蘋果 (AAPL) 2007 Q1 法說會逐字稿

Thanks so much for holding, ladies and gentlemen, and welcome to this Apple first quarter financial results conference call.

女士們，先生們，非常感謝您的召開，歡迎參加本次 Apple 第一季度財務業績電話會議。

Just a reminder, today's conference is being recorded.

提醒一下，今天的會議正在錄製中。

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

現在是開場白和介紹的時候，我想將會議轉交給投資者關係和公司財務高級總監 Nancy Paxton 女士。

Please go ahead, ma'am.

請繼續，女士。

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 CFO, Peter Oppenheimer, and he'll be joined by Apple COO Tim Cook and Apple Treasurer Gary Wipfler for the Q&A session with analysts.

今天發言的是 Apple 首席財務官 Peter Oppenheimer，Apple 首席運營官 Tim Cook 和 Apple 財務主管 Gary Wipfler 將與他一起參加與分析師的問答環節。

Please note that some of the information you'll hear during our discussion today, will consist of forward-looking statements regarding revenue, gross margin, operating expenses, other income and expense, taxes, earnings per share, future products, and non-cash stock-based compensation expense.

請注意，您將在我們今天的討論中聽到的一些信息將包括有關收入、毛利率、運營費用、其他收入和費用、稅收、每股收益、未來產品和非現金的前瞻性陳述基於股票的補償費用。

Actual results or trends could differ materially from our forecast, and for more information, please refer to the risk factors discussed in Apple's Form 10-K for 2006 and the Form 8-K filed with the SEC today and the attached press release.

實際結果或趨勢可能與我們的預測大相徑庭，有關更多信息，請參閱 Apple 2006 年 10-K 表格和今天向 SEC 提交的 8-K 表格以及隨附的新聞稿中討論的風險因素。

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 are pleased to report stellar financial results and another record breaking quarter for Apple.

我們很高興報告出色的財務業績和蘋果公司另一個創紀錄的季度。

The quarter's revenue was $7.12 billion, representing 24% growth over the prior December quarter's record results, which included a 14th week.

該季度的收入為 71.2 億美元，比上一季度的創紀錄業績增長了 24%，其中包括第 14 週。

The revenue growth was driven by very strong iPod sales during the holiday season and continued robust demand for Macs.

收入增長是由假期期間非常強勁的 iPod 銷售和對 Mac 的持續強勁需求推動的。

Operating margin for the quarter was exceptionally high at 18.6%, resulting from the revenue growth and effective cost management.

由於收入增長和有效的成本管理，本季度的營業利潤率異常高，達到 18.6%。

We're particularly proud to have generated net income of $1 billion, which is up 78% over last year's record December quarter results, and translated to earnings per share of $1.14.

我們特別自豪地產生了 10 億美元的淨收入，比去年創紀錄的 12 月季度業績增長了 78%，並轉化為每股 1.14 美元的收益。

I'd like to first talk about our Mac products and services, which represented 43% of our total quarterly revenue.

我想先談談我們的 Mac 產品和服務，它們占我們季度總收入的 43%。

We shipped a total of 1.61 million Macs, consistent with the record setting shipments in our September back-to-school quarter, and representing 28% growth over the 14-week year-ago quarter.

我們總共出貨了 161 萬台 Mac，與 9 月返校季度的創紀錄出貨量一致，比去年同期的 14 周季度增長了 28%。

We were very pleased with this growth, which was ahead of our expectations and represented about three times IDC's latest published market growth rate estimate for the December quarter.

我們對這一增長感到非常滿意，這超出了我們的預期，大約是 IDC 最新公佈的 12 月季度市場增長率估計值的三倍。

Ending channel inventory of Macs was essentially unchanged from the prior quarter and was just below our target range of four to five weeks.

Mac 的終端渠道庫存與上一季度基本持平，略低於我們 4 至 5 週的目標範圍。

We refreshed both the Mac Book and Mac Book Pro with Intel Core 2 Dual Processors during the quarter and customer demand for our portable Macs remains particularly strong.

我們在本季度更新了配備英特爾酷睿 2 雙處理器的 Mac Book 和 Mac Book Pro，客戶對我們的便攜式 Mac 的需求仍然特別強勁。

Portable Mac shipments during the quarter grew 65% year-over-year and accounted for 60% of total Macs sold.

本季度便攜式 Mac 出貨量同比增長 65%，佔 Mac 總銷量的 60%。

It was an outstanding quarter for our music products and services.

對於我們的音樂產品和服務來說，這是一個出色的季度。

They accounted for 57% of total revenue during the quarter versus 59% in the year-ago quarter.

它們佔本季度總收入的 57%，而去年同期為 59%。

We sold 21.1 million iPods, representing 50% growth over the year-ago quarter.

我們售出了 2110 萬台 iPod，比去年同期增長了 50%。

The new iPod shuffle began shipping at the end of October and we were very pleased with the demand for all three of our iPod product lines during the quarter.

新的 iPod shuffle 於 10 月底開始發貨，我們對本季度所有三個 iPod 產品線的需求感到非常滿意。

Channel inventory of iPods increased by about 200,000 units, all related to channel sales for the iPod shuffle.

iPod 的渠道庫存增加了約 200,000 台，這都與 iPod shuffle 的渠道銷售有關。

We ended the quarter within our target range of four to six weeks on a look-forward basis.

我們以前瞻性的方式結束了本季度在四到六週的目標範圍內。

We are happy that iPod maintained its leadership position in the U.S. in the face of increased competition.

我們很高興 iPod 在競爭加劇的情況下保持其在美國的領先地位。

Our share of the U.S. market for MP3 players was 72% in the month of December according to MPD Tech World. iPod shipments grew even faster in international markets which resulted in share gains in every country for which we have market data.

根據 MPD Tech World 的數據，12 月份我們在美國 MP3 播放器市場的份額為 72%。 iPod 在國際市場上的出貨量增長更快，這導致我們擁有市場數據的每個國家的份額都有所增長。

This gives us confidence that our emphasis on advertising, channel development, and improved supply in these markets has been effective.

這讓我們相信，我們對這些市場的廣告、渠道開發和改善供應的重視是有效的。

Other music revenue grew 29% year-over-year, fueled by very strong sales through the iTunes store.

得益於 iTunes 商店的強勁銷售，其他音樂收入同比增長 29%。

The store's growing content offering now includes over 4 million songs, 350 television shows, and 250 movies.

該商店不斷增長的內容供應現在包括超過 400 萬首歌曲、350 部電視節目和 250 部電影。

As we announced last week, we have now sold over 2 billion songs and have added feature films from Paramount Pictures to our movie library. iTunes continues to lead the market for songs purchased and downloaded, accounting for over 85% of the U.S. market based on the latest data from Nielsen Soundscan. iTunes gift cards were immensely popular during the holiday quarter and doubled year-over-year.

正如我們上周宣布的那樣，我們現在已售出超過 20 億首歌曲，並將派拉蒙影業的故事片添加到我們的電影庫中。根據 Nielsen Soundscan 的最新數據，iTunes 繼續引領歌曲購買和下載市場，占美國市場的 85% 以上。 iTunes 禮品卡在假日季非常受歡迎，同比增長一倍。

Sales from our Apple retail stores were over $1.1 billion, the highest level in the stores' history.

我們 Apple 零售店的銷售額超過 11 億美元，創下零售店歷史最高水平。

The stores generated $89 million in segment margin, not including $232 million of associated manufacturing profit.

這些商店產生了 8900 萬美元的分部利潤，不包括 2.32 億美元的相關製造利潤。

We opened five new stores during the quarter to end with 170 stores.

我們在本季度開設了 5 家新店，到年底共有 170 家店。

With an average of 169 stores open during the quarter, average revenue per store was $6.7 million.

本季度平均開設 169 家門店，每家門店的平均收入為 670 萬美元。

The stores sold 308,000 Macs during the quarter, representing 60% year-over-year growth.

這些商店在本季度售出了 308,000 台 Mac，同比增長 60%。

Almost 28 million people visited our stores during the quarter, representing 13,000 customers per store per week.

本季度有近 2800 萬人次光顧我們的門店，每家門店每週接待 13,000 名顧客。

We continue to invest in our stores to support customers and to showcase our products.

我們將繼續投資於我們的商店，以支持客戶並展示我們的產品。

The stores are a wonderful place to buy Macs today, and we think they will provide customers a great experience with iPhone beginning in June.

如今，這些商店是購買 Mac 的絕佳場所，我們認為它們將從 6 月開始為客戶提供出色的 iPhone 體驗。

Gross margin was 31.2%, almost 300 basis points higher than our guidance, primarily due to the favorable commodity pricing environment, better product mix, and greater leverage of fixed costs due to the higher than expected revenue.

毛利率為 31.2%，比我們的預期高出近 300 個基點，這主要是由於有利的商品定價環境、更好的產品組合以及由於高於預期的收入而導致的固定成本槓桿率更大。

Operating expenses were $898 million, including $40 million in expense related to stock-based compensation.

運營費用為 8.98 億美元，包括 4000 萬美元與股票薪酬相關的費用。

OI&E was $126 million.

OI&E 為 1.26 億美元。

The tax rate for the quarter was 31%, slightly below our guidance of 32% due to the extension of the R&D tax credit associated with recent legislation.

本季度的稅率為 31%，略低於我們指導的 32%，原因是與最近的立法相關的研發稅收抵免延長。

We expect the tax rate to be 32% for the remaining quarters of the fiscal year.

我們預計本財年剩餘季度的稅率為 32%。

We had very strong cash generation during the quarter, increasing our cash balance by over $1.75 billion to end with $11.9 billion.

我們在本季度產生了非常強勁的現金，使我們的現金餘額增加了超過 17.5 億美元，最終達到 119 億美元。

This was primarily a function of strong earnings and working capital management.

這主要是強大的收益和營運資金管理的功能。

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, we are targeting revenue of between $4.8 and $4.9 billion.

本季度，我們的目標收入在 4.8 至 49 億美元之間。

We expect the total quarterly cost of non-cash, stock-based compensation to be approximately $66 million.

我們預計非現金、股票薪酬的季度總成本約為 6600 萬美元。

We expect gross margin to be about 29.5%, reflecting approximately $8 million related to stock-based compensation expense.

我們預計毛利率約為 29.5%，反映出與股票薪酬費用相關的約 800 萬美元。

We expect OpEx to be about $845 million, including about $58 million related to stock-based compensation expense.

我們預計運營支出約為 8.45 億美元，其中包括與股票薪酬費用相關的約 5800 萬美元。

We expect OI&E to be about $130 million, and we expect the tax rate to be about 32%.

我們預計 OI&E 約為 1.3 億美元，我們預計稅率約為 32%。

We expect to generate EPS of about $0.54 to $0.56 including an anticipated $0.05 per share related to non-cash, share-based compensation expense.

我們預計每股收益約為 0.54 美元至 0.56 美元，包括與非現金、基於股票的薪酬費用相關的預期每股 0.05 美元。

In closing, fiscal year 2007 is off to a tremendous start.

最後，2007 財年迎來了一個巨大的開端。

We are incredibly proud to have just completed the first quarter with revenue of over $7 billion and net income of $1 billion.

我們為剛剛完成第一季度收入超過 70 億美元和淨收入 10 億美元而感到無比自豪。

Last week at Macworld, we introduced the revolutionary iPhone and Apple TV, and we are very excited about the remarkable new products coming from Apple this year.

上週在 Macworld 上，我們推出了革命性的 iPhone 和 Apple TV，我們對 Apple 今年推出的非凡新產品感到非常興奮。

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

有了這個，我想打開問題的電話。

Thank you, sir. [OPERATOR INSTRUCTIONS] And we go first today to Mr. Ben Reitzes with UBS.

謝謝你，先生。 [操作員說明] 今天，我們首先與瑞銀的 Ben Reitzes 先生聯繫。

Yes, thanks.

對了謝謝。

Good afternoon.

下午好。

Peter, in your guidance, what are you factoring in, or are you factoring anything in for any pause in demand ahead of the iPhone, perhaps in the iPod markets or anything, and also what are you factoring in for seasonality in the iPod market?

彼得，在你的指導中，你在考慮什麼因素，或者你是否考慮到任何在 iPhone 之前出現的需求暫停，也許是在 iPod 市場或其他任何因素，以及你對 iPod 市場的季節性因素有什麼考慮？

Okay.

好的。

We've factored our view of customer demand and supply into our guidance.

我們已將我們對客戶需求和供應的看法納入我們的指導。

We, as you said, we just announced the iPhone last week and it's really too soon to tell, but we believe we've got a great iPod product offering today with a range of prices, capacities, and form factors to meet many customers needs and uses.

正如您所說，我們上周剛剛發布了 iPhone，現在下結論還為時過早，但我們相信我們今天提供了出色的 iPod 產品，其價格、容量和外形規格可以滿足許多客戶的需求和用途。

And we may be in a position to share some observations with you next quarter.

我們可能會在下個季度與您分享一些觀察結果。

In terms of seasonality from December to the March quarter, let me speak first about iPods, and then I'll make some comments about Mac.

在從 12 月到 3 月季度的季節性方面，讓我先談談 iPod，然後再談談 Mac。

For iPods, in terms of assessing the MP3 market seasonality, we've learned over the last few years that what really drives the MP3 market to new levels is innovative product launches and the holiday season buying in the December quarter. iPod demand this quarter was extraordinary.

對於 iPod，在評估 MP3 市場的季節性方面，我們在過去幾年中了解到，真正推動 MP3 市場邁上新台階的是創新產品的推出和 12 月季度的假日購物季。本季度對 iPod 的需求非同尋常。

We were able to ship over 21 million units and like the previous, unlike the previous year, iPod supply and demand were largely in balance.

我們能夠出貨超過 2100 萬台，與前一年不同，iPod 的供需基本平衡。

Given this, we would expect a higher seasonal decline from the December quarter to the March quarter this year than we saw last.

鑑於此，我們預計今年 12 月季度至 3 月季度的季節性下降幅度將高於我們上次看到的情況。

For Macs, Apple does a significant percentage of its December quarter in the consumer segment, and sequentially, we would expect to see the holiday buying season drop off and the education buying to begin to ramp up in the spring.

對於 Mac，蘋果在其 12 月季度的大部分時間都在消費領域，我們預計假期購買季節會下降，而教育購買將在春季開始增加。

All right.

好的。

One last thing is, just with regard to your stock option investigation, just any commentary that -- have you received any commentary from the SEC or Justice Department, and are they happy with your findings, or what do you expect to hear from them now or, if anything,?

最後一件事是，就你的股票期權調查而言，任何評論——你是否收到過美國證券交易委員會或司法部的評論，他們對你的調查結果是否滿意，或者你現在希望從他們那裡聽到什麼或者，如果有的話，？

Well, look, Ben, we have, from the beginning, have voluntarily and proactively provided all details of our internal review and the independent investigation to the SEC and the U.S.

好吧，Ben，我們從一開始就自願主動地向 SEC 和美國提供了我們內部審查和獨立調查的所有細節。

Attorney for the Northern District of California.

加州北區律師。

The exhaustive and independent investigation found no misconduct by any member of Apple's current management team, and the board has expressed complete confidence in the management team.

詳盡且獨立的調查未發現蘋果現任管理團隊的任何成員有不當行為，董事會對管理團隊表示完全信任。

Okay.

好的。

So they still have no formal investigation and whatnot and no comments from them or else you'd have to share them, correct?

所以他們仍然沒有正式的調查等等，也沒有他們的評論，否則你必須分享他們，對嗎？

We are continuing to voluntarily and proactively inform them of our findings and answer their questions.

我們將繼續自願主動地告知他們我們的發現並回答他們的問題。

Great.

偉大的。

Thanks, Peter.

謝謝，彼得。

Thanks, Ben.

謝謝，本。

Can we have the next question please?

請問下一個問題可以嗎？

We go next now to Mr. Richard Gardner with Citigroup.

下面我們來看看花旗集團的理查德·加德納先生。

Thank you.

謝謝你。

Hey, Peter.

嘿，彼得。

You mentioned a very favorable commodity environment when you did your gross margin discussion.

您在討論毛利率時提到了非常有利的商品環境。

Could you talk about which commodities in particular were more favorable than expected in the quarter?

您能否談談本季度哪些商品特別比預期更有利？

And could you give, Tim, please, your typical supply/demand outlook for the March quarter as well?

蒂姆，您能否也給出您對 3 月季度的典型供需前景？

Thank you.

謝謝你。

Yes, sure, Rich.

是的，當然，里奇。

This is Tim.

這是蒂姆。

Last quarter we saw favorable pricing across the board.

上個季度，我們全面看到了有利的定價。

It was a great time to be a buyer.

這是成為買家的好時機。

For this quarter, we see that favorable pricing environment continuing on LCDs and flash memory, and we believe that DRAM will be relatively supply/demand balanced.

對於本季度，我們看到 LCD 和閃存繼續保持有利的定價環境，我們相信 DRAM 將相對平衡供需。

Thanks, Rich.

謝謝，里奇。

Could we have the next question, please?

請問下一個問題好嗎？

We go next now to Toni Sacconaghi with Sanford Bernstein.

我們現在和 Sanford Bernstein 一起去 Toni Sacconaghi。

Yes, thank you.

是的，謝謝。

I have two questions.

我有兩個問題。

The stores' revenue collectively was up only 6% despite the fact that CPU growth was up 60 and revenue was likely up 70, implying a dramatic deceleration year-over-year in iPod unit shipments in the stores.

儘管 CPU 增長了 60 倍，收入可能增長了 70 倍，但商店的總收入僅增長了 6%，這意味著商店中 iPod 的出貨量同比大幅下降。

Can you comment on why that happened?

你能評論一下為什麼會這樣嗎？

What we've been seeing pretty well through history is the stores have always grown faster than Apple overall.

從歷史上看，我們一直很好地看到，商店的整體增長速度總是比蘋果快。

I think other than the Intel transition, this was the only time in history where that has not occurred.

我認為除了英特爾的轉型之外，這是歷史上唯一一次沒有發生這種情況。

It clearly seems attributable to the iPod.

這顯然歸功於 iPod。

Can you take me through why that might be?

你能告訴我為什麼會這樣嗎？

Sure, Toni.

當然，托尼。

It's Peter.

是彼得。

The retail store revenue, as you said, grew 6% year-over-year as total Mac sales increased by 60%.

正如您所說，隨著 Mac 總銷售額增長 60%，零售店收入同比增長 6%。

This was partially offset by lower iPod revenue, which resulted from the price reductions that we took in September, and also our expanded and well-supplied distribution channel that we had this year, and that was really the cause of it.

這部分被 iPod 收入下降所抵消，這是由於我們在 9 月份採取的降價措施，以及我們今年擁有的擴展和供應充足的分銷渠道，這確實是造成這種情況的原因。

We were very pleased with the stores' performance.

我們對商店的表現非常滿意。

They are bringing many new customers to Apple, and we think come June, they'll sell a lot of iPhones.

他們為 Apple 帶來了許多新客戶，我們認為到 6 月，他們會賣出很多 iPhone。

And then, secondly, just to clarify your channel inventory comments, I'm having trouble reconciling them.

其次，為了澄清您的頻道庫存評論，我無法協調它們。

At the end of last quarter, you said iPod inventory, I gather on a consistent look-forward basis, was in your range of four to six weeks.

在上個季度末，您說 iPod 庫存，我根據一致的前瞻性收集，在您的四到六週範圍內。

You're basically guiding for iPod revenues to be down more than 40%, units to be down more than 40% sequentially.

你基本上是在指導 iPod 收入下降超過 40%，單位數量連續下降超過 40%。

So if your units are going to effectively be half and your inventory actually went up on a sequential basis in number of units and you were between four and six, how's it possible that you're not at least eight weeks of channel inventory at the end of this quarter on a look-forward basis?

因此，如果您的單位實際上將減少一半，並且您的庫存實際上在單位數量上連續增加，而您的單位數量在 4 到 6 個之間，那麼您最後怎麼可能沒有至少八週的渠道庫存展望本季度？

Toni, it's Tim.

托尼，是蒂姆。

The difference between the beginning on hand and the ending on hand last quarter in the iPod space is only 200,000 units.

在 iPod 空間中，從上一季度開始到手頭的差距只有 200,000 台。

So it's a very, very small increase, and all of that was due to the shuffle, which did not start shipping until October.

所以這是一個非常非常小的增長，所有這些都是由於洗牌，直到 10 月份才開始發貨。

So because we think demand will be higher than in Q4, which is the previous four to six-week period, we are still within four to six on a look-forward basis in the January quarter.

因此，因為我們認為需求將高於第四季度，也就是之前的四到六週時間，所以在 1 月季度的前瞻性基礎上，我們仍然在四到六週內。

Sorry.

對不起。

Can you run that by me again?

你能再由我運行嗎？

At the end of fiscal Q4, I thought on a look-forward basis you were four to six weeks on what will be double the volume.

在第四財季末，我認為在前瞻的基礎上，您需要四到六週的時間才能將數量翻倍。

So if at the end of Q1 on a look-forward basis, you're still four to six weeks and your volumes looking forward are going to be half, yet your inventory went up notionally, how's that possible?

因此，如果在第一季度末前瞻的基礎上，你還有四到六週的時間，你的預期銷量將是一半，但你的庫存在理論上增加了，這怎麼可能？

The four to six weeks that you're quoting in Q4 was looking back.

您在第四季度引用的四到六周正在回顧。

It was a backwards-looking four to six weeks.

這是一個向後看的四到六週。

Okay.

好的。

Thank you.

謝謝你。

Obviously, if you look at -- if we did a look back basis on Q1, Tony, it would be one to two weeks.

顯然，如果你看一下 - 如果我們在第一季度進行回顧，托尼，這將是一到兩週。

It would be a very, very small level of inventory.

這將是一個非常非常小的庫存水平。

But that's an unrealistic number, because we have inventory for forward, for forward sales.

但這是一個不切實際的數字，因為我們有用於遠期銷售的庫存。

Thank you.

謝謝你。

Thanks, Toni.

謝謝，托尼。

Can we have the next question, please?

請問下一個問題可以嗎？

We go next now to Richard Farmer at Merrill Lynch.

我們現在去美林證券的理查德·法默（Richard Farmer）。

Thanks.

謝謝。

Peter and Tim, I would like to to ask about the operating leverage and the margins in the quarter.

彼得和蒂姆，我想問一下本季度的經營槓桿和利潤率。

The operating margin was 18.6%, a lot higher than most of us were modeling.

營業利潤率為 18.6%，遠高於我們大多數人的模型。

Gross margins as well, 31% higher than expected.

毛利率也比預期高出 31%。

I guess the question is, how sustainable do you think that kind of operating leverage is?

我想問題是，您認為這種經營槓桿的可持續性如何？

I heard the comments about the commodity environment and the leverage of the fixed expense, but is it reasonable to think that margins can go higher from here with more growth, or are you planning to make decisions to reinvest more aggressively in pricing or other things in a way that would reduce those margins more than a normalized amount seasonally?

我聽到了有關商品環境和固定費用槓桿的評論，但是認為利潤率可以從這裡隨著更多增長而更高，或者您是否計劃做出更積極地再投資於定價或其他事情的決定是否合理？一種可以使這些利潤減少超過季節性標準化數量的方法？

Okay.

好的。

Richard, I'll start and Tim may want to add a few comments.

理查德，我會開始，蒂姆可能想添加一些評論。

We were thrilled with the operating margin in the quarter at 18.6%, but as I said in my prepared remarks, it was exceptionally a high driven by gross margin of 31%, which is well above where we've been operating and our target range and was certainly positively influenced by the record revenue of over $7.1 billion.

我們對本季度 18.6% 的營業利潤率感到興奮，但正如我在準備好的講話中所說，這是由 31% 的毛利率驅動的異常高的，這遠高於我們一直在運營的水平和我們的目標範圍並且肯定受到超過 71 億美元創紀錄收入的積極影響。

So do not get used to 18% operating margins.

所以不要習慣 18% 的營業利潤率。

With the guidance that I have provided for the March quarter, we have effectively guided to slightly over a 12% operating margin.

根據我為 3 月季度提供的指導，我們有效地指導了略高於 12% 的營業利潤率。

Richard, I would just add to that that as you know, commodity markets cycle and we realized it right now.

理查德，我想補充一點，如你所知，商品市場循環，我們現在就意識到了。

We're on a very favorable cycle, but we would never project that to continue in the long-term.

我們正處於一個非常有利的周期，但我們永遠不會預測這種情況會長期持續下去。

Okay, and then just a follow-up, if I could, on the iPhone.

好的，然後如果可以的話，就在 iPhone 上做一個跟進。

You decided not to support 3G in the first prototype model.

您決定在第一個原型模型中不支持 3G。

Is that something -- can you talk about your thinking there, and how quickly could that change over time?

那是什麼——你能談談你的想法嗎？隨著時間的推移，這種變化會以多快的速度發生變化？

At this point, we are very much sold on the 2.5, the Edge network with Cingular, because it's much more widespread and widely deployed in the U.S.

在這一點上，我們在 2.5（帶有 Cingular 的 Edge 網絡）上非常暢銷，因為它在美國更廣泛和更廣泛地部署。

We don't comment on our road maps, et cetera.

我們不對我們的路線圖等發表評論。

But obviously, we would be where the technology is over time.

但顯然，隨著時間的推移，我們將成為技術所在。

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？

We'll go now to David Bailey at Goldman Sachs.

我們現在去高盛的大衛貝利。

Great.

偉大的。

Thank you very much.

非常感謝。

Just a question on the Mac side.

只是Mac方面的一個問題。

You saw a pretty good sequential uptick in the ASPs, and I was wondering if you're starting to think about maybe pricing a little more aggressively to accelerate macros even more going forward?

您看到 ASP 有相當不錯的連續上升，我想知道您是否開始考慮更積極地定價以進一步加速宏指令的發展？

David, it's Tim.

大衛，是蒂姆。

As Peter said, we grew at three times the market, and underneath that, if you look in some specific markets like the U.S., we grew at 31% versus market growth of 3%, so just substantially above.

正如彼得所說，我們的增長率是市場的三倍，在此之下，如果你看看美國等一些特定市場，我們的增長率為 31%，而市場增長率為 3%，因此略高於市場。

Portables grew at 65% versus IDC's forecast of 23%.

便攜式設備增長了 65%，而 IDC 的預測為 23%。

This is also now eight of the last nine quarters that the Mac has outgrown the market.

這也是 Mac 在過去九個季度中超過市場的八個季度。

And so, I don't see -- I believe we have very, very competitive product offerings that are delivering substantially above market growths, and we have no reason to change.

因此，我不認為 - 我相信我們擁有非常非常有競爭力的產品，其提供的增長遠高於市場增長，我們沒有理由改變。

Great, and then just a follow-up on the iPod side.

太好了，然後只是 iPod 方面的後續行動。

Can you give us a general idea -- you used to give some of the information about where the iPod gross margin is.

你能給我們一個大概的想法嗎——你曾經提供過一些關於 iPod 毛利率在哪裡的信息。

Can you help us understand maybe how that's varying from where it used to be?

您能否幫助我們了解這與過去的情況有何不同？

Well, as you know, we have a longstanding practice of not releasing specific product gross margins.

好吧，如您所知，我們長期以來一直不公佈特定產品的毛利率。

However, the corporate gross margin was over 31%, exceeding our gross margin guidance, and iPod was key in achieving this.

然而，公司毛利率超過 31%，超過了我們的毛利率預期，而 iPod 是實現這一目標的關鍵。

Thank you.

謝謝你。

Thanks, David.

謝謝，大衛。

Can we have the next question,please?

請問下一個問題可以嗎？

We'll go next now to Rebecca Runkle at Morgan Stanley.

接下來我們將討論摩根士丹利的 Rebecca Runkle。

Great, thanks.

太謝謝了。

Two quick questions.

兩個快速的問題。

First one, Peter and Tim, just goes to the Mac units in the quarter.

第一個，彼得和蒂姆，在本季度剛剛去了 Mac 部門。

Obviously you're taking share and you had a great quarter, but if I look sequentially, you saw units drop in the U.S. and in retail.

顯然，你正在分享，你有一個很好的季度，但如果我按順序看，你會看到美國和零售的單位下降。

Will you put some color behind that?

你會在後面加點顏色嗎？

Was that channel fill?

那個頻道被填滿了嗎？

What were the drivers there that caused that sequential drop?

導致連續下降的驅動因素是什麼？

Yes, Rebecca, if you look at the Americas as an entity and you combine the retail results, the Mac units sequentially were down 16%.

是的，麗貝卡，如果您將美洲視為一個實體並結合零售結果，Mac 單位連續下降 16%。

That's exactly the sequential decline the previous year, and frankly, it's the decline about every year.

這正是前一年的連續下降，坦率地說，這是每年的下降。

We have an extremely strong educational business in the Q4 period that includes substantial institutional business and that institutional business corrects significantly as we get into Q1, and so the sequential decline that we saw is something that is very seasonal in nature.

我們在第四季度擁有極其強勁的教育業務，其中包括大量機構業務，並且隨著我們進入第一季度，機構業務顯著糾正，因此我們看到的連續下降本質上是非常季節性的。

Frankly, we were very happy to overall have the same number of total Macs that we had in Q4, because we expected that given the high level of institutional sales, including two very large 1 to 1s that totals 50,000 units, we had predicted the Mac to be down from Q4, and it's not.

坦率地說，我們很高興總體上擁有與第四季度相同數量的 Mac，因為我們預計，鑑於機構銷售水平很高，包括兩台非常大的 1 對 1，總計 50,000 台，我們預測 Mac從第四季度開始下降，但事實並非如此。

And as Peter said in the preamble, that combined with the staggering demand on iPod allowed us to overachieve our revenue guidance.

正如彼得在序言中所說，再加上對 iPod 的驚人需求，我們能夠超額完成我們的收入預期。

Another way of interpreting that, though, if I'm understanding correctly, is that your share gains and institutional are pacing about the same rate as your share gains within the U.S. consumer and the holiday buying season patterns that we saw?

但是，如果我的理解正確，另一種解釋方式是，您的股票收益和機構的步伐與您在美國消費者中的股票收益以及我們看到的假日購買季節模式的步伐大致相同？

You're not seeing that shift on a year-over-year basis?

您沒有看到年復一年的這種轉變嗎？

That sequential pattern, you're not seeing that shift, so that would suggest that your share gains -- ?

這種連續模式，你沒有看到這種轉變，所以這表明你的股票收益——？

Keep in mind that last year's sequential pattern included a 14-week Q1, and so to have about the same sequential results is actually a very, very positive point.

請記住，去年的連續模式包括 14 週的第一季度，因此獲得大致相同的連續結果實際上是非常非常積極的一點。

And then second question goes to the gross margin question again, just in terms of better understanding the sustainable leverage.

然後第二個問題再次涉及毛利率問題，只是為了更好地理解可持續槓桿。

Taking away the commodity environment and the mix environment, which will clearly cycle, you are seeing tremendous leverage in the business.

除去會明顯循環的商品環境和混合環境，您會看到業務中的巨大影響力。

Is there any reason why that isn't sustainable, and as we think longer term and go out, say a year from now and look at next December, where if we expect growth in the business, we should be thinking and contemplating what the operating leverage looks like.

有什麼理由不可持續嗎？當我們考慮長期並走出去時，比如說一年後看看明年 12 月，如果我們預計業務增長，我們應該思考和考慮運營槓桿的樣子。

So I know that going quarter to quarter, you're not going to see that same sort of leverage.

所以我知道，每季度你都不會看到同樣的槓桿作用。

But as we think longer term, how much of the gross margin leverage that you experience in the quarter is sustainable, and how meaningful was that really in this past December?

但從長遠來看，您在本季度經歷的毛利率槓桿有多少是可持續的，在過去的 12 月，這真的有意義嗎？

Rebecca, while I'm guiding to 29.5% for the March quarter, over the longer term, I would continue to target gross margin in the 27% to 28% range despite our recent results, which have benefited from several factors, including a favorable commodity environment.

麗貝卡，雖然我將 3 月季度的毛利率指導為 29.5%，但從長遠來看，儘管我們最近的業績受益於幾個因素，包括有利的商品環境。

Looking forward, we are likely to see other factors that will drive gross margin down, such as a different commodity environment or product mix.

展望未來，我們可能會看到其他因素會導致毛利率下降，例如不同的商品環境或產品組合。

How much of the leverage in the December quarter was -- or how much of the gross margin differential from your guidance was driven off of leverage?

12 月季度的槓桿率有多少——或者與您的指導相比，有多少毛利率差異是由槓桿率驅動的？

Is that a third of the upside?

這是上漲的三分之一嗎？

I did not calculate it that way.

我不是這樣計算的。

It helped us, but I would say the bigger drivers were the favorable commodity environment and the product mix.

它幫助了我們，但我想說更大的驅動因素是有利的商品環境和產品組合。

Great.

偉大的。

Thanks a lot, Peter.

非常感謝，彼得。

Thanks, Rebecca.

謝謝，麗貝卡。

Could we have the next question, please?

請問下一個問題好嗎？

And we'll go next now to Keith Bachman at Banc of America.

接下來我們將討論美國銀行的基思·巴赫曼。

Hi, I had two, guys, if I could, for both of you, I think, on the first one.

嗨，我有兩個，伙計們，如果可以的話，我想，對於你們兩個來說，第一個。

International sales, is there any way to give us some color on the international sales, in particular, Europe looked pretty good, and the flavor between iPods and CPUs.

國際銷售，有沒有辦法給我們一些國際銷售的顏色，特別是歐洲看起來還不錯，和iPods和CPUs之間的味道。

IPods have in the past few years been traditionally ahead of U.S. orientation.

過去幾年，iPod 一直領先於美國市場。

Is that expanding significantly?

是不是大幅擴張？

In other words, was a lot of the upside in your iPods driven by sales outside of the U.S.?

換句話說，你的 iPod 的很多優勢是由美國以外的銷售推動的嗎？

Is there any color you can give us there on the international sales?

在國際銷售中，您可以給我們任何顏色嗎？

Keith, if you look at Europe in particular, the Mac unit growth in Europe was 28%, and that compares to a market growth of 9% and so they were also over three times market.

Keith，如果你特別看一下歐洲，歐洲的 Mac 單位增長率為 28%，而市場增長率為 9%，因此它們也超過了市場的三倍。

We did grow iPod sales faster outside the United States at which was our goal, if you recall.

如果你還記得的話，我們確實在美國以外的地區更快地增長了 iPod 的銷量，而這正是我們的目標。

And as Peter talked about in his opening remarks, we had several countries that did exceptional.

正如彼得在開幕詞中所說，我們有幾個國家表現出色。

We now have five countries that are above 50%, and this is in addition to the United States, the U.K., Switzerland, Canada, Australia, and Japan.

除了美國、英國、瑞士、加拿大、澳大利亞和日本之外，我們現在有五個國家的比例超過 50%。

And if you look at some of the other countries that we put significant attention to from an advertising point of view and a channel development point of view, France, Germany, Italy, Spain, Belgium, Sweden, Austria, Denmark, all gained between 10 and 20 points of share.

如果你從廣告和渠道發展的角度來看我們非常關注的其他一些國家，法國、德國、意大利、西班牙、比利時、瑞典、奧地利、丹麥都在 10 之間和20分的份額。

And so we felt -- we feel very, very good about how we did on both the Mac and the iPod internationally, particularly in Europe.

所以我們覺得——我們對我們在 Mac 和 iPod 上的國際表現感到非常非常好，尤其是在歐洲。

Okay.

好的。

My follow-on question, Peter, you were just answering Rebecca's questions on attention to the gross margins.

我的後續問題，彼得，你只是在回答麗貝卡關於關注毛利率的問題。

Is -- the iPhone's out, it's announced.

是 - iPhone 出來了，它已經宣布了。

Will the gross margin on the iPhone be at, better, or worse than the corporate averages?

iPhone 的毛利率會達到、優於還是低於企業平均水平？

Is there any color you can give us there because in the past you've given us a little bit of color as you've introduced new products?

有沒有什麼顏色可以給我們，因為過去你在介紹新產品時給了我們一點顏色？

Yes, as you know, we don't plan to ship the iPhone until June.

是的，如您所知，我們不打算在 6 月之前發貨 iPhone。

Consistent with our longstanding practice, we don't provide product level gross margins.

根據我們的長期做法，我們不提供產品級毛利率。

But the guidance that I'll give you in April for the June quarter, I'll certainly will comprehend our anticipated iPhone shipments.

但是，我將在 4 月為您提供 6 月季度的指導，我肯定會理解我們預期的 iPhone 出貨量。

Okay, thank you.

好的謝謝你。

Thanks, Keith.

謝謝，基思。

Can we have the next question, please?

請問下一個問題可以嗎？

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

我們現在將與 Cross Research 一起前往 Shannon Cross。

Hi, good afternoon.

你好，下午好。

Just two questions.

就兩個問題。

One with regard to the product mix.

一是關於產品組合。

Can you give us just a little more clarity possibly within the iPod side of it, just in terms of where you saw the demands?

您能否在 iPod 方面給我們更清楚一點，就您在哪裡看到需求而言？

Obviously shuffles were strong with the ASPs, but anything more you can give us there?

顯然，ASP 的洗牌很強大，但你還能給我們什麼嗎？

Just trying to sort of get a read through to gross margin contribution for each one of them.

只是想了解一下他們每個人的毛利率貢獻。

Shannon, it's Tim.

香農，是蒂姆。

As you know, we don't release specific units within the iPod family, but I would tell you that all three models did exceptionally well.

如您所知，我們不會發布 iPod 系列中的特定單元，但我會告訴您，這三種型號都表現得非常出色。

Okay.

好的。

And then my second question is just with regard to Leopard.

然後我的第二個問題是關於 Leopard。

We didn't get much on Leopard at Macworld.

我們在 Macworld 上對 Leopard 的了解不多。

Obviously you had a bit more to announce at that point in time.

顯然，你在那個時間點還有更多要宣布的事情。

Anything you can give us on Leopard in terms of color at this point in time?

在這個時間點上，你能在 Leopard 上給我們任何關於顏色的信息嗎？

We continue to plan to ship Leopard in the spring as we had announced at the developers' conference, and we've got a lot of people working on it.

正如我們在開發者大會上宣布的那樣，我們將繼續計劃在春季發布 Leopard，並且我們有很多人在努力。

Okay.

好的。

One final question.

最後一個問題。

Last year -- well, actually in '05, there was a stock split at about $80.

去年——嗯，實際上在 05 年，股票分割價格約為 80 美元。

Just curious on your thoughts.

只是好奇你的想法。

I don't know, Peter, whoever wants to take it, at this point in time.

我不知道，彼得，谁愿意，在這個時間點上。

Nothing to share with you today.

今天沒有什麼要和大家分享的。

Thanks.

謝謝。

Thanks, Shannon.

謝謝，香農。

Could we have the next question, please?

請問下一個問題好嗎？

We go next now to Bill Shope of JP Morgan.

我們接下來是摩根大通的比爾肖普。

Okay, great, thanks.

好的，太好了，謝謝。

First of all, can you give us an update on the Best Buy pilot and how that fared during the quarter?

首先，您能否向我們介紹一下百思買試點的最新情況以及該季度的情況？

And then secondarily, I'm not sure if you have this data but did you have any surveys or do any work during the quarter to see if there was any evidence that maybe some customers are pausing on Mac purchases ahead of the Leopard launch?

其次，我不確定您是否有這些數據，但您是否在本季度進行了任何調查或做任何工作，以查看是否有任何證據表明某些客戶可能在 Leopard 發布之前暫停購買 Mac？

Relative to Best Buy and more generally expansion of the Mac channel, we're continuing to selectively expand the Mac channel.

相對於百思買和更廣泛地擴展 Mac 渠道，我們將繼續有選擇地擴展 Mac 渠道。

We now have around 7,500 store fronts around the world.

我們現在在全球擁有約 7,500 家店面。

That increased about 1,500 across the year.

全年增加了約 1,500 人。

Best Buy, in particular, as I'd mentioned on the last conference call, we had increased about 50 stores during the holiday quarter and we'll be working with Best Buy this quarter to evaluate those and conclude what our next steps are.

尤其是百思買，正如我在上次電話會議中提到的那樣，我們在假日季度增加了大約 50 家商店，我們將在本季度與百思買合作評估這些，並確定我們的下一步是什麼。

And then the question on a pause potentially ahead of the Leopard launch?

然後是在 Leopard 發射之前可能會暫停的問題？

I see -- I don't see anything related to a pause relative to Leopard, and if you look back at Tiger, we saw no pause related to a new operating system.

我明白了——我沒有看到任何與 Leopard 相關的暫停，如果你回頭看看 Tiger，我們沒有看到與新操作系統相關的暫停。

Okay.

好的。

And then my final question, not sure if this was already addressed, but can you give us a read on same-store sales growth for the quarter?

然後是我的最後一個問題，不確定這是否已經解決，但您能給我們介紹一下本季度同店銷售增長情況嗎？

For retail?

用於零售？

Yes.

是的。

Our average store revenue in the quarter was $6.7 million, and I don't have last year's in front of me.

我們本季度的平均商店收入為 670 萬美元，而我沒有去年的收入。

Okay, that's fine.

好的，沒關係。

I can get that for you later.

以後我可以給你拿。

Okay, I appreciate that.

好的，我很感激。

Thanks.

謝謝。

Thanks, Bill.

謝謝，比爾。

Can we have the next question, please?

請問下一個問題可以嗎？

We go now to Harry Blount of Lehman Brothers.

我們現在去找雷曼兄弟的哈里布朗特。

Thanks.

謝謝。

Tim, just real quickly, on the number of distribution locations for the iPod and then for the Mac?

蒂姆，很快，關於 iPod 和 Mac 的分銷地點的數量？

For iPod, we're at 40,000.

對於 iPod，我們有 40,000 個。

For the Mac, we're at 7,500.

對於 Mac，我們是 7,500。

Okay.

好的。

And then just to clarify, Peter, on a comment you made earlier, I think you said iPod revenue was lower within the Apple stores on a year-over-year basis.

然後澄清一下，彼得，在你之前發表的評論中，我認為你說蘋果商店的 iPod 收入同比下降。

Is that also true on a unit basis?

在單位基礎上也是如此嗎？

It was slightly down, yes, again, as a result of our expanded channel and our supply and demand being in balance this year, where that wasn't the case last year.

它略有下降，是的，再次，由於我們今年擴大了渠道和供需平衡，而去年情況並非如此。

Okay.

好的。

And then just to clarify something on the gross margin side of the equation.

然後只是為了澄清等式的毛利率方面的一些事情。

If I look at retail being up about 11% by the looks of it, and if I take a look at the mix shift here between iPod and Mac, how could we not conclude in effect that the gross margins on the iPod line are not as good now or better than what they are in the PC line?

如果我從外觀上看零售增長了 11%，如果我看一下 iPod 和 Mac 之間的混合變化，我們怎麼能不得出結論說 iPod 產品線的毛利率不現在好還是比他們在PC線更好？

Well, again, we don't comment specifically on product gross margins, but as I commented before, iPod certainly played a role in the gross margin achievement that we had in the quarter at 30%, which was above our guidance.

好吧，再一次，我們沒有具體評論產品毛利率，但正如我之前評論的那樣，iPod 確實在我們本季度 30% 的毛利率成就中發揮了作用，這超出了我們的指導。

Okay, and then the last questions relate to the channel, your indication of 200,000 units increase in channel inventory.

好的，最後一個問題與渠道有關，您表示渠道庫存增加了 200,000 件。

I just want to make sure from an understanding perspective, that includes all of the iPod units that are resident at all of your 40,000 distribution points?

我只是想從理解的角度確保，這包括駐留在所有 40,000 個分發點的所有 iPod 單元？

Yes.

是的。

Okay, great.

好，太棒了。

Thanks.

謝謝。

Thanks, Harry.

謝謝，哈利。

Can we have the next question, please?

請問下一個問題可以嗎？

We'll go to Andrew Neff with Bear Stearns.

我們將和貝爾斯登一起去找安德魯·內夫。

Sure.

當然。

Just two things, if I could.

如果可以的話，只有兩件事。

One, I just wanted to clarify in terms of where you are in terms of the -- this is an iPhone question.

一，我只是想澄清一下你在哪裡——這是一個 iPhone 問題。

Was more, is the design fixed in the sense that one of the questions people have asked about is the battery being sealed?

更重要的是，設計是否固定在人們提出的問題之一是電池被密封的意義上？

Is what you see what you get, and is there any consideration towards changing that?

你所見即所得，有沒有考慮改變它？

And I guess the other question I had is just relative to -- let me just ask that question.

我想我的另一個問題只是相對於——讓我問這個問題。

Andy, we'll provide more details on the iPhone right before we begin shipping in June.

Andy，我們將在 6 月開始發貨之前提供有關 iPhone 的更多詳細信息。

Okay.

好的。

All right.

好的。

Thank you.

謝謝你。

Thanks, Andy.

謝謝，安迪。

Can we have the next question, please?

請問下一個問題可以嗎？

We'll go now to Gene Munster with Piper Jaffray.

我們現在和 Piper Jaffray 一起去 Gene Munster。

Hey, good afternoon.

嘿，下午好。

I guess first in terms of the iPhone, you talked about 10 million units.

我想首先在 iPhone 方面，你談到了 1000 萬台。

Is that for fiscal '08 or calendar '08, and where did that number come from?

是 08 財年還是 08 日曆，這個數字是從哪裡來的？

Maybe just a little bit of logic behind that number?

也許只是這個數字背後的一點邏輯？

Gene, it's calendar year '08, is what Steve referenced in his keynote, and the point that he made was that the worldwide market for total cell phones is somewhere around 1 billion and our objective of getting 1% of it would yield 10 million units across the calendar year.

Gene，這是 08 日曆年，史蒂夫在他的主題演講中提到了這一點，他的觀點是，全球手機市場總量約為 10 億部，我們獲得其中 1% 的目標將產生 1000 萬部整個日曆年。

Okay.

好的。

And so do you think that -- I know you talked about a June launch, do you think that that will generally be in full production by June, or do you think this is going to be a situation where it will be a relatively -- because that 10 million units for '08 just seems pretty low.

你是否認為——我知道你談到了 6 月份的發布，你認為這通常會在 6 月份全面投入生產，或者你認為這將是一種相對——因為 08 年的 1000 萬台似乎很低。

I guess if you have availability, it would seem that initially, it would seem like that number should be more than easily achievable.

我想如果您有空餘時間，最初似乎該數字應該很容易實現。

So in other words, do you expect to have capacity constraints at the beginning of the shipment of the iPhone?

那麼換句話說，你預計 iPhone 出貨之初會有產能限制嗎？

Gene, we're still a few months away from June and I'm sure we'll share more details as we get closer to the launch.

Gene，距離六月還有幾個月的時間，我相信隨著發布的臨近，我們會分享更多細節。

Okay.

好的。

And just in terms of Apple TV, maybe you could talk a little bit more about projected units or the addressable market or put some sort of parameters.

就 Apple TV 而言，也許你可以多談談預計的單位或目標市場，或者提出一些參數。

I know it's the best-selling product on your website right now which -- so maybe you could kind of put some parameters of how should we think about the Apple TV opportunity?

我知道這是你網站上最暢銷的產品——所以也許你可以提出一些參數來說明我們應該如何看待 Apple TV 的機會？

We just announced last week, as you know.

如您所知，我們上周剛剛宣布。

We've just started taking orders, and we plan to ship, as Steve indicated, in February.

我們剛剛開始接受訂單，正如史蒂夫所說，我們計劃在二月份發貨。

And so for this particular quarter, we'll have just a few shipping weeks, and we've incorporated our thinking about the both the supply and demand side into the guidance that Peter gave earlier.

因此，對於這個特定的季度，我們將只有幾週的發貨時間，我們已經將我們對供需雙方的思考納入了彼得早些時候給出的指導。

Do you think Apple TV is more of kind of a niche market similar to AirPort Express has been for the music market, or do you see this as a broader kind of platform?

你認為 Apple TV 更像是一個類似於 AirPort Express 音樂市場的利基市場，還是你認為這是一個更廣泛的平台？

If you're asking from a demand point of view, I think we'll see as we move forward.

如果您是從需求的角度提出問題，我想我們會在前進的過程中看到。

It's really too early to tell.

現在說還為時過早。

From a how we're positioning the product, as Steve indicated in the keynote, we see this as the DVD player of the 21st century and -- so it's clearly not a niche.

正如史蒂夫在主題演講中指出的那樣，從我們如何定位產品來看，我們將其視為 21 世紀的 DVD 播放器，因此它顯然不是一個利基市場。

Okay and then just lastly in terms of the halo effect, some investors are disappointed at the Mac number.

好吧，最後就光環效應而言，一些投資者對 Mac 數字感到失望。

Can you -- obviously you're coming up against the tough comp in the September quarter with the educational quarter and historically you're flat to down in December, so maybe this is just an example of the street getting ahead of themselves, but how do you conceptionally think about the halo effect and what inning we're in with that?

你能 - 很明顯，你在 9 月份的季度與教育季度遇到了艱難的競爭，而從歷史上看，你在 12 月份的表現持平，所以也許這只是街頭超越自己的一個例子，但是如何您是否在概念上考慮過光環效應以及我們對此的看法？

Well, I think several things that I feel really indicate that there is a halo effect.

嗯，我認為有幾件事我覺得確實表明存在光環效應。

One is that we've grown at three times market.

一是我們的市場增長了三倍。

Two, that in the U.S., we've grown at 31% versus a market of 3.

第二，在美國，我們的增長率為 31%，而市場為 3。

Three, if you look at the latest student monitor information, the intent to buy a Mac is up substantially.

三，如果你看最新的學生顯示器信息，購買Mac的意圖大大增加。

As an example, the intent to buy a Mac portable went from 17% to 28% in a year.

例如，購買 Mac 便攜機的意願在一年內從 17% 上升到 28%。

Also, we -- my view is that we have significant momentum on the Mac.

此外，我們 - 我的觀點是我們在 Mac 上擁有巨大的發展勢頭。

This is the eighth quarter of the last nine that the Mac outgrew the market and I don't think a lot of people can say that and so we are thrilled with this number.

這是過去九個季度的第八個季度，Mac 的增長超過了市場，我認為很多人都不能這麼說，所以我們對這個數字感到興奮。

It is higher than what we projected.

它比我們預計的要高。

I can't speak to the models that you guys have worked, but we are thrilled internally on the number.

我無法與你們工作過的模特交談，但我們對這個數字感到內部興奮。

Okay.

好的。

Do you have any idea of the 21 million iPods, just a rough guess what percentage of those went into new iPod owners' hands?

您對 2100 萬部 iPod 有任何了解嗎，只是粗略猜一下其中有多少百分比進入了 iPod 新用戶的手中？

I don't know.

我不知道。

Thanks, Gene.

謝謝，吉恩。

Can we have the next question, please?

請問下一個問題可以嗎？

We'll go next now to Robert Semple with Credit Suisse.

接下來我們將討論瑞士信貸的 Robert Semple。

Thanks.

謝謝。

Tim, can you maybe talk a little bit about how you're conceptually thinking about iPod cannibalization, I'm sorry iPhone cannibalization of iPod, I guess specifically at the video iPod level?

蒂姆，你能不能談談你在概念上是如何看待 iPod 蠶食的，我很抱歉 iPhone 蠶食 iPod，我想特別是在視頻 iPod 級別？

As Peter indicated, we just announced the iPhone, so it's too soon to tell.

正如彼得所說，我們剛剛發布了 iPhone，所以現在下結論還為時過早。

It's hard to predict, but we believe that we've got a great line of iPods shipping today that are a very wide range of prices and capacities and form factors to meet a lot of different needs from different consumers, and so we'll see and perhaps we'll have more on this as we talk again next quarter.

很難預測，但我們相信今天我們已經推出了一系列很棒的 iPod，它們的價格、容量和外形尺寸範圍很廣，可以滿足不同消費者的許多不同需求，所以我們會看到也許我們會在下個季度再次討論時對此進行更多討論。

On a longer term basis, do you see these two markets legitimately converging or is there going to be a place for both kind of a specific iPod type device and a mobile phone on a longer term basis?

從長遠來看，您認為這兩個市場是否會合法地融合，或者從長遠來看，特定 iPod 類型的設備和手機是否會佔有一席之地？

We'll see.

走著瞧。

Again, the iPod has a significant line of different products with different price points and different capabilities and so we'll talk more as time goes on about those.

同樣，iPod 有很多不同的產品線，它們具有不同的價格點和不同的功能，因此隨著時間的推移，我們將更多地討論這些產品。

We don't ship the iPhone until June.

我們要到 6 月才會發貨 iPhone。

Okay and then just one final follow-up.

好的，然後只是最後一次跟進。

At the Macworld keynote last week, Steve talked about 50% of all Macs in the quarter, I think this was all Macs, not just retail Macs, were sold to new users.

在上週的 Macworld 主題演講中，史蒂夫談到了本季度所有 Mac 的 50%，我認為這是所有 Mac，而不僅僅是零售 Mac，都賣給了新用戶。

I think that's the first time we've heard that metric.

我認為這是我們第一次聽到這個指標。

Can you just kind of tell us where that number had been tracking previously?

你能告訴我們這個號碼之前在哪裡追踪嗎？

The retail stores for some time have been hitting a number somewhere around 50%.

一段時間以來，零售店的銷量一直在 50% 左右。

The thing that is new is that this is now expanded to the rest of the channel in the United States and we feel this is yet another indicator that between the halo effect and the fact that we've got the best line of Macintoshes we've ever shipped before, and a great OS, it's the total of all of that that has produced this result.

新的東西是它現在擴展到美國的其他頻道，我們認為這是光環效應與我們擁有最好的 Macintoshes 產品線這一事實之間的另一個指標。以前發布過的，以及一個偉大的操作系統，它是產生這個結果的所有東西的總和。

We're thrilled about it.

我們對此感到非常興奮。

Okay, thanks.

好的謝謝。

Thanks, Rob.

謝謝，羅伯。

Can we have the next question, please?

請問下一個問題可以嗎？

We go next now to Jesse Tortora with Prudential.

我們現在和保誠一起去 Jesse Tortora。

Hi, guys.

嗨，大家好。

Would you say the iPod gross margin contribution this quarter was due more to better fixed cost absorption on the higher units or a better cost structure due to product refreshes out of the back half of '06?

您認為本季度 iPod 毛利率的貢獻更多是由於更高單位的固定成本吸收更好，還是由於 06 年下半年的產品更新而導致更好的成本結構？

Basically just trying to figure out where the upside came from in terms of the gross margin?

基本上只是想弄清楚毛利率的上升空間來自哪裡？

It's Peter.

是彼得。

As I commented on an earlier question, I think the larger factors of the ones I cited were the favorable commodity pricing environment and product mix.

正如我對前面一個問題的評論，我認為我所引用的更大因素是有利的商品定價環境和產品組合。

Do you think the cost structure on the iPods -- are you pleased with the cost structure with the new refresh in the back half of the year, or do you think that's not changed meaningfully?

你認為 iPod 的成本結構——你對今年下半年的新更新的成本結構感到滿意，還是你認為這沒有有意義的改變？

I was pleased with all elements of the iPod performance this quarter.

我對本季度 iPod 性能的所有元素都很滿意。

Great.

偉大的。

And Peter, one more question.

還有彼得，還有一個問題。

How about as far as the cash use on your balance sheet?

至於資產負債表上的現金使用情況如何？

Maybe you can give us your thoughts in terms of the buybacks and the acquisitions?

也許您可以就回購和收購給我們您的想法？

Not really changed from past quarters.

與過去幾個季度相比並沒有真正改變。

The stock buyback programs and other forms of returning cash to the shareholders are reviewed with the senior management and the board from time to time, but our preference continues to be to maintain a strong balance sheet in order to preserve our ability to make strategic investments or acquisitions.

高級管理層和董事會不時審查股票回購計劃和其他形式的向股東返還現金的方式，但我們仍傾向於保持強勁的資產負債表，以保持我們進行戰略投資或收購。

Okay, thanks.

好的謝謝。

Thanks, Jesse.

謝謝，傑西。

Could we have the next question, please?

請問下一個問題好嗎？

We go next now to Bill, excuse me, Bill Fearnley at FTN Midwest.

對不起，我們現在去找比爾，FTN 中西部的比爾·費恩利。

Yes, good afternoon.

是的，下午好。

A couple of questions here on the Mac product line.

這裡有幾個關於 Mac 產品線的問題。

How is the Mac Pro performing versus your expectations now and your latest thoughts on the transitions to some of the products that the design professionals are looking for?

Mac Pro 的性能與您現在的預期以及您對過渡到設計專業人士正在尋找的某些產品的最新想法相比如何？

And then also, did Mac Pro help ASPs in the quarter at all?

然後，Mac Pro 在本季度對 ASP 有幫助嗎？

And I have a couple of follow-ups.

我有幾個後續行動。

Let me address the total Pro market, which I think is what you're getting at.

讓我來談談整個 Pro 市場，我認為這就是你所了解的。

The Pro market met our expectations internally.

Pro 市場在內部達到了我們的預期。

However, those expectations were tempered by the fact that some customers are still awaiting the creative suite from Adobe to be released.

然而，由於一些客戶仍在等待 Adobe 的創意套件發布，這些期望被緩和了。

They did release a beta, and I think there's a lot of positive comments about the beta product, and they have announced that the release will be coming in the second calendar quarter of this year so just next quarter.

他們確實發布了一個測試版，我認為有很多關於測試版產品的積極評論，他們已經宣布發布將在今年第二個日曆季度發布，所以就在下個季度。

So, we would hope to see some of those customers that are delaying purchases begin to buy again at that point.

因此，我們希望看到一些延遲購買的客戶在那時開始再次購買。

Okay.

好的。

And then also on boot camp downloads , can you update on that?

然後還有新兵訓練營的下載，你能更新一下嗎？

And are you still on track to add the boot camp functionality to Leopard when it's released in the spring?

當 Leopard 在春季發佈時，您是否還在為它添加新兵訓練營功能？

We are now up to 1.5 million downloads so it continues to be a great interest to a number of different people, and our intention is still the same is to include it in Leopard as we release Leopard in the spring.

我們現在的下載量高達 150 萬次，因此許多不同的人仍然對它很感興趣，我們的意圖仍然是在春季發布 Leopard 時將其包含在 Leopard 中。

Thanks, and one last follow-up on iPods, if I could.

謝謝，如果可以的話，最後一次跟進 iPod。

Could you comment on the linearity of iPod shipments in the first quarter in terms of how the product flowed?

您能否就產品的流通方式評價第一季度 iPod 出貨量的線性度？

Did you have a big burst of product in the month of December, and any additional comments on linearity?

你在 12 月份有沒有大爆發的產品，以及關於線性的任何其他評論？

Thanks.

謝謝。

From a sell-through point of view, the -- December is obviously a very key month.

從銷售額的角度來看，12 月顯然是一個非常關鍵的月份。

I would tell you that we had weeks that the sell-through was just stunning on the iPod.

我會告訴你，我們有幾週的時間，iPod 的銷售量簡直是驚人的。

That's not necessarily -- we obviously shipped the product prior to the sell-through.

這不一定——我們顯然是在銷售之前發貨的。

And so the linearity of shipments is pulled to the left in order to accomplish the sell-through.

因此，為了完成銷售，出貨量的線性被拉到左邊。

Thanks.

謝謝。

Thanks, Bill.

謝謝，比爾。

Could we have the next question, please?

請問下一個問題好嗎？

We go now to Kevin Hunt at Thomas Weisel Partners.

我們現在去找 Thomas Weisel Partners 的 Kevin Hunt。

Hi.

你好。

I had a couple questions.

我有幾個問題。

First of all, can you comment on the Cisco lawsuit over the iPhone name, and will that have any potential impact on your ability to ship starting in June?

首先，您能否評論一下思科關於 iPhone 名稱的訴訟，這是否會對您從 6 月開始的出貨能力產生任何潛在影響？

And I had a couple other follow-ups.

我還有其他一些後續行動。

We think the Cisco trademark lawsuit is silly, as we've said before.

正如我們之前所說，我們認為思科商標訴訟是愚蠢的。

There are already several companies that use the name iPhone for voice over IP products, and we believe that Cisco's U.S. trademark registration is tenuous at best.

已經有幾家公司將 iPhone 名稱用於 IP 語音產品，我們認為思科在美國的商標註冊充其量是微不足道的。

We are the first company to ever use the iPhone name for a cell phone, and if Cisco wants to challenge us, we're confident we'll prevail.

我們是第一家在手機上使用 iPhone 名稱的公司，如果思科想挑戰我們，我們相信我們會獲勝。

Okay.

好的。

And then earlier, you gave -- Tim, I think you gave the iPod, or the channel numbers for iPod Mac for this year .

然後早些時候，你給了——蒂姆，我想你給了 iPod，或者今年 iPod Mac 的頻道號碼。

Do you know what those were for a year ago?

你知道一年前是什麼嗎？

For iPod Mac?

對於 iPod Mac？

I'm sorry --

對不起 -

You gave the number of channel locations.

您提供了頻道位置的數量。

Oh, the 40,000 has been relatively consistent for several quarters, although we've taken some channels out and added others and so we've edited the channel over that period of time.

哦，這 40,000 個在幾個季度以來一直相對穩定，儘管我們已經刪除了一些頻道並添加了其他頻道，因此我們在那段時間裡編輯了頻道。

The Mac number is up 1,500 across last year.

Mac 數量比去年增加了 1,500 台。

Okay, and then one other follow-up.

好的，然後是另一個後續行動。

I'm just kind of a little confused here.

我只是有點困惑。

I heard you say that Mac units have been typically down sequentially in December over September but I'm looking at the last four years of data and they've been up every year, including up 25% in holiday '04.

我聽說你說 Mac 設備通常在 12 月比 9 月連續下降，但我正在查看過去四年的數據，它們每年都在上升，其中包括 04 年假期的 25%。

So I'm kind of a little confused by that comment so can you just clarify that again for me?

所以我對那個評論有點困惑，所以你能再為我澄清一下嗎？

In 2004, we had a very strange occurrence that we had no G5 processors to ship, if you recall, and so we went an entire quarter without shipping the iMac.

2004 年，我們遇到了一件非常奇怪的事情，我們沒有 G5 處理器可以發貨，如果你還記得的話，所以我們整整一個季度都沒有發貨 iMac。

In fact, we pushed the introduction out until the end of that quarter and then shipped very minimal units.

事實上，我們將推出時間推遲到該季度末，然後出貨量非常少。

That also affected our Pro machine sell-through that quarter.

這也影響了我們該季度的 Pro 機器銷售。

And so 2004 would not be a good comparison.

所以 2004 年不是一個很好的比較。

If you look at 2005 and you look at the America's line and add retail to it, you would see that sequentially, there was a 16% fall, which is the same as this year.

如果你看看 2005 年，你看看美國的產品線並添加零售，你會看到連續下降 16%，與今年相同。

That 16% fall was comparing, however, to a 14-week Q1.

然而，與 14 週的第一季度相比，這 16% 的下降。

And so, that suggests that we did better this year.

因此，這表明我們今年做得更好。

Okay.

好的。

Thanks, Kevin.

謝謝，凱文。

Can we have the next question, please?

請問下一個問題可以嗎？

We'll go now to Chris Whitmore with Deutsche Bank.

我們現在將與德意志銀行一起去克里斯·惠特莫爾。

Thanks, good afternoon.

謝謝，下午好。

Hoping to get a feel for how you're thinking about the balance between the very favorable commodity pricing environment, record gross margins, and top line growth.

希望了解您如何考慮非常有利的商品定價環境、創紀錄的毛利率和收入增長之間的平衡。

In other words, are you thinking about getting a little bit more aggressive on iPod pricing in the first half of the year to pass those commodity savings on to customers?

換句話說，您是否正在考慮在今年上半年對 iPod 定價採取更積極的態度，以便將這些商品節省轉嫁給客戶？

We don't disclose our pricing plans, obviously, but I would just point out that we sold 21 million iPods.

顯然，我們沒有透露我們的定價計劃，但我只想指出，我們售出了 2100 萬台 iPod。

There's not a price issue on iPods.

iPod 沒有價格問題。

Customers believe they're of great value, and I would make the same point on the Macintosh that grew at three times the market.

客戶相信它們具有巨大的價值，我會在 Macintosh 上提出同樣的觀點，它的市場增長率是市場的三倍。

Then to follow up on that, if the number one driver of gross margins was mix and margin performance of the iPod business, why are you expecting margins to fall so much quarter on quarter in your fiscal second quarter?

然後跟進這一點，如果毛利率的第一大驅動因素是 iPod 業務的混合和利潤率表現，那麼您為什麼預計第二財季的利潤率會同比下降如此之多？

I guided gross margin down largely as a result of less leverage on fixed costs from the lower revenue, a different product mix, including a full quarter of the iPod shuffle.

我引導毛利率下降的主要原因是收入下降、不同的產品組合（包括整個季度的 iPod shuffle）對固定成本的槓桿作用減少。

Expect higher music sales from the gift card redemptions, and lower software sales as we approach the Leopard release.

隨著我們接近 Leopard 版本，預計禮品卡兌換會帶來更高的音樂銷售額，而軟件銷售額會下降。

Those are the primary factors.

這些是主要因素。

Okay, thank you.

好的謝謝你。

Thanks, Chris.

謝謝，克里斯。

Can we have the next question, please?

請問下一個問題可以嗎？

We go now to Jonathan Hoopes at Thinkequity Partners.

我們現在去 Thinkequity Partners 的 Jonathan Hoopes。

Thanks for taking my question.

感謝您提出我的問題。

Could you quickly go over what happened in Japan?

你能快速回顧一下在日本發生的事情嗎？

And I've got a couple more questions after that.

在那之後我還有幾個問題。

Yes.

是的。

This is Tim, Jonathan.

這是蒂姆，喬納森。

Japan, two things.

日本，兩件事。

One, the PC market in Japan is among the weakest in the world.

一，日本的PC市場是世界上最薄弱的市場之一。

IDC was projecting a 16% contraction year-over-year in the home market, which is obviously the market that is most important to us.

IDC 預計國內市場將同比收縮 16%，這顯然是對我們最重要的市場。

In the MP3 space, we maintained a 50% share of the market.

在 MP3 領域，我們保持了 50% 的市場份額。

However, the market did not grow, and with the lower prices that we announced in September, that resulted, along with the CPU performance, to a lower revenue on a year-over-year basis.

然而，市場並沒有增長，而且隨著我們在 9 月份宣布的較低價格，這與 CPU 性能一起導致收入同比下降。

We are disappointed with the results, even though they're consistent with the market in both areas of PC and MP3 and we're putting additional emphasis there, including we just started running a localized Mac PC ad that's getting very, very good reviews there.

我們對結果感到失望，儘管它們與 PC 和 MP3 領域的市場一致，並且我們在這方面更加重視，包括我們剛剛開始投放本地化的 Mac PC 廣告，該廣告在那裡獲得了非常非常好的評價.

Thanks, Tim.

謝謝，蒂姆。

With regard to retail CapEx, did you mention that, Peter?

關於零售資本支出，您提到了嗎，彼得？

I missed it if you did?

如果你這樣做了，我錯過了嗎？

In the quarter?

在季度？

Yes.

是的。

I'll give you our total CapEx, at $142 million in the quarter, of which retail was $36 million.

我會給你我們的總資本支出，本季度為 1.42 億美元，其中零售額為 3600 萬美元。

Okay, thanks.

好的謝謝。

And then on the Apple TV, I know you're not going to give us an outlook on your expected unit shipments, but will you be breaking that out as a separate line item, or will that be part of other music and products as you see it now?

然後在 Apple TV 上，我知道您不會向我們提供預期單位出貨量的前景，但您會將其作為單獨的產品線分開，還是會像您一樣成為其他音樂和產品的一部分現在看到了嗎？

It will be a part of the other music related products and services line.

它將成為其他音樂相關產品和服務系列的一部分。

Thank you.

謝謝你。

And then, finally, Peter, you mentioned before, I belive you have, that the iLife is a January refresh.

最後，彼得，你之前提到過，我相信你已經說過，iLife 是一月份的更新。

We didn't hear anything about that during Macworld.

在 Macworld 期間，我們沒有聽到任何關於此的消息。

Is iLife still a January refresh time schedule?

iLife 還是一月的刷新時間表嗎？

We don't announce our future products, but stay tuned.

我們不會宣布我們未來的產品，但請繼續關注。

Thank you.

謝謝你。

Thanks, Jonathan.

謝謝，喬納森。

Could we have the next question, please?

請問下一個問題好嗎？

We'll go to [Brian Blair] with [Wedge] Partners.

我們將與 [Wedge] Partners 一起前往 [Brian Blair]。

Hi.

你好。

Thanks.

謝謝。

Of the 40,000 distribution points you mentioned, can you kind of talk about how that breaks out internationally versus U.S.?

在你提到的 40,000 個分發點中，你能談談它是如何在國際上與美國爆發的嗎？

The bulk of the 40,000 are outside the United States.

這 40,000 人中的大部分都在美國境外。

So more than 50%?

所以超過50%？

More than 50%, yes.

超過50%，是的。

And I know it's early, obviously, but can you talk about if there are going to be additional software application, software application download opportunities for Apple on the iPhone?

我知道現在還早，很明顯，但你能談談是否會有額外的軟件應用程序，蘋果在 iPhone 上的軟件應用程序下載機會嗎？

Again, we'll talk more about the iPhone as we get closer to shipment.

同樣，我們將在接近發貨時更多地討論 iPhone。

Okay, thank you very much.

好的，非常感謝。

Thanks, Brian.

謝謝，布賴恩。

Can we have the next question, please?

請問下一個問題可以嗎？

And we go next now to Shaw Wu with American Technology.

接下來我們來看看美國科技的邵武。

I'm sorry.

對不起。

Just one question.

就一個問題。

As for Peter, I guess.

至於彼得，我猜。

Your OpEx guidance is a bit more than I would expect given the sequential decline in revenue that you're also guiding.

鑑於您也在指導收入的連續下降，您的運營支出指導比我預期的要多一些。

Just wondering if marketing programs are in place there?

只是想知道那裡是否有營銷計劃？

I mean expenses associated with marketing your new products, such as iPhone and Apple TV associated with that, or are you just being conservative in terms of the guidance there?

我的意思是與營銷您的新產品相關的費用，例如與之相關的 iPhone 和 Apple TV，或者您只是在指導方面保守？

Well, Shaw, as I've said over the last couple of years, we're very confident in our business, in our strategy, and we are investing for both long-term growth and revenue and earnings, and that's certainly true in the March quarter and it was true in the December quarter.

好吧，Shaw，正如我在過去幾年中所說的那樣，我們對我們的業務、我們的戰略非常有信心，我們正在為長期增長、收入和收益進行投資，這在三月季度，十二月季度也是如此。

Thanks, Shaw.

謝謝，肖。

Can we have the next question, please?

請問下一個問題可以嗎？

We go next now to Charlie Wolf with Needham.

我們現在和李約瑟一起去查理沃爾夫。

Most of my questions have been answered, but I do want to touch on boot camp.

我的大部分問題都已得到解答，但我確實想談談新兵訓練營。

As I understand it, Apple will not be introducing virtualization software in the Leopard release.

據我了解，Apple 不會在 Leopard 版本中引入虛擬化軟件。

Having said that, will Apple support third party software like Parallels and VM-ware?

話雖如此，Apple 會支持 Parallels 和 VM-ware 等第三方軟件嗎？

Charlie, we support Parallels today.

Charlie，我們今天支持 Parallels。

They're a key application developer for us.

他們是我們的關鍵應用程序開發人員。

We are clearly supporting them.

我們顯然支持他們。

Thank you.

謝謝你。

Yes.

是的。

Thanks, Charlie.

謝謝，查理。

Can we have the next question, please?

請問下一個問題可以嗎？

We go now to Steve Lidberg with Pacific Crest Securities.

我們現在去 Pacific Crest Securities 的 Steve Lidberg。

Hi.

你好。

Can you give us an update on the retail store plan, what you're targeting in terms of number of store rollouts in '07, and provide a head count of where you ended the quarter on the employee side with the retail stores?

您能否向我們提供有關零售店計劃的最新信息，您在 07 年的商店推出數量方面的目標是什麼，並提供您在本季度結束時在零售店的員工方面的人數？

Thanks.

謝謝。

Sure.

當然。

We ended the December quarter with about 6,600 employees in our retail stores out of, by the way, about 21,500 for Apple overall.

在 12 月季度結束時，我們零售店的員工人數約為 6,600 人，而蘋果的整體員工人數約為 21,500 人。

We opened five stores in the December quarter, would expect to open seven in the March quarter, and would expect to open about 35 to 40 in fiscal '07.

我們在 12 月季度開設了 5 家門店，預計在 3 月季度開設 7 家，預計在 07 財年開設約 35 至 40 家。

Thank you.

謝謝你。

Thanks, Steve.

謝謝，史蒂夫。

Can we have the next question, please?

請問下一個問題可以嗎？

We'll go next now to Shebly Seyrafi with Caris and Company.

接下來我們將與 Caris and Company 一起前往 Shebly Seyrafi。

Thank you very much.

非常感謝。

So you talked about the iPod gross margin increasing better than I guess expected due to mix and component prices, but can you describe what you mean by mix?

所以你談到 iPod 毛利率的增長比我預期的要好，因為混合和組件價格，但你能描述一下你所說的混合是什麼意思嗎？

Because in my analysis, the shuffle likely did well.

因為在我的分析中，洗牌可能做得很好。

Your blended iPod ASP was down 8%.

你的混合 iPod ASP 下降了 8%。

Do you mean the video iPod did perhaps better than you were expecting three months ago?

你的意思是視頻 iPod 的表現可能比你三個月前預期的要好？

What do you mean by mix, exactly?

你說的混音到底是什麼意思？

Okay.

好的。

To clarify, the gross margin was about 300 basis points better than our guidance, and that really resulted from a better commodity environment across all of our commodities.

需要澄清的是，毛利率比我們的指導高出約 300 個基點，這實際上是由於我們所有商品的商品環境都更好。

So not only in iPods, but Macs as well.

因此，不僅在 iPod 中，在 Mac 中也是如此。

A better product mix and I'll come back to that.

一個更好的產品組合，我會回到那個。

And higher revenue from leveraging the fixed costs with the revenue over performance that we had.

通過利用固定成本和我們所擁有的收入超過績效來獲得更高的收入。

As it relates to product mix, we saw customers buying up the line.

由於它與產品組合有關，我們看到客戶購買了這條線。

For example, in the Mac business, we had a very strong Mac Book Pro quarter.

例如，在 Mac 業務中，我們有一個非常強勁的 Mac Book Pro 季度。

That certainly helped us from a margin perspective.

從利潤的角度來看，這無疑對我們有所幫助。

But within the iPod itself, were there positive mix effects?

但在 iPod 本身內部，是否有積極的混合效應？

I would think the video iPod gross margin is higher than the shuffle gross margin, for example?

我會認為視頻 iPod 的毛利率高於 shuffle 的毛利率，例如？

Well, again, we don't provide individual product gross margins, but our gross margin exceeded our guidance and the iPod line certainly played a role for us in achieving that result.

好吧，再一次，我們不提供單個產品的毛利率，但我們的毛利率超過了我們的指導，而 iPod 產品線無疑為我們實現了這一目標發揮了作用。

Thank you very much.

非常感謝。

Thanks, Shebly.

謝謝，謝布利。

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

今天太平洋時間，重播號碼是 719-457-0820。

The confirmation code is 7811704 and a replay of the audio webcast of this call will also be available beginning at approximately 5:00 p.m.

確認碼是 7811704，並且從大約下午 5:00 開始，也將重播本次通話的音頻網絡廣播。

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 and financial analysts can contact Joan Hoover or me with additional questions.

有其他問題的媒體成員可以聯繫 Steve Dowling，電話是 408-974-1896，金融分析師可以聯繫 Joan Hoover 或我有其他問題。

Joan is at 408-974-4570 and I'm 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。

And again, that will conclude our conference.

同樣，這將結束我們的會議。

We thank you all for joining us, and wish you all a great afternoon.

我們感謝大家加入我們，並祝大家度過一個愉快的下午。

Good-bye.

再見。