蘋果 (AAPL) 2005 Q2 法說會逐字稿

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

大家好，歡迎參加這次蘋果電腦電話會議，討論第二季度的財務業績。

Today's call is being recorded.

今天的電話正在錄音。

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

在這個時候，關於開場白和介紹，我想把電話轉給投資者關係和公司財務高級總監 Nancy Paxton。

Please go ahead, ma'am.

請繼續，女士。

Thank you.

謝謝你。

Good afternoon and thanks to everyone for joining us today.

下午好，感謝大家今天加入我們。

Speaking today is Apple's CFO Peter Oppenheimer and he'll be joined by EVP of Sales and Operations Tim Cook and VP and Corporate Treasurer Gary Wipler for the Q&A session with analysts.

今天發言的是蘋果公司的首席財務官彼得奧本海默，他將與銷售和運營執行副總裁蒂姆庫克以及副總裁兼企業財務主管加里威普勒一起參加與分析師的問答環節。

Please note that some of the information you will hear during this call consists of forward-looking statements regarding revenue, gross margin, operating expenses, other income and expense, taxes, earnings per share, future products, and Apple's retail initiatives.

請注意，您將在本次電話會議中聽到的一些信息包括有關收入、毛利率、運營費用、其他收入和費用、稅收、每股收益、未來產品和 Apple 零售計劃的前瞻性陳述。

Actual results or trends could differ materially from our forecast.

實際結果或趨勢可能與我們的預測大相徑庭。

For more information, please refer to pages 45 through 58 of Apple's form 10-K for fiscal year 2004, and to pages 33 through 44 of Apple's 10-K for the first quarter of fiscal 2005.

如需更多信息，請參閱 Apple 2004 財年的 10-K 表第 45 至 58 頁，以及 2005 財年第一季度的 Apple 10-K 表第 33 至 44 頁。

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

另請注意，今天電話會議中包含的任何非 GAAP 財務指標都應作為 Apple GAAP 結果的補充而非替代。

A reconciliation of any GAAP and non-GAAP measures discussed will be posted on Apple's website at www.Apple.com/investor.

所討論的任何 GAAP 和非 GAAP 措施的對賬將發佈在 Apple 網站 www.Apple.com/investor 上。

In connection with SEC rules on corporate disclosure, Apple is making this 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 would like to turn the call over to Peter Oppenheimer for introductory remarks.

有了這個，我想把電話轉給彼得奧本海默做介紹性發言。

Thank you, Nancy.

謝謝你，南希。

Thank you for joining us.

感謝您加入我們。

We're pleased to report the highest March quarter of revenue and net income in Apple's history.

我們很高興地報告 Apple 歷史上最高的 3 月季度收入和淨收入。

Revenue of 3.243 billion was up 70% year-over-year, and net income was 290 million, up 530% year-over-year.

營收32.43億，同比增長70%，淨利潤2.9億，同比增長530%。

Generating earnings per diluted share of $0.34.

每股攤薄收益為 0.34 美元。

These results were driven by strong sales of MACs and iPods.

這些結果是由 MAC 和 iPod 的強勁銷售推動的。

Operating margin increased to 12.4% from 2.7% in the year ago quarter.

營業利潤率從去年同期的 2.7% 增至 12.4%。

The robust operating results were driven by the strong revenue growth which allowed us to better leverage our operating expenses, as well as the higher than expected gross margin of 29.8% that was well above our targeted range of 27 to 28%.

強勁的經營業績是由強勁的收入增長推動的，這使我們能夠更好地利用我們的經營費用，以及高於預期的 29.8% 的毛利率，遠高於我們 27% 至 28% 的目標範圍。

First let's review our Macintosh business results.

首先讓我們回顧一下我們的 Macintosh 業務成果。

Our MAC business generated 62% of total revenue and was up 27% from the year ago quarter driven by strong MAC, peripheral, and software sales.

在 MAC、外圍設備和軟件銷售強勁的推動下，我們的 MAC 業務佔總收入的 62%，比去年同期增長 27%。

We shipped 1.070 million MAC units during the quarter which is a record number in a March quarter for Apple and our highest level for any quarter in over four years.

我們在本季度出貨了 107 萬台 MAC，這是 Apple 3 月份季度的創紀錄數量，也是四年多以來任何季度的最高水平。

MAC unit shipment growth was 43% year-over-year, which represents over four times the most recently forecasted market rate of growth for the March quarter, published by IDC.

MAC 單位出貨量同比增長 43%，是 IDC 發布的 3 月季度最新預測市場增長率的四倍多。

We shipped 608,000 total desk top systems during the quarter, an increase of 55% from the year-ago level.

我們在本季度共出貨了 608,000 台桌面系統，比去年同期增長了 55%。

Combined sales of iMac G5, eMac's, and Mac mini's more than doubled to 467,000 units from the year ago quarter and PowerMac shipments totaled 141,000.

iMac G5、eMac 和 Mac mini 的總銷量比去年同期增加了一倍多，達到 467,000 台，PowerMac 出貨量總計 141,000 台。

Total portable shipments were 462,000 units, up 29% from the year-ago quarter.

便攜式總出貨量為 462,000 台，比去年同期增長 29%。

We shipped 251,000 iBooks and 211,000 of the recently refreshed PowerBooks.

我們運送了 251,000 台 iBooks 和 211,000 台最近更新的 PowerBooks。

At the end of the quarter channel inventory of total MAC units was within our targeted range of between four and five weeks.

在季度末，總 MAC 單元的渠道庫存在我們 4 到 5 週的目標範圍內。

Now, let me discuss our music business results.

現在，讓我談談我們的音樂業務成果。

Our music business generated 38% of total Apple revenue and was up 280% compared to the year-ago quarter.

我們的音樂業務佔蘋果總收入的 38%，與去年同期相比增長了 280%。

We shipped 5.3 million iPods during the quarter, over six times the year ago level.

我們在本季度出貨了 530 萬部 iPod，是去年同期水平的六倍多。

These results were driven by strong customer response to the new iPod shuffle, combined with the refreshed four gigabyte iPod mini starting at $199, and the new six gigabyte iPod mini priced at $249.

這些結果是由於客戶對新款 iPod shuffle 的強烈反應，再加上起價 199 美元的全新 4GB iPod mini 和售價 249 美元的新款 6GB iPod mini。

We also brought the iPod photo within reach of more customers by lowering the price of both models by $150 to now start at $349.

我們還將 iPod photo 的價格降低了 150 美元，現在起價為 349 美元，從而讓更多客戶能夠接觸到 iPod photo。

We do not have data for the month of March yet, but February data ranks us number one in the U.S. flash MP3 player market by a wide margin, with 43% share, as measured by NPD Tech World.

我們還沒有 3 月份的數據，但根據 NPD Tech World 的衡量，2 月份的數據使我們在美國 Flash MP3 播放器市場上遙遙領先，佔有 43% 的份額。

We are competing in all segments of the MP3 player market today and we are pleased to offer customers a comprehensive and very competitively priced lineup of iPods starting at $99.

今天，我們在 MP3 播放器市場的所有領域都在競爭，我們很高興為客戶提供全面且價格極具競爭力的 iPod 系列，起價為 99 美元。

The iTunes music store continues to be the leading online music service and operates in 15 countries.

iTunes 音樂商店仍然是領先的在線音樂服務，並在 15 個國家/地區開展業務。

Last week we crossed the 350 million songs download milestone and despite the increased competition our share of online music market in the U.S. has remained at or above the 70% level as measured by Nielsen SoundScan.

上週，我們突破了 3.5 億首歌曲下載的里程碑，儘管競爭加劇，我們在美國在線音樂市場的份額仍保持在或高於 Nielsen SoundScan 測量的 70% 水平。

The Apple retail stores results were terrific.

蘋果零售店的業績非常好。

The retail segment revenue more than doubled from the year ago quarter to 571 million.

零售部門的收入比去年同期增長了一倍多，達到 5.71 億美元。

Segment revenue did not experience the expected seasonal decline and actually increased sequentially.

分部收入沒有經歷預期的季節性下降，實際上環比增長。

We opened two stores during the quarter, bringing our quarter end total to 103.

我們在本季度開設了兩家商店，使我們的季度末總數達到 103 家。

With an average of 102 stores open during the quarter, average quarterly revenue per store was up 5.6 million -- or was 5.6 million, up more than 2 million, from the 3.5 million in the year-ago quarter, a 60% increase.

本季度平均有 102 家門店開業，每家門店的平均季度收入增加了 560 萬——或者說是 560 萬，比去年同期的 350 萬增加了 200 萬，增長了 60%。

The retail store segment profit was 42 million, and the associated manufacturing profit was 102 million.

零售店分部利潤為4200萬，相關製造利潤為1.02億。

Traffic through our stores continues to grow.

通過我們商店的客流量持續增長。

Last quarter, almost 13 million people visited our stores, translating into 9.8 thousand visitors per store per week.

上個季度，近 1300 萬人訪問了我們的門店，每家門店每周有 980 萬名訪客。

This compares to about 5.8 thousand visitors per store per week in the year-ago quarter.

相比之下，去年同期每家商店每週約有 5800 名訪客。

We continue to expect to end fiscal 2005 with 125 stores, including 10 outside the United States.

我們繼續預計到 2005 財年將有 125 家商店，其中 10 家在美國以外。

We were pleased with the results from our U.S. education channel, which generated the highest Q2 revenue in five years.

我們對美國教育頻道的結果感到滿意，該頻道產生了五年來最高的第二季度收入。

Overall education revenue increased 25% and CPU units increased 21%.

總體教育收入增長 25%，CPU 單元增長 21%。

Higher education revenue grew 45% year-over-year, driven by a strong demand for iPods, portables, and iMacs.

受對 iPod、便攜式設備和 iMac 的強勁需求的推動，高等教育收入同比增長 45%。

K-12 revenue grew only 5% and continues to be subject to budget constraints.

K-12 收入僅增長 5%，並且繼續受到預算限制。

In terms of geographic performance, including sales from our retail stores, revenue in Europe, the Americas, and Japan, was up 64%, 72%, and 72% respectively.

在地域表現方面，包括我們零售店的銷售額，歐洲、美洲和日本的收入分別增長了 64%、72% 和 72%。

We are very pleased with the much improved results from Japan and feel the initiatives we have undertaken are starting to produce positive results.

我們對日本取得的顯著改善結果感到非常高興，並認為我們採取的舉措開始產生積極成果。

Gross margin was 29.8%, about 260 basis points better than guidance, primarily due to lower component costs, a higher mix of direct sales, a more favorable product mix, the higher revenue which leveraged fixed cost, and product transition costs that were less than planned.

毛利率為 29.8%，比指引高出約 260 個基點，主要是由於更低的組件成本、更高的直銷組合、更有利的產品組合、利用固定成本的更高收入以及低於計劃。

Operating expense was 566 million, slightly lower than guidance, primarily due to greater capitalization of TIger development costs.

運營費用為 5.66 億美元，略低於指引，主要是由於 TIger 開發成本的資本化程度更高。

OI&E was 33 million, 3 million higher than guidance due to larger-than-expected cash balances as well as higher-than-expected interest income.

OI&E 為 3300 萬美元，比預期高 300 萬美元，原因是現金餘額高於預期以及利息收入高於預期。

We have raised our estimated effective tax rate for the fiscal year to 32% from 31%.

我們已將本財年的估計有效稅率從 31% 提高到 32%。

The tax rate for the March quarter was booked at 33% in order to true up the tax rate through the first fiscal half of the year.

3 月季度的稅率為 33%，以便在今年上半年調整稅率。

The increase in the tax rate was due to both higher overall earnings as well as a greater mix of income coming from the U.S. where the effective tax rate is higher.

稅率的增加是由於整體收入增加以及來自美國的收入組合更大，而美國的有效稅率更高。

Cash grew by over 600 million during the quarter, to 7.057 billion, and is up almost 1.6 billion through the first fiscal half.

本季度現金增長超過 6 億美元，達到 70.57 億美元，上半年增長近 16 億美元。

The growth in cash was due to strong earnings, continued great working capital management, and employee stock option exercises.

現金的增長是由於強勁的收益、持續的良好營運資金管理和員工股票期權的行使。

Total capital expenditures for the quarter were 43 million, including 16 million for our retail initiative.

本季度總資本支出為 4300 萬，其中 1600 萬用於我們的零售計劃。

Apple's quarterly operating results currently include approximately $10 million of expense primarily related to vesting of restricted shares and restricted share units, that had been previously granted to senior executives.

Apple 的季度經營業績目前包括大約 1000 萬美元的支出，主要與之前授予高級管理人員的限制性股票和限制性股票單位的歸屬有關。

Based on the current standard, we expect to adopt FAS 123R in this year's September quarter.

根據目前的標準，我們預計在今年的 9 月季度採用 FAS 123R。

Which means that our operating results will also begin to include as expense the theoretical value of employee stock options granted and the theoretical option value of employee stock purchase program shares issued.

這意味著我們的經營業績也將開始將授予的員工股票期權的理論價值和已發行的員工股票購買計劃股票的理論期權價值計入費用。

Because share-based compensation expense does not represent a use of cash, we believe it is helpful to shareholders to provide pro forma information that excludes the impact of this compensation, as well as certain other items from time to time to provide clarity on the Company's core operating results.

由於以股份為基礎的補償費用並不代表現金的使用，我們認為提供排除這種補償影響的備考信息以及不時提供的某些其他項目有助於明確公司的核心經營成果。

Accordingly, we have included in our earnings press release this quarter a reconciliation to pro forma results that excludes the compensation expense related to restricted shares, and restricted share units that is already reflected in Apple's GAAP financial results.

因此，我們在本季度的收益新聞稿中包含了與備考結果的對賬，其中不包括與限制性股票相關的補償費用，以及已經反映在 Apple GAAP 財務業績中的限制性股票單位。

Once we adopt FAS 123R we also plan to present pro forma results that exclude the compensation expense related to stock options and employee stock purchase plan.

一旦我們採用 FAS 123R，我們還計劃提供不包括與股票期權和員工股票購買計劃相關的補償費用的備考結果。

On another note related to presentation of financial results, Apple's music business has become a very significant portion of our overall business, representing 38% of total revenue in the March quarter.

在與財務業績報告相關的另一個說明中，Apple 的音樂業務已成為我們整體業務的重要組成部分，佔 3 月季度總收入的 38%。

As such, we want to begin to more closely align the reporting we provide for our MAC and music businesses.

因此，我們希望開始更密切地調整我們為 MAC 和音樂業務提供的報告。

Therefore, beginning in our June quarter, we will stop reporting our CPU sales by product family and instead we will report CPU unit shipments in revenue in two broad categories, desk tops, and portables.

因此，從 6 月季度開始，我們將停止按產品系列報告我們的 CPU 銷售量，而是在台式機和便攜式兩大類中報告 CPU 單元出貨量的收入。

We believe this will provide consistency with the level of detail we provide for our music business, as well as the level of detail provided by our major competitors in the personal computer industry.

我們相信，這將與我們為音樂業務提供的詳細程度以及我們在個人電腦行業的主要競爭對手提供的詳細程度保持一致。

Looking ahead to the June quarter, I would like to review our outlook which includes the types of forward-looking information that Nancy referred to at the beginning of the call.

展望六月季度，我想回顧一下我們的前景，其中包括南希在電話會議開始時提到的前瞻性信息類型。

For the quarter, we are targeting revenue of about 3.25 billion, and diluted earnings per share of about $0.28.

本季度，我們的目標收入約為 32.5 億美元，每股攤薄收益約為 0.28 美元。

We expect gross margin to be about 28.5%.

我們預計毛利率約為 28.5%。

We expect OpEx to be about 600 million.

我們預計運營支出約為 6 億。

We expect OI&E to be about 38 million, and as we previously stated, expect the tax rate to be 32%.

我們預計 OI&E 約為 3800 萬，正如我們之前所說，預計稅率為 32%。

In summary, we are very pleased with the results of Apple's first fiscal half with revenue growth of 72% and net income up 437%, compared to the first half of 2004.

總而言之，我們對蘋果公司上半年的業績感到非常滿意，與 2004 年上半年相比，收入增長了 72%，淨收入增長了 437%。

The strategies we put in place several years ago, and the investments we have made in innovative hardware and software products expanded distribution and marketing have come together to generate growth for our Company.

我們幾年前製定的戰略，以及我們在創新硬件和軟件產品擴大分銷和營銷方面所做的投資，共同為我們公司帶來了增長。

We look forward to a great second half of fiscal 2005, starting with the introduction of our next generation operating system, Mac OS X Tiger later this month.

我們期待 2005 財年下半年的輝煌業績，從本月晚些時候推出我們的下一代操作系統 Mac OS X Tiger 開始。

With, that I would like to open the call to questions.

有了，我想打開問題的電話。

[OPERATOR INSTRUCTIONS] We will go first to Richard Gardner with Smith Barney.

[操作員說明] 我們將首先與 Smith Barney 一起前往 Richard Gardner。

Okay.

好的。

Thank you.

謝謝你。

I was hoping, Peter, you could give us, and Tim, some sense of what the supply/demand balance looks like on iPod at this point across all the major geographic regions and whether you're comfortable with the channel inventories on that product or whether we should expect that you will continue to fill up the channel of with product to get you to the desired four to five week level as we head into the June quarter?

我希望，彼得，你能給我們和蒂姆一些關於此時在所有主要地理區域的 iPod 上的供需平衡情況，以及你是否對該產品的渠道庫存感到滿意或當我們進入六月季度時，我們是否應該期望您將繼續填充產品渠道以使您達到所需的四到五周水平？

And then I have a follow-up as well.

然後我也有後續行動。

Hi, Rich.

嗨，里奇。

It is Tim.

是蒂姆。

With the March shipments that we made of iPod, we believe that we were at or near a supply/demand balance on all iPod families by the end of the quarter.

隨著我們 iPod 的 3 月份出貨量，我們相信到本季度末，我們所有 iPod 系列的供需平衡已達到或接近平衡。

In terms of channel inventory, for iPod, because of the number of distribution spots that we have, we define normal levels as four to six weeks, and we were at normal levels exiting the quarter.

在渠道庫存方面，對於 iPod，由於我們擁有的分銷點數量，我們將正常水平定義為 4 到 6 週，並且我們在本季度末處於正常水平。

Okay.

好的。

And then on the gross margin front, Peter, you said last quarter that 28.5 was -- I think you characterized it as unhealthy.

然後在毛利率方面，彼得，你上個季度說 28.5 是 - 我認為你將其描述為不健康。

You blew past the guidance this quarter.

你超過了本季度的指導。

And now, you're talking about 28.5 for June.

現在，你說的是 6 月份的 28.5。

I'm assuming that that's because you're above 28 target because of Tiger but can you talk about whether we should assume that 28, 29 is kind of the new baseline level?

我假設那是因為你因為 Tiger 而超過了 28 的目標，但你能談談我們是否應該假設 28、29 是一種新的基線水平嗎？

And if not, when we should expect it to get back down to the 26 to 28 range that you've talked about previously?

如果沒有，我們什麼時候應該期待它回到你之前談到的 26 到 28 的範圍？

Okay.

好的。

Let me first start off by discussing a little bit the gross margin in the March quarter, and why it guided down in the June quarter.

讓我首先討論一下 3 月季度的毛利率，以及它在 6 月季度下降的原因。

Our March quarter gross margin exceeded our guidance by about 260 basis points due to a number of factors.

由於多種因素，我們 3 月季度的毛利率超過了我們的指導約 260 個基點。

First, the commodity environment was better than we had expected.

一是商品環境好於預期。

Second, we had a higher mix of direct sales than we had planned.

其次，我們的直銷組合比我們計劃的要高。

And we also had a better mix of products, particularly in PowerBooks and accessories.

我們還擁有更好的產品組合，尤其是在 PowerBook 和配件方面。

And we executed our transitions with less price protection, particularly in iPod than we had planned.

我們以較少的價格保護執行我們的過渡，特別是在 iPod 中，比我們計劃的要少。

And as I discussed last quarter, with the higher revenue, we were able to leverage our fixed production costs.

正如我上個季度所討論的那樣，隨著收入的增加，我們能夠利用我們的固定生產成本。

As I look to the June quarter, I see gross margin at about 28.5%.

展望六月季度，我認為毛利率約為 28.5%。

And I see that there are four reasons why it is going to come down, partially offset by better software sales.

而且我看到它會下降有四個原因，部分被更好的軟件銷售所抵消。

Let me first go through the four.

讓我先介紹四個。

The June quarter begins our education selling season, particularly with K-12, we will sell more lower ASP end margin iBooks and iMacs and we also expect to see a reduction in consumer sales through the channel of higher ASP products.

六月季度開始了我們的教育銷售旺季，尤其是 K-12，我們將銷售更多較低 ASP 端利潤率的 iBooks 和 iMac，我們還預計通過較高 ASP 產品渠道的消費者銷售額將減少。

Third, the full quarter impact of the iPod pricing reductions that we took in late February, and also a different pricing environment, including the full quarter impact of the PowerBook and display prices we reduced last quarter.

第三，我們在 2 月下旬進行的 iPod 降價對整個季度的影響，以及不同的定價環境，包括 PowerBook 對整個季度的影響以及我們上個季度降低的顯示器價格。

Partially offsetting these factors, I expect to see increases in the OS as a result of Mac OS X Tiger, we're very excited about Tiger which will ship at the end of April.

部分抵消了這些因素，我預計操作系統會因 Mac OS X Tiger 而增加，我們對將於 4 月底發布的 Tiger 感到非常興奮。

But iLife and iWork which were very successful this quarter will enter their second quarter and I would expect them to be down sequentially.

但本季度非常成功的 iLife 和 iWork 將進入第二季度，我預計它們將連續下降。

In terms of our gross margin target, let me just anticipate a question from you or somebody else and sort of talk a little bit about the business model.

就我們的毛利率目標而言，讓我預測您或其他人的問題，然後稍微談談商業模式。

We have previously discussed a financial success model on a target basis which had operating margin at 7%, with revenue above 11%.

我們之前曾討論過一個以目標為基礎的財務成功模式，其營業利潤率為 7%，收入高於 11%。

The Company now for the last couple of quarters has been growing at about 70%, and our gross margins have been above our targeted 27 to 28% which has put the operating margin well above 7%.

公司現在在過去幾個季度一直以 70% 左右的速度增長，我們的毛利率一直高於我們的目標 27% 至 28%，這使營業利潤率遠高於 7%。

We will complete our fiscal '06 planning process at the end of the summer and I will likely update our target model at that time.

我們將在夏末完成我們的 06 財年計劃流程，屆時我可能會更新我們的目標模型。

However, and while I'm not providing guidance beyond the June quarter, I don't think that the revenue will continue to grow at these levels forever.

然而，雖然我沒有在 6 月季度之後提供指導，但我認為收入不會永遠在這些水平上繼續增長。

And I would hope that we could grow our revenues at 15% or better.

我希望我們的收入能夠增長 15% 或更高。

The 30 -- approximate 30% in gross margin that we attained in the March quarter is above our historical trends.

我們在 3 月季度獲得的 30% - 大約 30% 的毛利率高於我們的歷史趨勢。

It is above the target that I have provided.

它高於我提供的目標。

And I don't believe that we could sustain it.

而且我不相信我們可以維持它。

And I would target gross margin to be 27 to 28% in the future, and I believe that the Opex will grow at 50 to 60% of the revenue growth rate.

我的目標是未來毛利率在 27% 到 28% 之間，我相信 Opex 將以收入增長率的 50% 到 60% 增長。

Thank you.

謝謝你。

Thanks, Rich.

謝謝，里奇。

Could we have the next question, please?

請問下一個問題好嗎？

We will go next to Rob Semple with Credit Suisse First Boston.

我們將與 Credit Suisse First Boston 一起前往 Rob Semple。

Thanks.

謝謝。

Just a question on the revenue guidance.

只是關於收入指導的問題。

The last few year, you've been up kind of 5 to 6% sequentially.

在過去的幾年裡，你連續上漲了 5% 到 6%。

Any thoughts on why we're flat?

關於我們為什麼是扁平的有什麼想法嗎？

Is it just a higher mix of iPod now?

它現在只是 iPod 的更高組合嗎？

Or just can you elaborate there?

或者你能在那裡詳細說明嗎？

Yes, the guidance that I've provided at 3.25 billion is up 61% year-over-year, and really in line with historical sequential trends of flat to up slightly.

是的，我提供的指導為 32.5 億，同比增長 61%，與歷史上從持平到小幅增長的連續趨勢完全一致。

As I indicated a moment ago, the June quarter begins the education selling season, particularly in K-12 where we will sell more lower ASP iMacs and iBooks and we typically see a reduction in our consumer sales through the channel.

正如我剛才所說，6 月季度開始了教育銷售旺季，特別是在 K-12 中，我們將銷售更多 ASP 較低的 iMac 和 iBooks，我們通常會看到通過該渠道的消費者銷售額下降。

Also impacting other revenue will be the full quarter impact of the price reductions that we took last quarter.

影響其他收入的還有我們上個季度的降價對整個季度的影響。

But I see the software sales are primarily from Mac OS X Tiger offsetting the ASP declines and have forecasted revenues basically flat sequentially.

但我看到軟件銷售主要來自 Mac OS X Tiger，抵消了 ASP 的下降，並且預計收入環比基本持平。

Okay.

好的。

Thanks.

謝謝。

Thanks, Rob.

謝謝，羅伯。

Can we have the next question please?

請問下一個問題可以嗎？

We will go next to Ben Reitzes with UBS.

我們將與瑞銀一起前往 Ben Reitzes。

Thanks.

謝謝。

Good afternoon.

下午好。

Hey, guys, can you talk about whether there could have been pent-up demand though for MACs into this calendar second quarter or fiscal third, waiting for Tiger, and is there any way to quantify that?

嘿，伙計們，你能談談在這個日曆第二季度或第三財季是否存在對 MAC 的被壓抑的需求，等待老虎，有沒有辦法量化它？

Did you get any feedback that your MAC number, you know, while at 1.07 million could have been understated?

你有沒有得到任何反饋，你知道，你的 MAC 號碼可能被低估了 107 萬？

And then I got a follow-up.

然後我得到了跟進。

This is Tim.

這是蒂姆。

It is very difficult to answer that question.

很難回答這個問題。

I would tell you that the -- on all major models, we feel like we were at a -- at or near our supply/demand balance in the MAC family as well.

我會告訴你，在所有主要型號上，我們覺得我們在 MAC 系列中也處於或接近我們的供需平衡。

What customers are thinking about Tiger, I think that the reception of the last 24 hours has been really good, but whether or not that delayed any CPU purchases is really impossible to tell.

客戶對 Tiger 的看法，我認為最近 24 小時的接待真的很好，但是這是否延遲了任何 CPU 購買真的很難說。

Well is that usually the case, Tim, though?

不過，蒂姆，通常情況是這樣嗎？

What did you see over the last two major upgrades on OS X?

在 OS X 的最近兩次重大升級中，您看到了什麼？

Did you see a pause in the quarter before and then a big uptick?

您是否看到前一個季度出現停頓，然後出現大幅上漲？

It is very difficult to tell whether customers do that or not.

很難判斷客戶是否這樣做。

We have announced, as you know, for some time, that we would be shipping in the first half of this year, and so I think our install base that follows us closely knew that as we didn't ship in the first three months, that we would ship in the April, May, or June time frame.

如您所知，我們已經宣布了一段時間，我們將在今年上半年發貨，所以我認為我們密切關注我們的安裝基礎知道，由於我們在前三個月沒有發貨，我們將在 4 月、5 月或 6 月的時間範圍內發貨。

Okay.

好的。

And Tim, there's been some well-documented PowerBook issues with regard to the track pads and, you know, the lead times on your website went up quite a bit, or at least to 5 to 7 days, I saw, and maybe longer.

還有蒂姆，有一些關於觸控板的詳細記錄的 PowerBook 問題，你知道，你網站上的交貨時間增加了很多，或者至少 5 到 7 天，我看到了，而且可能更長。

Could you just talk about that?

你能談談嗎？

I mean you had a pretty good PowerBook number despite that, better than I had expected.

我的意思是，儘管如此，您的 PowerBook 數量還是不錯的，比我預期的要好。

What is going on?

到底是怎麼回事？

Is it completely resolved?

徹底解決了嗎？

And are we smooth sailing from here?

我們從這裡一帆風順嗎？

The lead times that you're talking about were -- actually went up because for a short period of time supply was less than demand.

你所說的交貨時間實際上是上升的，因為在短時間內供應少於需求。

And we did have an excellent PowerBook quarter and we're very pleased with the results that we have.

我們確實有一個出色的 PowerBook 季度，我們對我們的結果感到非常滿意。

We had some isolated issues early on, relative to the track pad, and I think we've now resolved those.

我們在早期遇到了一些與觸控板相關的孤立問題，我認為我們現在已經解決了這些問題。

If anybody, if any customer has an issue, they should call Apple care and we would be glad to take care of them.

如果任何人，如果任何客戶有問題，他們應該打電話給 Apple care，我們很樂意照顧他們。

Okay.

好的。

Thanks a lot.

非常感謝。

We will go next to Bill Shope with J.P. Morgan.

我們將與 J.P. Morgan 一起前往 Bill Shope。

Okay, great.

好，太棒了。

Thanks.

謝謝。

Tim, could you give us just an outlook on where you see component pricing overall in the current quarter?

蒂姆，您能否給我們簡單介紹一下您在本季度看到的總體組件定價情況？

And then could you give us -- could you give us an outlook on overall the new MAC users within the retail segment for the quarter?

然後你能給我們 - 你能給我們一個關於本季度零售領域新 MAC 用戶的總體展望嗎？

Is it still in the low 40% range?

它是否仍處於 40% 的低位範圍內？

Okay.

好的。

On the component pricing, let me first comment on Q2, the quarter that we just finished.

關於組件定價，讓我首先評論第二季度，即我們剛剛完成的季度。

Prices of most key components trended downward more than we had anticipated, and as Peter alluded to earlier, that helped us achieve a higher gross margin than we had guided to.

大多數關鍵部件的價格下降幅度超過了我們的預期，正如彼得早些時候提到的那樣，這幫助我們實現了比我們預期的更高的毛利率。

I would characterize last quarter as a very favorable buying environment in most component markets.

我將上個季度描述為大多數組件市場的非常有利的購買環境。

As we go into Q3, we believe that the current favorable environment will continue.

隨著我們進入第三季度，我們相信當前的有利環境將持續下去。

However, I do not expect to see the kinds of declines that we saw in Q2.

但是，我預計不會看到我們在第二季度看到的那種下降。

And I think Peter can comment on your retail question.

我認為彼得可以評論您的零售問題。

I will take the retail question.

我將回答零售問題。

The -- new to MAC sales in the retail stores, continue in the low to mid 40% range.

零售店中 MAC 的新銷售額繼續保持在 40% 的中低水平。

And sales were quite strong in our retail for computers.

我們的電腦零售業的銷售非常強勁。

We were 144,000 units this past quarter, which was up 106% year-over-year.

上一季度我們的銷量為 144,000 台，同比增長 106%。

Okay.

好的。

One more question.

還有一個問題。

Could you give us the overall iPod gross margin?

你能告訴我們 iPod 的整體毛利率嗎？

Yes, for competitive reasons, I'm not going to give any results by product or geography, but the overall line margin was just a little above 20% in the quarter.

是的，出於競爭原因，我不會按產品或地理位置給出任何結果，但本季度的整體線利潤率僅略高於 20%。

Okay.

好的。

Great.

偉大的。

Thank you.

謝謝你。

Thanks, Bill.

謝謝，比爾。

Could we have the next question, please?

請問下一個問題好嗎？

We will go next to Joel Wagonfeld with First Albany Capital.

我們將與 First Albany Capital 一起前往 Joel Wagonfeld。

Thanks.

謝謝。

Sorry if I missed this.

對不起，如果我錯過了這個。

Did you give the number, the percentage that was direct, I think last quarter, it was 45% and you mentioned that that was one of the things that was benefiting your gross margin this quarter, was wondering if you had a comparable number this quarter, and where you expect that could go over the next say two to three quarters?

你有沒有給出數字，直接的百分比，我認為上個季度是 45%，你提到這是本季度有利於你的毛利率的事情之一，想知道你本季度是否有可比的數字，以及您預計接下來的兩到三季度可能會在哪裡？

The direct percent which we define as sales through our retail stores, online directly to customers, iTunes music, and U.S. education, was 48%, in the March quarter and that compares to 44% in the year-ago quarter.

我們定義為通過我們的零售店直接向客戶在線銷售、iTunes 音樂和美國教育的直接百分比在 3 月季度為 48%，而去年同期為 44%。

And I will report to you each quarter what it was, but don't provide a forecast.

我會在每個季度向您報告具體情況，但不提供預測。

Thank you.

謝謝你。

Thanks, Joel.

謝謝，喬爾。

Could we have the next question, please?

請問下一個問題好嗎？

We will 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。

Sure, two things if I could.

當然，如果可以的話，有兩件事。

One, can you give us any sort of indication of the breakout or units whether if's shuffle or the mini.

一，你能給我們任何形式的突破或單位的跡象，無論是洗牌還是迷你。

And I guess a related question to that, the ASP for the iMac was down sequentially, I guess it was 1360 to 1034, is that a reflection of a mix shift?

我想一個相關的問題是，iMac 的 ASP 依次下降，我猜是 1360 到 1034，這是混合轉變的反映嗎？

Andy, the -- your second question on iMac, yes, the ASP reduction from 1360 to 1034 on a sequential basis reflected our shipping the Mac mini in the March quarter which we did not have in the December quarter.

安迪，你關於 iMac 的第二個問題，是的，ASP 從 1360 連續下降到 1034 反映了我們在 3 月季度出貨的 Mac mini，而在 12 月季度沒有出貨。

And I'm sorry, your first question was breaking out certain iPods, we're not going to do that for competitive reasons.

很抱歉，您的第一個問題是推出某些 iPod，出於競爭原因，我們不會這樣做。

I'm sorry.

對不起。

What about in terms of the mini, can you give us a sense -- I mean we can probably back into it but can you give us a sense of how the mini did compared to what you thought or what sort of -- who is buying the mini.

就迷你而言，你能給我們一個感覺——我的意思是我們可能會回到它，但你能不能讓我們了解一下迷你的表現如何與你的想法或類型相比——誰在購買迷你。

The Mac mini?

麥克迷你？

Yes.

是的。

We were very pleased with customer response and sales, and anecdotally, we think that existing MAC customers and Windows customers are buying the Mac mini.

我們對客戶的反應和銷售非常滿意，而且有趣的是，我們認為現有的 MAC 客戶和 Windows 客戶正在購買 Mac mini。

Okay.

好的。

But you can't give us any break down on that either in terms of the Mac mini?

但是你不能給我們任何關於 Mac mini 的細分嗎？

No.

不。

Since we're going to go to a more summarized level of reporting for MACs next quarter, we're not going to break out the eMac and flat panel and Mac mini.

由於我們將在下個季度對 MAC 進行更總結的報告，因此我們不會對 eMac、平板和 Mac mini 進行細分。

Thank you.

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 will go next to Kevin Hunt with Thomas Weisel Partners.

我們將與 Thomas Weisel Partners 一起前往 Kevin Hunt。

Thank you.

謝謝你。

Actually, I got dropped from the call for a while there so I wonder if you can repeat what you're saying about the operating margin, long term target.

實際上，我有一段時間沒有參加電話會議，所以我想知道您是否可以重複您所說的關於營業利潤率和長期目標的內容。

That's about where I got dropped off.

這就是我下車的地方。

And then actually to follow-up on Andy Neff's question there, could you maybe give us what you expect for ASP trends on the iPod as a bucket?

然後實際上跟進 Andy Neff 的問題，您能否向我們提供您對 iPod 上的 ASP 趨勢的期望？

It was down 30% this quarter.

本季度下跌了 30%。

I imagine due to the shuffle launch but what should we expect for that kind of going forward?

我想由於洗牌的推出，但我們應該期待這種未來的發展嗎？

I'm sorry, I'm not going to give you a forecast of product line for next quarter or beyond.

對不起，我不會給你預測下一季度或以後的產品線。

In terms of the operating margin, just to summarize, I had -- we previously discussed a success model that would have operating margin about 7% with 11 billion in revenue.

就營業利潤率而言，總結一下，我們之前討論過一個成功模式，該模式的營業利潤率約為 7%，收入為 110 億美元。

I do not see our revenues growing at the levels that they have been growing in the future and would hope that we could grow revenue at 15% or better.

我沒有看到我們的收入增長到他們未來一直在增長的水平，並希望我們能夠以 15% 或更高的速度增長收入。

I would target gross margins at 27 to 28%, and the OpEx to grow at 50 to 60% of the revenue growth rate.

我的目標是毛利率在 27% 到 28% 之間，OpEx 以收入增長率的 50% 到 60% 的速度增長。

I added some commentary I think while you dropped off and would suggest you may want to review that after the call.

我添加了一些評論，我認為當你下車時，我會建議你在通話後可能想回顧一下。

Okay.

好的。

And one final question, on the -- are you going to break out the iTunes piece of the music business now that you're going to this new break out or are you guys just going to give like a total music --?

最後一個問題是——你們打算在音樂業務中突破 iTunes 的部分，現在你們要進行這個新的突破，還是你們只是想提供一個完整的音樂——？

Yes, we're going to report total music sales as we -- total music product sales as we have been doing.

是的，我們將像我們一樣報告音樂總銷售額——我們一直在做的音樂產品總銷售額。

Okay.

好的。

Thank you.

謝謝你。

Thanks, Kevin.

謝謝，凱文。

Could we have the next question, please?

請問下一個問題好嗎？

We will go next to Bill Fearnley with FTN Midwest Securities.

我們將與 FTN Midwest Securities 一起前往 Bill Fearnley。

Yes, thanks.

對了謝謝。

Two questions for you here.

這裡有兩個問題。

Did you see any additional air freight expenses this quarter?

您是否看到本季度有任何額外的空運費用？

Or do you see any for the upcoming quarter?

或者你對即將到來的季度有什麼看法？

Are there any products that you're having trouble or components you're having trouble getting availability on?

是否有任何產品遇到問題或組件無法獲得可用性？

Bill, this is Tim.

比爾，這是蒂姆。

The air freight we did experience some air freight, but we have air freight as a standard part of our logistics model on some products and I would not classify the quarter as an abnormal rate and I would say the same thing about the quarter that we're entering into.

空運我們確實經歷了一些空運，但我們將空運作為我們某些產品物流模型的標準部分，我不會將本季度歸類為異常費率，我會對本季度說同樣的話，我們'重新進入。

Any air freight that we do have has obviously been factored in the guidance that Peter went through earlier.

顯然，我們所擁有的任何空運貨物都已納入彼得之前所經歷的指導。

Okay.

好的。

And then a follow-up on the product side.

然後是產品方面的跟進。

Last quarter, you had said that putting a G5 in a PowerBook frame would be a significant technical challenge.

上個季度，您曾說過將 G5 放入 PowerBook 框架將是一項重大的技術挑戰。

Any update on your views on putting a G5 in a PowerBook that may have changed since the last call in January?

自一月份的最後一次電話會議以來，您對將 G5 放入 PowerBook 的看法是否有任何更新？

Bill, I still think it is the mother of all thermal challenges.

比爾，我仍然認為它是所有熱挑戰的根源。

Okay.

好的。

I haven't changed my view on that.

我沒有改變對此的看法。

All right.

好的。

Thanks.

謝謝。

Thanks, Bill.

謝謝，比爾。

Could we have the next question, please?

請問下一個問題好嗎？

We will go next to David Bailey with Goldman Sachs.

我們將和高盛一起去大衛貝利旁邊。

Yes, just a quick follow-up and a quick question.

是的，只是快速跟進和快速提問。

On the follow-up, could you give us the iPod channel inventory at the beginning of the quarter?

後續，能否給我們一季度初的 iPod 渠道庫存？

I think you said it is now at around four to six weeks .

我想你說現在大約是四到六週。

I don't -- I'm sorry, I don't recall, David, what we had said on the January call.

我不——對不起，我不記得，大衛，我們在一月份的電話會議上說過什麼。

Okay.

好的。

Maybe we can do that as a follow-up.

也許我們可以將其作為後續行動。

The other question was, obviously this is a relatively small quarter for K-12, June is a much bigger quarter, can you give us some idea of what you think the growth rate might pick up to from the 5% this quarter?

另一個問題是，顯然這對於 K-12 來說是一個相對較小的季度，而 6 月是一個更大的季度，您能否告訴我們您認為本季度的增長率可能會從 5% 回升到多少？

It is difficult to say that, David.

很難說，大衛。

The number of states that are having budget problems are still large.

有預算問題的州數量仍然很大。

Approximately half of the states that we see are having some kind of issues and half the states are beginning to grow.

我們看到的大約一半的州存在某種問題，一半的州開始增長。

California in particular has weighed down our results by 6 to 7 points.

尤其是加利福尼亞，我們的結果被壓低了 6 到 7 個百分點。

And so, you know, as Peter said that for the last quarter, we experienced a 5% kind of revenue growth, and we've factored our experience in that market into our guidance.

所以，你知道，正如彼得所說，在上個季度，我們經歷了 5% 的收入增長，我們已將我們在該市場的經驗納入我們的指導。

The good news here is that higher ed continues to be extremely good for us, with a very large revenue growth for several quarters in a row now.

這裡的好消息是，高等教育對我們來說仍然非常好，現在連續幾個季度收入增長非常大。

And so that has counter-balanced the K-12 issue, where the total education sector grew 25% for us last quarter, which we're very happy with.

因此，這抵消了 K-12 問題，上個季度我們的整個教育部門增長了 25%，我們對此感到非常滿意。

Great.

偉大的。

Thank you.

謝謝你。

Thanks, David.

謝謝，大衛。

Could we have the next question, please?

請問下一個問題好嗎？

We will go next to Rebecca Runkle with Morgan Stanley.

我們將和摩根士丹利一起去 Rebecca Runkle。

Great.

偉大的。

Thank you very much.

非常感謝。

Two quick questions.

兩個快速的問題。

First one, I think Peter, last call, you talked about the fact that during the last iMac product cycle you saw units fall about 21 or so percent in the second quarter.

第一個，我認為是 Peter，最後一個電話，您談到了這樣一個事實，即在上一個 iMac 產品週期中，您看到第二季度的銷量下降了 21% 左右。

And then you also talked about the consumer being down in the mid double digits during the March quarter, so you really talked to the seasonality and yet if we look at the results, you saw up sequential units for iMac this quarter, and consumer overall is roughly flat.

然後你還談到消費者在 3 月季度中下降了兩位數，所以你真的談到了季節性，但如果我們看看結果，你看到本季度 iMac 的連續單位，消費者整體是大致平坦。

And I'm wondering, if you think about that differential, between what you've seen historically and what you've posted today, is it directly and solely tied to the so-called halo effect or how you're thinking about that given, you know, the quarter really bucked the trend line units?

我想知道，如果您考慮一下您在歷史上看到的內容與您今天發布的內容之間的差異，它是否直接且僅與所謂的光環效應有關，或者您是如何考慮給定的，你知道，一季度真的逆勢行股嗎？

And then I have a quick follow-up.

然後我有一個快速跟進。

I think the iPod sales that we've had to Windows users played a very strong role in our growth rate year-over-year.

我認為我們向 Windows 用戶銷售的 iPod 在我們的年增長率中發揮了非常重要的作用。

Again we were up 43%.

我們再次上漲了 43%。

And I was pleased with our sales across all of our product lines.

我對我們所有產品線的銷售感到滿意。

And all of our geographies.

以及我們所有的地區。

And I think it is not only what we're seeing from iPod, but we also have a very strong product lineup today, and a great OS and iLife suite of applications that go along with it.

而且我認為這不僅是我們從 iPod 中看到的，而且我們今天還擁有非常強大的產品陣容，以及與之配套的出色的操作系統和 iLife 應用程序套件。

So I think it is really all those factors.

所以我認為這真的是所有這些因素。

And a quick follow-up on the accessories, it continues to do better than we were modeling and expecting.

以及對配件的快速跟進，它繼續做得比我們建模和預期的要好。

Just any additional color in terms of what you're seeing?

就您所看到的而言，是否還有其他顏色？

And then also as you try to capture more of the licensing IP, and you know, dollars there, can you just talk to how we should be thinking about that business on a go forward basis?

然後，當您嘗試獲取更多許可 IP 時，您知道，那裡有美元，您能否談談我們應該如何考慮未來的業務？

In terms of accessories, this is one area where the direct business certainly helps us, but we've got a great line of displays, in airport and other third party product that we are selling through our stores and online, and it is a focus area for the Company.

就配飾而言，這是直接業務對我們有幫助的一個領域，但我們有很多展示品，包括機場和其他我們通過商店和在線銷售的第三方產品，這是一個重點公司的區域。

And I'm not sure I understand your licensing question.

而且我不確定我是否理解您的許可問題。

We've seen some, you know, -- clearly you're starting to get more aggressive at attempting to capture some of the royalties from companies that are leveraging into the iPod franchise and capture some licensing fees, and I was just wondering if you had an update in terms of where that stood.

我們已經看到了一些，你知道，——顯然你開始變得更加積極地試圖從那些利用 iPod 特許經營權的公司那裡獲得一些版稅並獲得一些許可費，我只是想知道你是否有一個關於它的位置的更新。

We have recently come out with the made for iPod logo program, as a result of having over 500 accessories that you can buy for your iPod and growing.

我們最近推出了為 iPod 設計的徽標計劃，因為有超過 500 種配件可供您為 iPod 購買並且還在不斷增加。

This is to help customers determine which iPod accessories will work seamlessly with our iPod and developers to get technical support and specific information very quickly to get products to market faster.

這是為了幫助客戶確定哪些 iPod 配件將與我們的 iPod 和開發人員無縫協作，以便快速獲得技術支持和特定信息，從而更快地將產品推向市場。

The terms of this program are confidential and I can't go into that.

這個項目的條款是保密的，我不能談。

Thank you very much.

非常感謝。

Thank you, Rebecca.

謝謝你，麗貝卡。

Could we have the next question, please?

請問下一個問題好嗎？

We will go next to Steve Milunovich with Merrill Lynch.

我們將與美林證券一起去史蒂夫米盧諾維奇旁邊。

Thank you.

謝謝你。

Two questions.

兩個問題。

First of all on the expense side, Peter, you've talked about getting to that 50 to 60% growth of revenue rate.

首先在費用方面，彼得，你談到要實現 50% 到 60% 的收入增長率。

I think two quarters ago was 38%.

我認為兩個季度前是 38%。

This quarter actually dipped to 30.

本季度實際上跌至 30。

Do you have any time frame?

你有時間框架嗎？

And how are we going to get there?

我們將如何到達那裡？

For example you mentioned capitalization of some of the development costs.

例如，您提到了一些開發成本的資本化。

Should we expect to see a fairly significant sequential increase in R&D?

我們是否應該期望看到研發的連續增長相當顯著？

Well, Steve, the OpEx is going to trend up this quarter, as I had said in our guidance, I expect it to be about 600 million, which would be up about $35 million sequentially and a part of that sequential increase, a little less than half related to the capitalization of Tiger.

好吧，史蒂夫，本季度的運營支出將呈上升趨勢，正如我在我們的指導中所說，我預計它將約為 6 億美元，環比增長約 3500 萬美元，其中一部分環比增長，略低於一半以上與Tiger的大寫有關。

With the guidance that I've provided for Q3, our relationship would be -- in terms of expense growth to revenue growth, would be a 41%, so still below the 50 to 60%, but beginning to approach it.

根據我為第三季度提供的指導，我們的關係將是 - 就費用增長與收入增長而言，將是 41%，因此仍低於 50% 至 60%，但開始接近。

And the revenue guidance of 61%, and while I've said that I believe we can grow our Company at attractive levels, and would hope to see it grow at 15% or better, I don't see the recent growth rates continuing forever, and I do see the OpEx growth rates approaching 50 to 60% of revenue.

以及 61% 的收入指導，雖然我說過我相信我們可以將公司發展到有吸引力的水平，並希望看到它以 15% 或更高的速度增長，但我認為最近的增長率不會永遠持續下去，而且我確實看到運營支出增長率接近收入的 50% 到 60%。

Okay.

好的。

And Tim, Jobs, referred to incredible new products pipeline.

喬布斯的蒂姆提到了令人難以置信的新產品管道。

Obviously, you're not going to preannounce products, but can you give us some sense that you guys have something that could be of the magnitude of an iPod or a couple of products together that we will see in the not too distant future here?

顯然，您不會預先宣布產品，但您能否告訴我們，你們擁有的東西可能是 iPod 或幾款產品，我們將在不久的將來在這裡看到？

Obviously you're developing a real consumer franchise here and I'm sure you've got the pedal to the metal to take advantage of that.

顯然，您正在這裡開發一個真正的消費者特許經營權，我相信您已經掌握了充分利用這一優勢的機會。

Maybe you can just give us your strategic thoughts.

也許你可以給我們你的戰略想法。

If I gave you any sense of that, I wouldn't be sitting here on next quarter's call.

如果我給你任何感覺，我不會坐在這裡等待下個季度的電話會議。

We just don't comment on that.

我們只是不對此發表評論。

But even from a big picture standpoint, do you guys see more opportunities to leverage this?

但即使從大局的角度來看，你們是否看到了更多利用這一點的機會？

You're not out of ideas in other words.

換句話說，你並沒有沒有想法。

I don't think Apple could ever be out of ideas.

我認為蘋果永遠不會沒有想法。

Fair enough.

很公平。

It is embedded in our DNA.

它嵌入在我們的 DNA 中。

Okay.

好的。

That's good to hear.

聽起來還不錯。

Thanks, Steve.

謝謝，史蒂夫。

Could we have the next question, please.

請問下一個問題可以嗎？

We will go next to Mark McKeferny with Twin Peaks Capital.

我們將與 Twin Peaks Capital 一起前往 Mark McKeferny。

Thank you, I'm sorry my question has been asked and answered.

謝謝，很抱歉我的問題已被提出並回答。

Thank you.

謝謝你。

Could we have the next question, please?

請問下一個問題好嗎？

We will move to Shaw Wu with American Technology Research.

我們將和美國技術研究一起搬到邵氏。

The question has been answered.

這個問題已經回答了。

Sorry.

對不起。

Okay.

好的。

Could we have the next question, please.

請問下一個問題可以嗎？

We will go to Shannon Cross with Cross Research.

我們將與 Cross Research 一起前往 Shannon Cross。

Hi, good afternoon.

你好，下午好。

Can you give us an idea on, in terms of Mac mini and Best Buy, when you did channel sell for that, will be that be in fiscal second or fiscal third quarter?

你能給我們一個關於 Mac mini 和百思買的想法，當你為此進行渠道銷售時，是在第二財季還是第三財季？

And can we talk a little bit about what is going on in PowerMac?

我們能談談 PowerMac 中發生了什麼嗎？

Obviously we're expecting a refresh coming, it has been quite a while and you had strong PowerBook sales, but how should we think about that line item going forward, especially given that you're not going to be breaking it out any more?

顯然，我們期待更新即將到來，已經有一段時間了，您的 PowerBook 銷售強勁，但我們應該如何看待該產品線的未來，特別是考慮到您不會再打破它？

On Best Buy, we did ship some units last quarter and they began to sell units at the beginning of April and did their launch, which is an ad in their circular just this past weekend and so we are now selling the Mac mini in all of the Best Buy stores.

在百思買上，我們確實在上個季度發貨了一些設備，他們在 4 月初開始銷售設備並進行了發布，這是他們上週末通告中的廣告，所以我們現在在所有地區銷售 Mac mini百思買商店。

We are continuing to look at our channel strategy and -- to the degree that we can find channels that we believe give us incremental customers with a high quality buying experience, we would make other moves.

我們將繼續研究我們的渠道戰略，並且在我們能夠找到我們認為能夠為我們提供具有高質量購買體驗的增量客戶的渠道的程度上，我們將採取其他舉措。

But I've got nothing further to announce today.

但我今天沒有什麼要宣布的了。

On the PowerMac, the PowerMac is largely driven by our pro business, as is part of the PowerBooks, we continue to see desk top -- a desk top migration in that environment to mobile.

在 PowerMac 上，PowerMac 很大程度上是由我們的專業業務推動的，作為 PowerBooks 的一部分，我們繼續看到台式機——從那種環境中的台式機遷移到移動設備。

However, the PowerMac continues to be a very important part of our lineup for many of our audio, video, and DNP customers and obviously, we will continue to announce great things associated with the PowerMac.

但是，對於我們的許多音頻、視頻和 DNP 客戶來說，PowerMac 仍然是我們產品陣容中非常重要的一部分，顯然，我們將繼續宣布與 PowerMac 相關的偉大產品。

Any idea what your market share has been in PowerMac -- or you know, in the high end sales over the last couple of quarters?

知道您在 PowerMac 中的市場份額是多少——或者您知道，在過去幾個季度的高端銷售中？

There is not a good third party source of any of those professional markets.

這些專業市場都沒有良好的第三方來源。

We look at intention to buy surveys and we look at our own results, sequentially and year-over-year, and we are very happy with the progress we've made in audio, the momentum there has been very good, video goes through a slow down in the first calendar quarter of each year prior to NAV, which just begins next week, and we saw some of that last quarter, although less than we had anticipated.

我們查看購買意向調查並查看我們自己的結果，按順序和逐年對比，我們對我們在音頻方面取得的進展感到非常滿意，勢頭非常好，視頻經歷了在下週開始的資產淨值之前每年的第一個日曆季度放緩，我們在最後一個季度看到了一些，儘管低於我們的預期。

And then the DNP market remains what I would characterize as a kind of very slow kind of market, but a very important one to us.

然後 DNP 市場仍然是我將其描述為一種非常緩慢的市場，但對我們來說非常重要。

And then just one final quick question, the number of channels that HP is now selling its iPods in and how is that relationship given the management change at HP?

然後是最後一個快速的問題，惠普現在銷售其 iPod 的渠道數量以及在惠普管理層變動的情況下這種關係如何？

HP iPods made up less than 3% of the total iPod shipments for last quarter.

惠普 iPod 在上個季度的 iPod 總出貨量中佔比不到 3%。

They are continuing to distribute in the U.S. and have announced in the last day, just yesterday, that they are now expanding that lineup, beyond the 20 gig, which they have been selling, to include the 30 and 60 gig models of the iPod, and so we continue to be very happy to partner with them on this product.

他們繼續在美國分銷，並在昨天的最後一天宣布，他們現在正在擴大陣容，超越他們一直在銷售的 20 gig，包括 iPod 的 30 gig 和 60 gig 型號，所以我們很高興與他們合作開發這個產品。

Okay.

好的。

Thank you.

謝謝你。

Thanks, Shannon.

謝謝，香農。

Could we have the next question, please?

請問下一個問題好嗎？

We will go next to Gene Munster with Piper Jaffray.

我們將與 Piper Jaffray 一起前往 Gene Munster。

Hey, good afternoon, everybody.

嘿，大家下午好。

Could -- you talked a little bit about the actual CPU number was so strong, and just over a million units, can you talk a little bit about the strength in the halo or just maybe some -- a little bit of peripheral data around that?

可以——你談了一點實際的 CPU 數量是如此強大，剛剛超過 100 萬個單位，你能談談光環的強度，或者只是一些——一些外圍數據?

I know last quarter you had talked about some of that.

我知道上個季度你已經談到了其中的一些。

Sure.

當然。

Gene, I think the bottom line measure of any positive impact that we're seeing from iPod Windows customers on the MAC is really most clearly seen in our CPU shipments and again, we were up 43% year-over-year.

Gene，我認為我們從 iPod Windows 客戶那裡看到的對 MAC 的任何積極影響的底線衡量標准在我們的 CPU 出貨量中最為明顯，而且我們再次同比增長 43%。

We grew at four times the IDC's most recent published rate of market growth for the quarter.

我們的增長速度是 IDC 最近公佈的本季度市場增長率的四倍。

Two other things that we watch in addition to this are our sales through our retail stores.

除此之外，我們關注的另外兩件事是我們通過零售店進行的銷售。

Our CPU shipments through the retail stores were 144,000 in the second quarter.

我們在第二季度通過零售店的 CPU 出貨量為 144,000 個。

It was up 106%.

它上漲了 106%。

And in the low to mid 40% range are the people that bought those MACs, had never owned a MAC before.

在中低 40% 的範圍內，購買這些 MAC 的人之前從未擁有過 MAC。

So that certainly is some level of evidence for us.

所以這對我們來說肯定是某種程度的證據。

And also the --.

還有——。

What percentage was that again that had never owned a MAC before?

以前從未擁有過 MAC 的人又有多少百分比？

The low to mid 40% range.

低到中 40% 的範圍。

And the higher education results that Tim spoke about, we certainly think that a number of kids that had a great experience with an iPod opted to take an iBook or a PowerBook off to school with them.

而蒂姆談到的高等教育成果，我們當然認為許多對 iPod 有過很好體驗的孩子選擇帶著 iBook 或 PowerBook 上學。

And just in terms if you look at the -- you guys did a survey I guess starting last quarter about if you are a halo person we kind of want to hear your story.

如果你看一下 - 你們做了一項調查，我猜從上個季度開始，關於你是否是一個光環的人，我們有點想听聽你的故事。

Any kind of stories you can share with us regarding that survey that you guys did internally?

關於你們內部所做的調查，您可以與我們分享任何類型的故事嗎？

I don't have anything to share today.

我今天沒有什麼要分享的。

In terms of iTunes, operating margin on iTunes were just generic, slightly profitable, not profitable?

在iTunes方面，iTunes的營業利潤率只是一般，微利，不盈利？

The iTunes music store operated at a little above break even in the quarter.

iTunes 音樂商店在本季度的營業額略高於收支平衡。

Okay.

好的。

And last time, last quarter, I think you gave overall kind of market share expectations I think you talked about 70% of overall market share and 90% of hard disk drivers it seems like you've given out a little less detail this time.

上次，上個季度，我認為您給出了整體市場份額預期，我認為您談到了 70% 的整體市場份額和 90% 的硬盤驅動程序，這一次您似乎給出的細節少了一點。

Any thoughts in terms of what market share you would have on the hard disk side?

您對硬盤方面的市場份額有何想法？

Sure, let me tell you what we have from NPD, which is as of February.

當然，讓我告訴你我們從 NPD 獲得的信息，截至 2 月。

Our share of hard drive based MP3 players was about 90%, and we had reached 43% of the flash base, and we're at about 70% overall market share for February.

我們在基於硬盤的 MP3 播放器的份額約為 90%，我們已達到閃存基數的 43%，我們在 2 月份的整體市場份額約為 70%。

And that was up from where we were in the December quarter.

這比我們在 12 月季度的情況有所上升。

So you went from 0 to 43% of flash base?

所以你從 0 到 43% 的閃存基數？

Yes, in the month of February.

是的，在二月份。

And we do not yet have the March results.

而且我們還沒有三月份的結果。

Okay.

好的。

So let me just get that straight.

所以讓我直說吧。

In basically a month of the shuffle being available, it got 43% market share?

在洗牌後的一個月內，它獲得了 43% 的市場份額？

As reported by NPD, yes, that is accurate.

正如 NPD 報導的那樣，是的，這是準確的。

Okay.

好的。

Thank you.

謝謝你。

Thanks, Gene.

謝謝，吉恩。

Can we have the next question, please?

請問下一個問題可以嗎？

We will go next to Shawn Slayton with SG Cowen.

我們將和 SG Cowen 一起去 Shawn Slayton 旁邊。

Hi, guys.

嗨，大家好。

As a follow-up to that on the portable compressed audio side, maybe regarding your own market research, do you detect any meaningful trend as to flash player sales infringing on sales of your hard drive players?

作為便攜式壓縮音頻方面的後續行動，也許就您自己的市場研究而言，您是否發現閃存播放器銷售侵犯您的硬盤播放器銷售的任何有意義的趨勢？

And as a follow-up can you share with us your expectations for nearer term seasonal trends for portable players?

作為後續行動，您能否與我們分享您對便攜式播放器近期季節性趨勢的期望？

Thanks.

謝謝。

On your cannibalization question, we had -- we announced a number of things in the quarter with iPod.

關於你的蠶食問題，我們已經 - 我們在本季度宣布了一些關於 iPod 的事情。

We announced the shuffle, in January, we started shipping large volumes of it, in February, we changed the entry price of our iPod mini to 199 in late February.

我們宣布了洗牌，1 月份，我們開始大量出貨，2 月份，我們在 2 月下旬將 iPod mini 的入門價格更改為 199。

And in addition to that, we lowered the price of the two photo iPods all the way down to 349 for our starting price.

除此之外，我們將這兩款照片 iPod 的價格一路降到了 349 美元的起拍價。

And so there were lots of things happening.

所以發生了很多事情。

And given that, it is very difficult to answer a question about cannibalization.

鑑於此，很難回答關於自相殘殺的問題。

What we are certain about is that this expanded the total opportunity for us, and I think you heard in the last question that in a month that we were still ramping production, we were able to achieve a 43% market share number in the U.S. according to NPD, and so we absolutely believe that we are expanding our universe and obviously the total number of iPods that the Company shift increased from a holiday quarter to the first quarter, which I think it is just kind of unheard of in consumer electronics.

我們可以肯定的是，這擴大了我們的總機會，我想你在上一個問題中聽到，在我們仍在增加產量的一個月內，我們能夠在美國實現 43% 的市場份額。到 NPD，所以我們絕對相信我們正在擴大我們的世界，顯然公司從假日季度到第一季度轉移的 iPod 總數增加了，我認為這在消費電子產品中是聞所未聞的。

And so we're thrilled with the results.

所以我們對結果感到很興奮。

It is clear they're incremental but to what level of cannibalization it is, it is an impossible question to answer.

很明顯，它們是漸進的，但它的蠶食程度如何，這是一個不可能回答的問題。

Okay.

好的。

And then your expectations for nearer term seasonal trends for your portable audio players?

那麼您對便攜式音頻播放器近期季節性趨勢的期望是什麼？

We just give guidance of a total revenue, and EPS level and Peter covered those earlier in his comments.

我們只是給出總收入和每股收益水平的指導，彼得在他之前的評論中涵蓋了這些。

We do not project at the product level.

我們不在產品層面進行項目。

Okay.

好的。

Thanks much.

非常感謝。

Thanks, Shawn.

謝謝，肖恩。

Could we have the next question please?

請問下一個問題好嗎？

We will go next to Keith Bachman with Banc of America Securities.

我們將與美國銀行證券公司一起前往基思·巴赫曼 (Keith Bachman)。

Hi, two questions, if I could.

嗨，兩個問題，如果可以的話。

Number one, are there still geographies that you have opportunities to penetrate on the iPod side of the family, please?

第一，在家庭的 iPod 方面，您還有機會滲透的地區嗎？

We have various levels of market share in different geographies and the U.S. and the U.K., and Australia tend to be among the highest, and so there's clearly more -- a lot more opportunity in the MP3 space and other geographies, and we're obviously working to grow that business in those geographies.

我們在不同地區以及美國和英國擁有不同水平的市場份額，而澳大利亞往往是最高的，因此顯然有更多——在 MP3 領域和其他地區有更多的機會，我們顯然是努力在這些地區發展該業務。

So in other words if I think about your business in the next couple of quarters, it would be reasonable to assume that incremental share gains in the category, higher opportunity for those in foreign geographies?

因此，換句話說，如果我在接下來的幾個季度考慮您的業務，是否可以合理地假設該類別的份額增加，外國地區的機會更大？

Is that a fair characterization even in the absence of growth or no growth in the market?

即使在市場沒有增長或沒有增長的情況下，這是一個公平的描述嗎？

Well, I -- clearly, there is more head room in the share outside of those three markets that I talked about.

好吧，我 - 顯然，在我談到的這三個市場之外的份額還有更多的空間。

There is more head room in Germany, in France, in China, in Japan, and you know, several different places.

在德國、法國、中國、日本還有更多的空間，你知道，在幾個不同的地方。

But I wouldn't assume that the market wouldn't grow.

但我不會假設市場不會增長。

No, no, I wasn't trying to say that.

不，不，我不是想說那個。

Let me try my question also in a different vector.

讓我在不同的向量中嘗試我的問題。

Is -- do you see the opportunity to increase your channel capabilities in the nonU.S., nonU.K., nonAustralia geographies?

是——您是否看到了在非美國、非英國、非澳大利亞地區增加您的渠道能力的機會？

We're continuing to expand our channel, yes, in all geographies, including the United States.

我們正在繼續擴大我們的渠道，是的，在所有地區，包括美國。

Okay.

好的。

We have now -- we now have store front locations up to 21,000 around the world.

我們現在擁有——我們現在在全球擁有多達 21,000 個店面。

That's up from 3 just a few years ago when we began the iPod business.

這比幾年前我們開始 iPod 業務時的 3 還要高。

Peter let me just switch subjects to the second one.

彼得讓我把話題轉到第二個。

You mentioned the capitalization of software, I think it was roughly 17 million if I heard you right that was pushed from this quarter to next quarter.

您提到了軟件的資本化，如果我沒聽錯的話，我認為大約是 1700 萬，這是從本季度推到下季度的。

Why was that?

那是為什麼？

We capitalize customers -- or software developer customers in accordance with FAS 86 so when we demonstrate technological feasibility we begin capitalization through Golden Master.

我們根據 FAS 86 對客戶或軟件開發商客戶進行資本化，因此當我們證明技術可行性時，我們會通過 Golden Master 開始資本化。

And Tiger went to Golden Master very recently.

老虎最近去了金大師。

So that means that we will stop capitalizing the development of it.

這意味著我們將停止利用它的開發。

And that means that we will see a sequential increase in OpEx in the June quarter as a result.

這意味著我們將因此看到 6 月季度的 OpEx 連續增長。

And in the March quarter.

在三月季度。

And actually in the December quarter as well.

實際上在 12 月季度也是如此。

We capitalized about $15 million in each quarter of Tiger development.

在 Tiger 開發的每個季度中，我們的資本約為 1500 萬美元。

But the fact that you pushed some OpEx from March to June, if I heard you right, means you shipped it a little later than you thought?

但是，如果我沒聽錯的話，您將一些 OpEx 從 3 月推到 6 月，這意味著您發貨的時間比您想像的要晚一點？

No, not later.

不，以後不會。

I think it was just conservative in the amount that I had built into the forecast.

我認為我在預測中建立的數量只是保守的。

Thank you.

謝謝你。

I don't want to infer that Tiger was late.

我不想推斷老虎遲到了。

In fact we were well ahead of our commitment in the first half of calendar '05.

事實上，我們在 05 年上半年的承諾遠遠超過了我們的承諾。

Okay.

好的。

Thank you.

謝謝你。

Thanks, Keith.

謝謝，基思。

Can we have the next question, please?

請問下一個問題可以嗎？

We will take our next question from Harry Blount with Lehman Brothers.

我們將向雷曼兄弟的 Harry Blount 提出我們的下一個問題。

Hi, guys.

嗨，大家好。

A couple of questions if I might.

如果可以的話，有幾個問題。

First of all, you had mentioned in the commentary and your results show that Japan increased fairly significantly sequentially.

首先，您在評論中提到，您的結果表明日本環比增長相當顯著。

Could you give us a little more color as to some of the actions you did take there, and some idea as to what actions are going to sustain the momentum?

你能否就你在那裡採取的一些行動給我們更多的色彩，以及一些關於哪些行動將維持勢頭的想法？

In Japan has really taken to the iPod.

在日本已經真正接受了 iPod。

The iPod has done extremely well there.

iPod 在這方面做得非常好。

Also, we have changed our channel fairly significantly.

此外，我們已經相當顯著地改變了我們的頻道。

We've opened more of our own retail stores.

我們開設了更多自己的零售店。

And in addition, we've made certain changes in the -- in our indirect channel and the sum of both of those have really brought Japan to a new level.

此外，我們在間接渠道中進行了某些更改，這兩者的總和確實將日本帶到了一個新的水平。

I do think that the economy in Japan is still weak and I think that we have much more to do but to have a 72% growth year-over-year is a really good milestone for us.

我確實認為日本的經濟仍然疲軟，我認為我們還有很多工作要做，但同比增長 72% 對我們來說是一個非常好的里程碑。

Great.

偉大的。

Peter, the next question is for you, actually.

彼得，實際上，下一個問題是給你的。

On the iPods I just want to circle back, I think you said that your inventory is roughly four to six weeks, and I know since you guys are basically out of stock in many SKUs at the end of the December quarter, am I thinking about it right at a high level to say if you have a 13-week quarter and you had 4 to 6 weeks at channel fill, we take the roughly 5.3 million iPods and divide it more by a 16 to 18-week quarter to get in effect your weekly true of sell-out demand here?

關於 iPod 我只想回過頭來，我想你說你的庫存大約是四到六週，我知道，因為你們在 12 月季度末的許多 SKU 基本上都缺貨，我在想如果你有一個 13 週的季度並且你有 4 到 6 週的頻道填充時間，我們將大約 530 萬個 iPod 再除以 16 到 18 週的季度來生效。你這裡每週的售罄需求真實嗎？

We have to consider that the shuffle began ramping in January and hit a kind of full throttle production in the second half of February.

我們必須考慮到洗牌在 1 月開始加速，並在 2 月下半月達到了一種全油門生產。

And so the shift -- the linearity of shipments was not -- it wasn't a perfect linearity through the quarter when you make that assessment.

因此，當您進行評估時，這種轉變——出貨量的線性不是——在整個季度中並不是一個完美的線性。

But if -- if you're trying to get to was there a channel fill.

但是如果——如果你想去的話，是否有頻道填充。

The answer is yes.

答案是肯定的。

Obviously, we had zero shuffles in the channel at the end of December.

顯然，在 12 月底，我們在頻道中的洗牌次數為零。

And we left with a reasonable level of inventory at the end of our -- at the end of last quarter.

我們在上個季度末留下了合理的庫存水平。

Yes, that's what I'm trying to get at, is of the 5.3, is it just back of the envelope, it looks like it is 1 to 1.5 million might have been channel fill.

是的，這就是我想要達到的，是 5.3 的，它只是在信封的背面，看起來它是 1 到 150 萬可能是頻道填充。

I don't want to get to an exact number.

我不想得到一個確切的數字。

Right, yes, that -- we're not going to give you an exact number, but that is high, and don't forget that we have a direct business as well, and so you've got -- when you look at your implied weekly sell-through, don't forget to factor that in.

對，是的，那個——我們不會給你一個確切的數字，但是這個數字很高，別忘了我們也有直接業務，所以你有——當你看您隱含的每週銷售量，不要忘記將其考慮在內。

Okay.

好的。

Great.

偉大的。

Thank you.

謝謝你。

Thanks, Harry.

謝謝，哈利。

Could we have the next question, please?

請問下一個問題好嗎？

We will go next to Stirling Levy with Arkoney.

我們將與 Arkoney 一起前往 Stirling Levy。

The question has been answered.

這個問題已經回答了。

Thank you.

謝謝你。

Great.

偉大的。

Could we have the next question, please?

請問下一個問題好嗎？

We will go to Richard Chu with SG Cowen.

我們將和 SG Cowen 一起去 Richard Chu。

Yes, thank you.

是的，謝謝。

Peter, you said earlier, I believe, that gross margins on iPods were running just a little bit over 20%.

彼得，你之前說過，我相信 iPod 的毛利率剛剛超過 20%。

Given that you didn't have a relatively dramatic shift, at least a contribution, substantial contribution from shuffle in the quarter, what can we infer in terms of margin dynamics within iPod?

鑑於您在本季度沒有發生相對顯著的轉變，至少是一個貢獻，來自 shuffle 的實質性貢獻，我們可以從 iPod 的利潤率動態方面推斷出什麼？

Were there improvements outside of shuffle?

shuffle 之外是否有改進？

Would shuffle have nondilutive impact on margins et cetera?

洗牌會對利潤率等產生非稀釋性影響嗎？

Can you comment on that generally?

你能對此發表一般評論嗎？

I can't because for competitive reasons, our competitors would love to know what our margins and/or our sales were by individual iPods.

我不能，因為出於競爭原因，我們的競爭對手很想知道單個 iPod 的利潤和/或銷售額是多少。

Well --.

出色地 - 。

The dynamics --.

動態——。

The component cost comment that you made generally, does that apply to a beneficial impact on iPod margins as well?

您一般所做的組件成本評論是否也適用於對 iPod 利潤的有利影響？

Of course.

當然。

But at the end of February, we also are reduced pricing on the iPod mini and on the iPod photo as well.

但在 2 月底，我們還降低了 iPod mini 和 iPod photo 的價格。

And if I can follow up on the -- the mini numbers are incorporated in iMac.

如果我可以跟進 - 迷你數字已包含在 iMac 中。

Is there -- is there any way you can give us a sense of the buy rate on mini from the nonMacintosh community as you did comment in general for retail in general?

有沒有什麼方法可以讓我們了解非 Macintosh 社區對 mini 的購買率，就像您對零售業的一般評論一樣？

Richard, I'm sorry, I don't have that data.

理查德，對不起，我沒有那個數據。

We survey retail MAC buyers, and that's how I provide you the data that I do on our retail sales.

我們對零售 MAC 買家進行調查，這就是我向您提供零售銷售數據的方式。

Anecdotally, I'm hearing from our retail stores, and we're hearing from our channels, that our Mac mini sales are coming from current MAC customers and Windows customers.

有趣的是，我從我們的零售店和我們的渠道中聽說，我們的 Mac mini 銷售來自當前的 MAC 客戶和 Windows 客戶。

Okay.

好的。

And then I thought -- the question may have been asked earlier but I wonder whether you can give it a shot again.

然後我想——這個問題可能之前已經問過了，但我想知道你是否可以再試一次。

Guidance on Q3 sequentially lower, does that -- does that assume a sequential decline in the -- in iPods?

第三季度的指導值連續下降，這是否假設 iPod 的連續下降？

Are you referring to revenue or gross margin?

你指的是收入還是毛利率？

No, revenues.

不，收入。

Well, we don't give individual product forecasts.

好吧，我們不給出個別產品的預測。

I can't answer that question.

我無法回答這個問題。

Okay.

好的。

Thanks a lot.

非常感謝。

Thanks, Richard.

謝謝，理查德。

Could we have the next question, please?

請問下一個問題好嗎？

We will go next to Brett Barecat with Trend Blank Capital.

我們將與 Trend Blank Capital 一起前往 Brett Barecat。

Thanks, I just wanted to ask about your attentions with cash.

謝謝，我只是想用現金詢問您的關注。

Cash is now north of $8 a share, and as we look out over the next 12 months, it will be probably closer to $10 a share or 25% of the Company's market value.

現金目前已超過每股 8 美元，而我們在未來 12 個月內展望，可能會接近每股 10 美元或公司市值的 25%。

And just interested what you're building so much cash for and do you intend to return it to shareholders and if so how you plan on doing that.

只是對您為之積累這麼多現金感興趣，您是否打算將其返還給股東，如果是，您打算如何做。

Okay.

好的。

I cannot address your future cash projection question.

我無法解決您未來的現金預測問題。

We will see how the cash continues to build over time.

我們將看到隨著時間的推移現金如何繼續增加。

From time to time our board does review our cash position and share buyback, but we have to date maintained our cash balances for flexibility to invest in the business, and I don't have a change in that position to share with you today.

我們的董事會不時會審查我們的現金頭寸和股票回購，但我們必須保持我們的現金餘額以靈活地投資於業務，我今天沒有這個頭寸的變化要與您分享。

Thank you.

謝謝你。

Thank you, Brett.

謝謝你，布雷特。

Could we have the next question, please?

請問下一個問題好嗎？

We will go next to Todd Smith with Wisconsin Investment Board.

我們將與威斯康星州投資委員會一起前往托德史密斯旁邊。

A question on share count.

關於份額計數的問題。

What caused the share count to go up so dramatically from a year ago?

是什麼導致股票數量比一年前大幅上升？

From a year ago, it's actually the stock option exercises accounted for most of the increase in our shares, our diluted shares outstanding.

從一年前開始，實際上是股票期權的行使佔了我們股票增加的大部分，我們的攤薄後流通股。

Okay.

好的。

Mostly stock option exercise.

主要是股票期權行使。

And then on the second question, on CPUs in Europe, first quarter CPUs, I guess were quite strong, they appear to be down while you just talked about Japan, anything going on in Europe that we need to know about?

然後關於第二個問題，關於歐洲的 CPU，我想第一季度的 CPU 相當強勁，當你剛剛談到日本時，它們似乎下降了，歐洲發生了什麼我們需要了解的事情？

The first quarter in Europe, that's the December quarter, is always an extremely strong period of time in Europe disproportionate to other regions and so it is natural that you have a reduction coming out of Q1.

歐洲的第一季度，即 12 月的季度，在歐洲始終是一個非常強勁的時期，與其他地區不成比例，因此很自然地，第一季度會出現下降。

Also, we took down our channel inventory slightly in Europe, and so the combination of those two things, I would call your attention to the revenue performance there is up 64% year-over-year, when you combine it with the retail segment, which is, you know, we're very happy with our progress there.

此外，我們在歐洲略微減少了我們的渠道庫存，所以這兩件事的結合，我會提請你注意那裡的收入表現同比增長 64%，當你將它與零售部門結合起來時，也就是說，你知道，我們對我們在那裡取得的進展感到非常滿意。

Okay.

好的。

Thank you for that.

謝謝你。

And let me just ask one quick last question on share count.

讓我問一個關於份額計數的最後一個問題。

Does Apple have the share buyback program?

蘋果有股票回購計劃嗎？

We do have a $500 million program that has been authorized by the board.

我們確實有一個獲得董事會授權的 5 億美元計劃。

There is is a little bit under 300 million remaining that we have not been active in the program for several years.

剩下的還有不到 3 億，我們已經好幾年沒有活躍在這個項目中了。

Okay.

好的。

Thank you.

謝謝你。

Thank you, Todd.

謝謝你，托德。

We have time for one more question, please.

我們有時間再問一個問題，拜託。

Today's final question comes from Ben Reitzes with UBS.

今天的最後一個問題來自瑞銀的 Ben Reitzes。

Well, I guess I will end on free cash flow.

好吧，我想我將以自由現金流結束。

What did you say again Peter, was the free cash flow in the quarter, if we're taking out exercise of options, and then if you could also explain why, with the sales you had, the receivables are pretty flat quarter to quarter, along with inventories, with the product build you've had?

彼得，你又說了什麼，是本季度的自由現金流，如果我們正在行使期權，然後如果你還可以解釋為什麼，隨著你的銷售額，應收賬款每個季度都相當平穩，連同庫存，以及您擁有的產品版本？

Okay.

好的。

Let me address your second question first.

我先回答你的第二個問題。

The receivables were reasonably flat.

應收賬款相當平穩。

Our DSO was at 25 days.

我們的 DSO 是 25 天。

That's really being driven by our strong direct sales.

這實際上是由我們強大的直銷推動的。

And our global collections team has just continued to do a fabulous job working with customers keeping our receivable balances current.

我們的全球收款團隊剛剛繼續出色地與客戶合作，確保我們的應收賬款餘額保持最新。

And you're right, our inventory remains relatively flat on a sequential basis.

你是對的，我們的庫存在連續的基礎上保持相對平穩。

And most of the inventory you see on the balance sheet is in the stores.

你在資產負債表上看到的大部分庫存都在商店裡。

In my prepared remarks, I had commented that cash was up about $600 million.

在我準備好的評論中，我評論說現金增加了大約 6 億美元。

In the quarter.

在季度。

And that came from our strong earnings, working capital management, and employee stock option exercises.

這來自我們強勁的收益、營運資金管理和員工股票期權行使。

Do you have the quantified -- should I just do the math on the employee stock options with -- or do you have that?

你有量化的——我應該對員工股票期權做數學計算嗎——還是你有？

Gary, what would that --

加里，那會是什麼——

Yes, actually, the proceeds from stock option exercises totaled $287 million.

是的，實際上，行使股票期權的收益總計 2.87 億美元。

Thanks a lot.

非常感謝。

That's including the tax benefit associated with those stock option exercises.

這包括與這些股票期權行使相關的稅收優惠。

Thank you.

謝謝你。

Okay.

好的。

Thank you, Ben.

謝謝你，本。

And thank you, everyone for joining us today.

謝謝大家今天加入我們。

A recording of today's call will be available for replay via telephone for seven days beginning at 5:00 p.m. pacific time today and the number for the replay is 719-457-0820.

從下午 5:00 開始，今天的通話錄音將在 7 天內通過電話重播。今天太平洋時間，重播號碼是 719-457-0820。

And the confirmation code is 7478762.

確認碼是7478762。

A replay of the audio Webcast of this call will also be available beginning at approximately 5:00 p.m. pacific time today, at www.Apple.com/investor.

下午 5:00 左右開始還可以重播本次電話會議的網絡廣播音頻。今天太平洋時間，www.Apple.com/investor。

And will remain available for approximately 12 months.

並且將保持可用大約 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。

And financial analysts can contact Joan Hoover or me with additional question, Joan is at 408-974-4570.

如果有其他問題，金融分析師可以聯繫 Joan Hoover 或我，Joan 的電話是 408-974-4570。

And I am at 408-974-5420.

我的電話是 408-974-5420。

Thank you.

謝謝你。

Ladies and gentlemen, this concludes our conference call today.

女士們先生們，今天的電話會議到此結束。

We thank you for your participation and you may disconnect your phone line at this time.

我們感謝您的參與，此時您可以斷開電話線。