Apple (NASDAQ:AAPL) Q4 2011 Earnings Call October 18, 2011 5:00 PM ET

苹果公司（纳斯达克股票代码：AAPL）2011 年第四季度收益电话会议 美国东部时间 2011 年 10 月 18 日下午 5:00

Executives 高管

Peter Oppenheimer - Chief Financial Officer and Senior Vice President

彼得-奥本海默--首席财务官兼高级副总裁

Nancy Paxton - IR

南希-帕克斯顿 - IR

Timothy D. Cook - Chief Executive Officer and Director

蒂莫西-库克 - 首席执行官兼董事

Analysts 分析师

Keith F. Bachman - BMO Capital Markets U.S.

Richard Gardner - Citigroup Inc, Research Division

Richard Gardner - 花旗集团研究部

Benjamin A. Reitzes - Barclays Capital, Research Division

Benjamin A. Reitzes - 巴克莱资本，研究部

Kulbinder Garcha - Crédit Suisse AG, Research Division

Kulbinder Garcha - 瑞士信贷银行股份公司，研究部

Mark A Moskowitz - JP Morgan Chase & Co, Research Division

Mark A Moskowitz - 摩根大通研究部

Katy Huberty - Morgan Stanley, Research Division

Katy Huberty - 摩根士丹利，研究部

Chris Whitmore - Deutsche Bank AG, Research Division

克里斯-惠特莫尔 - 德意志银行股份公司，研究部

A.M. Sacconaghi - Sanford C. Bernstein & Co., LLC., Research Division

A.M. Sacconaghi - Sanford C. Bernstein & Co., LLC.

Scott D. Craig - BofA Merrill Lynch, Research Division

Scott D. Craig - 美林证券研究部

Mike Abramsky - RBC Capital Markets, LLC, Research Division

Mike Abramsky - 加拿大皇家银行资本市场有限责任公司研究部

Bill C. Shope - Goldman Sachs Group Inc., Research Division

Bill C. Shope - 高盛集团研究部

Charles Eugene Munster - Piper Jaffray Companies, Research Division

Charles Eugene Munster - 派杰公司，研究部

Operator 操作员

Good day, everyone, and welcome to the Apple Inc. Fourth Quarter Fiscal Year 2011 Earnings Release Conference Call. Today's call is being recorded. At this time, for opening remarks and introductions, I would like to turn the call over to Nancy Paxton, Senior Director of Investor Relations. Please go ahead, ma'am.

大家好，欢迎收听苹果公司 2011 财年第四季度收益发布电话会议。2011 财年第四季度收益发布电话会议。今天的电话会议正在录音。现在由投资者关系部高级总监南希-帕克斯顿 (Nancy Paxton) 致开幕词并作自我介绍。请说，女士。

Nancy Paxton 南希-帕克斯顿

Thank you. Good afternoon, and thanks to everyone for joining us. Please note that some of the information you'll hear during our discussion today will consist of forward-looking statements including without limitation, those regarding revenue, gross margin, operating expenses, other income and expense, stock-based compensation expense, taxes, earnings per share and future products. Actual results or trends could differ materially from our forecast.

谢谢。下午好，感谢大家的参与。请注意，在我们今天的讨论中，你们会听到一些前瞻性陈述，包括但不限于有关收入、毛利率、运营支出、其他收入和支出、股票薪酬支出、税收、每股收益和未来产品的陈述。实际结果或趋势可能与我们的预测大相径庭。

For more information, please refer to the risk factors discussed in Apple's Form 10-K for 2010, Form 10-Q for the first 3 quarters of fiscal 2011 and the Form 8-K filed with the SEC today along with the attached press release. Apple assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates.

欲了解更多信息，请参阅苹果公司今天向美国证券交易委员会提交的 2010 年 10-K 表、2011 财年前三季度 10-Q 表和 8-K 表中讨论的风险因素，以及随附的新闻稿。Apple 公司不承担更新任何前瞻性表述或信息的义务，这些表述或信息以其各自的日期为准。

I'd now like to turn the call over to Apple CEO, Tim Cook, for introductory remarks.

现在请苹果公司首席执行官蒂姆-库克（Tim Cook）致开场白。

Timothy D. Cook 蒂莫西-D-库克

Thanks, Nancy. Good afternoon, everyone. This is our first earnings call since the passing of Steve Jobs. The world has lost a visionary, a creative genius and an amazing human being. Steve was a great leader and mentor and inspired everyone at Apple to do extraordinary things. His spirit will forever be the foundation of Apple, and we are dedicated to continuing the amazing work that he loved so much.

谢谢，南希。大家下午好。这是史蒂夫-乔布斯逝世后我们的第一个财报电话会议。世界失去了一位有远见的人，一位有创造力的天才，一位了不起的人。史蒂夫是一位伟大的领导者和导师，他激励着苹果公司的每一个人做出非凡的事业。他的精神将永远是 Apple 的基石，我们将致力于继续他所钟爱的令人惊叹的工作。

Only Apple brings together software, hardware and services into such a powerful and integrated experience for our customers. As we move forward, we will continue doing that with relentless focus. I'd like to take this opportunity to express our gratitude for all of the condolences and expressions of support that we have received following Steve's passing.

只有 Apple 将软件、硬件和服务融为一体，为客户带来如此强大的综合体验。在前进的道路上，我们将继续坚持不懈地专注于此。我想借此机会对史蒂夫逝世后我们收到的所有慰问和支持表示感谢。

With that, I'd like to turn over the call to Peter to discuss our Q4 results. Peter?

接下来，我想请彼得谈谈我们的第四季度业绩。彼得？

Peter Oppenheimer 彼得-奥本海默

Thank you, Tim. We are very pleased to report record September quarter revenues and earnings. We set a new all-time quarterly record for Mac and iPad sales, and we established a new September quarter record for iPhone sales. We're very proud of these results and with the momentum of our business.

谢谢你，蒂姆。我们非常高兴地公布创纪录的九月份收入和利润。我们的 Mac 和 iPad 销售额创下了新的季度纪录，iPhone 销售额也创下了新的 9 月季度纪录。我们对这些业绩和业务发展势头感到非常自豪。

Revenue for the quarter was $28.3 billion, representing year-over-year growth of 39%. The year-over-year increase was fueled primarily by strong growth in iPad, Mac and iPhone sales. Operating margin was $8.7 billion, representing 30.8% of revenue. Net income was $6.6 billion, increasing 54% year-over-year and translating to earnings per share of $7.05.

本季度收入为 283 亿美元，同比增长 39%。同比增长主要得益于 iPad、Mac 和 iPhone 销售的强劲增长。营业利润率为 87 亿美元，占收入的 30.8%。净利润为 66 亿美元，同比增长 54%，每股收益为 7.05 美元。

Turning to the details of the quarter. I'd like to begin with our Mac products and services. We established a new all-time quarterly record with sales of 4.89 million Macs, exceeding the previous record set in the last December quarter by 760,000 Macs, representing a 26% increase over the year-ago quarter's results. That is more than 6x IDC's most recently published forecast of 4% growth for the PC market overall in the September quarter. Mac sales increased strongly in each of our operating segments led by Asia-Pacific with growth of 61% year-over-year.

下面谈谈本季度的具体情况。首先，我想谈谈我们的 Mac 产品和服务。我们创造了新的季度记录，销售了 489 万台 Mac，比去年 12 月创下的记录高出 76 万台，比去年同期增长了 26%。这比 IDC 最近发布的 9 月份 PC 市场整体增长 4% 的预测高出 6 倍多。Mac 在我们每个运营分部的销售量都有强劲增长，其中亚太地区的销售量同比增长 61%。

The increase in Mac sales was fueled by the very strong growth in MacBook Air as well as the continued strong performance of MacBook Pro. In July, we updated the MacBook Air with the next-generation processors, high-speed Thunderbolt I/O technology and a backlit keyboard. And while the portables represented 74% of the total Mac mix, we also generated record desktop sales in the quarter primarily due to continued strength of iMac.

Mac 销售额的增长得益于 MacBook Air 的强劲增长和 MacBook Pro 的持续强劲表现。7 月份，我们更新了 MacBook Air，配备了新一代处理器、高速 Thunderbolt I/O 技术和背光键盘。虽然便携式电脑占 Mac 总销量的 74%，但本季度台式机销量也创下了历史新高，这主要归功于 iMac 的持续强劲表现。

We launched Mac OS X Lion on July 20 and customer response has been tremendous with over 6 million Lion downloads during the September quarter. We began and ended the quarter with between 3 and 4 weeks of Mac channel inventory.

我们于 7 月 20 日推出了 Mac OS X Lion，客户反响强烈，9 月份的 Lion 下载量超过 600 万次。本季度开始和结束时，我们的 Mac 渠道库存都在 3 到 4 周之间。

Moving to our music products. We sold 6.6 million iPods compared to almost 9.1 million in the year-ago quarter. Though down year-over-year, total iPod sales were ahead of our expectations and iPod touch continue to account for over half of all iPods sold. iPod's share of the U.S. market for MP3 players remains at over 70% based on the latest monthly data published by MPD, and iPod continues to be the top-selling MP3 player in most countries we track based on the latest data published by GFK. We ended the quarter within our target range of 4 to 6 weeks of iPod channel inventory.

下面谈谈我们的音乐产品。我们售出了 660 万部 iPod，而去年同期的销量接近 910 万部。根据 MPD 公布的最新月度数据，iPod 在美国 MP3 播放器市场的份额仍然超过 70%；根据 GFK 公布的最新数据，在我们跟踪的大多数国家，iPod 仍然是最畅销的 MP3 播放器。本季度末，我们的 iPod 渠道库存保持在 4 至 6 周的目标范围内。

The iTunes Store generated record results with revenue in the quarter of almost $1.5 billion. The iTunes catalog continues to grow, and customers have downloaded over 16 billion songs and 650 million TV shows to date. We've also been very pleased with the growing popularity of the iBookstore with over 180 million downloads of iBooks to date.

iTunes Store 在本季度创下了近 15 亿美元的收入记录。iTunes 目录持续增长，用户迄今已下载了超过 160 亿首歌曲和 6.5 亿部电视节目。我们还非常高兴地看到 iBookstore 越来越受欢迎，迄今为止 iBooks 的下载量已超过 1.8 亿次。

I'd now like to turn to iPhone. We were very pleased to sell 17.1 million iPhones compared to 14.1 million in the previous September quarter. This represents 21% year-over-year growth and a new September quarter record. We experienced particularly strong iPhone sales growth in our Asia-Pacific segment where iPhone sales more than doubled year-over-year.

现在我想谈谈 iPhone。我们很高兴能售出 1,710 万部 iPhone，而上一季度 9 月份的销量为 1,410 万部。这意味着同比增长 21%，并创下了 9 月份的新纪录。我们在亚太区的 iPhone 销售增长尤为强劲，同比增长了一倍多。

We were pleased with the iPhone sales growth as we prepared for the transition to the iPhone 4S. We expected iPhone sell-through to decline sequentially from the June quarter as a result of new product rumors following the announcement at our Developers Conference in June that iOS 5 and iCloud would become available in the fall. As we predicted, iPhone sell-through did decline across the quarter especially in the second half as new product speculation intensified.

在准备向 iPhone 4S 过渡的过程中，我们对 iPhone 的销售增长感到满意。在 6 月份的开发者大会上，我们宣布 iOS 5 和 iCloud 将于秋季上市，由于新产品传言不断，我们预计 iPhone 的销售量将从 6 月份开始连续下降。正如我们预测的那样，iPhone 的销售量在整个季度确实出现了下降，尤其是在下半年，因为新产品的猜测愈演愈烈。

We ended the quarter with about 5.75 million iPhones in channel inventory, a sequential decline of about 180,000, which places within our target range of 4 to 6 weeks of iPhone channel inventory. Recognized revenue from iPhone handset and accessory sales was $11 billion during the quarter compared to $8.8 billion in the year-ago quarter, an increase of 24%.

本季度末，我们的渠道库存约为 575 万部 iPhone，环比减少约 18 万部，处于我们 iPhone 渠道库存 4 至 6 周的目标范围之内。本季度 iPhone 手机和配件销售确认收入为 110 亿美元，去年同期为 88 亿美元，同比增长 24%。

Given the October launch of the iPhone 4S, we opted to defer new carrier and country additions from this September quarter until after the launch. As we indicated 2 weeks ago, we were very pleased to have recently added Sprint and KDDI to our carrier line up. These additions bring us to 230 carriers in 105 countries. For the sixth consecutive time, iPhone ranked highest in consumer reports, wireless consumer smartphone customer satisfaction survey, achieving the highest ratings for overall satisfaction as well as for performance, ease of operations, features and design.

鉴于 iPhone 4S 将于 10 月份上市，我们选择将本季度新增的运营商和国家推迟到 iPhone 4S 上市之后。正如我们两周前指出的，我们非常高兴地看到最近又有 Sprint 和 KDDI 加入我们的运营商阵容。这些新增运营商使我们在 105 个国家/地区拥有 230 家运营商。在《消费者报告》的无线消费者智能手机客户满意度调查中，iPhone 连续第六次名列前茅，在总体满意度、性能、易操作性、功能和设计方面均获得最高评分。

iPhone continues to be adopted as the standard across the enterprise with 93% of the Fortune 500 deploying or testing the device, up from 91% last quarter and 60% of the Global 500 testing or deploying iPhone, up from 57% last quarter. A recent example of iPhone's enterprise success is Lowe's. Lowe's is in the process of rolling out over 40,000 iPhones with a custom application to allow their store associates to execute realtime inventory checks, product orders and interactive customers with how-to videos.

财富 500 强企业中有 93% 部署或测试了 iPhone，高于上一季度的 91%；全球 500 强企业中有 60% 测试或部署了 iPhone，高于上一季度的 57%。最近，Lowe's 公司就是 iPhone 在企业中取得成功的一个例子。Lowe's 正在推出 40,000 多部配备定制应用程序的 iPhone，让店员可以实时检查库存、订购产品，并通过视频与客户互动。

Additional examples of companies around the world supporting iPhone on their corporate networks include L'Oreal, Royal Bank of Scotland, SAP, Texas Instruments, Jacobs Engineering Group, Tenet Healthcare, Jaguar Land Rover, Takeda Pharmaceuticals, Lincoln National and CSX Corporation. And of course, we're thrilled to begin shipping iPhone 4S this month.

全球支持 iPhone 的公司还包括欧莱雅、苏格兰皇家银行、SAP、德州仪器、Jacobs Engineering Group、Tenet Healthcare、捷豹路虎、武田制药、林肯国家公司和 CSX Corporation。当然，我们很高兴本月开始发运 iPhone 4S。

We are extremely enthusiastic about Siri, the iPhone 4 intelligent assistant that helps you get things done by just asking, and we think customers will love the performance of the iPhone 4S' dual-core A5 chip, all-new camera and full 1080p HD video recording. Now shipping in 7 countries, we are working hard to get iPhone 4S in customers' hands as quickly as possible. We look forward to rolling it out in 22 more countries by the end of this month.

我们对 iPhone 4 的智能助手 Siri 充满热情，它可以帮助你通过简单的询问完成各种事情，而且我们认为用户会喜欢 iPhone 4S 的双核 A5 芯片、全新摄像头和全 1080p HD 高清视频录制的性能。目前，iPhone 4S 已在 7 个国家和地区上市，我们正努力尽快将 iPhone 4S 送到用户手中。我们期待在本月底之前在另外 22 个国家和地区推出 iPhone 4S。

Turning to iPad. We continue to be thrilled with its incredible momentum. We set a new record with sales of 11.1 million iPads during the September quarter compared to 4.2 million in the year-ago quarter, an increase of 166%. We've said from the beginning that the tablet market is a huge opportunity for Apple, and we are very excited with our current performance and the tremendous customer enthusiasm for iPad.

谈到 iPad。我们仍然对其惊人的发展势头感到兴奋。与去年同期的 420 万台相比，本季度 iPad 的销量达到 1,110 万台，增长了 166%，创造了新的记录。我们从一开始就说过，平板电脑市场对 Apple 来说是一个巨大的机遇，我们对目前的业绩和客户对 iPad 的巨大热情感到非常兴奋。

We launched iPad 2 in additional 20 countries, ending the September quarter with distribution in a total of 90 countries. Recognized revenue from sales of iPad and iPad accessories during the quarter were $6.9 billion compared to $2.8 billion in the year-ago quarter, an increase of 146%.

我们在另外 20 个国家和地区推出了 iPad 2，到 9 月季度末，iPad 2 已在 90 个国家和地区销售。本季度 iPad 和 iPad 配件的确认销售收入为 69 亿美元，去年同期为 28 亿美元，同比增长 146%。

We ended the quarter with about 2.5 million iPads in channel inventory, a sequential increase of about $1.45 million, which places within the target range of 4 to 6 weeks. It's been just 18 months since we introduced iPad and the pace at which businesses worldwide are adopting this technology is unprecedented. Today, 92% of the Fortune 500 are testing or deploying iPad within their enterprises, up from 86% last year. Internationally, 52% of the Global 500 are testing or deploying iPad, up from 47% last quarter.

本季度结束时，我们的渠道库存中约有 250 万台 iPad，连续增加了约 145 万美元，在 4 至 6 周的目标范围内。我们推出 iPad 仅仅 18 个月，而全球企业采用这项技术的速度是前所未有的。如今，92% 的财富 500 强企业正在其企业内部测试或部署 iPad，而去年这一比例为 86%。在全球 500 强企业中，52% 的企业正在测试或部署 iPad，高于上一季度的 47%。

Every day, we learn about innovative new ways our enterprise customers are using iPad. The airline industry is a great example of the momentum we're seeing. United Continental Holdings is putting iPads in every cockpit to replace heavy, paper-based flight bags. In Japan, All Nippon Airways is now using iPad in training programs for flight attendants.

每天，我们都能了解到企业客户使用 iPad 的创新方式。航空业就是一个很好的例子。美国联合大陆控股公司（United Continental Holdings）正在每个驾驶舱内放置 iPad，以取代沉重的纸质飞行包。在日本，全日空航空公司正在将 iPad 应用于空乘人员的培训计划中。

Sonic Automotive is using iPad for customer check-in at the service department and also to provide analytics to regional managers. Aflac, Biogen and General Mills have developed internal apps that their field sales teams leverage daily, and technicians of Siemens Energy are bringing iPads along when they do maintenance work at the top of their wind turbines.

Sonic Automotive 在服务部门使用 iPad 进行客户签到，并为区域经理提供分析。Aflac、Biogen 和 General Mills 开发了内部应用程序，供其现场销售团队日常使用，西门子能源公司的技术人员在风力涡轮机顶部进行维护工作时也会带上 iPad。

Combining iPhone, iPad and iPod touch, we surpassed the 0.25 billion cumulative iOS device sales in the September quarter. We were very pleased to begin delivering iOS 5 last week and customers are loving its many new features, including Notification Center, iMessage, Newsstand and Reminders.

结合 iPhone、iPad 和 iPod touch，我们在九月份的 iOS 设备累计销售量超过了 2500万部。我们很高兴上周开始提供 iOS 5，用户非常喜欢它的许多新功能，包括通知中心、iMessage、Newsstand 和提醒事项。

We're also very excited to launch iCloud last week, with breakthrough services including iTunes in the Cloud, Photo Stream and Documents in the Cloud. We believe iCloud is the easiest way for customers to manage their content going far beyond anything else available today and early reviews have been excellent.

上周，我们还非常兴奋地推出了 iCloud，包括云中的 iTunes、照片流和云中的文档在内的突破性服务。我们相信，iCloud 是客户管理其内容的最简便方式，远远超越了目前的任何其他方式，而且早期的评价非常好。

The App Store continues to be incredibly successful with over 500,000 apps available and over 18 billion downloads to date. We expanded the App Store to 33 additional countries during the September quarter, ending with a total of 123 countries.

App Store 继续取得令人难以置信的成功，迄今已有超过 500,000 个应用程序，下载量超过 180 亿次。在九月份，我们又将 App Store 扩展到 33 个国家/地区，使其总数达到 123 个国家/地区。

I'd now like to turn to the Apple Retail Stores. Revenue was $3.6 billion, an increase of 1% over the prior-year quarter. The stores experienced very strong year-over-year growth in Mac and iPad sales, which was largely offset by decline in iPhone sales given the tough comparisons in the year-ago quarter when iPhone 4 was launched and compounded by speculation about a new iPhone this year. The stores generated record-breaking Mac results, with sales reaching 1.1 million compared to 874,000 in the year-ago quarter, an increase of 25%. And about half of the Macs sold in our stores during the September quarter were to customers who had never owned a Mac before.

现在我想谈谈苹果零售店。本季度营收为 36 亿美元，同比增长 1%。零售店的 Mac 和 iPad 销售额实现了非常强劲的同比增长，但由于去年同期 iPhone 4 上市时的艰难对比，以及对今年新款 iPhone 的猜测，iPhone 销售额的下降在很大程度上抵消了这一增长。商店的 Mac 销售额创下了历史新高，达到了 110 万台，与去年同期的 87.4 万台相比，增长了 25%。在 9 月份的销售中，约有一半的 Mac 是售给从未使用过 Mac 的顾客。

We opened 30 new stores in the quarter, 21 of which were outside United States. On the last weekend of the quarter, we opened 7 stores in 6 countries, including our first store in Hong Kong. With our highest opening day for Mac sales ever, our Hong Kong store joins our 5 other China stores as the highest traffic and among our highest revenue stores in the world. We ended the quarter with a total of 357 stores. With an average of 336 stores opened, average revenue per store was $10.7 million compared to $11.8 million in the year-ago quarter.

本季度我们新开了 30 家门店，其中 21 家在美国以外。在本季度的最后一个周末，我们在 6 个国家开设了 7 家新店，其中包括在香港开设的第一家新店。香港店开业当天的 Mac 销售额创历史新高，与其他 5 家中国店一起成为全球客流量最大、收入最高的门店。本季度结束时，我们共有 357 家门店。平均每家店的营业额为 1,070 万美元，而去年同期为 1,180 万美元。

Retail segment margin was $679 million compared to $917 million in the year-ago quarter. Store traffic continues to be very strong. We hosted a record 77.5 million visitors in the September quarter. As we look ahead to fiscal 2012, we will continue to focus on international expansion. In total, we expect to open about 40 stores with approximately 3/4 of them outside United States. We will also be expanding or replacing higher volume stores primarily in the U.S. that are simply too constrained to deliver our desired customer experience.

零售业务利润为 6.79 亿美元，去年同期为 9.17 亿美元。门店客流量继续保持强劲势头。我们在 9 月份接待了创纪录的 7750 万游客。展望 2012 财年，我们将继续专注于国际扩张。我们预计总共将开设约 40 家门店，其中约 3/4 在美国以外的地区。我们还将主要在美国扩建或更换销量较高的门店，因为这些门店的局限性太大，无法提供我们所期望的客户体验。

Total company gross margin was 40.3%, which was 230 basis points higher than our guidance. This difference was almost entirely due to lower component and other product costs. Operating expenses were $2.67 billion and included $253 million of stock-based compensation expense. OI&E was $81 million. The tax rate for the quarter was 24.7%.

公司总毛利率为 40.3%，比我们的预期高出 230 个基点。这一差异几乎完全归因于组件和其他产品成本的降低。运营支出为 26.7 亿美元，包括 2.53 亿美元的股票薪酬支出。运营支出和费用为 8100 万美元。本季度税率为 24.7%。

Turning to cash. Our cash and short-term and long-term marketable securities totaled $81.6 billion at the end of the September quarter, compared to $76.2 billion at the end of the June quarter, a sequential increase of $5.4 billion. This increase was net of cash paid for the acquisition of Nortel patents and the Nokia settlement during the September quarter. Cash flow from operations was $10.4 billion, an increase of 84% year-over-year.

关于现金。截至 9 月季度末，我们的现金及短期和长期有价证券总额为 816 亿美元，与 6 月季度末的 762 亿美元相比，连续增加了 54 亿美元。这一增长扣除了 9 月份收购北电专利和与诺基亚和解所支付的现金。运营现金流为 104 亿美元，同比增长 84%。

As we move ahead into the December 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. I'd also like to remind you that approximately once every 6 years, we add a week to the December quarter to align our fiscal periods with the December calendar. So this December quarter will span 14 weeks rather than 13 and will end on December 31.

在进入 12 月季度之际，我想回顾一下我们的展望，其中包括南希在电话会议开始时提到的前瞻性信息。我还想提醒大家，大约每 6 年一次，我们会在 12 月季度增加一周时间，使我们的财政期与 12 月日历保持一致。因此，这个 12 月季度将跨越 14 周，而不是 13 周，并将于 12 月 31 日结束。

We expect revenues to be about $37 billion compared to $26.7 billion in the December quarter last year. We expect gross margin to be about 40%, reflecting approximately $60 million related to stock-based compensation expense. We expect OpEx to be about $3.25 billion, including about $350 million related to stock-based compensation. We expect OI&E to be about $85 million, and we expect the tax rate to be about 24.25%. We are targeting EPS of about $9.30.

我们预计收入约为 370 亿美元，而去年 12 月季度的收入为 267 亿美元。我们预计毛利率约为 40%，其中股票薪酬支出约为 6000 万美元。我们预计运营支出约为 32.5 亿美元，其中包括约 3.5 亿美元的股票薪酬。我们预计运营支出和费用约为 8500 万美元，税率约为 24.25%。我们的目标每股收益约为 9.30 美元。

In closing, we're extremely pleased with the strong conclusion to our record-breaking fiscal 2011. Over the course of the year, we generated revenue of over $108 billion, an increase of $43 billion or 66% over our fiscal 2010 results. We blew past historical records by selling over 72 million iPhones, 32 million iPads and almost 17 million Macs in fiscal 2011.

最后，我们对 2011 财年创纪录的强劲业绩感到非常高兴。在这一年中，我们创造了超过 1,080 亿美元的收入，比 2010 财年增长了 430 亿美元，增幅达 66%。我们在 2011 财年销售了超过 7,200 万部 iPhone、3,200 万台 iPad 和近 1,700 万台 Mac，打破了历史记录。

We expanded our reach by opening 40 new retail stores, adding scores of new carrier and leaseholder relationships and broadened our online presence through Apple stores and App Stores around the world. And last but not the least, we generated almost $26 billion in net income during the year, an increase of 85% year-over-year, which was even faster than our revenue growth. We're thrilled to begin selling iPhone 4S and to bring iOS 5 and iCloud to our customers this month, and we remain very enthusiastic about our new product pipeline.

我们新开了 40 家零售店，与数十家新的运营商和租赁商建立了合作关系，并通过遍布全球的苹果商店和应用程序商店扩大了我们的在线业务。最后但并非最不重要的是，我们在这一年中创造了近 260 亿美元的净收入，同比增长 85%，甚至比收入增长还要快。我们很高兴能在本月开始销售 iPhone 4S，并为我们的客户带来 iOS 5 和 iCloud，而且我们对新产品的推出仍然充满热情。

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

下面请大家提问。

Nancy Paxton 南希-帕克斯顿

Thank you, Peter. We ask that you limit yourself to one question and one follow-up. Operator, may we have the first question please?

谢谢，彼得。我们要求你只提一个问题和一个后续问题。接线员，请回答第一个问题。

Question-and-Answer Session

问答环节

Operator 操作员

From Goldman Sachs, we'll go to Bill Shope.

来自高盛集团的比尔-肖普。

Bill C. Shope - Goldman Sachs Group Inc., Research Division

Bill C. Shope - 高盛集团研究部

I have a few iPhone questions if I could. Given that the 4S was launched so close to the holiday selling season, can you give us an idea of your confidence in the production ramp and the distribution ramp and how you've mitigated the risk of a shortage during peak consumer demand?

如果可以的话，我有几个关于 iPhone 的问题。鉴于 4S 的推出时间非常接近假日销售旺季，你能否告诉我们你对生产量和销售量的信心，以及你是如何降低消费者需求高峰期出现短缺的风险的？

Timothy D. Cook 蒂莫西-D-库克

Bill, it's Tim. We've gotten off to a great start with the 4S. We've sold over 4 million in just 3 days after launch, and so we're thrilled with the start that we have. We're confident that we will have a large supply, but I don't want to predict when supply and demand might balance because the demand is obviously extremely high right now. But I'm confident that we will set an all-time record for iPhone this quarter.

比尔，我是蒂姆。我们的 4S 有了一个良好的开端。上市仅 3 天，我们就卖出了 400 多万部，我们对这样的开端感到非常兴奋。我们有信心会有大量的供应，但我不想预测何时供需会平衡，因为现在的需求显然非常大。但我相信，本季度 iPhone 的销量将创下历史新高。

Bill C. Shope - Goldman Sachs Group Inc., Research Division

Bill C. Shope - 高盛集团研究部

Now and just a question on the September quarter iPhone dynamic. So it sounds like the primary negative impact on shipments was purely from a sell-through pause. You didn't have any real channel inventory drawdown issues affect shipments. Is that correct?

现在，我只想问一个关于九月份 iPhone 动态的问题。听起来对出货量的主要负面影响纯粹来自销售暂停。你们没有任何真正的渠道库存缩减问题影响出货量。是这样吗？

Timothy D. Cook 蒂莫西-D-库克

Not entirely. If you look at on the sell-through basis, the sequential comparison is down 2.4 million units. That's 19.7 million from the previous quarter, which had an inventory build in it to bring it to a sell-in of over 20 million and to 17.3 million this quarter, which had an inventory reduction of a little less than 200,000, which Peter talked about in his opening remarks. That 2.4 million was much less of a reduction than what we were expecting and was a large factor in our revenue exceeding our guidance by over $3 billion. We expected it to be greater than 2.4 million because we knew that there was great anticipation of the June or July new iPhone because that was the pace that we have been on for the last several years. And as we had predicted, that sell-through decline did occur in the quarter, but not nearly to the extent that we fought and therefore, we significantly beat our guidance. The reduction happened largely in the back half of the quarter as the speculation hit extreme highs. However, we're thrilled to be shipping the new iPhone 4S and iOS 5 and iCloud, and we're very confident that we will set an all-time record in the December quarter for iPhone sales. We -- in our wildest dreams, we couldn't have gotten off to a start as great as we have on the 4S.

并不是完全如此。如果你从销售完成的角度来看，连续季度比较下降了240万部。这是从上个季度的1970万部下降到这个季度的1730万部，上个季度有库存增加，使其销售量超过2000万部，而这个季度有库存减少，减少了不到20万部，这是彼得在他的开场白中谈到的。这240万部的减少比我们预期的要少得多，是我们收入超过预期超过30亿美元的一个重要因素。我们预期会超过240万部，因为我们知道人们对6月或7月的新iPhone有很大的期待，因为那是我们过去几年一直在进行的步伐。正如我们所预测的，那个季度的销售完成确实有所下降，但远远没有我们预期的那么严重，因此我们大大超过了我们的预期。这种减少主要发生在季度的后半部分，当猜测达到极高点时。然而，我们很高兴能够推出新的iPhone 4S和iOS 5以及iCloud，我们非常有信心我们将在12月季度为iPhone销售创下历史新高。我们——在我们的最疯狂的梦中，我们也无法像我们对4S的开始那样好。

Operator 操作员

From Morgan Stanley, we'll hear from Katy Huberty.

摩根士丹利的凯蒂-休伯蒂（Katy Huberty）将为我们带来报道。

Katy Huberty - Morgan Stanley, Research Division

Katy Huberty - 摩根士丹利，研究部

Peter, this quarter you were able to print north of a 40% gross margin despite the mix shift away from your high-margin product and towards lower margin products. So just curious why you don't think you can do better than 40% in December given how well the iPhone 4S is already doing and the favorable component cost environment, and then I have a follow-up for Tim.

彼得，尽管高利润产品向低利润产品转移，但本季度你们的毛利率仍能达到 40%。我只是很好奇，既然 iPhone 4S 已经做得很好，而且组件成本环境也很有利，为什么你认为 12 月份的毛利率不能超过 40%？

Peter Oppenheimer 彼得-奥本海默

Sure. I understand your question, Katy. We expect the gross margin to be relatively flat on a sequential basis. And we expect this because as you pointed out, we do think a favorable component cost environment will continue, and we certainly expect a very strong mix of iPhones, both of which are positive for gross margins. However, we expect both of these to be basically fully offset by the impact of higher cost structures and reduced price points for the recently introduced iPhones and iPods as well as the stronger U.S. dollar. It's really strengthened in the last couple of weeks from where we were across the summer. So that's why.

当然，我明白你的问题，凯蒂。我们预计毛利率将相对持平。我们之所以这样预期，是因为正如你所指出的，我们确实认为有利的零部件成本环境将持续下去，而且我们当然也预期 iPhone 的组合将非常强劲，这两者都对毛利率有利。但是，我们预计这两方面的影响基本上都会被最近推出的 iPhone 和 iPod 的成本结构提高和价位降低以及美元走强所完全抵消。在过去的几周里，美元确实走强了，这与我们整个夏天的情况大相径庭。这就是原因所在。

Katy Huberty - Morgan Stanley, Research Division

Katy Huberty - 摩根士丹利，研究部

Okay. And then Tim, over the course of the last year, you've provided great insight into Apple's traction in China. So I wonder if you could update us on how you're tracking in that region, but also provide some insight into how substantial China could be to Apple over time. For instance, is there any reason that China couldn't be as big as the U.S. market once you open more stores and optimize the product set there?

好的。蒂姆，在过去的一年里，你对苹果公司在中国的发展提供了很好的见解。因此，我想知道你能否向我们介绍一下你在该地区的最新进展情况，同时也提供一些关于随着时间的推移，中国对苹果公司的重要性的见解。例如，一旦你们在中国开设了更多的专卖店并优化了产品组合，有没有理由说中国不会像美国市场一样大？

Timothy D. Cook 蒂莫西-D-库克

Yes, thanks for the question. Should the China progress has been amazing, if you look at our Greater China revenue, it represented just 2% of Apple in our fiscal year '09. And in the fiscal year we just ended, it accounted for 12%, and if you just look at the quarter that we just ended, it accounted for 16%. So it's our fastest growing major region by far. It delivered $4.5 billion of our revenue for the current quarter, and that's up almost 4x or about 270% year-over-year. That brought the total revenue for the fiscal year to over $13 billion. And to further put that in context, a year ago in fiscal year '10, we were just right above $3 billion. So it is growing at a feverish pace. We have placed new retail stores there as you know. We now have 6 in Greater China. Our online store opened at the end of last year, and so we have still -- we haven't hit our one-year anniversary there yet. We have over 200 Mono-branded stores that we call APRs, which are resellers on there. That's a very premium shopping experience, and we are now up to over 7,000 point of sales on the iPhone in Greater China. And so we're continuing to make investments in this. How far can it go? Certainly in my lifetime, I've never seen a country with as many people rising into the middle class that aspire to buy products that Apple makes. And so I think it's an area of enormous opportunity, and it has quickly become #2 on our list of top revenue countries very, very quickly and we're obviously placing additional investment. We're building more stores there as well as doing quite a few other things to continue to deliver our great products to the people of China. We're also placing additional focus on some other areas that have shown great promise over this fiscal year such as Brazil. Brazil was up 118% year-over-year and went over the $900 million mark. Russia is also beginning to look more and more promising. As I've mentioned on the last call, the Middle East we believe has significant opportunities. So there's several of these markets that historically Apple has not been strong and that the iPhone has really opened up and introduced Apple to a whole set of customers that didn't get excited about looking at other products that we have. And I think certainly, the iPad will be doing the same. And so I think China, the sky is the limit there, and I wouldn't discount some of these other places that I've mentioned as well.

是的，谢谢你的提问。如果你看一下我们大中华区的收入，在 09 财年，它只占苹果公司收入的 2%。而在刚刚结束的财年，它占到了 12%，如果你看看刚刚结束的季度，它占到了 16%。因此，到目前为止，它是我们增长最快的主要地区。本季度，它为我们带来了 45 亿美元的收入，同比增长了近 4 倍，约 270%。这使得本财年的总收入超过了 130 亿美元。而在一年前的 10 财年，我们的收入刚刚超过 30 亿美元。因此，它的增长速度非常快。正如大家所知，我们在那里开设了新的零售店。现在，我们在大中华区有 6 家零售店。我们的网上商店于去年年底开业，所以我们还没有到一周年的时间。我们有 200 多家单品牌店，我们称之为 APR，也就是上面的经销商。这是一种非常优质的购物体验，目前我们在大中华区的 iPhone 销售点已超过 7000 个。因此，我们将继续在这方面进行投资。它能走多远？当然，在我有生之年，我从未见过一个国家有如此多的中产阶级渴望购买苹果公司生产的产品。因此，我认为这是一个蕴藏着巨大商机的领域，它已迅速成为我们收入最高国家的第二名，我们显然正在追加投资。我们正在那里建立更多的专卖店，同时也在做其他一些事情，继续为中国人民提供我们的好产品。我们还将更多的精力放在其他一些地区，这些地区在本财年表现出了巨大的潜力，比如巴西。 巴西同比增长 118%，突破 9 亿美元大关。俄罗斯也开始变得越来越有前景。正如我在上次电话会议中提到的，我们认为中东地区也有很大的机会。因此，在这些市场中，有几个市场苹果公司在历史上并不强大，而 iPhone 确实打开了这些市场，并将苹果公司介绍给了那些对我们的其他产品并不感兴趣的客户。我认为，iPad 肯定也会这样做。因此，我认为中国的发展前景不可限量，我也不会忽视我提到的其他一些地方。

Operator 操作员

We'll go to Mark Moskowitz with JPMorgan.

我们请摩根大通的马克-莫斯科维茨（Mark Moskowitz）发言。

Mark A Moskowitz - JP Morgan Chase & Co, Research Division

Mark A Moskowitz - 摩根大通研究部

Two questions. First for Tim. If you weigh in a little more on Apple's historic strength in terms of manufacturing and supply chain strategies, I know we talked about this before, Tim. But can you give us an update in terms of your margin flexibility as you start to use more than one source for certain parts of your supply chain manufacturing chain? And I have a question for Peter after that.

两个问题。先问蒂姆。我知道我们以前讨论过这个问题，蒂姆，如果你能多谈谈苹果公司在制造和供应链战略方面的历史优势。但是，当你开始在供应链制造环节的某些部分使用多个来源时，你能否向我们介绍一下你的利润灵活性的最新情况？之后我还要问彼得一个问题。

Timothy D. Cook 蒂莫西-D-库克

Yes. Mark, I think we have an outstanding team in this area and a track record that's unparalleled in the industry. Although we keep trying to improve it all the time, we've also used our balance sheet in a favorable way here to do some strategic deals on different parts that we felt were very, very important to Apple across a series of products. As we get larger, there are some areas where we've elected to diversify some. However, our approach has been and I think will always be to do business with as few people as we can so we can be very deep with them and do great innovative stuff together, and you can't tend to do that when you go out to many, many different people. And I think they give us great quality and also reasonable prices, and so that winds up helping our margin.

是的。马克，我认为我们在这一领域拥有一支杰出的团队，并且在业内拥有无与伦比的业绩记录。虽然我们一直在努力改进，但我们也以有利的方式利用我们的资产负债表，在我们认为对苹果公司一系列产品非常重要的不同部件上进行了一些战略性交易。随着公司规模的扩大，我们选择在某些领域进行多元化经营。不过，我们的做法一直是，而且我认为将永远是，尽可能少地与人做生意，这样我们就能与他们深入合作，共同完成伟大的创新任务。我认为，他们为我们提供了优质的产品和合理的价格，这对我们的利润有所帮助。

Mark A Moskowitz - JP Morgan Chase & Co, Research Division

Mark A Moskowitz - 摩根大通研究部

And then the second question is around the iPad. Recently, Amazon with the Kindle Fire is trying to make the tablet market more of a soapbox derby in terms of lower price points but maybe limited feature sets. Can you kind of weigh in on what your view is? Is this making more of a hybrid market where it's not really a tablet but kind of a hybrid and Apple has not really seen any effects from a demand perspective at this point?

第二个问题是关于iPad的。最近，亚马逊通过Kindle Fire试图通过降低价格点但可能限制功能集来使平板电脑市场更像是一场肥皂盒赛车比赛。您能否分享一下您的观点？这是否正在创造一个混合市场，它不是真正的平板电脑，而是一种混合体，而苹果目前还没有从需求角度看到任何影响？

Timothy D. Cook 蒂莫西-D-库克

We had an outstanding quarter last quarter with setting a record with doing over 11 million, and at the same time we were setting a Mac record, which is I think very phenomenal in and of itself. But we've seen several competitors come to market to try to compete with the iPad over time. They've had -- some had different form factors, different price points. And I think it's reasonable to say that none of these have gained any traction thus far. And in fact, as all of those competitors were coming to market, our share actually went up such that in the June quarter IDC -- according to IDC, we were responsible for 3 out of every 4 tablets sold. And I think when you really assess this thing and look at iOS 5, iCloud, the ecosystem with iTunes and the App Store and books and movies and the fact that we have over 140,000 native apps for iPad versus a number in the hundreds for the other guys, I feel very, very confident about our ability to compete and extremely confident in our product pipeline.

我们在上一季度表现出色，创下了销量超过 1,100 万台的记录，同时我们还创下了 Mac 的记录，我认为这本身就非常了不起。但是，随着时间的推移，我们看到市场上出现了一些竞争对手，试图与 iPad 竞争。他们有的采用了不同的外形设计，有的采用了不同的价位。我认为有理由说，到目前为止，这些产品都没有获得任何吸引力。事实上，在所有这些竞争对手进入市场的同时，我们的市场份额却在上升，因此在六月份的季度IDC -- 根据IDC的数据，每售出4台平板电脑，我们就占了3台。我认为，当你真正评估这件事情，看看 iOS 5、iCloud、iTunes 生态系统、App Store、书籍和电影，以及我们在 iPad 上有超过 14 万个原生应用程序，而其他公司只有几百个，我对我们的竞争能力非常非常有信心，对我们的产品线也非常有信心。

Operator 操作员

From Piper Jaffray, we'll hear from Gene Munster.

我们将从派杰公司（Piper Jaffray）听到吉恩-蒙斯特（Gene Munster）的报道。

Charles Eugene Munster - Piper Jaffray Companies, Research Division

Charles Eugene Munster - 派杰公司，研究部

And Peter, did I hear that right that you mentioned the deferral of iPhone for new carriers and new country additions? Wondering if you could elaborate a little bit on what that was and the potential impact on the numbers?

彼得，我没听错吧，你提到了推迟为新运营商和新增加的国家提供 iPhone？不知道你能否详细说明一下这一点，以及对数据的潜在影响？

Peter Oppenheimer 彼得-奥本海默

Gene, that's in my prepared remarks. We opted to defer adding new carriers or countries during the September quarter knowing that we would launch the iPhone 4S very early in the October month, and we wanted to launch our new carriers with our latest products so we waited. I think that did have some impact on the September quarter. I think the biggest impact were the rumors that were just very pervasive, particularly in the second half of the quarter. There just seemed to be the rumor of the day. But that's behind us. We have just started selling the iPhone 4S and it's off to a fantastic start, and we're thrilled to be including Sprint and KDDI in our carrier lineup. And we're heading into this holiday season with the best product lineup Apple has ever shipped and tremendous momentum.

吉恩，这是我准备好的发言稿。我们知道 iPhone 4S 将在十月初推出，因此我们选择在九月份推迟增加新的运营商或国家。我认为这确实对 9 月份产生了一些影响。我认为最大的影响是谣言四起，尤其是在本季度后半段。似乎每天都有谣言。但这已经过去了。我们刚刚开始销售 iPhone 4S，开局非常好，我们很高兴 Sprint 和 KDDI 也加入了我们的运营商阵容。我们将带着苹果公司有史以来最出色的产品阵容和巨大的发展势头进入这个假期旺季。

Charles Eugene Munster - Piper Jaffray Companies, Research Division

Charles Eugene Munster - 派杰公司，研究部

And Tim, I realized the Amazon Fire question is out of the way here, but do you have any just high-level thoughts on the size of the tablet market? I mean, it's not netbooks. It's computers. I mean, how do you think about, internally thinking about, how big this market could be in the next 2 years?

蒂姆，我意识到亚马逊 Fire 的问题已经不重要了，但你对平板电脑市场的规模有什么高屋建瓴的看法吗？我的意思是，这不是上网本。是电脑。我的意思是，你如何看待，内部如何看待，这个市场在未来两年会有多大的规模？

Timothy D. Cook 蒂莫西-D-库克

We thought, Gene, from the beginning of this that it would be a huge market, and it has been even greater than we thought. And we've now sold 40 million on a cumulative basis. And it's pretty clear to me that if you forecast out in time that the tablet market -- I still believe it will be larger than the PC market. That's not a guidance number. That's just something that I very much believe. There will be many, many more people that can access it, and the ease of use is so phenomenal and off the charts that I think it's a huge opportunity for Apple across time.

吉恩，我们从一开始就认为这将是一个巨大的市场，结果比我们想象的还要大。我们现在已经累计售出 4000 万台。我很清楚，如果你及时预测，平板电脑市场--我仍然相信它会大于个人电脑市场。这不是一个指导数字。我只是坚信这一点。将会有更多更多的人可以使用平板电脑，而且平板电脑的易用性是如此惊人和出类拔萃，我认为这对苹果来说是一个巨大的机遇。

Operator 操作员

From Barclays Capital, we will hear from Ben Reitzes.

本-雷茨斯（Ben Reitzes）将为我们带来巴克莱资本的报道。

Benjamin A. Reitzes - Barclays Capital, Research Division

Benjamin A. Reitzes - 巴克莱资本，研究部

I was actually wondering if we could talk a little bit more about the iPhone. Just do you have any idea of what -- how many units do you feel were pushed out and deferred into the next quarter? And in general, what do you think -- how should we be thinking about the 4S launch given the pent-up demand from the quarter? And anything else with regard to the velocity and how it worked into your guidance of $37 billion?

实际上，我想知道我们是否可以再谈谈iPhone。你知道有多少iPhone被推到下一季度吗？总的来说，鉴于本季度被压抑的需求，你认为我们应该如何考虑 4S 的推出？还有关于速度的其他问题，以及如何将其纳入你们370亿美元的指导目标？

Timothy D. Cook 蒂莫西-D-库克

Ben, I think the number -- you can't run the experiment twice. So we can't tell you with precision how many units we would have sold if there had not been rumors and people weren't expecting a new iPhone. But I certainly believe it was a substantial, and that's the reason that we called it out. And I think anybody monitoring the press would probably come to the same conclusion. You could go out and talk to a group of customers and probably get the same kind of answer. On the 4S, I think it's off the charts. If you do a comparison of the 3 days after launch of last year on iPhone 4, we came in at 1.7 million. This year, we were over 4 million in the same time frame, and so that's the mother of all uplifts. And so we're thrilled with how we've gotten started, and the feedback that we're getting from customers is just fantastic. And so I couldn't be more pleased with where we are.

本，我认为这个数字--你不可能做两次实验。因此，我们无法准确地告诉你，如果没有传言，如果人们对新 iPhone 没有期待，我们会卖出多少部。但我相信这是一个实质性的数字，这也是我们将其公布于众的原因。我想任何关注媒体的人都会得出同样的结论。你可以出去和一群客户交谈，可能也会得到同样的答案。关于 4S，我认为它的表现非常出色。如果你比较一下去年 iPhone 4 上市后 3 天的销量，我们的销量是 170 万部。而今年，我们在同一时间段的销量超过了 400 万部，这是所有销量增长中的最高纪录。我们对自己的起步感到非常兴奋，客户的反馈也非常好。因此，我对我们的现状非常满意。

Benjamin A. Reitzes - Barclays Capital, Research Division

Benjamin A. Reitzes - 巴克莱资本，研究部

And just my follow-up is with regard to the iPad category, now that it's, I wouldn't call it maturing, but a few more quarters of experience, do you -- generally in Macs, you're up a little sequentially lately in the fourth quarter. You have an extra week now. Any thoughts on how the iPad seasonality may be working in the iPad over the next quarter or 2, just in terms of more experience or gut feel for how that product progresses?

我想跟进的是，关于 iPad 产品类别，我不会说它已经成熟，但再过几个季度，你会不会 -- 一般来说，在 Mac 产品方面，你最近在第四季度会有一些连续增长。你现在多了一周时间。对于iPad的季节性在下一季度或第二季度的表现，你有什么看法？

Peter Oppenheimer 彼得-奥本海默

Ben, it's Peter. I'll give you some thoughts on the December quarter but we're not going to provide our thoughts yet for the March quarter. We would expect to establish new company records for both the iPhone and the iPad in the December quarter. These are fantastic products, and the momentum here is tremendous. And for Macs, we would expect to outgrow the market on a year-over-year basis and report to you our 23rd consecutive quarter of outgrowing the market.

本，我是彼得。我会给你一些关于 12 月季度的想法，但我们还不会提供关于 3 月季度的想法。我们希望 iPhone 和 iPad 在 12 月份创造公司的新记录。这些产品都非常出色，发展势头强劲。至于 Mac，我们希望其同比增长率超过市场增长率，并向各位报告我们连续 23 个季度超过市场增长率。

Operator 操作员

Shannon Cross with Cross Research Financial.

Cross Research Financial 的 Shannon Cross。

Shannon S. Cross 香农-S-克罗斯

My first question. Tim, can you talk a little bit more on how you see Siri and how you see Siri in the future? I mean, is this a feature or do you see it more as a key way that consumers are going to interact with their devices? Just any color you could give would be great.

我的第一个问题。蒂姆，你能不能再谈谈你是如何看待 Siri 的，以及你是如何看待 Siri 的未来的？我的意思是，这是一项功能，还是你认为它是消费者与设备互动的主要方式？如果你能提供一些信息，那就再好不过了。

Timothy D. Cook 蒂莫西-D-库克

The number of people using it already is amazing, and the questions and so forth and the personality that it has is also incredible. And so we see this as a profound innovation. And I think over time, many, many people will use it in a substantial way. And what percentage of their input will be by that, I don't know. And what percentage of their searches, I don't know. But our guts have been since the beginning of this is that it is substantial and it's an incredible innovation, and that's the feedback that we're getting from customers.

使用它的人数之多令人惊叹，它提出的问题和它的个性也令人难以置信。因此，我们认为这是一项意义深远的创新。我认为，随着时间的推移，很多很多人会大量使用它。我不知道他们的输入中有多大比例是通过它完成的。他们的搜索量占多大比例，我也不知道。但我们从一开始就认为，这是一项重大的创新，是一项令人难以置信的创新，这也是我们从客户那里得到的反馈。

Shannon S. Cross 香农-S-克罗斯

Okay. Great. And then can you make a comment just on the supply chain given the HDD issues in Thailand? What are your thoughts -- any clarity you've gotten from the people on the ground there?

好的很好。鉴于泰国的硬盘问题，你能否就供应链问题发表一下看法？你的想法是什么 -- 你从当地人那里了解到什么情况？

Timothy D. Cook 蒂莫西-D-库克

It's a very good question. Our hearts go out to all the people in Thailand who have experienced these devastating losses of life and property as a result of the monsoons and the flooding. Like many others, we source many components from Thailand and have multiple factories that supply these components. There are several factories that are currently not operable, and the recovery timeline for these factories is not known at this point. As you can appreciate, the weather really hasn't allowed an ability to assess those. From the work that we have done, we would say that our primary exposure is on the Mac because as you point out, of the number of drives or drive components that are sourced in or -- Thailand is a significant portion of the total of worldwide supply of drives. And so I can't give you a precise accounting. It is something that I'm concerned about. We do expect -- I'm virtually certain there will be an overall industry shortage of disk drives as a result of the disaster. How it affects Apple? I'm not sure, but we placed our assessment to the degree that we can make one in the guidance that Peter has already given you in the $37 billion number.

这是一个非常好的问题。季风和洪水给泰国人民造成了巨大的生命和财产损失，我们对此深表同情。与许多其他公司一样，我们从泰国采购许多零部件，并有多家工厂供应这些零部件。目前有几家工厂无法运营，这些工厂的恢复时间目前尚不清楚。正如你们所了解的那样，天气确实不允许对这些工厂进行评估。从我们所做的工作来看，我们认为主要的风险来自 Mac，因为正如你所指出的，在全球硬盘供应总量中，有相当一部分硬盘或硬盘部件来自泰国。因此，我无法给你一个精确的数字。这是我担心的问题。我们确实预计 -- 我几乎可以肯定，由于这场灾难，整个行业将出现磁盘驱动器短缺。这对苹果公司有什么影响？我不确定，但我们在彼得已经给出的 370 亿美元的指导意见中，已经尽可能地做出了评估。

Operator 操作员

Toni Sacconaghi with Sanford Bernstein.

托尼-萨科纳吉（Toni Sacconaghi）与桑福德-伯恩斯坦（Sanford Bernstein）。

A.M. Sacconaghi - Sanford C. Bernstein & Co., LLC., Research Division

A.M. Sacconaghi - Sanford C. Bernstein & Co., LLC.

Tim, I'm wondering if you can comment on your ongoing patent disputes most notably versus Samsung and other Android OEMs? Specifically, I'm wondering if you can characterize what your ultimate objectives are from litigation. Is it to get injunctions on violating products? Is it to capture royalty fees? Or what is it?

蒂姆，我想知道你是否能对你们正在进行的专利纠纷，特别是与三星和其他安卓 OEM 厂商的专利纠纷发表一下看法？具体来说，我想知道你能否描述一下你们诉讼的最终目的是什么？是为了禁止侵权产品？是为了获取专利使用费？还是为了什么？

Timothy D. Cook 蒂莫西-D-库克

Toni, I don't want to comment on any particular litigation. It's our policy not to do that. But basically as you know, we spend a lot of time and money and resource in coming up with incredible innovations, and we don't like it when someone else takes those. And so that's why we -- unfortunately, we've been pushed into the court system as a remedy to that, but I don't want to comment about any particular lawsuit.

托妮，我不想对任何特定的诉讼发表评论。我们的政策是不做评论。但基本上你也知道，我们花费了大量的时间、金钱和资源来进行令人难以置信的创新，我们不喜欢别人拿走这些创新。所以，这就是为什么我们--不幸的是，我们被推上了法庭系统，作为对此的补救措施，但我不想对任何特定的诉讼发表评论。

A.M. Sacconaghi - Sanford C. Bernstein & Co., LLC., Research Division

A.M. Sacconaghi - Sanford C. Bernstein & Co., LLC.

Just, I mean, generally speaking, you said as a remedy. What kinds of remedies do you see coming from the court system?

只是，我的意思是，一般来说，你说是一种补救措施。你认为法院系统会采取什么样的补救措施？

Timothy D. Cook 蒂莫西-D-库克

That's one of the things I particularly don't want to comment on.

这是我特别不想评论的问题之一。

A.M. Sacconaghi - Sanford C. Bernstein & Co., LLC., Research Division

A.M. Sacconaghi - Sanford C. Bernstein & Co., LLC.

Okay. I'm wondering if you can talk a little bit about the price reductions on the 3GS offering. You've gone to free on postpaid and dramatically reduced the price $160 to $200 in most countries on the prepaid offering. Do you -- how are you thinking about this price reduction in terms of its potential elasticity? Do you see it as targeting a new segment of consumers? And how are you thinking about whether this will largely resonate with prepaid customers or with postpaid customers?

我想请你谈谈 3GS 的降价情况。你们的后付费手机已经免费，而在大多数国家，预付费手机的价格大幅降低了160美元至200美元。你们是如何看待这种降价的潜在弹性的？你们是否认为这是针对新的消费群体？你们是如何考虑这将在很大程度上引起预付费客户还是后付费客户的共鸣？

Timothy D. Cook 蒂莫西-D-库克

We did it because we wanted to make the iPhone more accessible to a broader market. And so not only did we take the 3GS to free on a postpaid basis and that's the U.S., but it's free on postpaid in many, many other markets as well. But we also lowered the price of the iPhone 4 to $99. And so we've done both of those because as we looked at it, these are still fantastic products, and we think that we can do reasonably well selling those in the postpaid markets. It also has the advantage of having a lower price in the prepaid markets. Obviously not free and $99, but lower than where those entry points were previously. And so we did it for both markets, Toni, both the postpay and the prepay markets. Both of those are very, very important to us, and it has been our thinking for a while to do that.

我们这样做是因为我们想让更多的市场能够使用 iPhone。因此，我们不仅将 3GS 的后付费手机免费（这是在美国），而且在许多其他市场，后付费手机也是免费的。我们还将 iPhone 4 的价格降至 99 美元。我们之所以采取这两项措施，是因为我们认为，这些产品仍然非常出色，而且我们认为，在后付费市场销售这些产品，我们可以做得很好。在预付费市场，它也有价格较低的优势。显然不是免费和 99 美元，但比以前的入门价格要低。因此，我们在后付费和预付费两个市场都采用了这种方式，托尼。这两个市场对我们来说都非常非常重要，我们一直在考虑这样做。

Operator 操作员

From Citi, we'll hear from Richard Gardner.

花旗银行的理查德-加德纳（Richard Gardner）将为我们带来报道。

Richard Gardner - Citigroup Inc, Research Division

Richard Gardner - 花旗集团研究部

Tim, as a follow-up to Shannon's question, I was hoping that you might be willing to give us a more general view of how you view component supply demand and pricing going into the fourth quarter. And then also, particularly unibody casings given the issues that you've had with one of your suppliers in that area as well, do you expect that to have any significant impact on MacBook Pro or MacBook Air supply in the fourth quarter?

蒂姆，作为香农问题的后续，我希望你能给我们提供一个更全面的观点，说明你如何看待进入第四季度的零部件供应需求和定价。还有，特别是一体成型机身外壳，因为你们与一家供应商在这方面也出现了问题，你们是否预计这会对第四季度 MacBook Pro 或 MacBook Air 的供应产生重大影响？

Timothy D. Cook 蒂莫西-D-库克

On the second question first, we treat every concern that we hear about our suppliers very, very seriously, and we're currently investigating and assessing the situation. And we factored our supply outlook as we currently see it into the numbers that Peter has given earlier. In terms of the general market for components, NAND and DRAM, which really declined last quarter and LCDs, we see all 3 of these generally in a very positive supply situation and therefore, we expect the pricing to continue at favorable levels. Most of the other components we expect to fall at or above historical trends. And so generally speaking, it's a very positive market from a supply point of view. Now that is with the asterisk of the disaster that just happened in Thailand aside, and I'm not sure how that will play out. But I do believe that the risk there is more focused on the Mac portion of our product line.

首先，关于第二个问题，我们非常、非常认真地对待我们听到的关于供应商的每一个担忧，我们目前正在调查和评估情况。我们将目前的供应前景纳入了彼得之前给出的数字。就元件的总体市场而言，NAND 和 DRAM（上一季度确实出现了下滑）以及 LCD，我们认为这三种元件的供应情况普遍非常乐观，因此，我们预计定价将继续保持在有利的水平。我们预计，大多数其他元件的价格将保持或高于历史趋势。因此，总体而言，从供应的角度来看，这是一个非常积极的市场。现在，除了泰国刚刚发生的灾难之外，我还不确定结果会如何。但我相信，那里的风险主要集中在我们产品线中的 Mac 部分。

Richard Gardner - Citigroup Inc, Research Division

Richard Gardner - 花旗集团研究部

Okay. And if I could ask a follow-up, I guess, for Peter and Tim. I know you don't give operating margin guidance or gross margin guidance. But it does seem like we could be moving it to a new phase for the company where potentially, several of the fastest growing products in the product line, whether it be iPad or these lower priced iPhones that could see some good price elasticity at the low end, could be the fastest growing products for the company next year and could start to put some pressure on gross margins. I'm just wondering if you, a, agree with that assertion. And b, if that is the case, is it still reasonable to think that the company can maintain or expand operating margins next year if gross margins come under pressure due to product mix?

好的我想，我可以问彼得和蒂姆一个后续问题。我知道你们不提供营业利润率指导或毛利率指导。但看起来我们公司可能会进入一个新阶段，产品线中增长最快的几款产品，无论是 iPad 还是低端价格弹性较好的 iPhone，都可能成为公司明年增长最快的产品，并可能开始对毛利率造成一定压力。我想知道，你是否同意这一说法？b. 如果是这样的话，如果毛利率因产品组合而受到压力，认为公司明年能保持或扩大营业利润率是否仍然合理？

Peter Oppenheimer 彼得-奥本海默

Rich, it's Peter. Let me make some comments about the December quarter, and then I'll give you more of our philosophy beyond. We're not providing future quarter or future year guidance. For the December quarter, we anticipate our gross margin being about 40% and having nice leverage on OpEx yielding an operating margin of just over 31%, which would be quite strong. As we look forward, we are going to continue to offer the very best products to customers that we can. We are going to be extremely innovative. We're very confident and excited about what's in the product pipeline. You'll see us be aggressive in the future. And where customers want to buy, that's fine with us. We just want them to buy our products. As I look back over the last couple of years, I think we've done a very good job gaining market share and growing our top and bottom lines and running a great business, and we're just going to keep coming to work every day to do that in the future.

里奇，我是彼得。请允许我就 12 月份的季度业绩发表一些看法，然后我将向大家介绍更多我们的未来理念。我们不提供未来季度或未来年度的指导。对于 12 月季度，我们预计毛利率约为 40%，运营支出的杠杆作用很好，运营利润率略高于 31%，这将是相当强劲的。展望未来，我们将继续为客户提供最好的产品。我们将极具创新精神。我们对即将推出的产品充满信心和期待。你将看到我们未来的积极进取。客户想买什么，我们就买什么。我们只希望他们购买我们的产品。回顾过去的几年，我认为我们在扩大市场份额、提高收入和利润以及经营业务方面做得非常好。

Operator 操作员

We'll go to  我们去

Kulbinder Garcha with Credit Suisse.

瑞士信贷的 Kulbinder Garcha。

Kulbinder Garcha - Crédit Suisse AG, Research Division

Kulbinder Garcha - 瑞士信贷银行股份公司，研究部

I've got just one clarification, one question. On the iPad side, could you just speak about where we are on the distribution rollout of that product, in particular, where we are on countries and carriers and point of sales? And was there any pause around that in the September quarter? And then a question for Tim. Tim, you mentioned just the growth not only in China but also the potential that may exist in Brazil and Middle East and Russia, and I guess you could throw India in there as well. What do you practically need to do to actually realize the potential there? Is that a case of local manufacturing in some of those countries? Is it a case of carrier distribution? And how long might it take to realize that? Because I understand the focus now is on China, but I'm trying to understand what Apple needs to do to realize the potential of the emerging middle class in those countries as well.

我只想澄清一个问题。在 iPad 方面，你能否谈谈我们在该产品的分销推广方面的情况，特别是在国家、运营商和销售点方面的情况？在 9 月份的季度中，这方面是否有任何停顿？然后是提姆的问题。蒂姆（Tim），你刚才提到了中国市场的增长，也提到了巴西、中东和俄罗斯市场的潜力，我想你也可以把印度也包括进来。你们实际上需要做些什么才能真正实现那里的潜力？是在其中一些国家进行本地制造吗？是否需要运营商分销？实现这一点需要多长时间？因为我知道现在的重点是中国，但我想了解苹果需要做些什么来实现这些国家新兴中产阶级的潜力。

Timothy D. Cook 蒂莫西-D-库克

Yes, we are in 90 countries on iPad. We have about 40,000 points of sale around the world. To put that in some context, we have about 50,000 on iPod and about 120,000 on iPhone. So you can get a feel for the extent of the rollout there. There are still countries left to do, but we are in the main countries with iPad. Do I think there was a slowdown on iPad? Where the iPhone numbers, it's crystal clear in looking at the numbers that there was a slowdown. That is not the case on iPad. And so where I believe we are from a supply-demand point of view on iPad is that we, somewhere during the quarter, entered a supply-demand balance and stayed there for the balance of the quarter. If you recall on the last call, I said that we were coming in balance in a few countries. And then sometime thereafter, I think that we went into a supply-demand balance around the world. And you can look at the share numbers that third parties have reported, and we're doing extremely well there. We feel -- we couldn't feel better honestly. And the extent of the usage, the comScore group said that 97% of the web usage of tablets in the U.S. is from the iPad, so it's just mind-boggling. So we feel very, very good about that. In terms of the other countries outside of China, we have already started placing efforts in the places that I mentioned. It's not something that we are going to start next week or so. It's something we've already done or I wouldn't have brought it up, frankly. Obviously, we wouldn't have done over $900 million in Brazil with no effort. There are some countries in the world that have protectionalist type of structures where the prices of the goods are extremely high if there's not local content involved. And so we'll assess each of those and decide what's in our best interest. But today, I don't have anything to report there. The basic approach in all of the countries are the same as the game plan that we used in China, and it's just a matter of the course, the rate and pace of the rollout and whether to involve every one of the things that we did in China. In China, we picked everything that we knew to do. We are building retail. We went in with an online store. We're building an APR channel. We're building a third-party channel. We're doing significant advertising. We're really doing everything basically that we're doing in the United States, we're doing in China. We would not be doing that in each of the other countries I named, but we would be doing portions of that and have already started to achieve the numbers that we did last year.

是的，我们在 90 个国家使用 iPad。我们在全球拥有约 40,000 个销售点。iPod上有大约 50,000 个销售点，iPhone 上有大约 120,000 个销售点。因此，你可以感受到我们的推广程度。虽然还有一些国家没有普及，但我们已经在主要国家普及了 iPad。我是否认为 iPad 的发展有所放缓？从 iPhone 的数据来看，很明显出现了放缓。而 iPad 的情况并非如此。因此，从 iPad 的供需角度来看，我认为我们在本季度进入了供需平衡状态，并在本季度的剩余时间内保持了这种状态。如果你还记得在上次电话会议上，我说过我们在几个国家实现了供需平衡。之后，我认为我们在全球范围内进入了供需平衡状态。你可以看看第三方报告的份额数字，我们在那里的表现非常好。老实说，我们感觉好得不能再好了。comScore集团称，在美国，97%的平板电脑网络使用量来自iPad，这简直令人难以置信。因此，我们对此感觉非常好。至于中国以外的其他国家，我们已经开始在我提到的那些地方开展工作。这不是我们下周左右要开始的事情。坦率地说，这是我们已经在做的事情，否则我不会提出来。显然，我们不会不费吹灰之力就在巴西完成 9 亿多美元的项目。世界上有些国家实行保护主义结构，如果没有当地含量，商品价格就会非常高。因此，我们将对这些国家逐一进行评估，然后决定什么最符合我们的利益。 但今天，我在这方面没有什么可报告的。在所有国家的基本方法都与我们在中国使用的游戏计划相同，只是推出的路线、速度和节奏问题，以及是否涉及我们在中国所做的每一件事的问题。在中国，我们选择了所有我们知道要做的事情。我们正在建设零售业。我们开设了网上商店。我们正在建立一个 APR 渠道。我们正在建立第三方渠道。我们正在做大量的广告。基本上，我们在美国所做的一切，我们在中国都在做。在我提到的其他国家，我们不会这样做，但我们会做其中的一部分，并且已经开始实现去年的数字。

Operator 操作员

From Bank of America Merrill Lynch, we'll go to Scott Craig.

来自美银美林的斯科特-克雷格。

Scott D. Craig - BofA Merrill Lynch, Research Division

Scott D. Craig - 美林证券研究部

Tim, I was wondering first call as CEO, any thoughts on, any different strategy as far as cash allocation goes? And by that, I mean, dividend and a possible share buyback and maybe talk about these supplier investments also. And then the second question is, you mentioned the tablet market potentially being even bigger than the PC market at some point. Can you discuss the cannibalization levels that you think you're seeing right now versus the PC market?

蒂姆，我想知道作为首席执行官的第一个电话，在现金分配方面有什么不同的策略吗？我指的是分红和可能的股票回购，或许还可以谈谈这些供应商投资。第二个问题是，你提到平板电脑市场在某些时候可能比个人电脑市场还要大。你能谈谈你认为目前平板电脑市场与个人电脑市场的蚕食程度吗？

Timothy D. Cook 蒂莫西-D-库克

Let me start with the second question first. I do believe that we're seeing cannibalization. I think that it's showing up in 2 ways. I think that some people are electing to buy an iPad rather than a Mac. However, I believe a materially larger number of people are electing to buy an iPad instead of a Windows-based PC. And so I think we are overwhelmingly coming out very, very well in that cannibalization question. And I would point out that despite that, the Mac had its best quarter by far ever last quarter. And so even with having the best quarter on iPad with some cannibalizations in Mac, the Mac has its best quarter ever, which is almost unbelievable. And so with cannibalization like this, I hope it continues. On your cash question, to date as you know, we've wanted to maintain flexibility. I think everyone that knows us knows that the cash isn't burning a hole in our pocket and we're not the type of people to do silly things with it. We invest it conservatively. If you look at Gary and his team's track record, they've done a phenomenal job in a extremely difficult market for the last few years. We've also taken money and done things with it that are in Apple's best interest. For example, we've acquired several companies. We've acquired some IP as you know. We've invested in the supply chain, and we used money to build out our stores and provide for a lot of new product tooling and the like. And so I believe what we're doing with cash, the way we're -- this cash that we do spend we're doing an extremely good job of it and we're very frugal about using it and using it in the right places. That said, I'm not religious about holding cash or not holding it. I'm religious about a lot of things but not that one. And so we will continually ask ourselves what's in Apple's best interest and always do what we believe is in Apple's best interest. And so it's a topic for the board on an ongoing basis, and we'll continue to discuss it.

让我先回答第二个问题。我相信我们看到了蚕食现象。我认为这表现在两个方面。我认为有些人选择购买 iPad 而不是 Mac。不过，我相信有更多的人选择购买 iPad，而不是基于 Windows 的 PC。因此，我认为我们在 "蚕食 "问题上的表现非常出色。我想指出的是，尽管如此，Mac 在上一季度仍取得了有史以来最好的业绩。因此，即使 iPad 上一季度的业绩最好，但 Mac 仍有一些蚕食，Mac 上一季度的业绩是有史以来最好的，这几乎令人难以置信。因此，我希望这样的 "蚕食 "能继续下去。关于现金问题，如你所知，我们一直希望保持灵活性。我想每个了解我们的人都知道，现金并没有在我们的口袋里烧出一个洞，我们也不是那种用现金做傻事的人。我们的投资很保守。如果你看看加里和他的团队的业绩记录，在过去几年极其困难的市场中，他们做得非常出色。我们也拿钱做了对苹果最有利的事情。例如，我们收购了几家公司。如你所知，我们收购了一些知识产权。我们对供应链进行了投资，我们用钱建立了我们的商店，并提供了大量新产品工具等。因此，我相信我们对现金的使用，以及我们对现金的使用方式，我们做得非常好，我们非常节俭地使用现金，并将其用在正确的地方。尽管如此，我对持有或不持有现金并不虔诚。我对很多事情都很虔诚，但对现金并不虔诚。 因此，我们会不断扪心自问，什么才符合苹果的最佳利益，并始终坚持做我们认为符合苹果最佳利益的事情。因此，这是董事会持续讨论的话题，我们将继续讨论下去。

Peter Oppenheimer 彼得-奥本海默

Scott, I'd like to add to Tim's answer, just to remind everybody that of the little over $81 billion of cash that we ended in the September quarter with, a bit more than $54 billion or 2/3 of that was offshore.

斯科特，我想补充蒂姆的回答，只是想提醒大家，在我们九月份季度末的 810 多亿美元现金中，有 540 多亿美元或 2/3 是海外现金。

Operator 操作员

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

Mike Abramsky - RBC Capital Markets, LLC, Research Division

Mike Abramsky - 加拿大皇家银行资本市场有限责任公司研究部

Tim, just following up on your last question, maybe I'll just ask this just absolutely directly. Is buying back shares with your cash, which seems to be sort of the thing that everybody wants you to do, at least certain investors want you to do it, is that perhaps kind of a philosophical white flag that you're not able to create value through product innovation?

蒂姆，接着你上一个问题，也许我可以直接问这个问题。用现金回购股票似乎是每个人都希望你做的事情，至少某些投资者希望你这么做，这是否是一种哲学上的白旗，表明你无法通过产品创新创造价值？

Timothy D. Cook 蒂莫西-D-库克

Mike, I think anyone looking at us and the track record that we've got would not come to any conclusion that we're waving a white flag on innovation. We've had a series of unbelievable products that we believe the best products in the world and our customers tell us that, which is more importantly than us saying it, and we've got a pipeline that's unbelievable.

迈克，我认为任何人看到我们和我们的业绩记录，都不会得出我们在创新方面摇白旗的结论。我们拥有一系列令人难以置信的产品，我们相信它们是世界上最好的产品，我们的客户告诉我们这一点，这比我们自己说出来更重要。

Mike Abramsky - RBC Capital Markets, LLC, Research Division

Mike Abramsky - 加拿大皇家银行资本市场有限责任公司研究部

Sorry, Tim. I didn't mean to convey that you were doing that. I meant to say that would that be holding you back philosophically from buying back shares?

对不起，蒂姆我不是说你要这么做。我的意思是说，这是否会在哲学上阻碍你回购股票？

Timothy D. Cook 蒂莫西-D-库克

No, I view those to be totally separate and distinct things. So no, I don't believe it sends that -- it certainly doesn't send that signal from my point of view. The cash is always a topic, and we'll always conclude to do what we think is in Apple's best interest. And I think we've done that so far, and if you look at where we've spent it, I think it's -- I think you would agree.

不，我认为这些是完全独立和不同的事情。所以，不，我不认为它发出了那种信号--从我的角度来看，它肯定没有发出那种信号。现金始终是一个话题，我们会始终坚持做我们认为最符合苹果利益的事情。我认为到目前为止我们已经做到了这一点，如果你看看我们把钱花在了哪里，我认为--我认为你会同意的。

Mike Abramsky - RBC Capital Markets, LLC, Research Division

Mike Abramsky - 加拿大皇家银行资本市场有限责任公司研究部

Okay. And then the original goal for the iPhone, at the time it was obviously classed as audacious, with 1% of the market in the first fiscal year after launch. And you achieved 5x that, Tim. In the recent presentation when you highlighted that, there's 95% of the market to go. I'm wondering if in your minds you have established a similarly audacious goal for the next couple of years for market penetration.

好的。iPhone 最初的目标，在推出后的第一个财政年度占到市场份额的 1%，这在当时显然被归类为 "大胆"。蒂姆，你实现了这个目标的 5 倍。在最近的演讲中，当你强调这一点时，还有 95% 的市场份额有待实现。我想知道，你们是否已经为未来几年的市场渗透率制定了类似的大胆目标。

Timothy D. Cook 蒂莫西-D-库克

Not one that I published, but we want the iPhone to be in as many customers' hands as possible because we think it's the greatest phone by far. And that's why we live to do that. And so yes, we aspire to much larger volumes than where we are. And we think the smartphone market will eventually absorb the handset market. As I made a point in that presentation, the handset market is this huge market. It's 1.5 billion handsets. And the smartphone market, depending upon which service you believe, is a bit over 400 million or so. And so there's a huge growth in the smartphone market, and then we think that we can also grow within the sector at all. But the big win is to eat into the 1.5 billion and not just for us but I think for others as well, and we are very focused on doing that. You can tell that with the moves that we've made recently.

这不是我发表的一篇文章，但我们希望 iPhone 能在尽可能多的用户手中使用，因为我们认为它是迄今为止最棒的手机。这也是我们努力做到这一点的原因。是的，我们渴望比现在更大的销量。我们认为智能手机市场最终会吞并手机市场。正如我在演讲中提到的，手机市场是一个巨大的市场。它有 15 亿部手机。而智能手机市场，根据你所相信的服务，大约有 4 亿多部。因此，智能手机市场有巨大的增长空间，而且我们认为，我们也可以在这一领域实现增长。但最重要的是，我们要把这 15 亿市场份额做大，这不仅是我们的目标，我想也是其他公司的目标。从我们最近的行动就可以看出这一点。

Operator 操作员

We'll go to Keith Bachman with the Bank of Montréal.

我们请蒙特利尔银行的基思-巴克曼发言。

Keith F. Bachman - BMO Capital Markets U.S.

I have 2. Peter, first for you. Is the extra week for the quarter truly linear on both the revenues and the expenses? And included, the reason I'm asking is just trying to set up, if you will, for the March quarter, the potential impact of that extra week on the March quarter.

我有两个彼得，你先说。本季度多出的一周对收入和支出是否真的有影响？包括，我之所以问这个问题，只是想为三月份的季度做个准备，看看多出的一周对三月份季度的潜在影响。

Peter Oppenheimer 彼得-奥本海默

Sure, Keith. The 14th week will conclude on New Year's Eve day, which has traditionally been a good sell-through week for us but not typically as strong as the weeks between Thanksgiving and Christmas day. We'll provide further details on our January call about what we actually saw. That's some indication in terms of what we would see for sell-through. For our expenses, we certainly will have variable expenses and payroll expenses for that 14th week. But some of our fixed cost such as leases and rents and such are fixed, so there will be a benefit there as well.

当然，基思。第 14 周将在除夕当天结束，这一周的销售情况历来不错，但通常不如感恩节和圣诞节之间的几周那么好。我们将在一月份的电话会议上提供更多细节，说明我们的实际情况。这可以说明我们的销售情况。至于我们的支出，第 14 周肯定会有可变支出和工资支出。但我们的一些固定成本，如租赁和租金等都是固定的，因此在这方面也会有所收益。

Keith F. Bachman - BMO Capital Markets U.S.

Okay. And my follow-up is on Japan. In terms of the year-over-year and sequential changes, there was a bigger disparity on units versus revenues, CPU units versus total revenues in Japan. I was just wondering if you could speak to that if you could.

好的我想跟进的是日本的情况。就同比和环比变化而言，日本的单位数与收入、CPU 单位数与总收入之间的差距更大。我只是想知道，如果可以的话，你能否谈谈这个问题。

Timothy D. Cook 蒂莫西-D-库克

I'm sorry? 你说什么？

Keith F. Bachman - BMO Capital Markets U.S.

In terms of the revenue performance in Japan, it looked to be a bigger disparity between the units and the revenues than was true in the other regions. I was just wondering why the bigger disparity in Japan. Was it FX, or was it other reasons?

从日本的收入表现来看，单位数和收入之间的差距似乎比其他地区更大。我只是想知道为什么日本的差距更大。是外汇的原因，还是其他原因？

Timothy D. Cook 蒂莫西-D-库克

A huge percentage of Japan's total revenue in the year-ago quarter was from the iPhone 4 launch. It was iPhone 4's first quarter as you know. And so when you do a year-over-year compare, that adversely affects the revenue compare. The Mac, however, had an incredible quarter growing at 48% in a market that is barely growing at all. And so we gained significant share on the Mac side of the business. The iPhone was a negative year-over-year compare, but we have gotten off to an unbelievable start in Japan. It was one of the first 7 countries, and it's very clear that Japan is yet another example of the delay that we were speaking about earlier.

日本去年同期总收入的很大一部分来自 iPhone 4 的发布。众所周知，这是 iPhone 4 上市后的第一个季度。因此，当你进行同比比较时，这会对收入比较产生不利影响。然而，在 Mac 市场几乎没有增长的情况下，本季度的增长率却高达 48%。因此，我们在 Mac 业务方面获得了巨大的份额。与去年同期相比，iPhone 出现了负增长，但我们在日本取得了令人难以置信的开端。日本是首批 7 个国家之一，很明显，日本是我们之前提到的延迟的又一个例子。

Keith F. Bachman - BMO Capital Markets U.S.

Okay. So the sequential was then there was perhaps a larger delay in Japan for the iPhone 4S than other regions. Is that the way to think about it?

好吧，那么顺序就是日本的 iPhone 4S 可能比其他地区推迟了更多的时间。是这样想的吗？

Timothy D. Cook 蒂莫西-D-库克

Think about it that iPhone is a bigger portion of the revenue [indiscernible].

想想看，iPhone 在收入中所占的比重更大。

Operator 操作员

And that will come from Chris Whitmore with Deutsche Bank.

克里斯-惠特莫尔（Chris Whitmore）将为我们带来德意志银行的报道。

Chris Whitmore - Deutsche Bank AG, Research Division

克里斯-惠特莫尔 - 德意志银行股份公司，研究部

Tim, I wanted to ask about the medium to longer term iPad opportunity as you see it from an ASP standpoint or segmentation standpoint. And by that, I mean, do you see more opportunity to move that product downmarket to drive elasticity, or upmarket to take on more of the -- or greater percentage on the PC market?

蒂姆，我想问的是，从平均售价或细分市场的角度来看，你认为 iPad 有哪些中长期机会。我的意思是，你是否认为有更多机会将该产品推向低端市场以提高弹性，还是推向高端市场以占据更多的 PC 市场份额？

Timothy D. Cook 蒂莫西-D-库克

I don't want to get into what we might do, which that answer might do. But let me just go back to -- we see the tablet market as a huge market, and we could not be happier with our position in it. And we've got some fantastic things in the pipeline. And after selling 40 million in the first 18 months, which is more than our wildest dreams were and selling 3 out of every 4, I think we've got a fairly good handle on what to do next.

我不想谈我们可能会做什么，这个答案可能会做什么。但我只想说，我们认为平板电脑市场是一个巨大的市场，我们对自己在这个市场的地位感到非常满意。我们已经有了一些很棒的产品。前18个月的销量达到了4000万台，超过了我们最疯狂的梦想，每4台平板电脑中就有3台是我们的产品。

Chris Whitmore - Deutsche Bank AG, Research Division

克里斯-惠特莫尔 - 德意志银行股份公司，研究部

Okay. Perhaps I can ask an initial feedback or expectations around the lower price points of the iPhone business into emerging markets. Can you comment at all or give some color on carrier receptivity of that pricing change and any acceleration in carrier engagements on the back of that?

好的。也许我可以问一个初步反馈，或者围绕 iPhone 业务进入新兴市场的低价位的预期。你能否就运营商对这一价格变化的接受程度，以及在此基础上是否会加快与运营商的合作发表一些看法？

Timothy D. Cook 蒂莫西-D-库克

Let me -- maybe I can answer that in 2 ways. If you look at the channel inventory on iPhone that was there at the end of Q4, and so this is at the September 24 cutoff point for our quarter, that was the 5.75 million that Peter mentioned in his opening comments. Over half of that has already sold through. And so one portion of the things driving that is the elasticity question that you're getting at there. We also did in a very few countries last quarter, we dropped the 3GS price a bit early particularly in some of the prepaid markets to see what would occur on those markets, and we were extremely pleased with the results. It gave us even more conviction to follow through with the plan change that we made earlier in October.

也许我可以从两个方面回答这个问题。如果你看一下第四季度末的 iPhone 渠道库存，这是以 9 月 24 日为本季度的分界点，也就是彼得在开场白中提到的 575 万部。其中一半以上已经售罄。其中一部分原因就是你提到的弹性问题。上个季度，我们还在少数几个国家提前下调了 3GS 的价格，特别是在一些预付费市场，以了解这些市场的情况，我们对结果非常满意。我们对结果非常满意，这让我们更有信心继续执行 10 月份早些时候做出的计划调整。

Nancy Paxton 南希-帕克斯顿

Thank you, Chris. A replay of today's call will be available for 2 weeks as 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. Please enter confirmation code 2922403. These replays will be available beginning at approximately 5:00 p.m. Pacific Time today.

谢谢，克里斯。今天电话会议的重播将作为播客在 iTunes Store、apple.com/investor 网播和通过电话提供，为期两周。电话重播的号码是 (888) 203-1112 或 (719) 457-0820。请输入确认码 2922403。这些重播将于太平洋时间今天下午 5:00 左右开始。

Members of the press with additional questions can contact Steve Dowling at (408) 974-1896. And financial analysts can contact Joan Hoover or me with additional questions. Joan is at (408) 974-4570, and I'm at (408) 974-5420. Thanks again for joining us.

新闻界人士如有其他问题，请联系 Steve Dowling，电话：(408) 974-1896。金融分析师如有其他问题，请联系琼-胡佛（Joan Hoover）或我。琼的电话是（408）974-4570，我的电话是（408）974-5420。再次感谢您的参与。

Operator 操作员

Ladies and gentlemen, that does conclude today's presentation. We do thank everyone for your participation.

女士们，先生们，今天的发言到此结束。感谢大家的参与。