蘋果 (AAPL) 2006 Q1 法說會逐字稿

Thank you for standing by.

謝謝你的支持。

We're about to begin.

我們要開始了。

Good day and welcome to this Apple Computer first quarter financial results conference call.

美好的一天，歡迎參加 Apple Computer 第一季度財務業績電話會議。

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 Ms. Nancy Paxton, Senior Director, Investor Relations and Corporate Finance.

在此進行開幕致辭和介紹時，我想將電話轉給投資者關係和企業融資高級總監 Nancy Paxton 女士。

Please go ahead.

請繼續。

Thank you.

謝謝你。

Good afternoon.

下午好。

Thanks to everyone for joining us.

感謝大家加入我們。

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.

今天發言的是蘋果首席財務官彼得奧本海默，他將與蘋果首席運營官蒂姆庫克和企業財務主管加里惠斯勒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、Apple 的零售計劃、iPod 出貨量、未來產品的前瞻性陳述，包括基於英特爾的 Mac、組件預付款和基於非現金股票的補償費用。

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 the risk factors contained in the Company's Form 10-K for 2005.

如需更多信息，請參閱公司 2005 年 10-K 表中包含的風險因素。

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，而不是代替 Apple 的 GAAP 結果。

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

所討論的任何 GAAP 和非 GAAP 措施的對賬將發佈在 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.

我想提醒您，Apple 2006 財年的第二季度將於 4 月 1 日結束，為期 13 週，而不是第一財季的 14 週。

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，蘋果正在通過互聯網直播此次電話會議，向媒體和公眾開放此次分析師電話會議。

With that, I'd like to turn the call over to 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 are extremely proud to report a tremendous first quarter for Apple.

我們非常自豪地報告了 Apple 第一季度的出色表現。

Revenue of 5.75 billion, increased over 2 billion from last quarter's record revenue, and was up 65% year-over-year.

收入為 57.5 億美元，比上一季度創紀錄的收入增長超過 20 億美元，同比增長 65%。

This quarterly results also exceeded Apple's revenue for all of fiscal 2002.

這一季度業績也超過了蘋果 2002 財年全年的收入。

The quarter's revenue was fueled by record shattering iPod sales, solid Mac sales, and a 14th week of business during the quarter.

本季度的收入受到創紀錄的 iPod 銷售、穩定的 Mac 銷售以及本季度第 14 週的業務增長的推動。

Quarterly net income nearly doubled on a year-over-year basis, and also widely eclipsed the previous record established in the September quarter.

季度淨收入同比幾乎翻了一番，也大大超過了 9 月季度創下的先前記錄。

Based on unusually strong operating margin of 13%, net income was $565 million, or $0.65 per diluted share on a GAAP basis.

基於 13% 的異常強勁的營業利潤率，淨收入為 5.65 億美元，或按公認會計原則計算的每股攤薄收益 0.65 美元。

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.

排除非現金股票薪酬的影響，營業利潤率為 13.8%，淨收入為 5.95 億美元，攤薄後每股收益為 0.68 美元。

I'll now provide highlights of our two businesses, Mac and Music.

我現在將介紹我們的兩個業務 Mac 和音樂的亮點。

Our Mac business generated 41% of total revenue, and was up 12% from the year-ago quarter.

我們的 Mac 業務佔總收入的 41%，比去年同期增長 12%。

Mac shipments increased 20% year-over-year to 1.254 million, the highest quarterly total in six years.

Mac 出貨量同比增長 20% 至 125.4 萬台，是六年來最高的季度總出貨量。

We continue to experience strong portable system sales.

我們繼續經歷強勁的便攜式系統銷售。

We shipped a combined total of 587,000 iBooks and PowerBooks representing 39% year-over-year growth.

我們總共出貨了 587,000 台 iBook 和 PowerBook，同比增長 39%。

We shipped 667,000 desktop systems, representing 7% year-over-year growth.

我們出貨了 667,000 台桌面系統，同比增長 7%。

Mac unit sales exceeded our internal expectations, despite what we believed was the positive sales associated with Intel transition.

儘管我們認為與英特爾轉型相關的銷售積極，但 Mac 的銷量仍超出了我們的內部預期。

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.

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。

Our ending channel inventory remained below our target of 4 to 5 weeks, as planned, due to our Intel-based Macintosh announcement at MacWorld.

由於我們在 MacWorld 上發布了基於英特爾的 Macintosh，我們的期末渠道庫存仍低於我們計劃的 4 到 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.

我們的音樂業務在本季度創造了蘋果總收入的 59%，與去年同期相比增長了 145%。

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.

我們在本季度售出了超過 1400 萬台 iPod，是去年同期銷量的 3 倍多，是我們在 9 月季度售出的 iPod 銷量的兩倍多。

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.

我們為我們的執行感到特別自豪，因為我們在進入假日季節時更換了三個 iPod 系列中的兩個，包括容量最大的 iPod mini 系列。

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.

客戶對 iPod Nano 和第五代 iPod 的反應令人震驚。 iPod 渠道庫存低於我們本季度的預期。

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.

根據我們目前對季節性較低的 3 月季度需求的看法，在本季度末，包括在途單位在內，我們的渠道庫存水平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.

對於 iTunes 音樂商店來說，這是一個具有里程碑意義的季度，增加了電視、音樂視頻和短片內容，商店龐大且不斷增長的音樂和有聲讀物圖書館。

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.

iTunes 音樂商店仍然是世界領先的在線音樂服務，目前在 21 個國家/地區開展業務，佔全球音樂市場的 90% 以上。

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.

迄今為止，我們已售出超過 8.5 億首歌曲和 800 萬個視頻，根據 Nielson 聲音掃描，Apple 在 12 月份合法購買和下載的音樂市場占美國市場份額的 83%。

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.

蘋果零售店在 12 月季度達到了一個重要的新里程碑，收入為 10.72 億美元，而去年同期為 5.61 億美元。

We opened 11 new stores during the quarter, exiting with 135.

我們在本季度開設了 11 家新店，以 135 家退出。

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.

本季度平均開設 129 家門店，每家門店的平均季度收入為 830 萬美元，比去年同期增長 41%。

Retail segment profits rose sharply to $90 million, from $45 million in the year-ago quarter.

零售部門的利潤從去年同期的 4500 萬美元急劇上升至 9000 萬美元。

And associated manufacturing margin, not reflected in retail segment profit was $199 million, up from $99 million in the year-ago quarter.

未反映在零售部門利潤中的相關製造利潤為 1.99 億美元，高於去年同期的 9900 萬美元。

We're particularly proud of the momentum we have realized in our stores.

我們對我們在商店中實現的勢頭感到特別自豪。

In fiscal 2004 after three years of operation, we generated $1.185 billion in annual revenue through the stores.

經過三年的運營，在 2004 財年，我們通過門店創造了 11.85 億美元的年收入。

In fiscal 2005, we nearly doubled that number to $2.35 billion.

在 2005 財年，我們幾乎將這個數字翻了一番，達到 23.5 億美元。

Now in a single quarter, we have surpassed $1 billion in revenue.

現在，在一個季度內，我們的收入已超過 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.

我們將繼續以有節制的速度增加新店，並預計在 06 財年總共開設 40 家新店。

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.

在地理結果方面，包括我們零售店的銷售額，日本、美洲和歐洲的季度收入分別同比增長 92%、70% 和 51%。

Gross margin was 27.2% on a GAAP basis, and included $5 million in expense related to noncash stock-based compensation.

按公認會計原則計算，毛利率為 27.2%，其中包括與非現金股票薪酬相關的 500 萬美元費用。

Without this expense, non-GAAP gross margin would have been 27.3%.

如果沒有這筆費用，非公認會計準則毛利率將為 27.3%。

GAAP operating expenses were $814 million, including $39 million in expense related to stock-based compensation.

GAAP 運營費用為 8.14 億美元，其中包括與股票薪酬相關的 3900 萬美元費用。

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.

非 GAAP 運營支出為 7.75 億美元，比我們的指導高 5500 萬美元，這主要是由於與更高的收入水平、高於預期的直接銷售組合以及我們對業務的投資相關的可變費用。

OI&E was $81 million, and the tax rate was 32%.

OI&E 為 8100 萬美元，稅率為 32%。

Cash grew by $446 million during the quarter, to $8.707 billion.

本季度現金增長 4.46 億美元，達到 87.07 億美元。

We made pre-payments of $750 million, related to previously announced agreements, for future supply of NAND Flash memory components.

我們預付了 7.5 億美元，與先前宣布的協議有關，用於未來供應 NAND 閃存組件。

Without these prepayments, cash would have increased by about $1.2 billion.

如果沒有這些預付款，現金將增加約 12 億美元。

The cash generation was primarily a function of strong earnings, excellent working capital management, and employee stock option exercises.

現金產生主要是由於強勁的收益、出色的營運資金管理和員工股票期權的行使。

Cash flow from operations during the quarter was about $283 million, which includes the impact of a $750 million prepayment.

本季度的運營現金流約為 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.

本季度的資本支出為 8200 萬美元，其中 4000 萬美元用於我們的零售計劃。

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.

展望 3 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, 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.

本季度將跨越典型的 13 周而不是 14 週，我們的目標是公司歷史上第二好的季度，僅次於上一季度，收入約為 43 億美元。

This target represents 33% year-over-year growth, and an increase of over $1 billion year-over-year.

這一目標意味著同比增長 33%，同比增長超過 10 億美元。

We are factoring into our guidance, a seasonal decline in iPods, and the beginning of our transition to Intel-based Macs.

我們正在考慮我們的指導、iPod 的季節性下降以及我們向基於英特爾的 Mac 過渡的開始。

We expect a total quarterly cost of non-cash stock-based compensation to be approximately $49 million.

我們預計非現金股票薪酬的季度總成本約為 4900 萬美元。

We expect GAAP gross margin to be about 27.8%, reflecting approximately $5 million, related to stock-based compensation expense.

我們預計 GAAP 毛利率約為 27.8%，反映約 500 萬美元，與基於股票的薪酬費用有關。

Without that expense, we expect non-GAAP gross margin to be about 27.9%.

如果沒有這筆費用，我們預計非 GAAP 毛利率約為 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.

我們預計 GAAP 運營支出約為 7.74 億美元，其中與股票薪酬相關的約 4400 萬美元，我們預計非 GAAP 運營支出約為 7.3 億美元。

We expect OI&Es to be about $72 million, and we expect the tax rate to be 32%.

我們預計 OI&E 約為 7200 萬美元，我們預計稅率為 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.

我們預計將產生約 0.38 美元的 GAAP 每股收益，其中包括與基於非現金股票的薪酬費用相關的預期每股 0.04 美元。

We expect non-GAAP EPS to be about $0.42.

我們預計非公認會計原則每股收益約為 0.42 美元。

During the March quarter, we expect to pay the remaining $500 million of the $1.25 billion NAND Flash prepayment.

在第三季度，我們預計將支付 12.5 億美元 NAND 閃存預付款中剩餘的 5 億美元。

We've just completed the best quarter in Apple's history!

我們剛剛完成了 Apple 歷史上最好的一個季度！

And fiscal '06 is off a great start.

06 財年是一個良好的開端。

Our new Intel-based Macs announced at MacWorld, have been very well received.

我們在 MacWorld 上發布的基於 Intel 的新 Mac 受到了好評。

We remain extremely enthusiastic about our innovative product pipeline, and we are confident in our strategy.

我們仍然對我們的創新產品線充滿熱情，我們對我們的戰略充滿信心。

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

有了這個，我想打開問題電話。

Thank you. [OPERATOR INSTRUCTIONS]

謝謝你。 [操作員說明]

We'll take as many questions as time permits, and in the order that you signal.

在時間允許的情況下，我們會按照您發出信號的順序回答盡可能多的問題。

We'll pause for just a moment.

我們將暫停片刻。

Our first question comes from Ben Reitzes of UBS.

我們的第一個問題來自瑞銀的 Ben Reitzes。

Good afternoon, thanks a lot.

下午好，非常感謝。

Couple of things, Peter are you able to quantify the impact of the extra week?

有幾件事，彼得，你能量化額外一周的影響嗎？

I believe last year you did not have the week after Christmas.

我相信去年你沒有聖誕節後的一周。

This year you did.

今年你做到了。

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.

今年的額外一周特別大，或者真的很難說，然後我只是想問更多關於你的指導。

Let me answer your first question.

讓我回答你的第一個問題。

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.

是的，今年的第 14 週確實跨越了聖誕節和元旦，這是傳統的，今年是一個非常強勁的購物週。

And our earnings, expenses, and revenue were all higher as a result.

結果，我們的收入、支出和收入都更高了。

Okay.

好的。

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

我的意思是，是否可以說它增加了 1 或 200 萬個 iPod，或者說太難了？

Ben, I would characterize it as a big week.

本，我將其描述為重要的一周。

All right.

好的。

Then with regard to your outlook, could you just tell us a little more about what you're expecting with the Intel transition?

那麼關於您的前景，您能否再告訴我們一些您對英特爾轉型的期望？

You're coming off a quarter where you guided 4.7, you come in at 5.75, now you're at 4.3.

你正在離開你指導 4.7 的四分之一，你在 5.75 進入，現在你在 4.3。

I mean, shouldn't we assume, why are you being so conservative?

我的意思是，我們不應該假設，你為什麼這麼保守？

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?

關於這個確切的英特爾過渡問題的更多細節可能會有所幫助，即使您可以回顧數週的庫存，以及您可能期望進一步消耗什麼，或其他什麼？

I'll let Tim address our channel inventory, but let me just speak to you in a little broader terms about our guidance.

我將讓蒂姆解決我們的渠道清單，但讓我就我們的指導更廣泛地與您談談。

We factored a number of considerations into developing our guidance.

我們在製定指南時考慮了許多因素。

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.

首先，這真的是你的第一個問題，第一季度跨越 14 週，第二季度將跨越正常的 13 週，同樣，我們本季度的第 14 周是聖誕節和新年之間的一周，這是一個非常強大的購物週。

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.

其次，對於我們的 Mac 業務，我們已經考慮到我們在 MacWorld 上宣布的基於英特爾的新 Mac 收到的非常強烈的反應。

The limited number of shipping weeks that we will have on MacBook Pro, and the pause that we saw in customer demand for Q1.

MacBook Pro 的發貨週數有限，第一季度客戶需求暫停。

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.

對於 iPod，我們已經考慮到第一季度的非凡需求，這是由於 iPod 成為本季的頂級節日禮物之一。

Some channel fill that we had, and a seasonal drop in demand, as we go from the holiday quarter to the March quarter.

隨著我們從假期季度到三月季度，我們擁有一些渠道填充，以及需求的季節性下降。

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

您是否說 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 Tim 對 Mac 和 iPod Inventory 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.

在 iPod 渠道庫存方面，正如許多地方廣泛報導的那樣，我們的渠道庫存低於我們本季度大部分時間的預期。

Shipments did improve on iPod across the quarter, and in particular the second half of December, the shipments were very strong.

整個季度 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。

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.

由於出貨量強勁，與季度初的渠道庫存相比，本季度末在途的總渠道庫存（包括大量庫存）增加了約 550,000 件。

Despite that, the ending channel inventory was still below the targeted range of 4 to 6 weeks, based on December sales.

儘管如此，基於 12 月的銷售額，期末渠道庫存仍低於 4 至 6 週的目標範圍。

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.

然而，根據我們目前對季節性較低的 3 月季度的需求看法，我們認為渠道庫存在 4 至 6 週的目標範圍內。

In terms of the Mac channel inventory, we began the quarter below the targeted range of 4 to 5 weeks.

在 Mac 渠道庫存方面，我們在本季度開始時低於 4 至 5 週的目標範圍。

And as we had planned, we ended the quarter below the targeted range in preparation for the MacWorld announcements that we made last week.

正如我們計劃的那樣，我們以低於目標範圍的季度結束，為我們上週發布的 MacWorld 公告做準備。

I'm going to cede the floor, one more.

我要讓出地板，再來一張。

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?

我看到一種情況，您的渠道庫存可能仍然低於預期，但是您是否看到了任何讓您在經濟或消費市場中暫停的東西，除了您認為的一些與 Apple 相關的事件'在談論什麼？

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.

我們所看到的是，上週我們在 MacWorld 上的公告得到了非凡的回應，我們對我們得到的反應感到非常興奮，包括新 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.

上個季度，我們確實看到了停頓，因為一些客戶開始猜測 MacWorld 上即將發布的公告。

However, the Mac beat our internal expectations, as Peter had said.

然而，正如彼得所說，Mac 超出了我們的內部預期。

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.

我們顯然在我們的指導中考慮了一定程度的停頓，我們能夠擊敗這個數字，並且對它以及 Mac 業務的整體勢頭感到非常滿意。

Thanks a lot.

非常感謝。

Thanks Ben.

謝謝本。

Could we have the next question, please?

請問下一個問題好嗎？

Rob Semple from Credit Suisse is our next question.

來自瑞士信貸的 Rob Semple 是我們的下一個問題。

Kind of looking at the OpEx guidance, it is now basically in-line with your sales guidance.

有點看 OpEx 指導，它現在基本上與您的銷售指導一致。

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.

我知道您不再提供目標模型，但從歷史上看，您曾經嘗試將跟踪保持在銷售額增長的 50% 左右。

How should we be thinking about that?

我們應該如何思考這個問題？

Do you need to be spending this much, if top-line growth is going to be slowing like this?

如果頂線增長會像這樣放緩，你是否需要花這麼多錢？

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.

正如我所說，我們對我們的業務和戰略非常有信心，我們將繼續投資以實現收入和收益的長期增長。

I've provided very strong guidance for the March quarter, with revenue growing at 33% and double-digit operating margin.

我為 3 月季度提供了非常有力的指導，收入增長 33%，營業利潤率達到兩位數。

One follow-up on the Mac question.

關於 Mac 問題的一項後續行動。

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?

很明顯，如果你對新產品有強烈的反應，這是否意味著你非常害怕 iBook 和 PowerBook 的銷量真的會惡化，直到這些新產品也推出？

We did see a pause last quarter, and as Peter has said, we factored what we saw last quarter into this quarter's guidance.

上個季度我們確實看到了停頓，正如彼得所說，我們將上個季度看到的內容納入了本季度的指導。

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.

我們對上週得到的回應感到非常興奮，正如我們所說，我們已經開始發貨 iMac，鑑於我們有整個季度的時間來發貨，我們相信我們可以，我們再次希望我們能夠滿足對 iMac 的需求。

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.

但正如我們上周宣布的那樣，MacBook Pro 將於 2 月開始發貨，因此，它在本季度的發貨週數有限，鑑於這一點以及我們看到的非常強烈的反應，我們可能無法以滿足對 MacBook Pro 的需求。

Okay.

好的。

Thanks.

謝謝。

Thanks, Rob.

謝謝，羅伯。

Could we have the next question, please?

請問下一個問題好嗎？

Rebecca Runkle of Morgan Stanley.

摩根士丹利的麗貝卡朗克爾。

Thanks.

謝謝。

Good afternoon.

下午好。

Obviously a phenomenal quarter!

顯然是一個驚人的季度！

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.

只是想在等式的 CPU 方面再深入一點，您已經多次提到您看到暫停的事實。

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?

由於這是一些人可能會說他們對 12 月結果感到失望的一個領域，您能否提供更多的具體信息，就您所看到的而言，這讓您相信這純粹是產品前面的停頓循環，而不是光環論點上的任何脫節，很多人都有？

Let me make some comments here.

讓我在這裡發表一些評論。

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.

首先，Mac 業務同比增長 20%，並且確實超出了我們的內部預期，這已經導致了一定程度的停頓。

We did see a pause.

我們確實看到了停頓。

We received reports from a number of customers from different markets, that they were postponing purchases pending MacWorld's announcements.

我們收到了來自不同市場的許多客戶的報告，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.

然而，我們上週看到的結果和上週的反應非同尋常，這讓我們對客戶對基於英特爾的 Macintoshes 的反應感到非常樂觀。

It's very difficult to predict how customers will react this quarter.

很難預測本季度客戶的反應。

And so we have obviously factored in, that kind of thinking into our guidance.

因此，我們顯然已經將這種想法納入了我們的指導。

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.

一年前，我們有一個情況，你還記得，比較季度，我們在 9 月的季度 G5 芯片嚴重短缺，然後我們開始填補渠道，並在我們進入時滿足被壓抑的需求十二月季度。

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.

因此，坦率地說，比較也是一個困難的比較，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?

我知道你們不再特別喜歡談論特定的產品，但你至少可以確認更多的放緩發生在等式的專業方面，而不是等式的消費者方面？

Or is that not a trend that you saw?

或者這不是你看到的趨勢？

We had some level of reports from customers in different markets.

我們收到了來自不同市場客戶的一定程度的報告。

I wouldn't want to pin it on one market above the other.

我不想把它固定在一個市場之上。

Okay.

好的。

Great.

偉大的。

Thank so you much.

非常感謝。

Thanks Rebecca.

謝謝麗貝卡。

Could we have the next question, please?

請問下一個問題好嗎？

Next question, Bill Shope of JP Morgan.

下一個問題，摩根大通的比爾肖普。

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.

首先，正如您在 MacWorld 上強調的那樣，在您的網站上，您仍然以與基於 Intel 的新 Mac 相同的價格提供 iMac G5 和 PowerMac G4。

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?

您能否告訴我們您還需要為舊產品處理多少庫存，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.

好吧，比爾，我們不會談論未來的產品或未來的定價，但我們確實將我們的想法納入了我們的指導，我們將繼續發貨 iMac G5 和 Power Book 15"，售完即止。

Just a clarification, on the in-transit inventory that you include in your channel inventory number, that's not recognized as revenue yet, right?

只是澄清一下，關於您包含在渠道庫存編號中的在途庫存，尚未確認為收入，對嗎？

You don't recognize that until that actual arrives at the retailer, or is that incorrect?

在實際到達零售商之前，您不會意識到這一點，還是不正確？

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

不，在大多數情況下，當我們的產品從我們的工廠發貨時，我們會識別它們的發貨。

Okay, one final question.

好的，最後一個問題。

Can you give us a read on margins for the iPod business for the quarter?

您能給我們介紹一下本季度 iPod 業務的利潤率嗎？

Sure.

當然。

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%.

如您所知，出於競爭原因，我不想具體，我們也不想談論具體的 iPod 銷售，但我會告訴您，iPod 在 12 月季度的毛利率超過 20%。

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？

Charles Wolf, Needham & Company.

查爾斯·沃爾夫，李約瑟公司。

Yes, I have a few questions.

是的，我有幾個問題。

What was the split on Apple store Mac sales between Windows and Mac users?

Windows 和 Mac 用戶在 Apple Store Mac 銷售上的差異是什麼？

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

查理，對不起，我沒有那個。

Okay.

好的。

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

那麼 iPod 銷量在國內與國際之間的差距是什麼？

Charlie, as I indicated in Bill's question, we don't want to talk about iPod sales by model or geography.

查理，正如我在比爾的問題中所指出的，我們不想按型號或地域來談論 iPod 的銷售情況。

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.

我可以告訴你，上個季度售出了 1400 萬台，我們對這個結果感到非常興奮，而且在本季度我們的許多渠道中的點數都太低了。

Let me ask a final question then.

那麼讓我問一個最後的問題。

At the MacWorld keynote last week, Steve indicated that music downloads were running at 3 million per week, I believe.

在上週的 MacWorld 主題演講中，我相信史蒂夫表示音樂下載量每周達到 300 萬次。

I assume that that level was reached through a lot of redemptions of gift certificates, is that a reasonable assumption?

我假設通過大量兌換禮券達到了這個水平，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.

是的，在 12 月季度，我們在商店出售了很多 iTunes 音樂禮品卡和證書，但我們也讓人們直接購買。

We couldn't have been happier with the sales of iTunes in the December quarter.

我們對 iTunes 在 12 月季度的銷售感到非常滿意。

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，沒錯。每天300萬是對的。

Thanks Charlie.

謝謝查理。

Could we have the next question please?

請問下一個問題好嗎？

Shannon Cross of Cross Research.

香農十字交叉研究。

Hi, everyone.

大家好。

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?

你能給我們一個想法，就英特爾組件的可用性而言，特別是這是否會導致任何延遲，就讓 MacBook Pro 推出而言？

Just specifics.

只是細節。

You said February.

你說二月。

I mean, it's earlier rather than later in the month?

我的意思是，這個月更早而不是更晚？

Let me answer the question broadly about supply of the iMac and the MacBook Pro.

讓我廣泛回答有關 iMac 和 MacBook Pro 供應的問題。

We've begun to ship the iMac.

我們已經開始發售 iMac。

We're very happy with how the production ramp is going.

我們對生產斜坡的進展情況感到非常滿意。

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.

正如我之前所說，我們對上週的反應非常滿意，因為我們希望能夠滿足本季度的需求。

On the MacBook Pro, as planned we are beginning to ship that in February.

在 MacBook Pro 上，按照計劃，我們將在 2 月開始發貨。

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.

考慮到本季度的發貨週數，以及我們從客戶那裡看到的非凡反應，我們可能無法滿足對該產品的需求。

Okay.

好的。

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?

關於上一季度的任何產品限制，對空運的任何想法，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.

在我們的指導中考慮的當前季度，我們將空運基於英特爾的 iMac，以便很快將它們送到客戶手中。

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.

我們還在與彼得交談的第一季度的結果中空運了一些 iMac，因為我們在 10 月份推出了該產品線。

Okay.

好的。

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

最後，您能告訴我們您現在在多少家銷售 iPod 的渠道嗎？

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店銷售所有型號。

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？

Joel Wagonfeld of First Albany Capital.

第一奧爾巴尼資本公司的喬爾·瓦格菲爾德。

Thank you.

謝謝你。

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?

三個部分的問題，如果可以的話。 #1，考慮到英特爾生態系統對組件其他部分的規模，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?

#2，您可能已經為舊版 G5 和 G4 Mac 的計劃折扣納入任何價格保護的影響是否準確？

Would that already have been incorporated in the December quarter, and hence it wouldn't negatively impact this March quarter?

這是否已經納入 12 月季度，因此不會對今年 3 月季度產生負面影響？

Finally I just want to be clear.

最後我只想說清楚。

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?

您對庫存的評論是說您認為現在所有 iPod（包括 Nano 4-Gig）的供需平衡？

Thanks.

謝謝。

Joel, Peter.

喬爾，彼得。

Let me answer your first two questions, and Tim can address your third.

讓我回答你的前兩個問題，蒂姆可以解決你的第三個問題。

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.

至於基於英特爾的 Mac 毛利率，我們不想為我們的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。

And I'm sorry, what was your second question?

對不起，你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會在上個季度被納入嗎？

Right.

正確的。

As I had mentioned earlier, we are not going to talk about product plans, or pricing actions, that we've not already announced.

正如我之前提到的，我們不會談論我們尚未宣布的產品計劃或定價行動。

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.

但我可以告訴你，在我們考慮的任何會影響我們渠道庫存的價格保護方面，我們在 12 月季度提供了。

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.

未來的行動，除此之外不會影響渠道庫存，但 3 月季度的銷售，我們已將其納入我們對 3 月季度的指導。

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.

相對於 iPod 上的渠道庫存，根據我們當前對本季度需求的看法，我們認為我們在 4 到 6 週的目標範圍內。

However, there are stock-outs in different places on different models and also, some countries, are leaner than others.

但是，不同型號的不同地方都有缺貨，而且有些國家比其他國家更精簡。

We're working very, very hard right now to alleviate those situations.

我們現在正在非常非常努力地緩解這些情況。

Is the 4-gig still the key bottleneck?

4演出仍然是關鍵瓶頸嗎？

The 4-gig is lean in places.

4演出在某些地方很瘦。

We're working very hard to get more 4-gig Nanos out there.

我們正在努力爭取更多的 4-gig Nanos。

Thanks, Joel.

謝謝，喬爾。

Could we have the next question, please?

請問下一個問題好嗎？

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，就概念上的大局而言，您將在這裡制定市場份額計劃，您是否認為自己在 2006 年更加激進，就您爭取市場份額的努力而言，也許只是在分銷廣度，以及其他獲得市場份額的方式？

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

Gene 是你的問題，是在 Macintosh 上還是 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.

在 Mac 方面，我們非常有信心為 Macintosh 的未來選擇了正確的路線，並且我們審查了許多不同來源的處理器路線圖，並且知道英特爾擁有迄今為止最好的路線圖。

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.

我們已經開始發布了，我們很高興我們能夠在預期的 5 或 6 個月之前做到這一點。

We'll have the transition completed much earlier than the market anticipated by pulling it in until the end of 2006.

我們將在 2006 年底之前完成過渡，比市場預期的要早得多。

And so we are very, very optimistic about the future of the Mac, and the way that we're headed.

因此，我們對 Mac 的未來以及我們前進的方向非常非常樂觀。

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.

但是也有幾個，我的意思是，那是做產品方面，我想說這很重要，但還有分銷方面，定價方面，你們可能沒有機會真正在 2006 年市場份額的回升方面落下帷幕。

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.

所以從概念上講，顯然你們不會談論定價，但你是否看到蘋果在 2006 年更積極地試圖獲得市場份額，或者繼續保持現狀，創造最好的產品，你知道，碰巧在分銷方面更具選擇性，在價格方面也更具選擇性。

We're going to continue to make the best products on the face of the earth.

我們將繼續生產地球上最好的產品。

That's the reason that we're here.

這就是我們在這裡的原因。

On a distribution basis, we continue to open stores.

在分銷的基礎上，我們繼續開設商店。

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.

我們還繼續在渠道中尋找不同的替代方案，當我們找到我們喜歡的東西時，如果它們是有益的，我們顯然會這樣做。

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

我不想評論價格問題。

Okay.

好的。

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?

那麼最後一個問題是，除了 12 月季度的額外一周，以及人們對基於英特爾的預期推遲購買之外，是否有任何理由認為 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 或 iPod 上？

The overall business.

整體業務。

The overall seasonality between December and March.

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.

是的，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 月季度占我們業務的百分比比以前高得多。

And so obviously the iPod would have a different seasonal curve, than the Macintosh would have.

很明顯，iPod 的季節性曲線與 Macintosh 不同。

Okay.

好的。

That makes sense.

那講得通。

Great.

偉大的。

Thank you.

謝謝你。

Thanks, Gene.

謝謝，吉恩。

Could we have the next question, please?

請問下一個問題好嗎？

Richard Chu of Cowen.

Cowen的Richard Chu。

Yes, hi, thank you.

是的，你好，謝謝。

Just wanted to repeat, three questions on seasonality on the guidance.

只是想重複一下，關於指導的三個季節性問題。

You are assuming, distant alert, I've seen a stronger seasonal decline in the music business than systems.

你假設，遙遠的警報，我看到音樂業務的季節性下降比系統更強烈。

Is that the point of your comment?

這是你評論的重點嗎？

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

我們沒有聽到你的聲音，你會重複你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.

——蒂姆對前一個問題的回答的影響實際上是你假設音樂業務的季節性下降幅度大於 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業績和第一季度的業績，並且只看總收入，我們預計總收入不會像過去那樣按順序排列，因為在第一季度和假期期間，我們的音樂內容要高得多。

Okay.

好的。

If I can follow on, second question, you kept as you've said, the old product price points unchanged.

如果我可以繼續，第二個問題，你保持如你所說，舊產品的價格點不變。

Can I fundamentally ask why?

我可以從根本上問為什麼嗎？

That would suggest that you assume users perceive the same value or performance for all the new.

這表明您假設用戶對所有新產品都具有相同的價值或性能。

Could you comment on that?

你能對此發表評論嗎？

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，我們已將我們的想法納入我們的指導。

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

因此，您實際上是在說您認為沒有必要降低價格，儘管存在價值差異。

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，我們計劃做的任何事情都已納入我們的指導，並且我們只在售完即止時出售這些產品。

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.

最後，如果我對隱含的音樂和視頻下載收入流的粗略計算是正確的，不包括下載和 iPod，其餘的音樂收入流看起來像非 iPod，非下載音樂收入急劇增加，Q4 到 Q1 .

Could you comment on that, and on the seasonality and dynamics associated with that business?

您能否對此發表評論，以及與該業務相關的季節性和動態？

Sure.

當然。

Richard this is Peter.

理查德這是彼得。

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.

現在你可以用你的 iPod 購買超過 2,000 種不同的配件，從根本上說，這些就是我認為你所指的收入來源。

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.

我們在本季度的銷售情況非常好，包括蘋果品牌和我們直接銷售的第三方開發商。

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.

我們預計三月份會有一個好的季度，老實說，我們將更多地了解這部分業務的季節性，因為它更大，它正在增長。

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.

這個我之前說過，相信很多人都會買一個iPod，然後再回來給它加配件。

And this seems to be a part of our business that has more of a recurring revenue stream.

這似乎是我們業務的一部分，具有更多的經常性收入來源。

Much like the iTunes music store.

很像 iTunes 音樂商店。

We're very pleased with what we're seeing, and we're learning more about it.

我們對所看到的感到非常滿意，並且我們正在進一步了解它。

Can you update us on profitability of the music store?

你能告訴我們音樂商店的盈利能力嗎？

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

12 月季度的音樂商店確實在盈虧平衡之上運營。

Thank you.

謝謝你。

Thanks, Richard.

謝謝，理查德。

Could we have the next question, please?

請問下一個問題好嗎？

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.

謝謝你。

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?

蒂姆，希望你能在第一財季和第二財季為你購買的主要商品向我們提供你對組件定價和可用性的標準推銷，然後我也希望你能給我們提供網絡直銷的組合季度，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.

在組件的基礎上，Rich，我們上個季度看到的是我們有一個非常有利的組件環境，無論是在 LCD 還是內存方面，這兩個方面都比我們預期的要好。

As we enter into this quarter, we continue to see the LCDs being in a favorable environment, because supply is greater than demand.

隨著我們進入本季度，我們繼續看到 LCD 處於有利環境，因為供應大於需求。

We do expect the DRAM market to stabilize some, as more of the manufacturing capacity is converted to NAND Flash.

我們確實預計 DRAM 市場會穩定一些，因為更多的製造能力被轉換為 NAND 閃存。

Hard drive prices continue to decline, but they're declining at a lower than historical rate, due to some underlying component shortages.

硬盤價格繼續下降，但由於一些潛在的組件短缺，它們的下降速度低於歷史水平。

Any comments on Flash?

對Flash有什麼意見嗎？

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.

隨著越來越多的人在短期內將其 DRAM 容量轉換為 NAND，我將繼續期待閃存領域的降價，但總體而言，正如您可以從我們選擇做的預付金額中看出的那樣，我們我們認為該特定市場不像其他一些大宗商品市場那樣低迷，我們認為長期鎖定供應非常重要。

Okay.

好的。

And then web-direct sales in the quarter?

然後在本季度進行網絡直銷？

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，但我會告訴你，本季度的網絡銷售非常重要。

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，我要補充一下，我們的整體直銷，包括蒂姆提到的網絡銷售、通過我們的零售店進行的銷售，以及對美國教育和企業以及音樂商店的直銷，佔蘋果總收入的 49%，以及這比去年同期的 44% 有所上升。

Maybe, Peter, one more simple one for you.

也許，彼得，給你一個更簡單的。

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?

您能否談談您談到的 2006 財年 40 家新店開張的地點，其中有多少是國內的和國際的？

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

預計他們中的大多數將在國內，但我們將繼續在加拿大、英國和日本開設商店。

Okay.

好的。

Thank you.

謝謝你。

Thanks, Rich.

謝謝，里奇。

Next question, please.

下一個問題，請。

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

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

Hi Peter and Tim.

嗨彼得和蒂姆。

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.

就 iPod 的季節性而言，至少就我的模型而言，你在本季度和一年中的大部分盈利能力取決於假設一個為三月季度的季節性因素。

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.

看起來像你的指導，如果我做得很快，也許它不准確，大約 45% 的 iPod 連續下降，看起來你正在經歷那種下降來達到你指導的數字至。

First of all, am I in the ballpark with that?

首先，我在球場上嗎？

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，如果您不特別評論 iPod，您如何看待更廣泛的消費電子市場，就典型的 3 月季節性而言？

Steve, it's Peter.

史蒂夫，是彼得。

I'll address that.

我會解決的。

I'm not going to provide specific product-level guidance.

我不會提供具體的產品級指導。

I didn't think you thought I would.

我沒想到你會認為我會。

But let me just make some comments about last year, and relate it a little bit to this year.

但讓我對去年發表一些評論，並將其與今年聯繫起來。

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.

去年，我們的 iPod 和 iPod mini 產品線的組合確實出現了季節性下降，這被 iPod Shuffle 的推出所抵消。

And as was widely reported, and we've commented, the iPod was one of the top holiday gifts this season.

正如廣泛報導的那樣，我們也評論過，iPod 是本季最重要的節日禮物之一。

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.

由於這個特殊的假期結果（再次包括第 14 週），認為 3 月季度的需求會下降是很自然的。

You can go out and get some primary research on what would you see for, you know, various CE products.

你可以出去做一些初步研究，看看你會看到什麼，你知道，各種 CE 產品。

And then Peter in terms of, I'll leave that alone, and go on to my last question.

然後是彼得，我將不理會這個問題，繼續我的最後一個問題。

Can you walk through, I think Tim commented on what he expects for components in the March quarter.

你能走過去嗎，我想蒂姆評論了他對 3 月季度組件的預期。

Go through, if you could, kind of the puts and takes that you've factored into your gross March guidance?

如果可以的話，通過你在 3 月總指導中考慮的那種看跌期權？

Sure.

當然。

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

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.

偉大的。

Thanks.

謝謝。

Thanks, Steve.

謝謝，史蒂夫。

Could we have the next question, please?

請問下一個問題好嗎？

Keith Bachman of Banc of America Securities.

美國銀行證券公司的基思·巴赫曼。

Two questions, if I could.

兩個問題，如果可以的話。

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.

蒂姆，我只是想澄清一下，我認為你所說的是你在本季度開始時 CPU 方面的庫存很低，而你結束時也有點低，所以 net/net 聽起來庫存並沒有起到很大的作用CPU 方面的 12 月季度。

Could I just clarify that if I could for the first question?

如果我可以回答第一個問題，我可以澄清一下嗎？

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.

我們從低於我們的範圍開始，我們在低於我們的範圍結束，我們計劃保持，因為我們在 MacWorld 上即將發布的公告。

Great.

偉大的。

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?

第二個問題，有沒有什麼方法可以從概念上考慮你的 CPU 業務在本季度英特爾端和 Mac 端之間的單位之間可能會如何劃分？

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.

您是否可以考慮任何通用參數，因為您的平台的絕大多數仍然在 IBM 處理器端或 G 處理器端。

Is it 80/20, or is there any kind of color you could give us there?

是 80/20，還是有什麼顏色可以給我們？

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 Apple 曾經生產過的最好的 Macintoshes，其中有很多配備 PowerPC 處理器的出色產品，以及配備 Intel 處理器的令人難以置信的產品，我們只需要看看客戶如何投票就可以了每個的百分比。

Let me ask the software part of that question then, Tim, at least at MacWorld.

蒂姆，至少在 MacWorld 上，讓我問一下這個問題的軟件部分。

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.

Quark 在本地運行，然後 Apple 軟件套件在本地運行，聽起來 [Rosetta] 仍將成為等式的軟件方面的一部分，因此您仍然可以進行仿真。

Do you think that's going to cause people to pause at all, in terms of the performance that you're going to get?

你認為這會導致人們停下來，就你將獲得的表現而言？

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.

我們看到的是，Rosetta 與 Microsoft Office 等產品運行得非常好，正如你評論的那樣，我們已經移植了 iLife 套件，它正在新 iMac、新 MacBook Pro 上發貨，我們已經移植了我的工作。

Obviously the OS is native in all of the applications embedded in the OS, such as Mail and iChat, et cetera, are also ported.

顯然，操作系統是原生的，所有嵌入在操作系統中的應用程序，例如郵件和 iChat 等，也都被移植了。

We have also announced as you may have heard, that the bulk of our Pro applications will be available in March natively.

正如您可能聽說的那樣，我們還宣布，我們的大部分 Pro 應用程序將在 3 月份本地提供。

This includes Final Cut and Logic and Aperture, et cetera.

這包括 Final Cut 和 Logic 和 Aperture 等。

There's a lot of things that are already native.

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.

事實上，自從我們上周宣布以來，這些網站已經報告了超過 200 個原生應用程序，以及超過 1500 個小部件，因此我們看到了來自我們的開發者社區的巨大勢頭，我認為通過宣布這一消息，顯然人們比他們已經完成的工作更加焦慮。

We're very confident that we'll continue to see great momentum in that area.

我們非常有信心，我們將繼續看到該領域的強勁勢頭。

Any idea when Microsoft and Adobe might be native?

知道 Microsoft 和 Adobe 何時可能是原生的嗎？

That's a question for them.

這是他們的問題。

However, we've worked closely with Microsoft on, with running with Rosetta, and I would invite you to try that yourself.

但是，我們已經與 Microsoft 密切合作，與 Rosetta 一起運行，我會邀請您自己嘗試一下。

We certainly believe that users will be very satisfied with that experience.

我們當然相信用戶會對這種體驗非常滿意。

Fair enough.

很公平。

Thanks very much, guys.

非常感謝，伙計們。

Thanks, Keith.

謝謝，基思。

Could we have the next question, please?

請問下一個問題好嗎？

David Bailey of Goldman Sachs.

高盛的大衛貝利。

Yes, good afternoon.

是的，下午好。

You mentioned that iPod margins were above 20% in the quarter?

你提到 iPod 的利潤率在本季度超過 20%？

Is that from lower component costs, or a better mix, and how sustainable is that?

這是來自更低的組件成本，還是更好的組合，這有多可持續？

David, I'm sorry I don't want to be specific on any of those parts of your question.

大衛，很抱歉，我不想具體說明你問題的任何這些部分。

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.

我們說他們在本季度超過 20%，我將在 4 月向您報告他們在 3 月季度的情況。

Okay.

好的。

Let me try something on the Mac side.

讓我在 Mac 端嘗試一下。

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?

您是否希望在您的目標渠道庫存範圍內結束 3 月季度，如果是，您認為您在本季度將有多少填充？

How much have you included in your targets?

您的目標中包含了多少？

We don't project channel inventory, David.

我們不預測渠道庫存，大衛。

We guide to a total revenue number, and Peter has provided that guidance.

我們指導總收入數字，彼得提供了該指導。

Okay.

好的。

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？

Shaw Wu, American Technology.

Shaw Wu，美國科技。

Yes.

是的。

Two questions.

兩個問題。

Europe looked like it was very, very strong.

歐洲看起來非常非常強大。

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.

只是想知道你是否可以在那裡提供更多顏色，就我猜 Mac 業務與音樂業務之間發生的事情而言。

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.

研發中的第二個問題，就絕對美元而言，看起來有點飆升，但就收入百分比而言，肯定不是這樣。

Just wondering how we should think of R&D spending?

只是想知道我們應該如何看待研發支出？

Should it remain at these levels, or could it trend down?

它應該保持在這些水平，還是會下降？

Thanks.

謝謝。

Shaw, let me address your R&D question, and Tim can talk a bit about Europe.

Shaw，讓我來談談你的研發問題，Tim 可以談談歐洲。

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.

正如我之前提到的，我們對我們的業務非常有信心，並且我們正在對該業務進行投資，以實現收入和收益的長期增長。

And a big part of that is our investment in engineering.

其中很大一部分是我們在工程方面的投資。

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.

你已經看到它在過去的許多季度中每個季度都在上升，並且希望我們不僅繼續投資於工程，而且還開設更多的零售店、更多的廣告和營銷計劃，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.

Shaw，在歐洲，Mac 出貨量比 9 月環比增長了 49%，但正如你可能知道的那樣，歐洲 9 月季度傳統上是一個疲軟的季度，因為歐洲大部分地區都在放暑假。

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.

在收入方面，擁有零售店的歐洲增長了 50% 以上，坦率地說，歐洲有很多國家對 iPod 的限制更多，相對更多，因此收入數字被 iPod 壓低了一些。的其他地區。

Thanks, Shaw.

謝謝，肖。

Could we have the next question, please?

請問下一個問題好嗎？

Steve Lidberg of Pacific Crest Securities.

Pacific Crest 證券的史蒂夫·利德伯格。

Good afternoon, guys.

下午好，伙計們。

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.

首先希望關於 iPod，如果你能概述一下你如何看待 iPod 的機會，就單位而言，或其他市場比較，在可用的總機會方面。

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?

此外，關於創意專業市場，您能否從視頻和出版的角度評價該市場的健康狀況？

Thanks.

謝謝。

On your second question on the creative professionals, we saw good growth in the video market on a year-over-year basis.

關於創意專業人士的第二個問題，我們看到視頻市場同比增長良好。

We were very pleased with it.

我們對此非常滿意。

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.

D&P 很弱，正如你所知，D&P 市場本身並不是一個快速增長的市場，所以這無論如何都沒有超出我們的預期。

In terms of opportunities on the iPod, we see the iPod as the absolute best player in the market.

就 iPod 的機會而言，我們認為 iPod 絕對是市場上最好的播放器。

We've only recently announced the iPod Nano and the iPod.

我們最近才發布了 iPod Nano 和 iPod。

There's more video content on the way with the iPod.

iPod 將提供更多視頻內容。

So I think there continues to be significant opportunity for the iPod in the overall music business.

所以我認為 iPod 在整個音樂業務中仍然存在著巨大的機會。

Thanks Steve.

謝謝史蒂夫。

Could we have the next question please?

請問下一個問題好嗎？

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

我們有一個來自瑞銀的 Ben Reitzes 的後續問題。

Good afternoon again.

又是下午好。

Couple things.

夫婦的事情。

Just caught me a little off-guard.

只是讓我有點措手不及。

That was pretty quick.

那是相當快的。

With regard to other music at 491, much better than expected.

關於491的其他音樂，比預期的要好得多。

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?

我只是想知道，你知道，裡面有沒有什麼特別有用的東西，這意味著你現在在許多零售商看到了很多額外的 iPod 配件貨架，也許如果你能談談有多少iPod 配件就在這個數字之內，那麼 iPod 生態系統未來會發生什麼，所以我們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.

Ben，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，然後是我們直接和間接銷售的 Apple 品牌的 iPod 配件，以及我們銷售的開發商 iPod 配件通過 Apple 在線和零售店。

Both had significant growth year-over-year and sequentially.

兩者的同比和環比都有顯著增長。

The music store, we couldn't be happier with its performance.

音樂商店，我們對它的表現非常滿意。

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.

正如我之前所說，我們為 21 個國家/地區的客戶提供服務，超過 90% 的音樂是購買的，我們看到了強勁的增長，無論是同比還是環比增長，不僅在音樂方面，而且在視頻方面也有所增長。

And we look forward to bringing more content both here in the United States, and in other places before too long.

我們期待在不久的將來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.

在 Apple 品牌和我們的開發人員支持方面，配件業務對我們來說繼續增長。

We now have over 2,000 accessories that you can buy with your iPod, the vast majority that Apple doesn't make.

我們現在有 2,000 多種配件可供您使用 iPod 購買，其中絕大多數不是 Apple 製造的。

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.

正如我所說，我們開始在那裡看到更多的經常性收入流，人們來到那裡，並將下一個配件重新添加到他們的 iPod 系列中。

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

好吧，我相信那條線是我們會看到新收音機調諧器的地方嗎？

Yes, announced at MacWorld, yes.

是的，在 MacWorld 上宣布，是的。

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

現在那個收音機調諧器，有什麼早期跡象表明它是怎麼做的嗎？

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.

我們對它的反應非常滿意，Ben，我們正在努力讓單位出來。

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.

我們目前無法滿足需求，但我們正在努力嘗試做到這一點，我目前不預測我們是否可以在整個季度完成。

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，這就像未來數百萬台跟踪類型的設備一樣，是 iPod 銷售的一個子集，這就是我們在這裡看到的高附加率的潛力嗎？

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

我們不對產品提供單位級別的指導。

I guess you're hoping.

我猜你是希望

Okay.

好的。

Thanks a lot.

非常感謝。

Thanks, Ben.

謝謝，本。

Could we have the next question, please?

請問下一個問題好嗎？

We have a follow-up question from Rebecca Runkle.

我們有一個來自 Rebecca Runkle 的後續問題。

Please go ahead.

請繼續。

Asked and answered.

問和回答。

Thanks a lot.

非常感謝。

Thanks, Rebecca.

謝謝，麗貝卡。

Could we have the next question, please?

請問下一個問題好嗎？

A follow-up from Gene Munster of Piper Jaffray.

Piper Jaffray 的 Gene Munster 的後續報導。

Mine's been answered as well.

我的也已經回復了。

Thank you.

謝謝你。

Okay.

好的。

Thanks Gene, and thanks to everyone for joining us.

感謝 Gene，感謝大家加入我們。

A recording of today's call will be available for replay via telephone for seven days beginning at 5:00 p.m.

從下午 5:00 開始，今天的通話錄音將在 7 天內通過電話重播。

Pacific time today.

今天太平洋時間。

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

重播號碼是 719-457-0820。

And the confirmation code is 1699046.

確認碼是1699046。

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

下午 5:00 左右開始還可以重播本次電話會議的音頻網絡廣播。

Pacific time today at www.Apple.com/Investor.

太平洋時間今天在 www.Apple.com/Investor。

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

有其他問題的媒體成員可以撥打 408-974-1896 聯繫史蒂夫·道林。

Financial analysts can contact Joan Hoover or me with additional questions.

如果有其他問題，金融分析師可以聯繫 Joan Hoover 或我。

Joan is at 408-974-4570.

瓊的電話是 408-974-4570。

I'm at 408-974-5420.

我在 408-974-5420。

Thanks again.

再次感謝。

Ladies and gentlemen, that does conclude our presentation for today.

女士們先生們，今天的演講到此結束。

We do appreciate your participation.

我們非常感謝您的參與。

At this time, you may disconnect.

此時，您可以斷開連接。