蘋果 (AAPL) 2004 Q2 法說會逐字稿

Good day everyone and welcome to this Apple Computer conference call to discuss second quarter financial results. Today's call is being recorded. At this time for opening remarks and introductions, I'd like to turn the call over to the Senior Director of Investor Relations and Corporate Finance, Miss Nancy Paxton. Please go ahead, ma'am.

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。今天的電話正在錄音。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高級總監 Nancy Paxton 小姐。請繼續，女士。

Thank you. Good afternoon and thanks to everyone for joining us today. Speaking today are Apple's CFO, Fred Anderson and SVP of Finance Peter Oppenheimer. And they will be joined by EVP of Sales and Operations,Tim Cook, as well as VP and Corporate Treasurer, Gary Wistler [ph] for the Q&A session with analysts.

謝謝你。下午好，感謝大家今天加入我們。今天發言的有 Apple 首席財務官 Fred Anderson 和財務高級副總裁 Peter Oppenheimer。銷售和運營執行副總裁 Tim Cook 以及副總裁兼企業財務主管 Gary Wistler [ph] 將與他們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 margin, operating expenses, executive compensation, restructuring expense, other income and expense, taxes, Apple's retail initiatives, capital expenditures and earnings per share. Actual results or trends could differ materially from our forecast. For more information, please refer to pages 30 through 39 of Apple's latest Form 10-Q for the quarter ended December 27, 2003.

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、高管薪酬、重組費用、其他收入和費用、稅收、Apple 的零售計劃、資本支出和收益的前瞻性陳述每股。實際結果或趨勢可能與我們的預測大相徑庭。有關詳細信息，請參閱 Apple 最新的 10-Q 表格（截至 2003 年 12 月 27 日的季度）的第 30 頁至第 39 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. While we don't 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 on Apple's website at www.apple.com/investor.

另請注意，如果非 GAAP 財務指標包含在今天的電話會議中，則應在查看此類信息的同時查看這些信息，而不是代替 Apple 的 GAAP 結果。雖然我們預計不會提供除收益新聞稿中包含的非 GAAP 措施，但如果我們向其他人提供 GAAP 和非 GAAP 措施的對賬，我們將在 Apple 的網站 www.apple.com/investor 上發布。

In connection with SEC rules on corporate disclosure, Apple is making this analyst call open to the media and general public by broadcasting the call live over the Internet.

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

With that, I'd like to turn the call over to Fred Anderson for introductory remarks.

有了這個，我想把電話轉給 Fred Anderson 做介紹性發言。

Thank you, Nancy. We are exceptionally pleased with the results of the March quarter for a number of reasons. Apple achieved very strong year-over-year revenue growth of 29% for the quarter and 33% for the first half of the fiscal year. This revenue growth is being driven by a much more diversified portfolio of hardware, software and service products than we have delivered in the past. As well as expanded distribution through the channel and our on-line and retail stores. More importantly, our results demonstrate operating margin expansion, excluding restructuring charges, operating margin was 3.2% for the March quarter and 3.5% for the first half of the fiscal year, demonstrating the leverage in Apple's financial model that we can achieve as we grow revenue. It is clear that the investments that we have made over the past few years in research and development and in our retail initiative are paying off.

謝謝你，南希。出於多種原因，我們對 3 月季度的業績感到非常滿意。蘋果本季度收入同比增長 29%，本財年上半年收入同比增長 33%。這種收入增長是由比我們過去提供的更加多樣化的硬件、軟件和服務產品組合推動的。以及通過渠道和我們的在線和零售店擴大分銷。更重要的是，我們的結果顯示營業利潤率有所增長，不包括重組費用，第三季度的營業利潤率為 3.2%，本財年上半年為 3.5%，這表明我們可以在收入增長時實現蘋果財務模型的槓桿作用.很明顯，我們過去幾年在研發和零售計劃方面的投資正在獲得回報。

As most of you know, I will be retiring as Apple's CFO on June 1st. It has been a real privilege for me to be Apple's CFO over the past eight years and I look forward to staying involved with Apple after my retirement. Peter Oppenheimer, who has done an outstanding job as Apple's Corporate Controller will be taking over as CFO and I'd like to turn the call over to him now for more details on the second-quarter results.

正如你們大多數人所知，我將於 6 月 1 日退休，擔任 Apple 首席財務官。在過去八年中擔任 Apple 的 CFO 對我來說是一種真正的榮幸，我期待在退休後繼續為 Apple 工作。彼得·奧本海默 (Peter Oppenheimer) 在擔任蘋果公司財務總監時表現出色，他將接任首席財務官一職，我想現在將電話轉給他，以了解有關第二季度業績的更多詳細信息。

Thank you, Fred. As Fred mentioned, revenue of $1.909 billion was up 29% year-over-year. This represents our third consecutive quarter of double-digit revenue growth in our strongest March quarter in four years. Net income was $46 million or 12 cents per diluted share. These GAAP results include an after-tax restructuring charge of $7 million or 2 cents per diluted share for severance costs related to the closing of our Sacramento manufacturing operation and reductions in sales and marketing staff.

謝謝你，弗雷德。正如 Fred 所說，收入為 19.09 億美元，同比增長 29%。這代表我們連續第三個季度實現兩位數的收入增長，這是我們四年來最強勁的 3 月季度。淨收入為 4600 萬美元或每股攤薄收益 12 美分。這些 GAAP 結果包括稅後重組費用 700 萬美元或攤薄後每股 2 美分，用於與關閉薩克拉門托製造業務和減少銷售和營銷人員相關的遣散費。

We sold over 749,000 Macintosh units and 807,000 iPods during the quarter, representing a 5% increase in CPU units and more than 10 times the number of iPods shipped in the year-ago quarter. CPU revenue was up 6% while iPod revenue was up over 750%. In Q2, our 29% revenue growth was driven by our diversified portfolio of products, with iPod contributing about half the growth and all other products and services contributing the balance. Panther continued to sell well in its second quarter and we were very pleased with the reception of iLife '04 in its first quarter.

我們在本季度售出了超過 749,000 台 Macintosh 設備和 807,000 台 iPod，這意味著 CPU 單元增加了 5%，是去年同期 iPod 出貨量的 10 倍以上。 CPU 收入增長了 6%，而 iPod 收入增長了 750% 以上。在第二季度，我們 29% 的收入增長是由我們多元化的產品組合推動的，其中 iPod 貢獻了大約一半的增長，所有其他產品和服務貢獻了其餘部分。 Panther 在第二季度繼續暢銷，我們對第一季度收到 iLife '04 感到非常滿意。

Ending channel inventory units declined by 10% and remained within our target range of four to five weeks. The net decline in inventory was attributable to the PowerBook and the Power Mac product families. In terms of products, portables represented 48% of all Macintosh systems sold during the quarter, led by the iBook at 201,000 units and PowerBook at 157,000 units. Power Mac shipments were 174,000 units and iMac shipments were 217,000 units.

終端渠道庫存單位下降了 10%，並保持在我們 4 到 5 週的目標範圍內。庫存的淨下降歸因於 PowerBook 和 Power Mac 產品系列。在產品方面，便攜式電腦佔本季度所有 Macintosh 系統銷售量的 48%，其中 iBook 以 201,000 台和 PowerBook 以 157,000 台領先。 Power Mac 出貨量為 174,000 台，iMac 出貨量為 217,000 台。

There were two factors that impacted the number of Power Macs shipped. First, we reduced the Power Mac channel inventory so reported units sell-in was less than sell-through. Second, we were delayed in shipping the Xserve G5 until the last week of the quarter and exited March with most of the quarter's orders still in backlog. We had a phenomenal quarter for iPods, shipping a record 807,000 units. Exceeding the prior holiday quarter record of 733,000 units.

有兩個因素影響了 Power Mac 的出貨量。首先，我們減少了 Power Mac 渠道庫存，因此報告的單位銷售量低於銷售量。其次，我們將 Xserve G5 的發貨推遲到本季度的最後一周，並在 3 月退出時，本季度的大部分訂單仍在積壓中。我們的 iPod 銷量驚人，出貨量達到創紀錄的 807,000 台。超過上一個假期季度記錄的 733,000 個單位。

Continued momentum of the iPod combined with the introduction of the iPod mini in the U.S. and retail distribution points now in excess of 12,000 worldwide, drove the healthy 10% sequential increase. Apple moved the worldwide availability of iPod mini to July due to the strong demand in the U.S. that far exceeded the total plant supply through the end of June.

iPod 的持續發展勢頭加上 iPod mini 在美國的推出以及目前全球超過 12,000 個零售分銷點，推動了 10% 的健康連續增長。由於美國的強勁需求遠遠超過了截至 6 月底的工廠總供應量，Apple 將 iPod mini 的全球供應時間推遲到了 7 月。

IPod remains the number one selling MP3 player according to the latest data available from NPD Tech World. IPod and the iTunes Music Store continued to distinguish themselves from the competition and have market-leading positions. We expect our strong momentum to continue as we catch up with iPod mini demand and as HP launches their digital music player this summer.

根據 NPD Tech World 提供的最新數據，iPod 仍然是銷量第一的 MP3 播放器。 iPod 和 iTunes 音樂商店繼續在競爭中脫穎而出，並擁有市場領先地位。隨著我們趕上 iPod mini 的需求以及惠普今年夏天推出他們的數字音樂播放器，我們預計我們的強勁勢頭將繼續下去。

The Apple retail stores continue to deliver outstanding results. We opened five stores during the quarter, including the San Francisco flagship store, bringing the quarter-end total to 78. Apple retail store revenue was $266 million, almost double the level of the year-ago quarter and only $7 million below the December quarter. With an average of 75 stores open during the quarter, average quarterly revenue per store was $3.5 million, up from $2.6 million in the year-ago quarter. The retail stores also contributed $5 million in segment profit during the quarter and $45 million in additional manufacturing margin.

Apple 零售店繼續取得優異成績。我們在本季度開設了 5 家門店，包括舊金山旗艦店，使季度末總數達到 78 家。蘋果零售店收入為 2.66 億美元，幾乎是去年同期水平的兩倍，僅比 12 月季度低 700 萬美元.本季度平均有 75 家門店開業，每家門店的平均季度收入為 350 萬美元，高於去年同期的 260 萬美元。零售店在本季度還貢獻了 500 萬美元的分部利潤和 4500 萬美元的額外製造利潤。

Traffic was very strong during the quarter with 5.7 million people visiting our retail stores, translating into 5.8 thousand visitors per store per week. This compares to 6,000 visitors per store per week in the December quarter and 4.4 thousand visitors per store per week in the year-ago quarter. We plan to continue to add stores that can achieve strong sales and profitability during our first year of operation. We expect to open an additional 10 stores during the balance of fiscal '04 and end the fiscal year with approximately 88 stores. We are also very excited to announce the expected opening of our store in London before the end of the calendar year.

本季度客流量非常強勁，有 570 萬人訪問我們的零售店，相當於每週每家商店有 5800 名訪客。相比之下，12 月季度每家商店每周有 6,000 名訪客，而去年同期每家商店每周有 4400 名訪客。我們計劃在運營的第一年繼續增加能夠實現強勁銷售和盈利的店鋪。我們預計將在 04 財年的剩餘時間內再開設 10 家門店，並在本財年結束時擁有大約 88 家門店。我們也很高興地宣布，我們預計將在今年年底前在倫敦開設門店。

Results from our U.S. education channel were particularly encouraging. Overall, CPU units grew 10% year-over-year which was over three times the latest IDC market growth estimate. Revenue was even more impressive at 18% year-over-year growth. Higher education drove the growth with over 40% year-over-year revenue growth for the second quarter in a row. These results give us reason to be optimistic as we head into the back-to-school season later this year.

我們美國教育頻道的結果特別令人鼓舞。總體而言，CPU 單元同比增長 10%，是最新 IDC 市場增長預測的三倍多。收入以 18% 的同比增長更為可觀。高等教育推動了增長，連續第二季度收入同比增長超過 40%。這些結果讓我們有理由在今年晚些時候進入返校季時保持樂觀。

Our K to 12 business was relatively flat year-over-year as some districts continue to be challenged by budget constraints. We did see increases in the number of one-to-one implementations during the quarter versus last year, which drove a marked increase in iBook sales. We continue to believe that our focus on student achievement and learning outcomes positions Apple uniquely in this market.

由於一些地區繼續受到預算限制的挑戰，我們的 K 到 12 業務同比相對持平。與去年相比，我們確實看到本季度一對一實施的數量有所增加，這推動了 iBook 銷售額的顯著增長。我們仍然相信，我們對學生成績和學習成果的關注使 Apple 在這個市場上獨樹一幟。

In terms of geographic performance, revenue in Europe was up 33% year-over-year while revenue in the Americas excluding the retail segment was up 29%. Combining the America segment results with U.S. sales from the retail segment yields a year-over-year increase of 39%. Revenue in Japan segment was down 21% year-over-year.

在地域表現方面，歐洲的收入同比增長 33%，而美洲（不包括零售部門）的收入增長 29%。將美國分部的業績與美國零售分部的銷售額相結合，同比增長 39%。日本部門的收入同比下降 21%。

Gross margin was 27.8%, up 110 basis points from the prior quarter and slightly exceeding our guidance of 27.5%. The sequential increase in gross margin was a function of a better commodity pricing environment and more typical warranty expense and product transitions relative to Q1. Excluding the restructuring charge of $10 million, OPEX was $468 million, $8 million higher than expected primarily due to variable selling expenses associated with higher than expected revenue.

毛利率為 27.8%，比上一季度上升 110 個基點，略高於我們 27.5% 的預期。毛利率的連續增長是由於更好的商品定價環境以及相對於第一季度更典型的保修費用和產品轉換。不包括 1000 萬美元的重組費用，運營支出為 4.68 億美元，比預期高 800 萬美元，主要是由於可變銷售費用與高於預期的收入相關。

On March 24th, Apple's Board of Directors granted restricted stock units to select members of the Company's senior management, excluding the CEO. The Board believes that basing a majority of executives' pay on equity is the best way to align management's interest with shareholders' interests. The restricted stock units will vest over four years. The Board views these RSUs as an important means of retaining key executives and does not anticipate making additional grants to these executives during their four-year time frame.

3 月 24 日，蘋果董事會授予限制性股票單位，以選擇公司高級管理人員，不包括 CEO。董事會認為，將大部分高管薪酬基於股權是使管理層利益與股東利益保持一致的最佳方式。限制性股票單位將在四年內歸屬。董事會將這些 RSU 視為留住關鍵高管的重要手段，並且預計不會在這些高管的四年時間框架內向他們提供額外贈款。

Like restricted stock, the value of these RSUs must be amortized through the income statement and will add an additional $3.8 million in compensation expense per quarter going forward until fully vested. In addition, over the next two years, we will continue to recognize quarterly amortization expense of approximately $6.25 million related to their restricted stock previously granted to the CEO.

與限制性股票一樣，這些 RSU 的價值必須通過損益表攤銷，並將在未來每季度額外增加 380 萬美元的補償費用，直至完全歸屬。此外，在接下來的兩年中，我們將繼續確認與先前授予首席執行官的限制性股票相關的約 625 萬美元的季度攤銷費用。

OME, was $12 million, $2 million better than guidance, primarily due to higher than expected interest and dividend income. The tax rate for the quarter was 28% as expected. In terms of the balance sheet, cash was $4.594 billion, down just $197 million sequentially despite the $300 million senior debt retirement on February 17th that has left us debt-free. The strong cash profile reflects continued strong asset management and contributions from operating income. Total capital expenditures for the quarter were $35 million, including $20 million for our retail initiative.

OME 為 1200 萬美元，比指引高出 200 萬美元，主要是由於利息和股息收入高於預期。本季度的稅率為 28%，符合預期。就資產負債表而言，現金為 45.94 億美元，環比僅減少 1.97 億美元，儘管 2 月 17 日 3 億美元的高級債務退休使我們無債務。強勁的現金狀況反映了持續強勁的資產管理和營業收入的貢獻。本季度的總資本支出為 3500 萬美元，其中 2000 萬美元用於我們的零售計劃。

Looking ahead to the June quarter, I'd like to review our outlook, which includes the types of forward-looking information that Nancy referred to at the beginning of the call. For the June quarter, we expect our fourth consecutive quarter of year-over-year double-digit growth in both revenue and earnings. We are targeting revenue at about $1.925 billion. We expect GAAP diluted earnings per share of 12 to 13 cents, which includes approximately $10 million or 2 cents per diluted share in additional expected restructuring charges, primarily related to finalizing the closing of our Sacramento manufacturing operation.

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提到的前瞻性信息類型。對於六月季度，我們預計我們的收入和收益將連續第四個季度實現兩位數的同比增長。我們的目標收入約為 19.25 億美元。我們預計 GAAP 每股攤薄收益為 12 至 13 美分，其中包括約 1000 萬美元或每股攤薄收益 2 美分的額外預期重組費用，主要與完成薩克拉門托製造業務的關閉有關。

We expect gross margin to be relatively flat sequentially at about 28%. We expect OPEX to be about $480 million, including the previously mentioned $10 million restructuring charge and $10 million in executive compensation amortization. We expect OME to be about $12 million and we expect the tax rate to be 28%. Lastly, we expect fiscal '04 capital expenditures to be about $190 million, including $110 million associated with the retail initiative.

我們預計毛利率環比持平，約為 28%。我們預計 OPEX 約為 4.8 億美元，包括前面提到的 1000 萬美元的重組費用和 1000 萬美元的高管薪酬攤銷。我們預計 OME 約為 1200 萬美元，我們預計稅率為 28%。最後，我們預計 04 財年的資本支出約為 1.9 億美元，其中包括與零售計劃相關的 1.1 億美元。

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. Today's question-and-answer session will be conducted electronically. If you care to ask a question, please signal by pressing the star key followed by the digit one on your touch-tone telephone. If you are using a speaker phone, please make sure that your mute function is turned off to ensure that your equipment can reach our signal. We will come to you in the order that you signal and will take as many questions as time permits. Again that is star one to ask a question on today's call. And we'll pause for just a moment to assemble our roster. And we'll take our first question from Steve Milunovich with Merrill Lynch.

謝謝你，先生。今天的問答環節將以電子方式進行。如果您想提出問題，請在按鍵式電話上按星號鍵和數字 1 發出信號。如果您使用的是免提電話，請確保您的靜音功能已關閉，以確保您的設備能夠接收到我們的信號。我們將按照您發出信號的順序來找您，並會在時間允許的情況下回答盡可能多的問題。在今天的電話會議上再次提問。我們將暫停片刻來整理我們的名單。我們將向美林證券的史蒂夫·米盧諾維奇提出第一個問題。

Great, thank you very much. Two topics. First of all, could you talk about distribution and you mentioned the on-line effort and so forth, I don't know if you can talk about how much success you feel you're having outside the stores both on-line and in other retail centers. And apparently you had a pilot with Best Buy going on which may have been pulled back, I wonder if you can comment on that. And second on the iPod side, can you talk about the gross margin on iPod and where it is today and if you still expect it's going to be coming down to 20%.

太好了，非常感謝。兩個話題。首先，你能談談分銷，你提到了在線上的努力等等，我不知道你能不能談談你覺得你在網上和其他商店之外取得了多大的成功零售中心。顯然你有一個百思買的飛行員可能已經被撤回，我想知道你是否可以對此發表評論。其次是 iPod 方面，您能否談談 iPod 的毛利率以及它現在的情況以及您是否仍然預計它將下降到 20%。

Okay. I will address a little bit of your on-line and direct questions and take the iPod gross margin and leave Best Buy and some of the other distribution topics to Tim. Let me start with the iPod gross margin. As we indicated last quarter, the iPod gross margin was about our corporate average of 27%. This quarter it was about 23% as we began to shift the iPod mini and we still anticipate the gross margin being about 20% as we more fully ramp the iPod mini and begin to ship units to HP.

好的。我將解決您的一些在線和直接問題，並將 iPod 毛利率留給 Tim。讓我從 iPod 的毛利率開始。正如我們在上個季度指出的那樣，iPod 的毛利率大約是我們公司 27% 的平均水平。本季度，當我們開始轉移 iPod mini 時，毛利率約為 23%，我們仍然預計毛利率約為 20%，因為我們更全面地提升 iPod mini 並開始向惠普發貨。

In terms of on-line, we continue to do extremely well there. We're up very strong year-over-year, as well as all of our direct markets. Our direct sales in the quarter were 42% of total sales, and we defined that as sales to U.S. education, on-line and through our retail stores and that compares to 35% in the year-ago quarter. Tim?

在在線方面，我們繼續在那裡做得非常好。我們的同比增長非常強勁，我們所有的直接市場也是如此。我們本季度的直接銷售額佔總銷售額的 42%，我們將其定義為對美國教育、在線和通過我們的零售店的銷售額，而去年同期為 35%。蒂姆？

Steve, on your question on distribution, we're continuing to expand the number of places that we have iPods. From the beginning of Q1 to the beginning of last October we've now raised that from 8,000 to 12,000 so we've increased it by 50%. About 80% of that expansion was outside the U.S. because we felt we fundamentally did not have enough spots. I would tell you that we're continuing to look for more quality channels and anticipate growing that more as we step through the year. And so on Best Buy in particular, Best Buy continues to be a very key iPod channel for us. They also continue to sell CPUs in some number of the stores. The pilot that you referenced had run its natural course and so at this point we're analyzing the data to conclude what to do moving forward.

史蒂夫，關於你關於分銷的問題，我們正在繼續擴大我們擁有 iPod 的地方的數量。從第一季度開始到去年 10 月初，我們現在已將其從 8,000 提高到 12,000，因此我們將其提高了 50%。大約 80% 的擴張發生在美國以外，因為我們覺得我們基本上沒有足夠的位置。我會告訴你，我們將繼續尋找更多優質渠道，並預計隨著我們這一年的發展而增長更多。尤其是百思買，百思買仍然是我們非常重要的 iPod 渠道。他們還在一些商店繼續銷售 CPU。您提到的試點已經運行了它的自然過程，因此在這一點上，我們正在分析數據以得出下一步該做什麼。

Do you have any comment on future expected sales for iPod and do you have any evidence or expect to see the halo affect of the iPod success turn into more PC business.

您對 iPod 未來的預期銷量有何評論，您是否有任何證據或期望看到 iPod 成功的光環效應會轉化為更多的 PC 業務。

We're not going to provide guidance for future iPod shipments except to say in the third quarter we expect to be very constrained and hope to catch up a balance supply and demand in the fourth quarter. We are hearing anecdotal stories all the time, both in our retail stores and through the channel, where people have -- Windows users have purchased an iPod, used it, the music store and have come in and, either switched to the Mac or added a Mac to their computers at home.

我們不會為未來的 iPod 出貨量提供指導，只是說在第三季度我們預計會受到很大限制，並希望在第四季度趕上供需平衡。我們一直在聽到軼事故事，無論是在我們的零售店還是通過渠道，人們已經 - Windows 用戶購買了 iPod，使用它，音樂商店並且已經進來，或者切換到 Mac 或添加Mac 到他們家中的電腦。

Thank you.

謝謝你。

Thanks, Steve. Could we have the next question, please.

謝謝，史蒂夫。請問下一個問題可以嗎？

Yes, ma'am. That comes from Joel Wagonfeld with First Albany.

是的女士。這來自第一奧爾巴尼的喬爾瓦格菲爾德。

Thanks very much. I was wondering if you could comment a little bit further on the Power Mac volumes, they are a little bit below what you had stated was your goal and I think what myself and others had expected. You mentioned some inventory reduction but you had done that last quarter and you had also mentioned last quarter that you intended to be relatively aggressive in terms of price to drive share there. So I'm wondering if you could just give us a little more color on the pricing dynamics in the upgrade uptake that you've seen in whether the 200,000 target is now, obsolete or if you're sticking with that and the time frame is just a little bit longer. Thanks.

非常感謝。我想知道您是否可以進一步評論 Power Mac 卷，它們略低於您所說的目標，我認為是我自己和其他人的預期。您提到了一些庫存減少，但您在上個季度已經做到了，您還提到上個季度您打算在價格方面相對激進以推動那裡的份額。所以我想知道你是否可以給我們更多關於升級吸收的定價動態的顏色，你已經看到了 200,000 的目標是否現在已經過時，或者你是否堅持這個目標並且時間框架是再長一點。謝謝。

Okay. Our current Mac sale in the quarter was 174,000 units and that was impacted by two factors. The first is, we, as I indicated, reduced our total channel inventory by about 10% and the Power Mac line saw the largest component of that. We also were delayed in shipping the Xserve G5 until the last week of the quarter, so virtually all of the units that we sold were in our backlog and so when you account or add those two things back, our true sales on the Power Mac line were over 190,000 in the quarter. As regards our 200,000 unit objective, we still think in some quarters we'll be above that and some quarters we'll be a little bit below, just depending upon seasonality and where we are in the product life-cycle. Tim, do you want to add anything?

好的。本季度我們當前的 Mac 銷量為 174,000 台，這受到兩個因素的影響。首先，正如我所指出的，我們將總渠道庫存減少了約 10%，其中 Power Mac 產品線的佔比最大。我們還推遲了 Xserve G5 的發貨，直到本季度的最後一周，所以我們銷售的幾乎所有設備都在我們的積壓訂單中，所以當您考慮或添加這兩個東西時，我們在 Power Mac 線上的真實銷售額本季度超過 190,000 人。至於我們的 200,000 單位目標，我們仍然認為在某些季度我們會高於這個目標，而在某些季度我們會稍微低於這個目標，這取決於季節性和我們在產品生命週期中的位置。蒂姆，你想補充什麼嗎？

Just add a couple things to that, Joel. One is that the mix of G5 that we're selling is substantially richer than the mix historically that we saw in G4. And as we understand this at the market level, what is happening is that our video customers are adopting G5 very, very quickly, they value the performance of G5, the aps are all ported and we're doing amazingly well in that market. At the other end of the spectrum, the DMP customer's much slower to adopt.

喬爾，只需添加幾件事即可。一是我們銷售的 G5 組合比我們在 G4 中看到的歷史組合要豐富得多。正如我們在市場層面所了解的那樣，正在發生的事情是我們的視頻客戶正在非常非常迅速地採用 G5，他們重視 G5 的性能，所有應用程序都已移植，我們在該市場上的表現非常好。另一方面，DMP 客戶的採用速度要慢得多。

In some geographies, like Japan as an example, [inaudible] express is not ported yet, that obviously affects the level of adoption and the speed of adoption in the MP sector. I do think, however, that gives us a great opportunity moving forward. And sort of the middle of that spectrum, the education market is adopting it very well. And so the markets net net are all over the board. I think our greatest opportunity moving forward is to speed up the adoption in D&P.

在某些地區，例如日本，[聽不清] express 尚未移植，這顯然會影響 MP 行業的採用水平和採用速度。然而，我確實認為，這給了我們前進的絕佳機會。在這個範圍的中間，教育市場正在很好地採用它。因此，市場淨網是全面的。我認為我們前進的最大機會是加快 D&P 的採用。

So there's no fundamental change in your thought about the adoption curve or the potential rate, it's just some gives and takes on each side of it that are affecting the timing of the trajectory of this cycle.

因此，您對採用曲線或潛在比率的想法沒有根本性的變化，只是它的每一側的一些讓步會影響這個週期軌蹟的時間安排。

It's a good characterization. Basically, if you think about the same markets I told you about in video, that market economically is very healthy. The broadcasters have money, they're spending money. On the other end of that spectrum on the D&P sector, that market is still economically challenged. They're at the front end of this recovery curve but I think that bodes well for the future, is the positive way to look at that.

這是一個很好的表徵。基本上，如果您考慮一下我在視頻中告訴過您的相同市場，那麼該市場在經濟上是非常健康的。廣播公司有錢，他們在花錢。在 D&P 領域的另一端，該市場仍面臨經濟挑戰。他們處於這條復甦曲線的前端，但我認為這對未來來說是個好兆頭，是看待這一點的積極方式。

And I would add these segments are also going portable as well adding PowerBook into the mix.

我會補充說，這些細分市場也將變得便攜，並將 PowerBook 加入其中。

Great, thanks. Congratulations on a great quarter.

太謝謝了。祝賀一個偉大的季度。

Thank you.

謝謝你。

Thanks, Joel. Could we have the next question, please.

謝謝，喬爾。請問下一個問題可以嗎？

Our next question is from Richard Gardner with Smith Barney.

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

Okay. Thanks. Peter, on the gross margin guidance, you talked about gross margin being pretty flat sequentially in the second calendar quarter, it seems like there are a couple of headwinds at the gross line. The iPod gross margin should continue to trend down. It sounds like you might have some product transitions at the high end of the product line, and, also, perhaps maybe a further slowdown in Mac OS 10 upgrade revenue. Just wondering if you can help us understand why you think the gross margins will remain flat in the June quarter.

好的。謝謝。彼得，關於毛利率指導，你談到第二季度的毛利率相當持平，毛利率似乎有一些不利因素。 iPod 的毛利率應該會繼續下降。聽起來您可能會在產品線的高端進行一些產品轉換，而且，Mac OS 10 升級收入可能會進一步放緩。只是想知道您是否可以幫助我們理解為什麼您認為毛利率在 6 月季度將保持不變。

Well, I think that we will continue to see a positive commodity cost environment that plays into it. I think our software sales will continue to be strong in our June quarter. They won't be at the level of what we saw in the December quarter, as Panther enters its third quarter, but it and iLife are doing incredibly well. And we also continue to do well in our direct sales, which plays well into our gross margin story.

好吧，我認為我們將繼續看到積極的商品成本環境發揮作用。我認為我們的軟件銷售將在六月季度繼續保持強勁勢頭。隨著 Panther 進入第三季度，它們不會達到我們在 12 月季度看到的水平，但它和 iLife 的表現令人難以置信。而且我們在直銷方面也繼續表現良好，這在我們的毛利率故事中發揮了很好的作用。

Okay. And another question, if I could. There have been some rumblings recently of problems with iPod mini in terms of static potentially related to the connection between the headphone jack and the motherboard on the device. I know you probably can't comment at this point but just curious if you have any statement to make there.

好的。還有一個問題，如果可以的話。最近有傳言稱 iPod mini 存在靜電問題，可能與耳機插孔和設備主板之間的連接有關。我知道您此時可能無法發表評論，但只是好奇您是否有任何聲明要在那裡發表。

Rich, we're highly confident with the minis that we're shipping. We've seen some of those reports, they're isolated on-line reports. We're investigating those as we want to very much understand those. But I would tell you that the number of complaints that we've had from customers through our Apple care tech support is extremely small. However, anyone that's listening to the call that has a problem, please call the Apple Care because we'd want to take care of the issue.

Rich，我們對我們正在運送的迷你車非常有信心。我們已經看到了其中一些報告，它們是孤立的在線報告。我們正在調查這些，因為我們想非常了解這些。但我要告訴你的是，我們通過 Apple Care 技術支持從客戶那裡收到的投訴數量非常少。但是，任何在接聽電話時遇到問題的人，請致電 Apple Care，因為我們希望解決這個問題。

Okay. I'm going to sneak one more in if I could. And that's on Xserve G5, are you happy with the supply of chips that you're getting from your major partner? And when do you expect to be caught up with that backlog? Thanks a lot.

好的。如果可以的話，我會再偷偷溜進去一個。這就是在 Xserve G5 上，您對從主要合作夥伴那裡獲得的芯片供應感到滿意嗎？你預計什麼時候會趕上積壓的工作？非常感謝。

Rich, as Peter talked about in analyzing the Power Macs fell in for the quarter, we shipped very, very few Xserve G5 last quarter, that was not a demand issue, it was a supply issue, so obviously we were not happy with the delivery that we got. However, IBM is working very, very hard to bring the supply demand in balance and we're confident that we will get there during the current quarter.

Rich，正如 Peter 在分析本季度的 Power Mac 時所說的那樣，我們上個季度交付了非常非常少的 Xserve G5，這不是需求問題，而是供應問題，所以顯然我們對交付不滿意我們得到了。但是，IBM 正在非常非常努力地平衡供需，我們有信心在本季度實現這一目標。

Thanks, Rich. Could we have the next question, please.

謝謝，里奇。請問下一個問題可以嗎？

We'll go next to Ben Reitzes of UBS.

我們將在瑞銀的 Ben Reitzes 旁邊。

Yes, thank you. A couple things with regard to iPod. If you talk about the drive availability a little bit and you said you're going to be constrained and could you talk about when you feel that you can be comfortable with your suppliers in both levels, the regular iPods and the iPod minis, and also talk about with regard to new products in general. Is everything that you feel coming -- has anything slipped that perhaps on the new product side or do you still feel that you have a very robust product cycle coming? I know you don't give details, but is everything still on track with your previous expectations and do you still feel you have a robust product cycle coming?

是的，謝謝。關於 iPod 的幾件事。如果您稍微談論一下驅動器的可用性，並且您說您將受到限制，您能否談談您何時可以在兩個級別上與您的供應商相處融洽，常規 iPod 和 iPod mini，以及說說關於新產品的一般情況。是你覺得即將到來的一切——在新產品方面是否有任何下滑，或者你仍然覺得你有一個非常強大的產品週期即將到來？我知道您沒有提供詳細信息，但一切是否仍符合您之前的預期，您是否仍然覺得您將迎來一個強勁的產品週期？

I'll address sort of the questions on the product cycle and leave the iPod mini supply question to Tim. As you indicate, we're not going to get into telling you what our future products are, but we have all of our transitions, how many we think we can make factored into our guidance and are comfortable with that at this point in time.

我將解決有關產品週期的一些問題，並將 iPod mini 供應問題留給 Tim。正如您所指出的，我們不會告訴您我們未來的產品是什麼，但我們有我們所有的過渡，我們認為我們可以在我們的指導中考慮多少，並且在這個時間點對此感到滿意。

Let me start with a white iPod. The iPod is in reasonable supply demand balance in every geography right now. And that took us a while to get there because of the intense demand, but it's in reasonably good balance today. On the mini it is not in balance. As you saw a few weeks ago, we've extended our international launch until July. We did that because demand was far exceeding the supply that we had previously planned across the quarter. My current view is that we will reach a supply demand balance during our fiscal Q4.

讓我從一個白色的 iPod 開始。 iPod 目前在各個地區都處於合理的供需平衡狀態。由於需求旺盛，我們花了一段時間才到達那裡，但今天它處於相當好的平衡狀態。在 mini 上，它不平衡。正如您在幾週前所看到的，我們已將國際發佈時間延長至 7 月。我們這樣做是因為需求遠遠超過了我們之前在本季度計劃的供應量。我目前的觀點是，我們將在第四財季達到供需平衡。

So in calendar 3Q you feel you can be there, do you think you need to procure new sources for the iPod mini, or are you all set with the current supplier?

所以在日曆 3Q 中，你覺得你可以在那裡，你認為你需要為 iPod mini 採購新的資源，還是你都準備好了當前的供應商？

We will do whatever it takes to attempt to get into supply and demand balance. I wouldn't want to go into our specific plans.

我們將盡一切努力實現供需平衡。我不想進入我們的具體計劃。

Okay. With regard to the retail stores, you mentioned that you had $5 million in profit and could you just talk about how that plays out sequentially throughout the year with the plan, is there any reason not to assume that that gets markedly better each quarter at least by a few million and how should we be thinking about how the profitability of that area plays out throughout the year?

好的。關於零售店，您提到您有 500 萬美元的利潤，您能否談談該計劃全年按順序執行的情況，是否有任何理由不假設至少每個季度都會明顯好轉幾百萬，我們應該如何考慮該領域全年的盈利能力？

Well, I'm not going to get into providing a specific guidance for Q3 or beyond at the retail segment level. However, we'll tell you that Ron is really focused on growing the top and bottom line of our retail initiative. He is really trying to drive productivity into our existing stores and is focused on opening new stores that will be profitable in the first year.

好吧，我不打算在零售部門層面為第三季度或以後提供具體的指導。但是，我們會告訴您，Ron 真正專注於發展我們零售計劃的頂線和底線。他確實在努力提高我們現有商店的生產力，並專注於開設第一年將盈利的新商店。

Okay. And then one last thing if I can sneak it in. Obviously, we have seen pretty strong results from Adobe recently with their Creative Suite. How would you characterize the state of the creative professional market right now and the state of the economy with regard to your creative customers.

好的。最後一件事，如果我能偷偷進去的話。顯然，我們最近看到 Adobe 的 Creative Suite 取得了相當不錯的成績。您如何描述目前創意專業市場的狀況以及與您的創意客戶相關的經濟狀況。

Well, I'll make an opening comment and then Tim can add on. As regards the Adobe Creative Suite, that's a product that's doing well for them. It's growing quickly but it represents about 15% of their total revenue. It requires, Mac OS 10 to run, that's one of the reasons why we think we continue to do so well with Panther. But it runs not only on G5 but also G4s and Power Books and we think that our customers are not only upgrading to G5 but also PowerBooks to run it.

好吧，我會做一個開場白，然後蒂姆可以補充。至於 Adobe Creative Suite，這是一款對他們來說效果很好的產品。它增長迅速，但佔其總收入的 15% 左右。它需要 Mac OS 10 才能運行，這也是我們認為 Panther 繼續表現出色的原因之一。但它不僅可以在 G5 上運行，還可以在 G4s 和 Power Books 上運行，我們認為我們的客戶不僅要升級到 G5，還要在 PowerBooks 上運行它。

You think that benefit continues in the current quarter?

你認為這種好處在本季度會繼續嗎？

Yes.

是的。

Thank you.

謝謝你。

Do you want to add anything?

你想添加什麼嗎？

Yeah. We'll just add two things to that. If you look at at our pro product, the PowerBook and the Power Mac, if you look at those products '03 to '02, fiscal year '03 to '02 we are up 13%. Over the first half of '04, we've gone 26%. And so that would indicate that the products are very, very strong, with accelerating growth. I would say once again that if you look at the spectrum of creative customers that we have, the video customer very, very strong. On the other end of the spectrum, D&P, the more traditional design publishing market, magazines, newspapers, etc., that market is slow to adopt the aps are slower getting there to ten in some of the geographies. However, again, I do view that that's an excellent opportunity for us moving forward.

是的。我們將只添加兩件事。如果您查看我們的專業產品 PowerBook 和 Power Mac，如果您查看 03 到 02 財年的這些產品，03 到 02 財年我們增長了 13%。 04 年上半年，我們已經上漲了 26%。因此，這表明這些產品非常非常強大，並且正在加速增長。我要再說一次，如果你看看我們擁有的創意客戶的範圍，視頻客戶非常非常強大。另一方面，D&P，更傳統的設計出版市場、雜誌、報紙等，該市場採用 aps 的速度較慢，在某些地區達到十個。然而，我確實認為這對我們前進是一個極好的機會。

Thanks, Ben. Can we have the next question, please.

謝謝，本。請問下一個問題可以嗎？

We'll go next to Shannon Cross with Cross Research.

我們將與 Cross Research 一起前往 Shannon Cross。

Good afternoon, guys. A follow-up on the Xserve question. Is IBM the only supply constraint or component issue that you guys are seeing with the Xserve in terms of your delays?

下午好，伙計們。 Xserve 問題的後續行動。就延遲而言，IBM 是你們在 Xserve 中看到的唯一供應限製或組件問題嗎？

Yes.

是的。

Okay. And in terms of, I think you said you expect to catch up during this quarter, so do you feel they are now ramped up to full production on the 90 nanometer.

好的。就這一點而言，我認為你說你希望在本季度趕上，所以你覺得他們現在已經在 90 納米上全面生產。

I feel that we are ramping to full production across the course of the quarter and that prior to the quarter's close that we would be in a supply and demand balance based on our current view of demand.

我認為我們將在整個季度內全面投入生產，並且在本季度結束之前，根據我們目前對需求的看法，我們將處於供需平衡狀態。

Okay. And then I had a different question on iTunes actually. We've noticed that on some of your albums, like the most popular ones, you've started to price above $10 and I'm just curious if you guys see yourselves developing some pricing power with iTunes.

好的。然後我實際上在 iTunes 上有一個不同的問題。我們注意到，在你們的一些專輯中，比如最受歡迎的專輯，你們的定價已經開始超過 10 美元，我很好奇你們是否看到自己通過 iTunes 發展了一些定價能力。

Now, we are pricing most of our albums at $9.99. We are vastly more competitive than what you would see out there, especially from Amazon and other physical distributors of CDs.

現在，我們大部分專輯的定價為 9.99 美元。我們比您看到的更具競爭力，尤其是來自亞馬遜和其他 CD 實體分銷商。

Okay. But you have priced some of them a bit higher; is that correct?

好的。但是你把其中一些定價高了一點；那是對的嗎？

We are charged a bit more from some of the labels on some of the albums and are priced accordingly. The vast majority are -- the albums are at $9.99 and the vast majority of the songs are at 99 cents.

我們從一些專輯的一些標籤中收取更多的費用，並相應地定價。絕大多數是——專輯售價為 9.99 美元，絕大多數歌曲售價為 99 美分。

Okay. And finally with regard to your iPod numbers. Can you give me some idea of breakdown between the white iPod and your iPod mini in terms of the 800,000 you sold during the quarter?

好的。最後是關於你的 iPod 號碼。您能否根據您在本季度售出的 800,000 台，告訴我白色 iPod 和您的 iPod mini 之間的細分？

I'm sorry, for competitive reasons we're not going to break out the mini from the iPod.

很抱歉，出於競爭原因，我們不會從 iPod 中推出 mini。

Okay. Then just I guess, was there any change in sort of the mix of traditional iPods during the quarter, so we can kind of back into it, or did you sort of sell the same kind of mix you've been selling historically?

好的。那麼我猜，本季度傳統 iPod 的組合是否有任何變化，所以我們可以回歸它，或者你是否在銷售你一直在銷售的同一種組合？

There was a bit of a mix-down.

有一點混亂。

Okay. Thanks so much.

好的。非常感謝。

Thank you, Shannon. Can we have the next question, please.

謝謝你，香農。請問下一個問題可以嗎？

We'll go now to Rebecca Runkle with Morgan Stanley.

我們現在和摩根士丹利一起去 Rebecca Runkle。

Good afternoon, thanks. Just a couple of questions and a follow-up on Shannon's, if I may just ask it slightly differently just to make sure I understand, and that is: Can you comment about the degree of cannibalization that you saw within the white iPod with the introduction of the minis.

下午好，謝謝。只是幾個問題和對香農的跟進，如果我可以稍微不同地問一下，以確保我理解，那就是：你能否評論一下你在介紹中看到的白色 iPod 中的同類相食程度的迷你。

Yeah, Rebecca, it's Tim. It's very difficult to answer that question because the supply has been so constrained versus what the demand is on the mini.

是的，麗貝卡，是蒂姆。很難回答這個問題，因為相對於 mini 的需求而言，供應非常有限。

Yeah.

是的。

Our current view is that we have seen very minimal. However, with a lot more supply we might have a different view, so right now very little.

我們目前的觀點是，我們看到的非常少。但是，如果供應更多，我們可能會有不同的看法，所以現在很少。

Which makes sense. And then any update in terms of number of songs sold as it relates to iTunes.

這是有道理的。然後是與 iTunes 相關的銷售歌曲數量方面的任何更新。

A couple weeks ago, we released that we have sold our 50 millionth song and we will provide updates from time to time as we cross major milestones.

幾週前，我們發布了我們已售出第 5000 萬首歌曲的消息，我們將在跨越主要里程碑時不時提供更新。

Great. And then the last question, as it relates to Japan, obviously, last year was difficult, you saw some sequential stability in Japan. Can you just comment on how Japan fared relative to your internal expectations, especially within the context of the new store opening.

偉大的。然後是最後一個問題，因為它與日本有關，很明顯，去年很困難，你看到日本有一些連續的穩定性。您能否評論一下日本相對於您的內部預期的表現，尤其是在新店開業的背景下。

Yeah. Let me say a couple things about Japan, Rebecca. If you look back -- you talked about last year. In September and December quarters, from IDC, IDC shows that we actually gained share in Japan year-over-year in both of those quarters. I don't have the March numbers yet. Obviously, that will occur sometime after. However, looking at our March results, there's a couple points I should make in your analysis of those. One thing is that half of the year-over-year decline in units is due to a channel inventory adjustment in Japan. Secondly, the store that you referenced is not included in the Japan line that you see, it is included in our retail segment. And so when you take both of these into account, the reduction year-over-year is materially less than what you have on the sheet there.

是的。讓我談談日本，麗貝卡。如果你回顧過去——你談到了去年。在 9 月和 12 月季度，來自 IDC 的 IDC 顯示，在這兩個季度中，我們在日本的實際份額均同比增長。我還沒有三月份的數字。顯然，這將在之後的某個時間發生。但是，看看我們 3 月份的結果，我應該在您對這些結果的分析中提出幾點。有一件事是，單位同比下降的一半是由於日本的渠道庫存調整。其次，您提到的商店不包含在您看到的日本線中，它包含在我們的零售部門中。因此，當您將這兩個因素都考慮在內時，同比減少的數量大大低於您在表格上的數量。

Now, having said all of that, I am not happy with our results in Japan and we've got a number of activities underway to make those results better. I mentioned before and I'll just briefly mention this again, is that some of the aps, like corp [ph] express is one of them in our key D&P sector is not ported yet in Japan. However, the current view is that that would happen during the later part of the current quarter. And so a number of things going on to improve our results there. How we compare to market for March, I don't really know. That market is not a great-growing market just now.

現在，說了這麼多，我對我們在日本的成績並不滿意，我們正在進行許多活動以使這些成績更好。我之前提到過，我將再次簡要提及這一點，一些應用程序，如 corp [ph] express 是我們關鍵 D&P 部門的其中之一，尚未在日本移植。然而，目前的觀點是，這將在本季度後期發生。因此，許多事情正在發生，以改善我們在那裡的結果。我們如何與三月份的市場進行比較，我真的不知道。那個市場目前還不是一個快速增長的市場。

But clearly you would expect the sequential performance throughout the year to improve in Japan given the initiatives you already have underway and those that are coming.

但很明顯，鑑於您已經實施和即將實施的舉措，您預計日本全年的連續業績將有所改善。

I am putting personally a lot of energy into Japan, as many people are at Apple, and we absolutely expect it to improve.

我個人在日本投入了很多精力，因為很多人都在蘋果公司，我們絕對希望它會有所改善。

Wonderful. And just good luck, Fred. It's been great working with you.

精彩的。祝你好運，弗雷德。和你一起工作真是太好了。

Thanks a lot.

非常感謝。

Thanks Rebecca. Could we have the next question please.

謝謝麗貝卡。請問下一個問題可以嗎？

We'll go now to Keith Bachman with the Banc of America.

我們現在和美國銀行一起去基思·巴赫曼。

Hi, a couple if I could. First off, the iBook numbers were better at least than I was expecting. Can you talk a little bit about what was going on there in terms of the unit growth.

嗨，如果可以的話，一對夫婦。首先，iBook 的數量至少比我預期的要好。你能談談單位增長方面發生了什麼嗎？

Yeah. We could not have been happier with iBook. It was 201,000 in the second quarter and I'd like to point out that was about the same number we saw in December.

是的。我們對 iBook 感到非常滿意。第二季度為 201,000，我想指出，這與我們在 12 月看到的數字大致相同。

Yeah.

是的。

We did not see a seasonal decline. We came out in October with the iBook upgrading to a G4. It has been met with great customer response. And the quarter that we had, both in December and March, was the second-biggest quarter in the Company's history for iBook, doing very well in consumer and in education.

我們沒有看到季節性下降。我們在 10 月份推出了 iBook 升級到 G4。它得到了很好的客戶響應。我們在 12 月和 3 月擁有的季度是 iBook 公司歷史上第二大季度，在消費者和教育領域表現非常出色。

And so is that upgrade process still being felt here close to quarter close.

因此，在接近季度結束時仍然可以感受到升級過程。

We're not going to give any specific early results in Q3, but if Q2 was any indication, it's quite positive.

我們不會在第三季度給出任何具體的早期結果，但如果第二季度有任何跡象，那是非常積極的。

Okay. You mentioned that the gross margin was a little better than you thought, even as iPod margins were going down. What was the delta on the margin side?

好的。你提到毛利率比你想像的要好一些，即使 iPod 的利潤率正在下降。邊際的增量是多少？

Really two things. Slightly better commodity environment than we had anticipated, and we did a bit better in software, particularly in iLife, '04. The customer reception was just fabulous and we sold over 400,000 copies on a stand-alone basis, not including those that were bundled on the CPUs.

真的是兩件事。商品環境比我們預期的要好一些，我們在軟件方面做得更好，尤其是在 iLife, '04。客戶接待非常棒，我們單機銷售了超過 400,000 份，不包括捆綁在 CPU 上的那些。

Got it. And then is there any kind of correlation or thought process we should be thinking about if direct sales are going up, they were 42% this quarter versus 35%, I think you said a year-ago quarter. What are the margin implications of that, if that keeps moving?

知道了。然後，如果直銷增長，我們應該考慮任何相關性或思考過程，本季度為 42%，而去年同期為 35%。如果這種情況繼續發生，那對利潤的影響是什麼？

Well, there's really two or three things that will generally be accretive to our margin as we go forward and one area that I think would go down. Our direct sales when we sell directly, we sell really at the street price. We trap the channel margin. We also tend to sell a richer mix when we sell direct than when we sell through the channel. So both those things are good for margin. And our software portfolio and accessories continues to broaden quarter after quarter and those carry good margins as well. So those are the things that are generally accretive to margins. The hardware environment is very competitive and we are being as competitive there as we feel necessary to continue our growth and that would be an offset to the couple of positives that I laid out.

好吧，隨著我們的前進，實際上有兩三件事通常會增加我們的利潤，而我認為有一個領域會下降。當我們直接銷售時，我們的直銷，我們真的以市價銷售。我們捕獲了通道餘量。當我們直接銷售時，我們也傾向於銷售比通過渠道銷售時更豐富的組合。因此，這兩件事都對利潤有利。我們的軟件產品組合和附件一個季度又一個季度地不斷擴大，而且這些產品的利潤率也很高。所以這些是通常會增加利潤的東西。硬件環境非常有競爭力，我們在那裡的競爭力與我們認為有必要繼續增長一樣，這將抵消我提出的幾個積極因素。

Just so I'm clear. You mentioned three, I only, for whatever reason caught two. Software portfolio.

這樣我就清楚了。你提到了三個，我只是，不知什麼原因抓了兩個。軟件組合。

Software portfolio, going more direct.

軟件組合，更直接。

Yeah.

是的。

And selling up the line and attaching more while selling direct.

並在直接銷售的同時增加產品線並附加更多產品。

Gotcha. Okay. Thank you very much.

明白了。好的。非常感謝。

Thanks, Keith. Could we have the next question, please.

謝謝，基思。請問下一個問題可以嗎？

We'll go next to Bill Fernly with FTN Midwest Research.

我們將與 FTN 中西部研究部的 Bill Fernly 一起討論。

Good afternoon. A couple of questions on the Apple stores. Do you have any preliminary metrics on the focus of small and medium business in your seminar activities that you undertook here in the calendar first quarter.

下午好。關於蘋果商店的幾個問題。對於您在日曆第一季度在這裡進行的研討會活動中的中小型企業重點，您有任何初步衡量標準嗎？

This is just an estimate, but we would estimate that in the second quarter, 13% of our sales were to small and medium business, we would estimate that that was up from 5% in the year-ago quarter and 10% in the holiday quarter.

這只是一個估計，但我們估計在第二季度，我們 13% 的銷售額來自中小型企業，我們估計這比去年同期的 5% 和假期的 10% 有所上升四分之一。

Okay. And another channels question as well. Tim had briefly mentioned earlier in the call in response to another question that he was looking at expanding channels and was wondering if he could give more deals on that, if it's more iPod focused, Macintosh focused, U.S. or international or any other details he could provide.

好的。還有另一個渠道問題。蒂姆早些時候在電話會議中簡要提到了另一個問題，即他正在考慮擴大渠道，並想知道他是否可以在這方面提供更多交易，是否更專注於 iPod、Macintosh、美國或國際或任何其他他可以的細節提供。

Bill, the specific comment I had made earlier was that we have expanded the iPod channel from 8,000 storefronts worldwide to 12,000 as we ended this past quarter, Q2.

比爾，我之前發表的具體評論是，截至上個季度第二季度結束時，我們已將 iPod 渠道從全球 8,000 家店面擴大到 12,000 家。

Okay.

好的。

And I also said that we would continue to expand that channel because we want it in every good selling location.

我還說過，我們將繼續擴大該渠道，因為我們希望它在每個好的銷售地點都有。

So the channel would be more iPod focused then.

所以那個頻道會更專注於 iPod。

We are always looking for channel expansion for the Mac as well, but obviously not to those kinds of numbers.

我們也一直在尋找 Mac 的渠道擴展，但顯然不是那些數字。

Okay. And one last question if I could regarding higher ed strength. Was that with institutions and student buys as well, if you could provide some more details that would be great, thanks.

好的。最後一個問題，如果我可以關於更高的 ed 強度。機構和學生購買也是如此，如果您能提供更多詳細信息，那就太好了，謝謝。

The strength was in both institutional and individual, yes. And picking up on the portable point that Peter made, across the PowerBook and the iBook our portables and higher ed were up 50% last quarter.

是的，優勢在於機構和個人。根據 Peter 提出的便攜式觀點，在 PowerBook 和 iBook 上，我們的便攜式和更高版本在上個季度增長了 50%。

And was that mostly student purchase?

那主要是學生購買嗎？

It's again, combination of student and institutional purchase.

這又是學生和機構購買的結合。

Okay. Congratulations to Fred as well, thank you, folks.

好的。也祝賀弗雷德，謝謝你們，伙計們。

Thanks.

謝謝。

Thanks, Bill. Could we have the next question, please.

謝謝，比爾。請問下一個問題可以嗎？

Our next question's from Charles Wolf with Needham & Company.

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

Yes. I want to circle back to a question that Steve Milunovich asked. Do you plan to attempt to quantify the ability of the iPod, for example, to increase the number of switchers from the Windows to the Mac platform, is there any metrics that we can look at that might help us quantify that?

是的。我想回到 Steve Milunovich 提出的一個問題。您是否打算嘗試量化 iPod 的能力，例如，增加從 Windows 到 Mac 平台的切換器數量，是否有任何可以幫助我們量化的指標？

There really aren't. We have an idea of the Windows versus Mac sales, but we're not going to release that for competitive reasons. It's hard to measure it, especially through the channel because we don't control the point of sale. But with the number of just anecdotal stories that we're hearing about people that are either switching or adding Macs to their homes and businesses just is increasing over time.

真的沒有。我們對 Windows 與 Mac 的銷售情況有所了解，但出於競爭原因，我們不會發布它。很難衡量，尤其是通過渠道，因為我們不控制銷售點。但是隨著時間的推移，隨著時間的推移，我們聽到的關於人們正在更換或添加 Mac 到他們的家庭和企業中的軼事故事的數量正在增加。

Peter, do you think it's possible that the strong iBook quarter might reflect switchers?

彼得，你認為強勁的 iBook 季度可能會反映切換者嗎？

Sure. Absolutely. I also think upgrades to the G4 shift as well.

當然。絕對地。我也認為升級到 G4 轉變也是如此。

Now, when does HP plan to ship the so-called H-pod.

現在，惠普計劃什麼時候推出所謂的 H-pod。

Charlie, we still plan to begin shipping to HP in the summer. I would point out that HP is already downloading iTunes on a number of units that are shipping and in fact over 300,000 have already shipped.

查理，我們仍然計劃在夏天開始向惠普發貨。我要指出的是，惠普已經在許多正在發貨的設備上下載了 iTunes，實際上已經有超過 300,000 個設備發貨了。

Okay. Thank you.

好的。謝謝你。

Yep.

是的。

Thanks, Charlie. Could we have the next question, please.

謝謝，查理。請問下一個問題可以嗎？

We'll go next to Michelle Gutierrez with Schwab SoundView.

我們將與 Schwab SoundView 一起前往 Michelle Gutierrez。

Hi. I wanted to ask, did you guys provide the operating income by geography, because I couldn't find that anywhere.

你好。我想問，你們有沒有按地域提供營業收入，因為我在任何地方都找不到。

No, we have not provided that.

不，我們沒有提供。

This is something you provided in the past, is this something that you're not going to provide anymore?

這是您過去提供的東西，這是您不再提供的東西嗎？

We will provide that when we file our 10Q.

我們將在提交 10Q 時提供。

Okay, great. On the iPod, is the iPod minis in particular, where you're seeing the capacity constraint. Is there any item in particular where [inaudible] are particularly in tight supply, are there any components or is it a manufacturing constraint?

好，太棒了。在 iPod 上，尤其是 iPod mini，您會看到容量限制。是否有任何項目特別 [聽不清] 供應特別緊張，是否有任何組件或製造限制？

Michelle, there's no manufacturing constraint at all. It is a component constraint. I'd rather not go into the details of that. The most important thing is that we're working very hard to balance supply and demand in fiscal Q4.

米歇爾，根本沒有製造限制。這是一個組件約束。我寧願不詳細說明。最重要的是，我們正在努力平衡第四財季的供需。

For fiscal Q4?

對於第四財季？

Yes.

是的。

Okay. And along the same lines as the iPod and the iPod mini, just from testimonials, it seems like you guys are offering a free upgrade from the iPod mini to the 15 gig iPod for customers who have to wait. It seems like there's almost a six-week wait time at this point. Have you seen any uptick on that?

好的。與 iPod 和 iPod mini 一樣，僅從評價來看，你們似乎正在為必須等待的客戶提供從 iPod mini 到 15 gig iPod 的免費升級。此時似乎有將近六週的等待時間。你有沒有看到任何上升？

That's actually not an offer that is generally available. For a few customers that we quoted a day and then could not achieve it, we gave them an option to do that at their election, but it's a very small number of customers.

這實際上不是普遍可用的報價。對於我們每天報價但無法實現的少數客戶，我們在他們的選舉中為他們提供了這樣做的選項，但這是極少數的客戶。

Okay. And, along with the iTunes, the Pepsi advertising campaign, can you give us an update on how that had closed out? Because I know that it had run a little bit behind expectations because of a slow turnover in terms of the stores.

好的。而且，除了 iTunes，百事可樂的廣告活動，你能告訴我們它是如何結束的嗎？因為我知道由於商店的營業額緩慢，它有點落後於預期。

We're very happy with the progress that we made on the music store and the customer reception to date and I think we'll be giving an update a little closer to our one-year anniversary and might include some comments on that.

我們對迄今為止在音樂商店和客戶接待方面取得的進展感到非常滿意，我認為我們將在接近一周年紀念日時提供更新，並且可能會對此發表一些評論。

Thank you very much. Great quarter.

非常感謝。很棒的季度。

Thank you.

謝謝你。

Thanks, Michelle. Can we have the next question, please.

謝謝，米歇爾。請問下一個問題可以嗎？

We'll go next to Howard Glycier with Metropolitan West.

我們將與 Metropolitan West 一起前往 Howard Glycier。

Hi, thank you. Fred and Peter, looking at the balance sheet without having the cash flow statement in front of me. It looks like the improvement in cash during the quarter was just north of $300 million, as total cash equivalents, short-term investments, including the reduction of debt, and it looks like working capital was maybe about a wash or something like that. Is that about right and it seems like a very high number?

嗨，謝謝你。弗雷德和彼得，在我面前沒有現金流量表的情況下查看資產負債表。看起來本季度現金的增加剛剛超過 3 億美元，作為總現金等價物、短期投資，包括減少債務，而且看起來營運資金可能是關於清洗或類似的東西。這是對的嗎？這似乎是一個非常高的數字？

No. Our actual cash balance, as I said in the preamble, declined by about $200 million as a result of our paying off on February 17th our $300 million in debt. We had a strong cash conversion cycle in the quarter, I believe it was 35 days. DSO was 28 days. And inventory days were four. So we were quite pleased with our working capital management and actually very happy that our cash balance declined quite a bit less than the debt repayment.

不。正如我在序言中所說，由於我們在 2 月 17 日還清了 3 億美元的債務，我們的實際現金餘額減少了約 2 億美元。我們在本季度有一個強勁的現金轉換週期，我相信是 35 天。 DSO 為 28 天。庫存天數為四天。因此，我們對我們的營運資金管理感到非常滿意，並且實際上非常高興我們的現金餘額下降的幅度比償還債務要少得多。

Well, I don't want to mix terms, but your short-term investments, which I guess I'm also just calling cash, was up by $266 million. So shouldn't you add that to the original figure that you gave me for a true cash generating ability during the quarter?

好吧，我不想混淆條款，但你的短期投資，我想我也只是稱之為現金，增加了 2.66 億美元。那麼，您不應該將其添加到您在本季度提供給我的真實現金產生能力的原始數字中嗎？

When I refer to our cash at $4.594 billion, that included our cash and short-term investments. Gary, do you want to add anything?

當我提到我們的現金 45.94 億美元時，這包括我們的現金和短期投資。加里，你想補充什麼嗎？

No. I think that summarized it pretty well. That we were looking at it the same way you were.

不，我認為總結得很好。我們以與您相同的方式看待它。

Okay. I'll follow-up further. Thank you.

好的。我會進一步跟進。謝謝你。

Thanks, Howard. Can we have the next question, please.

謝謝，霍華德。請問下一個問題可以嗎？

Our next question's from Rob Cihra with Fulcrum Global Partners.

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

Hi. Thanks very much. A few questions if that's all right. One, on the retail stores, you guys mentioned 88 being a target now by the end of this fiscal year and I believe your old target was 80. Is that right and can you say what prompted that or is that just simply the fact that stores are going well so you increased the number?

你好。非常感謝。幾個問題，如果沒關係。第一，在零售店，你們提到到本財政年度結束時現在的目標是 88 歲，我相信你們的舊目標是 80 歲。對嗎？你能說是什麼促使了這一點，或者這只是商店的事實進展順利，所以你增加了數量？

Yes. We increased from 80, which we have said we would have by the back-to-school season to 88 by the end of the fiscal year. The retail initiative is going very well, we're opening about 25 stores each year, by getting to 88 this fiscal year, that'll put us at 23 for the fiscal year. And in terms of the increase from 80 to 88, Ron and his real estate executive were able to secure some great sites that we had planned to open in the December quarter that we will open over the summer.

是的。我們從 80 人增加到了本財年末的 88 人，我們曾說過我們會在返校季達到 88 人。零售計劃進展順利，我們每年開設約 25 家商店，本財年達到 88 家，這將使我們在本財年達到 23 家。就從 80 個增加到 88 個而言，羅恩和他的房地產主管能夠確保我們計劃在 12 月季度開放的一些很棒的網站，我們將在夏季開放。

Okay. And if I could just ask, a broader question on your unit growth. If you look at -- not to take away clearly from the phenomenal success of the iPod, but if you look at your core Mac units they're only up 5% year-over-year, which is maybe a third of the broader PC market. Do you guys have a -- is there any reason to think that that at least catches up to PC market growth? It seems to have actually been lagging and so is there a reason why we think that that can actually increase, or is this a case of things like iPod start picking up the slack as maybe the Mac install base kind of shrinks?

好的。如果我可以問一個關於你的單位增長的更廣泛的問題。如果你看一下——不是要清楚地從 iPod 的驚人成功中拿走，而是如果你看一下你的核心 Mac 設備，它們的年增長率只有 5%，這可能是更廣泛的 PC 的三分之一市場。你們有沒有理由認為這至少能趕上個人電腦市場的增長？它似乎實際上一直在滯後，所以我們認為這實際上會增加，或者這是一個像 iPod 這樣的事情開始收拾殘局的情況，因為 Mac 安裝基數可能會縮小？

No, no, not at all. We would see each part of our product portfolio growing. In the first quarter our units were up 12% reasonably close to the market growth rate. This quarter they were up 5%. But as I mentioned, we took channel inventory down. So without getting too specific, our true sell-through was somewhat in between what we had in the first quarter sell-in versus what you see for this quarter. So it's just slightly behind the market growth rate.

不，不，一點也不。我們將看到我們產品組合的每個部分都在增長。在第一季度，我們的單位增長了 12%，與市場增長率相當接近。本季度他們上漲了 5%。但正如我所提到的，我們降低了渠道庫存。因此，無需太具體，我們的真實銷售量在第一季度的銷售量與您在本季度看到的銷售量之間。所以它只是稍微落後於市場增長率。

And really I think what's going on there is we are focused on growing our revenue and not as focused on worldwide market share because we think that's misleading for us, because we're not participating in every market around the world and we're not participating on the low end of the desktop, which has seen a lot of growth, but people don't seem to be making any money there. However, in the markets that we are competing, we think that we're building momentum. We gained about a point of market share in U.S. Education in calendar year '03. As Tim mentioned in the first half, our Pro products are up 26% year-over-year. And we think we're gaining share in the consumer market that we -- in consumer price bands that we are participating in.

真的，我認為正在發生的事情是我們專注於增加我們的收入，而不是專注於全球市場份額，因為我們認為這對我們來說是一種誤導，因為我們沒有參與世界各地的每個市場，我們也沒有參與在台式機的低端，已經看到了很大的增長，但人們似乎並沒有在那裡賺錢。然而，在我們競爭的市場中，我們認為我們正在建立勢頭。在 03 日曆年，我們在美國教育領域獲得了大約 1 個百分點的市場份額。正如 Tim 在上半年提到的，我們的 Pro 產品同比增長 26%。而且我們認為我們在我們參與的消費價格範圍內的消費市場中獲得了份額。

Okay. Thanks very much.

好的。非常感謝。

Yep.

是的。

Thanks, Rob. Could we have the next question please.

謝謝，羅伯。請問下一個問題可以嗎？

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

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

Thank you. I had a couple follow-up questions. You mentioned earlier on the commodity prices as one of the benefits to gross margin. I wonder if you can give us some color or breakdown of that because it seems that most of the components are actually pretty stable or up actually in price lately. That's the first question. And then, the other question I was on the -- follow-up on the balance sheet, you said your inventory days were like four days which was down a day from last quarter, I mean is that a sustainable target going forward, the four days?

謝謝你。我有幾個後續問題。您之前提到商品價格是對毛利率的好處之一。我想知道您是否可以給我們一些顏色或細分，因為似乎大多數組件實際上非常穩定或最近實際上價格上漲。這是第一個問題。然後，我在資產負債表上跟進的另一個問題，你說你的庫存天數是四天，比上一季度減少了一天，我的意思是這是一個可持續的目標，四天？

Let me start with your balance-sheet question. Yes, we were at four days this quarter which was down from six days in Q1. I'm not going to get into giving a specific target of where we think inventory will be, except to say that we're generally carrying about two to three weeks of inventory in our stores, and we run our own distribution centers pretty lean. And, I'm sorry, what was your first question?

讓我從你的資產負債表問題開始。是的，本季度我們有四天，比第一季度的六天有所下降。我不會給出我們認為庫存將在哪裡的具體目標，只是說我們通常在我們的商店中攜帶大約兩到三週的庫存，並且我們經營自己的配送中心非常精簡。而且，對不起，你的第一個問題是什麼？

On the commodity prices, just give me some color, you mentioned there was a benefit to the gross margin in the quarter.

關於商品價格，請給我一些顏色，你提到本季度的毛利率有好處。

Sure. Are you asking about Q2, Q3 or both?

當然。您是在問 Q2、Q3 還是兩者兼而有之？

The most recent quarter.

最近一個季度。

In Q2 we had a slightly better environment on LCDs than we had factored in. But did not do quite as well on memory, but on balance were certainly favorable to what we saw in Q1 and were slightly better than what we had planned for the quarter.

在第二季度，我們在 LCD 上的環境比我們考慮的要好一些。但在內存方面的表現並沒有那麼好，但總的來說，我們在第一季度看到的情況肯定是有利的，並且比我們本季度的計劃略好.

Okay. And then going forward, what's the outlook?

好的。然後再往前走，前景如何？

Tim, would you like to address that?

蒂姆，你想解決這個問題嗎？

Yeah, sure, Peter. Going forward on memory, we saw memory begin to climb in last quarter, we viewed that that climb will continue in the early part of this quarter, and then the things that we believe are driving that mainly I believe subside as the quarter moves on. In panels, we saw panel pricing in general for notebooks fall across last quarter, I think it reaches a kind of supply demand equilibrium this quarter. Monitor pricing went up slightly, but we are less affected by that because of the number of notebooks that we showed. The balance of the commodities we look to have reasonably normal declines and that's where we get the bulk of the component savings that Peter has spoken about.

是的，當然，彼得。展望內存，我們看到內存在上個季度開始攀升，我們認為這種攀升將在本季度初繼續，然後我們認為主要推動的事情隨著季度的推進而消退。在面板方面，我們看到筆記本電腦的面板價格在上個季度普遍下降，我認為它在本季度達到了一種供需平衡。顯示器價格略有上漲，但由於我們展示的筆記本電腦數量，我們受此影響較小。我們認為商品的餘額有合理的正常下降，這就是彼得所說的大部分組件節省的地方。

Okay. Actually, two other things. What was the number of stores that you said you had at the end of this quarter? I think I missed that.

好的。其實還有兩件事。您說在本季度末您擁有的商店數量是多少？我想我錯過了。

78.

78.

And then did you show us how many iTunes you're at as at the end of the quarter?

然後你有沒有告訴我們你在本季度末有多少 iTunes？

No.

不。

Downloads?

下載？

We did not.

我們沒有。

Are you going to disclose that or --

你是要披露還是——

A couple of weeks ago we had said that we had sold our 50 millionth song and we will from time to time provide updates as we cross major milestones.

幾週前，我們曾說過我們已經售出了第 5000 萬首歌曲，我們會在跨越主要里程碑時不時提供更新。

Okay. Thanks.

好的。謝謝。

Thanks, Kevin. Could we have the next question, please.

謝謝，凱文。請問下一個問題可以嗎？

We'll go next to David Sessman with Praxis Asset Management.

我們將在 Praxis Asset Management 的 David Sessman 旁邊。

Hi. I had a couple questions about the reporting of revenue and profits in the stores. There's been some confusion about how the costs are allocated to the stores. Can you elaborate on that? The question -- the units sold, the software and the hardware.

你好。我有幾個關於商店收入和利潤報告的問題。對於如何將成本分配給商店，存在一些混淆。你能詳細說明一下嗎？問題——銷售的單位、軟件和硬件。

Right. It's our corporate policy not to comment on pending litigation so I don't want to get into that.

正確的。我們的公司政策是不對未決訴訟發表評論，所以我不想介入。

Okay.

好的。

Thanks, David. Could we have the next question, please.

謝謝，大衛。請問下一個問題可以嗎？

Yes, ma'am. Our next question a's from Andrew Neff with Bear Stearns.

是的女士。我們的下一個問題來自 Andrew Neff 和貝爾斯登。

Just on the iTunes. I know you haven't gone into a lot of detail on that. But is iTunes additive to profitability at this point, any sense of what it could be going forward?

就在 iTunes 上。我知道你還沒有詳細說明這一點。但在這一點上，iTunes 是否會增加盈利能力，你知道它的未來會怎樣嗎？

Yeah. In the second quarter, we have a small profit on the music store. Going forward, not going to provide a guidance, but future profitability would be dependent upon pricing and what the labels would charge us volume. And what we invest to grow the store.

是的。第二季度，我們在音樂商店有少量利潤。展望未來，不會提供指導，但未來的盈利能力將取決於定價以及標籤向我們收取的數量。以及我們為發展商店而投資的東西。

Okay. Thank you.

好的。謝謝你。

Thanks, Andy. Can we have the next question, please.

謝謝，安迪。請問下一個問題可以嗎？

We'll take a follow-up question from Rebecca Runkle with Morgan Stanley.

我們將回答 Rebecca Runkle 與摩根士丹利的後續問題。

Just a quick clarification question on the HP music units that will start shipping this summer. I'm assuming that your commentary about reaching a supply demand balance on iPod overall in the fiscal fourth quarter is inclusive of the HP products. Can you confirm that, and then, also, as it relates to your shipment schedule, have you had to scale back your volume commitments to HP as a result of the supply demand issue?

只是一個關於將於今年夏天開始出貨的惠普音樂單元的快速澄清問題。我假設您關於在第四財季實現 iPod 整體供需平衡的評論包括惠普產品。您能否確認，然後，由於這與您的發貨計劃有關，您是否因為供需問題而不得不縮減對惠普的批量承諾？

Rebecca, the deal with HP is on the iPod, not the iPod mini. HP and Apple might decide at a later date to include the mini, but we have not done that thus far. And as I've said earlier, we are today at a supply demand balance on the iPod. And I don't anticipate that changing as we begin to ship to HP.

麗貝卡，與惠普的交易是在 iPod 上，而不是 iPod mini。惠普和蘋果可能會在以後決定將 mini 包括在內，但到目前為止我們還沒有這樣做。正如我之前所說，我們今天在 iPod 上處於供需平衡狀態。當我們開始向惠普發貨時，我預計不會發生這種變化。

Fabulous. Thank you so much.

極好。太感謝了。

Okay. Could we have the next question, please.

好的。請問下一個問題可以嗎？

Take our next question -- follow-up from Shannon Cross with Cross Research.

拿我們的下一個問題——Shannon Cross 與 Cross Research 的後續問題。

Yes. Just a very quick question. In terms of -- you had mentioned I think your warranty levels had gone back to more stable levels, which is one thing that helped the gross margin. Did you reverse any of the warranty accrual that you took in the prior quarter or how does that reserve stand?

是的。只是一個非常快速的問題。就 - 你提到我認為你的保修水平已經回到更穩定的水平，這是幫助毛利率的一件事。您是否取消了您在上一季度獲得的任何應計保修，或者該儲備如何？

No. We did not adjust that reserve back to income and we are processing claims from customers as they come in.

不。我們沒有將準備金調整回收入，我們正在處理客戶的索賠。

Okay. And any idea on how long you expect to continue to process claims and then I suppose there will be a true-up at some point.

好的。以及關於您希望繼續處理索賠多長時間的任何想法，然後我想在某個時候會有一個正確的結果。

We still think our reserve is appropriate. Tim, do you want to comment on either of the programs?

我們仍然認為我們的儲備是適當的。蒂姆，你想對其中任何一個節目發表評論嗎？

No. I agree with what Peter's said. We always look at the reserve at the end of every quarter to ensure that the number of claims that we've taken has been about what we expected and we did that in the case that you're talking about and we feel comfortable with what's provisioned.

不，我同意彼得的說法。我們總是在每個季度末查看準備金，以確保我們提出的索賠數量符合我們的預期，並且在您談論的情況下我們做到了，並且我們對所提供的內容感到滿意.

Okay. Thanks.

好的。謝謝。

Okay. Thanks, Shannon. Can we have the next question please.

好的。謝謝，香農。請問下一個問題可以嗎？

We'll take a follow-up from Bill Fernly with FTN Midwest Research.

我們將在 FTN 中西部研究部接受 Bill Fernly 的跟進。

Yes, thank you. Just a quick follow-up question on the eMac. Are you folks looking at any potential margin hit from the new configurations announced earlier this week, especially with the new lower price on the $9.99 model?

是的，謝謝。只是一個關於 eMac 的快速跟進問題。你們是否正在考慮本週早些時候宣布的新配置對潛在利潤的影響，尤其是 9.99 美元型號的新低價？

In general, no.

一般來說，沒有。

Okay. Thanks.

好的。謝謝。

Okay. Thanks very much to everyone, a reporting of today's call will be available for replay by telephone for seven days beginning at 5 p.m. Pacific time today and the number for the replay is 719-457-0820. And the confirmation code is 496200. A replay of the Webcast of the call will be available beginning at approximately 5 p.m. Pacific time today at www.apple.com/investor and that will remain available for approximately 12 months. Members of the press with additional questions can follow up with Steve Dowling at 408-974-1896. Financial analysts can contact either John Hoover or me with additional questions. John is at 408-974-4570 and I am at a 408-974-5420. Thanks again for joining us.

好的。非常感謝大家，今天的電話報告將從下午 5 點開始在 7 天內通過電話重播。今天太平洋時間，重播號碼是 719-457-0820。確認碼是 496200。下午 5 點左右開始可以重播電話的網絡廣播。太平洋時間今天在 www.apple.com/investor 上將保留大約 12 個月。有其他問題的媒體成員可以撥打 408-974-1896 與史蒂夫·道林聯繫。金融分析師可以聯繫約翰胡佛或我有其他問題。約翰的電話是 408-974-4570，我的電話是 408-974-5420。再次感謝您加入我們。

That does conclude today's conference. Thank you for your participation. You may disconnect at this time

今天的會議到此結束。感謝您的參與。此時您可以斷開連接