蘋果 (AAPL) 2006 Q1 法說會逐字稿

Thank you for standing by. We're about to begin. Good day and welcome to this Apple Computer first quarter financial results conference call. Today's call is being recorded.

感謝您的支持。我們就要開始了。大家好，歡迎參加蘋果電腦第一季財務業績電話會議。今天的通話正在錄音。

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

現在，在開場白和介紹的時候，我想把電話轉給投資者關係和公司財務高級總監 Nancy Paxton 女士。請繼續。

Thank you. Good afternoon. Thanks to everyone for joining us. Speaking today is Apple CFO, Peter Oppenheimer, and he'll joined by Apple COO, Tim Cook, and Corporate Treasurer, Gary Whistler for the Q&A session with the analysts.

謝謝。午安.感謝大家的參與。今天的演講者是蘋果財務長彼得·奧本海默 (Peter Oppenheimer)，他將與蘋果首席營運長 Tim Cook 和公司財務主管 Gary Whistler 一起參加與分析師的問答環節。

Please note some that of the information you'll hear during this call consists of forward-looking statements regarding revenue, gross margin, operating expenses, other income and expense, taxes, earnings per share, Apple's retail initiatives, iPod shipments, future products including Intel-based Macs, components prepayments, and non-cash stock-based compensation expense.

請注意，您在本次電話會議中聽到的資訊包括有關收入、毛利率、營運費用、其他收入和支出、稅金、每股盈餘、蘋果零售計劃、iPod 出貨量、未來產品（包括基於英特爾的 Mac）、組件預付款和非現金股票薪酬費用的前瞻性陳述。

Actual results or trends could differ materially from our forecast. For more information please refer to the risk factors contained in the Company's Form 10-K for 2005. 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. A reconciliation of any GAAP and non-GAAP measures discussed will be posted on Apple's website, www.apple.com/investor.

實際結果或趨勢可能與我們的預測有重大差異。欲了解更多信息，請參閱公司 2005 年 10-K 表格中包含的風險因素。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，而不是替代方案。所討論的任何 GAAP 和非 GAAP 指標的對帳表都將發佈在 Apple 的網站 www.apple.com/investor 上。

I'd like to remind that you the second quarter of Apple's fiscal 2006 will end on April 1st, and will span 13 weeks, rather than the 14 weeks spanned by the first fiscal quarter. 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.

需要提醒大家的是，蘋果2006財年第二季將於4月1日結束，為期13週，而不是第一財季的14週。根據美國證券交易委員會 (SEC) 的公司資訊揭露規定，蘋果將透過網路現場直播此次分析師電話會議，向媒體和公眾公開此次會議。

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

接下來，我想將電話交給彼得‧奧本海默 (Peter Oppenheimer) 做開場發言。

Thank you, Nancy. Thank you for joining us. We are extremely proud to report a tremendous first quarter for Apple.

謝謝你，南希。感謝您加入我們。我們非常自豪地宣布蘋果公司第一季取得了出色的成績。

Revenue of 5.75 billion, increased over 2 billion from last quarter's record revenue, and was up 65% year-over-year. This quarterly results also exceeded Apple's revenue for all of fiscal 2002. The quarter's revenue was fueled by record shattering iPod sales, solid Mac sales, and a 14th week of business during the quarter.

營收為 57.5 億美元，比上一季創紀錄的營收增加了 20 多億美元，年增 65%。這一季度的業績也超過了蘋果2002財年全年的營收。本季的收入得益於創紀錄的 iPod 銷售、穩定的 Mac 銷售以及本季第 14 週的業務。

Quarterly net income nearly doubled on a year-over-year basis, and also widely eclipsed the previous record established in the September quarter. Based on unusually strong operating margin of 13%, net income was $565 million, or $0.65 per diluted share on a GAAP basis. Excluding the impact of non-cash stock based compensation, operating margin was 13.8%, net income was $595 million, and diluted earnings per share were $0.68.

季度淨收入比去年同期幾乎翻了一番，也遠遠超過了 9 月季度創下的紀錄。基於異常強勁的 13% 的營業利潤率，淨收入為 5.65 億美元，或以 GAAP 計算每股攤薄收益 0.65 美元。不包括非現金股票薪酬的影響，營業利益率為 13.8%，淨收入為 5.95 億美元，每股稀釋收益為 0.68 美元。

I'll now provide highlights of our two businesses, Mac and Music. Our Mac business generated 41% of total revenue, and was up 12% from the year-ago quarter. Mac shipments increased 20% year-over-year to 1.254 million, the highest quarterly total in six years. We continue to experience strong portable system sales. We shipped a combined total of 587,000 iBooks and PowerBooks representing 39% year-over-year growth. We shipped 667,000 desktop systems, representing 7% year-over-year growth.

現在我將介紹我們的兩大業務，Mac 和音樂。我們的 Mac 業務創造了總營收的 41%，比去年同期成長了 12%。Mac 出貨量年增 20%，達到 125.4 萬台，創下六年來季度最高出貨量。我們的便攜式系統銷售持續強勁。我們總共賣出了 587,000 台 iBooks 和 PowerBooks，年增 39%。我們出貨了 667,000 台桌上型電腦系統，較去年同期成長 7%。

Mac unit sales exceeded our internal expectations, despite what we believed was the positive sales associated with Intel transition. Reflecting on the September and December quarters, we were pleased with the lower than expected impact of the Intel transition on sales, and with the momentum of our Mac business. Our ending channel inventory remained below our target of 4 to 5 weeks, as planned, due to our Intel-based Macintosh announcement at MacWorld.

儘管我們認為 Mac 的銷售與英特爾轉型有關，但還是超越了我們的內部預期。回顧 9 月和 12 月季度，我們對英特爾轉型對銷售的影響低於預期以及 Mac 業務的發展勢頭感到滿意。由於我們在 MacWorld 上發布了基於 Intel 的 Macintosh，我們的期末通路庫存仍低於我們計劃的 4 至 5 週的目標。

Our music business generated 59% of total Apple revenue in the quarter, and was up 145% compared to the year-ago quarter. We sold over 14 million iPods during the quarter, more than 3 times the number we sold in the year ago quarter, and more than double the previous record number of iPods we sold in the September quarter. We're particularly proud of our execution, given that we replaced two of our three iPod lines including the highest volume iPod mini line, as we entered the holiday season.

我們的音樂業務在本季創造了蘋果總收入的 59%，與去年同期相比成長了 145%。本季度，我們銷售了超過 1,400 萬台 iPod，是去年同期的 3 倍多，是 9 月份季度 iPod 銷售記錄的兩倍多。我們對我們的執行感到特別自豪，因為隨著假期的到來，我們更換了三條 iPod 產品線中的兩條，包括銷量最高的 iPod mini 產品線。

Customer reaction to both the iPod Nano, and the fifth generation iPod was stunning. iPod channel inventories were lower than we would have liked during the quarter. At the end of the quarter, including units in transit, our channel inventory levels were within our four to six week target range, based on our current view of demand for the seasonally lower March quarter.

客戶對 iPod Nano 和第五代 iPod 的反應令人震驚。本季 iPod 渠道庫存低於我們的預期。根據我們目前對季節性較低的三月季度需求的看法，在本季末，包括在運輸途中的單位，我們的通路庫存水準在我們四到六週的目標範圍內。

It was a landmark quarter for the iTunes music store, with the addition of television, music video, and short film content, to the stores vast and growing library of music and audio books. The iTunes music store continues to be the world's leading on-line music service, and currently operates in 21 countries, that represent over 90% of the global music market. We have sold over 850 million songs, and 8 million videos to date, and according to Nielson sound scan, Apple accounted for 83% of the share of the U.S. market for legally purchased, and downloaded music during the month of December.

這是 iTunes 音樂商店具有里程碑意義的一個季度，商店龐大且不斷增長的音樂和有聲讀物庫中又增加了電視、音樂錄影帶和短片內容。iTunes 音樂商店繼續成為全球領先的線上音樂服務，目前業務覆蓋 21 個國家，佔據全球音樂市場的 90% 以上。到目前為止，我們已經售出了超過 8.5 億首歌曲和 800 萬個視頻，根據尼爾森聲音掃描的數據，12 月份蘋果佔據了美國合法購買和下載音樂市場 83% 的份額。

The Apple retail stores reached a significant new milestone in the December quarter by generating $1.072 billion in revenue, compared to $561 million in the year ago quarter. We opened 11 new stores during the quarter, exiting with 135. With an average of 129 stores open during the quarter, average quarterly revenue per store was $8.3 million, up 41% from the year-ago quarter. Retail segment profits rose sharply to $90 million, from $45 million in the year-ago quarter. And associated manufacturing margin, not reflected in retail segment profit was $199 million, up from $99 million in the year-ago quarter.

蘋果零售店在 12 月季度創下了新的重要里程碑，創造了 10.72 億美元的收入，而去年同期為 5.61 億美元。本季我們新開了 11 家店，現有門市 135 家。本季平均新開店 129 家，每家門市平均季度營收為 830 萬美元，比去年同期成長 41%。零售部門利潤從去年同期的 4,500 萬美元大幅成長至 9,000 萬美元。相關製造利潤（未反映在零售部門利潤）為 1.99 億美元，高於去年同期的 9,900 萬美元。

We're particularly proud of the momentum we have realized in our stores. In fiscal 2004 after three years of operation, we generated $1.185 billion in annual revenue through the stores. In fiscal 2005, we nearly doubled that number to $2.35 billion. Now in a single quarter, we have surpassed $1 billion in revenue.

我們對於我們商店所取得的進展感到特別自豪。經過三年的運營，我們在 2004 財年透過商店創造了 11.85 億美元的年收入。2005 財年，我們的營收幾乎翻了一番，達到 23.5 億美元。現在僅一個季度，我們的營收就已超過 10 億美元。

We will continue to add new stores at a measured pace, and expect to open a total of 40 new stores during fiscal '06. In terms of geographic results, including sales from our retail stores, quarterly revenue in Japan, the Americas, and Europe was up year-over-year by 92%, 70%, and 51% respectively. Gross margin was 27.2% on a GAAP basis, and included $5 million in expense related to noncash stock-based compensation.

我們將持續穩定增設新店，預計 2006 財年將開設總共 40 家新店。從地理分佈來看，包括零售店銷售額在內，日本、美洲和歐洲的季度營收分別較去年同期成長 92%、70% 和 51%。根據 GAAP 計算，毛利率為 27.2%，其中包括 500 萬美元的非現金股票薪酬相關費用。

Without this expense, non-GAAP gross margin would have been 27.3%. GAAP operating expenses were $814 million, including $39 million in expense related to stock-based compensation. Non-GAAP OpEx was $775 million, $55 million higher than our guidance, primarily due to variable expenses associated with a higher revenue level, a greater than expected mix of direct sales, and investments we made in our business.

如果沒有這筆費用，非公認會計準則毛利率將達到 27.3%。以美國通用會計準則計算的營運費用為 8.14 億美元，其中包括 3,900 萬美元的股票薪資相關費用。非公認會計準則營運支出為 7.75 億美元，比我們的預期高出 5500 萬美元，主要原因是與更高的收入水平相關的變動費用、高於預期的直銷組合以及我們在業務上進行的投資。

OI&E was $81 million, and the tax rate was 32%. Cash grew by $446 million during the quarter, to $8.707 billion. We made pre-payments of $750 million, related to previously announced agreements, for future supply of NAND Flash memory components.

OI&E 為 8,100 萬美元，稅率為 32%。本季現金增加 4.46 億美元，達到 87.07 億美元。根據先前宣布的協議，我們預付了 7.5 億美元，用於未來供應 NAND 快閃記憶體元件。

Without these prepayments, cash would have increased by about $1.2 billion. The cash generation was primarily a function of strong earnings, excellent working capital management, and employee stock option exercises. Cash flow from operations during the quarter was about $283 million, which includes the impact of a $750 million prepayment.

如果沒有這些預付款，現金將增加約 12 億美元。現金產生主要得益於強勁的獲利、優異的營運資本管理和員工股票選擇權的行使。本季經營現金流約 2.83 億美元，其中包括 7.5 億美元預付款的影響。

Capital expenditures in the quarter were $82 million, including $40 million for our retail initiative. Looking ahead to the March 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 quarter, which will span the typical 13, rather than 14 weeks, we are targeting the second best quarter in the Company's history, second only to last quarter, with revenue of about $4.3 billion. This target represents 33% year-over-year growth, and an increase of over $1 billion year-over-year.

本季資本支出為 8,200 萬美元，其中 4,000 萬美元用於零售計劃。展望三月季度，我想回顧一下我們的展望，其中包括南希在電話會議開始時提到的前瞻性資訊。本季將持續 13 週而不是 14 週，我們的目標是成為公司歷史上第二好的季度，僅次於上一季度，營收約 43 億美元。這一目標比去年同期成長33%，比去年同期增加10多億美元。

We are factoring into our guidance, a seasonal decline in iPods, and the beginning of our transition to Intel-based Macs. We expect a total quarterly cost of non-cash stock-based compensation to be approximately $49 million. We expect GAAP gross margin to be about 27.8%, reflecting approximately $5 million, related to stock-based compensation expense.

我們的預期中已經考慮到了 iPod 銷量的季節性下滑以及我們開始向基於英特爾處理器的 Mac 過渡等因素。我們預計非現金股票薪酬的季度總成本約為 4,900 萬美元。我們預期 GAAP 毛利率約為 27.8%，反映與股票薪酬費用相關的約 500 萬美元。

Without that expense, we expect non-GAAP gross margin to be about 27.9%. We expect GAAP OpEx to be about $774 million, including about $44 million, related to stock-based compensation, we expect non-GAAP OpEx to be about $730 million. We expect OI&Es to be about $72 million, and we expect the tax rate to be 32%. We expect to generate GAAP EPS of about $0.38, which includes an anticipated $0.04 per share related to noncash share-based compensation expense. We expect non-GAAP EPS to be about $0.42.

除去這筆費用，我們預計非 GAAP 毛利率約為 27.9%。我們預計 GAAP 營運支出約為 7.74 億美元，其中約 4,400 萬美元與股票薪酬有關，我們預計非 GAAP 營運支出約為 7.3 億美元。我們預計 OI&E 約為 7,200 萬美元，稅率為 32%。我們預計產生的 GAAP EPS 約為 0.38 美元，其中包括與非現金股權激勵費用相關的每股 0.04 美元。我們預計非 GAAP 每股收益約為 0.42 美元。

During the March quarter, we expect to pay the remaining $500 million of the $1.25 billion NAND Flash prepayment. We've just completed the best quarter in Apple's history! And fiscal '06 is off a great start. Our new Intel-based Macs announced at MacWorld, have been very well received. We remain extremely enthusiastic about our innovative product pipeline, and we are confident in our strategy.

在三月季度，我們預計將支付 12.5 億美元 NAND Flash 預付款中的剩餘 5 億美元。我們剛剛完成了蘋果史上最好的一個季度！2006 財年開局良好。我們在 MacWorld 上發布的基於 Intel 的新款 Mac 受到了熱烈歡迎。我們對我們的創新產品線仍然充滿熱情，我們對我們的策略充滿信心。

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

現在，我想開始提問。

Thank you. [OPERATOR INSTRUCTIONS]

謝謝。 [操作員指示]

We'll take as many questions as time permits, and in the order that you signal. We'll pause for just a moment. Our first question comes from Ben Reitzes of UBS.

我們將根據時間允許並按照您發出信號的順序回答盡可能多的問題。我們暫停一下。我們的第一個問題來自瑞銀的 Ben Reitzes。

Good afternoon, thanks a lot. Couple of things, Peter are you able to quantify the impact of the extra week? I believe last year you did not have the week after Christmas. This year you did. And so was this year's extra week extra big, or is it really hard to say, and then I just wanted to ask more about your guidance.

下午好，非常感謝。有幾件事，彼得，你能量化額外一週的影響嗎？我相信去年你沒有聖誕節後的一週。今年你做到了。那麼今年的額外周是否特別大，或者真的很難說，然後我只是想更多地了解您的指導。

Let me answer your first question. Yes, the 14th week this year did span between Christmas Day and New Year's Day, and that is traditionally, and it was this year, a very strong shopping week. And our earnings, expenses, and revenue were all higher as a result.

讓我來回答你的第一個問題。是的，今年的第 14 週確實跨越了聖誕節和元旦之間，按照傳統，這是一個購物旺季，今年也是如此。因此，我們的收入、支出和收益都增加了。

Okay. I mean, is it possible to say like it added 1 or 2 million iPods, or is it just too hard to say?

好的。我的意思是，是否可以說它增加了 100 萬或 200 萬台 iPod，或者這是否太難說了？

Ben, I would characterize it as a big week.

本，我認為這是重要的一周。

All right. Then with regard to your outlook, could you just tell us a little more about what you're expecting with the Intel transition? You're coming off a quarter where you guided 4.7, you come in at 5.75, now you're at 4.3. I mean, shouldn't we assume, why are you being so conservative? A little more detail on this exact Intel transition issue would be helpful, maybe even if you could go back through the weeks of inventory, and what you might expect further drain, or anything else?

好的。那麼關於您的展望，您能否再告訴我們一些您對英特爾轉型的期望？您上一季的預期為 4.7，而實際為 5.75，現在為 4.3。我的意思是，我們不應該假設，你為什麼這麼保守嗎？有關英特爾過渡問題的更多細節將會很有幫助，也許您可以回顧幾週的庫存情況，以及您可能預期的進一步消耗，或者其他什麼？

I'll let Tim address our channel inventory, but let me just speak to you in a little broader terms about our guidance. We factored a number of considerations into developing our guidance. First, and then this really was your first question, Q1 spans 14 weeks, and Q2 will span the normal 13 weeks, and again, the 14th week that we had this quarter was the week between Christmas and New Year's, which is a very strong shopping week.

我會讓蒂姆介紹我們的渠道庫存，但請允許我以更廣泛的術語向您介紹我們的指導。我們在製定指導時考慮了許多因素。首先，這確實是您的第一個問題，第一季跨越 14 週，第二季將跨越正常的 13 週，而且，本季度的第 14 週是聖誕節和新年之間的一周，這是一個非常強勁的購物週。

Second, for our Mac business, we have factored in the very strong response that we've received for the new Intel-based Macs that we announced at MacWorld. The limited number of shipping weeks that we will have on MacBook Pro, and the pause that we saw in customer demand for Q1.

其次，對於我們的 Mac 業務，我們已經考慮到了我們在 MacWorld 上發布的基於 Intel 的新款 Mac 所獲得的強烈反響。MacBook Pro 的出貨週數有限，我們看到第一季客戶需求出現暫停。

For the iPods, we have factored in the extraordinary demand in Q1, which was fueled by iPod being one of top holiday gifts of the season. Some channel fill that we had, and a seasonal drop in demand, as we go from the holiday quarter to the March quarter.

對於 iPod，我們已經考慮到第一季的異常需求，這是因為 iPod 是本季最暢銷的節日禮物之一。隨著我們從假日季度進入三月季度，一些管道已經飽和，需求也出現了季節性下降。

Did you say channel inventory for iPods were within the range, or even at the low end?

您是否說過 iPod 的渠道庫存在範圍內，甚至處於低端？

They were within the range, but maybe I'll let Tim make some comments on both Mac and the iPod Inventory.

它們在範圍內，但也許我會讓蒂姆對 Mac 和 iPod 庫存發表一些評論。

On iPod channel inventory, as has been widely reported in numerous places, our channel inventory was lower than we would have liked for most of the quarter.

關於 iPod 渠道庫存，正如許多地方廣泛報導的那樣，在本季度的大部分時間裡，我們的渠道庫存都低於我們的預期。

Shipments did improve on iPod across the quarter, and in particular the second half of December, the shipments were very strong. With the strong shipments, total channel inventory, which included a significant amount of inventory, that was in-transit at the end of the quarter, increased by approximately 550,000 units, as compared to the channel inventory at the beginning of the quarter. Despite that, the ending channel inventory was still below the targeted range of 4 to 6 weeks, based on December sales. However, we believe that the channel inventory is within our targeted range of 4 to 6 weeks, based on our current view of demand for the seasonally lower March quarter.

本季 iPod 的出貨量確實有所改善，尤其是 12 月下半月，出貨量非常強勁。由於出貨量強勁，本季末的總通路庫存（包括大量在途庫存）與本季初的通路庫存相比增加了約 55 萬台。儘管如此，根據 12 月的銷售情況，期末通路庫存仍低於 4 至 6 週的目標範圍。然而，根據我們目前對季節性較低的 3 月季度需求的看法，我們認為通路庫存在我們目標的 4 至 6 週範圍內。

In terms of the Mac channel inventory, we began the quarter below the targeted range of 4 to 5 weeks. And as we had planned, we ended the quarter below the targeted range in preparation for the MacWorld announcements that we made last week.

就 Mac 通路庫存而言，本季初我們的庫存低於 4 至 5 週的目標範圍。正如我們計劃的那樣，為了迎接上週在 MacWorld 上發布的公告，我們在本季度的業績低於目標範圍。

I'm going to cede the floor, one more. I see a situation where you still may have some lower than expected channel inventory, but are you seeing anything out there that is giving you any pause in the economy, or in the consumer markets, other than some of these Apple-related events that you're talking about?

我再一次放棄發言。我看到的情況是，你們的通路庫存可能仍然低於預期，但除了你們談到的一些與蘋果相關的事件之外，你是否還看到其他任何因素導致經濟或消費市場停頓？

What we are seeing is, we had an extraordinary response last week to our announcements at MacWorld, we were thrilled with the reaction that we've gotten, including the bookings on the new iMac and the Power Book, or MacBook Pro.

我們看到的是，上週我們在 MacWorld 上發布的產品獲得了非同尋常的反響，我們對收到的反饋感到非常興奮，包括新款 iMac 和 Power Book 或 MacBook Pro 的預訂。

Last quarter, we did see a pause, as some customers begin to speculate about the upcoming announcements at MacWorld. However, the Mac beat our internal expectations, as Peter had said. We obviously factored some level of pause into our guidance, and we were able to beat that number, and were very happy with it, and the overall momentum of the Mac business.

上個季度，我們確實看到了暫停，因為一些客戶開始猜測 MacWorld 即將發布的公告。然而，正如彼得所說，Mac 超出了我們的內部預期。我們顯然將一定程度的停頓納入了我們的預期，並且我們能夠超越這個數字，對此感到非常滿意，並且 Mac 業務的整體發展勢頭良好。

Thanks a lot.

多謝。

Thanks Ben. Could we have the next question, please?

謝謝本。我們可以問下一個問題嗎？

Rob Semple from Credit Suisse is our next question.

我們的下一個問題是瑞士信貸的 Rob Semple。

Kind of looking at the OpEx guidance, it is now basically in-line with your sales guidance. I know you don't give a target model anymore, but historically you used try to keep that tracking at about 50% of the growth of sales. How should we be thinking about that? Do you need to be spending this much, if top-line growth is going to be slowing like this?

從營運支出指導來看，它現在基本上與您的銷售指導一致。我知道您不再給出目標模型，但從歷史上看，您曾試圖將銷售成長追蹤保持在 50% 左右。我們該如何思考這個問題？如果營業收入成長速度如此放緩，你還需要花這麼多錢嗎？

As I said, we are very confident in our business, and our strategy and we are continuing to invest for long-term growth, both in revenue and in earnings. I've provided very strong guidance for the March quarter, with revenue growing at 33% and double-digit operating margin.

正如我所說，我們對我們的業務和策略非常有信心，我們將繼續投資以實現收入和收益的長期成長。我對三月季度的業績給出了非常強勁的預期，其中營收成長 33%，營業利潤率達到兩位數。

One follow-up on the Mac question. Obviously if you've had a strong response for the new products, does this mean you're very scared about iBook and PowerBook sales really deteriorating, until those new products are launched as well?

關於 Mac 問題的一個後續問題。顯然，如果您對新產品的反應強烈，這是否意味著您非常擔心 iBook 和 PowerBook 的銷售情況會惡化，直到這些新產品也推出為止？

We did see a pause last quarter, and as Peter has said, we factored what we saw last quarter into this quarter's guidance. We're thrilled with the response that we got last week, and as we said, we've started shipments of the iMac already, and given that we've got an entire quarter to ship it, we believe that we can, we're hopeful we can meet the demand on the iMac. But also as we announced last week, the MacBook Pro will begin shipping in February, and therefore, it has a limited number of weeks to ship during the quarter, and given that and the very strong response that we saw, we may not be able to meet the demand on the MacBook Pro.

我們確實看到了上個季度的暫停，正如彼得所說，我們將上個季度看到的情況納入了本季的指導中。我們對上週收到的回饋感到非常高興，正如我們所說的，我們已經開始發貨 iMac，而且考慮到我們有一整個季度的時間來發貨，我們相信我們可以，我們希望我們能夠滿足對 iMac 的需求。但正如我們上週宣布的那樣，MacBook Pro 將於 2 月開始發貨，因此，本季度發貨時間有限，鑑於這一點以及我們看到的強烈反響，我們可能無法滿足 MacBook Pro 的需求。

Okay. Thanks.

好的。謝謝。

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

謝謝，羅布。我們可以問下一個問題嗎？

Rebecca Runkle of Morgan Stanley.

摩根士丹利的 Rebecca Runkle。

Thanks. Good afternoon. Obviously a phenomenal quarter! Just want to dig down a little bit more on the CPU side of the equation, you've alluded several times to the fact that you saw a pause. Since that was the one area where some people could say they were disappointed on the December results, can you just provide a little bit more specificity, in terms of what you saw that gives you confidence that this is purely a pause in front of the product cycle, as opposed to any disconnect on the halo thesis, that many people have?

謝謝。午安.顯然這是一個非凡的季度！只是想在方程式的 CPU 方面深入挖掘一下，您已經多次提到您看到了暫停的事實。由於這是一些人對 12 月業績感到失望的一個方面，您能否更具體地說明您所看到的情況，讓您確信這純粹是產品週期前的暫停，而不是許多人認為的光環論的任何脫節？

Let me make some comments here. First of all, the Mac business, we're at 20% year-over-year, and it did beat our internal expectation, which had factored in a level of pause. We did see a pause. We received reports from a number of customers from different markets, that they were postponing purchases pending MacWorld's announcements.

我在這裡發表一些評論。首先，Mac 業務年增了 20%，這確實超出了我們內部的預期，儘管我們之前已經考慮到了一定程度的暫停。我們確實看到了停頓。我們收到了許多來自不同市場的客戶的報告，他們正在推遲購買，等待 MacWorld 的公告。

However, our results last week that we saw, and the reaction last week is extraordinary, and that gives us tremendous optimism about the customer reaction on the Intel-based Macintoshes. It's very difficult to predict how customers will react this quarter. And so we have obviously factored in, that kind of thinking into our guidance.

然而，我們上週看到的結果和反應非常出色，這讓我們對客戶對基於英特爾的 Macintosh 的反應充滿信心。很難預測本季客戶會如何反應。因此，我們顯然已將這種想法納入我們的指導中。

A year ago, we had a situation, as you recall, the comparison quarter, where we had a significant shortage of G5 chips in the September quarter, and then we began to fill the channel, and served the pent-up demand as we entered the December quarter. So the comparison frankly, is also a difficult comparison, and that has to be taken into consideration, as well in looking at the year-over-year results.

大家還記得，一年前，我們在 9 月季度遇到了這樣一種情況，G5 晶片嚴重短缺，然後我們開始填補管道，並在進入 12 月季度時滿足了被壓抑的需求。因此，坦白說，這種比較也是困難的，在查看同比結果時也必須考慮到這一點。

I know you guys don't specifically like to talk about specific products anymore, but would you at least confirm that more of the slowdown happened on the professional side of the equation, as opposed to the consumer side of the equation? Or is that not a trend that you saw?

我知道你們不再喜歡談論具體的產品，但你能否至少確認，更多的放緩發生在專業方面，而不是消費者方面？或者這不是您所看到的趨勢？

We had some level of reports from customers in different markets. I wouldn't want to pin it on one market above the other.

我們收到了一些來自不同市場客戶的報告。我不想把它歸咎於一個市場高於另一個市場。

Okay. Great. Thank so you much.

好的。偉大的。非常感謝。

Thanks Rebecca. Could we have the next question, please?

謝謝麗貝卡。我們可以問下一個問題嗎？

Next question, Bill Shope of JP Morgan.

下一個問題是摩根大通的 Bill Shope。

First of all, on your website you're still offering the iMac G5 and obviously the PowerMac G4, at the same price as the new Intel-based Macs, as you highlighted at MacWorld. Can you give us an idea of how much inventory you still need to work through for the legacy products, and also help us understand how you'll work through that inventory without discounting?

首先，正如您在 MacWorld 上所強調的那樣，您的網站上仍然提供 iMac G5 和 PowerMac G4，價格與新的基於 Intel 的 Mac 相同。您能否告訴我們您仍需要處理多少遺留產品的庫存，並幫助我們了解您將如何在不打折的情況下處理這些庫存？

Well, we don't, Bill, talk about future products, or future pricing, but we've certainly factored our thinking into our guidance, and we will continue to ship the iMac G5 and the Power Book 15" while supplies last.

嗯，比爾，我們不會談論未來的產品或未來的定價，但我們肯定會將我們的想法納入我們的指導中，我們將繼續發售 iMac G5 和 Power Book 15"，售完為止。

Just a clarification, on the in-transit inventory that you include in your channel inventory number, that's not recognized as revenue yet, right? You don't recognize that until that actual arrives at the retailer, or is that incorrect?

需要澄清的是，您在渠道庫存數量中包含的在途庫存尚未確認為收入，對嗎？直到實際到達零售商時您才意識到這一點，這是不正確的嗎？

No, we recognize shipments of our products in most cases when they are shipped from our factories.

不，大多數情況下，當我們的產品從工廠發貨時，我們會確認發貨。

Okay, one final question. Can you give us a read on margins for the iPod business for the quarter?

好的，最後一個問題。能向我們介紹一下本季 iPod 業務的利潤率嗎？

Sure. As you know I don't want to be, for competitive reasons, specific, nor do we want to talk about specific iPod sales, but I will tell that you that the iPod gross margins in the December quarter were above 20%.

當然。如你所知，出於競爭原因，我不想透露具體數字，我們也不想談論具體的 iPod 銷售情況，但我可以告訴你，12 月季度的 iPod 毛利率超過了 20%。

Thanks.

謝謝。

Thanks Bill. Could we have the next question please?

謝謝比爾。我們可以問下一個問題嗎？

Charles Wolf, Needham & Company.

查爾斯·沃爾夫，尼德漢姆公司。

Yes, I have a few questions. What was the split on Apple store Mac sales between Windows and Mac users?

是的，我有幾個問題。Apple 商店 Mac 銷售量中 Windows 用戶和 Mac 用戶的分成比例是多少？

Charlie, I'm sorry, I don't have that.

查理，對不起，我沒有。

Okay. Then what was the split between iPod sales, domestic versus international?

好的。那麼，iPod 的國內銷售和國際銷售的分佈如何？

Charlie, as I indicated in Bill's question, we don't want to talk about iPod sales by model or geography. I can tell you that with 14 million sold last quarter, we were thrilled with that result, and there where points in the quarter where we were too low in many of our channels.

查理，正如我在比爾的問題中所指出的，我們不想談論按型號或按地區劃分的 iPod 銷售情況。我可以告訴你，上個季度的銷量為 1400 萬台，我們對這個結果感到非常興奮，但本季度我們的許多管道的銷量都太低了。

Let me ask a final question then. At the MacWorld keynote last week, Steve indicated that music downloads were running at 3 million per week, I believe. I assume that that level was reached through a lot of redemptions of gift certificates, is that a reasonable assumption?

那麼讓我問最後一個問題。我相信，在上週的 MacWorld 主題演講中，史蒂夫表示音樂下載量每週達到 300 萬次。我認為這個水準是透過大量兌換禮券達到的，這是一個合理的假設嗎？

Yes, in the December quarter we sold a lot of iTunes music gift cards and certificates over at the store, but we're also having people purchase directly as well. We couldn't have been happier with the sales of iTunes in the December quarter.

是的，在 12 月季度，我們在商店銷售了大量 iTunes 音樂禮品卡和證書，但我們也讓人們直接購買。我們對 12 月季度 iTunes 的銷售情況感到非常滿意。

Charlie, that's 3 million per day, not 3 million per week, for clarity.

查理，為了清楚起見，這是每天 300 萬，而不是每週 300 萬。

Oh, yes, right. 3 million per day is right.

哦，是的，對。每天300萬是對的。

Thanks Charlie. Could we have the next question please?

謝謝查理。我們可以問下一個問題嗎？

Shannon Cross of Cross Research.

Cross Research 的 Shannon Cross。

Hi, everyone. Can you give us an idea, in terms of availability of components from Intel, and specifically is that leading to any delays, in terms of getting the MacBook Pro out? Just specifics. You said February. I mean, it's earlier rather than later in the month?

大家好。您能否向我們介紹一下英特爾組件的供應情況，特別是這是否會導致 MacBook Pro 上市延遲？只是具體細節。你說的是二月。我的意思是，這是月初而不是月底？

Let me answer the question broadly about supply of the iMac and the MacBook Pro. We've begun to ship the iMac. We're very happy with how the production ramp is going. We are extremely happy with the response we had last week, as I said before, as we are hopeful that we can meet the demand for the quarter.

讓我大致回答一下有關 iMac 和 MacBook Pro 供應的問題。我們已經開始販售 iMac。我們對產量提升的進展感到非常滿意。正如我之前所說，我們對上週收到的回覆感到非常高興，因為我們希望能夠滿足本季的需求。

On the MacBook Pro, as planned we are beginning to ship that in February. And given the number of weeks that would remain in the quarter to ship, and the extraordinary response that we've seen from our customers, we may not be able to meet demand on that product.

對於 MacBook Pro，按照計劃我們將於二月開始發貨。考慮到本季還剩下幾週的發貨時間，以及我們從客戶那裡看到的強烈反應，我們可能無法滿足該產品的需求。

Okay. And with regard to any product constraints in the last quarter, any thoughts on air freighting, any incremental costs that were associated with any shortages?

好的。關於上個季度的任何產品限制，對空運有何看法，以及與任何短缺相關的任何增量成本？

In the current quarter that's factored into our guidance, we would be air freighting the Intel-based iMacs, in order to get those into customers' hands very quickly. We also in the results in our Q1, that Peter's talked to, air freighted some number of iMacs, as we had rolled the line-up in October.

在我們的指導中，本季我們將空運基於英特爾的 iMac，以便盡快將它們送到客戶手中。我們也在第一季的業績中與 Peter 進行了交談，空運了一些 iMac，因為我們在 10 月推出了該系列。

Okay. Then finally, can you give us an idea of how many outlets you now are selling iPods in?

好的。最後，您能否告訴我們現在有多少家店銷售 iPod？

We are over 35,000 at this point, although we do not sell all models in all outlets.

目前我們的銷量已超過 35,000 輛，儘管我們並未在所有門市銷售所有車型。

Okay. Thank you.

好的。謝謝。

Thanks, Shannon. Could we have the next question, please?

謝謝，香農。我們可以問下一個問題嗎？

Joel Wagonfeld of First Albany Capital.

第一奧爾巴尼資本公司的喬爾·瓦根菲爾德。

Thank you. Three part question, if I could. #1, is there any chance the new iMac and Power Book have better gross margins, given the scale of the Intel ecosystem for other parts of the componentry?

謝謝。如果可以的話，我的問題分為三個部分。第一，考慮到英特爾生態系統對其他組件的規模，新 iMac 和 Power Book 是否有可能獲得更好的毛利率？

#2, is it accurate that the impacts of any price protection that you may have incorporated for planned discounts of the legacy G5 and G4 Macs already? Would that already have been incorporated in the December quarter, and hence it wouldn't negatively impact this March quarter?

#2，您是否已將價格保護措施納入舊版 G5 和 G4 Mac 的計劃折扣中，其影響是否準確？這是否已經納入 12 月季度，因此不會對 3 月季度產生負面影響？

Finally I just want to be clear. Are you saying with your comments on the inventory, that you think supply and demand are now in balance for all of the iPods, including the Nano 4-Gig? Thanks.

最後我只想澄清一下。您對庫存的評論是否意味著，您認為現在所有 iPod（包括 Nano 4-Gig）的供需都已平衡？謝謝。

Joel, Peter. Let me answer your first two questions, and Tim can address your third. As regards the Intel-based Mac gross margins, we don't want to provide specific gross margins for any of our products, and I've given you pretty detailed guidance for the December quarter. And I'm sorry, what was your second question?

喬爾，彼得。讓我來回答你的前兩個問題，提姆可以回答你的第三個問題。至於基於英特爾的 Mac 毛利率，我們不想為任何產品提供具體的毛利率，我已經為您提供了 12 月季度的非常詳細的指導。抱歉，您的第二個問題是什麼？

The impacts of any price protection would have already been incorporated last quarter?

任何價格保護的影響是否已經在上個季度反映出來了？

Right. As I had mentioned earlier, we are not going to talk about product plans, or pricing actions, that we've not already announced. But I can tell you that on any price protection that would affect our channel inventories, that we contemplate, we provided for in our December quarter. And future actions, beyond that would not affect the channel inventory, but March quarter sell-in, we have factored into our guidance for the March quarter.

正確的。正如我之前提到的，我們不會談論尚未宣布的產品計劃或定價行動。但我可以告訴你，對於任何會影響我們通路庫存的價格保護，我們都已在 12 月季度做好了準備。除此之外，未來的行動不會影響通路庫存，但三月季度的銷售量已納入我們對三月季度的預測。

Relative to the channel inventory on the iPod, on an aggregate basis, we believe that we're within our targeted range of 4 to 6 weeks, based on our current view of demand for the quarter. However, there are stock-outs in different places on different models and also, some countries, are leaner than others. We're working very, very hard right now to alleviate those situations.

相對於 iPod 的通路庫存，從整體來看，根據我們目前對本季需求的看法，我們認為我們處於 4 至 6 週的目標範圍內。然而，不同地區不同型號的缺貨情況不同，有些國家的缺貨情況比其他國家更差。我們現在正在非常努力地緩解這些情況。

Is the 4-gig still the key bottleneck?

4G 仍然是主要瓶頸嗎？

The 4-gig is lean in places. We're working very hard to get more 4-gig Nanos out there.

4-gig 在某些地方比較精簡。我們正在努力推出更多 4G Nano。

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

謝謝，喬爾。我們可以問下一個問題嗎？

Gene Munster of Piper Jaffray.

Piper Jaffray 的 Gene Munster。

Good afternoon, in terms of the big picture here conceptually, where you're going with the market share plan here, do you see yourself being a little bit more aggressive in 2006, in terms of your efforts to gain market share, maybe just in terms of breadth of distribution, and other ways that you can gain market share?

下午好，從概念上來說，從大局來看，您的市場份額計劃是怎樣的，您是否認為 2006 年您會在爭取市場份額的努力方面更加積極，也許只是在分銷廣度方面，以及其他可以獲得市場份額的方式？

Gene is your question, on the Macintosh or the iPod?

Gene，你的問題是在 Macintosh 還是 iPod 上？

On the Mac side.

在 Mac 端。

On the Mac side, we are very confident that we have selected the right course for the future of the Macintosh, and we reviewed processor roadmaps from many different sources, and knew that Intel has the best one by far. We have got the launch underway, we're very happy that we were able to do that 5 or 6 months before the expectation of doing it. We'll have the transition completed much earlier than the market anticipated by pulling it in until the end of 2006. And so we are very, very optimistic about the future of the Mac, and the way that we're headed.

在 Mac 方面，我們非常有信心，我們為 Macintosh 的未來選擇了正確的方向，我們從許多不同的來源審查了處理器路線圖，並知道英特爾擁有迄今為止最好的路線圖。我們已經啟動了發布工作，我們很高興能夠比預期提前 5 到 6 個月完成發布。我們將在 2006 年底前完成這項轉變，比市場預期的要早得多。因此，我們對 Mac 的未來以及我們的發展方向非常非常樂觀。

But there are also just a couple of, I mean, that's doing the product side, which I would say is very important, but there's also the distribution side, and the pricing side, and you guys couldn't probably have an opportunity to really put the hammer down in terms of picking up market share in 2006. So just conceptually, obviously you guys aren't going to talk about pricing, but do you see Apple being more aggressive at trying to gain market share in 2006, or kind of continue the status quo of creating the best products that, you know, happen to be more selective, in terms of distribution, and more selective in terms of price.

但是，我的意思是，還有幾個涉及產品方面的事情，我認為這非常重要，但還有分銷方面和定價方面，你們可能沒有機會在 2006 年真正抓住市場份額的機會。所以從概念上講，顯然你們不會談論定價，但你是否認為蘋果在 2006 年會更積極地爭取市場份額，或者繼續保持現狀，創造最好的產品，你知道，在分銷方面更有選擇性，在價格方面更有選擇性。

We're going to continue to make the best products on the face of the earth. That's the reason that we're here.

我們將繼續製造地球上最好的產品。這就是我們來這裡的原因。

On a distribution basis, we continue to open stores. We also continue to look at different alternatives in the channels, and when we find things that we like, and we would obviously do those if they're beneficial.

在分銷方面，我們繼續開設商店。我們也會繼續在頻道中尋找不同的替代方案，當我們發現自己喜歡的東西時，如果它們有益，我們顯然會去做。

I wouldn't want to comment on the price question.

我不想對價格問題發表評論。

Okay. Then last question is, outside the extra week in the December quarter, and outside of people postponing their purchases in anticipation of the Intel-based, is there any reason to think that the seasonality between December and March should be any different than previous years?

好的。最後一個問題是，除了 12 月季度的額外一周，以及人們為了期待英特爾產品而推遲購買之外，還有什麼理由認為 12 月至 3 月之間的季節性應該與往年有所不同？

On the Macintosh or the iPod?

在 Macintosh 還是 iPod 上？

The overall business. The overall seasonality between December and March.

整體業務。12 月至 3 月之間的整體季節性。

Yes, there is a reason to think the seasonality at a total company would be different, because the music business was a much higher percentage of our business in the December quarter, than it had previously been. And so obviously the iPod would have a different seasonal curve, than the Macintosh would have.

是的，我們有理由認為整個公司的季節性會有所不同，因為音樂業務在 12 月季度的業務佔比以前高得多。因此，iPod 的季節性曲線顯然與 Macintosh 不同。

Okay. That makes sense. Great. Thank you.

好的。這很有道理。偉大的。謝謝。

Thanks, Gene. Could we have the next question, please?

謝謝，吉恩。我們可以問下一個問題嗎？

Richard Chu of Cowen.

Cowen 的 Richard Chu。

Yes, hi, thank you. Just wanted to repeat, three questions on seasonality on the guidance. You are assuming, distant alert, I've seen a stronger seasonal decline in the music business than systems. Is that the point of your comment?

是的，你好，謝謝你。只是想重複一下，關於指導季節性的三個問題。您假設，遠距離警報，我已經看到音樂產業的季節性下滑比系統更為嚴重。這就是你評論的重點嗎？

We didn't hear you, would you repeat the last part of your question?

我們沒有聽到您的聲音，您能重複問題的最後一部分嗎？

The impact of -- Tim's response to the prior question was effectively that you are assuming a larger seasonal decline in music business than the Mac business.

提姆對前一個問題的回答實際上表明，你假設音樂業務的季節性下滑幅度大於 Mac 業務。

What I'm saying specifically is that if you look at previous years for Apple, and Q1 results, and just look at the total revenue, we would not expect the total revenue to look the same sequentially, as it had in the past, because we were operating with a much higher music content in the Q1 and the holiday period.

我具體要說的是，如果你看看蘋果前幾年的第一季業績，看看總收入，我們不會認為總收入會像過去那樣按順序出現，因為我們在第一季度和假期期間運營的音樂內容要多得多。

Okay. If I can follow on, second question, you kept as you've said, the old product price points unchanged. Can I fundamentally ask why? That would suggest that you assume users perceive the same value or performance for all the new. Could you comment on that?

好的。如果我可以繼續的話，第二個問題，正如您所說的，舊產品的價格點保持不變。我可以從根本上問為什麼嗎？這表示您假設使用者對所有新產品都具有相同的價值或效能。您能對此發表評論嗎？

We're selling the iMac G5 and the Power Book G4 15" product while supplies last, and we've factored our thinking into our guidance.

我們正在銷售 iMac G5 和 Power Book G4 15" 產品，售完即止，並且我們已將我們的想法納入我們的指導中。

So you, effectively you're saying you see no need to reduce prices, despite the perceived difference in value.

所以，實際上你是說，儘管價值有差異，但你認為沒有必要降低價格。

I'm saying that anything that we're planning on doing we've factored into our guidance, and that we are only selling these while supplies last.

我的意思是，我們計劃要做的任何事情都已納入我們的指導範圍，並且我們只會在庫存充足的情況下出售這些產品。

Finally, if my rough calculations on the implied music and video download revenue streams are correct, excluding that, downloads and iPod, the remainder of the music revenue streams look like the non-iPod, non-download music revenues increased dramatically, Q4 to Q1. Could you comment on that, and on the seasonality and dynamics associated with that business?

最後，如果我對隱含的音樂和影片下載收入流的粗略計算是正確的，那麼除了下載和 iPod 之外，其餘的音樂收入流看起來就像非 iPod，非下載音樂收入從第四季度到第一季大幅增加。您能對此以及與該業務相關的季節性和動態發表評論嗎？

Sure. Richard this is Peter. There are now over 2,000 different accessories that you can buy with your iPod, and fundamentally, those are the revenue streams I think that you're referring to. We did very well with our sales of these in the quarter, both the Apple branded, and our third-party developers that we sold directly. We expect to have a good quarter in March, and honestly we're going to learn more about the seasonality of this part of the business, because it's bigger, it's growing.

當然。理查德，這是彼得。現在，您可以隨 iPod 購買超過 2,000 種不同的配件，從根本上來說，我認為這些就是您所指的收入來源。本季度，我們的產品銷售情況非常好，包括蘋果品牌產品和我們直接銷售的第三方開發人員產品。我們預計三月的季度業績會很好，老實說，我們將更多地了解這部分業務的季節性，因為它的規模更大，而且還在增長。

I've said this before, and I believe it to be the case that many people will buy an iPod, and then later come back to add accessories to it. And this seems to be a part of our business that has more of a recurring revenue stream. Much like the iTunes music store. We're very pleased with what we're seeing, and we're learning more about it.

我以前就說過，我相信很多人會購買 iPod，然後再回來為其添加配件。這似乎是我們業務中具有更多經常性收入來源的一部分。很像 iTunes 音樂商店。我們對所看到的情況感到非常高興，並且我們正在對此進行更多的了解。

Can you update us on profitability of the music store?

可以向我們介紹一下音樂商店的獲利情況嗎？

The music store in the December quarter did operate above breakeven.

12 月季度的音樂商店確實實現了盈虧平衡。

Thank you.

謝謝。

Thanks, Richard. Could we have the next question, please?

謝謝，理查。我們可以問下一個問題嗎？

Next question comes from Richard Gardner of Citigroup.

下一個問題來自花旗集團的理查德·加德納。

Thank you. Tim, was hoping you could just give us your standard pitch on component pricing and availability during the first and second fiscal quarters for the major commodities that you buy, then also I was hoping that you could give us the mix of web-direct sales in the quarter, please?

謝謝。蒂姆，我希望您能給我們提供一下您購買的主要商品在第一和第二財季的零部件定價和供應情況的標準信息，然後我也希望您能給我們提供一下本季度網絡直銷的組合情況，好嗎？

On a component basis, Rich, what we saw last quarter was that we had a very favorable component environment, both in terms of LCDs and memory, both of those were more favorable than we had predicted. As we enter into this quarter, we continue to see the LCDs being in a favorable environment, because supply is greater than demand. We do expect the DRAM market to stabilize some, as more of the manufacturing capacity is converted to NAND Flash. Hard drive prices continue to decline, but they're declining at a lower than historical rate, due to some underlying component shortages.

從組件角度來看，Rich，我們上個季度看到的是，我們擁有非常有利的組件環境，無論是在 LCD 方面還是在內存方面，都比我們預期的要好。進入本季度，我們繼續看到液晶顯示器處於有利環境，因為供應大於需求。我們確實預計 DRAM 市場會有所穩定，因為更多的製造產能轉向 NAND Flash。硬碟價格持續下降，但由於一些潛在零件短缺，下降速度低於歷史水準。

Any comments on Flash?

對 Flash 有什麼評論嗎？

I'd continue to expect price reductions in the Flash area, as more and more people convert their DRAM capacity to NAND in the short term, but overall, as you can tell by the amount of prepay that we've elected to do, we viewed that particular market as not having as many downturns as some of the other commodity markets, and we believed it was very important to lock supply for the long term.

我預計快閃記憶體領域的價格將繼續下降，因為越來越多的人會在短期內將 DRAM 容量轉換為 NAND，但總體而言，正如您從我們選擇的預付款金額中可以看出的那樣，我們認為該特定市場不會像其他一些商品市場那樣出現那麼多的低迷，並且我們認為長期鎖定供應非常重要。

Okay. And then web-direct sales in the quarter?

好的。那麼本季的網路直銷情況如何？

We don't release the exact number, but I would tell you that the web sales were significant in the quarter.

我們沒有公佈確切的數字，但我要告訴你的是，本季的網路銷售額非常可觀。

Rich, I'll add that overall our direct sales, which include the web sales that Tim referred to, sales through our retail stores, and direct sales to U.S. education and enterprise and the music store, comprised 49% of total Apple revenue, and that was up from 44% in the year ago quarter.

里奇，我要補充一點，總體而言，我們的直銷收入（包括蒂姆提到的網絡銷售、透過我們的零售店銷售以及直接面向美國教育和企業以及音樂商店的銷售）佔蘋果總收入的 49%，高於去年同期的 44%。

Maybe, Peter, one more simple one for you. Can you talk about the location of the 40 new store openings that you've talked about for fiscal 2006, and how many of those are domestic versus international?

也許，彼得，還有一個簡單的問題可以給你。您能否談談 2006 財年新開的 40 家店的位置，其中有多少家是國內店，有多少家是國際店？

Would expect most of them to be domestically, but we'll continue to open stores in Canada, the UK and Japan as well.

預計大多數門市將在國內開設，但我們也會繼續在加拿大、英國和日本開設門市。

Okay. Thank you.

好的。謝謝。

Thanks, Rich. Next question, please.

謝謝，里奇。請問下一個問題。

And our next question will come from Steven Fortuna, Prudential Equity Group.

我們的下一個問題來自 Prudential Equity Group 的 Steven Fortuna。

Hi Peter and Tim. In terms of the seasonality of the iPod , in terms of which you are baking into the guidance, in terms of my model at least, so much of your earnings power for the quarter, and for the year for that matter, depends on upon assumptions one makes for seasonality in the March quarter. Looks like your guidance, if I'm doing it quickly, an perhaps it's not accurate, about a 45% sequential decline in iPods, it looks like you are baking in that kind of a decline to get to the numbers that you're guiding to. First of all, am I in the ballpark with that?

嗨，彼得和提姆。就 iPod 的季節性而言，就您將其納入指導而言，至少就我的模型而言，您本季度以及全年的盈利能力很大程度上取決於對三月季度季節性的假設。看起來您的指導，如果我快速計算的話，可能並不准確，iPod 銷量環比下降約 45%，看起來您正在考慮這種下降趨勢以達到您指導的數字。首先，我對此的理解準確嗎？

Secondly, if you don't comment on the iPod thing specifically, how do you think about the broader CE markets, in terms of typical March seasonality?

其次，如果您不具體評論 iPod 的事情，那麼就典型的三月季節性而言，您如何看待更廣泛的消費性電子市場？

Steve, it's Peter. I'll address that. I'm not going to provide specific product-level guidance. I didn't think you thought I would. But let me just make some comments about last year, and relate it a little bit to this year. Last year we did see a seasonal drop off, on the combination of our iPod and the iPod mini lines, which was more than offset by the introduction of the iPod Shuffle. And as was widely reported, and we've commented, the iPod was one of the top holiday gifts this season.

史蒂夫，我是彼得。我會解決這個問題。我不會提供具體的產品級指導。我不認為你會這麼認為。但是，我只想對去年做一些評論，並將其與今年稍微聯繫起來。去年，我們的 iPod 和 iPod mini 產品線的銷量確實出現了季節性下滑，但 iPod Shuffle 的推出彌補了這一下滑。正如廣泛報導和我們評論的那樣，iPod 是本季最暢銷的節日禮物之一。

It's natural to think that there would be a decrease in demand in the March quarter, from this exceptional holiday result, which again included a 14th week. You can go out and get some primary research on what would you see for, you know, various CE products.

從這個特殊的假期結果來看，很自然地會認為 3 月季度的需求會下降，其中又包括第 14 週。您可以出去進行一些初步研究，以了解各種 CE 產品的情況。

And then Peter in terms of, I'll leave that alone, and go on to my last question. Can you walk through, I think Tim commented on what he expects for components in the March quarter. Go through, if you could, kind of the puts and takes that you've factored into your gross March guidance?

然後關於彼得的問題，我就不多說了，繼續回答我的最後一個問題。您能否詳細介紹一下，我認為蒂姆已經評論了他對三月季度組件的期望。如果可以的話，請您介紹一下您在 3 月總預期中考慮的利弊？

Sure. Basically I am factoring in a different product mix, which would include fewer iPods and lower component costs.

當然。基本上，我考慮的是不同的產品組合，其中包括更少的 iPod 和更低的組件成本。

Great. Thanks.

偉大的。謝謝。

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

謝謝，史蒂夫。我們可以問下一個問題嗎？

Keith Bachman of Banc of America Securities.

美國銀行證券公司的基斯‧巴赫曼。

Two questions, if I could. Tim, I just want to clarify, I think what you said was you started the quarter with low inventory on the CPU side, and you ended a bit low too, so net/net it didn't sound like inventory played a big role in the December quarter on the CPU side. Could I just clarify that if I could for the first question?

如果可以的話，我有兩個問題。提姆，我只是想澄清一下，我認為你所說的是本季開始時 CPU 方面的庫存很低，而本季結束時庫存也有點低，所以淨/淨聽起來庫存在 12 月季度的 CPU 方面並沒有發揮很大的作用。我可以澄清一下第一個問題嗎？

We started below our range, we ended below our range, and we had planned that keep, because of the upcoming announcements that we made at MacWorld.

我們開始低於我們的範圍，我們結束低於我們的範圍，我們已經計劃保持這種狀態，因為我們即將在 MacWorld 上發佈公告。

Great. The second question, is there any way to conceptually think about how your CPU business may split, in terms of units at all between the Intel side, and the Mac side in this quarter? Is there any kind of general parameters you could think about, since the vast majority of your platform is still on the IBM processor side, or the G processor side. Is it 80/20, or is there any kind of color you could give us there?

偉大的。第二個問題，從概念上來說，本季您的 CPU 業務在英特爾和 Mac 之間的分配情況如何？您能否考慮任何類型的通用參數，因為您的平台絕大多數仍在 IBM 處理器或 G 處理器方面。是 80/20 嗎，或者您能給我們任何一種顏色嗎？

We're producing the best Macintoshes that Apple ever produced, and there are great products that have PowerPC processors in them, and incredible products that have Intel processors in them, and that we'll just have to see how the customers vote, in terms of the percentages of each.

我們正在生產蘋果有史以來最好的 Macintosh，其中還有搭載 PowerPC 處理器的優秀產品，以及搭載英特爾處理器的令人難以置信的產品，我們只需要看看客戶的投票情況，就每種產品的百分比而言。

Let me ask the software part of that question then, Tim, at least at MacWorld. Quark is running natively, and then the Apple software suite is running natively, and it sounds like [Rosetta] is still going to be a part of the software side of the equation, so you still have the emulation. Do you think that's going to cause people to pause at all, in terms of the performance that you're going to get?

那麼，提姆，讓我至少在 MacWorld 上問一下該問題的軟體部分。Quark 在本地運行，然後 Apple 軟體套件也在本地運行，聽起來 [Rosetta] 仍然會成為等式軟體方面的一部分，所以你仍然可以進行模擬。就您將獲得的性能而言，您認為這會讓人們停下來思考嗎？

What we're seeing is that Rosetta runs very well with products like Microsoft Office as an example, and as you commented, we've already ported the iLife suite and it's shipping on the new iMac, the new MacBook Pro, we have already ported iWork.

我們看到 Rosetta 與 Microsoft Office 等產品運作得非常好，正如您所說，我們已經移植了 iLife 套件，並且它已在新款 iMac、新款 MacBook Pro 上發售，我們也移植了 iWork。

Obviously the OS is native in all of the applications embedded in the OS, such as Mail and iChat, et cetera, are also ported. We have also announced as you may have heard, that the bulk of our Pro applications will be available in March natively. This includes Final Cut and Logic and Aperture, et cetera. There's a lot of things that are already native.

顯然該作業系統是原生的，所有嵌入在作業系統中的應用程序，例如 Mail 和 iChat 等，也都是移植的。您可能已經聽說，我們也宣布，我們的大部分 Pro 應用程式將於 3 月原生推出。其中包括 Final Cut、Logic 和 Aperture 等等。有很多東西已經是原生的了。

In fact, since we've announced last week, the websites have reported over 200 native apps already, and well over 1500 widgets, and so we're seeing great momentum from our developer community, and I think by making the announcement, obviously people are even more anxious than they already were to complete the work. We're very confident that we'll continue to see great momentum in that area.

事實上，自從我們上周宣布以來，該網站已經報道了超過 200 個原生應用程式和超過 1500 個小部件，因此我們看到了開發者社群的巨大發展勢頭，我認為透過宣布這一消息，顯然人們比以前更加急於完成這項工作。我們非常有信心，我們將繼續看到該領域的強勁發展勢頭。

Any idea when Microsoft and Adobe might be native?

知道微軟和 Adob​​e 什麼時候會成為原生的嗎？

That's a question for them. However, we've worked closely with Microsoft on, with running with Rosetta, and I would invite you to try that yourself. We certainly believe that users will be very satisfied with that experience.

這是他們的問題。然而，我們已經與微軟密切合作，並運行 Rosetta，我邀請您親自嘗試。我們當然相信使用者會對這種體驗非常滿意。

Fair enough. Thanks very much, guys.

很公平。非常感謝大家。

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

謝謝，基斯。我們可以問下一個問題嗎？

David Bailey of Goldman Sachs.

高盛的戴維貝利。

Yes, good afternoon. You mentioned that iPod margins were above 20% in the quarter? Is that from lower component costs, or a better mix, and how sustainable is that?

是的，下午好。您提到本季 iPod 的利潤率超過了 20%？這是由於組件成本降低，還是由於更好的組合，其可持續性如何？

David, I'm sorry I don't want to be specific on any of those parts of your question. We said that they were above 20% in the quarter, and I will report to you in April what they were for the March quarter.

大衛，很抱歉，我不想具體回答你問題中的任何部分。我們說過本季的成長率超過了 20%，我將在四月向你們報告三月季度的成長率。

Okay. Let me try something on the Mac side. Do you expect to end the March quarter within your targeted channel inventory range, and if so, how much fill do you think you'll have in the quarter? How much have you included in your targets?

好的。讓我在 Mac 端嘗試一些東西。您是否預期三月季度末的庫存量將處於目標通路庫存範圍內？如果是，您認為本季的庫存填充量是多少？您的目標包含了多少內容？

We don't project channel inventory, David. We guide to a total revenue number, and Peter has provided that guidance.

我們不預測渠道庫存，大衛。我們指導總收入數字，彼得已經提供了該指導。

Okay. Thank you.

好的。謝謝。

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

謝謝，大衛。我們可以問下一個問題嗎？

Shaw Wu, American Technology.

肖吳，美國技術。

Yes. Two questions. Europe looked like it was very, very strong. Just wondered if you could provide more color there, in terms of what happened there in terms of I guess the Mac business versus the music business. The second question in R&D, looks like it took a bit of a spike, in terms of absolute dollars but certainly not so, in terms of percentage of revenue. Just wondering how we should think of R&D spending? Should it remain at these levels, or could it trend down? Thanks.

是的。兩個問題。歐洲看起來非常非常強大。我只是想知道您是否可以提供更多細節，就 Mac 業務與音樂業務而言，發生了什麼。關於研發的第二個問題，從絕對金額來看，研發投入似乎出現了一些成長，但從營收百分比來看，成長幅度肯定不是那麼大。只是想知道我們該如何看待研發支出？它應該維持在這些水準嗎，還是會呈現下降趨勢？謝謝。

Shaw, let me address your R&D question, and Tim can talk a bit about Europe. As I mentioned earlier, we are very confident in our business, and we are investing in the business for long-term growth in both revenue and earnings. And a big part of that is our investment in engineering. And you've seen it go up each quarter for the last many quarters, and just expect us to continue to invest not only in engineering, but in opening more retail stores, more advertising and marketing programs, to grow the business.

肖，讓我來回答一下你的研發問題，提姆可以談談歐洲。正如我之前提到的，我們對我們的業務非常有信心，我們正在投資該業務以實現收入和收益的長期成長。其中很大一部分是我們在工程方面的投資。你已經看到它在過去幾個季度中每個季度都在增長，我們不僅會繼續投資於工程，還會繼續投資於開設更多的零售店、更多的廣告和行銷計劃，以發展業務。

Shaw, on the Europe side the Mac shipments were up 49% sequentially from September, but as you probably know the September quarter in Europe is a traditionally weak quarter, because of the summer vacations that happen across most of Europe.

肖，在歐洲，Mac 的出貨量比 9 月環比增長了 49%，但您可能知道，由於歐洲大部分地區正處於暑假，歐洲 9 月季度傳統上是一個疲軟的季度。

In terms of revenue, Europe, with the retail stores, was up over 50%, and frankly there were many countries in Europe that had more, relatively more iPod constraints, and so that revenue number was held down by iPods a bit more than some of the other geographies.

就收入而言，擁有零售店的歐洲成長了 50% 以上，坦白說，歐洲許多國家對 iPod 的限制相對較多，因此與其他一些地區相比，iPod 的收入數字受到更大的抑制。

Thanks, Shaw. Could we have the next question, please?

謝謝，肖。我們可以問下一個問題嗎？

Steve Lidberg of Pacific Crest Securities.

太平洋頂峰證券公司的史蒂夫·利德伯格。

Good afternoon, guys. Was hoping first with regards to iPod, if you could kind of outline how you see the opportunity for the iPod, in terms of units, or other market comparisons, on the total opportunity available.

大家下午好。首先，關於 iPod，我希望您能概括一下您如何看待 iPod 的機會，從銷售或其他市場比較的角度，以及整體機會的角度。

Also, with regards to the creative professional market, can you comment with regards to the health of that market, both from a video perspective, as well as from publishing? Thanks.

此外，關於創意專業市場，您能否從影片和出版的角度評論一下該市場的健康狀況？謝謝。

On your second question on the creative professionals, we saw good growth in the video market on a year-over-year basis. We were very pleased with it. D & P was weak, and as you know the D & P market itself is not a hugely growing market, and so that's not out of our expectation by any means.

關於您關於創意專業人士的第二個問題，我們看到視訊市場比去年同期成長良好。我們對此非常滿意。D＆P 表現疲軟，而且如您所知，D＆P 市場本身並不是一個成長迅速的市場，因此這絕不出乎我們的意料。

In terms of opportunities on the iPod, we see the iPod as the absolute best player in the market. We've only recently announced the iPod Nano and the iPod. There's more video content on the way with the iPod. So I think there continues to be significant opportunity for the iPod in the overall music business.

就 iPod 的機會而言，我們認為 iPod 絕對是市面上最好的播放器。我們最近才發布了 iPod Nano 和 iPod。iPod 即將推出更多影片內容。因此我認為 iPod 在整個音樂產業中仍然具有巨大的機會。

Thanks Steve. Could we have the next question please?

謝謝史蒂夫。我們可以問下一個問題嗎？

We have a follow-up question from Ben Reitzes of UBS.

我們有來自瑞銀的 Ben Reitzes 的後續問題。

Good afternoon again. Couple things. Just caught me a little off-guard. That was pretty quick. With regard to other music at 491, much better than expected. I'm just wondering, you know, was there anything in there, that was particularly helpful meaning you're seeing a lot of extra shelves now of iPod accessories in many retailers, maybe if you're able to kind of talk to how much iPod accessories were in that number, and what is going on with the iPod ecosystem going forward, so we can model that line a little better?

午安.幾件事。只是讓我有點措手不及。那相當快。至於 491 的其他音樂，比預期的要好得多。我只是想知道，您知道，這裡面有什麼特別有用的東西嗎？這意味著您現在看到許多零售商的 iPod 配件貨架上擺滿了各種額外的配件，也許您可以談談其中有多少 iPod 配件，以及 iPod 生態系統的未來發展如何，這樣我們就可以更好地模擬這條線？

Ben, the two largest components of the other music related products and services, are first the iTunes music store, and then the iPod accessories, both the Apple branded, that we sell both directly and indirectly, and the developer iPod accessories, that we sell through the Apple on-line and retail stores. Both had significant growth year-over-year and sequentially.

本，其他音樂相關產品和服務的兩個最大組成部分首先是 iTunes 音樂商店，然後是 iPod 配件（包括我們直接和間接銷售的 Apple 品牌）以及開發商 iPod 配件（我們透過 Apple 在線和零售店銷售）。兩者同比和環比均有顯著增長。

The music store, we couldn't be happier with its performance. As I indicated earlier we are serving customers in 21 countries, where over 90% of music is purchased, and we saw strong growth, both year-over-year and sequentially, not only in music but with the addition of video. And we look forward to bringing more content both here in the United States, and in other places before too long.

這家音樂商店，我們對它的表現非常滿意。正如我之前所說，我們為 21 個國家的客戶提供服務，這些國家的音樂購買量超過 90%，而且我們看到，不僅在音樂方面，而且在視頻方面，我們的音樂業務都實現了同比和環比的強勁增長。我們期待不久後能在美國和其他地方帶來更多內容。

The accessory business continues to grow for us, both in terms of the Apple branded and our developer support. We now have over 2,000 accessories that you can buy with your iPod, the vast majority that Apple doesn't make. As I said, we're beginning to see a bit more of a recurring revenue stream there, where people are coming, and adding back that next accessory to their iPod family.

我們的配件業務持續成長，無論是從 Apple 品牌還是從開發者支援方面。現在，我們有超過 2,000 種配件可以與 iPod 一起購買，其中絕大多數不是 Apple 生產的。正如我所說的，我們開始看到更多的經常性收入流，人們來到這裡，為他們的 iPod 系列添加下一個配件。

Well, will-- that line is where we'll see the new radio tuner, I believe?

嗯，我相信我們會在那條線上看到新的收音機調諧器？

Yes, announced at MacWorld, yes.

是的，在 MacWorld 上宣布了，是的。

Now that radio tuner, any early indications on how that is doing?

現在，有沒有什麼跡象表明收音機調諧器的性能如何？

Well.

出色地。

And you can meet demand?

你能滿足需求嗎？

We're very pleased with the response on it, Ben, and we're working very hard to get units out. We are currently not meeting demand, but we're working really hard to try to do it, I'm not projecting whether we can or not for the full quarter at this point.

本，我們對此事的反應非常滿意，我們正在努力將產品推出。我們目前還沒有滿足需求，但我們正在努力嘗試做到這一點，我目前還不能預測我們是否能夠滿足整個季度的需求。

I mean, is that like a millions units tracking type of device in the future, that kind of is a subset of iPod sales, is that the potential what we're looking at here with a high attach rate?

我的意思是，這是否就像未來數百萬台追蹤型設備一樣，是 iPod 銷售的一個子集，這是我們在這裡看到的具有高附加率的潛力嗎？

We don't give unit level guidance on the products.

我們不提供產品單位層級的指導。

I guess you're hoping. Okay. Thanks a lot.

我猜你是希望如此。好的。多謝。

Thanks, Ben. Could we have the next question, please?

謝謝，本。我們可以問下一個問題嗎？

We have a follow-up question from Rebecca Runkle. Please go ahead.

我們有來自 Rebecca Runkle 的後續問題。請繼續。

Asked and answered. Thanks a lot.

一問一答。多謝。

Thanks, Rebecca. Could we have the next question, please?

謝謝，麗貝卡。我們可以問下一個問題嗎？

A follow-up from Gene Munster of Piper Jaffray.

這是 Piper Jaffray 的 Gene Munster 的後續報導。

Mine's been answered as well. Thank you.

我的問題也得到了答案。謝謝。

Okay. Thanks Gene, and thanks to everyone for joining us. 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.

好的。感謝 Gene，也感謝大家的參與。今天的通話錄音將從下午 5 點開始透過電話提供七天的重播。今天太平洋時間。

The number for the replay is 719-457-0820. And the confirmation code is 1699046. 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.

重播號碼是 719-457-0820。確認碼為1699046。本次電話會議的音訊網路直播重播也將從下午 5:00 左右開始提供。太平洋時間今天訪問 www.Apple.com/Investor。

Members of the press with additional questions can contact Steve Dowling at 408-974-1896. Financial analysts can contact Joan Hoover or me with additional questions. Joan is at 408-974-4570. I'm at 408-974-5420. Thanks again.

如有其他問題，媒體人士可致電史蒂夫‧道林 (Steve Dowling)，電話：408-974-1896。如有其他問題，財務分析師可以聯絡 Joan Hoover 或我。瓊的電話是 408-974-4570。我的電話號碼是 408-974-5420。再次感謝。

Ladies and gentlemen, that does conclude our presentation for today. We do appreciate your participation. At this time, you may disconnect.

女士們、先生們，我們今天的演講到此結束。我們非常感謝您的參與。此時，您可以斷開連線。