瑞银UBS Apple报告20120126 (37pages)

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Apple 10Q/K Picture Book
􀂄 Accounting reversal somewhat offset; Still plenty of buffer in gross margin
We believe 1x benefit to gross mgn mentioned on the earnings call may have been
deferred mgn on component sales, which we highlighted in our last Picture Book
($493mn decline, ~110bps gross mgn benefit). Offsetting, however, was another
qtr of higher warranty provision relative to claims ($436mn higher). We calculate
this may have impacted gross mgn by ~90bps ($0.47 to EPS) & may be due to the
launch of the iPhone 4S. Over last five qtrs, warranty over accrual is ~$1.1bn,
which, if reversed, equates to ~290bps of gross mgn benefit (~$0.86 in EPS).

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