蘋果 (AAPL) 2002 Q2 法說會逐字稿

Welcome to Apple Computer Conference call to discuss second quarter financial results. Today's call is being recorded. At this time for opening remarks and introduction, I would like to turn the call over to the Director of Investor Relations and Corporate Finance, Miss Nancy Paxton. Miss Paxton, please go ahead now.

歡迎參加 Apple 電腦電話會議，討論第二季度財務業績。今天的電話正在錄音。在此開始致開幕詞和介紹時，我想將電話轉給投資者關係和企業財務總監 Nancy Paxton 女士。帕克斯頓小姐，請繼續。

Thank you. Good afternoon to everyone and thanks to all of you for joining us today. Apple issued its second quarter press release at approximately 1:30 p.m. Pacific Time today. The earnings press release and financials are available on First Call as well as on Apple's website at www.apple.com and speaking today is Apple's Chief Financial Officer, Fred D. Anderson. He will be joined by the Senior Vice President of Finance, Peter Oppenheimer and Vice President Incorporate Treasurer, Garry

謝謝你。大家下午好，感謝大家今天加入我們。蘋果在下午 1 點 30 分左右發布了第二季度新聞稿。今天太平洋時間。收益新聞稿和財務數據可在 First Call 以及 Apple 網站 www.apple.com 上獲取，今天發言的是 Apple 首席財務官 Fred D. Anderson。財務高級副總裁 Peter Oppenheimer 和合併財務副總裁 Garry 將加入他的行列

for the Question and Answer session with the analysts.

與分析師的問答環節。

Please note that some of the information you will hear during this call consists of forward-looking statements and that actual results

請注意，您將在本次電話會議中聽到的一些信息包括前瞻性陳述和實際結果

could differ materially from our forecast. For more information, please refer to pages 25 through 32 of Apple's latest Form 10-K for the fiscal year ended September 29, 2001. In connection with SEC rules on corporate disclosure, Apple is making this analyst call open to the media and general public by broadcasting the call live over the Internet and with that I would like to turn the call over to Fred.

可能與我們的預測存在重大差異。如需更多信息，請參閱截至 2001 年 9 月 29 日的財年 Apple 最新的 10-K 表格的第 25 至 32 頁。根據美國證券交易委員會關於公司披露的規定，Apple 向媒體和公眾開放此次分析師電話會議通過在互聯網上直播電話，我想把電話轉給弗雷德。

Thank you, Nancy, and thank you for joining us. In fiscal second quarter, Apple generated revenues of 1.5 billion dollars and earnings per share of 11 cents consistent with the guidance we issued earlier in the quarter. Revenues and units were each up 9 percent sequentially contrary to the normal seasonal decline experienced in the overall PC industry. On a year over year basis, revenues were up 4 percent and units were up 8 percent.

謝謝你，南希，謝謝你加入我們。在第二財季，蘋果創造了 15 億美元的收入和 11 美分的每股收益，與我們在本季度早些時候發布的指導一致。與整個 PC 行業經歷的正常季節性下降相反，收入和單位數環比增長 9%。與去年同期相比，收入增長了 4%，單位增長了 8%。

The highlight of the quarter was the introduction of the new iMac, which has and met with rave reviews and tremendous customer enthusiasm. We shipped a total of 220,000 units of new iMac during the quarter and has expected, exited the quarter with significant backlog. Production was fully ramped by the end of the quarter and we expect to meet our current demand forecast this quarter. Our portable products continue to sustain good momentum with combined iBook and PowerBook shipments up 22% year over year. Power Mac unit sales were flat sequentially. We shipped 57,000 iPOD units during the quarter and this product continues to generate very positive reviews. In March, we added a 10 gigabite iPOD to the lineup and provided all iPOD owners with the ability to download and store contacts with upto 1000 names and addresses right along side their

本季度的亮點是新 iMac 的推出，它受到了好評如潮和客戶的極大熱情。我們在本季度共出貨了 220,000 台新 iMac，並且預計在本季度結束時會有大量積壓。到本季度末，產量已全面提高，我們預計本季度將滿足我們當前的需求預測。我們的便攜式產品繼續保持良好勢頭，iBook 和 PowerBook 的總出貨量同比增長 22%。 Power Mac 銷量環比持平。我們在本季度出貨了 57,000 台 iPOD，該產品繼續獲得非常積極的評價。 3 月，我們在產品陣容中增加了一個 10 GB 的 iPOD，並為所有 iPOD 用戶提供了下載和存儲聯繫人的能力，其中包含多達 1000 個姓名和地址。

. Mac

.蘋果電腦

transition continues to gain momentum. Since the release of Mac OS X.1 six months ago, the number of OS X native applications has more than doubled. Today, there are over 3600 products running on Mac OS X. Mac OS X and its Unix foundation are driving renewed interest in Macintosh from government agencies, research universities, and scientific and technical establishment. We experienced significant sequential growth in our education channel but overall performance in this market continues to be impacted by tax revenue shortfall. We are making additional improvements in our coverage model to further expand our advocacy during the upcoming education-buying season. We continue to see significant interest in one-on-one deployment and believe that this trend works to Apple's advantage strategically. Our consumer sales accelerated throughout the quarter as we shipped the new iMac. We are encouraged by the results in this market. Last week, we began a second phase of expansion of the Apple

轉型繼續獲得動力。自六個月前 Mac OS X.1 發布以來，OS X 原生應用程序的數量增加了一倍多。今天，有超過 3600 種產品在 Mac OS X 上運行。Mac OS X 及其 Unix 基礎正在重新激發政府機構、研究型大學和科技機構對 Macintosh 的興趣。我們的教育渠道經歷了顯著的連續增長，但該市場的整體表現繼續受到稅收短缺的影響。我們正在進一步改進我們的覆蓋模型，以在即將到來的教育購買季節進一步擴大我們的宣傳。我們繼續看到對一對一部署的濃厚興趣，並相信這一趨勢在戰略上對 Apple 有利。隨著我們推出新款 iMac，我們的消費者銷售額在整個季度都在加速增長。我們對這個市場的結果感到鼓舞。上週，我們開始了 Apple 的第二階段擴張

program with COMPUSA, staffing an additional 60 locations with Apple personnel.

與 COMPUSA 合作，為另外 60 個地點配備 Apple 人員。

Our Provideo market solutions, which include some key application and hardware products, showed strong growth during the quarter. We believe that this is a function of our strong integrative products for this market rather than a fundamental economic up tick. We also added 75 more

我們的 Provideo 市場解決方案，包括一些關鍵的應用和硬件產品，在本季度表現出強勁的增長。我們認為，這是我們針對該市場推出的強大綜合產品的功能，而不是經濟基本面的上漲。我們還增加了 75 個

during the quarter, doubling the size of our Provideo sales channel. Pro customers in other creative markets such as advertising and publishing continue to delay purchases of Pro product in second quarter. We believe that this is a function of both the weak economy as well as our own OS transition. Photoshop 7 on Mac OS X, a key application for many of these customers began shipping yesterday and we are consequently optimistic for better results with Pro customers in the second half of the calendar year.

在本季度，我們的 Provideo 銷售渠道規模翻了一番。廣告和出版等其他創意市場的 Pro 客戶在第二季度繼續推遲購買 Pro 產品。我們認為，這是經濟疲軟以及我們自己的操作系統過渡的結果。 Mac OS X 上的 Photoshop 7 是其中許多客戶的關鍵應用程序，昨天開始發貨，因此我們對在日曆年下半年與 Pro 客戶取得更好結果持樂觀態度。

We continue the discipline of maintaining lean inventories and ended the quarter with about four and a half weeks of channel inventory. Excluding the new iMac, shipments of which were steered toward the end of the quarter, unit inventories were actually down 14% from the December quarter. Financial performance of Apple's retail store segment

我們繼續保持精益庫存的紀律，並以大約四個半週的渠道庫存結束本季度。不包括在本季度末出貨的新 iMac，單位庫存實際上比 12 月季度下降了 14%。蘋果零售店部門的財務表現

continues to improve.

繼續改進。

Revenues through the retail stores in March quarter totaled 70 million dollars and retail segment loss improved to 4 million dollars from 8 million dollars in the December quarter. An average of 27 stores were opened during the March quarter implying an average annualized revenue rate of over 10 million dollars per store. Opened two stores late in the quarter, bringing the grand total to 29. 1.7 million people visited our stores during the quarter. This translates into 5000 visitors per store per week. We remained very pleased with our retail strategy and firmly believe that it is helping us reach out beyond our

3 月季度零售店的收入總計 7000 萬美元，零售部門虧損從 12 月季度的 800 萬美元改善至 400 萬美元。 3 月季度平均開設了 27 家門店，這意味著每家門店的平均年化收入超過 1000 萬美元。本季度末開設兩家門店，總數達到 29 家。本季度有 170 萬人次光顧我們的門店。這意味著每家商店每周有 5000 名訪客。我們仍然對我們的零售戰略感到非常滿意，並堅信它正在幫助我們超越我們的

base of customers. We are now targeting to open 20 more retail stores during the current calendar year.

客戶群。我們現在的目標是在本日曆年內再開 20 家零售店。

We expect the financial performance of the stores to continue to improve as the year progresses. As expected, Apple's gross margins were down substantially to 27.4 percent. The decline was due to several factors - higher component cost especially for flat panels and DRAM, airfreight associated with the new iMacs, and the greater mix of iMacs relative to the December quarter.

隨著時間的推移，我們預計門店的財務業績將繼續改善。正如預期的那樣，蘋果的毛利率大幅下降至 27.4%。下降是由幾個因素造成的——尤其是平板和 DRAM 的組件成本較高、與新 iMac 相關的空運以及相對於 12 月季度而言更大的 iMac 組合。

Operating expenses were down 25 million dollars sequentially to 381 million dollars due to seasonal reductions in promotional spending and benefits from reductions and infrastructure.

由於促銷支出的季節性減少以及削減和基礎設施帶來的好處，運營費用環比下降 2500 萬美元至 3.81 億美元。

Apple's balance sheet remains very strong. We ended the quarter with 4.3 billion dollars in cash and short-term investment. The cash conversion cycle remains the best in the industry at minus 41 days. Now I would like to review our outlook, which includes the types of information that Nancy referred to in the safe harbor statement at the beginning of the call. While we expect that revenues will be up sequentially in the Marched quarter to about 1.6 billion dollars, we expect EPS to be flat to up slightly compared with the March quarter due to lower gross margin. We expect gross margins to be sequentially lower due to a number of factors. First average component cost will be higher and we will not get the full benefit of the recent iMac price increase this quarter as we honor much of the existing backlog at old prices. Second, we plan to continue to airfreight most iMacs until we catch up with demand and lastly, the June quarter corresponds with the beginning of the education-buying season and the mix of iMacs and iBooks are expected to rise. We are working on several cost reduction initiatives for the new iMac but the benefits will not be fully realized in the June quarter. We expect gross margins on the new iMac to improve in the September quarter as we realize full quarter benefits from the cost reduction effort and recent price increases and substantial reductions in airfreight. We expect operating expense to be relatively flat with the March quarter. We also project that other Income and expense will be sequentially flat and the tax rate to continue to be about 28 percent.

蘋果的資產負債表仍然非常強勁。我們以 43 億美元的現金和短期投資結束了本季度。現金轉換週期為負 41 天，仍然是業內最好的。現在我想回顧一下我們的前景，其中包括南希在電話會議開始時在安全港聲明中提到的信息類型。雖然我們預計三月季度的收入將環比增長至約 16 億美元，但由於毛利率較低，我們預計每股收益將與三月季度持平或略有上升。由於多種因素，我們預計毛利率將依次下降。第一個平均組件成本會更高，我們不會從本季度最近 iMac 價格上漲中獲得全部收益，因為我們以舊價格兌現了大部分現有積壓訂單。其次，我們計劃繼續空運大多數 iMac，直到我們趕上需求，最後，六月季度恰逢教育購買季節的開始，預計 iMac 和 iBooks 的組合將會增加。我們正在為新款 iMac 制定多項降低成本的計劃，但這些好處不會在 6 月季度完全實現。我們預計新 iMac 的毛利率將在 9 月季度提高，因為我們實現了整個季度的成本削減工作以及最近的價格上漲和空運大幅減少。我們預計運營費用將與 3 月季度相對持平。我們還預計其他收入和支出將依次持平，稅率將繼續保持在 28% 左右。

Looking forward, we are very optimistic about our prospects for the future. We are extremely pleased about the reaction to the new flat panel iMac. Customer response and reviews have been tremendous and we are shipping in volume and hope to get caught up with demand soon. While most of our competitors have been reducing investment in R&D and headcount, Apple has been increasing its investment in R&D, investing in development of applications for the digital lifestyle making strategic technology acquisitions like Power

展望未來，我們對未來的前景非常樂觀。我們對新平板 iMac 的反應感到非常高興。客戶的反應和評論非常好，我們正在大量發貨，並希望盡快趕上需求。雖然我們的大多數競爭對手一直在減少對研發和員工人數的投資，但蘋果一直在增加對研發的投資，投資於數字生活方式的應用程序開發，進行戰略性技術收購，如 Power

, Nothing Real,

, 沒有什麼真實的,

Technologies, and

技術，和

and continuing to invest in our retail initiative which is gaining traction and showing improved financial performance despite the weak economy. We feel very positive about the investments we have made during the last year and we are optimistic that as the recovery improves, Apple will be poised to take advantage of them.

並繼續投資於我們的零售計劃，儘管經濟疲軟，該計劃正在獲得牽引力並顯示出改善的財務業績。我們對去年所做的投資感到非常樂觀，我們樂觀地認為，隨著復甦的改善，Apple 將準備好利用它們。

With that, I would like to open the call for questions.

有了這個，我想打開問題的電話。

Thank you sir. Our Question and Answer session will be conducted electronically. If you would like to ask a question, please firmly press the star key followed the digit one on your touchtone telephone. We will continue in the order that you signal and if you find that your question has been asked and answered before you could ask it and you would like to remove your self from the

謝謝你，先生。我們的問答環節將以電子方式進行。如果您想提出問題，請在您的按鍵式電話上用力按數字一後面的星號鍵。我們將按照您發出信號的順序繼續，如果您發現您的問題在您提出問題之前已被提出並回答，並且您想將自己從

, please firmly press the pound key. Again if you would like to ask a question, press the star key followed by the digit one.

, 請用力按井號鍵。同樣，如果您想提問，請按星號鍵，然後按數字一。

And for our first question, we go to Kimberly Alexy with Prudential Securities.

對於我們的第一個問題，我們去 Prudential Securities 的 Kimberly Alexy。

Fred, you mentioned that there was some significant backlog. Could you quantify that and help us to get a sense as to how strong the demand is and really what type of buyers are we seeing, both in terms of what you are seeing through the stores and just the other data you are picking up on if you could give us some sense of how many of these may be Wintel,

弗雷德，你提到有一些重要的積壓工作。您能否對其進行量化並幫助我們了解需求的強勁程度以及我們看到的買家類型，無論是您在商店中看到的內容，還是您正在獲取的其他數據，如果您可以讓我們了解其中有多少可能是 Wintel，

or anything you could to help to give us a sense of that?

或者您能提供什麼幫助讓我們了解這一點？

We made a habit of not disclosing our order backlog, but I would tell you it is currently very significant. We have not seen any fall off in sales after the price increase. So we remain very optimistic about the strong momentum we have continuing on the new iMac. As to the types of customers, well, we haven't got a statically significant survey done yet on the new iMac. So I don't have any data to share with you other than

我們養成了不披露我們的訂單積壓的習慣，但我會告訴你，這目前非常重要。價格上漲後，我們沒有看到任何銷售下降。因此，我們仍然非常看好我們在新 iMac 上繼續保持的強勁勢頭。至於客戶的類型，嗯，我們還沒有在新 iMac 上完成一項具有靜態意義的調查。所以我沒有任何數據可以和你分享，除了

. We are finding that there are lots of Wintel users that are buying the new iMac. That is evidenced by, I don't know if you saw the recent article in Business Week and also the comments from Amazon in terms of the sales that they have been making to a lot of Wintel users. So, no question anecdotally. We have lot of evidence that there are significant buyers of the new iMac who are not currently Mac users.

.我們發現有很多 Wintel 用戶正在購買新的 iMac。這就是證明，我不知道你是否看過《商業周刊》最近的文章以及亞馬遜關於他們對許多 Wintel 用戶所做的銷售的評論。所以，毫無疑問。我們有大量證據表明，新 iMac 的重要買家目前不是 Mac 用戶。

Thanks.

謝謝。

Thanks Kimberly. Could we have the next question please.

謝謝金伯利。請問下一個問題可以嗎？

And for the next question, we go to Daniel Niles with Lehman Brothers.

對於下一個問題，我們與雷曼兄弟一起向 Daniel Niles 提問。

Nice management during the quarter, Fred. Looking forward with regards to that, you made some comments on the ASP increases, that you didn't get the full impact of it in the current quarter because of the backlog. So I am trying to think through that going into September quarter when you get the full impact of that. Does that somewhat get offset by higher percentage of education during the September quarter? You made some comments on gross margins better in the quarter. Were you talking about for the total company or were you talking about the iMac product?

弗雷德，本季度的管理很好。展望未來，您對 ASP 的增長發表了一些評論，由於積壓，您在本季度沒有得到它的全部影響。因此，當您獲得全面影響時，我正在努力考慮進入 9 月季度。這是否會被 9 月季度更高的教育百分比所抵消？你對本季度的毛利率做了一些評論。您是在談論整個公司還是在談論 iMac 產品？

First of all, let me address the mix issue. Typically both the June and September quarters are very strong for education. In fact though, I would say they are equal and last year the June quarter was even a little stronger than the September quarter. The biggest K12 quarter, where Apple had its strongest position in education, the June quarter is the biggest. So no, I don't think that the mix would be more toward the iMac because of education in the September quarter versus the June quarter. As it relates to the gross margin on the new iMac, I really believe that it is going to move back up in the September quarter to a more normal level. In other words at very acceptable satisfactory level of gross margin due to not only a full quarter benefit from the new price increase of 100 dollars per

首先，讓我解決混合問題。通常，6 月和 9 月的兩個季度都非常適合教育。但事實上，我會說它們是平等的，去年 6 月季度甚至比 9 月季度還要強一些。最大的 K12 季度，蘋果在教育領域的地位最強，六月季度是最大的季度。所以不，我認為由於 9 月季度的教育與 6 月季度的教育相比，這種組合不會更傾向於 iMac。由於它與新 iMac 的毛利率有關，我真的相信它會在 9 月季度回升至更正常的水平。換句話說，毛利率處於非常令人滿意的令人滿意的水平，這不僅是因為整個季度受益於每件 100 美元的新價格上漲

, but secondly the

, 但其次

group is working on a number of cost reduction initiatives on the new iMac which should be fully realized in the September quarter. Lastly, I would see far less airfreighting in the September quarter. We are planning on a well over half of the units going out to be airfreighted in the June quarter and there is a substantial unit dollar difference between putting it on the water versus airfreight. So I think, overall our gross margin should be higher in the September quarter, substantially higher than in the June quarter.

集團正在為新款 iMac 制定多項降低成本的舉措，這些舉措應在 9 月季度全面實施。最後，我會看到 9 月季度的空運量要少得多。我們計劃在 6 月季度將超過一半的單位空運出去，將其放在水上與空運之間存在很大的單位美元差異。所以我認為，總體而言，我們的毛利率在 9 月季度應該會更高，大大高於 6 月季度。

Okay thanks a lot.

好的，非常感謝。

Thanks Dan. Could we have the next question please.

謝謝丹。請問下一個問題可以嗎？

And for our next question, we go to Daniel Kunstler with J.P Morgan.

對於我們的下一個問題，我們請摩根大通的 Daniel Kunstler。

A couple of things. I didn't quite grasp Fred what you had to say about what was contributing to the relative robustness of the

有幾件事。我沒有完全理解 Fred 你所說的關於是什麼導致了

, particularly given the age of the microprocessors that is in there. If you could reiterate that, I would appreciate it. Also when I go back to Steve's comments of 03/21/02 in Tokyo, he said 125,000 iMac

，特別是考慮到那裡的微處理器的時代。如果您能重申這一點，我將不勝感激。另外，當我回到史蒂夫 02 年 3 月 21 日在東京發表的評論時，他說 125,000 個 iMac

shipping rates have been increased to 5,000 a day or the production volumes has increased 5000 a day. So if you add that up, you still get better than that. Were there further increases in the production rates and are those production rates sustainable given the available supply of flat panels?

運費已提高到每天 5,000 件，或者生產量已增加每天 5000 件。所以如果你把它加起來，你仍然會比那更好。生產率是否進一步提高？考慮到平板的可用供應，這些生產率是否可持續？

Yes, it went up substantially. In the last 10 days, there were another 90,000-95,000 units that were produced and shipped. So the answer is yes, it went up closer to 9,000-10,000 a day level. We don't have a capacity level constraint in terms of unit production per day that is a real constraint. The constraint is the availability of the components that might be in short supply. So what you saw was that we had all the components that we needed coming in the last 10 days of the quarter and therefore we were able to ramp up production substantially.

是的，它大幅上漲。在過去的 10 天裡，還有另外 90,000-95,000 件產品被生產和發貨。所以答案是肯定的，它上升到接近每天 9,000-10,000 的水平。就每天的單位產量而言，我們沒有產能水平限制，這是一個真正的限制。約束是可能供不應求的組件的可用性。所以你看到的是，我們在本季度的最後 10 天擁有了我們需要的所有組件，因此我們能夠大幅提高產量。

The question is that is this level of production do you think sustainable given what you have got and what you think you have in terms of component supplies in the next 90 days (something north of 5)?

問題是，考慮到未來 90 天（大約 5 天）的組件供應情況，您認為這種生產水平是否可持續？

No. I mean if you are looking at 90-day production quarter, I wouldn't say it would be north of 5. No.

不。我的意思是，如果你看的是 90 天的生產季度，我不會說它會在 5 天以北。不。

or try to portray this as a probability but it is actually the component constraints have not really gone. Is that a fair statement?

或嘗試將其描述為概率，但實際上組件約束並沒有真正消失。這是一個公平的說法嗎？

Well that all depends on demand. As I expect in my preamble, we expect to be able to catch up with demand this quarter.

那麼這一切都取決於需求。正如我在序言中所期望的那樣，我們希望能夠在本季度趕上需求。

And on the pro

在專業版上

side (I'm sorry to have to ask you for a clarification)?

邊（很抱歉不得不問你一個澄清）？

On the pro side, we have added 75 more

在專業方面，我們又增加了 75 個

during the quarter, which doubled the size of our Provideo sales channel and we had a very good quarter in the whole video segment selling final cut pro and

在本季度，我們的 Provideo 銷售渠道規模翻了一番，我們在整個視頻領域都有一個非常好的季度銷售 final cut pro 和

studio pro. So we are doing very well in that segment. That has been our primary strength. In the traditional

工作室專業。所以我們在那個領域做得很好。這一直是我們的主要優勢。在傳統

market segments of advertising and publishing, we have seen continued delays of purchases there because of the weak economy and last quarter they still didn't have Photoshop right or

在廣告和出版市場，由於經濟疲軟，我們看到那裡的購買持續延遲，上個季度他們仍然沒有 Photoshop 的權利或

express, but Photoshop began shipping yesterday. So that is a positive. So I would say that the pro business was pretty flat quarter to quarter and the strength was really in the video segment.

快遞，但 Photoshop 昨天開始發貨。所以這是積極的。所以我想說的是，專業業務每季度都相當平淡，而實力確實在視頻領域。

One last little thing Fred. Are you seeing any benefit to the pro

最後一件小事弗雷德。您是否看到專業人士的任何好處

from the Apple stores specifically

從蘋果專賣店

?

?

I would say that they are getting pro customers as well as consumers, but I'd say the real strength is coming from

我會說他們正在獲得專業客戶和消費者，但我會說真正的力量來自

network and the market acceptance of the final cut pro, which has been very strong.

網絡和市場對final cut pro的接受度，已經很強了。

Thank you.

謝謝你。

Thanks Daniel. Could we have the next question please.

謝謝丹尼爾。請問下一個問題可以嗎？

And next we go to Richard Gardner with Salomon Smith Barney.

接下來我們和所羅門史密斯巴尼一起去理查德加德納。

Thanks Fred. Couple of questions. First, going back to the component issue, you might have already said this, but if you could repeat it, if look at the basket of components, you obviously seen couple of components roll over here recently. Has that helped at all with the recent prices and the prices that you have seen? Is the basket still going up and what do you think the outlook is for the second quarter? And could you just tell us specifically which components you are having a tough time getting aside from flat panel displays?

謝謝弗雷德。幾個問題。首先，回到組件問題，您可能已經說過了，但是如果您可以重複一遍，如果查看一攬子組件，您顯然看到最近有幾個組件在這裡翻滾。這對最近的價格和您所看到的價格有幫助嗎？籃子還在上漲嗎？您認為第二季度的前景如何？您能否具體告訴我們，除了平板顯示器之外，您還很難擺脫哪些組件？

I think the key thing about why we are being very cautious about this quarter is that, we saw a dramatic increase from January to March in most components, particularly DRAM, which tripled, and flat panels which went up 25%. Now it is true that flat panels have stabilized. And so if you look at what our view is going forward, I characterize it as follows. We think that memory pricing peaked in second quarter at a level that was greater that three times as I said the low point in first quarter. We believe that most system providers increased memory content in response to the lower prices of first quarter, which kind of pushed demand above output levels in second quarter. So as we look to the third quarter, we have seen moderate decreases in memory pricing in April and expect flat-to-decreasing pricing throughout the quarter in terms of DRAM. For LCDs, continued growth in LCD monitor demand as I said

我認為我們對本季度非常謹慎的關鍵在於，從 1 月到 3 月，我們看到大多數組件的大幅增長，特別是 DRAM，增長了兩倍，平板增長了 25%。現在，平板確實已經穩定下來。因此，如果你看看我們的觀點是什麼，我將其描述如下。我們認為內存定價在第二季度達到峰值，是我所說的第一季度低點的三倍。我們認為，大多數係統供應商增加了內存內容以應對第一季度的較低價格，這將需求推高至第二季度的產量水平之上。因此，當我們展望第三季度時，我們看到 4 月份內存價格溫和下降，並預計整個季度 DRAM 價格將持平至下降。對於液晶顯示器，正如我所說，液晶顯示器需求持續增長

second quarter prices to levels that were 25 percent above first quarter and we expect the market to remain tight throughout third quarter with prices up very slightly.

第二季度的價格比第一季度高出 25%，我們預計整個第三季度市場將保持緊張，價格將小幅上漲。

Just a couple of follow ups. When exactly do we get beyond the impact of your having to take care of the previously promised pricing on the iMac? Also could you give us an update on your efforts to broaden your retail channel?

只是幾個跟進。我們究竟什麼時候才能擺脫您必須照顧之前承諾的 iMac 定價的影響？您能否向我們介紹一下您為拓寬零售渠道所做的努力？

I would say probably May, as when we get passed that. And the second question?

我會說可能是五月，因為當我們通過那個時。第二個問題？

Related to the third party retail partners, obviously, Circuit City is no longer selling your product and are you aggressively looking for additional third part retailers within the store and Apple batch

與第三方零售合作夥伴有關，顯然，Circuit City 不再銷售您的產品，您是否正在積極尋找商店和 Apple 批次中的其他第三方零售商

?

?

As it relates to the expansion of COMPUSA that I mentioned, we just added 60 more stores. So we are up now to about 150 stores out their 200 plus. So I would say the main focus has been on expanding on COMPUSA, which has been a very successful program where we have seen substantially higher sales productivity with our own Apple batch employees. We also are piloting some programs in Europe. We have piloted one in UK with

因為它與我提到的 COMPUSA 的擴張有關，我們只是增加了 60 家商店。所以我們現在在他們的 200 多家商店中大約有 150 家。所以我想說，主要重點是擴展 COMPUSA，這是一個非常成功的計劃，我們看到我們自己的 Apple 批量員工的銷售效率大大提高。我們還在歐洲試行一些項目。我們已經在英國試行了一個

and so we are looking to also replicate potentially the COMPUSA success in the US and Europe.

因此，我們也希望在美國和歐洲複製 COMPUSA 的成功。

Thanks.

謝謝。

Thanks Rich. Could we have the next question please.

謝謝里奇。請問下一個問題可以嗎？

And next we go to Andrew Neff with Bear Stearns.

接下來我們和貝爾斯登一起去安德魯·內夫。

Sure. Two quick questions if I could. One, just to clarify, you said the tax rate is going to be 20 percent for the balance of this year. Could you clarify that?

當然。如果可以的話，兩個快速的問題。一，澄清一下，你說今年剩餘的稅率將是 20%。你能澄清一下嗎？

Yes. That's correct. That is our current forecast.

是的。這是正確的。這是我們目前的預測。

I guess the second issue is that in terms of gross margin impact in the next quarter, is there a point or so, is it reasonable or could it be more than a point. Anyway characterize that?

我想第二個問題是，就下一季度的毛利率影響而言，是否有一個點左右，是否合理或可能超過一個點。無論如何表徵？

No. I think, you know, we have been conservative here and I think 100 basis points is the down side risk.

不。我認為，你知道，我們在這裡一直很保守，我認為 100 個基點是下行風險。

Could that bounce back in September or something like that?

會在 9 月反彈或類似情況嗎？

I think it will bounce back above the March level in the September quarter.

我認為它將在 9 月季度反彈至 3 月水平以上。

Thank you.I think it will bounce back above the March level in the September quarter.

謝謝。我認為它會在 9 月季度反彈至 3 月水平以上。

Thanks Andy. Could we have the next question please.

謝謝安迪。請問下一個問題可以嗎？

And we go next to David Bailey with Gerard, Klauer, Mattison.

我們和杰拉德、克勞爾、馬蒂森一起去大衛貝利旁邊。

Thank you very much. Quick question about education. Could you give us a little more detail about the early indications of demand and also a little more detail on what you are doing to try to counteract that?

非常感謝你。關於教育的快速問題。您能否詳細介紹一下需求的早期跡象，以及您正在採取哪些措施來應對這種情況？

You know it is too early to tell. This is the strong K12 quarter and we are only in two weeks into it, but we are optimistic that we are going to have a normal strong seasonal quarter here. We have been doing extremely well on the one-on-one deployment. What I mean by that is one mobile computer for every student and for every teacher. Everyone knows I think that we got over 20,000 unit order with

你知道現在說還為時過早。這是強勁的 K12 季度，我們只有兩週時間，但我們樂觀地認為我們將在這裡有一個正常的強勁季節性季度。我們在一對一部署方面做得非常好。我的意思是為每個學生和每個老師提供一台移動計算機。每個人都知道我認為我們收到了超過 20,000 個單位的訂單

, the state of Virginia. The roll out is going extremely well. We are beginning to roll out in May, which was over 30,000 units and we have other in the pipeline what I will call one-on-one initiatives. So the pipeline of those deals is strong in terms of the possibility. So I think that the major problem we encountered has been the reduced tax-revenue base for the schools that has caused some of the big deals to differ out in the future quarters from the first and second quarter as a result of funding constraint.

，弗吉尼亞州。推出非常順利。我們從 5 月開始推出，超過 30,000 個單位，我們還有其他正在籌備中，我將稱之為一對一計劃。因此，這些交易的可能性很大。所以我認為我們遇到的主要問題是學校的稅收基礎減少，這導致未來幾個季度的一些大宗交易由於資金緊張而與第一季度和第二季度不同。

Ok great. Can you give us any indication of the number of Mac OS X

好的，不錯。你能給我們任何關於 Mac OS X 數量的指示嗎

?

?

We are not talking specifically about discreet finished goods box sale, but we have shipped over three million systems with Mac OS X loaded since May.

我們並不是專門談論謹慎的成品盒銷售，但自 5 月以來，我們已經運送了超過 300 萬個裝有 Mac OS X 的系統。

Okay. Thank you very much.

好的。非常感謝你。

Thanks David. Could we have the next question please.

謝謝大衛。請問下一個問題可以嗎？

And we go next to Charles Wolf with Needham.

我們和李約瑟一起走到查爾斯沃爾夫旁邊。

Yes. I have some questions about the stores Fred. What was the breakdown between Mac and non-Mac customers in terms of purchases during the quarter?

是的。我對 Fred 商店有一些疑問。就本季度的購買而言，Mac 和非 Mac 客戶之間的細分是什麼？

We don't have a recent survey that I can point to, but it is continuing to run, I believe, close to 40 percent on Mac users.

我們沒有我可以指出的最近的調查，但我相信它繼續在 Mac 用戶中運行，接近 40%。

And second question is what was the

第二個問題是什麼是

of Mac sold in the stores?

Mac 在商店出售？

I don't have a number. Do you Peter?

我沒有號碼。你是彼得嗎？

Not specifically, but clearly it is a little higher than

不具體，但顯然它比

beyond the box and the mixing up to the higher end

超越盒子和混合到更高端

.

.

And are you continuing to attract substantial number or percentage of non-Mac customers to the store?

您是否繼續吸引大量或百分比的非 Mac 客戶到商店？

Yes. We believe that again our CPU unit sales are continuing to run close to 40 percent non-Mac users.

是的。我們相信，我們的 CPU 單元銷售量繼續保持接近 40% 的非 Mac 用戶。

But I am speaking of visitors now.

但我現在說的是遊客。

Do you remember any recent data on that Peter?

你還記得關於那個彼得的最新數據嗎？

Traffic remained very strong in the quarter. We had a 1.7 million visitors to our stores in the quarter, which was up essentially from the prior quarter.

本季度的客流量仍然非常強勁。本季度我們的商店有 170 萬訪客，與上一季度相比基本有所增加。

I think he is asking what is the mix of visitors that were Mac and non-Mac. Sorry Charley, we don't have any current down for you, but my belief is that close rate is higher on Mac cut

我認為他是在問 Mac 和非 Mac 訪問者的組合。抱歉，查理，我們沒有為您提供任何當前下降，但我認為 Mac 切割的收盤率更高

it would be on Wintel user because they obviously take typically several visits before you can close them. My view would be that it is substantially higher than the CPU mix of 40 percent.

它將在 Wintel 用戶身上，因為他們顯然通常需要多次訪問才能關閉它們。我的觀點是它大大高於 40% 的 CPU 組合。

Okay. Let me give you a softball question. You know, Steve announced a digital hub strategy a year and a half or a year and three months ago at Mac World and I was wondering if you guys have any kind of survey

好的。讓我給你一個壘球問題。你知道，史蒂夫在一年半或一年零三個月前在 Mac World 宣布了一項數字中心戰略，我想知道你們是否有任何調查

that would indicate the percentage of Mac users that are using iMovie, or iTunes, or iDVD - the digital software?

這將表明使用 iMovie、iTunes 或 iDVD（數字軟件）的 Mac 用戶的百分比？

No we don't but we gave out recently some data on the number of SuperDrives and I think we had downloads of iPhotos which was one in a quarter million that has been introduced in more than half a million in SuperDrive. All the indications, Charley, are that it is really building. That strategy is beginning to work and it is paying off, but I can't give you specific data as to your specific question.

不，我們沒有，但我們最近公佈了一些有關 SuperDrive 數量的數據，我認為我們下載了 iPhotos，這是在 SuperDrive 中引入的超過 50 萬分之一的 iPhotos。查理，所有跡象表明它確實在建設中。該策略開始奏效，並且正在取得成效，但我無法就您的具體問題向您提供具體數據。

Okay. Thanks a lot.

好的。非常感謝。

Thanks Charley. Could we have the next question please.

謝謝查理。請問下一個問題可以嗎？

And we go next to Don Young with UBS Warburg.

我們和瑞銀華寶一起去唐揚旁邊。

Thank you. Good evening. Not to beat us to death but just to understand the component prices better. Fred, I was wondering if you could give us an idea of how far out have you have committed prices? In other words if LCD screens or DRAM prices should fall

謝謝你。晚上好。不是要打死我們，只是為了更好地了解組件價格。弗雷德，我想知道你能否告訴我們你的承諾價格有多遠？換句話說，如果 LCD 屏幕或 DRAM 價格應該下跌

in the

在裡面

markets in May, when would that show up?

五月的市場，什麼時候會出現？

Very soon.

很快。

Very soon. So in other words you are moving with the market.

很快。所以換句話說，你正在與市場一起移動。

Yes.

是的。

Okay. The other question I wanted to ask you are looking at gross margins, you have given a lot of specific guidance for the next quarter, but the current quarter is 300 basis points below what you did for the prior six months roughly. I am trying to get an idea of where do you think do they target the model for Apple once you get through this unusual pricing in component period? What your target model for your gross margin should be on the kind of mix you are running today?

好的。我想問你的另一個問題是毛利率，你已經為下一季度提供了很多具體的指導，但當前季度比你前六個月的大約低 300 個基點。我想知道，一旦你在組件期間經歷了這種不尋常的定價，你認為他們會在哪裡針對 Apple 的模型？你的毛利率目標模型應該是你今天運行的那種組合？

I would like to see at least 28 percent.

我希望看到至少 28%。

But not back to 30?

但不是回到30？

We would like to have a better balance of significant top line growth in maintaining gross margins at 28 percent or slightly better. In other words, I'd rather see the company growing at 15 to 20 percent on the top line than having 30 to 31 percent gross margin.

我們希望在將毛利率維持在 28% 或略高的情況下，在顯著的收入增長之間取得更好的平衡。換句話說，我寧願看到公司以 15% 到 20% 的收入增長，也不願看到 30% 到 31% 的毛利率。

If I could to one other question on the stores. I assume that the stores performance was pretty back and

如果我可以對商店提出另一個問題。我認為商店的表現很不錯，而且

like the rest of the company. Were you able to break in to the black on a profitability basis in the month of March?

像公司的其他人一樣。您能否在 3 月份實現盈利？

I would say that the stores were less back and

我會說商店少回來了

little bit than our overall results for the company. What I would tell you is again we were really pleased with the growth in revenues from 48 million dollars to 70 million dollars and cutting the loss in half from 8 million dollars to 4 million dollars and as I said I think that we are trying to drive to profitability as soon as we can. I am certainly hopeful that before the end of the calendar year, we can have a profitable quarter for our retail business.

比我們對公司的整體業績略高。我要告訴你的是，我們對收入從 4800 萬美元增長到 7000 萬美元並將虧損從 800 萬美元減少到 400 萬美元感到非常滿意，正如我所說，我認為我們正在努力推動盡快實現盈利。我當然希望在日曆年結束之前，我們的零售業務可以有一個盈利的季度。

Great. Thank you Fred.

偉大的。謝謝弗雷德。

Thanks Don. Could we have the next question please.

謝謝唐。請問下一個問題可以嗎？

And next we go to Brett Miller with A.G. Edwards.

接下來我們和 A.G. Edwards 一起去 Brett Miller。

Hi Fred and Nancy. You mentioned that backlog should be out of the way in May. Would that be early or late May?

嗨，弗雷德和南希。你提到積壓的工作應該在 5 月份解決。那是五月初還是五月底？

The question is that if it relates to the old prices prior to our price increase in late March? I would say early May.

問題是，如果它與我們 3 月下旬提價之前的舊價格有關？我會說五月初。

In the stores themselves, we saw a slowdown in store openings. I was wondering if there was any

在商店本身，我們看到商店開業速度放緩。我想知道有沒有

or guidance in opening new stores that we should

或指導我們應該開設新店

on?

在？

It was intentional that we decided to take a

我們故意決定採取

after our first 27th and evaluate the business model and what

在我們第一次 27 日之後評估商業模式和什麼

if any were appropriate and then crank up a plan for this calendar year and as soon as we did that, we had committed the real estate and everything when we gave you the updated target of going from 29 now to another 20 stores which should put us at 49 or very close to 50.

如果有合適的，然後為這個日曆年制定一個計劃，一旦我們這樣做了，我們已經承諾了房地產和一切，當我們給你更新的目標，從現在的 29 家到另外 20 家商店，這應該讓我們在 49 或非常接近 50。

So coming back around to what you all learned, I know one thing that you talked about was that the close rates were little lower than you liked at the stores. Were there any other things that you learned in other metrics and things that are changing in the stores?

所以回到你們都學到的東西上，我知道你們談到的一件事是，商店的成交率比你喜歡的要低一點。您是否從其他指標中學到了其他東西以及商店中正在發生變化的東西？

I really don't want to go into that at this time. I am sure that our retail business will have some updates. Let me just say that we are incredibly pleased with the stores. We confirmed that it was absolutely the right decision to put our stores in upscale malls and life style centers where we have high traffic. It was absolutely the right decision to carry inventory so that customers could walk out the door with a Macintosh. It was absolutely the right decision to focus on service as opposed to high-powered sales tactics, because 99% of the visitors to our stores would recommend it to their friends. We also wanted people who are very knowledgeable of our products and the advantages of our digital life style applications and so forth. We could demonstrate it out. It was absolutely the right decision that we should have solution centers. So I could go on. We confirmed a lot of things. There

我真的不想在這個時候進入那個。我相信我們的零售業務會有一些更新。我只想說，我們對這些商店非常滿意。我們確認，將我們的商店開設在人流量大的高檔商場和生活方式中心絕對是正確的決定。攜帶庫存讓客戶可以帶著麥金塔電腦走出家門，這絕對是一個正確的決定。專注於服務而不是強大的銷售策略絕對是正確的決定，因為我們商店的 99% 的訪客都會將其推薦給他們的朋友。我們還需要對我們的產品以及我們的數字生活方式應用程序的優勢等非常了解的人。我們可以展示出來。我們應該有解決方案中心絕對是正確的決定。所以我可以繼續。我們確認了很多事情。那裡

significant but we concluded that there were a few

意義重大，但我們得出的結論是有一些

that we should make and you will see than incorporated in stores that we open in the second half of the calendar year.

我們應該做的，你會看到比在我們在日曆年下半年開設的商店中合併。

Thank you. Great execution.

謝謝你。偉大的執行。

Thanks.

謝謝。

Thanks Brett. Could we have the next question please.

謝謝布雷特。請問下一個問題可以嗎？

And we go next to Walter

我們走到沃爾特旁邊

with First Holding.

與第一控股。

Hi Fred. I jumped on a little bit late so let me just ask you if you can just kind of go through the guidance for the current quarter? Is it an issue of getting enough components or is it a demand issue being conservative? Maybe you could put a little color on that for me?

嗨，弗雷德。我有點晚了所以讓我問你是否可以通過本季度的指導？是獲得足夠的組件的問題，還是保守的需求問題？也許你可以給我塗一點顏色？

Well let me first say that we were up unlike many companies in this industry year over year and sequentially, both in units and revenue and sequentially normally, the March quarter is a down quarter for the PC industry. Because of the strength of the new iMac, I believe predominantly, we were able to run

好吧，讓我首先說，我們與該行業的許多公司相比，在單位和收入以及正常情況下，與該行業的許多公司相比，3 月季度是 PC 行業的下滑季度。由於新 iMac 的強大，我相信主要是，我們能夠運行

and actually show growth both sequentially and year over year. As it relates to this quarter, we are talking about further growth sequentially by another 100 million dollars to 1.6 billion dollars and that would also be up 125 million dollars over the June quarter of last year when we did, I think, 1.475 billion dollars. So I think in this economic environment, those not only are good results looking back over the last quarter but good growth expectations for the coming quarter. As to earnings being flat to up slightly, I think we are being a little conservative because of uncertainties still surrounding future component costs and I don't want to be wrong. And to I think that the flat part is being

並且實際上顯示出連續和逐年增長。就本季度而言，我們正在談論進一步增長 1 億美元至 16 億美元，這也將比去年 6 月季度增加 1.25 億美元，我認為是 14.75 億美元。因此，我認為在這種經濟環境下，這些不僅是回顧上一季度的良好業績，而且是對下一季度的良好增長預期。至於收益持平到小幅上升，我認為我們有點保守，因為未來組件成本仍然存在不確定性，我不想錯。我認為平坦的部分正在

.

.

So, it is not an issue of limitations on either manufacturing or getting enough components

因此，這不是製造或獲得足夠組件的限制問題

demand to be a little better than you expected?

需求比你預期的好一點？

No I said and you missed it that we expected to be able to get caught up with demand on the new iMac this quarter.

不，我說過，你錯過了我們預計本季度能夠趕上對新 iMac 的需求。

Okay. Great. Thanks Fred.

好的。偉大的。謝謝弗雷德。

Thanks Walter. Could we have the next question please.

謝謝沃爾特。請問下一個問題可以嗎？

And we go next to Steven Fortuna with Merrill Lynch.

我們和美林證券一起去史蒂文福圖納旁邊。

Hi Fred. Couple of short things. First of all, from an iBook standpoint and an iPOD standpoint, were

嗨，弗雷德。幾件簡短的事情。首先，從 iBook 和 iPOD 的角度來看，

the performance roughly in line with your expectations?

表現大致符合你的預期？

As to the iPOD, I would say that we expected a decline from 125,000 levels that we had in December quarter consistent with a normal seasonal pattern here. In fact, the information we have is that there was actually about a 71 percent decline of MP3 player sales between the December quarter of 2000 and the March quarter of 2001 and we had a decline of about a little over 50 percent. So I think actually we have less of a decline in the marketplace and are very pleased with the iPOD and have strong expectations for it going forward. Peter, do you want to take the other question?

至於 iPOD，我想說的是，我們預計會從 12 月季度的 125,000 個水平下降，這與這裡的正常季節性模式一致。事實上，我們掌握的信息是，從 2000 年 12 月季度到 2001 年 3 月季度，MP3 播放器的銷量實際上下降了 71%，而我們的降幅約為 50% 多一點。所以我認為實際上我們在市場上的下降幅度較小，並且對 iPOD 非常滿意，並對它的未來發展抱有強烈的期望。彼得，你想回答另一個問題嗎？

Sure. We will start with your iBook question. We are very pleased with our results in the quarter for iBook. We were up 156

當然。我們將從您的 iBook 問題開始。我們對 iBook 本季度的業績感到非常滿意。我們漲了 156

year over year doing well both in the channel and particularly in education. We have a great product line up there that is being met well in all customer segments.

在渠道，尤其是教育方面，年復一年地表現良好。我們在那裡有一個很好的產品線，在所有客戶群中都得到了很好的滿足。

Second, in terms of Apex, what should we be thinking about APEX dollars for the June quarter - flattish or perhaps up a little bit? Is there any opportunity to further cut cost even if it is modest?

其次，就 Apex 而言，我們應該如何看待 6 月季度的 APEX 美元 - 持平還是略有上升？即使是適度的，是否有機會進一步削減成本？

Regarding Apex, we saw benefits from our restructuring programs last quarter that we put in place this quarter. We continue to manage the infrastructure area very tightly looking to save money where we can, but we continue to invest aggressively in R&D and hardware-software, and applications and continue to invest in our retail programs. In June

關於 Apex，我們在本季度實施的上個季度的重組計劃中看到了好處。我們繼續非常嚴格地管理基礎設施領域，以盡可能節省資金，但我們繼續積極投資於研發和硬件軟件和應用程序，並繼續投資於我們的零售項目。在六月

we should be roughly flat with the March quarter. (Peter Oppenheimer)

我們應該與三月季度大致持平。 （彼得·奧本海默）

Lastly would just be on any note worthy commentary regarding the various geographies in which you play?

最後，是否會就您所在的各個地區發表任何值得評論的評論？

All of our geographies did very well internationally in the last quarter particularly in Europe and saw a nice rebound in Asia-Pacific on the strength of the new iMac. (Peter Oppenheimer)

上一季度，我們所有地區的國際市場表現都非常出色，尤其是在歐洲，並且在新 iMac 的推動下，亞太地區出現了不錯的反彈。 （彼得·奧本海默）

Terrific. Thanks very much.

了不起。非常感謝。

Thank you Steve. Could we have the next question please.

謝謝史蒂夫。請問下一個問題可以嗎？

And for our next question, we go to Carl Fredrick with Fredrick

對於我們的下一個問題，我們和 Fredrick 一起去找 Carl Fredrick

.

.

Hi. Congratulations Fred.

你好。祝賀弗雷德。

Thank you.

謝謝你。

I find that my new 14-inch iBook here to be really terrific and I was wondering whether that was running substantially at greater gains than the smaller iBook?

我發現我的新 14 英寸 iBook 非常棒，我想知道它是否比較小的 iBook 獲得了更大的收益？

It did quite well in the quarter, didn't it Peter?

它在本季度做得很好，不是嗎？

I know mine got airfreighted from

我知道我的是空運的

. Are you planning to do iBooks by air or are you planning to put them on the ocean as well?

.您是打算空運 iBooks 還是打算把它們放在海上？

We deliver most of our portables, the iBook and the PowerBook by air.

我們通過空運運送大部分便攜式設備、iBook 和 PowerBook。

So you are not looking to move that to the ocean, right?

所以你不想把它移到海洋，對吧？

No. When you have something that does not weigh a lot and take up a lot of space. It tends to not be as big a

不，當您有一些重量不重且佔用大量空間的東西時。它往往沒有那麼大

between putting it on the water and air as a desktop.

在將它放在水和空氣上作為桌面之間。

That is what I figured. I just wondered because it is really pretty product. I am sitting here and seeing it. I can't imagine why you worked further behind on backlog?

我就是這麼想的。我只是想知道，因為它真的是非常漂亮的產品。我坐在這裡看著它。我無法想像你為什麼在積壓方面工作得更遠？

Yes. We have that airfreighting going forward.

是的。我們將繼續進行空運。

Thanks very much Carl. Could we have the next question please.

非常感謝卡爾。請問下一個問題可以嗎？

And for our next question, we go to Rebecca

對於我們的下一個問題，我們去 Rebecca

with Morgan Stanley.

與摩根士丹利。

Good afternoon. Thanks Fred. Couple of questions. Could you provide a little bit more color in terms of what you are seeing in the government? You mentioned that briefly. Some clarity?

下午好。謝謝弗雷德。幾個問題。您能否就您在政府中看到的情況提供更多色彩？你簡要地提到了這一點。一些清晰？

Yes. You know it is a small segment right now for Apple but it is growing. Last year it grew 60 percent year over year. What we see is that there are a lot more government opportunities coming our way as a result of our new OS platform, Mac OS X and it has increased stability and robustness in security, which is very important to the government and so we are seeing a good pipeline of opportunities and think that is going to be a high growth in terms of percentage growth opportunity for us going forward.

是的。你知道它現在對 Apple 來說是一小部分，但它正在增長。去年，它同比增長了 60%。我們看到的是，由於我們的新操作系統平台 Mac OS X 帶來了更多的政府機會，它提高了安全性的穩定性和魯棒性，這對政府來說非常重要，所以我們看到了良好的機會管道，並認為這將是我們前進的百分比增長機會方面的高增長。

Can you do something similar this year in terms of your year over year growth?

今年你能在同比增長方面做類似的事情嗎？

I don't want to commit to it, but I wouldn't be surprise. I think it is going to be very strong double digit. Like I said

我不想承諾，但我不會感到驚訝。我認為這將是非常強勁的兩位數。就像我說的

involved with our customer-briefing center and we have several government entities coming in for customer-briefing center visits and a lot of interest in our new platform.

參與了我們的客戶簡報中心，我們有幾個政府實體來參觀客戶簡報中心，並且對我們的新平台非常感興趣。

Then two quick clarification questions. First I think you said that you expect about half the airfreight in June.

然後是兩個快速澄清問題。首先，我認為您說您預計 6 月份的空運量約為一半。

What I said is that we would have over half still being airfreighted based on our current plan in the June quarter.

我說的是，根據我們在 6 月季度的當前計劃，我們將有一半以上仍在空運。

Is this for prospective? What would you consider more of a normalized trend and/or how should we be thinking about September as it gets back to normalized level?

這是給準的嗎？您認為更多的是正常化趨勢和/或我們應該如何考慮 9 月，因為它恢復到正常化水平？

What I would say is that I think that it is somewhere between half and three quarters airfreighted this quarter and maybe 25 percent or so in the September quarter. There is something like a 35 dollar

我想說的是，我認為本季度空運的比例在一半到四分之三之間，9 月季度可能達到 25% 左右。有35美元之類的東西

between the two. So it is significant. In a more normalized typical quarter, I assume there still may be some airfreight. So just in terms of putting that fully into perspective, I don't think that the normalized level would be any more than 25 percent.

兩者之間。所以意義重大。在一個更正常化的典型季度，我認為可能仍有一些空運。因此，就全面考慮這一點而言，我認為標準化水平不會超過 25%。

Lastly, you mentioned that you are anticipating or at least thinking about flat panel potentially increasing slightly in the next quarter. Could you give us some parameters around that in terms of what types of increases would be significantly beyond what you are currently modeling?

最後，您提到您正在預期或至少考慮平板在下一季度可能會略有增長。你能給我們一些關於哪些類型的增加會大大超出你目前建模的參數嗎？

I think what I said was that we saw a significant increase from the beginning of the March quarter to the end, which represented around 25 percent and that we saw only a slight increase possibility this quarter in flat panel. I would characterize slight maybe not more than 10 dollars a unit on a 15-inch flat panel display.

我認為我所說的是，從 3 月季度開始到結束，我們看到了顯著的增長，約佔 25%，而且我們看到本季度平板的可能性只有小幅增長。我認為 15 英寸平板顯示器的價格可能不超過 10 美元。

Thank you so much.

非常感謝。

Thanks Rebecca. Could we have the next question please.

謝謝麗貝卡。請問下一個問題可以嗎？

And we go next to Richard Chu with SG Cowen.

我們和 SG Cowen 一起來到 Richard Chu 旁邊。

Thank you. A couple of clarifications. One, at some point did you

謝謝你。一些澄清。一，在某些時候你有沒有

you thought 5000 a day was a reasonable normalized run rate for the new iMac this quarter?

您認為本季度新款 iMac 每天 5000 台的正常運行速度是合理的嗎？

No. I didn't exactly say that. I think it was in the context of Daniel

不，我沒有完全這麼說。我認為這是在丹尼爾的背景下

asking me a question related to our ramping up to where we are able to do 9000 or 10,000 a day, in the last ten days of the quarter. He was then asking about whether we had the component supply levels to support that on a sustained basis, and I said `No`, and then I said it would be something less than 5000 a day. If you take 90 days in a quarter, even 5000 would be 450. So we can't support that from a supply stand point. So, it would be something less than 5000 without giving you an exact number. That is what I think I told him.

問我一個與我們在本季度的最後十天達到每天能夠完成 9000 或 10,000 個目標有關的問題。然後他問我們是否有組件供應水平來持續支持這一點，我說“沒有”，然後我說每天不到 5000 個。如果一個季度需要 90 天，即使 5000 天也將是 450 天。所以從供應的角度來看，我們無法支持。所以，如果不給你一個確切的數字，它會小於 5000。這就是我想我告訴他的。

Talking about price increases related to component cost, what are you doing outside of the specific 100 dollar increases that you have disclosed on the iMac and other product categories

談到與組件成本相關的價格上漲，除了您在 iMac 和其他產品類別上披露的特定 100 美元上漲之外，您還在做什麼

? Are you observing component increases? Are there any actions that designed to

?您是否觀察到組件增加？是否有任何旨在

?

?

Basically we haven't at this time raised any of our other products. But I think what you are asking me is on the cost reduction initiatives. As I said earlier, we had several projects underway in the non-commodity area, such as consolidating some of our existing supplier base, sourcing certain components into lower cost countries and then the third major category would be changing the manufacturing process of certain subassemblies. These kinds of initiatives we expect to enable us to make some significant cost reductions on the new iMac.

基本上我們此時還沒有提出任何其他產品。但我認為你問我的是關於降低成本的舉措。正如我之前所說，我們在非商品領域有幾個項目正在進行中，例如整合我們現有的一些供應商基礎，將某些組件採購到成本較低的國家，然後第三個主要類別是改變某些子組件的製造過程。我們希望這些舉措能夠使我們在新 iMac 上顯著降低成本。

for gross margins in the past corner? Was the absorption of

毛利率在過去的角落？是吸收

and non-new iMac at least as significant as the mix of the LCD iMac?

和非新的 iMac 至少和 LCD iMac 的組合一樣重要？

I think you are asking what the primary cost increase vectors were. It was tripling. Remember, unlike most companies, it is only the old traditional iMac that we have at CRT base today. Everything else ion Apple sells including all of our display line is flat panel. So I think, we are more flat panel display versus CRT than our competitors. Therefore that is the positive, but when component cost go up, we feel it more. I think the second factor is the DRAM prices went up. You know, they tripled beginning of this calendar year from January or December level through to March. Although we have seen that stabilize and begin to come down a little bit.

我想你是在問主要的成本增加向量是什麼。這是三倍。請記住，與大多數公司不同，我們今天在 CRT 基地擁有的只是舊的傳統 iMac。 Apple 銷售的所有其他產品，包括我們所有的顯示器系列都是平板顯示器。所以我認為，與 CRT 相比，我們比我們的競爭對手更傾向於平板顯示器。因此這是積極的，但當組件成本上升時，我們會感受到更多。我認為第二個因素是 DRAM 價格上漲。你知道，從一月或十二月的水平到三月，他們在本日曆年初增加了兩倍。儘管我們已經看到穩定並開始下降一點。

What are your expectations with regard to CRT

您對 CRT 的期望是什麼

?

?

It is a great product. I think we did 152,000 units of the

這是一個很棒的產品。我想我們做了 152,000 個單位

iMac last quarter. We need a product both for the consumer market and education, particularly in that sub 1000-dollar space. So long live the original iMac, but we don't get into future product discussion.

iMac 上個季度。我們需要一種面向消費市場和教育的產品，尤其是在 1000 美元以下的領域。原來的 iMac 萬歲，但我們不會進入未來的產品討論。

Okay. Thank you.

好的。謝謝你。

Thanks Richard and thanks to everyone for joining us. Recording of today's call will be available for replay for seven days beginning at 5:30 p.m. Pacific Time today and the number for the replay is 719-457-0820, confirmation coded 695-190. The members of the press can contact Lynn Fox

感謝理查德，感謝大家加入我們。從下午 5:30 開始，今天的通話錄音將可供重播 7 天。今天太平洋時間，重播號碼是 719-457-0820，確認碼 695-190。媒體成員可以聯繫 Lynn Fox

claimer can contact either John

索賠人可以聯繫約翰

or me for additional questions. John is at 408-974-4570 and I am at 408-974-5420. Thanks again for everyone for joining us today.

或者我的其他問題。約翰的電話是 408-974-4570，我的電話是 408-974-5420。再次感謝大家今天加入我們。

Ladies and gentleman, this does conclude our conference call for today. You may disconnect at this time.

女士們先生們，這確實結束了我們今天的電話會議。此時您可以斷開連接。