2012-10-25 Apple Inc. (AAPL) Q4 2012 Earnings Call Transcript
Apple Inc. (NASDAQ:AAPL) F4Q12 Earnings Call October 25, 2012 5:00 PM ET
苹果公司（纳斯达克股票代码：AAPL）2012 财年第四季度财报电话会议 美国东部时间 2012 年 10 月 25 日下午 5:00
Executives 高管
Nancy Paxton – Investor Relations
南希-帕克斯顿 - 投资者关系部
Peter Oppenheimer – Senior Vice President and Chief Financial Officer
彼得-奥本海默 - 高级副总裁兼首席财务官
Timothy D. Cook – Chief Executive Officer
蒂莫西-库克 - 首席执行官
Analysts 分析师
Katy Huberty – Morgan Stanley & Co. LLC
Katy Huberty - Morgan Stanley & Co.有限责任公司
Bill C. Shope – Goldman Sachs & Co.
Bill C. Shope - Goldman Sachs & Co.
Toni M. Sacconaghi – Sanford C. Bernstein & Co. LLC
Toni M.Sacconaghi - Sanford C. Bernstein & Co.有限责任公司
Shannon S. Cross – Cross Research LLC
Shannon S. Cross - Cross Research LLC
Benjamin Reitzes – Barclays Capital
Benjamin Reitzes - 巴克莱资本
Charles Eugene Munster – Piper Jaffray
Charles Eugene Munster - Piper Jaffray
Mark A. Moskowitz – JPMorgan Securities LLC
Mark A. Moskowitz - 摩根大通证券有限责任公司
Steven M Milunovich – UBS Securities LLC
Steven M Milunovich - 瑞银证券有限责任公司
Scott D. Craig – Bank of America/Merrill Lynch
Scott D. Craig - 美国银行/美林证券
Brian Marshall – ISI Group
布莱恩-马歇尔 - ISI 集团
Keith Bachman – BMO Capital Markets
Keith Bachman - BMO Capital Markets
Chris K. Whitmore – Deutsche Bank Securities
Chris K. Whitmore - 德意志银行证券
Kulbinder Garcha – Credit Suisse
Kulbinder Garcha - 瑞士信贷
Operator 操作员
Good day, everyone, and welcome to this Apple Incorporated Fourth Quarter Fiscal Year 2012 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，欢迎参加苹果公司 2012 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. Speaking today is Apple CFO, Peter Oppenheimer; and he'll be joined by Apple CEO, Tim Cook; and Treasurer, Gary Wipfler for the Q&A session with analysts.
谢谢。下午好，感谢大家参加我们的会议。今天发言的是苹果公司首席财务官彼得-奥本海默（Peter Oppenheimer），他将与苹果公司首席执行官蒂姆-库克（Tim Cook）和财务主管加里-维普弗勒（Gary Wipfler）一起与分析师们进行问答。
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. For more information, please refer to the risk factors discussed in Apple's Form 10-K for 2011, the Form 10-Q for the first three quarters of fiscal 2012 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.
请注意，在我们今天的讨论中，您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。欲了解更多信息，请参阅 Apple 今天向美国证券交易委员会提交的 2011 年 10-K 表、2012 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。
And I'd now like to turn the call over to Peter Oppenheimer for introductory remarks.
现在请彼得-奥本海默做开场白。
Peter Oppenheimer 彼得-奥本海默
Thank you, Nancy. Thank you for joining us. We're pleased to report the results of our fourth fiscal quarter. We established a new September quarter records for iPhone, iPad and Mac unit sales, leading to our highest September quarter revenue and earnings ever.
谢谢你，南希。感谢您参加我们的会议。我们很高兴地报告第四财季的业绩。我们在 9 月份创造了 iPhone、iPad 和 Mac 单位销售额的新纪录，从而实现了有史以来最高的 9 月份收入和利润。
Revenue for the quarter was $36 billion, representing year-over-year growth of 27%. That's a $7.7 billion increase over the prior September quarter’s results and was driven primarily by strong growth in iPhone and iPad sales.
本季度收入为 360 亿美元，同比增长 27%。这比上一季度增长了 77 亿美元，主要得益于 iPhone 和 iPad 销售的强劲增长。
Operating margin was $10.9 billion, representing 30.4% of revenue. Net income was $8.2 billion, increasing 24% over the prior September quarter's result. The quarter's net income translated to diluted earnings per share of $8.67.
运营利润率为 109 亿美元，占收入的 30.4%。净收入为 82 亿美元，比上一季度增长了 24%。本季度的净收入换算成摊薄后每股收益为 8.67 美元。
Turning to the details of the quarter, I'd like to begin with our Mac products and services. We sold over 4.9 million Macs establishing a new September quarter record. This represents 1% growth year-over-year compared to IDC's latest published estimate of 8% contraction of the global personal computer market in the September quarter.
关于本季度的详细情况，我想首先谈谈我们的 Mac 产品和服务。我们售出了 490 多万台 Mac 电脑，创下了 9 月份的新纪录。与 IDC 最新公布的 9 月份全球个人电脑市场萎缩 8%的估计相比，这一数字同比增长了 1%。
Portable sales grew 9% year-over-year and represented an all time high of 80% of Mac unit mix, thanks to strong sales of MacBook Pro and MacBook Air.
得益于 MacBook Pro 和 MacBook Air 的强劲销售，便携式电脑的销售额同比增长了 9%，在 Mac 产品组合中所占比例达到 80%，创历史新高。
Earlier this week we unveiled the stunning new design for iMac that packed high performance technology and a brilliant new display with reduced reflection into an incredibly sleek aluminum and glass enclosure. We also introduced an even thinner and lighter version of our most popular Mac, the 13-inch MacBook Pro, featuring a retina display with over 4 million pixels in all flash storage. We began and ended the quarter with between three and four weeks of Mac channel inventory which is below our target range of four to five weeks.
本周早些时候，我们推出了令人惊叹的全新 iMac 设计，将高性能技术和可减少反光的绚丽新显示屏融入了令人难以置信的光滑铝合金和玻璃机身中。我们还推出了一款更薄、更轻的最受欢迎 Mac 的 13 英寸 MacBook Pro，配备视网膜显示屏，全闪存存储像素超过 400 万。本季度开始和结束时，我们的 Mac 渠道库存在 3 到 4 周之间，低于我们 4 到 5 周的目标范围。
Moving to our music products, we sold 5.3 million iPods compared to 6.6 million in the year ago quarter. iPod touch continue to account for over half of all iPods sold. iPod share of the U.S. market for MP3 players was over 70% in the September quarter based on the latest data published by MPD and iPod continue to be the top selling MP3 player in most countries we track based on the latest data published by GFK.
根据 MPD 公布的最新数据，9 月份 iPod 在美国 MP3 播放器市场的份额超过 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。
We’re very excited to be shipping our newest iPods as of two weeks ago. The new iPod touch is the thinnest iPod touch yet, comes in five great colors and features of 4-inch Retina display, a 5 megapixel iSight camera, our powerful A5 chip and Siri. The new iPod Nano is the thinnest iPod ever featuring a 2.5-inch Multi-Touch display, convenient navigation buttons, and built-in Bluetooth for wireless listening. The Nano comes in seven great new colors and we think our full range of iPods will make wonderful gifts this holiday season.
两周前，我们非常高兴地开始发售最新款 iPod。新款 iPod touch 是迄今最薄的 iPod touch，有五种出色的颜色可供选择，配备 4 英寸 Retina 显示屏、500 万像素 iSight 摄像头、强大的 A5 芯片和 Siri。全新 iPod Nano 是迄今最薄的 iPod，配备 2.5 英寸 Multi-Touch 显示屏、便捷的导航按钮和用于无线聆听的内置蓝牙功能。Nano 有七种全新的颜色可供选择，我们认为我们的全系列 iPod 将是这个节日的最佳礼物。
The iTunes Store generated all time record results, with revenue almost $2.1 billion thanks to continued strong sales of music, apps and video. We look forward to launching the new iTunes featuring the completely redesigned player, seamless integration with iCloud and a new look for the iTunes Store. The new iTunes has a dramatically simpler and clearner interface, so customers’ music, movie and TV purchases on any of their iOS devices or computers are conveniently displayed in their iTunes library and are available whenever they want them.
由于音乐、应用软件和视频的销售持续强劲，iTunes Store 创造了创纪录的业绩，收入接近 21 亿美元。我们期待着推出全新的 iTunes，它拥有完全重新设计的播放器、与 iCloud 的无缝整合以及 iTunes Store 的全新外观。新版 iTunes 的界面更加简洁明了，用户在任何 iOS 设备或电脑上购买的音乐、电影和电视内容都会方便地显示在 iTunes 资料库中，并可随时查阅。
iTunes，这个产品后来没有了，app store其实是个特殊的网页应用，有更好的适应能力。
I’d now like to turn to iPhone. we’re very pleased to have sold 26.9 million iPhones compared to 17.1 million in the previous September quarter. That represents 58% year-over-year growth compared to IDC’s latest published estimate of 45% growth for the smartphone market overall during the quarter. We launched iPhone 5 in nine countries on September 21 and 22 more countries on September 28, and demand has been phenomenal.
我们很高兴 iPhone 的销量达到 2,690 万部，而上一季度的销量为 1,710 万部。与 IDC 最新公布的本季度智能手机市场整体 45% 的增长率相比，iPhone 的同比增长率达到 58%。我们于 9 月 21 日在 9 个国家推出了 iPhone 5，9 月 28 日又在 22 个国家推出了 iPhone 5，市场需求非常惊人。
如果同样是杀手级的应用，现在的Gen AI可能比智能手机要难。
Customers have responded tremendously to the iPhone 5 all-new slim and light design and beautiful new 4-inch Retina display, the powerful performance of the A6 chip and the great new ultrafast wireless technology. Demand for iPhone 5 continues to outstrip supply, and we are working very hard to get more into customer’s hands as quickly as possible.
客户对 iPhone 5 的全新轻薄设计、漂亮的全新 4 英寸 Retina 显示屏、A6 芯片的强大性能和出色的全新超快无线技术反应热烈。iPhone 5 继续供不应求，我们正努力尽快将更多的 iPhone 5 送到客户手中。
We ended the quarter with about $9.1 million iPhones in channel inventory, a sequential increase of about 800,000 iPhones and ended the quarter below our target range of four to six weeks of iPhone channel inventory on a look-forward basis.
本季度末，我们的渠道库存约为 910 万美元的 iPhone，连续增加了约 80 万部，低于我们预期的 iPhone 渠道库存四至六周的目标范围。
Recognized revenue from iPhone handsets and accessories sales was $17.1 billion during the quarter compared to $11 billion in the year-ago quarter, an increase of 56%. Businesses around the world continue to make iPhone, an essential device for their employees. Virtually, every type of enterprise in the small business is using iPhone along with the business apps from the app store and custom apps developed in-house to drive efficiencies that were simply not possible before.
本季度来自 iPhone 手机和配件销售的确认收入为 171 亿美元，与去年同期的 110 亿美元相比增长了 56%。全球企业继续将 iPhone 作为员工的必备设备。实际上，小型企业中的每一类企业都在使用 iPhone 以及应用程序商店中的商业应用程序和内部开发的定制应用程序，以提高效率，而这在以前是根本不可能实现的。
Canon has provided its field sales team iPhones with secure access to its customer relationship management system, sales reps can now access customer information and input meeting notes anywhere giving them more time with customers. Amtrak has deployed thousands of iPhones to train conductors, the use an in-house app that changes the entire ticketing and reporting workflow. The app enabled print-at-home ticket validation delivers a more accurate passenger manifest and makes the accounting data available to Amtrak’s revenue systems in near real time, revolutionizing the paper-based process, the company used in the past.
佳能为其现场销售团队提供了可安全访问客户关系管理系统的 iPhone，销售代表现在可以随时随地访问客户信息并输入会议记录，从而有更多时间与客户沟通。Amtrak 为列车长部署了数千部 iPhone，他们使用的内部应用程序改变了整个售票和报告工作流程。该应用程序支持在家打印车票验证，可提供更准确的乘客名单，并将会计数据近乎实时地提供给美国铁路公司的收入系统，彻底改变了该公司过去使用的纸质流程。
And news organizations around the world are using iPhone to transform the way they capture and deliver news. reporters for BBC, the Wall Street Journal, Mexican newspaper, Milenio and Canada’s CTV News are using their iPhone cameras to capture HD video on location and send it directly back to headquarters for broadcast on TV or streaming on the web.
英国广播公司、《华尔街日报》、墨西哥报纸《Milenio》和加拿大 CTV 新闻台的记者正在使用 iPhone 摄像头拍摄现场高清视频，并直接传回总部，以便在电视上播放或在网络上流播。
Turning to iPad, we were very pleased with sales of 14 million iPads during the September quarter compared to 11.1 million in the year ago quarter and the increase of 26%. iPad sales were ahead of our expectations and we saw a strong year-over-year growth in iPad sales in every geographic region.
谈到 iPad，我们非常高兴地看到，与去年同期的 1110 万台相比，本季度 iPad 的销量达到了 1400 万台，同比增长 26%。
Earlier this week, we introduced the iPad Mini, the thinnest, lightest, smallest iPad we’ve ever build. it has all the power, performance and capability, customers have come to expect from an iPad and you can hold it in one hand. We also introduced the fourth generation iPad with the beautiful 9.7-inch Retina display, an A6 chip with twice the performance of the iPad we announced earlier this year.
本周早些时候，我们推出了 iPad Mini，这是我们迄今为止制造的最薄、最轻、最小的 iPad。它拥有客户对 iPad 所期待的所有功能、性能和性能，而且你可以单手握持。我们还推出了配备精美 9.7 英寸 Retina 显示屏的第四代 iPad，其 A6 芯片的性能是我们今年早些时候发布的 iPad 的两倍。
Together with the iPad 2, these two new iPads run more than 275,000 apps in the App Store. Recognized revenue from sales of iPad and iPad accessories during the quarter was 7.5 billion compared to 6.9 billion in the year-ago quarter and the increase of 9%. we ended the quarter with about 3.4 million iPads in channel inventory, a sequential increase of about 200,000, which left as just over our four weeks of iPad channel inventories, target on a look-back basis.
这两款新的 iPad 与 iPad 2 在 App Store 上运行的应用程序超过 275,000 个。本季度来自 iPad 和 iPad 配件销售的确认收入为 75 亿美元，去年同期为 69 亿美元，同比增长 9%。本季度末，我们的渠道库存中约有 340 万台 iPad，连续增加了约 20 万台，这使得我们的 iPad 渠道库存刚刚超过四周，目标是在回顾的基础上实现。
iPad is fundamentally changing work processes across industries around the world. With apps developed in-house, iPad is helping companies deliver better service; streamline manufacturing and then power workforces with critical data and information.
iPad 正在从根本上改变全球各行各业的工作流程。通过内部开发的应用程序，iPad 正在帮助企业提供更好的服务、简化生产流程，然后利用关键数据和信息为员工提供动力。
Volkswagen has developed more than 30 in-house apps for vital processes across the company including monitoring and tracking of vehicles on the production line, scheduling the vehicle transportation at assembly plants and greeting customers when they pick up new cars. Ping An Insurance in China has deployed thousands of iPads to their sales agents and service teams.
大众汽车公司为整个公司的重要流程开发了 30 多个内部应用程序，包括监控和跟踪生产线上的车辆、安排装配厂的车辆运输以及在客户提取新车时迎接他们。中国平安保险为其销售代理和服务团队部署了数千台 iPad。
Apps developed in-house are used by car accident inspectors to carry out onsite inspections involve claims, which significantly shortens processing time and improves customer satisfaction. In Brazil, Banco Bradesco is using iPads to redefine the customer experience in their bank branches. Beyond completing customer transaction, employees use iPad to inform and educate customers about bank services, and Bradesco apps in the App Store.
汽车事故检查员使用内部开发的应用程序进行涉及索赔的现场检查，这大大缩短了处理时间，提高了客户满意度。在巴西，Banco Bradesco 正在使用 iPad 重新定义银行分行的客户体验。除了完成客户交易外，员工还使用 iPad 向客户介绍银行服务和 App Store 中的 Bradesco 应用程序。
Combining iPhones, iPads and iPod touch, we sold over 44 million iOS devices in the September quarter. The App Store now offers more than 700,000 apps, including over 275,000 apps specifically for iPad. We established a new all-time record for quarterly app sales in the September quarter, and we were very pleased to report that we have reached $6.5 billion in cumulative payments to developers. Customers are embracing iPad in growing numbers. With over 190 million account sign ups in the first year of the service.
结合 iPhone、iPad 和 iPod touch，我们在九月份售出了超过 4400 万部 iOS 设备。App Store 目前提供 70 多万个应用程序，其中包括 27.5 万多个 iPad 专用应用程序。我们在 9 月份创造了新的季度应用程序销售记录，我们非常高兴地宣布，我们向开发者支付的累计金额已达到 65 亿美元。越来越多的客户开始使用 iPad。在服务推出的第一年，就有超过 1.9 亿个账户注册。
With iCloud, customers can access their music, photos, calendars, contacts, documents and more from whatever device they are using. And it is built into every new iOS device and every new Mac. And we launched iOS6 last month, and it’s already on over 200 million devices. iOS 6 includes over 200 new features, including broader language support for Siri, Facebook integration, shared photo streams and more. We’ve made a number of improvements in maps over the past month, and we will work non-stop until maps lives up to our incredibly high standards.
有了 iCloud，用户无论使用什么设备，都可以访问他们的音乐、照片、日历、通讯录、文档等。每台新 iOS 设备和每台新 Mac 都内置了 iCloud。iOS 6 包含 200 多项新功能，包括为 Siri 提供更广泛的语言支持、集成 Facebook、共享照片流等。在过去的一个月里，我们对地图进行了多项改进，我们将继续努力，直到地图达到我们令人难以置信的高标准。
I would now like to turn to the Apple retail stores. Revenue was $4.2 billion, which is a new September quarter record and an increase of 18% over the year-ago quarter, with growth yield primarily by the store’s best iPhone launch ever. The stores also established a new quarterly record for Mac sales, selling just over 1.1 million Macs. We opened a total of 18 new stores in 10 countries during the quarter, including our first store in Sweden. We also opened our second store at Hong Kong, at Festival Walk overwhelming response, resulting in our biggest store opening of the year.
现在我想谈谈苹果零售店。本季度收入为 42 亿美元，创下了 9 月份的新纪录，比去年同期增长了 18%，增长的主要原因是零售店推出了有史以来最畅销的 iPhone。门店的 Mac 销售量也创造了新的季度记录，销售量略高于 110 万台。本季度，我们在 10 个国家开设了 18 家新店，其中包括在瑞典开设的第一家新店。我们还在香港又一城开设了第二家新店，反响热烈，成为本年度最大的新店开业。
We exited the quarter with 390 stores, 140 of which are outside the United States. With an average of 376 stores open, average revenue per store was $11.2 million, compared to $10.7 million in the year-ago quarter. Segment margin was $848 million, compared to $652 million in the year-ago quarter. We hosted 94 million visitors to our stores during the quarter, compared to 77.5 million visitors in the year-ago quarter, an increase of 22%. That translates to an average of 19,000 visitors per store, per week.
本季度结束时，我们共有 390 家门店，其中 140 家在美国以外。平均每家门店的营业额为 1,120 万美元，去年同期为 1,070 万美元。业务利润率为 8.48 亿美元，去年同期为 6.52 亿美元。本季度，我们的门店接待了 9,400 万名访客，与去年同期的 7,750 万名访客相比，增长了 22%。这意味着平均每家店每周接待 19,000 名访客。
Total company gross margin was 40%, which was 150 basis points higher than our guidance. About half this difference was due to better than expected, commodity and other costs. Another quarterly difference was due to leverage on the higher-than-expected sales and more favorable foreign exchange. The remainder was due to some items that we do not expect to recur in the December quarter.
公司总毛利率为 40%，比我们的预期高出 150 个基点。大约一半的差异是由于商品和其他成本高于预期。另一个季度的差异是由于高于预期的销售额和更有利的外汇所带来的杠杆作用。其余部分是由于一些我们预计不会在 12 月季度再次出现的项目造成的。
Operating expenses were $3.5 billion, and included $379 million of stock-based compensation expense. OI&E was a net expense to $51 million. The interest income and investment gains were more than offset by higher-than-expected currency hedging expense. Under the accounting rules, foreign exchange fluctuations late in the quarter required us to accelerate recognition of premium expense related to Q1 and Q2 hedges. This will result in less premium expense being recognized in Q1 and Q2 the tax rate for the quarter was 24.5%, bringing us to a tax rate for the full fiscal year of 25.2%.
运营支出为 35 亿美元，包括 3.79 亿美元的股票补偿支出。运营、投资和收益（OI&E）净支出为 5100 万美元。高于预期的货币对冲费用抵消了利息收入和投资收益。根据会计规则，本季度末的外汇波动要求我们加快确认与第一季度和第二季度套期保值相关的保费支出。本季度的税率为 24.5%，使我们整个财政年度的税率达到 25.2%。
Turning to cash, our cash for short-term and long-term marketable securities totaled $121.3 billion at the end of the September quarter, compared to $117.2 billion at the end of the June quarter, a sequential increase of over $4 billion. The increase in cash was net of $2.5 billion of dividend paid in August. About $83 billion of our total cash was offshore at the end of the September quarter. Cash flow from operations was $9.1 billion. Our board of directors have declared a dividend of $2.65 per common share, payable on November 15, 2012. The shareholders of recorded as of the close of business on November 12, 2012.
关于现金，截至 9 月季度末，我们的短期和长期有价证券现金总额为 1,213 亿美元，与 6 月季度末的 1,172 亿美元相比，连续增加了 40 多亿美元。现金的增长扣除了 8 月份支付的 25 亿美元股息。截至 9 月季度末，我们的现金总额中约有 830 亿美元为离岸现金。运营产生的现金流为 91 亿美元。我们的董事会已宣布于 2012 年 11 月 15 日支付每股普通股 2.65 美元的股息。截至 2012 年 11 月 12 日营业时间结束时，记录在案的股东。
In August, we entered into a rule 10b5-1 compliant accelerated share repurchase program, with the financial institution to purchase out the $2 billion of Apple stock during fiscal year ’13.
今年 8 月，我们与该金融机构签订了一项符合 10b5-1 规则的加速股票回购计划，在 13 财年内回购 20 亿美元的苹果股票。
In addition to shares purchased through the accelerated share repurchase program, we may also purchase shares in open market transaction in compliance with our applicable securities laws. 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. As a reminder, year-over-year comparison will be impacted by the fact that our December quarter this year will span 13 weeks, whereas the December quarter last year included a 14th week.
除了通过加速股票回购计划购买股票外，我们还可能根据适用的证券法在公开市场交易中购买股票。随着我们进入 12 月季度，我想回顾一下我们的前景，其中包括南希在电话会议开始时提到的前瞻性信息类型。需要提醒大家的是，由于今年 12 月季度的跨度为 13 周，而去年 12 月季度的跨度为 14 周，因此同比比较将受到影响。
As we indicated previously, revenue in that 14th week last year was approximately one 14th of the quarter’s total revenue. We expect revenues to be about $52 billion compared to $46.3 billion in the December quarter last year. We expect gross margin to be about 36% reflecting approximately $90 million related to stock-based compensation expense.
正如我们之前所指出的，去年第 14 th 周的收入约占本季度总收入的 1/14 th 。我们预计收入将达到 520 亿美元左右，而去年 12 月季度的收入为 463 亿美元。我们预计毛利率约为 36%，其中包括约 9000 万美元的股票薪酬支出。
We expect OpEx to be about $4.05 billion including about $485 million related to stock-based compensation expense. We expect OI&E to be about $380 million, and we expect the tax rate to be about 26%. We are targeting EPS of about $11.75.
我们预计运营支出约为 40.5 亿美元，其中包括约 4.85 亿美元的股票薪酬支出。我们预计运营支出和费用约为 3.8 亿美元，税率约为 26%。我们的目标每股收益约为 11.75 美元。
In closing, we’re extremely proud to conclude an amazing fiscal year 2012. We generated revenue of over $156 billion, which is up 45% year-over-year, and reflects growth of $48 billion in revenue. We sold over $200 million iOS devices including 125 million iPhones reflecting 73% growth year-over-year, and 58 million iPads reflecting 80% growth.
最后，我们非常自豪地结束了令人惊叹的 2012 财年。我们创造了超过 1,560 亿美元的收入，同比增长 45%，反映了 480 亿美元的收入增长。我们售出了超过 2 亿美元的 iOS 设备，其中包括 1.25 亿部 iPhone（同比增长 73%）和 5800 万部 iPad（同比增长 80%）。
We sold a record $18 million Macs and shipped 35 million iPods. And we expanded the reach of iTunes music stores to 63 countries around the world. We launched stunning new versions of OS X and iOS, and time it altogether; we launched iPod with customers reaching over 190 million and growing.
我们售出了创纪录的 1,800 万台 Mac，出货了 3,500 万台 iPod。我们将 iTunes 音乐商店的覆盖范围扩大到全球 63 个国家。我们推出了令人惊叹的 OS X 和 iOS 新版本，并将其推向市场；我们推出了 iPod，用户超过 1.9 亿，而且还在不断增长。
And finally, we generated net income of $41.7 billion, an increase of 61% year-over-year. We enter this holiday season with our strongest product lineup ever and remain very confident in our new product pipeline.
最后，我们创造了 417 亿美元的净收入，同比增长 61%。我们将以有史以来最强大的产品阵容迎接这个假期，并对我们的新产品线充满信心。
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. And 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。我们请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
(Operator Instructions) Your first question will come from Katy Huberty with Morgan Stanley.
(接线员指示）第一个问题来自摩根士丹利的凯蒂-休伯蒂。
Katy Huberty – Morgan Stanley & Co. LLC
Katy Huberty - Morgan Stanley & Co.有限责任公司
Hey, thanks. Good afternoon. If your guidance comes to fruition, December will be the first quarter in a very long time, but Apple EPS declined year-on-year despite what has been the broadest product refresh in the company’s history over the past two months, the [bares] will point out that may be the company’s price premium or supply kind of advantage is weakening, so just curious how you would respond to that? And then as a follow-up, Peter if you can comment on what’s driving the significant gross margin down-tick in December given you should have decent iPhone mix? Thank you.
嘿，谢谢下午好。如果你们的指导得以实现，12 月份将是很长一段时间以来的第一个季度，但尽管在过去两个月里进行了公司历史上最广泛的产品更新，苹果公司的每股收益仍同比下降，[bares] 会指出这可能是公司的价格溢价或供应方面的优势正在减弱，所以我很好奇你们会如何回应？彼得（Peter）：鉴于你们的 iPhone 产品组合还算不错，你能否谈谈是什么原因导致 12 月份毛利率大幅下滑？谢谢。
Peter Oppenheimer 彼得-奥本海默
Sure. Katy, let me begin, I’ll address many of the things you asked, and then Tim can add a few points. The change year-over-year is being driven by a couple of things, so first of all, last year included a 14th week, this year’s Q1 is a normal 13-week quarter. That along with a stronger U.S. dollar, and the change in gross margin, so let me talk to you about what we see for gross margin, but I’m going to go through some detail on a sequential basis, but not year-over-year.
当然可以，凯蒂，让我开始吧，我会回答你提出的许多问题，然后蒂姆可以补充几点。同比变化有几个原因，首先，去年有一个为期 14 周的 th 季度，而今年的第一季度是一个正常的为期 13 周的季度。再加上美元走强，以及毛利率的变化，让我来跟大家谈谈我们对毛利率的看法，但我要详细说明的是环比，而不是同比。
As you pointed out, this is the most prolific product period in Apple’s history. We have an unprecedented number of new product introductions over the last six weeks, and this has led to record levels of demand. New or re-priced versions of our products announced during this time frame represent over 80% of the total expected December quarter revenue.
正如你所指出的，这是苹果历史上产品最丰富的时期。在过去的六周里，我们推出了数量空前的新产品，这导致了创纪录的需求水平。在此期间发布的新产品或重新定价的产品占 12 月季度预期总营收的 80% 以上。
But there are costs associated with such dramatic change and demand. The iPhone 5, iPad Mini, iMac, MacBook Pro 13-inch, iPod Touch and iPod Nano have completely new form factors with great new features, and we’ve never before introduced so many new form factors at once. All of these products have higher costs than their predecessors, and therefore lower gross margins as they are at the height of the cost curve.
但是，如此巨大的变化和需求是要付出代价的。iPhone 5、iPad Mini、iMac、MacBook Pro 13 英寸、iPod Touch 和 iPod Nano 拥有全新的外形和强大的新功能，我们从未同时推出过如此多的新外形产品。所有这些产品的成本都高于前代产品，因此毛利率较低，因为它们处于成本曲线的顶端。
This has been the case with new products in the past, so nothing new. The difference this time is the sheer number of new products we are introducing in a very short period of time. Additionally, we lowered the price of the iPhone 4S and iPhone 4, delivering incredible value to our customer.
过去的新产品都是如此，所以并不新鲜。这次的不同之处在于，我们在很短的时间内推出了大量新产品。此外，我们降低了 iPhone 4S 和 iPhone 4 的价格，为客户带来了难以置信的价值。
We head into this holiday quarter with the strongest iPhone line-up that we have ever had with the iPhone 4 starting at three in the subsidized markets. We also added the iPad Mini to our iPad line-up. The iPad Mini has the full iPad experience, and we priced it aggressively at $329, delivering incredible value to our customers. Its gross margin is significantly below the corporate average.
进入这个假日季度，我们拥有了有史以来最强大的 iPhone 阵容，iPhone 4 在补贴市场的起售价为 3 美元。我们还在 iPad 产品阵容中增加了 iPad Mini。iPad Mini 拥有完整的 iPad 体验，我们将其定价为 329 美元，为客户带来了难以置信的价值。其毛利率大大低于公司平均水平。
So in summary, we expect our gross margin to decline by about 400 basis points sequentially. We expect the benefit from positive leverage on a sequentially higher revenue and a greater mix of iPhone, but we expect these benefits will be more than offset by a number of factors.
因此，综上所述，我们预计毛利率将连续下降约 400 个基点。我们预计，收入的连续增长和更多的 iPhone 产品组合将带来积极的杠杆效应，但我们预计，这些效益将被一些因素抵消有余。
First, margins on new products are lower than their predecessors including the iPhone 5 and we have been aggressive with the iPad Mini. Second, we’ve lowered the price of the iPhone 4S and the iPhone 4. Third, we will experience transitionary cost associated with multiple new product ramp. Fourth, the high anticipated volume of iPhone and other new products will generate significantly greater deferred revenue sequentially.
首先，新产品的利润率低于包括 iPhone 5 在内的前代产品，我们在 iPad Mini 上也采取了积极的策略。其次，我们已经降低了 iPhone 4S 和 iPhone 4 的价格。第三，我们将经历与多种新产品上市相关的过渡成本。第四，iPhone 和其他新产品的高预期销量将连续大幅增加递延收入。
As you are aware, we defer a portion of our revenue with every device we sell, and amortize it back into revenue over the life of the device. In periods of exceptionally strong sales like the December quarter, the deferred amounts are significantly higher than the revenue amortized in from past sales. And fifth, the favorable items that benefited the gross margin in the September quarter are not expected to repeat in the December quarter.
如你所知，我们每售出一台设备，都会递延一部分收入，并在设备使用期内摊销为收入。在像 12 月季度这样销售异常火爆的时期，递延金额要远远高于过去销售摊销的收入。第五，9 月季度毛利率受益的有利项目预计不会在 12 月季度重现。
We will work hard to try and get down the cost curves and improve our manufacturing and other efficiencies as we successfully have done in the past. We ended this holiday season with our strongest product line-up ever, and we have great choices for customers. To be in a position to anticipate over $50 billion of demand for our products in a single quarter is a reflection of the incredible strength of our products and our business.
我们将一如既往地努力降低成本曲线，提高生产和其他方面的效率。我们以有史以来最强大的产品阵容结束了这个假日季，我们为客户提供了很好的选择。我们能够在一个季度内预计到超过 500 亿美元的产品需求，这反映了我们产品和业务的惊人实力。
Timothy D. Cook 蒂莫西-D-库克
And Katy, if I could just add a couple of things to that. We are dedicated to making the very best products in the world, and we think about the smallest of details, and we are unwilling to cut corners in delivering the best customer experience to the world. It’s this relentless commitment to innovation and excellence is the reason that our customers choose buy our products, and this will always be the driving force behind Apple. We are managing the company for the long-run and will continue to make great long-term decision. We remain very, very confident in our strategy, and will use our world-class skills and hardware, software and services to delight our customers.
凯蒂，请允许我再补充几句。我们致力于制造世界上最好的产品，我们考虑最微小的细节，我们不愿意在为全世界提供最佳客户体验方面偷工减料。正是这种对创新和卓越的不懈追求，才是我们的客户选择购买我们产品的原因，而这也将永远是苹果背后的驱动力。我们正在对公司进行长期管理，并将继续做出伟大的长期决策。我们仍然对我们的战略充满信心，并将利用我们世界一流的技术、硬件、软件和服务来取悦我们的客户。
说的清楚=做的明白，这是体现在大脑里面的一致性，认为表达不行但做的可以是标准太低，大脑在组织语言上的精细跟做事上的精细是同一个区域。
Katy Huberty – Morgan Stanley & Co. LLC
Katy Huberty - Morgan Stanley & Co.有限责任公司
Thanks for the details.
感谢您提供的详细信息。
Nancy Paxton 南希-帕克斯顿
Thanks, Katy. Can we have the next question please?
谢谢，凯蒂。请问下一个问题是什么？
Operator 操作员
From Goldman Sachs, we’ll go to Bill Shope.
来自高盛的比尔-肖普。
Bill C. Shope – Goldman Sachs & Co.
Bill C. Shope - Goldman Sachs & Co.
Okay, great. Thanks. Can you walk through how you’re thinking about the supply ramp for the iPhone 5 in the holiday quarter? And how does some of the challenges you’re facing relative to the strong demand compared to the past iOS product launches?
好的，太好了。谢谢。你能否介绍一下你是如何考虑 iPhone 5 在假日季度的供应量的？与以往的 iOS 产品发布相比，你们在强劲需求方面面临哪些挑战？
Timothy D. Cook 蒂莫西-D-库克
Hi Bill, it’s Tim. The demand for iPhone is extremely robust, we are thrilled with what we see; we are in a significant state of backlog right now. In terms of the production, our output has improved significantly since earlier this month. And I’m very, very pleased with the progress that we’ve made there; I’m pleased with the current level of output in what is the largest volume ramp in Apple’s history. It’s difficult to predict when supply and demand will balance, but I’m feeling very confident on our ability to supply quite a few iPhones.
嗨，比尔，我是蒂姆。对 iPhone 的需求非常强劲，我们很高兴看到这一点；目前我们正处于大量积压的状态。在生产方面，自本月初以来，我们的产量有了显著提高。我对我们在这方面取得的进展感到非常、非常满意；我对目前的产量水平感到满意，这是苹果历史上最大的产量提升。虽然很难预测供需平衡的时间，但我对我们供应大量 iPhone 的能力充满信心。
Bill C. Shope – Goldman Sachs & Co.
Bill C. Shope - Goldman Sachs & Co.
Great, thank you. 太好了，谢谢。
Nancy Paxton 南希-帕克斯顿
Thanks, Bill. Can we have the next question please?
谢谢，比尔。请回答下一个问题。
Operator 操作员
Next we’ll go to Toni Sacconaghi with Sanford Bernstein.
接下来我们请托尼-萨科纳吉（Toni Sacconaghi）和桑福德-伯恩斯坦（Sanford Bernstein）发言。
Toni M. Sacconaghi – Sanford C. Bernstein & Co. LLC
Toni M.Sacconaghi - Sanford C. Bernstein & Co.有限责任公司
Yes, thank you. I just wanted to first follow-up on that previous question around the ramp of iPhone. Do you continue to anticipate rolling out to all 100 countries this quarter as you had announced at the time of the iPhone 5 announcement. And related to that can you comment on whether the supply constraints that you’ve had, have had a material impact on your cost of goods sold relative. So as your supply improves, do you actually expect your cost of goods sold to decline?
好的，谢谢。我想先跟进一下之前关于 iPhone 增长的问题。你们是否仍像 iPhone 5 发布时所宣布的那样，预计本季度将在 100 个国家推出。与此相关的是，你能否评论一下你遇到的供应限制是否对你的相对销售成本产生了实质性影响。那么，随着供应的改善，你们是否预计销售成本会下降？
Timothy D. Cook 蒂莫西-D-库克
Tony, it’s Tim. In regard to your first question, we still continue to anticipate rolling out to the 100 countries as we announced before, it is our fastest rollout ever; there will be some large countries in month of December. But we anticipate still achieving the 100. In terms of costs, with each new product we see learning curves associated with ramping production.
托尼，我是蒂姆。关于你的第一个问题，我们仍然预计会在 100 个国家推出，正如我们之前宣布的那样，这是我们有史以来最快的推出速度；12 月份会有一些大的国家。但我们预计仍将达到 100 个国家。在成本方面，每推出一种新产品，我们都会看到与扩大生产相关的学习曲线。
And the new products we have now are no exception to that, the difference is the number of new products that we having moving in line. As Peter said, and as you can talk, the announcements we’ve had the last couple of months, this is the most prolific period in our history in terms of the new product introduction and innovation; the past six weeks have been phenomenal in terms of new product introduction.
我们现在的新产品也不例外，所不同的是，我们的新产品数量在不断增加。正如彼得所说，从过去几个月我们发布的公告可以看出，这是我们历史上新产品引进和创新最多的时期；过去六周在新产品引进方面可谓惊人。
And so we do see all of these costs associated with each of these. But I don’t see those costs accelerating on a per unit basis. As we got through the quarter, I see it very much being a production ramp across many, many new products.
因此，我们确实看到了所有这些与之相关的成本。但我不认为这些成本会以单位为基础加速增长。随着本季度的到来，我认为许多新产品的产量都会增加。
Toni M. Sacconaghi – Sanford C. Bernstein & Co. LLC
Toni M.Sacconaghi - Sanford C. Bernstein & Co.有限责任公司
Okay, thank you for that color. If I could just follow-up, you’ve talked before about how you believe that the iPad will be, and the tablet market will be an enormous market, bigger than the PC market. Clearly, you’ve made a move to expand that market and make it more accessible by introducing the iPad Mini. I’m wondering if over time you could see this market evolving to larger tablets going forward that would address different needs in the marketplace, take on incremental PC functionality, and I’m wondering when you talk about the iPad market being bigger than the PC market going forward, do you see larger form factors in the marketplace evolving, and I guess the question, is why not?
好的，谢谢你的色彩。请允许我跟进一下，你以前曾谈到，你相信 iPad 将成为一个巨大的市场，平板电脑市场将比 PC 市场还要大。显然，你们已经采取了扩大市场的举措，并通过推出 iPad Mini 使其更容易获得。我想知道，随着时间的推移，你是否能看到这个市场正在向更大的平板电脑发展，以满足市场上的不同需求，增加个人电脑的功能，我想知道，当你谈到iPad市场将比个人电脑市场更大时，你是否看到市场上更大的外形尺寸正在发展，我想问题是，为什么不呢？
Timothy D. Cook 蒂莫西-D-库克
Tony, as you know we don’t comment on our future views on products and roadmaps etcetera. But let me make some comments on your question. We continue to be very confident that the tablet market will surpass the PC market, there is incredible development in both ecosystems and product going on in the tablet space. It is already extremely compelling for many, many customers to choose the tablet, in particular an iPad over a PC. And when you look at the size of the PC market, there is an enormous opportunity for Apple there. Pretty much each quarter you see 80 to 90 million PCs being sold.
托尼，如你所知，我们不会对未来的产品和路线图等发表评论。但请允许我就你的问题发表一些看法。我们仍然对平板电脑市场超越个人电脑市场充满信心，平板电脑领域的生态系统和产品发展都令人难以置信。对于很多很多客户来说，选择平板电脑，尤其是 iPad 而不是个人电脑，已经是非常有吸引力的事情。从个人电脑市场的规模来看，苹果在这一领域蕴藏着巨大商机。几乎每个季度都会售出 8000 万到 9000 万台个人电脑。
And so we do think that the iPad and the iPad Mini, and the iPad 2 will all be extremely attractive offering for people in lieu of PC. And we are going to continue to very much focus on the future of iPad, and we are very, very confident with what we have in the pipeline. And we are extremely pleased to have launched iPad Mini; and can’t wait until next Friday, when we begin selling the very first unit.
因此，我们认为，iPad、iPad Mini 和 iPad 2 都将是极具吸引力的产品，可以取代 PC。我们将继续专注于 iPad 的未来，我们对即将推出的产品充满信心。我们非常高兴能推出 iPad Mini，并迫不及待地等待下周五开始销售第一台。
方向是对的，需要的时间很长。
Nancy Paxton 南希-帕克斯顿
Thanks, Tony. 谢谢你，托尼。
Toni M. Sacconaghi – Sanford C. Bernstein & Co. LLC
Toni M.Sacconaghi - Sanford C. Bernstein & Co.有限责任公司
Thank you. 谢谢。
Nancy Paxton 南希-帕克斯顿
Can we have the next question, please?
请回答下一个问题。
Operator 操作员
From Cross Research, Shannon Cross.
来自 Cross Research，香农-克罗斯。
Shannon S. Cross – Cross Research LLC
Shannon S. Cross - Cross Research LLC
Thank you very much. Tim or Peter could you talk a little bit about China, and what you’re seeing in China fairly with your revenue guidance, it sounds like it remained strong, but obviously there’s been some mixed signal from an economic standpoint?
非常感谢。蒂姆（Tim）或彼得（Peter）能否谈谈中国的情况，以及你们在中国看到的与你们的收入指导相当的情况，听起来似乎仍然很强劲，但从经济角度来看，显然出现了一些好坏参半的信号？
Timothy D. Cook 蒂莫西-D-库克
Yeah Shannon, it’s Tim. In terms of what we saw in China for Q4, revenue was $5.7 billion, that’s up 26% year-on-year, Mac was up extremely strong, up 44%. As you recall, we launched portables for the first time in July or the portables that we have previously announced in U.S. in June, we announced that in China in July. iPad was up 45% in Greater China, iPhone was up 38%. And so all in all, a fantastic quarter that brings us to a full year fiscal year revenue number of $23.8 billion for China which is really phenomenal, when you think about it, that’s up over $10 billion year-on-year up 78% and Greater China now represents about 15% of Apple for the fiscal year and so we’re extremely happy with how we’ve done in China as Peter alluded to in his opening remarks, we are continuing to invest in our own retail stores there, we continue to expand distribution in with channel partners as well, and we continue to see it as a extremely exciting market with more and more people wanting Apple product.
是的，香农，我是蒂姆。第四季度，我们在中国的收入为 57 亿美元，同比增长 26%，Mac 的增长极为强劲，同比增长 44%。iPad 在大中华区增长了 45%，iPhone 增长了 38%。总之，这是一个非常出色的季度，使我们本财年全年的收入达到了 238 亿美元。正如彼得在开场白中提到的，我们将继续投资于我们在中国的零售店，我们也将继续扩大与渠道合作伙伴的分销，我们将继续把中国视为一个非常令人兴奋的市场，越来越多的人需要苹果产品。
Shannon S. Cross – Cross Research LLC
Shannon S. Cross - Cross Research LLC
Great, and then I just had a follow-up question on the Tablet market, with the launch of Surface today and obviously the Win 8 Tablet of Mac, could you talk a little bit about what are you seeing, from a competitive standpoint and how you think about it? Thank you.
很好，我还有一个关于平板电脑市场的后续问题，今天推出了 Surface 平板电脑，显然还有 Mac 的 Win 8 平板电脑，你能从竞争的角度谈谈你的看法吗？谢谢。
Timothy D. Cook 蒂莫西-D-库克
Yeah, I haven’t personally played with the Surface yet, but what we’re reading about it is that it’s a fairly compromised confusing product, and so I think one of the toughest things you do with deciding which product is to make hard trade off and decide what a product should be and we’ve really done that with the iPad, and so the user experience is absolutely incredible, I suppose you could design a car that flies and floats, but I don’t think it would do all of those things very well, and so I think people when they look at the iPad versus competitive offerings are going to conclude, they really want an iPad and I think people have done that to-date and I think they will continue to do that.
是的，我还没有亲自体验过 Surface，但我们读到的关于它的信息是，它是一款相当容易让人困惑的产品，因此我认为，决定哪款产品最困难的事情之一就是做出艰难的取舍，决定一款产品应该是什么样的，而我们在 iPad 上确实做到了这一点，因此用户体验绝对令人难以置信、我想你可以设计一辆会飞、会飘的汽车，但我不认为它能很好地完成所有这些任务，所以我认为，当人们看到 iPad 与其他竞争产品相比时，他们会得出结论：他们真的想要一台 iPad，我认为人们迄今为止已经这样做了，而且我认为他们会继续这样做。
iPad是整个系统的产物，系统的整体性大于一款独立的产品，Surface只是一款独立的产品，微软有自己的操作系统但没有自己的硬件，软件也一样，苹果管理系统上的每一个APP，微软不是这样运作的。
Shannon S. Cross – Cross Research LLC
Shannon S. Cross - Cross Research LLC
Thank you. 谢谢。
Nancy Paxton 南希-帕克斯顿
Thanks, Shannon, can we have the next question please?
谢谢你，香农，请问下一个问题是什么？
Operator 操作员
From Barclays, we’ll go to Ben Reitzes.
从巴克莱银行，我们去找本・雷茨茨。
Benjamin Reitzes – Barclays Capital
Benjamin Reitzes - 巴克莱资本
Thanks a lot, appreciate it. Can you just go through a little bit more on tablets, the iPad Mini, how do you think that will sell versus the original iPad form factor and how do you want to differentiate that is there more of an eBook focus with and education focus with the Mini and do you think it will sell more than the regular or the original iPad and how do you want us to just think about the cannibalization factor as well of the older product or the older form factor?
非常感谢。您能否再介绍一下平板电脑、iPad Mini，您认为它的销量与原版 iPad 相比会如何，您希望如何区分，Mini 是否更注重电子书和教育，您认为它的销量是否会超过普通版或原版 iPad，您希望我们如何看待旧产品或旧版 iPad 的蚕食因素？
Timothy D. Cook 蒂莫西-D-库克
We don’t really have an old product, then we have only new product, we just announced the fourth generation iPad as well and…
我们没有真正的老产品，只有新产品，我们刚刚发布了第四代 iPad 和...
Benjamin Reitzes – Barclays Capital
Benjamin Reitzes - 巴克莱资本
Yeah, I knew, I do, I’d messed up in my speech there sorry.
是的，我知道，我知道，我在演讲中说错话了，对不起。
Timothy D. Cook 蒂莫西-D-库克
So, no, but the way that we look at this is that we provide a fantastic iPad Touch, we provide an incredible fourth generation iPad and iPad Mini and then iPad 2. Customers will decide which one or two or three or all four that they would like and will buy those and so we’ve learned over the years not to worry about cannibalization of our own products, it’s much better for us to do that than somebody else to do it and the far, far bigger opportunity here are the 80 million to 90 million PCs that are being sold per quarter, there’s still over 300 million PCs being bought per year, and I think a great number of those people would be much better of buy an iPad or a Mac, and so that’s a much bigger opportunity for Apple, and so instead of being focused on cannibalizing ourselves, and I look at it in much more that it’s an enormous incremental opportunity for us and so that’s how I look at it.
所以，不是的，但我们看待这个问题的方式是，我们提供出色的 iPad Touch，我们提供令人难以置信的第四代 iPad 和 iPad Mini，然后是 iPad 2。客户会决定他们喜欢哪一款、两款、三款还是全部四款，并会购买这些产品，所以多年来我们已经学会不用担心我们自己的产品会被蚕食、每年仍有超过 3 亿台个人电脑被购买，我认为其中很多人买 iPad 或 Mac 会好得多，因此这对苹果来说是一个更大的机会，所以与其专注于蚕食我们自己的产品，我更看重的是这对我们来说是一个巨大的增量机会，这就是我的看法。
Benjamin Reitzes – Barclays Capital
Benjamin Reitzes - 巴克莱资本
Okay, and then just my quick follow-up is on Apple TV we haven’t heard about your hobby in [Vaio] how many did you sell in the quarter and what’s the strategy there for the living room to-date and I’m intrigued to hear the answer or not an answer?
好的，我想跟进的是，关于苹果电视，我们还没有听说过你们在[Vaio]上的爱好，你们在本季度卖出了多少台，到目前为止，你们在客厅方面的战略是什么？
Timothy D. Cook 蒂莫西-D-库克
Or not you might guess, for Q4 we sold 1.3 million that is up over a 100% year-on-year that means that we sold up more than 5 million Apple TVs during the fiscal year, which is almost double the previous year, we have sold 2.8 the previous year and so the business continues to do very well, but if you look at the size of revenue of this business versus our other businesses, it’s quite small and so it still has the (inaudible) label, however it’s below Toby and we continue to focus on it and continue to believe there is something more there and continue to pull the string to see where it takes us.
你可能猜不到，第四季度我们售出了 130 万台苹果电视，同比增长超过 100%，这意味着本财年我们售出了 500 多万台苹果电视，几乎是前一年的两倍，前一年我们售出了 280 万台。但是，如果你看看这项业务的营收规模与我们的其他业务相比，还是相当小的，所以它仍然有（听不清）标签，但它低于托比，我们将继续关注它，并继续相信有更多的东西在那里，并继续拉动绳子，看看它会带我们去哪里。
很多事只是大方向正确，这种思维方式有助于长线投资，事实上偏向于细节是由恐惧造成的，视力模糊的总是担心总是想要看到细节，而细节只存在自己的幻想中。
Benjamin Reitzes – Barclays Capital
Benjamin Reitzes - 巴克莱资本
Thanks a lot, Tim.
非常感谢，蒂姆。
Timothy D. Cook 蒂莫西-D-库克
Yeah. 是啊
Nancy Paxton 南希-帕克斯顿
Thanks, Ben. Can we have the next question please?
谢谢，本。请问下一个问题是什么？
Operator 操作员
Moving on we’ll hear from Gene Munster with Piper Jaffray.
接下来，我们将听取派杰公司的吉恩-蒙斯特的介绍。
Charles Eugene Munster – Piper Jaffray
Charles Eugene Munster - Piper Jaffray
Hey good afternoon. Tim, can you talk a little bit about the iPad we saw a deceleration in September quarter. Was there anything in particular that might have been, as do you think about that business might have been driving that?
嘿，下午好。蒂姆，你能谈谈九月份iPad业务下滑的问题吗？有没有什么特别的原因，你认为是什么原因推动了iPad业务的发展？
Timothy D. Cook 蒂莫西-D-库克
The June to September was 17 million to 14 million Gene and the first thing to know there is that as we had talked about in the July call, the June quarter contained 1.2 million increase in channel inventory and so the actual sell through sequentially looks, the comparison looks very different than the our reported sell in numbers do, the second thing is that the $14 million exceeded what we had expected to do in iPad and the reason we had expected it to decline is that we believe based on the two or three years of results that we’ve got is that normally, we would see a seasonal reduction in the September quarter versus the June quarter, a part of this reason is because K-12 heavily buys in the June quarter, K-12 doesn’t buy very much in the September quarter, it becomes the Higher Ed kind of move and Higher Ed is still buying notebooks for the most part, and so there is some kind of normal seasonal that’s exaggerated further when we announced the new product in March and have an enormous full quarter of demand in the June quarter and then when you compare that to the September quarter there would be natural phase down.
从 6 月到 9 月，吉恩的销售额从 1,700 万美元降至 1,400 万美元，首先要知道的是，正如我们在 7 月份的电话会议上所说的，6 月份的季度销售额中渠道库存增加了 120 万，因此实际销售额与报告的销售额相比有很大不同。其次，1,400 万美元的销售额超出了我们在 iPad 上的预期，而我们预期销售额会下降的原因是，根据我们两三年的业绩，我们认为通常情况下，9 月份的销售额会比 6 月份有所下降、其中一个原因是，K-12 在 6 月份的采购量很大，而 K-12 在 9 月份的采购量并不大，这就变成了高等教育的采购量，而高等教育在很大程度上仍在购买笔记本电脑，因此，当我们在 3 月份发布新产品，并在 6 月份的整个季度都有巨大需求时，就会进一步夸大正常的季节性，然后，当你将其与 9 月份的季度进行比较时，就会出现自然的阶段性下降。
In addition to all of that, people it’s clear that customers delayed purchases of tablets due to new product rumors and this intensified in August and September. Some of that was anticipated and some of it I wish wouldn’t occur. But it did occur.
除此之外，人们还清楚地看到，由于新产品的传言，消费者推迟了平板电脑的购买时间，而且这种情况在 8 月和 9 月愈演愈烈。其中有些是预料之中的，有些我希望不会发生。但它确实发生了。
And so that’s how we would explain the sequential difference. On a year-over-year basis because of the year ago quarter having also a channel inventory build as we stock the channel to the profit level the sell through year-over-year actually grew 44% and so the underlying sell through was extremely strong.
这就是我们对连续差异的解释。从同比来看，由于去年同期的渠道库存增加，我们将渠道库存提高到了利润水平，因此销售额同比实际增长了 44%，基本销售额非常强劲。
And so we continue to feel great about how iPad has done and with announcing the fourth generation iPads just as we and adding iPad Mini to the family, we think it’s going to be an incredible holiday season.
因此，我们对 iPad 的表现仍然感到非常满意，随着第四代 iPad 的发布和 iPad Mini 的加入，我们认为这将是一个令人难以置信的假日季。
Charles Eugene Munster – Piper Jaffray
Charles Eugene Munster - Piper Jaffray
Okay, great, thank you, and then my follow-up question is given what we’re seeing in margins that some of these products get more expensive to produce to be competitive, would you be open to passing some of those cost on to customers and obviously historically you’ve announced new products and maintain a lot of those price points?
好的，很好，谢谢，我的后续问题是，鉴于我们看到的利润率情况，其中一些产品的生产成本越来越高，为了保持竞争力，你们是否愿意将部分成本转嫁给客户？
Timothy D. Cook 蒂莫西-D-库克
It’s a hypothetical question, hence so we think, we’ve made great choices on the product and the prices and as you know our customary practice, long-standing customary practice is just to guide for the current quarter, and so I would want to talk about what we might do post that.
这是一个假设性的问题，因此我们认为，我们在产品和价格方面做出了很好的选择，正如你所知道的，我们的习惯做法，长期以来的习惯做法，只是为当前季度提供指导，因此我想谈谈我们在这之后可能会做什么。
Charles Eugene Munster – Piper Jaffray
Charles Eugene Munster - Piper Jaffray
Great, thank you. 太好了，谢谢。
Timothy D. Cook 蒂莫西-D-库克
Thanks, Gene. 谢谢你，吉恩。
Nancy Paxton 南希-帕克斯顿
Thank you, Gene. We have the next question please?
谢谢你，吉恩。请回答下一个问题。
Operator 操作员
From JPMorgan, we’ll go to Mark Moskowitz.
请摩根大通的马克-莫斯科维茨发言。
Mark A. Moskowitz – JPMorgan Securities LLC
Mark A. Moskowitz - 摩根大通证券有限责任公司
Yeah, thank you, good afternoon. Peter or Tim my first question is around the sequential guidance for revenue of around 44% quarter-on-quarter for December. Can you provide us some context about how we should think about the iPad and the iPhone families in particular? How their revenue growth could [down tail] of that 44%?
谢谢，下午好。彼得（Peter）或蒂姆（Tim），我的第一个问题是关于 12 月份收入季度环比增长 44% 左右的连续指导。你能为我们提供一些关于我们应该如何看待 iPad 和 iPhone 系列产品的背景信息吗？它们的收入增长如何能达到 44% 的水平？
苹果为什么能连续推出让人满意的产品？不可能是因为苹果工作的人是世界上最聪明最能干的，都是差不多的人，肯定是因为某种思维方式，比如，把硬件、软件和服务作为一个整体，而这样思考问题的几乎没有第二个。
Peter Oppenheimer 彼得-奥本海默
Hi, Mark. It’s Peter. You’re asking the sequential question, but I do want just to remind everybody that if you are looking at this year-over-year and comparing the sequential year-over-year, don’t forget about the 14th week, last year in Q1, you need to adjust for that. And I think it would give you a different answer, if you were comparing anything year-over-year. Specifically, your question about iPhone and iPad sequentially, we have just announced amazing new products in both lineups and we expect large sequential increases, going from the September to December quarter. And as a result, what’s real to be providing guidance tonight for $52 billion of revenue.
嗨，马克我是彼得。你问的是连续性问题，但我确实想提醒大家，如果你在看同比数据和比较连续性同比数据，不要忘记去年第一季度的 14 th 周，你需要对此进行调整。如果你比较的是同比数据，我想你会得到不同的答案。具体来说，您所问的有关 iPhone 和 iPad 连续增长的问题，我们刚刚发布了这两个产品系列中令人惊叹的新产品，我们预计从 9 月到 12 月这一季度将出现大幅连续增长。因此，今晚提供的 520 亿美元营收指导是真实的。
Mark A. Moskowitz – JPMorgan Securities LLC
Mark A. Moskowitz - 摩根大通证券有限责任公司
Okay. And then Tim, question on the iPhone 5, as far as just the global rollout, what is the approach, the approach is the first touch all 100 countries and have supply constraints, impacting all 100 countries first and then go back and back still all those different outlets or will there be certain markets where you decide to kind of reach the supply-demand equilibrium first, and then keep similar sort of 100 countries kind of at constrained levels. I’m just kind of curious about the efforts there in terms of. In terms of (inaudible) first sprinkle the product everywhere and then back the later or will it be more targeted?
好的。然后，蒂姆，关于 iPhone 5 的问题，就全球推广而言，采取的方法是什么，是首先触及所有 100 个国家并限制供应，首先影响所有 100 个国家，然后再回过头来影响所有这些不同的销售点，还是会有某些市场，你们决定先达到供需平衡，然后再将类似的 100 个国家保持在受限水平。我只是有点好奇你们在这方面所做的努力。是（听不清）先把产品撒到各个地方，然后再返回，还是会更有针对性？
Timothy D. Cook 蒂莫西-D-库克
What we did initially Mark, as we planned the first 30 to 40 countries prior to introducing the product and roll those out across at September in two different dates. The balance of the quarter, we planned with an eye toward the supply and what we think the demand will be. But we do plan these in advance and so it is not a précised science. And we obviously have to plan those with several weeks of notice. And so occasionally, it can be different than what we think.
我们最初所做的是，在推出产品之前，先在 30 到 40 个国家进行规划，并在 9 月份的两个不同日期推出这些产品。在本季度的剩余时间里，我们计划着眼于供应和我们认为的需求。但我们确实提前进行了规划，所以这并不是一门精确的科学。显然，我们必须在提前几周通知的情况下制定计划。因此，有时情况可能会与我们想象的不同。
Mark A. Moskowitz – JPMorgan Securities LLC
Mark A. Moskowitz - 摩根大通证券有限责任公司
Okay, thank you. 好的，谢谢。
Timothy D. Cook 蒂莫西-D-库克
Yeah. 是啊
Nancy Paxton 南希-帕克斯顿
Thanks, Mark. Can we have the next question please?
谢谢，马克。请问下一个问题是什么？
Operator 操作员
We’ll go to Steve Milunovich with UBS.
我们请瑞银集团的史蒂夫-米卢诺维奇发言。
Steven M Milunovich – UBS Securities LLC
Steven M Milunovich - 瑞银证券有限责任公司
Thank you very much. Regarding the iPad, you said that you priced it very aggressively. I think many people on The Street seem to have a slightly different view. Could you maybe talk a little about your pricing philosophy? And was it driven by cost? Or is it just more to keep up a premium brand, given the quality of your products?
非常感谢。关于 iPad，你说过你的定价非常激进。我想街上的很多人似乎有一点不同的看法。你能谈谈你的定价理念吗？是受成本驱动吗？或者说，考虑到你们产品的质量，更多的是为了保持一个高端品牌？
Peter Oppenheimer 彼得-奥本海默
Steve, it’s Peter. When we set out the bill, the iPad Mini, we didn’t set out the bill to small cheap tablet, we set out the bill to smaller iPad that offers the full iPad experience as our customers would expect. As a result, the difference between the iPad Mini and the competition is profound, our iPad Mini begins with a 7.9 inch display, which is 35% larger than 7 inch tablets, providing a much better experience. We’re shipping two great cameras: FaceTime HD front and a 5 megapixel of 1080p iSight rear camera versus typically a one from our competition. We are shipping our fastest communications with dual-band Wi-Fi and have included the A5 chip, which has higher performance than our competitors. And finally, the fit and finish of our precision, unibody aluminum closure is breathtaking when held in your hands.
史蒂夫，我是彼得。当我们推出 iPad Mini 时，我们并不是要推出廉价的小平板电脑，而是要推出更小的 iPad，为我们的用户提供完整的 iPad 体验。因此，iPad Mini 与竞争对手的差距是巨大的，我们的 iPad Mini 配备了 7.9 英寸显示屏，比 7 英寸平板电脑大 35%，能提供更好的体验。我们配备了两个出色的摄像头：FaceTime HD 前置摄像头和 500 万像素 1080p iSight 后置摄像头，而竞争对手通常只有一个。我们将通过双频 Wi-Fi 提供最快的通信功能，并采用性能高于竞争对手的 A5 芯片。最后，我们精密的一体式铝合金机身，握在手中时的贴合度和光洁度令人叹为观止。
And so that’s what we’ve done. The iPad Mini has higher costs and the gross margin is significantly below our cooperate average, we’re beginning the higher cost curve, but in addition to wanting to make a large number, we’re going to work to try and get down the cost curves and be more efficient in manufacturing as we have been in the past with our other products.
这就是我们所做的。iPad Mini 的成本较高，毛利率也明显低于我们的合作平均水平，我们开始走高成本曲线，但除了想大量生产外，我们还将努力降低成本曲线，提高生产效率，就像我们过去生产其他产品一样。
Timothy D. Cook 蒂莫西-D-库克
Steve, one of the things we try to do is to create a product that people will love for months and years after they purchase it and continue using it in a robust way. So that’s what iPad Mini has been designed to do. And you can really see that more broadly on iPad by looking at the usage statistics, as I had mentioned earlier this week, over 90% of the web traffic from tablets are from iPad. And so, Apple will not make a product that somebody may feel good about it for the moment that they’re paying for it and then when they get it home, they really ever use AVR, that’s not what we’re about, it’s not a kind of experience we want our customers to have. And I think when you – I would encourage you to use an iPad Mini and I don’t think you’ll be using anything other than maybe another iPad or something after you do that.
史蒂夫，我们要做的事情之一，就是要创造出一款让人们在购买后数月乃至数年都会爱不释手的产品，并能持续稳定地使用它。这就是 iPad Mini 的设计初衷。正如我本周早些时候提到的，超过 90% 的平板电脑网络流量来自 iPad。因此，苹果公司不会制造这样的产品：有人可能会在付钱的那一刻对它感觉良好，但当他们把它带回家时，他们却真的不会使用 AVR，这不是我们的目的，也不是我们希望客户拥有的体验。我认为，当你--我鼓励你使用 iPad Mini，而且我不认为你在使用 iPad Mini 之后，还会再使用 iPad 或其他东西。
这是跟奢侈品的重要区别，产品不能偏离实用价值。
Steven M Milunovich – UBS Securities LLC
Steven M Milunovich - 瑞银证券有限责任公司
I look forward to it. could you comment on your enterprise opportunity or obviously a lot of its BYOD, but you have many retailers, you have a corporate director to use iPads and so forth. are you doing anything a little bit more aggressive to support that market particularly with the Windows pads now coming out?
我期待着它的到来。您能谈谈您的企业机会吗？很明显，很多都是 BYOD，但您有很多零售商，您有一个企业总监使用 iPad 等等。您是否在做一些更积极的事情来支持这个市场，尤其是现在 Windows pads 的推出？
Timothy D. Cook 蒂莫西-D-库克
We now have almost all of the Fortune 500 that are testing or deploying iPad and I think with the recent announcements, the penetration will only grow. We’ve also pushed fairly aggressively in the Global 500. And so those numbers now are above 80% on both iPhone and iPad. And so I feel like we are doing fairly well there, there is clearly much more to do. But I’m feeling pretty good about it.
现在，几乎所有的财富 500 强企业都在测试或部署 iPad，而且我认为，随着最近发布的消息，iPad 的普及率只会越来越高。我们还在全球 500 强企业中大力推广。因此，现在 iPhone 和 iPad 的使用率都超过了 80%。因此，我觉得我们在这方面做得相当不错，但显然还有很多工作要做。但我感觉还不错。
Steven M Milunovich – UBS Securities LLC
Steven M Milunovich - 瑞银证券有限责任公司
Thank you. 谢谢。
Nancy Paxton 南希-帕克斯顿
Thanks, Steve. Could we have the next question, please?
谢谢，史蒂夫。请问下一个问题是什么？
Operator 操作员
From Bank of America Merrill Lynch, we’ll hear from Scott Craig.
我们将从美银美林听到斯科特-克雷格的报道。
Scott D. Craig – Bank of America/Merrill Lynch
Scott D. Craig - 美国银行/美林证券
Hey, thanks, good afternoon. Tim, maybe comment on the component environment a little bit particularly, related to the iPad, iPad Mini and iPhone and just where you see some of the constraints perhaps here as you’re launching. And then Peter, the quick one for you, the volatility on the OI&E line. is that just the calendar third quarter and calendar fourth quarter issue, and then it normalizes or is that going to continue? Thanks.
谢谢，下午好。蒂姆（Tim），请谈谈与 iPad、iPad Mini 和 iPhone 有关的组件环境，以及你们在推出产品时可能会遇到的一些制约因素。然后，彼得，快速给你一个问题，OI&E 方面的波动。这只是第三季度和第四季度的问题，然后会正常化，还是会持续下去？谢谢。
Timothy D. Cook 蒂莫西-D-库克
Scott, it’s Tim. In terms of iPad and iPhone, I don’t see a component shortage getting us for the quarter in the numbers that we’ve given you in the guidance. I think we saw some challenges there and feel good about our position. In terms of general shortages on the iMac, we’ll be constrained for the full quarter in a significant way, part of that is that we’re beginning shipping the 21.5-inch iMac in November and the 27-inch in December. And so there will be a short amount of time during the quarter to manufacturer and ramp those and I expect the demand to be robust. So we will have a significant shortage there. the others are more based on how big is big from a demand point of view and that is very difficult to predict, but you can tell that we’re extremely bullish on the demand with the revenue guidance that Peter talked about earlier. Hopefully that answers your question.
斯科特，我是蒂姆。就 iPad 和 iPhone 而言，我不认为我们本季度的指导性计划中会出现元件短缺的情况。我认为我们看到了一些挑战，并对我们的处境感到满意。就 iMac 的总体短缺而言，我们在整个季度都将受到很大的限制，其中部分原因是我们将在 11 月开始出货 21.5 英寸 iMac，在 12 月开始出货 27 英寸 iMac。因此，本季度将有很短的时间来生产和提升这些产品，我预计需求会很旺盛。其他的产品则更多地取决于从需求角度看有多大，这很难预测，但你可以看出，我们非常看好彼得之前谈到的收入指导的需求。希望这能回答你的问题。
Scott D. Craig – Bank of America/Merrill Lynch
Scott D. Craig - 美国银行/美林证券
Yes. Thanks. 是的，谢谢。
Gary Wipfler 加里-维普弗勒
Hey, Scott. This is Gary. I’ll take the OI&E question. Okay, I’ll expand on Peter’s remarks just a little bit while interest income was above what we expected, foreign exchange hedging expense was higher than we expected relative to our guidance. without getting overly detailed, dollar weakness late in the quarter and accounting rules required us to accelerate and recognize a large amount of foreign exchange premium expense related to future quarter hedges in the current quarter. All things being equal, premium expense in Q1 should be lower. This has been factored into our December OI&E guidance of $380 million.
嘿，斯科特。我是加里我来回答 OI&E 的问题。虽然利息收入高于我们的预期，但外汇套期保值费用却高于我们的预期，这与我们的指导原则不符。在所有条件相同的情况下，第一季度的溢价支出应该会减少。这已被纳入我们 12 月份 3.8 亿美元的 OI&E 指导目标。
Nancy Paxton 南希-帕克斯顿
Thanks, Gary and thanks, Scott. Could we have the next question, please?
谢谢，加里，谢谢，斯科特。请问下一个问题是什么？
Operator 操作员
From ISI Group, we’ll hear from Brian Marshall.
来自 ISI 集团的布莱恩-马歇尔（Brian Marshall）。
Brian Marshall – ISI Group
布莱恩-马歇尔 - ISI 集团
Great, thanks guys. If you look at the iPhone, unit growth versus the revenue growth, that’s been a pretty similar dynamic over the past several quarters, but when you look at that same dynamic for the iPad, it’s actually started to breakdown slightly over the past couple of quarters in fact, this most recent quarter, it looks like revenues grew three times faster than the unit growth. So I guess the question is, is this just simply the market migrating down to the sort of low-end of this skew stack or just less accessories from an attached or dollar spent in that and a quick follow up.
很好，谢谢你们。如果你看一下 iPhone，单位增长与收入增长相比，过去几个季度的动态非常相似，但如果你看一下 iPad 的同样动态，实际上过去几个季度已经开始略有细分，事实上，最近一个季度，收入增长速度是单位增长速度的三倍。因此，我想问题是，这只是市场向低端倾斜的简单迁移，还是从附件或花费的美元来看配件减少了？
Peter Oppenheimer 彼得-奥本海默
Brian it’s Peter. I didn't quite follow your three times, but the iPhone ASPs were relatively flat in the September quarter, year-on-year and were up slightly on a sequential basis. The iPad ASPs were down year-over-year in a low double-digit way, but this really was reflective of our price reduction on the iPad 2 the stronger dollar and a little bit of change in mix and that's what drove the ASP change year-over-year on a sequential basis. iPad ASPs were actually pretty flat.
布莱恩，我是彼得。我没有完全跟上你的三次提问，但 9 月份 iPhone 的平均销售价格同比相对持平，环比略有上升。iPad 的 ASP 同比下降了两位数，但这确实反映了我们对 iPad 2 的降价、美元走强以及产品组合的些许变化，这就是 ASP 同比连续变化的原因。
Brian Marshall – ISI Group
布莱恩-马歇尔 - ISI 集团
Great thanks, and then a quick follow-up is, looks like this is the second quarter in a row that the United States iPhone activations is actually growing faster than the international market that kind of seems like a strange dynamic considering the magnitude of the turn of the international being order magnitude larger than the U.S., one of you could comment on that, thanks.
非常感谢，还有一个快速跟进的问题，看起来这是连续第二个季度，美国 iPhone 激活量的增长速度实际上超过了国际市场，考虑到国际市场的规模比美国大很多，这似乎是一个奇怪的动态，你们谁能对此发表一下看法，谢谢。
Peter Oppenheimer 彼得-奥本海默
I think it's important to remember there that we launched iPhone 5 in the U.S. during the quarter and where we launched in some international countries the bulk of the world we did not launch it yet and so I would have expected to have seen a more significant growth in the U.S. versus the rest of the world.
我认为重要的是要记住，本季度我们在美国推出了 iPhone 5，而我们在一些国际国家推出了 iPhone 5，但世界上大部分地区我们还没有推出，因此我预计美国的增长会比世界其他地区更显著。
Brian Marshall – ISI Group
布莱恩-马歇尔 - ISI 集团
Thank you. 谢谢。
Nancy Paxton 南希-帕克斯顿
Thanks Brian, could we have the next question please.
谢谢，布莱恩，请回答下一个问题。
Operator 操作员
From Bank of Montreal, we’ll go to Keith Bachman.
请蒙特利尔银行的基思-巴克曼发言
Keith Bachman – BMO Capital Markets
Keith Bachman - BMO Capital Markets
Hi thank you. A clarification question, will the iPhone 5 launch in Mainland China occur in the December quarter?
你好，谢谢。有一个问题需要澄清，iPhone 5 在中国大陆的上市会在 12 月份吗？
Timothy D. Cook 蒂莫西-D-库克
Keith, it's Tim. Yes we project that it will occur in December.
基思，我是蒂姆。是的，我们预计将在 12 月进行。
Keith Bachman – BMO Capital Markets
Keith Bachman - BMO Capital Markets
Okay thanks and the clarification on top of that, did you comment that you think you'll be able to meet supply of iPhone's at the end of the December quarter or do you think that you will end the quarter with backlogs of iPhone 5, or iPhones I should just say it's as a product's category?
好的，谢谢，另外需要澄清的是，你是否认为你能在 12 月季度末满足 iPhone 的供应，或者你是否认为你将在本季度末积压 iPhone 5，或者我应该说是作为产品类别的 iPhone？
Timothy D. Cook 蒂莫西-D-库克
I'm actually not projecting whether supply and demand will balance for the quarter, I'm saying that I feel great about where we are on the manufacturing ramp that our supply output is significantly higher than it was earlier in October, and I'm confident that we'll be able to supply quite a few during the quarter, but in terms of where that, when that balance occurs, I can't tell at this point.
实际上，我并不是在预测本季度的供需是否会平衡，我只是说，我对我们目前的生产坡度感觉很好，我们的供应产量比 10 月份早些时候高出很多，我有信心我们能在本季度供应相当多的产品，但至于平衡会在什么时候出现，目前我还说不准。
Keith Bachman – BMO Capital Markets
Keith Bachman - BMO Capital Markets
Okay 好的
Timothy D. Cook 蒂莫西-D-库克
Demand is very robust.
需求非常强劲。
Keith Bachman – BMO Capital Markets
Keith Bachman - BMO Capital Markets
Okay, thanks very much.
好的，非常感谢。
Nancy Paxton 南希-帕克斯顿
Thank you Keith. Could we have the next question, please?
谢谢请问下一个问题是什么？
Operator 操作员
From Deutsche Bank, we’ll go to Chris Whitmore.
请德意志银行的克里斯-惠特莫尔发言。
Chris K. Whitmore – Deutsche Bank Securities
Chris K. Whitmore - 德意志银行证券
Thanks very much. Tim I wanted to go back to the iPad one more time if I could, specifically I wanted to ask or try to give us a feel for your view around the emerging model in the tablets base where vendors are willing to subsidize their hardware with content or search, where many of these vendors are selling hardware that break-even or even a loss and hoping they make it up on the back end, how is that impacting your iPad business if at all and is that something Apple would consider going forward?
非常感谢。蒂姆，如果可以的话，我想再谈一下 iPad 的问题，具体来说，我想问一下或试图让我们了解一下你对平板电脑领域新兴模式的看法，在这种模式下，供应商愿意用内容或搜索来补贴他们的硬件，其中许多供应商销售的硬件是收支平衡的，甚至是亏损的，他们希望在后端弥补亏损，如果有的话，这对你的 iPad 业务有什么影响，苹果公司今后会考虑这样做吗？
Timothy D. Cook 蒂莫西-D-库克
We've seen low-cost challenges before and iPad continues to beat every other tablet on the market, it can be any price and so we think customers are very smart, we think they have very high expectations, we think that they want a device that can do more and we are confident that our focus on making the best product is what will win at the end of the day and so we will stay true to that.
因此，我们认为客户是非常聪明的，我们认为他们有很高的期望值，我们认为他们想要一款能做更多事情的设备，我们坚信，我们专注于制造最好的产品，最终会赢得市场，因此我们会坚持这一点。
苹果在这方面有很丰富的经验，iPad和Apple TV不一样，Apple TV的盒子的功能比较单一，而iPad和iPhone从一开始就被设计用来执行很多的工作，想用内容补贴的都没有想明白，而想不明白往往跟自我设定有关，比如，把自己设定为穷人，设定为垃圾，等等。
Chris K. Whitmore – Deutsche Bank Securities
Chris K. Whitmore - 德意志银行证券
Okay and then my second question I wanted to ask about the supply, it sounds like you've made a lot of changes to your supplier list as these new products are ramping perhaps due to strategic reasons and is that creating an added layer of complexity as you try to ramp these new products and to what extent is that contributing perhaps to the higher cost structure of these products?
好的，然后我想问的第二个问题是关于供应的，听起来你们对供应商名单做了很多改动，因为这些新产品可能是出于战略原因，这是否会在你们尝试增加这些新产品时增加一层复杂性，以及这在多大程度上可能会导致这些产品的成本结构提高？
Timothy D. Cook 蒂莫西-D-库克
I'm not sure what you're trying to get out there, but I would not say that there has been a significant change in our supplier partners. There is always some change obviously, but I wouldn't describe any change as significant and there hasn't been a change that would have driven more cost, if that’s your specific question.
我不知道你想表达什么，但我不会说我们的供应商合作伙伴发生了重大变化。很明显，总会有一些变化，但我不会把任何变化描述为重大变化，如果这是你的具体问题的话，也不会有导致成本增加的变化。
Chris K. Whitmore – Deutsche Bank Securities
Chris K. Whitmore - 德意志银行证券
I was specifically asking about LCD in your Samsung relationship?
我特别问的是你们三星关系中的 LCD？
Timothy D. Cook 蒂莫西-D-库克
LCD, I wouldn’t characterize any change there, it’s having driven any cost. And Samsung, we continue to be a customer of Samsung and continue to have a commercial relationship.
液晶显示器，我不会说它有任何变化，它已经推动了任何成本。而三星，我们仍然是三星的客户，并继续保持着商业关系。
Chris K. Whitmore – Deutsche Bank Securities
Chris K. Whitmore - 德意志银行证券
Thank you. 谢谢。
Timothy D. Cook 蒂莫西-D-库克
Welcome. 欢迎光临
Nancy Paxton 南希-帕克斯顿
Thanks, Chris. Could we have the next question, please?
谢谢，克里斯。请问下一个问题是什么？
Operator 操作员
We’ll go to Kulbinder Garcha with Credit Suisse.
我们请瑞士信贷的库尔宾德-加尔查（Kulbinder Garcha）发言。
Kulbinder Garcha – Credit Suisse
Kulbinder Garcha - 瑞士信贷
Thanks. My first question, I guess is for Tim. Just in terms on the iPad Mini, there has obviously been a fair amount of debate within Apple over the years whether to even do the smaller screen iPad. And I guess, can you just speak about what you’ve learned over the last couple of years as to why the time for that now is right, or was the technology is right? Just any insight there will be helpful. And then for Peter, my question is on gross margin that’s when we revisit it slightly in the sense that you guys have spoken about various higher cost structures before as well in the loop from I think the 3G as to the fall in the iPhone. And even when the iPad I think was launched. During the end, what we’ve seen is that the scaled Apple building, tighter revenues are getting to the component we use as, do you actually very quickly got through these potential gross margin dips. Is anything scripturally different this time around many things?
谢谢。我想我的第一个问题是问蒂姆的。关于迷你 iPad，苹果公司内部多年来一直在争论是否要推出小屏幕 iPad。我想，你能谈谈过去几年你学到了什么，为什么现在是时候了，或者说技术是正确的？任何见解都会有所帮助。然后是彼得，我的问题是关于毛利率的，当我们略微重新审视毛利率时，我们会发现你们之前已经谈到了各种更高的成本结构，以及从我认为的 3G 到 iPhone 下跌的循环。甚至 iPad 推出时也是如此。最后，我们看到的是，苹果的规模化生产、更紧的收入正在成为我们使用的组成部分，你们实际上非常迅速地度过了这些潜在的毛利率低谷。这次有什么不同吗？
Timothy D. Cook 蒂莫西-D-库克
On your question about iPad Mini, the comment that I think you’re referencing are comments that Steve had made before about 7-inch tablet. And let me be clear, we would not make one of the 7-inch tablets. We don’t think they’re good products, and we would never make one. Not just because it’s 7-inches, but for many reasons. One of the reasons however, is size, and so I am not sure if you saw our keynote. But the difference in just the realistic size between the 7.9, almost 8 versus 7 is 35%. And when you look at the usable area, it’s much greater than that. It’s from 50% to 67%. And also, the iPad Mini has the same number of pixels as iPad 2 does.
关于你提出的有关 iPad Mini 的问题，我认为你提到的评论是史蒂夫之前发表的有关 7 英寸平板电脑的评论。我想说清楚，我们不会生产 7 英寸平板电脑。我们不认为那是好产品，也绝不会生产。不仅仅是因为它是 7 英寸的，还有很多原因。其中一个原因是尺寸，我不知道你是否看过我们的主题演讲。但从实际尺寸来看，7.9 英寸、8 英寸和 7 英寸之间的差异高达 35%。而当你看一下可用面积时，它要比这大得多。从 50% 到 67%。此外，iPad Mini 的像素数量与 iPad 2 相同。
这种细微的体会或许是对的或许不对，但是大部分企业的高层领导没能力考虑这些细节，可以参照平常心的定义，在面对问题时能排除心理上的干扰，回到事物的源头思考问题，没能力考虑细节显然跟干扰有关，被大量垃圾干扰了，为什么会被垃圾干扰？自己也是垃圾。
And so you have access to all 275,000 apps that are in our App Store that have been custom-designed to take advantage of the four (inaudible). And so iPad Mini is the fantastic product. it’s not a compromised product like the 7-inch tablets; it’s in our whole different leap.
因此，你可以访问我们 App Store 中的全部 275,000 个应用程序，这些应用程序都是为利用四种（听不清）功能而定制设计的。因此，iPad Mini 是一款出色的产品。它不像 7 英寸平板电脑那样是一款妥协的产品；它是我们完全不同的飞跃。
Peter Oppenheimer 彼得-奥本海默
Kulbinder, the sequential declining in gross margin that we see in the December quarter is largely being driven by many new form factor changes and some price reductions that we’ve taken that I went through in great detail. And we believe that over 80% of the revenue that we will see in the December quarter will come from products that we’ve just introduced in the last six weeks. And so while having lower gross margins on a new product is not something that’s new for us. What is different this time is just a sheer number of new products that we’ve introduced in the last six weeks. And we just have not had that magnitude in the past. So I don’t see something that’s structurally different. And we have a big focus on wanting to make a lot of these products to get them in customers’ hands as quickly as we can. But we are often going to work to try and get down the cost curves and improve manufacturing and other efficiencies as we have successfully done in the past. So no change in what we’re going to try and work on. And we’ll report to you in January how we did.
库尔宾德（Kulbinder），我们在 12 月季度看到的毛利率连续下降，主要是由许多新的外形变化和我们采取的一些降价措施造成的，我已经详细介绍过了。我们相信，12 月季度超过 80% 的收入将来自我们在过去六周内刚刚推出的产品。因此，新产品毛利率较低对我们来说并不是什么新鲜事。这次不同的是，我们在过去六周内推出了大量新产品。而我们过去没有这么多新产品。因此，我看不出结构上有什么不同。我们非常重视生产大量产品，以便尽快将它们送到客户手中。但我们仍将一如既往地努力降低成本曲线，提高生产和其他方面的效率。因此，我们的努力方向不会改变。我们将在一月份向大家报告我们的工作情况。
Kulbinder Garcha – Credit Suisse
Kulbinder Garcha - 瑞士信贷
Thank you very much.
非常感谢。
Nancy Paxton 南希-帕克斯顿
Thank you, Kulbinder. A replay of today’s call will be available for two weeks as a Podcast on the iTunes Store, as the 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 8834583. These replays will be available by approximately 5:30 p.m. Pacific Time today. And members of the press with additional questions can contact Steve Dowling at 408-974-1896. And financial analysts can contact either 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.
谢谢，库尔宾德。今天电话会议的重播将在两周内通过 iTunes Store 上的播客、Apple.com/investor 上的网播和电话提供。电话重播的号码是 888-203-1112 或 719-457-0820；请输入确认码 8834583。重播时间为太平洋时间今天下午 5:30 左右。媒体记者如有其他问题，请联系 Steve Dowling，电话：408-974-1896。金融分析师如有其他问题，可联系琼-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。
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