蘋果 (AAPL) 2007 Q2 法說會逐字稿

Good day, everyone, and welcome to this Apple Inc.

大家好，歡迎來到 Apple Inc.

second quarter 2007 quarterly results conference call.

2007年第二季度季度業績電話會議。

As a reminder, today's call is being recorded.

提醒一下，今天的電話正在錄音中。

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

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

Please go ahead, ma'am.

請繼續，女士。

Thank you, good afternoon, and thanks for joining us.

謝謝你，下午好，感謝你加入我們。

Speaking today is Apple CFO Peter Oppenheimer.

今天發言的是蘋果首席財務官彼得奧本海默。

He'll be joined by Apple COO Tim Cook and Treasurer Gary Whistler for the Q&A session with analysts.

他將與蘋果首席運營官蒂姆庫克和財務主管加里惠斯勒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 may 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，您在我們今天的討論中聽到的一些信息可能包括關於收入、毛利率、運營費用、其他收入和費用、稅收、每股收益、未來產品和非現金股票的前瞻性陳述——基於補償費用。

Actual results or trends could differ materially from our forecast.

實際結果或趨勢可能與我們的預測大相徑庭。

For more information, please refer to the risk factors discussed in Apple's Form 10-K for 2006, the Form 10-Q for the first quarter of 2007, and the Form 8-K filed with the SEC today and the attached press release.

有關更多信息，請參閱 Apple 2006 年的 10-K 表格、2007 年第一季度的 10-Q 表格以及今天向 SEC 提交的 8-K 表格以及隨附的新聞稿中討論的風險因素。

Apple assumes no obligation to update any forward-looking statements or information which speak as of their respective dates.

Apple 不承擔更新任何前瞻性陳述或截至其各自日期的信息的義務。

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

有了這個，我想把電話轉給彼得奧本海默做介紹性發言。

Thank you, Nancy.

謝謝你，南希。

Thank you for joining us.

感謝您加入我們。

We are pleased to report strong financial results in the best March quarter in Apple's history.

我們很高興在 Apple 歷史上最好的 3 月季度報告強勁的財務業績。

The quarter's revenue was $5.26 billion, representing 21% growth over the prior March quarter's results.

該季度的收入為 52.6 億美元，比上一季度的業績增長了 21%。

The revenue growth was driven by very strong demand for Macs and another great quarter for iPod sales.

收入增長是由對 Mac 的強勁需求和 iPod 銷售的另一個好季度推動的。

Operating margin for the quarter was very strong at 18.7%, resulting from stronger than expected revenue and an extremely favorable commodity cost environment.

本季度的營業利潤率非常強勁，達到 18.7%，這得益於強於預期的收入和極其有利的商品成本環境。

We generated net income of $770 million, which was up 88% over the prior March quarter's results, and translated to earnings per share of $0.87.

我們產生了 7.7 億美元的淨收入，比上一季度的業績增長了 88%，並轉化為每股收益 0.87 美元。

I'd like to first talk about our Mac products and services which represented 56% of our total quarterly revenue.

我想先談談占我們季度總收入 56% 的 Mac 產品和服務。

We shipped a total of 1.52 million Macs representing 36% growth over the year ago quarter.

我們總共出貨了 152 萬台 Mac，比去年同期增長了 36%。

We continued to be very pleased with our Mac sales growth which was ahead of our expectations and represented more than three times IDC's latest published industry growth rate estimate for the March quarter.

我們繼續對我們的 Mac 銷售增長感到非常滿意，這超出了我們的預期，是 IDC 最新公佈的 3 月季度行業增長率估計值的三倍多。

Demand for our Mac Books and Mac Book Pros continued to be very strong.

對我們的 Mac Books 和 Mac Book Pros 的需求仍然非常強勁。

Sales of Mac Notebooks grew 79% year-over-year during the quarter, and accounted for 59% of total Macs sold.

本季度 Mac 筆記本電腦的銷量同比增長 79%，佔 Mac 總銷量的 59%。

We began and ended the quarter with between three and four weeks of Mac channel inventory.

我們以三到四周的 Mac 渠道庫存開始和結束本季度。

Now I'd like to turn to our music products and services, which accounted for 44% of total revenue during the quarter.

現在我想談談我們的音樂產品和服務，它們佔本季度總收入的 44%。

We sold 10.55 million iPods, representing 24% growth over the year ago quarter.

我們售出了 1055 萬台 iPod，比去年同期增長 24%。

The iPod Shuffle was especially popular with the addition of four brilliant new colors beginning in late January.

iPod Shuffle 特別受歡迎，從 1 月下旬開始添加了四種絢麗的新顏色。

The number of iPods in the channel at quarter end was essentially flat sequentially and we ended the quarter comfortably within our target range of four to six weeks of iPod channel inventory.

季度末渠道中的 iPod 數量環比基本持平，我們在本季度結束時輕鬆地處於 iPod 渠道庫存四到六週的目標範圍內。

Other music revenue grew 35% 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 35%。

The store's growing catalog now includes over 5 million songs, 350 television shows, and 500 movies.

該商店不斷增長的目錄現在包括超過 500 萬首歌曲、350 部電視節目和 500 部電影。

We're very pleased to have added titles from Paramount Pictures, Lions Gate, and MGM to our movie library.

我們很高興將派拉蒙影業、獅門影業和米高梅的影片添加到我們的電影庫中。

iTunes continues to lead the market for songs purchased and downloaded accounting for over 85% of the U.S.

iTunes 繼續引領歌曲購買和下載市場，占美國超過 85% 的份額。

market based on the latest data from Nielsen SoundScan.

市場基於尼爾森 SoundScan 的最新數據。

Sales from our Apple retail stores were $855 million representing 34% year-over-year growth.

我們 Apple 零售店的銷售額為 8.55 億美元，同比增長 34%。

The stores generated $32 million in segment margin in addition to $174 million of associated manufacturing profit.

除了 1.74 億美元的相關製造利潤外，這些商店還產生了 3200 萬美元的分部利潤。

We opened seven new stores during the quarter, ending with 177 stores.

我們在本季度開設了 7 家新店，以 177 家店結束。

With an average of 172 stores open during the quarter, average revenue per store was $5 million.

本季度平均開設 172 家門店，每家門店的平均收入為 500 萬美元。

We now have 21 stores outside the U.S., including our new store in Rome that opened last month.

我們現在在美國以外有 21 家門店，包括我們上個月在羅馬開業的新店。

As we previously announced, we plan to open high-profile stores in Sydney, Australia and Glasgow, Scotland later this calendar year.

正如我們之前宣布的那樣，我們計劃在今年晚些時候在澳大利亞悉尼和蘇格蘭格拉斯哥開設知名商店。

We're also pleased to announce plans for our third store in Manhattan at 14th Street and 9th Avenue in the meat packing district.

我們也很高興地宣布我們在曼哈頓第 14 街和第 9 大道肉類包裝區開設第三家店的計劃。

The store sold 275,000 Macs during the quarter, representing 79% year-over-year growth.

該商店在本季度售出了 275,000 台 Mac，同比增長 79%。

As we've been reporting for some time now, over 50% of the customers buying Macs in our stores were new to the Mac.

正如我們一段時間以來一直在報告的那樣，在我們商店購買 Mac 的客戶中，超過 50% 是 Mac 新手。

Over 21.5 million people visited our stores during the quarter, representing almost 10,000 customers per store per week.

本季度有超過 2,150 萬人次光顧我們的門店，每家門店每週接待近 10,000 名顧客。

We've continued to invest in our stores to enhance the customer experience.

我們繼續投資於我們的商店以提升客戶體驗。

They are a great place to view the Apple TV experience today and they are preparing for their biggest launch of all time, the iPhone in late June.

他們是今天觀看 Apple TV 體驗的好地方，他們正在為 6 月下旬推出有史以來最大規模的 iPhone 做準備。

Gross margin was 35.1%, considerably higher than our guidance primarily due to the very favorable commodity pricing environment, better product mix, lower service costs and leverage on higher revenues.

毛利率為 35.1%，大大高於我們的預期，主要是由於非常有利的商品定價環境、更好的產品組合、更低的服務成本以及對更高收入的槓桿作用。

Operating expenses were $863 million including $54 million in expense related to stock-based compensation.

運營費用為 8.63 億美元，其中包括與股票薪酬相關的 5400 萬美元費用。

We capitalized $27 million of software development expense during the quarter.

我們在本季度資本化了 2700 萬美元的軟件開發費用。

OI&E was $148 million the tax rate for the quarter was 32%.

OI&E 為 1.48 億美元，本季度的稅率為 32%。

We had strong cash generation during the quarter increasing our cash balance by over $700 million to end with $12.6 billion.

我們在本季度產生了強勁的現金，使我們的現金餘額增加了 7 億多美元，最終達到 126 億美元。

Before I talk about the outlook for the June quarter, I'd like to provide a little more information about our strategy for the iPhone and Apple TV and how we plan to account for them.

在我談論 6 月季度的前景之前，我想提供更多關於我們的 iPhone 和 Apple TV 戰略以及我們計劃如何應對它們的信息。

We believe the iPhone is a revolutionary device that is years ahead of the competition.

我們相信 iPhone 是一款領先於競爭對手多年的革命性設備。

At Macworld, we demonstrated a number of the iPhone's break through features including its pioneering multi-touch display and user interface, visual voicemail, desktop class e-mail and web browsing, and, of course, the best iPod ever.

在 Macworld，我們展示了 iPhone 的多項突破性功能，包括其開創性的多點觸控顯示屏和用戶界面、可視語音郵件、桌面級電子郵件和網頁瀏覽，當然還有有史以來最好的 iPod。

We plan to build on this incredible foundation by continuing to develop new software features as well as entirely new applications and incorporate them into the iPhone.

我們計劃通過繼續開發新的軟件功能以及全新的應用程序並將它們整合到 iPhone 中來建立這個令人難以置信的基礎。

And since iPhone customers will likely be our best advocates for the product, we want to get them many of these new features and applications at no additional charge as they become available.

由於 iPhone 客戶很可能是我們產品的最佳擁護者，因此我們希望在這些新功能和應用程序可用時免費為他們提供許多這些新功能和應用程序。

Since we will be periodically providing new software features to iPhone customers free of charge, we will use subscription accounting and recognize the revenue and product cost of goods sold associated with iPhone handset sales on a straight-line basis over 24 months.

由於我們將定期向 iPhone 客戶免費提供新的軟件功能，我們將使用訂閱會計，並在 24 個月內以直線法確認與 iPhone 手機銷售相關的銷售收入和產品成本。

So while the cash from iPhone sales will be collected at the time of sale, we will be recording deferred revenue and costs of goods sold on our balance sheet and amortizing both of them into our earnings on a straight-line basis over 24 months.

因此，雖然 iPhone 銷售的現金將在銷售時收取，但我們將在資產負債表上記錄遞延收入和銷售商品的成本，並在 24 個月內以直線法將它們攤銷到我們的收益中。

We will continue to expense our iPhone engineering, sales and marketing costs as we incur them.

我們將繼續承擔我們產生的 iPhone 工程、銷售和營銷成本。

This accounting policy will have no impact on cash flow or the economics of our business.

該會計政策不會對現金流或我們業務的經濟產生影響。

Apple's proven capability to create innovative software gives us a tremendous competitive advantage in the consumer electronics industry.

Apple 久經考驗的創新軟件開發能力使我們在消費電子行業擁有巨大的競爭優勢。

We are taking this bold step to leverage what we do best.

我們正在採取這一大膽的步驟來利用我們最擅長的。

We hope the result will be to surprise and delight our iPhone customers, which should result in happier customers and more customers as we enter this billion unit per year mobile phone market.

我們希望結果會給我們的 iPhone 客戶帶來驚喜和喜悅，隨著我們進入每年十億部的手機市場，這應該會帶來更快樂的客戶和更多的客戶。

We also plan to recognize payments from AT&T Cingular as revenue over time as earned.

我們還計劃將來自 AT&T Cingular 的付款確認為隨著時間的推移賺取的收入。

We will report iPhone results each quarter that will include unit sales, and recognize revenue for iPhones, iPhone accessories and payments from AT&T Cingular.

我們將在每個季度報告 iPhone 業績，其中包括銷量，並確認 iPhone、iPhone 配件和 AT&T Cingular 支付的收入。

Similar to iPhone, we plan to periodically provide new software features and enhancements at no charge to our Apple TV customers.

與 iPhone 類似，我們計劃定期向 Apple TV 客戶免費提供新的軟件功能和增強功能。

We will also recognize the revenue and product cost of goods sold associated with Apple TV on a straight-line basis over 24 months.

我們還將在 24 個月內以直線法確認與 Apple TV 相關的銷售商品的收入和產品成本。

And this will be included in the other music related products and services in the data summary we provide you each quarter.

這將包含在我們每季度為您提供的數據摘要中的其他音樂相關產品和服務中。

Additionally, we will provide you with a schedule each quarter in our earnings release that indicates the total deferred revenue, including the combined amounts related to the iPhone and Apple TV.

此外，我們將在每個季度的收益發布中為您提供一份時間表，其中表明總遞延收入，包括與 iPhone 和 Apple TV 相關的總金額。

Looking ahead to the June 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.

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

For the quarter, we are targeting revenue of about $5.1 billion.

本季度，我們的目標收入約為 51 億美元。

We expect the total quarterly cost of non-cash stock-based compensation to be approximately $65 million.

我們預計非現金股票薪酬的季度總成本約為 6500 萬美元。

We expect gross margin to be about 32% reflecting approximately $9 million related to stock-based compensation expense.

我們預計毛利率約為 32%，反映出與股票薪酬費用相關的約 900 萬美元。

We expect OpEx to be about $915 million including about $56 million related to stock-based compensation.

我們預計運營支出約為 9.15 億美元，其中包括與股票薪酬相關的約 5600 萬美元。

This includes increased marketing expenses related to the launch of the iPhone.

這包括與推出 iPhone 相關的營銷費用增加。

We expect OI&E to be about $150 million and we expect the tax rate to be about 32%.

我們預計 OI&E 約為 1.5 億美元，我們預計稅率約為 32%。

We expect to generate EPS of about $0.66 including an anticipated $0.05 per share related to non-cash stock-based compensation expense.

我們預計每股收益約為 0.66 美元，其中包括與基於非現金股票的薪酬費用相關的預期每股 0.05 美元。

In closing, we are very pleased with our results.

最後，我們對我們的結果感到非常滿意。

In the first half of fiscal 2007, we generated $12.4 billion in revenue and $1.8 billion in earnings.

2007 財年上半年，我們創造了 124 億美元的收入和 18 億美元的收益。

Our Mac shipments were up 32% over the first half of 2006 and iPod shipments grew 40%.

我們的 Mac 出貨量比 2006 年上半年增長了 32%，iPod 出貨量增長了 40%。

We're also very proud to have recently shipped our 100 millionth iPod.

我們也很自豪最近發布了我們的第 1 億台 iPod。

We're extremely excited about the launch of the iPhone in late June, and we continue to be very confident about the other innovative products in our pipeline.

我們對 6 月下旬 iPhone 的推出感到非常興奮，並且我們對我們正在開發的其他創新產品繼續充滿信心。

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

有了這個，我想打開問題電話。

Thank you.

謝謝你。

The question-and-answer session will be conducted electronically.

問答環節將以電子方式進行。

(OPERATOR INSTRUCTIONS) Our first question will come from Bear, Stearns' Andrew Neff.

（操作員說明）我們的第一個問題將來自 Bear，Stearns 的 Andrew Neff。

I want to follow-up on a statement you put out separately, I guess, from the board talking about the situation relative to the options.

我想跟進您單獨發表的聲明，我想，董事會討論與選項相關的情況。

Can you give us any color as to the rationale for that?

你能給我們任何顏色的理由嗎？

Can you give us commentary on, I guess, what appears to be discrepancies between two statements?

你能給我們評論一下，我猜，兩個陳述之間的差異似乎是什麼？

And then, I guess, another question, can you us any give Apple TV numbers at this point?

然後，我想，還有一個問題，你現在能給我們提供 Apple TV 的號碼嗎？

Okay, Andy I'll answer your first question, and Tim can take your second.

好的，安迪，我會回答你的第一個問題，蒂姆可以回答你的第二個問題。

The board put out its statement today, I think, to express confidence in what we have said and done.

我認為，董事會今天發表聲明是為了表達對我們所說和所做的事情的信心。

The board said that Steve cooperated fully with Apple's independent investigation and with the government's investigation of stock option grants at Apple.

董事會表示，史蒂夫全力配合蘋果的獨立調查以及政府對蘋果股票期權授予的調查。

The SEC investigated the matter thoroughly.

SEC徹底調查了此事。

It's complaint speaks for itself in terms of what it says, what it does not say, who it charges and who it does not charge, and the board has expressed its complete confidence in the conclusion of Apple's independent investigation and in Steve's integrity and his ability to lead the Company.

它的投訴不言自明，它說什麼，不說什麼，它指控誰，不指控誰，董事會表示完全相信蘋果獨立調查的結論以及史蒂夫的正直和能力領導公司。

In regards to Apple TV, we've gotten some incredible reviews from many different sources.

關於 Apple TV，我們從許多不同的來源獲得了一些令人難以置信的評論。

As you know, we just started shipping on the third week in March.

如您所知，我們在三月的第三週才開始發貨。

It's, we're off to a very good start and we're going to continue investing in this area.

是的，我們有了一個很好的開端，我們將繼續在這個領域進行投資。

We're very, very excited about the long-term potential of the product.

我們對該產品的長期潛力感到非常非常興奮。

Okay, any shipment figures at this point, you said you were going to go with them going forward?

好的，此時有任何出貨數據，你說你會和他們一起前進嗎？

Uh, we're not releasing the exact unit shipments.

呃，我們沒有公佈確切的單位出貨量。

Okay, thank you.

好的謝謝你。

Thanks, Andy.

謝謝，安迪。

Can we have the next question, please?

請問下一個問題可以嗎？

The next question is from Shannon Cross, Cross Research.

下一個問題來自 Cross Research 的 Shannon Cross。

Hi, good afternoon.

你好，下午好。

Just a question.

就一個問題。

Peter, if you could just sort of explain again, the subscription model for the Apple TV and what the rationale is behind that?

彼得，如果您能再解釋一下，Apple TV 的訂閱模式以及其背後的基本原理是什麼？

Sure.

當然。

We have a proven capability to create innovative software that we think gives us a tremendous competitive advantage in the consumer electronic industry, and we're taking the steps so that we can leverage what we do best, and we believe that the results of this will be that we can surprise and delight our iPhone customers.

我們擁有創建創新軟件的成熟能力，我們認為這為我們在消費電子行業帶來了巨大的競爭優勢，我們正在採取措施，以便我們可以利用我們最擅長的，我們相信這樣做的結果將是因為我們可以給 iPhone 客戶帶來驚喜和愉悅。

We think they will be happier as a result and believe we'll have more of them as we enter this billion unit per year market.

我們認為他們會因此而更快樂，並相信隨著我們進入這個每年十億單位的市場，我們會擁有更多的人。

Okay, and then just a question with regard to staffing, since there was a bit of a delay on Leopard, how do you feel right now about your current staffing levels, ability to hire employees, was this sort of a one-time thing or are you looking to staff up at this point?

好的，然後是關於人員配備的問題，因為 Leopard 有一點延遲，您現在對您當前的人員配備水平、僱用員工的能力感覺如何，這是一次性的事情還是你現在正在尋找員工嗎？

Shannon, it's Tim, we have no issue at all in hiring really great people.

香農，是蒂姆，我們在招聘真正優秀的人方面完全沒有問題。

This is just simply a matter of, there's two very, iPod is a very revolutionary product.

這只是一個簡單的問題，有兩個非常，iPod是一個非常具有革命性的產品。

It uses the Mac OS, as you know, we had always planned on using Mac OS resources to complete the iPhone.

它使用 Mac OS，如您所知，我們一直計劃使用 Mac OS 資源來完成 iPhone。

It's taking us a little more resource than we thought, so we made a choice and delayed Leopard.

它佔用的資源比我們想像的要多，所以我們做出了選擇並推遲了 Leopard。

We think it's the right choice.

我們認為這是正確的選擇。

Okay, thank you.

好的謝謝你。

Thanks, Shannon.

謝謝，香農。

Can we have the next question, please?

請問下一個問題可以嗎？

Sure.

當然。

We'll go to Rob Semple with Credit Suisse.

我們將與瑞士信貸一起去 Rob Semple。

Thanks.

謝謝。

I guess Peter and Tim, could you walk us through the puts and takes behind the sequential decline in gross margin?

我猜彼得和蒂姆，你能告訴我們看跌期權和毛利率連續下降背後的原因嗎？

I guess the component environment outlook would probably be the most important factor to hear about.

我想組件環境前景可能是最重要的因素。

Okay, Rob, I'll make a few comments and then Tim can add on.

好的，Rob，我會發表一些評論，然後 Tim 可以補充。

I'm guiding gross margin down sequentially, largely as a result of the commodity pricing beginning to trend up.

我正在引導毛利率依次下降，這主要是由於商品價格開始呈上升趨勢。

But also the beginning of our education buying season, which we'll see higher K-12 purchases this quarter, typically at lower price points, and a couple weeks ago, we completely repriced our display line and that had an impact, as well.

但也是我們教育購買季節的開始，我們將在本季度看到更多的 K-12 購買，通常價格較低，幾週前，我們完全重新定價了我們的展示系列，這也產生了影響。

And then if I could just follow-up, maybe a clarification, you talked about payments, I guess from Cingular, AT&T, are you guys getting subsidies for the phone or are you getting a percentage of the monthly service contracts that the customers enter into?

然後，如果我可以跟進，也許是澄清一下，你談到了付款，我猜來自 Cingular，AT&T，你們是獲得電話補貼還是獲得客戶簽訂的每月服務合同的百分比?

How's that relationship going to work?

這種關係將如何運作？

Rob, I'm not able to comment specifically and beyond what I said which is we will recognize payments from AT&T Cingular as revenue over time as earned.

Rob，除了我所說的以外，我無法具體發表評論，即我們會將來自 AT&T Cingular 的付款確認為隨著時間的推移獲得的收入。

Tim, did you want to comment?

蒂姆，你想發表評論嗎？

Yes, sure.

是的，當然。

The commodity environment last quarter was favorable as we thought it would be, we spoke in January, however it was even more favorable than we had predicted, particularly in the memory area.

上個季度的大宗商品環境正如我們預期的那樣有利，我們在一月份發表了講話，但它甚至比我們預期的更有利，特別是在內存領域。

This quarter we see some commodities moving from an oversupply condition to more of a supply/demand balanced position, particularly NAN flash and memory in general.

本季度，我們看到一些商品從供過於求狀態轉變為更加供需平衡的狀態，特別是總體而言 NAN 閃存和內存。

Okay, and then just lastly, could I get the CapEx for the quarter?

好的，最後，我可以得到本季度的資本支出嗎？

Sure.

當然。

We had $105 million in capital for the March quarter.

我們在第三季度擁有 1.05 億美元的資本。

Thanks.

謝謝。

Thanks, Rob, can we have the next question?

謝謝，Rob，我們可以問下一個問題嗎？

That will be Gene Munster from Piper Jaffray.

那將是 Piper Jaffray 的 Gene Munster。

Hey, good afternoon.

嘿，下午好。

I guess back to the component pricing question, you guys don't really have a history of passing on significant benefits of the price environment to your customers, obviously, the price environment might even increase a little bit for the component side, but is it safe to say if you essentially maintain your pricing of your products that you should be having margins kind of consistent?

我想回到組件定價問題，你們真的沒有將價格環境的重大利益傳遞給客戶的歷史，顯然，組件方面的價格環境甚至可能會增加一點，但它是可以肯定地說，如果您基本上維持您的產品定價，那麼您的利潤率應該保持一致？

I know the mix is in there too, but gross margins consistent with that 35% level?

我知道混合也在那裡，但毛利率是否與 35% 的水平一致？

Well, Gene, for the June quarter, I've guided gross margins to 32%.

好吧，吉恩，對於六月季度，我將毛利率指導為 32%。

While I'm doing that for June, I'd continue to target gross margin in the 27% to 28% range on a longer term basis, despite our recent results which have benefited from a number of factors including a very favorable commodity environment.

雖然我在 6 月份這樣做，但我將繼續將長期毛利率目標定在 27% 至 28% 的範圍內，儘管我們最近的業績受益於包括非常有利的商品環境在內的許多因素。

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

現在展望未來，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。

We don't see the current gross margin levels as sustainable, and don't want you to count on them.

我們不認為當前的毛利率水平是可持續的，並且不希望您指望它們。

I understand you don't want us to count on them, but from a theory basis, if the pricing does stay relatively low and you guys basically maintain the pricing of your products, I know you typically lower the price of the iPods once or twice a year, but just generally maintain the price of the products, could we draw the conclusion, let's say those factors happen that the margin should be higher than 32%?

我知道您不希望我們指望它們，但從理論上講，如果價格確實保持相對較低並且你們基本上維持產品的定價，我知道您通常會降低 iPod 的價格一兩次一年，但只是大致維持產品的價格，我們是否可以得出結論，假設那些因素發生時，利潤率應該高於32％？

Well, again, as I commented and Tim can add on, we see commodity pricing trending up in June.

好吧，正如我評論和蒂姆可以補充的那樣，我們看到商品價格在 6 月份呈上漲趨勢。

We are going to, we're now entering our education buying season.

我們要去，我們現在正在進入我們的教育購買季節。

The June quarter tends to be more dominated by K-12, which tends to buy our lower ASP products and we have, in fact, re-priced our display line.

六月季度往往更多地由 K-12 主導，它們傾向於購買我們較低 ASP 的產品，事實上，我們已經重新定價了我們的顯示產品線。

That's good.

那挺好的。

One other quick question.

另一個快速的問題。

Historically, you guys have a phenomenon of introducing a product and there being supply constraints, do you have any idea, I know the iPhone will come out in June, but do you think it will be widely available in June or is it going to be relatively a few units in June?

從歷史上看，你們有一個產品推出的現象，並且存在供應限制，你知道嗎，我知道 iPhone 會在 6 月份問世，但你認為它會在 6 月份廣泛上市還是會6月份比較幾個單位？

Any color on that front?

前面有顏色嗎？

Gene, it's very difficult to tell what the demand is until you're actually shipping the product.

吉恩，在您實際運送產品之前，很難說出需求是什麼。

I think all of us have many anecdotal stories to tell, but there seems to be an enormous amount of people that are waiting for it and talking about it.

我想我們所有人都有很多軼事要講，但似乎有大量的人在等待它並談論它。

We really need to start shipping and making the product available for sale before we can do a reasonable job of predicting demand.

在我們能夠合理地預測需求之前，我們確實需要開始發貨並讓產品可供銷售。

I'm sorry -- go ahead--

對不起——繼續——

Go ahead.

前進。

No, did AT&T say they have about a million orders for the iPhone?

不，AT&T 有沒有說他們有大約一百萬個 iPhone 訂單？

AT&T is not taking orders.

AT&T 不接受訂單。

They have a million people who are interested that have signed up on their website.

他們有一百萬感興趣的人在他們的網站上註冊。

Let's just say this, do you think you could fulfill a million in the June quarter?

就這麼說吧，你認為你能在六月季度完成一百萬嗎？

I haven't started ramp yet, so I don't want to predict what our supply would be.

我還沒有開始斜坡，所以我不想預測我們的供應量。

Great, thank you.

太好了謝謝。

Thanks, Gene.

謝謝，吉恩。

Could we have the next question, please?

請問下一個問題好嗎？

We'll go to Lehman Brothers' Harry Blount.

我們會去雷曼兄弟的哈里布朗特。

Thanks.

謝謝。

Peter, I want to circle back on the subscription accounting again.

彼得，我想再次討論訂閱會計。

At a high level, if we take the price points you guys have initially indicated of about $500 and take the 24-month straight-line, if you guys were to receive the entire hardware value of that, that's about $21 a month.

在較高的水平上，如果我們採用你們最初指出的大約 500 美元的價格點並採用 24 個月的直線，如果你們要獲得整個硬件價值，那就是每月大約 21 美元。

First of all, I want to ask is that roughly the right number to assume per unit or $60 a quarter, or how much higher or lower in general should we be assuming for the hardware and the software?

首先，我想問的是，假設每單位或每季度 60 美元的大致正確數字是多少，或者我們應該為硬件和軟件假設一般高或低多少？

The hardware and the service I should say.

我應該說的硬件和服務。

Harry, it will, on the iPhone hand set, the factors will relate to, we're going to ship two models, one at $499, one at $599.

哈利，在 iPhone 手機上，這些因素將涉及到，我們將運送兩種型號，一種售價 499 美元，一種售價 599 美元。

We're going to sell some direct and sell some indirect.

我們將直接銷售一些，間接銷售一些。

Those are variables that you would want to think about.

這些是您想要考慮的變量。

We also will sell accessories as I indicated and I expect to receive, as I said, as well, payments from AT&T Cingular and we'll report those to you each quarter on our data summary.

我們還將按照我的說明銷售配件，並且我希望也收到來自 AT&T Cingular 的付款，我們將在每個季度的數據摘要中向您報告這些付款。

And the accessories, though, will be accounted for on a period basis rather than a subscription basis, is that fair?

不過，這些配件將按期間而非訂閱方式計算，這公平嗎？

Yes.

是的。

And, Peter, just in terms of a catch rate on the hardware, is there a good number to use?

而且，彼得，僅就硬件的捕獲率而言，有一個好的數字可以使用嗎？

Should we assume an incremental $5 or so for the services?

我們是否應該假設服務增加 5 美元左右？

Harry, I'm not able to make any comments beyond what I've said about the relationship with AT&T, and we also plan to sell accessories with the iPhone as we do with our iPods.

哈利，除了我所說的與 AT&T 的關係之外，我無法發表任何評論，而且我們還計劃與 iPhone 一起銷售配件，就像我們與 iPod 一樣。

On the cash balance of $15 billion from a shareholder perspective, it isn't a good use of capital, as you well know, to have that level of cash with low returns, so one of the things we've started to see with other tech companies is some leveraging of the balance sheet to buy back stock.

從股東的角度來看，從 150 億美元的現金餘額來看，眾所周知，擁有低迴報的現金水平並不是很好地利用資本，所以我們已經開始看到其他事情之一科技公司正在利用資產負債表回購股票。

Any plans to do anything with the cash at this point?

目前有什麼計劃用現金做任何事情嗎？

First of all, we ended the March quarter with $12.6 billion in cash.

首先，我們以 126 億美元的現金結束了 3 月季度。

I don't have a change in our position to share with you today.

我今天的立場沒有變化要與您分享。

We continue to retain our cash for flexibility to invest in the business and we do discuss share buy back and other forms of returning cash to the shareholders with the board from time to time.

我們繼續保留我們的現金，以便靈活地投資於業務，我們不時與董事會討論股票回購和其他形式的現金返還給股東。

Sorry, I meant $15.

對不起，我的意思是 15 美元。

Sorry about that.

對於那個很抱歉。

Lastly, back on the Apple TV subscription agreement, is this a prelude to actually moving to a subscription model per se to the end user?

最後，回到 Apple TV 訂閱協議，這是否是真正轉向最終用戶訂閱模式的前奏？

Is that why you're setting the stage for subscription accounting on the TV product at this time?

這就是你在這個時候為電視產品的訂閱計費做準備的原因嗎？

The reason we're going to also account for Apple TV on a subscription basis is we want to provide periodically to our customers software updates.

我們還要考慮訂閱 Apple TV 的原因是我們希望定期向我們的客戶提供軟件更新。

We have a number of ideas for Apple TV.

我們對 Apple TV 有很多想法。

We'll provide those to customers as they become available.

我們將在客戶可用時將其提供給客戶。

That's why we're doing this.

這就是我們這樣做的原因。

Thanks.

謝謝。

This is a relatively new market, much like the iPod was a number of years ago.

這是一個相對較新的市場，就像幾年前的 iPod 一樣。

We're very excited about it, and over the future have a number of ideas.

我們對此感到非常興奮，並且對未來有很多想法。

Sure, but you don't charge for the iPod on a subscription basis, so anyway.

當然可以，但是您不會以訂閱方式為 iPod 收費，所以無論如何。

All right, thanks.

好的，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 move to David Bailey with Goldman Sachs.

我們將與高盛一起轉向大衛貝利。

Yes, great.

對，很好。

Thank you.

謝謝你。

Two questions please.

請問兩個問題。

How should we think about the potential for pushouts for iPod in front of the iPhone launch as people try to decide between one product to the other.

當人們試圖在一種產品和另一種產品之間做出決定時，我們應該如何考慮在 iPhone 發布之前推出 iPod 的潛力。

And in the same vein, how are you thinking about the impact the delay in Leopard might have on Mac sales in the June and September quarters?

同樣，您如何看待 Leopard 的延遲可能對 6 月和 9 月季度的 Mac 銷售產生的影響？

David, it's Tim.

大衛，是蒂姆。

On the iPod question, the only thing I can say for certain is that in the data last quarter there was no obvious effect from iPhone on iPod.

關於 iPod 的問題，我唯一可以肯定的是，在上個季度的數據中，iPhone 對 iPod 沒有明顯的影響。

We'll just have to see how this quarter goes.

我們只需要看看本季度的情況。

In terms of Leopard, we are shipping the best Macs we've ever shipped before.

就 Leopard 而言，我們正在運送我們以前運送過的最好的 Mac。

The upgrade to Leopard is very simple and straight forward to do.

升級到 Leopard 非常簡單直接。

But I'm really not sure whether customers will delay or not.

但我真的不確定客戶是否會延遲。

Okay, and then just kind of a related question.

好的，然後只是一個相關的問題。

Given the amount of time between the iPhone announcement and the launch, does that give you any advantage as far as being able to ramp in volume before the end of June?

考慮到 iPhone 發布和發布之間的時間間隔，在 6 月底之前能夠增加銷量，這是否會給您帶來任何優勢？

We've been focusing very heavily on the production capability of iPhone, and as you know we bring a lot of experience into this.

我們一直非常關注 iPhone 的生產能力，如您所知，我們為此帶來了很多經驗。

We did 21 million iPods in the first fiscal quarter and so we've got that same level of expertise that we're putting in place for iPhone, but I wouldn't want to predict the, predict the ramp at this point.

我們在第一財季生產了 2100 萬部 iPod，因此我們擁有與 iPhone 相同水平的專業知識，但我不想預測，預測此時的增長。

Okay, great.

好，太棒了。

Thank you.

謝謝你。

Thanks, David, could we have the next question, please?

謝謝，大衛，我們可以問下一個問題嗎？

Certainly.

當然。

We'll go to Ben Reitzes with UBS.

我們將與瑞銀一起前往 Ben Reitzes。

Thank you.

謝謝你。

Couple questions.

幾個問題。

Are you going to take preorders for iPhone?

你會接受 iPhone 的預訂嗎？

Do you know yet, Peter, or Tim?

你知道嗎，彼得，還是蒂姆？

We're currently not taking them.

我們目前不接受它們。

We will announce later the date at which we'll begin taking orders.

我們將在稍後宣布開始接受訂單的日期。

Okay, and typically your retail staff are kind of waiting for new products, much like we are, they don't know what's coming.

好的，通常您的零售員工有點等待新產品，就像我們一樣，他們不知道會發生什麼。

With regard to the iPhone, is it different and are they going through training right now and/or soon to learn how to sell this whole new phone and whole new offering from Apple?

關於 iPhone，有什麼不同嗎？他們現在和/或即將接受培訓，學習如何銷售這款全新的手機和 Apple 的全新產品嗎？

Is there an investment on your part so they're ready on day 1?

您是否有投資，所以他們在第一天就準備好了？

That's kind of unprecedented.

這是前所未有的。

Anything you can talk about would be helpful?

有什麼可以談的會有幫助嗎？

There's a number of things that are different.

有很多不同的東西。

Generally speaking, as you know, we keep products very secret until they're announced.

一般來說，如您所知，在產品發布之前，我們會對其保密。

Sometimes that limits the amount of planning that can take place on the product.

有時這會限制可以在產品上進行的計劃數量。

iPhone is uniquely different there in that we announced in January.

iPhone 的獨特之處在於我們在一月份宣布的產品。

The retail store personnel are putting a lot of energy into planning for the launch right now.

零售店人員現在正投入大量精力來規劃發布。

Okay, so they'll be fully trained and aware of all the features right off day 1 and have it all ready to go is what you're saying, basically?

好的，所以他們將在第一天就接受全面培訓並了解所有功能，並且一切準備就緒，這就是您所說的，基本上？

They're putting a lot of energy in getting ready for the launch.

他們投入大量精力為發射做準備。

What about customer support on the back end?

後端的客戶支持怎麼樣？

Is there significant investment that you guys are making right now?

你們現在正在進行重大投資嗎？

Do you think you'll have fully staffed support for the product on your end?

您認為您最終會為產品提供充分的人員支持嗎？

We have award winning support that we provide on the Mac and iPod, and we're going at the iPhone with the same rigor.

我們在 Mac 和 iPod 上提供了屢獲殊榮的支持，並且我們在 iPhone 上也同樣嚴格。

Lastly, on Mac distribution, any updates with regard to the Best Buy relationship.

最後，在 Mac 發行版上，有關百思買關係的任何更新。

They said it was going up to 200.

他們說要漲到200。

And you were at 10 Circuit Citys.

你在 10 個電路城市。

Any more distribution partners you'd like to talk about or any progress you'd like to update us on?

您還想談一談其他分銷合作夥伴，或者您想向我們介紹任何進展嗎？

As you pointed out, we started with Best Buy with a half dozen or so stores.

正如您所指出的，我們從擁有六家左右商店的百思買開始。

We then took it to over 50 and we've just announced taking it to over 200 which will take place by the fall.

然後我們將其增加到 50 多個，我們剛剛宣布將其增加到 200 個，這將在秋季舉行。

We're very, very excited to do that.

我們非常非常興奮地這樣做。

We'll be doing some unique merchandising things with them that we're excited about.

我們將與他們一起做一些讓我們興奮的獨特的營銷活動。

I don't have an update on Circuit City pilot.

我沒有關於電路城試點的最新消息。

We are evaluating right now the results of it, and I believe we will be making a decision on that this quarter.

我們現在正在評估它的結果，我相信我們將在本季度做出決定。

In terms of overall Mac point of sales, we've been working on this worldwide and the Mac point of sales have moved from 5,800 to 8,000 on a year-over-year basis.

就整體 Mac 銷售點而言，我們一直在全球範圍內開展這項工作，Mac 銷售點已從 5,800 台同比增長到 8,000 台。

Okay, lastly, have you seen any uptick in the Creative Professional segment yet from Adobe CS3, or is that still coming?

好的，最後，您是否看到 Adobe CS3 在 Creative Professional 領域的任何上升，或者這種上升還在繼續？

We do believe that our Pro customers have been stalling and delaying purchase.

我們確實相信我們的 Pro 客戶一直在拖延和推遲購買。

One key reason is the Creative suite.

一個關鍵原因是創意套件。

It just starting shipping, as you know.

如您所知，它剛剛開始發貨。

Generally speaking, what we've seen in the past in this area is that people, companies will buy a few units and test those and then subsequently do rollouts.

一般來說，我們過去在這個領域看到的是，人們、公司會購買一些設備並對其進行測試，然後再進行推廣。

It's really too early to tell what occurs in here.

現在說這裡發生了什麼還為時過早。

However, with the Creative suite shipping and the announcements that we made last week at NAD with Final Cut Studio and the announcements we made just a few weeks with the 8-core Mac Pro we believe that we have got an incredible lineup for our Pro customers and believe they will be very excited to get their hands on them.

然而，隨著 Creative 套件的發貨以及我們上週在 NAD 上發布的 Final Cut Studio 公告以及我們在幾週內發布的 8 核 Mac Pro 公告，我們相信我們為 Pro 客戶提供了令人難以置信的產品陣容並相信他們會非常興奮地得到他們的手。

Thank you very much.

非常感謝。

Thanks, Ben.

謝謝，本。

Could we have the next question, please?

請問下一個問題好嗎？

Certainly.

當然。

We'll hear from Tony Sakanagi, Sanford Bernstein.

我們將聽取 Sanford Bernstein 的 Tony Sakanagi 的來信。

Yes.

是的。

Thank you.

謝謝你。

Typically your revenues from Q2 to Q3 are flat to slightly up.

通常，您從第二季度到第三季度的收入持平或略有上升。

You're guiding for them to be down despite tremendous enthusiasm for the iPhone, for your Mac lineup, which you just mentioned, on the aforementioned question and your confidence in the iPod line.

儘管您對 iPhone、Mac 產品線（您剛才提到的）、上述問題以及您對 iPod 產品線的信心有著極大的熱情，但您正在引導他們失望。

Can you talk about some of the puts and takes for revenue in your revenue guidance for next quarter?

您能否在下個季度的收入指導中談談收入的一些看跌期權和收益？

Sure, Tony, this is Peter.

當然，托尼，這是彼得。

We are guiding revenue down slightly, sequentially as a result of a couple factors.

由於幾個因素，我們正在引導收入略微下降。

First, last year, iPod sales declined sequentially from the March to June quarters despite supply being constrained at the beginning of the March quarter.

首先，去年 iPod 銷量從 3 月到 6 月季度連續下降，儘管在 3 月季度初供應受到限制。

This year, we were not in good supply and demand balance in the March quarter, so we would expect to see a bigger sequential decline.

今年，我們在 3 月季度的供需平衡並不好，因此我們預計會看到更大的環比下降。

We see this as a market seasonality issue -- excuse me -- and not an iPod specific issue.

我們認為這是一個市場季節性問題——對不起——而不是 iPod 特定的問題。

We are very pleased with our market share.

我們對我們的市場份額感到非常滿意。

Second, it's the beginning of the education buying season, which typically sees higher K-12 purchases in the June quarter and at lower ASPs.

其次，這是教育購買季節的開始，通常會在 6 月季度看到更高的 K-12 購買量和較低的 ASP。

Is the second point any different from normal seasonality though?

第二點與正常的季節性有什麼不同嗎？

In the sense that, don't you always see that, and, accordingly, if we're comparing this quarter versus previous quarters, why would that be any notably different?

從某種意義上說，您不總是看到這一點，因此，如果我們將本季度與前幾個季度進行比較，為什麼會有顯著不同？

That is true, but really underneath this what you're seeing is that the June quarter is not as strong from a consumer perspective.

這是真的，但在此之下，你真正看到的是，從消費者的角度來看，6 月季度的表現並不那麼強勁。

We had a really strong March quarter.

我們有一個非常強勁的三月季度。

I think you may see a bit more pronounced effect this year going from March to June in part upon what we saw from the consumer sales in March and heading into the education buying season.

我認為今年 3 月至 6 月您可能會看到更明顯的影響，部分原因是我們從 3 月的消費者銷售和進入教育購買季節看到的情況。

I also have a question about margins.

我還有一個關於利潤的問題。

I know historically you've qualitatively discussed about margins between relative categories in your business, so specifically on a qualitative basis, could you help us understand if iPod hardware margins, just the hardware portion of iPod was higher than your Mac hardware margins this quarter?

我知道從歷史上看，您已經定性地討論了您業務中相關類別之間的利潤率，所以特別是在定性的基礎上，您能否幫助我們了解本季度 iPod 硬件利潤率是否僅 iPod 的硬件部分高於您的 Mac 硬件利潤率？

We have a long standing practice of not releasing specific gross margins, however, the corporate gross margin was over 35%, which exceeded our guidance.

我們長期不公佈具體毛利率，但公司毛利率超過 35%，超出了我們的預期。

And iPod was key in achieving that result.

iPod 是實現這一目標的關鍵。

Can you, I understand your policy of not specific gross margins, but historically you've given a range, it was, obviously, much lower than it is now, at above or below 20% and you have made relative comments, so can you at least provide any further details on a relative basis, Peter?

你能，我理解你的不具體毛利率的政策，但從歷史上看，你給出了一個範圍，很明顯，它比現在低得多，高於或低於 20%，你已經發表了相關評論，你能至少在相對的基礎上提供任何進一步的細節，彼得？

What I can tell you is that both our Mac and iPod hardware margins were quite strong in the quarter.

我可以告訴你的是，我們的 Mac 和 iPod 硬件利潤率在本季度都相當強勁。

They've both benefited from a very favorable commodity environment and, but also we had better service costs and leverage from the revenue and a good mix.

他們都受益於非常有利的商品環境，而且我們還擁有更好的服務成本和來自收入和良好組合的槓桿作用。

And then, finally, on the, on the R&D side, your revenues have been growing at about 20% a quarter.

最後，在研發方面，你們的收入以每季度約 20% 的速度增長。

Your R&D expense has been remarkably flat for the last six quarters.

在過去六個季度中，您的研發費用一直非常平穩。

Is there an inflection point or a bend where, particularly with some of the ostensible increased functionality that you're going to hope to bring in the form of software to both your Apple TV platform and your phone offerings?

是否存在拐點或拐點，特別是您希望以軟件形式將一些表面上的增強功能帶入您的 Apple TV 平台和手機產品？

Should we be expecting an inflection point in R&D and why hasn't it gone up somewhat commensurately with sales, especially given all the new product initiatives that you have?

我們是否應該期待研發的拐點？為什麼它沒有與銷售額成比例上升，尤其是考慮到您擁有的所有新產品計劃？

First of all, we are very confident in not only in what we plan to do with iPhone and Apple TV, but also OS X and our applications.

首先，我們不僅對我們計劃用 iPhone 和 Apple TV 做什麼，而且對 OS X 和我們的應用程序都非常有信心。

We have just fantastic folks in our software and hardware engineering areas.

我們在軟件和硬件工程領域擁有出色的人才。

In the last quarter or so, we have capitalized our software development.

在上個季度左右，我們已經利用了我們的軟件開發。

I talked about that in my prepared remarks.

我在準備好的發言中談到了這一點。

So that played into this quarter.

所以這一直持續到本季度。

And the R&D as a percent of our revenue was 3% this quarter.

本季度，研發占我們收入的百分比為 3%。

It had been running at 4%, and without the capitalization you would have seen a trend that was similar to the past.

它一直以 4% 運行，如果沒有資本化，您會看到與過去相似的趨勢。

The dollars are going up, just along with our revenue.

美元正在上漲，就像我們的收入一樣。

We're going to continue to invest in our business, particularly in engineering and you'll continue to see our spending go up and I think continue to see just a great flow of products from the team.

我們將繼續投資於我們的業務，特別是在工程方面，您將繼續看到我們的支出增加，我認為繼續看到來自團隊的大量產品。

Thank you.

謝謝你。

Thanks, Tony.

謝謝，托尼。

Can we have the next question, please?

請問下一個問題可以嗎？

Next question is from Citigroup, Richard Gardner.

下一個問題來自花旗集團的 Richard Gardner。

Thank you.

謝謝你。

I wanted to go back to the earlier question, Peter, on passing favorable component prices to customers.

我想回到早先的問題，彼得，關於將有利的組件價格傳遞給客戶。

I realize it's been your longstanding practice to do this when you introduce new products, but I was wondering why you wouldn't make an exception in an environment like the one that we're in in the first quarter where you had dramatic declines in prices?

我知道在您推出新產品時這樣做是您長期以來的做法，但我想知道為什麼您不會在像我們在第一季度那樣價格急劇下降的環境中破例?

Is it because you don't believe that there would be enough elasticity there to justify it or is it because of the intricacies of managing price protection and channel inventories and so forth?

是因為你不相信那裡有足夠的彈性來證明它的合理性，還是因為管理價格保護和渠道庫存等的複雜性？

What is your strategy there?

你在那裡的策略是什麼？

Rich, it's Tim.

里奇，是蒂姆。

We believe our products are very competitively priced.

我們相信我們的產品價格極具競爭力。

If you look at the Mac, we grew at 36% year-over-year, this is over three times the industry growth.

如果你看一下 Mac，我們的年增長率為 36%，是行業增長率的三倍多。

If you look at it by geo it's even more incredible.

如果你從地理上看它，那就更不可思議了。

The IDC was projecting a 4% growth rate for the U.S.

IDC 預計美國的增長率為 4%。

We grew in the Americas at 36%.

我們在美洲增長了 36%。

So nine to 10 times.

所以九到十次。

IDC was projecting 5% for Europe, we grew at 38%.

IDC 預計歐洲增長 5%，我們增長了 38%。

This is now the ninth quarter out of the past 10 that the Mac has grown over the market.

這是過去 10 個季度中 Mac 在市場上增長的第 9 個季度。

The Mac seems to have enormous momentum.

Mac 似乎勢頭強勁。

If you look at iPod and look at the share that we have.

如果您查看 iPod 並查看我們擁有的份額。

We're over 70% in the U.S., we're over 60% in Australia and Canada, we're over 50% in Japan and Hong Kong, and really growing on a year-over-year basis in most of Western Europe.

我們在美國超過 70%，我們在澳大利亞和加拿大超過 60%，我們在日本和香港超過 50%，並且在西歐大部分地區確實在逐年增長。

We feel we're very competitively priced.

我們覺得我們的價格非常具有競爭力。

Okay, thank you, Tim.

好的，謝謝你，蒂姆。

Thanks, Rich, could we have the next question, please?

謝謝，Rich，我們可以問下一個問題嗎？

We'll hear Merrill Lynch's Richard Farmer.

我們會聽到美林證券的 Richard Farmer。

Thanks.

謝謝。

This is a little bit of a follow-up in variation on that question and gross margin question, but more specifically with respect to the iPod hardware business.

這是對那個問題和毛利率問題的一點點跟進，但更具體地說，是針對 iPod 硬件業務。

When you talk about the factors affecting gross margin, you mentioned the education mix, the component pricing, and the display price cuts, but are there any other factors within the iPod hardware business specifically outside of the component price environment that you mentioned that would influence your gross margin guidance?

當您談到影響毛利率的因素時，您提到了教育組合、組件定價和顯示器降價，但在您提到的組件價格環境之外，iPod 硬件業務中是否還有其他因素會影響你的毛利率指導？

I'm thinking of things like price changes, or feature capacity increases, or significant mix changes maybe within the iPod line that would cause your gross margin outlook to change outside of components?

我正在考慮諸如價格變化、功能容量增加或 iPod 產品線內的重大組合變化之類的事情，這會導致您的毛利率前景在組件之外發生變化？

Thanks.

謝謝。

Richard, I'm sorry, I can't help you there.

理查德，對不起，我幫不了你。

We have a longstanding practice of not talking about future products and I've given you my view of why I think gross margin will decline sequentially.

我們長期以來一直不談論未來的產品，我已經向您解釋了為什麼我認為毛利率會依次下降。

Okay, thanks.

好的謝謝。

That's all for me then.

那就是我的全部了。

Thanks, Richard.

謝謝，理查德。

Could we have the next question, please?

請問下一個問題好嗎？

Bill Shope with JPMorgan, please go ahead.

摩根大通的比爾·肖普，請繼續。

Okay, thanks.

好的謝謝。

Were there any significant changes in the mix between HDD and flash-based iPods this quarter versus last, and, obviously, I'm only looking for a qualitative answer there?

本季度與上一季度相比，HDD 和基於閃存的 iPod 之間的組合是否有任何顯著變化？顯然，我只是在那裡尋找一個定性的答案？

We don't get into reporting that level of product detail, but if you look at the ASPs from the December to the March quarter, you'll see they were relatively flat.

我們不會報告該級別的產品詳細信息，但如果您查看 12 月至 3 月季度的 ASP，您會發現它們相對持平。

Okay, okay.

好吧好吧。

And then on the new EMI deal you guys announced this quarter, assuming some of the other labels follow suit and you reach the target that Steve had mentioned for the end of the year for DRM-free music, will the economics of iTunes change in any way from a margin perspective given the increased price for higher quality tracks?

然後在你們本季度宣布的新的 EMI 交易中，假設其他一些唱片公司也效仿，並且你們達到了史蒂夫在年底提到的無 DRM 音樂的目標，iTunes 的經濟狀況是否會發生變化？考慮到更高質量曲目的價格上漲，從利潤的角度來看？

Our philosophy has been to run the music store just a little over break-even.

我們的理念是在盈虧平衡的情況下經營音樂商店。

We think that selling music, and now videos, helps us to sell iPods and accessories.

我們認為銷售音樂以及現在的視頻有助於我們銷售 iPod 和配件。

And so that's been our strategy and Tim just walked you through some of the results and the growth that we've seen around the world in iPod.

這就是我們的戰略，Tim 剛剛向您介紹了我們在全球範圍內看到的 iPod 的一些成果和增長。

I think the strategy is working extremely well.

我認為該策略非常有效。

Okay, thank you.

好的謝謝你。

Thanks, Bill.

謝謝，比爾。

Can we have the next question, please?

請問下一個問題可以嗎？

Bill Fearnley with FTN Midwest.

Bill Fearnley 與 FTN 中西部。

Please go ahead.

請繼續。

Yes, good afternoon.

是的，下午好。

Thanks.

謝謝。

On the channel side, could you give an update on the direct sales versus the indirect mix, and then did the mix of direct versus indirect help margin in the quarter?

在渠道方面，您能否提供有關直接銷售與間接混合的最新信息，然後直接與間接的混合是否有助於本季度的利潤率？

And then I have a follow-up.

然後我有一個跟進。

Bill, the direct sales, which we define as sales through the retail stores, online, direct to education and enterprise customers and through the music store, was 50% in the quarter and that was reasonably close to our expectations.

比爾，我們將直接銷售定義為通過零售店、在線、直接面向教育和企業客戶以及通過音樂商店進行的銷售，該季度的銷售額為 50%，這與我們的預期相當接近。

And then also on the iPod, if I could ask another question, you've been thinking about revenue by geography and the opportunity for iPod outside the United States, could you give some additional color on how the iPod did outside the U.S.

然後關於 iPod，如果我可以再問一個問題，您一直在考慮按地理劃分的收入以及 iPod 在美國以外的機會，您能否就 iPod 在美國以外的表現提供一些額外的說明？

and how it did versus your expectations and sort of the same thing for the Mac, as well?

以及它是如何與你的期望和 Mac 的相同的事情發生的？

I see the revenue and things like that by geography, but if you could add additional color on the product side, even directionally, that'd be helpful?

我按地理位置查看收入和類似的東西，但如果你可以在產品方面添加額外的顏色，甚至是定向的，那會有所幫助嗎？

I'll repeat some of the things I said before and then add a few other things.

我將重複我之前說過的一些內容，然後添加一些其他內容。

On sort of the Mac point of view, we're growing at a significant multiple of the market in the U.S., in Europe and in Asia Pacific.

從 Mac 的角度來看，我們在美國、歐洲和亞太地區的市場份額正在顯著增長。

Asia Pacific is our fastest growing region.

亞太地區是我們增長最快的地區。

It grew at 89% year-over-year.

同比增長 89%。

The IDC projection for Asia Pacific was only 14%.

IDC 對亞太地區的預測僅為 14%。

That's over six times the market.

這是市場的六倍多。

I mentioned before the U.S.

我之前提到過美國

and Europe numbers, and so essentially in every major geography outside of Japan, the Mac is growing at a multiple of the market and not just for one quarter, but, in fact, a substantial number of quarters as I'd mentioned before.

和歐洲的數字，因此基本上在日本以外的每個主要地區，Mac 都在以市場的倍數增長，而不僅僅是一個季度，事實上，正如我之前提到的那樣，是相當多的季度。

As we've gotten out of the Intel transition, in fact, we've been over three times the market growth for the last three quarters.

事實上，隨著我們擺脫英特爾的轉型，過去三個季度我們的市場增長率已經超過了三倍。

September was 30%, December was 28%, March was 36%.

9 月為 30%，12 月為 28%，3 月為 36%。

We're doing really, really well.

我們做得非常非常好。

On the iPod, like the Mac, we're doing very well outside the U.S.

在 iPod 上，就像 Mac 一樣，我們在美國以外的地方做得很好。

I covered briefly some of the share numbers, but we're now over 60% in Australia and Canada in share, we continue to be over 50% in Japan, we've now gone over 50% in Hong Kong, we are in the 40% to 50% range in the U.K., in Switzerland, in Singapore, in Denmark.

我簡要介紹了一些份額數字，但我們現在在澳大利亞和加拿大的份額超過 60%，我們在日本繼續超過 50%，我們現在在香港已經超過 50%，我們在在英國、瑞士、新加坡和丹麥，40% 到 50% 的範圍。

We hit a high in Germany of 28% in the most recent numbers.

在最近的數據中，我們在德國達到了 28% 的高位。

So pretty much everywhere you look on a year-over-year basis, you would see really good progress.

因此，幾乎在您每年查看的所有地方，您都會看到非常好的進展。

We are very pleased with it.

我們對此非常滿意。

Thanks, one more question on the Mac, if I could.

謝謝，如果可以的話，還有一個關於 Mac 的問題。

Do you expect the Mac Pro to have a positive effect on Mac ASPs here in the upcoming quarter at all?

您是否期望 Mac Pro 在下一季度對 Mac ASP 產生積極影響？

Bill, we don't forecast ASPs or product level results, but as Tim commented, we're very excited about our new Mac Pro introduction and all the Apple and developer software that goes with it.

比爾，我們不預測 ASP 或產品級別的結果，但正如 Tim 評論的那樣，我們對我們新推出的 Mac Pro 以及與之配套的所有 Apple 和開發人員軟件感到非常興奮。

So we certainly are expecting good things going forward.

因此，我們當然期待未來會有好事發生。

All right, thanks guys.

好的，謝謝各位。

Thanks, Bill.

謝謝，比爾。

Could we have the next question, please?

請問下一個問題好嗎？

We'll move to Kevin Hunt with Thomas Weisel Partners.

我們將與 Thomas Weisel Partners 一起搬到 Kevin Hunt。

Hi.

你好。

Thanks.

謝謝。

I had a couple questions.

我有幾個問題。

First, follow-up on the earlier question about sort of the seasonality.

首先，跟進前面關於季節性的問題。

I think over the last couple quarters, you've given some seasonality on both the iPod and the Macs.

我認為在過去的幾個季度中，您在 iPod 和 Mac 上都給出了一些季節性因素。

Maybe you could help us understand that a little bit better for the June quarter in terms of what the normal declines or increases would be?

也許您可以幫助我們了解 6 月季度的正常下降或增長情況會好一些？

And also is the Leopard pushout any part of the reason why you might be being more cautious on the Mac side of things?

Leopard 的推出是否是您在 Mac 方面更加謹慎的任何部分原因？

And I have a follow-up.

我有一個後續行動。

Okay.

好的。

This is Peter.

這是彼得。

Let me start with your Mac and iPod question.

讓我從你的 Mac 和 iPod 問題開始。

For Macs, sales have typically increased from the March to June quarters, but at lower ASPs as a result of the education buying season beginning.

對於 Mac，銷售額通常從 3 月到 6 月季度有所增加，但由於教育購買季節的開始，平均售價有所下降。

The June quarter typically sees higher K-12 sales, while the September quarter tends to see stronger higher education sales.

六月季度通常會看到更高的 K-12 銷售，而九月季度往往會看到更強勁的高等教育銷售。

But the June and September quarters are really our bigger education selling seasons.

但 6 月和 9 月的季度確實是我們更大的教育銷售季節。

For the iPod, as I commented before, the June quarter is usually seasonally the weakest from a consumer perspective.

對於 iPod，正如我之前評論的那樣，從消費者的角度來看，六月季度通常是季節性最弱的季度。

Last year we saw iPod sales decline sequentially from the March to June quarters despite there being some constraints in the beginning of the March quarter.

去年我們看到 iPod 銷量從 3 月到 6 月季度連續下降，儘管在 3 月季度初存在一些限制。

This year we were in good supply and demand balance throughout the March quarter.

今年，我們在整個 3 月季度都處於良好的供需平衡狀態。

So we'd expect to see a bigger sequential decline.

因此，我們預計會出現更大的連續下降。

But we view this as a seasonality issue and not an iPod specific issue.

但我們將此視為季節性問題，而不是 iPod 特定問題。

And as Tim has commented now twice, we couldn't be happier with our market share results.

正如蒂姆現在兩次評論的那樣，我們對我們的市場份額結果感到非常滿意。

And the follow-up is, on the iTunes store, can you give us any kind of milestone update of where you stand on number of music and video downloads to date?

後續行動是，在 iTunes 商店，您能否向我們提供任何里程碑式的更新，說明您迄今為止在音樂和視頻下載數量方面的地位？

I don't have anything new to share with you beyond what we've recently put out and you can find that on the website.

除了我們最近發布的內容之外，我沒有任何新內容要與您分享，您可以在網站上找到。

I'm sorry.

對不起。

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？

Certainly.

當然。

We'll hear from Ingrid Ebeling with JMP Securities.

我們將聽取 JMP 證券公司的 Ingrid Ebeling 的來信。

Hi.

你好。

Thank you.

謝謝你。

Couple things on the iPhone.

在 iPhone 上做一些事情。

Can you give an update on the timing of the iPhone outside the United States?

您能否提供有關美國以外 iPhone 的更新時間？

Yes.

是的。

We still plan to be in Europe in the fourth calendar quarter of this year and we continue to plan to be in Asia in 2008.

我們仍計劃在今年第四季度進入歐洲，並繼續計劃在 2008 年進入亞洲。

Okay, great.

好，太棒了。

And in terms of distribution in the U.S.

在美國的分銷方面

with the iPhone, it will be exclusive with AT&T Cingular and Apple, or will other Cingular partners be distributing the product such as Best Buys or Radio Shacks, or what not?

對於 iPhone，它將是 AT&T Cingular 和 Apple 的獨家產品，或者其他 Cingular 合作夥伴是否會分銷該產品，例如 Best Buys 或 Radio Shacks，或者其他什麼？

It will be sold through Cingular stores, the Cingular.com, Apple.com and Apple retail stores.

它將通過 Cingular 商店、Cingular.com、Apple.com 和 Apple 零售店銷售。

Okay, great.

好，太棒了。

Can you please repeat the statistics you gave on market share for the iPods?

你能重複一下你給出的關於 iPod 市場份額的統計數據嗎？

Sure, what I said was that the U.S.

當然，我說的是美國

is over 70%, Australia and Canada are over 60%, Japan and Hong Kong are over 50%, the U.K., Switzerland, Singapore, and Denmark are over 40%.

超過70%，澳大利亞和加拿大超過60%，日本和香港超過50%，英國、瑞士、新加坡和丹麥超過40%。

All of those data points are GFK data points, I think, with the exception of the U.S., which is MPD.

我認為所有這些數據點都是 GFK 數據點，但美國除外，即 MPD。

Great, thank you.

太好了謝謝。

Thanks, Ingrid.

謝謝，英格麗德。

Can we have the next question, please?

請問下一個問題可以嗎？

Yes.

是的。

The next question will come from [Ben Bowlen], Cleveland Research.

下一個問題將來自克利夫蘭研究中心的 [Ben Bowlen]。

Good afternoon.

下午好。

My first question, I was hoping to get a better understanding of the internal design strategy.

我的第一個問題，我希望能更好地了解內部設計策略。

Given the more favorable component pricing environment, substantial price declines you've seen in the NAN flash over the last several quarters, has that had an influence on how you look at product design and kind of what you look at in terms of introducing in the future?

鑑於更有利的組件定價環境，過去幾個季度您在 NAN 閃存中看到的大幅價格下降，這對您如何看待產品設計以及您在引入未來？

Ben, as you know, we don't really comment on our future product plans.

Ben，如你所知，我們不會真正評論我們未來的產品計劃。

Okay, could you give us a read on what percent of industry music sales were digital in the quarter?

好的，您能否告訴我們本季度行業音樂銷售額中有多少是數字化的？

I think last quarter it was around 11% or 12%.

我認為上個季度約為 11% 或 12%。

Could you say where that's trending now?

你能說一下現在的趨勢嗎？

And then as that grows as a percentage of total music sales, could you explain if there's any influence to the royalty rates you pay to the music companies?

然後隨著音樂總銷售額的百分比增長，您能否解釋一下您支付給音樂公司的版稅是否有任何影響？

We do not talk about our agreements with the music companies.

我們不談論我們與音樂公司的協議。

So I'm sorry, we can't help you there.

所以很抱歉，我們不能幫你。

I've not seen the most recent quarters digital percent of total sales, but the trend is going up.

我沒有看到最近幾個季度總銷售額的數字百分比，但趨勢正在上升。

Here in the United States our market share of legally purchased and downloaded music is over 85%.

在美國，我們合法購買和下載音樂的市場份額超過 85%。

We're seeing very strong growth on the iTunes music store, I think, based upon its great merchandising and its seemless integration with the iPod.

我認為，我們看到 iTunes 音樂商店的增長非常強勁，這是基於其出色的商品銷售和與 iPod 的無縫集成。

Okay, what was depreciation in the quarter?

好的，本季度的折舊是多少？

I don't have that handy.

我沒有那個方便。

Maybe Nancy can grab it.

也許南希可以抓住它。

Why don't we go to the next question and I'll give it to you in the next answer.

我們為什麼不去下一個問題，我會在下一個答案中給你。

Thank you.

謝謝你。

Could we have the next question please?

請問下一個問題好嗎？

We'll go to Shaw Wu with American Technology.

我們將與美國技術一起去邵逸夫。

Thanks.

謝謝。

Just two questions.

就兩個問題。

First on Japan.

先說日本。

Japan continues to somewhat lag, it's been flat three quarters in a row.

日本繼續有些滯後，連續四分之三持平。

What's going on there, what are you going to do to address it?

那裡發生了什麼，您將採取什麼措施來解決它？

And then second, on your expenses, you're guiding, Peter, your guiding expenses up quite a bit sequentially.

其次，關於您的費用，您正在指導，彼得，您的指導費用按順序增加了很多。

You talked about iPhone related expenses.

你談到了與 iPhone 相關的費用。

A little more color in terms of what types of programs and promotions you plan to do there?

就您計劃在那裡進行哪些類型的計劃和促銷活動而言，多一點色彩？

Shaw, it's Tim, in terms of Japan it is a very challenging market for us.

Shaw，是 Tim，就日本而言，這對我們來說是一個非常具有挑戰性的市場。

The Japan PC market according to IDC would contract by 2% last quarter.

根據 IDC 的數據，日本 PC 市場上個季度將收縮 2%。

That's identical to what we did in terms of iPod and the MP3 market, we've maintained an over 50% share for some time, however, the MP3 market itself isn't growing, so our units as a consequence are growing very small single-digit.

這與我們在 iPod 和 MP3 市場所做的相同，我們已經保持了超過 50% 的份額有一段時間了，但是，MP3 市場本身並沒有增長，因此我們的單位增長非常小-數字。

That coupled with an ASP decline in iPod produces a negative revenue compare year-over-year.

再加上 iPod 的 ASP 下降，與去年同期相比產生了負收入。

We have a number of things going with the channels on merchandising, we're running Macintosh, the Mac PC ad on television, so we have a series of things that we're doing to try to turn things around.

我們在銷售渠道上做了很多事情，我們在電視上運行 Macintosh，Mac PC 廣告，所以我們正在做一系列事情來試圖扭轉局面。

It is literally the only major market in the world that we're not doing well in.

它實際上是世界上唯一一個我們做得不好的主要市場。

It is very frustrating.

這是非常令人沮喪的。

Okay, Shaw, let me first answer Ben's question, the depreciation and amortization in the March quarter was about $69 million.

好的，Shaw，讓我先回答 Ben 的問題，3 月季度的折舊和攤銷約為 6900 萬美元。

In terms of OpEx, we remain very confident in our business and products.

在運營支出方面，我們對我們的業務和產品仍然非常有信心。

We're continuing to invest for long-term growth, including this quarter in the launching of the iPhone in late June and Apple TV this past quarter.

我們將繼續投資以實現長期增長，包括本季度在 6 月下旬推出 iPhone 和上一季度推出 Apple TV。

We are increasing spending in our engineering areas, our retail stores, and also increasing other marketing and advertising programs, and, of course, seeing some increased expenses related to the higher revenue and stock-based compensation.

我們正在增加工程領域、零售店的支出，並增加其他營銷和廣告計劃，當然，與更高的收入和基於股票的薪酬相關的一些費用也有所增加。

Okay.

好的。

Thanks.

謝謝。

Thanks much.

非常感謝。

We have time for one more question.

我們有時間再問一個問題。

The last question today will come from Chris Whitmore, Deutsche Bank.

今天的最後一個問題將來自德意志銀行的 Chris Whitmore。

Thanks, it looks like Mac channel inventory levels were down a bit versus last quarter.

謝謝，看起來 Mac 渠道的庫存水平與上一季度相比有所下降。

Can you quantify the impact of that inventory reduction on Mac unit sales during the quarter?

您能否量化庫存減少對本季度 Mac 銷量的影響？

And, secondly, is there any reason why you're taking those inventory levels down?

其次，你有什麼理由降低這些庫存水平嗎？

Chris, we started the quarter in the three to four week range.

克里斯，我們在三到四周的範圍內開始了這個季度。

We ended in the three to four week range and the absolute number of units were very similar from beginning to end.

我們在三到四個星期的範圍內結束，並且單位的絕對數量從開始到結束都非常相似。

I apologize, I must have had a bad piece of data there from last call.

抱歉，我上次通話時肯定有壞數據。

Second question relates to cash margins on iPhone versus the Company average or versus the iPod.

第二個問題與 iPhone 的現金利潤率與公司平均水平或 iPod 相比。

Is it fair to say that you expect the iPhone to have higher cash margins than the core business?

公平地說，您預計 iPhone 的現金利潤率會高於核心業務嗎？

We're not making financial projections at an individual product line and, Chris, we've not yet shipped the product.

我們沒有對單個產品線進行財務預測，克里斯，我們還沒有發貨。

So we're very excited about iPhone and bringing our great hardware and software design capabilities to this market.

因此，我們對 iPhone 感到非常興奮，並將我們強大的硬件和軟件設計能力帶入這個市場。

We believe that we can really delight customers and we can't wait to launch the products and have customers get their hands on it.

我們相信我們可以真正取悅客戶，我們迫不及待地推出產品並讓客戶親身體驗。

Okay, thanks Chris.

好的，謝謝克里斯。

A replay of today's call will be available as a podcast on the iTunes store, as a webcast on Apple.com/investor, and via telephone.

今天電話會議的重播將通過 iTunes 商店的播客、Apple.com/investor 的網絡廣播和電話播放。

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

電話重播的號碼是 719-457-0820。

Confirmation code is 8958004.

確認碼為 8958004。

These replays will be available beginning at approximately 5:00 p.m.

這些重播將在大約下午 5:00 開始提供。

Pacific time today.

今天太平洋時間。

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.

媒體成員有其他問題可以聯繫史蒂夫道林，電話 408-974-1896，金融分析師可以聯繫瓊胡佛或我有其他問題。

Joan's 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。

Once again, thank you all for joining us today.

再次感謝大家今天加入我們。

That does conclude the presentation.

這確實結束了演示。

Have a great afternoon.

有一個美好的下午。