蘋果 (AAPL) 2008 Q4 法說會逐字稿

Good day, and welcome to this Apple Incorporated, Apple fourth quarter fiscal 2008 conference call.

美好的一天，歡迎參加 Apple 公司 2008 財年第四季度電話會議。

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 of Investor Relations and Corporate Finance.

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

Please go ahead.

請繼續。

Thank you.

謝謝你。

Good afternoon, and thank you, to everyone, for joining us.

下午好，感謝大家加入我們。

Please note that some of the information you'll hear during our discussion today will consist of forward-looking statements including without limitation those regarding revenue, gross margin, operating expenses, other income and expense, stock based compensation expense, taxes and earnings per share.

請注意，您在我們今天的討論中聽到的一些信息將包括前瞻性陳述，包括但不限於有關收入、毛利率、運營費用、其他收入和費用、股票薪酬費用、稅收和每股收益的陳述.

Actual results or trends could differ materially from our forecast.

實際結果或趨勢可能與我們的預測大相徑庭。

For more information, please refer to the the risk factors discussed in Apple's form 10-K for 2007, the form's 10-Q for the first three quarters of 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 10-K 表格、2008 年前三個季度的 10-Q 表格以及今天向美國證券交易委員會提交的 8-K 表格和隨附的新聞稿中討論的風險因素.

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

Apple 不承擔更新任何前瞻性陳述或信息的義務，這些陳述或信息截至其各自日期。

With that, I would like to turn the call over to Apple's CFO, Peter Oppenheimer, for introductory remarks.

有了這個，我想把電話轉給蘋果公司的首席財務官彼得奧本海默，做介紹性的發言。

Thank you Nancy.

謝謝南希。

Thank you for joining us.

感謝您加入我們。

We're pleased to report our September quarter results, which were record breaking on a number of fronts.

我們很高興地報告我們 9 月份的季度業績，這些業績在許多方面都創下了紀錄。

First, we sold more Macs than we have in any other quarter in Apple's history.

首先，我們售出的 Mac 比蘋果歷史上任何一個季度都多。

Second, we sold more iPhones in the September quarter than in all previous quarters combined.

其次，我們在 9 月季度售出的 iPhone 比之前所有季度的總和還要多。

Third, we sold more iPods than in any prior non-holiday quarter.

第三，我們銷售的 iPod 比以往任何一個非節假日季度都多。

Finally, we generated more revenue and earnings than in any previous September quarter in Apple's history.

最後，我們創造了比蘋果歷史上任何一個 9 月季度都多的收入和收益。

Revenue for the quarter was $7.9 billion, representing 27% growth, and an increase of $1.68 billion over the previous September quarter's revenue of $6.22 billion.

本季度收入為 79 億美元，增長 27%，比上一季度的 62.2 億美元增加 16.8 億美元。

Operating margin for the quarter was better than expected at 18.3%, due to higher than anticipated gross margin.

由於毛利率高於預期，本季度的營業利潤率為 18.3%，好於預期。

Net income was $1.14 billion, which was up 26% over prior September quarters' results, and translated to earnings per share of $1.26.

淨收入為 11.4 億美元，比 9 月前幾個季度的業績增長 26%，轉化為每股收益 1.26 美元。

As we have discussed in the past, because we may provide new features and software applications to iPhone and Apple TV customers, in the future, free of charge, in accordance with GAAP, we use subscription accounting to recognize revenue and cost of sales for these products on a straight-line basis over their two-year estimated economic lives.

正如我們過去所討論的，由於我們可能會向 iPhone 和 Apple TV 客戶提供新功能和軟件應用程序，因此在未來，按照公認會計原則，我們使用訂閱會計來確認這些產品的收入和銷售成本產品在其兩年估計的經濟壽命內按直線計算。

This results in a deferral of almost all revenue and cost of sales relate to iPhones and Apple TV during the quarter in which these products are sold to customers.

這導致幾乎所有與 iPhone 和 Apple TV 相關的收入和銷售成本在這些產品銷售給客戶的季度中都被推遲。

In contrast, we generally recognize revenue and cost of sales for our other hardware products such as Macs and iPods at the time of sale as we do not provide new features or software applications for those products free of charge.

相比之下，我們通常在銷售時確認我們的其他硬件產品（如 Mac 和 iPod）的收入和銷售成本，因為我們不會為這些產品免費提供新功能或軟件應用程序。

As we reported in our press release, iPhone unit sales grew significantly in the September quarter, resulting in a material increase in the amount of iPhone revenue and product costs that have been deferred for recognition in future periods.

正如我們在新聞稿中報導的那樣，iPhone 銷量在 9 月季度顯著增長，導致 iPhone 收入和產品成本大幅增加，這些金額已推遲到未來期間確認。

Specifically, deferred revenue from iPhone and Apple TV sales grew to $5.8 billion at the end of the September quarter, an increase of nearly $3.8 billion from the end of the June quarter.

具體而言，截至 9 月季度末，來自 iPhone 和 Apple TV 銷售的遞延收入增長至 58 億美元，比 6 月季度末增加近 38 億美元。

If iPhone revenue was not deferred, iPhone would have represented 39% of Apple's revenue in the September quarter.

如果不推遲 iPhone 的收入，iPhone 將佔蘋果 9 月季度收入的 39%。

While our GAAP results provide significant insight into our performance, we are supplementing our analysis of the business internally by using non-GAAP financial measures that correspond to the total sales and product costs of iPhones and Apple TVs sold during the quarter.

雖然我們的 GAAP 結果為我們的業績提供了重要的洞察力，但我們正在通過使用與本季度銷售的 iPhone 和 Apple TV 的總銷售額和產品成本相對應的非 GAAP 財務指標來補充我們對內部業務的分析。

We believe these non-GAAP measures provide us with meaningful additional insight into the performance of our business, as well as provide information about iPhone and Apple TV that is similar to the information we use to analyze the performance of Macs and iPods.

我們相信，這些非公認會計準則指標為我們提供了對業務績效的有意義的額外洞察，並提供了與我們用於分析 Mac 和 iPod 績效的信息相似的 iPhone 和 Apple TV 信息。

Beginning with this quarter's earnings release, we plan to provide you quarterly, with non-GAAP financial measures we use in internally to help us evaluate our performance and make operating decisions.

從本季度的收益發布開始，我們計劃每季度向您提供我們在內部使用的非 GAAP 財務指標，以幫助我們評估我們的業績並做出運營決策。

I encourage you to read the earnings press release as it provides a full description of these non-GAAP measures including how we use them, how they are derived, and their limitations.

我鼓勵您閱讀收益新聞稿，因為它提供了對這些非公認會計原則指標的完整描述，包括我們如何使用它們、它們是如何產生的以及它們的局限性。

I would now like to go through several of the non-GAAP measures.

我現在想了解一些非公認會計原則的措施。

First, we use a non-GAAP measure that we call adjusted sales to provide more information regarding our underlying sales trends and to evaluate the sales dollars of products sold in the period.

首先，我們使用一種我們稱之為調整後銷售額的非公認會計原則衡量指標，以提供有關我們潛在銷售趨勢的更多信息，並評估該期間所售產品的銷售額。

We calculated adjusted sales by backing out the September quarter's amortization of deferred revenue from iPhone and Apple TV sales, and adding back all amounts generally due at the time of sales for iPhones and Apple TV shipped in the September quarter.

我們通過取消 9 月季度對 iPhone 和 Apple TV 銷售的遞延收入攤銷以及在 9 月季度出貨的 iPhone 和 Apple TV 銷售時通常應支付的所有金額計算調整後的銷售額。

Adjusted sales totaled $11.7 billion, which was about $3.8 billion higher than our reported revenue of $7.9 billion.

調整後的銷售額總計 117 億美元，比我們報告的 79 億美元的收入高出約 38 億美元。

Second, we use a non-GAAP measure we call adjusted cost of sales that corresponds to adjusted sales.

其次，我們使用了一種非 GAAP 衡量標準，我們稱之為調整後的銷售成本，它對應於調整後的銷售額。

We calculated adjusted cost of sales by backing out the September quarter's amortization of deferred cost related to iPhone and Apple TV and adding back the total cost of the iPhones and Apple TVs shipped in the September quarter.

我們通過剔除 9 月季度與 iPhone 和 Apple TV 相關的遞延成本攤銷並加上 9 月季度出貨的 iPhone 和 Apple TV 的總成本來計算調整後的銷售成本。

We also used an estimate of the total future warranty expense related to the iPhones and Apple TVs sold in the September quarter, rather than reflecting the actual iPhone and Apple TV warranty expenses incurred during the September quarter.

我們還使用了與 9 月季度銷售的 iPhone 和 Apple TV 相關的未來總保修費用的估計值，而不是反映 9 月季度實際發生的 iPhone 和 Apple TV 保修費用。

We then calculated the non-GAAP measure of adjusted gross margin by subtracted adjusting cost of sales from adjusted sales.

然後，我們通過從調整後的銷售額中減去調整後的銷售成本來計算調整後毛利率的非公認會計原則。

For the September quarter, adjusted gross margin was $4.6 billion, which was $1.8 billion higher than reported gross margin.

9 月季度調整後的毛利率為 46 億美元，比報告的毛利率高 18 億美元。

Third, we used a non-GAAP measure of adjusted net income to evaluate our performance based on the current period iPhone and Apple TV sales, and to facilitate ongoing operating decision.

第三，我們使用非公認會計原則衡量調整後的淨收入，以根據當前期間的 iPhone 和 Apple TV 銷售評估我們的業績，並促進持續的經營決策。

For the September quarter, adjusted net income was $2.4 billion, which was $1.3 billion higher than reported net income.

9 月季度，調整後的淨收入為 24 億美元，比報告的淨收入高出 13 億美元。

We believe that these non-GAAP financial measures provide added transparency to our business and hope they are helpful to you in your analysis and understanding of our performance during the second quarter.

我們相信，這些非公認會計準則財務指標為我們的業務增加了透明度，並希望它們對您分析和了解我們第二季度的業績有所幫助。

Now turning to details of our results, I would like to begin with the iPhone, which had a breakout quarter thanks to the July 11th launch of the iPhone 3G.

現在轉向我們結果的細節，我想從 iPhone 開始，由於 7 月 11 日推出的 iPhone 3G，它有一個突破性的季度。

We sold nearly 6.9 million iPhones during the September quarter, exceeding the 6.1 million units shipped over the entire lifetime of the first generation iPhone.

我們在 9 月季度售出了近 690 萬部 iPhone，超過了第一代 iPhone 在整個生命週期內的 610 萬部出貨量。

And with more than two months to go in the calendar year, we have already surpassed our goal of 10 million iPhone sales in calendar 2008.

距離日曆年還有兩個多月的時間，我們已經超過了我們在 2008 日曆年銷售 1000 萬部 iPhone 的目標。

Recognized return from iPhone handset sales, iPhone accessories and carrier payments totaled $806 million during the quarter.

本季度，iPhone 手機銷售、iPhone 配件和運營商支付的確認回報總計 8.06 億美元。

We dramatically expanded iPhone distribution in the last quarter.

我們在上個季度大幅擴大了 iPhone 的分銷。

We increased the number of countries where we're selling iPhones from 6 to 51, and we expect to be in more than 70 countries by the end of the December quarter.

我們將銷售 iPhone 的國家/地區從 6 個增加到 51 個，我們預計到 12 月季度末將在 70 多個國家/地區銷售。

With the addition of Best Buy, we have over 3100 points of iPhone distribution in the U.S.

隨著百思買的加入，我們在美國擁有超過 3100 個 iPhone 分銷點。

and with our international expansion we currently have over 30,000 points of distribution around the world.

隨著我們的國際擴張，我們目前在全球擁有超過 30,000 個分銷點。

I would like to now talk about our Mac products and services.

我現在想談談我們的 Mac 產品和服務。

We're pleased to have shipped over 2.6 million Macs which was a new company record for any quarter.

我們很高興 Mac 出貨量超過 260 萬台，創下了公司任何季度的新紀錄。

This represents 21% year-over-year growth and is higher than the overall PC market rate of growth for the September quarter, based on the latest estimate published by IDC.

根據 IDC 發布的最新估計，這代表了 21% 的同比增長，高於 9 月季度的整體 PC 市場增長率。

Although Mac sales grew faster than the market, we believe Mac growth was impacted by purchase delays based on speculation about the new launch of our portables, and budgetary constraints affecting education institution purchases.

儘管 Mac 的銷售增長快於市場，但我們認為 Mac 的增長受到了基於對新推出便攜式設備的猜測的購買延遲以及影響教育機構採購的預算限制的影響。

We are unsure how the economy may have affected Mac sales in the quarter.

我們不確定經濟可能如何影響本季度的 Mac 銷售。

And of course we are very enthusiastic about the new notebooks introduced last week.

當然，我們對上週推出的新筆記本非常熱情。

The new MacBook and MacBook Pro redefine notebook design while lowering the entry price for advanced notebook features, including all metal enclosures, pro performance notebook graphics, brilliant instant on LED backlit displays, and new large glass and multitouch trackpads.

新款 MacBook 和 MacBook Pro 重新定義了筆記本電腦的設計，同時降低了高級筆記本電腦功能的入門價格，包括全金屬外殼、專業性能筆記本電腦圖形、LED 背光顯示屏以及新的大玻璃和多點觸控觸控板。

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

我們以三到四周的 Mac 渠道庫存開始和結束本季度。

Now I would like to discuss our music products and services.

現在我想談談我們的音樂產品和服務。

We sold over 11 million iPods, a new record for a nonholiday quarter, and an increase of 8% over the year-ago quarter.

我們售出了超過 1100 萬台 iPod，創下非假日季度的新紀錄，比去年同期增長 8%。

Last month, we introduced our new lineup of iPods including the fourth generation iPod nano featuring a sleek new curved aluminum and glass design in nine great colors.

上個月，我們推出了新的 iPod 系列，包括第四代 iPod nano，採用時尚的全新弧形鋁和玻璃設計，提供九種顏色。

We also introduced the second generation iPod touch, building on its groundbreaking original features, while redefining the entry price of $229.

我們還推出了第二代 iPod touch，在其開創性的原始功能的基礎上，重新定義了 229 美元的入門價格。

Both iPods incorporate the new iTunes 8 Genius Technology which automatically creates play lists from songs in users libraries that go great together with just one click.

兩款 iPod 都採用了新的 iTunes 8 Genius 技術，該技術可自動從用戶庫中的歌曲創建播放列表，只需單擊一下即可。

We remain very pleased with iPod market share.

我們對 iPod 的市場份額仍然非常滿意。

Our share of the US market for MP3 players was over 70% in the month of September, based on the latest data published by NPD, and we continue to gain share year-over-year in most international markets, including the UK, France, Germany, Japan, Canada, and Australia, based on the latest data published by GFK and BCN.

根據 NPD 發布的最新數據，9 月份我們在美國 MP3 播放器市場的份額超過 70%，並且在包括英國、法國、德國、日本、加拿大和澳大利亞，基於 GFK 和 BCN 發布的最新數據。

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 had a very good quarter thanks to strong music and video sales and the tremendous success of the App Store.

得益於強勁的音樂和視頻銷售以及 App Store 的巨大成功，iTunes 商店的季度業績非常好。

We now have over 65 million iTunes customer accounts and a music catalog of over 8.5 million titles.

我們現在擁有超過 6500 萬個 iTunes 客戶帳戶和超過 850 萬首歌曲的音樂目錄。

We are very pleased with our fall 2008 TV line-up, which now includes prime time programming from all four major networks in stunning high-definition.

我們對我們 2008 年秋季的電視節目陣容感到非常滿意，其中現在包括來自所有四大網絡的黃金時段節目，提供令人驚嘆的高清節目。

I would like to now turn to the Apple retail stores, which delivered strong results with revenue growing 37% year-over-year to 1.72 billion.

我現在想談談蘋果零售店，它們取得了強勁的業績，收入同比增長 37% 至 17.2 億美元。

The stores sold 596,000 Macs during the quarter, an all time quarterly record, and an an increase of 26% year-over-year.

這些商店在本季度售出了 596,000 台 Mac，創下季度歷史新高，同比增長 26%。

Over half of the Macs sold through the retail stores during the quarter were to customers who had never owned a Mac before.

本季度通過零售店銷售的 Mac 中，有一半以上的客戶是以前從未擁有過 Mac 的客戶。

We opened 31 new stores during the quarter, including 13 stores outside the US to end the quarter with 247 stores.

我們在本季度開設了 31 家新店，其中包括在美國以外的 13 家門店，截至本季度末共有 247 家門店。

With an average of 226 stores open during the quarter, average revenue per store was $7.6 million, compared to $6.6 million in the year-ago quarter, an increase of 15%.

本季度平均開設 226 家門店，每家門店的平均收入為 760 萬美元，比去年同期的 660 萬美元增長 15%。

Retail segment margin was $301 million, compared to $268 million in the year-ago quarter.

零售部門利潤率為 3.01 億美元，而去年同期為 2.68 億美元。

Our stores hosted a new all-time high of 42.7 million visitors during the September quarter, or 14,500 customers per store per week.

我們的門店在 9 月季度接待了 4,270 萬遊客，創下歷史新高，即每家門店每週接待 14,500 名顧客。

We have continued to invest in our stores to accommodate this record-breaking traffic and to offer customers a great experience.

我們繼續投資於我們的商店，以適應這一創紀錄的客流量，並為客戶提供出色的體驗。

We recently launched the fastest way to buy an iPhone, which customers are loving.

我們最近推出了購買 iPhone 的最快方式，深受客戶喜愛。

After starting the process by answering a few questions online, customers can complete their iPhone purchase and activations in our stores in just about a minute longer than it takes to purchase an iPod.

通過在線回答幾個問題開始該過程後，客戶可以在我們的商店中完成他們的 iPhone 購買和激活，只需要比購買 iPod 多一分鐘的時間。

Total company gross margin was 34.7%, which was better than we anticipated at the beginning of the quarter, due primarily to a better component pricing environment.

公司總毛利率為 34.7%，好於我們在本季度初的預期，主要是由於更好的組件定價環境。

To a lesser degree, we also benefited from higher software sales and payments from carriers related to first generation iPhone, and lower costs associated with the iPod product transition.

在較小程度上，我們還受益於與第一代 iPhone 相關的運營商更高的軟件銷售和支付，以及與 iPod 產品過渡相關的成本降低。

Operating expenses were $1.3 billion, including $120 million in stock-based compensation expense.

運營費用為 13 億美元，其中包括 1.2 億美元的股票薪酬費用。

The OpEx total was about $30 million higher than our guidance, largely as a result of additional advertising and the operating costs of selling 6.9 million iPhones.

運營支出總額比我們的指導高出約 3000 萬美元，主要是由於額外的廣告和銷售 690 萬部 iPhone 的運營成本。

OI&E was $140 million.

OI&E 為 1.4 億美元。

The tax rate for the quarter was 28.2%, below our guidance of 30.5%, due largely to a higher than anticipated mix of foreign earnings.

本季度的稅率為 28.2%，低於我們 30.5% 的指導，主要是由於外國收入的組合高於預期。

We are very pleased to have generated $3.7 billion in cash during the quarter, ending with $24.5 billion.

我們很高興在本季度產生了 37 億美元的現金，最終為 245 億美元。

Cash flow from operations was $4.3 billion.

運營現金流為 43 億美元。

Our investment priority has been preservation of capital, which has served us well in these difficult credit markets.

我們的投資重點是保本，這在這些困難的信貸市場中為我們提供了良好的服務。

At the end of the September quarter, our unrealized mark to market loss was $117 million on the total portfolio of $24.5 billion, which was only an $80 million sequential increase from the end of the June quarter.

截至 9 月季度末，我們的總投資組合為 245 億美元，未實現的市值損失為 1.17 億美元，僅比 6 月季度末增加 8000 萬美元。

We plan to hold these investments and do not expect to realize any material losses on them.

我們計劃持有這些投資，預計不會對它們造成任何重大損失。

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

展望 12 月季度，我想回顧一下我們的前景，其中包括南希在電話會議開始時提到的前瞻性信息類型。

We will continue our practice of providing guidance based on GAAP and will report our December non-GAAP measures to you in January when we release our results.

我們將繼續我們根據 GAAP 提供指導的做法，並將在 1 月份發布我們的結果時向您報告我們 12 月的非 GAAP 措施。

We enter this holiday quarter with the best products we've ever shipped, including the iPhone 3G and new notebooks and iPods and we remain very confident in our business.

我們帶著我們有史以來最好的產品進入這個假期季度，包括 iPhone 3G 和新的筆記本電腦和 iPod，我們對我們的業務仍然非常有信心。

Our visibility is low and our forecasting is challenging, and as a result, we are going to be prudent in producing the December quarter.

我們的能見度很低，我們的預測具有挑戰性，因此，我們將謹慎地生產 12 月季度。

We are providing a wide range for our guidance for the quarter and are targeting revenue between 9 and 10 billion.

我們為本季度提供了廣泛的指導，目標收入在 9 到 100 億之間。

We expect gross margin to be between 30 and 31%, reflecting approximately $25 million related to stock-based compensation expense, down from 34.7% gross margin in the September quarter.

我們預計毛利率將在 30% 至 31% 之間，反映出與股票薪酬費用相關的約 2500 萬美元，低於 9 月季度的 34.7% 毛利率。

The sequential decline in our gross margin reflects the recent introductions of the new iPods and notebooks.

我們毛利率的連續下降反映了最近推出的新 iPod 和筆記本電腦。

We expect OpEx to be between 1.45 and $1.47 billion, including about $150 million related to stock-based compensation.

我們預計運營支出將在 1.45 至 14.7 億美元之間，其中包括與股票薪酬相關的約 1.5 億美元。

We expect OI&E to be about $140 million, and we expect the tax rate to be about 30.5%.

我們預計 OI&E 約為 1.4 億美元，我們預計稅率約為 30.5%。

We are targeting EPS between $1.06 and $1.35.

我們的目標是每股收益在 1.06 美元到 1.35 美元之間。

In closing, we're extremely pleased with the performance of our business during fiscal 2008.

最後，我們對 2008 財年的業務表現感到非常滿意。

We generated nearly $32.5 billion in revenue, a 35% increase from 2007, and we gained market share globally in Macs, iPods and iPhones.

我們創造了近 325 億美元的收入，比 2007 年增長了 35%，我們在 Mac、iPod 和 iPhone 上獲得了全球市場份額。

We are also pleased to have generated $9.1 billion in cash during the fiscal year.

我們也很高興在本財年產生了 91 億美元的現金。

We're headed into the holiday season with our best product line-up ever and are excited about our expanding geographic reach with iPhone 3G.

我們將帶著我們有史以來最好的產品陣容進入假日季節，並對我們通過 iPhone 3G 擴大地理覆蓋範圍感到興奮。

We remain very focused on developing the industry's most innovative products, managing our business, and gaining share in each of our markets.

我們仍然非常專注於開發業界最具創新性的產品、管理我們的業務並在我們的每個市場中獲得份額。

Before we open the call to questions, we have a special guest here today who would like to say a few words and answer some of your questions.

在我們開始提問之前，今天我們有一位特邀嘉賓在這裡說幾句話並回答您的一些問題。

Our CEO, Steve Jobs.

我們的首席執行官史蒂夫喬布斯。

Hi, everyone.

大家好。

Some remarkable things are happening at Apple, but everything is now set against the back drop of this global economic slowdown.

蘋果公司正在發生一些非凡的事情，但現在一切都是在全球經濟放緩的背景下進行的。

So it seemed like a good time for me to make a few remarks and help answer some of your questions.

因此，現在似乎是我發表一些評論並幫助回答您的一些問題的好時機。

I would like to go back and talk about the non-GAAP financial results, because I think this is a pretty big deal.

我想回過頭來談談非公認會計原則的財務結果，因為我認為這是一件大事。

In addition to reporting an outstanding quarter, today we are also introducing non-GAAP financial results which eliminate the impact of subscription accounting.

除了報告一個出色的季度外，今天我們還推出了消除訂閱會計影響的非公認會計準則財務業績。

As you know, subscription accounting is the solution we adopted to let us provide free software updates to iPhone users under GAAP accounting rules.

如您所知，訂閱會計是我們採用的解決方案，讓我們根據 GAAP 會計規則向 iPhone 用戶提供免費軟件更新。

In accordance with the subscription accounting treatment required by GAAP, Apple recognizes the revenue and the cost of goods sold for the iPhone over its economic life of two years rather than upon sale as we do for Macs and iPods.

根據 GAAP 要求的訂閱會計處理，Apple 在其兩年的經濟生命週期內確認銷售商品的收入和成本，而不是像我們對 Mac 和 iPod 所做的那樣。

Because by its nature subscription accounting spreads the impact of iPhone's contribution to Apple's overall sales, gross margin and net income over two years, it can make it more difficult for the average Apple manager or the average investor to evaluate the company's overall performance.

由於訂閱會計的性質決定了 iPhone 對蘋果兩年整體銷售額、毛利率和淨利潤的貢獻的影響，因此普通蘋果經理或普通投資者更難評估公司的整體業績。

As long as our iPhone business was small relative to our Mac and music businesses, this didn't really matter much, but the past quarter, as you heard, our iPhone business has grown to about $4.6 billion, or 39% of Apple's total business, clearly too big for Apple management or investors to ignore.

只要我們的 iPhone 業務相對於我們的 Mac 和音樂業務來說還很小，這並不重要，但正如你所聽到的，上個季度，我們的 iPhone 業務已增長到約 46 億美元，佔蘋果總業務的 39% ，顯然對於蘋果管理層或投資者來說太大而無法忽視。

Hence our introduction today of non-GAAP financial results alongside our reported GAAP results.

因此，我們今天介紹了非 GAAP 財務業績以及我們報告的 GAAP 業績。

As you can see, the non-GAAP financial results are truly stunning.

如您所見，非 GAAP 財務結果確實令人驚嘆。

By eliminating subscription accounting, adjusted sales for the quarter were $11.68 billion, 48% higher than the reported revenue of $7.9 billion.

通過取消訂閱會計，本季度調整後銷售額為 116.8 億美元，比報告的 79 億美元收入高出 48%。

While adjusted income was $2.44 billion, 115% higher than the reported net income of 1.14 billion.

調整後收入為 24.4 億美元，比報告的淨收入 11.4 億美元高出 115%。

Adjusted net income that is more than double our reported income.

調整後的淨收入是我們報告收入的兩倍多。

If this isn't stunning, I don't know what is.

如果這不是驚人的，我不知道是什麼。

All due to the incredible success of the iPhone 3G.

這一切都歸功於 iPhone 3G 的驚人成功。

I would like to now highlight two remarkable milestones resulting from iPhone's outstanding performance last quarter.

現在，我想強調 iPhone 上個季度的出色表現帶來的兩個非凡的里程碑。

The first is that Apple beat RIM!

首先是蘋果擊敗了RIM！

In our most recent quarter, Research In Motion, or RIM reported selling 6.1 million BlackBerry devices, compared to our most recent quarter sales of 6.9 million iPhones.

在我們最近一個季度，Research In Motion 或 RIM 報告銷售了 610 萬部黑莓設備，而我們最近一個季度的銷售量為 690 萬部 iPhone。

Apple outsold RIM last quarter, and this is a big milestone for us.

蘋果上個季度的銷量超過了 RIM，這對我們來說是一個重要的里程碑。

RIM is a good company that makes good products, and so it is surprising that after only 15 months in the market, we could outsell them in any quarter.

RIM 是一家生產優質產品的好公司，因此令人驚訝的是，在市場上僅僅 15 個月後，我們在任何一個季度的銷量都超過了它們。

But even more remarkable is this: Measured by revenues, Apple has become the world's third largest mobile phone supplier.

但更引人注目的是：以營收衡量，蘋果已經成為全球第三大手機供應商。

I know this sounds crazy, but it's true.

我知道這聽起來很瘋狂，但這是真的。

As measured in revs, not units, Apple has become the third largest mobile phone supplier.

以轉速而非單位來衡量，Apple 已成為第三大手機供應商。

Let's look at the ranking.

讓我們看看排名。

Nokia is clearly number one at $12.7 billion.

諾基亞以 127 億美元排名第一。

Samsung number two at $5.9 billion.

三星以 59 億美元排名第二。

Apple is number three at $4.6 billion.

蘋果以 46 億美元排名第三。

Sony Ericsson, number 4, at 4.2.

索尼愛立信，第四，4.2。

LG number 5 at $3.4 billion.

LG 以 34 億美元排名第五。

Motorola number 6 at 3.2, and RIM number 7 at 2.1.

摩托羅拉 6 號 3.2，RIM 7 號 2.1。

Pretty amazing.

相當了不起。

Now, both of these things, beating RIM in units and becoming the third largest mobile supplier in revenues are amazing feats, but part of this was the result of expanding into over 50 countries, and there's no guarantee that sustained sales will equal initial sales, and who knows what the future will be given the worldwide economic slowdown, but we actually outsold RIM last quarter and ranked as the third largest mobile phone supplier in revenues.

現在，這兩件事，在單位上擊敗 RIM 並成為收入第三大移動供應商，都是驚人的壯舉，但這部分是擴展到 50 多個國家的結果，並且不能保證持續銷售將等於初始銷售，誰知道在全球經濟放緩的情況下未來會發生什麼，但我們上個季度的銷量實際上超過了 RIM，並成為收入第三大手機供應商。

Not bad for being in the market for only 15 months.

在市場上只呆了 15 個月還不錯。

I would now like to talk about the App store for a few minutes.

我現在想談談 App Store 幾分鐘。

One area we, completely changed the value proposition from mobile devices is the App store.

我們完全改變了移動設備價值主張的一個領域是應用商店。

Customers will down load the 200 millionth application from the App store tomorrow.

客戶明天將從 App Store 下載第 2 億個應用程序。

Only 102 days since its launch on July 11th.

自 7 月 11 日推出以來僅 102 天。

The 200 millionth App.

第 2 億個應用程序。

We've never seen anything like this in our careers.

在我們的職業生涯中，我們從未見過這樣的事情。

There are now over 5,500 applications offered on the App store in 62 countries around the world, and the rate of new applications being submitted is increasing every week.

現在，全球 62 個國家/地區的 App Store 上提供了超過 5,500 個應用程序，並且每週提交新應用程序的速度都在增加。

Competitors are scrambling to keep our App store, but it's not as easy as it looks, and we are far along in creating the virtuous cycle of cool applications begetting more iPhone sales, thereby creating an even larger market, which will attract even more iPhone software development.

競爭對手爭先恐後地保留我們的應用商店，但這並不像看起來那麼容易，我們在創造酷應用帶來更多 iPhone 銷量的良性循環方面取得了長足的進步，從而創造了更大的市場，這將吸引更多的 iPhone 軟件發展。

It is clear that customers are now attracted to iPhone if only for its amazing functionality and revolutionary multi-touch user interface, but also for its unique ability to let users easily purchase, download, and use thousands of different applications, raining from free games to financial planning and health management.

很明顯，iPhone 吸引客戶的原因不僅在於其令人驚嘆的功能和革命性的多點觸控用戶界面，還在於其讓用戶輕鬆購買、下載和使用數千種不同應用程序的獨特能力，從免費遊戲到財務規劃和健康管理。

All of this in only 102 days.

所有這一切只用了 102 天。

And now I would like to touch on the notebooks that we just introduced.

現在我想談談我們剛剛介紹的筆記本。

Last week we introduced our new MacBook and MacBook pro line.

上週我們推出了新的 MacBook 和 MacBook Pro 系列。

These products are very important since notebooks comprise two-thirds or more of the Macs we sell.

這些產品非常重要，因為筆記本電腦占我們銷售的 Mac 的三分之二或更多。

These new MacBooks are some of the best products we've ever created, and it's already clear our customers love them.

這些新 MacBook 是我們創造的一些最好的產品，很明顯我們的客戶喜歡它們。

We had a very, very strong launch and are anxiously waiting to see the demand trajectory that will unfold during the quarter.

我們推出了非常非常強勁的產品，並焦急地等待看到本季度將展開的需求軌跡。

The level of quality these products deliver to customers is mind-blowing for their price points.

這些產品提供給客戶的質量水平令人驚嘆，其價格點令人震驚。

The unibody precision aluminum enclosures would normally cost hundreds of dollars by themselves.

一體式精密鋁製外殼本身通常要花費數百美元。

The electronics, especially the graphics, are state of the art in mobile computing, and features like the glass track pad are unique in the industry.

電子設備，尤其是圖形，在移動計算領域是最先進的，玻璃觸控板等功能在行業中是獨一無二的。

With the introduction of LED backlit displays on these mainstream notebooks, over 90% of the notebook's Apple cells now use LED backlit displays.

隨著在這些主流筆記本電腦上引入 LED 背光顯示屏，現在超過 90% 的筆記本電腦的 Apple 電池都使用 LED 背光顯示屏。

Another thing worth noting is that these new notebooks are the greenest products Apple has ever offered.

另一件值得注意的事情是，這些新筆記本電腦是 Apple 提供的最環保的產品。

You'll hear more and more about that from us in the future.

將來，您會從我們這裡聽到越來越多的消息。

So now let's turn to the economy.

所以現在讓我們轉向經濟。

To the broader market conditions resulting from the global economic slowdown and credit crisis.

全球經濟放緩和信貸危機導致的更廣泛的市場狀況。

First let me say that we are not economists.

首先讓我說，我們不是經濟學家。

Your next door neighbor can likely predict what is going to happen as accurately as we can, but we do know a few things.

您的隔壁鄰居可能會盡可能準確地預測將要發生的事情，但我們確實知道一些事情。

First, we have the best customers in the world.

首先，我們擁有世界上最好的客戶。

I wouldn't trade our customers for any other company's customers in the entire world.

我不會用我們的客戶來換取全世界任何其他公司的客戶。

They are some of the smartest, most product-aware customers in the market, and they have chosen Apple's quality hardware and software products.

他們是市場上最聰明、最了解產品的客戶，他們選擇了 Apple 的優質硬件和軟件產品。

While they may postpone purchases in tough times, they are unlikely to abandon the quality and seamless integration which they have personally experienced and become accustomed to with apples products.

雖然他們可能會在困難時期推遲購買，但他們不太可能放棄他們親身體驗並習慣於使用蘋果產品的質量和無縫集成。

So if the economic down turn does affect them, they are more likely to delay than switch.

因此，如果經濟下滑確實影響到他們，他們更有可能推遲而不是轉換。

Two.

二。

We still have a minority market share of the PC market, and a miniscule market share of the mobile phone market.

我們在 PC 市場的市場份額仍然很小，在手機市場的市場份額微乎其微。

While we may not appeal to every prospective customer, the percentage of prospective customers we need to attract in order to significantly increase our market share isn't that many, and we have 250 Apple retail stores that already sell half their Macs to new to Mac customers.

雖然我們可能不會吸引所有潛在客戶，但為了顯著增加我們的市場份額，我們需要吸引的潛在客戶的百分比並不多，而且我們有 250 家 Apple 零售店，其中一半的 Mac 已經出售給 Mac 新用戶顧客。

Three.

三。

We have the best product line-up in Apple's history.

我們擁有 Apple 歷史上最好的產品陣容。

The new MacBooks in particular should trigger a serious upgrade cycle our install base.

特別是新的 MacBook 應該會引發我們安裝基礎的嚴重升級週期。

We'll see.

走著瞧。

I feel very good about our product line-up as we head into the holidays and beyond.

當我們進入假期及以後，我對我們的產品陣容感覺非常好。

Four, we have the most talented and creative employees in the world.

第四，我們擁有世界上最有才華和創造力的員工。

Just look at their results.

看看他們的結果。

The new MacBooks, the iMac, the iPhone, the iPod Nano and Touch, Leopard, iLife and on and on.

新的 MacBook、iMac、iPhone、iPod Nano 和 Touch、Leopard、iLife 等等。

None of our competitors can deliver products in this class.

我們的競爭對手都無法提供此類產品。

And five: we have almost $25 billion safely in the bank and zero debt.

第五點：我們在銀行安全地擁有近 250 億美元，債務為零。

This provides us tremendous stability and the ability to invest our way through this down turn.

這為我們提供了巨大的穩定性和投資度過這次低迷的能力。

This is what we did during the last down turn.

這就是我們在上一次下跌時所做的。

We increased R&D investments and created some of our best new products and businesses, like the Apple retail stores for one.

我們增加了研發投資，並創造了一些我們最好的新產品和業務，比如蘋果零售店。

This down turn may also present some extraordinary opportunities for companies that have the cash to take advantage of them, like Apple does.

這種低迷也可能為擁有現金的公司提供一些非凡的機會，比如蘋果公司。

In summary, we have the strongest product line-up in Apple's history, the most talented employees, and the best customers, and $25 billion in the bank.

總之，我們擁有蘋果歷史上最強大的產品陣容、最有才華的員工、最好的客戶，以及 250 億美元的銀行存款。

We may get buffeted around by the waves a bit, but we'll be fine, and stronger than ever when the waters calm in the future.

我們可能會受到海浪的衝擊，但我們會沒事的，當未來水平靜下來時，我們會比以往任何時候都更強大。

With that, I'd like to open it up for questions for Peter, Jim, or myself.

有了這個，我想為彼得、吉姆或我自己打開它。

(OPERATOR INSTRUCTIONS).

（操作員說明）。

And your first question will come from [Bill Schultz] with Credit Suisse.

您的第一個問題將來自瑞士信貸的 [Bill Schultz]。

Okay.

好的。

Great, thank you.

太好了謝謝。

Steve, clearly your results and the guidance today paint two very different pictures of the world, and I'm wondering, have you seen any trends in recent business that would suggest such a disparity, or is this just prudence give all the macro headlines we're seeing right now?

史蒂夫，很明顯，您的結果和今天的指導描繪了世界上兩種截然不同的圖景，我想知道，您是否看到近期業務中的任何趨勢表明存在這種差異，或者這只是謹慎給出了我們所有的宏觀頭條新聞'現在看到了嗎？

Well, there's a lot of prudence in there, but it's also October, and October has always been a little bit of a foggy month for us.

嗯，那裡有很多謹慎，但這也是十月，十月對我們來說總是有點霧濛濛的月份。

We're always biting our nails, wondering whether we ordered too many iPods or this or that for the holiday quarter, because sales obviously don't take off until November sometime, so the months of October and April are our slowest during the year, and, we think we're doing the right things, we think we know what the results may be, but October and April are foggy months for us in terms of predicting the whole quarter, but there's a lot of prudence built in.

我們總是咬緊牙關，想知道我們是否在假日季訂購了太多 iPod 或這個或那個，因為銷售顯然要到 11 月的某個時候才會起飛，所以 10 月和 4 月是我們一年中最慢的月份，而且，我們認為我們正在做正確的事情，我們認為我們知道結果可能是什麼，但就預測整個季度而言，10 月和 4 月對我們來說是模糊的月份，但有很多謹慎的內在因素。

We're not economists and we read the same newspapers you do.

我們不是經濟學家，我們閱讀的報紙和你一樣。

Thanks, Bill.

謝謝，比爾。

Could we have the next question, please?

請問下一個問題好嗎？

Next question will come from Richard Gardner with Citi.

下一個問題將來自花旗的 Richard Gardner。

Thank you, Steve.

謝謝你，史蒂夫。

Steve, thanks for being on the call.

史蒂夫，感謝您接聽電話。

I would like to start off with a question regarding share repurchase and just ask your and the board's late effort thoughts on share repurchase now.

我想從一個關於股票回購的問題開始，現在只是問你和董事會對股票回購的後期努力想法。

I understand that cash is a good thing to have in the current environment, but you're using relatively little of that cash for things like retail store openings and for investments in the business.

我知道在當前環境下擁有現金是一件好事，但您將相對較少的現金用於零售店開業和業務投資等事情。

What are your thoughts to returning some to shareholders?

您對向股東返還部分股份有何看法？

I think this economic downturn may present some extraordinary opportunities to companies that have cash.

我認為這次經濟低迷可能會給擁有現金的公司帶來一些非凡的機會。

I think cash is already king, and it may get more so that way.

我認為現金已經是王道，而且它可能會以這種方式變得更多。

So we're very comfortable with our cash position in the bank, and it's not burning a hole in our pocket.

因此，我們對我們在銀行的現金頭寸感到非常滿意，而且它並沒有在我們的口袋裡燒個洞。

Okay.

好的。

Thank you.

謝謝你。

And if I could follow-up, Peter, and maybe ask if you could give us a sense of how much of the gross margin outlook for the fourth quarter is related to the higher costs associated with the aluminum unibody enclosures, and maybe some sense of how much more expensive that is than the way you were doing things previously.

如果我可以跟進，彼得，也許會問你是否可以讓我們了解第四季度的毛利率前景有多少與鋁製一體成型外殼相關的更高成本有關，也許還有一些感覺這比你以前做事的方式貴多少。

Well, the guidance that I provided, Rich, the sequential decline, really is driven from the introductions of the notebooks and iPods, which we couldn't be more excited about, and there's many, many new technologies, new features in those besides the unibody, but that contributed.

好吧，我提供的指導，Rich，連續下降，真的是由筆記本電腦和 iPod 的推出推動的，我們對此感到非常興奮，除了這些之外，還有很多很多新技術、新功能一體式，但這有所貢獻。

As I said on the last call, we were going to introduce these products.

正如我在上次電話會議上所說，我們將介紹這些產品。

They were initially going to have higher costs, and through volume manufacturing and cost engineering, we're going to work to get down the cost curve over time.

他們最初會有更高的成本，通過批量製造和成本工程，我們將努力隨著時間的推移降低成本曲線。

But we've made a big investment in these products, and these are some of the of the best we've ever shipped.

但是我們在這些產品上進行了大筆投資，這些都是我們曾經交付過的最好的產品。

Okay.

好的。

Peter could I ask one more?

彼得我可以再問一個嗎？

And that is we've seen a 35% decline in aluminum pricing so far, well, since you gave the guidance for fiscal '09 gross margin, aluminum is down 35%.

也就是說，到目前為止，我們已經看到鋁價下跌了 35%，好吧，自從你給出了 09 財年毛利率的指導後，鋁價下跌了 35%。

How quickly can we expect that to start flowing through the P&L?

我們可以期望多快開始流經損益表？

thank you.

謝謝你。

We certainly sell our new Mac books cheap per we just delivered them with a block of aluminum, but we have to machine that aluminum, and it's a fairly precision operation, so the cost of the aluminum matters some, but is not a dominant cost.

我們當然會以便宜的價格出售我們的新 Mac 書籍，因為我們剛剛交付了一塊鋁，但我們必須對鋁進行加工，這是一個相當精確的操作，所以鋁的成本很重要，但不是主要成本。

Thanks, Rich.

謝謝，里奇。

Could we have the next question, please?

請問下一個問題好嗎？

That will come from Ben Reitzes with Barclays Capital.

這將來自巴克萊資本的 Ben Reitzes。

Thanks a lot.

非常感謝。

Steve, can you talk about the pricing of your Mac line right now and how you feel that is positioned going into this economy, and, in particular, as well, maybe, your thoughts?

史蒂夫，你能談談你現在的 Mac 系列的定價，以及你覺得它在這個經濟中的定位，特別是，也許還有你的想法？

There's this new net book category that's getting a lot of hype, and just where do you see that playing out in the market place and your position in the market there?

有一個新的上網本類別得到了很多炒作，你認為它在市場上的什麼地方以及你在市場中的位置是什麼？

Well, again, this particular down turn is not creating a market of cheaper computers.

好吧，再一次，這種特殊的下滑並沒有創造出更便宜的計算機市場。

That market has existed for some time.

這個市場已經存在了一段時間。

And there are parts of that market that we choose not to play in.

我們選擇不參與該市場的某些部分。

I think when people want a product of the class that we make, over and over again people have done the price comparisons, and we're actually quite competitive.

我認為當人們想要我們製造的同類產品時，人們一遍又一遍地進行價格比較，我們實際上很有競爭力。

So we choose to be in certain segments of the market, and we choose not to be in certain segments of the market.

所以我們選擇進入某些細分市場，我們選擇不進入某些細分市場。

And the question is, is the downturn going to drive some of our customers to those lower segments of the marketplace and get to buy lesser products.

問題是，經濟低迷是否會將我們的一些客戶推向市場的低端市場併購買較少的產品。

And I will be surprised if that happens in large numbers, and I actually think that there are still a tremendous number of customers that we don't have in the Windows world or in the other 99% of the phone market we don't have, who would like to and can afford to buy Apple products.

如果這種情況大量發生，我會感到驚訝，實際上我認為在 Windows 世界或在我們沒有的其他 99% 的手機市場中，我們仍然沒有大量的客戶，谁愿意並且有能力購買蘋果產品。

So, we'll see what the ratio of those two things are, but we're not tremendously worried.

所以，我們會看看這兩者的比例是多少，但我們並不非常擔心。

As we look at the netbook category, that's a nascent category, as best as we can tell, not a lot of them getting sold.

當我們查看上網本類別時，這是一個新生的類別，據我們所知，其中很多都不會被出售。

One of our entrants into that category, if you will, is the iPhone, for browsing the Internet and doing e-mail and all of the other things that a net book lets you do, and being connected via the cellular net wherever you are, an iPhone is a pretty good solution for that, and it fits in your pocket.

如果您願意的話，我們進入該類別的其中一個成員是 iPhone，用於瀏覽互聯網和處理電子郵件以及上網本可以讓您做的所有其他事情，並且無論您身在何處都可以通過蜂窩網絡連接， iPhone 是一個很好的解決方案，它可以放在你的口袋裡。

But we'll wait and see how that nascent category evolves, and have some pretty interesting ideas if it does evolve.

但我們將拭目以待，看看這個新興類別是如何演變的，如果它真的演變，我們會有一些非常有趣的想法。

Okay.

好的。

Great, thanks.

太謝謝了。

And just a quick follow-up on the iPhone, given it's so new for you, Steve, do you have any view on how it will do in this economy?

只是對 iPhone 的快速跟進，因為它對你來說太新了，史蒂夫，你對它在這種經濟中的表現有什麼看法嗎？

And in particular, you know, you still have some international expansion going on, so just given the iPhone is new, we've been through down turns with Macs, although a long time ago, and maybe even consumer devices, this iPhone is so new, how do you see it doing in this economy?

特別是，你知道，你仍然在進行一些國際擴張，所以考慮到 iPhone 是新的，我們在 Mac 上經歷了低谷，儘管很久以前，甚至可能是消費設備，這款 iPhone 是如此新，你如何看待它在這個經濟體中的表現？

We'll be glad to tell you how it does.

我們很樂意告訴您它是如何工作的。

Okay.

好的。

Thanks a lot.

非常感謝。

Thanks, Ben.

謝謝，本。

Could we have the next question, please?

請問下一個問題好嗎？

That will come from Shannon Cross.

那將來自香農十字。

Cross Research.

交叉研究。

Yes.

是的。

A question with regard to channel inventory and what you're seeing in terms of iPhone, iPod, Macs.

關於渠道庫存的問題以及您在 iPhone、iPod、Mac 方面看到的情況。

Comments from the retailers?

零售商的評論？

I know it's October, and as you said, it's a bit foggy, but any sort of thoughts on how things are positioned that you can give us in more detail than how you provided earlier?

我知道現在是 10 月，正如你所說，它有點模糊，但是關於事情如何定位的任何想法，你可以給我們提供比你之前提供的更詳細的信息嗎？

Shannon, it's Tim.

香農，是蒂姆。

In the Mac area, as Peter said in his opening comments, we began and ended the quarter between three and four weeks of inventory, and that's below our target, as you know, of four to five weeks.

正如彼得在開場評論中所說，在 Mac 領域，我們在三到四周的庫存之間開始和結束了本季度，這低於我們的目標，如你所知，四到五週。

In the iPod, we began and ended between four and six weeks, which is right in our target range, and on the iPhone, we were shipping to carriers in 51 countries by the end of the quarter, and we had over 30,000 points of distribution.

在 iPod 上，我們從四到六週開始和結束，這正好在我們的目標範圍內.

With the 44 countries that we had launched prior to the end of August, the weeks of inventory that we had at the end of the quarter for those countries was less than six weeks.

對於我們在 8 月底之前推出的 44 個國家/地區，我們在季度末為這些國家/地區擁有的庫存週數不到六週。

For the remaining seven countries where launches occurred in late September or early October, we don't have enough data yet to quantify the weeks of inventory.

對於在 9 月底或 10 月初發布的其餘七個國家/地區，我們還沒有足夠的數據來量化庫存週數。

However, to be precise, at the end of the quarter, I can tell you that we had about 2 million iPhones in total channel inventory across all all of the 51 countries, and we feel that this inventory is about right.

然而，準確地說，在本季度末，我可以告訴你，我們在所有 51 個國家/地區的總渠道庫存中約有 200 萬部 iPhone，我們認為這個庫存是正確的。

Okay.

好的。

And curious, any idea on how much the Mac refresh would have impacted, sales last quarter as you sort of cleared the channel?

好奇的是，當你清理渠道時，你知道 Mac 更新會對上個季度的銷售額產生多大影響嗎？

I think if you look at the Mac, there are two things that I believe impacted the Mac sales last quarter, and possibly a third.

我認為如果你看一下 Mac，我認為有兩件事影響了上個季度的 Mac 銷售，可能還有第三個。

The first is that US K to 12 institutional sales were down 7% year on year to about 200,000 units, and this is due to state and local budget constraints.

首先是美國 K to 12 機構的銷售額同比下降 7% 至約 200,000 單位，這是由於州和地方預算限制所致。

California in particular was down 28% year on year.

尤其是加利福尼亞州，同比下降了 28%。

That 7% contraction was a significant change from what we had seen in the first three quarters of the fiscal year, which were up 29%.

與我們在本財年前三個季度看到的增長 29% 相比，這 7% 的收縮是一個重大變化。

In particular, purchases of a thousand units or more were down significantly, both sequentially and year-over-year.

特別是，一千台或更多的購買量顯著下降，無論是環比還是同比。

In the unit sales had grown last quarter in K to 12 at 29%, which is what we had seen going into the quarter, instead of contracting by 7%, the Mac unit sales would have been 75,000 units higher, and so this was a -- a big issue for the quarter from a Mac perspective.

在上個季度，K 的單位銷售額增長到 12 個，增長率為 29%，這是我們在本季度看到的情況，而不是收縮 7%，Mac 單位銷售額將增加 75,000 台，所以這是一個- 從 Mac 的角度來看，本季度的一個大問題。

The second thing that we -- that we believe was that customers were delaying purchases because of the portable transition.

我們認為的第二件事是，由於便攜式過渡，客戶推遲了購買。

As you know, there were rampant rumors and lots of press reports about a potential portable transition, and we saw some slowing toward particularly the final weeks of September and the initial weeks of October.

如您所知，關於可能的便攜式過渡的謠言和大量新聞報導非常猖獗，我們看到一些放緩，特別是在 9 月的最後幾周和 10 月的最初幾週。

However, once announcing last week, we saw a considerable rebound in sales, and we're very, very optimistic about those results.

然而，一旦上周宣布，我們就看到了銷售額的大幅反彈，我們對這些結果非常非常樂觀。

Okay.

好的。

And then just a final question for Steve.

然後是史蒂夫的最後一個問題。

Any chance we can get you to make this a recurring event?

我們有沒有機會讓你把它變成一個經常性的事件？

Not likely.

不見得。

I'm sorry.

對不起。

Okay.

好的。

Thanks.

謝謝。

Peter and Tim do such a good job that I don't think I could add much.

彼得和蒂姆做得很好，我想我不能再增加太多了。

Thank you.

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？

That will come from Gene Munster with Piper Jaffray.

這將來自 Gene Munster 和 Piper Jaffray。

Thanks for providing the non-GAAP results.

感謝您提供非 GAAP 結果。

That's just helpful and really points to the power that the iPhone is having on you and clearly you're off to a phenomenal start there.

這很有幫助，並且確實表明了 iPhone 對你的影響，顯然你已經有了一個非凡的開始。

Steve, can you talk about the bigger picture for the iPhone in 2009 when the field is starting to get more cluttered with iPhone wannabes an and how do you just, big picture, think about your road map for '09 and the phone?

史蒂夫，你能談談 2009 年 iPhone 的大局，當時這個領域開始變得更加混亂，iPhone 崇拜者和你如何，大局，想想你的 09 年和手機的路線圖？

Well, I think we have to be the best, and I think we have to not leave a price umbrella underneath us.

好吧，我認為我們必須做到最好，而且我認為我們不能在我們下面留下價格保護傘。

And we're working very hard to fulfill both of these goals.

我們正在努力實現這兩個目標。

And I think we're way out ahead of anybody else right now, and we're investing a lot with the most talented people in the world, to stay that way.

而且我認為我們現在領先於其他任何人，我們正在與世界上最有才華的人進行大量投資，以保持這種狀態。

We have a great partner in AT&T, and together I think we're both very committed to making the iPhone a great value for customers.

我們在 AT&T 有一個很好的合作夥伴，我認為我們都非常致力於讓 iPhone 為客戶帶來巨大的價值。

So we'll be focused on all of those things next year and beyond.

因此，我們將在明年及以後專注於所有這些事情。

Okay.

好的。

Can you give any sort of split in terms of phones sold in U.S.

您能否就在美國銷售的手機進行任何形式的拆分？

versus international?

與國際相比？

Not specifically, but I would tell you that there was a significant percentage internationally.

不具體，但我會告訴你，在國際上佔很大比例。

And just a final question, Peter, last quarter you talked about the margin impact and the potential for these new products, and seems like margins, once again, were phenomenal.

最後一個問題，彼得，上個季度你談到了這些新產品的利潤率影響和潛力，似乎利潤率再一次是驚人的。

Can you just help us understand, should we still be waiting for something, or have we seen what happened in just the price environment was much more favorable than you had expected?

您能不能幫我們理解一下，我們是否還在等待什麼，或者我們是否已經看到在價格環境比您預期的要好得多的情況下發生的事情？

How do we reconcile your comments last quarter versus what we're seeing right now?

我們如何協調您上個季度的評論與我們現在看到的評論？

Gene, really the latter.

吉恩，真的是後者。

We have introduced stunning new iPods and notebooks.

我們推出了令人驚嘆的新 iPod 和筆記本電腦。

They cost more, and that's why our margin declined sequentially.

它們的成本更高，這就是我們的利潤率連續下降的原因。

As I told you 90 days ago, we don't talk about new products, so it was hard to make the comments that I did, and be clear, but you've now seen what we've done, and I've provided guidance for 30 to 31% this quarter, and we're going to continue to work to get down the cost curves over time on these great products.

正如我在 90 天前告訴你的那樣，我們不談論新產品，所以很難做出我所做的評論，並且很清楚，但你現在已經看到我們做了什麼，我已經提供了本季度的指導為 30% 到 31%，我們將繼續努力降低這些優秀產品的成本曲線。

Okay.

好的。

I guess one final question, did you actually see a deceleration in your business?

我想最後一個問題，你真的看到你的生意減速了嗎？

did you see any sort of deceleration towards the end of September, or is the guidance just purely trying to be as conservative as possible?

到 9 月底，您是否看到任何形式的減速，或者該指南只是為了盡可能保守？

On the iPod side, iPod was up 8% for the full quarter as Peter mentioned earlier.

在 iPod 方面，正如 Peter 之前提到的，iPod 在整個季度中上漲了 8%。

In the final weeks of September and the early weeks of October, we were running flat year-over-year on a worldwide perspective, and now as we -- as we look forward, it's very difficult to predict whether the usual seasonal holiday lift will exist in the same pattern as it has before.

在 9 月的最後幾周和 10 月的前幾週，從全球範圍來看，我們與去年同期相比持平，而現在，正如我們所期待的那樣，很難預測通常的季節性假期提升是否會以與以前相同的模式存在。

As we said, forecasting is very difficult.

正如我們所說，預測非常困難。

On the Mac, I commented that we did see what we believe were purchasing delays, due to last week's portable transition, and, also, the K-12 institutional business was down year-over-year last quarter.

在 Mac 上，我評論說，由於上週的便攜式過渡，我們確實看到了我們認為的採購延遲，而且上個季度 K-12 機構業務同比下降。

Would it be safe to summarize your comments as that you have seen some sort of an impact, it looks like it's more slowdown ahead of the Mac cycle, and so it's less economy related and more just your general conservatism

總結您的評論是否安全，因為您已經看到了某種影響，看起來它在 Mac 週期之前更加放緩，因此它與經濟的相關性較小，而更多的是您的普遍保守主義

It's difficult to separate how much was the purchase delay versus economy.

很難區分購買延遲與經濟的差異。

It could have all been delay.

這一切都可能是延遲。

Could be some part due to the economy.

可能是由於經濟的一部分。

We just don't know.

我們只是不知道。

What we are very excited about is the rebound last week was great.

我們非常興奮的是上週的反彈很棒。

However, forecasting that going forward with the visibility that we have is just very difficult.

然而，以我們所擁有的可見性來預測未來的發展是非常困難的。

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？

That will come from Charles Wolf with Needham.

這將來自 Charles Wolf 和 Needham。

Yes, I have a question for Steve, and well, for anybody, the performance of the I was absolutely astonishing, but it was probably more so in this respect, that most of the phones sold in the quarter were probably net activations as oppose to reupgrades from the first gen.

是的，我有一個問題要問史蒂夫，好吧，對於任何人來說，I 的表現絕對令人驚訝，但在這方面可能更是如此，本季度銷售的大多數手機可能都是淨激活，而不是從第一代重新升級。

I was wonder, do you have any percentages on how maybe of the iPhones went to new users, and what percentage went to the first gen people?

我想知道，你對 iPhone 有多少可能進入新用戶有任何百分比，以及第一代用戶的百分比是多少？

Charlie, it's Tim.

查理，是蒂姆。

That's confidential information to our carrier partners, but I would point of that we expanded the number of countries we sold in from 6 to 51, and so there was an extraordinary amount of iPhones being sold to people for the first time.

這對我們的運營商合作夥伴來說是機密信息，但我要指出的是，我們將銷售的國家/地區數量從 6 個擴大到 51 個，因此首次向人們出售大量 iPhone。

Yes.

是的。

Well, my point is simply that over half of RIM's sales, BlackBerry sales are upgrades, not new users, so I would argue that Apple did better than it would appear given the numbers.

好吧，我的意思是，RIM 超過一半的銷售額，黑莓的銷售額是升級，而不是新用戶，所以我認為蘋果的表現比從數字上看起來要好。

We're happy just to -- we're just happy to beat them on a number to number comparison.

我們很高興 - 我們很高興在數字比較中擊敗他們。

Well, keep it up, Steve.

好吧，堅持下去，史蒂夫。

We'll try.

我們會盡力的。

Okay.

好的。

Thanks.

謝謝。

Thank you, Charlie.

謝謝你，查理。

Could we have the next question, please?

請問下一個問題好嗎？

And 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 question or two for Peter and Tim, and clarifications for Steve.

我有一兩個問題要問彼得和蒂姆，還要澄清一下史蒂夫。

For Peter and Tim, can you talk about the forces at work in terms of iPhone volumes for Q4?

對於 Peter 和 Tim，你能談談第四季度 iPhone 銷量方面的影響嗎？

Typically, last year we saw iPhone volumes double in the calendar fourth quarter.

通常情況下，去年我們看到 iPhone 銷量在日曆第四季度翻了一番。

You're also expanding distribution, both of those are obviously forces that would suggest that the iPhone number could be considerably higher.

你也在擴大分銷，這兩種力量顯然都表明 iPhone 的數量可能會更高。

Obviously, on the flip side of that, you did have a stocking of your channel which won't be as significant in Q4, and we have economic uncertainty.

顯然，另一方面，你確實有一個頻道儲備，這在第四季度不會那麼重要，而且我們有經濟不確定性。

Should investors be thinking about strong seasonal growth in the iPhone for calendar Q4, and, if not, why?

投資者是否應該考慮 iPhone 在第四季度的強勁季節性增長，如果沒有，為什麼？

Tony, it's Tim.

托尼，是蒂姆。

We don't predict unit sales as a product level, but what I would point out is that we did begin shipping in many more countries last quarter, from 6 to 51, as I had said, and I, we just launched the phone on July 11th, so we did have a channel build.

我們不會將單位銷量預測為產品級別，但我要指出的是，我們確實在上個季度開始在更多國家/地區發貨，從 6 個到 51 個，正如我所說的，我，我們剛剛推出了手機7 月 11 日，所以我們確實建立了一個頻道。

That channel build was about 2 million units, as I had mentioned previously, and so that's something you would have to take into account in predicting our fiscal Q1 sales.

正如我之前提到的那樣，該渠道構建量約為 200 萬台，因此您在預測我們的第一財季銷售額時必須考慮到這一點。

We will expand into more countries.

我們將擴展到更多國家。

We're on target to be in over 70 by the end of the year.

我們的目標是到今年年底超過 70 人。

However, the countries that we are expanding in are clearly have -- there's less opportunity in those than the 50 that we have rolled out so far, and so you would have to take that into consideration.

然而，我們正在擴張的國家顯然擁有 - 與我們迄今為止推出的 50 個國家相比，這些國家的機會更少，因此您必須考慮到這一點。

We are confident that year-over-year, that sales will be up significantly.

我們相信，與去年同期相比，銷售額將顯著增長。

What they do sequentially, our crystal ball is not working at the moment, and so we would leave that for you to -- you to predict.

他們依次執行的操作，我們的水晶球目前無法正常工作，因此我們將把它留給你——你來預測。

And then on the gross margin side, you're guiding for 30 to 31% for Q1, and you said that you expect to be able to ride down the cost curve as volumes ramp going forward.

然後在毛利率方面，您指導第一季度的毛利率為 30% 到 31%，並且您說隨著銷量的增加，您希望能夠沿著成本曲線下降。

How does that -- how should we think about your previously stated guidance of 30% gross margin for fiscal year 2009 in light of those two statements?

那是怎麼回事——根據這兩個聲明，我們應該如何看待您之前聲明的 2009 財年毛利率為 30% 的指導？

Okay.

好的。

In last quarter's call, I said that we anticipated gross margin being about 30%, in fiscal 2009, and our guidance for the December quarter is consistent with that, at 30 to 31%.

在上一季度的電話會議中，我說我們預計 2009 財年的毛利率約為 30%，我們對 12 月季度的指導與此一致，為 30% 至 31%。

As we look forward, we continue to anticipate gross margins of about 30% in 2009.

展望未來，我們繼續預計 2009 年的毛利率約為 30%。

We're delivering state of the art products that price points that our competitors can't match, and that's resulting in market share gains in each of our product areas.

我們提供最先進的產品，其價格點是我們的競爭對手無法比擬的，這導致我們每個產品領域的市場份額增加。

We're going to continue with this strategy of delivering great products and making a reasonable margin, but as Steve said, we're not going to leave an umbrella for competitors.

我們將繼續採用這種提供優質產品並獲得合理利潤的戰略，但正如史蒂夫所說，我們不會為競爭對手留下保護傘。

Toni, I would point out, just to show the breadth of what we done, when we took touch price down, we took it down from $299 to $229 for the entry price, and the units above it were moved $399 to $299, and $499 to $399, so significant price cuts on Touch.

Toni，我要指出，只是為了展示我們所做工作的廣度，當我們降低接觸價格時，我們將入門價格從 299 美元降至 229 美元，其上方的單位移動了 399 美元至 299 美元和 499 美元至 399 美元，因此 Touch 大幅降價。

We also doubled the memory at the same price on Nano, while providing an incredibly new design.

我們還在 Nano 上以相同的價格將內存翻了一番，同時提供了令人難以置信的全新設計。

Also, on the notebooks, as you know from last week, the entry price went from $10.99 to $9.99 -- from $1099 to $999, and brought to the Mac pro range, which is essentially at $700 less than what we were offering before.

此外，正如您從上週所知道的，在筆記本電腦上，入門價格從 10.99 美元到 9.99 美元——從 1099 美元到 999 美元，並被帶到了 Mac pro 系列，這基本上比我們之前提供的價格低了 700 美元。

And so we've made an enormous round of cuts to provide more value to our customers.

因此，我們進行了大量削減，為我們的客戶提供更多價值。

That's a good segue for the to things I wanted to just clarify with Steve.

對於我想與史蒂夫澄清的事情，這是一個很好的選擇。

Steve, you mentioned a couple of times that you thought there were extraordinary opportunities for companies with cash.

史蒂夫，你多次提到你認為有現金的公司有非凡的機會。

Think you could hire almost every engineer in Silicon Valley on a life time employment contract and not really dent that significant cash hoard that you have.

想想你可以僱傭矽谷的幾乎所有工程師，簽訂終身僱傭合同，而不會真正減少你擁有的大量現金儲備。

When you made that statement, are you suggesting that there are significant opportunities for Apple outside of Apple, specifically in terms of acquiring companies?

當您發表該聲明時，您是否暗示蘋果在蘋果之外存在重大機會，特別是在收購公司方面？

I just meant exactly what I said, which is I think there's going to be some significant opportunities.

我的意思正是我所說的，我認為會有一些重要的機會。

I think the hiring every engineer in Silicon Valley is a good to idea, though, thank you.

不過，我認為聘請矽谷的每一位工程師都是個好主意，謝謝。

And you had also mentioned the price umbrella statement, and you said, look, you know, certainly to be successful on iPhone, we don't want to create a price umbrella.

你還提到了價格保護傘聲明，你說，看，你知道，當然要在 iPhone 上取得成功，我們不想創建價格保護傘。

I think in response to another question, you also talked about extraordinary feature functionality in terms of -- in terms of the -- your Mac products.

我認為在回答另一個問題時，您還談到了您的 Mac 產品方面的非凡功能。

Are you -- do you have the same philosophy around Mac as you do with iPhone, that you have to be careful not to create an umbrella in each?

你是不是——你對 Mac 有和 iPhone 一樣的理念，你必須小心不要在每一個中都創建一把雨傘？

and so I guess the simple question is, should we continue to see more affordable price points across the Mac product family, and across iPhone going forward?

所以我想一個簡單的問題是，我們是否應該繼續在 Mac 產品系列和 iPhone 上看到更實惠的價格點？

Well, I think what we want to do is deliver a lot -- an increasing level of value to these customers.

好吧，我認為我們想做的是提供很多東西——為這些客戶提供越來越高的價值。

There are some customers which we choose not to serve.

有些客戶我們選擇不服務。

We don't know how to make a $500 computer that's not a piece of junk.

我們不知道如何製造一台不屬於垃圾的 500 美元計算機。

And our DNA will not let us ship that, but we can continue to deliver greater and better value to those customers that we serve, and there's a lot of them.

我們的 DNA 不會讓我們提供這種服務，但我們可以繼續為我們服務的客戶提供更大更好的價值，而且客戶數量很多。

And we've seen great success by focusing on certain segments of the market and not trying to be everything to everybody.

通過專注於市場的某些部分而不是試圖成為所有人的一切，我們已經看到了巨大的成功。

So I think you can expect us to stick with that winning strategy, and continuing to try to add more and more value to those products in those customer bases we choose to serve.

因此，我認為您可以期望我們堅持這一制勝戰略，並繼續嘗試為我們選擇服務的客戶群中的這些產品增加越來越多的價值。

Does that make sense to you?

這對你有意義嗎？

Yes, it does.

是的，它確實。

I guess the -- if I could follow up.

我猜——如果我能跟進的話。

The -- you did in this cased a more value in terms of feature functionality with your notebook by actually lowering the price, so you retained the features, but lowered the price.

在這種情況下，您通過實際降低價格在筆記本電腦的功能功能方面獲得了更多價值，因此您保留了這些功能，但降低了價格。

Certainly in terms of the new notebooks, you lowered the price and added more features.

當然，就新筆記本而言，您降低了價格並增加了更多功能。

Correct.

正確的。

Can we expect you to continue to attract more customers by doing both.

我們能否期望您通過兩者來繼續吸引更多客戶。

Adding features at the same price, and lowering price and retaining the same features?

以相同的價格添加功能，並降低價格並保留相同的功能？

Well, we like to attract new customers, but you'll just have to wait and see.

好吧，我們喜歡吸引新客戶，但您只需要拭目以待。

Thank you.

謝謝你。

Thank you Tony.

謝謝托尼。

Could I have the next question, please

請問下一個問題可以嗎

And that will come from Bill Fearnley with FTN Midwest.

這將來自 FTN Midwest 的 Bill Fearnley。

Yes, thanks.

對了謝謝。

If I could have ask a question for Steve and a quick followup to Peter and Tim.

如果我可以問史蒂夫一個問題并快速跟進彼得和蒂姆。

Steve, how are you thinking about Apple TV now.

史蒂夫，你現在對 Apple TV 有什麼看法。

You've had a heck of a year.

你已經過了一年了。

For fiscal year you've upgraded in the iPhones, iPods, and certainly the Macintoshes as well.

在本財年，您升級了 iPhone、iPod，當然還有 Macintoshes。

If you look at the digital living room category and you look at the upcoming year for 2009, how do you have look at the digital living room opportunity and how it relates to Apple TV?

如果您查看數字客廳類別並展望即將到來的 2009 年，您如何看待數字客廳的機會以及它與 Apple TV 的關係？

Well, again, I think the whole category is still a hobby right now.

好吧，再一次，我認為整個類別現在仍然是一種愛好。

I don't think anybody has succeeded at it.

我認為沒有人成功過。

And actually the experimentation has slowed down.

事實上，實驗已經放緩。

A lot of the early companies that were trying things have faded away.

許多早期嘗試的公司已經消失了。

So I would have to say that given the economic conditions, given the venture capital outlooks and stuff, I continue to believe it will be a hobby in 2009.

所以我不得不說，考慮到經濟狀況，考慮到風險投資前景和其他東西，我仍然相信這將是 2009 年的一種愛好。

And if I could switch quickly to tablet computing and touch-screens.

如果我能快速切換到平板電腦和触摸屏。

You've made comments about those in the past.

您過去曾對此發表過評論。

when you look at tablet computing and you look at the new norm fact for the Macs and those type of things, does that get to be a more attractive opportunity for you going forward here, now that the new Macs are out?

當您查看平板電腦並查看 Mac 和此類事物的新規範事實時，既然新 Mac 已經推出，這對您來說是否會成為一個更具吸引力的機會？

I think we have such creative people that are looking at a lot of of things, but I really can't talk about any of the future products we're working on, I'm sorry.

我認為我們有這麼有創造力的人正在研究很多東西，但我真的不能談論我們正在開發的任何未來產品，我很抱歉。

Thanks for that.

感謝那。

And Peter, when you talk about your expectations here for the upcoming quarter, what's your expectation for meeting or getting close to equilibrium from demand and supply perspective here in the first quarter in '09, and are there any credit issues in the channel affecting your revenue projections for the upcoming quarter, either in the U.S.

彼得，當您在這裡談論您對下一季度的期望時，您對在 09 年第一季度從需求和供應的角度達到或接近平衡的期望是什麼，以及渠道中是否存在任何影響您的信用問題？下一季度的收入預測，無論是在美國還是在美國

or other GOs, so it's a new product and a credit issue question for the guidance in the first quarter?

或其他 GO，所以這是一個新產品和第一季度指導的信用問題？

Bill, I'll make a comment or two on the credit, and Tim can speak about your -- but I think the first part of your question.

比爾，我會就功勞發表一兩條評論，蒂姆可以談談你的——但我認為你問題的第一部分。

This is definitely a concerning environment from a credit perspective.

從信用的角度來看，這絕對是一個令人擔憂的環境。

Our Treasury team has done just an amazing job with our cash.

我們的財務團隊用我們的現金完成了一項了不起的工作。

I was so proud to tell you in my opening comments that our mark to market unrealized mark to market on a portfolio only increased $80 million sequentially on over $24 billion of cash.

我很自豪地在我的開場評論中告訴您，我們在投資組合中未實現的按市值計價僅比 240 億美元現金增加了 8000 萬美元。

So they've done a -- they've done a great job.

所以他們做了——他們做得很好。

On the receivables side, we have historically been very good in that area.

在應收賬款方面，我們歷來在該領域做得非常好。

And we have good people.

而且我們有好人。

We stay on top of collections and we monitor accounts, I think as any company does, but it's a tough environment out there.

我認為與任何公司一樣，我們始終掌握著收款情況並監控賬戶，但這是一個艱難的環境。

And we're being as careful as we can, and hopefully, you know, we won't have issues in the future.

我們正在盡我們所能小心，希望你知道，我們將來不會有問題。

Bill, let me take the three product areas and briefly comment on your question.

比爾，讓我以三個產品領域為例，簡要評論一下你的問題。

In the iPod space at the end of the quarter, we were still filling the channel to get the new products at the right level in the channel.

在本季度末的 iPod 領域，我們仍在填補渠道，以便在渠道中獲得合適水平的新產品。

We are now completed that, but we're not at the end of last quarter.

我們現在已經完成了，但我們不是在上個季度末。

In the iPhone, as I had alluded to before, we thought we ended with the right level of channel inventory, and it's -- it's difficult to predict demand for the quarter, but today I know of no issues in providing the right lovely of supply.

在 iPhone 中，正如我之前提到的那樣，我們認為我們以正確的渠道庫存水平結束，而且 - 很難預測本季度的需求，但今天我知道在提供正確的供應方面沒有任何問題.

On the Mac side, we have significant backlogs on the new products, and we are working very, very hard around the clock to fill those just as fast as we can, and we'll see what the trajectory of demand is, but I'm confident that we can produce a lot.

在 Mac 方面，我們有大量的新產品積壓，我們正在夜以繼日地努力工作，以盡可能快地滿足這些需求，我們將看到需求的軌跡是什麼，但我我相信我們可以生產很多。

Whether it's enough, I don't know, because it's hard to forecast the demand.

是否足夠，我不知道，因為很難預測需求。

Well, if the fog lifts in October, and your demand visibility gets better at the beginning of November, do you still have time to ramp your builds to affect the first quarter number then, from a supply chain perspective?

好吧，如果霧在 10 月消散，並且您的需求能見度在 11 月初變得更好，那麼從供應鏈的角度來看，您是否還有時間增加構建以影響第一季度的數量？

We're obviously making bets on the demand already, and so we are predicting, it's just hard for us to forecast for external consumption.

我們顯然已經在對需求下注，所以我們在預測，我們很難預測外部消費。

Thanks for the details, folks.

謝謝你的細節，伙計們。

Yes.

是的。

Thank you, Bill.

謝謝你，比爾。

Could we have the next question please?

請問下一個問題好嗎？

That will come from Mike Abramsky with RBC Capital Markets.

這將來自 RBC Capital Markets 的 Mike Abramsky。

Thanks very much.

非常感謝。

Steve, you only have really one SKU in the phone biz, and the phone market is 10 times the size of PC market.

史蒂夫，你在手機行業只有一個 SKU，而手機市場的規模是 PC 市場的 10 倍。

You say you continually strive to be the best.

你說你一直在努力做到最好。

At the same time, what might be the opportunities for further innovation or market opportunities within that market?

同時，在該市場中進一步創新或市場機會可能是什麼？

Well, I wasn't alive then, but I -- from everything I've heard, Babe Ruth had only one home run, he just kept hitting it over and over again.

好吧，那時我還活著，但我——從我所聽到的一切來看，貝比魯斯只有一次本壘打，他只是一遍又一遍地擊球。

So I don't think that -- I think the traditional -- the traditional game in the phone market has been to produce a voice phone in a hundred different varieties, but as software starts to become the differentiating technology of this product category, I think that people are going to find that a hundred variations presented to a software developer is not very enticing.

所以我不認為——我認為傳統——電話市場的傳統遊戲一直是生產一百種不同品種的語音電話，但隨著軟件開始成為這一產品類別的差異化技術，我認為人們會發現呈現給軟件開發人員的一百種變體並不是很誘人。

And most of the competitors in our -- in this phone business do not really have much experience in a software platform business.

而我們在這個電話業務中的大多數競爭對手在軟件平台業務方面並沒有太多經驗。

So we're extremely comfortable with our strategy, our product strategy going forward, and we purchase it as a software platform company which is pretty different than most of our competitors.

因此，我們對我們的戰略和未來的產品戰略非常滿意，我們將其作為一家軟件平台公司購買，這與我們的大多數競爭對手截然不同。

Okay.

好的。

And I think earlier there's been lots of discussion about limited visibility on whether there's delays to purchases, or the economy.

而且我認為早些時候有很多關於是否存在延遲購買或經濟的可見性有限的討論。

When do you think you get better visibility to things like Mac upgrade or uptake cycles, versus economy-related headwinds or changes in buyer patterns here given so much uncertainty.

鑑於存在如此多的不確定性，您認為何時可以更好地了解 Mac 升級或使用周期等與經濟相關的逆風或買家模式的變化。

Is that first quarter next year?

是明年第一季度嗎？

And is your price point comment about we're going to restrict ourselves to certain markets we're going to play in.

你的價格點評論是關於我們將把自己限制在我們將要參與的某些市場嗎？

Is that firm, or are there alternative strategies you might employ if you don't get the upgrade cycles or response to the price point stance that you're looking for?

如果您沒有獲得升級週期或對您正在尋找的價格點立場做出反應，那家公司是否有替代策略？

Mike, I think the answer to your question is different by product.

邁克，我認為您的問題的答案因產品而異。

On iPod, historically, about half of our sell-through occurs in December, and so the question of iPod visibility, we'll get a lot better visibility as we head into December on this quarter.

在 iPod 上，從歷史上看，我們大約一半的銷售發生在 12 月，因此 iPod 知名度的問題，我們將在本季度進入 12 月時獲得更好的知名度。

Before then, the visibility will be limited.

在此之前，能見度將受到限制。

In the Mac area, the question is the -- how much was purchasing delay versus economy, if at all, and we'll gain knowledge on that each week, but it will take some number of weeks before we're able to meet the demand in that space, and so I think it will take a little while longer.

在 Mac 領域，問題是——如果有的話，購買延遲與經濟的關係有多大，我們每週都會獲得這方面的知識，但我們需要幾週的時間才能滿足那個空間的需求，所以我認為這需要更長的時間。

Okay.

好的。

Thank you very much.

非常感謝。

Yes.

是的。

Thank you, Mike.

謝謝你，邁克。

A replay of today's call will be available for two weeks as a podcast on the iTunes store.

今天電話會議的重播將在兩週內作為 iTunes 商店的播客提供。

As a webcast on Apple.Com/Investor, and via telephone, and the numbers for the telephone replay are 888-203-1112, or 719-457-0820, and the confirmation code is 5643095.

作為 Apple.Com/Investor 的網絡廣播，通過電話進行，電話重播號碼為 888-203-1112 或 719-457-0820，確認碼為 5643095。

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 either Joan 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，如果有其他問題，金融分析師可以聯繫 Joan Hoover 或我。

Joan is at 408-947-4570, and I'm at 408-974-5420.

瓊的電話是 408-947-4570，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。