[M10511][译文] 苹果公司2011年第二财季财报会议 中文翻译版本(update)

苹果公司2011年第二财季财报会议 中文翻译版本(update)

译者:coptue 原文作者:seeking alpha
发布:2011-05-11 19:57:18 挑错 | 编辑本文

[相关信息]
2011/4/20 美国东部时间下午5点
Apple公司的Nasdaq股票代码为:AAPL

[正文]

主持人 :
大家下午好,欢迎各位参加Apple公司2011年第二财季的财报电话会议。在正式开始之前,请允许我将话筒交给公共关系部副总裁(Apple): Nancy Paxton女士。

Nancy Paxton:
大家下午好,非常感谢各位能够参加这次会议。今天Apple公司参加本次会议的人士有: CFO:Peter Oppenheimer; COO:Tim Cook;以及财务人员 Gary Wipfler,他会在问答环节给大家做分析。

在今天的会议中我们会作出一些预测声明,请注意这些声明中有关于营收,净利,费用,以及成本和净收入,每股净利,税金,未来的产品等内容可能与未来的实际数字有出入。如果要了解更多的相关信息,请阅读Apple Form 10-K公告(2010),其中阐述了未来的风险因素。Apple公司对今天作出的预测声明不承担任何及时更新的义务。

接下来,我将话筒交给Apple公司的CFO, Peter Oppenheimer 为大家做介绍。

Peter Oppenheimer
Nancy,谢谢你。欢迎大家参加这次的会议。我们很高兴的告诉的大家本季度营收是苹果历史上最高的一次。iPhone和Mac的销售量创造了新的销售记录,iPad的成长也非常喜人。

本季度的营收(revenue)是247亿美金,比去年同期增长了112亿美金,增长率超过了83%(coptue译注:112/(247-112)),增长主要来自iPhone的创纪录销售,iPad和Mac的销售增长。本季度的销售营业利润(Operating margin)为79亿美金,利润率为31.9%(coptue译注:非毛利率)。本季度的净利为60亿美金,净利相比于去年同期增长了95%,折算成每股净利为6.4美金(coptue译注:6000M/921.28M; apple 股票总数为 921.28M股, 得数为6.51美金,因为财务上的原因还有扣除一些调整所得税费用stock-based compensation expense,所以结果为6.4;Stock based compensation is the additional compensation an employee recieves in the form of company stock options, it is an additional expense to operations)。

再看一下详细的数据。首先从Mac产品开始,在本季度我们创下了新的Mac销售记录,总共出售了376万台Mac,比去年同期增长28%。我们对于这个增长数字非常满意,因为最近IDC发布的数字指出:PC产业的同期增长率仅为3%。Mac销售已经连续第28个季度持续增长,相比于PC来讲我们做得很棒。我们发现,Mac的销售增长来自于全球每个发售区域,尤其是亚太区有高达76%的增长。就具体产品看,Mac的增长主要来自Macbook Air和Macbook Pro, 其中Macbook Air产品我们最近才刚刚做了更新。在本季度,我们也将Macbook Pro产品做了全线更新,新机型配备了新一代的处理器、新的显卡、高传输速率的Thunderbolt接口以及新的Facetime摄像头。新款的Macbook Pro相比于前代速度提升了两倍,消费者的反响也非常好。存货方面,截至本季末我们准备了三到四周的Mac库存。

另外,在这个季度中,我们向开发者发布了Mac OS X Lion的预览版,大家知道新的Mac OS版本将iPad产品上好的一些功能特性都整合了进来。Mac OS Lion提供了革新后的Mission Control功能,新的应用程序启动界面,提供了全屏应用模式以及支持更新的多点触控手势。Mac OS Lion预计在今天夏天发售给消费者,并且我们也期待着今年6月的WWDC(world wide Developers Conference)上为大家揭幕Lion更多的功能特性。

接下来看一下我们的音乐产品线。本季度我们卖出了900万个iPod,而去年同期我们则卖出了1090万个。尽管比去年同期数量下降,但是总体的销售数量还是超出了我们的预期,这其中iPod Touch贡献了超过一半的销售量。根据MPD最新发布的数字,我们在北美Mp3市场的市占率仍然超过了70%;而根据GFK最新发布的数据,iPod仍然是全球其它国家最畅销的Mp3播放器之一。库存方面,截至本季末我们准备了4到6周的iPod存货。

iTunes store销售方面交出了迄今以来最棒的成绩,营收将近14亿美金,销售主要来自音乐,视频,iOS应用程序以及电子书。本季度我们非常高兴能够在ibookStore销售来自Random House 17000册的电子书。截止到目前,iBookstore已经有超过2500家发行商共20个种类的电子书发售,并且用户的下载量已经超过了1亿次。

接下来我们看一下iPhone。本季度我们销售出了1860万台iPhone,而去年同期则卖出了880万台,增长率超过113%。而来自IDC最新的统计数据表明,智能手机市场的同期增长率仅为74%。来自iPhone及其配件的销售额则为123亿美金,相比于去年同期的54.5亿美金增长了126%。我们发现在全球所有销售区域的增长主要来自于美国和亚太区,其中亚太区的增长率超过了200%。

我们在iPhone的产能方面也做了很大的提升,以便于扩展到更大的销售区域以及满足渠道的要求。在本季度我们非常高兴能够在北美发售基于Verizon (CDMA)网络的iPhone,同时也和韩国的SD Telecom,以及沙特的Saudi Telecom展开合作。截止到本季度末,我们已经和来自90个多家的186家电信运营商展开了合作。

本季度末我们准备了520万台iPhone库存,相比上季度增长了170万台,主要为了满足现有的合作伙伴以及新的合作运营商。这个库存数字可以让我们撑上4到6周。

在企业应用领域iPhone高度成长,目前世界500强(Fortune 500)中超过88%的公司都在测试或者部署iPhone。在商用市场,员工的需求激增,定制的商业应用数量也在强劲增长,所以iPhone在全球的商用领域成长喜人。事实上,全球数以百计的公司在它们的公司网络中部署了iPhone,举一些例子,这类公司有Cisco, Prudential, Boston Scientific, GM, American Airlines, Deloitte, Yum!Brands 和Xerox。

接下来看iPad产品线。iPad的需求是惊人的,本季度我们卖出了470万台iPad,同时3/11在美国正式发售了iPad2,接着其它的25国家在3/25正式发售iPad2。用户对于iPad2的热情非常高,我们也在竭尽所能将产品送到消费者手上。

统计下来,本季度我们已经在59个国家销售iPad1和iPad2,因为需求太大和发售的地理区域范围大,在本季初我们的iPad库存一度降到了40万台,这意味着我们已经卖掉了510万台iPad。截止到本季度末,我们的库存只有85万台,这远低于我们期望的4到6周的库存水准。我们卖掉了我们这个季度能够生产出的每一台iPad2。

本季iPad及其周边配件的总销售额为28亿美金。

企业用户对于iPad的需求很强劲,它们的CIO们正在以惊人的速度部署iPad。全球500强中的75%正在测试或者部署iPad,举一些公司的例子,比如Xerox, AutoNation, Yum!brands, ADP, Boston Scientific Estee Lauder, Disney, Stryker, Prudential Financial, Rite Aid和USAA。

综合iPhone, iPad以及iPod Touch的销售数字,我们已经总共卖出一亿八千九百万台iOS设备。在三月份,我们发布了最新的iOS 4.3版本,这个版本拥有更快的Safari浏览器性能(Java Nitro Scrpt引擎),iTunes Home sharing功能,强化的Ariplay以及用在iPhone4上的 移动热点功能(Personal Hotspot,通过iPhone 4的3G通讯能力将其变成一个Wi-Fi 热点).

App Store已经拥有35万个应用程序,并且下载量超过了100亿。在2月份我们发布了一项新的订阅服务,可以让用户在应用程序中购买内容,包括杂志,报纸,视频和音乐。出版业者可以可以自己定义价格和出售的内容,消费者通过一键式(One click)简单操作实现对于应用内内容产品的购买。我们也非常高兴的宣布,截止到三月份Apple公司已经向开发者支付了20亿美金的应用分成。

接下来我们看一下Apple 零售店(Retail Store)的状况。5/19是我们零售店十周年的纪念日,这意味着零售店的运营到了一个重要的里程碑。接下来的几天,我们将会迎来零售店第10亿个顾客。零售店的人流量持续增长,到了本季度末,我们已经记录到有7110万顾客光临了零售店,相比于去年同期的4700万顾客流量,增长了近51%。

零售店的营收为31.9亿美金,比去年同期的16.8亿美金增长了90%。

2月份的Macbook Pro产品线更新以后,零售店迎来了一个新的Mac销售记录数字:售出了79.7万台Mac,比去年同期的60.6万台增长了近32%。并且将近一半的Mac产品销售给了那些从未使用过Mac产品的客户。(coptue译注:此处的Mac产品,包括iMac, Macbook Pro, Macbook Air等使用Mac OS的桌面或者移动电脑)

为了进一步提升Apple零售店的用户体验,我们最近发起了一个称作“Personal Setup“的活动。当用户购买了Mac, iPad, iPhone或者iPod touch等产品时,我们的服务人员会帮助用户设置他们购买的产品,以便于让他们离店前就可以正常使用( coptue译注:通常Apple的这些产品要正常使用至少需要一些必需的“激活”步骤,比如iPhone需要和电脑上iTunes连接一次才能正常使用). Personal Setup服务包括了设置用户的Email帐号,同步电话本以及安装应用程序等。在本季度,我们的Personal Setup活动至少服务了100万顾客。

我们目前在全球有323家零售店,每个店铺的平均营收(本季度)为990万美金,比去年同期的590万美金增长了67%。尽管海外零售店的平均营收超过了美国本土的的平均营收,但是他们的增长仍旧非常强劲。

零售利润比去年同期的3亿7千3百万美金增长了约一倍。达到了8亿7百万美金。我们计划在2011财年新开40家零售店,3/4将开在海外,其中包括我们在中国的第5家分店。

公司本季的毛利率在41.4%,比我们的预估数字上升了290个基点(coptue译注:2.9%,一个基点为一个百分点的百分之一)。引起这种差距的主要原因是产品混合比和我们预期的不一样,事实上iPhone的销售量比预期的高;其次是因为营收和费用的杠杆作用。

本季的运营费用为23.4亿美金 ,包括了2亿3千6百万美金的调整所得税费用(Stock-based compensation expense), QI&E(Other Income (Expense) Net)费用则为2千6百万;本季的所得税率为24.2%,比我们预期的25.5%要略低,主要原因是全年度的海外营收,研发费用以及州税率的变化。

我们再来看看现金。本季的现金(包括短期或者长期市场等值证券)为658亿美金,相比于上个季度的597亿美金增加了61亿美金。本季度的现金流入为62亿美金,比去年同期增加了157%。有大约9亿美金的增加来自于预付款以及我们上次财报提到的供应链策略性支出。

接下来我对于下一财季的营收做一下预测。我们预估下个财季的营收约为230亿美金(去年同期的营收则为157亿美金),毛利率大约为38%,同时约有5千5百万美金的调整所得税费用。我们预计运营费用约为25亿美金,包括2亿5千5百万美金的调整所得税费用(coptue译注:Stock based compensation is the additional compensation an employee receives in the form of company stock options, it is an additional expense to operations.)。我们预估OI&E其它费用约为7000万美金,所得税率约为25%。我们的EPS(Earnings Per Share)目标为5.03美金/股。

简单总结一下,我们对于这个季度的财报和取得的成果非常满意,我们也很高兴用户对于iPad2的反应非常热烈,我们会尽自己所能将iPad2交付给顾客。而对于我们秉持的产品策略则充满自信。

接下来进入到问答环节。

问答环节(Question-and-Answer Session)

Nacy Paxton
多谢Peter的说明。接下来是问答环节,每个提问者最多提问两次。主持人,请你开始接进第一个问题吧(coptue译注: 目前是电话会议,需要主持人的协助)

主持人:
第一个问题来自Goldman Sachs的Bill Shope

Bill Shope (来自Goldman Sachs Group Inc.)
谢谢。Peter,请问一下最近的日本地震海啸对于供货是否有影响?如果有影响,能够说明一下产生影响的程度怎样?

Timothy Cook (COO)

Bill 你好,我是Tim,我来回答这个问题。让我先回顾一下这次地震情况,然后来回答你的问题。首先,这是一场难以置信的灾难,我们心怀日本的每一位受灾者。Apple日本分公司已经成立了很长一段时间,和日本之间的纽带非常紧密。对于日本发生的这次灾难我们非常非常难过,我们已经采取了各种措施来支援受灾者。我们今天所谈的对Apple公司商业方面的影响和这次巨大的灾难对日本造成的损失相比不值一提。就目前看,日本发生的灾难对于日本分公司的营收有一定的影响,但是对于全球营收影响不大。我们预估第三财季方面受到的影响约为2亿美金,在Peter之前发布的财务预测中已经包含了对这个因素的考虑。关于针对全球供应链的影响,本季度的影响基本没有,这主要得益于我们合作伙伴的及时反应以及Apple员工的团队合作。目前我们还没有预见到灾难对于第三财季的供应链影响。在此给大家提供更为详尽的说明,其实我们分析了来自日本的很多很多数据资料,比如LCD,光驱,NandFlash,DRAM等关键器件,比如树脂,合成树脂,喷涂材料,合金金属等原材料,这些原材料都使用在Apple的各类产品加工工艺中。当时的地震,海啸以及接着的核灾难让很多供应商的生产受到了影响,而没有直接遭受灾难影响的供应商也受到了电力短缺的影响。Apple的员工和合作伙伴辛勤工作制定和执行了很多的预案。我们也给予日本的长期合作伙伴最优先的帮助。我可以这样讲,我们在日本的员工和合作伙伴在这场灾难后都表现出了难以置信的反应能力。

我们还没有预见到,至少目前还没有预见到灾难对我们第三财季供应链的影响。不过在此我想提醒各位的是,最近的余震,核电厂的不确定性以及供电中断使得状况变得不可预期。另外,还有一些其它的供应链风险。有一些风险我们目前没有解决办法,有一些状况也不明了,所以很难预测第四财季的状况。不过在下一财报我们更新第四财季的预估情况。

Bill Shope- Goldman Sachs Group Inc.
OK,谢谢你的回答。我想了解一下iPad2的供应情况。就3月份发布的iPad2,你能否给我们一些详细说明,以及你们如何确保让供货满足需求?

Timothy Cook
好的,iPad2的巨大需求令人震惊。无论本季末还是最近(coptue:4/20)我们都在积极准备大量的存货。不过在此我想告诉你我对于供应商的产能增长非常满意,在3月末我们非常有信心的在25个国家发售了iPad2。在下周( coptue译注:4/20的下周)我们将在另外13个国家发售iPad2, 并且我们计划在下个季度再多增加7个发售区域。我对于下季度iPad2的供货非常有信心。

主持人:
接下来的问题来自CitiGroup的Richard Gardner

Richard Gardner- Citigroup Inc

OK, 谢谢。我想进一步了解一下本季度iPhone的销售增长状况。你能否按照区域或者运营商说明一下销售状况,比如之前提到的SK Telecom?然后第二个问题是询问一下Peter进入第三财季后iPhone的销售状况预估如何?你也看到这个季度Verizon iPhone的销售占据了1/4. 那么在第三财季,是否还有新的运营商加入进来?iPhone的换代更新可能在年中开始,所以能否给我们一些更多的相关信息?

Timothy Cook
Rich, 我是Tim,我来回答几个问题。针对iPhone产品线,我们做的非常好。我会从数据里面提取两个出来做说明。美国市场我们的年度同期增长率是155%,当然Verizon iPhone的销售做出了很大的贡献,他们的巨大客户群是关键点。但是你也听了早上来自AT&T的声明, AT&T在这个季度的表现也非常好。所以整个美国市场销售量增长了155%,这个数字三倍于IDC针对智能手机市场的增长仅为58%的预测数字。此外,在中国的销售增长非常惊人。大中华区的iPhone销售数量增长接近3倍,具体数字为250%。 整个大中华区iPhone销售前半年(coptue译注:指Apple的财年前两个季度)销售额已经达到了50亿美金,相比于去年同期增长四倍。所以我们对于中国的销售业绩非常满意。

Peter Oppenheimer
Rich 你好。我来回答你第二个问题。我在之前的声明中已经指出,我们在本财季末已经增加了170万针对iPhone的存货,这大概能够撑上4到6周。在第三财季,我们期望可以看到更明显的年度同期销售增长。

Richard Gardner – Citigroup Inc
Peter,请问是相比本财季持续的增长吗?

Peter Oppenheimer
不是,这个预估数字是指年度同期增长。我想数字会比较明显。

主持人:
接下来的问题来自Morgan Stanley的Katy Huberty

Katy Huberty – Morgan Stanley
谢谢。我继续针对iPhone提出问题。能否说明一下iPhone 3GS的销售状况?我们都知道iPhone3GS的合约价已经定价为49美金

Timothy Cook
Katy,你好。iPhone 3GS确实很受欢迎。它的销售状况很棒。

Katy Huberty – Morgan Stanley
能否描述一下对于竞争对手的LTE Phone的观点和看法?你们是怎样看待这些网络的成熟度?Apple公司对于推出适应这些高速网络产品的看法如何?是否有一些瓶颈存在?

Timothy Cook
在我们发布Verizon iPhone的时候,我也问过内部类似这样的问题。我想说的是我们目前仍旧在观察,我想你已经看到目前市面上发售的这些基于第一代LTE技术的产品面临着一些设计上的妥协。类似这样的产品,我们不会设计制造。我们对于目前的iPhone4和iPhone 3GS非常满意。1860万支的销量确实超过了我们最初的预期,我们很高兴和三家新的运营商合作。(coptue译注:指之前提到的新合作的三家运营商)

主持人:
接下来的问题来自Cross Research的Shannon Cross

Shannon Cross
非常感谢。请问你能否为我们分享一些Mac产品海外销售的信息?另外,Tim,不知道你能否为我们比较一下海外和美国本土市场的状况?能否说明一下海外顾客购买电脑产品和美国市场是否有所不同?

Timothy Cook

好的, Shannon, 如果你仔细看一下数据就容易发现,亚洲区域Mac的增长率非常高。上一季度亚洲地区的增长率是76%。你知道相比于IDC对于PC市场6%的增长预测,我们的增长数字非常高。我们可以看到Mac市场的巨大成长,日本本季度销售的状况很不错。美国本土的销售成长也很好,美洲的成长率超过了25% ,美国的增长率比美洲销售增长略高一点。(coptue译注:销售数量成长;美洲包括北美和南美)。我们的市场占有率在海外当然比美国国内要低一些。所以说我认为我们成长的机会非常大。我们现在已经连续20个季度高速成长,远远超过PC的成长势头。我们可是这块市场上唯一的一家专注于创新性产品的公司。

Shannon Cross

谢谢。能否介绍一些海外市场移动和桌面产品销售之间的不同之处?关于美国市场的销售趋势?

Timothy Cook
有几个国家对于移动Mac产品的需求特别大。你可以看到我们这个季度在移动Mac产品上的巨大增长。增长主要来自我们对于Macbook Pro产品线的更新。事实上,我觉得iMac和移动产品都非常流行,我相信未来会有更好的成长。

主持人:
接下来的问题来自BMO Capital Markets U.S.的Keith Bachman

Keith Bachman- BMO Capital Markets U.S.
你能否解释一下相比于上季度毛利率下降的情况(下降了350个基点)?你对于这种变化原因的看法?

Peter Oppenheimer
好的。相比于上季度毛利率下降(coptue译注:国内叫做“环比”)的主要原因来自iPad的销售比例较大。你可以看到为了确保我们的先发优势,我们的价格非常“亲民”。此外呢,原因来自较低的营收成长的杠杆作用。我想指出的是,之前我在声明中已经提到,本季度末我们iPhone 的库存已经增长了170万台,能够撑上4到6周的销售期。相反的,iPad的库存只有40万台,远低于我们4到6周的库存下限。以上这些就是我特别要说明的一些原因。

Keith Bachman- BMO Capital Markets U.S.
有一个问题是询问Tim的,接着之前Shannon的问题,你如何看待Macbook产品在美国和西欧商用市场的区别,包括看起来被普遍欢迎的iPhone产品以及iPads产品?换句话说,是不是商用普及使用的大门打开,CIO们也开始在公司部署Mac产品?

Timothy Cook
很明显iPhone等产品为Mac营造了一个很好的光环效应(halo effect),我想这是我们看到Mac成长的一个原因。相比于PC市场增长率只有3%,Mac的年度同期增长达到让人震惊的28%。

主持人:
接下来的问题来自Barclsys Capital的Benjamin Reitzes

Benjamin Reitzes – Barclsys Capital
谢谢。请问你能够描述一下iPad和iPhone的ASP变化趋势吗?它们这个季度的数值是多少?进入到下个年度或者下个季度后的动态变化趋势是什么?

Peter Oppenheimer

好的, Ben。我是Peter。因为竞争原因,我们不会提供任何具体的ASP数值。我们不希望我们的竞争对手知道这些。但有数据统计来讲,我们可以提供iPhone和iPad的销量和营收,当然营收中也包括了相关的配件,你可以自己估算一下。

Benjamin Reitzes – Barclsys Capital

我另外一个问题和iPad的缺货有关。请问你如何考虑iPad的供销平衡或者iPad的渠道分配比?你之前有将iPhone的产能增加了很多,那么请问什么时候可以确保iPad避免供货短缺?

Timothy Cook
Ben,你好。我在这儿想表达的是,对于下季度的供货产能我们非常有信心。不过我并不知道是否能够满足需求。需求是非常惊人的,我没办法预测何时可以达到供求平衡。我目前只能说对供应链非常有信心。

主持人:
接下来的问题来自Bank of American Merrill Lynch的Scott Craig

Scott Craig
Tim, 请问能否介绍一些CDMA iPhone的情况?特别是你如何看待未来几个季度进入到CDMA网络的iPhone销售状况?根据你们提供的资产投资数据,你能否谈一下你们来年在和合作伙伴合作时的费用情况?我的意思是整个投资合作状况的介绍。

Timothy Cook
在合作的运营商方面,我并不想提供有关CDMA或者GSM的确切数据。但是我们可以看到我们不断的和新的合作伙伴合作,之前已经说过,本季度我们会有三个新的合作运营商,都很大,它们是Verizon, SKT和Saudi Telecom。在去年的12月份我们和O2和Vodafone展开了合作。我们在持续增加合作,你可以对这点充满信心。


Peter Oppenheimer

Scott, 关于投资问题,我这儿有一些更新。我们预估在2011财年花费57亿美金(资本支出),这个数字和我上季度财报告诉你的数据相同。我们预估7亿美金用于零售店支出,50亿美金用于其它支出。零售店支出之外最大的支出类别在战略运营方面。上次的会议中我有说过我们和三个合作伙伴建立战略合作关系。我们在2011和2012财年和这三个合作伙伴达成了35亿美金的合作协议,这些费用用于预付款和其它资本支出。我之前也讲过,在本季度我们支出了大约9亿美金,我们会在接下来的2011/2012支出剩余的款项。

主持人:
接下来的问题来自RBC Capital Markets的Mike Abramsky

Mike Abramsky – RBC Capital Markets

谢谢。我想这可能不是一个恰当的比喻,不过我想知道目前iPhone和Android的竞争,于 1990年windows PC和 Mac之间的竞争是否有一些相似和不同之处?我想知道在美国市场,尤其是Android产品是否会成为apple智能手机领域中最大的竞争对手?请问如何能够在这些变化中保持iPhone的增长趋势?

Timothy Cook
Mike你好。我昨天正好看到一份数据:来自ComScore的统计数据显示,美国市场iOS设备的销量超过Android产品59%,这是一个很大的数字。就全球统计来看,本季度我们卖出了1890万台iPhone,增长率达到了113%,这个数字要比同类产品的增长率高很多。我们最近发布了iPad2,并且卖出了我们所能生产的每一台iPad2, 正如我之前所讲,其世界500强的商用市场,我们的iPhone和iPad产品部署率达到了88%和75%。我们运营着全世界最大的App Store, 其中已经有35万款为iPhone开发的应用程序和6万5千款为iPad开发的应用程序,而Android平板的应用程序还不超过100个。所以我们对于我们目前所处的位置以及我们的产品发展计划非常满意。我们已经为开发者支付了20亿美金的分成费用,并且在全球应用程序的下载量已经超过了100亿次。所以我们的运营状况非常健康。我们之前也说过,我们坚信我们对iPhone的产品整合对消费者带来的价值要比现在Android产品的分裂要好得多。看看android吧,你在不同的产品上可以看到不同的操作系统,不同的屏幕尺寸,有着不同规则的不同应用商店,支付方式也不同,程序更新方式也不同。我想消费者更喜欢Apple提供的统一的用户体验,而Android产品将消费者变成了一个“系统设计人员”,我相信没有多少消费者喜欢这种“折腾”。

主持人:
接下来的问题来自Gene Munster的Piper Jaffray

Gene Munster – Gene Munster Companies
第一个问题针对iPhone, iPhone的需求显然很大,你能否介绍一些对于预付费和后付费市场的看法?是否考虑到预付费市场对于容量的扩大会更有帮助?

Timothy Cook
Gene,你好。我是Tim。我们这儿谈一下中国。我们要了解到市场状况和消费层次的不同。之前我已经说过,iPhone在中国市场的增长率达到了3倍。在2011财年前半年,我们在大中华区的销售额超过了50亿美金,这超过了Apple全球营收的10%。但是在几年前,大中华区的营收仅占全球营收的不到2%。所以这是一个蓝海市场。我可以这样说,它是一个典型的预付费市场。对于其它国家的状况我们也有一些资讯,但是我在这儿讲太多这样的资讯可能不太合适。最后我想指出的是,从类似中国这类新兴市场我们可以认识到不同的特点,在其他国家也同样如此。

Gene Munster – Gene Munster Companies
你是否了解到中国超过一半手机是预付费的?

Timothy Cook
我了解超过一半的手机是预付费的, Gene,不过我认为第一个数字从9开始。(coptue译注:即超过90%)


Gene Munster – Gene Munster Companies

非常好。另外一个问题是Steve Jobs参加了iPad 2发布会,请问自从他请病假以后,他是否还深度参与公司的决策?你是否有他何时上班的消息?

Timothy Cook
Jobs仍旧在治疗中,正如你所述,我们还是定期和他会面。之前我也说过,战略性的决策Jobs一直都在参加,我想他会尽快返回公司上班。

主持人:
接下来的问题来自Sanford C. Bernstein & Co., Inc的Toni Sacconaghi

Toni Sacconaghi – Sanford C. Bernstein & Co., Inc
Tim,我想重新问一个iPhone和iPad的供货问题。在上一季度你有强调iPhone的巨大需求,当时你有谈到说会尽你所能让产能赶上需求,建立适当的库存,现在看起来你已经达成了目标。在iPad供货方面,我对于情况了解的还不是很清晰。我想你已经在上季度制造了700万台iPad, 而这个季度,包括库存,应该已经制造了510万台iPad,我的意思是说,你已经证明了你有足够的产能而生产更多的iPad,那么iPad的数量销售不如预期的原因,是因为预估数字的失误,还是需求不如预期的那么大?另外,请问为什么iPad的产能不如前一季度那么好?

Timothy Cook
Toni,让我们回顾一下一些事实。首先,产品转换不是那么容易的事情。你可能已经了解到,我们目前所处的状况是我们必须得提前很多很多周下订单做准备,然后我们才发布新产品。这个季度末我们准备了57万台库存,其中包含追加的17万库存的iPad2(大部分还在运输途中),所以最后我们只有40万库存。而这个季度我们卖出了500万台,而这些事情都不得不提前规划。我想问题的关键是 时间点。我想提醒你的是,我们在2月底邀请了媒体参加我们的3月产品发布会,当时我们计划在3/11发售iPad2,因为再过两周这一季度就要结束了。这个时候呢,我们既要确保新产品的发布,又要确保老一代的iPad的制造/销售不受影响。所以说,我对于这次的产品转换还是非常满意的。跟第一代相比,我们有了一个很好的开始,并且生产出了更多的iPad2。我们非常有信心满足3月底25个新发售国家的iPad供应。在下周我们会在新的13个国家销售iPad2,在下季度末会有更多的国家加入到iPad2的销售中来。

Toni Sacconaghi – Sanford C. Bernstein & Co., Inc
谢谢你的回答。接下来我想问另外一个问题,有关于下个季度的营收预估和EPS (earning per share)。 我观察了过去8年中从Q2到Q3季度的数字比较。其中7次营收上升,第八次则EPS持续上升。观察到这些规律后,我发现你对于2011年的Q2到Q3的营收预估和EPS数字预估都是下降的,能否给我们说明一下原因?显然的,你的预估比较保守,我想知道的是既然你指出iPad的销售预估非常喜人,那为什么会降低从Q2到Q3的数字呢?

Peter Oppenheimer
好的,Toni,我是Peter,我来回答这个问题。我想特别指出两件事情。首先,下一季度,我们的营收预估为230亿美金,环比(coptue译注:相比上个季度)下降了7%,而在之前的几年里确实是上升的。其次要指出的是,在我们的第二财季,我们增加了170万的iPhone库存,这在之前是从来没有发生过的(coptue译注:指iPhone的第二财季销售强劲,起点高啊)。而在去年我们发布了iPad产品,去年的第三财季(June Quarter) iPad为我们贡献了22亿美金,而今年则没有这种状况发生。所以说,以年度同期增长相比,我们预估营收增长了46%,而EPS则预估增长了43%。

主持人:
接下来的问题来自Deutsche Bank AG的Chris Whitmore

Chris Whitmore – Deutsche Bank AG 
我再问一个iPad的问题。能否给出有关第二财季销售出的500万台iPad和iPad2的各自具体数字?

Timothy Cook
我们不会公布这样的数字,因为不想竞争对手了解状况。不过我可以告诉你的是,我们已经生产了足够多的iPad2,因为顾客太期待这款产品了。

Chris Whitmore – Deutsche Bank AG 
我的第二个问题是有关环比营收变化预估的问题。你能够给我更多的信息有关Mac产品的销售状况预估?尤其是进入到开学购买潮。另外,校园购买预算的变化情况是否对Mac的销售造成影响?

Peter Oppenheimer
很难预测美国的学校购买预算变化情况。我们也没有看到教育市场份额下降的迹象。在校园Mac仍然很受欢迎,iPad也是如此。基于年度同期对比数据,我们预估可以看到持续性的环比增长。——抱歉,是年度同期增长,我对于Mac产品在开学购买潮季节的良好表现非常有信心。

Timothy Cook
我想补充的一点是:K-12 在应用新技术产品方面(coptue译注:Kindergarten through 12th Grade (US)从学前到12年级,此处指教育业)市场通常要比商业市场来的保守。在上个季度,在教育市场的产品销售比例状况是iPad和Mac是1:1, 这是个让人惊奇的数字,因为iPad算是个新发售的产品。从上面一点可以看出,我们的机会有多大。

主持人:
接下来的问题来自Wedge Partners的Brian Blair

Brian Blair – Wedge Partners
谢谢,在过去的几年里,每年的6月份我们都会看到新一代的iPhone,在9月会看到新一代的iPod。我想你能否分享一下有关每年一个周期更新新产品节奏的看法?以及介绍一下是什么因素可以让这种节奏发生改变?


Timothy Cook

我们从来都不会评论苹果的新产品,所以没有任何相关的信息可以分享。

Brian Blair – Wedge Partners
那你能否稍微谈一下怎么看待iPhone的供需平衡问题?你之前已经谈过iPad的状况,iPad已经在几个季度里向全球性的区域发售,那么针对iPhone来说,目前供应让人不足,但是又增加了新的运营商,那是如何看待这个问题的?


Timothy Cook

OK,这是个好问题。在本季度末,在我们的大部分销售市产品场已经达到了供需平衡。我可以这样说,现在我们基本上已经做到了供需平衡。另外一些产品,如Mac早已经在供需平衡状态,而iPad也在供需平衡状态,我们已经努力的大量订货并尽可能快得交付给顾客。

主持人:
接下来的问题来自Pacific Crest的Andy Hargreaves

Andy Hargreaves – Pacific Crest Securities, Inc

我想继续回到供应链的话题。你能够说明一下第三财季后可能会出什么样的断货问题,或者能够评论一下是属于器件库存不足,还是产能无法回到全速状态,这些问题能否在年内解决?

Timothy Cook
抱歉,这些状况确实不明晰,我只能说我们现在直到第三财季还预见不到会存在材料短缺问题,毕竟那只是到6月份。而6月份之后会有很多风险和问题是我们现在看来难以解决的。新的问题总会出现,我们会确保及时跟踪各种信息。现在还有余震,现在还有核电厂泄漏的不确定性,现在还有电力短缺中断。这些问题在今天出现,我倒还不担心。我担心的是情况可能以后会变得更糟,我现在还不能预测到这一点,我希望那种糟糕的情况不要发生。

Andy Hargreaves – Pacific Crest Securities, Inc
OK,多谢你的回答。之前有谈到过每个季度都有很多Mac产品的新用户,你能否给我们一些信息有关于这些顾客是属于换机客户还是全新客户,或者说明一下大概的数量?

Timothy Cook

之前我们不能发布这样的数字,所以现在也不会说明具体的数量。

主持人:
接下来的问题来自Sterne Agee & Leach Inc的Shaw Wu

Shaw Wu – Sterne Agee & Leach Inc

有两个问题,其中一个是零组件问题。从其它一些零组件卖家和现货市场的状况看,零组件的价格都在上升。我想了解一下Apple是否也受到影响。我了解Apple在这方面是一家运营很棒的公司,能否就这点做一下简单介绍?

Timothy Cook
好的,这是个好问题,Shawn。当然,如果你追踪Nand Flash和DRAM零组件时,现货市场确实在涨价。但是我们并非在现货市场购买零组件。所以现货市场涨价对我们的影响很小。在第四财季,我并不确定情况还是这样,但是在第三财季,我们不会受到多大影响。在那些现货市场购买零组件的公司面对的状况和我们显然不一样。

Shaw Wu – Sterne Agee & Leach Inc
谢谢你的回答。接下来的问题和iPad相关,我想了解一下你对于服务商补贴iPad的看法?

Timothy Cook
现在iPad销售在很多国家是有补贴的。比如在韩国当顾客签订24个月合约时就会得到补贴,而在日本24个月合约也会得到补贴,在欧洲很多国家都是如此。但是大多数使用iPad 3G的顾客其实使用的是“用多少付多少”(pay-as-you-go)方式,并没签订合约。所以我认为很多顾客更倾向于“用多少付多少”方式。

主持人:
接下来的问题来自UBS的Maynard Um

Maynard Um – UBS Investment Bank

谢谢,我有两个问题。去年的时候,当你给出第三财季的毛利预测数字时,曾经提到过产品的转换会影响到毛利率。对于这个因素我很好奇。第二个问题是你能够谈一下和Samsung的诉讼。我想了解诉讼会不会影响到你们的元器件采购合作关系?

Peter Oppenheimer
我会回答你有关毛利率的问题,Maynard,我们很难评论年度同期的毛利率变化的原因,因为不同的产品在不同的生命周期里,外界环境也不同,产品销售混合搭配比例不同等。所以我更倾向于讨论一下环比毛利率的变化,我会告诉你毛利率变化的最大影响因素。因为iPad的销售使得毛利率会上升,但是营收环比会下降。就环比比较来讲,这些因素非常重要。

Timothy Cook
我来回答你有关和Samsung诉讼的问题。我们是三星最大的客户,而三星是我们最有价值的元器件供应商,我希望这种合作关系会持续下去。分开来讲,我们认为三星的移动事业部已经越界,在试图解决这个问题却未果之后,我们决定在法庭上解决问题。

主持人:
接下来的问题来自JPMorgan的Mark Moskowitz

Mark Moskowitz – JP Morgan Chase & Co
Tim你好,你之前提到过iTunes的成功。你能否进一步说明一下iTunes平台推出云服务的可能性?接着一个问题针对peter,是有关营运费用的,请问对营运费用的看法?下季度的营运费用预测是否已经包含雇佣更多的S&M(sales & Marketing)人员来开拓更多的商用市场?

Peter Oppenheimer
我来回答你的两个问题。我们不会发布新产品的任何看法,所以针对iTunes的未来我释放出的信息有限。我们运营着世界上用户群最大最流行的iTunes Store,我们拥有最大的多媒体内容库,我们比其它公司向更多的顾客提供了更多的内容。我们对我们所做的和我们未来要做的更新非常自信。我在此不能做更多细节的描述。

关于运营费用的问题,我们已经提供了预估,在第三财季费用约为25亿美金。这个数字包含了我们认为的商用市场开拓的费用。我们在持续投资工程研发,投资零售店,投资渠道业务,包括了对商用市场的投资。我非常高兴我们不仅在做一些良好的投资,而且商务模式上也做到了良好的收支平衡。

Mark Moskowitz – JP Morgan Chase & Co
谢谢
<结束>

“[M10511][译文] 苹果公司2011年第二财季财报会议 中文翻译版本(update)”的398个回复

  1. That is really fascinating, You’re an overly professional blogger.
    I have joined your feed and look ahead to in quest of more
    of your great post. Also, I have shared your website in my social networks

  2. Excellent pieces. Keep posting such kind of information on your page.
    Im really impressed by it.
    Hey there, You have performed a great job. I will definitely digg it and personally recommend to my friends.
    I am sure they will be benefited from this
    web site.

  3. Everything published was very logical. But, think on this,
    suppose you were to create a killer title? I
    mean, I don’t wish to tell you how to run your blog, however suppose you added something that makes people want more?

    I mean [M10511][译文] 苹果公司2011年第二财季财报会议 中文翻译版本(update) – 卡匹特帝国的世界 is a little vanilla.

    You should peek at Yahoo’s front page and note how they create post
    titles to get people interested. You might add a related
    video or a picture or two to grab readers interested about everything’ve got to
    say. In my opinion, it would make your posts a little livelier.

  4. you’re truly a just right webmaster. The website loading speed is amazing.
    It sort of feels that you’re doing any distinctive trick.
    Furthermore, The contents are masterwork. you’ve done a great process
    on this subject!

  5. I loved as much as you will receive carried out right here.
    The sketch is tasteful, your authored material stylish.
    nonetheless, you command get bought an impatience over that you wish be delivering the following.

    unwell unquestionably come more formerly again as exactly the same nearly very often inside case
    you shield this increase.

  6. Hello, i read your blog from time to time and i own a similar one and
    i was just curious if you get a lot of spam remarks?
    If so how do you reduce it, any plugin or anything you can recommend?
    I get so much lately it’s driving me crazy so any help is very much appreciated.

  7. Usually I don’t read post on blogs, but I wish to say
    that this write-up very pressured me to try and do so!
    Your writing style has been surprised me. Thanks, quite great
    article.

  8. I’ve been exploring for a little for any high quality articles or blog posts
    on this sort of house . Exploring in Yahoo
    I eventually stumbled upon this site. Studying this information So i’m satisfied to express that I have an incredibly just right uncanny feeling I
    came upon exactly what I needed. I such a lot definitely will make sure to don?t forget this site and give it a look on a relentless
    basis.

  9. Thanks for your marvelous posting! I actually enjoyed reading
    it, you will be a great author.I will make sure to bookmark your blog and will
    eventually come back at some point. I want to encourage one to continue your great posts, have
    a nice weekend!

  10. Outstanding post but I was wondering if you could write a litte more on this topic?
    I’d be very grateful if you could elaborate a little bit further.

    Thank you!

  11. Attractive section of content. I just stumbled upon your weblog and in accession capital to assert that I get in fact enjoyed account your blog posts.
    Anyway I will be subscribing to your augment and even I achievement
    you access consistently rapidly.

  12. I’ve been surfing online more than 3 hours today, yet I never
    found any interesting article like yours. It’s pretty worth enough for me.

    Personally, if all webmasters and bloggers made
    good content as you did, the internet will be
    a lot more useful than ever before.

  13. I will immediately seize your rss feed as I can not find your e-mail subscription link
    or e-newsletter service. Do you have any? Kindly permit me understand in order that I could subscribe.
    Thanks.

  14. It’s appropriate time to make some plans for the future and it is time
    to be happy. I’ve read this post and if I could I desire to suggest you some interesting things or suggestions.

    Perhaps you can write next articles referring to this article.
    I desire to read more things about it!

  15. Excellent beat ! I would like to apprentice at the same time as you amend your
    website, how could i subscribe for a blog website?
    The account aided me a acceptable deal. I had been tiny bit familiar of
    this your broadcast provided bright clear concept

  16. The other day, while I was at work, my sister stole my iphone and tested to see if it can survive a thirty foot drop,
    just so she can be a youtube sensation. My
    iPad is now destroyed and she has 83 views. I know this is completely off topic but I had to share it with someone!

  17. After I initially commented I appear to have clicked on the -Notify me when new comments are added- checkbox and from now
    on whenever a comment is added I receive 4 emails with the same comment.
    There has to be a way you are able to remove me from that service?

    Thank you!

  18. certainly like your website however you need to test the spelling on quite a
    few of your posts. Many of them are rife with spelling issues and I
    find it very bothersome to tell the truth then again I’ll surely come again again.

  19. Its like you read my mind! You seem to know a lot about this, like you wrote
    the book in it or something. I think that you can do with a few pics to drive the message home
    a bit, but other than that, this is wonderful
    blog. A fantastic read. I’ll certainly be back.

  20. Simply want to say your article is as astounding.
    The clarity in your post is just nice and i could assume you are an expert on this subject.
    Fine with your permission allow me to grab your RSS feed to keep up to date with forthcoming post.
    Thanks a million and please carry on the enjoyable work.

  21. Having read this I thought it was very informative.
    I appreciate you spending some time and energy to
    put this article together. I once again find myself personally spending way too much time both reading and commenting.
    But so what, it was still worth it!

  22. I got this web site from my pal who informed me concerning this site and now this time I am browsing this site and reading very informative articles or reviews at this place.

  23. I like the helpful info you provide in your articles.
    I will bookmark your weblog and check again here regularly.
    I am quite certain I’ll learn plenty of new stuff right here!
    Good luck for the next!

  24. I have learn a few excellent stuff here. Definitely value bookmarking for revisiting.
    I surprise how so much effort you put to make this type of excellent informative web site.

  25. I am now not positive the place you’re getting your information, however good topic.
    I needs to spend some time finding out much more or understanding more.

    Thanks for excellent info I was searching for this information for my mission.

  26. Hi! Quick question that’s entirely off topic. Do you know how to make your site mobile
    friendly? My blog looks weird when browsing
    from my iphone. I’m trying to find a template or plugin that might
    be able to correct this issue. If you have any suggestions, please share.
    Cheers!

  27. Its such as you read my thoughts! You seem to understand a lot approximately this, such as you wrote the book
    in it or something. I feel that you just could
    do with some % to pressure the message house a little bit, however other than that, that
    is magnificent blog. A fantastic read. I’ll certainly be back.

  28. I know this if off topic but I’m looking into starting my own weblog and was wondering what all is
    needed to get set up? I’m assuming having a blog like yours would cost a pretty penny?
    I’m not very web savvy so I’m not 100% positive. Any suggestions
    or advice would be greatly appreciated. Kudos

  29. My partner and I absolutely love your blog and find the majority of your post’s to be exactly I’m looking for.
    Do you offer guest writers to write content for you
    personally? I wouldn’t mind creating a post or elaborating on a
    lot of the subjects you write regarding
    here. Again, awesome site!

  30. Today, I went to the beach with my kids. I found a sea shell and gave it to my
    4 year old daughter and said “You can hear the ocean if you put this to your ear.” She placed the shell to her ear and screamed.
    There was a hermit crab inside and it pinched her ear.
    She never wants to go back! LoL I know this is entirely off topic but
    I had to tell someone!

  31. I’m really impressed along with your writing abilities as smartly
    as with the layout in your weblog. Is this a paid topic or did you
    customize it your self? Anyway keep up the nice high quality writing, it is uncommon to see a great
    weblog like this one these days..

  32. Pretty section of content. I just stumbled upon your site and
    in accession capital to assert that I get actually enjoyed account your blog posts.
    Anyway I’ll be subscribing to your feeds and even I achievement you access consistently quickly.

  33. I must thank you for the efforts you’ve put in penning this website.
    I really hope to see the same high-grade content from you in the future as well.
    In fact, your creative writing abilities has encouraged me to get my own website now 😉

  34. Its like you read my mind! You seem to know a lot about this, like you wrote
    the book in it or something. I think that you could do with some pics to drive the message home a bit, but instead of
    that, this is great blog. A great read. I will definitely be back.

  35. The other day, while I was at work, my cousin stole my iPad and tested to see if it can survive a twenty five foot drop, just
    so she can be a youtube sensation. My iPad is now broken and
    she has 83 views. I know this is completely off topic but I had to share it with someone!

  36. I’m now not certain the place you’re getting your information, but good
    topic. I must spend a while studying much more or figuring out
    more. Thanks for wonderful info I used to be looking
    for this info for my mission.

  37. Wow, incredible blog layout! How long have you been blogging for?
    you make blogging look easy. The overall look of your site is magnificent,
    as well as the content!

  38. I’m really enjoying the theme/design of your website.
    Do you ever run into any browser compatibility problems?
    A number of my blog visitors have complained about my blog not operating
    correctly in Explorer but looks great in Firefox. Do you have any
    solutions to help fix this issue?

  39. Your style is very unique in comparison to other people
    I’ve read stuff from. Many thanks for posting when you’ve got the opportunity, Guess I will just
    bookmark this web site.

  40. I love your blog.. very nice colors & theme. Did you design this website yourself or did you
    hire someone to do it for you? Plz reply as I’m looking to create my own blog and would like to know where
    u got this from. many thanks

  41. Unquestionably imagine that that you said. Your favorite justification appeared to be at the web the simplest factor to take note
    of. I say to you, I certainly get irked at the same time
    as other people consider issues that they just don’t understand about.
    You controlled to hit the nail upon the top as neatly as defined out the entire
    thing without having side-effects , other
    folks could take a signal. Will probably be again to get
    more. Thank you

  42. You can certainly see your enthusiasm within the article you write.
    The arena hopes for even more passionate writers such as you who are not afraid to say how
    they believe. All the time follow your heart.

  43. Howdy! I know this is sort of off-topic but I needed to ask.
    Does running a well-established website such as yours take a massive amount work?
    I am brand new to operating a blog however I do
    write in my journal daily. I’d like to start a blog so I will be able to share
    my experience and thoughts online. Please let me know if you have any kind of ideas or tips for new aspiring
    bloggers. Appreciate it!

  44. Undeniably believe that which you said. Your favorite reason seemed to be on the internet the easiest thing to be aware
    of. I say to you, I certainly get annoyed while people think about worries that they just don’t know about.
    You managed to hit the nail upon the top and also defined out the
    whole thing without having side-effects ,
    people could take a signal. Will likely be back to get more.

    Thanks

  45. Woah! I’m really loving the template/theme of this website.
    It’s simple, yet effective. A lot of times it’s difficult to
    get that “perfect balance” between superb usability and appearance.
    I must say you’ve done a very good job with this.

    In addition, the blog loads super quick for me on Chrome.
    Excellent Blog!

  46. Good day! This post could not be written any better!
    Reading through this post reminds me of my
    old room mate! He always kept talking about this. I will forward this
    post to him. Pretty sure he will have a good read.
    Many thanks for sharing!

  47. I do not even know how I finished up here, however I assumed this publish used to be good.
    I don’t recognize who you might be but definitely you are going to
    a famous blogger for those who are not already. Cheers!

  48. Hello, i believe that i noticed you visited my weblog so i got here to go back the
    choose?.I’m trying to in finding things to improve my site!I assume its ok
    to make use of some of your ideas!!

  49. Hey there! This post couldn’t be written any better! Reading through this post reminds
    me of my good old room mate! He always kept chatting
    about this. I will forward this page to him.
    Fairly certain he will have a good read. Thank you for sharing!

  50. Hi there excellent website! Does running a blog like this require a large
    amount of work? I have absolutely no knowledge of programming but I was hoping to start my own blog soon. Anyhow, should you have any ideas or techniques for new blog owners please share.
    I understand this is off topic nevertheless I simply wanted to ask.
    Thank you!

  51. Hi outstanding website! Does running a blog like this take a large amount
    of work? I’ve very little understanding of programming however I had been hoping to start my own blog in the near
    future. Anyway, if you have any ideas or techniques for new blog owners please share.

    I know this is off topic but I just needed to ask. Many thanks!

  52. Hello there! I simply wish to offer you a huge thumbs up
    for the excellent info you’ve got right here on this post.
    I am returning to your web site for more soon.

  53. I think this is one of the most important information for me.

    And i am glad reading your article. But wanna remark on few general things, The site style is wonderful, the articles is really excellent :
    D. Good job, cheers

  54. Great beat ! I would like to apprentice whilst you amend your website,
    how could i subscribe for a weblog website? The account aided me a acceptable
    deal. I were tiny bit familiar of this your broadcast offered shiny
    clear concept

  55. I like the valuable information you provide in your articles.

    I’ll bookmark your blog and check again here regularly.

    I’m quite certain I’ll learn many new stuff right
    here! Best of luck for the next!

  56. Today, I went to the beachfront with my children. I found a sea shell and gave
    it to my 4 year old daughter and said “You can hear the ocean if you put this to your ear.” She put the shell to her ear and screamed.
    There was a hermit crab inside and it pinched her ear.

    She never wants to go back! LoL I know this is completely off topic but I had to tell someone!

  57. When I originally commented I clicked the “Notify me when new comments are added” checkbox and now each time a comment is added I
    get three emails with the same comment. Is there any way you
    can remove people from that service? Thank you!

  58. Link exchange is nothing else except it is just placing the other person’s weblog link
    on your page at proper place and other person will also do similar in support of you.

  59. Hey this is somewhat of off topic but I was wondering if blogs use
    WYSIWYG editors or if you have to manually code with HTML. I’m starting a blog soon but have no coding
    knowledge so I wanted to get advice from someone with experience.

    Any help would be greatly appreciated!

  60. Hi, Neat post. There is a problem with your site
    in web explorer, could test this? IE still is the marketplace chief and a large element of other
    folks will miss your fantastic writing because of this problem.

  61. Good day! I know this is kind of off topic but
    I was wondering if you knew where I could locate a captcha plugin for
    my comment form? I’m using the same blog platform as yours and I’m having problems finding one?
    Thanks a lot!

  62. I am not sure where you are getting your information, but good topic.
    I needs to spend some time learning much more or understanding more.
    Thanks for magnificent info I was looking for this
    information for my mission.

  63. After looking into a handful of the articles on your web page, I really like your
    technique of blogging. I bookmarked it to my bookmark website list and
    will be checking back in the near future. Please visit my website too and
    tell me what you think.

  64. Excellent blog! Do you have any hints for aspiring writers?
    I’m planning to start my own website soon but I’m a little lost on everything.
    Would you recommend starting with a free platform like WordPress or go for a
    paid option? There are so many options out there that I’m
    completely confused .. Any recommendations? Appreciate it!

  65. You have made some really good points there.

    I checked on the net to find out more about the issue and found most people will go along
    with your views on this website.

  66. Its like you read my mind! You seem to know so much about this,
    like you wrote the book in it or something. I think that you could do with some pics to drive the message home a little
    bit, but instead of that, this is fantastic blog. A great read.

    I’ll definitely be back.

  67. Its such as you read my mind! You appear to understand so much approximately this, like you wrote the e book in it or something.
    I believe that you just could do with some p.c. to power the message house a little bit, however instead
    of that, this is excellent blog. A great read. I will certainly be back.

  68. Hello all, here every one is sharing these kinds
    of familiarity, thus it’s pleasant to read this website, and I used to pay
    a visit this weblog all the time.

  69. First of all I want to say awesome blog! I had a quick question that I’d like to
    ask if you do not mind. I was interested to find out how you center yourself and clear your thoughts
    before writing. I’ve had difficulty clearing my mind in getting my thoughts
    out. I do take pleasure in writing however it just seems like the first 10 to 15 minutes tend to
    be lost just trying to figure out how to begin. Any recommendations or tips?
    Many thanks!

  70. Hello there, I found your blog by means of Google
    even as looking for a related subject, your website came up, it seems to be
    great. I have bookmarked it in my google bookmarks.
    Hi there, simply become alert to your weblog thru Google, and located that it’s really informative.
    I’m going to watch out for brussels. I’ll be grateful in case
    you continue this in future. A lot of other people shall be benefited from your
    writing. Cheers!

  71. I’m truly enjoying the design and layout of your website.
    It’s a very easy on the eyes which makes it much more pleasant for me to come here and visit more often. Did you hire out a developer to create your theme?
    Fantastic work!

  72. It’s actually a nice and helpful piece of info.
    I’m happy that you just shared this useful information with us.
    Please stay us informed like this. Thanks for sharing.

  73. Hi! Quick question that’s entirely off topic. Do you know how
    to make your site mobile friendly? My website looks weird when browsing from my
    apple iphone. I’m trying to find a theme or plugin that might be able to correct this issue.
    If you have any recommendations, please share. Cheers!

  74. Hey! I just wanted to ask if you ever have any trouble with hackers?
    My last blog (wordpress) was hacked and I ended up losing months of hard work due to no
    back up. Do you have any solutions to protect against hackers?

  75. Very good blog! Do you have any suggestions for aspiring
    writers? I’m planning to start my own site soon but I’m a little lost on everything.
    Would you suggest starting with a free platform like WordPress or go for a paid
    option? There are so many options out there that I’m completely
    overwhelmed .. Any suggestions? Many thanks!

  76. Hey! I know this is kinda off topic however I’d figured I’d ask.

    Would you be interested in exchanging links or maybe guest writing a blog article
    or vice-versa? My site addresses a lot of the same
    subjects as yours and I think we could greatly benefit from each other.
    If you might be interested feel free to send
    me an e-mail. I look forward to hearing from you! Excellent blog by
    the way!

  77. Oh my goodness! Amazing article dude! Thank you so much, However I am having difficulties
    with your RSS. I don’t understand why I can’t join it.
    Is there anybody else getting identical RSS issues?

    Anyone that knows the solution will you kindly respond?
    Thanks!!

  78. Oh my goodness! Impressive article dude! Thank you so much, However I
    am going through difficulties with your RSS. I don’t know the reason why I can’t subscribe to it.
    Is there anybody else getting similar RSS issues? Anybody who knows
    the solution will you kindly respond? Thanx!!

  79. A person necessarily help to make significantly articles I would state.
    This is the very first time I frequented your website page and so far?
    I amazed with the analysis you made to create this actual put up incredible.
    Excellent job!

  80. Hello, i read your blog from time to time and i own a similar one and i was just
    wondering if you get a lot of spam responses?
    If so how do you prevent it, any plugin or
    anything you can advise? I get so much lately it’s driving me mad so
    any assistance is very much appreciated.

  81. Howdy just wanted to give you a quick heads up and let you know
    a few of the pictures aren’t loading correctly. I’m not sure
    why but I think its a linking issue. I’ve tried it in two different web
    browsers and both show the same results.

  82. Hey there! I’m at work browsing your blog from my new iphone 3gs!
    Just wanted to say I love reading your blog and look forward to all your posts!
    Keep up the superb work!

  83. Yesterday, while I was at work, my cousin stole my apple
    ipad and tested to see if it can survive
    a 25 foot drop, just so she can be a youtube sensation. My iPad is now broken and she has
    83 views. I know this is totally off topic but I
    had to share it with someone!

  84. Hi there great website! Does running a blog like this require a lot of work?
    I have very little expertise in computer programming but I was hoping to start my own blog in the near future.
    Anyway, if you have any suggestions or tips for new blog owners please share.

    I know this is off subject nevertheless I simply needed to ask.
    Kudos!

  85. Hello there, I discovered your blog by way of Google even as searching for a related matter, your site came
    up, it appears good. I’ve bookmarked it in my google bookmarks.

    Hello there, just was aware of your weblog thru Google,
    and located that it’s truly informative. I’m going to be careful for brussels.
    I will be grateful if you proceed this in future. A lot of folks might be benefited out of your writing.
    Cheers!

  86. It is in point of fact a nice and useful piece of information.
    I am glad that you simply shared this helpful info with us.
    Please stay us informed like this. Thanks for sharing.

  87. I’m not that much of a online reader to be honest but your blogs really nice, keep it up!
    I’ll go ahead and bookmark your website to come back later.
    All the best

  88. Superb post however , I was wanting to know if you could write a
    litte more on this subject? I’d be very grateful if you could elaborate a
    little bit more. Bless you!

  89. It’s perfect time to make some plans for the future and it’s time to be happy.
    I’ve read this post and if I could I wish to suggest you
    some interesting things or suggestions. Maybe you can write next articles referring to
    this article. I want to read even more things about it!

  90. Howdy! This post couldn’t be written much better! Reading through this
    article reminds me of my previous roommate! He continually kept talking about this.
    I’ll forward this article to him. Pretty sure he’ll have a very
    good read. Thanks for sharing!

  91. I think that everything posted was actually very logical.

    But, consider this, what if you were to create a killer headline?
    I ain’t saying your information is not good, however suppose you
    added a title that makes people want more? I mean [M10511][译文] 苹果公司2011年第二财季财报会议 中文翻译版本(update) – 卡匹特帝国的世界 is kinda
    plain. You might look at Yahoo’s home page and note how they
    create article titles to grab viewers interested.
    You might try adding a video or a related pic or two to grab readers excited about what you’ve written. Just my opinion,
    it could bring your blog a little livelier.

  92. Hello there! This post couldn’t be written any better! Reading this post reminds me of my previous room mate!
    He always kept talking about this. I will forward this write-up to him.
    Fairly certain he will have a good read. Many thanks for sharing!

  93. hello there and thank you for your info – I’ve definitely picked
    up anything new from right here. I did however expertise several technical points
    using this web site, since I experienced to reload the
    web site lots of times previous to I could get it to load
    properly. I had been wondering if your hosting is OK? Not that I’m complaining, but slow loading instances times will often affect your placement in google
    and can damage your high-quality score if advertising and marketing with Adwords.
    Anyway I am adding this RSS to my email and
    can look out for much more of your respective intriguing content.
    Ensure that you update this again soon.

  94. Does your site have a contact page? I’m having problems locating it but,
    I’d like to shoot you an email. I’ve got some suggestions
    for your blog you might be interested in hearing. Either way, great blog and I look forward
    to seeing it grow over time.

  95. After I originally left a comment I seem to have clicked on the -Notify me when new
    comments are added- checkbox and from now on whenever a comment is added I receive 4 emails with the same
    comment. Is there an easy method you can remove me from that
    service? Many thanks!

  96. I was recommended this blog by my cousin. I am not sure whether this post is written by him
    as nobody else know such detailed about my problem. You are amazing!
    Thanks!

  97. Do you mind if I quote a few of your posts as long as I provide credit and sources back to your blog?
    My blog is in the exact same niche as yours and my users would
    certainly benefit from some of the information you present here.
    Please let me know if this ok with you. Appreciate it!

  98. Hey! Someone in my Myspace group shared this website with
    us so I came to look it over. I’m definitely loving the information. I’m book-marking and will be tweeting this to
    my followers! Terrific blog and superb style and design.

  99. Hello terrific blog! Does running a blog
    similar to this take a great deal of work? I’ve absolutely
    no understanding of computer programming but
    I had been hoping to start my own blog soon. Anyhow, should you
    have any suggestions or tips for new blog owners please share.
    I understand this is off topic but I just had
    to ask. Thank you!

  100. Hello, Neat post. There’s a problem with your site in internet explorer, could test this?
    IE nonetheless is the market leader and a good component of other people
    will omit your fantastic writing due to this problem.

  101. Wow, awesome weblog structure! How lengthy have you
    been blogging for? you made blogging look easy.
    The overall glance of your website is wonderful, let alone the content material!

  102. Hey there I am so delighted I found your website, I really found you
    by error, while I was researching on Yahoo for something else, Anyhow I am here now and would just like to say thanks a
    lot for a tremendous post and a all round enjoyable blog (I also
    love the theme/design), I don’t have time to look over it all at the moment but I
    have saved it and also included your RSS feeds, so when I have time I will
    be back to read much more, Please do keep up the
    superb work.

  103. Great items from you, man. I have take into accout your stuff
    previous to and you’re simply extremely wonderful. I actually like what you’ve received right here,
    really like what you’re saying and the way in which by which you assert it.
    You make it enjoyable and you still take care of to stay it wise.
    I cant wait to read much more from you. That is actually
    a wonderful website.

  104. Hi there would you mind letting me know which hosting company you’re utilizing?

    I’ve loaded your blog in 3 different browsers and I must say this blog loads a lot quicker then most.
    Can you suggest a good web hosting provider at a reasonable price?
    Thanks a lot, I appreciate it!

  105. I just could not leave your website prior to suggesting that
    I actually loved the standard information a person provide on your guests?
    Is gonna be back frequently to check out new posts

  106. After checking out a number of the blog articles on your web page, I really appreciate your technique of blogging.

    I saved as a favorite it to my bookmark webpage list and
    will be checking back soon. Take a look at my website too and tell me how you feel.

  107. I am extremely impressed along with your writing skills and also with the format for your blog.
    Is that this a paid subject matter or did you customize it your self?
    Either way stay up the excellent high quality writing, it’s rare to
    see a nice blog like this one these days..

  108. Howdy! This is my first comment here so I just wanted to give a quick
    shout out and tell you I really enjoy reading through your blog
    posts. Can you suggest any other blogs/websites/forums that go over the same topics?

    Thanks a ton!

  109. Wow, wonderful blog layout! How long have you been blogging for?

    you made blogging look easy. The overall look of your website is great, as well as the content!

  110. obviously like your web site but you have to take a look at
    the spelling on several of your posts. Many of them are rife with spelling problems and I find it
    very troublesome to tell the truth nevertheless I’ll
    definitely come back again.

  111. Normally I don’t learn post on blogs, however I wish to say that this write-up very forced me to take
    a look at and do it! Your writing taste has been surprised me.
    Thank you, very nice article.

  112. Superb site you have here but I was curious about
    if you knew of any discussion boards that cover the same topics discussed in this article?
    I’d really love to be a part of online community where I can get responses from other experienced individuals that share the same interest.
    If you have any suggestions, please let me know.
    Thank you!

  113. Hello everybody, here every one is sharing such know-how, therefore it’s
    pleasant to read this webpage, and I used to go to see this weblog everyday.

  114. Howdy this is kinda of off topic but I was wondering
    if blogs use WYSIWYG editors or if you have to manually code
    with HTML. I’m starting a blog soon but have no coding skills so I
    wanted to get guidance from someone with experience. Any help would be enormously appreciated!

  115. Nice post. I was checking constantly this weblog
    and I am impressed! Extremely helpful information specially the last part 🙂 I care for
    such info a lot. I was seeking this certain information for a long time.
    Thank you and good luck.

  116. This design is spectacular! You most certainly know how to keep a reader amused.
    Between your wit and your videos, I was almost moved to start my
    own blog (well, almost…HaHa!) Fantastic job. I really loved what you had to say, and more than that, how you presented it.

    Too cool!

  117. Wow, amazing weblog structure! How long have you been running a blog for?
    you made blogging look easy. The total glance of your web site is magnificent,
    as neatly as the content material!

  118. I’m really enjoying the theme/design of your site.
    Do you ever run into any browser compatibility issues? A few of my blog
    audience have complained about my site not operating
    correctly in Explorer but looks great in Chrome. Do you have any solutions to help fix
    this issue?

  119. I’m really enjoying the design and layout of your site.
    It’s a very easy on the eyes which makes it much more enjoyable for me
    to come here and visit more often. Did you hire out a designer
    to create your theme? Great work!

  120. Howdy! I realize this is somewhat off-topic however I needed to ask.

    Does managing a well-established website such as yours take
    a massive amount work? I’m brand new to blogging however I do write in my
    diary every day. I’d like to start a blog so I can share my personal experience and feelings online.
    Please let me know if you have any kind of recommendations or tips for brand new aspiring blog owners.
    Appreciate it!

  121. Hi, I think your website might be having browser compatibility issues.
    When I look at your website in Firefox, it looks fine but when opening in Internet Explorer,
    it has some overlapping. I just wanted to give you a quick
    heads up! Other then that, excellent blog!

  122. Hi! I’m at work surfing around your blog from my new iphone 3gs!
    Just wanted to say I love reading through your
    blog and look forward to all your posts! Keep up the excellent work!

  123. Greate post. Keep writing such kind of info on your site.
    Im really impressed by it.
    Hey there, You have performed a great job.
    I will certainly digg it and in my view recommend to my friends.
    I am sure they’ll be benefited from this web site.

  124. Do you have a spam issue on this blog; I also am a blogger, and
    I was wanting to know your situation; many of us have created some nice procedures and we are
    looking to trade strategies with others, why not shoot me
    an email if interested.

  125. The other day, while I was at work, my sister stole my
    apple ipad and tested to see if it can survive a thirty foot drop,
    just so she can be a youtube sensation. My iPad is now destroyed
    and she has 83 views. I know this is completely off
    topic but I had to share it with someone!

  126. I’m really loving the theme/design of your site. Do
    you ever run into any browser compatibility issues?
    A small number of my blog readers have complained about my
    website not operating correctly in Explorer but looks great in Safari.
    Do you have any ideas to help fix this issue?

  127. Hello would you mind letting me know which web host you’re utilizing?
    I’ve loaded your blog in 3 different web browsers and I must say this blog loads a lot quicker then most.
    Can you recommend a good hosting provider at a honest price?
    Many thanks, I appreciate it!

  128. Great post however , I was wanting to know if you could write a litte more on this subject?
    I’d be very thankful if you could elaborate
    a little bit further. Cheers!

  129. Write more, thats all I have to say. Literally, it seems as though you relied on the video to make your point.
    You clearly know what youre talking about, why waste your intelligence on just posting videos to your weblog when you could be giving us something enlightening to read?

  130. It’s the best time to make a few plans for
    the future and it’s time to be happy. I’ve learn this post and if I
    could I wish to suggest you some attention-grabbing issues or
    suggestions. Maybe you could write subsequent articles relating
    to this article. I wish to read even more things approximately it!

  131. Hi there, just became aware of your blog through Google, and found that it’s really informative.
    I’m gonna watch out for brussels. I will be grateful
    if you continue this in future. Numerous people will be benefited from your
    writing. Cheers!

  132. Hello, I do believe your website could possibly be having internet browser compatibility
    problems. When I take a look at your web site in Safari, it looks fine however, if
    opening in I.E., it has some overlapping issues.

    I merely wanted to give you a quick heads up!
    Aside from that, wonderful site!

  133. Very great post. I simply stumbled upon your blog and wished to say that I
    have truly loved browsing your blog posts. In any case I will be
    subscribing in your feed and I am hoping you write again soon!

  134. I know this if off topic but I’m looking into starting my own blog and was curious what all is
    needed to get set up? I’m assuming having a blog like yours would cost a pretty penny?
    I’m not very internet savvy so I’m not 100% certain. Any
    tips or advice would be greatly appreciated. Kudos

  135. With havin so much written content do you ever run into any problems of plagorism or copyright infringement?
    My website has a lot of completely unique content I’ve either created myself or outsourced but it appears a lot of it is popping it up all over the internet without
    my permission. Do you know any methods to help stop content from being stolen? I’d truly appreciate
    it.

  136. I do not even know the way I finished up here, however
    I believed this post used to be good. I don’t know who you might be but certainly you’re going to a famous blogger when you aren’t already.
    Cheers!

  137. We are a group of volunteers and starting a new scheme in our community.

    Your web site offered us with valuable information to work on. You have done a formidable job and our whole community will be thankful to
    you.

brazil flag image进行回复 取消回复

电子邮件地址不会被公开。 必填项已用*标注