蘋果 (AAPL) 2008 Q3 法說會逐字稿

Good day, and welcome to this Apple, Incorporated's fiscal year 2008 third quarter results conference call.

美好的一天，歡迎參加 Apple, Incorporated 2008 財年第三季度業績電話會議。

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 Ms.

在這個時候，關於開場白和介紹，我想把電話轉給Ms。

Nancy Paxton, Senior Director of Investor Relations and Corporate Finance.

Nancy Paxton，投資者關係和企業融資高級總監。

Please go ahead, ma'am.

請繼續，女士。

Thank you.

謝謝你。

Good afternoon, and thanks to everyone for joining us.

下午好，感謝大家加入我們。

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

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

Please note that some of the information you will hear during our discussion today may consist of forward-looking statements, including, without limitation, those regarding revenue, iPhone sales, gross margin, 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含前瞻性陳述，包括但不限於有關收入、iPhone 銷售、毛利率、運營費用、其他收入和費用、股票補償費用的陳述、稅收、收入和未來產品。

Actual results or trends could differ materially from our forecast.

實際結果或趨勢可能與我們的預測大相徑庭。

For more information, please refer to the risk factors discussed in Apple's form 10-K for 2007, the forms 10-Q for the first two quarters of fiscal 2008, and the form 8-K filed with the SEC today, and the attached press release.

如需更多信息，請參閱 Apple 2007 年的 10-K 表格、2008 財年前兩個季度的 10-Q 表格以及今天向美國證券交易委員會提交的 8-K 表格中討論的風險因素，以及隨附的新聞發布。

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信息的義務，這些陳述或信息截至其各自日期。

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

有了這個，我想把電話轉給彼得奧本海默，做介紹性的發言。

Thank you, Nancy.

謝謝你，南希。

Thank you for joining us.

感謝您加入我們。

We're very pleased to report the highest June quarter revenue and earnings in Apple's history.

我們非常高興地報告了 Apple 歷史上最高的 6 月季度收入和收益。

Revenue in the quarter was $7.46 billion, representing 38% growth and the increase of more than $2 billion over the previous June quarter's revenue of $5.41 billion.

本季度收入為 74.6 億美元，增長 38%，比上一季度 54.1 億美元的收入增加超過 20 億美元。

The strong year-over-year growth was driven by the highest quarterly Mac shipments ever, and higher revenue from iPod, iTunes, and iPhone, which celebrated its first anniversary on June 29.

強勁的同比增長得益於有史以來最高的季度 Mac 出貨量，以及 6 月 29 日慶祝成立一周年的 iPod、iTunes 和 iPhone 收入增加。

Operating margin for the quarter was better than expected, at 18.6%, due primarily to higher than anticipated revenue and gross margin.

本季度的營業利潤率為 18.6%，好於預期，主要是由於高於預期的收入和毛利率。

Net income was $1.07 billion, which was up 31% over the prior June quarter's results, and translated to earnings per share of $1.19.

淨收入為 10.7 億美元，比上一季度的業績增長 31%，轉化為每股收益 1.19 美元。

Before getting into the details of the quarter's results, I'd like to begin with a few points that demonstrate how well Apple has continued to perform.

在詳細了解本季度業績之前，我想先從幾點說明蘋果公司的持續表現如何。

The current June quarter's revenue growth of 38% was significantly above the 24% growth rate we achieved in last year's June quarter, and we continue to see healthy growth in all regions.

當前 6 月季度 38% 的收入增長明顯高於我們在去年 6 月季度實現的 24% 增長率，我們繼續看到所有地區的健康增長。

Sales in our retail stores, most of which are in the US, were extremely strong, growing 58% year-over-year, and store traffic was about $32 million, up $10 million from the year-ago quarter.

我們的零售店（其中大部分位於美國）的銷售額非常強勁，同比增長 58%，店鋪客流量約為 3200 萬美元，比去年同期增加 1000 萬美元。

In looking at our performance for the first six months of calendar 2008, Apple's total revenue increased by $4.3 billion year-over-year, a very impressive growth rate of 40%.

從 2008 年前六個月的業績來看，Apple 的總收入同比增長了 43 億美元，增長率高達 40%，令人印象深刻。

We are very proud of these results.

我們對這些結果感到非常自豪。

I'd like to now talk about our Mac products and services, which represented 61% of our total revenue in the June quarter.

我現在想談談我們的 Mac 產品和服務，它們占我們六月季度總收入的 61%。

We're extremely pleased to have shipped 2.5 million Macs, the greatest number of Macs shipped in any quarter in Apple's history.

我們非常高興地出貨了 250 萬台 Mac，這是 Apple 歷史上任何季度出貨量最多的 Mac。

This translates into 41% year-over-year growth, and is nearly 3 times the overall PC market rate of growth for the June quarter, based on the latest estimates published by the IDC.

根據 IDC 發布的最新估計，這相當於 41% 的同比增長，是 6 月季度整體 PC 市場增長率的近 3 倍。

Mac desktop sales grew sharply at 49% year-over-year, driven by strong demand for iMac, which we updated in April.

由於對 iMac 的強勁需求（我們在 4 月份進行了更新），Mac 台式機銷量同比大幅增長 49%。

Sales of portables were up 37% year-over-year, driven by continued growth in demand for MacBooks and MacBook Pros, and the addition of MacBook Air to the portable line-up in January.

由於 MacBook 和 MacBook Pro 的需求持續增長，以及 MacBook Air 在 1 月份的便攜式產品陣容中增加，便攜式設備的銷售額同比增長 37%。

We've been thrilled with the momentum of our Mac business.

我們對 Mac 業務的發展勢頭感到非常興奮。

In the US channels tracked and reported by NPD, Apple's share of total personal computers sold in the month of June increased to 19.5% this year, from 15.4% last year, and it was the best Mac quarter ever for our US education business, with unit growth of 25% year-over-year.

在 NPD 追踪和報告的美國渠道中，6 月份蘋果在個人電腦總銷量中的份額從去年的 15.4% 增加到今年的 19.5%，這是我們美國教育業務有史以來最好的 Mac 季度，單位同比增長 25%。

We were extremely pleased with our strong growth in both the K to 12 market, where we reached a new all-time high for quarterly Mac sales, as well as the higher ed market, where we sold more Macs than in any previous June quarter.

我們對我們在 K 到 12 市場的強勁增長感到非常滿意，我們的季度 Mac 銷量創下歷史新高，以及更高版本的市場，我們銷售的 Mac 數量超過了之前 6 月的任何一個季度。

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 33% of total revenue growth 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增長的 33%。

We sold 11 million iPods, an increase of 12% from the year-ago quarter, with the growth being driven by Shuffle as well as the introduction of the iPod Touch last September.

我們售出了 1100 萬台 iPod，比去年同期增長 12%，增長是由 Shuffle 以及去年 9 月推出的 iPod Touch 推動的。

We were pleased with the iPod sales growth of 10% in the United States and 15% internationally.

我們對美國 10% 和國際 15% 的 iPod 銷售增長感到滿意。

iPod revenue grew 7% year-over-year, less than the unit rate of growth, due to lower ASPs, driven largely by the Shuffle price reduction taken in February.

iPod 收入同比增長 7%，低於單位增長率，原因是 ASP 較低，主要是由於 2 月份的 Shuffle 降價。

We're happy with the demand elasticity that we've seen for the iPod Shuffle and think that the tradeoff between ASP and units was a good one.

我們對 iPod Shuffle 的需求彈性感到滿意，並認為 ASP 和單位之間的權衡是一個很好的選擇。

We were very successful in maintaining our high mp3 market share in the US during the quarter, and gaining share internationally.

我們在本季度非常成功地保持了我們在美國的高 mp3 市場份額，並在國際上獲得了份額。

Our share is now over 70% in both the United States and Australia, over 60% in Canada, and over 50% in the UK, Japan, and Switzerland, based on the latest published data from NPD, GFK, and BCN.

根據 NPD、GFK 和 BCN 最新公佈的數據，我們現在在美國和澳大利亞的份額超過 70%，在加拿大超過 60%，在英國、日本和瑞士超過 50%。

We have strong double-digit share in numerous other European and Asian countries, and we continue to gain share year-over-year in most countries for which we have data.

我們在許多其他歐洲和亞洲國家/地區擁有兩位數的強勁份額，並且在我們擁有數據的大多數國家/地區，我們繼續逐年增加份額。

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。

The iTunes store achieved a number of milestones during the quarter, and sales were once again very strong.

iTunes 商店在本季度取得了許多里程碑式的成就，銷售再次非常強勁。

As we indicated last month, we have now sold over 5 billion songs through iTunes, and continue to build on our industry-leading catalog of content, which features over 8 million songs, 20,000 TV episodes, and 2,200 films, including over 450 in HD.

正如我們上個月指出的那樣，我們現在通過 iTunes 銷售了超過 50 億首歌曲，並繼續建立在我們行業領先的內容目錄的基礎上，該目錄包含超過 800 萬首歌曲、20,000 集電視劇和 2,200 部電影，其中包括超過 450 部高清電影.

In the June quarter, we introduced new content from HBO to iTunes in the US, premiered movies in Canada and the UK, and introduced television programming in Germany, France, and Australia.

在 6 月季度，我們將 HBO 的新內容引入了美國的 iTunes，在加拿大和英國首映了電影，並在德國、法國和澳大利亞推出了電視節目。

iTunes also began offering new movies from major studios and premiere independent studios on the same dates as they became available on DVD.

iTunes 還開始提供主要製片廠的新電影，並在 DVD 發行的同一日期首映獨立製片廠。

During the June quarter, we shipped 717,000 first-generation iPhones, and recognized revenue from iPhone handset sales, accessories, and carrier payments of $419 million.

在 6 月季度，我們出貨了 717,000 部第一代 iPhone，並確認來自 iPhone 手機銷售、配件和運營商付款的收入為 4.19 億美元。

As we indicated previously, because we announced the iPhone 2.0 software and its many new features on March 6, but did not make it available until this month, we did not begin recognizing handset revenue for any iPhones sold on or after March 6 until we made the iPhone 2.0 software available.

正如我們之前指出的，因為我們在 3 月 6 日宣布了 iPhone 2.0 軟件及其許多新功能，但直到本月才提供，所以我們沒有開始確認 3 月 6 日或之後銷售的任何 iPhone 的手機收入，直到我們做出iPhone 2.0 軟件可用。

For those phones recognized -- for those phones, we began recognizing handset revenue on July 11, and we will continue to do so under the respective remaining terms of their 24-month estimated economic lives.

對於已確認的手機——對於這些手機，我們於 7 月 11 日開始確認手機收入，我們將在其 24 個月預計經濟壽命的剩餘期限內繼續這樣做。

Therefore, any iPhone handset revenue recognized during the June quarter relates to iPhones sold prior to March 6.

因此，在 6 月季度確認的任何 iPhone 手機收入都與 3 月 6 日之前銷售的 iPhone 相關。

We're off to a great start with the iPhone 3G.

我們在 iPhone 3G 上開了個好頭。

We have begun shipping in 22 countries.

我們已開始在 22 個國家/地區發貨。

As we announced last week, we sold our 1 millionth iPhone 3G just 3 days after its launch, in contrast to the 74 days it took us to sell 1 million first generation iPhones.

正如我們上周宣布的那樣，我們在發布後僅 3 天就售出了第 100 萬部 iPhone 3G，相比之下，我們花了 74 天才售出 100 萬部第一代 iPhone。

Customer reaction to the iPhone 3G has been overwhelmingly positive, and we look forward to getting it into the hands of many more customers around the world in the coming weeks and months.

客戶對 iPhone 3G 的反應非常積極，我們期待在未來幾周和幾個月內將它交到世界各地更多的客戶手中。

We launched the App Store on July 11 with tremendous selection of innovative applications, such as games, advanced medical solutions, and robust productivity tools for the enterprise.

我們於 7 月 11 日推出了 App Store，其中包含大量創新應用程序，例如游戲、先進的醫療解決方案和強大的企業生產力工具。

The App Store currently offers more than 900 applications with more than 20% that are free and more than 90% priced at less than $10.

App Store 目前提供 900 多個應用程序，其中超過 20% 是免費的，超過 90% 的應用程序價格低於 10 美元。

Customers are really loving the App Store and the iPhone and iPod Touch users have already downloaded over 25 million applications.

客戶真的很喜歡 App Store，iPhone 和 iPod Touch 用戶已經下載了超過 2500 萬個應用程序。

We believe this amazing selection of mobile applications will continue to keep us years ahead of the competition.

我們相信，這些令人驚嘆的移動應用程序選擇將繼續使我們在競爭中領先多年。

I would now like to turn to the Apple retail stores, which delivered very strong results, with revenue growing 58% year-over-year to $1.44 billion.

我現在想轉向蘋果零售店，它取得了非常強勁的業績，收入同比增長 58%，達到 14.4 億美元。

The store sold 476,000 Macs during the quarter, an increase of 44% year-over-year, and over half were sold to customers who have never owned a Mac before.

該商店在本季度售出了 476,000 台 Mac，同比增長 44%，其中一半以上售給從未擁有過 Mac 的客戶。

The stores also provided a record high 590,000 personal training sessions during the quarter, helping customers to learn more about their Apple products.

這些商店還在本季度提供了創紀錄的 590,000 次個人培訓課程，幫助客戶更多地了解他們的 Apple 產品。

We opened eight stores during the quarter, including our store on Boylston Street in Boston, and our first store in Australia to end the quarter with 216 stores.

我們在本季度開設了 8 家門店，包括我們位於波士頓 Boylston 街的門店，以及我們在澳大利亞的第一家門店，本季度末共有 216 家門店。

With an average of 211 stores open during the quarter, average revenue per store was $6.8 million compared to $5.1 million in the year-ago quarter, an increase of 33%.

本季度平均開設 211 家門店，每家門店的平均收入為 680 萬美元，而去年同期為 510 萬美元，增長了 33%。

Retail segment margin was $297 million, compared to $184 million in the year-ago quarter, an increase of 61%.

零售部門的利潤率為 2.97 億美元，與去年同期的 1.84 億美元相比，增長了 61%。

We're on track to end fiscal 2008 with 242 stores.

我們有望在 2008 財年結束時擁有 242 家門店。

We opened our first store in Beijing this past weekend, and we look forward to extending our international retail store presence by opening stores in Switzerland and Germany during the second half of this calendar year.

上週末，我們在北京開設了第一家門店，我們期待在本日曆年下半年在瑞士和德國開設門店，擴大我們的國際零售店影響力。

Total company gross margin was 34.8%, which exceeded our guidance by about 180 basis points as a result of several factors.

公司總毛利率為 34.8%，由於多種因素，超出我們的指引約 180 個基點。

First, we realized a net benefit to gross margin of about 70 basis points, primarily related to a one-time true-up of our contract manufacturer deferred margins.

首先，我們實現了約 70 個基點的毛利率淨收益，主要與我們的合同製造商遞延利潤率的一次性修正有關。

Second, the remaining 110 basis points resulted primarily from a better commodity environment, a richer product mix, and leverage from higher than expected revenue.

其次，剩餘的 110 個基點主要來自更好的商品環境、更豐富的產品組合以及高於預期收入的槓桿作用。

Operating expenses were $1.21 billion, including $112 million in stock-based compensation expense.

運營費用為 12.1 億美元，其中包括 1.12 億美元的股票薪酬費用。

OI&E was $118 million.

OI&E 為 1.18 億美元。

The tax rate for the quarter was 29%, below our guidance of 31% due to a higher than anticipated mix of foreign earnings.

本季度的稅率為 29%，低於我們 31% 的指引，原因是外國收入的組合高於預期。

We generated $1.33 billion in cash during the quarter, ending with $20.8 billion.

我們在本季度產生了 13.3 億美元的現金，以 208 億美元結束。

Cash flow from operations was $1.32 billion.

運營現金流為 13.2 億美元。

In the first three quarters of fiscal 2008, Apple generated over $5.4 billion in cash on $3.7 billion in net income.

在 2008 財年前三個季度，蘋果以 37 億美元的淨收入創造了超過 54 億美元的現金。

The primary contributor to the difference between our reported income and our cash growth is the tremendous cash generation from iPhone sales that has not been fully reflected as earnings yet, due to subscription accounting.

我們報告的收入和我們的現金增長之間存在差異的主要原因是 iPhone 銷售產生的巨額現金，由於訂閱會計，尚未完全反映為收益。

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

For the quarter, we are targeting revenue of about $7.8 billion, or approximately 25% growth over the prior September quarter.

本季度，我們的目標收入約為 78 億美元，比上一季度增長約 25%。

We're off to a great start with the iPhone 3G, and expect to sell more iPhones this quarter than we have in any other quarter thus far.

我們的 iPhone 3G 開局不錯，預計本季度的 iPhone 銷量將超過迄今為止任何其他季度的銷量。

Under subscription accounting, iPhone sales today will have limited impact on reported results in the quarter sold.

根據訂閱會計，今天的 iPhone 銷售對銷售季度的報告結果影響有限。

However, those sales will build significant revenue and earnings that will be reported in future quarters.

然而，這些銷售將產生可觀的收入和收益，這些收入和收益將在未來幾個季度報告。

We expect gross margin to be about 31.5%, reflecting approximately $23 million related to stock-based compensation expense, down from 34.8% in the June quarter.

我們預計毛利率約為 31.5%，反映出與股票薪酬費用相關的約 2300 萬美元，低於 6 月季度的 34.8%。

This sequential decline is expected due to three primary factors.

由於三個主要因素，預計這種連續下降。

First, the full quarter impact of the back-to-school promotion; second, a future product transition, which I can't discuss today; and third, the one-time true-up of our contract manufacturer deferred margin that we realized in the June quarter.

一是返校促銷對全季度的影響；第二，未來的產品過渡，我今天不能討論；第三，我們在 6 月季度實現的合同製造商遞延保證金的一次性調整。

We expect OpEx to be about $1.270 billion, including $125 million related to stock-based compensation.

我們預計運營支出約為 12.70 億美元，其中包括與股票薪酬相關的 1.25 億美元。

We expect OI&E to be about $120 million and we expect the tax rate to be about 30.5%.

我們預計 OI&E 約為 1.2 億美元，我們預計稅率約為 30.5%。

We expect to generate EPS of about $1.

我們預計每股收益約為 1 美元。

In closing, we are very pleased with our results.

最後，我們對我們的結果感到非常滿意。

We've just reported the strongest quarterly Mac sales in Apple's history and have completed a fabulous first year with the iPhone.

我們剛剛公佈了 Apple 歷史上最強勁的季度 Mac 銷量，並且已經完成了 iPhone 的第一年。

We're very enthusiastic about iPhone 3G, as well as the potential of the developer community and the App Store to provide outstanding application to make the iPhone and the iPod Touch even richer experiences for our customers.

我們非常熱衷於 iPhone 3G，以及開發者社區和 App Store 提供出色應用程序的潛力，從而使 iPhone 和 iPod Touch 為我們的客戶提供更豐富的體驗。

We expect revenues in fiscal 2008 to be about $32.4 billion, an increase of 35% year-over-year.

我們預計 2008 財年的收入約為 324 億美元，同比增長 35%。

We also remain very excited about our product pipeline, and look forward to delivering more great new products later this year.

我們也對我們的產品線感到非常興奮，並期待在今年晚些時候推出更多出色的新產品。

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

有了這個，我想打開問題的電話。

(OPERATOR INSTRUCTIONS) And our first question will come from Bill Fearnley with FTN Midwest.

（操作員說明）我們的第一個問題將來自 FTN Midwest 的 Bill Fearnley。

Yes, thanks.

對了謝謝。

Peter, you mentioned quickly here, future product transitions and its effect on gross margins.

彼得，你在這裡很快提到了未來的產品轉型及其對毛利率的影響。

Is there a corresponding effect on revenue growth here that you're expecting in the September quarter?

您對 9 月季度的預期收入增長是否有相應的影響？

Because the September quarter revenue growth, quite frankly, looks conservative.

因為坦率地說，9 月季度的收入增長看起來很保守。

Does the product transition affect revenue growth expectations as well?

產品轉型是否也會影響收入增長預期？

And then I just have a quick follow-up.

然後我只是快速跟進。

Okay.

好的。

Bill, for the quarter, we're targeting revenue of about $7.8 billion, 25% growth over last September.

比爾，我們本季度的目標收入約為 78 億美元，比去年 9 月增長 25%。

We have included in our revenue guidance the full quarter ASP impact of the back-to-school promotion, a future product transition that I can't discuss today, and also the elasticity that we've seen from the iPod Shuffle price reduction and its result on ASP.

我們在收入指導中包含了返校促銷對整個季度 ASP 的影響、我今天無法討論的未來產品轉型，以及我們從 iPod Shuffle 降價及其帶來的彈性結果在 ASP 上。

Now, I would tell you that we are very happy with our revenue growth, and we've just reported the best Mac quarter ever, and double-digit iPod growth and are off to a fantastic start with the iPhone 3G.

現在，我要告訴你，我們對我們的收入增長感到非常滿意，我們剛剛報告了有史以來最好的 Mac 季度和兩位數的 iPod 增長，並且在 iPhone 3G 方面有了一個夢幻般的開端。

We expect to sell more iPhones this quarter than we have in any previous quarter, but this will have a limited impact on the September quarter, but will build significant revenue and earnings, which we'll report in future quarters.

我們預計本季度的 iPhone 銷量將超過上一季度，但這對 9 月季度的影響有限，但會帶來可觀的收入和收益，我們將在未來幾個季度進行報告。

If iPhone sales were reported as revenue when sold, the September revenue guidance would be significantly higher.

如果 iPhone 銷售在銷售時報告為收入，那麼 9 月份的收入指引將顯著提高。

Okay, thanks.

好的謝謝。

And then lot of folks are talking about Apple's penetration in emerging markets.

然後很多人都在談論蘋果在新興市場的滲透。

Can you give additional color about sales outside the US for Mac and iPod in particular here?

您能否提供更多關於 Mac 和 iPod 在美國以外的銷售情況，尤其是在這裡？

Any additional color in terms of where you saw upside surprises and then in any additional color you can give preliminarily on the few days you've been out there in China?

就你看到驚喜的地方而言，還有什麼額外的顏色，然後在你在中國的幾天裡，你可以初步給出任何額外的顏色嗎？

Thanks.

謝謝。

Bill, this is Tim.

比爾，這是蒂姆。

Europe had an outstanding quarter.

歐洲有一個出色的季度。

Revenue grew at 43%, so higher than the overall company, and Japan for the third straight quarter has grown higher than the overall company this quarter at 40%.

收入增長 43%，高於公司整體，日本本季度連續第三個季度增長 40%，高於公司整體。

And Asia-Pacific continues to do extremely well, with a year-over-year increase in the Mac area of 53%.

亞太地區繼續表現出色，Mac 地區同比增長 53%。

And so if you look at the Mac areas in each one, Europe is growing at about four times the market, according to IDC.

因此，根據 IDC 的數據，如果您查看每個 Mac 領域，歐洲的增長速度大約是市場的四倍。

Japan was growing at four to five times.

日本增長了四到五倍。

Asia-Pacific was growing at two to three times.

亞太地區增長了兩到三倍。

In terms of some of the markets that you mentioned, we had several markets in the developing market area that were growing over 50% in revenue year-over-year such as China, Russia, and Latin America.

就你提到的一些市場而言，我們在發展中市場區域有幾個市場，例如中國、俄羅斯和拉丁美洲，這些市場的收入同比增長超過 50%。

But surprisingly, we also saw some of the more mature markets growing at over 50% year-over-year, such as France and Germany and Australia.

但令人驚訝的是，我們還看到一些更成熟的市場同比增長超過 50%，例如法國、德國和澳大利亞。

So overall, it was a very, very strong quarter in every major geographic region.

因此，總體而言，在每個主要地理區域，這是一個非常非常強勁的季度。

And the store is off to a good start in Beijing.

這家店在北京開了個好頭。

We're very happy with what we see there thus far.

到目前為止，我們對在那裡看到的情況感到非常滿意。

And one last question, if I could.

最後一個問題，如果可以的話。

On the new stores, any change to your expectations here for store openings for the next 12 months?

關於新店，您對未來 12 個月新店開張的預期有何變化？

Bill, we've not announced our plans for '09, but as I said in my prepared remarks, we expect to end fiscal '08 at 242 stores.

比爾，我們還沒有宣布 09 年的計劃，但正如我在準備好的講話中所說，我們預計將在 08 財年結束 242 家商店。

That is up 45 from last year.

這比去年增加了 45 個。

Okay, thanks very much.

好的，非常感謝。

Thanks, Bill.

謝謝，比爾。

Could we have the next question, please?

請問下一個問題好嗎？

From Citigroup, we'll hear from Richard Gardner.

花旗集團，我們將聽取理查德加德納的意見。

Thank you.

謝謝你。

Tim, could you talk about how many Best Buy stores you added in the quarter?

蒂姆，你能談談你在本季度增加了多少家百思買商店嗎？

And then, Peter, as a follow-up, it looks like you're still below your target range on Mac channel inventory.

然後，彼得，作為後續行動，看起來您仍然低於 Mac 渠道庫存的目標範圍。

Should we -- is the target range changing or at some point should we expect the Mac inventories to get back to the sort of 4 to 5-week range that you've talked about historically?

我們是否應該 - 目標範圍是否發生變化，或者我們是否應該期望 Mac 庫存恢復到您在歷史上談到的那種 4 到 5 週的範圍？

Rich, it's Tim.

里奇，是蒂姆。

We added about 170 Best Buy stores across the quarter.

我們在本季度增加了大約 170 家百思買商店。

That brings us to a total of about 570, and we plan to be at around 600 by the end of the summer.

這使我們總共有大約 570 個，我們計劃到夏天結束時達到 600 個左右。

Globally, we now have about 10,300 storefronts carrying the Macintosh and that's up about 1600 storefronts year-over-year.

在全球範圍內，我們現在有大約 10,300 家店面銷售 Macintosh，而且比去年同期增加了約 1600 家店面。

And the channel inventory, we did end at the three to four weeks, we still feel that four to five weeks is the appropriate target.

而渠道庫存，我們確實在三到四個星期結束，我們仍然覺得四到五個星期是合適的目標。

Okay, thank you.

好的謝謝你。

Thanks, Rich.

謝謝，里奇。

Could we have the next question, please?

請問下一個問題好嗎？

We'll hear from Ben Reitzes with Lehman Brothers.

我們將聽取雷曼兄弟的 Ben Reitzes 的來信。

Yes, good afternoon, thanks.

是的，下午好，謝謝。

Could you talk a little bit about gross margins?

你能談談毛利率嗎？

Obviously so good in the quarter, even taking out the 70 basis points and then you're guiding to 31.5.

顯然本季度表現如此出色，即使扣除 70 個基點，您也將引導至 31.5。

Could we just talk a little bit about the changes in commodity environment in particular, maybe a little bit more about -- it sounds like it's more the BTS promo, back to school promo and the product transition, excluding the true-up here.

我們能否特別談談商品環境的變化，也許更多一點 - 聽起來更像是 BTS 促銷，返校促銷和產品過渡，不包括這裡的真實情況。

But could you just talk a little bit more about what you think components will do and why?

但是你能多談談你認為組件會做什麼以及為什麼嗎？

Ben, this is Peter.

本，這是彼得。

Let me start by just kind of going through some of the factors that caused us to do a little better in June, what we see for the September quarter, and then Tim can answer your commodity question.

讓我首先回顧一下導致我們在 6 月表現更好的一些因素，以及我們在 9 月季度看到的情況，然後蒂姆可以回答您的商品問題。

And then I would actually like to follow up after Tim does and talk a little bit about what we see in some future quarters.

然後我實際上想在蒂姆之後跟進並談談我們在未來幾個季度看到的情況。

In the June quarter, we did do about 180 basis points better than our guidance.

在 6 月季度，我們的表現確實比我們的指導好約 180 個基點。

And this was driven, as I said, in my prepared remarks by a one-time true-up that we had with our contract manufacturer, deferred margin of about 70 basis points.

正如我所說，這是由我們與合同製造商進行的一次性調整推動的，在我準備好的評論中，遞延保證金約為 70 個基點。

The remaining 110 was primarily driven by a better commodity environment than we planned, a bit richer of a product mix and leverage from the higher revenue.

剩下的 110 家主要是由比我們計劃的更好的商品環境、更豐富的產品組合和更高收入的槓桿作用推動的。

As I look forward to the September quarter, I would see gross margin being about 31.5%, down from the 34.8 as a result of primarily three factors.

當我期待 9 月季度時，我認為毛利率約為 31.5%，低於 34.8，這主要是三個因素的結果。

First, the full quarter impact of the back-to-school promotion that we are running.

首先，我們正在進行的返校促銷活動對整個季度的影響。

Second, we've got a future product transition that I can't discuss with you today, and then finally, the one-time true-up with the contract manufacturer deferred margin won't repeat.

其次，我們有一個我今天無法與您討論的未來產品過渡，最後，與合同製造商遞延保證金的一次性調整不會重複。

Tim?

蒂姆？

Yes, so Ben on some of the key components on LCDs and NAND flash, we expect a favorable cost environment.

是的，所以 Ben 在 LCD 和 NAND 閃存上的一些關鍵組件上，我們預計會有一個有利的成本環境。

The DRAM market is entering a seasonally stronger demand period relative to where it's been, and we believe that price will recover from these historically low levels and so we see increases in this area.

DRAM 市場正進入相對於以往的季節性需求旺盛期，我們相信價格將從這些歷史低位回升，因此我們看到該領域的增長。

Hard drives, optical drives, and most other commodities are in supply/demand balance and we envision these trends following historical norms.

硬盤驅動器、光驅和大多數其他商品處於供需平衡狀態，我們預計這些趨勢將遵循歷史規範。

Okay.

好的。

So I mean basically, though, it sounds like you guys may reprice or rethink about how you're pricing maybe with some of the transitions and you want to drive a lot of volume.

所以我的意思是，基本上，聽起來你們可能會重新定價或重新考慮如何通過一些過渡來定價，並且你想推動大量銷量。

Is there any change in the company's philosophy in terms of margin and volume or stay tuned?

公司在利潤和數量方面的理念是否有任何變化或敬請期待？

Ben, let me talk a little bit about what I would see beyond the September quarter for margin.

Ben，讓我談談我在 9 月季度之後看到的保證金情況。

As you know, we can't discuss future products, so the first part of your question that we're not able to answer today, we're delivering state of the art products at price points that our competitors can't match, which has resulted in market share gains in each of our products.

如您所知，我們無法討論未來的產品，因此我們今天無法回答的問題的第一部分是，我們以競爭對手無法匹敵的價格提供最先進的產品，這已導致我們每種產品的市場份額增加。

We plan to continue this strategy and to deliver great value to our customers while making a reasonable margin, but not a margin so high as to leave an umbrella for our competitors.

我們計劃繼續這一戰略，為我們的客戶提供巨大的價值，同時獲得合理的利潤，但利潤不會高到為我們的競爭對手留下保護傘的地步。

In addition, and one of the investments that we make is to introduce new products that initially cost more because they deliver an entirely new level of value to the customer.

此外，我們進行的一項投資是推出最初成本更高的新產品，因為它們為客戶提供了全新的價值水平。

Then we ride the cost curves down with value engineering and volume manufacturing, leaving us far ahead of our competitors.

然後我們通過價值工程和批量製造來降低成本曲線，使我們遠遠領先於競爭對手。

We have some of these types of investments in front of us that I can't discuss with you today and we plan to continue to execute this strategy in the future.

我們面前有一些此類投資，我今天無法與您討論，我們計劃在未來繼續執行這一戰略。

As we look beyond the September quarter, we would anticipate gross margins being about 30% in fiscal 2009.

展望 9 月季度之後，我們預計 2009 財年的毛利率約為 30%。

We are very confident in our new product pipeline, our growth opportunities and the decisions that we're making for our future.

我們對我們的新產品線、我們的增長機會以及我們為未來做出的決定非常有信心。

Okay, thanks.

好的謝謝。

And then my last thing is just I would like to ask it as respectfully as possible.

然後我的最後一件事就是我想盡可能恭敬地問它。

A New York newspaper today obviously called into question some issues around Steve and obviously his health and we get a lot of questions about it.

今天紐約的一家報紙顯然對史蒂夫的一些問題以及他的健康提出了質疑，我們收到了很多關於它的問題。

And I'm really sorry to ask because it's a very private matter, but would you mind addressing the situation and just making it so we can have your official statement?

我真的很抱歉問這個問題，因為這是一件非常私人的事情，但你介意解決這個問題，然後讓我們得到你的正式聲明嗎？

And I apologize in advance for having to ask the question.

我提前為不得不問這個問題而道歉。

Ben, Steve loves Apple.

本，史蒂夫喜歡蘋果。

He serves as the CEO at the pleasure of Apple's board and has no plans to leave Apple.

他很樂意擔任蘋果董事會的首席執行官，並且沒有離開蘋果的計劃。

Steve's health is a private matter.

史蒂夫的健康是私事。

Thanks, Ben.

謝謝，本。

Could we have the next question, please?

請問下一個問題好嗎？

From Pacific Crest Securities, we'll hear from Andy Hargreaves.

來自 Pacific Crest Securities，我們將聽取 Andy Hargreaves 的來信。

Hi.

你好。

Can you touch on CapEx, jumped quite a bit in the quarter, just talk about what the spending was on and is the target still $1.25 billion for the year?

您能否談談資本支出，在本季度大幅增長，僅談談支出情況以及今年的目標是否仍為 12.5 億美元？

Yes, our capital expenditures in the June quarter were $304 million.

是的，我們在 6 月季度的資本支出為 3.04 億美元。

We spent $113 million in our retail stores and $191 million outside of our retail stores in our IT areas, facilities and some of our manufacturing.

我們在我們的零售店花費了 1.13 億美元，在我們的 IT 領域、設施和部分製造的零售店之外花費了 1.91 億美元。

And we do anticipate CapEx for fiscal '08 being $1.2 billion, about $400 million in retail, and $800 million in the other parts of our business.

我們確實預計 08 財年的資本支出為 12 億美元，零售約為 4 億美元，我們業務的其他部分為 8 億美元。

And then wonder if I could just ask about Apple TV real quick.

然後想知道我是否可以快速詢問Apple TV。

Wondering if you can give us any clue or any indication on the number of video rentals or how the launch of that service has impacted hardware sales.

想知道您是否可以向我們提供有關視頻租賃數量或該服務的推出如何影響硬件銷售的任何線索或任何跡象。

We started shipping Apple TV, as you know, in February, and we've been pleased with the sales that we've had.

如您所知，我們從 2 月開始發貨 Apple TV，我們對我們的銷售情況感到滿意。

However, the Apple TV remains a hobby, as we call it, because it's not -- this business is not nearly as large as the Macintosh business or the music business and does not have the potential of the iPhone business.

然而，正如我們所說，Apple TV 仍然是一種愛好，因為它不是——這項業務遠沒有 Macintosh 業務或音樂業務那麼大，也不具備 iPhone 業務的潛力。

However, we are very excited about the potential of it and continue to invest in it.

但是，我們對它的潛力感到非常興奮，並繼續對其進行投資。

Okay thanks.

好的謝謝。

Thanks, Andy.

謝謝，安迪。

Could we have the next question, please?

請問下一個問題好嗎？

From Needham, we'll hear from Charles Wolf.

來自李約瑟，我們將聽到查爾斯沃爾夫的消息。

Yes, I have a quick question.

是的，我有一個簡單的問題。

What was the division of iPod sales between the US and international?

美國和國際之間 iPod 銷售的劃分是什麼？

Charlie, that's not something that we specifically break out, but I can tell you that our iPod sales in the United States grew 10% and we grew 15% outside the United States.

查理，這不是我們專門突破的，但我可以告訴你，我們的 iPod 在美國的銷量增長了 10%，我們在美國以外的地區增長了 15%。

So I should be able to solve for it.

所以我應該能夠解決它。

Thank you.

謝謝你。

Thanks, Peter.

謝謝，彼得。

Thanks, Charlie.

謝謝，查理。

Could we have the next question, please?

請問下一個問題好嗎？

From Piper Jaffray, we'll hear from Gene Munster.

從 Piper Jaffray 那裡，我們將聽到 Gene Munster 的來信。

Hi, good afternoon.

你好，下午好。

Obviously the iPhone's also a good launch and seem to be lines across the country and we're down to 2% of your stores have iPhones.

顯然，iPhone 的推出也很不錯，而且似乎在全國范圍內都有銷售，而且我們已經下降到 2% 的商店有 iPhone。

Can you give us any sort of expectations beyond you're doing your best to refill the channel in terms of when we should expect to see a little bit broader inventory?

除了您正在盡最大努力重新填充渠道之外，您能否就我們何時應該看到更廣泛的庫存給我們任何期望？

Gene, it's Tim.

吉恩，是蒂姆。

The response to the new iPhone 3G has been stunning.

對新款 iPhone 3G 的反響令人震驚。

As Peter said in his opening comments, we sold our 1 millionth iPhone just three days after the launch, and to contrast that, it took us 74 days to sell 1 million of the first generation iPhone and almost two years to sell our 1 millionth iPod.

正如彼得在他的開場評論中所說，我們在發布後僅三天就售出了我們的第 100 萬部 iPhone，相比之下，我們用了 74 天的時間售出了第一代 iPhone 的 100 萬部，而我們的第 100 萬部 iPod 用了將近兩年的時間售出.

And so we are thrilled with what we see.

所以我們對我們所看到的感到興奮。

As you say, there are a number of stockouts.

正如你所說，有很多缺貨。

This is a factor of the overwhelming demand.

這是需求旺盛的一個因素。

I am very pleased with the production ramp, very pleased with the trajectory of it.

我對生產坡道非常滿意，對它的軌跡非常滿意。

We're shipping units as fast as we can and obviously we're trying to catch the demand and serve our customers.

我們正在盡可能快地發貨，顯然我們正在努力抓住需求並為我們的客戶服務。

We are confident enough in the production ramp that we will be launching about 20 additional countries on August 22, which would bring our total to over 40, and we still expect to be selling the iPhones in other 70 countries later this calendar year.

我們對產量增長有足夠的信心，我們將在 8 月 22 日推出大約 20 個額外的國家，這將使我們的總數達到 40 多個，我們仍然希望在今年晚些時候在其他 70 個國家銷售 iPhone。

Would you be launching some of those other countries if you expected stock outage in the US?

如果您預計美國會出現庫存中斷，您會推出其他一些國家嗎？

As I said, I like what I'm seeing in the production ramp and I'm confident in our ability to supply.

正如我所說，我喜歡我在生產中看到的情況，我對我們的供應能力充滿信心。

I'm not going to predict when supply will meet demand.

我不會預測供應何時會滿足需求。

We've been selling the phone for 10 days and so this is a very difficult thing to do with this level of data.

我們已經銷售了 10 天的手機，因此對於這種級別的數據來說這是一件非常困難的事情。

One final question, can you remind us the accounting on the iPod Touch?

最後一個問題，你能提醒我們關於 iPod Touch 的會計處理嗎？

The accounting treatment?

會計處理？

Sure.

當然。

Gene, we recognize revenue on all iPods when we ship them.

Gene，我們在發貨時確認所有 iPod 的收入。

Okay.

好的。

So why is the phone accounted differently than the iPod Touch?

那麼為什麼手機的計算方式與 iPod Touch 不同呢？

Because we are giving away to current customers at no charge, new software applications and update to software features, when we make them available, and we are not doing that with iPods or Macs.

因為當我們提供新的軟件應用程序和軟件功能更新時，我們會免費向現有客戶贈送它們，而我們不會在 iPod 或 Mac 上這樣做。

Thank you.

謝謝你。

Thanks, Gene.

謝謝，吉恩。

Could we have the next question, please?

請問下一個問題好嗎？

We'll hear from David Bailey with Goldman Sachs.

我們將聽取高盛集團的 David Bailey 的來信。

Great, thank you very much.

太好了，非常感謝。

Just wonder a question about your go-forward gross margin target of 30% of fiscal '09.

只是想知道一個關於你 09 財年 30% 的前進毛利率目標的問題。

Obviously that's quite a bit lower than what you've seen over the past couple of years.

顯然，這比你在過去幾年看到的要低得多。

I'm trying to understand if that's more about pricing or mix or what else is causing such a steep drop-off.

我試圖了解這是否更多地與定價或組合有關，或者是什麼導致瞭如此急劇的下降。

David, as I said a few minutes ago, we're delivering state of the art products at price points that our competitors can't match, which has resulted in market share gains in each of our product areas.

大衛，正如我幾分鐘前所說，我們以競爭對手無法匹敵的價格提供最先進的產品，這導致我們每個產品領域的市場份額都增加了。

And we plan to continue this strategy into the future and deliver great value to customers.

我們計劃在未來繼續這一戰略，為客戶創造巨大價值。

And as a result of that, I would see our gross margins being about 30% in fiscal 2009 and I can't get into you what we have in our new product pipeline, because we don't talk about future products.

因此，我認為我們的毛利率在 2009 財年約為 30%，我無法向您透露我們在新產品管道中的情況，因為我們不談論未來的產品。

I guess I'm just trying to get a better handle on the fact that - you've always been delivering the same type of products at those price points, with gross margins,a few hundred basis points higher than that, you know, few hundred basis points higher than that, so what's the change?

我想我只是想更好地處理這樣一個事實 - 你一直以這些價格點提供相同類型的產品，毛利率比這高幾百個基點，你知道，很少比這高出一百個基點，那麼變化是什麼？

We have some investments in front of us that I can't discuss with you today, where we are going to be delivering state of the art new products that our competitors just aren't going to be able to match and as a result, I would see gross margins being about 30%, and that's all I can tell you at this point.

我們面前有一些我今天無法與您討論的投資，我們將提供最先進的新產品，我們的競爭對手無法與之匹敵，因此，我會看到毛利率約為 30%，這就是我現在可以告訴你的全部內容。

Okay.

好的。

Thanks, David.

謝謝，大衛。

Could we have the next question, please?

請問下一個問題好嗎？

We'll hear from Keith Bachman with Bank of Montreal.

我們將聽取蒙特利爾銀行的 Keith Bachman 的來信。

Hi, Peter.

嗨，彼得。

I wanted to go back on the guidance issue for a second.

我想回到指導問題上一秒鐘。

Over the last three years, Peter, you've generally guided from June to September to have revenues up 3% and EPS varied a little bit, but down 18.9%.

在過去三年中，彼得，您通常指導從 6 月到 9 月收入增長 3%，每股收益略有變化，但下降了 18.9%。

In reality, the results that you've delivered have been order of magnitude -- and those are sequential changes.

實際上，您交付的結果是數量級的——而且這些都是連續的變化。

Revenue has been up 10%, and EPS has been in fact not down, but up 9%.

收入增長了 10%，每股收益實際上並沒有下降，而是增長了 9%。

In each of those periods in September, you particularly have price-downs, or reduction in prices.

在 9 月的每一個時期，你都會特別經歷降價或降價。

You always have back-to-school transitions.

你總是有返校過渡。

The only difference I heard this quarter was a reversal of the deferred at the contract manufacturer.

我在本季度聽到的唯一區別是合同製造商延期的逆轉。

So still trying to understand what's different this quarter in terms of how this is going to play out, where in fact you're going to deliver September results that are above where you've guided from and historically that's exactly what's happened over the past three years.

因此，仍然試圖了解本季度的不同之處在於這將如何發揮作用，事實上，您將在 9 月份提供高於您所指導的結果的結果，從歷史上看，這正是過去三年發生的情況年。

If you could comment on that, please.

如果你能對此發表評論，請。

Sure.

當然。

Keith, we gave you guidance that we have reasonable confidence in achieving and we have a process we go through to evaluate what we think demand for our products will be and what we can make and what it's going to cost us and we give you guidance accordingly.

基思，我們為您提供了指導，我們對實現這一目標有合理的信心，並且我們有一個流程來評估我們認為對我們產品的需求以及我們可以製造什麼以及我們將花費多少，我們會為您提供相應的指導.

I have guided revenue up this quarter on 5% from where we ended the June quarter.

我已將本季度的收入引導至 6 月季度結束時的 5%。

We are confident in our business.

我們對我們的業務充滿信心。

We believe that we'll sell more Macs in the September quarter than we did in the June quarter, but we do see our gross margin being down and I've told you the three reasons that I think are primarily going to drive that.

我們相信，我們在 9 月季度銷售的 Mac 將比 6 月季度更多，但我們確實看到我們的毛利率在下降，我已經告訴你我認為主要推動這一趨勢的三個原因。

Okay.

好的。

Well, let me ask a follow-up then to Mr.

好吧，讓我向先生問一個後續問題。

Bailey's question.

貝利的問題。

When you were describing why gross margins would be down 30 -- sorry, to 30% in the out quarters, I heard you mention price a couple different times during your prepared and follow-on remarks.

當您描述為什麼毛利率會下降 30 - 抱歉，在最後幾個季度下降到 30% 時，我聽說您在準備好的和後續的評論中多次提到價格。

It sounds like what you're suggesting is in addition to mix, though, is price is going to be one of the things that you think leads the gross margins down because in fact you haven't been to those gross margins in over eight quarters.

聽起來你的建議是除了混合之外，價格是否會成為你認為導致毛利率下降的因素之一，因為事實上你已經有八個多季度沒有達到這些毛利率了.

Again, I can't talk about future products.

同樣，我不能談論未來的產品。

That certainly could be the case and we also plan to continue to announce state of the art products that deliver incredible value to our customers.

情況肯定是這樣，我們還計劃繼續發布最先進的產品，為我們的客戶帶來難以置信的價值。

And we're very excited about what we have in our new product pipeline.

我們對新產品管道中的內容感到非常興奮。

Okay.

好的。

I'll leave it there.

我會把它留在那裡。

Thank you.

謝謝你。

Thanks, Keith.

謝謝，基思。

Could we have the next question, please?

請問下一個問題好嗎？

From Cross Research, we'll hear from Shannon Cross.

來自 Cross Research，我們將聽到 Shannon Cross 的消息。

Hi, good afternoon.

你好，下午好。

Maybe just -- hello?

也許只是——你好？

Can you hear me?

你能聽到我嗎？

We can.

我們可以。

Oh, okay, good.

哦，好的，很好。

Sorry.

對不起。

I'm on an iPhone 3G, so I hope you can.

我在 iPhone 3G 上，所以我希望你能。

Anyway, looking at the -- moving past the gross margin, maybe we could talk a little bit about operating margin.

無論如何，看看 - 超越毛利率，也許我們可以談談營業利潤率。

Peter, if you can give some idea of if you're focused on running the business for gross margin or actually for the gross profit dollars that fall off of it, therefore there's still substantial room for upside to EPS, even if gross margin gets compressed a bit.

彼得，如果你能說明一下你是專注於經營業務是為了毛利率，還是實際上是為了從中損失的毛利潤美元，那麼即使毛利率被壓縮，每股收益仍有很大的上漲空間一點點。

Shannon, I think as I look back, I think the management team has made excellent decisions with our products and how we've managed the business.

香農，當我回首往事時，我認為管理團隊對我們的產品以及我們如何管理業務做出了出色的決策。

With the guidance that we've provided to you today, we expect our top line for fiscal '08 to be $32.4 billion, up 35% year-over-year, from fiscal '07 which grew to $24 billion.

根據我們今天向您提供的指導，我們預計 08 財年的收入將從 07 財年的 240 億美元增長到 324 億美元，同比增長 35%。

We're just getting started really with the iPhone.

我們才剛剛開始真正使用 iPhone。

In the September quarter, we think we're going to sell more than we ever have.

在 9 月季度，我們認為我們的銷量將比以往任何時候都多。

So I think we've run the business very, very well, plan to continue to do that in the future.

所以我認為我們已經非常非常好地經營業務，併計劃在未來繼續這樣做。

We're investing in the business, but we've been providing leverage from an OpEx perspective for some period of time now and would hope to do that in the future as well.

我們正在投資這項業務，但一段時間以來，我們一直在從運營支出的角度提供槓桿作用，並希望在未來也能做到這一點。

Okay, and then just one question, because obviously with the accounting on the iPhone, the cash is going to become substantially more important.

好的，然後只有一個問題，因為顯然在 iPhone 上進行會計處理後，現金將變得更加重要。

So can you talk a little bit about use of cash, management stocks on cash?

那麼你能談談現金的使用，現金管理股票嗎？

Obviously you've been -- relatively small return you're getting right now on your cash.

顯然，你一直 - 你現在從現金中獲得的回報相對較小。

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

我今天的立場沒有變化要與您分享。

Okay, thank you.

好的謝謝你。

Thanks, Shannon.

謝謝，香農。

Could we have the next question, please?

請問下一個問題好嗎？

Mark Moskowitz, JPMorgan.

馬克·莫斯科維茨，摩根大通。

Yes, thank you, good afternoon.

是的，謝謝，下午好。

A few questions.

幾個問題。

Peter, I want to get back to David and Keith's question regarding the commentary on margins going forward.

彼得，我想回到大衛和基思關於未來利潤評論的問題。

Is it safe to say, then, you're kind of suggesting without announcing your new products that Apple could introduce a more flexible pricing structure across the product lines in terms of not having the reputation of being the high price configuration provider of old, maybe being a lot more volume-driven, particularly on the Mac side of the house?

那麼，可以肯定地說，您在沒有宣布您的新產品的情況下暗示蘋果可以在產品線中引入更靈活的定價結構，因為它沒有舊的高價配置提供商的聲譽，也許更受音量驅動，尤其是在 Mac 方面？

Again, I can't get into what we'll do in the future, but as I look at our products today, I think we are incredibly well priced from a competitive perspective.

同樣，我無法了解我們將來會做什麼，但是當我今天查看我們的產品時，我認為從競爭的角度來看，我們的價格非常合理。

You know, with the iPod, we start at $49 and go up to about $400 with many choices in between for customers.

您知道，對於 iPod，我們的起價為 49 美元，最高可達 400 美元左右，客戶可以從中選擇很多。

And I think we are as competitive today on the Mac as we've ever been in the 12 years that I've been with Apple.

而且我認為我們今天在 Mac 上的競爭力與我在 Apple 工作的 12 年中一樣具有競爭力。

So I'm very comfortable with our pricing.

所以我對我們的定價很滿意。

Okay, and then, Tim, could you help us understand how we should think about the longer-term trajectory of your retail footprint overseas, over time, I think you said 10,300 store fronts.

好的，然後，蒂姆，您能否幫助我們了解我們應該如何考慮您在海外零售足蹟的長期軌跡，隨著時間的推移，我想您說的是 10,300 家店面。

Where do you see that going by the end of this year and next?

你認為今年年底和明年會發生什麼？

Yes, that's obviously the channel numbers.

是的，這顯然是頻道號。

Right.

正確的。

Just to clarify for everyone, not our own retail store.

只是為了澄清大家，而不是我們自己的零售店。

I see it continuing to increase because as we grow our market share, the Mac will need more coverage.

我認為它會繼續增加，因為隨著我們市場份額的增加，Mac 將需要更多的覆蓋範圍。

It doesn't need the amount of coverage that iPod has, which has over 45,000, nor the amount that the phone will eventually have, but I do envision it continuing to grow.

它不需要 iPod 擁有超過 45,000 的覆蓋範圍，也不需要手機最終擁有的數量，但我確實預計它會繼續增長。

And then just lastly, I know it's very early here with the 3G iPhone, but there seems to be a lot of buzz within the corporate IT houses regarding the phone.

最後，我知道現在推出 3G iPhone 還為時過早，但企業 IT 部門似乎對這款手機有很多議論。

Can you maybe give us a sense in terms of what level of discussion has been stirred so far in terms of folks that want to fold in not only the iPhone, but maybe Macs and other corporate environment?

您能否讓我們了解一下，到目前為止，對於那些不僅想要折疊 iPhone，還想折疊 Mac 和其他企業環境的人來說，討論的程度如何？

On the iPhone, there's been a significant interest.

在 iPhone 上，人們非常感興趣。

As you know, about a third of the Fortune 500 were in our iPhone 2.0 beta program, and we've got very large enterprises such, just to name a few, Kraft, First American, Disney, Genentech, Oracle, and the Southern Company, who are all beginning to deploy iPhones within their organization.

如您所知，大約三分之一的財富 500 強企業參與了我們的 iPhone 2.0 測試計劃，我們擁有非常大的企業，例如卡夫、First American、迪士尼、基因泰克、甲骨文和南方公司，他們都開始在他們的組織內部署 iPhone。

Also, there have been companies that are writing applications, and you can see some of these on the App Store, such as cellsource.com and Oracle with Oracle business Indicators, and there are many, many more enterprises that are writing custom apps for their particular enterprise, and so we see significant excitement.

此外，還有一些公司正在編寫應用程序，您可以在 App Store 上看到其中的一些，例如 cellsource.com 和 Oracle 的 Oracle 業務指標，還有很多很多的企業正在為其編寫自定義應用程序。特定的企業，因此我們看到了極大的興奮。

Many of the carrier partners, as you probably know, have very large sales forces to call on these companies direct and they are very excited about pushing and evangelizing the iPhone in these accounts.

正如您可能知道的那樣，許多運營商合作夥伴擁有非常龐大的銷售人員可以直接聯繫這些公司，他們對在這些客戶中推廣和宣傳 iPhone 感到非常興奮。

Thank you.

謝謝你。

Thanks, Mark.

謝謝，馬克。

Could we have the next question, please?

請問下一個問題好嗎？

We'll hear from Katie Huberty from Morgan Stanley.

我們將聽取摩根士丹利的 Katie Huberty 的來信。

Thanks, Peter.

謝謝，彼得。

I understand this is a low base, but inventory did increase 50% sequentially, so is it fair to assume that that number normalized post the 3G launch?

我知道這是一個低基數，但庫存確實環比增長了 50%，所以假設這個數字在 3G 發布後正常化是否公平？

Katie, the increase in inventories related primarily to a buy ahead we did to -- largely related to the launch of the iPhone 3G.

凱蒂，庫存的增加主要與我們所做的提前購買有關——很大程度上與 iPhone 3G 的推出有關。

And then profits at Apple stores grew faster than revenue over the past few quarters.

然後在過去幾個季度，蘋果商店的利潤增長速度超過了收入。

How are you thinking about continuing to flow that margin upside, the bottom line versus reinvesting in either store layout or resources to support what should be higher traffic post the 3G phone launch?

您如何考慮繼續保持利潤率上升，底線與再投資商店佈局或資源以支持 3G 手機推出後應該更高的流量？

Well, to date, Ron has I think really done, and his team, a wonderful job of giving customers a great experience in the store and traffic just continues to go up.

好吧，到目前為止，我認為 Ron 真的做得很好，他的團隊出色地為顧客提供了出色的商店體驗，而且客流量還在繼續上升。

Again, we were up over 10 million people year-over-year to 32 million in just 211 stores that were open on average.

同樣，我們僅在平均開業的 211 家商店中就增加了超過 1000 萬人，達到 3200 萬人。

We're opening -- we'll open this year about 45 stores.

我們正在開業——今年我們將開設大約 45 家商店。

Ron is remodeling some of the early stores that we opened to give customers a better experience, so we are making investments in the stores, and he, with the revenue growth, has been able to provide some leverage, as you point out, along the way.

Ron 正在改造我們開設的一些早期商店，以便為客戶提供更好的體驗，因此我們正在對商店進行投資，正如您所指出的，隨著收入的增長，他已經能夠提供一些影響力方法。

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？

We'll hear from Jeff Fidacaro with Merrill Lynch.

我們將聽取美林證券公司 Jeff Fidacaro 的意見。

Hi, Peter.

嗨，彼得。

I was wondering if you could talk a little bit about the margin impact, maybe in the September quarter from the iPhone launch.

我想知道你是否可以談談利潤率的影響，也許是在 iPhone 發布後的 9 月季度。

In other words, what cannot be deferred along with the handset revenues?

換句話說，什麼不能與手機收入一起遞延？

Sure.

當然。

We incur our OpEx in engineering, sales and marketing related to the iPhone currently, while recognizing the revenue over -- and product costs over a two-year period of time.

我們目前在與 iPhone 相關的工程、銷售和營銷方面產生了 OpEx，同時確認了兩年內的收入和產品成本。

And we do have launch expenses for the iPhone 3G that are built into the September quarter and that's provided for in the $1.27 billion guidance that I gave you.

我們確實在 9 月季度內置了 iPhone 3G 的發布費用，這是在我給你的 12.7 億美元指導中提供的。

Okay, and if you could talk about also the rollout into different geographies.

好的，如果您還可以談論在不同地區的推廣。

Sounds like you're doing another 20 countries by August 22.

聽起來你要在 8 月 22 日之前再去 20 個國家。

Do you intend to do them in blocks, or is it going to be more linear after that to get up to the 70 number?

您打算分塊進行，還是之後會更加線性以達到 70 個數字？

The August 22nd one is a block, as I indicated.

正如我所指出的，8 月 22 日是一個街區。

And we would prefer to do more in blocks, but we'll likely have some of each as the year goes on to close out the year greater than 70.

而且我們更願意在塊中做更多的事情，但隨著時間的推移，我們可能會在每個塊中都有一些，以結束超過 70 年的年份。

Okay, and just one last follow-up.

好的，最後一次跟進。

On the App Store, expectations here going forward, I know your iTunes has been generally run as breakeven or better.

在 App Store 上，這裡的期望是，我知道你的 iTunes 一直保持盈虧平衡或更好。

You're getting a 30% split of the application revenue.

您將獲得應用程序收入的 30%。

Clearly this has done well over just the initial launch.

顯然，這比最初的發布做得很好。

Just wanted to get your thoughts and your expectations as far as contributing to profits.

只是想了解您對利潤的貢獻的想法和期望。

Sure.

當然。

We're thinking about the App Store in the same way that we think about the iTunes store.

我們考慮 App Store 的方式與考慮 iTunes 商店的方式相同。

While it will generate some revenues, it will be a small profit generator.

雖然它會產生一些收入，但它將是一個小利潤來源。

And just with the iTunes store making iPods more attractive, we think the app store will make the iPhone and iPod Touch more attractive to customers.

僅 iTunes 商店使 iPod 更具吸引力，我們認為應用商店將使 iPhone 和 iPod Touch 對客戶更具吸引力。

We'll hopefully see an indirect return by selling more iPhones and iPod Touches.

通過銷售更多的 iPhone 和 iPod Touch，我們有望看到間接回報。

Thanks, Jeff.

謝謝，傑夫。

Could we have the next question, please?

請問下一個問題好嗎？

We'll hear from Toni Sacconaghi with Sanford Bernstein.

我們將聽取 Toni Sacconaghi 和 Sanford Bernstein 的來信。

Yes, thank you.

是的，謝謝。

I have a few questions, please.

我有幾個問題，請。

Firstly, can you comment at all, or do you care to comment on what's baked into your guidance around the health of the US consumer?

首先，您能否發表評論，或者您是否願意評論您在美國消費者健康方面的指導意見？

You're still doing phenomenally well in your stores, but if we look sequentially, Mac units grew 67% last quarter.

你在商店裡的表現仍然非常好，但如果我們按順序來看，上個季度 Mac 的銷量增長了 67%。

They grew 44% this quarter in your stores against a much easier compare.

他們本季度在您的商店中增長了 44%，相比之下要容易得多。

We look at your store traffic.

我們查看您的商店流量。

It was actually down sequentially from 33.7 million to 32.

它實際上從 3370 萬下降到 32。

It looks like it's typically up between Q2 and Q3.

看起來它通常在第二季度和第三季度之間上漲。

Do these indicators mean anything to you and do you, do you have anything baked into your forecast for fiscal Q4 that incorporates a view about the health of the US consumer?

這些指標對您有什麼意義嗎？您對第四財季的預測是否包含對美國消費者健康狀況的看法？

Toni, we're going to leave economic commentary to others, but we didn't see any obvious impact to the business in the June quarter, and I've talked a little bit about in my prepared remarks just how we did at the company level, but also in the US, in our retail stores, with our iPods and our education unit, which had the best June quarter in our history.

Toni，我們將把經濟評論留給其他人，但我們沒有看到 6 月季度對業務的任何明顯影響，我在準備好的評論中談到了我們在公司的表現水平，而且在美國，在我們的零售店，我們的 iPod 和我們的教育部門，這是我們歷史上最好的 6 月季度。

We're certainly aware of the economic environment and we've considered it among other factors in preparing our guidance.

我們當然了解經濟環境，並且我們在準備指導時已將其作為其他因素考慮在內。

And then secondly, just in terms of the iPhone ramp, you mentioned that this was really a demand issue.

其次，就 iPhone 的增長而言，您提到這確實是一個需求問題。

Can you confirm that there have been no production or component issues to date?

您能否確認迄今為止沒有生產或組件問題？

And if there haven't been, I guess the question is why wouldn't you have pushed the launch date out one or two weeks so you wouldn't have created what appears to be widespread stockouts, frustration among customers that they can't get it, et cetera?

如果沒有，我想問題是你為什麼不把發布日期推遲一到兩週，這樣你就不會造成看起來普遍缺貨的情況，讓客戶感到沮喪，因為他們不能明白了，等等？

Was it just beyond the three standard deviation expectation for demand initially or so -- A, can you confirm that there hasn't been a production or component shortage issue to date?

最初是否只是超出了對需求的三個標準差預期——A，你能確認迄今為止沒有出現生產或組件短缺問題嗎？

And then, B, if that hasn't been the case, why wouldn't a business practice suggested that waiting to ramp capacity and launching in a way that could have been more satisfying to more customers have been prudent?

然後，B，如果情況並非如此，為什麼商業實踐不建議謹慎地等待增加產能並以一種本可以讓更多客戶更滿意的方式推出？

Toni, as I said before, the demand has been staggering, almost in every country that we've shipped in, and on the manufacturing ramp, it is right on schedule.

托尼，正如我之前所說，需求一直是驚人的，幾乎在我們發貨的每個國家，在製造坡道上，它都是按計劃進行的。

We're very pleased with the trajectory of it, and that -- the confidence that that gives us to -- gives us confidence to launch in 20 additional countries in August.

我們對它的發展軌跡感到非常滿意，而且——這給了我們信心——讓我們有信心在 8 月在另外 20 個國家推出。

I guess the question is why do you have such confidence that you can fill demand in 20 countries when you weren't able to fill demand in 22 countries at initial launch for more than two days?

我想問題是，當您在最初發佈時超過兩天無法滿足 22 個國家的需求時，為什麼您有這樣的信心可以滿足 20 個國家的需求？

I'm not predicting the demand.

我沒有預測需求。

Demand is very difficult to predict with a new product of this sort, that has a new price point and it's a revolutionary product.

這種新產品的需求很難預測，它有一個新的價格點，它是一種革命性的產品。

But we do have confidence over the supply and the confidence over supply that allows us to continue to expand.

但我們確實對供應有信心，對供應的信心使我們能夠繼續擴張。

And then the final question I had was just revisiting this gross margin, the gross margin commentary you made about going forward.

然後我的最後一個問題是重新審視這個毛利率，你對未來的毛利率評論。

My impression is that the iPhone is the significantly higher gross margin product than your overall business.

我的印像是，iPhone 的毛利率明顯高於您的整體業務。

And obviously that's going to ramp and all else being equal, should push up margins.

顯然，這會增加，在其他條件相同的情況下，應該會推高利潤率。

I understand your commentary about '09 and you mentioned the word "umbrella" and you didn't want to create an umbrella, so I think the only inference is that are you going to be incrementally more aggressive on pricing on select products, but as we think about that over time, shouldn't the upward pressure in your gross margins later in '09 or beyond '09 be positive due to both the iPhone plus the scale economies that you had talked about?

我理解你對 09 年的評論，你提到了“傘”這個詞，你不想製造一把雨傘，所以我認為唯一的推論是你會在選擇產品的定價上變得更加激進，但是作為隨著時間的推移，我們考慮一下，由於 iPhone 和您所說的規模經濟，您在 09 年後期或 09 年以後的毛利率上升壓力不應該是積極的嗎？

Tony, couple things.

托尼，幾件事。

First of all, you know, I wouldn't rule that in or out.

首先，你知道，我不會排除這一點。

And I'm not going to make comments beyond '09.

我不會在 09 年之後發表評論。

As regards the iPhone, we don't discuss specific product margins.

至於 iPhone，我們不討論具體的產品利潤。

However, the iPhone is currently a small part of our total revenue and gross margin as a result of subscription accounting.

然而，由於訂閱會計，iPhone 目前僅占我們總收入和毛利率的一小部分。

And with the introduction of the iPhone 3G and our authorizing carriers in over 70 countries, we expect to sell significantly more iPhones this quarter and in the future than, than we have and we're very happy with the margins in our new model.

隨著 iPhone 3G 和我們在 70 多個國家/地區的授權運營商的推出，我們預計本季度和未來的 iPhone 銷量將比我們現有的多得多，我們對新型號的利潤率感到非常滿意。

Thank you.

謝謝你。

Thanks, Toni.

謝謝，托尼。

Could we have the next question, please?

請問下一個問題好嗎？

From RBC Capital Markets, we'll hear from Mike Abramsky.

從加拿大皇家銀行資本市場，我們將聽到邁克·阿布拉姆斯基的來信。

Thanks very much.

非常感謝。

I guess they say that imitation is the sincerest form of flattery.

我猜他們說模仿是最真誠的奉承。

We've seen that already with a number of iPhone knock-offs that are proliferating, about to proliferate.

我們已經看到，大量的 iPhone 仿製品正在激增，即將激增。

I would imagine that it's going to be a very crowded fall season with a lot of choices for consumers both in North America and outside, as they vie for similar kind of user experiences that you've been able to do.

我想這將是一個非常擁擠的秋季，北美和其他地區的消費者都有很多選擇，因為他們爭奪你已經能夠做到的類似用戶體驗。

What key sustainable advantages do you feel that you'll have in that kind of environment to sustain the kind of demand that you've seen for iPhone and support the kind of plans that you're expecting for expansion?

您認為在這種環境下，您將擁有哪些關鍵的可持續優勢來維持您所看到的對 iPhone 的需求並支持您期望的擴張計劃？

We think that software is really the key ingredient for a great mobile experience, and we believe that we are many years ahead of the competition in this area.

我們認為軟件確實是出色移動體驗的關鍵要素，我們相信我們在該領域的競爭中領先很多年。

And so we welcome any competition as long as it doesn't step on our IP.

因此，只要不侵犯我們的 IP，我們歡迎任何競爭。

Mike, and I would add to that that we're very excited about our App Store.

Mike，我還要補充一點，我們對我們的 App Store 感到非常興奮。

And as I said in my prepared remarks, in just a bit over a week, there are now over 900 applications available to customers and in just over a week, customers on iPhone and iPod Touch have already downloaded over 25 million applications.

正如我在準備好的評論中所說，在短短一周多的時間裡，現在有 900 多個應用程序可供客戶使用，而在短短一周多的時間裡，iPhone 和 iPod Touch 上的客戶已經下載了超過 2500 萬個應用程序。

Do you see this IT issue heating up later?

您是否看到這個 IT 問題稍後升溫？

How aggressive will you be in enforcing, for example, your multitouch patent over what is obviously going to be globally a number of similar initiatives from other handset makers?

例如，對於顯然將在全球範圍內來自其他手機製造商的許多類似舉措，您將如何積極地執行您的多點觸控專利？

We'll be very aggressive.

我們會非常激進。

How underpenetrated do you think this iPhone market -- excuse me, the smart phone market as relates to iPhone is globally?

你認為這個 iPhone 市場的滲透率有多低——對不起，與 iPhone 相關的智能手機市場是全球性的？

This is obviously a product that does require a fairly high cost commitment from a number of users.

這顯然是一個需要大量用戶承擔相當高成本的產品。

We can't ignore -- we're not talking about economy, I recognize, but we certainly can't ignore the pressures globally.

我們不能忽視——我承認，我們不是在談論經濟，但我們當然不能忽視全球壓力。

What evidence do you see that this market can support a sustained level of the kind of growth that you've experienced out of the gate for this iPhone opportunity?

你認為有什麼證據表明這個市場可以支持你在這次 iPhone 機會中經歷的那種持續增長水平？

Well, as I said before, we're not predicting units other than the prediction that we made some time ago about this year, which we are extremely confident in achieving.

好吧，正如我之前所說，除了我們前段時間關於今年的預測之外，我們並沒有預測單位，我們對實現這一目標非常有信心。

But we believe that we are growing the market and many people really didn't have the full view of what a phone could do until we announced the iPhone.

但我們相信我們正在擴大市場，在我們發布 iPhone 之前，很多人真的沒有全面了解手機的功能。

And so we think that there will be a shift in the phone industry over time to more and more people wanting a smart phone versus a standard voice phone.

因此，我們認為隨著時間的推移，電話行業將會發生轉變，越來越多的人想要智能手機而不是標準語音電話。

And would you say that you don't see the kind of cost commitment that is in front of people to get those new -- to get the things that they are desiring being a head wind to market growth over the next foreseeable future?

你是否會說你看不到人們面前的那種成本承諾來獲得這些新的東西——在下一個可預見的未來獲得他們希望成為市場增長的逆風的東西？

We did see it being a head wind as the $400 price.

我們確實認為 400 美元的價格是逆風。

As we shared sometime ago, about 50% of the people that we surveyed told us that they would have bought an iPhone had it not been for the price.

正如我們前段時間分享的那樣，我們調查的大約 50% 的人告訴我們，如果不是這個價格，他們會購買 iPhone。

And so with the change in business model, which gets the iPhone to a price of $199 in the US and a price similar to that in local currencies on specific tariffs outside the US in many countries, we believe we're addressing that key concern and that the market for the iPhone will expand dramatically.

因此，隨著商業模式的改變，iPhone 在美國的價格為 199 美元，在許多國家/地區的特定關稅下，iPhone 的價格與美國以外的當地貨幣價格相似，我們相信我們正在解決這個關鍵問題，並且iPhone的市場將急劇擴大。

And just lastly, are you reaffirming your 10 million CY '08 iPhone goal?

最後，您是否重申了 CY '08 iPhone 的 1000 萬台目標？

We're very confident in achieving the 10 million for calendar year '08.

我們非常有信心在 08 日曆年達到 1000 萬。

Thanks, Mike.

謝謝，邁克。

Could we have the next question, please?

請問下一個問題好嗎？

From Oppenheimer and Company, we'll hear from Yair Reiner.

來自奧本海默公司，我們將聽取 Yair Reiner 的意見。

Hi.

你好。

Quick question first on the back to school promotion.

首先是關於返校促銷的快速問題。

Could you walk us through the accounting of that and how you account for the iPods that are given away and what happens to the, to the ASPs?

您能否向我們介紹一下這種情況以及您如何計算贈送的 iPod 以及 ASP 會發生什麼？

Sure.

當然。

In our retail stores, for example, if you, if you a qualifying student and you buy a qualifying Mac and an iPod, we will send you a rebate for the cost of the iPod and, again, that's a qualifying Mac and iPod.

例如，在我們的零售店中，如果您是符合條件的學生，並且購買了符合條件的 Mac 和 iPod，我們將向您發送 iPod 費用的回扣，同樣，這是符合條件的 Mac 和 iPod。

We account for the rebate as a reduction in revenue and it is done proportionally to the Mac and the iPod in proportion to the revenue related to the Mac and the iPod sale.

我們將回扣視為收入的減少，它與 Mac 和 iPod 的收入成正比，與 Mac 和 iPod 銷售相關的收入成正比。

Got it.

知道了。

And on iPods, ASP's obviously down quite a bit in the quarter because of the higher Shuffle mix.

在 iPod 上，由於更高的 Shuffle 組合，本季度的 ASP 明顯下降了很多。

Is this the mix that we should look at moving forward and how do you see the overall iPod business developing now that it's clearly getting some competition at least from the iPhone?

這是我們應該考慮向前發展的組合嗎？你如何看待整個 iPod 業務的發展，因為它顯然至少受到了來自 iPhone 的一些競爭？

We don't provide guidance at the product level, we were very happy with our iPhone sales in the June quarter, we grew 10% in the US, 15% internationally, gained share internationally, which we were very happy with.

我們沒有在產品層面提供指導，我們對 6 月份季度的 iPhone 銷售非常滿意，我們在美國增長了 10%，在國際上增長了 15%，在國際上獲得了份額，我們對此非常滿意。

As regards to the iPhones, it's hard to precisely tell, but there likely was some element of cannibalization, and our view is that if there is going to be iPod cannibalization, we want it to be from the iPhone.

至於 iPhone，很難準確判斷，但可能存在一些自相殘殺的因素，我們的觀點是，如果要發生 iPod 的自相殘殺，我們希望它來自 iPhone。

Got it.

知道了。

Just a final question on the gross margin guidance for the following quarter, understand the comments about new product innovation, I don't quite understand why that would impact gross margins rather than OpEx and the R&D line.

只是關於下一季度毛利率指導的最後一個問題，了解有關新產品創新的評論，我不太明白為什麼這會影響毛利率而不是 OpEx 和研發線。

If you can help us think through that, it would be great.

如果你能幫助我們思考這個問題，那就太好了。

Sure.

當然。

We're -- we have been introducing state of the art new products that have technologies and features that our competition just can't match, and when we do that early in our introduction, our costs are higher and then we work to bring costs down over time with value engineering and with volume manufacturing.

我們一直在推出最先進的新產品，這些產品的技術和功能是我們的競爭對手無法比擬的，當我們在推出初期這樣做時，我們的成本會更高，然後我們會努力降低成本隨著價值工程和批量製造的發展，隨著時間的推移而下降。

So just to be clear, this implies that these new products will actually be shipping or being built in this quarter?

所以要明確一點，這意味著這些新產品實際上將在本季度發貨或建造？

I can't get into our new product pipeline, but I have told you regarding the September quarter that one of the reasons that we see gross margin being down sequentially is because of a product transition, yes.

我無法進入我們的新產品管道，但我已經告訴過你關於 9 月季度的情況，我們看到毛利率連續下降的原因之一是產品轉型，是的。

Okay, thank you.

好的謝謝你。

Thanks.

謝謝。

Could we have the next question, please?

請問下一個問題好嗎？

With American Technology, we'll hear from Shaw Wu.

有了美國科技，我們會聽到吳肖的聲音。

Okay, thanks.

好的謝謝。

Just a quick question, I guess perhaps for Tim.

只是一個簡單的問題，我想也許是給蒂姆的。

Just on the Japan business, looks like it somewhat regressed this quarter after some improvement over the last two quarters.

就日本業務而言，在過去兩個季度有所改善之後，本季度似乎有所退步。

Just any comments there in terms of how you feel about that business?

關於您對該業務的看法，您是否有任何評論？

And then just to revisit the iPod ASP question, I understand that your back-to-school promotion definitely has some impact there, but despite that, it seems like it was down a little bit more than expected.

然後只是重新審視 iPod ASP 問題，我知道你的返校促銷肯定會在那裡產生一些影響，但儘管如此，它似乎比預期的要低一點。

Is that, is that -- is it a function of mix or is it -- would you attribute that to the back-to-school promotion?

是這樣，是 - 它是混合的功能還是 - 你會將其歸因於返校促銷嗎？

Thanks.

謝謝。

Shaw, I'm very happy with how our Japan subsidiary is doing.

Shaw，我對我們日本子公司的表現非常滿意。

They are off to a great start in fiscal 2007 in each of the first three quarters, they have exceeded the company's overall revenue growth rate.

他們在 2007 財年的前三個季度都有一個良好的開端，他們都超過了公司的整體收入增長率。

And if you have noticed that this past quarter, they grew at 40% year-over-year versus the company's growth at 38%.

如果您注意到上個季度的增長率為 40%，而公司的增長率為 38%。

And I think that's particularly good when you think about how the markets there are doing.

我認為當您考慮市場的表現時，這特別好。

In the PC industry, IDC was predicting a 5% year-over-year increase for the market.

在 PC 行業，IDC 預計市場將同比增長 5%。

The MacIntosh was up 23% in units, so up four to five times.

MacIntosh 的銷量增長了 23%，因此增長了四到五倍。

Our share improved year-over-year from about 4% to 5% and in iPods, our share grew about 10 points year-over-year, up to 56% in May according to BCN.

根據 BCN 的數據，我們的份額同比增長約 4% 至 5%，在 iPod 中，我們的份額同比增長約 10 個百分點，5 月份高達 56%。

And so we feel great about how we're doing in Japan.

所以我們對我們在日本的表現感覺很好。

It's quite the turnaround from where we were doing in 2006.

這與我們 2006 年的情況相比有了很大的轉變。

Shaw, in your follow-up on your iPod ASP question, it was down sequentially really as a result of the full quarter impact of the iPod Shuffle price decrease, the back-to-school promotion, while we started it in the first part of June really will have the biggest impact over the summer months, so that didn't play a particularly large role within that.

Shaw，在你對 iPod ASP 問題的後續跟進中，由於 iPod Shuffle 價格下降、返校促銷等整個季度的影響，它實際上是連續下降的，而我們在第一部分就開始了它。六月確實會對夏季產生最大的影響，所以這並沒有起到特別大的作用。

And as we said, we're very happy with the elasticity that we've seen on the iPod Shuffle and think the trade-off between ASP and units was a good one.

正如我們所說，我們對我們在 iPod Shuffle 上看到的彈性感到非常滿意，並認為 ASP 和單位之間的權衡是一個很好的選擇。

Okay.

好的。

Thanks for the color.

謝謝你的顏色。

Thanks, Shaw.

謝謝，肖。

A replay of today's call will be available for two weeks, or the Podcast on the iTunes store, a webcast on Apple.com/investor, and via telephone.

今天電話會議的重播將在兩週內提供，或者在 iTunes 商店上播放播客，在 Apple.com/investor 上進行網絡直播，以及通過電話播放。

The numbers to 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。

And the confirmation code is 4120259.

確認碼是4120259。

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, and Joan is at 408-974-4570.

如果有其他問題，金融分析師可以聯繫 Joan Hoover 或我，Joan 的電話是 408-974-4570。

And I'm at 408-974-5420.

我的電話是 408-974-5420。

Thanks, again, for joining us.

再次感謝您加入我們。

Ladies and gentlemen, that does conclude today's presentation.

女士們，先生們，今天的演講到此結束。

We do thank everyone for your participation.

我們非常感謝大家的參與。

Have a wonderful day.

有一個美好的一天。