蘋果 (AAPL) 2006 Q3 法說會逐字稿

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

美好的一天，歡迎參加 Apple Computer 第三季度財務業績電話會議。

Today's conference is being recorded.

今天的會議正在錄製中。

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

在此開始致開幕詞和介紹時，我想將會議轉交給投資者關係和公司財務高級總監 Nancy Paxton。

Please go ahead.

請繼續。

Thank you.

謝謝你。

Good afternoon and thanks to everyone for joining us.

下午好，感謝大家加入我們。

Speaking today is Apple's CFO, Peter Oppenheimer.

今天發言的是蘋果公司的首席財務官彼得奧本海默。

And he will be joined by Apple's COO, Tim Cook, and Apple Treasurer, Gary Wipfler, for the Q&A session with analysts.

蘋果首席運營官蒂姆庫克和蘋果財務主管加里威普弗勒將與他一起參加與分析師的問答環節。

Please note that some of the information you will hear during our discussion today may consist of forward-looking statements regarding revenue; gross margin; operating expenses; other income and expense; taxes; earnings per share; future products; non-cash, stock-based compensation expense and a special committee investigation relating to the Company's past stock option grants.

請注意，您將在我們今天的討論中聽到的一些信息可能包含有關收入的前瞻性陳述；毛利率；營業費用;其他收入和支出；稅收；每股收益；未來產品；非現金、基於股票的補償費用以及與公司過去授予的股票期權有關的特別委員會調查。

Actual results or trends could differ materially from our forecasts.

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 discussed in Apple's Form 10-K for 2005, the Form 10-Q for the first and second fiscal quarters of 2006, and our Form 8-K filed with the SEC today.

如需更多信息，請參閱 Apple 2005 年的 10-K 表格、2006 年第一和第二財季的 10-Q 表格以及我們今天向美國證券交易委員會提交的 8-K 表格中討論的風險因素。

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 結果的補充而非替代。

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

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

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

有了這個，我想把電話轉給彼得奧本海默做介紹性發言。

Thank you, Nancy.

謝謝你，南希。

Thank you for joining us.

感謝您加入我們。

We're very pleased to report the second-highest quarterly revenue and earnings in Apple's history.

我們非常高興地報告蘋果歷史上第二高的季度收入和收益。

The quarter's revenue was 4.37 billion, representing 24% year-over-year growth.

本季度收入為43.7億美元，同比增長24%。

The strong revenue was fueled by the best Mac unit sales in any 13 week quarter in Apple's history and continued healthy demand for our music products.

強勁的收入得益於蘋果歷史上任何 13 周季度中最好的 Mac 銷量以及對我們音樂產品的持續健康需求。

Operating margin for the quarter was 13%, and net income was 472 million or $0.54 per diluted share on a GAAP basis.

本季度的營業利潤率為 13%，淨收入為 4.72 億美元，按公認會計原則計算，每股攤薄收益為 0.54 美元。

Excluding the impacts of 37 million in non-cash, stock-based compensation expense, operating margin was 13.8%, net income was 499 million and diluted earnings per share were $0.57.

排除 3700 萬非現金股票補償費用的影響，營業利潤率為 13.8%，淨收入為 4.99 億美元，攤薄後每股收益為 0.57 美元。

The quarter's robust operating margin was attributable to the revenue growth, a very favorable component environment and solid expense management.

本季度強勁的營業利潤率歸因於收入增長、非常有利的組件環境和穩健的費用管理。

I would like to first talk about our Mac products, which represented 55% of our total quarterly revenue.

我想先談談我們的 Mac 產品，它占我們季度總收入的 55%。

Mac product revenue increased 11% year over year, fueled by Mac unit shipment growth of 12% year over year to 1.327 million.

Mac 產品收入同比增長 11%，這得益於 Mac 出貨量同比增長 12% 至 132.7 萬台。

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

結束渠道庫存在我們四到五週的目標範圍內。

We continue to be very happy with our progress and our developers' progress in the transition to Intel.

我們繼續對我們的進展以及我們的開發人員在向英特爾過渡的進展感到非常滿意。

We've now introduced the iMac, MacBook, MacBook Pro and Mac mini with Intel processors.

我們現在推出了配備英特爾處理器的 iMac、MacBook、MacBook Pro 和 Mac mini。

We're solidly on track to transition the PowerMac and Xserve by the end of this calendar year.

我們在今年年底前順利過渡到 PowerMac 和 Xserve。

We have released universal versions of Apple's consumer and professional software applications, and our third-party developers have released over 2,900 universal applications.

我們已經發布了 Apple 的消費者和專業軟件應用程序的通用版本，我們的第三方開發人員已經發布了 2,900 多個通用應用程序。

We expect that over 70% of the 500 applications we consider most critical to our customers will be available in universal versions by the end of September.

我們預計，在我們認為對客戶最重要的 500 個應用程序中，超過 70% 的應用程序將在 9 月底之前提供通用版本。

We've been very pleased with the response to our new Macs, particularly from our consumer and education customers.

我們對新 Mac 的反應非常滿意，尤其是我們的消費者和教育客戶的反應。

Intel-based Macs accounted for over 75% of the quarter's Mac shipments.

基於英特爾的 Mac 佔該季度 Mac 出貨量的 75% 以上。

The MacBook, which we introduced in mid-May, has been extremely well-received and coupled with our very popular MacBook Pro has contributed to Apple's increased unit market share of portables in US retail from 6% in January to 12% in June according to NPD.

我們在 5 月中旬推出的 MacBook 非常受歡迎，再加上我們非常受歡迎的 MacBook Pro，蘋果在美國零售業的單位市場份額從 1 月份的 6% 提高到 6 月份的 12%。 NPD。

We are also very happy with our Mac ad campaign and feel it's contributing to our momentum, particularly with consumers.

我們也對我們的 Mac 廣告活動感到非常滿意，並認為它為我們的發展勢頭做出了貢獻，尤其是對消費者而言。

We believe that many of our creative professional customers have delayed purchases, as they await new Intel-based Mac desktops, universal applications or both.

我們相信，我們的許多創意專業客戶延遲購買，因為他們等待新的基於英特爾的 Mac 台式機、通用應用程序或兩者兼而有之。

Our music products posted another quarter of strong results, representing 45% of total Company revenue and increasing 45% year-over-year.

我們的音樂產品又公佈了一個季度的強勁業績，占公司總收入的 45%，同比增長 45%。

IPod shipments grew 32% year over year consistent with our expectations, and we exited the quarter within our target range of four to six weeks of iPod channel inventory.

iPod 出貨量同比增長 32%，符合我們的預期，並且我們在 iPod 渠道庫存四到六週的目標範圍內退出了本季度。

We continue to be very enthusiastic about iPod.

我們繼續對 iPod 充滿熱情。

Based on the latest data published by NPD, iPod accounts for over 75% of the US market for MP3 players.

根據 NPD 公佈的最新數據，iPod 占美國 MP3 播放器市場的 75% 以上。

IPod is also the top-selling MP3 player in many large markets, such as Canada, Australia, the UK, France, Spain, Italy and Japan according to the latest data published from NPD, GfK and BCN.

根據 NPD、GfK 和 BCN 公佈的最新數據，IPod 也是加拿大、澳大利亞、英國、法國、西班牙、意大利和日本等許多大型市場中最暢銷的 MP3 播放器。

Other music product revenue was 457 million, up 90% year over year.

其他音樂產品收入為4.57億，同比增長90%。

These results were a function of continued strong sales from the iTunes Music Store and very solid performance for iPod accessories.

這些結果是 iTunes Music Store 持續強勁的銷售以及 iPod 配件表現非常穩定的結果。

The iTunes Music Store continues to lead the industry, accounting for 85% share of the market for legally purchased and downloaded music in the US based on the latest data available from Nielsen SoundScan.

根據 Nielsen SoundScan 提供的最新數據，iTunes Music Store 繼續引領行業，佔據美國合法購買和下載音樂市場 85% 的份額。

We have continued to enhance and expand the iTunes Music Store, now offering over 3 million songs, 9,000 music videos and over 150 television programs to the US market.

我們繼續增強和擴展 iTunes 音樂商店，現在向美國市場提供超過 300 萬首歌曲、9,000 首音樂視頻和 150 多個電視節目。

We're investing heavily in iPod and iTunes engineering and are very enthusiastic about our products in the pipeline.

我們在 iPod 和 iTunes 工程方面進行了大量投資，並且對我們正在開發的產品非常感興趣。

The iPod ecosystem continues to thrive with innovative new products, such as the Nike+iPod Sport Kit, which allows runners to get real-time feedback on their performance through their iPod nanos.

iPod 生態系統繼續通過創新的新產品蓬勃發展，例如 Nike+iPod Sport Kit，它允許跑步者通過他們的 iPod nano 獲得關於其表現的實時反饋。

It was another exciting quarter for the Apple retail stores.

對於 Apple 零售店來說，這是另一個令人興奮的季度。

Fueled by very strong sales of MacBooks and MacBook Pros, the retail stores generated revenue of 715 million, representing 29% year-over-year growth.

在 MacBook 和 MacBook Pro 銷售強勁的推動下，零售店創造了 7.15 億美元的收入，同比增長 29%。

The stores generated 29 million in segment profit, excluding 148 million in associated manufacturing profit.

這些商店產生了 2900 萬的分部利潤，不包括 1.48 億的相關製造利潤。

We opened 14 stores during the quarter, ending with 155.

我們在本季度開設了 14 家門店，以 155 家結束。

With an average of 146 stores open during the quarter, average quarterly revenue per store was 4.9 million.

本季度平均開設 146 家門店，每家門店的平均季度收入為 490 萬。

Store traffic continued to be very strong with over 17 million customers visiting our stores during the quarter.

店鋪客流量持續強勁，本季度有超過 1,700 萬名顧客光顧我們的店鋪。

Based on the latest retail store survey, nearly 50% of customers buying Macs in our stores are new to the Mac.

根據最新的零售店調查，在我們商店購買 Mac 的顧客中有近 50% 是 Mac 新手。

One of the highlights of the quarter was the opening of our 5th Avenue store in Manhattan.

本季度的亮點之一是我們在曼哈頓第五大道店的開業。

The store has quickly become our highest volume store, and we recently welcomed the store's 500,000th visitor.

這家商店已迅速成為我們銷量最高的商店，最近我們迎來了這家商店的第 500,000 名訪客。

Customers are visiting the store in record numbers around the clock.

顧客全天候以創紀錄的數量光顧這家商店。

We were very pleased with our education business results, generating the highest quarterly revenue through our US education channel in over 10 years and shipping more Macs than in any other June quarter in the Company's history.

我們對我們的教育業務業績感到非常滿意，通過我們的美國教育渠道創造了 10 多年來最高的季度收入，並且交付了比公司歷史上任何其他 6 月季度都多的 Mac。

Our higher education customers have been extremely receptive of the MacBook and MacBook Pro, and our back-to-school promotion has already proven very popular with customers.

我們的高等教育客戶非常接受 MacBook 和 MacBook Pro，我們的返校促銷活動已經證明非常受客戶歡迎。

In terms of geographic results, including sales from our retail stores, quarterly revenue in the Americas, Europe and Japan was up 27%, 22% and 13% respectively.

就地理結果而言，包括我們零售店的銷售額，美洲、歐洲和日本的季度收入分別增長了 27%、22% 和 13%。

Gross margin was 30.3% on a GAAP basis -- about 190 basis points higher than our guidance, primarily due to a very favorable component pricing environment and secondarily due to a more favorable mix of direct Mac sales.

按公認會計原則計算，毛利率為 30.3%——比我們的指導高出約 190 個基點，這主要是由於非常有利的組件定價環境，其次是由於直接 Mac 銷售的組合更加有利。

Included in GAAP cost of goods sold was 6 million in stock-based compensation expense.

GAAP 商品銷售成本中包括 600 萬美元的股票補償費用。

Excluding that expense, non-GAAP gross margin was 30.4%.

不計該費用，非美國通用會計準則毛利率為 30.4%。

GAAP operating expenses were 759 million, including 31 million in expense related to stock-based compensation.

GAAP 營業費用為 7.59 億美元，其中與股票薪酬相關的費用為 3100 萬美元。

OI&E was 95 million, about 10 million higher than guidance, primarily due to higher-than-expected cash balances and higher-than-expected yields on cash investment.

OI&E 為 9500 萬美元，比預期高出約 1000 萬美元，主要是由於現金餘額高於預期和現金投資收益率高於預期。

The tax rate for the quarter was just under 29%.

本季度的稅率略低於 29%。

This differed from our previous tax rate guidance of about 32%, primarily due to a tax benefit recorded for the implementation of tax planning strategy associated with the repatriation of foreign earnings under the American Jobs Creation Act but more than offset a tax charge reported for the repatriation.

這與我們之前約 32% 的稅率指引不同，主要是因為根據《美國就業創造法》實施與匯回外國收入相關的稅收籌劃戰略所記錄的稅收優惠，但足以抵消為遣返。

This resulted in a net benefit in the quarter of 24 million or $0.03 per diluted share.

這導致該季度的淨收益為 2400 萬美元或每股攤薄收益 0.03 美元。

We had very strong cash generation during the quarter, increasing our cash balance by 950 million to end with about 9.2 billion.

本季度我們的現金產生非常強勁，現金餘額增加了 9.5 億，最終達到約 92 億。

This was primarily a function of cash flow from operations at just over $1 billion.

這主要是運營現金流量超過 10 億美元的函數。

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

展望 9 月季度，我想回顧一下我們的前景，其中包括南希在電話會議開始時提到的前瞻性信息類型。

For the quarter, we're targeting revenue between 4.5 and 4.6 billion.

本季度，我們的目標收入在 4.5 到 46 億之間。

We expect the total quarterly cost of non-cash, stock-based compensation to be approximately $40 million.

我們預計非現金、股票薪酬的季度總成本約為 4000 萬美元。

We expect GAAP gross margins to be about 28.4%, reflecting approximately 6 million related to stock based compensation expense.

我們預計 GAAP 毛利率約為 28.4%，反映了與股票薪酬費用相關的約 600 萬美元。

Without that expense, we expect non-GAAP gross margin to be about 28.5%.

如果沒有這筆費用，我們預計非美國通用會計準則毛利率約為 28.5%。

We expect GAAP OpEx to be about 785 million, including about 34 million related to stock based compensation.

我們預計 GAAP OpEx 約為 7.85 億，其中約 3400 萬與股票薪酬相關。

We expect non-GAAP OpEx to be about 751 million.

我們預計非 GAAP 運營支出約為 7.51 億。

We expect OI&E to be about 100 million, and we expect the tax rate to be about 32%.

我們預計 OI&E 約為 1 億，我們預計稅率約為 32%。

We expect to generate GAAP EPS of about $0.46 to $0.48, which includes an anticipated $0.03 per share related to non-cash, stock-based compensation expense.

我們預計將產生約 0.46 美元至 0.48 美元的 GAAP 每股收益，其中包括與非現金、基於股票的薪酬費用相關的預期每股 0.03 美元。

We expect non-GAAP EPS to be about $0.49 to $0.51.

我們預計非公認會計原則每股收益約為 0.49 美元至 0.51 美元。

We are thrilled to have just reported the second-highest revenue and earnings in Apple's history and are very pleased with our Intel transition progress.

我們很高興剛剛報告了蘋果歷史上第二高的收入和收益，並對我們的英特爾過渡進展感到非常滿意。

We are also very excited about and confident in the products in our pipeline.

我們也對我們管道中的產品感到非常興奮和信心。

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

有了這個，我想打開問題的電話。

(Operator Instructions).

（操作員說明）。

Andrew Neff, Bear Stearns.

安德魯·內夫，貝爾斯登。

I guess if you could talk to the extent you can about how you are viewing I guess the balance of the year.

我想如果你能盡可能地談論你如何看待我猜今年的餘額。

In the press release, you talk about exciting new pipeline of iPod products.

在新聞稿中，您談到了令人興奮的 iPod 產品新產品線。

And there's a lot of concern obviously out there about what sort of plans you have.

顯然有很多關於你有什麼樣的計劃的擔憂。

I guess the question is, how important is it for you to hit the holiday season?

我想問題是，假期對你來說有多重要？

Is that in your expectations as you look out at the balance of the year and how innovative can innovative be?

當您查看今年的餘額以及創新的創新程度時，這是否符合您的期望？

You know that we don't talk about unannounced products.

你知道我們不談論未發布的產品。

So, there's really a limit to what I can say.

所以，我能說的確實是有限度的。

I will just tell you two things.

我只告訴你兩件事。

The first is, we are very confident in the products in our pipeline.

首先，我們對我們管道中的產品非常有信心。

And I just don't imagine that the creativity of Apple could ever be low.

而且我只是不認為蘋果的創造力會很低。

Can we have the next question please?

請問下一個問題可以嗎？

Shannon Cross, Cross Research.

香農交叉，交叉研究。

Just a question on your gross margin guidance and sort of how you're going to position -- well, you can't talk about that, so let's talk about gross margin guidance.

只是一個關於你的毛利率指導的問題以及你將如何定位 - 好吧，你不能談論這個，所以讓我們談談毛利率指導。

It looks like there's a substantial decrease quarter over quarter relative to where you came in.

相對於你進入的地方，看起來季度環比大幅下降。

Are we to assume more price aggressiveness and mix shift on the product side is driving that, or do you anticipate a big change in the commodity market environment?

我們是否會假設產品方面的價格更加激進和產品組合轉變正在推動這一點，還是您預計商品市場環境會發生重大變化？

And also, if you can just talk about what you're seeing in commodities in general?

而且，如果你能談談你在商品中看到的一般情況？

I will start generally, and Tim can provide some further color on the commodity environment.

我一般會開始，Tim 可以為商品環境提供一些進一步的顏色。

We expect the favorable commodity environment to continue and have guided our non-GAAP gross margins at 28.5%, which is above our historical target range.

我們預計有利的商品環境將繼續，並引導我們的非公認會計原則毛利率為 28.5%，高於我們的歷史目標範圍。

We expect the gross margin percent to decline sequentially, largely driven by a full quarter of the back-to-school promotion; lower international pricing from our June price reductions; and a different product mix, including more MacBooks from the full quarter of availability.

我們預計毛利率將環比下降，主要是受整整一個季度的返校促銷活動推動；從我們 6 月份的降價中降低國際定價；以及不同的產品組合，包括整個季度的更多 MacBook。

This is Tim.

這是蒂姆。

As Peter said earlier, the component pricing was very favorable in Q3.

正如彼得之前所說，第三季度的組件定價非常有利。

It was favorable across almost all categories.

它在幾乎所有類別中都是有利的。

It was a great time to be a buyer.

這是成為買家的好時機。

In terms of the quarter that we are now in in Q4 -- and this is included in the guidance that Peter gave earlier -- we expect that we will continue to have a favorable environment on NAND Flash, on flat-panel displays, on portable hard drives -- all of which those areas are places where supply exceeds demand in the broader industry.

就我們現在在第四季度的季度而言——這包含在彼得早些時候給出的指導中——我們預計我們將繼續在 NAND 閃存、平板顯示器、便攜式硬盤驅動器——所有這些領域在更廣泛的行業中都是供大於求的地方。

On the DRAM market, we expect it to be relatively balanced and so the prices to trade within a fairly narrow range.

在 DRAM 市場，我們預計它會相對平衡，因此價格將在相當窄的範圍內交易。

Can we have the next question please?

請問下一個問題可以嗎？

Ben Reitzes, UBS.

Ben Reitzes，瑞銀。

Could you talk, Peter and maybe Tim, about the economic environment consumer versus education in particular?

彼得，也許還有蒂姆，你能談談經濟環境消費者與教育的關係嗎？

And maybe give us a view of what you're seeing out there in the economy and given some other worries out there?

也許讓我們了解您在經濟中看到的情況並考慮到其他一些擔憂？

We will let Tim talk a little bit about some of our markets, and Gary then will give you a few thoughts on the economy.

我們會讓蒂姆談談我們的一些市場，然後加里會給你一些關於經濟的想法。

In terms of what we saw across the quarter, once we announced the MacBook and began shipping it, we saw very robust consumer and higher education demand.

就我們在整個季度看到的情況而言，一旦我們發布了 MacBook 並開始發貨，我們就看到了非常強勁的消費者和高等教育需求。

In the Pro markets, we were slow and we were slow because we believed that customers are delaying purchases, waiting on a PowerMac with an Intel chip in it and in some cases waiting for applications, such as Adobe's Creative Suite.

在 Pro 市場，我們很慢，我們很慢，因為我們認為客戶正在延遲購買，等待裝有英特爾芯片的 PowerMac，在某些情況下等待應用程序，例如 Adobe 的 Creative Suite。

The ed market had a fabulous quarter.

ed 市場有一個美妙的季度。

It was the best June quarter in 10 years, as Peter said earlier.

正如彼得早些時候所說，這是 10 年來最好的六月季度。

We grew 11% year over year in the ed market versus an IDC projection of the ed market, which was shrinking by 4%.

我們在 ed 市場同比增長 11%，而 IDC 預測的 ed 市場萎縮了 4%。

The higher ed market, which is a subset of total ed market, grew 31% year over year.

高等教育市場是整個教育市場的一個子集，同比增長 31%。

So, we had a very fabulous consumer and higher education market season.

因此，我們度過了一個非常棒的消費和高等教育市場旺季。

We believe that we are very well-poised going into the back-to-school season with the MacBook being so well-received and also the promotion that we're running with the nano.

我們相信我們已經準備好進入返校季，因為 MacBook 非常受歡迎，而且我們正在使用 nano 進行促銷。

Gary?

加里？

I'm going to speak a little bit more generally.

我會說得更籠統一些。

From the data we have seen, the US economy and the consumer are holding up pretty well in the face of all this stuff -- the geopolitical uncertainty and the higher oil prices and energy prices and higher interest rates.

從我們看到的數據來看，面對所有這些因素——地緣政治的不確定性、油價和能源價格的上漲以及利率的上漲，美國經濟和消費者的表現相當不錯。

But that said and most of you are aware Fed Chairman Bernanke made a few comments this morning suggesting or intimating the economy and consumer was beginning to moderate a little.

但話雖如此，你們中的大多數人都知道美聯儲主席伯南克今天早上發表了一些評論，暗示或暗示經濟和消費者開始有所放緩。

But I guess based on Tim's comments, you might not be seeing that yet.

但我想根據蒂姆的評論，你可能還沒有看到。

Just one last thing is -- some of the -- you came in above at least my expectations for iPods and Macs but not in some of the other things like other music, peripherals and other.

最後一件事是——其中一些——你至少超過了我對 iPod 和 Mac 的期望，但在其他一些東西上沒有，比如其他音樂、外圍設備等。

Granted the year-over-years were decent on some of those, but was there anything holding those back?

誠然，其中一些年復一年的表現還不錯，但有什麼阻礙了這些嗎？

Was there anything in particular going on in other music or peripherals?

其他音樂或外圍設備有什麼特別的嗎？

I would've thought with more Mac sales, that line might have done a little better sequentially.

我原以為隨著 Mac 銷量的增加，這條線可能會按順序做得更好。

It looks like the quarter could have even been even more impressive because I think the iPod/Macs overall were pretty good.

看起來這個季度甚至可能更令人印象深刻，因為我認為 iPod/Mac 的整體表現相當不錯。

So, could you just comment there?

那麼，你能在那裡發表評論嗎？

On the software side, the comparison there is to the launch quarter Tiger a year ago.

在軟件方面，與一年前的發布季度 Tiger 進行了比較。

So it's very, very difficult to compare.

所以很難比較。

And sequentially, we had iLife announced in Q2.

隨後，我們在第二季度宣布了 iLife。

On the peripherals and other hardware category, we have integrated more and more things that were in peripherals before into the Macintosh itself and shipped it as part of the base configuration.

在外圍設備和其他硬件類別上，我們已經將越來越多的外圍設備集成到 Macintosh 本身中，並將其作為基本配置的一部分提供。

The other music-related products and services piece, basically a 6% decline sequentially, tracked to the iPod itself.

其他與音樂相關的產品和服務，基本上是環比下降 6%，與 iPod 本身相同。

Can we have the next question please?

請問下一個問題可以嗎？

Keith Bachman, Banc of America.

美國銀行的基思·巴赫曼。

I have a question.

我有個問題。

The retail side -- there was some volatility between this quarter and last quarter in terms of both the units and revenues and was just hoping you could speak to that a little bit and I have a follow-up.

零售方面——本季度和上一季度在單位和收入方面存在一些波動，只是希望你能談談這一點，我會跟進。

Thanks.

謝謝。

Yes, units and our Macs in retail were up 40% year over year.

是的，零售單位和我們的 Mac 同比增長 40%。

The response in the stores to both the MacBook and MacBook Pro was very, very strong.

商店對 MacBook 和 MacBook Pro 的反應非常非常強烈。

As I indicated, about half the Macs we sold were to people that had never owned a Mac before.

正如我所指出的，我們出售的 Mac 中約有一半是賣給以前從未擁有過 Mac 的人。

So, Peter, just to be clear, was most of that delta if you will between the March quarter and the June quarter of units up 50% this quarter?

那麼，彼得，需要明確的是，如果您在 3 月季度和 6 月季度之間的單位數量在本季度增長 50%，那麼大部分增量是多少？

And total at retail versus 7 last quarter, was that disproportionately driven by the new Mac notebooks?

零售總額與上一季度的 7 相比，這是否受到新 Mac 筆記本電腦的不成比例的推動？

We had much more availability of our Intel-based Macs, yes.

是的，我們有更多基於英特爾的 Mac 的可用性。

As we said in the last call in the March quarter, Ron really began to focus from January at Macworld on the Intel transition.

正如我們在 3 月季度的最後一次電話會議中所說，Ron 從 1 月在 Macworld 開始真正開始關注英特爾的轉型。

And we didn't have products in January in particular.

尤其是一月份我們沒有產品。

So, with our having availability not only of the MacBook Pro and Intel-based Mac but now the MacBook, he had just a fantastic quarter in the stores, not only with Mac sales but just sales in general.

因此，隨著我們不僅有 MacBook Pro 和基於 Intel 的 Mac，還有現在的 MacBook，他在商店裡度過了一個美妙的季度，不僅是 Mac 銷售，而且是總體銷售。

Peter, you've mentioned what the average revenue was per store for the average store opened.

彼得，你提到了平均每家商店開張的商店的平均收入是多少。

Could you refresh us on what that was last quarter?

你能給我們更新一下上個季度的情況嗎？

Thanks.

謝謝。

I will have to follow up with you.

我將不得不跟進你。

I don't recall what last quarter was.

我不記得上個季度是什麼了。

Sorry.

對不起。

Can we have the next question please?

請問下一個問題可以嗎？

Robert Semple, Credit Suisse.

羅伯特森普爾，瑞士信貸。

Can you walk me through the revenue outlook?

你能告訴我收入前景嗎？

If you take the midpoint of it, I know it's similar to what you did last year.

如果你取它的中點，我知道這和你去年所做的相似。

But last year, you guys were taking down inventories on the iPod side for I guess both the nano and the eventual video launch.

但是去年，你們正在減少 iPod 方面的庫存，因為我猜是 nano 和最終的視頻發布。

Historically, you've been up a little bit more seasonally than that in September.

從歷史上看，與 9 月相比，您的季節性上漲幅度更大。

Can you just kind of walk me through the thought process there?

你能引導我完成那裡的思考過程嗎？

Sure.

當然。

Our guidance for the September quarter actually is consistent with our past seasonality.

我們對 9 月季度的指導實際上與我們過去的季節性一致。

And our range represents growth of 22 to 25% over last year.

我們的範圍比去年增長了 22% 到 25%。

Again, last year -- the last year September quarter was the best Mac sales quarter we had in education in 10 years.

再說一次，去年——去年 9 月的季度是 10 年來我們在教育領域取得的最好的 Mac 銷售季度。

Then just switching gears to iPod, I noticed ASP was off about $15 sequentially.

然後只是切換到 iPod，我注意到 ASP 連續下降了大約 15 美元。

Is that more of a mix issue, or was it because you started the kind of back-to-school free iPod with the Mac a little bit earlier than you did last year?

這更像是一個混合問題，還是因為你比去年更早地開始使用 Mac 推出那種返校免費 iPod？

The main thing that drove that was the introduction in Q2 of the 1 gigabyte nano for 149.

推動這一趨勢的主要因素是在第二季度推出了 149 的 1 GB nano。

And so in Q3, we had a full quarter of that.

所以在第三季度，我們有整整四分之一。

Can we have the next question please?

請問下一個問題可以嗎？

Harry Blount, Lehman Brothers.

哈里布朗特，雷曼兄弟。

Peter, just in terms of Leopard, are you assuming anything -- any contribution from Leopard in the September quarter for the margins?

彼得，就 Leopard 而言，您是否假設任何事情 - Leopard 在 9 月季度對利潤的任何貢獻？

I'm sorry for the September quarter?

我為九月季度感到抱歉？

Yes.

是的。

We've not announced the ship dates for Leopard.

我們尚未宣布 Leopard 的發貨日期。

Our Developers Conference begins on August 7, next month.

我們的開發者大會將於下個月的 8 月 7 日開始。

And we look forward to talking about Leopard and showing you many of the new features.

我們期待著談論 Leopard 並向您展示許多新功能。

In terms of the retail performance, if I look at revenue per walk-in customer and revenue per store, I'm looking at revenue per walk-in customer is down for the sixth consecutive quarter on a year-over-year basis.

就零售業績而言，如果我查看每位步入式客戶的收入和每家商店的收入，我會看到每位步入式客戶的收入連續第六個季度同比下降。

I'm wondering if you have a sense as to why that might be.

我想知道你是否知道為什麼會這樣。

And also on the same-store sales, we're also seeing that down year over year the last two quarters.

在同店銷售額方面，我們也看到過去兩個季度同比下降。

Right.

正確的。

Traffic to the stores has just been phenomenal.

商店的客流量簡直是驚人的。

We had over 17 million people come through the stores this past quarter.

上個季度，我們有超過 1700 萬人光顧這些商店。

And as I said in my prepared remarks, our 5th Avenue store has seen over 500,000 people since it's been open in May.

正如我在準備好的講話中所說，我們的第五大道店自 5 月開業以來已經接待了超過 500,000 人。

The average store sales were down slightly year over year, but our total revenue from the stores is up about 29%.

平均門店銷售額同比略有下降，但我們的門店總收入增長了約 29%。

The average store revenue was down, a result of iPod sales being relatively flat year over year as we have had a greatly-expanded channel.

平均商店收入下降，原因是 iPod 銷售同比相對持平，因為我們有一個大大擴展的渠道。

But our Mac sales continue to increase and we are up 50% year over year.

但我們的 Mac 銷量繼續增長，同比增長 50%。

Then, Peter, last thing on the housekeeping side of the equation, can you maybe give us a sense of how many distribution points you have for both the iPod and the Mac and then also a rough sense as to how many of the Macs sold in the quarter were tied to the iPod promotion.

然後，彼得，等式的最後一件事，你能否告訴我們你有多少個 iPod 和 Mac 的分發點，然後粗略了解一下有多少 Mac 銷售該季度與 iPod 促銷有關。

Thanks.

謝謝。

On the iPod side, we have close to 40,000 distribution points, which is up slightly from the previous quarter as we have added a few select resellers around the world.

在 iPod 方面，我們有近 40,000 個分銷點，比上一季度略有增加，因為我們在全球增加了一些精選經銷商。

On the Macintosh, we have about 7,000 points of sale.

在 Macintosh 上，我們有大約 7,000 個銷售點。

We're conducting some pilots to potentially expand that.

我們正在進行一些試點以潛在地擴大它。

But we are not making any announcements today about that in terms of the promotion we started back in the beginning of June.

但我們今天沒有就我們在 6 月初開始的促銷活動發布任何公告。

And so, there were not a significant number of those within the quarter.

因此，本季度內的人數並不多。

Can we have the next question please?

請問下一個問題可以嗎？

Richard Farmer, Merrill Lynch.

理查德·法默，美林證券。

Peter, I would like to ask a couple of questions on gross margins please.

彼得，我想問幾個關於毛利率的問題。

In the past, you've commented at least qualitatively on the iPod hardware gross margin.

過去，您至少對 iPod 硬件毛利率做出了定性評論。

I wonder if you can provide any color there on how much that might have changed sequentially and year over year.

我想知道您是否可以在那裡提供任何顏色，說明可能按順序和逐年變化的程度。

The same question as it would relate to the Mac hardware in gross margin change.

毛利率變化與 Mac 硬件相關的問題相同。

And then finally, just a broader question on your philosophy and gross margin management longer-term.

最後，關於您的理念和長期毛利率管理的更廣泛的問題。

It seems like historically, you've been managing a little bit more to lower the prices or increase the feature set so that the gross margins were more stable and that the upside in gross margins was quickly put back into price to stimulate growth.

從歷史上看，您一直在設法降低價格或增加功能集，以使毛利率更加穩定，並且毛利率的上漲很快被重新投入價格以刺激增長。

This quarter and some other recent data points, it seems like you are managing more for margin leverage -- understand the component cost had something to do with that.

本季度和其他一些最近的數據點，您似乎正在為保證金槓桿管理更多 - 了解組件成本與此有關。

But if you look longer-term, are you making a decision here to manage the Company more for margin leverage, or should we think of you as investing a lot of that back into features and price so that the margin leverage we're seeing is more temporary?

但是，如果您從長遠來看，您是否決定在這裡更多地管理公司以提高保證金槓桿率，或者我們是否應該認為您將大量資金投入到功能和價格上，以便我們看到的保證金槓桿率是更臨時？

In terms of product gross margins, we have a long-standing practice of not releasing specific gross margins -- however -- specific product gross margins.

在產品毛利率方面，我們有一個長期的做法，即不公佈具體的毛利率——但是——具體的產品毛利率。

However, the iPod gross margin was up sequentially in the June quarter, and that was really attributable to the very favorable commodity environment.

然而，iPod 的毛利率在 6 月季度環比上升，這確實歸功於非常有利的商品環境。

The Mac products participated in that too.

Mac 產品也參與其中。

Now as regard to our philosophy, I think we are very competitive today, both on our Mac products and iPod.

現在就我們的理念而言，我認為我們今天的競爭非常激烈，無論是在我們的 Mac 產品還是 iPod 上。

We will continue to be aggressive with both our pricing and our feature and function.

我們將繼續對我們的定價以及我們的特性和功能採取積極的態度。

You know I -- from a long-term perspective, we're not putting out a financial model but I would target gross margin generally in the 27 to 28 some range.

你知道我 - 從長期的角度來看，我們沒有推出財務模型，但我的目標毛利率一般在 27 到 28 範圍內。

And I've discussed with you in the past the factors that add and subtract to that.

過去我已經和你討論過增加和減少它的因素。

The primary positive factors include direct sales, where we retain the channel margin as well as software and AppleCare and accessories.

主要的積極因素包括直銷，我們保留了渠道利潤以及軟件、AppleCare 和配件。

The primary adverse factors to gross margin are hardware, including iPod.

毛利率的主要不利因素是硬件，包括 iPod。

Can we have the next question please?

請問下一個問題可以嗎？

Richard Gardner, Citigroup.

花旗集團的理查德·加德納。

Just two quick questions -- first of all, Tim, I was hoping you might be able to give us a sense of supply/demand balance on the MacBook exiting the quarter.

只是兩個簡單的問題——首先，蒂姆，我希望你能夠讓我們了解本季度結束時 MacBook 的供需平衡情況。

And secondly, also for Tim, does the fact that Intel rolls out new chips and drops prices more frequently than your prior processor partners require, does it create additional challenges for you on the inventory management front?

其次，對於蒂姆來說，英特爾推出新芯片和降價的頻率超過了您之前的處理器合作夥伴的要求，這是否會給您在庫存管理方面帶來額外的挑戰？

Will you be rolling your products more frequently and adjusting the prices more frequently as the bill of materials comes down?

隨著物料清單的下降，您會更頻繁地推出產品並更頻繁地調整價格嗎？

Or will you do it the same way that you have done historically, which is adjust your prices at the time of new product introductions?

或者你會像過去那樣做，那就是在新產品推出時調整價格？

Thank you.

謝謝你。

In regards to the MacBook, we shipped a significant number of MacBooks, particularly in the month of June.

關於 MacBook，我們出貨了大量 MacBook，尤其是在 6 月份。

However, despite that, we did exit the quarter with some backlog.

然而，儘管如此，我們確實以一些積壓退出了本季度。

We're working very hard to fulfill that backlog during this quarter.

我們正在努力完成本季度的積壓工作。

For the full quarter, I don't envision having a supply issue that would [gate] that.

對於整個季度，我不認為會出現供應問題。

In terms of Intel, we are very pleased to be working with Intel.

就英特爾而言，我們很高興與英特爾合作。

They have been a great partner for us.

他們一直是我們的好夥伴。

We feel that they have the best processor by far for us to use in the products that we both want to make and are currently shipping.

我們認為他們擁有迄今為止最好的處理器，可用於我們想要製造和目前正在發貨的產品中。

Frankly, I'm pleased that there are new products coming out there and that we can change over time.

坦率地說，我很高興有新產品問世，我們可以隨著時間的推移而改變。

As you know, we don't discuss unannounced products.

如您所知，我們不討論未發布的產品。

So, I really wouldn't want to go into our philosophy about when we would roll with them and how we might change pricing.

所以，我真的不想深入探討我們何時會與他們一起推出以及我們如何改變定價的理念。

Can we have the next question please?

請問下一個問題可以嗎？

Bill Fearnley, FTN Midwest Securities.

Bill Fearnley，FTN 中西部證券公司。

Just a follow-up question on the iPod units.

只是關於 iPod 單元的後續問題。

What was the effect of the Major in Mac promo being moved up in June?

Mac 專業促銷在 6 月上調的影響是什麼？

Was that significant to contributing to the iPod units for the quarter?

這對本季度的 iPod 單位貢獻有多大意義？

It was not significant.

這並不重要。

Then on the iPod ASPs, how should we be thinking about the blended ASPs going forward for the category?

那麼在 iPod ASP 上，我們應該如何考慮該類別的混合 ASP？

Should we be thinking that they should stay within the range they've been the last few quarters?

我們是否應該認為他們應該保持在過去幾個季度的範圍內？

I'm sorry; that's a question we can't answer.

對不起;這是我們無法回答的問題。

We don't provide product level forecast.

我們不提供產品級別預測。

Then on the direct versus indirect mix, could you give additional color on that as well?

那麼在直接與間接混合方面，你能否也給它額外的顏色？

Then that's it; thanks.

然後就是這樣；謝謝。

Sure.

當然。

In the quarter, our direct sales, which we define as sales through our retail, stores, online stores directly to customers and the iTunes Music Store were 50% in the June quarter, up from 44% in the March quarter.

在本季度，我們的直接銷售額（我們定義為通過我們的零售店、商店、在線商店直接向客戶和 iTunes 音樂商店進行的銷售）在 6 月季度為 50%，高於 3 月季度的 44%。

Could we have the next question please?

請問下一個問題好嗎？

Rebecca Runkle, Morgan Stanley.

麗貝卡朗克爾，摩根士丹利。

Two questions -- first on retail distribution, can you just confirm what pilots you're currently running and have underway and when approximately they began?

兩個問題——首先是關於零售分銷的問題，您能否確認一下您目前正在運行和正在進行的試點項目以及它們大約開始的時間？

And I have a quick follow-up.

我有一個快速跟進。

The main one that we are running right now is with Best Buy.

我們現在運行的主要是百思買。

We are in a few of their stores -- half of which have Apple people selling product and half of which don't.

我們在他們的幾家商店裡——其中一半有蘋果員工銷售產品，一半沒有。

We're working with Best Buy to evaluate those results.

我們正在與百思買合作評估這些結果。

We have been doing that for about two months.

我們已經這樣做了大約兩個月。

And nothing else currently underway?

目前沒有其他進展嗎？

Not with a major partner.

不是與主要合作夥伴。

We have some select things that are of a smaller nature.

我們有一些性質較小的精選事物。

Perfect.

完美的。

Then, I guess, Peter, if we were to go back and look at historical OS launches, will you give us some color in terms of the impact and trending that you saw in the business, perhaps look at it the quarter before an OS release, what types of variations did you see in the business as a result?

然後，我想，彼得，如果我們要回過頭來看看歷史上的操作系統發布，你會給我們一些關於你在業務中看到的影響和趨勢的顏色，也許在操作系統發布之前的那個季度看看，您在業務中看到了哪些類型的變化？

And then, during the quarter of the OS release, what types of trends did you see?

然後，在操作系統發布的那個季度，您看到了哪些類型的趨勢？

You mean for the OS sales itself?

你的意思是操作系統銷售本身？

Just in terms of how the OS has trended but then also how it has impacted the overall business.

就操作系統的趨勢而言，以及它如何影響整體業務。

I'm trying to get to holistically how we should be thinking about historical OS releases and how they have impacted the business model broadly speaking.

我試圖從整體上了解我們應該如何考慮歷史操作系統版本以及它們如何影響廣泛的商業模式。

First of all, when we released Tiger in the June quarter a year ago, our revenues from Tiger in that quarter from shrink-wrap and license sales -- so not including any allocation for what would've been on a Mac -- was $100 million in the quarter.

首先，當我們在一年前的六月季度發布 Tiger 時，我們在該季度來自 Tiger 的收縮包裝和許可銷售收入——因此不包括 Mac 上的任何分配——是 100 美元本季度百萬。

Your first-quarter sales are always your best.

您的第一季度銷售額永遠是最好的。

We certainly think that Mac OS X is the best operating system.

我們當然認為 Mac OS X 是最好的操作系統。

I think it's a part of -- along with our design, our transition to Intel, our retail stores and other great channel partners are why the Mac has been growing so well and we've been gaining share.

我認為這與我們的設計、我們向英特爾的過渡、我們的零售店和其他優秀的渠道合作夥伴一起，是 Mac 發展如此之好並且我們一直在獲得份額的原因。

Just to qualify, in the quarter before historical releases, did you typically see any slowdown in CPU sales in anticipation of the new OS?

只是為了符合條件，在歷史發布前的一個季度，您是否通常看到 CPU 銷售因預期新操作系統而放緩？

Well, that's really hard to --

嗯，這真的很難——

I know that's subjective (multiple speakers) --

我知道這是主觀的（多位發言者）-

-- to evaluate.

- 評估。

The software sales are the best at the front end of a release, and over time they're still good.

軟件銷售在發布的前端是最好的，隨著時間的推移，它們仍然很好。

Our OS sales even in the June quarter were good.

即使在六月季度，我們的操作系統銷售也很好。

But they're not what they are in the first quarter of launch.

但它們不是第一季度發佈時的樣子。

Can we have the next question please?

請問下一個問題可以嗎？

Jonathan Hoopes, ThinkEquity.

喬納森·霍普斯，ThinkEquity。

Looking at the unit shipment levels between the Mac desktops and the notebooks, are we to understand then that the divergence was mainly a function of the Pro community not having products there to upgrade into, or was it a function of the education?

看看 Mac 台式機和筆記本的出貨量水平，我們是否理解這種差異主要是 Pro 社區沒有產品升級的功能，還是教育的功能？

And then as we move forward into the September education period, do you expect desktops to regain some strength there?

然後隨著我們進入 9 月份的教育期，您是否認為台式機會在那裡恢復一些實力？

The main thing affecting desktops frankly are the compelling notebooks that we announced.

坦率地說，影響台式機的主要因素是我們宣布的引人注目的筆記本電腦。

So as the market is moving more to notebooks, Apple is leading the way.

因此，隨著市場更多地轉向筆記本電腦，Apple 處於領先地位。

With the incredible announcements that we had with the MacBook Pro in Q2 and in the MacBook in Q3, there was just a very compelling reason to buy a laptop.

隨著我們在第二季度的 MacBook Pro 和第三季度的 MacBook 上發布的令人難以置信的公告，購買筆記本電腦的理由非常令人信服。

On the desktop side, the comparison there would be on a Pro business that is clearly slower than a year ago as people await a PowerMac with an Intel chip and/or an application from a third-party developer.

在台式機方面，Pro 業務明顯比一年前慢，因為人們等待 PowerMac 配備英特爾芯片和/或第三方開發商的應用程序。

The other thing that was happening was the eMac was really at a close to an end of life last quarter.

正在發生的另一件事是 eMac 在上個季度真的接近了生命的盡頭。

So sales on that were not as robust as they were a year ago.

因此，這方面的銷售不如一年前那麼強勁。

Do you have an idea as to how long a Pro user typically waits before they upgrade?

您知道 Pro 用戶在升級之前通常要等待多長時間嗎？

Are they more of a wait-and-see, or do you believe you have a wait list for Pro users on an Intel refresh?

他們更多的是觀望，還是你相信你有一個英特爾更新的 Pro 用戶等待名單？

I believe that Pro users act like other users, and there is a high standard deviation between different types of segments of them.

我相信 Pro 用戶的行為與其他用戶一樣，並且他們的不同類型細分之間存在很高的標準偏差。

You would not want to estimate what the average of those would be.

你不會想估計這些的平均值是多少。

Can we have the next question please?

請問下一個問題可以嗎？

Chris Whitmore, Deutsche Bank.

德意志銀行的克里斯·惠特莫爾。

Just a follow-up on the last question.

只是對最後一個問題的跟進。

Is there any way you can provide a percentage of desktops to the Pro market, both in the June quarter of '06 and compare that to the June quarter of '05 just so we can get a feel as to the size of that market?

有沒有什麼方法可以在 06 年 6 月季度和 05 年 6 月季度比較，為 Pro 市場提供一定比例的台式機，以便我們了解該市場的規模？

Then secondly, is there any way you can quantify the missed sales due to supply constraints on the MacBook business?

其次，有什麼方法可以量化由於 MacBook 業務的供應限製而導致的銷售損失？

On the size of the market, we do not disclose size of market numbers.

關於市場規模，我們不透露市場數字的大小。

And frankly, it's very hard to conclude exactly what they are because we sell both directly and indirectly.

坦率地說，很難確切地斷定它們是什麼，因為我們直接和間接地銷售。

So that would be very hard to do.

所以這將是非常困難的。

What was your second question?

你的第二個問題是什麼？

Hoping to get a quantification of the notebook upside missed due to supply constraints or the size of the backlog.

希望能夠量化由於供應限製或積壓的大小而錯過的筆記本電腦上行空間。

We did ship a significant amount in June.

我們確實在 6 月份發貨了很多。

We left with some backlog, but we're continuing to ship obviously in this month and view that will not be an issue for this quarter.

我們留下了一些積壓的訂單，但我們顯然會在本月繼續發貨，並且認為這不會成為本季度的問題。

To ask that first question a second way, can you provide us a percentage of shipments that were PowerMacs in each of those quarters?

以第二種方式問第一個問題，您能否向我們提供每個季度中 PowerMac 出貨量的百分比？

Yes, we release things at desktop and portable level.

是的，我們發布桌面和便攜級別的東西。

Can we have the next question please?

請問下一個問題可以嗎？

Bill Shope, JPMorgan.

比爾·肖普，摩根大通。

I believe last quarter, you noted that you get more aggressive with marketing efforts overseas for the iPod.

我相信上個季度，您注意到您對 iPod 的海外營銷工作更加積極。

Can you give us some comment on the progress you may have seen in this arena throughout the quarter?

您能否就整個季度在該領域所取得的進展給我們一些評論？

We did get more aggressive.

我們確實變得更有侵略性。

We had put more energy outside the US as we had the supply capability to do that.

我們已經將更多的能源放在美國以外，因為我們有能力做到這一點。

And as a consequence, we saw share gains in several countries in Europe, including the UK and Spain and Italy and France.

因此，我們看到歐洲幾個國家的份額有所增長，包括英國、西班牙、意大利和法國。

And we're very pleased with that.

我們對此非常滿意。

Also, through the month of May, BCN has reported that we have stayed north of 50% share in Japan as well.

此外，截至 5 月份，BCN 報告稱，我們在日本的份額也保持在 50% 以上。

So we appear to be making good progress.

所以我們似乎取得了良好的進展。

Then one more question, I'm not sure if it's too early to ask this one yet.

然後還有一個問題，我不確定現在問這個問題是否為時過早。

But have you been able to gather any data to help you understand if Boot Camp is actually stimulating Mac switchers?

但是您是否能夠收集任何數據來幫助您了解 Boot Camp 是否真的在刺激 Mac 切換器？

We released the beta in April.

我們在四月發布了測試版。

The number of downloads that we've had are significant, and the customer feedback that we have had on Boot Camp is very, very good.

我們的下載量非常可觀，我們在 Boot Camp 上獲得的客戶反饋非常非常好。

It's clear that for a Windows user that is considering switching to a Mac, that it makes it even more appealing to them to switch.

很明顯，對於正在考慮切換到 Mac 的 Windows 用戶來說，這對他們來說更有吸引力。

Can we have the next question please?

請問下一個問題可以嗎？

Kevin Hunt, Thomas Weisel Partners.

凱文亨特，托馬斯韋塞爾合夥人。

I had a couple of additional follow-ups on the gross margin question.

我對毛利率問題進行了一些額外的跟進。

First of all, in the response to someone asking about why gross margin guidance was down 200 basis points, it sounded to me like you said everything was going to be the same as this quarter.

首先，在回答有人詢問為什麼毛利率指引下降 200 個基點時，我覺得你說一切都將與本季度一樣。

So I guess I'm still not clear why it would be down 200 basis points.

所以我想我仍然不清楚為什麼它會下跌 200 個基點。

And then secondly, in terms of the Intel transition on the Mac side, can you talk about how -- what indirect impact that might be having, moving to an Intel chip rather than your historical chips and also whether that Intel -- using the Intel's chipsets essentially lower any other kind of component cost that are used within the PC?

其次，就英特爾在 Mac 方面的過渡而言，您能否談談如何 - 可能產生的間接影響，轉向英特爾芯片而不是你的歷史芯片，以及英特爾是否 - 使用英特爾的芯片組從根本上降低了 PC 中使用的任何其他類型的組件成本？

Again, so the reason that we're guiding gross margin down is we will see a full quarter impact of the back-to-school promotion.

同樣，我們引導毛利率下降的原因是我們將看到返校促銷活動對整個季度的影響。

It was a very aggressive promotion, where with a purchase of a qualifying Mac and an iPod nano, a customer can get a rebate for the iPod nano.

這是一項非常激進的促銷活動，購買合格的 Mac 和 iPod nano 的客戶可以獲得 iPod nano 的回扣。

We lowered our international pricing towards the end of the quarter as a result of the weakening in the dollar.

由於美元疲軟，我們在本季度末降低了國際定價。

And we expect a different product mix, including more MacBooks, from having a full quarter of availability.

我們預計會有一個不同的產品組合，包括更多的 MacBook，因為它有一個完整的季度可用。

And I don't think we have really any comments on our Intel-based product gross margins.

而且我認為我們對基於英特爾的產品毛利率沒有任何評論。

Is that a positive factor or a negative factor?

這是積極因素還是消極因素？

Can you at least say that?

你至少可以這麼說嗎？

Again, we don't have a comment.

同樣，我們沒有評論。

Can we have the next question please?

請問下一個問題可以嗎？

Charles Wolf, Needham & Company.

查爾斯·沃爾夫，李約瑟公司。

I have a question about the music model.

我有一個關於音樂模型的問題。

I was wondering if the actions of some European countries, most notably France, pose any threat to Apple's music model.

我想知道一些歐洲國家的行為，尤其是法國，是否會對蘋果的音樂模式構成威脅。

We believe that the -- any legislation that requires the sharing of DRMs will result in state-sponsored piracy, which will we think cause artists to disallow their works to be sold digitally just as the market is beginning to grow.

我們認為，任何要求共享 DRM 的立法都將導致國家支持的盜版，我們認為這會導致藝術家在市場開始增長時不允許他們的作品以數字方式出售。

And we hope that the countries will let the extremely competitive marketplace driven by consumer choice decide which players and online music stores are offered to customers.

我們希望各國讓由消費者選擇驅動的競爭激烈的市場決定向客戶提供哪些播放器和在線音樂商店。

Yes, I have one quick follow-up.

是的，我有一個快速跟進。

Will there be any surprises at the Developers Conference?

開發者大會會有驚喜嗎？

You will have to come and attend.

你必須來參加。

Can we have the next question please?

請問下一個問題可以嗎？

Shaw Wu, American Technology Research.

Shaw Wu，美國技術研究中心。

Just some questions on your Japan business.

只是關於您的日本業務的一些問題。

It was down sequentially double digit for the second quarter in a row but up on a year-over-year basis.

它連續第二季度連續下降兩位數，但同比增長。

I am just wondering if that is -- is Japan performing up to your expectations?

我只是想知道這是否——日本的表現符合你的期望嗎？

And then just some comments on the executive departure there.

然後只是對那裡的行政離職的一些評論。

Thanks.

謝謝。

In the PC market in Japan, sequentially the markets is generally down 15% or so and so the sequential performance isn't surprising.

日本PC市場環比普遍下跌15%左右，環比表現不足為奇。

In addition to that, we took some number of units out of the channel in hi-fi.

除此之外，我們還從高保真頻道中取出了一些單元。

On a year-over-year basis if you look at Japan and you combine it with our retail stores that are in Japan, we were up 13%.

如果您查看日本並將其與我們在日本的零售店相結合，則同比增長 13%。

That 13% is lower than the Company average of 24, and we're not happy about that.

這 13% 低於公司 24 的平均水平，我們對此並不滿意。

And so we're continuing to look for and seek improvements in the business in Japan.

因此，我們將繼續在日本的業務中尋找並尋求改進。

Regarding the change, we mutually agreed on [his] resignation, which has already occurred.

關於變更，我們相互同意[他]的辭職，這已經發生了。

Our Japan marketing team will continue to report directly to Phil Schiller in Cupertino.

我們的日本營銷團隊將繼續直接向庫比蒂諾的菲爾席勒匯報。

And Phil will take the interim position to lead our overall marketing in Japan.

Phil 將擔任臨時職位，領導我們在日本的整體營銷。

Can we have the next question please?

請問下一個問題可以嗎？

Gene Munster, Piper Jaffray.

吉恩·芒斯特，派珀·杰弗瑞。

A couple of international questions.

幾個國際問題。

First, if you look at the success you had in the US, it really hasn't rolled out internationally.

首先，如果你看看你在美國取得的成功，它實際上並沒有在國際上推廣。

I think you went over some of the growth rates and it seemed a little bit less in Europe and Asia.

我認為你回顧了一些增長率，歐洲和亞洲的增長率似乎有點低。

What is the big issue?

什麼是大問題？

Is it just a price point issue or maybe you can address if you think about expanding the Apple brand globally and a follow-up question.

如果您考慮在全球範圍內擴展 Apple 品牌和後續問題，這只是一個價格點問題，或者您可以解決這個問題。

If you look at Europe as an example, Europe revenue was up 21% year over year; that compares to the Company average of 24.

如果以歐洲為例，歐洲收入同比增長 21%；相比之下，公司的平均水平為 24。

If you combine it with the retail segment or the groups of the stores that we have in Europe, it was up 22 compared to the Company average 24.

如果將其與我們在歐洲的零售部門或商店組相結合，它增加了 22 家，而公司平均為 24 家。

And so Europe is very close.

所以歐洲非常接近。

When we deploy a new product -- and in this case, we deployed MacBook as you know -- it takes longer to deploy a new product into Europe than it does the US.

當我們部署新產品時——在這種情況下，我們部署了 MacBook，如你所知——將新產品部署到歐洲需要比在美國更長的時間。

So in the first quarter generally speaking, Europe would be -- would get less advantage of a new product.

因此，總體而言，在第一季度，歐洲將 - 將減少從新產品中獲得的優勢。

And I think that's the primary difference in the growth rate in Europe.

我認為這是歐洲增長率的主要差異。

Japan, we just spoke about.

日本，我們剛剛談到。

What about even markets like the markets that aren't talked much about, like South America and Central America and things like this?

即使是像南美和中美這樣的市場，像南美和中美這樣的市場，又如何呢？

You just don't seem to really have much of a footprint at all, and these are obviously big markets.

您似乎根本沒有真正的足跡，而這些顯然是大市場。

The growth rate that we had in Latin America last quarter was tremendous; it almost doubled.

上個季度我們在拉丁美洲的增長率是驚人的。它幾乎翻了一番。

However, we can always improve in the absolute level of revenue in that area and we're focused on doing that.

但是，我們始終可以提高該領域的絕對收入水平，並且我們專注於做到這一點。

Then a specific question just in terms of iPod sales in Europe for the quarter, can you just give us any sort of indication?

然後是一個關於本季度歐洲 iPod 銷量的具體問題，您能否給我們任何指示？

Did the growth rate accelerate or was it stable or decline a little bit, just some general themes around iPod growth in Europe?

增長速度是加速還是穩定或略有下降，只是圍繞 iPod 在歐洲增長的一些一般性主題？

We don't release iPod shipments on a geographic basis.

我們不會按地域發布 iPod 出貨量。

Can you address it if some of the legislative issues in France or potentially some of the things going on with Sony Ericsson and some of their new products, is that -- are you seeing an impact from any of those?

如果法國的一些立法問題或索尼愛立信及其一些新產品可能發生的一些事情，你能解決它嗎？你是否看到這些問題的影響？

I haven't seen an impact from the Sony products that I can comment on.

我還沒有看到我可以評論的索尼產品的影響。

And as I said -- I answered this for Charlie, but we just think and hope that the governments will let the extremely competitive marketplace driven by customer choice decide which players and which online music stores are offered to consumers.

正如我所說 - 我為查理回答了這個問題，但我們只是認為並希望政府能夠讓由客戶選擇驅動的極具競爭性的市場決定向消費者提供哪些播放器和哪些在線音樂商店。

But it's safe to say that you haven't seen an impact from either of those to the best of your knowledge, Peter?

但可以肯定地說，據您所知，您還沒有看到其中任何一個的影響，彼得？

I have not looked specifically at Sony, so I don't want to comment on that.

我沒有專門研究過索尼，所以我不想對此發表評論。

I guess just conceptually some of the things that Sony is doing, what are your thoughts on that?

我猜只是概念上索尼正在做的一些事情，你對此有何看法？

Obviously, it had tremendous growth with the Sony Walkman phone.

顯然，索尼隨身聽手機帶來了巨大的增長。

When you guys step back and see some of that success, what do you even think about?

當你們退後一步看到其中的一些成功時，你甚至會想到什麼？

Well, we are very confident in our ability to compete in the marketplace.

好吧，我們對我們在市場上的競爭能力非常有信心。

And we're very excited about what we have in the product pipeline, and you know that I can't comment on that.

我們對我們在產品管道中擁有的東西感到非常興奮，你知道我不能對此發表評論。

As regards cell phones, we don't think that the phones that are available today make the best music players.

至於手機，我們認為當今可用的手機並不是最好的音樂播放器。

We think the iPod is.

我們認為 iPod 是。

But over time, that is likely to change.

但隨著時間的推移，這種情況可能會改變。

And we're not sitting around doing nothing.

而且我們不會無所事事。

Can we have the next question please?

請問下一個問題可以嗎？

David Bailey, Goldman Sachs.

大衛貝利，高盛。

Similar to what you've done on the Mac side, have you done any studies on what percentage of iPod sales are to existing owners?

與您在 Mac 方面所做的類似，您是否研究過 iPod 銷售佔現有用戶的百分比？

And to go along with that, what are you doing to drive sales into your installed base between product cycles?

與此同時，您正在採取哪些措施來在產品週期之間推動銷售進入您的安裝基礎？

I'm not aware of studies or data that we have in that regard.

我不知道我們在這方面的研究或數據。

In terms of what are we doing -- great marketing, offering great points of presence around the world both in our retail stores and online and through our channel partners, and offering customers what we think is the absolute best products in the marketplace in not only the iPod but the iTunes Music Store.

就我們所做的而言——出色的營銷，在我們的零售店和在線以及通過我們的渠道合作夥伴在世界各地提供出色的存在點，並為客戶提供我們認為是市場上絕對最好的產品，不僅在iPod，但 iTunes 音樂商店。

I think the market share that we command around the world supports that.

我認為我們在全球擁有的市場份額支持了這一點。

Can we have the next question please?

請問下一個問題可以嗎？

Steve Lidberg, Pacific Crest Securities.

太平洋佳峰證券的史蒂夫·利德伯格。

First with regards to the MacBook, it seemed like you had shipments relatively within equilibrium exiting the June quarter in terms of supply.

首先關於 MacBook，就供應而言，在 6 月季度結束時，您的出貨量似乎相對處於平衡狀態。

And I guess relative to the online store now, you are showing a wait time of five to seven days.

而且我猜相對於現在的在線商店，您顯示的等待時間為 5 到 7 天。

Can you give us some insight into what that is related to?

你能給我們一些關於這與什麼相關的見解嗎？

Then as an additional question, Peter, with regards to I guess the last couple of your quarters, you stated and highlighted the strength in the product pipeline.

然後作為一個額外的問題，彼得，關於我猜你的最後幾個季度，你陳述並強調了產品管道的實力。

Yet really from a product introduction standpoint, what we've seen has been relatively well anticipated, i.e., the Intel transition devices.

然而，真正從產品介紹的角度來看，我們所看到的已經相對良好的預期，即英特爾過渡設備。

Is there some challenges on the execution side of the R&D pipeline, or how should we think about that?

研發管道的執行方面是否存在一些挑戰，或者我們應該如何考慮？

I have high confidence in the team here at Apple.

我對 Apple 的團隊充滿信心。

We remain very confident in and excited about the products in our pipeline and look forward to the future.

我們仍然對我們管道中的產品充滿信心和興奮，並展望未來。

On MacBook, we're working very hard to fill our backorders on MacBook.

在 MacBook 上，我們正在努力填補 MacBook 上的缺貨訂單。

Thanks to everyone for joining us today.

感謝大家今天加入我們。

A recording of today's call will be available for replay via telephone for seven days, beginning at 5 PM Pacific Time today.

從今天太平洋時間下午 5 點開始，今天的通話錄音將通過電話重播 7 天。

The number for the replay is 719-457-0820, and the confirmation code is 1069240.

重播號碼為719-457-0820，確認碼為1069240。

A replay of the audio webcast of this call will also be available, beginning at approximately 5 PM Pacific Time today at www.Apple.com/investor.

從今天太平洋時間下午 5 點左右開始，在 www.Apple.com/investor 上還將提供此次電話會議的網絡音頻重播。

And 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, and I am at 408-974-5420.

瓊的電話是 408-974-4570，我的電話是 408-974-5420。

Thanks again for joining us.

再次感謝您加入我們。

Thank you, everyone.

謝謝大家。

That does conclude today's conference.

今天的會議到此結束。

You may now disconnect.

您現在可以斷開連接。