蘋果 (AAPL) 2002 Q4 法說會逐字稿

Please stand by, the conference is about to begin.

請稍候，會議即將開始。

Good day everyone and welcome to this Apple Computer conference call to discuss fourth quarter financial results.

大家好，歡迎參加這次蘋果電腦電話會議，討論第四季度的財務業績。

Today's call is being recorded.

今天的電話正在錄音。

At this time for opening remarks and introductions, I would like to turn the call over to the Director of Investor Relations and Corporate Finance, Ms. Nancy Paxton.

在此進行開幕致辭和介紹時，我想將電話轉給投資者關係和企業財務總監 Nancy Paxton 女士。

Please go ahead.

請繼續。

Thank you, and good afternoon and thanks to everyone for joining us.

謝謝大家，下午好，感謝大家加入我們。

Apple issued its fourth quarter earnings press release at approximately 1:30 p.m.

蘋果公司在下午 1 點 30 分左右發布了第四季度財報新聞稿。

Pacific time today and the earnings press release and financials are available on first call as well as on Apple's website.

今天太平洋時間，收益新聞稿和財務數據可在第一次電話和蘋果網站上獲得。

Speaking today is Apple's CFO, Fred Anderson, and he'll be joined by Senior VP of Finance, Peter Oppenheimer, and VP and Corporate Treasurer, Gary Whisler-ph for the Q and A session with analysts.

今天發言的是 Apple 的首席財務官 Fred Anderson，他將與財務高級副總裁 Peter Oppenheimer 以及副總裁兼企業財務主管 Gary Whisler-ph 一起參加與分析師的問答環節。

Please note that some of the information you'll hear during this call consists of forward-looking statements and that actual results or trends could differ materially from our forecast.

請注意，您將在本次電話會議中聽到的一些信息包含前瞻性陳述，實際結果或趨勢可能與我們的預測存在重大差異。

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.

如需更多信息，請參閱 Apple 最新的 10-K 表格（截至 2001 年 9 月 29 日的財政年度）的第 25 至 32 頁。

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.

根據美國證券交易委員會關於公司披露的規定，蘋果公司正在通過互聯網直播此次電話會議，向媒體和公眾開放此次分析師電話會議。

And with that, I'd like to turn the call over to Fred.

有了這個，我想把電話轉給弗雷德。

Thanks, Nancy.

謝謝，南希。

In its fiscal fourth quarter Apple generated revenues of 1.44 billion and earnings before nonrecurring items of 2 cents per share.

在第四財季，蘋果公司的收入為 14.4 億美元，不計非經常性項目的收益為每股 2 美分。

These results were consistent with our guidance of flat sequential revenues and a slight profit before nonrecurring items.

這些結果與我們對連續收入持平和非經常性項目前利潤微薄的指導一致。

There were several nonrecurring items during the quarter.

本季度有幾個非經常性項目。

First, we wrote down several equity investments resulting in a charge of 49 million net of tax.

首先，我們減記了幾項股權投資，產生了 4900 萬的稅後費用。

Second, we took a restructuring charge of 4 million net of tax.

第二，我們承擔了400萬的稅後重組費用。

Third, we took an in process R and D charge related to our Emagic acquisition of 1 million after tax.

第三，我們在稅後收購了 100 萬美元的 Emagic 相關的研發費用。

Finally, we reversed a small portion of a previous charge related to a special executive bonus expense in the prior year resulting in a favorable impact of $2 million.

最後，我們撤銷了與前一年特別高管獎金支出相關的一小部分費用，產生了 200 萬美元的有利影響。

Collectively, these nonrecurring items reduced net income by $52 million.

總的來說，這些非經常性項目使淨收入減少了 5200 萬美元。

Including the nonrecurring items, Apple reported a net loss of 45 million or 13¢ per share.

包括非經常性項目在內，蘋果公司報告淨虧損 4500 萬美元或每股 13 美分。

Without the nonrecurring items, net income would have been (inaudible) or 2¢ per share.

如果沒有非經常性項目，淨收入將是（聽不清）或每股 2 美分。

Channel inventory decreased to five weeks from the 6.5 weeks on hand at the beginning of the quarter.

渠道庫存從本季度初的 6.5 週減少到 5 週。

We are extremely pleased that we were able to achieve our goal of returning to our normal range of four to five weeks in spite of the continued weak environment.

儘管環境持續疲軟，我們仍然能夠實現恢復正常四到五週的目標，對此我們感到非常高興。

Apple shipped a total of 734,000 CPU units during the quarter, a decline of 14% from the year-ago quarter.

蘋果本季度共出貨 734,000 個 CPU 單元，比去年同期下降 14%。

This decline was driven principally by the reduction in employment (inaudible) 70,000 were the classic CRT iMac's, 129,000 were eMac's, and 113,000 were flat panel iMac's.

這一下降主要是由於就業人數減少（聽不清），70,000 台是經典的 CRT iMac，129,000 台是 eMac，113,000 台是平板 iMac。

Customer response to the new 17 inch flat panel iMac has been stronger than we anticipated and sales exceeded our expectations for that skew during the quarter.

客戶對新款 17 英寸平板 iMac 的反應比我們預期的要好，並且本季度的銷售額超出了我們對這種偏差的預期。

The iBook continued to sell very well in both education and consumer markets.

iBook 在教育和消費市場繼續暢銷。

We shipped over 180,000 iBook units in the quarter with the combo drive skews being increasingly popular.

我們在本季度出貨了超過 180,000 台 iBook，組合驅動器傾斜越來越受歡迎。

Sales of Paramount G4's and PowerBooks were sluggish.

派拉蒙 G4 和 PowerBooks 的銷售疲軟。

We believe many of our professional customers continue to be adversely affected by the weak economy and reaction is (inaudible) including 54,000 of those units.

我們相信，我們的許多專業客戶繼續受到疲軟經濟的不利影響，反應是（聽不清）包括其中的 54,000 個單位。

The iPod continues to garner extraordinary reviews almost a year after introduction.

iPod 在推出近一年後繼續獲得非凡的評價。

In Japan according to market researcher JFK (inaudible) and all iPod models combined accounted for 42 percent of all MP3 players sold in Japan during the month of September.

據市場研究人員 JFK（聽不清）稱，在日本，所有 iPod 型號加起來佔 9 月份日本銷售的所有 MP3 播放器的 42%。

On September 15th, we started selling a iPods in Best buy.

9 月 15 日，我們開始在百思買銷售 iPod。

As you know, the Christmas quarter is traditionally the biggest quarter for MP3 sales and we're excited about the expanded reach that Best buy can provide.

如您所知，聖誕節季度傳統上是 MP3 銷售量最大的季度，我們對百思買可以提供的擴大範圍感到興奮。

We started shipping Mac OS X version 10.2 or Jaguar on August 24th.

我們於 8 月 24 日開始發布 Mac OS X 版本 10.2 或 Jaguar。

In the first weekend alone we sold over 100,000 copies and for the full quarter we sold through over 280,000 copies excluding volume licenses.

僅在第一個週末，我們就售出了超過 100,000 份，整個季度我們售出了超過 280,000 份（不包括批量許可）。

The reviews and customer feedback for Jaguar have been excellent and have helped make the Mac OS X transition one of the fastest the industry has experienced.

Jaguar 的評論和客戶反饋非常好，並幫助 Mac OS X 過渡成為業界最快的過渡之一。

By the end of this calendar year we estimate that approximately 20% of our install base or about 5 million users will be using MAC OS X as their primary operating system.

到本日曆年年底，我們估計大約 20% 的安裝基礎或大約 500 萬用戶將使用 MAC OS X 作為他們的主要操作系統。

Although the initial market reaction to substituting our previously free iTools with the subscription based dot.

雖然最初的市場反應是用基於訂閱的 dot 代替我們以前免費的 iTools。

Mac service was negative, by the end of the quarter our dot.

Mac 服務是負面的，到本季度末我們的點。

Mac subscriptions exceeded our initial expectations by a large margin.

Mac 訂閱量大大超出了我們最初的預期。

Today over 200,000 customers have subscribed to dot.

如今，已有超過 200,000 名客戶訂閱了 dot。

Mac.

蘋果電腦。

Our Apple retail stores turned in an outstanding quarter.

我們的 Apple 零售店在一個季度表現出色。

We opened nine stores during the quarter, including two high-profile stores in New York and Los Angeles.

我們在本季度開設了 9 家門店，其中包括紐約和洛杉磯的兩家備受矚目的門店。

Bringing the quarter end total to 40 open stores.

使本季度末的開店總數達到 40 家。

Apple retail store revenues increased sequentially from $63 million to $102 million with an average of 35 stores open during the quarter, we achieved an average annualized revenue rate of almost $12 million per store.

蘋果零售店收入從 6,300 萬美元連續增長至 1.02 億美元，本季度平均開設 35 家商店，我們實現了每家商店近 1,200 萬美元的平均年化收入。

The retail segment loss improved sequentially from 6 million in the June quarter to 3 million in the September quarter driven by store contribution that was positive for the first time.

零售部門的虧損從 6 月季度的 600 萬美元環比下降至 9 月季度的 300 萬美元，這是由於門店貢獻首次為正。

The manufacturing profit associated with the retail segment was $20 million, and that was excluded from the segment results I just mentioned.

與零售部門相關的製造利潤為 2000 萬美元，這不包括在我剛才提到的部門結果中。

During the September quarter our traffic records indicate that approximately two and a quarter million people visited our retail stores, and our average conversion rate or transactions per store visitor increased significantly over the course of the year.

在 9 月季度，我們的客流量記錄表明，大約有 250 萬人訪問了我們的零售店，我們的平均轉化率或每位商店訪客的交易量在一年中顯著增加。

Our most recent research indicates that 40 percent of customers buying systems in our stores don't currently own a Mac.

我們最近的研究表明，在我們商店購買系統的客戶中有 40% 目前沒有 Mac。

We expect to open a total of 10 stores this quarter by Thanksgiving, bringing our total open stores to 50.

我們預計到感恩節本季度將開設 10 家門店，使我們的開店總數達到 50 家。

By Thanksgiving we estimate that 31 percent of the U.S. population will live within 15 miles of an Apple retail store.

到感恩節，我們估計 31% 的美國人口將居住在距離 Apple 零售店 15 英里的範圍內。

Our Comp USA program continues to generate very positive results.

我們的 Comp USA 計劃繼續產生非常積極的結果。

In the fourth quarter sales of Apple products through Comp USA stores with Apple sales consultants were up 80% year over year.

在第四季度，通過 Comp USA 商店與 Apple 銷售顧問合作的 Apple 產品銷售額同比增長 80%。

And in Japan, we have recently hired more than 60 people currently in training who will be deployed in early November in our 60 highest volume resellers in Japan.

在日本，我們最近僱用了 60 多名目前正在接受培訓的人員，他們將於 11 月初部署到我們在日本的 60 家銷量最高的經銷商中。

Our CPU unit sales through the education channel were up 4% sequentially, but down 12% year over year.

我們通過教育渠道銷售的 CPU 單元環比增長 4%，但同比下降 12%。

Almost 40 percent of the education units sold in the quarter were portables, including 17,000 iBooks for all seventh graders in the state of Maine.

本季度售出的教育設備中有近 40% 是便攜式的，其中包括為緬因州所有七年級學生提供的 17,000 部 iBooks。

Early indications suggest that the program in Maine has been a great success thus far.

早期跡象表明，迄今為止，緬因州的項目取得了巨大成功。

And we expect to ship 18,000 more iBooks through this program in Apple's third fiscal quarter.

我們預計在 Apple 的第三財季通過該計劃再出貨 18,000 部 iBooks。

As expected, Apple's gross margin was down 100 basis points from the June quarter to 26.4% primarily due to planned price reductions on certain products.

正如預期的那樣，蘋果的毛利率較 6 月季度下降 100 個基點至 26.4%，這主要是由於某些產品的計劃降價。

So the pricing environment for components was more favorable than we originally anticipated.

因此，組件的定價環境比我們最初預期的要好。

The impact was offset by more aggressive pricing, bundling and promotions, and a stronger than expected mix of consumer products.

這種影響被更激進的定價、捆綁和促銷活動以及比預期更強的消費品組合所抵消。

Operating expenses excluding nonrecurring items were 396 million.

不計非經常性項目的營業費用為3.96億元。

Slightly higher than the 390 million we had expected due to increased spending on demand creation activities during the quarter.

由於本季度在需求創造活動上的支出增加，略高於我們預期的 3.9 億。

Nonrecurring items included pretax charges for restructuring and in process R and D of six and one million respectively.

非經常性項目包括重組和在研的稅前費用分別為六百萬和一百萬。

And a nontaxable credit of 2 million related to the executive bonus reversal.

以及與高管獎金沖銷相關的 200 萬免稅抵免額。

Resulting in reported operating expenses including these nonrecurring items of 401 million.

導致報告的運營費用包括這些非經常性項目為 4.01 億美元。

Other income and expense before nonrecurring items is 25 million, a little better than expected.

不計非經常性項目的其他收入和支出為2500萬，略好於預期。

Including the pretax investment write-downs of 65 million reported other income and expense was minus 40 million.

包括稅前投資減記6500萬，其他收入和支出為-4000萬。

The effective tax rate was 25 percent for the quarter.

本季度的有效稅率為 25%。

In terms of the balance sheet, cash was up about 30 million sequentially to 4.337 billion.

資產負債表方面，現金環比增加約3000萬至43.37億。

We remain pleased with our asset management particularly accounts receivable and inventories.

我們仍然對我們的資產管理感到滿意，尤其是應收賬款和存貨。

Day sales outstanding improved to 36 days with a very lean delinquency rate and inventories were at four days.

未結銷售日提高到 36 天，拖欠率非常低，庫存為 4 天。

The cash conversion cycle was minus 37 days.

現金轉換週期為負 37 天。

Looking ahead to the December quarter, I'd 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.

展望 12 月季度，我想回顧一下我們的前景，其中包括南希在電話會議開始時在安全港聲明中提到的信息類型。

We expect revenues to be up slightly from the September quarter and expect gross margin to be up about 100 to 150 basis points.

我們預計收入將比 9 月季度小幅增長，毛利率將增長約 100 至 150 個基點。

We expect operating expenses to increase to about 420 million, primarily due to the greater number of retail stores in operation and higher holiday advertising and promotion expense.

我們預計營業費用將增至約 4.2 億，主要是由於營業的零售店數量增加以及假日廣告和促銷費用增加。

We expect other income and expense to be approximately flat with the September quarter excluding investment write-downs, and we expect the tax rate to increase to about 28%.

我們預計其他收入和支出將與 9 月季度大致持平，不包括投資減記，我們預計稅率將增加到 28% 左右。

As a result, we expect a slight profit before nonrecurring items.

因此，我們預計在非經常性項目之前會有輕微的利潤。

With that, I'd like to open the call to questions.

有了這個，我想打開問題電話。

Thank you, sir.

謝謝你，先生。

Today's question and answer session will be conducted electronically.

今天的問答環節將以電子方式進行。

If you'd like to single to ask a question, please press the button star and the digit one on your touch-tone telephone.

如果您想單獨提問，請按您的按鍵式電話上的星號按鈕和數字一。

Once again that is star one for a question.

這又是一個問題的明星。

If you're using a speaker phone, make sure your mute button is disengaged so your signal will reach our equipment.

如果您使用的是免提電話，請確保您的靜音按鈕已鬆開，以便您的信號能夠到達我們的設備。

Once again, it is star one for questions.

再一次，它是問題的明星。

And we'll pause for just a moment so everyone has the chance to signal.

我們將暫停片刻，以便每個人都有機會發出信號。

Our first question comes with from Rebecca Runkle with Morgan Stanley.

我們的第一個問題來自摩根士丹利的 Rebecca Runkle。

Go ahead, Rebecca.

去吧，麗貝卡。

Ms. Runkle, your line is open, please go ahead.

朗克爾女士，您的線路已開通，請繼續。

We'll take a question from Don Young with UBS Warburg.

我們將接受來自瑞銀華寶的 Don Young 的問題。

Yes.

是的。

This is actually Anthony Torner-ph for Don.

這實際上是 Don 的 Anthony Torner-ph。

First question.

第一個問題。

I think you said the inventory level was five weeks?

我想你說庫存水平是五週？

That's correct.

這是正確的。

Okay.

好的。

Does that then assume your inventory reduction plan is pretty much done?

那麼這是否假設您的庫存減少計劃已經完成？

Yeah.

是的。

Well, we'll back into the normal range.

好吧，我們會回到正常範圍。

We thought it would take us, you know, two quarters to do it and we actually did it in one quarter, so I'm very pleased that we're able to deliver actually a slight increase in revenues rather than the flat guidance while we had a significant reduction in channel inventory to bring channel inventory back to a normal level of four to five weeks.

我們認為我們需要兩個季度才能做到這一點，而我們實際上在一個季度內就做到了，所以我很高興我們能夠實現收入的小幅增長，而不是平淡的指導，而我們渠道庫存顯著減少，使渠道庫存恢復到四到五週的正常水平。

Okay.

好的。

And on education sales, could you give us some more information on market share in terms of the education market.

關於教育銷售，您能否向我們提供更多有關教育市場市場份額的信息。

I know last quarter you gave that information.

我知道上個季度你提供了這些信息。

We really don't have any share information.

我們真的沒有任何共享信息。

The only thing I can tell you is that normally the June and September quarters for us are relatively equal, and we had as I indicated, a slight increase so certainly although we don't yet have share information, we're hopeful that as a minimum we maintain market share.

我唯一能告訴你的是，對於我們來說，通常 6 月和 9 月的季度是相對相等的，而且正如我所指出的，略有增加，所以儘管我們還沒有共享信息，但我們希望作為至少我們保持市場份額。

Okay.

好的。

Thanks, very much.

非常感謝。

Thanks, Anthony.

謝謝，安東尼。

Can we have the next question, please?

請問下一個問題可以嗎？

Our next question comes from Charles Wolf with Needham and Company.

我們的下一個問題來自Needham and Company 的Charles Wolf。

Yes, Fred, I have a couple questions.

是的，弗雷德，我有幾個問題。

First, it looked to me like the stores just exploded in terms of incremental revenue growth and I was wondering what went on to cause that?

首先，在我看來，商店的收入增長呈爆炸式增長，我想知道是什麼原因造成的？

And secondly, I know that the iPods being distributed through Best Buy, are there any other retail chains that it might get into before Christmas?

其次，我知道 iPod 是通過 Best Buy 分銷的，聖誕節前還有其他零售連鎖店嗎？

Okay.

好的。

So let me take the retail stores.

所以讓我來看看零售店。

We're just extremely pleased, I think our retail division knocked the cover off the ball this quarter and so your question is why.

我們非常高興，我認為我們的零售部門在本季度將球擊倒，所以你的問題是為什麼。

I just think that they've always since day one when they opened the doors had a great service environment and I think they are beginning to create a stronger sales environment and stronger sales culture.

我只是認為他們從開業的第一天起就一直擁有良好的服務環境，我認為他們正在開始創造更強大的銷售環境和更強大的銷售文化。

There's a lot of emphasis on reaching out beyond our install base, you know, they've reorganized the store to now have a special area for people new to the Mac sort of switchers.

我們非常重視超越我們的安裝基礎，你知道，他們已經對商店進行了重組，現在有一個專門的區域供新接觸 Mac 切換器的人使用。

I think the switcher campaign that kicked in, in the latter part of the quarter definitely helped.

我認為在本季度後期開始的切換活動肯定有所幫助。

And as evidenced by the 40 percent of the CPU sales through our resale stores that were to non-Mac users, so I think that all those factors contributed to the success.

正如通過我們的轉售商店向非 Mac 用戶銷售的 40% 的 CPU 銷售額所證明的那樣，我認為所有這些因素都促成了成功。

And finally, I think they're doing a great job in also selling beyond the box, they're very strong in iPod sales and Apple Care Connect rates so they're doing really good job.

最後，我認為他們在開箱即用的銷售方面也做得很好，他們在 iPod 銷售和 Apple Care Connect 價格方面非常強大，所以他們做得非常好。

Second question, Charlie, related to the possibility that we might add additional third-party distribution.

第二個問題，查理，與我們可能會添加額外的第三方分發有關。

It's kind of like the answer that we don't talk about future products, we don't talk about future channel partners that we might have.

這有點像我們不談論未來產品的答案，我們不談論我們可能擁有的未來渠道合作夥伴。

But, clearly, we're very interested in gaining market share in the whole MP3 marketplace and should that become a profit at a future date, we'll do it.

但是，很明顯，我們對在整個 MP3 市場獲得市場份額非常感興趣，如果這在未來成為利潤，我們會這樣做。

Thank you.

謝謝你。

Thanks, Charlie.

謝謝，查理。

Could we have the next question, please.

請問下一個問題可以嗎？

Yes.

是的。

And just as a reminder, it is star one for questions.

提醒一下，它是問題的明星。

Next question comes from Richard Gardner from Salomon Smith, Inc.

下一個問題來自 Salomon Smith, Inc. 的 Richard Gardner。

Hi, Fred, Peter.

嗨，弗雷德，彼得。

It's actually Cynthia.

其實是辛西婭。

Hi, Cynthia.

嗨，辛西婭。

Hi.

你好。

Just a few questions.

只是幾個問題。

Could you (inaudible) on what some of your component outlook is for the December quarter is the first question.

您能否（聽不清）關於您對 12 月季度的某些組成部分的展望是第一個問題。

I also noticed you did some price cuts on the flat panel iMac last week, have you had any, I guess, increased sales in those particular skews due to that, and I guess it may be a little bit too early, and I then I had a Power Mac question after that.

我還注意到你上週在平板 iMac 上進行了一些降價，我猜你有沒有因此而增加了那些特定偏差的銷售，我想這可能有點太早了，然後我之後有一個 Power Mac 問題。

Okay.

好的。

You know, we would expect that component costs would continue to trend downward given the weakness in the industry so that's kind of our overall outlook.

您知道，鑑於行業疲軟，我們預計組件成本將繼續呈下降趨勢，因此這就是我們的整體前景。

Okay.

好的。

Your second question, could you go over that again?

你的第二個問題，你能再講一遍嗎？

Yeah.

是的。

I noticed you did some price cuts on the flat -- the 15 inch flat panel iMac last week.

我注意到你上週對 15 英寸平板 iMac 進行了一些降價。

Is it too soon to tell what that might have done to demand so far?

現在說到目前為止可能會對需求造成什麼影響還為時過早嗎？

Peter, you want to comment on that?

彼得，你想對此發表評論嗎？

Cynthia, honestly, it's been a few days and we will need to give it a week or two to really be able to see the impact of it.

辛西婭，老實說，已經有幾天了，我們需要一兩個星期才能真正看到它的影響。

Okay.

好的。

And on PowerMacs you commented that it seems like your pro-users are just due to the weak economy are kind of waiting.

在 PowerMacs 上，您評論說您的專業用戶似乎只是由於經濟疲軟而在等待。

Can you tell us possibly the 17 inch iMac (inaudible) some of that PowerMac sales, and also are you constrained on 17 inch or what's the inventory like on that particular product?

您能否告訴我們 PowerMac 銷售中的 17 英寸 iMac（聽不清），以及您是否受限於 17 英寸或該特定產品的庫存情況？

We had a very strong mix of 17 (inaudible) of our mix, but I can't really give you any indication of whether there's cannibalization or to what degree.

我們的混音中有 17 個（聽不清）的混音非常強烈，但我真的無法告訴你是否存在自相殘殺或程度如何。

We think that the primary reason that the PowerMac line continues in weakness is tied directly to the economic problems that our creative customers have in their own businesses rather than cannibalization of the PowerMac line (indiscernible).

我們認為，PowerMac 產品線持續疲軟的主要原因與我們的創意客戶在他們自己的業務中遇到的經濟問題直接相關，而不是對 PowerMac 產品線的蠶食（聽不清）。

No.

不。

Okay.

好的。

Thank you.

謝謝你。

Thanks, Cynthia.

謝謝，辛西婭。

Can we have the next question, please.

請問下一個問題可以嗎？

Yes.

是的。

Our next question comes from Steven Fortuna with Merrill Lynch.

我們的下一個問題來自美林證券的 Steven Fortuna。

Hi, Fred, how you doing?

嗨，弗雷德，你好嗎？

Good.

好的。

Question.

問題。

In terms of your revenue you took inventories by I think you said by a week and a half or thereabouts.

就您的收入而言，我認為您說的庫存是一個半星期左右。

Yes, a week and-a-half.

是的，一個半星期。

Yes. (Inaudible) steady state and not going to have to draw them down in the fourth quarter, so you're really extremely pessimistic on December quarter demand if you're only projecting kind of flattish revenue despite the fact you aren't going to have a hit because of inventory reduction; is that correct?

是的。 （聽不清）穩定的狀態，並且不必在第四季度將其拉低，因此，如果您只是預計收入持平，儘管您不會有，那麼您對 12 月季度的需求非常悲觀由於庫存減少而受到打擊；那是對的嗎？

Well, let me -- two things.

好吧，讓我 - 兩件事。

One is I would say that we returned to the high end of our normal range (inaudible).

一是我會說我們回到了正常範圍的高端（聽不清）。

If you were to ask me ideally (inaudible) I'm not going to say that we're not planning some slight further reduction in channel inventories.

如果您要問我是否理想（聽不清），我不會說我們不打算進一步減少渠道庫存。

That's the first point.

這是第一點。

The second point is that we actually setting that aside, did give (inaudible) out in the economy and the PC industry and the potential threat of war, that there's every (inaudible) being optimistic right now.

第二點是，我們實際上把它放在一邊，確實（聽不清）在經濟和個人電腦行業以及潛在的戰爭威脅中給出了，現在每個人（聽不清）都很樂觀。

So it's fair to say that, you know, there could be some upside to your being conservative obviously, which is (inaudible).

所以公平地說，你知道，你的保守顯然有一些好處，那就是（聽不清）。

We're planning for the worst and hopeful that things will be better.

我們正在做最壞的打算，並希望事情會變得更好。

Fair enough.

很公平。

Thanks, Fred.

謝謝，弗雷德。

Thanks, Steve.

謝謝，史蒂夫。

Could we have the next question, please.

請問下一個問題可以嗎？

Our next question comes Andrew Salens (Ph) with Prudential Securities.

我們的下一個問題來自 Prudential Securities 的 Andrew Salens (Ph)。

Hi. (Inaudible).

你好。 （聽不見）。

In terms of what happened for Apple?

就蘋果發生了什麼而言？

Yes.

是的。

As it relates primarily to the education market, is that what you want me to address?

由於它主要與教育市場有關，您希望我解決這個問題嗎？

Primarily; yes.

主要是；是的。

Okay.

好的。

So as I commented in my preamble, we were up sequentially in education.

因此，正如我在序言中評論的那樣，我們在教育方面依次上升。

And even up by 4 percent sequentially, even though we were down 12% year over year, so normally the September and the June quarters are relatively equal, so to that extent, (inaudible) in the quarter.

甚至連續增長 4%，儘管我們同比下降 12%，所以通常 9 月和 6 月季度相對相等，因此在這個程度上（聽不清）在本季度。

So that, we're pleased with.

所以，我們很高興。

You know, maybe we'll even have increased share little bit.

你知道，也許我們甚至會增加一點點份額。

We're also very pleased with the success of the iBook program and shipping 17,000 iBooks for the seventh graders in the State of Maine, it's going extremely well that, that whole (inaudible).

我們也對 iBook 計劃的成功感到非常高興，並為緬因州的七年級學生運送了 17,000 本 iBooks，整個過程進展順利（聽不清）。

We're also very happy with the market acceptance in education of the iBook overall, it was another strong quarter with 180,000 iBooks being shipped and revenued in the quarter and, you know, many of those were in to education.

我們也對 iBook 在教育領域的整體接受度感到非常滿意，這是又一個強勁的季度，本季度出貨並獲得了 180,000 部 iBooks，而且你知道，其中許多是用於教育的。

Okay.

好的。

On the iPod side, can you give us any more granularity on the Apple versus Windows)

在 iPod 方面，您能否給我們提供更多關於 Apple 與 Windows 的詳細信息）

Yeah.

是的。

As I mentioned, you know, a great resolve given that we're not talking about the holiday quarter here.

正如我所提到的，你知道，鑑於我們不是在這裡談論假日季，這是一個很大的決心。

We shipped a total of 140,000 iPods in the quarter including 54,000 windows units and remember, we didn't really start shipping the windows unit until, as I recall, Peter, September?

我們在本季度總共出貨了 140,000 部 iPod，其中包括 54,000 個 Windows 設備，請記住，我們直到我記得 Peter，9 月才真正開始出貨 Windows 設備？

And last question.

最後一個問題。

If you can give a little more granularity on --

如果你能給出更多的細節——

The last thing I would say is we didn't really start the Best Buy initiative until September 15th either so we didn't have a lot of impact relative to that result with Best Buy.

我要說的最後一件事是，我們直到 9 月 15 日才真正啟動百思買計劃，因此相對於百思買的結果，我們沒有太大影響。

So as we look to the holiday quarter we're very optimistic about the growth opportunities for the iPod.

因此，當我們展望假期季度時，我們對 iPod 的增長機會非常樂觀。

Okay.

好的。

And last question, real quick.

最後一個問題，真的很快。

On the component side, any areas of particular strength in terms of where you saw price decreases?

在組件方面，您看到價格下跌的任何特別優勢領域？

In other words, where did you see the biggest impacts on margin lines in terms of benefits on the component side?

換句話說，就組件方面的收益而言，您認為對邊際線影響最大的地方在哪裡？

You want to take that, Peter?

你想拿那個嗎，彼得？

Sure.

當然。

It came across the board but clearly memory was a very big driver and we also saw some relief on the flat panels as well.

它全面出現，但顯然內存是一個非常大的驅動力，我們也看到平板上的一些緩解。

Great.

偉大的。

Thanks.

謝謝。

Thank you, Andrew.

謝謝你，安德魯。

Could we have the next question, please.

請問下一個問題可以嗎？

Yes.

是的。

And just as another reminder it is star one to get in cue for a question.

就像另一個提醒一樣，提示問題是明星之一。

Next, we'll go Jonathan Gorging-ph with Reagan McKinsey.

接下來，我們將與里根麥肯錫一起去 Jonathan Gorging-ph。

Yeah, hi.

是的，你好。

Most of the questions have been answered.

大多數問題都已得到解答。

But if you could give us any insights or update on Quirks plans to move their software over to the OS 10 platform?

但是，您能否就 Quirks 將其軟件遷移到 OS 10 平台的計劃向我們提供任何見解或更新？

They haven't given a public date as far as I know, but we certainly still are optimistic that it will be in the future here, and we know that our customers in Apple are awaiting them bringing it to MacOS X.

據我所知，他們還沒有給出公開日期，但我們當然仍然樂觀地認為它會在未來在這裡，而且我們知道我們在 Apple 的客戶正在等待他們將它帶到 MacOS X 上。

Thanks.

謝謝。

Sorry, I don't have a date for you.

抱歉，我沒有約會對象。

Thank you.

謝謝你。

Thanks, Jonathan.

謝謝，喬納森。

Could we have the next question, please.

請問下一個問題可以嗎？

Josh, is there another question?

喬希，還有其他問題嗎？

Yes, there is.

就在這裡。

Our next question comes from Mark Specter-ph with Town View Tech Group.

我們的下一個問題來自 Town View Tech Group 的 Mark Spectre-ph。

Hi, Fred.

嗨，弗雷德。

I wonder, can you give us a little sense of how much your gross margins were helped out by the shipment of Jaguar?

我想知道，您能否告訴我們捷豹的出貨量對您的毛利率有多大幫助？

You usually see a little bit up-take on an operating system (inaudible) like that, especially a successful one.

您通常會看到對這樣的操作系統（聽不清）的一點點接受，尤其是成功的操作系統。

Yeah.

是的。

I would say that clearly there as we look to the next quarter, you want to compare this quarter with next quarter, we benefited.

我想說的是，當我們展望下個季度時，如果你想將這個季度與下個季度進行比較，我們就會受益。

Obviously I can't give you an exact figure on that in terms of the benefit, but there was some benefit to the gross margin line from that just as there was some negatives due to promotions and price cuts and so forth, but as we look to the next quarter I think the more important thing is we expect gross margins to go up 100 to 150 basis points in spite of not expecting as high a Mac OS X software revenue quarter in the December quarter, and Peter, why don't you kind of articulate the reasons why we expect it to go up next quarter.

顯然，我不能就收益給你一個確切的數字，但是毛利率線從中得到了一些好處，就像由於促銷和降價等原因造成的一些負面影響一樣，但正如我們所看到的到下一季度，我認為更重要的是我們預計毛利率將上升 100 到 150 個基點，儘管預計 12 月季度的 Mac OS X 軟件收入季度不會那麼高，彼得，你為什麼不呢？有點清楚地說明了我們預計下個季度會上漲的原因。

Sure.

當然。

Again, the market aspect of components is down quarter over quarter, our mix of consumer and enterprise sales will be greater than Q4 with lower education sales, and we expect of course growth in retail sales which certainly is creative to our gross margins.

同樣，組件的市場方面環比下降，我們的消費者和企業銷售組合將大於第四季度，教育銷售下降，我們當然預計零售銷售增長，這對我們的毛利率肯定是有創意的。

Thanks.

謝謝。

That helps.

這有幫助。

Thanks, Mark.

謝謝，馬克。

Do we have any addition questions?

我們還有其他問題嗎？

I'd just like to remind everyone one more time that it is star one for question.

我只是想再提醒一下大家，它是明星一號。

We have no more questions at this time so I'll turn the conference back over to our panel for any additional or closing remarks.

我們目前沒有更多問題，所以我會將會議轉回我們的小組，以獲取任何補充或結束語。

Thanks very much.

非常感謝。

Recording of today's call will be available for replay for seven days beginning at 5:00 p.m.

從下午 5:00 開始，今天的通話錄音將在 7 天內進行重播。

Pacific time today, and the number for the replay is 719-457-0820 and the confirmation code is 738248.

今天太平洋時間，重播號碼是719-457-0820，確認碼是738248。

Members of the press with additional questions can contact Lynn Fox at 408-974-6209, and financial analysts can contact either Joan Hoover or me with additional questions, Joan is at 408-974-4570 and I'm at 408-974-5420.

有其他問題的媒體成員可以聯繫 Lynn Fox，電話是 408-974-6209，金融分析師可以聯繫 Joan Hoover 或我有其他問題，Joan 的電話是 408-974-4570，我的電話是 408-974-5420 .

Thanks again for joining us.

再次感謝您加入我們。

This concludes today's conference call.

今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連接。