蘋果 (AAPL) 2003 Q4 法說會逐字稿

We are currently collecting additional participants and should be underway momentarily.

我們目前正在收集更多的參與者，應該會立即進行。

We appreciate your patience.

感謝您的耐心等待。

Please stand by for the Apple Computer, Inc. conference call.

請等待 Apple Computer, Inc. 電話會議。

The Apple Computer, Inc. conference call will begin momentarily.

Apple Computer, Inc. 電話會議將立即開始。

We're about to begin.

我們要開始了。

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

美好的一天，歡迎參加本次 Apple Computer 電話會議，討論第四季度財務業績。

Today's call is being recorded.

今天的電話正在錄音。

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

在這個時候開始致辭和介紹，我將把電話轉給投資者關係和公司財務高級總監 Nancy Paxton。

Go ahead, ma'am.

去吧，女士。

Thank you.

謝謝你。

Good afternoon, thanks for joining us everyone.

下午好，感謝大家加入我們。

Apple issued its fourth quarter earnings press release at approximately 1:30 Pacific time today and the earnings press release and financials are available on first call as well as Apple's website.

蘋果公司於太平洋時間今天大約 1:30 發布了第四季度財報新聞稿，財報新聞稿和財務數據可在首次電話會議和蘋果網站上獲取。

Speaking today is Apple CFO, Fred Anderson.

今天發言的是 Apple 首席財務官 Fred Anderson。

He'll be joined by senior VP of Finance, Peter Oppenheimer, and VP and Corporate Treasurer, Gary (inaudible) for the Q & A session with analists.

他將與財務高級副總裁 Peter Oppenheimer 以及副總裁兼企業財務主管 Gary（聽不清）一起參加與分析師的問答環節。

Please note that some of the information during this call consists of forward-looking statements regarding revenue, gross margin, operating expenses, other income and expense, capitalized research and development expense, taxes, products, Apple's retail initiative and net earnings.

請注意，本次電話會議中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、資本化研發費用、稅收、產品、Apple 的零售計劃和淨收益的前瞻性陳述。

Actual results or trends could differ materially from our forecast and for more information, please refer to pages 39 through 47 of Apple's latest form 10Q for the quarter ended June 28, 2003.

實際結果或趨勢可能與我們的預測大相徑庭，有關更多信息，請參閱蘋果公司截至 2003 年 6 月 28 日的季度最新的 10Q 表格的第 39 頁至第 47 頁。

Please also note that 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 GAAP 結果的補充而非替代查看。

While we do not anticipate providing non-GAAP measures other than those included in the earnings press release, should we provide others, a reconciliation of the GAAP and non-GAAP measures will be posted at Apple's web site at www.Apple.com/investors.

雖然我們預計不會提供除收益新聞稿中包含的那些以外的非 GAAP 措施，但如果我們提供其他措施，GAAP 和非 GAAP 措施的對賬將發佈在 Apple 的網站 www.Apple.com/investors .

In connection with FCC rules on corporate disclosure, Apple is making this analyst call open to the media and general public by broadcasting the call live over the internet, and with that, I'd like to turn the call over to Fred Anderson.

就 FCC 關於公司披露的規定而言，Apple 正在通過互聯網直播電話向媒體和公眾開放此次分析師電話會議，我想將電話轉交給 Fred Anderson。

Thank you, Nancy.

謝謝你，南希。

We're very pleased with the results of our fourth fiscal quarter, which exceeded our guidance.

我們對第四財季的業績感到非常滿意，超出了我們的預期。

Revenues of $1.175 billion were up 19% year-over-year and represented Apple's highest quarterly revenue in three years.

收入為 11.75 億美元，同比增長 19%，是蘋果三年來最高的季度收入。

Net income was $44 million, or 12 cents per diluted share.

淨收入為 4400 萬美元，即每股攤薄收益 12 美分。

These GAAP results include an after-tax investment gain of $6 million, a favorable accounting transition adjustment of $3 million related to Apple's stock re-purchase agreement, and a gain on settlements of the stock re-purchase agreement of $6 million.

這些 GAAP 結果包括 600 萬美元的稅後投資收益、與蘋果股票回購協議相關的 300 萬美元的有利會計過渡調整以及 600 萬美元的股票回購協議結算收益。

Without these items, earnings would have been $29 million, or 8 cents per share.

如果沒有這些項目，收益將達到 2900 萬美元，即每股 8 美分。

We sold 787,000 CTU units during the quarter, an increase of 7% over the year-ago quarter.

我們在本季度售出了 787,000 個 CTU 單位，比去年同期增長 7%。

Strong sales of beyond-the-box items, including iPods, iSight Cameras, Apple Care and Displays contributed to the difference between the revenue growth of 19% and CTU unit growth of 7%.

iPod、iSight 相機、Apple Care 和顯示器等開箱即用產品的強勁銷售導致收入增長 19% 與 CTU 單位增長 7% 之間的差異。

Ending channel inventory remained within our target range of four to five weeks.

期末渠道庫存保持在我們四到五週的目標範圍內。

In terms of products, our Mac sales rebounded to 221,000 units (inaudible) -- driven about the -- by the success of Power Mac G 5.

在產品方面，由於 Power Mac G 5 的成功，我們的 Mac 銷量反彈至 221,000 台（聽不清）。

All three Power Mac G5 models are now shipping in volume.

所有三款 Power Mac G5 型號現已批量發貨。

Portable sales remain strong.

便攜式銷售保持強勁。

Power Book shipments reached an all-time quarterly high of 176,000 units.

Power Book 出貨量達到 176,000 台的歷史最高季度。

New 15-inch Power Book introduced last month has been very well received by our customers.

上個月推出的新款 15 英寸 Power Book 深受客戶好評。

The iTunes Music Store in our new third generation iPods continue to gain momentum.

我們新的第三代 iPod 中的 iTunes 音樂商店繼續獲得動力。

We set another record for our iPods sales this quarter with 336,000 units sold, accounting for $121 million in revenue.

本季度我們的 iPod 銷量再創紀錄，售出 336,000 台，收入為 1.21 億美元。

Since the introduction of the new iPods and the iTunes Music Store in April of this year, Apple has continually held the number one spot among MP3 players sold throughout U.S. travels tracked by NPD Tech World.

自今年 4 月推出新款 iPod 和 iTunes 音樂商店以來，Apple 一直在 NPD Tech World 追踪的美國旅行中銷售的 MP3 播放器中排名第一。

Over the last few quarters, we have focused on expanding our worldwide iPod channels beyond our traditional Mac resellers, and we expect to have over 8,000 store fronts and several key internet retailers selling iPod for the holiday season.

在過去的幾個季度中，我們一直專注於將我們的全球 iPod 渠道擴展到傳統的 Mac 經銷商之外，我們預計將有超過 8,000 家店面和幾家主要的互聯網零售商在假期銷售 iPod。

And tomorrow Apple plans to announce more exciting news about our music efforts.

明天，Apple 計劃公佈更多關於我們音樂工作的激動人心的消息。

It was also a great quarter for the Apple retail stores with the retail segment achieving its first profitable quarter.

對於蘋果零售店來說，這也是一個很好的季度，零售部門實現了第一個盈利季度。

We opened six stores during the quarter, ending with 65.

我們在本季度開設了 6 家門店，以 65 家結束。

Store revenues jumped to $193 million, up $48 million from the June quarter.

商店收入躍升至 1.93 億美元，比 6 月季度增加 4800 萬美元。

With an average of 63 stores open during the quarter, average quarterly revenue per store increased to $3.1 million, up from $2.6 million per store in the June quarter.

本季度平均有 63 家門店開業，每家門店的平均季度收入從 6 月份季度的 260 萬美元增加到 310 萬美元。

The retail segment profit was $1 million, which does not include the associated manufacturing profit of $35 million.

零售部門利潤為 100 萬美元，其中不包括 3500 萬美元的相關製造利潤。

Traffic through the stores continues to be strong on a total basis, as well as on a same-store basis.

通過商店的客流量在總的基礎上以及同店的基礎上繼續保持強勁。

A total of 4.3 million people visited our stores during the September quarter, compared to 3.1 million in the June quarter.

9 月當季共有 430 萬人光顧我們的商店，而 6 月當季為 310 萬人。

We are extremely pleased with our two high-profile stores.

我們對我們兩家備受矚目的商店感到非常滿意。

The first high-profile store, which is located in the SoHo District in New York was opened in July of 2002.

2002 年 7 月，位於紐約 SoHo 區的第一家備受矚目的店鋪開業。

The SoHo store continues to show impressive year-over-year growth in both revenue and traffic.

SoHo 商店的收入和客流量繼續顯示出令人印象深刻的同比增長。

Similarly, our store in Chicago on North Michigan Avenue is off to an excellent start.

同樣，我們在芝加哥北密歇根大道的商店也有一個良好的開端。

Traffic in Chicago is the highest of all of our stores and sales are growing.

芝加哥的客流量是我們所有商店中最高的，銷售額也在增長。

During our first full quarter, we saw over 375,000 visitors in Chicago alone.

在我們的第一個完整季度，僅芝加哥就有超過 375,000 名遊客。

We now expect to have a total of 73 stores open by Thanksgiving this year, compared to 50 stores open last Thanksgiving.

我們現在預計今年感恩節前將有 73 家門店開業，而去年感恩節則有 50 家門店開業。

In addition, we are planning to open our first international store in Tokyo, Japan, before the end of the calendar year.

此外，我們計劃在今年年底之前在日本東京開設我們的第一家國際商店。

This will bring our total stores open at the end of the calendar year to 74 stores, compared to 51 stores open last year.

這將使我們在日曆年年底開業的門店總數達到 74 家，而去年是 51 家。

We continue to be very pleased with the progress of our retail strategy.

我們繼續對我們零售戰略的進展感到非常滿意。

I'd like to now turn to education.

我現在想轉向教育。

Our total Education channel unit shipments declined 15% from the year-ago quarter.

我們的教育渠道單位總出貨量比去年同期下降了 15%。

We experienced widespread weakness in K-12, due in part to what we believe was reluctance of school districts to spend their budgets during the first quarter of their fiscal year, given the uncertain funding environment.

我們在 K-12 經歷了普遍的疲軟，部分原因是我們認為學區不願意在其財政年度的第一季度花費預算，因為資金環境不確定。

One-to-one initiatives continue to be our strength and our focus.

一對一的舉措仍然是我們的優勢和重點。

We believe that one-to-one deployment is the future of education and that Apple is uniquely positioned to win a large number of these initiatives.

我們相信，一對一的部署是教育的未來，而 Apple 在贏得大量此類舉措方面具有獨特的優勢。

In higher education, we've experienced our strongest quarter in seven years on the strength of our new Power Books and our new Power Mac G5.

在高等教育方面，憑藉我們新的 Power Books 和新的 Power Mac G5，我們經歷了七年來最強勁的季度。

Turning now to our (inaudible) graphic performance.

現在轉向我們的（聽不清）圖形性能。

Japan units were up 27% year-over-year.

日本單位同比增長 27%。

Europe units were up 16% and Asia-Pacific units were up 11%.

歐洲單位增長 16%，亞太地區單位增長 11%。

Unit shipments in the America's segment and retail segment combined were up 2% year-over-year.

美國部門和零售部門的單位出貨量合計同比增長 2%。

Now, let's talk about gross margin.

現在，讓我們談談毛利率。

Gross margin was 26.6%, down 110 basis points from the June quarter, as expected.

正如預期的那樣，毛利率為 26.6%，比 6 月季度下降 110 個基點。

Primarily due to increased air freight associated with Power Mac G5 and the iMac.

主要是由於與 Power Mac G5 和 iMac 相關的空運增加。

Operating expenses were $425 million, $5 million higher than expected due to higher research and development expense associated with the products we ramped during the quarter, as well as higher sales and marketing expense associated with higher revenue.

運營費用為 4.25 億美元，比預期高 500 萬美元，原因是與我們在本季度增加的產品相關的研發費用增加，以及與收入增加相關的銷售和營銷費用增加。

Additionally, in accordance with generally-accepted accounting principles, we capitalize $14 million of software development expense related to Panther, our fourth major release of Macro S-10.

此外，根據普遍接受的會計原則，我們將與 Panther（我們的 Macro S-10 的第四個主要版本）相關的 1400 萬美元軟件開發費用資本化。

Other income and expense was $24 million, including $8 million in recognized gains from the sale of (inaudible) shares and $6 million in gains related to Apple's forward stock re-purchase agreement.

其他收入和支出為 2400 萬美元，其中包括 800 萬美元的已確認出售（聽不清）股票收益和 600 萬美元與蘋果公司的遠期股票回購協議相關的收益。

The tax rate for the quarter was 25% of pre-tax income, compared to our guidance of 28%.

本季度的稅率為稅前收入的 25%，而我們的指導為 28%。

The difference is solely attributable to the fact that the $6 million gain on settlement of the share re-purchase is not taxable.

差異僅歸因於解決股份回購的 600 萬美元收益不徵稅。

Turning now to the balance sheet.

現在轉向資產負債表。

Cash was up $25 million sequentially to $4.566 billion.

現金環比增長 2500 萬美元，達到 45.66 億美元。

This represents a total fiscal year 2003 cash increase of $229 million.

這意味著 2003 財年的現金總額增加了 2.29 億美元。

We continue to be pleased with our working capital management.

我們繼續對我們的營運資金管理感到滿意。

Total capital expenditures for the quarter were $58 million, including $32 million for our retail store initiative.

本季度的總資本支出為 5800 萬美元，其中 3200 萬美元用於我們的零售店計劃。

That brings total fiscal year '03 capital expenditures to $164 million, including $92 million for retail.

這使 03 財年的總資本支出達到 1.64 億美元，其中包括 9200 萬美元用於零售。

We added to our major product accomplishments in the September quarter, starting with the successful launch of the long-awaited Power Mac G5.

從成功推出期待已久的 Power Mac G5 開始，我們在 9 月季度增加了我們的主要產品成就。

With the availability of all skus of the Power Mac G5, Panther, and key applications like QuarkExpress 6 and PhotoShop 7, we believe we are very well poised for a strong upgrade cycle from our professional customers.

隨著 Power Mac G5、Panther 以及 QuarkExpress 6 和 PhotoShop 7 等關鍵應用程序的所有 skus 的推出，我們相信我們已經為專業客戶的強大升級週期做好了充分準備。

In the fourth quarter, we also introduced faster, flat-panel iMac and refreshed the iPod lineup with 20 and 40 gigabite models.

在第四季度，我們還推出了速度更快的平板 iMac，並更新了 20 和 40 千兆位型號的 iPod 產品線。

We introduced a wireless key board and mouse and launched a new 15-inch Power Book along with faster 12-inch and 17-inch Power Books.

我們推出了無線鍵盤和鼠標，並推出了新的 15 英寸 Power Book 以及更快的 12 英寸和 17 英寸 Power Book。

We expect that Panther will begin shipping on October 24th and we are very enthusiastic about our strong lineup of products as we head into the holiday quarter.

我們預計 Panther 將於 10 月 24 日開始發貨，隨著我們進入假日季，我們對我們強大的產品陣容充滿熱情。

Looking ahead to the December quarter, I'd like to review our outlook, which includes the types of information that Nancy referred to in the Safe Harbors Statement at the beginning of the call.

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

On a sequential basis, we expect revenues to increase to about $1.9 billion.

在連續的基礎上，我們預計收入將增加到約 19 億美元。

We expect a 50 basis point increase in gross margins to about 27%, due to stronger Macro S-10 sales.

由於宏觀 S-10 銷售強勁，我們預計毛利率將增加 50 個基點至約 27%。

We expect operating expenses to increase by about $30 million, driven by increased seasonal advertising and promotion spending, increased retail store expenses, as we open more stores this quarter, and the (inaudible) of the capitalization of Panther expenses.

我們預計運營費用將增加約 3000 萬美元，原因是季節性廣告和促銷支出增加、零售店費用增加、本季度開設更多商店以及 Panther 費用資本化（聽不清）。

We expect other income and expense to be slightly below $10 million due to lower interest rates on our investment portfolio, and we expect the tax rate to be 28%.

由於我們投資組合的利率較低，我們預計其他收入和支出將略低於 1000 萬美元，我們預計稅率為 28%。

As a result, we expect a slight sequential increase in GAAP earnings relative to the September quarter.

因此，我們預計 GAAP 收益相對於 9 月季度將略有連續增長。

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

有了這個，我想打開問題的電話。

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 ask a question, please press the star key, followed by the digit 1 on your touch-tone telephone.

如果您想提問，請按星號鍵，然後按您的按鍵式電話上的數字 1。

It if you're using a speaker phone, please make sure you turn off your mute function to allow your signal to reach our equipment.

如果您使用的是免提電話，請確保關閉靜音功能以讓您的信號到達我們的設備。

We'll take the questions in the order they are received and will take as many as the time permits.

我們將按照收到問題的順序處理問題，並會在時間允許的情況下進行處理。

Again, that's star 1 to ask a question.

再次，這是明星 1 提出問題。

We'll pause for just a moment to assemble a roster.

我們將暫停片刻以組建名冊。

We'll take our first question is from Rebecca Runkel with Morgan Stanley.

我們的第一個問題來自摩根士丹利的 Rebecca Runkel。

Good afternoon, Fred, how are you?

下午好，弗雷德，你好嗎？

Great, thank you.

太好了謝謝。

Good.

好的。

Just a couple of quick questions, and I apologize, I jumped on a few minutes late, so I may have missed something, but just to begin with, as it relates to iTunes and iPods and iPod and the iMusic initiative -- any commentary about economics in the quarter as it relates specifically to iTunes?

只是幾個簡單的問題，我很抱歉，我遲到了幾分鐘，所以我可能錯過了一些東西，但首先，因為它與 iTunes 和 iPod 以及 iPod 和 iMusic 倡議有關——任何關於與 iTunes 相關的季度經濟狀況？

And then, with you care to comment on strategically how you're thinking about attacking the fourth quarter, given that you're seeing increased competition from various Windows players?

然後，鑑於您看到來自各種 Windows 玩家的競爭日益激烈，您是否願意從戰略上評論您是如何考慮進攻第四季度的？

Obviously you've got the Windows launch later on this week, but any additional color you can put on it in terms of how you're thinking about this competitively.

顯然，您將在本週晚些時候推出 Windows，但您可以根據您對這一競爭性的思考方式添加任何其他顏色。

Well, first of all, let me say that we're extremely pleased by the results of the iPods sales during the quarter.

好吧，首先，讓我說，我們對本季度 iPod 的銷售結果感到非常滿意。

You know we had another record quarter, which I think is you know, kinda' phenomenal that we were able to drive $121 million in revenues and I believe it was 336,000 iPods sold during the quarter.

你知道我們有另一個創紀錄的季度，我想你知道，我們能夠推動 1.21 億美元的收入，這有點驚人，我相信這個季度售出了 336,000 台 iPod。

I think Apple has clearly established itself as the number one selling MP3 player with its iPod in the marketplace, and you know, we think that the announcements that will be made at the event tomorrow are just going to continue to strengthen our presence in terms of the whole music area.

我認為 Apple 已經清楚地將自己定位為市場上銷售 iPod 的第一大 MP3 播放器，而且你知道，我們認為明天將在活動中發布的公告將繼續加強我們在以下方面的影響力整個音樂區。

I'm going to leave any update on the statistics relative to iTunes to Steve Jobs at the event tomorrow.

我將在明天的活動中將與 iTunes 相關的統計數據的任何更新留給史蒂夫·喬布斯。

So I'm not planning on giving any update on that today, but we're just extremely pleased.

所以我今天不打算提供任何更新，但我們非常高興。

It's true, there's a lot of competition coming in terms of the music store and other MP3 players, but it's clear to me that we have the leadership position in both those areas and Apple is committed to maintaining that leadership position, so it's certainly be happy to have a further, more in-depth discussion about this after the event tomorrow, but I'm gonna leave any further comments until after tomorrow.

的確，在音樂商店和其他 MP3 播放器方面存在很多競爭，但我很清楚我們在這兩個領域都處於領先地位，Apple 致力於保持這一領先地位，所以它當然很高興明天活動結束後對此進行進一步，更深入的討論，但我將在明天之後留下任何進一步的評論。

Perfect.

完美的。

And then any additional clarity that you can share in terms of how you're looking at supply going into the fourth quarter?

然後你可以分享關於你如何看待進入第四季度的供應的任何額外的清晰度？

We've picked up data points over the last couple weeks.

我們在過去幾週收集了數據點。

We're constrained on various components, I was curious if you could comment on that and how you're locking in supply for the fourth quarter?

我們受到各種組件的限制，我很好奇您能否對此發表評論，以及您如何鎖定第四季度的供應？

You know, I think we certainly anticipate the normal tightening that you have during the holiday season, but we're confident that we're well positioned with our suppliers to support the guidance that we gave of $1.9 billion in revenues.

你知道，我認為我們當然可以預料到假期期間會出現正常的收緊政策，但我們相信我們與供應商的關係很好，可以支持我們給出的 19 億美元收入的指導。

Great, and then last one, I promise.

太好了，然後是最後一個，我保證。

G5, do you have a unit breakout in terms of the various models and what percentage of each shipped during the quarter?

G5，您是否有關於各種型號的單位突破以及本季度每個出貨量的百分比？

We are not planning for competitive reasons to get in a breakdown by SKU.

我們不打算出於競爭原因按 SKU 進行細分。

What I would say again that we achieved 221,000 units in terms of sales of the Power Mac total during the quarter.

我要再說一遍，就本季度 Power Mac 的總銷量而言，我們實現了 221,000 台。

We are extremely pleased with that.

我們對此感到非常高興。

I think that was up from about 126,000 in the June quarter.

我認為這比六月季度的約 126,000 人有所增加。

And the other thing I would say is we noted particular strengths at the very high end of the top duel processor 2 GHz G5 as well as the entry level G4 Power Mac at $1299 also remains very strong.

我要說的另一件事是，我們注意到頂級決鬥處理器 2 GHz G5 的高端以及 1299 美元的入門級 G4 Power Mac 的特別優勢也仍然非常強勁。

So the G5 is particular strength at the high end (inaudible) processor.

因此，G5 在高端（聽不見）處理器方面特別強。

That should both well with the fourth quarter.

這應該在第四季度都很好。

Yeah, we're still trying to catch up with demand there.

是的，我們仍在努力滿足那裡的需求。

I would tell you we saw very strong demand at the high end.

我會告訴你，我們看到高端市場的需求非常強勁。

Perfect.

完美的。

Thanks so much Fred.

非常感謝弗雷德。

Thanks Rebecca.

謝謝麗貝卡。

Can we have the next question please?

請問下一個問題可以嗎？

We'll take Richard Gardner from Smith Barney.

我們將從 Smith Barney 接任 Richard Gardner。

Hi Fred.

嗨，弗雷德。

This is actually Cynthia Hiponia (inaudible).

這實際上是 Cynthia Hiponia（聽不清）。

How are you?

你好嗎？

Fine, Cynthia Hiponia.

很好，辛西婭·希波尼亞。

Good, I have a few questions.

好的，我有幾個問題。

I know Rebecca touched on supply, but there's some incremental data points we're hearing that there may be easing on TFT pricing heading into December.

我知道 Rebecca 談到了供應，但我們聽說有一些增量數據點表明 TFT 定價可能會在 12 月之前放寬。

If you could kinda' comment on what your expectations are there?

如果你能評論一下你的期望是什麼？

I book sales -- I know that you said education was disappointing with regard to one-on-one deployments, but was there another factor?

我預訂銷售——我知道你說教育在一對一部署方面令人失望，但還有其他因素嗎？

Are you intentionally drawing down inventory there?

您是否有意減少那裡的庫存？

And finally, just on the channel inventories by product.

最後，只是按產品劃分的渠道庫存。

Anything unusually high or low above or below in that four to five-week range you've put out?

在您發布的四到五週範圍內，有什麼異常高或低的情況嗎？

Thank you.

謝謝你。

I'll take the education one and then I'll leave the components and channel inventory to Peter to answer.

我將接受教育，然後將組件和渠道庫存留給彼得回答。

In terms of education, let me first characterize the -- what I'll call the education bind season, which runs as you know, from April through September.

在教育方面，讓我首先描述一下——我稱之為教育綁定季節，如你所知，從四月到九月。

So I want to look at that full six-month period.

所以我想看看那整整六個月的時間。

We actually were down only 5% during that six-month period.

在這六個月期間，我們實際上只下降了 5%。

As you may remember last quarter we were up 5%.

您可能還記得上個季度我們上漲了 5%。

So looking at the total six months, meaning our third fiscal and fiscal fourth quarter, we were down year-over-year in units, sales and education by 5%.

所以看看總共六個月，也就是我們的第三財季和第四財季，我們在單位、銷售和教育方面同比下降了 5%。

We don't have the final market share of data and won't for several weeks from IDC, but I would tell you that we think we held our own and that what we're seeing in the K-12 area is you know, K-12 ends at fiscal budget year in June, so we saw reluctance on the part of many school districts to want to spend in any significant way during the first fiscal quarter, meaning the September quarter of their new fiscal year.

我們沒有最終的市場數據份額，IDC 幾週內也沒有，但我會告訴你，我們認為我們擁有自己的數據，而且我們在 K-12 領域看到的是你知道的， K-12 在 6 月份的財政預算年度結束，因此我們看到許多學區不願在第一財政季度（即新財政年度的 9 月份季度）期間進行任何重大支出。

Given the funding constraints that they're dealing with -- particularly in large states with large budget deficits, such as California.

考慮到他們正在處理的資金限制——尤其是在預算赤字巨大的大州，比如加利福尼亞。

And so you know, although we closed you know, several deals -- I think it was maybe six above a thousand units during the quarter and there were probably another 20 to 25 below a thousand units, and we continued.

所以你知道，雖然我們完成了幾筆交易——我認為本季度可能有 6 個高於 1000 個單位，可能還有 20 到 25 個低於 1000 個單位，我們繼續。

There was a reluctance for you know, any big deals to close during the quarter this early in the fiscal year with the funding challenges.

您知道，在本財年年初的本季度，由於資金挑戰，您不願意完成任何重大交易。

So, that's kinda' K-12.

所以，這有點像'K-12。

Relative to higher ed, again, I would reiterate that we had our strongest quarterly performance here in higher ed in the last seven years, so we were very pleased by the strength of higher ed, but that wasn't enough to make up for the weakness during the quarter of K-12.

相對於高等教育，我再次重申，我們在過去七年中在高等教育中取得了最強勁的季度表現，因此我們對高等教育的實力感到非常滿意，但這還不足以彌補K-12 季度的疲軟。

So for the iBooks, sequential decline is mainly due to the front-end loaded nature of the selling season?

那麼對於 iBooks 來說，環比下降主要是由於銷售旺季的前端負載性質？

I would attribute it mainly to the weakness in K-12, where that is a particularly strong product.

我將其主要歸因於 K-12 的弱點，這是一個特別強大的產品。

Fred, we also sold a lot of 12-inch Power Books too.

Fred，我們也賣了很多 12 英寸的 Power Books。

Yeah, that's also true.

是的，這也是真的。

To Peter's point, I think there was cannibalization also from the 12-inch Power Book.

就彼得而言，我認為 12 英寸的 Power Book 也存在自相殘殺。

You saw we kind of had a record quarter with the Power Books.

你看到我們在 Power Books 上創造了一個創紀錄的季度。

So Peter, want to take the other question?

那麼彼得，想回答另一個問題嗎？

Your channel inventory and flat-panel pricing.

您的渠道庫存和平板定價。

Starting with channel inventory.

從渠道庫存開始。

As we discussed last quarter, we decreased the Power Mac G4 inventory in preparation for the launch of the G5 this quarter.

正如我們上個季度所討論的，我們減少了 Power Mac G4 的庫存，為本季度推出 G5 做準備。

The G5 ramped in volume in September and the inventory was up slightly in weeks from the June quarter.

G5 的銷量在 9 月有所增加，庫存在幾週內比 6 月季度略有上升。

However, weeks of inventory for the Power Book and iBook were down, and as Fred said in his prepared comments, we were within the four- to five-week target in total.

然而，Power Book 和 iBook 的庫存週數下降，正如 Fred 在他準備好的評論中所說，我們總共處於 4 到 5 週的目標之內。

In terms of flat-panel pricing, we see demand exceeding supply in the quarter as seasonal shipments for the holidays will increase and TV shipments are up as well.

在平板定價方面，我們認為本季度供不應求，因為假期的季節性出貨量將增加，電視出貨量也將增加。

So, our view is that pricing for some panels will be up from where we exited the fourth quarter, and some may not be.

因此，我們的觀點是，某些面板的價格將從我們第四季度退出時的價格上漲，而有些可能不會。

Thank you.

謝謝你。

One final question.

最後一個問題。

Fred, I know in the last call someone had asked about on the iPod sales Windows versus Mac and you explained since they're sold in the same shrink wrap case, you don't know until they actually register.

Fred，我知道在上次電話中有人問過 Windows 與 Mac 的 iPod 銷售問題，你解釋說，因為它們是在同一個收縮包裝盒中出售的，所以在他們實際註冊之前你不知道。

Do you have updated information -- doesn't have to be current as of this quarter, since obviously they are in shrink wrap cases, but we haven't had any data points there in a couple quarters now.

您是否有更新的信息 - 截至本季度不必是最新的，因為顯然它們處於收縮包裝盒中，但我們已經有幾個季度沒有任何數據點了。

Do you have any updated information on that profile?

你有關於該個人資料的最新信息嗎？

No, but let me tell you just briefly, last time we had separate SKUs, I think it was the March quarter, running at about 50/50.

不，但讓我簡單地告訴你，上次我們有單獨的 SKU，我認為是 3 月季度，運行率約為 50/50。

We are now in the process you know, with the about three months of data of reg cards trying to get a handle that would be statistically significant.

您知道，我們現在正處於這個過程中，大約三個月的註冊卡數據試圖獲得具有統計意義的句柄。

We don't yet have anything to report to you, but what I would believe is that with the increased emphasis on the Windows side and with the announcements of tomorrow, that you know, over time we should see the mix begin to shift more toward Windows, but I don't have any data to share with you today.

我們還沒有任何事情要向你報告，但我相信隨著對 Windows 方面的日益重視以及明天的公告，你知道，隨著時間的推移，我們應該看到混合開始更多地轉向Windows，但我今天沒有任何數據要與您分享。

Great.

偉大的。

Thanks, Fred.

謝謝，弗雷德。

Thanks, Peter.

謝謝，彼得。

Thanks, Cynthia Hiponia.

謝謝，辛西婭·希波尼亞。

Could we have the next question please?

請問下一個問題好嗎？

We'll go next to Kevin Hunt with Thomas Weisel Partners.

我們將與 Thomas Weisel Partners 一起討論 Kevin Hunt。

Hi, Fred, how are you?

嗨，弗雷德，你好嗎？

Good.

好的。

Couple follow-up questions, actually.

實際上，有幾個後續問題。

On the flat panel display, can you maybe quantify what impact that would have on margins?

在平板顯示器上，您能否量化這會對利潤率產生什麼影響？

Given you were talking about the pricing being a little higher.

鑑於您在談論定價要高一些。

And secondly, on the education, just to clarify that, you obviously had a strong last quarter sounds like in education, so is it just that the shift from the higher ed to more of the K-12 this quarter, is that really the reason for the decline?

其次，關於教育，只是為了澄清一下，上個季度你顯然在教育方面表現強勁，那麼本季度從高等教育向更多 K-12 的轉變，這真的是原因嗎為下降？

And one other final question on the -- maybe you said this earlier -- can you update the number of iTunes, downloads, what it is kinda' running on a quarterly or monthly basis at this point?

還有一個最後一個問題——也許你之前說過——你能更新 iTunes 的數量，下載量，現在每季度或每月運行一次嗎？

Well, the last public announcement we made on iTunes is that we were running at about 500,000 songs per week.

好吧，我們在 iTunes 上發布的最後一個公告是我們每周播放大約 500,000 首歌曲。

And I'm not gonna give you any update.

而且我不會給你任何更新。

Again, I don't want to steal Steve's thunder for tomorrow.

再說一次，我不想為明天搶走史蒂夫的風頭。

So.

所以。

Okay.

好的。

Relative to flat-panel displays, impact on margins -- what I would tell you is that you know, we took into account the normal holiday trends relative to component costs, and you know, we're anticipating the increases in the areas such as flat panel displays that Peter mentioned, and that's factored into our gross margin guidance that we have given.

相對於平板顯示器，對利潤率的影響——我要告訴你的是，你知道，我們考慮到了與組件成本相關的正常假期趨勢，你知道，我們預計這些領域的增長，例如彼得提到的平板顯示器，這是我們給出的毛利率指導的因素。

We would have expected a greater rebound in gross margins than the 50 basis points that we guided to had it not been for the seasonal influence of component cost increases.

如果不是因為組件成本增加的季節性影響，我們預計毛利率的反彈將超過我們指導的 50 個基點。

We factored that in.

我們考慮到了這一點。

So we feel comfortable that we've been conservative in taking that into account.

因此，我們在考慮到這一點時一直很保守，對此我們感到很自在。

You had a question on education.

你有一個關於教育的問題。

I think I covered that, but looking at the third and fourth quarter combined, the so-called education season from April through September, we would have had a 5% year-over-year decline in units sales.

我想我已經涵蓋了這一點，但是看看第三季度和第四季度的總和，即從 4 月到 9 月的所謂教育季，我們的單位銷售額將同比下降 5%。

And I think that when we get the final numbers from IDC, again, this is just a belief at this point, I don't have hard data -- that that's probably not gonna be that different from what happened in the market.

我認為，當我們從 IDC 獲得最終數據時，這只是目前的一種信念，我沒有確鑿的數據——這可能與市場上發生的情況沒有太大不同。

And it's our hope and expectation that we pretty much held market share, and I think it's a funding environment issue that we're facing you know, in the entire industry.

我們希望和期望我們幾乎佔據了市場份額，我認為這是我們在整個行業面臨的融資環境問題。

Okay, but is that -- I mean, last quarter it seemed like the education was strong, like it had been rebounding.

好的，但就是這樣 - 我的意思是，上個季度似乎教育很強大，就像它一直在反彈一樣。

Is that just a function --

那隻是一個功能嗎--

I think there were two things.

我認為有兩件事。

As we mentioned last quarter, we had the main one-on-one initiative that, as I recall, was 17,000 units?

正如我們上個季度提到的，我們有主要的一對一計劃，我記得是 17,000 個單位？

16.

16.

16,000, okay.

16,000，好吧。

So that would have been in the June quarter, and we didn't have any big deals, as I mentioned, this quarter.

因此，那將是在六月季度，正如我所提到的，本季度我們沒有任何大交易。

I would add to that additionally that in June many of the schools had the end of their fiscal year, so they had funding deadlines and really a requirement to use the budget dollars that were still available.

我還要補充一點，許多學校在 6 月結束了他們的財政年度，所以他們有資助期限，並且確實需要使用仍然可用的預算資金。

Many fiscal years just opened up in July and some of the schools may be saving some of their budget dollars for the end of the year to see how the year will work.

許多財政年度剛剛在 7 月份開始，一些學校可能會在年底節省一些預算資金，以了解這一年將如何運作。

Okay, thanks.

好的謝謝。

Thanks, Kevin.

謝謝，凱文。

Could we have the next question, please?

請問下一個問題好嗎？

We'll go next to Andrew Neff with Bear Stearns.

我們將和貝爾斯登一起去安德魯·內夫旁邊。

I was gonna ask a question on the the iPod that maybe you could address.

我打算在 iPod 上問一個你可以解決的問題。

As you look out beyond the current quarter, any sense about what the seasonality trends might be given the mix of products that you have and given the ramp products that you have?

當您展望當前季度之後，您有什麼季節性趨勢可能會根據您擁有的產品組合和您擁有的坡道產品而有所了解？

Sure, Andy, I'm going to interpret, you mean the current quarter as the past quarter of September, and what I would tell you is that last year I think the industry saw about a 50% increase for the holiday quarter, meaning the December quarter over the September quarter.

當然，安迪，我要解釋一下，你的意思是當前季度是 9 月的過去一個季度，我要告訴你的是，去年我認為該行業的假日季度增長了約 50%，這意味著12 月季度超過 9 月季度。

And our experience was pretty consistent with that.

我們的經驗與此非常一致。

I think we went from 140,000 units to around 219.

我認為我們從 140,000 台增加到 219 台左右。

Somebody can check that, but that's my recollection.

有人可以檢查一下，但這是我的回憶。

So we saw about a 50% increase in unit sales last year ourselves.

因此，我們自己看到去年的單位銷售額增長了約 50%。

And what about -- just in general, as you look at the balance of the year beyond -- you gave first quarter, looking beyond that, any sense about seasonality will be -- have a bigger factor beyond the first quarter?

那麼 - 總的來說，當你看到以後一年的餘額時 - 你給出了第一季度，除此之外，任何關於季節性的感覺都會 - 在第一季度之後有更大的因素？

You know, we haven't seen any pronounced seasonality, other than the December quarter.

你知道，我們沒有看到任何明顯的季節性，除了 12 月季度。

I don't know that I could characterize any differences among the March, June, and September quarters.

我不知道我可以描述 3 月、6 月和 9 月季度之間的任何差異。

I mean, in fact, you know that we reported 304,000 unit sales in the June quarter and we had a slightly better September quarter with 336,000 units, so I wouldn't characterize that there was any significant seasonality in the other three quarters.

我的意思是，事實上，您知道我們在 6 月季度報告了 304,000 輛的銷量，而 9 月季度的銷量略好一些，為 336,000 輛，所以我不會認為其他三個季度有任何明顯的季節性。

Okay, thank you.

好的謝謝你。

Thanks, Andy.

謝謝，安迪。

Could we have the next question, please?

請問下一個問題好嗎？

We'll go to Charles Wolf of (inaudible) and Company.

我們將去找（聽不清）和公司的 Charles Wolf。

Ah, yes, I have a couple of questions.

啊，是的，我有幾個問題。

In terms of the iPod lineup, which model is the most popular one?

就 iPod 陣容而言，哪款機型最受歡迎？

That's my first question.

這是我的第一個問題。

Second question is do you have any same-store growth numbers for the Apple stores that have been open longer than a year?

第二個問題是你有沒有開張超過一年的蘋果商店的同店增長數據？

And a third question I have is, I did notice that Virginia Tech established a super computer using Power Mac processors.

我的第三個問題是，我確實注意到弗吉尼亞理工大學使用 Power Mac 處理器建立了一台超級計算機。

I was wondering if that was one reason you had such high sales and higher education?

我想知道這是否是您擁有如此高銷售額和高等教育的原因之一？

And along with that, did that computer -- was that completed in time for the 500 series?

除此之外，那台計算機是否及時完成了 500 系列？

Well, let me just for those that aren't familiar -- Virginia Tech basically purchased 1100 Power Mac G5's, combined those to create a super computer, really, of national prominence, and I think it's been written up at a fraction of the cost of a super computer.

好吧，讓我只為那些不熟悉的人——弗吉尼亞理工大學基本上購買了 1100 台 Power Mac G5，將它們結合起來創造了一台真正在全國享有盛譽的超級計算機，而且我認為它的編寫成本只是其中的一小部分的超級計算機。

I haven't gotten an update of specifics, on that, so you know, we'd have to follow up if you're really interested in how that's developing and get an update.

我還沒有得到細節的更新，所以你知道，如果你真的對它的發展方式感興趣並獲得更新，我們必須跟進。

I don't have that.

我沒有那個。

The second question I think you had was on same-store sales.

我認為您的第二個問題是關於同店銷售。

And what I would say is that we are not reporting, although we are capturing internally same-store sales information.

我想說的是，我們沒有報告，儘管我們正在內部獲取同店銷售信息。

What I did indicate in my opening comments was that the average revenue per store for the -- I believe it was 65 stores on average that were open during the quarter -- was $3.1 million, compared to $2.6 million average revenue per store for the June quarter.

我在開場評論中確實指出，每家商店的平均收入——我相信本季度平均有 65 家商店開業——為 310 萬美元，而 6 月份每家商店的平均收入為 260 萬美元四分之一。

So there was a sequential increase in that regard.

所以在這方面有一個連續的增加。

Peter, you want to take the iPod question about mixed?

彼得，你想回答關於混合的 iPod 問題嗎？

Sure.

當然。

Charlie, all the models are popular, for competitive reasons, we won't disclose the exact mix, but from the data sheet, we provide that the average AFP was $360, so that will give you some idea of what the average was.

查理，所有型號都很受歡迎，出於競爭原因，我們不會透露確切的組合，但從數據表中，我們提供平均 AFP 為 360 美元，這樣您就可以了解平均值是多少。

So that's a wholesale price I assume?

所以這是我假設的批發價？

No, that was our revenue for both wholesale and direct sales -- channel margin.

不，那是我們的批發和直銷收入——渠道利潤。

Fine, thank you.

好的，謝謝。

Okay.

好的。

Thanks, Charlie.

謝謝，查理。

Can we have the next question, please?

請問下一個問題可以嗎？

We'll go to Bill Stanley with SGM Midwest Research.

我們將與 SGM 中西部研究部聯繫 Bill Stanley。

Go ahead.

前進。

Sorry.

對不起。

On the store within a store concept, can you give us additional color on how it's going with Comp USA and how the pilot is going with Best Buy and will it be expanded?

在商店概念中的商店中，您能否為我們提供更多關於 Comp USA 的情況以及百思買的試點情況以及它是否會擴展？

On the store within a store concept, can you give us additional color on how it's going with CompUSA and how the pilot is going with Best Buy and will it be expanded?

在商店中的商店概念中，您能否為我們提供更多關於 CompUSA 的情況以及百思買的試點情況以及它是否會擴展的更多信息？

Sure.

當然。

We are pleased with our AFC programs around the world and we are looking for expansion opportunities in each GO.

我們對我們在世界各地的亞足聯計劃感到滿意，我們正在每個 GO 中尋找擴展機會。

As we exited the fourth quarter we had slightly over 300 people in stores.

當我們退出第四季度時，我們的商店裡有 300 多人。

As regards to Best Buy, we have a pilot going in 48 of their stores, where they are carrying a selected products.

至於百思買，我們在他們的 48 家商店進行了試點，他們在那裡銷售精選的產品。

In some stores we have Apple badged employees and in other stores we don't have anybody.

在一些商店裡，我們有帶有 Apple 徽章的員工，而在其他商店裡，我們沒有任何人。

We are monitoring the results of the program carefully.

我們正在仔細監控該計劃的結果。

It's been going for about 60 days, and at this point it's too soon to draw any conclusions.

它已經持續了大約 60 天，此時下任何結論還為時過早。

Okay, and also on the direct versus indirect sales mix for the quarter, can you give additional color on that as well?

好的，關於本季度的直接與間接銷售組合，您能否對此進行補充說明？

Go ahead.

前進。

Sure, just to be clear, we defined direct sales as sales to U.S. education through our retail stores and over the internet store to end users.

當然，為了清楚起見，我們將直銷定義為通過我們的零售店和互聯網商店向最終用戶銷售美國教育。

In our fourth quarter, 43% of the company's revenue was direct, and for the full fiscal year, it was 39%, which compared to 34% for fiscal '02.

在我們的第四季度，公司 43% 的收入是直接收入，而在整個財年，這一比例為 39%，而 02 財年為 34%。

Okay, thanks.

好的謝謝。

And one last question for you.

最後一個問題。

You had mentioned additional channels or expanded distribution for the iPod.

您提到了 iPod 的其他渠道或擴展分發。

Will you be opening up kiosks, infomercials, can you give any color of what alternative channels you'll be using to expand iPod distribution?

你會開放售貨亭、電視廣告，你能說出你將使用哪些替代渠道來擴大 iPod 分銷嗎？

I think they're pretty much in place for the holiday season right now.

我認為他們現在已經為假期準備好了。

As you know, we're in Best Buy, Lowes, Circuit City, CompUSA.

如您所知，我們在 Best Buy、Lowes、Circuit City、CompUSA。

We have 8,000 points of distribution now worldwide, and many internet sites as well.

我們現在在全球擁有 8,000 個分銷點，還有許多互聯網站點。

Okay, thank you very much.

好的，非常感謝。

Thanks, Bill.

謝謝，比爾。

Could we have the next question please?

請問下一個問題好嗎？

We'll go to Jacob Caldenbaum with Harvest Equity Research.

我們將與 Harvest Equity Research 一起前往 Jacob Caldenbaum。

Good afternoon.

下午好。

I have a quick question regarding your software category, and if you could provide any color about conversions from the free iMovie application to your final cup pro.

我有一個關於您的軟件類別的快速問題，以及您是否可以提供任何關於從免費 iMovie 應用程序轉換為您的最終杯子 pro 的顏色。

I know it's been well received in the marketplace.

我知道它在市場上很受歡迎。

What I would do -- if you're referring to the promotions we ran during the quarter, as I recall, our final cut sales were up about 15% sequentially from the prior quarter.

我會做什麼——如果你指的是我們在本季度進行的促銷活動，我記得，我們的最終削減銷售額比上一季度環比增長了約 15%。

So yeah, at the promotion we ran was very successful.

所以，是的，在我們進行的促銷活動中非常成功。

Okay.

好的。

Thank you very much.

非常感謝。

You're welcome.

別客氣。

Thanks, Jacob Caldenbaum.

謝謝，雅各布·卡爾登鮑姆。

Could we have the next question, please?

請問下一個問題好嗎？

We'll go now to with Fulcom Global Partners.

我們現在將與 Fulcom Global Partners 合作。

Hi.

你好。

Thanks very much.

非常感謝。

Two questions, on the G5 Power Mac, if your gross margins are -- where they stand relative -- I guess their historical range, given they were normally your highest gross margin, if they are now and if they're not, if you think they will be?

兩個問題，在 G5 Power Mac 上，如果你的毛利率是——它們相對的位置——我猜它們的歷史範圍，因為它們通常是你的最高毛利率，如果現在是，如果不是，如果你認為他們會？

And then completely separately, on the retail strategy you mentioned opening up your first international store.

然後完全分開，關於你提到的開設第一家國際商店的零售策略。

Is it reasonable to assume that looking over the next year or two, you'll probably open up international stores to kinda' parallel your U.S. stores in terms of your overall international revenue breakdown or is that going too far and is it more of a wait and see?

是否可以合理地假設，展望未來一兩年，您可能會開設國際商店以在您的整體國際收入細分方面與您的美國商店平行，或者這是否太過分了，是否更多的是等待看看？

Thank you.

謝謝你。

Okay, historically -- again, we don't give up gross margins by product line -- but I've said before, historically the Power Mac line has been our highest gross margin product family.

好的，從歷史上看——再一次，我們不會按產品線放棄毛利率——但我之前說過，從歷史上看，Power Mac 系列一直是我們毛利率最高的產品系列。

However, as you know, we did a lot of air freighting of every Power Mac G5 during the quarter, and you have normal you know, inefficiencies with any ramp of a new product, so I would just say that our gross margins during the quarter on Power Mac were not up to the normal historical levels.

但是，如您所知，我們在本季度對每台 Power Mac G5 進行了大量空運，您知道，新產品的任何坡度都會導致效率低下，所以我只想說我們在本季度的毛利率Power Mac 上沒有達到正常的歷史水平。

Would you repeat the second question, please?

請重複第二個問題好嗎？

Just on your retail strategy, if opening your first international store now, if we can kinda' expect you to open international stores over the next year or two at kinda' the rate you did in the states and get to maybe something that parallels your international revenue breakdown?

就您的零售策略而言，如果現在開設您的第一家國際商店，如果我們可以期待您在未來一兩年內以您在美國的速度開設國際商店，並且可能會與您的國際商店相似收入明細？

Or are you taking it more as a wait-and-see kind of strategy?

還是您將其更多地視為一種觀望策略？

What I would say is all I have to share with you again today was an update that we're extremely excited about our Tokyo, Japan, store opening that will open before the end of the calendar year.

我要說的是，今天我要再次與您分享的只是一個更新，我們對我們在日本東京的商店開業感到非常興奮，該商店將在日曆年結束前開業。

We have a huge installed base of -- particularly in the consumer market in Japan.

我們擁有龐大的安裝基礎——尤其是在日本的消費市場。

And we're excited by that.

我們對此感到興奮。

We don't have anything to share with you beyond that.

除此之外，我們沒有任何東西可以與您分享。

I think we'll proceed internationally very slowly and take it one at a time here.

我認為我們將在國際上非常緩慢地進行，並在這裡一次一個地進行。

The only thing we have committed right now is what I've reported to you an update on today, which is the first international store in Tokyo.

我們現在唯一承諾的是我今天向您報告的更新，這是東京的第一家國際商店。

Great.

偉大的。

Thanks very much.

非常感謝。

Thanks, Rob.

謝謝，羅伯。

Could we have the next question, please?

請問下一個問題好嗎？

As a reminder, star 1 to signal for a question.

提醒一下，星號 1 表示有問題。

Now Jon Horvath (inaudible) from Lehman Brothers.

現在是雷曼兄弟的 Jon Horvath（聽不清）。

Congratulations to a nice quarter, guys.

祝賀你們度過了一個美好的季度，伙計們。

Thank you!

謝謝！

I'm just wondering, previously when we had the G4 Power Mac refresh cycle, I think we got up to an average of 3.43(inaudible)K units per quarter for several quarters.

我只是想知道，以前當我們進行 G4 Power Mac 更新周期時，我認為我們在幾個季度內平均每季度達到 3.43（聽不清）K 單位。

I'm wondering if now that you've got September behind you, you've seen a little bit of October, I'm wondering if you have any sense of where that's gonna pan out a decent unit run rate for the G5 going forward, or sorry, for the Power Mac with G5 and G4 included going forward?

我想知道現在您是否已經過了 9 月，您是否已經看到了 10 月的一點點，我想知道您是否知道這將為 G5 提供一個不錯的單位運行率。 ，或者抱歉，對於未來包含 G5 和 G4 的 Power Mac？

If it's gonna be you know, 250-K, 350K.

如果它是你知道的，250-K，350K。

I know 350's probably a lot to ask for.

我知道 350 的要求可能很多。

I'll stay with what I said before.

我會堅持我之前所說的。

I stuck my neck out last quarter and said that our goal was to return our Power Mac line, which had been running you know, at around 150,000 before.

上個季度我伸出了脖子，說我們的目標是讓我們的 Power Mac 產品線回歸，你知道，它之前一直在運行，大約 150,000 台。

In fact, last quarter it was below that level at 126,000.

事實上，上個季度它低於該水平，為 126,000。

I said I thought we would be able to, on a sustainable basis, drive our Power Mac volume back up above 200,000 units, and we did it.

我說我認為我們能夠在可持續的基礎上將我們的 Power Mac 銷量提高到 200,000 台以上，我們做到了。

In fact, we did 221,000.

事實上，我們做了 221,000 次。

I'm not gonna stick my neck out again to raise the bar on that one.

我不會再伸出脖子來提高那個標準。

I think we'll take it a quarter at a time.

我想我們一次只吃四分之一。

The product line has been incredibly well received in the market.

該產品線在市場上獲得了難以置信的好評。

Higher ed is excited, our creative customers are excited by the performance of the product, business is interested in it, and scientific and technical particularly, and I just related earlier about Virginia and them building a super computer based on it, so I'm gonna let the results kinda' lead here and not go beyond telling you that I think we can sustain it above 200,000 units a quarter.

Higher ed 很興奮，我們的創意客戶對產品的性能很感興趣，企業對它感興趣，尤其是科學和技術，我之前剛剛提到了 Virginia，他們基於它構建了一台超級計算機，所以我讓結果有點領先，而且我認為我們可以將其維持在每季度 200,000 台以上。

Fair enough.

很公平。

Thanks a lot.

非常感謝。

Thank you, Jon Horvath.

謝謝你，喬恩·霍瓦斯。

Could we have the next question, please?

請問下一個問題好嗎？

The next question is from (inaudible) of Lehman Brothers.

下一個問題來自雷曼兄弟（聽不清）。

Sorry, we're at different sites.

對不起，我們在不同的網站。

Anyway, I'll take my shot at a similar question.

無論如何，我會回答一個類似的問題。

I guess around the Power Macs, Fred, you talked about air freighting, hitting your growth profit and margins.

我猜圍繞 Power Mac，弗雷德，你談到了空運，影響了你的增長利潤和利潤率。

Did you quantify that at all in terms of how much it affected it during the quarter and then just a follow-up on something different.

你有沒有量化它在本季度對它的影響程度，然後只是對不同的事情進行跟進。

We didn't quantify it for you, but you know, I will tell you it was significant.

我們沒有為你量化它，但你知道，我會告訴你它很重要。

And we've guided gross margins up by 50 basis points for the December quarter from the September quarter, and we're confident that we can achieve that.

我們已經將 12 月季度的毛利率從 9 月季度提高了 50 個基點，我們相信我們能夠實現這一目標。

Now, does that assume like similar levels of air freighting expense, or does it --

現在，這是假設類似水平的空運費用，還是 -

We're gonna continue to air freight quite a few products, including some continued air freighting on the high-end SKU of the Power Mac line, where we're not yet caught up with demand, but we're certainly hopeful it will catch up during the quarter and so we're gonna continue on that high end SKU air freighting it, and you know, there may be some other products during the quarter, but I'm not prepared to talk about future products.

我們將繼續空運相當多的產品，包括 Power Mac 系列高端 SKU 的一些持續空運，我們還沒有趕上需求，但我們當然希望它能趕上本季度上漲，因此我們將繼續使用高端 SKU 空運它，您知道，本季度可能還有其他產品，但我不准備談論未來的產品。

The G4, G5, you obviously came in higher than the 200,000 you were thinking about you know -- if I look at the quarter, should I attribute that to G4 maybe didn't drop as fast as you thought or you know, you air freighted enough where you got more G5?

G4，G5，你的收入顯然高於你所想的 200,000 - 如果我看這個季度，我是否應該將其歸因於 G4 可能沒有像你想像的那樣快速下降，或者你知道，你知道嗎？貨運夠你在哪裡得到更多的G5？

I would say that the low end of the G -- low-end SKU now that we have one G4 SKU, which is at $1299 in the Power Mac line.

我想說的是 G 的低端——低端 SKU，因為我們有一個 G4 SKU，Power Mac 系列的售價為 1299 美元。

That held up very well.

這保持得很好。

It's a great value for the price-sensitive buyer, and I will tell you that we also had very strong sales of the high-end Power Mac SKU, in terms of the G5.

對於價格敏感的買家來說，這很有價值，我會告訴你，就 G5 而言，我們的高端 Power Mac SKU 的銷售也非常強勁。

Have you said anything about cut over G5 versus G4 units and when you think that might be?

你有沒有說過關於 G5 和 G4 單元的切換以及你認為可能是什麼時候？

No, we're very you know, enthusiastic as our customers are about the current line up of our Power Mac line, which includes one G4 SKU and three G5 SKU.

不，我們非常了解，因為我們的客戶對我們目前的 Power Mac 系列產品非常感興趣，其中包括一個 G4 SKU 和三個 G5 SKU。

Thanks, Fred.

謝謝，弗雷德。

Thank you.

謝謝你。

Thanks, Dan.

謝謝，丹。

Could we have the next question, please?

請問下一個問題好嗎？

We'll take the final question from Bill Parami with SGM Midwest Research.

我們將回答 SGM Midwest Research 的 Bill Parami 提出的最後一個問題。

Thanks.

謝謝。

Just one follow-up question on end user markets.

只是關於最終用戶市場的一個後續問題。

Can you give additional flavor on the higher-end education market?

您能否為高端教育市場增添更多風味？

The mix of notebook versus desk top and also additional color on student versus institution purchases?

筆記本與桌面的混合，以及學生與機構購買的額外顏色？

Thanks.

謝謝。

I believe -- first of all, let me say for education overall, I believe it was 46% the mix -- 47%? 47% was the unit mix of portables in education overall.

我相信——首先，讓我說一下整體教育，我相信它是 46%——47%？ 47% 是整個教育中便攜式設備的單位組合。

And what I recall was that the Power Book was particularly strong in higher education.

我記得《權力之書》在高等教育領域特別強大。

And the G5 did well --

G5表現不錯——

I'm sorry, did I -- did we fully answer your question there?

對不起，我——我們在那裡完全回答了你的問題嗎？

Do you want to follow up if there's something we've missed?

如果我們遺漏了什麼，你想跟進嗎？

I actually had a question as well on the product mix, yes, but on the student versus institution purchases in the market.

實際上，我對產品組合也有疑問，是的，但是關於市場上學生與機構購買的問題。

Can you give additional color on that?

你可以給它額外的顏色嗎？

The student purchases were strong in the quarter.

本季度學生購買量強勁。

And that's on a relative basis, maybe stronger than the institution.

這是相對而言的，可能比機構更強大。

The institution and high ed did well for us --

機構和高等教育對我們來說做得很好——

Was your question particularly just for higher ed?

你的問題是專門針對高等教育的嗎？

Yes, it was.

是的。

Well, higher ed had our best quarter in seven years, so I would say -- I agree with Peter that institution and individual were very strong, they were both very strong.

好吧，高等教育有我們七年來最好的一個季度，所以我會說——我同意彼得的觀點，機構和個人都非常強大，他們都非常強大。

Thank you.

謝謝你。

Thanks, Bill.

謝謝，比爾。

I would like to remind everyone that Apple will be hosting a financial analyst meeting at our Cupertino headquarters on November 5th from 1:00 p.m. to 5:00 p.m.

我想提醒大家，Apple 將於 11 月 5 日下午 1:00 在我們的庫比蒂諾總部舉辦金融分析師會議。到下午 5:00

If you would like to attend and haven't responded, send an email to Hoover1 at Apple.com.

如果您想參加但尚未回复，請發送電子郵件至 Apple.com 上的 Hoover1。

A recording of this call will be available for replay via telephone for seven days beginning at 5:30 p.m.

從下午 5 點 30 分開始，7 天內可以通過電話重播此次通話的錄音。

Pacific time today.

今天太平洋時間。

The number for the replay is 719-457-0820.

重播號碼是 719-457-0820。

The confirmation code is 799253 and a replay of the audio webcast of this call will be available beginning at approximately 5:30 Pacific time today at www.Apple.com/investor, and that will remain available for approximately 12 months.

確認代碼為 799253，本次電話會議的音頻網絡廣播將在太平洋時間今天大約 5:30 開始在 www.Apple.com/investor 上播放，並將持續播放大約 12 個月。

Members of the press with additional questions can contact Steve Dowling at 408-974-1896.

有其他問題的媒體成員可以撥打 408-974-1896 聯繫史蒂夫·道林。

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's 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

That concludes today's conference.

今天的會議到此結束。

Thank you for you participation.

感謝您的參與。

You may disconnect at this time.

此時您可以斷開連接。