors that I think are important on a sequential basis for gross margin.

因此，我認為這些因素對毛利率的連續影響很重要。

And on your question on Samsung, we are Samsung's largest customer, and Samsung is a very valued component supplier to us, and I expect the strong relationship will continue.

關於你關於三星的問題，我們是三星最大的客戶，三星對我們來說是一個非常重要的零部件供應商，我預計這種牢固的關係將繼續下去。

Separately from this, we felt the mobile communication division of Samsung had crossed the line, and after trying for some time to work the issue, we decided we needed to rely on the courts.

除此之外，我們認為三星的移動通信部門已經越界了，在嘗試了一段時間來解決這個問題之後，我們決定我們需要依靠法院。

Mark Moskowitz, JPMorgan.

馬克·莫斯科維茨，摩根大通。

Thanks, good afternoon.

謝謝，下午好。

Tim, you mentioned earlier about the success of the iTunes here.

蒂姆，你之前提到過 iTunes 在這裡的成功。

Can you talk a little philosophically about what [will be] the next to really optimize that platform in terms of cloud-like capabilities?

您能否從哲學上談談下一個真正優化該平台的類似雲功能的平台？

And then, Peter, the question for you is really around the OpEx.

然後，彼得，你的問題實際上是關於運營支出的。

How should we think about OpEx?

我們應該如何看待 OpEx？

Does your guidance already imply that you will have to increase some SNM employees to serve this greater region enterprises?

您的指導是否已經暗示您將不得不增加一些 SNM 員工來服務這個更大的區域企業？

Or is that already kind of in the model?

或者這已經在模型中了？

I'll take both of your questions.

我會回答你的兩個問題。

We don't talk about what we'll do in the future.

我們不會談論我們將來會做什麼。

So I'm quite limited to what we can say about the future of the iTunes.

所以我對 iTunes 未來的看法非常有限。

We operate the most popular store in the world, giving customers a fabulous experience.

我們經營著世界上最受歡迎的商店，為顧客提供美妙的體驗。

We have the largest library, and it has provided more content to more customers than anybody.

我們擁有最大的圖書館，它為更多的客戶提供了比任何人都多的內容。

We're very confident about what we're doing and what we will do in the future.

我們對我們正在做的事情和未來要做的事情非常有信心。

I can't take it beyond there.

我不能把它超越那裡。

In terms of OpEx, we provided guidance for the June quarter of about $2.5 billion, and that includes our thinking for the investments that we are going to make in the quarter for the business.

在運營支出方面，我們為 6 月季度提供了約 25 億美元的指導，其中包括我們對本季度將為業務進行的投資的想法。

We are investing in engineering.

我們正在投資工程。

In our retail stores, we are investing in our indirect distribution, which would include covering the enterprise, and the infrastructure investments that we need to support the terrific growth that you've seen from the Company.

在我們的零售店，我們正在投資於我們的間接分銷，其中包括覆蓋企業，以及我們需要支持您從公司看到的驚人增長的基礎設施投資。

I'm glad that we are making good investments that are paying off, but also providing -- continuing to provide leverage in the model.

我很高興我們正在進行良好的投資，這些投資正在獲得回報，但也提供 - 繼續在模型中提供槓桿作用。

Thanks, Mark.

謝謝，馬克。

A replay of today's call will be available for two weeks.

今天的電話會議將在兩週內重播。

It's a podcast on the iTunes store, as a webcast on apple.com/investor, and via telephone, and the numbers for the telephone replay are 888-203-1112 or 719-457-0820.

這是 iTunes 商店的播客、apple.com/investor 上的網絡廣播和電話，電話重播的號碼是 888-203-1112 或 719-457-0820。

Confirmation code is 821-8881.

確認碼是 821-8881。

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.

有其他問題的媒體成員可以撥打 408-974-1896 聯繫史蒂夫·道林。

And financial analysts can contact Joan Hoover or me with additional questions.

如果有其他問題，金融分析師可以聯繫 Joan Hoover 或我。

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

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

Thanks, again, for joining us.

再次感謝您加入我們。

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

女士們，先生們，今天的演講到此結束。

We do thank everyone for your participation.

我們非常感謝大家的參與。