蘋果 (AAPL) 2011 Q3 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.

third-quarter fiscal year 2011 earnings release conference call.

2011財年第三季度財報電話會議。

Today's call is being recorded.

今天的電話正在錄音。

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

在這個時候開始致辭和介紹，我現在想把電話轉給女士。

Nancy Paxton, Senior Director of Investor Relations.

Nancy Paxton，投資者關係高級總監。

Please go ahead, ma'am.

請繼續，女士。

Thank you.

謝謝你。

Good afternoon, and thanks to everyone for joining us.

下午好，感謝大家加入我們。

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

今天發言的是蘋果公司首席財務官彼得奧本海默，蘋果公司首席運營官蒂姆庫克和財務主管加里威普弗勒將與他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 revenues, gross margins, operating expenses, other income and expense, stock-based compensation expense, taxes, earnings per share and future products.

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

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 two quarters 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 財年前兩個季度的 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 would like to turn the call over to Peter Oppenheimer for introductory remarks.

有了這個，我想把電話轉給彼得奧本海默做介紹性發言。

Thank you, Nancy.

謝謝你，南希。

Thank you for joining us.

感謝您加入我們。

We are thrilled to report the highest quarterly revenue and earnings in Apple's history.

我們很高興地報告 Apple 歷史上最高的季度收入和收益。

We also set a new all-time quarterly record for iPhone and iPad sales and a new June quarter record for Mac sales.

我們還創造了 iPhone 和 iPad 銷售的新季度記錄，以及 Mac 銷售的新的 6 月季度記錄。

And we are extremely pleased with the momentum of our business.

我們對我們的業務發展勢頭感到非常滿意。

Revenue for the quarter was $28.6 billion, representing year-over-year growth of 82%.

本季度收入為 286 億美元，同比增長 82%。

This record quarterly revenue tops the previous record established in the most recent December quarter by $1.8 billion, and was almost $13 billion over the year-ago quarter's results.

這一創紀錄的季度收入比去年 12 月季度創下的紀錄高出 18 億美元，比去年同期的結果高出近 130 億美元。

The tremendous year-over-year increase was fueled primarily by dramatic growth in iPhone and iPad sales, in addition to strong growth in Mac sales.

除了 Mac 銷量的強勁增長之外，iPhone 和 iPad 銷量的大幅增長也推動了這一巨大的同比增長。

Operating margin was a record high of $9.4 billion, representing 32.8% of revenue.

營業利潤率達到創紀錄的 94 億美元，佔收入的 32.8%。

Net income was $7.3 billion, topping the previous quarterly record set in the December quarter by $1.3 billion.

淨收入為 73 億美元，比 12 月季度創下的上一季度記錄高出 13 億美元。

Net income grew even faster than revenue, increasing 125% year-over-year, and translated to earnings per share of $7.79.

淨收入增長甚至快於收入，同比增長 125%，轉化為每股收益 7.79 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 June quarter record with sales of 3.95 million Macs, representing a 14% increase over the year-ago quarter's results.

我們以 395 萬台 Mac 的銷量創下了新的 6 月季度記錄，比去年同期的季度業績增長了 14%。

This growth is more than 4 times IDC's most recently published forecast of 3% growth for the PC market overall.

這一增長是 IDC 最近發布的 PC 市場整體增長 3% 預測的 4 倍多。

Mac sales were particularly strong in our Asia-Pacific segment, where we experienced a 57% year-over-year increase in total Macs sold.

Mac 銷售在我們的亞太地區尤為強勁，我們的 Mac 總銷量同比增長 57%。

We generated healthy Mac growth in both desktop and portable categories.

我們在台式機和便攜式設備類別中都實現了 Mac 的健康增長。

In May we updated the iMac with a next-generation quad-core processors, powerful new graphics, high-speed Thunderbolt I/O technology and a new FactTime HD camera.

5 月，我們更新了 iMac，配備了下一代四核處理器、強大的新圖形、高速 Thunderbolt I/O 技術和新的 FactTime 高清攝像頭。

The growth in Mac Portable sales was driven by strong sales at MacBook Pro, as well as MacBook Air.

Mac Portable 銷量的增長是由 MacBook Pro 和 MacBook Air 的強勁銷售推動的。

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。

We are very excited to be launching Mac OS X Lion tomorrow.

我們很高興明天將推出 Mac OS X Lion。

Lion includes more than 250 new features, such as multi-touch gestures, systemwide support for fullscreen apps, Mission Control, which is an innovative view of everything running on your Mac and much more.

Lion 包含 250 多項新功能，例如多點觸控手勢、對全屏應用程序的系統範圍支持、Mission Control（這是 Mac 上運行的一切的創新視圖）等等。

Moving to our music products, we sold 7.5 million iPods compared to 9.4 million in the year-ago quarter.

轉向我們的音樂產品，我們售出了 750 萬台 iPod，而去年同期為 940 萬台。

Total iPod sales were ahead of our expectations, and iPod Touch continues to account for over half of all iPods sold.

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 US market for MP3 players remains at over 70% based on the latest monthly data published by NPD.

根據 NPD 公佈的最新月度數據，iPod 在美國 MP3 播放器市場的份額保持在 70% 以上。

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 GfK 發布的最新數據，在我們追踪的大多數國家/地區，iPod 仍然是最暢銷的 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 strong results, with revenue of almost $1.4 billion.

iTunes Store 取得了強勁的業績，收入接近 14 億美元。

ITunes' revenue was up 36% year-over-year thanks primarily to continued strong sales in music, video and apps.

iTunes 的收入同比增長 36%，這主要歸功於音樂、視頻和應用程序的持續強勁銷售。

With more than 225 million accounts, iTunes is the number one music retailer in the world, and customers have downloaded more than 15 billion songs to date.

iTunes 擁有超過 2.25 億個帳戶，是全球第一大音樂零售商，迄今為止，客戶已下載超過 150 億首歌曲。

I would now like to turn to the iPhone.

我現在想轉向 iPhone。

We were thrilled to sell a record 20.3 million iPhones compared to 8.4 million in the previous June quarter.

我們很高興售出創紀錄的 2030 萬部 iPhone，而上一季度的銷量為 840 萬部。

This represents 142% year-over-year growth, which is more than double IDC's latest published estimate of 67% growth for the global smartphone market overall in the June quarter.

這代表了 142% 的同比增長，是 IDC 最新公佈的 6 月季度全球智能手機市場整體增長 67% 估計的兩倍多。

Recognized revenue from iPhone handset and accessory sales was $13.3 billion during the quarter, compared to $5.3 billion in the year-ago quarter, an increase of 150%.

本季度來自 iPhone 手機和配件銷售的確認收入為 133 億美元，比去年同期的 53 億美元增長 150%。

We continue to experience very strong year-over-year iPhone sales growth in all of our operating segments.

我們在所有運營部門繼續經歷非常強勁的 iPhone 銷售同比增長。

IPhone sales momentum in the Asia-Pacific region was particularly robust, with sales almost quadrupling year-over-year.

亞太地區的 iPhone 銷售勢頭尤為強勁，銷售額同比幾乎翻了兩番。

We continued to increase our overall iPhone manufacturing capacity in the quarter.

我們在本季度繼續提高整體 iPhone 製造能力。

We were pleased to launch a number of new carrier relationships, and by the end of the quarter iPhone was available through 228 carriers in 105 countries compared to 186 carriers in 90 countries as of the end of the March quarter.

我們很高興與多家新的運營商合作，截至本季度末，iPhone 已通過 105 個國家/地區的 228 家運營商提供，而截至 3 月季度末，90 個國家/地區的 186 家運營商提供 iPhone。

We ended the quarter with about 5.9 million iPhones in channel inventory, a sequential increase of about 700,000 to support strong iPhone demand, carrier additions and expanded distribution.

截至本季度末，我們的渠道庫存約為 590 萬部 iPhone，環比增長約 70 萬部，以支持強勁的 iPhone 需求、運營商的增加和擴大的分銷。

We remain within our target range of 4 to 6 weeks of iPhone channel inventory.

我們保持在 4 到 6 週的 iPhone 渠道庫存目標範圍內。

iPhone continues to be adopted as a standard across the enterprise, with 91% of the Fortune 500 deployed or testing the device, up from 88% last quarter.

iPhone 繼續被企業採用作為標準，財富 500 強中有 91% 的企業部署或測試了該設備，高於上一季度的 88%。

We are also seeing great growth in scale worldwide.

我們還看到全球規模的巨大增長。

Today 57% of Global 500 companies are testing or deploying iPhone, fueled by strong employee demand and opportunities for custom app development.

如今，在員工需求旺盛和定制應用程序開發機會的推動下，57% 的全球 500 強公司正在測試或部署 iPhone。

Some examples of Global 500 companies supporting iPhone on their corporate networks include [XA], Credit Agricole, Nestle, Dow Chemical, GlaxoSmithKline, Supervalu and Comcast.

一些全球 500 強公司在其企業網絡上支持 iPhone 的例子包括 [XA]、法國農業信貸銀行、雀巢、陶氏化學、葛蘭素史克、Supervalu 和康卡斯特。

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

談到 iPad，我們繼續對其令人難以置信的勢頭感到興奮。

We sold a record 9.2 million iPads during the June quarter compared to 3.3 million in the year-ago quarter, an increase of 183%.

我們在 6 月季度售出了創紀錄的 920 萬台 iPad，而去年同期為 330 萬台，增長了 183%。

We were able to increase production sequentially by over 4.5 million and we sold every iPad we could make.

我們能夠連續增加超過 450 萬台的產量，並且我們銷售了我們能製造的每一台 iPad。

We launched iPad 2 in an additional 36 countries, and combining the original iPad and iPad 2 we ended the quarter with distribution in a total of 64 countries.

我們在另外 36 個國家/地區推出了 iPad 2，並且結合原始 iPad 和 iPad 2，我們在本季度結束時在總共 64 個國家/地區進行了分銷。

Recognized revenue from sales of iPad and iPad accessories during the quarter was over $6 billion compared to $2.2 billion in the year-ago quarter, an increase of 179%.

本季度 iPad 和 iPad 配件銷售的確認收入超過 60 億美元，而去年同期為 22 億美元，增長了 179%。

We ended the quarter with about 1.05 million iPads in channel inventory, a sequential increase of about 200,000, which was well below our target range of 4 to 6 weeks.

截至本季度末，我們的渠道庫存約為 105 萬台 iPad，環比增長約 20 萬台，遠低於我們 4 至 6 週的目標範圍。

Today 86% of the Fortune 500 are deploying or testing iPad within their enterprises, up from 75% last quarter.

如今，86% 的財富 500 強企業正在其企業內部署或測試 iPad，高於上一季度的 75%。

We are also seeing strong adoption internationally with 47% of Global 500 companies testing or deploying iPad.

我們還在國際上看到了強大的採用率，全球 500 強公司中有 47% 正在測試或部署 iPad。

In the 15 months since iPad has shipped, we have seen iPad used in the enterprise in ways we could have never imagined.

在 iPad 上市後的 15 個月裡，我們看到 iPad 以我們無法想像的方式在企業中使用。

Companies like Boston Scientific, Xerox and Salesforce.com are deploying thousands of iPad and revolutionizing how their sales teams engage with customers.

波士頓科學、施樂和 Salesforce.com 等公司正在部署數千台 iPad，並徹底改變了他們的銷售團隊與客戶互動的方式。

IPad is being used inside the country's top hospitals, like HCA and Cedars-Sinai and in retail at Nordstrom and at Estee Lauder's Clinique counters.

IPad 被用於 HCA 和 Cedars-Sinai 等國內頂級醫院，以及 Nordstrom 和 Estee Lauder 的 Clinique 櫃檯的零售店。

General Electric, SAP and Standard Charter have developed internal apps for training, currency tracking and business process management to help make employees even more productive.

通用電氣、SAP 和渣打銀行開發了用於培訓、貨幣跟踪和業務流程管理的內部應用程序，以幫助提高員工的工作效率。

Alaska Airlines and American Airlines are using the iPad in cockpits to replace paper-based navigational and reference information pilots carry with them on every flight.

阿拉斯加航空公司和美國航空公司正在駕駛艙內使用 iPad，以取代飛行員在每次飛行時隨身攜帶的紙質導航和參考信息。

We continue to be delighted by the diverse and sometimes unexpected use cases we see around iPads.

我們繼續對我們在 iPad 周圍看到的多樣化且有時出乎意料的用例感到高興。

Combining iPhone, iPad and iPod Touch we reached over 222 million cumulative iOS device sales through the end of the June quarter.

結合 iPhone、iPad 和 iPod Touch，截至 6 月季度末，我們的 iOS 設備累計銷量已超過 2.22 億台。

Last month we provided a preview of iOS 5 which includes over 200 new features, such as Notification Center for viewing and managing notifications without interruption; iMessage for sending text messages, photos and videos between iOS devices; and Newsstand, a new way to purchase and organize newspaper and magazine subscriptions.

上個月我們提供了 iOS 5 的預覽版，其中包括 200 多項新功能，例如用於不間斷查看和管理通知的通知中心； iMessage 用於在 iOS 設備之間發送短信、照片和視頻；報亭，一種購買和組織報紙和雜誌訂閱的新方式。

With the new PC free feature, iOS 5 users will be able to activate and set up iOS devices right out of the box with no computer required.

借助新的免費 PC 功能，iOS 5 用戶無需計算機即可立即激活和設置 iOS 設備。

We are looking forward to launching iOS 5 this fall.

我們期待在今年秋天推出 iOS 5。

In June we also provided a preview of iCloud, our set of three new services that work seamlessly with applications on a customer's iPhone, iPad, iPod Touch, Mac or PC to automatically and wirelessly store content in the cloud, as well as push it to all the user's devices.

6 月，我們還提供了 iCloud 的預覽，我們的三項新服務可與客戶的 iPhone、iPad、iPod Touch、Mac 或 PC 上的應用程序無縫協作，以自動和無線方式將內容存儲在雲中，並將其推送到用戶的所有設備。

We think customers will love using iCloud and we look forward to its release in the fall.

我們認為客戶會喜歡使用 iCloud，我們期待它在秋季發布。

The App Store continues to be incredibly successful with over 425,000 apps available in over 15 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 425,000 個應用程序，下載量超過 150 億次。

As we mentioned last month, we are extremely pleased to have reached over 2.5 billion in cumulative payments to iOS developers, far ahead of any of our competitors.

正如我們上個月提到的，我們非常高興地向 iOS 開發者累計支付超過 25 億美元，遠遠領先於我們的任何競爭對手。

I would now like to turn to the Apple Retail Stores, which generated record June quarter results.

我現在想談談蘋果零售店，它創造了創紀錄的 6 月季度業績。

Revenue grew to $3.5 billion from $2.6 billion in the year-ago quarter, an increase of 36%.

收入從去年同期的 26 億美元增長到 35 億美元，增長 36%。

This growth was driven primarily by higher volumes of iPads, iPhones and Macs.

這一增長主要是由 iPad、iPhone 和 Mac 銷量增加推動的。

The store sold 768,000 Macs, compared to 677,000 Macs in the year-ago quarter, an increase of 13%.

該商店售出了 768,000 台 Mac，而去年同期為 677,000 台，增長了 13%。

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

在 6 月季度，我們商店出售的 Mac 中約有一半是面向從未擁有過 Mac 的客戶。

We opened four new stores in the quarter, including two in France, one in the UK and one in Germany, ending with a total of 327.

本季度我們新開了 4 家新店，包括法國 2 家、英國 1 家和德國 1 家，最終總數達到 327 家。

With an average of 325 stores open, average revenue per store was $10.8 million compared to $9 million in the year-ago quarter, an increase of 20%.

平均有 325 家門店開業，每家門店的平均收入為 1080 萬美元，而去年同期為 900 萬美元，增長了 20%。

Retail segment margin was $828 million compared to $593 million in the year-ago quarter.

零售部門利潤率為 8.28 億美元，而去年同期為 5.93 億美元。

Store traffic continues to be very strong.

商店客流量繼續非常強勁。

We hosted 73.7 million visitors in the June quarter compared to 60.5 million in the year-ago quarter, an increase of 22%.

我們在 6 月季度接待了 7370 萬遊客，而去年同期為 6050 萬，增長了 22%。

Our recently launched Personal Setup program is off to a great start.

我們最近推出的個人設置程序有了一個良好的開端。

Customers love this new feature of the retail store experience, as they are up and running with their new products before they leave.

客戶喜歡零售店體驗的這一新功能，因為他們在離開之前就可以使用新產品。

During the June quarter we set-up over 2 million Macs, iPhones, iPads and iPods collectively.

在 6 月季度，我們總共安裝了超過 200 萬台 Mac、iPhone、iPad 和 iPod。

We plan to open 30 new stores in the September quarter, including our first store in Hong Kong.

我們計劃在 9 月季度開設 30 家新店，包括我們在香港的第一家店。

That will bring us to a total of 40 store openings in fiscal 2011, including 28 new stores outside the United States.

這將使我們在 2011 財年總共開設 40 家門店，其中包括美國以外的 28 家新門店。

Total Company gross margin was 41.7%, which was 370 basis points higher than our guidance.

公司總毛利率為 41.7%，比我們的預期高出 370 個基點。

This difference was the result of three approximately equal factors -- a stronger mix of iPhones; lower commodity and other costs, which included some one-time items; and leverage on the higher revenue.

這種差異是三個大致相等的因素的結果——iPhone的組合更強；降低商品和其他成本，其中包括一些一次性物品；並利用更高的收入。

Operating expenses were $2.54 billion, and included $232 million in stock-based compensation expense.

運營費用為 25.4 億美元，其中包括 2.32 億美元的股票薪酬費用。

OI&E was $172 million, and the tax rate for the quarter was 23.5%.

OI&E 為 1.72 億美元，本季度的稅率為 23.5%。

Turning to cash, our cash, both short-term and long-term marketable securities, totaled $76.2 billion at the end of the June quarter compared to $65.8 billion at the end of the March quarter, a sequential increase of $10.4 billion.

現金方面，截至 6 月季度末，我們的短期和長期有價證券現金總額為 762 億美元，而 3 月季度末為 658 億美元，環比增加 104 億美元。

Cash flow from operations was $11.1 billion, an increase of 131% year-over-year.

運營現金流為 111 億美元，同比增長 131%。

I would now like to talk about the accounting implications of some of the new aspects of our products and services.

我現在想談談我們產品和服務的一些新方面對會計的影響。

First, when we deliver Mac OS X Lion to customers, we are now including the right to receive future unspecified minor software upgrades and features when and if they become available for both the Mac operating system and our suite of Mac OS iLife applications.

首先，當我們向客戶交付 Mac OS X Lion 時，我們現在包括在 Mac 操作系統和我們的 Mac OS iLife 應用程序套件可用時接收未來未指定的次要軟件升級和功能的權利。

We will continue to charge for standalone sales of our periodic major OS upgrade, such as Lion, as well as major upgrades of iLife.

我們將繼續對我們定期的主要操作系統升級（例如 Lion）以及 iLife 的主要升級的獨立銷售收費。

Revenue from these standalone sales will now be fully deferred at the time of sale and recognized over a period of three years.

這些獨立銷售的收入現在將在銷售時完全遞延，並在三年內確認。

In addition to this future software upgrade right, Mac customers will have access to iCloud services when they become available in the fall.

除了這項未來的軟件升級權利外，Mac 客戶還可以在秋季推出 iCloud 服務時訪問它們。

We estimate that the combined value of the software upgrade right and iCloud services for Mac customers is $22.

我們估計 Mac 客戶的軟件升級權和 iCloud 服務的總價值為 22 美元。

Therefore, as of June 6, we began deferring $22 of the revenue associated with each new Mac sold, and we will recognize these deferred amounts as revenue over a period of four years.

因此，從 6 月 6 日起，我們開始將與每台新 Mac 銷售相關的 22 美元收入遞延，我們將在四年內將這些遞延金額確認為收入。

Purchasers of iOS devices will also have access to iCloud, so beginning on June 6 we began deferring a portion of the revenue from each iOS devices sold to represent the estimated value of the right to receive iCloud services when they become available.

iOS 設備的購買者也將可以訪問 iCloud，因此從 6 月 6 日開始，我們開始推遲銷售每台 iOS 設備的部分收入，以代表在 iCloud 服務可用時獲得的權利的估計價值。

That deferred amount is in addition to the amount that we were already deferring for each iOS devices sold to represent the right to receive future iOS software upgrades.

該遞延金額是我們已經為每台銷售的 iOS 設備遞延的金額的補充，以代表獲得未來 iOS 軟件升級的權利。

As a result, beginning on June 6, we are deferring a total of $16 of revenue for each iPhone and iPad sold, and a total of $11 for each iPod Touch sold, and recognizing those amounts over a period of two years.

因此，從 6 月 6 日開始，我們將每售出一部 iPhone 和 iPad 的總收入為 16 美元，每售出一部 iPod Touch 的總收入為 11 美元，並在兩年內確認這些金額。

As we move ahead into September quarter, I would like to review our outlook, which includes the types of forward-looking statements that Nancy referred to at the beginning of the call.

隨著我們進入 9 月季度，我想回顧一下我們的前景，其中包括南希在電話會議開始時提到的前瞻性陳述類型。

We expect revenue to be about $25 billion compared to $20.3 billion in the September quarter last year.

我們預計收入約為 250 億美元，而去年第四季度為 203 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 $2.725 billion, including about $245 million related to stock-based compensation expense.

我們預計運營支出約為 27.25 億美元，其中包括與股票薪酬費用相關的約 2.45 億美元。

We expect OI&E to be about $50 million, and we expect the tax rate to be about 24%.

我們預計 OI&E 約為 5000 萬美元，我們預計稅率約為 24%。

We are targeting EPS of about $5.50.

我們的目標是每股收益約為 5.50 美元。

In closing, we are extremely pleased with our record revenue and earnings and the tremendous customer response to our products.

最後，我們對創紀錄的收入和收益以及客戶對我們產品的巨大反應感到非常滿意。

Through the first three quarters of fiscal 2011 we have generated $35 billion in year-over-year revenue growth, translating to a 78% increase.

在 2011 財年前三個季度，我們的收入同比增長了 350 億美元，相當於增長了 78%。

At the same time, we have generated over $9.5 billion in year-over-year earnings growth, representing a 99% increase.

與此同時，我們的收入同比增長超過 95 億美元，增長了 99%。

We remain very excited about our new product pipeline, and we look forward to releasing Mac OS X Lion tomorrow, and bringing the wonderful new features of iOS 5 and iCloud to customers this fall.

我們仍然對我們的新產品線感到非常興奮，我們期待明天發布 Mac OS X Lion，並在今年秋天為客戶帶來 iOS 5 和 iCloud 的精彩新功能。

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

有了這個，我想打開問題的電話。

Thank you, Peter, and we ask that you limit yourself to one question and one follow-up.

謝謝你，彼得，我們要求你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。

(Operator Instructions).

（操作員說明）。

Katy Huberty, Morgan Stanley.

凱蒂·休伯蒂，摩根士丹利。

The 12% revenue downtick, Peter, in September is much more conservative than your typical September guidance, and what you end up reporting in September, which is usually a 20% plus increase over the last four years.

彼得，9 月份 12% 的收入下降幅度比您在 9 月份的典型指導以及您最終在 9 月份報告的情況要保守得多，這通常比過去四年增加 20% 以上。

Can you help us understand why you expect this next quarter to trend softer than seasonal?

您能否幫助我們理解為什麼您預計下個季度的趨勢會比季節性疲軟？

And maybe how you handicap the impact from some of the new software, services and products that you expect to launch in the quarter?

或許您如何限制您預計在本季度推出的一些新軟件、服務和產品的影響？

Thanks.

謝謝。

Sure.

當然。

Let me start with the units, and I will give you some thoughts on revenue.

讓我從單位開始，我會給你一些關於收入的想法。

For the education buying season September has historically been more weighted to higher education, and we would expect this to be the same this year.

對於教育購買旺季，從歷史上看，9 月更側重於高等教育，我們預計今年也會如此。

We have the best lineup of Macs ever, and would expect to see a year-over-year increase in sales.

我們擁有有史以來最好的 Mac 產品陣容，預計銷售額將同比增長。

We also expect a year-over-year increase in iPhone sales.

我們還預計 iPhone 銷量將同比增長。

And for iPad we are continuing to expand our quarterly production capacity and points-of-sale and would expect a significant year-over-year increase in sales.

對於 iPad，我們將繼續擴大季度產能和銷售點，預計銷售額將同比大幅增長。

For iPod we would expect to see a sequential year-over-year decline.

對於 iPod，我們預計會出現同比下降。

As we announced at WWDC, we have a lot going on in the fall with the introduction of iOS 5 and iCloud.

正如我們在 WWDC 上宣布的那樣，隨著 iOS 5 和 iCloud 的推出，我們在秋季有很多事情要做。

We also have a future product transition that we are not good to talk about today, and these things will impact our September quarter.

我們還有一個我們今天不太好談論的未來產品過渡，這些事情將影響我們的 9 月季度。

We remain very confident in our business, our new product pipeline and our momentum.

我們對我們的業務、我們的新產品線和我們的發展勢頭仍然充滿信心。

Peter, as it relates to future product transitions, can you just remind us how you approach working those into your guidance.

彼得，因為它與未來的產品過渡有關，您能否提醒我們您如何將這些內容納入您的指導。

Do you tend to be conservative and wait to see what happens with those products?

您是否傾向於保守並等著看這些產品會發生什麼？

Well, as I said a moment ago, we are not going to talk about this in any detail today.

好吧，正如我剛才所說，我們今天不打算詳細討論這個問題。

We factored our thinking into our guidance.

我們將我們的想法納入我們的指導。

We are incredibly confident about our business, our new product pipeline and what we are doing.

我們對我們的業務、我們的新產品線和我們正在做的事情充滿信心。

Thank you very much.

非常感謝。

Shannon Cross, Cross Research.

香農交叉，交叉研究。

Tim, could you talk a bit about iPad 2 sales and trends?

Tim，你能談談 iPad 2 的銷售和趨勢嗎？

It is still relatively early, I suppose, but I am curious as to what you're seeing in terms of any potential cannibalization or shift of people away from portables, just any thoughts you have on the iPad 2?

我想現在還為時過早，但我很好奇你看到的任何潛在的蠶食或人們遠離便攜式設備的變化，你對 iPad 2 有什麼想法嗎？

Sure, Shannon.

當然，香農。

In terms of cannibalization, we do believe that some customers chose to purchase an iPad instead of a new Mac during the quarter.

在蠶食方面，我們確實相信一些客戶在本季度選擇購買 iPad 而不是新的 Mac。

But we also believe that even more customers chose to purchase an iPad over a Windows PC.

但我們也相信，更多的客戶選擇購買 iPad 而不是 Windows PC。

As I have said before, there is a lot more of the Windows PC business to cannibalize then the Mac.

正如我之前所說，Windows PC 業務比 Mac 還要多。

Also, we believe that the Mac has many other attributes that would make it continue to do well in the market.

此外，我們相信 Mac 具有許多其他屬性，可以使其繼續在市場上表現出色。

We are very happy that we grew 14% versus the market's growth of 2.6%, which is about 5 times, as Peter said earlier.

正如彼得早些時候所說，我們很高興我們增長了 14%，而市場增長了 2.6%，大約是 5 倍。

So that is what we see with iPad.

這就是我們在 iPad 上看到的。

As Peter said earlier, we were still selling every unit we could make during the quarter, and that was the situation as we ended the quarter.

正如彼得之前所說，我們仍然在銷售我們在本季度可以生產的每一件產品，這就是我們本季度結束時的情況。

As we have stepped into July, over the initial weeks to give you a more current update, we have been able to increase the supply further.

隨著我們進入 7 月，在最初的幾週內為您提供更最新的更新，我們已經能夠進一步增加供應。

And some SKUs in some countries are at a supply/demand balance, but we are still working very hard on the balance of the world.

並且一些國家的一些 SKU 處於供需平衡狀態，但我們仍在努力實現世界平衡。

The sales of iPad 2 have absolutely been a frenzy for people to get one, and we are -- feel very good about the progress that we've made about ramping up and the reception that it has received in the marketplace.

iPad 2 的銷售對於人們來說絕對是一場瘋狂的購買，我們對我們在加速增長方面取得的進展以及它在市場上的接受度感到非常滿意。

Great.

偉大的。

And then if you could talk just a little bit about China.

然後，如果你能談談中國。

Clearly your growth in Asia-Pac was up almost 250% year-over-year.

顯然，您在亞太地區的增長同比增長了近 250%。

Just any update on China.

只是關於中國的任何更新。

Thank you.

謝謝你。

That is a good question.

這是個好問題。

China was very key to our results.

中國對我們的結果非常關鍵。

As a reminder, for Greater -- we define Greater China as Mainland China, Hong Kong and Taiwan.

提醒一下，對於大——我們將大中華區定義為中國大陸、香港和台灣。

Year-over-year it was up over 6 times.

同比增長超過 6 倍。

And the revenue was approximately $3.8 billion during the quarter, and that makes the year-to-date numbers through the three quarters that we have had thus far around $8.8 billion.

本季度的收入約為 38 億美元，這使得我們迄今為止的三個季度的年初至今數字約為 88 億美元。

So this has been a substantial opportunity for Apple.

所以這對蘋果來說是一個巨大的機會。

And I firmly believe that we are just scratching the surface right now.

我堅信我們現在只是在摸索表面。

I think there is an incredible opportunity for Apple there.

我認為蘋果在那裡有一個難以置信的機會。

Thank you.

謝謝你。

Benjamin Reitzes, Barclays Capital.

本傑明·賴茨，巴克萊資本。

I wanted to talk a little bit more about the outlook for gross margins.

我想多談談毛利率的前景。

You said 38% from the 41.7%.

你說的是 41.7% 中的 38%。

Can you talk about what components and/or mix dynamics will impact that, Peter?

彼得，你能談談哪些組件和/或混合動力會影響這一點嗎？

Sure, we expect the gross margin, Ben, as you said, to be about 30% and down about 370 basis points sequentially.

當然，正如你所說，我們預計毛利率 Ben 約為 30%，並連續下降約 370 個基點。

We expect about two-thirds of this decline to be driven by different product mix.

我們預計這種下降中約有三分之二是由不同的產品組合推動的。

And we expect the remainder to be due to the loss of leverage on the lower sequential revenue, the cost of a future product transition, a full quarter of the back-to-school promotion.

我們預計剩下的部分將是由於較低的連續收入、未來產品轉型的成本、整整一個季度的返校促銷活動造成的槓桿損失。

Sorry, I guess the components aspect of that?

對不起，我猜那是組件方面的？

It is Tim.

是蒂姆。

Both NAND and DRAM and also LCDs, batteries, optical drives and most of the components are generally in a very positive supply situation currently, and pricing is expected to fall at or above the historical trend.

NAND 和 DRAM 以及 LCD、電池、光驅和大部分組件目前普遍處於非常積極的供應情況，預計價格將跌至或高於歷史趨勢。

Hard drive supply is currently constrained, and we project that price declines in this area will be less than the historical rates.

硬盤供應目前受到限制，我們預計該地區的價格下降幅度將低於歷史水平。

We do expect, therefore, components to be favorable on a sequential comparison.

因此，我們確實希望組件在順序比較中是有利的。

However, this is largely being offset by one-time benefits that we received that are embedded in the 41.7% gross margin that Peter talked about earlier in the June quarter, and therefore, not a part of the bridge that Peter just talked about.

然而，這在很大程度上被我們收到的一次性收益所抵消，這些收益包含在彼得在 6 月季度早些時候談到的 41.7% 的毛利率中，因此，這不是彼得剛剛談到的橋樑的一部分。

Bill Shope, Goldman Sachs.

比爾·肖普，高盛。

Hopefully I didn't miss this, but can you give us a little more color on that one-time benefit in gross margins, how significant was it, and any color on what drove that?

希望我沒有錯過這一點，但是您能否給我們更多關於毛利率的一次性收益的顏色，它有多重要，以及驅動它的任何顏色？

Sure, Bill, it is Peter.

當然，比爾，是彼得。

We saw some benefits in our warranty and our phone support area and some settlements that we had.

我們在保修和電話支持區域以及我們擁有的一些解決方案中看到了一些好處。

They weren't huge in the June quarter, but we did see some benefits there.

它們在 6 月季度並不大，但我們確實看到了一些好處。

As Tim said, we would see that generally offsetting -- the reversal of that generally offsetting the component benefits that he just talked about in the September quarter.

正如蒂姆所說，我們會看到這通常會抵消 - 這種逆轉通常會抵消他剛剛在 9 月季度談到的組件收益。

Okay, great.

好，太棒了。

Then a quick follow-up.

然後快速跟進。

There has been a lot of news around patent disputes as of late.

最近，關於專利糾紛的新聞很多。

Some seem to have gone in Apple's favor, while others haven't.

有些似乎對蘋果有利，而另一些則沒有。

Can you help us understand, Tim, how to put these events in context, how we should think about your IP strategy overall, and perhaps how all this is potentially impacting the competitive landscape in smartphones and tablets?

蒂姆，您能否幫助我們了解如何將這些事件放在上下文中，我們應該如何考慮您的整體知識產權戰略，以及所有這些可能如何影響智能手機和平板電腦的競爭格局？

We have a very simple view here, and that view is we love competition.

我們在這裡有一個非常簡單的觀點，那就是我們喜歡競爭。

We think it is great for us and for everyone.

我們認為這對我們和每個人都很好。

But we want people to invent their own stuff.

但我們希望人們發明自己的東西。

We're going to make sure that we defend our portfolio appropriately.

我們將確保我們適當地保護我們的投資組合。

Okay, thank you very much.

好的，非常感謝。

Richard Gardner, Citigroup.

花旗集團的理查德·加德納。

I am surprised nobody has asked it, but I was just hoping that you could provide a little more color on what drove the iPhone strength in the quarter.

我很驚訝沒有人問它，但我只是希望你能提供更多關於推動 iPhone 在本季度表現強勁的因素。

Was it new carriers or existing new countries or existing -- I know you specifically referred to China as being a driver, but just a little more color on what you saw with iPhone in the quarter, please?

是新的運營商還是現有的新國家或現有的 - 我知道你特別提到中國是一個驅動因素，但請對你在本季度使用 iPhone 看到的情況再多一點色彩，好嗎？

It is Tim.

是蒂姆。

It is a great question.

這是一個很好的問題。

We did add 42 new carriers and 15 new countries during the quarter.

我們在本季度確實增加了 42 家新運營商和 15 個新國家/地區。

So we continued our expansion efforts to get up beyond the [two a quarter] carrier number and above 100 countries.

因此，我們繼續我們的擴張努力，以超越 [四分之一] 的運營商數量和超過 100 個國家。

However, those occurred throughout the quarter.

然而，這些都發生在整個季度。

And the real sequential improvement, frankly, was due to emerging and developed markets.

坦率地說，真正的連續改善要歸功於新興市場和發達市場。

It is China was a big part of it.

中國是其中很大一部分。

Latin America, driven by Brazil and Mexico, was a big part of it.

在巴西和墨西哥的推動下，拉丁美洲是其中的重要組成部分。

And the Middle East was a big part of it.

中東是其中的重要組成部分。

So -- which I think is great for Apple, because these are markets that Apple historically has not been as strong in.

所以——我認為這對蘋果來說很好，因為這些是蘋果歷史上沒有那麼強大的市場。

And we are really beginning to see the fruits of our labor in these markets.

我們真的開始在這些市場上看到我們的勞動成果。

Thanks.

謝謝。

Then, Tim, would you be willing to give us as a follow-up any sort of milestones that you're hoping to hit for the next quarter or two in terms of new carriers and countries for iPhone?

那麼，蒂姆，您是否願意向我們提供您希望在下一季度或兩季度在 iPhone 的新運營商和國家/地區實現的任何里程碑作為後續行動？

No, but I think you can see that it is something that is of great focus to us.

不，但我認為您可以看到這是我們非常關注的事情。

We want to do business with great partners, and there are still great partners out there to do business with, and so we are obviously off working new relationships.

我們希望與優秀的合作夥伴開展業務，並且仍然有優秀的合作夥伴可以與之開展業務，因此我們顯然不會建立新的關係。

Thank you.

謝謝你。

Gene Munster, Piper Jaffray.

吉恩·芒斯特，派珀·杰弗瑞。

The iPhone clearly is gaining share, but comments from Google last week suggested Android activations are up 56% quarter-over-quarter.

iPhone 顯然正在獲得份額，但谷歌上週的評論顯示，Android 激活量環比增長 56%。

And by our math it looks like iOS activations were up around 20%.

根據我們的數學計算，iOS 激活似乎增加了 20% 左右。

Tim, you mentioned that China is on fire right now, up 600%.

蒂姆，你提到中國現在火了，上漲了 600%。

Obviously, you're doing relatively well in the emerging markets, but any thoughts in terms of -- how do you think, I guess, about that Android activation relative to your business?

顯然，您在新興市場的表現相對較好，但您對 Android 激活相對於您的業務有何看法？

I think the Android activation number is a difficult one to get our hands around, because unlike our numbers, which you can go to our datasheet and you can add the iPhones and the iPads and make a reasonable approximation of the iPod Touch, which we have said is over half of our iPod sales, you can quickly see that in the June quarter that we sold over 33 million iOS devices.

我認為 Android 激活號碼很難讓我們掌握，因為與我們的號碼不同，您可以訪問我們的數據表，然後添加 iPhone 和 iPad，然後對我們擁有的 iPod Touch 進行合理近似說是我們 iPod 銷售額的一半以上，您可以很快看到，在 6 月季度，我們售出了超過 3300 萬台 iOS 設備。

And across time, as Peter mentioned in his opening comments, we are now over 222 million cumulative iOS devices.

正如彼得在開場評論中提到的那樣，隨著時間的推移，我們現在擁有超過 2.22 億台 iOS 設備。

So we think this is incredible.

所以我們認為這是不可思議的。

So our numbers are very straightforward.

所以我們的數字非常簡單。

They are transparent and they are reported quarterly.

它們是透明的，每季度報告一次。

In terms of iPhone, iPhone is up 142% year-over-year.

在 iPhone 方面，iPhone 同比增長 142%。

This is more than 2 times the rate of growth of the smartphone market.

這是智能手機市場增長率的 2 倍多。

We think that is incredible.

我們認為這是不可思議的。

Also, as Peter said earlier, we sold every iPad 2 in the quarter that we could make.

此外，正如彼得之前所說，我們在本季度銷售了我們可以製造的每一台 iPad 2。

So there certainly was not a shortage of demand.

因此，需求肯定不會短缺。

We are also gaining traction in enterprise.

我們也在企業中獲得牽引力。

From the numbers that Peter spoke of, obviously now our attention is not turning to getting corporations to test and pilot, but it is more we are really converting to more of a penetration focus.

從彼得所說的數字來看，顯然現在我們的注意力不再是讓企業進行測試和試點，而是更多地我們真正轉變為更多的滲透焦點。

Our App Store is the largest by far.

我們的 App Store 是迄今為止最大的。

And if you look at iPad-specific apps we are over 100,000.

如果您查看 iPad 特定的應用程序，我們會超過 100,000 個。

And I think you would be hard-pressed to find more than a few hundred on the other platforms.

而且我認為你很難在其他平台上找到超過幾百個。

It also doesn't appear that the other tablets are getting any traction to speak of.

其他平板電腦似乎也沒有任何吸引力可言。

And we have paid over $2.5 billion to developers, and so there is a great business proposition for developers.

我們已經向開發者支付了超過 25 億美元，因此對開發者來說是一個很好的商業主張。

And you can tell that customers love it, because we had well over 15 billion apps that have been downloaded.

你可以看出客戶喜歡它，因為我們已經下載了超過 150 億個應用程序。

So we're very, very confident about the product.

所以我們對產品非常非常有信心。

We are confident with the App Store.

我們對 App Store 充滿信心。

We are confident with our proposition for developers.

我們對我們對開發人員的建議充滿信心。

The customers set in every survey I have seen ranked the iPhone number one, and so we're very confident in the customer reception.

我見過的每次調查中設置的客戶都將 iPhone 排在第一位，因此我們對客戶的接待非常有信心。

We are also very confident in our roadmap, and so we feel very, very good.

我們對我們的路線圖也非常有信心，所以我們感覺非常非常好。

You may have seen the data that just came out, I believe was yesterday from ChangeWave, that reaffirmed once again that iPhone is the clear leader in customer satisfaction.

您可能已經看到剛剛發布的數據，我相信是昨天從 ChangeWave 發布的，它再次確認 iPhone 在客戶滿意度方面是明顯的領導者。

And also was the number one preference for those people planning to buy a smartphone in the next 90 days.

對於那些計劃在未來 90 天內購買智能手機的人來說，這也是第一選擇。

So it seems like there is a lot of great things, and we feel absolutely fantastic about it.

所以看起來有很多很棒的東西，我們對此感到非常棒。

Okay, and just a follow-up question.

好的，只是一個後續問題。

Any update on Apple TV, and maybe some thoughts on your strategy in the Connected TV market?

Apple TV 的任何更新，以及您對聯網電視市場戰略的一些想法？

Apple TV continues to do well, but I don't want to mislead.

Apple TV 繼續表現良好，但我不想誤導。

We still call it a hobby here, and we do that because we don't want anyone to conclude that it is another leg of the stool, because it is not in the size market that iPhone is in or that the iPad is in or that the Mac is in or that the iPod is in.

我們在這裡仍然稱其為愛好，我們這樣做是因為我們不希望任何人斷定這是凳子的另一條腿，因為它不在 iPhone 所在的尺寸市場或 iPad 所在的或那個Mac 在或 iPod 在。

So we have loved the product.

所以我們喜歡這個產品。

It is clear that customers love the product.

很明顯，客戶喜歡該產品。

We really got it right when we went to the new Apple TV just last fall.

去年秋天，當我們去看新的 Apple TV 時，我們真的做對了。

But right now it is still a hobby status that we are continuing to invest in it because we think there is something there.

但現在它仍然是一種愛好，我們繼續投資它，因為我們認為那裡有一些東西。

Great, thank you.

太好了謝謝。

Mark Moskowitz, JPMorgan.

馬克·莫斯科維茨，摩根大通。

I just want to touch base here, Tim, on just the scintillating sales velocity.

蒂姆，我只想在這裡談談閃爍的銷售速度。

Is Apple at a point now where you could kind of diversify your contract manufacturing base, as well even your non-Apple retail channel?

Apple 現在是否可以使您的合同製造基地以及非 Apple 零售渠道多樣化？

And what are the opportunities and risks there?

那裡的機會和風險是什麼？

In terms of the non-Apple retail channel, if you take the iPhone as an example, which as you know makes up a large percentage of our business, we have about 115,000 points-of-sale.

在非蘋果零售渠道方面，如果您以 iPhone 為例，眾所周知，iPhone 占我們業務的很大比例，我們有大約 115,000 個銷售點。

So I feel that we are incredibly diversified.

所以我覺得我們非常多樣化。

We are selling through carriers, through retail.

我們通過運營商，通過零售進行銷售。

We are selling through our own stores, through our online store.

我們通過我們自己的商店，通過我們的在線商店進行銷售。

We are selling through companies that have direct salesforces.

我們通過擁有直銷人員的公司進行銷售。

We are selling to enterprise, including an overlaid salesforce of our own.

我們正在向企業銷售，包括我們自己的重疊銷售人員。

So I think the channel is extremely well diversified.

所以我認為渠道非常多元化。

We still -- there are still countries where we are still building the channel.

我們仍然 - 仍然有我們仍在建立渠道的國家。

So I don't want to give you a view that I think the journey is completed.

所以我不想給你一個我認為旅程已經完成的觀點。

But in the mature markets I feel that the channels are in good shape.

但在成熟市場，我覺得渠道狀況良好。

And in the markets where we are putting more and more energy, obviously, there is still channel development to do there, but I think it is well understood and under control.

在我們投入越來越多的精力的市場中，顯然，仍有渠道開發要做，但我認為這是很好理解和控制的。

So I don't really -- that is not something that I worry about at all, actually.

所以我真的不——實際上，這根本不是我擔心的事情。

In terms of suppliers, I don't want to get into this in any detail, because I think this is one of those things for us that is a part of the magic and a part of the things that we feel that we have some secret sauce and I prefer not to share it.

就供應商而言，我不想詳細討論，因為我認為這對我們來說是魔法的一部分，也是我們覺得我們有一些秘密的事情的一部分醬汁，我不想分享。

But your general point about are we too centralized in one place, are we too dependent on a place, you can bet that that the people here, they are involved with supply chain.

但是你的一般觀點是我們過於集中在一個地方，我們是否過於依賴一個地方，你可以打賭這裡的人，他們參與了供應鏈。

We have got some outstanding ones.

我們有一些傑出的。

I always ask that question, and I think we always at the end of the day make the right decision for Apple.

我總是問這個問題，我認為我們總是在一天結束時為蘋果做出正確的決定。

Understood.

明白了。

I appreciate that.

我很感激。

Maybe as a follow-up, either for you, Tim, or Peter.

也許作為後續行動，無論是對你、蒂姆還是彼得。

You have talked in the past about the iPhone and the iPad 2, just because of the bleeding-edge technology, but sometimes the manufacturing yields are a little lighter than what we all think.

您過去曾談論過 iPhone 和 iPad 2，只是因為技術先進，但有時製造產量比我們想像的要輕一些。

Where are you guys now in terms of manufacturing yields?

就製造產量而言，你們現在在哪裡？

Have you walked further up the curve in terms of better utilization?

您是否在更好地利用方面走得更遠？

I don't want to give you specific yield numbers, but as I said earlier, the supply of iPad improved dramatically in the quarter.

我不想給你具體的產量數字，但正如我之前所說，本季度 iPad 的供應量顯著改善。

That allowed us to do the over 9.2 million.

這使我們能夠完成超過 920 萬次。

That is up from the 4.7 million from the prior quarter, so we added almost 100%.

這高於上一季度的 470 萬，因此我們增加了近 100%。

I also said that we had further improved the supply in the initial weeks of July.

我還說過，我們在 7 月的最初幾週進一步改善了供應。

And that has allowed us to get into a supply/demand balance on some SKUs in some countries.

這使我們能夠在某些國家/地區的某些 SKU 上實現供需平衡。

So I feel very, very good about our progress in that area.

所以我對我們在這方面的進展感覺非常非常好。

Thank you.

謝謝你。

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。

Tim, the trajectory of iPhone growth has been nothing less than astounding, because now you are 142%.

蒂姆，iPhone 的增長軌跡令人震驚，因為現在你是 142%。

You were 113% last quarter, 86%.

上個季度你是 113%，86%。

So I am just trying to understand what your thinking is on the keys to sustain that growth.

因此，我只是想了解您對維持這種增長的關鍵的想法。

Particularly, do you see the current pricing, for example, and tariffs perhaps approaching a level maybe in North America some saturation.

特別是，您是否看到當前的定價，例如，關稅可能接近北美的某個水平，可能有些飽和。

Do you need to address that?

你需要解決這個問題嗎？

Different form factors to expand the distribution or just stay on the same business model, especially in these lower-cost Android competitors potentially coming from Asia?

不同的形式因素來擴大分銷或只是保持相同的商業模式，尤其是在這些可能來自亞洲的低成本 Android 競爭對手中？

Can you talk to that?

你能談談嗎？

Well, I think, on the tariff side Apple doesn't set the tariffs.

好吧，我認為，在關稅方面，蘋果沒有設定關稅。

They are just set by the carriers.

它們只是由運營商設置的。

And so I think that is a better question for them.

所以我認為這對他們來說是一個更好的問題。

But at a very macrolevel I think what you would find if you went out and talked to several around the world is that virtually every one of them are desirous of having more and more customers have a smartphone and begin to use data on their networks, because this is a way for them to expand their ARPUs.

但在一個非常宏觀的層面上，我認為如果你出去與世界各地的幾個人交談，你會發現幾乎每個人都希望有越來越多的客戶擁有智能手機並開始在他們的網絡上使用數據，因為這是他們擴大 ARPU 的一種方式。

I firmly believe there is no better device than the iPhone for someone to move from any phone up to a smartphone.

我堅信沒有比 iPhone 更好的設備可以讓人們從任何手機轉移到智能手機。

The ease-of-use is just unparalleled and the ecosystem is unparalleled.

易用性無與倫比，生態系統也無與倫比。

So I think there is a good alignment in that area.

所以我認為在這個領域有很好的一致性。

I mentioned a few moments ago that the key driver and sequential results on the iPhone -- or sequential improvement in units were emerging and developing markets.

我剛才提到，iPhone 的關鍵驅動因素和連續結果——或者說單位的連續改進是新興市場和發展中市場。

So you can see that we are putting more and more energy in these markets that have been a bit more difficult to do well in versus some of the markets that are in the established countries and subsidized countries, or they are primarily subsidized.

所以你可以看到，我們在這些市場投入了越來越多的精力，這些市場與成熟國家和補貼國家的一些市場相比，或者它們主要是補貼的市場。

I think we have a very good focus here, and I think we can compete with anyone.

我認為我們在這裡非常專注，我認為我們可以與任何人競爭。

So those markets would have prepay, for example, lower purchasing power, indirect distribution.

因此，這些市場會有預付款，例如，購買力降低、間接分銷。

Are those things you're going to need to address through pricing and other means?

您需要通過定價和其他方式解決這些問題嗎？

Those markets that I mentioned that we were doing well in, there are some percentage of postpaid in some of those markets, but if you looked at the market in the aggregate most of those markets are predominantly prepay.

我提到的那些我們做得很好的市場，在其中一些市場中有一定比例的後付費，但如果你從整體上看市場，大多數這些市場主要是預付費。

In some cases we have convinced someone to start a postpaid plan, because in the long term I think that is better for the customer, the carrier and us.

在某些情況下，我們已經說服某人開始一項後付費計劃，因為從長遠來看，我認為這對客戶、運營商和我們都有好處。

But in general, we are also playing in the prepaid market.

但總的來說，我們也在玩預付費市場。

We are not avoiding that market.

我們並沒有迴避那個市場。

We don't want to avoid that market.

我們不想避開那個市場。

We know that we need to play there in order to have the kind of volumes that we would like to have.

我們知道我們需要在那裡比賽才能獲得我們想要的數量。

And (multiple speakers) your question on expanding channels and developing channels, we are obviously -- that is on our list.

並且（多位發言者）您關於擴大渠道和發展渠道的問題，我們顯然是 - 這在我們的名單上。

And we are -- with 115,000 down now, we have some experience there.

而且我們 - 現在有 115,000 人，我們在這方面有一些經驗。

We know we've got a lot more to do, but we've got some experience under our belt now to play with.

我們知道我們還有很多事情要做，但我們現在已經有了一些經驗可以玩。

Thanks, Tim.

謝謝，蒂姆。

Keith Bachman, Bank of Montreal.

蒙特利爾銀行的基思·巴赫曼。

Tim, this is for you.

蒂姆，這是給你的。

Mac growth was about 5% sequential.

Mac 的環比增長約為 5%。

In the past two years the sequential growth has looked more like 17% to 18%.

在過去兩年中，連續增長看起來更像是 17% 到 18%。

And notebook sequential growth was even below that.

筆記本電腦的連續增長甚至低於此。

So I wanted to go back to what do you think in this quarter was cannibalization versus perhaps some holdbacks in anticipation of Lion, and how does that show up do you think in terms of catch-up in the September quarter?

所以我想回到你認為在本季度是蠶食而不是對獅子的預期的一些阻礙，你認為在九月季度的追趕方面如何表現出來？

I really look more at year-over-year than I do sequential on the Mac.

我真的看比我在 Mac 上看的更多。

But I'm going to get at the answer to your question anyway.

但無論如何我都會回答你的問題。

I think -- first of all, I am proud of the numbers that we achieved.

我認為——首先，我為我們取得的數字感到自豪。

To grow at 14% when the market is growing at 2.6%, doing 5 times the rate of growth is certainly something to be proud of.

在市場以 2.6% 的速度增長時以 14% 的速度增長，以 5 倍的速度增長當然是值得驕傲的事情。

However, in terms of why isn't the number higher than 14%, obviously, we always focus on that.

但是，就為什麼這個數字不高於 14% 而言，顯然，我們始終關注這一點。

No matter if the number were 42%, we would focus on that.

不管這個數字是 42%，我們都會關注這一點。

I think there are three things that are the primary factors.

我認為有三件事是主要因素。

And I don't want to try to quantify these for you, but I do want to list them so that you know how we look at it.

我不想嘗試為您量化這些，但我確實想列出它們，以便您知道我們如何看待它。

The first is -- as I said before, I think there were some cannibalization of new Macs by iPad.

首先是——正如我之前所說，我認為 iPad 會蠶食新的 Mac。

We shipped a record 9.2 million iPads during the quarter, which is over 2 times the number of Macs that we shipped.

我們在本季度出貨了創紀錄的 920 萬台 iPad，是我們出貨的 Mac 數量的 2 倍多。

It is clear that some customers chose to purchase an iPad instead of a new Mac.

很明顯，一些客戶選擇購買 iPad 而不是新的 Mac。

But the thing that really excites us is that more customers chose to buy an iPad than a Windows PC.

但真正讓我們興奮的是，更多的客戶選擇購買 iPad 而不是 Windows PC。

The second one is, I think some customers have delayed purchase until Lion becomes available.

第二個是，我認為一些客戶推遲購買，直到 Lion 可用。

As Peter commented on earlier, we are launching Lion tomorrow.

正如 Peter 之前所說，我們明天將推出 Lion。

We are looking forward to getting Lion out.

我們期待著讓 Lion 出局。

It is a fantastic product.

這是一個很棒的產品。

The guys have worked very, very hard on it.

伙計們為此付出了非常非常努力。

It is really revolutionary change.

這真是革命性的改變。

The third thing that I wouldn't discount is in the year-ago quarter we launched new MacBook Pro.

我不會打折的第三件事是在去年同期我們推出了新的 MacBook Pro。

In this particular quarter we launched new iMac.

在這個特定的季度，我們推出了新的 iMac。

Both products were well received.

兩款產品均受到好評。

However, the MacBook Pro makes up over -- makes up the majority of the units that we sell in the Mac area.

然而，MacBook Pro 彌補了——構成了我們在 Mac 領域銷售的大部分設備。

So, obviously, if you change the MacBook Pro and it is well received, it is going to make the comp more difficult to compare to.

所以，很明顯，如果你更換了 MacBook Pro 並且它很受歡迎，這將使比較難以比較。

So those are the three things that I think are primarily why the number isn't more than it is.

所以我認為這三件事主要是為什麼這個數字不會超過它。

But I don't want to lose sight that it already is 5 times the industry, and this is the 21st consecutive quarter that we beat the market.

但我不想忘記它已經是行業的 5 倍，這是我們連續第 21 個季度擊敗市場。

My follow-up then is if I look at the sequential growth pattern -- sorry, in the September quarter, I would assume given the demand that you said you're catching up here in the month of July that iPads would increase sequentially, including probably some potential channel fill.

然後我的後續行動是，如果我看一下連續增長模式——抱歉，在 9 月季度，我假設考慮到你說你在 7 月份趕上這裡的需求，iPad 將連續增長，包括可能是一些潛在的渠道填充。

But I just wanted to see if you could give us some feedback on what the growth trajectory looks like after this great quarter here in iPads?

但我只是想看看你能否給我們一些反饋，告訴我們在這個偉大的季度之後 iPad 的增長軌跡是什麼樣的？

Well, we don't predict unit sales.

好吧，我們不預測單位銷售額。

We aggregate things into a guidance, and Peter went through that earlier.

我們將事情匯總成一個指導，彼得之前已經完成了。

So I don't want to make a comment about iPad, other than I think Peter said earlier, which I am sure you would have reached the conclusion of anyway, is that we think iPad will grow significantly year-over-year.

所以我不想對 iPad 發表評論，除了我認為 Peter 之前說過的，我相信無論如何你都會得出結論，我們認為 iPad 將逐年顯著增長。

We will leave the rest of it to you to conclude.

我們將把剩下的事情留給你來總結。

Okay, thanks very much.

好的，非常感謝。

Then we would be very happy to report in October how we view that.

然後我們很樂意在 10 月份報告我們對此的看法。

All right, thank you.

好噠。謝謝你們。

Scott Craig, Bank of America.

美國銀行斯科特·克雷格。

Tim, can you maybe provide a little bit more color around what exactly the issues are for the iPad ramping up into the sort of levels that you want to get to?

蒂姆，你能否提供更多關於 iPad 升級到你想要達到的級別的確切問題的顏色？

Can you hazard a guess as to when you think you will be at sort of equilibrium on a global basis from a production and supply standpoint?

從生產和供應的角度來看，您能否大膽猜測一下您何時會在全球範圍內達到某種平衡？

Thanks.

謝謝。

You know, this is a good sort of problem per se is that the demand is fantastic.

你知道，這本身就是一個很好的問題，因為需求太棒了。

So there is not something that I would point to on the supply side saying this has created a huge issue.

因此，我不會在供應方面指出這造成了一個巨大的問題。

It is the good problem.

這是個好問題。

As I said before, and I generally don't do that, but in this case I am, is to talk about July and the first weeks of July.

正如我之前所說，我一般不會那樣做，但在這種情況下，我是在談論 7 月和 7 月的第一周。

We are now three -- a little over three weeks into the quarter, supply has further improved since we ended our June quarter.

我們現在已經三歲了——本季度已經過去了三週多一點，自我們結束了六月季度以來，供應量進一步改善。

And that further improvement has led some SKUs in some countries to become in supply/demand balance.

而這種進一步的改善導致一些國家的一些 SKU 達到了供需平衡。

Now I'm not going to project what will happen to the other countries, but, obviously, we are working very, very hard to get as many units to customers as we can.

現在我不打算預測其他國家會發生什麼，但顯然，我們正在非常非常努力地為客戶提供盡可能多的產品。

We put -- we placed our latest thinking in the guidance, obviously.

顯然，我們把我們的最新想法放在了指導中。

Maybe just a quick follow-up, Tim.

也許只是一個快速的跟進，蒂姆。

Is there anything you guys are doing differently as far as investing in the enterprise salesforce, so to speak, or doing anything differently as far as going to market on the enterprise side that you can point us to, and then, I guess, we will see the fruits of that labor as we sort of go forward here?

就投資企業銷售人員而言，你們有什麼不同的做法嗎？可以這麼說，或者就企業方面的市場營銷而言，你們有什麼不同的做法嗎？然後，我想，我們會當我們在這裡前進時，看到這種勞動的成果了嗎？

We have a dual-pronged strategy with enterprise on both the iPad and the iPhone.

我們在 iPad 和 iPhone 上對企業採取雙管齊下的策略。

As we work with the carrier salesforces, and they have very large ones because they are selling their services into enterprise, and many of these enterprises want that -- one of our devices connected to it.

當我們與運營商銷售人員合作時，他們擁有非常龐大的銷售人員，因為他們正在向企業銷售他們的服務，而這些企業中的許多人都希望這樣做——我們的設備之一與之相連。

So we train and provide quite a bit of help to the carrier forces.

所以我們訓練並為航母部隊提供相當多的幫助。

Plus we do some sales directly ourselves, or act as an overlay salesforce to a channel that sells to enterprise.

另外，我們自己直接進行一些銷售，或者充當向企業銷售的渠道的覆蓋銷售人員。

I would characterize this as we are still building it out, and we do a bit better each quarter.

我會描述這一點，因為我們仍在構建它，我們每個季度都會做得更好。

We are very, very happy with the numbers that Peter talked about earlier about the level of interest and taking people to the pilot and initial deployment stages.

我們對 Peter 之前談到的興趣水平以及將人們帶入試點和初始部署階段的數字感到非常非常滿意。

And now our attention is moving to penetration within those accounts versus sort of getting on the standards list.

現在我們的注意力正在轉移到這些賬戶中的滲透，而不是進入標準列表。

I think you would really look at it fairly to be this far into the enterprise with a product that has only been shipping for 15 months, in the case of iPad, is absolutely incredible.

我認為你真的會公平地看待它，以一款僅發售 15 個月的產品進入企業，就 iPad 而言，這絕對是不可思議的。

Because the enterprise is typically much more conservative and takes a long time to evaluate products.

因為企業通常要保守得多，評估產品需要很長時間。

In this case people are moving at a speed I haven't seen.

在這種情況下，人們正在以我從未見過的速度移動。

Also, in a group that is not thought up of as enterprise, like K-12, K-12 generally takes a very long time for a new product category, but last quarter we sold more iPads in K-12 than we did Macs.

此外，在像 K-12 這樣不被視為企業級的群體中，K-12 通常需要很長時間才能推出新產品類別，但上個季度，我們在 K-12 中銷售的 iPad 比 Mac 銷售的還要多。

And to do that after just five quarters is absolutely shocking.

僅僅五個季度之後就做到這一點絕對令人震驚。

We would have never predicted this.

我們永遠不會預料到這一點。

And so we feel very, very good about the different areas that iPad is being sold into.

因此，我們對 iPad 銷售到的不同領域感覺非常非常好。

It is clear that it has a universal appeal in many different markets from consumer to business to government and on and on.

很明顯，它在許多不同的市場中具有普遍的吸引力，從消費者到企業再到政府等等。

Brian Blair, Wedge Partners.

布萊恩布萊爾，楔形合夥人。

Can you just talk a little bit about your views on iCloud?

你能談談你對 iCloud 的看法嗎？

And how do you feel as a service it is going to drive more volumes of Mac?

作為一項服務，您覺得它將驅動更多的 Mac 數量如何？

And maybe just talk about what your expectations on the halo effect across other iOS devices?

也許只是談談您對其他 iOS 設備的光環效應的期望？

This is Peter.

這是彼得。

We cannot wait to get iCloud and iOS 5 into the hands of customers in the fall.

我們迫不及待地想在秋季將 iCloud 和 iOS 5 交付給客戶。

We really think that we have done it right with iCloud.

我們真的認為我們在 iCloud 上做得很好。

We are going to deliver customers just a seamless integrated experience that we think they're going to love.

我們將為客戶提供我們認為他們會喜歡的無縫集成體驗。

We are going to make it very easy.

我們將使它變得非常容易。

It didn't go unnoticed to us yesterday that in the ChangeWave results, that was one of the reasons cited why the iOS devices are number one in terms of intend to buy.

昨天我們沒有註意到，在 ChangeWave 的結果中，這是 iOS 設備在購買意向方面排名第一的原因之一。

Maybe just briefly if you can comment on it, do you feel like you have much of a lead over competitors in the ability to instantly mirror content across different devices?

如果您可以對此發表評論，也許只是簡單地說一下，您是否覺得自己在跨不同設備即時鏡像內容的能力方面領先於競爭對手？

It feels like that is a real -- like that is a real competitive edge for you, but I would love to hear your thoughts if you wouldn't mind sharing any.

感覺那是真實的——就像那對你來說是一個真正的競爭優勢，但如果你不介意分享任何想法，我很想听聽你的想法。

Well, we are certainly very, very good with the Internet, with telecommunications and delivering content.

嗯，我們當然非常非常擅長互聯網、電信和內容交付。

I think we have proven that for a decade, first beginning with iTunes and now with the App Store, and our payments to developers exceeding $2.5 billion.

我認為十年來我們已經證明了這一點，首先是從 iTunes 開始，現在是 App Store，我們向開發者支付的款項超過了 25 億美元。

So we probably have some things to learn as we go forward, but have a lot of skills and are very excited to get iCloud in customers' hands.

因此，我們在前進的過程中可能需要學習一些東西，但我們擁有很多技能，並且非常高興能夠將 iCloud 交到客戶手中。

Thank you.

謝謝你。

Toni Sacconaghi, Sanford Bernstein.

托尼·薩科納吉，桑福德·伯恩斯坦。

Tim, I wanted to revisit China and also prepaid phones.

蒂姆，我想重溫中國和預付費電話。

China Mobile recently said it has 5.6 million phones on its net -- iPhones on its network as of the end of May, and was adding them at an incredible rate.

中國移動最近表示，它的網絡上有 560 萬部手機——截至 5 月底，其網絡上有 iPhone，並且正在以令人難以置信的速度增加它們。

Now, obviously, China Mobile doesn't sell the phones.

現在，很明顯，中國移動不賣手機。

So that would certainly point to a lot of prepaid phones or unlocked phones on their network.

所以這肯定會指向他們網絡上的許多預付費電話或解鎖電話。

I believe, also, your direct distribution in China for the iPhone, both online and retail stores, is in a prepaid fashion.

我相信，你們在中國的 iPhone 直接分銷，包括在線商店和零售店，都是以預付費的方式進行的。

So I was wondering if you could tell us how significant prepaid is in China and other emerging markets, how much progress you have made there?

所以我想知道您能否告訴我們預付在中國和其他新興市場的重要性，您在這方面取得了多大進展？

And what lessons you have learned, given that you yourselves are also selling them prepaid?

鑑於您自己也在預付貨款出售它們，您從中學到了什麼？

And I have a follow-up, please.

我有一個跟進，拜託。

Prepaid or unlocked phones are -- said more in English, phones sold without a contract, are very key in China, and very key in a number of the emerging markets where the credit systems are not as well established as they are in the US, Japan and Western Europe and Australia, et cetera.

預付費或解鎖手機——更多地用英語說，在沒有合同的情況下出售的手機在中國非常關鍵，在信用系統不如美國那麼完善的一些新興市場中非常關鍵，日本和西歐以及澳大利亞等。

So you can look at our volume, Toni, the iPhone volume for the first three quarters of the fiscal year was up 5 times year-over-year.

所以你可以看看我們的銷量，Toni，本財年前三個季度的 iPhone 銷量同比增長了 5 倍。

And iPhone is a key contributor to Greater China having a cumulative revenue of around $8.8 billion for the first three quarters.

iPhone 是大中華區的主要貢獻者，前三個季度的累計收入約為 88 億美元。

So I am not saying at all that we have figured out precisely how to play perfectly in the environment, we haven't.

所以我並不是說我們已經準確地弄清楚瞭如何在環境中完美地發揮作用，我們還沒有。

I think we have more to do and more to learn, but I feel very, very good about our progress there.

我認為我們還有更多工作要做，還有更多要學習，但我對我們在那裡取得的進展感覺非常非常好。

I think if any of us would have been told a year ago that we would do $3.8 billion in Greater China in a quarter, I don't think very many of us would have believed it.

我想如果一年前有人告訴我們，我們將在一個季度在大中華區做 38 億美元，我想我們中的很多人都不會相信。

And I don't think any of you would have believed it.

而且我認為你們中的任何人都不會相信它。

So we feel very, very good about it.

所以我們對此感覺非常非常好。

And we are taking those learnings and applying those to other markets as well.

我們正在吸取這些經驗並將其應用到其他市場。

If I could follow up.

如果我能跟進。

Your marketshare data is pretty irrefutable, and it is pretty consistent in terms of you being a share gainer.

你的市場份額數據是無可辯駁的，就你成為份額獲得者而言，它是相當一致的。

There are parts of the world in developed countries like UK, Germany, France and Japan where some of the recent market data suggest that you have actually lost share in iPhones on a year-over-year basis in Q2.

在英國、德國、法國和日本等發達國家的一些地區，最近的一些市場數據表明，你在第二季度的 iPhone 份額實際上已經同比下降。

I was wondering if you could tell us whether gaining share in the smartphone category for iPhone is strategically important to Apple longer-term?

我想知道你能否告訴我們在 iPhone 的智能手機類別中獲得份額是否對蘋果長期具有戰略意義？

And how we get our minds around sustained share gains given that most of the market data says smartphones above $300 are going to grow a lot slower than the overall smartphone market?

鑑於大多數市場數據表明 300 美元以上的智能手機增長速度將遠低於整體智能手機市場，我們如何看待持續的份額增長？

So how do we, A., are share gains important to Apple in this marketplace?

那麼，在這個市場上，我們 A. 的份額收益對蘋果來說如何重要？

And how do we reconcile where you participate in its market growth rate relative to the overall market?

以及我們如何協調您參與其市場增長率相對於整體市場的位置？

Share gain is important.

分享收益很重要。

Anywhere where we are going the opposite way then we are not happy, and you can bet that we are working hard to change that.

任何我們走反方向的地方，我們都會不開心，你可以打賭，我們正在努力改變這一點。

In terms of playing in different price points, we do offer the 3GS as an example today, which in the US is $49 with a contract.

就不同價位的遊戲而言，我們今天確實提供了 3GS 作為示例，在美國，合約價格為 49 美元。

If you step that out into prepaid markets, it really depends upon the VAT and duty and channel kind of uplifts as to what it is.

如果您將其推向預付費市場，這實際上取決於增值稅和關稅以及渠道類型的提升。

So it varies greatly market to market.

因此，它因市場而異。

But it is clearly in a distinctly different price than the iPhone 4 is.

但它的價格顯然與 iPhone 4 截然不同。

Our philosophy is the same as it has always been, Toni.

Toni，我們的理念始終如一。

We will only make products that we are proud of, that are the best in the world.

我們只會生產我們引以為豪的產品，這些產品是世界上最好的。

If we can do that, and the price is lower, then we are great with that.

如果我們能做到這一點，而且價格更低，那我們就很好了。

An example of that that happened some time ago is the iPod Shuffle was created.

前段時間發生的一個例子是 iPod Shuffle 的誕生。

It started at a different price point, but it is now at $49.

它以不同的價格開始，但現在為 49 美元。

That is because that is a product we are very proud of.

那是因為這是我們引以為豪的產品。

It is very innovative, a lot of people love that product.

它非常有創意，很多人都喜歡這個產品。

So that is always the question for us and the litmus test.

所以這一直是我們和試金石的問題。

We will only make products that we are very proud of that we want -- that are the best in the world, and regardless of what the price band analysis.

我們只會生產我們非常自豪的產品——我們想要的產品——這是世界上最好的，無論價格帶分析如何。

Also, as we have seen, and as I am reminded time and time again as I look at some of the China data, is it is up to us to convince people to maybe spend a little more for a materially better experience and product.

此外，正如我們所看到的，正如我在查看一些中國數據時一次又一次地提醒我的那樣，是否有責任說服人們花更多的錢來獲得更好的體驗和產品。

We have seen that people will do that if the product is great and if it is messaged properly.

我們已經看到，如果產品很棒並且信息正確，人們會這樣做。

We get a lot of experience in both of those areas.

我們在這兩個領域都有很多經驗。

Thank you.

謝謝你。

Brian Marshall, Gleacher & Company.

布賴恩·馬歇爾，Gleacher & Company。

I was wondering if you could talk a little bit about what you have learned with respect to media consumption on the iPad thus far?

我想知道您能否談談到目前為止您在 iPad 上的媒體消費方面學到了什麼？

We learned that people love using it for a whole variety of things.

我們了解到人們喜歡用它來做各種各樣的事情。

And that is the beauty of the iPad is that if you talk to 10 people they would likely give you 10 different reasons that they love it.

iPad 的美妙之處在於，如果你與 10 個人交談，他們可能會給你 10 個不同的理由來表示他們喜歡它。

I think that is the reason it is doing so well among a very diverse group of consumers in a diverse group of businesses and markets and geographies.

我認為這就是它在不同的企業、市場和地區的不同消費者群體中表現如此出色的原因。

Then perhaps a quick follow-up.

然後也許是一個快速的跟進。

With respect to content accumulation in regards to video, can you talk a little bit why we don't have more movie titles on iTunes at this point, and if we are going to be rectifying that in the future?

關於視頻的內容積累，您能談談為什麼我們現在在 iTunes 上沒有更多的電影標題，以及我們將來是否會糾正這個問題？

Sure, it is Peter.

沒錯，是彼得。

We have a very, very broad library of movies and TV shows, particularly here in the United States.

我們有一個非常非常廣泛的電影和電視節目庫，尤其是在美國。

We are adding more content internationally each quarter.

我們每個季度都會在國際上添加更多內容。

And look for some more content later this quarter across the various stores.

並在本季度晚些時候在各個商店中尋找更多內容。

We have some neat stuff coming.

我們有一些整潔的東西來了。

Thank you.

謝謝你。

Thanks, Brian.

謝謝，布賴恩。

That concludes our Q&A session.

我們的問答環節到此結束。

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 via 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。

And 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。

Please enter confirmation code 991-5940.

請輸入確認碼 991-5940。

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 analyst can contact either Joan Hoover or me with additional questions.

有其他問題的媒體成員可以撥打 408-974-1896 聯繫 Steve Dowling，金融分析師可以聯繫 Joan Hoover 或我提出其他問題。

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。

And 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。