蘋果 (AAPL) 2003 Q1 法說會逐字稿

Please stand by.

請待命。

The conference is about to begin.

會議即將開始。

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

美好的一天，歡迎參加本次 Apple Computer 電話會議，討論第一季度的財務業績。

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。

Nancy Paxton Thank you.

南希·帕克斯頓 謝謝。

Good afternoon to everyone and thanks for joining us.

大家下午好，感謝您加入我們。

Apple issued its first quarter earnings press release and financials at approximately 1.30 PM Pacific time today and that is available on First Call as well as on Apple's Website.

Apple 於太平洋時間今天下午 1.30 左右發布了第一季度收益新聞稿和財務報告，可在 First Call 和 Apple 網站上獲取。

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

今天發言的是 Apple 首席財務官 Fred Anderson，他將與財務高級副總裁 Peter Oppenheimer 和企業財務主管 Gary Lipler 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 regarding revenue, gross margins, operating expenses, other income and expense, taxes, products, research and development and net earnings.

請注意，您將在本次電話會議中聽到的一些信息包括有關收入、毛利率、運營費用、其他收入和費用、稅收、產品、研發和淨收益的前瞻性陳述。

Actual results or trends could differ materially from our forecast.

實際結果或趨勢可能與我們的預測大相徑庭。

For more information please refer to pages 35 through 44 of Apple's latest form 10-K for the fiscal year ended September 28, 2002.

如需更多信息，請參閱截至 2002 年 9 月 28 日的財年 Apple 最新的 10-K 表格的第 35 至 44 頁。

In connection with SEC rules on corporate disclosure Apple is making this 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，Apple 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電話會議。

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

有了這個，我想把電話轉給弗雷德安德森。

Thank you, Nancy.

謝謝你，南希。

We are pleased to report that despite an environment that continues to be very challenging Apple generated revenues of $1.47 billion in our first fiscal quarter.

我們很高興地報告，儘管環境仍然充滿挑戰，但蘋果在第一財季創造了 14.7 億美元的收入。

Representing a 7% increase from The year-ago quarter.

比去年同期增長 7%。

Our gap results reflected a loss of 8 million, or 2 cents per share.

我們的差距結果反映了 800 萬美元的虧損，即每股虧損 2 美分。

These results included a $17 million after-tax restructuring charge and a $2 million after-tax accounting transition adjustment.

這些結果包括 1700 萬美元的稅後重組費用和 200 萬美元的稅後會計過渡調整。

Excluding these nonrecurring items, earnings were $11 million or 3 cents per share.

不包括這些非經常性項目，收益為 1100 萬美元或每股 3 美分。

These results are consistent with our guidance of a slight sequential increase in revenues and a slight profit before nonrecurring items.

這些結果與我們關於收入連續小幅增長和非經常性項目前利潤小幅增長的指導一致。

In terms of geographies, America's revenue was up 5% year over year and Asia Pacific was up 27%.

在地域方面，美國的收入同比增長 5%，亞太地區增長 27%。

In the U.S., including the Apple retail segment, revenues were up 16%.

在美國，包括蘋果零售部門，收入增長了 16%。

In Europe, revenues were down 3% and in Japan revenues were down 24%.

歐洲的收入下降了 3%，日本的收入下降了 24%。

Apple shipped a total of 743,000 CPU units during the quarter.

蘋果在本季度共出貨了 743,000 個 CPU 單元。

About even with the year-ago quarter.

大約與去年同期相比。

Although units sell-in was flat, we feel very good about our management of channel inventories which declined in the quarter by 11%.

儘管單位銷售持平，但我們對渠道庫存的管理感覺非常好，該季度下降了 11%。

That left us with under four weeks on a trailing basis and about 4.5 weeks on a forward looking basis which puts us comfortably within our target range of four to five weeks.

這使我們在跟踪基礎上不到四個星期，在前瞻性基礎上大約有 4.5 週，這使我們輕鬆地處於四到五週的目標範圍內。

We also feel very good about generating a year over year increase in revenues on flat CPU sales, particularly in the current environment.

我們也對在平板 CPU 銷售方面實現收入同比增長感到非常高興，特別是在當前環境下。

This accomplishment is primarily a function of higher average selling prices and strong beyond the box revenue.

這一成就主要是由於較高的平均售價和強勁的超出盒裝收入。

The average selling price increase was due to a greater percentage of direct sales as well as a richer mix of products.

平均售價上漲是由於更大比例的直銷以及更豐富的產品組合。

You'll recall that in the year-ago quarter, we had not yet introduced the flat panel iMac.

您會記得，在去年同期，我們還沒有推出平板 iMac。

Average selling prices for the iMac family were $876 in Q1 of fiscal '02 compared to $1,195 in Q1 of fiscal '03.

02 財年第一季度 iMac 系列的平均售價為 876 美元，而 03 財年第一季度為 1,195 美元。

Beyond the box revenues represented 26.3% of total revenue and were boosted by strong sales of iPod -- iPod as well as software.

Beyond the box 收入佔總收入的 26.3%，這得益於 iPod 的強勁銷售——iPod 以及軟件。

In terms of CPUs, we shipped 298,000 iMacs.

在 CPU 方面，我們出貨了 298,000 台 iMac。

Of that total, 58,000 were the classic CRT iMac, 106,000 were E Macs and 134,000 were flat-panel iMacs.

其中，58,000 台是經典的 CRT iMac，106,000 台是 E Mac，134,000 台是平板 iMac。

Customer response to the 17-inch flat panel iMac was very strong, and it was our most popular flat-panel SKU.

客戶對 17 英寸平板 iMac 的反應非常強烈，它是我們最受歡迎的平板 SKU。

The iBook continued to sell very well, stimulated by the new aggressive $999 entry-level price as well as the success of our 14-inch display best configuration.

iBook 繼續暢銷，受到新的激進的 999 美元入門級價格以及我們 14 英寸顯示屏最佳配置的成功的刺激。

Sales of PowerBooks jumped back over 100,000 units as the new super drive model and more aggressive pricing drove increased demand for this product family.

由於新的超級驅動器型號和更激進的定價推動了對該產品系列的需求增加，PowerBooks 的銷量回升超過 100,000 台。

Reviews of the latest Titanium PowerBooks have been excellent.

最新的 Titanium PowerBooks 的評論非常好。

Sales of Power Mac G4s continue to be disappointing, including servers we shipped 158,000 units down 25% from the year ago quarter.

Power Mac G4s 的銷售繼續令人失望，包括我們的服務器出貨量為 158,000 台，比去年同期下降 25%。

We believe the sluggish economy continues to have a very negative impact on many of our creative professional customers, and our G4 sales in turn.

我們認為，低迷的經濟繼續對我們的許多創意專業客戶以及我們的 G4 銷售產生非常負面的影響。

We also believe that many of our professional customers are awaiting the availability of Mac with the conversion of Quark Express before upgrading.

我們還相信，我們的許多專業客戶在升級之前都在等待通過 Quark Express 轉換的 Mac 的可用性。

We shipped a total of 216,000 iPods in the quarter.

本季度我們共出貨了 216,000 部 iPod。

A little over half of which were Windows units.

其中略多於一半是 Windows 單元。

The addition of Best Buy to the U.S. channel mix was very significant, especially to sales of the Windows version.

百思買加入美國渠道組合意義重大，尤其是對 Windows 版本的銷售。

Our Apple retail stores had a great quarter.

我們的 Apple 零售店有一個很棒的季度。

We opened 11 stores from October through December, bringing the quarter in total to 51 open stores.

從 10 月到 12 月，我們開設了 11 家門店，使本季度的開店總數達到 51 家。

Apple [ gap in audio ] Retail segment loss improved sequentially from 3 million in the December quarter to 1 million in the December quarter.

蘋果 [ 音頻差距 ] 零售部門虧損從 12 月季度的 300 萬部連續改善至 12 月季度的 100 萬部。

The manufacturing profit associated with the retail segment was 23 million, and this has been excluded from the segment results.

與零售分部相關的製造利潤為 2300 萬，這已被排除在分部業績之外。

Our traffic records indicate that approximately 3.5 million people visited our retail stores during the December quarter for an average of almost 6,000 visitors per store per week.

我們的客流量記錄顯示，在 12 月季度，大約有 350 萬人訪問了我們的零售店，平均每週每家商店有近 6,000 名訪客。

And our most recent research indicates that 50% of customers buying systems in our stores don't currently own a Macintosh.

我們最近的研究表明，在我們商店購買系統的 50% 的客戶目前沒有 Macintosh。

That's up from the 40% rate that we experienced last quarter.

這高於我們上個季度經歷的 40%。

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。

We currently have Apple-badged employees working in 174 Comp USA stores.

目前，我們在 Comp USA 的 174 家商店擁有擁有 Apple 徽章的員工。

In the December quarter, sales of Apple products through 174 Comp USA stores were up 42% year over year and beyond the box sales were up 43%.

在 12 月季度，通過 174 家 Comp USA 商店的 Apple 產品銷售額同比增長 42%，超出盒裝銷售額增長 43%。

Our CPU unit sales through the U.S. education channel were about even with the year-ago quarter.

我們通過美國教育渠道的 CPU 單元銷售額與去年同期持平。

Portables continue to be an increasingly important part of our education sales mix, accounting for over a third of units sold, much higher than the total education segment average.

便攜式設備繼續成為我們教育銷售組合中越來越重要的一部分，佔銷售單位的三分之一以上，遠高於整個教育部門的平均水平。

We've also been very pleased by the response to our 10 for teachers program, which to date has put over 300,000 copies of Mac OS 10-in the hands of educators.

我們也對我們的 10 for Teachers 計劃的響應感到非常高興，迄今為止，該計劃已將超過 300,000 份 Mac OS 10 副本交到教育工作者手中。

As expected, Apple's gross margin was up 120 basis points from the September quarter to 27.6%, primarily due to lower component costs, a stronger mix of direct sales, and a greater mix of PowerBooks.

正如預期的那樣，蘋果的毛利率比 9 月季度增長 120 個基點至 27.6%，這主要是由於較低的組件成本、更強勁的直銷組合以及更多的 PowerBook 組合。

Reported operating expenses were $443 million, including a $23 million pretax restructuring charge.

報告的運營費用為 4.43 億美元，其中包括 2300 萬美元的稅前重組費用。

The three largest elements of this restructuring charge were, one, 8.5 million related to the closure of our Singapore manufacturing operation.

這項重組費用的三個最大因素是，一是與關閉我們的新加坡製造業務有關的 850 萬美元。

Two, 6.5 million related to the downsizing and closure of some of our field sales offices, and finally, 6 million related to the ongoing restructuring of our PowerSchool business.

第二，650 萬與我們一些現場銷售辦事處的縮小和關閉有關，最後，600 萬與我們正在進行的 PowerSchool 業務重組有關。

Excluding the restructuring charge, operating expenses were 420 million, consistent with our guidance.

不計重組費用，運營費用為 4.2 億美元，與我們的指引一致。

Other income and expense was 29 million, about 4 million higher than expected.

其他收入和支出為2900萬，比預期高出約400萬。

With interest rates declining significantly and the yield curve flattening, it has become advantageous for us to close out and realize gains as some of our longer term cash investments.

隨著利率顯著下降和收益率曲線趨於平緩，結束並實現收益作為我們的一些長期現金投資對我們來說是有利的。

Additionally, we experienced lower than expected FX hedging costs during the quarter.

此外，我們在本季度經歷了低於預期的外匯對沖成本。

The effective tax rate was 28%, consistent with our guidance.

有效稅率為 28%，與我們的指引一致。

The reported results also include a nonrecurring after-tax charge of 2 million related to the transition to FAS 143, which Apple adopted in our first fiscal quarter of '03.

報告的結果還包括與向 FAS 143 過渡相關的 200 萬美元的非經常性稅後費用，Apple 在 03 年第一財季採用了 FAS 143。

The charge represents the catch-up adjustment related to amortization of lease retirement obligations.

該費用代表與租賃報廢義務攤銷相關的追趕調整。

As indicated earlier, the restructuring charge and the transition adjustment had a net after tax impact of 19 million on the reported results, or 5 cents per share.

如前所述，重組費用和過渡調整對報告結果產生了 1900 萬美元的稅後淨影響，即每股 5 美分。

In terms of the balance sheet, cash was up 125 million sequentially to 4.462 billion.

資產負債表方面，現金環比增加1.25億至44.62億。

We are very pleased with our working capital management, particularly receivables and inventories.

我們對我們的營運資金管理非常滿意，尤其是應收賬款和存貨。

Consistent with a greater mix of direct sales and better linearity during the quarter, our day sales outstanding in terms of receivables improved to 31 days, while inventory remained lean at four days.

與本季度更多的直接銷售和更好的線性相一致，我們在應收賬款方面的日銷售額提高到 31 天，而庫存保持在 4 天的精簡。

The cash conversion cycle was minus 35 days.

現金轉換週期為負 35 天。

Looking ahead to the March 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 3 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 and gross margins to be relatively flat with the December quarter.

我們預計收入和毛利率將與 12 月季度相對持平。

We expect operating expenses to decrease by 5 million sequentially.

我們預計運營費用將環比減少 500 萬。

We expect other income and expense to decline significantly to about 20 million due to lower interest rates, and we expect a tax rate to continue to be about 28%.

由於利率下降，我們預計其他收入和支出將大幅下降至約 2000 萬，我們預計稅率將繼續保持在 28% 左右。

As a result, we expect a slight profit before -- for the quarter.

因此，我們預計本季度之前會有微利。

Last week at Mac world San Francisco we announced some great new hardware products and software application.

上週在舊金山的 Mac world 上，我們宣布了一些很棒的新硬件產品和軟件應用程序。

A customer reaction so far has been very positive.

到目前為止，客戶的反應非常積極。

We don't think it is in the best interests of our shareholders or customers to focus on short-term profit maximization at the expense of future growth.

我們認為以犧牲未來增長為代價專注於短期利潤最大化不符合我們股東或客戶的最佳利益。

Accordingly, we're going to continue to keep investing through this downturn and continue to move our products further ahead of our competitors so that when the economy rebounds, we will be positioned for significant growth.

因此，我們將繼續在這次低迷時期繼續投資，並繼續使我們的產品進一步領先於我們的競爭對手，以便在經濟反彈時，我們將獲得顯著增長。

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 signal to ask a question, please press the digits star-1 on your touch-tone telephone.

如果您想發出提問的信號，請按您的按鍵式電話上的數字星 1。

Once again, that is star-1 for a question.

再一次，這是一個問題的star-1。

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

我們將暫停片刻，以便每個人都有機會接收信號。

Our first question comes from Don Young with UBS Warburg.

我們的第一個問題來自瑞銀華寶的 Don Young。

Thank you and good evening.

謝謝你，晚上好。

Fred, I'm wondering about the PowerBook performance was a lot stronger than I had expected in the quarter, was some of the sequential growth these new products announced at Mac world being loaded into the channel, or is that really, you know, cleanly ahead of the new product wave that it should come?

Fred，我想知道 PowerBook 在本季度的性能比我預期的要強得多，這些新產品在 Mac 世界上宣布的一些連續增長是否被加載到渠道中，或者真的，你知道，乾淨利落新產品浪潮應該提前到來嗎？

The other thing I wanted to come back to, your final comments about, you know, short-term profits maximization versus investment, looking at the macro setting in PCs, a lot of us are concerned about another bad demand year and wondering if Apple, which is running expenses higher today than when you were a $8 billion company and now you're a $6 billion company.

我想回到的另一件事，你最後的評論，你知道，短期利潤最大化與投資，看看個人電腦的宏觀環境，我們很多人擔心又一個糟糕的需求年，想知道蘋果是否，今天的運營費用比你以前是一家 80 億美元的公司時要高，現在你是一家 60 億美元的公司。

If it isn't time to at least balance the shorter term expense structure in light of the demand setting that appears to be emerging today.

如果現在還不是時候根據今天似乎正在出現的需求環境至少平衡短期費用結構。

Okay.

好的。

Thanks, Don.

謝謝，唐。

First one, on the PowerBooks, there were none of the new PowerBooks that were announced by Steve Jobs is his Keynote I believe on January the 7th, wasn't it?

第一個，在 PowerBooks 上，我相信史蒂夫喬布斯在 1 月 7 日宣布的新 PowerBooks 都不是他的主題演講，不是嗎？

That were shipped in prior to the end of the quarter, there were none.

那是在本季度末之前發貨的，沒有。

So basically, people really liked the strong value proposition of the prior PowerBooks that were announced during the quarter.

所以基本上，人們真的很喜歡本季度宣布的先前 PowerBook 的強大價值主張。

As you may recall, not only, you know, were they improved, but we substantially dropped the pricing, as I recall, on those PowerBooks.

您可能還記得，您知道，它們不僅得到了改進，而且據我所知，我們大幅降低了那些 PowerBook 的定價。

And so I think there was a good response by our customers, which really drove the improved sell-through, you know, and the revenue being over 100,000 units.

所以我認為我們的客戶反應很好，這確實推動了銷量的提高，你知道，收入超過 100,000 台。

So does that answer everything you wanted to know about the PowerBooks?

那麼這是否回答了您想了解的有關 PowerBooks 的所有信息？

Yes.

是的。

Thank you.

謝謝你。

Okay.

好的。

In terms of my comments at the end of my preamble there on -- we're not going to mortgage the future for short-term profit maximization.

就我在序言末尾的評論而言——我們不會為了短期利潤最大化而抵押未來。

We feel very strongly here at Apple and I think it's driven by us being an innovator.

我們在 Apple 的感覺非常強烈，我認為這是由我們作為創新者推動的。

And through this downturn over the last two years, we've substantially ramped up R and D to now we're at a run rate of close to $500 million a year.

在過去兩年的經濟低迷時期，我們大幅增加了研發力度，現在我們每年的運行速度接近 5 億美元。

And we believe that we have the strongest lineup of products we've had in a long time today, as a company.

而且我們相信，作為一家公司，我們擁有長期以來擁有的最強大的產品陣容。

And unlike what some people might be speculating, I will tell you that we have an incredibly strong pipeline of future products coming, and that's a function of not only the talented people that we have here, but we continue to increase R and D. And the position we want to be in is one where we've laid the foundation, as we come out of this economic downturn, to substantially increase our market share.

與某些人可能猜測的不同，我會告訴你，我們有一個非常強大的未來產品管道，這不僅是我們這裡有才華的人的一個功能，而且我們還在繼續增加研發。我們希望處於的位置是我們已經奠定了基礎，隨著我們擺脫經濟衰退，大幅增加我們的市場份額。

And we realize that to drive shareholder value for this company, we're going to have to grow this business.

我們意識到，要為這家公司提高股東價值，我們將不得不發展這項業務。

And that's what we're committed to do, and we're not interested in enhancing, you know, our short-term quarterly profits here at the expense of future growth and market share gains.

這就是我們致力於做的事情，我們對以犧牲未來增長和市場份額增長為代價來提高我們的短期季度利潤不感興趣。

I guess for the issue I had was more in the sales and marketing side, where the company is a lot smaller than it was three or four years ago, and the spending in sales and marketing is the same.

我想我遇到的問題更多是在銷售和營銷方面，公司比三四年前小了很多，銷售和營銷的支出是一樣的。

And I would have thought there had been some volume impact on the overall expense structure.

我會認為對整體費用結構有一些影響。

Now, is that, you know, we look at sales and marketing, you know not scaling at all with revenue, is that large I had because of the investment in stores?

現在，是不是，你知道，我們關註銷售和營銷，你知道根本不增加收入，因為對商店的投資，我有那麼大嗎？

That's a good follow-up there Don.

這是一個很好的後續行動。

Let me answer it this way.

讓我這樣回答。

We truly believe that we are gaining market share right now in the consumer market.

我們堅信我們現在正在消費市場上獲得市場份額。

And we think that's being driven heavily not only with the great consumer-oriented products we have, but that we're now controlling more and more of the point of sale relative to the consumer market by virtue of now having 51 of our own retail stores, and secondly, having 174 of our own people in Comp USA, you know, controlling the point of sale to sell our differentiated products.

我們認為，這不僅受到我們擁有的以消費者為導向的出色產品的大力推動，而且由於我們現在擁有 51 家自己的零售店，相對於消費者市場，我們現在控制著越來越多的銷售點，其次，我們在 Comp USA 擁有 174 名自己的員工，控制銷售點以銷售我們的差異化產品。

And, you know, as I said in my preamble, we actually saw Comp USA sales up year over year in those 174 stores where we have our own people, 42% year over year, so I think that's evidence and our own retail stores growing from 102 million sequentially to 148 million, that this strategy of investing and expanding our own direct controlled point of sale and investing there through our retail stores and through Comp USA is beginning to pay off.

而且，正如我在序言中所說，我們實際上看到 Comp USA 的銷售額在我們擁有自己員工的 174 家商店中逐年增長，同比增長 42%，所以我認為這是證據，我們自己的零售店也在增長從 1.02 億連續增長到 1.48 億，這種投資和擴大我們自己直接控制的銷售點並通過我們的零售店和 Comp USA 進行投資的策略開始獲得回報。

And one final point I want to make, even though, you know, the environment wasn't good, and I don't think, although we don't have the final reports for the whole PC sector, you know, early indications are that it wasn't a strong holiday quarter overall for the PC sector.

最後一點我想說，儘管環境不好，我不認為，雖然我們沒有整個 PC 行業的最終報告，但早期跡象表明對於個人電腦行業來說，這不是一個強勁的假期季度。

But Apple actually had not only delivered a slight sequential increase in revenues and year over year 7% growth, but we reduced channel inventory another 11% in terms of units.

但實際上，Apple 不僅收入環比略有增長，同比增長 7%，而且我們將渠道庫存再減少了 11%。

And a final point I want to make is that our actual sell-through value was about 75 million higher than the reported revenues.

最後我想說的是，我們的實際銷售價值比報告的收入高出約 7500 萬。

And so this gives us confidence that we're doing the right things in investing in our distribution.

所以這讓我們相信我們在投資我們的分銷方面做的是正確的事情。

Thank you.

謝謝你。

:Thanks, Don.

: 謝謝，唐。

Could we have the next question, please?

請問下一個問題好嗎？

Yes.

是的。

Our next question comes from Richard Gardner with Salomon Smith Barney.

我們的下一個問題來自 Richard Gardner 和 Salomon Smith Barney。

Okay.

好的。

Thanks.

謝謝。

Fred, I was hoping you could just talk about why the U.S. was down as much as it was.

弗雷德，我希望你能談談為什麼美國會如此衰落。

Was it primarily the channel inventory reduction, or what exactly happened there?

主要是渠道庫存減少，還是那裡到底發生了什麼？

Well, Rich, actually, the U.S. wasn't down in the way we like to look at it here.

好吧，Rich，實際上，美國並沒有像我們在這裡看到的那樣落後。

And you can make your own judgment on it.

你可以對它做出自己的判斷。

But actually, all end, the U.S. year over year was up 21%, including education in revenues.

但實際上，總而言之，美國的收入同比增長了 21%，其中包括教育收入。

Okay.

好的。

I guess I was referring -- I'm sorry.

我想我指的是——對不起。

Let me clarify that, excluding education, it was up 21%.

讓我澄清一下，不包括教育，它上漲了 21%。

And if you -- if you include education, it was up 16% year over year.

如果你 - 如果你包括教育，它同比增長 16%。

And what I'm doing there is in adding in our retail division, which I think is a fare way to it, because it's part of our U.S. geography.

我正在做的是增加我們的零售部門，我認為這是一個很好的方式，因為它是我們美國地理的一部分。

I guess I was talking more quarter to quarter.

我想我每季度都在談論更多。

Sequentially, I don't have that in front of me.

因此，我面前沒有那個。

We could look at it.

我們可以看看。

But I've got to believe that it also looked pretty good, if you exclude education, which I think is the right way to look at it.

但我必須相信它看起來也不錯，如果你排除教育，我認為這是看待它的正確方式。

Because educational is seasonally is a strong quarter in September, right?

因為教育是季節性的，在 9 月是一個強勁的季度，對吧？

And the weakest is in December.

最弱的是12月。

So we can get that for you offline but I've got to believe with retail being up from 102 to 148 million, when you add that in our channels, it was up -- I think the main thing is if you're looking at it sequentially, if you've got education included, which I don't think is valid, what were you saying then?

所以我們可以離線為你提供，但我必須相信零售量從 1.02 億增加到 1.48 億，當你在我們的渠道中添加它時，它已經上升了——我認為主要是如果你正在看依次是，如果您包含教育，我認為這是不正確的，那麼您在說什麼？

Total was 939 in the fourth quarter.

第四季度的總數為 939。

So we have it here.

所以我們在這裡。

Our actual, excluding --

我們的實際，不包括——

This is all total U.S.

這是美國的全部

So you're saying even including education?

所以你說甚至包括教育？

Right.

正確的。

So but that's going down, from 939 to 836, because of education.

因此，由於教育，這一數字正在下降，從 939 下降到 836。

But if you back out education, which we can get you offline, I'm confident there's an increase.

但如果你退出教育，我們可以讓你離線，我相信會有增加。

Okay.

好的。

And secondly, Fred, I was just hoping you could spend a little time on the pro products.

其次，弗雷德，我只是希望你能花一點時間在專業產品上。

I know you can't announce new products, but latest price checks still show that product about 35 or 40% more expensive than a comparably equipped Dell system.

我知道你不能宣布新產品，但最新的價格檢查仍然顯示該產品比同等配備的戴爾系統貴 35% 或 40%。

You've always talked about it as the profit engine of the company.

你一直把它說成是公司的利潤引擎。

Can you give us any sense of what you're thinking in terms of getting that product back on its feet again this year and helping you out a little bit on the P and L?

您能否告訴我們您在今年讓該產品重新站起來並在 P 和 L 上幫助您一點點方面的想法？

I can't go into a lot of details on this, but what I would say, Rich, we acknowledge that probably the biggest challenge we have is to get our Power Mac sales back up, you know, to 200,000 units, at least a quarter.

我無法詳細說明這一點，但我想說的是，Rich，我們承認我們面臨的最大挑戰可能是讓我們的 Power Mac 銷量回升到 200,000 台，至少四分之一。

And the company's management is very focused on that, and we have a number of, you know, plans going forward that I can't share with you to enhance our performance in the Power Mac line area.

公司的管理層非常關注這一點，我們有許多，你知道的，我無法與你分享的未來計劃，以提高我們在 Power Mac 產品線領域的表現。

And I would also say that we hope that we get some help with Quark Express to help do our platform sometime this year as well as some rebound in the economy.

我還要說，我們希望我們能在 Quark Express 上得到一些幫助，以幫助我們在今年某個時候做我們的平台，以及經濟的一些反彈。

Because we truly believe there's some pent up demand whereby our creative customers have delayed buying decisions where they normally have an upgrade cycle of 24 to 36 months, we think that's been elongated by the economic downturn, primarily.

因為我們真的相信有一些被壓抑的需求，我們的創意客戶推遲了購買決定，他們通常有 24 到 36 個月的升級週期，我們認為這主要是由於經濟低迷而延長的。

Fred, if I could ask just one more.

弗雷德，如果我可以再問一個。

You mentioned in your K that interest income was going to be down pretty substantially year over year.

您在 K 中提到利息收入將同比大幅下降。

Yes.

是的。

Could you give us a sense of what you're expecting there for the full year?

你能告訴我們你對全年的期望嗎？

Can we just extrapolate from the numbers that you gave us for the first quarter?

我們可以從您提供給我們的第一季度數字推斷嗎？

What you have there is a delayed impact of the drop in interest rates, meaning that as our portfolio rolls over, right, on some of these shorter-term investments, if you look at the term on the yield curve, anything that we've been having, you know, less than a year, renews at much lower interest rates due to the drop in interest rates.

你所擁有的是利率下降的延遲影響，這意味著當我們的投資組合滾動時，對這些短期投資中的一些，如果你看一下收益率曲線上的期限，我們所擁有的任何東西您知道，由於利率下降，不到一年的時間就以低得多的利率續訂。

And I'd prefer not to get into forecasting the third and fourth quarter, we've given you guidance of about 20 million for the March quarter.

而且我不想對第三和第四季度進行預測，我們已經為您提供了 3 月季度約 2000 萬的指導。

Okay.

好的。

Thanks, Fred.

謝謝，弗雷德。

Thanks, Rich.

謝謝，里奇。

Could we have the next question, please?

請問下一個問題好嗎？

Yes, it comes from Rebecca Runkle with Morgan Stanley.

是的，它來自摩根士丹利的 Rebecca Runkle。

Good afternoon.

下午好。

Thanks.

謝謝。

Just a quick follow-up on the interest income question.

只是對利息收入問題的快速跟進。

Sure.

當然。

That's triangulating off of what happened in the first quarter in terms of some of the gains that were recognized given some of what's happening in the yield curve.

考慮到收益率曲線中發生的一些情況，這是對第一季度發生的一些收益的三角測量。

Is it fair to assume that that's more of a one-time event and that we shouldn't see that going forward, or could we potentially see that before the end of the year?

假設這更像是一次性事件並且我們不應該看到這種情況發生，或者我們可能在今年年底之前看到這種情況是否公平？

I think it's possible, depending on what happens in the yield curve when we have to renew, you know, toward the end of the second quarter and early in the third quarter.

我認為這是可能的，這取決於我們必須在第二季度末和第三季度初更新時收益率曲線上發生的情況。

What I'm hedging on is, there were a lot of people that think there's not going to be any further reductions in interest rates and that sometime in the next three to six months, you're going to see the yield curve steepen with interest rates beyond one year beginning to move up.

我要對沖的是，很多人認為利率不會進一步降低，並且在未來三到六個月的某個時候，你會看到收益率曲線隨著利率而變陡超過一年的利率開始上升。

And if that should happen, then it could be that Apple might put some of its portfolio out beyond one year.

如果發生這種情況，那麼蘋果可能會將其部分產品組合推出一年以上。

So there are a lot of dynamics here.

所以這裡有很多動態。

And I feel like, you know, I just don't want to get into forecasting the second half other than to say it's possible that our interest income, if interest rates don't go up, in terms of the yield curve, could fall below 20 million a quarter in the third and fourth quarter.

我覺得，你知道，我只是不想預測下半年，只是說如果利率不上升，就收益率曲線而言，我們的利息收入可能會下降第三和第四季度每季度低於 2000 萬。

And can you comment on how significant the gains were in the first quarter?

您能否評論一下第一季度的收益有多大？

They -- in terms of OINE?

他們——就OINE而言？

Yes.

是的。

They accounted for, as I indicated, being 4 million above what our original guidance was, which was 25 million, would fully account for the 4 million over achievement.

正如我所指出的，他們佔了 400 萬比我們最初的指導是 2500 萬，將完全解釋超過 400 萬的成就。

It was up 4 million.

漲了400萬。

And then I believe the K talked about 77 million or so in CAPEX for the stores this year.

然後我相信K談到今年商店的資本支出約為7700萬。

Could you, perhaps, put some color in terms of planned store openings and just shed some additional light on what our expectations for the year should be?

您能否為計劃中的開店添加一些色彩，並進一步說明我們對今年的期望應該是什麼？

We have not given any target as to how many stores we might open in fiscal 2003.

對於 2003 財年我們可能開設多少家商店，我們沒有給出任何目標。

We'd like to get a few more months under our belt as we refine our plans here before we set a target.

在設定目標之前，我們希望在此期間完善我們的計劃，再過幾個月的時間。

You may remember last year, we didn't give any target until the springtime, and I would imagine we'll follow that same pattern this year.

你可能還記得去年，我們直到春天才給出任何目標，我想今年我們會遵循同樣的模式。

And then last question, just in terms of talking about some of the dynamics in the marketplace, you talked about your belief that you are -- you know, currently taking share in the marketplace --

最後一個問題，就市場的一些動態而言，你談到了你的信念——你知道，目前在市場上佔有一席之地——

In the consumer market.

在消費市場。

In the consumer marketplace.

在消費市場。

And I guess this was a consumer-oriented question.

我想這是一個面向消費者的問題。

In particular, taking share on the consumer oriented marketplace and at the same time we're see being in a lot of the Windows-based competitors pricing pressures even accelerating into the new year and I'm just curious how you're thinking about balancing out the premium and price relative to some of the other vendors, and if there's the expectation for additional price cuts or if you feel comfortable with the premium as it stands today even as it's widening given the market share gains.

特別是在以消費者為導向的市場上佔有一席之地，同時我們看到許多基於 Windows 的競爭對手的定價壓力甚至加速進入新的一年，我只是好奇你是如何考慮平衡的相對於其他一些供應商的溢價和價格，以及是否有額外降價的預期，或者您是否對目前的溢價感到滿意，即使鑑於市場份額的增長它正在擴大。

We're committed to continuing to provide a great value proposition that takes into account what we offer in our products and how we price them.

我們致力於繼續提供一個偉大的價值主張，考慮到我們在產品中提供的內容以及我們如何定價。

And so we monitor that very closely.

所以我們非常密切地監控。

I think that most people believe our new PowerBooks provide a great value in terms of the announcements of last week.

我認為大多數人認為我們的新 PowerBooks 就上週的公告而言提供了巨大的價值。

Great.

偉大的。

Thank you very much.

非常感謝。

I'd like to take this opportunity to quickly respond to Rich's question.

我想藉此機會快速回答里奇的問題。

We've now pulled the data together.

我們現在已經把數據拉到一起了。

That excluding education, if you want to look at our U.S.-region performance in the December quarter versus the September quarter, we actually, Rich, were up sequentially 9%, sequentially in the December quarter versus the September quarter.

不包括教育，如果你想看看我們在 12 月季度與 9 月季度的美國地區表現，實際上，我們 Rich 在 12 月季度與 9 月季度相比環比增長了 9%。

So go ahead and take the next question.

所以繼續做下一個問題。

Thank you, sir.

謝謝你，先生。

Our next question comes from Joel Wagonfeld with Banc of America Securities.

我們的下一個問題來自美國銀行證券公司的 Joel Wagonfeld。

Thanks very much.

非常感謝。

I was wondering if you could comment on your expectations for component costs going forward relative to the benefit there in Q4 and also whether you could give us any update on X serve (ph) examine potential storage products as well as the percentage of your R&D spend that goes towards those types of efforts and how you're thinking about that going forward.

我想知道您是否可以評論您對組件成本相對於第四季度收益的預期，以及您是否可以向我們提供有關 X 服務 (ph) 的任何更新，檢查潛在的存儲產品以及您的研發支出百分比這將朝著這些類型的努力以及您如何看待未來的方向發展。

Okay.

好的。

I'm going to ask Peter to answer that question.

我要請彼得回答這個問題。

Of course, you know from our guidance that we have guided to flat gross margins in the March quarter compared to the December quarter.

當然，您從我們的指導中知道，我們已將 3 月季度的毛利率與 12 月季度相比持平。

You want to talk about the component?

你想談談組件嗎？

Sure.

當然。

Within that guidance, we would see the general market basket of components memory board components, optical, hard drives coming down slightly and the market for flat-panel displays being relatively confident to where it is today.

在該指導下，我們將看到內存板組件、光學、硬盤驅動器的整體市場籃子略有下降，而平板顯示器市場對今天的情況相對有信心。

Okay.

好的。

Any other questions?

還有其他問題嗎？

Just the question about Xserve and the R & D spend towards those types of efforts.

只是關於 Xserve 的問題以及這些類型的努力的研發支出。

Could you repeat your question on Xserve, please?

請您在 Xserve 上重複您的問題好嗎？

If you could give us any update on your progress with Xserve in terms of getting traction and the amount of your R & D spend that goes toward that type of a new product.

如果您可以向我們提供有關 Xserve 在獲得牽引力以及用於該類型新產品的研發支出金額方面的任何最新進展。

Sure.

當然。

We sold about 6,000 total servers in the quarter, most of which were Xserve (ph), we're pleased with our initial start with that product.

我們在本季度總共售出了大約 6,000 台服務器，其中大部分是 Xserve (ph)，我們對我們最初使用該產品感到滿意。

It's gotten good reviews from our customers, and we plan on introducing our range store product early in the new calendar year, and we've not disclosed the amount that we spent for both these products in terms of R&D.

它得到了客戶的好評，我們計劃在新日曆年初推出我們的範圍商店產品，我們沒有透露我們在研發方面為這兩種產品花費的金額。

But clearly one of the areas that we have invested in terms of innovation.

但顯然，這是我們在創新方面投資的領域之一。

Joel Wagonfeld Okay.

喬爾·瓦格菲爾德 好的。

Thanks.

謝謝。

Thanks, Joe.

謝謝，喬。

Could we have the next question, please?

請問下一個問題好嗎？

Yes.

是的。

And just a reminder to everyone, it is star-1 for a question or a comment.

只是提醒大家，問題或評論是星號 1。

And our next question comes from Sharon Foster.

我們的下一個問題來自 Sharon Foster。

Ms. Foster, please go ahead with your question.

福斯特女士，請繼續您的問題。

Next we'll go to Kimberly Alexy with Prudential.

接下來我們將和保誠一起去金佰利亞歷克西。

Great.

偉大的。

Thanks.

謝謝。

A couple follow-ups on the stores.

對商店進行了幾次跟進。

I know you haven't given any specific goals for this year and are not going to, but just looking back on the 10-K issue, your CAPEX on the stores is slated to be down year on year, and I know you're getting more efficient in opening those stores as well.

我知道你今年沒有給出任何具體目標，也不會，但回顧 10-K 問題，你在商店的 CAPEX 預計會同比下降，我知道你在在開設這些商店方面也變得更有效率。

Maybe you could just talk to us about how to interpret some of those CAPEX numbers as it relates to, you know, some assumption of stores.

也許您可以與我們討論如何解釋其中一些與商店假設相關的資本支出數字。

And maybe more broadly answer and longer term, if you could comment on the what the end game of the retail stores really mean, I know in the past maybe last year's analyst meeting we had talked a little about, you know, sort of how to think about the long-term for the stores, you know, perhaps being not quite like a Gateway model in terms of going through several hundred.

也許更廣泛的答案和更長遠的答案，如果你可以評論零售店的最終遊戲真正意味著什麼，我知道在過去也許去年的分析師會議上我們已經談了一點，你知道，有點如何考慮一下商店的長期性，您知道，就經歷數百個而言，可能不太像Gateway模型。

So I'm trying to get a sense of where you think the feeling may be without committing to anything specific.

因此，我試圖了解您認為這種感覺可能在哪裡，而無需做出任何具體的承諾。

And then if you could also refer back maybe to that analyst meeting last year and give us a sense as to how you're updating, if at all or thinking differently if at all about the medium term financial plan that you had laid out.

然後，如果你也可以回顧一下去年的分析師會議，讓我們了解你是如何更新的，如果有的話，或者對你制定的中期財務計劃有不同的想法。

Okay.

好的。

Let me take the retail strategic part of the question and then I'll ask Pete to answer the part on CAPEX.

讓我談談問題的零售戰略部分，然後我會請皮特回答關於資本支出的部分。

Basically, you know, again, we view our retail initiative as our key strategy, along with putting our own people in places like Comp USA to control the point of sale, as I said earlier as our key strategy to reach out to Windows users and convert them, right?

基本上，你知道，我們再次將零售計劃視為我們的關鍵戰略，同時將我們自己的員工放在 Comp USA 這樣的地方來控制銷售點，正如我之前所說的那樣，這是我們接觸 Windows 用戶和轉換它們，對嗎？

And that's backed by our switcher ads.

這得到了我們的切換台廣告的支持。

And this is probably our key strategy to grow market share and drive the growth of the company.

這可能是我們擴大市場份額和推動公司發展的關鍵戰略。

And so given that strategy and how it ties back to how many stores we might open and the financial aspects, don't forget, as I mentioned in the preamble we may have lost 1 million at the segment level on 148 million on revenues in our retail stores but don't forget, we had 23 million in manufacturing profit.

因此，鑑於該策略以及它與我們可能開設多少家商店和財務方面的關係，請不要忘記，正如我在序言中提到的那樣，我們可能在細分市場層面損失了 100 萬美元，而我們的收入為 1.48 億美元。零售店，但不要忘記，我們有 2300 萬的製造利潤。

So what I would argue is that nobody knows for sure how much of our retail division business is incremental, but I'm confident that at least half of it is, if not more.

所以我想說的是，沒有人確切地知道我們的零售部門業務有多少是增量的，但我相信至少有一半是增量的，如果不是更多的話。

And so if we take half of that 23 million, or round it to 11 million downward, then net there would be a $10 million positive contribution from our retail initiative, assuming that only half of the sales are incremental.

因此，如果我們將這 2300 萬的一半或向下舍入到 1100 萬，那麼假設只有一半的銷售額是增量的，那麼我們的零售計劃將產生 1000 萬美元的正貢獻。

So I think that, you know, to a lot of those naysayers who said, oh, this is risky and will never pay off financially, I've got to tell you it's already beginning to pay off financially.

所以我認為，你知道，對於很多反對者說，哦，這是有風險的，永遠不會在經濟上得到回報，我必須告訴你，它已經開始在經濟上得到回報。

And so what we're really focused on, as long as we can open new stores that can at least break even at the store level and drive incremental growth by giving us new locations to switch Windows users to Mac users, then we think that that's smart to do.

因此，我們真正關注的是，只要我們能夠開設至少可以在商店層面實現收支平衡的新商店，並通過為我們提供將 Windows 用戶轉換為 Mac 用戶的新位置來推動增量增長，那麼我們認為這就是聰明的做法。

And we haven't -- we're kind of evolving and taking it a phase and step at a time and year at a time as to how many stores we're going to open.

而且我們還沒有 - 我們正在不斷發展，並一次又一次地採取一個階段和一步，一次又一次地確定我們將開設多少家商店。

And so that's really our strategy is we want to keep them at least break-even or slight profit, but then beyond that, what we want to drive is more switchers to the Mac platform, which will increase our market share.

所以這就是我們的策略，我們希望他們至少保持盈虧平衡或微利，但除此之外，我們想要推動更多的切換到 Mac 平台，這將增加我們的市場份額。

And that's really our overall strategy.

這確實是我們的總體戰略。

Peter, you want to talk about the CAPEX question?

彼得，你想談談資本支出問題嗎？

As we say, for fiscal '02, our capital expenditures in total for the company were 174 million, and of that retail comprised 106(ph) (audibility difficulty) million for the store facility and related equipment.

正如我們所說，在 02 財年，我們對公司的總資本支出為 1.74 億美元，其中零售額為商店設施和相關設備的 106（ph）（聽覺困難）百萬。

We indicated in the K that our fiscal '03 capital expenditures are likely to be in the range of about 160 (ph) (audibility difficulty) million, and we would expect the retail capital expenditures to be down year over year.

我們在 K 中指出，我們 03 財年的資本支出可能在約 160 (ph) （可聽度）百萬的範圍內，我們預計零售資本支出將同比下降。

Can you just go into a little bit more detail about how much of that might be increased efficiency versus any kind of read on how many stores you may be considering opening at this point?

您能否更詳細地了解其中有多少可以提高效率，而不是閱讀您目前可能考慮開設多少家商店？

Well, we continue to work on the efficiency side, as you may remember, from one of Ron's past presentations.

好吧，您可能還記得，從 Ron 過去的一次演講中，我們繼續在效率方面工作。

We do have a small store footprint now that has substantially reduced the cost of a store versus the original store size.

我們現在確實有一個小的商店足跡，與原來的商店規模相比，這大大降低了商店的成本。

So that definitely is a factor.

所以這絕對是一個因素。

Can you quantify that at all?

你能量化嗎？

You know, I'd prefer not to beyond what Ron may have said at a prior, you know, analyst meeting.

你知道，我不想超出 Ron 在之前的分析師會議上所說的話。

I believe he indicated, what was that, Peter, about the size of the store and the cost being down about -- what was it, 30 to 45%?

我相信他說的是，彼得，關於商店的規模和成本下降大約是什麼 - 它是什麼，30% 到 45%？

I think so, yeah.

我想是的，是的。

Okay.

好的。

So I don't really have any update to what he's previously articulated on that.

所以我對他之前的表述沒有任何更新。

I think it reduces the cost about 30 to 40%, the smaller store.

我認為它降低了大約 30% 到 40% 的成本，較小的商店。

Okay.

好的。

And then just lastly, I'm sure that term medium financial model any kind of thoughts about circling back to what you had laid out around July?

最後，我敢肯定，中期財務模型是否有任何關於回到您在 7 月左右制定的計劃的想法？

Well, for the year, you know, I believe that, you know, we have a really good shot to, you know, drive a break-even without the manufacturing profit for the retail segment for the full year you know.

好吧，今年，你知道，我相信，你知道，我們有很好的機會，你知道，在沒有零售部門全年製造利潤的情況下實現盈虧平衡。

Maybe we'll have a slight profit but we want to at least be at break-even for our retail division and continue to switch more people to the Mac and drive growth.

也許我們會有微薄的利潤，但我們希望至少讓我們的零售部門保持收支平衡，並繼續讓更多人轉向 Mac 並推動增長。

Thanks.

謝謝。

Thanks, Kimberly.

謝謝，金伯利。

Could we have the next question, please?

請問下一個問題好嗎？

Yes, our next question comes from Manish Fiyell (ph) with Neuberger Newman.

是的，我們的下一個問題來自 Manish Fiyell (ph) 和 Neuberger Newman。

First if you could comment on your performance in Japan and what steps you're taking to improve that.

首先，如果您可以評論您在日本的表現以及您正在採取哪些措施來改善它。

And then I have a couple more.

然後我還有幾個。

Well, lets me just start that and then I'll have Peter embellish on it.

好吧，讓我開始吧，然後我會讓彼得修飾它。

I think the overall business climate in Japan continues to be very weak, as evidenced by, you know, our, you know, decline in Japan and revenues being down year over year by 24%.

我認為日本的整體商業環境仍然非常疲軟，你知道，我們在日本的收入下降和收入同比下降 24% 就證明了這一點。

Peter, you want to reference some of the things we're trying to?

彼得，你想參考我們正在嘗試的一些事情嗎？

Sure.

當然。

We believe that our new portable announcements in Japan, it's a very strong portable market, and the 12 and 17-inch form factors should do well over there, along with the iBooks that we have been selling.

我們相信，我們在日本發布的新便攜式產品是一個非常強大的便攜式市場，12 英寸和 17 英寸的外形尺寸應該會在日本做得很好，以及我們一直在銷售的 iBooks。

Additionally, we talked about in the last call that we have hired approximately 70 people that we've put in our 60 highest volume resellers.

此外，我們在上次電話會議中談到，我們已經僱傭了大約 70 人，我們已經將這些人放在了我們的 60 家銷量最高的經銷商中。

That happened partway through the first quarter, early through the program.

這發生在第一季度的中途，在計劃的早期。

We're pleased with the results, but it's early in that program, and we're hopeful that that will pay positive dividends in addition to the exciting new products that we introduced.

我們對結果感到滿意，但該計劃還處於早期階段，我們希望除了我們推出的令人興奮的新產品之外，這將帶來積極的紅利。

Is the weakness in any particular market, or it's just broad-based weakness in Japan?

是某個特定市場的疲軟，還是只是日本的廣泛疲軟？

Well, what I would say, first of all, our biggest market presence in Japan is the consumer market.

好吧，我想說的是，首先，我們在日本最大的市場份額是消費市場。

Right.

正確的。

And I would say that -- and then a second market I know where we're strong is the creative markets where we have a good -- fairly good presence there.

我會說——然後我知道我們強大的第二個市場是我們在那裡擁有良好——相當不錯的存在的創意市場。

But the strongest, overwhelmingly strongest segment in Japan has been the consumer market and I think that's been pretty hard hit.

但日本最強勁、壓倒性最強的部分是消費市場，我認為這受到了相當大的打擊。

In calendar 2003, what are you expecting from the education market in the U.S.?

在 2003 年日曆中，您對美國的教育市場有何期待？

In terms of growth.

在成長方面。

Yeah.

是的。

I don't want to get into forecasting the education market.

我不想進入預測教育市場。

I would tell you that we continue to remain cautious about the education market, particularly given the funding constraints in states like California, you know, the kind of looming budget deficit that is being faced in the state of California and initial indications are that education is going to be cut back, you know, in the state of California and there are other states in the union right now facing budget deficits, and unlike the federal government, you know, you've got to balance the budget if you're a state.

我會告訴你，我們繼續對教育市場保持謹慎，特別是考慮到加利福尼亞等州的資金限制，你知道，加利福尼亞州正面臨著迫在眉睫的預算赤字，初步跡象表明教育是會被削減，你知道，在加利福尼亞州和聯盟中的其他州現在面臨預算赤字，而且與聯邦政府不同，你知道，如果你是一個人，你必須平衡預算狀態。

Finally, maybe I'll try this.

最後，也許我會試試這個。

I may get an answer for this one.

我可能會得到這個答案。

Can you give us some statistics for -- if you track how many of the customers from your retail effort are from new switchers or for first time buyers?

你能給我們一些統計數據嗎——如果你跟踪你的零售工作中有多少客戶來自新的切換者或首次購買者？

As we indicated, our survey this last quarter indicated about 50% of the unit CPU sales through our retail stores were to non-Mac users.

正如我們所指出的，我們上個季度的調查表明，通過我們的零售店銷售的單元 CPU 中約有 50% 是面向非 Mac 用戶的。

Thank you.

謝謝你。

Thanks, Manish.

謝謝，馬尼什。

Could we have the next question, please?

請問下一個問題好嗎？

Andrew Neff from Bear Stearns.

貝爾斯登的安德魯·內夫。

Sure.

當然。

Three quick things if I could.

如果可以的話，三件快速的事情。

First in term of the iPod, where does that show up, in the software or the hardware line?

首先就 iPod 而言，它出現在哪裡，是軟件還是硬件產品線？

Where do you throw that in?.

你把它扔在哪裡？

Could you tell us what the revenue was for that?

你能告訴我們這樣做的收入是多少嗎？

Yeah, it's in the peripherals and other section.

是的，它在外圍設備和其他部分。

You know, basically what we gave you was the number of unit sales which were 216,000.

你知道，基本上我們給你的是216,000的單位銷售數量。

Okay.

好的。

Second, -- And that slightly over half of those were for Windows.

其次，——其中略多於一半是針對 Windows 的。

Okay.

好的。

Second question is just in terms of your guidance, Fred, typically the -- or just from a seasonal standpoint, typically the March quarter is down.

第二個問題只是就您的指導而言，弗雷德，通常是 - 或者只是從季節性的角度來看，通常三月季度下降。

Why -- what makes you confident or gives you the sense you're going to have a sequentially flat quarter?

為什麼——是什麼讓你有信心或讓你感覺你將有一個連續平穩的季度？

Is it the new products or something else?

是新產品還是其他？

Yeah, that's really a good question.

是的，這確實是一個好問題。

There are two things.

有兩件事。

One, as I said, we actually decreased the channel inventory in terms of units by 11% from the end of the September quarter to the end of the December quarter.

一，正如我所說，從 9 月季度末到 12 月季度末，我們實際上將渠道庫存（以單位計）減少了 11%。

And in terms of sell-through value, it was 75 million, about, higher than the 1 billion 472 million in revenues we reported.

就銷售價值而言，它是 7500 萬，大約高於我們報告的 10 億 4.72 億的收入。

So what I'm trying to tell you, you have to look under the revenues to see what the real customer demand value was.

所以我想告訴你的是，你必須查看收入，看看真正的客戶需求價值是多少。

And so you know, basically, if you kept channel inventory flat, that would imply that, you know, we are expecting some slight decrease in demand quarter to quarter.

所以你知道，基本上，如果你保持渠道庫存持平，這意味著，你知道，我們預計需求會逐季略有下降。

Now, the second part of that is that we really feel good about our new products, that we have for this quarter.

現在，第二部分是我們對本季度的新產品感覺很好。

Okay.

好的。

And I guess that actually covers it.

我想這實際上涵蓋了它。

Thanks very much.

非常感謝。

Fred Anderson;

弗雷德·安德森；

Okay.

好的。

Thanks, Andy.

謝謝，安迪。

Can we have the next question, please?

請問下一個問題可以嗎？

It comes from Kevin Hunt about Thomas Weisel Partners.

它來自凱文亨特關於 Thomas Weisel Partners 的故事。

Hi.

你好。

Yes.

是的。

I wonder if you could quantify the -- this quarter's component breakdown like you did for the going forward in terms of what might have been components, you know, flat panel versus other components.

我想知道您是否可以量化本季度的組件細分，就像您在未來所做的那樣，可能是組件，您知道，平板與其他組件。

I missed what you said of the other contributions for this quarter.

我錯過了你所說的本季度的其他貢獻。

Okay.

好的。

In terms of the gross margins, let me take that piece and I'll ask Peter to cover the other.

就毛利率而言，讓我拿下那一塊，我會請彼得承擔另一部分。

As I had said on the preamble, our gross margins were up 120 basis points for the September quarter to 27.6%.

正如我在序言中所說，我們的毛利率在 9 月季度增長了 120 個基點，達到 27.6%。

Due to three factors.

由於三個因素。

One is lower component costs.

一是降低組件成本。

Two is a stronger mix of direct sales, which was driven heavily by our increased sales of both our online store as well as our Apple retail division.

二是更強勁的直銷組合，這在很大程度上是由我們的在線商店和蘋果零售部門的銷售額增長推動的。

And finally, a greater mix of PowerBooks, which have my higher gross margins, and those were the three factors.

最後，PowerBooks 的更大組合，我的毛利率更高，這就是三個因素。

Can you break down the component part, too?

你也可以分解組成部分嗎？

Yeah, in our first quarter the biggest drop that we saw in components came from memory.

是的，在我們的第一季度，我們在組件中看到的最大跌幅來自內存。

Displays fell a bit towards the end of the quarter.

顯示器在本季度末有所下降。

And the other market, basket, was down as well, big the biggest segments came from memory.

而另一個市場，籃子，也下降了，最大的部分來自記憶。

And one other question, if I may, on the retail stores, I wonder if you could comment on the mix or anything you've seen there that's different than the sales of the rest of your regions.

還有一個問題，如果我可以的話，關於零售店，我想知道您是否可以評論混合或您在那裡看到的與您其他地區的銷售不同的任何東西。

It seems like that's much higher ASPs which I'm sure part of that's due to capturing the retail margins.

這似乎是更高的平均售價，我敢肯定這部分是由於獲得了零售利潤。

Is there anything else there?

那裡還有別的嗎？

Sure.

當然。

In addition to beyond the box attached, as you would assume, you might be surprised that we have more sell-ups to the best within a product family.

除了隨附的包裝盒之外，您可能會感到驚訝，我們在一個產品系列中向最好的產品銷售更多。

In other words, they'll buy the high-end iBooks or flat-panel iMacs than our normal channels.

換句話說，他們會購買比我們正常渠道購買的高端 iBooks 或平板 iMac。

Okay.

好的。

Thanks.

謝謝。

Thanks, Kevin.

謝謝，凱文。

Could we have the next question, please?

請問下一個問題好嗎？

Yes, it comes from Charles Wolf with Needham & Co..

是的，它來自 Charles Wolf 和 Needham & Co.。

Yes.

是的。

In his Keynote last week, Steve mentioned that, as I recall, that there was over 5 million window users that went to your switch site.

在上週的主題演講中，Steve 提到，我記得有超過 500 萬窗口用戶訪問了你的 switch 站點。

Do you guys have any way of tracing the number that might have actually brought a Macintosh?

你們有什麼方法可以追踪可能真正帶來 Macintosh 的號碼嗎？

Not to my knowledge.

據我所知不是。

Anybody here that knows anything different than I do, but I'd say no.

這裡的任何人都知道與我不同的事情，但我會說不。

Charles Wolf;

查爾斯·沃爾夫；

Okay.

好的。

Thanks a lot.

非常感謝。

Thanks, Charlie.

謝謝，查理。

Can we have the next question, please?

請問下一個問題可以嗎？

Yes, Michael Hilmeyer with Merrill Lynch.

是的，美林證券公司的邁克爾·希爾邁耶。

Michael Hilmeyer Yeah, hi, Fred.

Michael Hilmeyer 是的，嗨，弗雷德。

Just a follow-up on education, you guys put out a statement earlier this week regarding the possible settlement of a Microsoft antitrust issue in California, not the national settlement.

只是關於教育的後續行動，你們本週早些時候發表了一份聲明，關於可能解決加州的微軟反壟斷問題，而不是國家和解。

Are you able to put any more color around that, or is it just way too early?

你能在它周圍加上更多的顏色，還是太早了？

Yeah, I don't have any comment to make on that at this time.

是的，我目前對此沒有任何評論。

Okay.

好的。

Thanks.

謝謝。

Thanks, Michael.

謝謝，邁克爾。

Could we have the next question, please?

請問下一個問題好嗎？

Yes.

是的。

We'll go to Howard Fisher (ph) with Metropolitan West.

我們將與 Metropolitan West 一起前往 Howard Fisher (ph)。

Hi, thanks.

你好謝謝。

I was just wondering, on the $125 million sequential cash addition, is that a number that long term we can sort of annualize, you know, coming out to 500 million a year, I do understand you can't take down working capital forever, especially as you start to grow, but supposedly at that point you'll be generating greater profits to offset that.

我只是想知道，在連續增加的 1.25 億美元現金中，從長期來看，我們可以將其年化，你知道，每年達到 5 億美元，我明白你不能永遠減少營運資金，特別是當你開始成長時，但據說到那時你會產生更大的利潤來抵消它。

Is $500 million free excess cash annually out of the ballpark?

每年 5 億美元的免費超額現金是不可能的嗎？

Not at current revenue and earning levels.

不在當前的收入和收入水平。

Clearly, what we need to do to do, and you answered it in that, you know, not every quarter can you have a reduction in working capital and continue to sustain that like we did this quarter.

很明顯，我們需要做什麼，你回答說，你知道，不是每個季度你都可以減少營運資金，並像本季度一樣繼續維持這種狀況。

You know, we actually had receivable days down to 31 days.

你知道，我們實際上將應收天數縮短到 31 天。

And, you know, that was due to really good linearity during the quarter and kind of an optimal level.

而且，你知道，這是由於本季度非常好的線性度和最佳水平。

I can't see getting our receivable days much below 31 days.

我看不到我們的應收賬款天數遠低於 31 天。

You answered it.

你回答了。

I would say that in terms of cash flows going forward, they should approximate earnings to be maybe be slightly better than that depending upon our capital expenditures, which this quarter were less than our depreciation and amortization.

我想說的是，就未來的現金流而言，它們的收益應該會比我們的資本支出略好一些，這取決於我們的資本支出，本季度的資本支出低於我們的折舊和攤銷。

So you know, I think it can be slightly better than earnings but certainly not to the magnitude of what we saw this quarter.

所以你知道，我認為它可能比收益略好，但肯定不會達到我們本季度看到的程度。

No, that's not sustainable.

不，這是不可持續的。

But I certainly would hope -- and I'm not making any forecasts but, you know, all the investments we're making here in both R and D and new products and our distribution, as we come out of this downturn, we'll pay off an increased market share and top-line growth.

但我當然希望——而且我沒有做任何預測，但是，你知道，我們在研發和新產品以及我們的分銷方面所做的所有投資，隨著我們擺脫這種低迷，我們將增加市場份額和收入增長。

And once we get that, we should see the operating margin expand significantly.

一旦我們明白了這一點，我們應該會看到營業利潤率顯著擴大。

Because, you know, we have an infrastructure in place to support, you know, for example, an $8 billion revenue line even though we're at 6.

因為，你知道，我們有一個基礎設施來支持，例如，一個 80 億美元的收入線，即使我們是 6 歲。

And so you know, for every billion you can add to the top line, you're going to see, you know, a lot of that come down to the bottom line, which obviously not only drives earnings, but cash flow from operation.

所以你知道，對於你可以增加的每十億，你會看到，你知道，很多都歸結為底線，這顯然不僅會推動收益，還會推動運營現金流。

That's great.

那太棒了。

Thank you very much.

非常感謝。

Nancy Paxton;

南希·帕克斯頓；

Thanks.

謝謝。

Could we have the next question, please?

請問下一個問題好嗎？

Yes.

是的。

Just a reminder to everyone online, it is star-1 for a question or comment.

只是提醒在線上的每個人，它是一個問題或評論的星號。

Our next question comes from Richard Chu with SG Cowen.

我們的下一個問題來自 SG Cowen 的 Richard Chu。

Thank you.

謝謝你。

Two quick things.

兩件快事。

What was the direct mix including the online?

包括在線在內的直接組合是什麼？

Okay.

好的。

Our direct mix and kind of like how we define that in terms of direct business would be our education business, our Internet store, and our retail, you know, 51 retail store division, and I believe it was 34% during the quarter.

我們的直接組合和我們在直接業務方面的定義方式有點像我們的教育業務、我們的互聯網商店和我們的零售，你知道，51 個零售商店部門，我相信這個季度是 34%。

Do you have the number for the December -- September quarter?

你有 12 月 - 9 月季度的數字嗎？

Yeah, for the September quarter it was 41%, but recognize that included the peak quarter for education.

是的，9 月季度為 41%，但要認識到這包括教育高峰季度。

Okay.

好的。

And, you know, just to give it to you, sometimes people want to know about what our Apple store percent was, which includes, you know, channel orders coming in through the Apple store, and that was at 46% for the quarter.

而且，你知道，只是為了告訴你，有時人們想知道我們的蘋果商店百分比是多少，其中包括，你知道的，通過蘋果商店進入的渠道訂單，本季度為 46%。

And so giving you that information.

所以給你這些信息。

And then secondly, was there any kind of discernable impact on operations from the dock strike?

其次，碼頭罷工對運營是否有任何明顯的影響？

No.

不。

I believe we managed our way through that pretty well, didn't we, Peter?

我相信我們在這方面做得很好，不是嗎，彼得？

Yes, we did.

是的我們做了。

We did not see any significant interruption in product availability, but we did have to pay some premium air freight to get product in, which we had built into our guidance.

我們沒有看到產品供應出現任何重大中斷，但我們確實必須支付一些溢價空運才能獲得產品，這已納入我們的指導。

Thank you.

謝謝你。

Then finally, is there any way that you can discern whether the the last six convergences of Compaq and HP combined in the supply chain has impacted in any way your components cost structures in terms of conditions with the supply chain?

最後，您有什麼方法可以辨別康柏和惠普在供應鏈中的最後六次融合是否以任何方式影響了您在供應鏈條件下的組件成本結構？

Not to my knowledge.

據我所知不是。

In terms of payables and price structures.

在應付賬款和價格結構方面。

I'm not aware of any significant impact.

我不知道有任何重大影響。

Okay.

好的。

That's all I had.

這就是我所擁有的。

Thank you very much.

非常感謝。

Thanks, Richard.

謝謝，理查德。

Could we have the next question, please?

請問下一個問題好嗎？

Yes.

是的。

Today's last question comes from Rob Cihra with Fulcrum.

今天的最後一個問題來自 Fulcrum 的 Rob Cihra。

Please go ahead sir.

請先生繼續。

Hi.

你好。

Thanks very much.

非常感謝。

I know you all don't like to talk about new products, but even just strategically or philosophically, can you talk about the fact that the Ipod's been quite popular including the Windows version.

我知道你們都不喜歡談論新產品，但即使只是戰略上或哲學上，你們能不能談談 Ipod 非常受歡迎的事實，包括 Windows 版本。

What are your thoughts in terms of other non-Mac products as kind of one of the only non-Mac hardware product?

您對其他非 Mac 產品作為唯一的非 Mac 硬件產品之一有何看法？

Is that the type of thing you think we might see more of going forward, or is that kind of a one-off thing?

這是你認為我們可能會看到更多前進的事情，還是那種一次性的事情？

Thank you.

謝謝你。

Sorry.

對不起。

No comment.

沒有意見。

I could have guessed as much.

我本來可以猜到的。

Sorry.

對不起。

Thanks, Rob.

謝謝，羅伯。

A recording for today’s call will be available for replay for 7 days beginning at 5.00 Pacific time today.

從今天太平洋時間 5 點開始，今天的通話錄音將可供重播 7 天。

And the number for the replay is 719-457-0820 and the confirmation code is 717-338.

重播號碼是719-457-0820，確認碼是717-338。

Members of the press have additional questions can contact Lynn Foxx.

媒體成員有其他問題可以聯繫 Lynn Foxx。

Lynn’s number is 408-974-6209 and financial analysts can contact either Jon Hoover or me with additional questions.

Lynn 的電話號碼是 408-974-6209，金融分析師可以聯繫 Jon Hoover 或我詢問其他問題。

Jon is at 408-974-4070 and my number is 408-974-5420.

喬恩的電話是 408-974-4070，我的電話是 408-974-5420。

Thanks again for joining us.

再次感謝您加入我們。

This does conclude today's conference call.

這確實結束了今天的電話會議。

You may now disconnect.

您現在可以斷開連接。

We do appreciate your participation.

我們非常感謝您的參與。