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iPhone Demand Surprises Even Apple Bulls

Gene Munster states that 45,000,000 iphone sales will add a minimum of $4.8 billion in revenue. This must be because AAPL is still using the subscription method to account for iphone sales. If we're looking to compare AAPL versus competitors on a consistent basis, shouldn't we ignore subscription basis and look at iphone revenue of $18 billion, or thereabouts? That is $400 in revenue per phone. This is the cash impact, right? Even though AAPL is spreading revenue/earnings out over 8 quarters, cash still hits at sale of device.