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.

歡迎參加蘋果電腦公司第二季財務業績電話會議。今天的電話會議正在錄音中。現在，我將致開幕詞並進行介紹，請投資者關係和企業財務總監南希·帕克斯頓女士發言。帕克斯頓女士，請您開始發言。

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 for the Question and Answer session with the analysts.

謝謝。大家下午好，感謝大家今天的參與。蘋果公司於今天太平洋時間下午 1:30 左右發布了第二季新聞稿。財報新聞稿和財務數據可在 First Call 以及蘋果網站 www.apple.com 上查閱。蘋果公司財務長 Fred D. Anderson 今天將發表演說。屆時，財務資深副總裁 Peter Oppenheimer 和公司副總裁兼財務長 Garry 將出席。與分析師進行問答環節。

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

請注意，您在本次電話會議中聽到的一些資訊包括前瞻性陳述，實際結果實際業績可能與我們的預測有重大差異。更多信息，請參閱蘋果公司截至2001年9月29日財年的最新10-K報表第25至32頁。根據美國證券交易委員會（SEC）關於公司資訊揭露的規定，蘋果將透過網路直播本次分析師電話會議，向媒體和公眾開放。因此，我想將電話會議交給弗雷德。

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，也謝謝你接受我們的訪問。在第二財季，蘋果公司實現了15億美元的營收，每股收益11美分，與我們在本季稍早發布的預期一致。與整個PC產業正常的季節性下滑相反，蘋果營收和出貨量均較上季成長9%。與去年同期相比，蘋果營收成長了4%，出貨量成長了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 . Mac 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 program with COMPUSA, staffing an additional 60 locations with Apple personnel.

本季的亮點是新款 iMac 的推出，它獲得了熱烈的評價和客戶的極大熱情。本季度，我們共售出了 22 萬台新款 iMac，預計本季結束時仍有大量訂單積壓。本季末，產量已全面提升，我們預計本季將達到當前的需求預測。我們的便攜式產品持續保持良好勢頭，iBook 和 PowerBook 的出貨量年增 22%。 Power Mac 的銷售量較去年同期持平。本季度，我們售出了 5.7 萬台 iPOD，這款產品繼續獲得非常正面的評價。 3 月份，我們新增了一款 10 GB 的 iPOD，並為所有 iPOD 用戶提供下載和儲存聯絡人的功能，最多可儲存 1000 個姓名和地址，並同步儲存在聯絡人清單中。。 蘋果轉型動能持續增強。自六個月前 Mac OS X.1 發布以來，OS X 原生應用程式的數量已增長逾一倍。如今，已有超過 3600 款產品在 Mac OS X 上運作。 Mac OS X 及其 Unix 基礎正在推動政府機構、研究型大學和研究機構對 Macintosh 的重新關注。我們的教育管道實現了顯著的環比成長，但該市場的整體業績仍受到稅收短缺的影響。我們正在進一步改進覆蓋模式，以便在即將到來的教育採購季進一步擴大我們的宣傳力度。我們持續看到消費者對一對一部署的濃厚興趣，並相信這一趨勢在策略上對 Apple 有利。隨著新款 iMac 的發售，我們的消費者銷售在整個季度加速成長。我們對該市場的業績感到鼓舞。上週，我們啟動了 Apple 的第二階段擴張計畫。與 COMPUSA 合作開展項目，為另外 60 個地點配備 Apple 員工。

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 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.

我們的 Provideo 市場解決方案（包括一些關鍵的應用和硬體產品）在本季實現了強勁成長。我們認為，這得益於我們在該市場強大的整合產品，而非經濟基本面的回升。此外，我們還新增了 75 個本季度，Provideo 銷售通路規模翻了一番。廣告和出版等其他創意市場的 Pro 客戶在第二季繼續推遲購買 Pro 產品。我們認為，這既是經濟疲軟的影響，也是我們自身作業系統轉型的原因。 Mac OS X 上的 Photoshop 7 是許多客戶的關鍵應用程序，已於昨日開始發售，因此，我們對 Pro 客戶在今年下半年取得更好的業績充滿信心。

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原則，本季末通路庫存約為四周半週。不包括新款 iMac（其出貨量被安排在本季末），單位庫存實際上比去年 12 月季度下降了 14%。蘋果零售店部門的財務表現

continues to improve.

持續改善。

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

3月季度零售店營收總計7,000萬美元，零售部門虧損從12月季度的800萬美元降至400萬美元。 3月季度平均新開27家門市，這意味著每家店的平均年化收入超過1,000萬美元。季度末又新開了兩家店，使門市總數達到29家。本季度，170萬人次光顧了我們的門市，相當於每家門市每週5000名顧客。我們對自己的零售策略仍然非常滿意，並堅信它正在幫助我們擴大業務範圍。擴大客戶群。我們的目標是在本年度再開設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.

我們預計，隨著今年的進展，門市的財務表現將持續改善。如預期，蘋果的毛利率大幅下降至27.4%。下降的原因有幾個：零件成本上漲，尤其是平板顯示器和DRAM記憶體的成本上漲；新款iMac的空運成本上漲；以及iMac的機型組合較去年12月季度有所增加。

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減價和基礎設施建設帶來的收益，營運費用較上季下降 2,500 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.

蘋果的資產負債表依然強勁。本季末，我們持有43億美元現金和短期投資。現金週轉週期為-41天，仍是業界最佳。現在，我想回顧一下我們的展望，其中包括南希在電話會議開始時安全港聲明中提到的資訊。雖然我們預計三月季度營收將環比增長至約16億美元，但由於毛利率下降，我們預計每股收益將與三月季度持平或略有上升。我們預計毛利率將環比下降，原因如下：首先，平均零件成本將上升，而且由於我們仍以原價處理大部分積壓訂單，因此本季度我們無法充分享受近期iMac價格上漲帶來的收益。其次，我們計劃繼續空運大部分iMac，直到滿足需求為止。最後，六月季度正值教育類購買季的開始，預計iMac和iBook的銷售組合將會提升。我們正在為新款 iMac 制定多項成本削減計劃，但這些措施的效益在 6 月季度無法完全顯現。我們預計，新款 iMac 的毛利率將在 9 月季度有所提升，因為成本削減措施、近期價格上漲以及空運成本大幅下降將帶來整個季度的效益。我們預計營運支出將與 3 月季度基本持平。我們也預計其他收入和支出將環比持平，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 , Nothing Real, Technologies, and 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.

展望未來，我們對未來前景非常樂觀。我們對新款平板 iMac 的反應非常滿意。客戶反應和評價都非常好，我們的出貨量正在穩定成長，希望能盡快滿足市場需求。雖然我們的大多數競爭對手都在削減研發投入和員工人數，但蘋果一直在加大研發投入，投資開發面向數位生活方式的應用程序，並進行了 Power 等策略性技術收購。，沒什麼真實的，技術，以及並繼續投資我們的零售業務，儘管經濟疲軟，但業務發展勢頭強勁，財務表現也不斷改善。我們對過去一年的投資感到非常樂觀，並樂觀地認為，隨著經濟復甦的改善，蘋果將能夠充分利用這些投資。

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

現在，我想開始提問。

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

謝謝先生。我們的問答環節將以電子方式進行。如果您想提問，請用力按下按鍵電話上的星號鍵，然後按下數字鍵1。我們將按照您發出信號的順序繼續進行。如果您發現您的問題在您提問之前已被提出並得到解答，並且您想退出，請用力按下井號鍵。如果您想提問，請按星號鍵，然後按數字鍵 1。

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

我們的第一個問題請教保誠證券的金伯利‧阿萊克西 (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, or anything you could to help to give us a sense of that?

弗雷德，您提到有大量訂單積壓。您能否量化一下，並幫助我們了解需求有多強勁，以及我們看到的買家類型？您能否結合您在商店看到的情況，以及您收集到的其他數據，告訴我們其中有多少可能是 Wintel 陣營的？或者您能做些什麼來幫助我們了解這一點？

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 . 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.

我們習慣性地不揭露訂單積壓情況，但我要告訴大家，目前積壓訂單量非常大。漲價後，我們的銷量沒有出現任何下滑。因此，我們對新款 iMac 的強勁勢頭保持樂觀。至於客戶類型，我們還沒有針對新 iMac 進行過統計顯著的調查。所以除了……之外，我沒有任何數據可以分享。我們發現，許多 Wintel 用戶正在購買新款 iMac。這一點可以從《商業周刊》最近的文章以及亞馬遜關於其向大量 Wintel 用戶銷售產品的評論中得到證明。所以，毫無疑問，這並非傳聞。我們有大量證據表明，新款 iMac 的大量買家目前並非 Mac 用戶。

Thanks.

謝謝。

Thanks Kimberly. Could we have the next question please.

謝謝金伯利。請問我們可以問下一個問題嗎？

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

下一個問題，我們請雷曼兄弟公司的丹尼爾‧奈爾斯 (Daniel Niles) 來回答。

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，本季管理得不錯。展望未來，您之前提到平均售價上漲，由於訂單積壓，本季未能充分感受到上漲的影響。所以我正在考慮這個問題，等到9月份季度您才能感受到上漲的全部影響。 9月份季度教育支出比例的提高是否會抵銷上漲的影響？您之前提到本季毛利率有所提高。您指的是整個公司，還是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 , but secondly the 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.

首先，讓我來談談產品組合的問題。通常來說，6月和9月季度的教育業務表現都非常強勁。但實際上，我認為兩者表現相當，去年6月季甚至比9月季還要強勁一些。 K12季度是蘋果在教育領域佔據最強地位的季度，而6月季度才是最大的季度。所以，我不認為9月季的產品組合會因為教育業務而更傾向iMac。至於新款iMac的毛利率，我堅信它會在9月季回升到更正常的水平。換句話說，毛利率達到了非常令人滿意的水平，這不僅是因為新款iMac每台100美元的漲價不僅帶來了整個季度的收益，也帶來了…，但其次集團正在為新款 iMac 制定一系列成本削減計劃，這些計劃預計將在九月季度全面實施。最後，我認為九月季度的空運量會大幅減少。我們計劃在六月季度空運超過一半的出貨量，而海運和空運的單位成本差異巨大。因此，我認為九月季度的整體毛利率應該會更高，遠高於六月季度。

Okay thanks a lot.

好的，非常感謝。

Thanks Dan. Could we have the next question please.

謝謝丹。請問我們可以問下一個問題嗎？

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

下一個問題，我們請摩根大通的丹尼爾‧昆斯特勒 (Daniel Kunstler) 回答。

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 , 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 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?

有幾件事。弗雷德，我不太明白你所說的是什麼導致了相對穩健的尤其是考慮到它所使用的微處理器的年代久遠。如果你能重申一下，我將不勝感激。另外，我回顧史蒂夫在2002年3月21日東京的評論，他說的是12.5萬台iMac出貨率已經提高到每天5000台，或者說產量已經增加了每天5000台。所以如果把這些加起來，結果還是會比這更好。生產率有沒有進一步提高？考慮到現有的平板供應，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，產量大幅成長。在過去10天裡，又生產並出貨了9萬到9.5萬台。所以答案是肯定的，產量接近每天9000到1萬台。就日產量而言，我們的產能沒有限制，這才是真正的限制。真正的限制在於可能供不應求的零件供應。所以，您看到的是，我們在本季最後10天就準備好了所有需要的零件，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，考慮到您現有的資源以及您認為未來 90 天（5 天以上）內零件供應情況，您認為這種生產水準是否可持續？

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，如果你考慮的是 90 天的生產季度，我不會說它會超過 5。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?

或試圖將其描述為一種機率，但實際上組件約束並沒有真正消失。這樣說公平嗎？

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

嗯，這完全取決於需求。正如我在開場白中預測的那樣，我們預計本季能夠滿足需求。

And on the pro side (I'm sorry to have to ask you for a clarification)?

並且在專業方面（很抱歉，我不得不請您澄清一下）？

On the pro side, we have added 75 more 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 studio pro. So we are doing very well in that segment. That has been our primary strength. In the traditional 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 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.

在專業方面，我們又增加了 75 個本季，我們的 Provideo 銷售管道規模擴大了一倍，整個影片領域的 Final Cut Pro 銷售量也表現不俗，Studio Pro。所以我們在這個領域做得很好。這一直是我們的主要優勢。在傳統的廣告和出版市場，由於經濟疲軟，我們看到那裡的採購持續推遲，上個季度他們仍然沒有正確使用 PhotoshopExpress 的，但 Photoshop 昨天就開始出貨了。所以這是好事。所以我認為專業版業務季度環比持平，主要優勢在於視訊業務。

One last little thing Fred. Are you seeing any benefit to the pro from the Apple stores specifically ?

最後還有一件事，Fred。你覺得這對職業選手有什麼好處嗎？特別是來自蘋果商店？

I would say that they are getting pro customers as well as consumers, but I'd say the real strength is coming from network and the market acceptance of the final cut pro, which has been very strong.

我想說他們不僅擁有消費者，也擁有專業客戶，但真正的優勢來自網路和Final Cut Pro的市場接受度一直都很高。

Thank you.

謝謝。

Thanks Daniel. Could we have the next question please.

謝謝丹尼爾。請問我們可以問下一個問題嗎？

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

接下來我們來談談 Salomon Smith Barney 的 Richard Gardner。

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。有幾個問題。首先，回到零件問題，您可能已經說過了，但您可以重複嗎？看看零件籃子，您顯然看到最近有幾種零件的價格上漲。這對最近的價格以及您看到的價格有什麼幫助嗎？零件籃子還在漲嗎？您認為第二季的前景如何？除了平面顯示器之外，您能否具體告訴我們哪些零件的採購困難？

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 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.

我認為我們之所以對本季持謹慎態度，關鍵在於我們看到大多數零件的價格從1月到3月大幅上漲，尤其是DRAM（動態隨機存取記憶體）價格上漲了兩倍，平板顯示器價格上漲了25%。現在平板顯示器確實已經穩定下來了。因此，如果您看看我們對未來的看法，我會將其概括如下。我們認為，記憶體價格在第二季達到峰值，其水平是我所說的第一季最低點的三倍多。我們認為，大多數系統供應商為了應對第一季的低價而增加了記憶體容量，這在某種程度上將需求推高至第二季的產量水準之上。因此，展望第三季度，我們看到4月份記憶體價格略有下降，預計整個季度DRAM價格將持平或下降。對於液晶顯示器而言，正如我所說，液晶顯示器的需求持續成長。第二季的價格比第一季高出 25%，我們預計第三季市場仍將保持緊張，價格將略有上漲。

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?

再問幾個問題。你們之前承諾的 iMac 定價究竟什麼時候才能結束？另外，能否介紹一下你們在拓展零售通路的最新進展？

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

我想可能是五月，等我們過了那個時間再說。第二個問題呢？

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 ?

關於第三方零售合作夥伴，顯然，Circuit City 不再銷售你們的產品，你們是否正在積極尋找商店和 Apple 批次內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 and so we are looking to also replicate potentially the COMPUSA success in the US and Europe.

至於我提到的 COMPUSA 的擴張，我們剛剛新增了 60 家門市。所以，目前我們的門市數量已經超過 200 家，大約有 150 家。所以，我想說，我們的主要重點是擴大 COMPUSA 的擴張，這是一個非常成功的項目，我們自己的 Apple 批量員工的銷售效率顯著提高。我們也在歐洲試行了一些計畫。我們在英國已經試行了一個，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Rich。請問我們可以問下一個問題嗎？

And next we go to Andrew Neff with Bear Stearns.

接下來我們來談談貝爾斯登的安德魯‧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，我有兩個簡單的問題。第一，澄清一下，您之前說今年剩餘時間的稅率將為20%。您能解釋一下嗎？

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

是的，沒錯。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，就下一季的毛利率影響而言，會不會是1點左右？這個影響合理嗎？還是會不會超過1點？請描述一下具體情況。

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

不。我想，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?

9 月的情況會反彈嗎？

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 月份水平以上。

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

謝謝。我認為它將在9月份季度反彈至3月份水平以上。

Thanks Andy. Could we have the next question please.

謝謝Andy。請問我們可以問下一個問題嗎？

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

接下來我們與傑拉德、克勞爾、馬蒂森一起前往大衛貝利。

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。關於教育，我想問個問題。您能否更詳細地介紹一下早期的需求跡象，以及您正在採取哪些措施來應對這種需求？

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 , 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.

你知道現在下結論還為時過早。這是K12季度的強勁表現，我們才剛進入兩週，但我們樂觀地認為，我們將會迎來一個正常的、強勁的季度。我們在一對一部署方面做得非常出色。我的意思是，為每位學生和每位老師提供一台行動電腦。大家都知道，我認為我們已經接到了超過2萬台的訂單。弗吉尼亞州。推廣工作進展非常順利。我們從五月開始推廣，已經超過3萬個單元，我們還有其他正在籌備中的項目，我稱之為「一對一」項目。因此，就可能性而言，這些交易的潛力很大。所以我認為我們遇到的主要問題是學校的稅收基礎減少，這導致一些大型交易由於資金限制，未來幾季的業績與第一季和第二季有所不同。

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

好的，太好了。能告訴我們 Mac OS X 的數量嗎？？

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離散成品盒銷售，但自五月以來我們已經出貨了超過三百萬個裝有 Mac OS X 的系統。

Okay. Thank you very much.

好的。非常感謝。

Thanks David. Could we have the next question please.

謝謝David。請問我們可以問下一個問題嗎？

And we go next to Charles Wolf with Needham.

接下來我們和尼達姆一起去拜訪查爾斯·沃爾夫。

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。弗雷德，我對商店有一些疑問。本季 Mac 和非 Mac 用戶的購買情況如何？

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.

我們沒有最近的調查可以供參考，但我相信，在 Mac 用戶中，有接近 40% 的人仍在繼續進行調查。

And second question is what was the of Mac sold in the stores?

第二個問題是商店裡賣的 Mac 有多少？

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

我沒有電話號碼。彼得，你有嗎？

Not specifically, but clearly it is a little higher than beyond the box and the mixing up to the higher end .

不是特別高，但顯然比超越常規，走向更高端。

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

您是否會繼續吸引大量或一定比例的非 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，在我們的 CPU 銷售中，非 Mac 用戶佔比將接近 40%。

But I am speaking of visitors now.

但我現在談論的是訪客。

Do you remember any recent data on that Peter?

你還記得有關彼得的最新數據嗎？

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.

本季客流量依然強勁。本季度，我們門市的客流量達170萬人次，較上一季大幅成長。

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 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.

我想他想問的是Mac和非Mac訪客的比例是多少。抱歉，Charley，我們目前沒有找到你的數據，但我認為Mac用戶下單的成交率更高。應該是 Wintel 用戶的問題，因為很明顯，這些應用程式通常需要多次訪問才能關閉。我的觀點是，這個比例遠高於 40% 的 CPU 佔用率。

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

好的。我來問你一個比較簡單的問題。你知道，史蒂夫一年半或一年零三個月前在 Mac World 上宣布了一個數位中心策略，我想知道你們有沒有做過調查這是否表明使用 iMovie、iTunes 或 iDVD 這些數位軟體的 Mac 使用者的百分比？

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關於SuperDrive數量的數據，我認為iPhotos的下載量是每25萬份中就有一份，而SuperDrive的下載量已經超過50萬份。查理，所有跡像都表明，它確實在發展。這個策略已經開始奏效，而且正在取得成效，但針對你的具體問題，我無法提供具體的數據。

Okay. Thanks a lot.

好的。非常感謝。

Thanks Charley. Could we have the next question please.

謝謝Charley。請問我們可以問下一個問題嗎？

And we go next to Don Young with UBS Warburg.

接下來我們請到瑞銀華寶 (UBS Warburg) 的唐楊 (Don Young)。

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 in the markets in May, when would that show up?

謝謝。晚安.我不是想把我們逼瘋，只是想更了解零部件價格。弗雷德，我想問一下，你們承諾的價格是多少？換句話說，如果液晶螢幕或DRAM的價格應該下降的話。在五月份的市場什麼時候會出現這種情況？

Very soon.

很快。

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

很快。換句話說，你正在跟隨市場變化。

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。我想問您的另一個問題是毛利率。您已經給出了很多關於下一季度的具體指引，但本季​​度的毛利率比前六個月大約低了300個基點。我想了解一下，您認為在經歷了這段不尋常的元件定價期後，蘋果的目標機型應該在哪裡？以目前的產品組合來看，您的毛利率目標機種應該是多少？

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嗎？

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.

我們希望在大幅營收成長與維持28%或略高的毛利率之間取得更好的平衡。換句話說，我寧願看到公司營收成長15%到20%，而不是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 like the rest of the company. Were you able to break in to the black on a profitability basis in the month of March?

如果我還能再問一個關於門市的問題。我估計門市業績已經相當糟糕了，和公司其他部門一樣。你們三月獲利了嗎？

I would say that the stores were less back and 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.

我想說的是，商店的回歸較少，比我們公司的整體業績略有下降。我想再次告訴大家的是，我們對收入從4800萬美元增長到7000萬美元，以及虧損從800萬美元減半到400萬美元感到非常滿意。正如我所說，我認為我們正在努力盡快實現盈利。我當然希望在年底之前，我們的零售業務能夠實現一個有利可圖的季度。

Great. Thank you Fred.

太好了！謝謝你，弗雷德。

Thanks Don. Could we have the next question please.

謝謝Don。請問我們可以問下一個問題嗎？

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

接下來我們請到 Brett Miller 和 A.G. Edwards 演講。

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。你們之前提到積壓的工作應該會在五月完成。那應該是五月初還是五月底呢？

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，這是否與3月底漲價前的舊價格有關？我認為是5月初。

In the stores themselves, we saw a slowdown in store openings. I was wondering if there was any or guidance in opening new stores that we should on?

在門市方面，我們發現開店速度有所放緩。我想知道是否有任何或開設新店的指導，我們應該在？

It was intentional that we decided to take a after our first 27th and evaluate the business model and what 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.

我們特意決定在我們第一次 27 週年紀念活動之後，評估商業模式以及如果有合適的話，我們就會為今年制定一個計劃，一旦我們這樣做了，我們就會承諾房地產和一切，同時我們給你更新的目標，從現在的 29 家增加到另外 20 家商店，這應該會使我們的商店數量達到 49 家或非常接近 50 家。

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?

回到你們了解到的情況，我知道你們提到了一點，那就是門市的成交率比你們預期的要低一些。你們還了解到其他指標方面的情況嗎？門市的情況正在改變嗎？

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 significant but we concluded that there were a few that we should make and you will see than incorporated in stores that we open in the second half of the calendar year.

我現在真的不想談這個。我相信我們的零售業務會有一些更新。我只想說，我們對這些門市非常滿意。我們確認，把門市開在人流量大的高級商場和生活風格中心絕對是正確的決定。保持庫存，讓顧客帶著Macintosh出門，絕對是正確的決定。專注於服務而不是高調的銷售策略，也絕對是正確的決定，因為99%的到店顧客都會推薦給我們的朋友。我們也希望員工對我們的產品、數位生活方式應用程式的優勢等等非常了解。我們可以演示這些應用。設立解決方案中心也絕對是正確的決定。我還可以繼續說下去。我們確認了很多事情。但我們得出的結論是，有一些我們應該這樣做，你會看到它被納入我們在下半年開設的商店中。

Thank you. Great execution.

謝謝。執行得很好。

Thanks.

謝謝。

Thanks Brett. Could we have the next question please.

謝謝Brett。請問我們可以問下一個問題嗎？

And we go next to Walter with First Holding.

接下來我們來到沃特與 First Holding 合作。

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?

你好，弗雷德。我回答得有點晚，所以想問一下，你能不能簡單介紹一下本季的業績預期？是零件供應不足的問題，還是出於保守的考慮，出於需求上的考慮？能不能具體解釋一下？

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 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 .

首先，我想說的是，與業內許多公司不同，我們的銷售量和收入年比及季比均有所成長。通常情況下，3月份季度對PC產業來說是一個下滑的季度。我認為，主要是因為新款iMac的強勁表現，我們才得以繼續營運。並且實際上實現了環比和同比的增長。就本季而言，我們預計將季增1億美元，達到16億美元，這也將比去年第二季（我認為是14.75億美元）增加1.25億美元。因此，我認為在當前的經濟環境下，這不僅是對上一季業績的良好回顧，也是對下一季成長的良好預期。至於獲利持平或略有成長，我認為我們有些保守，因為未來零件成本仍然存在不確定性，我不希望出現錯誤。我認為持平的部分是…。

So, it is not an issue of limitations on either manufacturing or getting enough components demand to be a little better than you expected?

因此，這不是製造或取得足夠零件的限制問題需求比你預期的好一點嗎？

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，我們預計本季能夠滿足新款 iMac 的需求。

Okay. Great. Thanks Fred.

好的。太好了。謝謝弗雷德。

Thanks Walter. Could we have the next question please.

謝謝沃爾特。請問我們可以問下一個問題嗎？

And we go next to Steven Fortuna with Merrill Lynch.

接下來我們請到美林證券的 Steven Fortuna。

Hi Fred. Couple of short things. First of all, from an iBook standpoint and an iPOD standpoint, were the performance roughly in line with your expectations?

你好，弗雷德。我簡單說幾件事。首先，從 iBook 和 iPOD 的角度來看，業績大致符合您的預期嗎？

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，我們預計銷量會從去年12月季度的12.5萬台水平下降，這符合正常的季節性規律。事實上，我們掌握的資訊是，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約71%，而我們的銷量下降了約50%。所以我認為，實際上我們的市場下滑幅度較小，我們對iPOD非常滿意，並對其未來發展寄予厚望。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 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.

當然。我們先從你的 iBook 問題開始。我們對本季 iBook 的業績非常滿意。我們成長了 156%。無論是在通路或教育領域，我們一年比一年表現良好。我們擁有優秀的產品線，在各個客戶群中都表現出色。

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?

第二，就Apex而言，我們該如何看待6月季度的APEX支出－持平還是略有上升？是否有機會進一步削減成本，即使幅度不大？

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，我們上季實施的重組計畫取得了成效，本季也已開始實施。我們將繼續嚴格管理基礎設施領域，力求盡可能節省成本，但我們將繼續大力投資研發、軟硬體和應用程序，並繼續投資零售項目。 6月份

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

我們的業績應該與三月季度基本持平。 （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，對於您所遊玩的各個地區，您有什麼值得注意的評論嗎？

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)

上個季度，我們所有地區的國際業務都表現優異，尤其是在歐洲。此外，在新款 iMac 的帶動下，亞太地區的業績也出現了強勁反彈。 （彼得·奧本海默）

Terrific. Thanks very much.

太棒了！非常感謝。

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

謝謝史蒂夫。請問我們可以問下一個問題嗎？

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

下一個問題我們請 Carl Fredrick 和 Fredrick。

Hi. Congratulations Fred.

你好。恭喜你，弗雷德。

Thank you.

謝謝。

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?

我發現我的新款 14 吋 iBook 真的非常棒，我想知道它的運行速度是否比小尺寸的 iBook 有更大的提升？

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

本季它表現相當不錯，不是嗎，彼得？

I know mine got airfreighted from . Are you planning to do iBooks by air or are you planning to put them on the ocean as well?

我知道我的貨是從。您計劃透過空運運送 iBooks 嗎？還是也計劃透過海運運送？

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

我們透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?

所以您不想將其移至海洋，對嗎？

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

不。當你擁有的東西重量不大，佔用空間不大的時候。它往往不像將其放在水面上和作為桌面放在空氣中之間。

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?

我也是這麼想的。我只是好奇，因為這產品真的很美。我就坐在這裡看。我不明白為什麼你的積壓工作會進展得這麼慢？

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Carl。請問我們可以回答下一個問題嗎？

And for our next question, we go to Rebecca with Morgan Stanley.

下一個問題，我們請麗貝卡回答與摩根士丹利合作。

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?

午安.謝謝弗雷德。我有幾個問題。您能否更詳細地介紹一下您在政府中看到的情況？您之前也簡單提到過這一點。能不能再解釋一下？

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，目前這部分市場對蘋果來說還很小，但它正在成長。去年較去年同期成長了60%。我們看到，由於我們新的作業系統平台Mac OS X的推出，我們將獲得更多政府方面的機遇，它提高了穩定性和安全性，這對政府來說非常重要。因此，我們看到了一系列良好的機會，並認為從百分比成長機會來看，這對我們來說將是一個高成長機會。

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

就同​​比成長而言，今年您能做類似的事情嗎？

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 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.

我不想承諾，但我不會感到驚訝。我認為它會非常強勁地達到兩位數。就像我說的參與我們的客戶簡報中心，並且有幾個政府實體前來參觀客戶簡報中心，並且對我們的新平台表現出濃厚的興趣。

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

然後快速澄清兩個問題。首先，我記得您說過預計6月空運量將減少約一半。

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，根據我們二月季度的現行計劃，仍有一半以上的貨物透過空運運輸。

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?

這是預期嗎？您認為什麼樣的趨勢更趨於正常化？或者，我們該如何看待9月經濟恢復正常水準？

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 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.

我想說的是，我認為本季大約有一半到四分之三的貨物是透過空運運輸的，9月份季度大概有25%左右。大約有35美元兩者之間。所以這很重要。在一個更正常的典型季度裡，我假設仍然可能有一些空運。所以，從全面的角度來看，我認為正常化程度不會超過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，您提到您預計（或至少考慮）下個季度平板顯示器的銷量可能會略有增長。您能否提供一些參數，說明哪些類型的成長會顯著超越您目前的模型？

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.

我剛才說的是，從3月份季度初到季度末，我們看到了顯著的增長，大約增長了25%，而本季度平板顯示器的價格可能只會略有上漲。我認為15吋平板顯示器的價格可能略有上漲，每台價格不會超過10美元。

Thank you so much.

太感謝了。

Thanks Rebecca. Could we have the next question please.

謝謝麗貝卡。請問我們可以問下一個問題嗎？

And we go next to Richard Chu with SG Cowen.

接下來我們請 SG Cowen 的 Richard Chu 來演講。

Thank you. A couple of clarifications. One, at some point did you you thought 5000 a day was a reasonable normalized run rate for the new iMac this quarter?

謝謝。有幾點需要澄清。第一，你有沒有您認為每天 5000 台是本季新款 iMac 合理的正常運作率嗎？

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

不，我並沒有這麼說。我想是在丹尼爾的語境中。他問了我一個問題，關於在本季最後十天，我們能否將每日產量提升到9000或10000台。然後他又問我們是否有足夠的零件供應來持續支持這一目標，我說“沒有”，然後我說日產量會低於5000台。如果一個季度以90天計算，那麼即使5000台也只有450台。所以從供應角度來看，我們無法支持這個目標。所以，日產量會低於5000台，但我不會給出確切的數字。我想我就是這麼告訴他的。

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

談到與零件成本相關的價格上漲，除了 iMac 和其他產品類別具體上漲 100 美元之外，你們還採取了什麼措施？您是否觀察到組件數量增加？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，我們目前還沒有提到其他產品。但我想您問我的是關於成本削減計劃的問題。正如我之前所說，我們在非商品領域正在進行幾個項目，例如整合一些現有的供應商基礎，將某些零件採購到成本較低的國家，第三個主要項目是改變某些組件的生產流程。我們預計這些措施將使我們能夠大幅降低新 iMac 的成本。

for gross margins in the past corner? Was the absorption of and non-new iMac at least as significant as the mix of the LCD iMac?

過去毛利率是多少？吸收和非新款 iMac 至少一樣重要的 LCD iMac 的混合？

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.

我想你問的是成本成長的主要因素是什麼。它增長了兩倍。記住，與大多數公司不同，我們目前只有老式的傳統iMac是基於CRT技術的。蘋果公司銷售的其他所有產品，包括我們所有的顯示器產品線，都是平板顯示器。所以我認為，與競爭對手相比，我們更注重平板顯示器而非CRT。因此，這是積極的一面，但當零件成本上漲時，我們感受到的衝擊更大。我認為第二個因素是DRAM價格上漲。你知道，從今年年初到3月，DRAM價格上漲了兩倍。雖然我們已經看到價格趨於穩定，並開始略有下降。

What are your expectations with regard to CRT ?

您對 CRT 有何期望？

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

這是一款很棒的產品。我記得我們賣了15.2萬台。上個季度推出了 iMac。我們需要一款既能滿足消費市場需求，又能滿足教育市場需求的產品，尤其是在 1,000 美元以下的市場。所以，第一代 iMac 永垂不朽，但我們不會討論未來的產品。

Okay. Thank you.

好的。謝謝。

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 claimer can contact either John 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.

感謝理查德，也感謝各位的參與。今天的電話會議錄音將於今天太平洋時間下午5:30開始，連續七天提供重播，重播號碼為719-457-0820，確認碼為695-190。媒體記者可以聯絡Lynn Fox。索賠人可以聯絡約翰如有其他問題，請與我聯絡。 John 的電話是 408-974-4570，我的電話是 408-974-5420。再次感謝大家今天的參與。

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

女士們，先生們，今天的電話會議到此結束。您可以掛斷電話了。