蘋果 (AAPL) 2003 Q2 法說會逐字稿

Good day, everyone and welcome to this Apple computer conference call to discuss second quarter financial results.

大家好，歡迎參加這次蘋果電腦電話會議，討論第二季度的財務業績。

Today's call is being recorded.

今天的電話正在錄音。

At this time for opening remarks and introductions, I'd like to turn the call over to the director of investor relations and corporate finance, Ms. Nancy Paxton.

現在是開場白和介紹的時候，我想把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.

謝謝你。

Good afternoon to everyone.

大家下午好。

And thank you for joining us.

並感謝您加入我們。

Apple issued its second quarter earnings press release at approximately 1:30pm Pacific time today.

蘋果公司於今天太平洋時間下午 1:30 左右發布了第二季度收益新聞稿。

And the earnigns press release and financials are available on FirstCall as well as on Apple's website.

FirstCall 和 Apple 網站上都提供了收入新聞稿和財務信息。

Speaking today is Apple CFO Fred Anderson.

今天發言的是蘋果首席財務官 Fred Anderson。

And he'll be joined by senior vice president of finance Peter Oppenheimer and vice president and corporate treasurer ((Gary Litsworth)) for the Q&A session with analysts.

他將與財務高級副總裁彼得奧本海默和副總裁兼企業財務主管 ((Gary Litsworth)) 一起參加與分析師的問答環節。

Please note that some of the information you will hear during this call cosists of forward-looking statements regarding revenue, gross margins, operating expenses, income and expense, taxes, products, research and development, Apple's retail initiative, 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、收入和費用、稅收、產品、研發、Apple 零售計劃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 Apple 最新的 10-K 表格（截至 2002 年 9 月 28 日的財政年度）的第 35 至 44 頁。

Please also note should non-GAAP financial measures be included in today's call, such information should be viewed in addition to -- and not in lieu of -- Apple's GAAP results.

另請注意，如果非 GAAP 財務指標包含在今天的電話會議中，則此類信息應作為 Apple 的 GAAP 結果的補充而非替代查看。

While we do not anticipate providing non-GAAP measures, should we do so, a reconciliation of the GAAP and non-GAAP measures will be posted on Apple's website at www.apple.com/investor.

雖然我們預計不會提供非 GAAP 措施，但如果我們這樣做，GAAP 和非 GAAP 措施的對賬將發佈在 Apple 網站 www.apple.com/investor 上。

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。

And 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're very pleased to report that despite an increasingly challenging and unpredictable environment, Apple generated revenues of $1.475 billion in our second fiscal quarter.

我們很高興地報告，儘管環境越來越具有挑戰性和不可預測性，Apple 在我們的第二財季創造了 14.75 億美元的收入。

Net income was $14 million or 4 cents per diluted share.

淨收入為 1400 萬美元或每股攤薄收益 4 美分。

These GAAP results include a 3 million pre-tax charge related to previously announced restructuring activities.

這些 GAAP 結果包括與先前宣布的重組活動相關的 300 萬美元稅前費用。

These results are consistent with our guidance of flat sequential revenues and a slight profit.

這些結果與我們對連續收入持平和微利的指導一致。

Apple shipped a total of 711,000 CPU units during the quarter.

蘋果在本季度共出貨了 711,000 個 CPU 單元。

A record 42% of units shipped were portables, boosted by the success of our new 12-inch and 17-inch PowerBooks.

在我們新的 12 英寸和 17 英寸 PowerBooks 的成功推動下，42% 的出貨量是便攜式設備。

Though overall unit shipments were down 13%, higher average selling prices resulted in revenues that were about even with the year-ago quarter.

儘管整體單位出貨量下降了 13%，但較高的平均售價導致收入與去年同期持平。

Average revenue per system jumped above $2,000, driven by a greater percentage of beyond the box sales, especially software and displays, as well as the richer mix of portables.

每個系統的平均收入躍升至 2,000 美元以上，這得益於更大比例的盒外銷售，尤其是軟件和顯示器，以及更豐富的便攜式設備組合。

Software sales in particular were boosted by the addition of Keynote, iLife, and Final Cut Express.

Keynote、iLife 和 Final Cut Express 的加入尤其促進了軟件銷售。

We ended the quarter with less than 4.5 weeks of channel inventory, well within our target range.

我們在本季度末的渠道庫存不足 4.5 週，完全在我們的目標範圍內。

In terms of CPU's, we shipped 256,000 iMacs.

在 CPU 方面，我們出貨了 256,000 台 iMac。

Of that total, 41,000 were the classic CRT iMacs, 86,000 were eMacs, and 129,000 were flat panel iMacs.

其中，41,000 台是經典的 CRT iMac，86,000 台是 eMac，129,000 台是平板 iMac。

IBook sales were down slightly from the year-ago quarter due to some cannibalization by the new 12-inch PowerBook.

由於新的 12 英寸 PowerBook 的一些蠶食，IBook 的銷售額與去年同期相比略有下降。

Sales of PowerBooks surged to 166,000, driven by strong demand across the board for all three models.

PowerBooks 的銷量猛增至 166,000 台，這得益於對所有三種型號的全面強勁需求。

The 12-inch PowerBook, the smallest full-featured notebook on the market, received very favorable reviews and was the most popular of the three PowerBook models, with 82,000 units sold.

12英寸PowerBook是市面上最小的全功能筆記本，好評如潮，是三款PowerBook中最受歡迎的，售出82,000台。

The 15-inch G4 titanium remained a very popular model, with 70,000 units sold.

15 英寸 G4 鈦合金仍然是非常受歡迎的型號，售出 70,000 台。

And while bookings for the new 17-inch PowerBook were strong, shipments began later than we had anticipated.

儘管新款 17 英寸 PowerBook 的預訂量很大，但發貨開始的時間比我們預期的要晚。

And we were only able to ship 14,000 units, ending the quarter with a substantial backlog.

我們只能出貨 14,000 台，在本季度末大量積壓。

We are now through the manufacturing ramp and are quickly catching up with orders.

我們現在正在通過製造坡道，並正在迅速趕上訂單。

Sales of Power Mac G4's continue to be sluggish despite price performance improvements during the quarter.

儘管本季度的價格表現有所改善，但 Power Mac G4 的銷售仍然低迷。

Including servers, we shipped 156,000 units, which was sequentially flat, but down 26% from the year-ago quarter.

包括服務器在內，我們出貨了 156,000 台，環比持平，但比去年同期下降 26%。

We believe the creative segment continues to be especially hard hit by the weak economy.

我們認為創意領域繼續受到經濟疲軟的重創。

We shipped a total of 78,000 iPods in the quarter, almost half of which were Windows units.

本季度我們共出貨了 78,000 台 iPod，其中幾乎一半是 Windows 設備。

Our retail -- Apple retail stores had a great quarter.

我們的零售店——蘋果零售店的季度表現不錯。

We opened two stores early in the quarter, bringing the quarter-end total to 53 stores.

我們在本季度初開設了兩家門店，使本季度末的門店總數達到 53 家。

Apple retail store revenues were $135 million, down seasonally from $148 million in the December quarter -- as was expected.

蘋果零售店收入為 1.35 億美元，低於 12 月當季的 1.48 億美元——正如預期的那樣。

We achieved average revenue of 2.6 million per store during the quarter, flat with the year-ago quarter.

我們在本季度實現了每家商店的平均收入 260 萬，與去年同期持平。

The retail segment loss was $3 million.

零售部門虧損為 300 萬美元。

The manufacturing profit associated with the retail segment was 23 million.

與零售部門相關的製造利潤為 2300 萬。

And this has been excluded from the segment results.

這已從細分結果中排除。

Our traffic records indicate that over 3 million people visited our retail stores during the March quarter for an average of about 4400 visitors per store per week.

我們的客流量記錄表明，在 3 月季度，超過 300 萬人訪問了我們的零售店，平均每週每家商店約有 4400 名訪客。

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

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

We are targeting to have about 70 stores open by the end of this calendar year.

我們的目標是在本日曆年年底前開設約 70 家門店。

Included in the next wave of store openings will be our third large format store, which will be located on Michigan Avenue in Chicago.

下一波新店開張中將包括我們的第三家大型商店，它將位於芝加哥的密歇根大道。

The U.S. education market continues to experience funding pressures as a result of the large budget deficits in many states.

由於許多州的巨額預算赤字，美國教育市場繼續面臨資金壓力。

Our CPU unit sales through the U.S. education channel were down 14% from the year-ago quarter.

我們通過美國教育渠道銷售的 CPU 單元比去年同期下降了 14%。

But portable shipments in education remain a bright spot for us.

但教育領域的便攜出貨量對我們來說仍然是一個亮點。

In the March quarter, 39% of our education unit shipments were portables, well above IDC's U.S. education segment average forecast of 21% for the March quarter.

在 3 月季度，我們 39% 的教育設備出貨量是便攜式的，遠高於 IDC 對 3 月季度美國教育部門 21% 的平均預測。

The 10 for Teachers program has been a great success.

教師 10 人計劃取得了巨大成功。

Since introduction of this program, we have put over 400,000 copies of OS X in the hands of K12 and higher education teachers.

自該計劃推出以來，我們已將超過 400,000 份 OS X 交到 K12 和高等教育教師手中。

Turning now to gross margin.

現在轉向毛利率。

Apple's gross margin was up 70 basis points from the December quarter to 28.3%, primarily due to lower component costs and a stronger mix of portables and direct sales.

蘋果的毛利率比 12 月季度增長 70 個基點至 28.3%，這主要是由於較低的組件成本以及更強勁的便攜式和直銷組合。

Reported operating expenses were 422 million, including a 3 million pre-tax restructuring charge.

報告的運營費用為 4.22 億美元，其中包括 300 萬美元的稅前重組費用。

Operating expense was slightly higher than our guidance due to the restructuring charge and stronger than expected foreign currencies.

由於重組費用和強於預期的外幣，營業費用略高於我們的指引。

Other income and expense was 23 million -- about 3 million higher than our previous guidance -- driven by higher than expected gains from sales of some available for sale investments.

其他收入和支出為 2300 萬，比我們之前的指導高出約 300 萬，這是由於一些可供出售投資的銷售收益高於預期。

We are continuing to find it advantageous to close out on some of our longer term cash investments as we position our cash and investment portfolio toward shorter investment maturities.

隨著我們將現金和投資組合定位於較短的投資期限，我們繼續發現結束我們的一些長期現金投資是有利的。

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

有效稅率為 28%，與指引一致。

Turning now to the balance sheet, cash was up $64 million sequentially to $4.526 billion.

現在轉向資產負債表，現金環比增長 6400 萬美元，達到 45.26 億美元。

That represents a fiscal year-to-date increase of $189 million.

這意味著本財年迄今增加了 1.89 億美元。

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 strong collections, day sales outstanding improved to 30 days while inventory remained lean at four days.

與更多的直接銷售和強大的收款組合相一致，日銷售額提高到 30 天，而庫存保持在 4 天。

Looking ahead to the June 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.

展望六月季度，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 approximately flat with the March quarter.

我們預計收入將與第三季度大致持平。

We also expect gross margins and operating expenses to be relatively flat on a sequential basis.

我們還預計毛利率和運營費用環比持平。

We expect other income and expense to decline significantly to about $15 million.

我們預計其他收入和支出將大幅下降至約 1500 萬美元。

And we expect the tax rate to continue to be 28%.

我們預計稅率將繼續為 28%。

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

因此，我們預計 6 月季度將略有盈利。

I'd like to close by saying that we are encouraged by the significant achievements we've made this quarter as we continue to innovate our way through these challenging economic times.

最後，我想說的是，我們對本季度取得的重大成就感到鼓舞，因為我們在這些充滿挑戰的經濟時代繼續創新我們的方式。

We believe that our investment in research and development and our retail initiative will fuel future growth for the company.

我們相信，我們在研發方面的投資和我們的零售計劃將推動公司未來的增長。

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, you may do so by pressing the star key followed by the digit one on your touchtone telephone.

如果您想發出詢問問題的信號，您可以按星號鍵，然後按按鍵電話上的數字一。

Once again, that is star-one for a question or comment at this time.

再一次，這是此時提出問題或評論的明星。

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

我們將暫停片刻，以便每個人都有機會排隊。

Our first question today comes from Michael Hilmeyer from Merrill Lynch.

我們今天的第一個問題來自美林證券的 Michael Hilmeyer。

Please go ahead, sir.

請繼續，先生。

Go ahead, Michael.

來吧，邁克爾。

Hi there.

你好呀。

Just wondering if the announcement that you guys made earlier this month about the stock options going over to restricted shares.

只是想知道你們本月早些時候是否宣布將股票期權轉為限制性股票。

Is that included in this - in your outlook going forward here?

這包括在你的展望中嗎？

Well, let me be clear.

好吧，讓我說清楚。

Sure.

當然。

There was a restricted stock grant to Steve Jobs that was announced.

宣布向史蒂夫喬布斯授予限制性股票。

And then separately, there was an exchange program for our employees who held options of $25 or higher.

此外，我們還為持有 25 美元或更高期權的員工提供了一個交流計劃。

And both of those events have been contemplated in our guidance.

我們的指導已經考慮了這兩個事件。

OK.

好的。

Great.

偉大的。

Thank you.

謝謝你。

Could we have the next question, please?

請問下一個問題好嗎？

Our next question comes from Dan Niles from Lehman Brothers.

我們的下一個問題來自雷曼兄弟的 Dan Niles。

Yes, hi.

是的，你好。

Fred, if you could talk a little bit about in your business kind of what you saw during the quarter?

弗雷德，如果您能談談您在本季度看到的業務類型嗎？

In other words, did you guys see some impact from the war?

換句話說，你們看到戰爭的影響了嗎？

Could you sense that just by looking at sort of your run rate of business?

僅通過查看您的業務運行率，您能感覺到嗎？

And sort of how did it go going into it?

它是如何進入其中的？

And then kind of coming out of it?

然後從中走出來？

And I guess just sort of a general linearity question around that?

我想這只是一個一般的線性問題？

OK.

好的。

As you might imagine, we're not able to separate the war impact from other geopolitical or economic impact.

正如您可能想像的那樣，我們無法將戰爭影響與其他地緣政治或經濟影響區分開來。

The only thing I can tell you is that we were very pleased that we met our guidance of flat sequential revenues.

我唯一可以告訴你的是，我們很高興我們達到了持平連續收入的指導。

In fact, we were up 3 million from the prior quarter.

事實上，我們比上一季度增加了 300 萬。

And we delivered 4 cents in EPS which obviously was -- our guidance, it was 2 cents higher than FirstCall consensus.

我們的每股收益為 4 美分，這顯然是我們的指導，比 FirstCall 的共識高出 2 美分。

And what I would say is that the consumer market on a relative basis remains the strongest for us.

我想說的是，相對而言，消費市場對我們來說仍然是最強勁的。

Because of the budget deficits in states like California and the impact that they're having on funding of technology for education, I would say education remains a tough market as well as the creative markets for us, which are obviously impacted by creative businesses such as ad agencies and magazines being hard-hit during this economic downturn where there's been a cutback in advertising.

由於加利福尼亞等州的預算赤字以及它們對教育技術資金的影響，我想說教育仍然是一個艱難的市場，對我們來說，創意市場顯然受到創意企業的影響，例如廣告公司和雜誌在經濟衰退期間受到重創，廣告削減。

Can I ask a follow-up?

可以問後續嗎？

I mean, when you look at your mix of business, I guess, you know, obviously portables was increasing pretty rapidly.

我的意思是，當您查看您的業務組合時，我想，您知道，顯然便攜式設備正在迅速增長。

Could you give us what that mix was last quarter?

你能告訴我們上個季度的組合是什麼嗎？

And then is there some target or do you have some sense on how that goes?

然後是否有一些目標，或者你對它的進展有什麼了解？

In other words, just trying to figure out, do you anticipate that sort of keeping on improving?

換句話說，只是想弄清楚，你是否預計這種持續改進？

Or have you sort of gone to, you know, sort of a steady state?

或者你有沒有進入，你知道的，一種穩定的狀態？

Or where is that level?

或者那個級別在哪裡？

Yes.

是的。

As you know, 42% of our CPU units shipped during the quarter were portables, meaning the combination of the iBooks and the PowerBooks.

如您所知，本季度出貨的 CPU 單元中有 42% 是便攜式的，即 iBooks 和 PowerBooks 的組合。

And that was driven heavily in terms of the increase by the PowerBooks and the success of the new 12 and 17-inch models.

這在很大程度上得益於 PowerBooks 的增長以及新的 12 英寸和 17 英寸機型的成功。

My answer would be that, you know, Steve believes this is going to be the year of portables for Apple.

我的回答是，你知道，史蒂夫相信這將是蘋果便攜設備的一年。

And I think we have a much higher mix of portables than the rest of the industry.

而且我認為我們的便攜式設備組合比業內其他公司高得多。

Where it ends, you know, in terms of its evolution, I'm not sure.

你知道，就它的演變而言，它在哪裡結束，我不確定。

Now, do you have what it was last year?

現在，你有去年的情況嗎？

Sure.

當然。

So in terms of the unit mix in the second quarter, iMac was 46%.

因此，就第二季度的單位組合而言，iMac 為 46%。

Power Mac G4 was 26%.

Power Mac G4 為 26%。

PowerBook was 11%.

PowerBook 為 11%。

And iBook was 17% of units.

iBook 是 17% 的單位。

OK.

好的。

Great.

偉大的。

Thanks a lot.

非常感謝。

OK.

好的。

Great.

偉大的。

We'll take our next question today from Evan (sic) McCarthy from Credit Suisse.

今天我們將向瑞士信貸的 Evan (sic) McCarthy 提出我們的下一個問題。

Please go ahead, sir.

請繼續，先生。

The name is Kevin, Thanks.

名字是凱文，謝謝。

Fred, can you talk conceptually about your subscription plans in terms of music?

弗雷德，你能從概念上談談你在音樂方面的訂閱計劃嗎？

Is it something you feel you can just license?

你覺得你可以授權嗎？

Or again, conceptually, do you feel this is something that Apple will spend capital actually on content, content of media properties of one form or another?

或者，從概念上講，你是否認為蘋果會在內容、一種或另一種形式的媒體屬性內容上投入資金？

I don't have any comment on future products.

我對未來的產品沒有任何評論。

I'm sorry.

對不起。

All right.

好的。

Can I ask a follow-up?

可以問後續嗎？

Sure.

當然。

Can you talk a little bit about, again I'll frame it in kind of conceptual language, your process or strategy?

你能談談嗎，我會再次用一種概念性的語言來描述你的過程或策略嗎？

There's been some speculation as you guys become increasingly frustrated with Motorola's lack of commitment to Power PC, that you would consider moving to an Intel design.

隨著你們對摩托羅拉對 Power PC 缺乏承諾越來越感到沮喪，有一些猜測認為你們會考慮轉向英特爾設計。

Can you just talk in a conceptual framework?

你能在一個概念框架裡說話嗎？

Or is that something that you would consider at some point?

或者這是您在某個時候會考慮的事情？

We have no comment again on future products or processor strategies.

我們不再對未來的產品或處理器策略發表評論。

I'm sorry.

對不起。

You know, Fred, I'm running out of questions here.

你知道，弗雷德，我這裡沒有問題了。

Can I ask one more then?

那我可以再問一個嗎？

Yes.

是的。

Hopefully something about the quarter.

希望關於本季度的一些事情。

Well, how many stores do you plan to open in the U.S.?

那麼，您計劃在美國開設多少家商店？

And will you take it international this year?

今年你會把它帶到國際上嗎？

As I indicated in the preamble, we're targeting 70 stores by the end of the calendar year.

正如我在序言中指出的那樣，我們的目標是在日曆年年底前開設 70 家商店。

Any international plans?

有國際計劃嗎？

We have not announced any plans to open any stores internationally.

我們尚未宣布任何在國際上開設任何門店的計劃。

All right.

好的。

I'm exhausted.

我累極了。

Thanks, Fred.

謝謝，弗雷德。

You're welcome.

別客氣。

Thanks, Kevin.

謝謝，凱文。

Could we have the next question, please?

請問下一個問題好嗎？

Yes.

是的。

Our next question comes from Rob Cihra with Fulcrum Partners.

我們的下一個問題來自 Fulcrum Partners 的 Rob Cihra。

Hi.

你好。

Thanks very much.

非常感謝。

I wonder if -- on the Power Mac, it seems like the momentum just doesn't want to improve there.

我想知道是否——在 Power Mac 上，勢頭似乎並不想在那裡改善。

I mean, you've added servers now.

我的意思是，你現在已經添加了服務器。

You refreshed or recently dropped prices.

您刷新或最近降低了價格。

And yet it still doesn't really want to move.

然而它仍然不想移動。

You know, is there something fundamental here?

你知道，這裡有什麼基本的東西嗎？

I mean, obviously the positive stuff is all in the notebook side.

我的意思是，顯然積極的東西都在筆記本方面。

Is there something fundamentally that you think can change that Power Mac cycle?

您認為有什麼東西可以從根本上改變 Power Mac 週期嗎？

Or is it simply weakness in the customer base?

還是僅僅是客戶群的弱點？

Or do you think it's just something that you guys are just more and more suited to notebooks, differentiated notebooks?

還是你們覺得只是你們越來越適合筆記本，差異化的筆記本？

I don't think it's -- I think it's a creative market weakness issue.

我不認為這是 - 我認為這是一個創造性的市場弱點問題。

We subscribe to independent research like Trendwatch.

我們訂閱了 Trendwatch 等獨立研究。

And all the data shows Apple with dominant market shares in the segments where we're focused on, you know, in the 60 to 80% range.

所有數據都顯示，蘋果在我們關注的細分市場中佔據主導地位，你知道，在 60% 到 80% 的範圍內。

They show that the business conditions are the worst that they've been.

他們表明，商業環境是最糟糕的。

They survey every six months in the last seven years.

他們在過去七年中每六個月進行一次調查。

And clearly, they show that the overwhelming majority of people who are going to buy in the next 12 months are planning to buy Macs.

很明顯，它們表明絕大多數打算在未來 12 個月內購買的人都計劃購買 Mac。

And so what I really believe is that we've got to look for an upturn here in the economy that's going to cause our creative customers to stop deferring buying decisions, which are typically, you know, they buy probably every two to three years.

所以我真正相信的是，我們必須在經濟中尋找好轉，這將導致我們的創意客戶停止推遲購買決定，通常，你知道，他們可能每兩到三年購買一次。

And I think that they've just been deferring because of their own businesses being hard-hit.

而且我認為他們只是因為自己的業務受到重創而推遲了。

So that's part of it.

所以這是其中的一部分。

The second thing is it certainly would help for us to get Quark Express finally on the platform -- hopefully sometime in the future here.

第二件事是它肯定會幫助我們最終將 Quark Express 放到平台上——希望在未來的某個時候在這裡。

Native on Mac OS X, to be clear.

本機在 Mac OS X 上，要清楚。

And then finally, I think, you know, as the performance improves in our Power Mac line, you know, the convergence of those factors will hopefully drive an upgrade cycle, and we think there's lots of pent-up demand there.

最後，我想，你知道，隨著我們 Power Mac 系列的性能提高，你知道，這些因素的融合有望推動升級週期，我們認為那裡有很多被壓抑的需求。

OK.

好的。

Great.

偉大的。

Thanks.

謝謝。

Thanks, Rob.

謝謝，羅伯。

Could we have the next question, please?

請問下一個問題好嗎？

Yes.

是的。

And before we take our next question, I would like to remind everyone how to queue for a question.

在我們回答下一個問題之前，我想提醒大家如何排隊等待提問。

Just press star-one on your touchtone telephone.

只需按您的按鍵式電話上的星號。

Next we'll go to Richard Gardner with Salomon Smith Barney.

接下來我們將和所羅門史密斯巴尼一起去理查德加德納。

Hi, Fred.

嗨，弗雷德。

This is actually Cynthia.

這實際上是辛西婭。

Hi, Cynthia.

嗨，辛西婭。

Good.

好的。

I have two quick questions.

我有兩個快速的問題。

One was, what did ((FPD)) pricing do in the March quarter versus December and what are your expectations for June?

一個是，（（FPD））定價在 3 月季度與 12 月相比有何變化？您對 6 月的預期是什麼？

And then the second question ...

然後第二個問題...

I didn't catch the first piece.

我沒有抓住第一塊。

Sure.

當然。

How did you see ((FPD) pricing in the March quarter versus December?

您如何看待 3 月季度與 12 月季度的 ((FPD) 定價？

And what are your expectations for June?

你對六月的期望是什麼？

And then I had a follow-up.

然後我進行了跟進。

OK.

好的。

Peter, you want to take the one on ((FPD)) pricing?

彼得，您想採用（（FPD））定價嗎？

Sure.

當然。

At the end of the quarter, we saw flat panel pricing begin to tighten.

在本季度末，我們看到平板價格開始收緊。

There's a clear trend for people to buy flat panel displays versus CRT's, the trend going from notebooks to desktops and use in panels by non-PC products.

與 CRT 相比，人們購買平板顯示器的趨勢很明顯，這種趨勢從筆記本電腦到台式機，並被非 PC 產品用於面板。

So as a result, we've seen pricing there stay flat and actually begin to trend up a little bit on some of the sizes.

因此，我們看到那裡的定價保持不變，並且實際上開始在某些尺寸上略有上漲。

OK.

好的。

And then you guys rolled some significant price cuts on the Power Mac in late January.

然後你們在 1 月下旬對 Power Mac 進行了大幅降價。

Did you see any type of response?

你看到任何類型的回應了嗎？

Or how was the linearity in the quarter in the Power Mac demand?

或者本季度 Power Mac 需求的線性度如何？

I know you said it was disappointing, but did the significant price cuts at all help?

我知道你說這令人失望，但大幅降價有幫助嗎？

I would say that we saw some significant elasticity of demand with the major price cuts we made in our displays, which obviously are for the Power Mac.

我想說的是，隨著我們對顯示器的大幅降價，我們看到了一些顯著的需求彈性，這顯然是針對 Power Mac 的。

Do you want to add anything to that, Peter, in terms of the Power Mac line itself?

彼得，您想就 Power Mac 系列本身添加任何內容嗎？

No.

不。

I think sales just sustained at the general levels that we'd seen them.

我認為銷售只是維持在我們看到的一般水平。

OK.

好的。

Great.

偉大的。

Thank you.

謝謝你。

Thanks, Cynthia.

謝謝，辛西婭。

Could we have the next question, please?

請問下一個問題好嗎？

Yes.

是的。

Next we'll go to Rebecca Runkle with Morgan Stanley.

接下來我們將和摩根士丹利一起去 Rebecca Runkle。

Please go ahead.

請繼續。

Thank you very much.

非常感謝。

Rebecca, could you speak up?

麗貝卡，你能說話嗎？

You're coming across faintly here.

你在這裡隱隱約約地遇到。

We just can't hear you.

我們只是聽不到你的聲音。

Can you hear me now?

你能聽到我嗎？

We can.

我們可以。

Thank you.

謝謝你。

Sorry about that.

對於那個很抱歉。

Just a quick question on the U.S. education market.

只是關於美國教育市場的一個簡單問題。

You were down 14%, you said, year on year.

你說，同比下降了 14%。

Give us some color in terms of what you think the overall market did -- IE, how did you fare in terms of market share?

就您認為整個市場的表現給我們一些顏色 - IE，您在市場份額方面的表現如何？

And then I have a follow-up.

然後我有一個跟進。

OK.

好的。

Unfortunately we don't have any market share data yet, and yes, we were down year over year 14%, so I don't want to get into speculating what happened to market share.

不幸的是，我們還沒有任何市場份額數據，是的，我們同比下降了 14%，所以我不想猜測市場份額發生了什麼。

We'll certainly know when IDC publishes their market share information.

我們肯定會知道 IDC 何時發布他們的市場份額信息。

And then as we look forward to the June quarter since it's such an important quarter for the education market, any color that you can provide in terms of what you're expecting and as far as normal seasonality or not, especially within the context of some of the current state and local government budgets that exist?

然後我們期待六月季度，因為它對教育市場來說是如此重要的一個季度，您可以根據您的預期以及正常的季節性提供任何顏色，尤其是在某些情況下現有的州和地方政府預算有多少？

We're expecting a tough quarter, albeit that there will be some seasonal improvement as there always is.

我們預計一個艱難的季度，儘管會像往常一樣出現一些季節性改善。

But on a year-over-year basis, we're planning some decline.

但與去年同期相比，我們計劃有所下降。

And then ...

接著 ...

Because of the tough market condition.

因為市場形勢嚴峻。

Particular to the state and local governments?

尤其是州和地方政府？

I'm speaking of education, yes.

我說的是教育，是的。

And then just quickly, as it relates to the retail stores.

然後很快，因為它與零售店有關。

We were actually surprised, it didn't sound like you were but we were actually surprised that retail was down just 9% quarter to quarter, just given all the demand that you saw in the December period and given the holiday, et cetera.

我們實際上感到驚訝，這聽起來不像您，但我們實際上感到驚訝的是，零售額僅下降了 9%，僅考慮到您在 12 月期間看到的所有需求以及假期等等。

So if you could provide any more color in terms of what you saw, if there were any particular trends, if you added additional programs.

因此，如果您可以根據您所看到的內容提供更多顏色，是否有任何特定趨勢，如果您添加了其他程序。

Anything that would help explain that?

有什麼可以幫助解釋的嗎？

Because I thought ...

因為我想...

I'm sorry, could you clarify your 9% figure?

對不起，你能澄清一下你 9% 的數字嗎？

I think you said you were 148 in the December quarter and you did 135 this past quarter?

我想你說你在 12 月這個季度是 148 歲，而在上個季度你是 135 歲？

What are you taking, certain products?

你在吃什麼，某些產品？

No.

不。

Just looking at retail.

只看零售。

Oh, our retail stores.

哦，我們的零售店。

I'm with you now.

我現在和你在一起。

I thought you were talking about retail as meaning consumer market.

我以為你在談論零售是指消費市場。

No, no, just your retail stores.

不，不，只是你的零售店。

Sterling and I were both very impressed by the performance in the March quarter and I just wanted to follow up on that.

Sterling 和我都對 3 月季度的表現印象深刻，我只想跟進。

You know, basically what we're seeing is that, you know, we continue, if you look at the secular trend line, you know, we continue to add stores and we continue to do extremely well with our retail store division.

你知道，基本上我們看到的是，你知道，我們繼續，如果你看看長期趨勢線，你知道，我們繼續增加商店，我們繼續在零售店部門做得非常好。

And as you commented in your observation, there wasn't a significant seasonal drop-off, you know, in our retail store business.

正如您在觀察中評論的那樣，我們的零售店業務沒有明顯的季節性下降。

The decline was very modest.

下降幅度非常小。

But any perspective as to why -- you only added two stores, so, I mean, any color that you can provide in terms of why that was the case so that we can try to get our arms around that performance, because I would have certainly expected it to be a much weaker number in March ...

但是任何關於為什麼的觀點 - 你只添加了兩家商店，所以，我的意思是，你可以提供任何顏色來說明為什麼會這樣，這樣我們就可以嘗試讓我們的表現更好，因為我會當然預計 3 月份的數字會弱得多......

Well, if you look at the average stores open for the quarter, there was more of an increase probably than that.

好吧，如果您查看本季度平均開張的商店，可能會比這更多。

In other words, more than just going from 51 to 53 stores.

換句話說，不僅僅是從 51 家商店增加到 53 家商店。

So, I mean, one of the things you should look at is that we were -- as I indicated in the preamble, that we did an average revenue per store of 2.6 million in revenues for the March quarter, which was consistent with the prior-year performance.

所以，我的意思是，你應該看的一件事是，正如我在序言中指出的那樣，我們在 3 月季度的每家商店的平均收入為 260 萬，這與之前的一致- 年的表現。

So one other thing that I might mention, we do have one area that's doing extremely well.

所以我可能會提到另一件事，我們確實有一個領域做得非常好。

And that's that we are having, as you probably know, on Tuesdays and Wednesdays these store nights at our retail stores where we invite in K12 school districts, you know.

正如您可能知道的那樣，這就是我們在周二和周三在我們邀請 K12 學區的零售店舉辦的這些商店之夜，您知道的。

And they have the parents, you know, observe the achievements of the teachers and students that are presented using our technology.

他們有家長，你知道，觀察使用我們的技術呈現的老師和學生的成就。

And I think we're now up to where we've done over 200 of those to date.

我認為我們現在已經完成了 200 多項。

And so I think that the tie-in of our retail stores both to education and small business is probably helping them.

因此，我認為我們的零售店與教育和小型企業的合作可能對他們有所幫助。

And they're doing that more than they were a year ago, when we were almost exclusively focused on the consumer market.

他們比一年前做得更多，當時我們幾乎完全專注於消費市場。

OK.

好的。

Thanks, Rebecca.

謝謝，麗貝卡。

Could we have the next question, please?

請問下一個問題好嗎？

Yes.

是的。

We'll take our next question from ((Howard Fleisher)) with Metropolitan West.

我們將向 ((Howard Fleisher)) Metropolitan West 提出下一個問題。

Hi.

你好。

Thanks.

謝謝。

I'm a little confused.

我有點困惑。

Can you just tell me, have you released -- made any press releases today attributed to Steve Jobs regarding the rumors that are going around?

你能告訴我，你今天發布了任何關於史蒂夫喬布斯的新聞稿嗎？

I'm reading something that said that you did release a statement from Steve Jobs.

我讀到的東西說你確實發表了史蒂夫喬布斯的聲明。

Yes, we did.

是的我們做了。

And I'd be happy to read the press statement from Apple.

我很樂意閱讀 Apple 的新聞聲明。

OK.

好的。

"'Apple has never made any offer to invest in or acquire a major music company.

“‘蘋果從未提出任何投資或收購大型音樂公司的要約。

The press statements this morning attributed to Vivendi board member Claude Bebear are not true, as Mr. Bebear has confirmed in a later report,' said Steve Jobs, Apple CEO."

蘋果公司首席執行官史蒂夫喬布斯表示，今天上午由 Vivendi 董事會成員 Claude Bebear 發表的新聞聲明並不真實，正如 Bebear 先生在後來的一份報告中所證實的那樣。

We will abide by Apple's policy of not commenting on rumors.

我們將遵守 Apple 不評論謠言的政策。

OK.

好的。

And can you then just sort of update on your internal policy and goals with respect to the cash that you have at your company, and it looks like you continue to generate even beyond working capital gains?

然後，您能否就您在公司擁有的現金方面的內部政策和目標進行某種更新，並且看起來您繼續產生甚至超出營運資本收益？

Thank you.

謝謝你。

Well, we still have an outstanding authorization from our -- for our -- from our board for stock.

好吧，我們仍然有我們的 - 為我們的 - 來自我們董事會的股票授權。

I think it's $283 million.

我認為是 2.83 億美元。

And bottom line is that, you know, we continue to conserve our cash and we haven't made any buybacks under that authorization since as I recall September of 2001, and so, you know, we're very focused as a company on conserving cash.

最重要的是，你知道，我們繼續保存我們的現金，自從我記得 2001 年 9 月以來，我們沒有根據該授權進行任何回購，所以，你知道，作為一家公司，我們非常專注於保存現金。

And, you know, we're proud that we've been able to increase our cash in short-term investments by $189 million in the first half of this fiscal year.

而且，您知道，我們為能夠在本財年上半年將短期投資現金增加 1.89 億美元而感到自豪。

And, you know, from time to time, it's always possible that we will execute some buybacks under the remaining authorization.

而且，您知道，我們總是有可能在剩餘授權下執行一些回購。

Is there anything that you can share with us regarding policies for acquisitions?

關於收購政策，您有什麼可以與我們分享的嗎？

Obviously not commenting on the current rumors, but just general -- generally what you might hope to accomplish by an acquisition of any kind?

顯然不是對當前的謠言發表評論，而只是一般性的——一般來說，你希望通過任何形式的收購來實現什麼？

You know, again, I don't want to comment -- just like we don't comment on products in the future, I don't want to go into comments on acquisitions or investments other than to say from time to time, the company over the last several years has made small acquisitions of particularly software companies where we felt there was a strategic fit, and that such an acquisition or investment could assist in the profitable growth of the company, and enhance shareholder value.

你知道，我不想評論——就像我們將來不評論產品一樣，我不想評論收購或投資，只是不時說，公司在過去幾年中對特別是我們認為具有戰略意義的軟件公司進行了小規模收購，這樣的收購或投資可以幫助公司實現盈利增長，並提高股東價值。

Do you have any criteria regarding dilution on cash flow or dilution earnings per share or any financial-type metrics that you could share when you look at acquisitions?

您是否有關於現金流量稀釋或每股稀釋收益的任何標準，或者您在查看收購時可以分享的任何財務類型指標？

No.

不。

Obviously the first filter for any potential acquisition if we were to look at one would be, is there a strategic fit for the company.

顯然，如果我們要看的話，任何潛在收購的第一個過濾器是，是否有適合公司的戰略。

And then the second one would be, would it create positive financial returns and enhance shareholder value for the company over the longer term?

然後第二個問題是，它是否會在長期內為公司創造積極的財務回報並提高股東價值？

OK.

好的。

Thanks a lot.

非常感謝。

You're welcome.

別客氣。

Thank you, Howard.

謝謝你，霍華德。

Could we have the next question, please?

請問下一個問題好嗎？

Our next question comes from Jonathan Geurkink with Ragen McKenzie.

我們的下一個問題來自 Jonathan Geurkink 和 Ragen McKenzie。

Hi.

你好。

I have a couple questions.

我有幾個問題。

First, what was the percentage of online revenue in the quarter?

首先，該季度在線收入的百分比是多少？

Do you want to give that, Peter?

你想給那個嗎，彼得？

Sure.

當然。

It was 46% of our revenue, which was up from 41% in the year-ago quarter.

這是我們收入的 46%，高於去年同期的 41%。

Thanks.

謝謝。

Second question, there's some chatter in the past couple weeks that you deauthorized a number of resellers as they refused to sign a new reseller agreement that came up due on March 31.

第二個問題，過去幾周有傳言稱，您取消了一些經銷商的授權，因為他們拒絕簽署一份於 3 月 31 日到期的新經銷商協議。

I saw today that I guess Dell and Frye's and a couple of others are no longer deauthorized and so are going to continue to sell your products.

我今天看到，我猜 Dell 和 Frye's 以及其他一些不再被取消授權，因此將繼續銷售您的產品。

Do you have any comment there or help you can give us?

你有什麼意見或幫助你可以給我們嗎？

Peter, you want to take that one?

彼得，你想拿那個嗎？

Sure.

當然。

As part of our regular renewal process with our authorized resellers, we invited our resellers to sign new agreements as of April 1, 2003.

作為我們與授權經銷商的定期續訂流程的一部分，我們邀請我們的經銷商自 2003 年 4 月 1 日起簽署新協議。

Resellers who have not currently renewed made up less than one half of 1% of our worldwide revenue in 2002.

2002 年，目前未續訂的經銷商不到我們全球收入的 1% 的一半。

And since the contracts have recently expired, some contracts as you mentioned are being signed each day.

而且由於合同最近到期，所以每天都在簽署您提到的一些合同。

So any change in the contract there, or who's coming back to the table, I guess?

所以那裡的合同有任何變化，或者誰會回到談判桌上，我猜？

We've signed with all of our significant channel partners.

我們已與所有重要的渠道合作夥伴簽約。

So no change to the contract terms?

所以合同條款沒有變化？

We don't want to get into discussing terms and conditions of our reseller contracts on a conference call.

我們不想在電話會議上討論我們的經銷商合同的條款和條件。

OK.

好的。

Fair enough.

很公平。

Thank you, Jonathan.

謝謝你，喬納森。

We'll take our next question from Rick Chu.

我們將向 Rick Chu 提出下一個問題。

That's OK.

沒關係。

I withdraw.

我退出。

We would like to remind everyone that it is star-one for a question at this time.

我們想提醒大家，此時它是一個問題的明星。

Next, we'll go to Bill Fearnley with Midwest Research.

接下來，我們將介紹 Midwest Research 的 Bill Fearnley。

Hi.

你好。

Bood afternnon.

下午好。

It's Bill Fearnley Could you offer additional color on the Apple channel, particularly the store within the store initiatives in the U.S. and internationally?

是 Bill Fearnley 您能否在 Apple 渠道上提供更多顏色，尤其是在美國和國際商店計劃中的商店？

Sure.

當然。

Peter, you want to take that?

彼得，你想拿那個嗎？

Sure.

當然。

Within the U.S., CompUSA continues to go very well.

在美國，CompUSA 繼續發展良好。

Beyond the box sales continue to increase and the customer experience has been strong.

Beyond the box 的銷量持續增長，客戶體驗一直很強勁。

We're beginning to see the same results in Japan.

我們開始在日本看到同樣的結果。

We have approximately 75 people in resellers in Japan.

我們在日本有大約 75 名經銷商。

Around that's one of the reasons why I think sales were up so nicely sequentially in Japan, was a result of that program.

這就是我認為日本的銷售額環比增長如此之好的原因之一，這是該計劃的結果。

When you say there's 75 people in resellers in Japan, how many locations is that?

當您說日本的經銷商有 75 人時，那是多少個地點？

It's less than the 75.

低於75。

I don't have an exact number.

我沒有確切的數字。

But some of the -- I think maybe in the 60s.

但有些——我想可能是在 60 年代。

OK.

好的。

We have several of the stores which are very large where we're putting more than one person.

我們有幾家非常大的商店，我們放置了不止一個人。

Thank you.

謝謝你。

Thanks, Bill.

謝謝，比爾。

Sure.

當然。

Next we'll take a question from Charles Wolf with Needham & Company.

接下來我們將回答Needham & Company 的Charles Wolf 提出的問題。

Hey, Fred.

嘿，弗雷德。

I found your guidance for the March quarter to be fairly aggressive given that it's typically down from December.

我發現您對 3 月季度的指導相當激進，因為它通常比 12 月有所下降。

And as I recall, June is typically down from March.

我記得，六月通常比三月下降。

Yet you're guiding flat, so I was wondering -- what you see that I don't see.

然而你在引導平面，所以我想知道 - 你看到的我沒有看到。

Well, I don't agree that normally we're down in the June quarter compared to the March quarter.

好吧，我不同意通常我們在 6 月季度與 3 月季度相比下降。

And again, it will vary from year to year.

同樣，它每年都會有所不同。

But I would say generally, our December quarter is our strongest followed closely by the September quarter, even though in the last couple years, you can't just look at what I'm saying is the trends because there've been other anomalies that have occurred that would change that.

但我一般會說，我們的 12 月季度是我們最強勁的季度，緊隨其後的是 9 月季度，儘管在過去幾年中，你不能只看我所說的趨勢，因為還有其他異常情況已經發生了，這將改變這一點。

Then I would say the third strongest quarter would typically be the June quarter and the weakest quarter would be the March quarter.

然後我會說第三個最強的季度通常是 6 月的季度，而最弱的季度是 3 月的季度。

And why do I say that?

我為什麼這麼說？

Well, the strongest consumer quarter is typically the December quarter.

嗯，最強勁的消費季度通常是 12 月季度。

The strongest education quarters are the June and the September quarters.

最強的教育季度是六月和九月季度。

And basically the March quarter isn't strong typically for any of our businesses.

基本上，對於我們的任何業務來說，3 月季度的表現通常並不強勁。

OK.

好的。

Thanks.

謝謝。

Thanks, Charlie.

謝謝，查理。

Do we have any additional questions?

我們還有其他問題嗎？

I would like to give a final remind they're it is star 1 for a question at this time, and we'll pause for just a moment to make sure everyone got a chance to ask their question.

我想最後提醒一下，他們現在是問題的星號 1，我們將暫停片刻，以確保每個人都有機會提出他們的問題。

It looks like we have no further questions, so I'll turn the conference back over to Ms. Nancy Paxton for any additional or closing remarks.

看起來我們沒有其他問題了，所以我將把會議轉回給 Nancy Paxton 女士，以獲取任何補充或結束語。

Thanks, very much.

非常感謝。

A recording of today's call will be available for replay by telephone 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 天內通過電話重播。

Pacific time today, and the number for that replay is 719-457-0820.

今天太平洋時間，重播號碼是 719-457-0820。

The confirmation code is 208314.

確認碼為 208314。

A replay of the audio webcast of this call will also be available beginning at approximately 5:00 p.m.

下午 5:00 左右開始還可以重播本次電話會議的音頻網絡廣播。

Pacific time today at www.apple.com/investor, and that will remain available for approximately 12 months.

太平洋時間今天在 www.apple.com/investor 上，這將保持約 12 個月。

Members of the press with additional questions can contact Lynn Fox at 408-974-6209.

有其他問題的媒體成員可以致電 408-974-6209 聯繫 Lynn Fox。

And financial analysts can contact Joan Hoover or me with additional questions.

如果有其他問題，金融分析師可以聯繫 Joan Hoover 或我。

Joan is at 408-974-4570 and I'm at 408-974-5420.

瓊的電話是 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 does conclude today's conference call.

這確實結束了今天的電話會議。

And we'd like to thank everyone for joining us.

我們要感謝大家加入我們。