蘋果 (AAPL) 2002 Q3 法說會逐字稿

Please stand by. The conference is

請待命。會議是

about to begin.

即將開始。

Good day, everyone, and welcome to this Apple

大家好，歡迎來到這個 Apple

computer conference call to discuss third quarter

計算機電話會議討論第三季度

financial results. Today's call is being

財務結果。今天的電話正在

recorded. At this time, for opening remarks and

記錄下來。此時，對於開場白和

introductions, I would like to turn the call over

介紹，我想把電話轉過來

to the Director of Investor Relations and

投資者關係總監和

Corporate Finance, Miss Nancy Paxton. Please go

企業財務，南希·帕克斯頓小姐。請離開

ahead.

先。

Thank you. Good afternoon, and thanks to everyone

謝謝你。下午好，謝謝大家

for joining us. Apple issued its third quarter

加入我們。蘋果發布第三季度

earnings press release at approximately 1:30 p.m.

下午 1 點 30 分左右發布收益新聞稿。

Pacific time this afternoon. The earnings press

太平洋時間今天下午。收益新聞

release and financials are available on Apple's

發布和財務信息可在 Apple 的

website at www.Apple.com. And speaking today is

網址為 www.Apple.com。而今天講的是

Apple CFO Fred Anderson, and he'll be joined by

蘋果首席財務官弗雷德安德森，他將加入

Senior VP of Finance, Peter Oppenheimer, and VP

財務高級副總裁 Peter Oppenheimer 和副總裁

and Corporate Treasurer Gary Whisler for the Q and A

和公司財務主管加里·惠斯勒（Gary Whisler）進行問答

session with analysts.

與分析師的會議。

Please note that some of the information you'll

請注意，您將獲得的一些信息

hear during this call consists of forward-looking

在本次通話中聽到的內容包括前瞻性

statements and that actual results or trends could

陳述和實際結果或趨勢可能

differ materially from our forecasts. For more

與我們的預測存在重大差異。更多

information, please refer to Pages 25 through 32

信息，請參閱第 25 至 32 頁

of Apple's latest Form 10-K for the fiscal year

Apple 本財年最新的 10-K 表格

ended September 29, 2001.

於 2001 年 9 月 29 日結束。

In connection with SEC rules on corporate

與美國證券交易委員會關於公司的規則有關

disclosure, Apple is making this analysts call

披露，蘋果正在使分析師致電

open to the media and general public by

向媒體和公眾開放

broadcasting the call live over the internet.

通過互聯網直播通話。

With that. I'd like to turn the call over to Fred

接著就，隨即。我想把電話轉給弗雷德

Anderson

安德森

Thank you, Nancy. As we

謝謝你，南希。正如我們

indicated on June 18th, Apple's third quarter

6 月 18 日，蘋果公司第三季度

proved to be very challenging. We did not

事實證明非常具有挑戰性。我們沒有

experience the seasonal uplift in demand that we

體驗我們的季節性需求增長

typically experience in the latter part of May and

通常在 5 月下旬和

in June, resulting in quarterly revenues of

6 月，導致季度收入為

$1.429 billion, about 11% below our original

14.29 億美元，比我們原來的低約 11%

guidance. We achieved diluted earnings per share

指導。我們實現了每股攤薄收益

of 9 cents, compared to our original guidance of

9美分，與我們最初的指導相比

11 cents, or slightly better.

11 美分，或稍好一些。

These results fell in the middle of our revised

這些結果落在我們修訂的中間

revenue and EPS guidance range provided on

提供的收入和每股收益指導範圍

June 18th.

6 月 18 日。

For the third quarter, Apple shipped 808,000 CPU

第三季度，蘋果出貨 80.8 萬顆 CPU

units, which represented a sequential decline of

單位，這代表了連續下降

about 1%. Industry data indicates market weakness

約1%。行業數據表明市場疲軟

across all major segments in the June quarter, and

在六月季度的所有主要細分市場，以及

a weak quarter relative to the March quarter. On

相對於 3 月季度而言，這是一個疲軟的季度。上

a regional basis, IDC has forecasted a sequential

以地區為基礎，IDC 預測連續

decline in total personal computer unit shipments

個人電腦總出貨量下降

of 20% in Japan, 16% decline in Europe, and a 2%

日本下降 20%，歐洲下降 16%，下降 2%

decline in the U.S. from the March to June

美國從 3 月到 6 月下降

quarters.

宿舍。

IDC has also projected a sequential slide of 15%

IDC 還預計環比下滑 15%

in worldwide PC sales to consumers, and a 6%

在全球對消費者的個人電腦銷售中，6%

sequential decline in the small office market. We

小型寫字樓市場環比下滑。我們

expect IDC to publish its preliminary results for

預計 IDC 將公佈其初步結果

the June quarter within the next week.

下週內的六月季度。

Finally, NPD Tech World has indicated that year

最後，NPD Tech World 表示那一年

over year retail sales of personal computers in the U.S.

美國個人電腦的年零售額

declined in April and May by 17%, and 7%,

4 月和 5 月分別下降了 17% 和 7%，

respectively. Our results fell short of our

分別。我們的結果低於我們的

original plan by $171 million in revenue and about

原計劃收入減少 1.71 億美元

100,000 CPU units. I'd like to explain in detail

100,000 個 CPU 單元。我想詳細解釋

this shortfall on both a geographic and a product

地理和產品上的這種不足

basis.

基礎。

On a geographic basis, about half of the shortfall

從地域上看，大約一半的缺口

in units and revenue was in Europe, with Japan and

單位和收入在歐洲，日本和

the Americas accounting for the remainder. The

美洲佔其餘部分。這

most significant areas of sequential weakness were

連續疲軟的最重要領域是

Europe and Japan where unit shipments were down

單位出貨量下降的歐洲和日本

24% and 25%, respectively. Industry

分別為 24% 和 25%。行業

research data indicates that education business in

研究數據表明，教育業務在

general continues to be soft, due to declining tax

由於稅收下降，總體繼續疲軟

revenues in most state and local jurisdictions.

大多數州和地方司法管轄區的收入。

Apple's total unit shipments to the U.S. education

蘋果對美國教育的總出貨量

market were below our original forecast by 7% and

市場低於我們最初的預測 7%

down 17% from the year-ago quarter. The

比去年同期下降 17%。這

year-over-year decline is comparable to the 18%

同比下降幅度與 18% 相當

decline that IDC is projecting for the U.S.

IDC 對美國的預測下降

education market in total.

教育市場總量。

Based on IDC's forecast, we believe our share of

根據 IDC 的預測，我們認為我們在

the U.S. education market in the June quarter was

美國教育市場在六月季度是

about 20%, flat with the year-ago quarter.

約 20%，與去年同期持平。

On a product basis, 80% of the unit and revenue

按產品計算，80% 的單位和收入

shortfall was attributable to the flat panel iMac

短缺是由於平板 iMac

and our pro products, including the PowerBook,

以及我們的專業產品，包括 PowerBook，

Power Mac, and related displays. We were

Power Mac 和相關顯示器。我們曾經

surprised and disappointed by the shortfall in

對資金短缺感到驚訝和失望

these areas.

這些領域。

First, as you'll recall, we shipped 220,000 units

首先，您應該記得，我們出貨了 220,000 台

of the flat panel iMac in the March quarter, and

3 月季度的平板 iMac，以及

entered the June

進入六月

quarter with a very healthy backlog. Despite

季度積壓非常健康。儘管

strong sell-through of the flat-panel iMac in

平板 iMac 銷量強勁

April, demand slowed markedly in late May and in

4 月，需求在 5 月下旬和

June. This trend ran counter to our expectations

六月。這一趨勢與我們的預期背道而馳

of healthy graduation and Father's Day demand for

健康畢業和父親節需求

this product. We were concerned about letting too

這個產品。我們也擔心讓

much of this product accumulate in the channel,

這種產品的大部分積累在渠道中，

and, as such, reduced planned sell-in in the

因此，減少了在

latter parts of the quarter. This allowed us to

本季度後半部分。這使我們能夠

exit the quarter with about 19% fewer flat-panel

以減少約 19% 的平板電腦退出本季度

iMac units in the channel than we had at the

頻道中的 iMac 單元比我們在

beginning of the quarter.

本季度開始。

Sales of Power Mac G4's and PowerBooks were

Power Mac G4 和 PowerBooks 的銷售額為

weaker than expected for several reasons. First,

弱於預期有幾個原因。第一的，

we did not expect a further deterioration in the

我們沒想到會進一步惡化

economy, particularly in Europe, which accounts

經濟，特別是在歐洲，其中佔

for a significant portion of Apple's pro customer

對於蘋果專業客戶的很大一部分

business. Second, we did not experience an uplift

商業。其次，我們沒有體驗到隆起

in pro sales following the introduction of Photoshop

在 Photoshop 推出後的專業銷售中

7 for Mac OS X.

7 適用於 Mac OS X。

Finally, we did not fully anticipate the number of

最後，我們沒有完全預料到

customers who we believe are deferring upgrades

我們認為推遲升級的客戶

until Jaguar and Quark Express for Mac OS X are

直到 Jaguar 和 Quark Express for Mac OS X

available. Now, I'd like to update you on channel

可用的。現在，我想在頻道上更新你

inventory.

存貨。

Excluding the eMac which shipped into the channel

不包括發貨到渠道的 eMac

in June, channel inventories were down

6月渠道庫存下降

sequentially by 20,000 units. Total channel

依次增加 20,000 個單位。總頻道

inventories, including the eMac, increased by

包括 eMac 在內的庫存增加了

approximately 8,000 units. Although ending

大約 8,000 個單位。雖然結局

channel units were relatively flat, weeks of

渠道單位相對平坦，週

inventory, including all in-transit and channel

庫存，包括所有在途和渠道

demo units rose to about 6-and-a-half weeks.

演示單元增加到大約 6 周半。

Our internal plan calls for us to reduce channel

我們的內部計劃要求我們減少渠道

inventory units this quarter and next, with a goal

本季度和下一季度的庫存單位，有一個目標

of returning to the normal 4 to 5-week level by

恢復到正常的 4 到 5 周水平

the end of the December quarter.

十二月季度末。

Though the general consumer segment continues to

儘管普通消費者群體繼續

be a tough one, we continue to feel good about our

做一個強硬的人，我們繼續對我們的感覺良好

retail stores. We opened two stores during the.

零售店。期間我們開了兩家店。

quarter, bringing the current total up to 31,

季度，使當前總數達到 31 個，

and we're very enthusiastic about opening our

我們非常熱衷於打開我們的

first New York City store in Soho on Thursday of

週四在 Soho 的紐約市第一家商店

this week. Unit shipments through the retail

本星期。通過零售單位發貨

stores were down sequentially from 24,000 units to

門店數量從 24,000 間連續下降至

20,000 units, while revenues fell to 63 million,

20,000 台，而收入下降到 6300 萬，

reflecting what we believe to have been a

反映了我們認為的

pervasively weak quarter for consumer spending.

消費者支出普遍疲軟的季度。

The retail segment loss increased slightly

零售板塊虧損略有增加

sequentially to 6 million from 4 million,

依次從 400 萬增加到 600 萬，

reflecting the lower sales volume. We continue to

反映銷量下降。我們繼續

work toward an internal goal of achieving

努力實現一個內部目標

break-even results in our retail segment in the

在我們的零售部門實現盈虧平衡

December quarter.

十二月季度。

In terms of gross margins, we originally

在毛利率方面，我們最初

anticipated a sequential decline of about 100

預計環比下降約 100

basis points. However, based on the decline in

基點。但是，基於下降的

cost of certain components, especially DRAM, as

某些組件的成本，尤其是 DRAM，如

well as earlier than expected achievement of cost

以及早於預期的成本實現

reduction initiative benefits, gross margins were

削減舉措的好處，毛利率是

actually flat with the March quarter, at 27.4%.

實際上與 3 月季度持平，為 27.4%。

We didn't achieve the slight sequential

我們沒有達到輕微的順序

improvement in gross margin that we expected when

我們預期的毛利率改善

we updated our guidance on June 18th because we

我們在 6 月 18 日更新了我們的指南，因為我們

shipped fewer of the new Xserve rack mount servers

交付的新 Xserve 機架式服務器數量減少

than we had projected at that time, and because we

比我們當時預計的還要多，因為我們

booked more price protection than we had

預訂了比我們更多的價格保護

anticipated.

預計。

Operating expenses were 378 million, 5 million

營業費用分別為3.78億、500萬

below the previous quarter. In accordance with

低於上一季度。依據

generally accepted accounting principles,

一般公認會計原則，

approximately 9 million of development costs

大約900萬的開發成本

related to the Jaguar release of Mac OS X were

與 Mac OS X 的 Jaguar 版本相關的是

capitalized during the quarter and will be

在本季度資本化，並將

amortized over three years.

分三年攤銷。

Other income and expense was down by about

其他收入和支出下降約

$1 million from the March quarter, primarily due

3 月季度的 100 萬美元，主要是由於

to lower average yield on Apple's cash portfolio.

以降低蘋果現金投資組合的平均收益率。

Based on the lower than expected earnings in the

基於低於預期的收益

third quarter and our outlook for the fourth

第三季度和我們對第四季度的展望

quarter, we now believe that Apple's effective tax

季度，我們現在認為蘋果的有效稅收

rate for fiscal year 2002 will be 25%, rather than

2002 財年的稅率將是 25%，而不是

the 28% we had previously anticipated.

我們之前預期的 28%。

Accounting rules require us to book a tax

會計規則要求我們記稅

provision for the third quarter that will serve to

第三季度的準備金將用於

true up the year-to-date tax provision to the 25%

將年初至今的稅收撥備調高至 25%

level. Because we booked tax provisions of 28%

等級。因為我們預訂了 28% 的稅收準備金

for each of the first two quarters, a tax rate of

前兩個季度的每個季度，稅率為

18% was required in the third quarter to achieve

第三季度需要 18% 才能實現

the appropriate year-to-date provision. The

適當的年初至今規定。這

change in the tax rate for the June

6月稅率變化

quarter from 28% to 18% translated into a one

季度從 28% 到 18% 轉化為一個

cent benefit to earnings per share.

對每股收益的好處。

We exited the quarter with another very strong

我們以另一個非常強大的方式退出了本季度

balance sheet. Despite making a $100 payment to

資產負債表。儘管支付了 100 美元

an Asian supplier early in the quarter, 83 million

本季度初的亞洲供應商，8300 萬

of which was outstanding at the end of the

其中在年底表現突出

quarter, we ended with $4.3 billion in cash.

本季度，我們以 43 億美元現金結束。

Operational efficiency remained excellent. And

運營效率依然出色。和

our cash conversion cycle was a minus 36 days.

我們的現金轉換週期為負 36 天。

Looking ahead to the fourth fiscal quarter, we

展望第四財季，我們

expect revenue to be relatively flat with the June

預計收入將與 6 月持平

quarter, particularly given a somewhat higher

季度，特別是考慮到更高的

starting point from a channel inventory

從渠道庫存開始

perspective and given what we believe will

觀點和考慮到我們相信會

continue to be a tough economic environment.

經濟環境依然嚴峻。

We also expect gross margins to be down about 100

我們還預計毛利率將下降約 100

basis points compared to the June

與 6 月相比的基點

quarter, due to more aggressive pricing on

季度，由於更激進的定價

certain products, particularly in Europe, where

某些產品，特別是在歐洲，其中

the Euro has strengthened substantially.

歐元大幅走強。

We expect operating expenses to increase to about

我們預計運營費用將增至約

390 million for several reasons. First, we won't

3.9億有幾個原因。首先，我們不會

be capitalizing as much software development

盡可能多地利用軟件開發

expense as in the third quarter. Second, several

第三季度的費用。二、幾個

recent acquisitions, including Emagic which we

最近的收購，包括我們的 Emagic

announced earlier this month will lead to higher

本月早些時候宣布將導致更高

R and D. And lastly, we have a greater number of

R 和 D。最後，我們有更多的

retail stores - we will have a greater number of

零售店——我們將擁有更多

retail stores in operation.

經營中的零售店。

We expect other income and expense to be down about

我們預計其他收入和支出將下降約

3 million, due to lower interest income on our

300萬，由於我們的利息收入較低

investments, and we expect the tax rate to be 25%.

投資，我們預計稅率為 25%。

As a result, we expect to report a slight profit

因此，我們預計將報告小幅盈利

before nonrecurring items.

在非經常性項目之前。

We will be recording a nonrecurring charge for

我們將記錄非經常性費用

restructuring in the fourth quarter. We recently

第四季度重組。我們最近

implemented a reduction of about 7% of the

減少約7%

workforce in our manufacturing plant in

我們製造工廠的勞動力

Sacramento. We may also do some limited

薩克拉門托。我們也可以做一些有限的

additional restructuring during the fourth quarter

第四季度的額外重組

as we continue to fine-tune the organization.

隨著我們繼續微調組織。

Additionally, we hold investments in the stock of

此外，我們持有的股票投資

both Earthlink and Akami, the market value of

Earthlink 和 Akami 的市值

which was about $41 million below book value as of

截至目前，這比賬面價值低了約 4100 萬美元

the end of June. GAAP requires an impairment

六月末。 GAAP 要求減值

charge to be recognized when it is believed that

當相信

an investment has experienced a decline in value

一項投資經歷了價值下降

below book value that is other than temporary. We

低於賬面價值的，不是暫時的。我們

will continue to carefully evaluate these two

將繼續仔細評估這兩個

investments and will write them down, should we

投資並將它們記下來，我們應該

determine that the decline below book value is

確定低於賬面價值的跌幅是

other than temporary.

除了暫時的。

Despite a challenging third quarter and continued

儘管第三季度充滿挑戰並繼續

economic uncertainty in the near term, we continue

短期內的經濟不確定性，我們繼續

to feel very positive about the long-term

對長期感到非常積極

opportunities for Apple. We believe our expanding

蘋果的機會。我們相信我們的擴張

retail initiative will continue to attract

零售計劃將繼續吸引

switchers to the Macintosh platform. We're

切換到 Macintosh 平台。是

encouraged by the reactions of customers from a

受到來自客戶的反應的鼓舞

variety of markets to Mac OS X and we continue to

Mac OS X 的各種市場，我們將繼續

have what we believe are the industry's best

擁有我們認為是行業最佳的產品

products in our pipeline. You'll see some of what

我們管道中的產品。你會看到一些什麼

I'm talking about tomorrow, as we kick off Macworld

我在談論明天，因為我們開始 Macworld

New York.

紐約。

With that, I'd like to open the call to questions. 00:14:45

有了這個，我想打開問題電話。 00:14:45

Thank you, sir. Today's question

謝謝你，先生。今天的問題

and answer session will be conducted

並進行答辯

electronically. If you'd like to signal to ask a

以電子方式。如果你想發信號詢問

question, please press star 1 on your touch-tone

問題，請按按鍵上的星號 1

telephone. Once again, that's the star key

電話。再一次，那是星鍵

followed by the digit 1. And we'll take our first

其次是數字 1。我們將採取我們的第一個

question from Rebecca Runkle with Morgan Stanley.

Rebecca Runkle 與摩根士丹利的問題。

Good afternoon. That was that was

下午好。那是

quick. How are you doing.

快的。你好嗎。

I'm doing well. Thank you.

我很好。謝謝你。

Good. Thank you so much for

好的。非常感謝你

everything. Just a quick question. First, in

一切。只是一個快速的問題。首先，在

terms of foreign currency, could you walk us just

外幣計價，你能陪我們走嗎

more specifically through what the foreign

更具體地說，通過什麼外國

currency impacts were in total through the P and L?

貨幣影響是通過 P 和 L?

You mean for the third

你是說第三個

quarter?

四分之一？

For the third quarter, yep.

第三季度，是的。

Yeah. Well, let me first say

是的。好吧，我先說

we normally hedge out six months of future cash

我們通常對沖六個月的未來現金

flows in terms of our foreign currency business,

就我們的外匯業務而言，

okay?

好的？

Uh-huh.

嗯。

And so what we would have done,

所以我們會做的，

based on that policy, is locked in, through a

根據該政策，被鎖定，通過

combination of forward contracts and options,

遠期合約和期權的組合，

the - basically, the next six months of, you

- 基本上，接下來的六個月，你

know, expected foreign currency cash flows back

知道，預期外幣現金流回

several months ago.

幾個月前。

So what I'm saying is that the June

所以我要說的是六月

quarter was locked in several months ago when

季度在幾個月前被鎖定時

the dollar was stronger. Okay?

美元走強。好的？

Uh-huh.

嗯。

And now we've had a significant

現在我們有了一個顯著的

run-up in the - weakening in the dollar and

美元走弱和

strengthening of the Euro and yen, and

歐元和日元走強，以及

particularly the Euro. And so I can't tell you

尤其是歐元。所以我不能告訴你

exactly what the impact was in the quarter, but

確切地說是本季度的影響，但是

given that the pricing of products, you know,

鑑於產品的定價，你知道，

reflected weaker foreign currencies than the rates

反映外幣弱於利率

that we had hedged at for the June

我們為六月對沖的

quarter, there was some favorable benefit in

季度，有一些有利的好處

the June quarter.

六月季度。

Thanks, Rebecca. Could we have

謝謝，麗貝卡。我們能不能

the next question please?

請問下一個問題？

Our next question comes from

我們的下一個問題來自

Kimberly Alexy with Prudential Securities.

保誠證券的金伯利·阿列克西 (Kimberly Alexy)。

Yeah, thanks. Fred, a couple

是的，謝謝。弗雷德，一對

questions. The first is that with your revenue

問題。首先是你的收入

guidance, obviously part of what you're suggesting

指導，顯然是你建議的一部分

is that with the inventory work-down, you know,

是隨著庫存的減少，你知道，

you're a little bit more cautious on the September

九月你要謹慎一點

quarter, but can you give us any signs in terms of

季度，但你能給我們任何跡象嗎？

confidence levels or early indications on

置信水平或早期跡象

back-to-school and how you're feeling about that

回到學校以及你對此的感受

in the context of the guidance?

在指導的範圍內？

And then maybe also focusing on the - the margin

然後也許還關注 - 邊距

commentary, maybe touch on what your outlook is

評論，也許可以談談你的觀點

for component costs into the third quarter, and

第三季度的組件成本，以及

also, if you could just give us an update on how

另外，如果你能告訴我們如何更新

you're thinking about promotional activity. As a

您正在考慮促銷活動。作為一個

general rule of thumb, it seems like you've been

一般的經驗法則，看起來你已經

stepping that up, particularly at the store level

加強這一點，特別是在商店層面

recently, and I'm just trying to get a sense of

最近，我只是想了解一下

sort of any changes there on the horizon.

即將發生的任何變化。

And then lastly, any kind of data you can give us

最後，您可以提供給我們的任何類型的數據

on the Wintel switchers campaign and whether or

關於 Wintel 切換器活動以及是否

not you think that's off to a good start. Thank

不是你認為這是一個好的開始。感謝

you.

你。

Okay. Let me take the Wintel

好的。讓我拿Wintel

switcher campaign first.

切換器活動首先。

I would say that anecdotally, we believe it's off

我會說，有趣的是，我們相信它已經關閉

to a good start. We don't have hard data yet, but

一個好的開始。我們還沒有硬數據，但是

what we do know is that many of our channel

我們所知道的是，我們的許多頻道

partners, as well as our Apple retail stores, are

合作夥伴以及我們的 Apple 零售店

reporting that we have a lot of Windows users

報告我們有很多 Windows 用戶

coming into the store and saying, "Hey, I'm a

走進店裡說：“嘿，我是

switcher, I'm a Windows user and I'm here to take

切換器，我是 Windows 用戶，我來這裡

a look at the Mac." But, you know, Ron will be

看看 Mac。”但是，你知道，羅恩會

giving an update at the analysts' meeting on our

在分析師會議上更新我們的

retail initiative tomorrow, so I'll leave that for

明天零售計劃，所以我會把它留給

further elaboration to him at that time.

當時對他作了進一步的闡述。

In terms of the outlook for the September quarter,

就九月季度的前景而言，

what I want to reinforce is that, you know, in

我想強調的是，你知道，在

the June

六月

quarter we expected basically a flat sequential

我們預計季度基本持平

industry performance, and IDC and whether you look

行業表現，以及IDC和你看

at NPD Tech World, whatever, is saying, "Hey, you

在 NPD Tech World，不管怎麼說，“嘿，你

know, there's been a decline in the June

知道，六月有所下降

quarter versus the March quarter," and we didn't

季度與 3 月季度相比，”我們沒有

expect that. And so, you know, basically, we

期待那個。所以，你知道，基本上，我們

didn't hit our original targets in the June

六月沒有達到我們最初的目標

quarter because we didn't get the uplift in late

季度，因為我們在後期沒有得到提升

May and June that we had expected. And so I think

我們預期的五月和六月。所以我認為

given the current weakness, and particularly in

鑑於目前的弱點，尤其是在

the consumer PC market, I think it's prudent for

消費PC市場，我認為這是謹慎的

us to be very cautious relative to our guidance

我們對我們的指導要非常謹慎

for the September quarter, and not to anticipate a

對於 9 月季度，而不是預期

normal amplitude of uplift for back-to-school in

開學後的正常隆起幅度

the September quarter.

九月季度。

That doesn't mean there won't be some uplift, you

這並不意味著不會有一些提升，你

know, in terms of the seasonal pattern, but, you

知道，就季節性模式而言，但是，你

know, we're not counting on the normal amplitude

知道，我們不指望正常幅度

of the seasonal uplift.

的季節性抬升。

As it relates to education, we held share, we

因為它與教育有關，我們持有股份，我們

believe, you know, based on IDC's saying that they

相信，你知道，根據 IDC 的說法，他們

were projecting the education market to be down

預計教育市場將下滑

year over year in units shipments by 18%, and we

單位出貨量同比增長 18%，我們

were down 17%. So we think we held our share at

下跌了 17%。所以我們認為我們在

about 20%.

約 20%。

As you know, the September quarter typically is

如您所知，9 月季度通常是

comparable to the June

與六月相比

quarter in unit shipments into education, with K-12

四分之一的單位出貨量進入教育領域，K-12

not being quite as strong in the September

在 9 月沒有那麼強勁

quarter as the June

作為六月的季度

quarter, but higher Ed being stronger. And so

四分之一，但更高的 Ed 更強。所以

I would tell you that we're anticipating, you

我會告訴你，我們正在期待，你

know, a fairly comparable September quarter for

知道，一個相當可比的九月季度

education to the June

六月教育

quarter, with the exception of the overlay of

季度，除了覆蓋

the main order, which we currently expect to -

我們目前期望的主要訂單 -

plan to begin shipping in the September quarter.

計劃在九月季度開始發貨。

So hopefully I've answered the kind of outlook for

所以希望我已經回答了那種前景

the September quarter.

九月季度。

I think you asked -

我想你問 -

Just the margins and pricing. Any

只是利潤和定價。任何

kind of - I mean, you know, if you could talk

有點 - 我的意思是，你知道，如果你能說話

about component pricing and strategy.

關於組件定價和策略。

Sure. Exactly. Relative to

當然。確切地。關係到

margins, I would say again, we were cautious on

利潤，我要再說一遍，我們對

gross margins, guiding down a hundred basis

毛利率，指導下百基

points, approximately. And the reason for that is

點，大約。原因是

because we're going to have have to make some

因為我們將不得不做一些

pricing adjustments in Europe and certain other

歐洲和某些其他地區的定價調整

locations as a result of the strengthening of the

位置作為加強的結果

Euro, and yet we have our hedge portfolio already

歐元，但我們已經有了對沖投資組合

in place. If you follow me. Because we hedge out

到位。如果你跟著我。因為我們對沖

six months before the run-up in the Euro. And so

歐元上漲前六個月。所以

that's going to cause a little bit of a hit

這會造成一點打擊

relative to the June

相對於六月

quarter, we'll have a little bit of a hit in

季度，我們會有一點點成功

the September quarter.

九月季度。

As to component costs - and we're expecting a

至於組件成本 - 我們預計

little more aggressive pricing on possible or

稍微激進的定價可能或

planned introduction of new products during the

期間計劃推出新產品

quarter.

四分之一。

And in terms of component costs, I would say we're

就組件成本而言，我想說我們是

expecting a relatively stable environment for

期待一個相對穩定的環境

component costs relative to where they are right

相對於正確位置的組件成本

now.

現在。

Great. Thank you.

偉大的。謝謝你。

You're welcome.

別客氣。

Thanks Kimberly. Could we have

謝謝金伯利。我們能不能

the next question, please.

下一個問題，請。

Yes. Our next question comes from

是的。我們的下一個問題來自

Andrew Neff with Bear Stearns.

安德魯·內夫與貝爾斯登。

Thanks, Fred. Just two things, if I

謝謝，弗雷德。只有兩件事，如果我

could. One, just on the retail strategy, you

可以。一、就零售策略而言，你

mentioned you're going to open two stores -

提到你要開兩家店-

you've opened two stores already. What's the

你已經開了兩家店了。是什麼

plan, as far as you can talk, for that? How far

計劃，據你所知，為此？多遠

out can you go? Any plans for stores outside the

你能出去嗎？任何計劃之外的商店

U.S.?

我們。？

Okay. We're planning to - in

好的。我們正計劃 - 在

the current calendar year, we'll close with 50 stores.

在當前日曆年，我們將關閉 50 家商店。

We currently have 31 and we'll have - open our

我們目前有 31 個，我們將擁有 - 打開我們的

32nd store in Soho here in New York City on

紐約市 Soho 的第 32 家商店

Thursday. We're really excited about that. And

週四。我們對此感到非常興奮。和

we don't have any current plans to open stores

我們目前沒有任何開店計劃

outside the United States.

在美國以外。

Where does that number go to,

那個號碼去哪了

eventually? Does 50 go to - is 50 your -

最終？ 50 去 - 是 50 你的 -

You know, here's what I would say is

你知道，這就是我要說的

that just like, you know, we said last calendar

就像，你知道，我們說上一個日曆

year, our Phase I plan is 25 stores, and we

一年，我們的一期計劃是25家店，我們

actually did 27. Then we said we're going to take

實際上做了27。然後我們說我們要拿

a breather, because we want to do this in a very

喘口氣，因為我們想在一個非常

controlled fashion, and evaluate what the results

控制時尚，並評估結果

were of those first phase of stores. We've done

是那些第一階段的商店。我們已經完成了

that. Ron Johnson is going to update you tomorrow

那。羅恩·約翰遜明天會更新你

at the analysts' meeting. He's making a

在分析師會議上。他正在製作一個

presentation on what we learned, and the plans for

介紹我們學到了什麼，以及計劃

this year. And then again, we're doing this in a

今年。再說一次，我們正在這樣做

very controlled fashion and so I'm sure we'll then

非常受控制的時尚，所以我相信我們會

evaluate, after phase II - meaning this calendar

評估，在第二階段之後 - 意思是這個日曆

year - what we want to do for phase III, and we

年——我們想為第三階段做些什麼，我們

haven't made that determination yet.

還沒有下定決心。

Are you seeing any reaction from the

你有沒有看到任何反應

existing resellers in those markets that's - and

這些市場中的現有經銷商 - 和

how are you addressing that?

你是如何解決這個問題的？

You know, Ron will cover that

你知道，羅恩會報導的

tomorrow, but - and I don't want to steal his

明天，但是-我不想偷他的

thunder but I'll tell you the following: that

雷聲，但我會告訴你以下內容：

we've done a lot of analysis based on results of

我們根據以下結果做了很多分析

the first six months ended June of this calendar

本日曆截至 6 月的前六個月

year, and what I would tell you is that the

年，我要告訴你的是

results in the markets where we have our stores

結果在我們有商店的市場

are very - for the channel partners, are very -

非常 - 對於渠道合作夥伴來說，非常 -

overall, in total, are very comparable to what

總的來說，總的來說，與什麼非常相似

they are where we - in markets where we don't

他們在我們所在的地方——在我們沒有的市場

have our stores. And so I think that's good news.

有我們的商店。所以我認為這是個好消息。

Ergo, the conclusion would be that our new retail

因此，結論將是我們的新零售

effort is not, you know, hurting the performance

你知道，努力不會影響表現

of our channel partners.

我們的渠道合作夥伴。

Okay. Thanks very much.

好的。非常感謝。

Thanks Andy. Could we have the next

謝謝安迪。我們可以有下一個

question, please?

請問一下？

Our next question comes from Walter

我們的下一個問題來自沃爾特

Winnitski with First Albany.

Winnitski 與第一奧爾巴尼。

Yes. Thanks. I have a couple of

是的。謝謝。我有幾個

questions. Fred, is it possible to quantify the

問題。弗雷德，是否有可能量化

channel impact - channel reduction impact in Q4

渠道影響——第四季度渠道減少的影響

in unit or revenue terms?

在單位或收入方面？

Second, I think I heard you say that the goal was

其次，我想我聽到你說目標是

to take inventory down to 4 to 5 weeks by the

庫存減少到 4 到 5 週

December quarter?

十二月季？

That is correct.

那是對的。

And would that imply some kind of an

這是否意味著某種

adverse impact in the December quarter as well

對 12 月季度的不利影響

on -

上 -

No.

不。

- booked revenues?

- 入賬收入？

No. Let me be real clear. Let

不，讓我說清楚。讓

me back up to - again, because I hope you picked

我支持 - 再次，因為我希望你選擇

up on it. When we said, you know, we ended with

之上。當我們說，你知道，我們以

relatively flat overall, including the eMac

整體相對平坦，包括 eMac

channel inventory at the end of June versus March,

與 3 月相比，6 月底的渠道庫存，

but it was 6-and-a-half weeks of channel inventory

但這是 6 周半的渠道庫存

based on, you know, our sell-through versus 4 and

基於，你知道，我們的銷售與 4 和

a half weeks in the prior quarter, because

上一季度的半週，因為

obviously that means we had higher sell-through.

顯然，這意味著我們的銷售量更高。

We try to take - if you look at it trailing -

我們試圖採取 - 如果你看它尾隨 -

right? - the average of the last five weeks of

正確的？ - 最近五週的平均值

the quarter, as your denominator, and so that

四分之一，作為你的分母，所以

would say that the sell-through in the last 5

會說最近 5 年的銷售

weeks of the June

六月的幾個星期

quarter was lower than the last 5 weeks of the

季度低於過去 5 週

March quarter.

三月季度。

But the point I really want to make is, that

但我真正想說的是，

includes demonstration units at all of our channel

包括我們所有渠道的演示單元

partners, and what do we have, maybe 5,000 points

合作夥伴，我們有什麼，也許是 5,000 點

of distribution globally? And for all of our

全球分佈？對於我們所有人

products? So - and it includes all the

產品？所以 - 它包括所有

in-transits, you know. Not only en route from

在途，你知道的。不僅在途中

transportation, but across docks at CompUSA and so

運輸，但穿過 CompUSA 等碼頭

forth. So, you know, that doesn't mean we have

向前。所以，你知道，這並不意味著我們有

anywhere near 6-and-a-half weeks of new for-sale

近 6 周半的新待售商品

product at our points of distribution, in terms of

產品在我們的分銷點，在

storefronts. So is that clear?

店面。那麼清楚了嗎？

Yes. Could you quantify that impact

是的。你能量化這種影響嗎

of this quarter, what it would be, in units? What

本季度，它將是多少，以單位為單位？什麼

you're planning on doing, maybe, or revenues?

你打算做什麼，也許，或收入？

So basically, we're - we're

所以基本上，我們是 - 我們是

looking at a gradual progression down toward that,

看著朝著那個方向逐漸發展，

again, 4 to 5 range, and so if we have a

再一次，4到5的範圍，所以如果我們有一個

1-and-a-half week, you know, reduction in channel

1個半星期，你知道，渠道減少

inventory planned over the next two quarters, I

計劃在接下來的兩個季度進行庫存，我

certainly would hope that we could achieve at

當然希望我們能夠在

least half of that reduction in the September

9 月減少的至少一半

quarter, and then the last remaining half of that

四分之一，然後是剩下的一半

reduction, so, you know, call it three-quarters of

減少，所以，你知道，稱之為四分之三

a week to get you down to, you know, five and

一個星期讓你下來，你知道，五和

three-quarters weeks, in the September quarter,

四分之三週，在九月的那個季度，

and get you down to at least 5 weeks in the

並讓你在

December quarter.

十二月季度。

Now, I'm not ruling out that we might do better

現在，我不排除我們可能會做得更好

and get to that level in the September quarter,

並在九月季度達到那個水平，

but I just want to, you know, indicate that our

但我只是想，你知道，表明我們的

current planning would say we'll do it gradually

目前的計劃會說我們將逐步進行

over the next two quarters, but get halfway there

在接下來的兩個季度中，但到達一半

this quarter.

本季度。

Fred, have you done any thinking

弗雷德，你有沒有想過

about the impact on sales and the fact that in

關於對銷售的影響以及在

light of some good products on the iMac side, the

鑑於 iMac 方面的一些好產品，

demand just isn't there, that you could be looking

需求不存在，您可能正在尋找

at a situation similar to the Wintel world,

在類似於 Wintel 世界的情況下，

where people are just stretching out and PC life

人們只是在伸展和PC生活

cycles have grown and it doesn't matter how

週期已經增長，不管怎樣

stylish or good of product you have, they're not

您擁有的時尚或優質產品，它們不是

going to be in the market for a while?

會在市場上一段時間嗎？

You know, I have to back up and

你知道，我必須備份和

say, I had incredible confidence, going into the June

說，我有難以置信的信心，進入六月

quarter, because let's look at, again, where we

季度，因為讓我們再看看我們在哪裡

were.

是。

We had a really strong backlog of flat-panel

我們有大量積壓的平板

iMacs, the neighborhood of about 70,000 units, and

iMac，大約有 70,000 台，以及

slightly over a hundred million dollars in value,

價值略高於一億美元，

going into the June

進入六月

quarter, when we started it.

季度，當我們開始它時。

We had a product that had great market acceptance

我們的產品具有很高的市場接受度

with that flat-panel iMac, and we expected it to

使用那台平板 iMac，我們期望它

have strong legs throughout the quarter. We knew

在整個季度都有強壯的腿。我們知道

we were introducing a lot of new products. I just

我們推出了很多新產品。我只是

very quickly tick them off. The new eMac for

很快就把它們打勾。新的 eMac

education. And then we brought it in June, toward

教育。然後我們在六月把它帶到了

the end of the quarter, to the consumer market.

季末，到消費市場。

We had refreshes on the PowerBook, the Power Mac,

我們更新了 PowerBook、Power Mac、

and, you know, we also introduced a new what we

而且，你知道，我們還推出了一個新的

think is awesome, in terms of value and price

認為是真棒，在價值和價格方面

performance, rack-mount server in terms of the

性能方面，機架式服務器

Xserve.

服務。

So, you know, we - to your point - felt like,

所以，你知道，我們 - 就你而言 - 感覺就像，

gee, we just got awesome products going into the June

哎呀，我們剛剛在六月推出了很棒的產品

quarter and we didn't make our original

季度，我們沒有製作我們的原創

guidance. And we're disappointed. But I think

指導。我們很失望。但我覺得

that it was an industry situation, rather than

這是一個行業情況，而不是

anything unique to Apple. And what I mean by that

蘋果獨有的東西。我的意思是

is, the particular weakness on the consumer

是，消費者的特殊弱點

market, which, you know, IDC is projecting to be

市場，你知道，IDC 計劃成為

down 15% sequentially.

環比下降 15%。

And we're disappointed by the performance of our

我們對我們的表現感到失望

pro products, particularly the Power Mac, and, you

專業產品，尤其是 Power Mac，以及，您

know, we just see continuing weakness in the -

知道，我們只是看到持續疲軟 -

clearly in the pro - or creative markets where,

顯然在專業或創意市場中，

you know, Apple has a stronghold.

你知道，蘋果有一個據點。

But I will tell you that in - I know Tim is going

但我會告訴你——我知道蒂姆要去

over this data tomorrow, so I'm not going to steal

明天在這個數據上，所以我不打算偷

his thunder, but, you know, buying intention, as

他的雷聲，但是，你知道，購買意圖，作為

you'll see tomorrow, remains very strong based on

你明天會看到，仍然非常強大

independent data we have for the Macintosh, in

我們為 Macintosh 提供的獨立數據，在

terms of our creative markets. So we don't think

我們的創意市場條款。所以我們不認為

we're losing those customers. It's just they're

我們正在失去這些客戶。只是他們是

deferring because their business isn't good, and,

推遲是因為他們的生意不好，而且，

you know, they're seeing - if you're an

你知道，他們看到了——如果你是一個

advertising firm - their ad revenues dropping.

廣告公司 - 他們的廣告收入下降。

So I have to, you know, agree that it's a very

所以我必須，你知道，同意這是一個非常

tough market right now.

現在市場很艱難。

Okay. Thanks.

好的。謝謝。

Thank you, Walter. Could we

謝謝你，沃爾特。我們能

have the next question, please?

請問有下一個問題嗎？

Our next question comes from Don

我們的下一個問題來自唐

Young with UBS Warburg.

年輕的瑞銀華寶。

Yeah. Just a clarification, to start

是的。只是一個澄清，開始

with, if I could, Fred.

如果可以的話，和弗雷德一起。

You had projected much lower channel inventories

您預計渠道庫存要低得多

on your pre-release, which I think was around

在你的預發布，我認為是

June 18th and I'm wondering why the big

6 月 18 日，我想知道為什麼大

difference, with just two weeks to go in the quarter,

差異，本季度僅剩兩週時間，

was the estimate then on what was on hand off

當時的估計是手頭上的東西

or was the sales in late June a disaster.

還是六月下旬的銷售是一場災難。

Don, if I could just clarify on

唐，如果我能澄清一下

that point. What I did say on June 18th was I

那一點。我在 6 月 18 日所說的是我

expected channel inventory to remain relatively

預計渠道庫存將保持相對

flat in terms of units from the end of the March

從 3 月底起單位單位持平

quarter to the end of the June quarter, and I had

季度到六月季度末，我有

at that time three weeks of sell-through

當時三週的銷售

information that I did not have, and I'm sorry, I

我沒有的信息，對不起，我

ended up being off - I said relatively flat, and

最終被關閉 - 我說相對平坦，並且

we ended up being up 8,000 units, which I consider

我們最終增加了 8,000 個單位，我認為

relatively flat.

比較平坦。

Well, I thought you had said

好吧，我以為你說過

five-and-a-half weeks because the.

五個半星期因為。

No, sir. I did not.

不，先生。我沒有。

Okay.

好的。

In fact, the problem is,

其實問題是，

because we compute it, you know, like on a

因為我們計算它，你知道的，就像在一個

trailing five weeks, the deviser, I wouldn't have

五個星期後，設計者，我不會有

had three of those last five weeks that I stayed

在過去的五個星期裡，我住了三個

clear of trying to convert it to weeks because I

清除嘗試將其轉換為幾週，因為我

didn't know what the average weekly sell-through

不知道平均每週銷售量是多少

would be as the devisor and I wanted to gauge it

將作為除數，我想衡量它

based upon absolute unit channel inventory. I was

基於絕對單位渠道庫存。我曾是

very careful and I think if you go back and check

非常小心，我想如果你回去檢查

the recorded conference call, that it will

錄製的電話會議，它將

demonstrate that what I'm saying is accurate.

證明我說的是準確的。

So the - the end of June sales must

所以——六月底的銷售必須

have been particularly weak.

一直特別弱。

I didn't comment on channel

我沒有評論頻道

inventory. I would say that, you know, we didn't

存貨。我會說，你知道，我們沒有

miss by far. We were off 8,000. I expected at

遠遠錯過。我們少了8000。我預計在

that time the channel inventory in terms of the

那個時候的渠道庫存而言

number of weeks would be up, but I didn't want to

週數會增加，但我不想

characterize my expectation based on weeks of

根據周數來描述我的期望

inventory because I wouldn't have had three of the

庫存，因為我不會有三個

five weeks of the devisor.

五週的除數。

Fred, the other thing I wanted to go

弗雷德，我想去的另一件事

into a little bit was the whole marketing

進入一點點是整個營銷

strategy, and maybe we'll talk about it -

策略，也許我們會談論它-

Sure.

當然。

- at the analysts' meeting tomorrow

- 在明天的分析師會議上

but it just seems the way Apple launches products way

但它似乎只是蘋果推出產品的方式

before they ship, generates a ton of demand, has

在他們發貨之前，產生大量需求，已經

an unhedged component exposure, can't really gauge

未對沖的組件敞口，無法真正衡量

the demand because you get that front-end surge

需求，因為你得到了前端的激增

but then you work through it and then there's no

但是然後你通過它然後沒有

demand behind it. Has management thought about

背後的需求。管理層是否考慮過

approaching the whole launch of new products a

即將全面推出新品一

little bit differently than what you did with the

與您對

most recent iMac?

最近的 iMac？

You know, Don, I really haven't

你知道，唐，我真的沒有

had any discussion with Steve Jobs or the

與史蒂夫喬布斯或

marketing team on that. As far as I know, we

營銷團隊。據我所知，我們

don't have any plans to change, you know, our

沒有任何改變的計劃，你知道，我們的

product launch practice.

產品發布實踐。

Okay. Thank you. See you tomorrow.

好的。謝謝你。明天見。

See you. Thanks, Don.

再見。謝謝，唐。

Thanks, Don. Could we have the

謝謝，唐。我們能不能

next question, please?

請問下一個問題？

Yes. Our next question comes from

是的。我們的下一個問題來自

Richard Gardner with Salomon Smith Barney.

理查德加德納與所羅門美邦。

Hey, Fred. Just wanted to ask you -

嘿，弗雷德。只是想問你——

and I know you're probably going to defer until

我知道你可能會推遲到

tomorrow, but what do you think the medium to

明天，但你認為媒介是什麼

long-term operating model for this company is, now

這家公司的長期運營模式是，現在

that you're so far off of original expectations

你離最初的期望太遠了

for the September quarter in terms of operating

九月季度的運營情況

margins and profitability?

利潤率和盈利能力？

And why would you not reconsider your current

你為什麼不重新考慮你現在的

plans for store openings for the rest of the year,

計劃在今年餘下時間開店，

given that it looks like your operating model

鑑於它看起來像您的運營模式

really is kind of in limbo right now and you

現在真的有點陷入困境，你

really don't know, you know, what the revenue

真的不知道，你知道，收入是多少

growth is going to look like, and yet you're

增長看起來像，但你

adding additional fixed costs to your model.

為您的模型增加額外的固定成本。

Well, let me first address the

好吧，讓我先解決

stores. So if we end with 50 by the end of the

商店。所以如果我們在結束時以 50 結尾

calendar year, we will open, including the one

日曆年，我們將開放，包括一個

this Thursday, an additional 19 stores. I will

本週四，新增 19 家門店。我會

tell you that those are in process. The

告訴你那些正在處理中。這

overwhelming majority of them.

他們中的絕大多數。

And I think that the locations are awesome, and I

而且我認為這些地點很棒，而且我

am very confident that this retail initiative,

我非常有信心，這項零售計劃，

which is, as I said, very phased and under

正如我所說，這是非常分階段的

control, is going to actually contribute to

控制，實際上將有助於

Apple's long-term growth. I'm very confident of

蘋果的長期增長。我非常有信心

that.

那。

Let me make one other point.

讓我再提一點。

It's my recollection that we had, on the retail

這是我對零售店的回憶

division, sales, 11 million in manufacturing

部門，銷售額，1100 萬製造

profit during the quarter. And so if you were to

本季度的利潤。所以如果你要

assume - and Ron will address this tomorrow -

假設——羅恩明天會解決這個問題——

that half of our business is incremental, that

我們一半的業務是增量的

would be 5-and-a-half million just, you know,

就是550萬，你知道，

dividing by two the 11 million in manufacturing

除以 2 製造業的 1100 萬

profit, which would say we're very close, even in

利潤，也就是說我們非常接近，即使在

the last quarter, the June

最後一個季度，六月

quarter, to break-even in terms of the overall

季度，在整體方面實現收支平衡

consolidated impact of our retail initiative on

我們的零售計劃對以下方面的綜合影響

Apple.

蘋果。

As to the long-term operating model, I just - you

至於長期的運營模式，我只是-你

know, given the current environment of the

知道，鑑於目前的環境

personal computer industry right now, you know,

現在的個人電腦行業，你知道，

that's something I don't really want to get into,

那是我真的不想涉足的事情，

as you anticipated, in terms of giving any

如您所料，在給予任何

guidance on that right now. I think, you know, we

現在就提供這方面的指導。我想，你知道，我們

have limited visibility. I don't really want to

能見度有限。我真的不想

go beyond the guidance that we've given on the

超越我們提供的指導

September quarter.

九月季度。

I will tell you that Apple is still committed to

我會告訴你，蘋果仍然致力於

making the investments necessary to gain market

進行必要的投資以獲得市場

share and grow the company. We're very

分享和發展公司。我們很

financially strong, with 4.3 billion in cash. We

財務實力雄厚，擁有 43 億現金。我們

didn't have the kind of quarter that we expected

沒有我們預期的那種季度

or hoped for in the June

或希望在六月

quarter, but we're still profitable. And I

季度，但我們仍然盈利。和我

would just remind you that as far as I know, there

只是提醒你，據我所知，有

are only two companies in the PC sector that are

個人電腦領域只有兩家公司

profitable: Dell and Apple. And so I think that

盈利：戴爾和蘋果。所以我認為

we're not mortgaging the future. We're continuing

我們不會抵押未來。我們繼續

to invest in the key growth initiatives for the

投資於關鍵的增長計劃

company. And to do that and lay the foundation

公司。並為此奠定基礎

when we - you come out of this industry downturn,

當我們——你們走出這個行業的低迷時期，

and at the same time remain profitable, albeit,

同時保持盈利，儘管，

you know, slight profitability that we're guiding

你知道，我們正在指導的輕微盈利

to for the September quarter, I think, you know,

到九月季度，我想，你知道，

is acceptable to management, in terms of striking

管理層可以接受，在打擊方面

the right balance.

正確的平衡。

Obviously, we'd like to be doing better, and we're

顯然，我們希望做得更好，而且我們正在

going to strive to do better, but, you know, we're

會努力做得更好，但是，你知道，我們

giving guidance that we feel in this environment

提供我們在這種環境中感受到的指導

is appropriate.

是合適的。

But we don't have any current plans to alter the

但我們目前沒有任何計劃來改變

operating model.

運營模式。

Thanks, Rich. Could we have the

謝謝，里奇。我們能不能

next question, please?

請問下一個問題？

Our next question comes from Howard

我們的下一個問題來自霍華德

[Gleisher] with Metropolitan West.

[Gleisher] 與 Metropolitan West。

Hi. Thanks very much. Two quick

你好。非常感謝。兩個快

questions, both related to SG and A.

問題，都與 SG 和 A 有關。

I do notice - and maybe it's just my perception,

我確實注意到了——也許這只是我的看法，

of, you know, the very strong push in the

的，你知道的，非常強大的推動力

switchers' campaign, but I don't see the growth in

切換者的活動，但我沒有看到增長

SG and A year to year. I'm wondering what - where

SG 和年復一年。我想知道什麼 - 在哪裡

you're able to cut back. Is there just cost

你可以削減。只有成本嗎

savings, or how you're able to pay for that

儲蓄，或您如何支付

without showing increasing SG and A or maybe my

沒有顯示增加 SG 和 A 或者我的

perception is different than reality.

認知與現實不同。

If I could answer that one.

如果我能回答那個問題。

Sure.

當然。

We have really, really tight

我們真的非常緊

expense controls in the company. And what we've

公司的費用控制。而我們所擁有的

been doing, you know, is cutting back on our

一直在做，你知道，正在削減我們的

infrastructure costs, both, you know, people and

基礎設施成本，你知道的，人和

non-people expenses, wherever possible, and that's

非人員費用，盡可能

been how we've been able to basically offset so

是我們如何能夠基本上抵消所以

far this year the increased investments in areas

今年到目前為止投資增加的領域

like our new retail initiative, right?

就像我們的新零售計劃一樣，對吧？

Increased R and D. And, you know, increased

增加 R 和 D。而且，你知道，增加了

advertising, as you've seen, certainly in this

廣告，正如你所見，當然在這

last quarter with the switcher campaign.

上個季度的切換器活動。

But I also think we're kind of focusing it.

但我也認為我們有點關注它。

Steve, I think, has a great philosophy, in that he

我認為史蒂夫有一個偉大的哲學，因為他

likes to put all the wood behind one arrow, if you

喜歡把所有的木頭都放在一支箭後面，如果你

will, and so, you know, he's got a lot of those

會，所以，你知道，他有很多這樣的

resources behind the switcher campaign right now,

現在切換器活動背後的資源，

which we think is really critical that we - you

我們認為這對我們 - 你真的很重要

know, when we - we're trying to go for this other

知道，當我們——我們試圖去追求另一個

95%, not only with our retail stores but also for

95%，不僅在我們的零售店，而且對於

all of our channel partners, and, you know,

我們所有的渠道合作夥伴，你知道，

anecdotally, you know, we're getting good feedback

有趣的是，你知道，我們得到了很好的反饋

on this, that it is resonating, although we don't

在這一點上，它引起了共鳴，儘管我們沒有

have hard data yet, with Windows users.

Windows 用戶還擁有硬數據。

So I think it's more that rather than increasing

所以我認為更多的是而不是增加

dramatically, our advertising, that what we're

戲劇性地，我們的廣告，我們是什麼

doing is really focusing it on this switcher

做的就是把重點放在這個切換台上

campaign right now.

現在競選。

And then this might be a little

然後這可能有點

controversial, but if -

有爭議，但如果——

By the way, the switcher

順便說一句，切換器

campaign is only running in the U.S., too, so let

競選活動也只在美國進行，所以讓

me be clear on that.

我要清楚。

Okay. Then - but, you know, if you

好的。然後 - 但是，你知道，如果你

have the confidence that you can get market share

有信心獲得市場份額

up and you can do that by having switchers, and

你可以通過切換器來做到這一點，並且

you have an environment today where your

你今天有一個環境，你的

competition - all of your competition in the PC

比賽 - 你在 PC 上的所有比賽

space, other than Dell - and I know that's a big

空間，除了戴爾——我知道這是一個很大的

other, but other than Dell - you know, is in

其他，但除了戴爾之外 - 你知道，在

disarray, why don't you spend even more to get

混亂，你為什麼不花更多的錢來獲得

market share when there's a lot of uncertainty, HP

不確定性很大時的市場份額，惠普

and Compaq, who knows what's happening with

還有康柏，誰知道發生了什麼

Gateway, you have an unique opportunity and you

Gateway，你有一個獨特的機會，你

have a very new product line that you pointed out.

有一個你指出的非常新的產品線。

If you - if you wait too much longer, then the

如果您 - 如果您等待的時間過長，那麼

uniqueness and the novelty of the product may not

產品的獨特性和新穎性可能不

come through as well in the campaigns.

在競選活動中也取得了成功。

Yeah. We're trying to strike

是的。我們正試圖罷工

the right balance. Clearly, if we weren't

正確的平衡。顯然，如果我們不是

concerned about retail profit - I mean, excuse

擔心零售利潤-我的意思是，藉口

me, short-term profitability, you could pursue a,

我，短期盈利，你可以追求一個，

you know, full speed ahead. But, you know, we're

你知道，全速前進。但是，你知道，我們是

just really trying to balance the long-term with

只是真的試圖平衡長期與

the short-term, remaining profitable as a company

短期的，作為一家公司保持盈利

in the short term, and so it's a tough balancing

在短期內，所以這是一個艱難的平衡

act right now.

立即行動。

But, you know, there is some merit to the point

但是，你知道，這有一些優點

you're raising.

你在養。

Or is it that you're not yet sure

還是你還不確定

that this switcher campaign can actually work

這個切換器活動實際上可以工作

long-term?

長期？

We don't have hard - enough

我們沒有足夠的努力

hard data yet, as I've said, but anecdotally,

硬數據，正如我所說，但有趣的是，

early reports are that it's a good program.

早期的報告是這是一個很好的計劃。

Thank you.

謝謝你。

Thank you, Howard. Could we

謝謝你，霍華德。我們能

have the next question, please?

請問有下一個問題嗎？

Yes. Our next question comes from

是的。我們的下一個問題來自

Charles Wolf with Needham.

查爾斯沃爾夫與李約瑟。

Hi, Fred.

嗨，弗雷德。

Maybe Ron is going to cover this

也許羅恩會報導這個

tomorrow, but I was interested in the number of

明天，但我對人數感興趣

visitors to the store in the June

六月來店裡的遊客

quarter and the percentage of purchases by

季度和購買百分比

non-Mac visitors of the total Macs sold in the

銷售的 Mac 總數中的非 Mac 訪問者

stores. Is he going to cover that?

商店。他會覆蓋嗎？

Charlie, he is. If I could

查理，他是。如果我能

just defer that to tomorrow, Ron's going to give

把它推遲到明天吧，羅恩會放棄的

about a 30-minute presentation and be available

大約 30 分鐘的演示，並且可以使用

for the Q and A, and I know there - you know,

對於 Q 和 A，我知道那裡 - 你知道，

rightfully so, there's continued interest in the

理所當然地，人們對

retail store, but if I - I've already answered a

零售店，但如果我 - 我已經回答了

few things that he was going to cover and if I

他將要介紹的幾件事，如果我

covered too much, I've preempted his presentation,

涵蓋的太多了，我搶先了他的演講，

so if I could defer that, I'd appreciate it.

所以如果我可以推遲，我會很感激的。

Fine. The other question I have is

美好的。我的另一個問題是

you mentioned restructuring charges in the

你提到了重組費用

September quarter. Can you give us any idea what

九月季度。你能告訴我們什麼嗎

the magnitude might be?

量級可能是？

Currently, we think that - we

目前，我們認為 - 我們

believe that it will be less than 10 million.

相信會不到1000萬。

Okay. Fine. Thanks a lot.

好的。美好的。非常感謝。

You're welcome.

別客氣。

Thanks, Charlie. Could we have

謝謝，查理。我們能不能

the next question, please?

請問下一個問題？

Yes. And just a reminder, it is

是的。只是提醒一下，它是

star 1 to signal for a question. Next we'll be to

星號 1 表示提問。接下來我們要去

Richard Chu with SG Cowen Securities.

SG Cowen Securities 的 Richard Chu。

Thank you very much. A couple

非常感謝。一對夫婦

things. I'd like to go back to the channel

事物。我想回到頻道

inventory point again.

再次庫存點。

I'd like to just understand finally, is it - what

我想最後才明白，是 - 什麼

you're saying that you need to reduce the weeks of

你是說你需要減少幾週

the channel inventory looking backwards on a

向後看的渠道庫存

five-week computation basis by the end of

五週的計算基礎到年底

September. In order to get there, is it your

九月。為了到達那裡，是你的

sense that you need to get actual physical units

感覺你需要得到實際的物理單位

down from the end of June levels?

從六月底的水平下降？

Yes. Let me be clear. We

是的。讓我說清楚。我們

calculate channel inventory two ways. I mean,

計算渠道庫存的兩種方法。我是說，

obviously channel inventory that you end with is

顯然，您最終的渠道庫存是

for future sales. I think you would agree. And

用於未來的銷售。我想你會同意的。和

so what we try to do is calculate it both on a

所以我們嘗試做的是在一個

five-week backward look - okay? - and also this

五週回顧——好嗎？ - 還有這個

next quarter forward looking. So take the average

下個季度向前看。所以取平均值

weekly sell-through by taking your sell-through,

通過您的銷售量進行每週銷售量，

your forecasting, dividing by 13.

你的預測，除以 13。

Now, it happens to be they both - both

現在，恰好是他們倆——都

calculations converge very close to 6.5 weeks in

計算收斂非常接近 6.5 週

terms of channel inventory at the end of the June

6月底渠道庫存情況

quarter.

四分之一。

We feel that, you know, the channel inventory, you

我們覺得，你知道，渠道庫存，你

know, if you were to strip out demo units and you

知道，如果你要去掉演示單元，你

were to strip out in-transits and so forth, we're

要去掉在途等，我們是

not in any dangerous situation like we were back

沒有像我們回來的任何危險情況

in the - if you remember the September quarter of

在 - 如果你還記得九月季度

2000. It's not that way at all. It's just that

2000. 根本不是這樣。就是這樣

we're a little longer than we'd like to be.

我們比我們想要的要長一點。

As I've said previously, we like to try to manage

正如我之前所說，我們喜歡嘗試管理

in the 4 to 5-week range, and so I think 5 is fine

在 4 到 5 週的範圍內，所以我認為 5 很好

in terms of a desirable target, so we're about a

就理想目標而言，所以我們大約是

week-and-a-half above that level, and we'd like to

比那個水平高出一個半星期，我們想

bring that down over the next two quarters. And

在接下來的兩個季度中將其降低。和

that implies that absolute unit channel inventory

這意味著絕對單位渠道庫存

will decline, that's planned to decline, in terms

將下降，按計劃下降

of the guidance we've given, in the September

我們給出的指導，在 9 月

quarter, and then again in the December quarter.

季度，然後在 12 月季度再次出現。

Okay. And you made reference to

好的。你提到了

price protection being larger at the end of June.

6月底價格保護力度較大。

Than I had expected on

超出我的預期

June 18th, yes.

6月18日，是的。

Okay. Is it - for the quarter as a

好的。是嗎 - 作為一個季度

whole, can you size that relative to recent

整體，你能把它的大小相對於最近

quarter levels, and does your guidance for

季度水平，並為您提供指導

September contemplate similar levels or higher

九月考慮類似或更高的水平

levels of price protection?

價格保護水平？

Wow!

哇！

Given especially what you said with

尤其是考慮到你所說的

respect to the need to take down price

關於降低價格的需要

structures -

結構——

Yeah.

是的。

- given currency, et cetera.

- 給定貨幣等。

You know, I would like to just

你知道，我只想

not get into that. Let me tell you why. Because

不要進入那個。讓我來告訴你為什麼。因為

obviously the price protection that we have

顯然我們擁有的價格保護

accrued at the end of the June

6月底累計

quarter takes into account planned product

季度考慮計劃的產品

introductions for the September quarter. As I

九月季度的介紹。正如我

stated earlier. But now you want to go out to the

前面說過。但現在你想出去

December quarter, which gets into planned product

12月季度，進入計劃產品

introductions in the December quarter, and, wow,

十二月季度的介紹，哇，

that's a little far out, and so I don't want to

這有點遠，所以我不想

give a precise answer to that.

給出一個準確的答案。

But I -

但是我 -

Do you couple that - from product

你把它結合起來了嗎 - 從產品

introductions as opposed to pricing action.

介紹而不是定價行動。

I can't - I can't - well, you

我不能——我不能——好吧，你

know, normally we don't take pricing actions

知道，通常我們不採取定價行動

except when we introduce replacement products,

除非我們推出替代產品，

just so you understand. The only time we've ever

讓你明白。我們唯一一次

done that was when we - Motorola, back two, three

這樣做是在我們 - 摩托羅拉，後退二、三

years ago, was not able to get us enough G4 chips,

幾年前，我們無法獲得足夠的 G4 芯片，

if you remember, and so we had to go change the

如果你還記得，所以我們不得不去改變

SKUs that we had made available, and that resulted

我們提供的 SKU，結果

in some de facto price changes, and we then had a

在一些事實上的價格變化中，然後我們有一個

price increase due to increase in LCD prices and

LCD價格上漲導致價格上漲

DRAM, as you know, in the spring of this calendar

DRAM，如你所知，在這個日曆的春天

year.

年。

And so aside from those two, I can't remember us

所以除了那兩個，我不記得我們了

ever just making a price change as a company,

曾經只是作為一家公司改變價格，

since I've been with the company, other than in

因為我一直在公司工作，除了在

conjunction with a product transition.

與產品轉型相結合。

So they're tied to product transitions, is what

所以它們與產品轉換有關，是什麼

I'm trying to tell you.

我想告訴你。

Okay. Thank you. We'll talk to you

好的。謝謝你。我們會和你談談

tomorrow.

明天。

Yeah.

是的。

Thanks, Richard. Could we have

謝謝，理查德。我們能不能

the next question, please.

下一個問題，請。

Yes. Our next question is a

是的。我們的下一個問題是

follow-up question from Andrew Neff with Bear

Andrew Neff 與 Bear 的後續問題

Stearns.

斯登。

Just a quick question on the cutbacks

只是一個關於削減的快速問題

you're doing in terms of layoffs. You'd made a

你正在裁員方面。你做了一個

point in the past couple quarters that, you know,

在過去幾個季度中指出，你知道，

you had not done layoffs and there seems to be a

你還沒有裁員，似乎有一個

significant change in terms of your view of

你的觀點發生了重大變化

things.

事物。

Well, no, I - let me just be

好吧，不，我 - 讓我成為

clear. I said limited - what I'm saying is, and

清除。我說有限——我說的是，而且

we have been doing over the last year, there

去年我們一直在做

hasn't been any across-the-board layoff at Apple.

蘋果公司沒有全面裁員。

Let me be very clear. But we have, you know -

讓我說得很清楚。但我們有，你知道——

that's what I was saying. Someone asked, "Well,

這就是我所說的。有人問：“嗯，

how are you able to fund some of these new

你怎麼能資助其中一些新的

initiatives, increased R and D, your new retail

舉措，加大研發力度，你的新零售

initiative?" It's been that we've been cutting

主動權？”我們一直在削減

back in infrastructure areas, and it included

回到基礎設施領域，其中包括

some, you know, termination of people in areas

一些，你知道的，在某些地區解僱人

where we felt they weren't an important commitment

我們認為它們不是重要的承諾

of resources that would drive the growth of the

的資源，將推動的增長

company. And so we've been reallocating resources

公司。所以我們一直在重新分配資源

all along, over the last year, on a limited basis,

一直以來，在過去的一年裡，在有限的基礎上，

which has certainly helped us to be able to hold

這無疑幫助我們能夠堅持

our expenses fairly flat.

我們的開支相當平穩。

And I'm just suggesting that we'll - we'll

我只是建議我們會 - 我們會

continue those kinds of activities potentially in

繼續這些活動可能在

the - in the September quarter, and clearly, we,

- 在九月這個季度，很明顯，我們，

you know, announced the layoff on July 7th of 7%

要知道，7月7日宣布裁員7%

of our people in the Sacramento factory.

我們在薩克拉門托工廠的員工。

Okay. And the second question was

好的。第二個問題是

just a follow-up question. Just in looking at the

只是一個後續問題。只是在看

flat-panel iMac, are you - you know, I guess are

平板 iMac，你是 - 你知道，我猜是

there - I guess we'll see some of this tomorrow,

那裡-我想我們明天會看到一些，

in terms of what's been rumored, but what do you

就傳聞而言，但你呢？

do to stimulate significant growth going forward?

如何刺激未來的顯著增長？

I mean, is there - what do you have in the

我的意思是，有沒有 - 你有什麼

pipeline, or are there things in the pipeline that

管道，或者管道中有什麼東西

can lead to that, given that this is probably

可能會導致這種情況，因為這可能是

falling short of our expectations sooner than you

比您更快地達不到我們的期望

would have thought.

會想到的。

Yeah, if I could just come back

是的，如果我能回來

to the other point. I mean, you may have also

到另一點。我的意思是，你可能也有

noticed, just to tie together what I said, that

注意到，只是為了把我說的話聯繫起來，

our head count as a company has not been declining

作為一家公司，我們的員工人數並未減少

overall, which kind of supports my reallocation of

總的來說，哪種支持我的重新分配

resources. In fact, our head count was up

資源。事實上，我們的人數增加了

slightly from the end of the March quarter to the June

從 3 月季度末到 6 月略微

quarter. So I just wanted to kind of put that

四分之一。所以我只是想把那個

in an overall context for you. So I'm sorry. Go

在您的整體情況下。所以我很抱歉。去

ahead to your next question.

在你的下一個問題之前。

Okay. Just saying in terms of what

好的。只是說什麼

our - how are you planning to address the

我們的 - 你打算如何解決

flat-panel iMac coming in short of expectations so

平板 iMac 沒有達到預期，所以

early in the cycle of a new product? I guess

在新產品週期的早期？我猜

we'll see some of that tomorrow, but are there any

我們明天會看到一些，但是有沒有

other things that you have that could help

您擁有的其他可以提供幫助的東西

generate significant growth over the next couple

在接下來的一對中產生顯著增長

quarters or next year?

季度還是明年？

I think we have - we're

我想我們有 - 我們是

continuing to invest heavily in new products. I'm

繼續大力投資新產品。我是

not going to get into, you know, what's coming

不會進入，你知道，會發生什麼

this quarter or in the December quarter. As you

本季度或 12 月季度。正如你

know, we don't talk about future products. But,

知道，我們不談論未來的產品。但，

you know, clearly we're very focused as a

你知道，顯然我們非常專注於

management team on bringing great products to

管理團隊將優質產品帶到

market that can help drive the growth of the

有助於推動增長的市場

company.

公司。

Okay. Thanks very much, Fred.

好的。非常感謝，弗雷德。

Thank you.

謝謝你。

Thanks, Andy, and thanks to

謝謝，安迪，謝謝

everyone for joining us. And as we've mentioned a

每個人都加入我們。正如我們已經提到的

couple times today, we'll be hosting a financial

今天有幾次，我們將舉辦一場金融

analysts' meeting tomorrow, beginning at

明天的分析師會議，從

approximately 11:00 a.m. eastern time, 8:00 a.m.

東部時間上午 11:00 左右，上午 8:00

Pacific time. And the meeting will be audio

太平洋時間。會議將是音頻

webcast and can be accessed through the analysts

網絡直播，可以通過分析師訪問

meeting link at www.Apple.com/investor.

www.Apple.com/investor 上的會議鏈接。

As for today's call, a recording will be available

至於今天的通話，會有錄音

for replay for seven days, beginning at 5:00 p.m.

從下午 5:00 開始重播 7 天。

Pacific time today, and the number for the replay

今天太平洋時間，以及重播的號碼

is 719-457-0820, and the confirmation code is

是 719-457-0820，確認碼是

465947. And members of the press with additional

465947. 和新聞界的其他成員

questions can contact Lynn Fox at 408-974-6209.

如有問題，請致電 408-974-6209 聯繫 Lynn Fox。

Financial analysts' can contact Joan Hoover or me

金融分析師可以聯繫 Joan Hoover 或我

with additional questions. Joan is at

有其他問題。瓊在

408-974-4570 and I am at 408-974-5420. And thanks

408-974-4570，我在 408-974-5420。謝謝

again, to everyone for joining us.

再次感謝大家加入我們。

This does conclude today's 00:51:46 conference. You may now disconnect.

今天的內容到此結束 00:51:46 會議。您現在可以斷開連接。