蘋果 (AAPL) 2007 Q3 法說會逐字稿

Good day, everyone.

今天是個好日子。

Thank you, very much, for holding and welcome to the Apple third quarter 2007 quarterly results conference call.

非常感謝您召開並歡迎參加 Apple 2007 年第三季度季度業績電話會議。

Today's call is being recorded.

今天的電話正在錄音。

At this time, for opening remarks and introductions, I'd like to turn the call over 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.

請繼續。

Thank you.

謝謝你。

Good afternoon and thanks to everyone for joining us.

下午好，感謝大家加入我們。

speaking today is Apple's CFO, Peter Oppenheimer, and he will be joined by Apple's COO, Tim Cook and treasurer, Gary Wipfler, for the Q&A session with analysts.

今天發言的是蘋果公司的首席財務官彼得奧本海默，他將與蘋果公司的首席運營官蒂姆庫克和財務主管加里威普弗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, iPhone sales, gross margins, operating expenses, other income and expense, stock-based compensation expense, taxes, earnings and future products.

請注意，您在我們今天的討論中聽到的一些信息可能包括有關收入、iPhone 銷售、毛利率、運營費用、其他收入和費用、股票補償費用、稅收、收益和未來的前瞻性陳述產品。

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 Form 10-K for 2006, the Forms 10-Q for the first and second quarters 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 10-K 表格、2007 年第一和第二季度的 10-Q 表格以及今天向美國證券交易委員會提交的 8-K 表格和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 and another landmark quarter for Apple.

我們很高興地報告強勁的財務業績和 Apple 又一個具有里程碑意義的季度。

Revenue of $5.41 billion was the highest for a June quarter in the history of Apple and represented 24% growth over the prior June quarter sales.

54.1 億美元的收入是 Apple 歷史上 6 月份季度的最高水平，比上一個 6 月份季度的銷售額增長了 24%。

The revenue was fueled by record breaking Mac sales and continued strong demand for iPods.

創紀錄的 Mac 銷量和對 iPod 的持續強勁需求推動了收入的增長。

Operating margin for the quarter was stronger than expected at 19.2%, resulting from higher than expected revenue and the continued very favorable commodity cost environment.

本季度的營業利潤率為 19.2%，強於預期，原因是收入高於預期以及商品成本環境持續非常有利。

We generated net income of $818 million, which was up 73% over the prior June quarter's results, and translated to earnings per share of $0.92.

我們產生了 8.18 億美元的淨收入，比上一季度的業績增長了 73%，並轉化為每股收益 0.92 美元。

I'd like to talk first about our Mac production and services, which represented 60% of our total quarterly revenue.

我想先談談我們的 Mac 生產和服務，它們占我們季度總收入的 60%。

We're extremely pleased to have shipped 1.76 million Macs setting an all-time quarterly record for Apple and representing 33% growth over the year-ago quarter.

我們非常高興 Mac 出貨量達到 176 萬台，創下 Apple 的季度歷史記錄，比去年同期增長 33%。

Mac shipments in the U.S.

Mac 在美國的出貨量

grew by 32% year over year, representing over four times IDC's latest published growth estimate for the U.S.

同比增長 32%，是 IDC 最新公佈的美國增長預測的四倍多。

market in the June quarter.

六月季度的市場。

On a worldwide basis Apple's growth rate was more than 2.5 times IDC most-recently published market growth rate for the quarter.

在全球範圍內，蘋果的增長率是 IDC 最近公佈的季度市場增長率的 2.5 倍以上。

We announced and began shipping the new MacBook and MacBook Pro during the quarter.

我們在本季度宣布並開始發售新款 MacBook 和 MacBook Pro。

The MacBook Pro includes the industry's first LED display and demand for both products was strong.

MacBook Pro 配備了業界首款 LED 顯示屏，對這兩種產品的需求都很強勁。

Sales of Mac notebooks grew 42% year over year during the quarter and accounted for 64% of total Macs sold.

本季度 Mac 筆記本電腦的銷量同比增長 42%，佔 Mac 總銷量的 64%。

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 discuss our music products and services which accounted for 40% of total revenue during the quarter.

現在我想討論一下我們的音樂產品和服務，它們佔本季度總收入的 40%。

We sold 9.8 million iPods, representing 21% over the year ago quarter.

我們售出了 980 萬部 iPod，比去年同期增長了 21%。

We began and ended the quarter within our target of four to six weeks of iPod channel inventory.

我們在四到六週的 iPod 渠道庫存目標內開始和結束了本季度。

We remain very pleased with iPods strong leadership position and its 71.5 % share of the U.S.

我們仍然對 iPod 強大的領導地位及其 71.5% 的美國市場份額感到非常滿意。

market for MP3 players based on the latest data published by NPD.

MP3 播放器市場基於 NPD 發布的最新數據。

Other music revenue grew 33% year over year, once again fueled by very strong iTune store sales.

其他音樂收入同比增長 33%，再次受到非常強勁的 iTune 商店銷售的推動。

NPD reported that iTunes became the third largest overall music retailer in the U.S., surpassing Amazon and Target.

NPD 報導稱，iTunes 成為美國第三大整體音樂零售商，超過了亞馬遜和塔吉特。

We also launched iTunes plus DRM-free music tracks in the quarter.

我們還在本季度推出了 iTunes 和無 DRM 的音樂曲目。

The iPhone was on sale for the last 30 hours of the quarter ending June 30th.

iPhone 在截至 6 月 30 日的季度的最後 30 個小時內開始銷售。

During the quarter we sold a total of 270,000 iPhones to AT&T and through our Apple retail stores, and 146,000 iPhones were activated by Apple and AT&T.

在本季度，我們總共向 AT&T 和通過我們的 Apple 零售店銷售了 270,000 部 iPhone，Apple 和 AT&T 激活了 146,000 部 iPhone。

We did have some activation problems during the first week or so, and we would like to apologize to those customers who had less than perfect activation experience.

我們在第一周左右確實遇到了一些激活問題，我們想向那些激活體驗不夠完美的客戶道歉。

Since then AT&T has corrected the most common cause of these difficulties and we are now experiencing a very high percentage of problem-free activations.

從那時起，AT&T 已經糾正了這些困難的最常見原因，我們現在正在經歷非常高比例的無問題激活。

Customers are clearly loving their iPhones.

客戶顯然很喜歡他們的 iPhone。

You may have read some of the surveys that have been conducted by independent research firms.

您可能已經閱讀了一些由獨立研究公司進行的調查。

One of them quoted in the USA Today on July 12th stayed that 90% of iPhone owners surveyed said they were extremely or very satisfied with their phone, and 85% said they were extremely or very likely to recommend the device to others.

其中一位在 7 月 12 日引用《今日美國》的話說，90% 的接受調查的 iPhone 用戶表示他們對自己的手機非常或非常滿意，85% 的用戶表示他們非常或非常有可能向他人推薦這款設備。

Based on surveys like this and other overwhelmingly positive feedback we continue to receive, customers clearly agree with us the iPhone is a revolutionary product.

根據此類調查以及我們繼續收到的其他絕大多數積極反饋，客戶顯然同意我們的觀點，iPhone 是一款革命性的產品。

It took Apple seven quarters, almost two years, to sell our one millionth iPod.

Apple 用了七個季度，將近兩年的時間，才賣出了我們的第 100 萬台 iPod。

We hope to sell our one millionth iPhone by the end of its first full quarter, ending September 29th.

我們希望在 9 月 29 日結束的第一個完整季度末售出第一百萬部 iPhone。

We are on track to begin selling the iPhone in Europe during the fourth calendar quarter of this year starting with a few major countries and expanding the number of countries throughout 2008.

我們有望在今年第四季度開始在歐洲銷售 iPhone，從幾個主要國家開始，並在 2008 年擴大國家數量。

We will announce our initial plans with our European partners later this quarter.

我們將在本季度晚些時候與我們的歐洲合作夥伴宣布我們的初步計劃。

And finally, we reiterate our goal of selling ten million iPhones in calendar 2008.

最後，我們重申我們在 2008 年銷售一千萬部 iPhone 的目標。

As we discussed previously, we plan to build on today's tremendous iPhone foundation by incorporating new software features and applications into the iPhone over time at no charge to customers.

正如我們之前所討論的，我們計劃通過將新的軟件功能和應用程序逐步整合到 iPhone 中，免費向客戶收取費用，從而建立在當今巨大的 iPhone 基礎之上。

As a result, we have adopted subscription accounting for the iPhone handset sales and are recognizing the associated revenue and cost of goods sold over 24 months.

因此，我們對 iPhone 手機銷售採用訂閱會計，並確認 24 個月內銷售的相關收入和商品成本。

Total revenue recognized from iPhone and iPhone accessory sales during the June quarter was $5 million.

6 月當季 iPhone 和 iPhone 配件銷售確認的總收入為 500 萬美元。

We did not recognize any revenue related to payments from AT&T during the June quarter, but will begin to do so in the September quarter.

我們在 6 月季度沒有確認與 AT&T 付款相關的任何收入，但將在 9 月季度開始這樣做。

As we also discussed previously, we are using subscription accounting to recognize revenue from Apple TV sales.

正如我們之前所討論的，我們使用訂閱會計來確認 Apple TV 銷售收入。

Total deferred revenue related to iPhone and Apple TV sales was $180 million at the end of the June quarter, as shown in the schedule included with today's earnings press release.

如今天的收益新聞稿中所包含的時間表所示，截至 6 月季度末，與 iPhone 和 Apple TV 銷售相關的總遞延收入為 1.8 億美元。

I'd like to now turn to the Apple retail stores.

我現在想轉向蘋果零售店。

The stores offer customers a great experience for buying Macs, iPods and now iPhones.

這些商店為客戶提供購買 Mac、iPod 和現在的 iPhone 的絕佳體驗。

As we contemplate iPhone sales through our stores that will result in significant amounts of deferred revenue and cost of goods sold, we revisited how we measure our store's performance.

當我們考慮通過我們的商店銷售 iPhone 將導致大量遞延收入和銷售商品成本時，我們重新審視了我們如何衡量我們商店的業績。

Since the store's inception operating income for our retail segment reflected cost of sales for Apple products at amounts normally charged for the same products to Apple's major U.S.

自該店開業以來，我們零售部門的營業收入反映了蘋果產品的銷售成本，通常以相同產品向蘋果美國主要地區收取的金額。

channel partners operating retail stores, less the cost of sales programs and incentives provided to those partners.

經營零售店的渠道合作夥伴，減去提供給這些合作夥伴的銷售計劃和獎勵的成本。

We believe this enabled us to measure the store's performance in a way that would allow comparability to the performance of those resellers.

我們相信這使我們能夠以一種可以與這些經銷商的業績進行比較的方式來衡量商店的業績。

Today, with more than six years of retail operating history and given the subscription accounting for the iPhone, we have determined that it is the right time to begin measuring our retail segment's operating performance in a manner that is generally consistent with the way we measure Apple's other operating segments.

今天，憑藉超過六年的零售運營歷史，並且考慮到 iPhone 的訂閱量，我們確定現在是開始以與我們衡量 Apple其他經營分部。

Therefore, beginning with the June quarter, we are using cost of sales for Apple's products sold through our retail stores that are similar to those used for Apple's other operating segments.

因此，從 6 月季度開始，我們使用與 Apple 其他運營部門相似的零售店銷售的 Apple 產品的銷售成本。

We are also changing the way we measure AppleCare and .Mac sales through our retail stores.

我們也在改變通過我們的零售店衡量 AppleCare 和 .Mac 銷售額的方式。

Historically revenue and cost of sales were recognized by the retail segment at the time of the sale for AppleCare and .Mac.

從歷史上看，零售部門在 AppleCare 和 .Mac 的銷售時確認了收入和銷售成本。

We are now recognizing revenue and cost for these products over the lives of their respective agreements, consistent with the accounting treatment in our other segments.

我們現在正在確認這些產品在各自協議有效期內的收入和成本，這與我們其他部門的會計處理一致。

We believe all these changes will allow greater comparability of results between our various operating segments.

我們相信所有這些變化將使我們各個運營部門之間的結果具有更大的可比性。

Now let's discuss our retail stores results for the quarter, which were outstanding.

現在讓我們討論一下我們本季度的零售店業績，這些業績非常出色。

Based on the accounting I just discussed sales were $915 million, representing 33% year-over-year growth.

根據我剛剛討論的會計核算，銷售額為 9.15 億美元，同比增長 33%。

The stores generated $184 million in segment margin compared to $122 million in the year ago quarter.

這些商店的分部利潤為 1.84 億美元，而去年同期為 1.22 億美元。

We remodeled 15 stores and opened eight new stores during the quarter, ending with 185 stores.

本季度我們改造了 15 家門店，並開設了 8 家新店，最終達到 185 家門店。

With an average of 180 stores open during the quarter, average revenue per store was $5.1 million compared to $4.7 million in the year-ago quarter.

本季度平均開設 180 家門店，每家門店的平均收入為 510 萬美元，而去年同期為 470 萬美元。

The stores sold 330,000 Macs during the quarter, representing 53% year-over-year growth.

這些商店在本季度售出了 330,000 台 Mac，同比增長 53%。

Once again, over 50% of the customers buying Macs in our stores during the quarter were new to the Mac.

再次，本季度在我們商店購買 Mac 的客戶中有超過 50% 是 Mac 新手。

Approximately 21.9 million people visited our stores during the quarter, representing over 9,000 customers per store per week.

本季度約有 2,190 萬人次光顧我們的門店，每家門店每週接待超過 9,000 名顧客。

The stores launched our new one-to-one initiative during the quarter and we now have over 270,000 members in this program.

這些商店在本季度推出了我們新的一對一計劃，我們現在有超過 270,000 名會員參加了該計劃。

It was also a great quarter for Apple's U.S.

對於蘋果公司來說，這也是一個很好的季度。

education channel, which set a new all-time record for quarterly Mac sales.

教育頻道，創造了 Mac 季度銷售的新紀錄。

Our education one-to-one and new account initiatives help drive significant growth during the quarter, with MacBook sales particularly strong in both K-to-12 and high-ed markets.

我們的一對一教育和新客戶計劃有助於推動本季度的顯著增長，MacBook 在 K-to-12 和高端市場的銷售尤其強勁。

Total Company gross margin was 36.9%, higher than our guidance, primarily due to favorable commodity costs, a different product pricing environment from what we expected, a more favorable product mix, and a greater mix of direct sales.

公司總毛利率為 36.9%，高於我們的預期，主要是由於有利的商品成本、與我們預期不同的產品定價環境、更有利的產品組合以及更大的直銷組合。

Operating expenses were $954 million including $55 million in stock-based compensation expense.

運營費用為 9.54 億美元，其中包括 5500 萬美元的股票補償費用。

We capitalized $26 million of software development expense during the quarter.

我們在本季度資本化了 2600 萬美元的軟件開發費用。

OI&E was $155 million and the tax rate for the quarter was 32%.

OI&E 為 1.55 億美元，本季度的稅率為 32%。

We had strong cash generation during the quarter, increasing our cash balance to end with over $13.8 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至超過 138 億美元。

Cash flow from operations was over $1.2 billion.

運營現金流超過 12 億美元。

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

For the quarter, we are targeting revenue of about $5.7 billion.

本季度，我們的目標收入約為 57 億美元。

We expect the total quarterly cost of noncash stock-based compensation to be approximately $69 million.

我們預計非現金股票薪酬的季度總成本約為 6900 萬美元。

We expect gross margin to be about 29.5%, reflecting approximately $10 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 1000 萬美元。

We are guiding gross margin down sequentially as a result of the back-to-school promotion, higher commodity cost, and product transition.

由於返校促銷、較高的商品成本和產品轉型，我們正在引導毛利率環比下降。

We expect OpEx to be about $990 million, including about $59 million related to stock-based compensation.

我們預計運營支出約為 9.9 億美元，其中包括與股票薪酬相關的約 5900 萬美元。

We expect OI&E to be about $165 million and we expect the tax rate to be about 32%.

我們預計 OI&E 約為 1.65 億美元，我們預計稅率約為 32%。

We expect to generate EPS of about $0.65, including an anticipated $0.05 per share related to noncash stock-based compensation expense.

我們預計每股收益約為 0.65 美元，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're very pleased with the results of the June quarter.

最後，我們對六月季度的結果感到非常滿意。

Quarterly Mac shipments broke the previous Company record by more than 150,000 systems and we feel very positive about our momentum heading into the back-to-school season.

季度 Mac 出貨量超過 150,000 台系統打破了之前的公司記錄，我們對我們進入返校季的勢頭感到非常樂觀。

We're off to a great start with the iPhone and are continuing to invest in the business for a long-term growth in revenue and earnings.

我們在 iPhone 方面有了一個良好的開端，並將繼續對該業務進行投資，以實現收入和收益的長期增長。

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 very much.

非常感謝。

(OPERATOR INSTRUCTIONS) First up today is Ben Reitzes at UBS.

（操作員說明）今天首先是瑞銀的 Ben Reitzes。

Good afternoon, thanks a lot.

下午好，非常感謝。

A couple questions, if I may.

有幾個問題，如果可以的話。

Peter, I guess with regard to guidance, you just guided $0.66 and came up with $0.92, why should we believe that this is $0.66 -- $0.65 this time when you have been so conservative?

彼得，我想關於指導，你只是指導了 0.66 美元，然後得出了 0.92 美元，我們為什麼要相信這是 0.66 美元——這次你這麼保守的時候是 0.65 美元？

Are you really that worried about component costs or is there something else going on with regard to an upcoming price cut for a product?

您是否真的擔心組件成本，或者對於即將降價的產品是否還有其他事情發生？

Ben, we give you guidance that we have reasonable confidence in achieving regarding the gross margin and I've guided it down to 29.5%, as a result primarily of three factors.

Ben，我們給你的指導是我們對實現毛利率有合理的信心，我將其引導至 29.5%，主要是由於三個因素。

We're going to run the back-to- school promotion for most of the quarter.

我們將在本季度的大部分時間開展返校促銷活動。

A great promotion for the Company and brings us each year many new customers, but it's an expensive one.

對公司來說是一個很好的促銷活動，每年為我們帶來很多新客戶，但這是一個昂貴的客戶。

We do expect to see higher commodity cost, and I'll let Tim comment on that in a moment.

我們確實希望看到更高的商品成本，我稍後會讓蒂姆對此發表評論。

And we have got some product transitions that I can't get into.

而且我們有一些我無法進入的產品轉換。

Okay.

好的。

Well, I'm sure someone will ask the component question.

好吧，我相信有人會問組件問題。

I guess, can you give us any more flavor on the iPhones, perhaps how many have been sold to date and what do you think of just various reports and chatter out there?

我想，你能不能給我們更多的關於 iPhone 的信息，也許到目前為止已經售出了多少台，你如何看待各種報導和喋喋不休？

This is a new frontier for us as analysts and we're trying to navigate all the headwinds and tai winds, et cetera, and just can you give us any more commentary as to what you think demand is like right now as you see it and how it should build into year end and how we fight this battle as investors in trying to match the hype?

作為分析師，這對我們來說是一個新的前沿，我們正試圖駕馭所有的逆風和颱風等等，你能否給我們更多的評論，看看你認為現在的需求是什麼樣的？它應該如何建立到年底，以及我們如何作為投資者與炒作相匹配？

Hi Ben, it's Tim.

嗨，本，我是蒂姆。

Hi Tim.

嗨，蒂姆。

Let me take this one.

讓我拿這個。

As Peter said in his opening comment we sold 270,000 units in the first 30 hours, and AT&T said more iPhones were sold in the first weekend than they had sold in the first month of any other wireless device in their entire history.

正如彼得在他的開場評論中所說，我們在前 30 小時內售出了 270,000 台，而 AT&T 表示，在第一個週末售出的 iPhone 比在其整個歷史上任何其他無線設備的第一個月售出的都多。

More important than this, customers love their iPhone, as Peter mentioned in his opening comments, with a recent survey finding that a stunning 90% of iPhone owners were extremely or very satisfied with the iPhone.

比這更重要的是，客戶喜歡他們的 iPhone，正如彼得在開場評論中提到的那樣，最近的一項調查發現，驚人的 90% 的 iPhone 用戶對 iPhone 非常或非常滿意。

And so our view is the starting gun has been fired and we've gotten off to a great start.

所以我們的觀點是發令槍已經打響，我們已經有了一個良好的開端。

However, our primary focus is not on initial sales.

但是，我們的主要關注點不是初始銷售。

We're focused on building a third great business for Apple over the long term, alongside our Mac and iPod businesses, both of which you can see from the results reported today are doing very well.

從長遠來看，我們專注於為 Apple 打造第三大業務，以及我們的 Mac 和 iPod 業務，您可以從今天報告的結果中看到這兩個業務都做得很好。

It won't be easy to build this third business, because the competitors are large and end trenched and it will not be done overnight.

建立第三項業務並非易事，因為競爭對手規模龐大，而且根深蒂固，不可能一蹴而就。

Our perspective is measured in years, not months, but the rewards we believe are huge for Apple.

我們的觀點是以年而不是幾個月來衡量的，但我們認為對蘋果來說回報是巨大的。

And Apple clearly has the skills, including world-class hardware and software engineering, that make us confident that we can succeed.

Apple 顯然擁有讓我們對成功充滿信心的技能，包括世界一流的硬件和軟件工程。

As Peter mentioned earlier, our next step is to begin selling the iPhone in Europe next quarter starting with a few major countries, and then expand over the whole of 2008.

正如彼得之前提到的，我們的下一步是在下個季度從幾個主要國家開始在歐洲銷售 iPhone，然後在 2008 年全年進行擴張。

We hope to -- as a result of this and other things we hope to grow ourselves step by step, year by year and model by model, just like we have done with prior product lines.

我們希望——由於這一點和其他事情，我們希望逐步、年復一年、逐個模型地發展自己，就像我們對以前的產品線所做的那樣。

And I do think it's interesting to note that it took Apple seven quarters, almost two years, to sell our one millionth iPod.

而且我認為有趣的是，Apple 花了七個季度，將近兩年的時間，才賣出了我們的第一百萬台 iPod。

We hope to sell our one millionth iPhone in the first full quarter of sales.

我們希望在第一個完整季度銷售我們的第 100 萬部 iPhone。

Okay.

好的。

So what we have seen so far gives us a lot of confidence to reiterate our goal to sell ten million units across 2008.

所以到目前為止，我們所看到的讓我們有很大的信心重申我們在 2008 年銷售一千萬台的目標。

Are you seeing any shortages out there for components for the iPhone, then I'll cede the floor here?

您是否看到 iPhone 的組件短缺，那麼我將在這裡讓步？

Well, Ben, today most -- almost all AT&T stores and Apple retail stores have the iPhone in stock and we are shipping units off of Apple.com in one to two days.

好吧，Ben，今天大多數——幾乎所有 AT&T 商店和 Apple 零售店都有 iPhone 庫存，我們將在一到兩天內從 Apple.com 發貨。

We've obviously included our view of longer-term supply and demand in our projections.

我們顯然已經將我們對長期供需的觀點納入了我們的預測。

Next up we have a question from Shannon Cross at Cross Research.

接下來我們有一個來自 Cross Research 的 Shannon Cross 的問題。

Good afternoon, a couple of questions.

下午好，有幾個問題。

Peter, you had discussed in your remarks payment -- no payment from AT&T this quarter.

彼得，你在評論中討論了付款 - 本季度 AT&T 沒有付款。

Is there anything you can give us to clarify that comment and why there wouldn't be any in this quarter versus coming in next quarter?

您有什麼可以給我們澄清的評論嗎？為什麼本季度沒有評論，而不是下一季度？

Shannon, I really can't go beyond it, we're not discussing the terms of the agreement.

香農，我真的不能超越它，我們不是在討論協議的條款。

But again, we will recognize payments from AT&T as revenue over time as earned.

但同樣，我們將隨著時間的推移將來自 AT&T 的付款確認為收入。

We did not recognize any revenue related to the payments from AT&T during the June quarter, but will begin to do so in the September quarter.

我們在 6 月季度沒有確認與 AT&T 付款相關的任何收入，但將在 9 月季度開始這樣做。

Okay.

好的。

And then looking at what you provided us on the deferred revenue -- and as Ben said we're all starting to try to work through this -- is it fair to take the $180 million of deferred revenue, both short and long term that's on your books, give it some haircut for Apple TV, divide by 270,000 units and come up with with a per unit contribution?

然後看看你為我們提供的遞延收入——正如本所說，我們都開始努力解決這個問題——接受 1.8 億美元的遞延收入是否公平，無論是短期還是長期你的書，給 Apple TV 剪頭髮，除以 270,000 台，然後計算出每台的貢獻？

I hate doing math on the call, but --

我討厭在通話中做數學，但是——

You mean in terms of -- you're trying to get at ASP.

你的意思是——你試圖獲得 ASP。

What do you mean by contribution?

你說的貢獻是什麼意思？

I guess I was trying to figure out if there was anything in there other than, I guess, just the ASP that's running through that line or is that pretty much all we're seeing right now?

我想我想弄清楚那裡是否有任何東西，我想，只是通過那條線的 ASP，還是我們現在所看到的幾乎全部？

It is, Shannon, the -- for both the current and the long-term deferred revenue, it is just the hardware revenue for both iPhone and Apple TV, so there aren't accessories or anything else that is in there.

香農，對於當前和長期的遞延收入來說，這只是 iPhone 和 Apple TV 的硬件收入，所以沒有配件或其他任何東西。

Okay.

好的。

And then finally, just given the fact that obviously cash was $1.2 billion this quarter, and cash is going to become so important now that we're all looking at the deferred part of the business and how you're running it, have you given any thought to providing cash flow guidance per share?

最後，鑑於本季度的現金顯然是 12 億美元，而且現金將變得如此重要，以至於我們都在關注業務的遞延部分以及您是如何運營它的，您給了嗎？有沒有想過提供每股現金流指導？

Not on this call.

不在本次通話中。

We're going to continue to report to you in each of our calls what our cash flow from operations was.

我們將在每次電話會議中繼續向您報告我們的運營現金流量。

We've traditionally not forecasted or provided any guidance on balance sheet items and I'm not sure I see that changing.

我們傳統上沒有對資產負債表項目進行預測或提供任何指導，我不確定我是否看到這種變化。

Okay.

好的。

And if I could actually just hop in with one more question.

如果我真的可以再問一個問題。

Just on the gross margin side, I know Ben asked about it, but looking back historically there's been sort of 100 to 200 basis point decrease from June quarter to September quarter, and obviously you're forecasting a much bigger one and you had basically the iPhone -- sorry, the iPod promotion in place for the last couple quarters.

就毛利率而言，我知道 Ben 曾問過這個問題，但回顧歷史，從 6 月季度到 9 月季度，下降了 100 到 200 個基點，顯然你預測的是一個更大的基點，而且你基本上擁有iPhone——抱歉，過去幾個季度的 iPod 促銷活動已經到位。

So is there anything in there we should really focus on in terms of a change from prior years that would lead you to go down to 29.5% gross margin.

那麼，與往年相比，有什麼我們應該真正關注的變化會導致你的毛利率下降到 29.5%。

I'm not really sure, Shannon, that prior year comparisons are a great way to always look at gross margin.

我不太確定，香農，前一年的比較是始終查看毛利率的好方法。

We tend to think about them and I talk to you about them on the call on a more sequential basis.

我們傾向於考慮它們，我會在電話會議上以更順序的方式與您討論它們。

In terms of the back-to-school promotion, we began the promotion in about the middle of June, so we had a couple weeks of it in the June quarter, but we're going to see it pretty much the whole way through the September quarter.

在返校促銷方面，我們大約在 6 月中旬開始促銷，所以我們在 6 月季度進行了幾週的促銷，但我們將在整個過程中看到它。九月季度。

So that, along with commodity costs prices going up that we're seeing and some product transitions that I can't get into, are the -- are the primary drivers of the sequential decrease in the gross margin that I've guided to.

因此，隨著我們看到的商品成本價格上漲以及一些我無法進入的產品轉型，是我指導的毛利率連續下降的主要驅動因素。

Okay, thank you very much.

好的，非常感謝。

Thanks Shannon.

謝謝香農。

Could we have the next question, please?

請問下一個問題好嗎？

Absolutely.

絕對地。

From Piper Jaffray this is Gene Munster.

來自 Piper Jaffray，這是 Gene Munster。

Good afternoon.

下午好。

I know we've talked a little bit about the AT&T relationship and the accounting on that.

我知道我們已經談了一點關於 AT&T 的關係和會計處理。

Peter, is there any sort of just very big picture thoughts you can give us on how to model that revenue share between Apple and AT&T.

彼得，關於如何模擬 Apple 和 AT&T 之間的收入分成，你有沒有什麼非常宏觀的想法。

Gene, I'm sorry, I just am not in a position at this point to go into really in more detail.

吉恩，很抱歉，我現在無法更詳細地討論。

Again, we did not record any revenue from -- in the June quarter from payments from AT&T.

同樣，我們沒有記錄來自 AT&T 支付的 6 月季度的任何收入。

We did obviously sell iPhones and we will recognize payments from AT&T as revenue over time as earned.

顯然，我們確實銷售了 iPhone，並且我們會將來自 AT&T 的付款確認為隨著時間的推移所獲得的收入。

Can you say if the payments from AT&T will be recognized over a two year period, the life of the contract?

你能說如果 AT&T 的付款將在兩年內得到確認，合同的有效期？

Is that the right way to think about it?

這是正確的思考方式嗎？

Gene, I'm sorry, I can't answer that question at this time.

吉恩，對不起，我現在無法回答這個問題。

Okay.

好的。

Just in terms of the iPhone, I'm totally on board with your messages that this is going to take some time to ramp, but ultimately it's going to be game changing.

就 iPhone 而言，我完全同意你的信息，即這將需要一些時間來提升，但最終它將改變遊戲規則。

In the near term, as we kind of are all -- as we've talked about getting our arms around on how to model this, how do you think about that initial wave of it tech nerds that go out and buy the device and that 730,000 estimate that you gave for the September quarter, is that -- are you looking at the current run rate after we had the initial bubble or do you think that bubble's still going on or -- I just want to make sure that people get their expectations in check over the next couple quarters versus a couple years?

在短期內，就像我們所有人一樣 - 正如我們已經討論過如何建模這個，你如何看待最初的一波它出去購買設備的技術書呆子您對 9 月季度給出的 730,000 估計值是——在我們出現最初的泡沫之後，你是在查看當前的運行速度，還是你認為泡沫仍在繼續，或者——我只是想確保人們得到他們的未來幾個季度與幾年的預期是否受到抑制？

Gene, it's Tim.

吉恩，是蒂姆。

We feel like we have given quite a bit on this.

我們覺得我們在這方面付出了很多。

As I said before, we did 270,000 in the 30 hours last quarter.

正如我之前所說，我們在上個季度的 30 小時內完成了 270,000 次。

We expect to sell the one millionth iPhone by the end of September.

我們預計到 9 月底將售出第 100 萬部 iPhone。

And what we have seen so far gives us a lot of confidence that across 2008 we can sell ten million iPhones.

到目前為止，我們所看到的讓我們非常有信心，在 2008 年我們可以銷售 1000 萬部 iPhone。

Okay.

好的。

So the 730,000 number that you're looking at for the September quarter, that's -- is that -- I don't want to put words in your mouth, but is that an existing run rate or is that extrapolating the first couple days or any thoughts on that?

因此，您正在查看 9 月季度的 730,000 個數字，那是 - 我不想在你嘴裡說什麼，但這是現有的運行率還是前幾天的推斷或對此有什麼想法嗎？

Well, we hope to sell the one millionth by the end of September.

嗯，我們希望在九月底前賣出百萬分之一。

Okay, great, thank you.

好的，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？

David Bailey from Goldman Sachs.

高盛的大衛貝利。

Great, good afternoon.

太好了，下午好。

In addition to the payments that you're getting from AT&T are you receiving any fees from the other vendors that have placement for their services on the main screen of the iPhone?

除了您從 AT&T 獲得的付款外，您是否從其他供應商那裡收取任何費用，這些供應商在 iPhone 的主屏幕上提供了他們的服務？

David, we don't discuss the terms of various agreements that we have with vendors and suppliers.

大衛，我們不討論我們與供應商和供應商簽訂的各種協議的條款。

I'm sorry, we can't answer that question.

對不起，我們無法回答這個問題。

You can't even answer if you are or if you're not?

你甚至不能回答你是還是不是？

No.

不。

Okay.

好的。

And then in your gross margin commentary you said there was different pricing in the quarter than you expected, is that right, and if you could just give a little clarification on that?

然後在您的毛利率評論中，您說本季度的定價與您預期的不同，對嗎？您能否對此進行一些澄清？

Sure.

當然。

We had expected -- we experienced a more stable pricing environment for some of our hardware products than we had provided in the guidance, so that was a positive.

我們曾預料到——我們的一些硬件產品的定價環境比我們在指南中提供的更穩定，所以這是積極的。

And we also saw a more favorable product mix, which to some degree went hand in hand with the higher direct sales.

而且我們還看到了更有利的產品組合，這在某種程度上與更高的直銷率齊頭並進。

When we sell, particularly on the on-line store and in the retail stores, we tend to see a better product mix across the product lines.

當我們進行銷售時，尤其是在網上商店和零售店中，我們往往會看到更好的產品組合。

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？

That comes from Richard Gardner at Citigroup.

這來自花旗集團的理查德加德納。

Thank you very much.

非常感謝。

I was wondering, Tim, if you could give us an update on the Best Buy rollout and how that's coming and how many stores you were in at the beginning of the quarter, how many stores exiting the quarter and whether that was a contributor -- a material contributor to the Mac unit shipment number in the quarter?

我想知道，蒂姆，你能否向我們提供有關百思買推出的最新信息，以及它是如何到來的，你在本季度初有多少家商店，有多少家商店退出本季度，以及這是否是貢獻者——本季度 Mac 單位出貨量的重要貢獻者？

Rich, at the beginning of the quarter we were around 50, by the end of the quarter we were around 75.

Rich，本季度初我們大約 50 歲，到本季度末我們大約 75 歲。

By the end of this quarter we'll be over 200 and we expect to be almost to 300 by the end of the calendar year.

到本季度末，我們將超過 200 人，預計到日曆年年底將接近 300 人。

So it's going very well.

所以進展非常順利。

Both parties are very happy about it and that's the reason we're expanding.

雙方都對此感到非常高興，這就是我們擴大規模的原因。

Okay.

好的。

And then I guess I'll ask the component question, Tim.

然後我想我會問組件問題，蒂姆。

I was just hoping maybe you could give us a sense of what was better than expected in the second quarter and how you see component prices trending for the categories in the third quarter?

我只是希望也許您可以讓我們了解第二季度比預期更好的情況，以及您如何看待第三季度這些類別的組件價格趨勢？

Yes, sure.

是的，當然。

Component prices, particularly DRAM, which bottomed in the quarter later than we predicted and lower than we predicted, both of those were -- led component prices in general to be more favorable than we predicted and this contributed to the higher-than-expected gross margins that Peter has talked about.

組件價格，尤其是 DRAM，在本季度觸底的時間晚於我們的預期且低於我們的預期，這兩者都導致組件價格總體上比我們預期的更有利，這導致總銷售額高於預期彼得談到的利潤。

In terms of going forward, as you know historically in the second half of the year the commodity markets tighten as the industry heads into a seasonally stronger demand period, and I don't envision this year being fundamentally different.

就未來而言，從歷史上看，隨著行業進入季節性需求旺盛期，大宗商品市場在下半年收緊，我認為今年不會有根本性的不同。

Specifically, we see the NAN flash market tightening.

具體來說，我們看到 NAN 閃存市場收緊。

We expect DRAM to stabilize from its recent over supply state.

我們預計 DRAM 將從近期供應過剩的狀態中企穩。

And on LCDs, a fundamental lack of new capacity investment combined with flat panel TV demand is creating a greater-than-typical imbalance between supply and demand.

而在 LCD 方面，新產能投資的根本性缺乏以及平板電視的需求正在造成供需之間的嚴重失衡。

For other commodities we expect them to follow more of historic trends.

對於其他商品，我們預計它們將更多地遵循歷史趨勢。

Tim, if I could follow up, did prebuys or forward purchases on NANs during the first calendar quarter contribute meaningfully to the gross margin upside in the second quarter?

蒂姆，如果我可以跟進的話，第一季度對 NAN 的預購或遠期購買是否對第二季度的毛利率上升做出了有意義的貢獻？

Rich, I don't want to go into that level of detail.

豐富的，我不想深入到那個級別的細節。

Okay.

好的。

All right, thank you.

好噠。謝謝你們。

Thanks, Rich.

謝謝，里奇。

Could we have the next question, please?

請問下一個問題好嗎？

Toni Sacconaghi at Sanford Bernstein.

桑福德伯恩斯坦的托尼薩科納吉。

Yes, thank you.

是的，謝謝。

Can you comment on whether your 270,000 iPhone shipments include shipments to the channel, that being AT&T stores?

您能否評論一下您的 270,000 部 iPhone 出貨量是否包括向 AT&T 商店的渠道出貨？

And if so how many, how many iPhones were in inventory at the end of -- at the end of the quarter?

如果是這樣的話，有多少，有多少 iPhone 在本季度末的庫存中？

Toni, it's Peter, I'll take that.

托尼，我是彼得，我會接受的。

We did ship some of the 270,000 iPhones to AT&T, and as they indicated, most of their stores were stocked out during the initial launch.

我們確實向 AT&T 運送了 270,000 部 iPhone 中的一部分，正如他們所說，他們的大部分商店在首次發佈時都缺貨。

However, there would have been some inventory in transit to AT&T at the end of the quarter.

但是，在本季度末會有一些庫存在運送到 AT&T。

With a question now from Richard Farmer at Merrill Lynch.

現在，美林證券的 Richard Farmer 提出了一個問題。

Thanks.

謝謝。

Just a couple of clarifications.

只是一些澄清。

I think you pretty clearly answered that you didn't receive payments from AT&T in the quarter, and I think you said that you will not in the deferred revenue balance on the balance sheet have anything but iPhone hardware and Apple TV hardware.

我認為您很清楚地回答說您在本季度沒有收到 AT&T 的付款，而且我認為您說過資產負債表上的遞延收入餘額中除了 iPhone 硬件和 Apple TV 硬件之外沒有任何東西。

I just want to confirm that you don't anticipate any of the AT&T payments ever ending up as a deferred item, they will always be simply recognized like normal revenue.

我只是想確認，您不會預計任何 AT&T 付款最終會成為遞延項目，它們將始終像正常收入一樣被簡單地確認。

Is that a fair interpretation?

這是一個公平的解釋嗎？

Richard, my comment was regarding the June quarter within the $180 million, that was hardware revenue only from iPhone and Apple TV.

理查德，我的評論是關於 1.8 億美元內的 6 月季度，這是僅來自 iPhone 和 Apple TV 的硬件收入。

It did not include any accessory revenue or payments from AT&T.

它不包括來自 AT&T 的任何附屬收入或付款。

We will record, as I've said, payments from AT&T as revenue over time as earned, and I'll talk to you about next quarter when we report to you our deferred revenue at the end of the September quarter if it's included any payments from AT&T.

正如我所說，我們將把來自 AT&T 的付款記錄為收入隨著時間的推移而獲得的收入，如果包括任何付款，我們將在下個季度向您報告我們在 9 月季度末的遞延收入時與您討論來自 AT&T。

So you'll clarify next quarter if it's in the deferred revenue balance or the -- just regular recognized revenue from these payments from AT&T then?

因此，您將在下個季度澄清它是在遞延收入餘額中還是 - 只是從 AT&T 的這些付款中定期確認的收入？

Yes, I will.

是的，我會。

But certainly the possibility there is open, you're not categorically saying that it won't ends up that way?

但肯定存在開放的可能性，你不是斷然說它不會以這種方式結束嗎？

Not making a comment at this point.

暫時不做評論。

We'll report to you next quarter's results in October.

我們將在 10 月份向您報告下一季度的業績。

Okay, thanks.

好的謝謝。

Just a broader question about the iPhone price points over time, if we look at the history of your iPod business you started at higher price points then ultimately had a broad line all the way down to shuffle at $79.

隨著時間的推移，關於 iPhone 價格點的一個更廣泛的問題，如果我們看看你的 iPod 業務的歷史，你以更高的價格點開始，然後最終有一個廣泛的路線一直下降到 79 美元。

Obviously the first iPhones at $500 or $600.

顯然，第一批 iPhone 的售價為 500 美元或 600 美元。

Should we reasonably assume that over time you'll have a broader line and lower price points and kind of a family of phones to choose from?

我們是否應該合理地假設隨著時間的推移，您將擁有更廣泛的產品線和更低的價格點以及一系列可供選擇的手機？

We don't really comment on our product plans, but we believe the iPhone offers tremendous value that customers couldn't even have imagined before.

我們並沒有真正評論我們的產品計劃，但我們相信 iPhone 提供了客戶以前甚至無法想像的巨大價值。

As you know, this is really three products in one.

如您所知，這確實是三合一的產品。

It's a revolutionary mobile phone, a wide-screen iPod and the internet in your pocket with the best desktop class e-mail, web browsing, and map application ever on a mobile phone before, and we think customers are clearly seeing that, as witnessed by the customer satisfaction ratings that we've talked about.

它是一款革命性的手機、寬屏 iPod 和口袋裡的互聯網，擁有最好的桌面級電子郵件、網頁瀏覽和地圖應用程序，我們認為客戶已經清楚地看到了這一點，正如所見證的那樣通過我們討論過的客戶滿意度評級。

Okay, thank you.

好的謝謝你。

Thanks Richard.

謝謝理查德。

Could we have the next question, please?

請問下一個問題好嗎？

From Credit Suisse this is Ron Semple.

來自瑞士信貸，這是 Ron Semple。

Thanks.

謝謝。

Maybe in the context of top-line growth, can you walk us through how you think about seasonality in both the iPod and Mac businesses for September?

也許在收入增長的背景下，您能否告訴我們您如何看待 9 月份 iPod 和 Mac 業務的季節性？

Sure.

當然。

Let me begin with Macs.

讓我從 Mac 開始。

The June quarter begins the education buying season, and sequential seasonality from June to September has been mixed.

六月季度開始了教育購買季節，從 6 月到 9 月的連續季節性好壞參半。

Some years have experienced a slight increase and some years have experienced a slight decrease.

有的年份略有增加，有的年份略有下降。

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

對於 iPod，在評估 MP3 的季節性方面，我們在過去幾年中了解到，將市場推向新水平的是創新產品的發布和季節性購買以及 12 月的假日季度。

Last year iPod sales were up about 8% from June to September, driven by the new suite of iPods and iPod nanos that we introduced in September.

去年 6 月到 9 月 iPod 銷量增長了約 8%，這得益於我們在 9 月推出的新 iPod 和 iPod nano 套件。

And I guess just sort of follow up, Peter, do you worry about any sort of slow down or pause in front of Leopard?

我想只是跟進，彼得，你是否擔心在 Leopard 面前有任何減速或停頓？

I know historically you haven't really seen that in the Mac business ahead of OS10 launches, but anything different with an installed base that tends to be more heavily weighted towards traditional Windows users?

我知道從歷史上看，在 OS10 發布之前，您在 Mac 業務中並沒有真正看到這一點，但是對於更傾向於傳統 Windows 用戶的安裝基礎有什麼不同？

We'll have to see what happens, but I would point out that this past quarter is the highest Mac sales the Company's ever had and the Macs we're shipping today are the absolute best products we've ever shipped.

我們必須看看會發生什麼，但我要指出的是，上個季度是公司有史以來最高的 Mac 銷量，而我們今天出貨的 Mac 絕對是我們出貨過的最好的產品。

Also the upgrade process is very, very straightforward and simple.

此外，升級過程非常非常簡單明了。

And then last question.

然後最後一個問題。

I know it's very early, but have you seen any evidence of iPod cannibalization from iPhone?

我知道現在還為時過早，但你有沒有看到 iPhone 蠶食 iPod 的證據？

We saw absolutely no obvious evidence during the June quarter.

我們在 6 月季度絕對沒有看到明顯的證據。

We will obviously monitor that this quarter and report this quarter in the October conference call.

我們顯然將在本季度進行監控，並在 10 月的電話會議上報告本季度。

Thanks, Tim.

謝謝，蒂姆。

Thanks rob.

謝謝搶。

Could we have the next question, please?

請問下一個問題好嗎？

From Bear, Stearns this is Andrew Neff.

來自貝爾，斯特恩斯，這是安德魯·內夫。

Sure, two things I guess.

當然，我猜有兩件事。

One just the -- one of the comments you see in a lot of reviews is the issue about corporate e-mail.

您在很多評論中看到的評論之一就是關於公司電子郵件的問題。

Are there thoughts about -- relative of the phone about trying to address that market?

是否有關於嘗試解決該市場的電話的想法？

Have you had any discussions with some of the major providers of corporate e-mail along those lines or have you thought about how you're going to try to address that corporate market?

您是否與一些主要的企業電子郵件提供商就這些問題進行過任何討論，或者您是否考慮過您將如何嘗試解決該企業市場？

The second was just again to clarify in terms of the accounting treatment.

二是再次明確會計處理。

Just relative to what you're going to recognize in the deferred revenues going forward, can you clarify for us what you're going to put in there?

就你將在未來的遞延收入中確認的內容而言，你能否為我們澄清一下你將在那裡投入什麼？

Andy, in terms of the corporate market we think the iPhone is a break through market for all customers, including business customers.

安迪，就企業市場而言，我們認為 iPhone 是所有客戶的突破性市場，包括企業客戶。

It's a great internet device that includes the best e-mail client out there, the best web browser ever on a mobile device, and with a very little bit of help from the corporate IT department it can be set up to work with corporate e-mail.

它是一款出色的互聯網設備，包括目前最好的電子郵件客戶端、移動設備上最好的網絡瀏覽器，並且在企業 IT 部門的一點點幫助下，它就可以與企業電子郵件一起工作。郵件。

We already have a number of corporate customers that are piloting the iPhone in their enterprises and they've told us that they're very happy with the results so far.

我們已經有一些企業客戶在他們的企業中試用 iPhone，他們告訴我們，他們對目前的結果非常滿意。

Andy, with regard to your deferred revenue question, we provided you the deferred revenue schedule this quarter for iPhone and Apple TV.

安迪，關於您的遞延收入問題，我們為您提供了本季度 iPhone 和 Apple TV 的遞延收入時間表。

It has $180 million of total deferred revenue, which again related only to the hardware from the iPhone and from Apple TV, so there was no accessory revenue included in this or payments from AT&T.

它有 1.8 億美元的總遞延收入，這又只與 iPhone 和 Apple TV 的硬件有關，因此其中不包括配件收入或來自 AT&T 的付款。

We will provide a similar schedule to you in October for the September quarter, and I will walk you through then how the various revenue streams impacted the financials.

我們將在 10 月為您提供 9 月季度的類似時間表，然後我將向您介紹各種收入流如何影響財務狀況。

Thanks Andy.

謝謝安迪。

Could we have the next question please.

請問下一個問題可以嗎？

This comes from Keith Bachman, Banc of America.

這來自美國銀行的 Keith Bachman。

Hi guys.

嗨，大家好。

Peter, on the CPUs healthy growth the retail, which has moved around a little bit was really the standout this quarter in terms of growth rate CPUs, and Japan again was weak.

彼得，在 CPU 的健康增長方面，零售業在本季度的 CPU 增長率方面確實表現出色，而日本再次表現疲軟。

Could you offer a little color, what was going on in retail that caused it to be such a standout this quarter and any kind of expectations, given the brand awareness that iPhones creating, would you expect that to help out as the -- for the retail CPU business as we look forward to the September quarter?

您能否提供一點色彩，零售業發生了什麼導致它在本季度如此出色，以及任何期望，鑑於 iPhone 創造的品牌知名度，您是否希望這會有所幫助 - 對於零售 CPU 業務如我們所期待的 9 月季度？

Sure, the retail stores had an outstanding quarter.

當然，零售店有一個出色的季度。

The revenue was up in total 33%, Mac shipments were up 53% in total and 24% on a per store basis.

收入總計增長 33%，Mac 出貨量總計增長 53%，單店增長 24%。

We're seeing very strong traffic through the stores, clearly selling a lot of Macs and other products.

我們看到商店的客流量非常大，顯然銷售了很多 Mac 和其他產品。

There is tremendous interest in the phone.

人們對電話產生了極大的興趣。

And I think the stores have benefited from all three of our product areas and are seeing very strong traffic interest and the results have been just tremendous.

而且我認為這些商店已經從我們所有的三個產品領域中受益，並且看到了非常強大的客流量，結果非常好。

Peter, could you give us some updated commentary on expectations, if you can, on store openings as you look out over the next couple quarters?.

彼得，如果可以的話，你能否給我們一些關於未來幾個季度開店預期的最新評論？

We expect to open 12 stores in the September quarter to end the year with 197, and we've not set a target yet for fiscal '08 openings, I'll share those with you in October.

我們預計將在 9 月季度開設 12 家門店，到年底達到 197 家，我們還沒有為 08 財年的開業設定目標，我將在 10 月份與您分享。

Thank you.

謝謝你。

Thanks, Keith.

謝謝，基思。

Could we have the next question, please?

請問下一個問題好嗎？

Harry blunt, Lehman brothers.

哈利直言，雷曼兄弟。

Thanks.

謝謝。

Peter, could you -- you're using period accounting on the iPhone launch for the expenses occurred in the quarter, could you give us a sense of how much those were within the OpEx line?

彼得，您能否 - 您在 iPhone 發佈時使用期間會計來計算本季度發生的費用，您能否告訴我們這些費用在 OpEx 線內有多少？

Harry, I'll talk more qualitatively.

哈利，我會更定性地談論。

We certainly provided some extra staffing in our stores for the launch and for our on line stores and our support areas.

我們當然在我們的商店中為發布以及我們的在線商店和我們的支持區域提供了一些額外的人員。

I think you saw tremendous marketing and advertising from the Company on iPhone, so we certainly saw added expenses.

我想你看到了公司在 iPhone 上的巨大營銷和廣告，所以我們當然看到了額外的開支。

And as you indicated and we've discussed before, we're taking the operating expense related to iPhone as period expense while recognizing the revenue over 24 months.

正如你所指出的和我們之前討論過的，我們將與 iPhone 相關的運營費用作為期間費用，同時確認 24 個月的收入。

And then next question, can you give us a sense of Apple TV units?

然後下一個問題，你能給我們一個 Apple TV 單元的感覺嗎？

They're not discretely broken out here.

他們沒有在這裡離散地分解。

We don't announce that level of product detail.

我們不會公佈該級別的產品詳細信息。

Okay, but it's not included in the iPhone numbers, correct?

好的，但它不包含在 iPhone 號碼中，對嗎？

It is not, it's a separate category.

它不是，它是一個單獨的類別。

It's reported, Harry, in the other music category as an accessory.

據報導，哈利，在其他音樂類別中作為附件。

Okay.

好的。

Your cash assets currently account for about two-thirds of your total assets, I'm wondering if we still have any change in thinking about the use of cash?

您的現金資產目前佔您總資產的三分之二左右，不知道我們對現金使用的想法是否還有變化？

We still discuss it with the board from time to time, but don't have a change to share with you today.

我們仍然不時與董事會討論它，但今天沒有變化與您分享。

Okay.

好的。

And then lastly, coming back to the gross margin guidance Peter, if I just do simple math on the numbers, it basically says you're looking for about a $600 million absolute sequential decline in -- or increase in COGS, I guess, relative to the revenue.

最後，回到毛利率指導彼得，如果我只是對數字進行簡單的數學計算，它基本上表明你正在尋找大約 6 億美元的絕對連續下降 - 或者我猜 COGS 相對增加到收入。

Even with the back-to-school promotions and perhaps product transitions, relative to the sales of hardware that's still an awful large number, so can you maybe help with that again, because it just -- the math doesn't seem to work real well unless you have a massive spike in commodity prices or unless you significantly cut the cost of your average CPU?

即使有返校促銷和產品轉換，相對於硬件的銷售仍然是一個非常大的數字，所以你能否再次提供幫助，因為它只是 - 數學似乎並不真實除非您的商品價格大幅飆升，或者除非您大幅降低平均 CPU 的成本？

Harry, I'm sorry, that's not a question I think I'm really going to be able to answer for you this quarter.

哈利，對不起，這不是我認為本季度我真的能夠為你回答的問題。

We'll talk to you about it next quarter.

我們將在下個季度與您討論。

I have shared with you the three primary factors that will cause our gross margin to decline sequentially, and all three are going to contribute

我已經與您分享了導致我們的毛利率連續下降的三個主要因素，這三個因素都會有所貢獻

Great, thank you.

太好了謝謝。

Thanks Harry.

謝謝哈利。

Could we have the next question please.

請問下一個問題可以嗎？

That comes from Katie Huberty at Morgan Stanley.

這來自摩根士丹利的凱蒂·休伯蒂。

Good evening, thanks.

晚上好，謝謝。

Just a follow up on the component discussion.

只是對組件討論的跟進。

How should we think about your ability to leverage the prepaid NAN flash that sits on your balance sheet from 2005 as that market becomes tighter in the back half of the year?

隨著 2005 年下半年市場變得更加緊張，我們應該如何看待您利用 2005 年資產負債表上的預付費 NAN 閃存的能力？

That was a very strategic investment for us and we're even more sure today that it was the right approach for us than we were then, as we begin to use more and more flash in all of our products including now the iPhone.

這對我們來說是一項非常具有戰略意義的投資，今天我們更加確定這對我們來說是正確的方法，因為我們開始在我們的所有產品中使用越來越多的閃存，包括現在的 iPhone。

And then on the Mac front, consumer Mac units obviously very strong again this quarter, but it also looks like desk top units and ASPs were stronger than expected.

然後在 Mac 方面，本季度消費者 Mac 設備顯然再次非常強勁，但桌面設備和 ASP 似乎也比預期的要強。

Did you, in fact, see a good acceleration on the side of the business post the April product announcements?

事實上，您是否在 4 月份的產品發布後看到了業務方面的良好加速？

It was an overall blowout quarter for the Mac, it was the absolute best quarter we've ever had.

對於 Mac 來說，這是一個整體井噴的季度，絕對是我們有史以來最好的一個季度。

We sold more portables than we ever had, we sold more total units than we ever had.

我們售出的便攜式設備比以往任何時候都多，我們售出的總單位比以往任何時候都多。

The education was the be -- the best education quarter we've ever had.

教育是最好的——我們曾經擁有過的最好的教育區。

And also, to answer your question, the pro business had a nice uptick, as we shipped new version of Final Cut Studio and Adobe shipped Creative Suite 3.

而且，為了回答您的問題，專業業務有了不錯的增長，因為我們發布了新版本的 Final Cut Studio，而 Adobe 發布了 Creative Suite 3。

So really all of the markets really kicked in nicely this quarter.

因此，本季度所有市場的表現都非常好。

Great, thanks so much.

太好了，非常感謝。

Thanks Katie.

謝謝凱蒂。

Could we have the next question, please?

請問下一個問題好嗎？

From RBC Capital Markets, this is Michael Abramsky.

來自加拿大皇家銀行資本市場，我是 Michael Abramsky。

Yes, thanks very much.

是的，非常感謝。

Are you expecting a similar reception in Europe when you launch the iPhone?

當您推出 iPhone 時，您是否期待在歐洲獲得類似的反響？

It's a little bit of a different market, could you just tell us a little bit how you approach the market?

這是一個有點不同的市場，你能告訴我們你是如何進入市場的嗎？

I think [3Gs] perhaps a little bit more important, and obviously competitors, like Nokia and others, are very entrenched there.

我認為 [3Gs] 可能更重要一點，顯然競爭對手，如諾基亞和其他公司，在那裡非常根深蒂固。

The way that we look at it is that the iPhone is a break-through product, and we think it's great for Americans and Europeans and everyone else and in all markets.

我們看待它的方式是，iPhone 是一款突破性產品，我們認為它對美國人和歐洲人以及其他所有人和所有市場都非常有用。

And so we are very excited to get going there, are spending a lot of energy on this, and later in the quarter will be an announcing some details about which carriers we'll be working with.

因此，我們很高興能夠實現這一目標，並為此投入了大量精力，並且在本季度晚些時候將宣布我們將與哪些運營商合作的一些細節。

Okay.

好的。

Is there any high-level commentary you can make?

你有什麼高水平的評論嗎？

I think going into the launch of the iPhone you did talk about some of the learning experiences that you planned to have, just on issues of pricing, reaction to consumer pricing, network speed, is there anything surprising that you've adapted to, either positively or negatively that has come from the early experiences you've had with sales.

我認為在推出 iPhone 時，您確實談到了您計劃擁有的一些學習經驗，只是關於定價問題、對消費者定價的反應、網絡速度，您是否已經適應了任何令人驚訝的事情，或者無論是積極的還是消極的，這都來自你早期的銷售經驗。

You know, we've only been at this for a few weeks.

你知道，我們只在這幾個星期。

We're very much beginners at this, and so every day there's something to learn.

我們是這方面的初學者，所以每天都有東西要學。

But we're -- again we're very focused on building the business over the very long term and we're looking forward to taking the next step with expanding graphically into Europe next quarter.

但是我們再次非常專注於長期建立業務，我們期待著在下個季度以圖形方式擴展到歐洲而邁出下一步。

All right, thank you very much.

好的，非常感謝。

Thanks Mike.

謝謝邁克。

Could we have the next question, please?

請問下一個問題好嗎？

Next is Bill Fearnley, FTN Midwest.

接下來是 FTN Midwest 的 Bill Fearnley。

Yes, thanks.

對了謝謝。

Switching gears here back to Macintosh if I could.

如果可以的話，將這里切換回 Macintosh。

You talked about the affect of product transitions potentially on gross margins here for the upcoming quarter.

您在這裡談到了產品轉換對下一季度毛利率的潛在影響。

Is there going to be any effect, potentially, on revenue -- revenue mix or revenue growth here?

是否會對收入產生任何影響——收入組合或收入增長？

If you look at a product transition, again you've talked about margins, what about on the revenue side?

如果您看一下產品過渡，那麼您又談到了利潤率，那麼在收入方面呢？

And then I have a quick follow up.

然後我有一個快速跟進。

Bill, I think that -- generally we're going to have to talk to you about that in 90 days, but I did discuss some of the seasonality that we expect.

比爾，我認為——通常我們將不得不在 90 天內與你討論這個問題，但我確實討論了一些我們預期的季節性。

We are in the back-to-school season.

我們正處於返校季。

The June quarter tends to be more dominated by K-to-12.

六月季度往往更多地由 K-to-12 主導。

High-ed is strong, but it tends to be a little more K, 12 focus, whereas the September quarter tends to be a bit more high-ed focus and I've walked you through what we've traditionally seen for iPods in the September quarter.

High-ed 很強大，但它往往更側重於 K，12，而 9 月季度往往更側重於 high-ed，我已經向您介紹了我們在 iPod 中看到的傳統九月季度。

Okay.

好的。

And then also on the direct mix, you said the direct was helping margins, could you give us the direct versus indirect mix for the quarter?

然後在直接混合方面，你說直接有助於提高利潤率，你能給我們本季度的直接與間接混合嗎？

Sure.

當然。

In the June quarter of this year it was 53% of revenue, and that was up from 49% in the year-ago quarter.

在今年 6 月季度，它佔收入的 53%，高於去年同期的 49%。

Okay.

好的。

And then one last question on the component side, any issues with availability during the quarter or any issues with availability of components in the upcom -- in the quarter that we're currently in for 4Q?

然後是組件方面的最後一個問題，本季度的可用性問題或 upcom 中組件的可用性問題 - 在我們目前處於第四季度的季度？

Thanks.

謝謝。

For last quarter we ended with channel inventory in the three to four-week range in the Mac, and as you know that's outside of our range on the low side.

上個季度，我們以 Mac 的三到四周範圍內的渠道庫存結束，如您所知，這超出了我們的低端範圍。

We announced a new MacBook pro in early June and were not able to get enough inventory in the channel by the end of the quarter.

我們在 6 月初發布了新的 MacBook Pro，但到季度末未能在渠道中獲得足夠的庫存。

For this quarter we've projected the supp -- our view of both supply and demand and have factored those into revenue guidance that Peter has talked about.

對於本季度，我們已經預測了供應——我們對供需的看法，並將這些因素納入了彼得談到的收入指導中。

What about on the component side, any availability issues on components.

在組件方面呢，組件的任何可用性問題。

Well, ultimately components are generally what drives the supply, and so again we factored our view of supply and demand into our guidance.

好吧，最終組件通常是推動供應的因素，因此我們再次將我們的供需觀點納入我們的指導。

Okay, thanks.

好的謝謝。

Thanks, Bill.

謝謝，比爾。

Could we have the next question, please?

請問下一個問題好嗎？

From JPMorgan this is Bill Shope.

這是來自摩根大通的比爾·肖普。

Okay, thanks, guys.

好的，謝謝各位。

Historically looking at the iPod business we saw a very small incremental OpEx increase per dollar of iPod revenues and clearly this provided you all with a lot of historical leverage.

從歷史上看 iPod 業務，我們看到 iPod 收入每 1 美元的 OpEx 增量非常小，顯然這為你們所有人提供了很多歷史影響力。

Can you give us any color on how we should think about the incremental OpEx that would be required for the iPhone going forward?

您能否就我們應該如何考慮 iPhone 未來所需的增量 OpEx 提供任何顏色？

And obviously, I'm only looking for qualitative color here.

顯然，我在這裡只尋找定性顏色。

Well, as I commented earlier, Bill, we are recording the OpEx for iPhone, whether it be R&D or sales and marketing or advertising, as period expense.

好吧，正如我之前評論過的，比爾，我們將 iPhone 的運營支出記錄為期間費用，無論是研發、銷售和營銷還是廣告。

So we're taking that as spent and spreading the revenue over a two- year period of time.

因此，我們將其視為已花費，並將收入分配到兩年的時間段內。

So in the early quarters of our iPhone sales when you're incurring the expense and you're beginning to sell iPhones, but again amortizing the revenue over 24 months, you really carry more of the expense burden.

因此，在我們 iPhone 銷售的前幾個季度，當您產生費用並且開始銷售 iPhone，但再次將收入攤銷到 24 個月時，您確實承擔了更多的費用負擔。

Over time that relationship's going to change.

隨著時間的推移，這種關係會發生變化。

Okay.

好的。

And then just a quick follow up.

然後只是快速跟進。

It may be too early for this question, but do you have any early demographic statistics on the iPhone buyers you could sell with us at this point?

現在問這個問題可能還為時過早，但您是否有任何關於您可以與我們一起銷售的 iPhone 買家的早期人口統計數據？

You know, I -- in terms of demographic statistics I don't.

你知道，我——就人口統計數據而言，我不知道。

But again, some of the market research that we've seen, one in -- one report in particular was quoted in the USA Today indicated that 90% of iPhone owners surveyed were extremely or very satisfied with their iPhones, and 85% said they were extremely or very likely to recommend the iPhone to others.

但同樣，我們看到的一些市場研究，特別是《今日美國》引用的一份報告表明，接受調查的 iPhone 用戶中有 90% 對他們的 iPhone 非常或非常滿意，85% 的人表示他們極有可能向他人推薦 iPhone。

Okay, thank you.

好的謝謝你。

Thanks, Bill.

謝謝，比爾。

Could we have the next question, please?

請問下一個問題好嗎？

Certainly.

當然。

From WR Hambrecht this is Matt Kather

來自 WR Hambrecht，這是 Matt Kather

Hello.

你好。

Will you guys disclose what the ASP for the iPhone was in the quarter or we left to guess, given the deferred statistics that you've disclosed?

鑑於你們披露的延遲統計數據，你們會披露本季度 iPhone 的 ASP 是多少，還是讓我們猜測一下？

More the latter.

更多的是後者。

Okay.

好的。

Any qualitative commentary on the eight gig versus four gig?

關於八場演出與四場演出的任何定性評論？

We don't disclose the specifics, Matt, but I would tell you that the mix skewed to the eight gig for early sales in June.

我們沒有透露具體細節，馬特，但我會告訴你，6 月份早期銷售的組合偏向於八場演出。

Okay.

好的。

On the margin profile for the iPhone, obviously you won't give it, but in the past you've said if certain products are above your corporate average.

關於 iPhone 的利潤率，顯然您不會給出，但過去您曾說過某些產品是否高於您的公司平均水平。

Will you confirm if the iPhone gross margins were above the corporate average for the June quarter?

您能否確認 iPhone 的毛利率是否高於 6 月季度的企業平均水平？

I'm sorry, could you repeat the question?

對不起，你能重複一下這個問題嗎？

Just on the gross margin for iPhone.

就在 iPhone 的毛利率上。

In the past you've said if products are above what your corporate average is or not.

過去您曾說過產品是否高於您的公司平均水平。

Will you confirm if the gross margin on the iPhone for June is above your gross margin corporate average?

您能否確認 6 月份 iPhone 的毛利率是否高於您的公司平均毛利率？

You know, while we're off to a great start with iPhone and sold 270,000 in the last 30 hours, the revenue contribution in the quarter was $5 million and the vast majority of that was accessories, so the impact to the quarter was very small.

你知道，雖然我們的 iPhone 開局不錯，在過去 30 小時內售出了 270,000 部，但本季度的收入貢獻為 500 萬美元，其中絕大多數是配件，因此對本季度的影響非常小.

Okay.

好的。

You guys are reiterating your goal of ten million units for '08 now.

你們現在正在重申 08 年 1000 萬台的目標。

Should we assume that this is only the European and U.S.

我們是否應該假設這只是歐洲和美國？

markets that you've an announced so far, or does this include possible broader expansion of the phone internationally?

到目前為止您已經宣布的市場，或者這是否包括可能在國際上更廣泛地擴展手機？

We plan to go into a few major countries in Europe next quarter, to move across other countries in Europe across 2008, and to enter Asia in 2008, as well.

我們計劃下個季度進入歐洲幾個主要國家，2008年跨過歐洲其他國家，2008年也進入亞洲。

Okay, so that would include Asia.

好的，這將包括亞洲。

Okay.

好的。

My last question is just on the Mac business.

我的最後一個問題只是關於 Mac 業務。

As you mentioned it was a terrific print for the quarter in the Mac business and you continue to grow as a multiple of both U.S.

正如您所提到的，這是 Mac 業務本季度的一個了不起的印刷品，並且您繼續增長為美國的倍數。

and worldwide growth.

和全球增長。

Given the fact that you've [refreshers here], you've kept ASPs quite constant, do you have any market share aspirations or internally of what you guys think you can do vis-a-vis continuing to grow your market shares as we see it entering Best Buy and continue to do very well internationally as well?

鑑於您已經 [refreshers here]，您的 ASP 保持相當穩定，您是否有任何市場份額的願望或在內部您認為您可以做些什麼來繼續增加您的市場份額，因為我們看到它進入百思買並繼續在國際上做得很好？

We're focused on making the very best products, and we believe if we do that then our share will [rise].

我們專注於製造最好的產品，我們相信如果我們這樣做，那麼我們的份額將會[上升]。

But no specific or even qualitative goal that you might be able to share, where you think you could take that?

但是沒有你可以分享的具體甚至定性的目標，你認為你可以在哪裡實現？

No, we're not setting specific market share goals.

不，我們沒有設定具體的市場份額目標。

Okay, great, thank you very much.

好的，太好了，非常感謝。

Thanks Matt, and that's all the time we have for today.

謝謝馬特，這就是我們今天的全部時間。

A replay of our call will be available as a podcast on the iTunes store, as a webcast on Apple.com/investor and by of telephone, and the number for the telephone replay is 719-457-0820.

我們的電話重播將通過 iTunes 商店的播客、Apple.com/investor 上的網絡廣播和電話播放，電話重播的號碼是 719-457-0820。

The confirmation code is 5947832.

確認碼是 5947832。

And these replays will be available beginning at approximately 5 p.m.

這些重播將在下午 5 點左右開始提供。

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, and Joan's at 408-974-4570 and I'm at 408-974-5420.

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

And thanks again for joining us.

再次感謝您加入我們。

Thanks again, everyone.

再次感謝大家。

That concludes today's Apple conference call.

今天的蘋果電話會議到此結束。

Have a good day.

祝你有美好的一天。