蘋果 (AAPL) 2007 Q4 法說會逐字稿

Good day, everyone, and welcome to this Apple Incorporated fourth quarter 2007 quarterly results conference call.

大家好，歡迎參加 Apple Incorporated 2007 年第四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 would like to turn the conference over to Ms.

在這個時候開始致辭和介紹，我想把會議交給陳女士。

Nancy Paxton, Senior Director Investor Relations and Corporate Finance.

Nancy Paxton，投資者關係和企業融資高級總監。

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

今天發言的是 Apple 首席財務官 Peter Oppenheimer；蘋果首席運營官蒂姆·庫克（Tim Cook）將加入他的行列；財務主管 Gary Wipfler 與分析師進行問答環節。

Please note that some of the information you'll hear during our call may consist of forward-looking statements regarding revenue, gross margin, operating expenses, other income and expense, stock-based compensation expense, taxes, and our earnings.

請注意，您在我們的電話會議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、股票補償費用、稅收和我們的收益的前瞻性陳述。

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 Forms 10-Q for the first, second, and third 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 年的 10-K 表格、2007 年第一、第二和第三季度的 10-Q 表格以及今天向 SEC 提交的 8-K 表格和附新聞稿。

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 would like to turn the call over to Peter Oppenheimer for introductory remarks.

有了這個，我想把電話轉給彼得奧本海默做介紹性發言。

Thank you, Nancy.

謝謝你，南希。

Thank you for joining us.

感謝您加入我們。

We're pleased to report record results, including the highest September quarter revenue and earnings in Apple's history.

我們很高興地報告創紀錄的業績，包括 Apple 歷史上最高的 9 月季度收入和收益。

Revenue of $6.22 billion increased 29% over the prior September quarter.

收入為 62.2 億美元，比上一季度增長 29%。

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

收入是由創紀錄的 Mac 銷量和對 iPod 的持續強勁需求推動的。

Operating margin for the quarter was stronger than expected at 17.1%, resulting primarily from higher revenue and gross margin than we had anticipated.

本季度的營業利潤率為 17.1%，強於預期，這主要是由於收入和毛利率高於我們的預期。

Net income was $904 million, which was up 67% over the prior September quarter's results and translated to earnings per share of $1.01.

淨收入為 9.04 億美元，比上一季度的業績增長 67%，轉化為每股收益 1.01 美元。

I would like to first talk about our Mac products and services, which represented 62% of our total quarterly revenue.

我想先談談我們的 Mac 產品和服務，它們占我們季度總收入的 62%。

We're extremely pleased to have shipped 2.16 million Macs, [400,000] above the June quarters all time record for Apple and representing 34% growth over the year-ago quarter.

我們非常高興 Mac 出貨量達到 216 萬台，比蘋果 6 月季度的歷史記錄高出 [400,000] 台，比去年同期增長 34%。

On a worldwide basis, Apple's growth rate was over 2 times IDC's most recently-published market growth rate for the September quarter.

在全球範圍內，Apple 的增長率是 IDC 最近公佈的 9 月季度市場增長率的 2 倍多。

Customers responded very favorably to the new iMacs we announced in August, driving 31% year-over-year growth in desktop systems.

客戶對我們在 8 月發布的新 iMac 反應非常好，推動桌面系統同比增長 31%。

Demand for Apple's MacBooks and MacBook Pros continued to be very strong.

對蘋果 MacBook 和 MacBook Pro 的需求仍然非常強勁。

Sales of portables increased 37% over the prior September quarter and accounted for 62% of Macs sold.

便攜式電腦的銷量比上一季度增長 37%，佔 Mac 銷量的 62%。

We ended the quarter with slightly less than three weeks of Mac channel inventory.

我們在本季度末的 Mac 渠道庫存略少於三週。

Now I would like to discuss our music products and services, which accounted for 36% 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 36%。

We sold 10.2 million iPods, representing 17% growth over the year-ago quarter.

我們售出了 1020 萬台 iPod，比去年同期增長 17%。

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

我們在 iPod 渠道庫存四到六週的目標範圍內開始和結束了本季度。

Reaction to the new iPods announced last month has been very positive and we are shipping the best iPod lineup ever as we head into the holiday buying season.

對上個月發布的新款 iPod 的反應非常積極，隨著我們進入假日購買季節，我們將推出有史以來最好的 iPod 產品線。

Apple executed a very smooth transition to an all-New iPod lineup without a hitch.

Apple 順利過渡到全新的 iPod 產品線。

Other music revenue grew 33% year-over-year once again fueled by strong iTunes store sales.

強勁的 iTunes 商店銷售再次推動其他音樂收入同比增長 33%。

We're very pleased with initial reaction to the iTunes WiFi music store and our new relationship with Starbucks.

我們對 iTunes WiFi 音樂商店的初步反應以及我們與星巴克的新關係感到非常滿意。

iTunes continued to account for over 85% of songs purchased and downloaded in the U.S.

iTunes 繼續占美國購買和下載歌曲的 85% 以上。

according to the latest data available from Nielsen Soundscan and iTunes customers have now purchased over 3 billion songs and 100 million TV shows.

根據 Nielsen Soundscan 提供的最新數據，iTunes 客戶現在已經購買了超過 30 億首歌曲和 1 億部電視節目。

Based on the latest date from ISPI Market Research, 17% of global music sales in the first half of calendar 2007 were digital, up from 11% in all of 2006.

根據 ISPI Market Research 的最新數據，2007 年上半年全球音樂銷售額的 17% 是數字音樂，高於 2006 年全年的 11%。

We believe that the popularity of iTunes has been instrumental to the growth in this trend.

我們認為，iTunes 的流行對這一趨勢的增長起到了推動作用。

Based on the latest data from NPD, iTunes continues to be the third largest distributor of music in the United States, having surpassed both Target and Amazon.

根據 NPD 的最新數據，iTunes 繼續成為美國第三大音樂發行商，超過了 Target 和亞馬遜。

We're thrilled to have sold 1.1 million iPhones during the quarter and customers are really loving the product.

我們很高興在本季度售出了 110 萬部 iPhone，客戶非常喜歡這款產品。

Our research shows that an amazing 95% of iPhone customers would recommend the iPhone to others.

我們的研究表明，驚人的 95% 的 iPhone 客戶會向其他人推薦 iPhone。

Additionally, the research firm, Strategy Analytics, estimates that iPhone was the fourth highest-selling handset in the U.S.

此外，研究公司 Strategy Analytics 估計，iPhone 是美國銷量第四高的手機。

market in the September quarter.

九月季度的市場。

We're recognizing revenue from iPhone handset sales using subscription accounting over a 24-month estimated economic life.

我們使用訂閱會計在 24 個月的估計經濟壽命內確認 iPhone 手機銷售收入。

Total revenue recognized during the quarter from sales of iPhones, iPhone accessories, and payments from AT&T was $118 million.

本季度從 iPhone、iPhone 配件的銷售和 AT&T 的付款中確認的總收入為 1.18 億美元。

Total deferred revenue from iPhone and Apple TV was $636 million at the end of the September quarter compared to $180 million at the end of the June quarter.

iPhone 和 Apple TV 的總遞延收入在 9 月季度末為 6.36 億美元，而在 6 月季度末為 1.8 億美元。

As you know, after lowering the price of iPhone to $399 last month, we offered $100 credit to customers who had purchased an iPhone prior to the price reduction.

如您所知，在上個月將 iPhone 的價格降至 399 美元後，我們向在降價前購買 iPhone 的客戶提供了 100 美元的信用額度。

We are accounting for the credits as they are redeemed by charging the associated product costs to costs of goods sold.

我們通過將相關產品成本計入已售商品成本來對抵免額進行會計處理。

We anticipate most of these redemptions to occur by the end of the December quarter.

我們預計大部分贖回將在 12 月季度末發生。

We're on track to begin selling iPhones in Europe on November 9, partnering with 02 in the U.K.

我們有望於 11 月 9 日開始在歐洲銷售 iPhone，並與英國的 02 合作。

and with T-Mobile in Germany.

並與德國的 T-Mobile 合作。

As we announced last week, we will begin selling the iPhones in France beginning on November 29, partnering with Orange.

正如我們上周宣布的那樣，我們將於 11 月 29 日開始在法國銷售 iPhone，並與 Orange 合作。

I would like to now turn to the Apple retail stores which posted record quarterly revenue and traffic driven by very strong interest in Macs, our new iPods, and the iPhone.

我現在想談談 Apple 零售店，它們在 Mac、我們的新 iPod 和 iPhone 的強烈興趣推動下公佈了創紀錄的季度收入和流量。

Revenue was $1.25 billion, representing 42% year-over-year growth.

收入為 12.5 億美元，同比增長 42%。

The stores generated $268 million in segment margin compared to $156 million in the year-ago quarter.

這些商店的分部利潤為 2.68 億美元，而去年同期為 1.56 億美元。

We opened 12 new stores during the quarter, ending with 197 stores.

我們在本季度開設了 12 家新店，以 197 家店結束。

With an average of 190 stores opened during the quarter, average revenue per store was $6.6 million compared to the $5.6 million in the year-ago quarter.

本季度平均開設 190 家門店，每家門店的平均收入為 660 萬美元，而去年同期為 560 萬美元。

The stores sold 473,000 Macs during the quarter, representing 46% year-over-year growth.

這些商店在本季度售出了 473,000 台 Mac，同比增長 46%。

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

本季度在我們商店購買 Mac 的客戶中，超過 50% 的客戶是 Mac 新手。

We delivered over 300,000 personal training sessions and ended the quarter with 387,000 members in our one to one and Procare programs.

我們提供了超過 300,000 次個人培訓課程，並在本季度結束時在我們的一對一和 Procare 計劃中擁有 387,000 名成員。

Over 31 million people visited our stores during the quarter, representing over 12,500 customers per store per week.

本季度有超過 3100 萬人次光顧我們的門店，每家門店每週接待超過 12,500 名顧客。

We will continue to invest in new stores in the U.S.

我們將繼續在美國投資新店。

and internationally with approximately 40 stores scheduled to open in the coming year, including previously-announced high-profile stores in New York and Boston.

在國際上，計劃在來年開設約 40 家門店，其中包括此前宣布的在紐約和波士頓的知名門店。

We are also pleased to announce plans for our first store in China, which will open in Beijing next summer.

我們也很高興地宣布我們在中國的第一家店的計劃，該店將於明年夏天在北京開業。

Our U.S.

我們的美國

education channel also posted an outstanding quarter with record revenue in Mac shipments.

教育頻道也發布了一個出色的季度，Mac 出貨量創歷史新高。

Our new account initiative in the K-12 market was very successful, and our extremely popular back-to-school promotion drove strong MacBook and MacBook Pro sales, contributing to our best higher ed quarter ever with 36% year over growth in total Mac sales.

我們在 K-12 市場的新客戶計劃非常成功，我們極受歡迎的返校促銷推動了 MacBook 和 MacBook Pro 的強勁銷售，促成了我們有史以來最好的季度業績，Mac 總銷售額同比增長 36% .

Total Company gross margin was 33.6%, which was lower sequentially, but higher than expected due to a number of factors.

公司總毛利率為 33.6%，環比下降，但由於多種因素高於預期。

We benefited from a higher margin product mix, a weakening U.S.

我們受益於利潤率更高的產品組合，美國疲軟

dollar, a better-than-expected commodity environment and a higher mix of direct business.

美元、好於預期的商品環境和更高的直接業務組合。

Operating expenses were $1.03 billion, including $58 million in stock-based compensation expense.

運營費用為 10.3 億美元，其中包括 5800 萬美元的股票薪酬費用。

We capitalized $22 million of software development expense related to Leopard during the quarter.

我們在本季度資本化了 2200 萬美元與 Leopard 相關的軟件開發費用。

OI&E was $170 million.

OI&E 為 1.7 億美元。

The tax rate for the quarter was about 27%, lower than our anticipated rate of 32% primarily due to a benefit from the settlement of prior-year audits.

本季度的稅率約為 27%，低於我們預期的 32%，這主要是由於上年審計結算的好處。

We had very strong cash generation during the quarter, increasing our cash balance to end with $15.4 billion.

本季度我們的現金產生非常強勁，現金餘額增加至 154 億美元。

Cash flow from operations was $1.7 billion.

運營現金流為 17 億美元。

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

展望 12 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 $9.2 billion.

本季度我們的目標收入約為 92 億美元。

We expect the total quarterly cost of non-cash stock-based compensation to be approximately $92 million.

我們預計非現金股票薪酬的季度總成本約為 9200 萬美元。

We expect gross margin to be about 31%, reflecting approximately $12 million related to stock-based compensation expense.

我們預計毛利率約為 31%，反映出與股票薪酬費用相關的約 1200 萬美元。

We are guiding gross margin down sequentially as a result of several factors, including the full quarter impact of our recent product transitions and reduced pricing, lower sales of iLife and iWork in their second quarter, seasonally higher component costs, and a higher mix of indirect sales.

由於幾個因素，我們正在引導毛利率連續下降，包括我們最近的產品轉換和降價對整個季度的影響、第二季度 iLife 和 iWork 的銷售額下降、組件成本季節性增加以及間接混合的增加銷售量。

We expect OpEx to be about $1.165 billion including about $80 million related to stock-based compensation.

我們預計運營支出約為 11.65 億美元，其中包括與股票薪酬相關的約 8000 萬美元。

We expect OI&E to be about $195 million and we expect the tax rate to return to about 32%.

我們預計 OI&E 約為 1.95 億美元，我們預計稅率將回到 32% 左右。

We expect to generate EPS of about $1.42, including an anticipated $0.07 per share related to stock-based compensation.

我們預計每股收益約為 1.42 美元，包括與股票薪酬相關的預期每股 0.07 美元。

In closing we are extremely proud of our record-breaking fiscal 2007 results.

最後，我們為 2007 財年創紀錄的業績感到非常自豪。

We generated over $24 billion in revenue and $3.5 billion in net income.

我們創造了超過 240 億美元的收入和 35 億美元的淨收入。

We sold 7 million Macs and 52 million iPods, each growing by more than 30% over the prior year.

我們售出了 700 萬台 Mac 和 5200 萬台 iPod，分別比上一年增長了 30% 以上。

We introduced the revolutionary iPhone and sold over 1 million in the first 74 days.

我們推出了革命性的 iPhone，並在最初的 74 天內售出了超過 100 萬部。

Our retail stores hosted over 100 million visitors and produced 4.1 billion in revenue.

我們的零售店接待了超過 1 億遊客，創造了 41 億的收入。

We exited the September quarter with great momentum.

我們以強勁的勢頭退出了 9 月季度。

Mac shipments exceeded our previous quarterly record by 400,000 systems and we're very excited about the arrival of Leopard later this week.

Mac 出貨量超過我們之前的季度記錄 400,000 個系統，我們對本週晚些時候 Leopard 的到來感到非常興奮。

We introduced an entirely new lineup of iPods last month and customer reaction has been very strong.

上個月我們推出了全新的 iPod 系列，客戶反應非常強烈。

We've clearly accelerated the momentum for iPhone sales with our new pricing and we're very enthusiastic about our entry into the European mobile phone market next month.

我們的新定價顯然加速了 iPhone 的銷售勢頭，我們對下個月進入歐洲手機市場充滿熱情。

We're looking forward to our best December quarter ever as we head into the holiday buying season with the strongest product line-up in Apple's history.

隨著蘋果歷史上最強大的產品陣容進入假日購物季，我們期待著我們有史以來最好的 12 月季度。

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

有了這個，我想打開問題的電話。

Thank you.

謝謝你。

(OPERATOR INSTRUCTIONS) We'll take our first question from Ben Reitzes from UBS.

（操作員說明）我們將向瑞銀的 Ben Reitzes 提出第一個問題。

I don't like to cheerlead, but nice quarter.

我不喜歡啦啦隊，但很好的季度。

The question is regarding guidance.

問題是關於指導。

With regard to your usual pattern, Peter, you seem to be more conservative, usually.

就你通常的模式而言，彼得，你似乎通常比較保守。

You guided up versus the Street by quite a bit to $9.2 billion, maybe arguably $700 million better.

與華爾街相比，你的指引上升了相當多的 92 億美元，也許可以說是 7 億美元更好。

What are you seeing that allows you to be so confident in the face of some people being worried about the economy at this time?

你看到了什麼讓你在面對一些人此時對經濟感到擔憂時如此自信？

Ben, regarding the economy, we'll leave forecasting the global economy to others.

本，關於經濟，我們將把對全球經濟的預測留給其他人。

But as I really commented at the end, Apple is shipping the best products that we have ever made in our history.

但正如我最後真正評論的那樣，Apple 正在推出我們歷史上最好的產品。

We just eclipsed the record that we set for Mac sales last quarter by 400,000.

我們剛剛超過了我們在上個季度為 Mac 創造的銷售記錄 400,000 台。

iPod sales accelerated after the transition and we're shipping the best iPods that we've ever made.

過渡後 iPod 銷售加速，我們推出了有史以來最好的 iPod。

And the iPhone is doing really, really well.

iPhone 做得非常非常好。

So we're quite confident in the business and we've exited the September quarter with a lot of momentum.

因此，我們對業務非常有信心，並且我們已經以很大的勢頭退出了 9 月季度。

More precisely, on the guidance for iPods, it would seem that launching in September, did you feel that a lot of iPod sales are pushed into the December quarter?

更準確地說，在 iPod 的指導上，似乎在 9 月推出，你是否覺得很多 iPod 銷售被推到了 12 月季度？

Not necessarily pushed, but just naturally the full lineup hasn't had a chance to be fully reflected and that's part of the reason for the guidance as well?

不一定是推，但自然是全陣容沒有機會充分體現，這也是引導的部分原因？

And how do we reconcile the sequential for Macs as well?

我們如何協調 Mac 的順序？

It would seem the guidance implies Macs are up.

似乎該指南暗示 Mac 已啟動。

Let me begin with Macs and maybe I'll let Tim address your iPod question.

讓我從 Mac 開始，也許我會讓 Tim 解決您的 iPod 問題。

For Macs, in the two most recent quarters, units have been relatively flat from the September quarter to the December quarter, as our education business falls off and is more or less offset by holiday consumer buying.

對於 Mac，在最近兩個季度中，由於我們的教育業務下滑並且或多或少被假日消費者購買所抵消，因此從 9 月季度到 12 月季度，單位數量相對持平。

This year it's possible that Mac sales could be sequentially a little lower given the extraordinary success of the back-to-school promotion which intensified the seasonality of the September quarter.

鑑於返校促銷的非凡成功加劇了 9 月季度的季節性，今年 Mac 的銷量可能會依次下降。

Okay.

好的。

So you're saying Macs could be lower due to that promotion.

因此，您是說由於該促銷活動，Mac 可能會更低。

Okay.

好的。

Could be.

可能。

We had just a fantastic September quarter, but really back-to-school and our higher ed results were an all-time high for the Company.

我們剛剛度過了一個美妙的 9 月季度，但真正回到學校，我們的高等教育成績對公司來說是歷史新高。

Ben, in terms of iPod, sales accelerated dramatically after the introduction of the new iPod and based on some early market share data we've seen from the U.K., France, and Germany, our share is up significantly in the month of December -- or September.

Ben，就 iPod 而言，新 iPod 推出後銷量急劇上升，根據我們從英國、法國和德國看到的一些早期市場份額數據，我們的份額在 12 月份顯著上升——或九月。

The U.K.

英國。

up 12 points, Japan up 12 points, and France up 6 points.

上升 12 分，日本上升 12 分，法國上升 6 分。

Given these kind of increases, we feel that we are very well-positioned going into the holiday quarter.

鑑於這種增長，我們認為我們在進入假日季時處於非常有利的位置。

Got it.

知道了。

Then lastly, with regard to gross margin, Peter, you talked about going from 33.6 to 31 and you mentioned that the iLife sales go down, but we have Leopard shipping on the 26.

最後，關於毛利率，彼得，你談到從 33.6 到 31，你提到 iLife 的銷量下降，但我們在 26 日有 Leopard 發貨。

I was surprised to hear you not mention that as a major offset on the gross margin line.

我很驚訝聽到你沒有提到這是對毛利率的主要抵消。

Well, as I commented in my prepared remarks, we are looking forward to Leopard shipping this week.

好吧，正如我在準備好的評論中評論的那樣，我們期待本週 Leopard 發貨。

We are very excited about Leopard.

我們對 Leopard 感到非常興奮。

But in terms of -- and I didn't think you'd forget about that, but I wanted to focus you on some factors that I think on a net basis will cause more gross margin to go down and that's why I made the comments that I did.

但就--我認為你不會忘記這一點，但我想讓你關註一些我認為在淨基礎上會導致更多毛利率下降的因素，這就是我發表評論的原因我做了。

Okay.

好的。

Thanks a lot, guys.

非常感謝，伙計們。

Thanks, Ben.

謝謝，本。

Can we have the next question, please?

請問下一個問題可以嗎？

Next we'll go to Gene Munster from Piper Jaffray.

接下來我們將介紹 Piper Jaffray 的 Gene Munster。

Good afternoon and congratulations.

下午好，祝賀你。

Peter, if you could talk a little bit about the line item, iPhone-related products and services in terms of -- I'm doing the math here as far as revenue contribution per quarter for the iPhone, it's one-eighth or one -- is it by the month or by the quarter?

彼得，如果你能談談產品線、iPhone 相關的產品和服務——我在這裡計算的是 iPhone 每季度的收入貢獻，它是八分之一或一—— - 是按月還是按季度？

Can you give a little clarity on that?

你能說清楚一點嗎？

And then second is, how does it work for the AT&T revenue?

其次是，它對 AT&T 的收入有何影響？

Is it also located by day, by month, or by quarter?

它是否也按天、按月或按季度定位？

Gene, in terms of iPhone, we are recognizing revenue from handset sales over a 24-month period of time.

Gene，就 iPhone 而言，我們在 24 個月的時間段內確認來自手機銷售的收入。

We actually do do that on a daily basis.

我們實際上每天都這樣做。

Our revenue from iPhone, which includes amortization of handsets, accessory sales, and payments from AT&T was $118 million in the quarter.

本季度我們來自 iPhone 的收入為 1.18 億美元，其中包括手機攤銷、配件銷售和來自 AT&T 的付款。

Okay.

好的。

So for the AT&T contribution and the iPhone contribution, it's on a 24-month -- it depends on the month that the phone is sold; is that correct?

因此，對於 AT&T 的貢獻和 iPhone 的貢獻，它是 24 個月的——這取決於手機的銷售月份；那是對的嗎？

Not the quarter, it's the month?

不是季度，是月份？

No, for the handset, we are amortizing that revenue over 24 months, but as regards payments from AT&T, we will recognize those payments as revenue over time as earned and I'm not going to get into more detail than that.

不，對於手機，我們將在 24 個月內攤銷該收入，但對於 AT&T 的付款，我們將隨著時間的推移將這些付款確認為收入，我不會再詳細說明。

Okay.

好的。

That could be by the day, potentially?

那可能是一天，可能嗎？

Gene, I'm just not going to get into anymore detail about our carrier agreements.

吉恩，我只是不再詳細介紹我們的運營商協議。

Okay.

好的。

I guess this probably is another category of more details, but is the AT&T, is it generally a longer-term kind of agreement or more near-term or any term?

我想這可能是另一個更詳細的類別，但 AT&T 是一種長期的協議還是更近期的協議或任何條款？

Any thoughts in terms of how long that contract would go?

關於該合同將持續多長時間的任何想法？

As we indicated a couple of quarters ago, it is a multi-year exclusive agreement.

正如我們在幾個季度前指出的那樣，這是一項多年獨家協議。

Okay.

好的。

And then just one final question.

然後是最後一個問題。

In terms of the Best Buy stores, how many Best Buy stores were kind of up and running at the end of the quarter?

就百思買門店而言，本季度末有多少家百思買門店開業？

How many do you expect by the end of the December quarter?

您預計到 12 月季度末有多少？

Gene, we had 230 operating at the end of the September quarter and we expect more than 270 at the end of the December quarter.

Gene，我們在 9 月季度末有 230 家在運營，我們預計到 12 月季度末將超過 270 家。

Okay.

好的。

Has that had an impact on the business yet, or do you still kind of see that to come?

這是否對業務產生了影響，還是您仍然認為這種情況會發生？

We're very pleased with it.

我們對此非常滿意。

It had very good results, and we're looking forward to expanding it in this quarter.

它取得了非常好的結果，我們期待在本季度擴大它。

Thanks, Gene.

謝謝，吉恩。

Could we have the next question, please?

請問下一個問題好嗎？

Next we'll go to Richard Gardner of Citigroup.

接下來我們將介紹花旗集團的理查德·加德納。

Thank you.

謝謝你。

I had two questions.

我有兩個問題。

First of all, I thought it was quite encouraging that your PC channel inventories were below your target range despite the fact that you did expand the Best Buy agreement in the quarter and was hoping you could give us some detail on why that was the case?

首先，我認為儘管您確實在本季度擴大了百思買協議，但您的 PC 渠道庫存低於您的目標範圍，這是非常令人鼓舞的，並希望您能向我們詳細說明為什麼會這樣？

And then secondly, I was also surprised to hear that higher component prices were one of the reasons that you cited for sequentially lower gross margin in fourth calendar quarter, because based on our checks, most components seem to be coming down in price now.

其次，我也很驚訝地聽到，較高的組件價格是您提到的第四季度毛利率連續下降的原因之一，因為根據我們的檢查，現在大多數組件的價格似乎都在下降。

So was hoping that Tim, you might be able to reconcile that for us.

所以希望蒂姆，你可以為我們和解。

Yes, sure.

是的，當然。

On your component question, here's what we see going on in the quarter.

關於您的組件問題，這是我們在本季度看到的情況。

As you know, Rich, DRAM and NAND Flash markets were favorable last quarter and we believe that that will continue during our Q1.

如您所知，Rich、DRAM 和 NAND 閃存市場在上個季度表現良好，我們相信這將在我們的第一季度繼續。

Hard drive and LCDs were tight last quarter and they continue to be at the beginning of this quarter, but we do expect these to stabilize as the quarter unfolds.

上個季度硬盤驅動器和 LCD 供應緊張，並且在本季度初仍然如此，但我們確實預計隨著季度的展開，這些將趨於穩定。

The other commodities are trading near -- are declining near historic norms.

其他大宗商品的交易價格接近歷史水準。

In terms of the channel inventory on the Mac, we are, primarily have low inventories at the end of the quarter because our sales were higher than expected.

就 Mac 上的渠道庫存而言，我們在本季度末的庫存主要是低庫存，因為我們的銷售額高於預期。

Okay.

好的。

And Tim, that channel inventory calculation is done on a forward sales basis, correct?

蒂姆，渠道庫存計算是在遠期銷售的基礎上完成的，對嗎？

It's done on a look-back basis.

它是在回顧的基礎上完成的。

Okay, all right.

好吧，好吧。

Finally, was hoping for clarification on how you're accounting for the iPhone rebate in the quarter?

最後，是否希望澄清您如何計算本季度的 iPhone 回扣？

Sure.

當然。

I know you mentioned it in the prepared remarks, but I missed it.

我知道你在準備好的評論中提到了它，但我錯過了。

Sure.

當然。

We are accounting for the credits as they are redeemed by customers and we'll charge the associated product cost to cost of goods sold.

我們會在客戶贖回積分時對積分進行會計處理，並將相關的產品成本計入銷售成本。

And as I indicated in my prepared remarks, we anticipate that most of these redemptions will occur by the end of the December quarter.

正如我在準備好的講話中所指出的那樣，我們預計大部分贖回將在 12 月季度末發生。

Okay, great.

好，太棒了。

Thank you.

謝謝你。

Thanks, Rich.

謝謝，里奇。

Could we have the next question, please?

請問下一個問題好嗎？

Next we'll go to David Bailey of Goldman Sachs.

接下來我們將介紹高盛的大衛貝利。

Yes, thank you.

是的，謝謝。

I was wondering if you could help us understand your pricing strategy for iPhone in Europe where the pricing is higher and effectively going up versus the U.S.

我想知道您是否可以幫助我們了解您在歐洲的 iPhone 定價策略，因為歐洲的定價比美國更高並且有效地上漲。

price as the dollar weakens.

隨著美元走軟，價格。

We set our price in Europe, David, when we announced and we, that price also includes VAT and other related duties.

我們在歐洲設定價格，大衛，當我們宣佈時，我們的價格還包括增值稅和其他相關關稅。

And then can you just follow-up and tell us what the percentage of direct sales were in the quarter and maybe give us some idea of what you're expecting for the December quarter since this will be a drag on gross margin?

然後您能否跟進並告訴我們本季度的直銷百分比是多少，並可能讓我們了解您對 12 月季度的預期，因為這將拖累毛利率？

Sure.

當然。

In the September quarter, our direct sales were 57% of total company revenue, and that was up from 53% in the year-ago quarter.

在 9 月季度，我們的直接銷售占公司總收入的 57%，高於去年同期的 53%。

I can't give you a forecast for this December quarter, but last year in Q1, direct sales were 44% of total Company revenue.

我不能給你這個 12 月季度的預測，但去年第一季度，直銷占公司總收入的 44%。

Thank you very much.

非常感謝。

Thanks, David.

謝謝，大衛。

Can we have the next question, please?

請問下一個問題可以嗎？

Next we'll go to Kathy Huberty from Morgan Stanley.

接下來我們將介紹摩根士丹利的 Kathy Huberty。

Thank you.

謝謝你。

Europe outgrew the U.S.

歐洲的增長超過了美國

now for four quarters in a row.

現在連續四個季度。

Is that sustainable, or is there some currency factors that are showing up in the numbers?

這是可持續的，還是數字中出現了一些貨幣因素？

Europe did have excellent growth.

歐洲確實有出色的增長。

In fact, year-over-year, we were up 37% in revenue and 47% in units as you combine the retail stores with the channel results.

事實上，當您將零售店與渠道結果相結合時，我們的收入同比增長了 37%，單位數量增長了 47%。

In terms of Mac units, this is over four times the IDC projected gain for Western Europe and so we're thrilled with the results.

就 Mac 單位而言，這是 IDC 預計西歐收益的四倍多，因此我們對結果感到非常興奮。

Europe did not have the typical lull in August that we have seen.

歐洲在 8 月並沒有我們所看到的典型的平靜。

The iMac announcement and then followed by the iPod announcement in early September was enough to overcompensate for that.

iMac 的發布以及 9 月初 iPod 的發布足以彌補這一點。

We factored our view of the future into the guidance that Peter provided earlier.

我們將我們對未來的看法納入彼得早些時候提供的指導中。

And then just quickly, Peter, are there any nuances that will show up in the model as non-U.S.

然後很快，彼得，模型中是否有任何細微差別會顯示為非美國。

revenues become a larger percentage of the business as it relates to either the margin profile or tax rate over time?

隨著時間的推移，收入與利潤率或稅率相關，因此在業務中所佔的比例更大？

Well, I'm not sure how to really answer the first part of your question, but in terms of the second part, generally for most U.S.

好吧，我不確定如何真正回答您問題的第一部分，但就第二部分而言，通常適用於大多數美國

companies, growth in foreign earnings is a benefit to your taxes.

公司，外國收入的增長對您的稅收有利。

Your U.S.

你的美國

tax rate.

稅率。

Thanks.

謝謝。

Thanks, Katie.

謝謝，凱蒂。

Could we have the next question, please?

請問下一個問題好嗎？

(OPERATOR INSTRUCTIONS) Next we'll go to Shannon Cross of Cross Research.

（操作員說明）接下來我們將前往香農十字交叉研究中心。

Hi.

你好。

Good afternoon.

下午好。

Just going back to the revenue question, can you talk maybe, Peter, a little bit about the biggest drivers quarter over quarter?

回到收入問題，彼得，你能談談季度最大的驅動因素嗎？

Because obviously there's a substantial ramp coming and is it more Mac or iPod or anything you can give us, because it's a big increase.

因為顯然會有一個巨大的增長，它是更多的 Mac 還是 iPod 或任何你可以給我們的東西，因為這是一個很大的增長。

It is and as we've said before, the holiday quarter is usually the big quarter for iPods and as I said, we're shipping the best iPods that we've ever made and are looking forward to the December quarter.

正如我們之前所說，假期季度通常是 iPod 的重要季度，正如我所說，我們正在運送我們製造過的最好的 iPod，並期待 12 月季度。

Okay.

好的。

Then maybe if you could talk a little bit about the ramp in iPhone through the quarter.

那麼也許你可以談談本季度 iPhone 的增長。

Obviously a pick-up as you lowered the price.

當你降低價格時，顯然是一種回升。

Any more color you can give us there?

你可以給我們更多的顏色嗎？

Shannon, we certainly saw sales accelerate after the price reduction and as Peter mentioned earlier, we were able to sell 1.1 million for the quarter, giving us a cumulative number of 1.4.

香農，我們當然看到降價後銷售加速，正如彼得之前提到的，我們本季度能夠銷售 110 萬輛，累計數量為 1.4。

So we were very happy to check that major check point off our list.

因此，我們很高興將主要檢查點從我們的列表中刪除。

Okay.

好的。

Then just one final question.

那麼最後一個問題。

Maybe you could talk a little bit about efforts you have to address the SMB channel, both with Macs and iPhone.

也許您可以談談您必須在 Mac 和 iPhone 上解決 SMB 渠道的問題。

Just curious if that's helping to ramp and any specifics you can give us?

只是好奇這是否有助於提升以及您可以給我們提供的任何細節？

The SMB market is difficult to measure; however, in terms of what we can see operating out of our online stores and out of our retail stores, we are doing well there and growing.

中小企業市場難以衡量；然而，就我們在網上商店和零售店的經營情況而言，我們在這方面做得很好並且還在增長。

In terms of iPhone, we've said many times that we're providing a solution in iPhone that many businesses love.

在 iPhone 方面，我們多次表示，我們在 iPhone 中提供了許多企業喜愛的解決方案。

It gives the people a desktop-class e-mail which is very unusual for a phone and is an unprecedented Internet device.

它為人們提供了一個桌面級的電子郵件，這對於電話來說是非常不尋常的，是一種前所未有的互聯網設備。

I think, clearly, there's some businesses buying them and very much enjoying them.

我認為，很明顯，有一些企業購買它們並且非常喜歡它們。

Are you working with Salesforce.com on their initiatives to modify their software for iPhone?

您是否正在與 Salesforce.com 合作修改他們的 iPhone 軟件？

Yes.

是的。

Okay, great.

好，太棒了。

Thanks.

謝謝。

Thanks, Shannon.

謝謝，香農。

Could we have the next question, please?

請問下一個問題好嗎？

Next we'll go to Andrew Neff of Bear Stearns.

接下來我們將介紹貝爾斯登的 Andrew Neff。

Thanks.

謝謝。

Just a couple things.

只是幾件事。

One, just if you could clarify, Peter, what you're saying about the tax rate this quarter, is it anything that we'll see again next year, or you can give a sense of the guidance for next year?

一個，彼得，如果你能澄清一下，你對本季度稅率的看法是什麼，我們明年會再次看到，或者你可以對明年的指導有所了解嗎？

Second, Tim, if you would like, you told us when you thought you'd ship the millionth iPod, any sense of when you're going to ship the three millionth -- iPhone?

第二，蒂姆，如果你願意的話，你告訴我們你什麼時候認為你會發布第 100 萬部 iPod，你知道什麼時候會發布第 3 部——iPhone？

I'll start with that one.

我將從那個開始。

The answer is we're not predicting, Andy.

答案是我們沒有預測，安迪。

I would reiterate that we're very confident with shipping 10 million in the calendar year of next year.

我要重申，我們非常有信心在明年的日曆年出貨 1000 萬台。

We were very happy to ship our 1 millionth and by the end of the quarter, 1.4.

我們很高興出貨了第 100 萬份，到本季度末出貨了 1.4 份。

I think it's interesting to note that the 1.4 million, it took us over 24 months -- over two years to achieve a comparable number on iPod.

我認為有趣的是，140 萬，我們花了 24 個月——兩年多的時間才在 iPod 上達到可比的數字。

So we're thrilled here.

所以我們在這裡很興奮。

We're very focused on going into the U.K.

我們非常專注於進入英國。

and Germany on early, in early November and then in France in late November and we're on target to enter Asia in calendar 2008.

和德國在 11 月初，然後在 11 月下旬在法國，我們的目標是在 2008 年進入亞洲。

A lot of focus on iPhone.

很多關注iPhone。

Andy, to your tax rate question, the tax rate in the September quarter was about 27%, which was lower than our anticipated 32, primarily due to a benefit from prior-year audits that we had.

安迪，關於你的稅率問題，9 月份季度的稅率約為 27%，低於我們預期的 32%，這主要是由於我們從上一年的審計中受益。

And as I gave you in my guidance, I expect the tax rate to return to 32% in the December quarter.

正如我在指導中給你的那樣，我預計稅率將在 12 月季度恢復到 32%。

Also, could you just give a sense about Japan?

另外，你能簡單介紹一下日本嗎？

That's the one market that seems to be on the Mac side lagging and that has been lagging for some time.

這是一個似乎在 Mac 方面落後的市場，而且已經落後了一段時間。

You've talked about the market growth issues before, is there anything else going on in Japan you can talk about?

您之前已經談到過市場增長問題，您還可以談談日本的其他事情嗎？

Andy, it's fair to say that Japan continues to be our most challenging major market.

安迪，公平地說，日本仍然是我們最具挑戰性的主要市場。

It's the only market that we're at -- a major market that we're not growing significantly in.

這是我們所處的唯一市場——一個我們沒有顯著增長的主要市場。

However, for this past quarter, we were very encouraged with the Macintosh results.

然而，在過去的這個季度，我們對 Macintosh 的結果感到非常鼓舞。

The iMac was very well-received and the overall Macintosh had its best year-over-year performance in Japan in seven quarters with units up 14% year-over-year and that compares to an IDC estimate of the market in Japan contracting an additional 2%.

iMac 非常受歡迎，Macintosh 的整體表現在日本的七個季度中取得了最好的同比增長 14%，而 IDC 估計日本市場將額外收縮2%。

So it's a tough market.

所以這是一個艱難的市場。

In terms of revenue, the revenue that you see on the sheet, the iPod had a very difficult compare because we sold a very large number to one telecom company for promotional purposes a year ago.

就收入而言，您在表格上看到的收入很難與 iPod 進行比較，因為一年前我們出於促銷目的向一家電信公司出售了非常多的數量。

So that was the main driver in the revenue decline.

所以這是收入下降的主要驅動力。

Lastly, Peter, over the last, I guess, eight quarters you've exceeded guidance and I know that you're trying to give us a good sense of what's going to happen, but how should we interpret now you're looking at a very strong quarter.

最後，彼得，我想，在過去的八個季度中，你已經超出了指導，我知道你正試圖讓我們對將要發生的事情有一個很好的了解，但是現在我們應該如何解釋你正在看非常強勁的季度。

You're a little above where the Street is.

你在街道的上方一點點。

How should we calibrate your guidance at this point?

此時我們應該如何校準您的指導？

Andy, I give you guidance each quarter that we believe we have a reasonable chance of achieving.

安迪，我每個季度都會給你指導，我們認為我們有合理的機會實現。

And I've talked to you about our view of how we're performing in our product areas and Tim's made some comments in some of our distribution areas as well.

我已經與您討論了我們對我們在產品領域的表現的看法，蒂姆也在我們的一些分銷領域發表了一些評論。

We're very confident in our strategy and that the team here at Apple has been working incredibly hard for a number of years and now things are just really coming together quite well for us and I couldn't be happier.

我們對我們的戰略非常有信心，Apple 的團隊多年來一直非常努力地工作，現在一切對我們來說真的很順利，我非常高興。

Thanks, Andy.

謝謝，安迪。

Could we have the next question, please?

請問下一個問題好嗎？

Next we'll go to Harry Blount from Lehman Brothers.

接下來我們將介紹雷曼兄弟的 Harry Blount。

Thanks.

謝謝。

Peter, sorry to keep coming back to this rebate question, but it sounds like you're going to recognize that rebate as a period impact on COGS, but I think you're recognizing the rest of COGS on the iPhone over a 24-month amortization.

彼得，很抱歉繼續回到這個回扣問題，但聽起來你會認識到回扣是對 COGS 的一段時間影響，但我認為你在 24 個月內認識到 iPhone 上的其餘 COGS攤銷。

Is that -- am I hearing that correctly in.

是不是——我沒聽錯。

Yes, as regards to the iPhone $100 credit, we will account for it when customers redeem their credit.

是的，關於 iPhone 100 美元的信用額度，我們將在客戶兌換信用額度時予以考慮。

We will charge it to the cost of the product, to cost of goods sold, and we expect most of the redemptions to occur by the end of the December quarter.

我們會將其計入產品成本和銷售成本，我們預計大部分贖回將在 12 月季度末發生。

Just to clarify though, why are you doing the rebate as a period cost where as the rest of COGS for the iPhone is more amortized over the 24 months?

只是為了澄清一下，為什麼您將回扣作為期間成本，而 iPhone 的其餘 COGS 在 24 個月內攤銷得更多？

Sure.

當然。

The credit was an additional, but unspecified product deliverable to iPhone customers, which is why we are not accounting for it before it was redeemed, but accounting for it at the point of redemption.

贈金是可交付給 iPhone 客戶的額外但未指定的產品，這就是為什麼我們在兌換之前不對其進行核算，而是在兌換時對其進行核算。

Okay.

好的。

Then on the European carrier revenue rec, is that also going to be structurally similar to the AT&T revenue rec in terms of what the components that are period costs versus the components that are amortization costs?

那麼關於歐洲運營商的收入記錄，就期間成本的組成部分與攤銷成本的組成部分而言，這在結構上是否也與 AT&T 的收入記錄相似？

In terms of payments that we may receive from European carriers?

就我們可能從歐洲運營商處收到的付款而言？

Well, just, the handset amortized over 24 months, the accessories recognized in the period, and the payments.

好吧，只是，手機攤銷了 24 個月，期間確認的配件，以及付款。

Is it the same structure?

是一樣的結構嗎？

Yes, we will recognize the revenue from handsets over 24 months regardless of where they are sold.

是的，我們將在 24 個月內確認來自手機的收入，無論它們在哪裡銷售。

We will recognize revenue from iPhone accessories at the time of sale and we will recognize payments from AT&T and other carriers as revenue over time as earned.

我們將在銷售時確認來自 iPhone 配件的收入，並且我們將隨著時間的推移將來自 AT&T 和其他運營商的付款確認為收入。

Okay.

好的。

Tim, real quickly, just a benchmark on the number of Mac distribution locations and number of iPod locations.

蒂姆，真的很快，只是一個關於 Mac 分發位置數量和 iPod 位置數量的基準。

We're over 40,000 on iPod and within the last year, we've added about 2000 Mac locations to around 8700 currently.

我們在 iPod 上的數量超過 40,000，在過去一年中，我們已經將大約 2000 個 Mac 位置增加到目前的大約 8700 個。

Thanks, Harry.

謝謝，哈利。

Could we have the next question, please?

請問下一個問題好嗎？

Next we'll go to Toni Sacconaghi from Sanford Bernstein.

接下來，我們將從 Sanford Bernstein 前往 Toni Sacconaghi。

Yes, thank you.

是的，謝謝。

I'm trying to get a better sense of how significant the elasticity was around the price cut with the iPhone.

我試圖更好地了解 iPhone 降價帶來的彈性有多大。

My sense was obviously in Q2 you did 135,000 phones a day in -- excuse me, in Q3.

我的感覺顯然是在第二季度你每天使用 135,000 部手機——對不起，在第三季度。

In this past quarter you were probably doing 5,000 to 10,000 phones a day before you cut the price and then you averaged about 18,500 phones after you cut the price on the iPhone per day.

在過去的這個季度中，您在降價之前可能每天使用 5,000 到 10,000 部手機，然後在 iPhone 降價後平均每天使用大約 18,500 部手機。

Can you give us a sense of what the trajectory of daily sales volumes was from the iPhone immediately following the price cut?

您能否讓我們了解一下降價後 iPhone 的日銷量軌跡如何？

And then how that ended 22 days later at the end of the quarter?

然後在本季度末的 22 天后如何結束？

Was it relatively constant?

是不是比較穩定？

Did it actually get better as the word leaked out?

當這個詞洩露出去時，它真的變得更好了嗎？

Can you give us a sense of that?

你能給我們一個感覺嗎？

Because clearly when you initially announced the product, you had a strong deceleration from enormous anticipation to when you cut the price.

因為很明顯，當您最初宣布該產品時，從巨大的預期到降價時，您的速度急劇下降。

Toni, we were very happy with the elasticity that we saw.

Toni，我們對所看到的彈性感到非常滿意。

It enabled us to far surpass our expectation of hitting around 1 million units cumulatively by the end of the quarter.

它使我們遠遠超出了我們在本季度末累計達到約 100 萬台的預期。

Some number of these were sold to people that have an intention to unlock and where we don't know precisely how many people are doing that, our current guess is that there was probably 250,000 of the 1.4 million that we sold where people had bought them with the intention of doing that.

其中一些被賣給了有意解鎖的人，而我們不知道有多少人在這樣做，我們目前的猜測是，我們出售的 140 萬件中可能有 250,000 件是人們購買的這樣做的目的。

Many of those happened after the price cut.

其中許多發生在降價之後。

We're not going to project precise numbers, as I told Andy before, in terms of as we go into Q1, but we remain very confident with hitting 10 million units in calendar year 2008.

正如我之前告訴安迪的那樣，我們不會在進入第一季度時預測準確的數字，但我們仍然非常有信心在 2008 日曆年達到 1000 萬台。

And can you give me a sense of the daily sales rate immediately following the price cut versus the daily sales rate either at the end of the quarter or over the last week?

你能告訴我降價後的每日銷售率與季度末或上週的每日銷售率嗎？

Has it been maintained or have we seen an acceleration or a degradation in that daily sales rate?

它是否得到維持，或者我們是否看到了每日銷售率的加速或下降？

No.

不。

The only thing that I'll say, Toni, is we obviously saw an acceleration once we took the price cut.

托尼，我唯一要說的是，一旦我們降價，我們顯然看到了加速。

We're not going to get into disclosing our daily sales.

我們不打算披露我們的每日銷售額。

And then you raised the issue of the unlocked intention.

然後你提出了解鎖意圖的問題。

I presume that phones that are sold that are ultimately are not subscribed to the AT&T network are not eligible for any payments from AT&T, correct?

我認為最終未訂閱 AT&T 網絡的已售手機不符合 AT&T 的任何付款條件，對嗎？

That's correct.

這是正確的。

The payments on AT&T depend on being locked to AT&T, obviously.

顯然，AT&T 的付款取決於被鎖定在 AT&T 上。

And then in terms of thinking about next quarter, the cell phone market is modestly seasonal.

然後就下個季度的考慮而言，手機市場具有適度的季節性。

Typically your Mac business has been flat to slightly up in Q1.

通常，您的 Mac 業務在第一季度持平或略有上升。

Your iPod business has been up 100% or more.

您的 iPod 業務增長了 100% 或更多。

The phone market tends to be up about 15% or so as a market.

作為一個市場，電話市場往往會上漲約 15% 左右。

Is that how you're anticipating all else being equal?

這就是你期望其他一切都平等的方式嗎？

Obviously you're entering three new countries this quarter, but if we think about how you guys think about seasonality, do you think this might be more or less seasonal given its price point versus the typical phone market?

顯然，本季度您將進入三個新國家，但如果我們考慮一下你們對季節性的看法，鑑於其價格點與典型的手機市場相比，您認為這可能或多或少是季節性的？

And how do we think about that?

我們如何看待這一點？

Well, in the phone market for our phone estimate, we looked at the three new markets that we're going into for the first time.

好吧，在我們的手機估算中，我們第一次研究了我們要進入的三個新市場。

And so that had a lot to do with our own internal estimates.

所以這與我們自己的內部估計有很大關係。

And then we looked at the seasonality of the phone market as well in the U.S.

然後我們還研究了美國手機市場的季節性。

Thanks, Toni.

謝謝，托尼。

Could we have the next question, please?

請問下一個問題好嗎？

Next we'll go to Rob Semple of Credit Suisse.

接下來，我們將轉到瑞士信貸的 Rob Semple。

Mr.

先生。

Semple, your line is open.

Sample，您的線路是開放的。

Rob, you there?

羅布，你在嗎？

Could we move on to the next caller, please.

請讓我們轉到下一位來電者。

Next we'll go to Mike Abramsky rom RBC Capital Markets.

接下來我們將介紹 RBC 資本市場的 Mike Abramsky。

Hearing no response, we'll move to our next question.

沒有聽到任何回應，我們將轉到下一個問題。

We'll go to Keith Bachman from Bank of Montreal.

我們會去蒙特利爾銀行的 Keith Bachman。

Any response from Keith?

基思有什麼回應嗎？

Hearing no response, we will move on to Bill Fearnley of FTN Midwest.

沒有聽到任何回應，我們將繼續聯繫 FTN Midwest 的 Bill Fearnley。

Hi.

你好。

At Apple, can you guys hear us?

在 Apple，你們能聽到我們的聲音嗎？

We can.

我們可以。

This is Bill Fearnley.

這是比爾·費恩利。

Can you hear me because you missed Rob Semple and you missed some of the other guys as well.

你能聽到我說的嗎，因為你想念 Rob Semple，也想念其他一些人。

Am I connected?

我連接了嗎？

Yes, we can hear you.

是的，我們可以聽到你的聲音。

Well, we just skipped over three of my colleagues, so there's a problem with the conference call bridge.

好吧，我們剛剛跳過了我的三個同事，所以電話會議橋有問題。

Quick question for you if I could on the iPhone, in terms of the iPhone, Tim, last call you had mentioned that you had a couple of corporate customers that were piloting the iPhone and the enterprise.

如果我可以在 iPhone 上問你一個問題，就 iPhone 而言，蒂姆，上次你提到你有幾個公司客戶正在試用 iPhone 和企業。

Anything you can share there for an update?

您可以在那里分享任何更新嗎？

Also, any update on any cannibalization that you're seeing with the iPhone versus the iPod?

此外，您在 iPhone 與 iPod 上看到的任何蠶食的任何更新？

And then also on pilots, if I missed it in the preamble, I apologize, but are there any updates on the pilot with Circuit City?

然後還有飛行員，如果我在序言中遺漏了它，我很抱歉，但是關於Circuit City的飛行員有什麼更新嗎？

Thanks.

謝謝。

On Circuit City, we're not doing a pilot with Circuit City.

在Circuit City，我們不會在Circuit City 進行試點。

We're focusing on expanding with Best Buy and I had mentioned the numbers on that earlier, we ended with 230 Best Buy stores and expect to be north of 270 by the end of the quarter.

我們專注於與百思買一起擴張，我之前提到過這個數字，我們以 230 家百思買商店結束，預計到本季度末將超過 270 家。

All the iPhone customers are reporting incredible customer satisfaction and we've achieved 95% of those have said that they would recommend the phone to others and so these numbers are unprecedented in our history.

所有 iPhone 客戶都報告了令人難以置信的客戶滿意度，我們已經實現了 95% 的客戶表示他們會向其他人推薦這款手機，因此這些數字在我們的歷史上是前所未有的。

But you had mentioned specifically, enterprise tests on the conference call last quarter.

但是您在上個季度的電話會議上特別提到了企業測試。

Any update specifically on those enterprise tests that you were running, though?

但是，是否有針對您正在運行的那些企業測試的具體更新？

No.

不。

I don't have any updates on those.

我沒有關於這些的任何更新。

Okay.

好的。

In terms of cannibalization, any commentary you can give on cannibalization, iPhone or from the iPhone to the iPod, please?

在蠶食方面，您可以對蠶食，iPhone 或從 iPhone 到 iPod 發表任何評論，好嗎？

We saw no obvious cannibalization prior to the new iPod announcements.

在新 iPod 發布之前，我們沒有看到明顯的蠶食。

Post the new iPod announcements, we really don't have enough data to comment yet.

發布新的 iPod 公告，我們還沒有足夠的數據來發表評論。

We will report again in January.

我們將在一月份再次報告。

Okay.

好的。

Then one last question, if I could shift gears to the Macintosh, please.

最後一個問題，如果我可以換檔到 Macintosh，請。

In the Pro segment, any update in what you've seen in terms of uplift or CS3 or some of the other new products that have gone universal binary?

在 Pro 部分，您在提升或 CS3 或其他一些通用二進制的新產品方面看到了什麼更新？

Thank you.

謝謝你。

We've seen an incredible growth in our video business driven by final cut studio.

在最終剪輯工作室的推動下，我們的視頻業務取得了令人難以置信的增長。

We've seen an incredible growth in our audio business driven by the new Logic software that we just put out.

在我們剛剛推出的新 Logic 軟件的推動下，我們的音頻業務取得了令人難以置信的增長。

In the D&P space, the D&P space is slow, I think, as buyers evaluate changing to both CS3 and Leopard.

在 D&P 領域，我認為 D&P 領域很慢，因為買家評估同時更改為 CS3 和 Leopard。

Thanks, Bill.

謝謝，比爾。

Can we have the next question, please?

請問下一個問題可以嗎？

Next we'll go to Rob Semple of Credit Suisse.

接下來，我們將轉到瑞士信貸的 Rob Semple。

Hey, it's Rob.

嘿，我是羅布。

Can you hear me now?

你能聽到我嗎？

We can hear you.

我們可以聽到你的聲音。

Sorry about that.

對於那個很抱歉。

That's okay.

沒關係。

No problem.

沒問題。

Question on the iPod Touch and I guess the iPhone.

關於 iPod Touch 的問題，我猜是 iPhone。

I know the price cut came about the same time as you launched the Touch.

我知道降價與你推出 Touch 的時間差不多。

Did you see any potential cannibalization I guess away from the iPhone for people that opted for the lower price point or the Touch?

對於選擇較低價位或 Touch 的人，我猜你有沒有看到 iPhone 之外的任何潛在蠶食？

I know that's tough to quantify, but just anecdotally, did any of your consumer surveys show that?

我知道這很難量化，但有趣的是，你們的任何消費者調查都顯示了這一點嗎？

We saw no obvious evidence of cannibalization from the iPhone to the iPod prior to the launch of the new product.

在新產品推出之前，我們沒有看到從 iPhone 到 iPod 蠶食的明顯證據。

And since the launch of those new products, we really don't have enough data.

而且自從這些新產品推出以來，我們真的沒有足夠的數據。

As you know, we were still in the early stages of ramping the iPod Touch at the end of the quarter.

如您所知，在本季度末，我們仍處於增加 iPod Touch 的早期階段。

Okay.

好的。

And I apologize for this, because I was cut off at the beginning of the presentation, but did you give the CapEx number for the quarter and then your outlook for the fiscal year?

對此我深表歉意，因為我在演講開始時被打斷了，但是您是否提供了本季度的資本支出數字以及您對本財年的展望？

Rob, I didn't give the outlook.

羅布，我沒有給出前景。

We'll do that when we file our 10-K in a few weeks, but our capital in the quarter was $292 million and it would have been $822 for the year, for fiscal '07.

我們會在幾週內提交 10-K 時這樣做，但我們在本季度的資本是 2.92 億美元，而對於 07 財年來說，今年的資本應該是 822 美元。

Okay.

好的。

And then just lastly, guys, what do you estimate the size of the Mac installed base right now, and then what percentage of that installed base is on Tiger?

最後，伙計們，你們估計現在 Mac 安裝基數的大小是多少，那麼 Tiger 上安裝基數的百分比是多少？

Let me give you two numbers, which I think are the most important to you.

讓我給你兩個數字，我認為這對你來說是最重要的。

The vast majority of Mac shipped in the last four years are able to run Leopard.

過去四年出貨的絕大多數 Mac 都能夠運行 Leopard。

Specifically, the number is about 21 million.

具體來說，這個數字約為2100萬。

When we announced Tiger, there were 15 million units that were eligible to run Tiger and we did $100 million of revenue on Tiger at the first quarter of launch.

當我們發布 Tiger 時，有 1500 萬台有資格運行 Tiger，我們在發布的第一季度為 Tiger 帶來了 1 億美元的收入。

Okay.

好的。

Thanks, Tim.

謝謝，蒂姆。

Thanks, Rob.

謝謝，羅伯。

Could we have the next question, please?

請問下一個問題好嗎？

Next we'll go to Mike Abramsky with RBC Capital Markets.

接下來，我們將與 RBC Capital Markets 聯繫 Mike Abramsky。

Thanks.

謝謝。

Can you hear me now?

你能聽到我嗎？

We can hear you.

我們可以聽到你的聲音。

Excellent, thank you.

非常好，謝謝。

More of a high-level question.

更多的是一個高級別的問題。

Can you just talk a little bit about the drivers that you're experiencing on Mac momentum and market share shift?

您能否簡單談談您在 Mac 勢頭和市場份額轉移方面遇到的驅動因素？

There's obviously several dimensions here.

這裡顯然有幾個維度。

You've got new buyers, new product lines, new distribution, new software.

你有新的買家、新的產品線、新的發行版、新的軟件。

Can you just give us a little color, perhaps, on which one of those are perhaps most significant to some of the momentum that you're seeing or perhaps they all are and some color on those that are being reflected into your guidance?

你能否給我們一點顏色，也許，其中一個可能對你所看到的一些勢頭最重要，或者它們都對你的指導反映的那些勢頭最重要？

We did have an incredible quarter on the Mac with breaking our previous Mac record by 400,000 units and it was the end of an incredible year for the Mac because we did twice as many Macs as we did in 2004.

我們確實在 Mac 上度過了一個令人難以置信的季度，打破了我們之前的 Mac 記錄 400,000 台，這是 Mac 令人難以置信的一年的結束，因為我們的 Mac 數量是 2004 年的兩倍。

We attribute this to, one, the fact that we're shipping the best Macs in the history of the Company; and secondly, an incredible reception that we received to the new iMac that launched in August; third, we've now shipped over 120 million iPods and most of these were shipped to windows customers who never owned a Mac.

我們將此歸因於一個事實，即我們交付了公司歷史上最好的 Mac；其次，我們在 8 月推出的新款 iMac 上獲得了令人難以置信的好評；第三，我們現在已經出貨了超過 1.2 億台 iPod，其中大部分都發給了從未擁有過 Mac 的 Windows 客戶。

So we've introduced the Apple brand to them through the iPod.

因此，我們通過 iPod 向他們介紹了 Apple 品牌。

Next, you can see this as a result, over 50% of the Macs that we've sold in our retail stores were to customers who never owned a Mac before, so we've been very successful of expanding our customer base.

接下來，您可以看到這一結果，我們在零售店銷售的 Mac 中有超過 50% 的客戶是以前從未擁有過 Mac 的客戶，因此我們在擴大客戶群方面非常成功。

And finally, this was the most successful back-to-school season we have ever had.

最後，這是我們有史以來最成功的返校季。

So all of those together have led to a continuation of the huge momentum that now gives us -- adds up to 11 quarters out of the last 12 where we have grown faster than the market and specifically the last several at a multiple of the market.

因此，所有這些共同導致了現在給我們帶來的巨大動力的延續——在過去 12 個季度中，我們的增長速度超過了市場，特別是最後幾個季度的市場倍數，加起來有 11 個季度。

Are there any risks of your scale?

你們的規模有風險嗎？

Obviously, you've had some advantages that you've touted over some of the larger competitors, including the lack of viruses, for example on your operating success, and your hardware, your ability to maintain a far more high-touch buying experience.

顯然，與一些較大的競爭對手相比，您擁有一些被吹捧的優勢，包括沒有病毒，例如在您的運營成功方面，以及您的硬件，以及保持更高接觸購買體驗的能力。

Do you have comfortable that as you scale you'll be able to sustain these advantages of growth?

您是否認為隨著規模的擴大，您將能夠維持這些增長優勢？

Well, we have been growing a lot, as I've said.

好吧，正如我所說，我們已經成長了很多。

Our NPD share is up to 16% in the U.S., which is a terrific increase for us, but there's still a lot of room left for growth.

我們在美國的 NPD 份額高達 16%，這對我們來說是一個了不起的增長，但仍有很大的增長空間。

As you know, we scaled iPod from being a fairly small business to the last holiday quarter we sold 21 million iPods and we've sold over 120 million in total so far and so we really have an experience at scaling the products.

如您所知，我們將 iPod 從一個相當小的企業擴展至上一個假日季度，我們售出了 2100 萬台 iPod，到目前為止，我們的總銷量已超過 1.2 億台，因此我們確實擁有擴展產品的經驗。

Okay.

好的。

Last question, you talked about the iPods shipping to windows and that being a big driver, obviously, of Mac.

最後一個問題，你談到了 iPods 出貨到 windows 並且顯然是 Mac 的一個重要驅動力。

In Europe, are you expecting a similar halo affect due to iPhone sales there helping other products further like iPods and Macs?

在歐洲，您是否預計由於 iPhone 的銷售會進一步幫助其他產品（如 iPod 和 Mac）產生類似的光環效應？

We'll see.

走著瞧。

We're just launching in Europe on November 9, and so we've got a lot to learn.

我們將於 11 月 9 日在歐洲推出，所以我們還有很多東西要學。

However, I would point out that our European business in the Mac area grew 47% year-over-year and this is over 4 times IDC's projection of growth for Western Europe.

然而，我要指出的是，我們在 Mac 地區的歐洲業務同比增長了 47%，這是 IDC 對西歐增長預測的 4 倍多。

So obviously there is substantial evidence to say that the iPod has really helped us in Europe as well.

顯然，有大量證據表明 iPod 在歐洲也確實幫助了我們。

Okay.

好的。

Thank you very much.

非常感謝。

Thanks, Mike.

謝謝，邁克。

Could we have the next question, please.

請問下一個問題可以嗎？

Next we'll go to Keith Bachman of Bank of Montreal.

接下來我們將介紹蒙特利爾銀行的 Keith Bachman。

Hi, guys.

嗨，大家好。

Can you hear me now?

你能聽到我嗎？

We can, hear you.

我們可以，聽你說。

Okay, great.

好，太棒了。

Related to the last comment, Tim, the other segment in terms of unit growth had tremendous CPU unit growth, as did Europe.

與上一條評論相關，Tim，單位增長方面的另一個部分有巨大的 CPU 單位增長，歐洲也是如此。

How do you think about expanding your channels in those categories, either on the direct side or the indirect side, whether it be store openings or other retail partnerships to continue to capture or have the opportunity to capture some of that growth?

您如何考慮在這些類別中擴展您的渠道，無論是直接還是間接，無論是開店還是其他零售合作夥伴關係，以繼續獲得或有機會獲得一些增長？

Keith, the other segment for us, in particular, is Asia Pacific.

基思，我們的另一個細分市場，尤其是亞太地區。

So it did grow at 52% year-over-year.

因此，它確實同比增長了 52%。

It is our fastest-growing region.

這是我們發展最快的地區。

And as I had mentioned earlier, we have added 2,000 store fronts to Mac distribution over the last year and we're continuing to assess quality partners and quality store fronts to continue increasing that.

正如我之前提到的，我們在去年為 Mac 分銷增加了 2,000 個店面，我們將繼續評估優質合作夥伴和優質店面，以繼續增加這一點。

Tim, but of that amount in 2000, I know on the direct side how many you've done, but can you give my any sense of what proportion or out of the U.S.

蒂姆，但是在 2000 年的那個數額中，我直接知道你做了多少，但你能告訴我什麼比例或來自美國嗎？

deal of those 2,000?

那2000的交易？

There are many of those that are in Asia and Europe, many of those.

有很多在亞洲和歐洲，其中很多。

Okay.

好的。

Let me ask two quickies then.

那讓我問兩個快手。

Tim, do you think -- you've obviously announced that you're going to do Asia Pacific in terms of the iPhone.

蒂姆，你認為——你顯然已經宣布你將在 iPhone 方面進入亞太地區。

Do you think you can enter that market by having a 2.5G phone as opposed to a 3G phone?

你認為你可以通過擁有 2.5G 手機而不是 3G 手機進入這個市場嗎？

We have nothing to announce today in terms of our entry into Asia other than to reaffirm our plans to enter in 2008.

除了重申我們在 2008 年進入亞洲的計劃外，我們今天沒有什麼要宣布的。

The last one that I just want to sneak one in, Peter, I was also one of the guys cut off in the beginning.

最後一個我只想偷偷溜進去的人，彼得，我也是一開始就被切斷的人之一。

Did you indicate what your cash flow from ops or what your free cash flow, either one for the quarter was, please?

您是否說明了您的運營現金流量或自由現金流量，無論是本季度的哪一個，好嗎？

Yes.

是的。

Cash flow from operations was $1.7 billion.

運營現金流為 17 億美元。

Okay.

好的。

Thanks, guys.

多謝你們。

Thanks, Keith.

謝謝，基思。

We have time for one final question.

我們有時間回答最後一個問題。

We'll take our final question from Andy Hargreaves of Pacific Crest Securities.

我們將向 Pacific Crest Securities 的 Andy Hargreaves 提出最後一個問題。

Thanks.

謝謝。

Just wondering if your strategy in terms of getting video content on iTunes has changed given the increase in available content online, and I'm talking about different forms other than professional long form content.

只是想知道隨著在線可用內容的增加，您在 iTunes 上獲取視頻內容的策略是否發生了變化，我說的是專業長格式內容以外的不同形式。

Would you guys look to add new forms of content as we move forward?

你們會在我們前進的過程中添加新形式的內容嗎？

I'm not sure I completely understand your question, but we've got the largest library of content available in the world for sale to customers, more than 5 million songs, over 500 movies, and hundreds of TV shows and I think our store is unparalleled to anybody else's.

我不確定我是否完全理解您的問題，但我們擁有世界上最大的可供客戶銷售的內容庫、超過 500 萬首歌曲、500 多部電影和數百個電視節目，我認為我們的商店是別人無法比擬的。

Okay.

好的。

Then on the rebates, if we could touch on that real quick.

然後在回扣上，如果我們能很快觸及到那個。

Can you give us any qualitative or quantitative info on how much in sales each $100 rebate has brought back and then what the percentage of those that have been redeemed are?

您能否向我們提供任何定性或定量信息，說明每 100 美元回扣帶來了多少銷售額以及已兌現的銷售額百分比是多少？

Sorry, those are not details that we're going to get into.

抱歉，這些不是我們要討論的細節。

I think customers have really appreciated the $100 credit that we have offered them.

我認為客戶非常感謝我們為他們提供的 100 美元信用額度。

As I've said a couple of times this afternoon, we expect most people to redeem by the end of the December quarter.

正如我今天下午多次說過的那樣，我們預計大多數人將在 12 月季度末之前贖回。

All right.

好的。

Thanks.

謝謝。

Thank you, Andy.

謝謝你，安迪。

We apologize for all the technical difficulties.

對於所有的技術困難，我們深表歉意。

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 上的網絡廣播和電話播放。

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

電話重播的號碼是 719-457-0820。

The confirmation code is 4434584.

確認碼是 4434584。

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.

有其他問題的媒體成員可以撥打 408-974-1896 聯繫史蒂夫·道林。

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

如果有其他問題，金融分析師可以聯繫 Joan Hoover 或我。

Joan'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。

That does conclude today's teleconference.

今天的電話會議到此結束。

We would like to thank you all for your participation, and have a great day.

我們要感謝大家的參與，祝您有美好的一天。