蘋果 (AAPL) 2008 Q2 法說會逐字稿

Good day, everyone and welcome to the Apple, Incorporated's second quarter 2008 quarterly results conference call.

大家好，歡迎參加 Apple, Incorporated 2008 年第二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 call over to Nancy Paxton, Senior Director, Investor Relations and Corporate Finance.

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

Please go ahead.

請繼續。

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

謝謝大家，下午好，感謝大家加入我們。

Speaking today is Apple's CFO, Peter Oppenheimer.

今天發言的是蘋果公司的首席財務官彼得奧本海默。

He'll be joined by Apple's COO, Tim Cook, and Treasurer, Gary Wipfler for Q and A session with analysts.

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

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

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

Actual results or trends may differ materially from our forecast.

實際結果或趨勢可能與我們的預測存在重大差異。

For more information, please refer to the risk factors discussed in Apple's form 10-K for 2007, the form 10-Q for the first quarter of fiscal 2008 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 2007 年的 10-K 表格、2008 財年第一季度的 10-Q 表格以及今天向美國證券交易委員會提交的 8-K 表格以及隨附的新聞稿中討論的風險因素。

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

Apple 不承擔更新任何前瞻性陳述或截至其各自日期的信息的義務。

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

有了這個，我會把電話轉給彼得·奧本海默（Peter Oppenheimer）進行介紹性評論。

Thank you, Nancy and thank you for joining us.

謝謝你，南希，謝謝你加入我們。

We are very pleased to report the highest March quarter revenue and earnings in Apple history.

我們非常高興地報告 Apple 歷史上最高的 3 月季度收入和收益。

Revenue in the March quarter was $7.51 billion, an increase of more than $2.2 billion over the previous March quarter's revenue of $5.26 billion.

3 月季度的收入為 75.1 億美元，比上一季度的 52.6 億美元增加了 22 億美元以上。

The tremendous growth in the quarter was driven by very strong demand for Macs, higher revenue from iPod and iTunes and the continued popularity of the iPhone.

本季度的巨大增長是由對 Mac 的強勁需求、來自 iPod 和 iTunes 的更高收入以及 iPhone 的持續流行推動的。

Operating margin for the quarter better than expected at 17.5%, primarily due to the higher than anticipated revenue and gross margin.

本季度營業利潤率為 17.5%，好於預期，主要是由於高於預期的收入和毛利率。

Net income was $1.05 billion, which was up 36% over the prior March quarter's results and translated to earnings per share of $1.16.

淨收入為 10.5 億美元，比上一季度的業績增長 36%，轉化為每股收益 1.16 美元。

Before going through the details of the March quarter, I'd like to give you a few data points indicating just how exceptionally well Apple performed.

在詳細介紹 3 月季度的細節之前，我想給你一些數據點，說明蘋果的表現有多出色。

Revenue growth in the March quarter accelerated to 43% year-over-year, which is more than twice the 21% growth rate we achieved in the March quarter last year.

3 月季度的收入同比增長加速至 43%，是我們去年 3 月季度 21% 增長率的兩倍多。

We saw healthy growth in all regions, with the U.S.

我們在所有地區都看到了健康增長，其中包括美國。

sales growing 40%, and international sales growing 47%.

銷售額增長 40%，國際銷售額增長 47%。

Sales in our 208 retail stores, most of which are in the U.S., were extremely strong, growing 74% year-over-year, driven in part by traffic of 33.7 million visitors, up 57% from the year ago quarter.

我們的 208 家零售店（其中大部分位於美國）的銷售額非常強勁，同比增長 74%，部分原因是 3370 萬遊客的客流量同比增長 57%。

In the retail stores, 50% of the CPUs we sold were to customers who were new to the Mac, adding growth to our platform.

在零售店，我們售出的 CPU 中有 50% 是面向 Mac 新手的，這為我們的平台帶來了增長。

And finally, our U.S.

最後，我們的美國

education business generated Mac unit growth of 35% year-over-year, its highest growth rate in any quarter in the last 8 years.

教育業務的 Mac 銷量同比增長 35%，是過去 8 年來任何季度的最高增長率。

I'd now like to talk about our Mac products and services which represented 59% of total quarterly revenue.

我現在想談談佔季度總收入 59% 的 Mac 產品和服務。

We're extremely pleased to have shipped 2.29 million Macs, just shy of the record number of Macs we sold this past holiday quarter, and representing 51% growth over the prior March quarter's results.

我們非常高興 Mac 出貨量達到 229 萬台，僅略低於我們在上個假日季度銷售的創紀錄數量，比上一季度的業績增長了 51%。

This is a 3.5 times the overall PC market rate of growth for March quarter, based on the latest forecast published by IDC, up from the 2 to 3 times market growth rate we had been reporting almost every quarter for the last three years.

根據 IDC 發布的最新預測，這是 3 月份季度整體 PC 市場增長率的 3.5 倍，高於過去三年我們幾乎每個季度報告的 2 到 3 倍市場增長率。

Sales of desktops grew 37%, driven by strong demand for the iMac as well as increased sales of Mac Pro, which we updated in January.

由於對 iMac 的強勁需求以及我們在 1 月份更新的 Mac Pro 銷量的增長，台式機的銷量增長了 37%。

Sales of portables grew 61%, driven by continued strong demand for MacBook and the MacBook Pros, both of which were refreshed during the quarter, as well as the successful launch of the MacBook Air.

便攜式電腦的銷售額增長了 61%，這得益於對 MacBook 和 MacBook Pros 的持續強勁需求，這兩款產品在本季度都得到了更新，以及 MacBook Air 的成功推出。

MacBook Air represents a new portable category for Apple, and customers have responded very well to its breakthrough design and ultraportability.

MacBook Air 代表了 Apple 全新的便攜產品類別，客戶對其突破性設計和超便攜性反應非常好。

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

我們以三到四個星期的 Mac 渠道庫存結束了本季度。

Now I'd 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 10.6 million iPods, an increase of 1% from year ago quarter, and we experienced about the same seasonal decline between the December and March quarters as we did last year.

我們售出了 1060 萬台 iPod，比去年同期增長 1%，我們在 12 月和 3 月的季度之間經歷了與去年相同的季節性下降。

IPod revenue grew 8% year over year from higher ASPs in every geographic segment due to the success of the iPod Touch.

由於 iPod Touch 的成功，iPod 收入同比增長 8%，原因是每個地理區域的 ASP 均較高。

We continue to be very pleased with customer response to the iPod Touch, and believe the introduction of the software development kit in late June will broaden this appeal even further, as great new applications are developed.

我們繼續對客戶對 iPod Touch 的反應感到非常滿意，並相信在 6 月下旬推出的軟件開發工具包將進一步擴大這種吸引力，因為開發了出色的新應用程序。

After declining 17% year-over-year in the December quarter, Shuffle sales were also down significantly in the March quarter, but the weekly rate of sales improved considerably following the February 19th price reduction.

在 12 月季度同比下降 17% 之後，Shuffle 銷售額在 3 月季度也顯著下降，但在 2 月 19 日降價之後，週銷售額顯著提高。

We continue to achieve our objectives of maintaining our high MP3 market share in the U.S.

我們將繼續實現我們在美國保持高 MP3 市場份額的目標。

and gaining share internationally.

並在國際上獲得份額。

Our share of the U.S.

我們在美國的份額

MP3 market was 73%, according to the latest data published by NPD.

根據NPD公佈的最新數據，MP3市場佔73%。

Outside the U.S., we gained share in nearly every market we have data for, based on the latest information from GFK and BCN.

根據來自 GFK 和 BCN 的最新信息，在美國以外的幾乎所有我們擁有數據的市場中，我們都獲得了份額。

We began and ended the quarter within our target range of 4 to 6 weeks of iPod channel inventory.

我們在 4 到 6 週的 iPod 渠道庫存目標範圍內開始和結束了本季度。

Sales for iTunes were very strong for the quarter enter and NPD has reported we have surpassed Wal-Mart to become the largest music retailer in the U.S.

iTunes 的銷售在本季度非常強勁，NPD 報告說我們已經超過沃爾瑪成為美國最大的音樂零售商。

The iTunes store has over 50 million customers and over 85% share of the U.S.

iTunes 商店擁有超過 5000 萬客戶和超過 85% 的美國市場份額。

share of the market for legally purchased and downloaded music, based on the latest information from Nielsen SoundScan.

根據 Nielsen SoundScan 的最新信息，合法購買和下載音樂的市場份額。

Our movie rental service has been well received by customers and we have also just begun selling TV shows in Germany and will continue to expand video content internationally.

我們的電影租賃服務受到了客戶的好評，我們也剛剛開始在德國銷售電視節目，並將繼續在國際上擴展視頻內容。

We are very pleased with iPhone momentum and customer feedback continues to be outstanding.

我們對 iPhone 的發展勢頭感到非常滿意，並且客戶反饋仍然非常出色。

We remain confident in achieving our goal of selling 10 million iPhones in calendar 2008.

我們仍然有信心實現在 2008 年銷售 1000 萬部 iPhone 的目標。

We sold 1.7 million iPhones during the March quarter and expanded our sales presence to include Austria and Ireland.

我們在第三季度售出了 170 萬部 iPhone，並將我們的銷售業務擴展到了奧地利和愛爾蘭。

Total revenue recognized during the quarter from sales of iPhones, iPhone accessories and payments from carriers was $378 million.

本季度通過銷售 iPhone、iPhone 配件和運營商付款確認的總收入為 3.78 億美元。

Total deferred revenue from iPhone and Apple TV was $1.93 billion at the end of the March quarter compared to $1.44 billion at the end of the December quarter.

iPhone 和 Apple TV 的總遞延收入在 3 月季度末為 19.3 億美元，而在 12 月季度末為 14.4 億美元。

Developer response to the iPhone's 2.0 beta software we announced on March 6 has been tremendous.

開發人員對我們在 3 月 6 日宣布的 iPhone 2.0 測試版軟件的反應非常熱烈。

Over 200,000 developers have signed up and downloaded the software development kit.

超過 200,000 名開發人員註冊並下載了該軟件開發工具包。

Interest in the iPhone enterprise beta program has also been off the charts.

對 iPhone 企業測試版計劃的興趣也已不復存在。

We received applications from over one third of the Fortune 500 and over 400 higher ed institutions.

我們收到了超過三分之一的財富 500 強和 400 多所高等教育機構的申請。

Hundreds of companies and institutions have been accepted into the program and more are being added each week.

數百家公司和機構已被該計劃接受，並且每週都會增加更多。

Because we announced these specific new features to be included in the iPhone 2.0 release, and plan to provide them to iPhone customers as a free upgrade in late June, we will delay the start of revenue recognition for all iPhones sold on or after our March 6 announcement date until the iPhone 2.0 software is delivered.

因為我們宣布這些特定的新功能將包含在 iPhone 2.0 版本中，併計劃在 6 月下旬將它們作為免費升級提供給 iPhone 客戶，所以我們將推遲在 3 月 6 日或之後銷售的所有 iPhone 的收入確認開始iPhone 2.0 軟件交付之前的發布日期。

The revenue and cost of sales associated with these iPhones will be recognized ratably over the remaining terms of their respective 24-month estimated lives.

與這些 iPhone 相關的收入和銷售成本將在其各自 24 個月估計壽命的剩餘期限內按比例確認。

Revenue recognition of handsets sold prior to March 6 and payments from carriers has not changed as a result of our announcement.

3 月 6 日之前銷售的手機的收入確認和運營商的付款並未因我們的公告而改變。

I would now like to turn to the Apple retail stores, which had another terrific quarter, with revenue growing 74% year-over-year to $1.45 billion.

我現在想談談蘋果零售店，那裡又一個非常棒的季度，收入同比增長 74%，達到 14.5 億美元。

The store sold 458,000 Macs during the quarter, an increase of 67% year-over-year.

該商店在本季度售出了 458,000 台 Mac，同比增長 67%。

We opened four stores during the quarter to end with 208.

我們在本季度開設了 4 家門店，至 208 家。

With an average of 205 stores open during the quarter, average revenue per store was $7.1 million compared to $4.8 million the year ago quarter, an increase of 48%.

本季度平均開設 205 家門店，每家門店的平均收入為 710 萬美元，而去年同期為 480 萬美元，增長了 48%。

Operating profits doubled year-over-year to $334 million from $164 million.

營業利潤同比翻了一番，從 1.64 億美元增至 3.34 億美元。

A primary objective in our stores has been helping people to get more out of their Macs, and the stores delivered 580,000 one-hour personal training sessions during the quarter.

我們商店的一個主要目標是幫助人們充分利用他們的 Mac，這些商店在本季度提供了 580,000 次一小時的個人培訓課程。

We opened our 15th store in the United Kingdom during the March quarter, and look forward to opening our first stores in Australia, China and Switzerland in the coming months.

我們在 3 月季度在英國開設了第 15 家門店，並期待未來幾個月在澳大利亞、中國和瑞士開設第一家門店。

We expect to open about 45 stores during fiscal 2008 and continue to be very confident in the investments we are making in the stores and the asset we are building.

我們預計在 2008 財年將開設約 45 家門店，並繼續對我們對門店的投資和我們正在建設的資產充滿信心。

Total company gross margin was 32.9%, which was a little stronger than our guidance due to a more favorable commodity environment, higher overall revenue and a weaker dollar.

公司總毛利率為 32.9%，略高於我們的預期，原因是商品環境更有利、整體收入增加和美元走軟。

Operating expenses were $1.16 billion, including $112 million in stock based compensation expense.

運營費用為 11.6 億美元，其中包括 1.12 億美元的股票補償費用。

OI&E was $162 million, below our guidance due to the lower interest rate environment.

由於較低的利率環境，OI&E 為 1.62 億美元，低於我們的指引。

The tax rate for the quarter was about 29%, below the expected 32%, due to higher foreign earnings and lower interest income.

由於較高的外國收入和較低的利息收入，本季度的稅率約為 29%，低於預期的 32%。

We expect the tax rate for the second half of fiscal 2008 to be 31%.

我們預計 2008 財年下半年的稅率為 31%。

We generated $1 billion in cash during the quarter, ending with $19.4 billion.

我們在本季度產生了 10 億美元的現金，以 194 億美元結束。

Cash flow from operations was $1.2 billion.

運營現金流為 12 億美元。

In the first half of the fiscal 2008, we generated $4 billion in cash from $2.6 billion in net income.

在 2008 財年上半年，我們從 26 億美元的淨收入中產生了 40 億美元的現金。

The difference being driven largely by the iPhone and strong working capital management.

這種差異主要是由 iPhone 和強大的營運資金管理推動的。

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

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

For the quarter, we are targeting revenue of about $7.2 billion or approximately 33% growth over the prior June quarter.

本季度，我們的目標是收入約 72 億美元，比上一季度增長約 33%。

We expect the total quarterly costs of non-stock cash based compensation to be approximately $135 million.

我們預計非股票現金補償的季度總成本約為 1.35 億美元。

We expect gross margins to be about 33%, reflecting approximately $20 million related to stock based compensation expense.

我們預計毛利率約為 33%，反映出與股票薪酬費用相關的約 2000 萬美元。

We expect OpEx to be about $1.185 billion, including about $115 million related to stock-based compensation expense.

我們預計運營支出約為 11.85 億美元，其中約 1.15 億美元與股票薪酬費用相關。

We expect OI&E to decline to about $115 million, due to the impact of recent interest rate cuts and we expect the tax rate to be about 31%.

由於近期降息的影響，我們預計 OI&E 將下降至約 1.15 億美元，我們預計稅率約為 31%。

We expect to generate EPS of about a $1.

我們預計每股收益約為 1 美元。

In closing, we're extremely proud of our growth in business performance in the March quarter.

最後，我們對三月份季度業務業績的增長感到非常自豪。

Our 51% Mac sales increase is the strongest quarterly growth rate we've generated in almost two decades, and 3.5 times the market rate of growth.

我們 51% 的 Mac 銷量增長是我們近 20 年來最強勁的季度增長率，是市場增長率的 3.5 倍。

We're very excited about the delivery of the iPhone 2.0 software in last June and the vast potential for compelling solutions that our SDK opens up for the developer community.

我們對去年 6 月推出的 iPhone 2.0 軟件以及我們的 SDK 為開發者社區開放的引人注目的解決方案的巨大潛力感到非常興奮。

We remain very confident in our business and continue to be excited about the businesses in our pipeline.

我們對我們的業務仍然充滿信心，並繼續對我們管道中的業務感到興奮。

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

有了這個，我想打開問題電話。

Thank you.

謝謝你。

(OPERATOR INSTRUCTIONS).

（操作員說明）。

Our first question will come from Ben Reitzes with Lehman Brothers.

我們的第一個問題將來自雷曼兄弟的 Ben Reitzes。

Thanks a lot.

非常感謝。

Nice performance and revenue.

業績和收入不錯。

Wanted to ask you a little bit about gross margin.

想問你一些關於毛利率的問題。

32.9 was really good, but I was wondering if you had thought actually more could flow to the bottom line and what maybe some of the negative cross currents were.

32.9 真的很好，但我想知道你是否認為實際上更多可以流入底線，以及一些負面的交叉電流可能是什麼。

And then also what gives you the confidence of 33% the next quarter?

然後還有什麼讓你對下一季度有 33% 的信心？

Just a little bit more on that would be helpful.

再多講一點會很有幫助。

Thanks.

謝謝。

And then I just have a follow-up on iPhone.

然後我就對 iPhone 進行了跟進。

Okay.

好的。

Ben, maybe I'll let Tim make a few comments about the commodity environment and then let me talk more broadly about gross margin in the March quarter and what we expect in June.

Ben，也許我會讓蒂姆對商品環境發表一些評論，然後讓我更廣泛地談談 3 月季度的毛利率以及我們對 6 月的預期。

Great.

偉大的。

Ben, commodity pricing in both DRAM and the NAND flash market hit historically low levels during the March quarter.

Ben，DRAM 和 NAND 閃存市場的商品定價在 3 月季度均創下歷史新低。

We would expect pricing in the current quarter to remain favorable and we folded that into our guidance.

我們預計本季度的定價將保持有利，我們將其納入我們的指導。

We believe that the LCD market is near our supply/demand balance will have relatively stable pricing.

我們認為 LCD 市場接近我們的供需平衡，價格將相對穩定。

Hard drives, optical drives, and most other commodities are in a supply/demand balance and we would expect these commodities to follow historical pricing trends.

硬盤、光驅和大多數其他商品處於供需平衡狀態，我們預計這些商品將遵循歷史定價趨勢。

Okay.

好的。

And in terms of the quarter, did anything go against you, though, that was unexpected?

就本季度而言，有什麼事情對你不利嗎，這是出乎意料的嗎？

In the gross margin line or was there an impact from the lower price of the Shuffles that maybe some of us didn't anticipate?

在毛利率線上，或者我們中的一些人可能沒有預料到的較低價格的影響？

Ben, it's Peter.

本，是彼得。

Let me continue on and I'll address that and talk a little bit about the June quarter as well.

讓我繼續，我將解決這個問題並談談六月季度。

As we commented in last quarter's call, we expected gross margin to decline by about 2.7%.

正如我們在上一季度的電話會議中評論的那樣，我們預計毛利率將下降約 2.7%。

We actually exceeded our guidance this quarter by 90 basis points.

我們本季度實際上超出了我們的指導 90 個基點。

The gross margin only reduced by 1.8%.

毛利率僅下降1.8%。

And the better than expected results were primarily due to the favorable commodity environment that Tim discussed, higher revenue in the quarter, and a weaker dollar.

好於預期的結果主要是由於蒂姆討論的有利商品環境、本季度收入增加以及美元走軟。

The sequential decline from Q1 was primarily due to Leopard entering its second quarter of sales.

第一季度的環比下降主要是由於 Leopard 進入第二季度的銷售。

As we mentioned on last quarter's call and as we've seen in the past, the new OS has significantly more sales in its debut quarter.

正如我們在上個季度的電話會議中提到的以及我們在過去看到的那樣，新操作系統在其首個季度的銷售額顯著增加。

The change in Leopard and the other Apple software sequentially accounted for over 80% of the gross margin decline that we saw, as expected.

正如預期的那樣，Leopard 和其他 Apple 軟件的變化依次占我們看到的毛利率下降的 80% 以上。

Other factors affecting the gross margin in the quarter were the Shuffle price change.

影響本季度毛利率的其他因素是 Shuffle 價格變化。

We took several international price reductions as a result of a change in currency market.

由於貨幣市場的變化，我們進行了幾次國際降價。

Higher mix of iTunes, which has a lower gross margin, and a sequential decline in the revenues from the holiday for the quarter.

較高的 iTunes 組合，毛利率較低，並且本季度假期收入連續下降。

These factors were offset by favor valuable component pricing allowing us to achieve a gross margin of 32.9%, which was ahead of our expected 32.

這些因素被有利的有價值的組件定價所抵消，使我們能夠實現 32.9% 的毛利率，高於我們預期的 32%。

That was pretty detailed.

那是相當詳細的。

In terms of the iPhone and I'll cede the floor.

就 iPhone 而言，我將放棄發言權。

With regard to the iPhone we've noticed less availability, especially as we got towards the end of the quarter and recently and is there anything -- and then they were widely expecting new products but is there anything you can say that will give us confidence that you could grow that segment sequentially given the current amount of supply out there?

關於 iPhone，我們注意到可用性降低，尤其是當我們接近本季度末和最近時，有什麼東西嗎？然後他們普遍期待新產品，但你有什麼可以說的，這會給我們信心鑑於目前的供應量，您可以按順序增長該細分市場嗎？

Is there anything you're worried about and whatnot on the iPhones side in terms of shortages or should we assume you have a handle on that and can grow that business sequentially?

就短缺而言，您是否擔心 iPhone 方面的任何問題，或者我們是否應該假設您對此有把握並可以按順序發展該業務？

Ben, it's Tim.

本，是蒂姆。

We're confident in hitting the 10 million for the year.

我們有信心在今年達到 1000 萬。

That would be the main point.

這將是重點。

In terms of the shortages you referenced, we expected iPhone to decline more on a sequential basis than it did.

就您提到的短缺而言，我們預計 iPhone 的環比下降幅度會大於實際情況。

We beat our unit expectations.

我們超出了我們的單位預期。

As a result, as we got to the end of the quarter we started to experience some stock out.

結果，當我們到了本季度末時，我們開始遇到一些缺貨的情況。

At this point, both inventory in our stores and our channel inventories are currently low.

在這一點上，我們商店的庫存和我們的渠道庫存目前都很低。

Our U.S.

我們的美國

stores have experienced more stock outs, or relatively more and we believe the reason is that there are more phones being bought there with the intention of unlocking, which remains a significant number.

商店經歷了更多或相對更多的缺貨，我們認為原因是那裡購買了更多旨在解鎖的手機，這仍然是一個很大的數字。

Okay.

好的。

And you don't want to clarify that number at this time?

你現在不想澄清這個數字嗎？

I can't clarify it.

我無法澄清。

It's not that I don't want to.

不是我不想。

It's that it's very difficult to come up with a very precise estimate of it.

就是很難對它做出一個非常精確的估計。

But we do believe the number continues to be significant.

但我們確實相信這個數字仍然很大。

And our view continues to be that this is a proxy for the worldwide demand of the phone.

我們的觀點仍然是，這代表了全球對手機的需求。

And our focus is very much on rolling out to more GO's and we're on target to roll out into more countries in Europe and to inter Asia later in the year.

我們的重點是推廣到更多的 GO，我們的目標是在今年晚些時候推廣到歐洲和亞洲的更多國家。

Great.

偉大的。

Thanks so much, guys.

非常感謝，伙計們。

Thank you, Ben.

謝謝你，本。

Could we have the next question, please?

請問下一個問題好嗎？

Yes, we'll move to Bill Fearnley with FTN Midwest.

是的，我們將搬到 FTN Midwest 的 Bill Fearnley。

Yes, wanted to ask a couple of channel questions if I could.

是的，如果可以的話，我想問幾個頻道問題。

Could you guys give more color on the direct versus indirect mix and also could you give us any update on where you are with the expansion of the Best Buy footprint?

你們能否為直接與間接混合提供更多色彩，您能否向我們提供有關百思買足跡擴展的最新情況？

Bill, the direct sales in the quarter were 53% and that was up from 49 in the year ago quarter.

比爾，本季度的直銷率為 53%，高於去年同期的 49%。

And in terms of Best Buy, we ended with a little over 400 stores, which was to our plan and we continued to target to be at 600 in the summer.

就百思買而言，我們以 400 多家門店結束，這是我們的計劃，我們繼續將目標定在夏季達到 600 家。

And the roll out is going extremely well, and we're very, very happy with it.

推出非常順利，我們對此非常非常滿意。

And then a follow-up on education, if I could.

如果可以的話，然後跟進教育。

With education, can you delineate between student buy programs and institutional buying in education, what you experienced this quarter and what you will experience in the upcoming quarter.

在教育方面，您能否區分學生購買計劃和機構購買教育，您在本季度經歷了什麼以及您將在下一季度經歷什麼。

The numbers that Peter quoted in the preamble, we were up 35% in both institutional and individual buying was relatively strong.

彼得在序言中引用的數字，我們在機構和個人購買方面都上漲了 35%，相對強勁。

The quarter that we're now in is a big K-12 quarter, and back to school is more of a higher education quarter.

我們現在所處的這個季度是一個大的 K-12 季度，而回到學校更像是一個高等教育季度。

I wouldn't want to predict exact numbers, but as Peter had mentioned, the 35% is the highest growth rate we've seen in ed in eight years.

我不想預測確切的數字，但正如彼得所說，35% 是我們在 ed 中看到的八年來的最高增長率。

And we recently learned that we surpassed Dell last year in the portable market share for higher education.

我們最近了解到，我們去年在高等教育便攜式市場份額方面超過了戴爾。

So we have significant momentum in this area.

所以我們在這個領域有很大的發展勢頭。

There's been a lot of chatter about state and local government spending.

有很多關於州和地方政府支出的討論。

Are you guys happy with the institutional part of the education business?

你們對教育業務的機構部分感到滿意嗎？

I'm always worried about budgets and will continue to worry about budgets, but the results that we've seen to date with 35% increase year-over-year, we have not seen any issue today.

我一直擔心預算並將繼續擔心預算，但我們迄今為止看到的結果是同比增長 35%，我們今天沒有看到任何問題。

Appreciate it.

欣賞它。

Thank you.

謝謝你。

Thanks, Bill.

謝謝，比爾。

Can we have the next question, please?

請問下一個問題可以嗎？

We'll move on to Mike Abramsky with RBC Capital.

我們將繼續討論 RBC Capital 的 Mike Abramsky。

Can you qualify the reasons for the delay of the start of revenue recognition on the iPhone and what your thinking was there?

您能否說明 iPhone 收入確認開始延遲的原因以及您的想法？

Based on the 2.0 release and also what kind of impact we should be -- how we should think about relaying that into our iPhone numbers?

基於 2.0 版本以及我們應該產生什麼樣的影響——我們應該如何考慮將其傳遞到我們的 iPhone 號碼中？

Okay.

好的。

We are doing this as I said, in my prepared remarks, because we announced the specific new features that will be included in the iPhone 2.0 software that we plan to provide for customers for free who purchased after our announcement on March 6.

正如我在準備好的評論中所說的那樣，我們正在這樣做，因為我們宣布了將包含在 iPhone 2.0 軟件中的特定新功能，我們計劃免費提供給在 3 月 6 日我們宣布後購買的客戶。

So we will delay revenue recognition on phones sold between March 6th and the date of the delivery of the software.

因此，我們將推遲 3 月 6 日至軟件交付日期之間銷售的手機的收入確認。

Once we deliver the software, we will resume revenue recognition of the phones on what we sold between March 6th and that date and begin to recognize as we had in the past iPhone revenue on a go-forward basis.

一旦我們交付了軟件，我們將恢復對 3 月 6 日至該日期之間銷售的手機的收入確認，並開始確認我們過去的 iPhone 收入。

As I said in my prepared remarks, this does not impact phones sold prior to March 6th or payments from carriers.

正如我在準備好的講話中所說，這不會影響 3 月 6 日之前銷售的手機或運營商的付款。

Okay.

好的。

So really what we're looking at is just the exclusion of hardware revenue next quarter, really, from iPhone.

所以我們真正看到的只是下個季度從 iPhone 中排除的硬件收入。

Until the software is delivered.

直到軟件交付。

Okay.

好的。

And it just on the iPhone, with regard to your 10 million guidance, can you talk a little bit about how important either 3G might be to that or how important at least the timing of some of your pending products that you're referring to in your press release and on your excitement around the iPhone, kind of weighs into that 10 million?

僅在 iPhone 上，關於您的 1000 萬指導，您能否談談 3G 可能對此有多重要，或者至少您提到的一些待定產品的時間安排有多重要你的新聞稿和你對 iPhone 的興奮，有多少是 1000 萬？

Based on current momentum.

根據目前的勢頭。

We don't comment on new products but I would just reiterate that we're confident with hitting the 10 million, and obviously, a part of that is rolling out to more geographies.

我們不對新產品發表評論，但我只想重申，我們有信心達到 1000 萬，顯然，其中一部分正在推廣到更多地區。

We've been working very hard at this and feel confident we'll be able to roll out in more places to Europe and inner Asia during the year.

我們在這方面一直在努力工作，並相信我們將能夠在今年在更多地方推廣到歐洲和亞洲內陸地區。

And does that forecast include some now going-forward assumption in your part of an unlocked phone percentage?

並且該預測是否在您的解鎖手機百分比中包含一些現在向前的假設？

The unit number includes phones of all types.

單元號包括所有類型的電話。

Locked and unlocked.

鎖定和解鎖。

Okay.

好的。

And then final question.

然後是最後一個問題。

Just you haven't said anything in your call about sort of economic headwinds.

只是你在電話中沒有說任何關於經濟逆風的事情。

It's obviously something people are focusing on.

這顯然是人們關注的焦點。

It seems you're benefiting from resistance to some of those headwinds and also share gain.

似乎您從對其中一些不利因素的抵抗中受益，並且也分享了收益。

Any commentary you can offer in addition to the comments you've made that help us understand some of the kind of sustained drivers of that?

除了您發表的評論之外，您還可以提供任何評論來幫助我們了解其中的一些持續驅動因素嗎？

Mike, it's Peter.

邁克，是彼得。

We're going to leave economic commentary to others, and we're focused on managing our business, which performed exceptionally well in the March quarter.

我們將把經濟評論留給其他人，我們專注於管理我們的業務，該業務在 3 月季度表現異常出色。

I credit it to just outstanding innovative products that drove amazing results.

我將其歸功於那些帶來驚人成果的傑出創新產品。

The U.S.

美國。

business performed quite well in March.

3月份業務表現不錯。

Our revenue grew 40%.

我們的收入增長了 40%。

And this growth rate was twice last year's March quarter U.S.

而這個增長率是去年美國第三季度的兩倍。

growth rate of 20, and faster than we grew in the December quarter of 27%.

增長率為 20，並且快於我們在 12 月季度 27% 的增長。

Mac sales in the U.S.

Mac在美國的銷量

were up 51%.

上漲了 51%。

And traffic through our stores were up 12 million people year-over-year.

通過我們商店的客流量同比增長了 1200 萬人。

We only have 208 stores.

我們只有 208 家商店。

So we remain very confident in our business and in our strategy, and we'll continue to invest in hardware and software products to delight our customers.

因此，我們對我們的業務和戰略仍然充滿信心，我們將繼續投資於硬件和軟件產品，以取悅我們的客戶。

We read the same things that you do, but I provided guidance for the June quarter, which has revenue growing at 33%.

我們閱讀了與您相同的內容，但我為 6 月季度提供了指導，該季度的收入增長了 33%。

And again, that is an acceleration from the rate we saw last June by about 10 points.

再一次，這比我們去年 6 月看到的速度加快了大約 10 個百分點。

Okay.

好的。

Thanks.

謝謝。

Thanks, Mike.

謝謝，邁克。

Could we have the next question, please?

請問下一個問題好嗎？

Yes.

是的。

We will move to David Bailey with Goldman Sachs.

我們將與高盛一起搬到大衛貝利。

Great.

偉大的。

Thank you very much.

非常感謝。

I was wondering, did you give a date on when you're expecting to deliver the 2.0 software for the iPhone and could you help us understand what impact that has on gross margin, if any?

我想知道，您是否給出了您預計何時為 iPhone 交付 2.0 軟件的日期，您能否幫助我們了解這對毛利率有什麼影響（如果有的話）？

David, what we've said is we intent to deliver the iPhone 2.0 software in late June, and I've included the delay in revenue recognition and the 33% gross margin that I've given you for the quarter.

大衛，我們所說的是我們打算在 6 月下旬交付 iPhone 2.0 軟件，我已經將收入確認的延遲和我給你的本季度 33% 的毛利率包括在內。

This affects iPhone handset sales only between March 6 and when we deliver the software, and it does not impact phones sold prior to March 6th or payments from carriers.

這僅影響 3 月 6 日至我們交付軟件時的 iPhone 手機銷售，不影響 3 月 6 日之前銷售的手機或運營商的付款。

But it is fair to say it does have a negative impact on gross margin during that period?

但公平地說，它確實對那段時期的毛利率產生了負面影響？

Well, we will not recognize revenue until we deliver the software.

好吧，在我們交付軟件之前，我們不會確認收入。

And so that has an impact.

所以這會產生影響。

And just on your starts for the June quarter you have revenue down I think 4% quarter over quarter and typically it's up.

就在您在 6 月季度開始時，您的收入下降了，我認為季度環比下降了 4%，而且通常會上升。

Is there any particular area that you expect to be subseasonal in the next quarter?

是否有任何特定區域您預計下一季度會出現季節性變化？

Let me talk a little bit about it.

讓我談談它。

We're guiding to $7.2 billion, which again is a 33% increase from the year ago quarter, and is an acceleration of about 10 points from what we saw last June when we grew 24%.

我們的目標是 72 億美元，比去年同期增長 33%，比去年 6 月增長 24% 時增長了約 10 個百分點。

We factored several things into our thinking.

我們在思考中考慮了幾件事。

First, our Mac channel inventory this past quarter did increase by about 60,000 in the March quarter, as an result of the MacBook Air launch and accelerated sales velocity.

首先，由於 MacBook Air 的推出和銷售速度的加快，我們上個季度的 Mac 渠道庫存在 3 月季度確實增加了約 60,000 台。

Second, we will not begin recognition of new iPhone sales until we deliver the iPhone 2.0 software in late June as I discussed.

其次，正如我所討論的，在我們在 6 月下旬交付 iPhone 2.0 軟件之前，我們不會開始認可新 iPhone 的銷售。

Third, we expect a sequential decrease in iPod sales as we've seen in the last couple of years, so nothing new there.

第三，我們預計 iPod 銷量將連續下降，正如我們在過去幾年中看到的那樣，因此沒有什麼新鮮事。

And fourth, we'll see the full quarter impact of the iPod Shuffle and some international price reductions that we took in February.

第四，我們將看到 iPod Shuffle 對整個季度的影響以及我們在 2 月份採取的一些國際降價措施。

So that's what went into our thinking, but again, I couldn't be happier with the performance of the business.

所以這就是我們的想法，但同樣，我對業務的表現感到非常滿意。

I think the guidance we're giving is very strong and would just end by saying again it's a growth rate that is faster than what we saw in the year ago quarter.

我認為我們提供的指導非常有力，最後會再次說它的增長率比我們在去年同期看到的要快。

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？

Yes, we will move to Kathy Huberty of Morgan Stanley.

是的，我們將搬到摩根士丹利的 Kathy Huberty。

Thanks.

謝謝。

I want to go back to the margin question because this is the first quarter that both gross and operating margins are down year on year since March 2006.

我想回到利潤率問題，因為這是自 2006 年 3 月以來毛利率和營業利潤率均同比下降的第一季度。

Peter, do you now feel you need to reinvest some of the margin upside to address the growth opportunities internationally and in some of the new product categories such that year on year declines will be more of the norms going forward or was there something specific in the calendar first quarter that will go away later this year?

彼得，您現在是否認為您需要重新投資部分利潤增長，以應對國際和一些新產品類別的增長機會，這樣逐年下降將成為未來的常態，或者是否存在特定的問題？日曆第一季度會在今年晚些時候消失嗎？

Katie, when we gave you guidance in January we gave guidance for 32% gross margin and we reported 32.9 so we did better than we thought.

凱蒂，當我們在一月份給你指導時，我們給出了 32% 的毛利率指導，我們報告了 32.9，所以我們做得比我們想像的要好。

So our gross margin was better than what we had expected.

所以我們的毛利率比我們預期的要好。

We are continuing to come out with new innovative products.

我們將繼續推出新的創新產品。

It is a competitive world.

這是一個競爭激烈的世界。

And we are thinking thoughtfully about driving both our top and bottom lines and continuing to gain market share in hall three of our product areas.

我們正在深思熟慮地考慮推動我們的頂線和底線，並繼續在我們的三個產品領域獲得市場份額。

Peter, quickly, are you still planning to open about half of the new stores internationally this year?

彼得，快點，你今年還打算在國際上開設大約一半的新店嗎？

I don't know if it will be quite half but our international store openings will be greater this year than they were last as of the end of the quarter, we had 208 stores open in total, and 27 of those were outside the U.S.

我不知道這是否會減少一半，但今年我們的國際商店開張量將比截至本季度末的最後一次要多，我們總共開設了 208 家商店，其中 27 家在美國以外。

And we have increased our store opening forecast, this year a by little bit to 45 stores this year.

我們已經提高了我們的開店預測，今年一點點增加到今年的 45 家。

Thanks.

謝謝。

Thanks, Katie.

謝謝，凱蒂。

Can we have the next question please.

請問下一個問題可以嗎？

Richard Gardner with Citigroup.

花旗集團的理查德·加德納。

Thanks, Peter and Tim and everybody, actually.

謝謝，彼得和蒂姆以及大家，實際上。

I wanted to ask about the gross margin.

我想問一下毛利率。

I'm still struggling to understand the gross margin that you reported in the quarter.

我仍在努力了解您在本季度報告的毛利率。

I understand that you said that the decline in Leopard sales represented the biggest portion of that.

我知道你說 Leopard 銷量下降是其中最大的一部分。

But it looked like from the segment data that you reported that Leopard revenue was down about $100 million sequentially perhaps so that would be about a point of impact on the gross margin sequentially and given the price cut you did on Shuffle it seems that at most was another point impact on the gross margin.

但從您報告的細分數據來看，Leopard 收入可能環比下降了約 1 億美元，因此這將是對毛利率環比影響的一個點，鑑於您在 Shuffle 上所做的降價，似乎最多是對毛利率的另一點影響。

And yet since October, we've had DRAM and NAND pricing down 60 to 70% or more, and panel pricing has been pretty favorable as well.

然而，自 10 月以來，我們的 DRAM 和 NAND 價格下降了 60% 至 70% 或更多，面板價格也相當優惠。

I was wondering if there was anything about the timing of when you procured the components that went into the systems that you built in Q1 that had an impact on the gross margins.

我想知道您採購進入您在第一季度構建的系統中的組件的時間是否會對毛利率產生影響。

In other words, was a lot of the NAND and DRAM that went into the products procured in the December quarter?

換句話說，在 12 月季度採購的產品中有很多 NAND 和 DRAM 嗎？

If that's the case, should we expect to get some benefit as you procure a lot of NAND and DRAM now at much lower prices on the Q2 gross margin?

如果是這樣的話，我們是否應該期望獲得一些好處，因為您現在以比第二季度毛利率低得多的價格採購了大量的 NAND 和 DRAM？

Thank you.

謝謝你。

Rich, I'd like to make a couple comments about one of the first things you said and then Tim can address some of your later points.

Rich，我想就你所說的第一件事發表一些評論，然後 Tim 可以解決你後面的一些觀點。

Our Leopard revenues in the December quarter as we talked about last in January was $170 million and they were just over $40 million in the March quarter.

正如我們在 1 月份談到的那樣，我們在 12 月季度的 Leopard 收入為 1.7 億美元，而在 3 月季度則剛剛超過 4000 萬美元。

So together, a little over $210 million in the first half.

因此，上半年加起來略多於 2.1 億美元。

Leopard is by far the best selling release in our history.

Leopard 是迄今為止我們歷史上最暢銷的版本。

But sequential decline in Leopard and also, iLife and iWork went into its third quarter were a bit greater than what you thought.

但是 Leopard 以及 iLife 和 iWork 進入第三季度的連續下降比你想像的要大一些。

So the impact of sequential gross margin decline therefore was a little bigger.

因此，連續毛利率下降的影響要大一些。

And you also have to factor in in addition to the pricing actions that we took, lower sequential revenues, so we had less leverage on fixed costs and iTunes was a bigger mix of the business this quarter than last.

除了我們採取的定價行動之外，您還必須考慮到較低的連續收入，因此我們對固定成本的影響較小，而 iTunes 本季度的業務組合比上一季度更大。

And it has a lower gross margin as well.

它的毛利率也較低。

So there were a number of factors that played into the gross margin coming down, but again, it's better than what we expected it to be.

因此，有許多因素導致毛利率下降，但同樣，它比我們預期的要好。

We guided to 32 and achieved 32.9.

我們引導到32，達到了32.9。

Tim?

蒂姆？

I would just add, Rich, that the component advantages as you said were large during the quarter, and those really off set most of the lighter points that Peter talked about, which were the Shuffle price cut, the international price cuts that we did to adjust for currency, the higher mix of iTunes sales and the lower overall revenue and the effect it has on the structure.

我只想補充一點，Rich，你所說的組件優勢在本季度是很大的，而這些確實抵消了 Peter 談到的大部分較輕的觀點，即 Shuffle 降價，我們所做的國際降價調整貨幣，iTunes 銷售的較高組合和較低的整體收入及其對結構的影響。

So we did receive significant benefit, particularly in the DRAM and NAND areas.

所以我們確實獲得了顯著的收益，特別是在 DRAM 和 NAND 領域。

And if I could follow up, Tim, with one other question.

如果我可以跟進，蒂姆，還有另一個問題。

Yes.

是的。

You mentioned that you said that you thought that memory pricing would continue to be very favorable in the June quarter.

您提到您說您認為內存定價在 6 月季度將繼續非常有利。

And yet, in the case of both DRAM and NAND, we're at very, very low levels and in many cases for many suppliers, close to cash cost.

然而，對於 DRAM 和 NAND，我們處於非常非常低的水平，在許多情況下，對於許多供應商來說，接近現金成本。

What gives you confidence I guess that the pricing will continue to be favorable here as we go into the second quarter and you and other companies start to procure more DRAM and NAND for a typical seasonal build.

是什麼讓您有信心，我猜隨著我們進入第二季度，這裡的定價將繼續有利，您和其他公司開始為典型的季節性構建採購更多 DRAM 和 NAND。

To be specific, favorable does not mean it goes lower than where it was in March.

具體而言，有利並不意味著它低於 3 月份的水平。

It means that we envision it trading in a fairly narrow trading range.

這意味著我們設想它在一個相當窄的交易範圍內交易。

And therefore, not increasing that much as we head into the quarter.

因此，在我們進入本季度時不會增加那麼多。

But I don't believe that it will go lower because as you say, many people are already charging, certainly not absorbing all of their fixed costs in the current pricing.

但我不相信它會降低，因為正如你所說，許多人已經在收費，當然不會在當前定價中吸收所有固定成本。

Okay.

好的。

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？

We'll move to Andrew Neff with Bear Stearns.

我們將與貝爾斯登一起轉向 Andrew Neff。

One on OI&E, is there anything given the cash flows leading to a lower number, can you give us a sense in what the delay in the iPhone recognition meant to the current quarter, three, the tax rate, can you clarify whether it was down this quarter and is 31%, we use that going forward and last just in terms of just as you look at the consumer, obviously, you had great numbers.

一個關於 OI&E 的問題，鑑於現金流量導致數字減少，您能否讓我們了解 iPhone 識別的延遲對本季度意味著什麼？三，稅率，您能否澄清它是否下降本季度是 31%，我們在未來和最後一次使用，就像你看消費者一樣，很明顯，你有很多數字。

But are you seeing any impact to the consumer, are you taking any steps to address that?

但是您是否看到對消費者的任何影響，您是否採取任何措施來解決這個問題？

Are you just talking about consumer behavior in general?

您只是在談論一般的消費者行為嗎？

Andy, I may not get all of your questions so if I forget one, remind me

安迪，我可能不會得到你所有的問題，所以如果我忘記了，請提醒我

I'll remember them.

我會記住他們的。

I'll certainly come back to it.

我一定會回來的。

And I'm going to actually just probably go in reverse order.

我實際上可能會以相反的順序進行。

In terms of the consumer, we had a very good December quarter.

在消費者方面，我們有一個非常好的 12 月季度。

And we had an amazing March quarter.

我們有一個驚人的三月季度。

In my prepared remarks, I wanted to go through some things that I thought would be helpful to you, and I think in a prior question, I did, but I'll go back through just a couple of them.

在我準備好的評論中，我想回顧一些我認為對你有幫助的事情，我認為在之前的問題中，我做到了，但我只會回顧其中的幾個。

And particularly in the U.S., our revenues in the United States grew 40% year-over-year.

尤其是在美國，我們在美國的收入同比增長了 40%。

Mac shipments were up 51% in the U.S.

Mac 在美國的出貨量增長了 51%。

Basically, at the level we saw around the world.

基本上，在我們在世界各地看到的水平。

And we saw about 34 million people in our 208 retail stores, most of which were in at the U.S.

我們在 208 家零售店中看到了大約 3400 萬人，其中大部分在美國。

So our business performed exceptionally well in the March quarter across each of our customer segments.

因此，我們的業務在 3 月份季度的每個客戶群中都表現得非常出色。

Including our retail stores.

包括我們的零售店。

In terms of the tax rate, we had been forecasting 32% for the year.

在稅率方面，我們一直預測今年為 32%。

With a higher mix of foreign earnings that we saw in the March quarter and lower interest income, really as a result of the rate environment, our tax rate for the year looks to be 31%.

由於我們在 3 月季度看到的更高的外國收入組合和較低的利息收入，實際上是由於利率環境，我們今年的稅率看起來是 31%。

And so that's what we're forecasting for the June quarter.

這就是我們對六月季度的預測。

And for the September quarter.

對於 9 月季度。

So in order to get the 31% for the year, we had an adjustment in the March quarter.

因此，為了獲得全年的 31%，我們在 3 月季度進行了調整。

That's why the tax rate was 29%.

這就是為什麼稅率是 29%。

Then I know that you had an OI&E question which I'll led Gary answer.

然後我知道你有一個 OI&E 問題，我將帶領 Gary 回答。

Was there one other before I turn it over to Gary?

在我把它交給加里之前還有一個嗎？

The impact of the iPhone recognition in the current quarter, can you quantify what that was?

iPhone 識別在本季度的影響，你能量化那是什麼嗎？

You have to make your estimates but we sold 1.7 million phones during the quarter.

您必須做出估計，但我們在本季度售出了 170 萬部手機。

We made the announcement on March 6.

我們於 3 月 6 日宣布了這一消息。

You know what we sell the phones for, and we recognize the revenue over 24 months.

您知道我們出售這些手機的目的是什麼，我們會在 24 個月內確認收入。

Just to clarify that, the number that you sold, that is still in the -I just want to make sure I understand it.

只是為了澄清一下，你賣的數字仍然在 - 我只是想確保我理解它。

So that after March 6, you still counted them as shipments, you just don't show the revenue is what you're saying.

因此，在 3 月 6 日之後，您仍然將它們計為發貨，只是沒有顯示收入就是您所說的。

Correct.

正確的。

Correct.

正確的。

Gary, just on the OI&E.

加里，就在 OI&E 上。

Andy, I think you asked if there was anything else in the OI&E besides lower effective deals and the answer is no.

安迪，我想你問過除了較低的有效交易之外，OI&E 中是否還有其他東西，答案是否定的。

We're basically investing in very short dated high quality highly liquid instruments, and as consequence, the yield on our portfolio has dropped a little bit, 4.9% a quarter ago.

我們基本上投資於期限非常短的高質量高流動性工具，因此，我們投資組合的收益率下降了一點點，一個季度前下降了 4.9%。

We exited that last quarter.

我們退出了上個季度。

We were earning about 3.9%.

我們的收入約為 3.9%。

We expect it to go down a little bit more.

我們預計它會進一步下跌。

There wasn't any material write-offs in the portfolio in regard to investment and auction rate securities and asset backed securities.

投資組合中沒有任何關於投資和拍賣利率證券以及資產支持證券的重大核銷。

We don't have any of those.

我們沒有這些。

Do you know what you're going to do with all that cash?

你知道你要用這些錢做什麼嗎？

Andy, no change to announce to you today.

安迪，今天沒有變化要向你宣布。

Thank you.

謝謝你。

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

謝謝，安迪，我們可以問下一個問題嗎？

Yes, we'll move to Gene Munster with Piper Jaffray.

是的，我們將與 Piper Jaffray 一起搬到 Gene Munster。

So you obviously do not recognize the revenue after March 6.

所以你顯然不承認 3 月 6 日之後的收入。

Do you recognize the costs and expenses related to that?

您是否認識到與此相關的成本和費用？

Is that correct?

那是對的嗎？

No, Gene, we'll delay the recognition of both the revenue and the product cost on the iPhone from the beginning on March 6 until we release the software.

不，吉恩，我們將從 3 月 6 日開始推遲對 iPhone 收入和產品成本的確認，直到我們發佈軟件。

But we'll continue to expense our operating expenses around selling and advertising and engineering as period costs as we always have.

但我們將繼續像往常一樣將銷售、廣告和工程方面的運營費用作為期間成本進行支出。

Okay.

好的。

And then second, will you be charging for the upgrade for those who bought iPhones before March 6 for the version 2.0?

其次，對於那些在 3 月 6 日之前購買 2.0 版 iPhone 的用戶，您是否會收取升級費用？

No.

不。

As I said in my prepared remarks, we will be providing that software to the then-current iPhone customers for free.

正如我在準備好的評論中所說，我們將免費向當時的 iPhone 客戶提供該軟件。

Okay.

好的。

So then why, if everybody is going to get it for free, why are you deferring after March 6?

那麼，如果每個人都可以免費獲得它，為什麼還要推遲到 3 月 6 日之後呢？

Because the customers that purchased the phone on or after March 6th presumably were aware of the software that we told them that we were going to come out with and that they were going to get it for free.

因為在 3 月 6 日或之後購買手機的客戶大概知道我們告訴他們我們將推出的軟件，並且他們將免費獲得它。

And as a result of our announcement, the way you properly account for that is to defer the revenue.

由於我們的公告，您正確解釋這一點的方式是推遲收入。

And that's what we're going to do.

這就是我們要做的。

Okay.

好的。

Lastly, as far as the inventory in the U.S.

最後，就美國的庫存而言

Apple stores throughout this quarter, should we assume that it will start to creep back up throughout the quarter?

整個季度的蘋果商店，我們是否應該假設它會在整個季度開始回升？

Or should we just kind of assume it's going to be sporadic availability throughout the quarter?

還是我們應該假設它在整個季度都會零星供應？

We're shipping product every day, Gene, but I'm not going to forecast the exact in stock levels of the stores.

我們每天都在運送產品，吉恩，但我不會預測商店的確切庫存水平。

We've factored in our current thinking of supply/demand into the guidance.

我們已將我們目前對供需的考慮納入指導。

Great.

偉大的。

Thank you.

謝謝你。

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

謝謝，吉恩，我們可以問下一個問題嗎？

Shannon Cross from Cross Research.

來自 Cross Research 的 Shannon Cross。

A couple questions.

幾個問題。

First, could you talk a little bit about what we're seeing about the pricing of some of your European carrier partners with regard to the iPhone?

首先，您能否談談我們所看到的一些歐洲運營商合作夥伴在 iPhone 方面的定價？

Who bears the cost.

誰承擔費用。

Is this carrier driven?

這個載體是驅動的嗎？

Any commentary you can make on that?

您對此有何評論？

Shannon, Tim.

香農，蒂姆。

The carrier partners are free to price the iPhone has low as they wish.

運營商合作夥伴可以根據自己的意願自由定價 iPhone。

Beyond that I wouldn't comment on the specific commercial arrangements between us and the carriers because those are confidential.

除此之外，我不會評論我們與運營商之間的具體商業安排，因為這些都是保密的。

Okay.

好的。

And any thoughts on maintaining a 2.5 GI phone once the 3G is out.

以及在 3G 結束後維護 2.5 GI 手機的任何想法。

We don't comment on new products.

我們不對新產品發表評論。

Sorry.

對不起。

Okay.

好的。

Thought I would try.

以為我會嘗試。

Final question though is on the channel.

最後一個問題在頻道上。

Because obviously you Mac sales are quite strong.

因為很明顯你的 Mac 銷量相當強勁。

Can you talk a little bit about where you're seeing the strength in the channel?

你能談談你在哪裡看到了頻道的力量嗎？

Obviously you're expanding a bit more on your stores but you know from a CES standpoint or consumer electronics versus direct and also just any comments you can make about linearity during the quarter.

顯然，您在商店中進行了更多擴展，但從 CES 的角度來看，您知道消費電子產品與直接產品的對比，以及您可以在本季度對線性度做出的任何評論。

We're seeing strength in all geography.

我們在所有地區都看到了實力。

It has been amazing at how balanced it's been.

它的平衡程度令人驚訝。

If you look at the Mac in the Americas, we were up 52% year-over-year.

如果你看看美洲的 Mac，我們同比增長了 52%。

In Europe we were up 48, in Japan we were up 47.

在歐洲，我們上升了 48 位，在日本，我們上升了 47 位。

It's very solid throughout.

它貫穿始終。

And Asia Pacific we were actually up 62.

在亞太地區，我們實際上上升了 62 位。

And so these are obviously all multiples to the market growth.

因此，這些顯然都是市場增長的倍數。

Within each of those, the consumer appears to be very strong.

在其中的每一個中，消費者似乎都非常強大。

Our pro business also has a very nice pick up last quarter.

我們的專業業務在上個季度也有很好的回升。

The Mac Pro sold more units since it debuted with the new Intel processor.

Mac Pro 自從搭載新的英特爾處理器推出以來，銷量增加了。

Education was up 35% in the U.S.

美國的教育增長了 35%

And so overall, just strength everywhere.

所以總的來說，到處都是力量。

We felt very good.

我們感覺非常好。

Okay.

好的。

And then linearity for iPhones as well as Mac.

然後是 iPhone 和 Mac 的線性度。

On the Mac side, the only unusual thing on the linearity was we started shipping the MacBook Air late in January.

在 Mac 方面，線性方面唯一不同尋常的是我們在 1 月底開始出貨 MacBook Air。

It was constrained most of the quarter.

本季度的大部分時間都受到限制。

And so a lot of those shipments did go out in the month of March.

因此，其中很多貨物確實在 3 月份發貨。

By the end of March, we were at near a supply/demand balance on it.

到 3 月底，我們的供需接近平衡。

Just one final question.

最後一個問題。

Actually, in linearity of the iPhone.

實際上，在 iPhone 的線性度中。

In iPhone we really outstripped our supply toward the end of the quarter.

在 iPhone 中，我們在本季度末的供應量確實超過了我們的供應量。

We sold more than expected.

我們賣的比預期的多。

We thought there would be more of a sequential decline there than there was.

我們認為那裡會出現比實際情況更多的連續下降。

And so it was reasonably strong but March in particular was strong.

所以它相當強勁，但特別是三月強勁。

And any indication you can give us with regard to MacBook Air, on gross margins above or below, I don't know, anything you can give us as a metric?

關於 MacBook Air，毛利率高於或低於，你能給我們的任何跡象，我不知道，你能給我們什麼作為衡量標準？

The customers love it.

客戶喜歡它。

So no comment on gross margin, no.

所以不評論毛利率，不。

Not at the individual unit level.

不是在單個單元級別。

Okay.

好的。

Thank you.

謝謝你。

Thanks, Shannon.

謝謝，香農。

Can we have the next question, please?

請問下一個問題可以嗎？

Could we have the next question, please?

請問下一個問題好嗎？

Yes, we'll move to our next question.

是的，我們將轉到下一個問題。

Keith Bachman with Bank of Montreal.

蒙特利爾銀行的基思·巴赫曼。

Hi, guys.

嗨，大家好。

Peter when you ship the SDK, is there a catch up period for the phones that were shipped or is it all ratably from that point?

彼得，當您發布 SDK 時，是否對已發貨的手機有一個追趕期，或者從那時起是否一切順利？

If I understand your question, Keith, we will begin to recognize the revenue and the product costs once we ship the 2.0 software over the remaining lives of the -- remaining lives for the phone.

如果我理解你的問題，Keith，一旦我們在手機的剩餘生命週期內交付 2.0 軟件，我們將開始確認收入和產品成本。

So there is no catch up period, it will be ratably from that point.

所以沒有追趕期，從那時起就會有一定的差距。

Yes, ratably for the remaining life.

是的，在剩餘的生命中可以得到回報。

Peter, I want to go to the gross margin side, when at the year-over-year comps, gross margins were down 220 basis points.

彼得，我想談談毛利率方面，在同比情況下，毛利率下降了 220 個基點。

You flagged some areas that were different on the sequential basis.

您標記了一些按順序不同的區域。

Leopard would be out of the equation.

豹子將不在等式。

In fact, software was a richer mix when you look at March to March.

事實上，從 3 月到 3 月，軟件是一個更豐富的組合。

Could you just pick out a couple of the other large drivers of change on a year-over-year basis and particularly if you could identify whether the mix between CPUs and iPods was favorable or unfavorable.

您能否逐年挑選出其他幾個主要的變化驅動因素，特別是如果您可以確定 CPU 和 iPod 之間的混合是有利還是不利。

Keith, it's really hard for me to do year-over-year, gross margin comparisons.

基思，我真的很難進行年復一年的毛利率比較。

You got your different points in your product cycles, different commodity cycles, different mix.

你在產品週期、不同的商品週期、不同的組合中得到了不同的點。

And that's why we've traditionally talked about gross margin on a sequential detail.

這就是為什麼我們傳統上在連續細節上討論毛利率的原因。

I prefer to just stick with the sequential comments that I gave you which again, gross margin is better than what we thought it would be.

我更喜歡堅持我給你的連續評論，毛利率比我們想像的要好。

Fair enough.

很公平。

Last question for you, Peter.

最後一個問題，彼得。

If you have your operating segments and if you thought about, is there a deviation in the operating segments in the amount of gross margin they report by geography?

如果你有你的經營部門，如果你考慮過，經營部門在他們按地區報告的毛利率方面是否存在偏差？

In other words, was the variance in terms of the individual geographies materially different than what you had as a company as a whole?

換句話說，各個地區的差異是否與您作為一個整體的公司存在重大差異？

Well, we'll put out the 10-Q in the next week or so in our segment reporting that the gross margin level will be there.

好吧，我們將在下週左右發布 10-Q 報告，報告毛利率水平將在那裡。

You can look at prior 10-Q's to see the different gross margins in the segments.

您可以查看之前的 10-Q，以了解各個細分市場的不同毛利率。

There is a little bit of variability.

有一點點可變性。

But we're quite happy with each of our segments.

但我們對我們的每個細分市場都非常滿意。

Okay.

好的。

I'll cede the floor.

我會放棄發言權。

Thank you.

謝謝你。

Can we have the next question, please?

請問下一個問題可以嗎？

We'll move to Shaw Wu with American Technologies.

我們將與 American Technologies 一起搬到 Shaw Wu。

I have a question on your acquisition of PAE Semi.

我有一個關於你收購 PAE Semi 的問題。

Any comments or color you can give around that?

您可以對此發表任何評論或顏色嗎？

Thanks.

謝謝。

Shaw, we occasionally buy smaller technology companies from time to time, and we don't have a practice of commenting on our purpose or plan so I can't.

肖，我們偶爾會不時收購較小的科技公司，而且我們沒有評論我們的目的或計劃的做法，所以我不能。

Okay.

好的。

Thanks.

謝謝。

Thanks, Shaw.

謝謝，肖。

Could we have the next question, please?

請問下一個問題好嗎？

Yes.

是的。

We have Jeff Fidacaro with Merrill Lynch.

我們有美林證券的傑夫·菲達卡羅。

When you look at growth it's down second quarter.

當您查看增長時，它在第二季度下降。

Given your strength has accelerated to three times the market growth, could you highlight comparable seasonality in the Mac business in your June quarter?

鑑於您的實力已加速到市場增長的三倍，您能否強調一下您 6 月季度 Mac 業務的可比季節性？

Sure.

當然。

In what we generally see, in June, is a sequential increase in Mac shipments as the education buying season begins, and the June quarter tends to be more heavily weighted to K-12, which buys typically at lower ASP's, and the September quarter tends to be more heavily weighted within the ed buying season by higher education.

在我們普遍看到的情況下，隨著教育購買季節的開始，6 月份 Mac 出貨量連續增加，6 月季度往往更傾向於 K-12，其購買價格通常較低，而 9 月季度趨於在 ed 購買季節內，高等教育的權重更大。

One follow-up, as I move over to the iPhone, when you look at the non-unlocked or unactivated phones prior to the quarter, some were gifts bought late in the holiday season.

一個跟進，當我轉向 iPhone 時，當你查看本季度之前的未解鎖或未激活的手機時，有些是在假日季節後期購買的禮物。

Have you seen any change in the carry over from the December quarter, were they actually activated, have you seen significant changes?

您是否看到 12 月季度的結轉有任何變化，它們是否真的被激活了，您是否看到了重大變化？

As Tim commented, it's really hard to estimate precisely, and we don't want to throw a number out.

正如蒂姆評論的那樣，準確估計真的很難，我們不想拋出一個數字。

Unlocking is occurring.

正在解鎖。

And it is significant.

這很重要。

But our view is that this is just a clear interest in demand globally for the iPhone.

但我們的觀點是，這只是對全球 iPhone 需求的明顯興趣。

And we think we're hearing reports of iPhones being used in many countries, and this is one of the things that gives us confidence in our goal of shipping out 10 million in calendar year 2008.

我們認為我們正在聽到許多國家正在使用 iPhone 的報告，這是讓我們對 2008 日曆年出貨 1000 萬部的目標充滿信心的事情之一。

Thank you.

謝謝你。

Thanks Jeff.

謝謝杰夫。

Could we have the next question, please?

請問下一個問題好嗎？

We'll move to Toni Sacconaghi with Sanford Bernstein.

我們將與 Sanford Bernstein 一起搬到 Toni Sacconaghi。

Yes, thank you.

是的，謝謝。

I would hoping you could reconcile your statement that iPhone demand was out stripping supply at the end of the quarter with what appears to be an excess supply in most European countries of the phone.You're indicating they can price as they want and we're seeing price cuts of over 50% on the phone which doesn't sound like a situation where they're under supplied.

我希望你能調和你的說法，即本季度末 iPhone 需求已超過供應，而大多數歐洲國家的手機似乎供應過剩。你表示他們可以按自己的意願定價，而我們'再次看到手機降價超過 50%，這聽起來不像是供應不足的情況。

Were you seeing a noticeably different demand profile in the U.S.

您是否看到美國的需求情況明顯不同？

relative to your expectations versus Europe and if so, why couldn't you simply ship phones from what appears to be an over stocked Europe to U.S.

相對於您對歐洲的期望，如果是這樣，您為什麼不能簡單地將手機從庫存過剩的歐洲運送到美國？

to fulfill that demand?

滿足這個需求？

Tony, my point was the stock outs were occurring in our own stores toward the end of the quarter, and we have believed that that was because our stores are more susceptible to people going in, buying multiple units and unlocking and exporting them.

托尼，我的觀點是在本季度末我們自己的商店發生缺貨，我們認為這是因為我們的商店更容易受到人們進入、購買多個單位並解鎖和出口它們的影響。

However, I also added that currently, inventories are low in both our stores and in the channel.

但是，我還補充說，目前我們商店和渠道的庫存都很低。

And is that also the case in your European channel?

你們的歐洲頻道也是這樣嗎？

Or is that an aggregate channel statement?

或者那是一個聚合渠道聲明？

I don't want to be specific at the carrier level but in the aggregate, Europe is low, in the aggregate, the U.S.

我不想具體說明運營商級別，但總體而言，歐洲低，總體而言，美國。

is low.

低。

And at the very end of the quarter where you were having stock outs in your own stores, was your channel inventory also low?

在本季度末您自己的商店出現缺貨時，您的渠道庫存是否也很低？

Because it seemed like the phones were readily available in Europe and through AT&T stores, which obviously begged the question of why were you not able to better balance the allocation of phones, particularly towards the end of the quarter?

因為看起來這些手機在歐洲和 AT&T 商店很容易買到，這顯然引出了一個問題，為什麼你不能更好地平衡手機的分配，尤其是在本季度末？

Once the unit is already shipped and designated to a carrier, the ability to move them from carrier to carrier is very low.

一旦設備已經裝運並指定給承運人，將它們從承運人轉移到承運人的能力非常低。

So you can have very short term cases where there is some imbalance, but I think the major point is that we sold more than we thought we would, and that today, inventories are low in aggregate in Europe and in aggregate in the U.S.

所以你可以在非常短期的情況下出現一些不平衡，但我認為主要的一點是我們的銷售量比我們想像的要多，而且今天歐洲和美國的總體庫存量都很低。

Can you comment on whether you thought you sold more in Europe than you thought you would?

你能評論一下你是否認為你在歐洲的銷量比你想像的要多嗎？

No.

不。

I'm just going to comment that in total, that we sold more than we expected.

我只想評論一下，我們的總銷量超出了我們的預期。

We expected a sharper seasonal decline than what we experienced.

我們預計季節性下降將比我們所經歷的更劇烈。

And as you know, this was our first Q1 to Q2 that we've been in the phone business, so we've learned something.

如您所知，這是我們從事電話業務的第一個 Q1 到 Q2，因此我們學到了一些東西。

And then, staying with the phones, I know a couple other people have asked, but last quarter on this call you said you weren't comfortable discussing the unlocked percentage because of the high concentration of phones that -- concentration of phones that had been sold at the end of December in the holiday season and thought you would get a beater read on that in January.

然後，繼續使用手機，我知道其他幾個人問過，但上個季度在這次電話會議上，你說你不願意討論解鎖百分比，因為手機高度集中——在 12 月底的假日季節出售，並認為你會在一月份得到一個更好的閱讀。

Invariably you have gotten a better read on that.

你總是對此有更好的了解。

Given that you had given out the number before or an estimate of that number, why the reticence now given at least for last quarter you should have ample ability to be able to quantify that.

鑑於您之前已經給出了這個數字或對該數字的估計，為什麼現在至少在上個季度給出了沉默，您應該有足夠的能力來量化它。

We don't feel that we can quantify it with precision so we don't want to put out a number that we can't stand behind.

我們覺得我們不能精確地量化它，所以我們不想給出一個我們不能支持的數字。

But we've gone out of our way to classify the number as significant.

但是我們已經竭盡全力將這個數字歸類為重要數字。

And you know, I'm not sure how to be more clear than that.

而且你知道，我不確定如何比這更清楚。

And then switching to Macs, your notebook ASP declined sequentially year-over-year, given that you introduced the MacBook Pro which got off to a good start and strength in MacBook Pros.

然後切換到 Mac，你的筆記本 ASP 同比下降，因為你推出了 MacBook Pro，它在 MacBook Pro 中開局良好且實力強勁。

Were those both relatively small and were price cuts relatively big?

是不是都比較小，降價幅度比較大？

Or how do we reconcile the ASP decline?

或者我們如何調和平均售價的下降？

Tony, it's Peter.

托尼，是彼得。

The ASP decline was slight both on a sequential and year-over-year basis.

平均售價在環比和同比基礎上均略有下降。

They were largely driven by the transition that we had in the quarter and some mix shifts within our MacBook and MacBook Pro lines.

它們主要是由我們在本季度的過渡以及我們的 MacBook 和 MacBook Pro 產品線中的一些混合變化推動的。

Again, they were small.

同樣，它們很小。

Okay.

好的。

Thank you very much.

非常感謝。

Thanks, Tony.

謝謝，托尼。

The next question, please?

請問下一個問題？

We'll move to Charles Wolf with Needham and Company.

我們將與 Needham and Company 一起搬到 Charles Wolf。

Yes, I have a couple questions.

是的，我有幾個問題。

One is, do you have any color that you can provide on the demographics of MacBook Air purchases?

一個是，你有什麼顏色可以提供 MacBook Air 購買的人口統計數據嗎？

I originally thought it would be for road warriors, but the numbers suggest it's selling far better than that.

我原本以為它是給公路勇士的，但數字表明它的銷量遠比這要好。

And sort of this is the same vein, do you have any sense of how many Windows users purchased a MacBook Air?

這也是同樣的道理，你知道有多少 Windows 用戶購買了 MacBook Air 嗎？

We don't on the latter, Charlie.

我們不支持後者，查理。

What we would share is that this is appealing to all sorts of people from college professors to students to people that travel a lot.

我們要分享的是，這吸引了各種各樣的人，從大學教授到學生，再到經常旅行的人。

Seems to have universal appeal.

似乎具有普遍的吸引力。

And also, the cannibalization factor was extremely low to the other portables which is one of the key reasons we were able to have a very minor sequential design from Q1 where it usually would be much deeper.

而且，對其他便攜式設備的蠶食因子極低，這是我們能夠從 Q1 開始進行非常小的順序設計的關鍵原因之一，它通常會更深。

Thank you.

謝謝你。

Thank you, Charlie.

謝謝你，查理。

Thanks to everyone for joining us.

感謝大家加入我們。

A replay of today's call will be available for two weeks.

今天的電話會議將在兩週內重播。

As a podcast on the iTunes store, as a webcast on apple.com/investor and by telephone.

作為 iTunes 商店的播客、apple.com/investor 上的網絡廣播和電話。

The numbers for the telephone replay are 888-203-1112, or 719-457-0820.

電話重播的號碼是 888-203-1112 或 719-457-0820。

The confirmation code is 7414725.

確認碼是 7414725。

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

這些重播將在大約下午 5:00 開始提供。

Pacific time today.

今天太平洋時間。

Members of the press with additional questions can contact Steve Dowling at 408-974-1896 and financial analysts can contact John Hoover or me with additional questions.

有其他問題的媒體成員可以撥打 408-974-1896 聯繫 Steve Dowling，金融分析師可以聯繫 John Hoover 或我提出其他問題。

John is at 408-974-4570 and I'm at 408-974-5420

約翰的電話是 408-974-4570，我的電話是 408-974-5420

That does conclude today's conference call.

這確實結束了今天的電話會議。

We thank everyone for their participation.

我們感謝大家的參與。