蘋果 (AAPL) 2009 Q1 法說會逐字稿

Good day, and welcome to this Apple, Inc.

美好的一天，歡迎來到這家 Apple, Inc.

Apple first quarter fiscal year 2009 earnings release conference call.

蘋果公司 2009 財年第一季度財報電話會議。

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.

在這個時候開始致辭和介紹，我想把電話轉給Ms。

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

Nancy Paxton，投資者關係和公司財務高級總監。

Please go ahead, ma'am.

請繼續，女士。

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

謝謝大家，下午好，感謝大家加入我們。

Speaking today is Apple's CFO Peter Oppenheimer, and he'll be joined by Apple COO, Tim Cook, and Treasurer, Gary Whipfler 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 首席運營官 Tim Cook 和財務主管 Gary Whipfler 一起參加與分析師的問答環節。

Please note that some of the information you'll hear during our discussion today 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。

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 2008 and the Form 8-K filed today and the attached press release.

如需更多信息，請參閱 Apple 2008 年的 10-K 表格和今天提交的 8-K 表格以及隨附的新聞稿中討論的風險因素。

Apple assumes no obligation to update any forward-looking our forecast.

Apple 不承擔更新我們任何前瞻性預測的義務。

statements or information, which speak as of their respective dates.

聲明或信息，它們代表各自的日期。

With that, I'd 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的首席財務官彼得奧本海默，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 extremely pleased to report record results for the December quarter that include surpassing $10 billion for the first time in Apple's history, setting a new record for iPod sales, and generating an all time high quarterly earnings.

我們非常高興地報告 12 月季度的創紀錄業績，其中包括 Apple 歷史上首次超過 100 億美元，創下 iPod 銷售新紀錄，以及創造歷史最高的季度收益。

We entered the holiday season with our best product lineup ever, and our customers responded.

我們以有史以來最好的產品陣容進入假日季節，我們的客戶做出了回應。

Revenue for the quarter was $10.17 billion, representing 6% growth over the prior December quarter's results, and exceeding the high end of our guidance range.

本季度收入為 101.7 億美元，比上一季度的業績增長 6%，超過了我們指導範圍的高端。

Operating margin for the quarter was better than expected at 20.9%, due to higher than anticipated gross margin, and strong operating expense management.

由於高於預期的毛利率和強大的運營費用管理，本季度的營業利潤率為 20.9%，好於預期。

Net income was $1.6 billion, which translated to earnings per share of $1.78.

淨收入為 16 億美元，相當於每股收益 1.78 美元。

As we discussed on last quarter's conference call, we supplement our analysis of the business internally by using non-GAAP financial measures that correspond to the total sales and products of iPhones and AppleTVs sold during the quarter.

正如我們在上一季度的電話會議上討論的那樣，我們通過使用與本季度銷售的 iPhone 和 AppleTV 的總銷售額和產品相對應的非 GAAP 財務指標來補充我們對內部業務的分析。

Our earnings press release provides a full description of these non-GAAP measures, including how we use them, how they're derived, and their limitations.

我們的收益新聞稿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。

In terms of the non-GAAP measures, adjusted sales totaled $11.8 billion for the December quarter, which was $1.6 billion higher than our reported revenue.

在非公認會計原則方面，12 月季度調整後的銷售額總計 118 億美元，比我們報告的收入高 16 億美元。

Adjusted gross margin was $4.5 billion, which was $1 billion higher than our reported gross margin.

調整後的毛利率為 45 億美元，比我們報告的毛利率高出 10 億美元。

And adjusted net income was $2.3 billion, which was $700 million higher than reported net income.

調整後的淨收入為 23 億美元，比報告的淨收入高出 7 億美元。

We continue to 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 December quarter.

我們仍然相信，這些非 GAAP 財務措施為我們的業務增加了透明度，並希望它們有助於您分析和了解我們在 12 月季度的業績。

Now turning to the details of our results.

現在轉向我們結果的細節。

I'd like to begin with Mac products and services.

我想從 Mac 產品和服務開始。

For December quarter, we sold 2.5 million Macs, representing 9% growth over the prior December quarter's results.

在 12 月季度，我們售出了 250 萬台 Mac，比上一個 12 月季度的業績增長了 9%。

We are extremely proud of this very solid growth, particularly in contrast to the performance of the rest of the market.

我們為這種非常穩健的增長感到非常自豪，特別是與其他市場的表現相比。

In the latest update published last week, IDC estimated that the overall market for personal computers contracted during the December quarter.

在上週發布的最新更新中，IDC 估計個人電腦的整體市場在 12 月季度出現萎縮。

Customer response to the new MacBook and MacBook Pro, introduced in October, was very strong, driving year-over-year portables growth of 34%, and an overall portable mix of 71%, the highest ever for Apple.

客戶對 10 月份推出的新款 MacBook 和 MacBook Pro 的反應非常強勁，推動便攜式設備同比增長 34%，整體便攜式設備組合增長 71%，這是 Apple 有史以來的最高水平。

Desktop unit sales declined by 25% year-over-year.

台式機銷量同比下降 25%。

It's important to remember that in the prior December quarter, desktop sales grew by a phenomenal 53% year-over-year, given the very successful launch of the new iMac in August 2007.

重要的是要記住，由於 2007 年 8 月新 iMac 的成功推出，在上一季度，台式機銷量同比增長了驚人的 53%。

In addition to this tough comparison, we believe the year-over-year decline in desktop sales is a reflection of the shift towards portables in the overall market in customer response to our October announcements.

除了這個艱難的比較之外，我們認為台式機銷量的同比下降反映了客戶對我們 10 月份公告的反應，整個市場轉向便攜式設備。

IDC's latest published estimate indicates a 16% contraction in global desktop shipments during the December quarter.

IDC 最新公佈的估計顯示，12 月季度全球檯式機出貨量收縮 16%。

We are very pleased with overall Mac share gains, and believe our outstanding new features in iLife '09 and iWork '09 introduced earlier this month, will distance the Mac experience even farther from the competition.

我們對 Mac 的整體份額增長感到非常滿意，並相信我們在本月初推出的 iLife '09 和 iWork '09 中的出色新功能將使 Mac 體驗與競爭對手的差距更遠。

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

我們以三到四周的 Mac 渠道庫存開始和結束本季度。

Now I'd like to discuss our music products and services.

現在我想談談我們的音樂產品和服務。

We sold over 22.7 million iPods, a new quarterly record, representing 3% growth over the previous record sales in the year ago quarter.

我們售出了超過 2270 萬台 iPod，創下了新的季度記錄，比去年同期的創紀錄銷售額增長了 3%。

We were thrilled with customer response to the new iPods introduced in September.

我們對客戶對 9 月份推出的新 iPod 的反應感到非常興奮。

Customers love the sleek design and selection of the new Nano, while the superior features of the iPod touch, coupled with the amazing breadth and popularity of content on the App store have helped establish the iPod Touch as an outstanding gaming, entertainment, communications, and information platform.

客戶喜歡新款 Nano 的時尚設計和選擇，而 iPod touch 的卓越功能，再加上 App Store 內容的驚人廣度和受歡迎程度，幫助將 iPod Touch 確立為出色的遊戲、娛樂、通信和信息平台。

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 December, based on the latest data published by NPD.

根據 NPD 發布的最新數據，12 月份我們在美國 MP3 播放器市場的份額超過 70%。

And we continue to gain share year-over-year in international markets based on the latest data published by GFK.

根據 GFK 發布的最新數據，我們繼續在國際市場上逐年增加份額。

For the latest period reported, iPod's share of the MP3 market was over 70% in the UK and Australia, over 60% in Japan, and over 50% in Canada.

在報告的最新時期，iPod 在英國和澳大利亞的 MP3 市場份額超過 70%，在日本超過 60%，在加拿大超過 50%。

We were also pleased with continued year-over-year share gains in France, Germany, Italy, and Spain.

我們還對法國、德國、意大利和西班牙的持續同比增長感到高興。

We ended the quarter within our target range of four to six weeks of iPod channel inventory or a look forward basis.

我們在 iPod 渠道庫存 4 到 6 週的目標範圍內結束了本季度，或者在展望基礎上。

The iTunes store had a record quarter, thanks to strong music and video sales and the continued tremendous success of the App store.

得益於強勁的音樂和視頻銷售以及 App Store 的持續巨大成功，iTunes 商店的季度業績創歷史新高。

We experienced our biggest music quarter ever, including our highest sales ever for both Christmas Day and Christmas week.

我們經歷了有史以來最大的音樂季度，包括聖誕節和聖誕節週的最高銷售額。

We are continuing to change the value proposition for mobile devices with the App store and developer and customer excitement has been incredible.

我們將繼續通過 App Store 和開發人員改變移動設備的價值主張，客戶的興奮程度令人難以置信。

We now offer over 15,000 applications, an increase of over 10,000 since our last quarterly conference call, with many more Apps being added each day.

我們現在提供超過 15,000 個應用程序，自上次季度電話會議以來增加了 10,000 多個，並且每天都在添加更多應用程序。

We are also thrilled that customer downloads since the July 11th launch have surpassed 500 million.

我們也很高興自 7 月 11 日推出以來客戶下載量已超過 5 億。

Turning to the iPhone, we sold 4.4 million handsets in the December quarter, which brings our cumulative calendar 2008 iPhone sales to 13.7 million, well ahead of the 10 million unit goal for the year that we set when we introduced the iPhone.

談到 iPhone，我們在 12 月季度售出了 440 萬部手機，這使我們 2008 年的 iPhone 累計銷量達到 1370 萬部，遠遠超過我們在推出 iPhone 時設定的當年 1000 萬部目標。

We continued to expand iPhone's geographic reach and were selling in over 70 countries by the end of the quarter.

我們繼續擴大 iPhone 的地理覆蓋範圍，到本季度末已在 70 多個國家/地區銷售。

Recognized revenue from iPhone handset sales, accessory sales, and carrier payments was $1.25 billion compared to $241 million in year ago quarter.

iPhone 手機銷售、配件銷售和運營商支付的確認收入為 12.5 億美元，而去年同期為 2.41 億美元。

The sales value of iPhones sold during the quarter was over $2.6 billion.

本季度銷售的 iPhone 銷售額超過 26 億美元。

We're very proud of how rapidly iPhone has achieved such remarkably strong traction in the market.

我們為 iPhone 以如此之快的速度在市場上取得如此強大的吸引力感到非常自豪。

Based on its 2008 business wireless smart phone customer satisfaction study, J.D.

根據其 2008 年商業無線智能手機客戶滿意度研究，J.D.

Powers and associates ranks the iPhone in overall customer satisfaction among business wireless smart phone users.

Powers and associates 在商務無線智能手機用戶的整體客戶滿意度中對 iPhone 進行了排名。

And according to Ad Mobs, the December 2008 mobile metrics report, iPhone accounted for 32% of worldwide smart phone ad requests, and 48% of US smart phone ad requests in the month of December.

根據 Ad Mobs 的 2008 年 12 月移動指標報告，12 月份 iPhone 佔全球智能手機廣告請求的 32%，占美國智能手機廣告請求的 48%。

More than RIM, Windows, and Palm combined.

超過 RIM、Windows 和 Palm 的總和。

It's clear that customers are now attracted to iPhone not 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, ranging from games to social networking, to financial planning, and health management.

很明顯，現在吸引客戶的不僅是其驚人的功能和革命性的多點觸控用戶界面，還因為它能夠讓用戶輕鬆購買、下載和使用從遊戲到社交網絡等數千種不同應用程序的獨特能力，到財務規劃和健康管理。

And our competitors are scrambling to try and copy our success.

我們的競爭對手正爭先恐後地試圖複製我們的成功。

The incredible success of the App store is more evidence of what we have always said, that software is the key ingredient for a great mobile experience and we continue to believe that we are years ahead of the competition.

App Store 取得的令人難以置信的成功進一步證明了我們一直所說的話，即軟件是出色移動體驗的關鍵因素，我們仍然相信我們在競爭中領先多年。

I'd now like to turn to the Apple retail stores, which hosted a record 46.7 million visitors during the December quarter, or [14,400] visitors per store per week.

我現在想轉向 Apple 零售店，該零售店在 12 月季度接待了創紀錄的 4670 萬訪客，即每家商店每周有 [14,400] 名訪客。

Revenue of $1.74 billion also established a new record, and grew 2% year-over-year.

17.4 億美元的收入也創下新紀錄，同比增長 2%。

Our stores sold 515,000 Macs during the quarter, almost half of which were to customers who have never owned a Mac before.

我們的商店在本季度售出了 515,000 台 Mac，其中近一半是面向從未擁有過 Mac 的客戶。

Average revenue per store was $7 million, compared to $8.5 million in the prior year, and the retail segment margin was $353 million compared to $405 million in the year ago quarter.

每家商店的平均收入為 700 萬美元，而去年同期為 850 萬美元，零售部門利潤率為 3.53 億美元，而去年同期為 4.05 億美元。

This reflects the very difficult retail environment in the US, where most of our stores are located.

這反映了我們大部分門店所在的美國非常困難的零售環境。

In addition, we have expanded Mac distribution with Best Buy over the past year, and third party channels discounted and bundled aggressively this holiday season, particularly with iPods that drive traffic to their stores.

此外，在過去的一年裡，我們與百思買一起擴大了 Mac 的分銷範圍，第三方渠道在這個假日季大舉打折和捆綁銷售，尤其是那些為其商店帶來客流量的 iPod。

Given the retail conditions around us, our stores performed very well in the December quarter.

鑑於我們周圍的零售條件，我們的商店在 12 月季度的表現非常好。

We ended the quarter with 251 stores, and we now operate retail stores in 10 countries.

我們在本季度結束時擁有 251 家門店，現在我們在 10 個國家/地區經營零售店。

During the quarter, we opened our first store in Germany in Munich, and it's off to a great start.

在本季度，我們在慕尼黑開設了我們在德國的第一家門店，這是一個良好的開端。

Our stores achieved the highest ever service volumes as customers came in record numbers for help at our Genius Bars, and for personal training sessions.

我們的商店實現了有史以來最高的服務量，因為客戶在我們的天才吧尋求幫助和參加個人培訓課程的人數創歷史新高。

Total company gross margin was 34.7%, which was about 420 basis points better than our guidance.

公司總毛利率為 34.7%，比我們的預期高出約 420 個基點。

About half of this difference was due to a more favorable component pricing environment than we had anticipated at the beginning of the quarter.

大約一半的差異是由於比我們在本季度初預期的更有利的組件定價環境。

The remainder was split fairly evenly between two areas.

其餘部分在兩個區域之間相當均勻地分配。

First, lower than expected transportation, warranty, support, and other costs, and second, favorable adjustments and settlements, primarily related to prior quarter supply-chain matters.

首先，低於預期的運輸、保修、支持和其他成本，其次，有利的調整和結算，主要與上一季度的供應鏈問題有關。

Operating expenses were $1.4 billion, including $142 million in stock-based compensation expense.

運營費用為 14 億美元，其中包括 1.42 億美元的股票薪酬費用。

Total OpEx was below the low end of our guidance range, as a result of lower spending in most areas of the company, particularly in sales, retail and marketing.

由於公司大部分領域的支出較低，特別是在銷售、零售和營銷方面，總運營支出低於我們指導範圍的低端。

OI&E was $158 million, the tax rate from the quarter was 29.7%, slightly below our guidance as a result of a one time benefit from congressional approval of the R&D tax credit, which was applied retroactively to January of 2008.

OI&E 為 1.58 億美元，本季度的稅率為 29.7%，略低於我們的指引，這是由於國會批准的研發稅收抵免一次性受益，該稅收抵免追溯適用於 2008 年 1 月。

Turning to our cash, our cash plus short term and long term marketable securities totaled $28.1 billion at the end of the December quarter, compared to $24.5 billion at the end of the September quarter, an increase of over $3.6 billion.

談到我們的現金，我們的現金加上短期和長期有價證券在 12 月季度末總計 281 億美元，而在 9 月季度末為 245 億美元，增加了 36 億多美元。

During the December quarter, we changed our accounting practice for certain fixed income investments to more closely reflect the timing of when those marketable securities will mature.

在 12 月季度，我們改變了某些固定收益投資的會計慣例，以更準確地反映這些有價證券到期的時間。

This change resulted in the reclassification of all investments maturing more than one year in the future from short term marketable securities to long term marketable securities.

這一變化導致所有未來一年以上到期的投資從短期有價證券重新分類為長期有價證券。

We have reclassified prior balances to reflect this presentation as well.

我們也對以前的餘額進行了重新分類，以反映這種情況。

Our investment priority for the cash continues to be preservation of capital, which has served us well in the current environment.

我們對現金的投資重點仍然是保本，這在當前環境下為我們提供了很好的服務。

We are continuing to focus on short-dated high quality investments, and are comfortable with our investment portfolio.

我們將繼續專注於短期優質投資，並對我們的投資組合感到滿意。

Cash flow from operations in the December quarter was over $3.9 billion.

12 月季度的運營現金流量超過 39 億美元。

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

展望 3 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 March quarter non-GAAP financial measures to you in April, 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 4 月發布我們的結果時向您報告我們的 3 月季度非 GAAP 財務指標。

We are shipping the best products in our history, and we remain very confident in our business.

我們正在運送我們歷史上最好的產品，我們對我們的業務仍然充滿信心。

Our visibility remains rather low in the current environment, making our forecasting challenging, and we are therefore going to provide a broad range of revenue and earnings guidance for the March quarter.

在當前環境下，我們的能見度仍然很低，這使我們的預測具有挑戰性，因此我們將為 3 月季度提供廣泛的收入和收益指導。

We expect revenue to be between about 7.6 and $8 billion.

我們預計收入將在 7.6 至 80 億美元之間。

We expect gross margin to be about 32.5%, reflecting approximately $28 million related to stock based compensation expense, compared to 34.7% gross margin in the December quarter.

我們預計毛利率約為 32.5%，反映出與股票薪酬費用相關的約 2800 萬美元，而 12 月季度的毛利率為 34.7%。

This sequential decline reflects the impact of the stronger US dollar, the favorable adjustments from the December quarter not reoccurring, and the sequentially lower revenue as we have seen in past years.

這一環比下降反映了美元走強的影響，12 月季度的有利調整不再發生，以及我們在過去幾年看到的收入環比下降。

We expect OpEx to be about $1.33 billion, including about $150 million related to stock based compensation.

我們預計運營支出約為 13.3 億美元，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 $60 million, reflective of the short term interest rate environment, and we expect the tax rate to be about 31%.

我們預計 OI&E 約為 6000 萬美元，反映了短期利率環境，我們預計稅率約為 31%。

We are targeting EPS in the range of $0.90 to $1.

我們的目標是每股收益在 0.90 美元到 1 美元之間。

In closing, we are extremely proud of our performance and record results in the December quarter.

最後，我們對我們在 12 月季度的表現和創紀錄的業績感到非常自豪。

We are fortunate to have the world's best customers and employees, especially in these times.

我們很幸運擁有世界上最好的客戶和員工，尤其是在這個時代。

We are continuing to focus on developing the industry's most innovative products, and we are very excited about our new product pipeline.

我們將繼續專注於開發業內最具創新性的產品，我們對我們的新產品線感到非常興奮。

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

有了這個，我想打開問題電話。

(Operator Instructions).

（操作員說明）。

And our first question will come from Ben Reitzes with Barclays Capital.

我們的第一個問題將來自巴克萊資本的 Ben Reitzes。

Thanks a lot and nice performance.

非常感謝和漂亮的表現。

Well, given that I'm going first, I guess I'll ask how is Steve, and hope he's doing well, and I just wanted to know how, if any, you'll run the company differently with Tim or the same, and if need be, is Tim -- do you feel like you would be the likely candidate if the worst case scenario were to happen, where Steve was unable to return.

好吧，既然我先走了，我想我會問史蒂夫怎麼樣，希望他過得好，我只是想知道，如果有的話，你會如何以不同的方式與蒂姆或相同的人經營公司，如果需要的話，蒂姆是不是——如果最壞的情況發生，史蒂夫無法返回，你是否覺得你可能是候選人。

Do you feel like you would be the candidate that would steer the helm here.

你覺得你會成為掌舵這裡的候選人嗎？

Ben, it's Peter.

本，是彼得。

Steve is the CEO of Apple and plans to remain involved in major strategic decisions, and Tim will be responsible for our day-to-day operations.

Steve 是 Apple 的 CEO，他計劃繼續參與重大戰略決策，而 Tim 將負責我們的日常運營。

Ben, let me add something to that, and back up just a bit.

Ben，讓我添加一些內容，然後稍微備份一下。

There is an extraordinary breadth and depth and tenure among the Apple Executive team, and these executives lead over 35,000 employees that I would call all wicked smart.

Apple 高管團隊具有非凡的廣度、深度和任期，這些高管領導著超過 35,000 名員工，我認為這些員工都是邪惡的聰明人。

And that's in all areas of the company, from engineering to marketing, to operations and sales and all the rest.

這適用於公司的所有領域，從工程到營銷，再到運營和銷售等等。

And the values of our company are extremely well entrenched.

我們公司的價值觀非常根深蒂固。

We believe that we're on the face of the earth to make great products and that's not changing.

我們相信，我們正在地球上製造偉大的產品，這並沒有改變。

We're constantly focusing on innovating.

我們一直專注於創新。

We believe in the simple, not the complex.

我們相信簡單，而不是複雜。

We believe that we need to own and control the primary technologies behind the products that we make, and participate only in markets where we can make a significant contribution.

我們認為，我們需要擁有和控制我們製造的產品背後的主要技術，並且只參與我們可以做出重大貢獻的市場。

We believe in saying no to thousands of projects, so that we can really focus on the few that are truly important and meaningful to us.

我們相信對成千上萬的項目說不，這樣我們才能真正專注於少數對我們真正重要和有意義的項目。

We believe in deep collaboration and cross pollinization of our groups which allow us to innovate in a way others cannot.

我們相信我們團隊的深度合作和交叉授粉，這使我們能夠以其他人無法做到的方式進行創新。

And frankly, we don't settle for anything less than excellence in every group in the company, and we have the self-honesty to admit when we're wrong and the courage to change.

坦率地說，我們不會滿足於公司每個團隊的卓越表現，當我們犯錯時，我們有坦誠的承認和改變的勇氣。

Regardless of who is in what job, those values are so embedded in this company that Apple will do extremely well.

無論誰從事什麼工作，這些價值觀都深深植根於這家公司，以至於蘋果都會做得非常好。

And I would just reiterate a point Peter made in his opening comments.

我只想重申彼得在他的開場評論中提出的一點。

I strongly believe that Apple is doing the best work in its history.

我堅信蘋果正在做其歷史上最好的工作。

Thanks a lot, Tim.

非常感謝，蒂姆。

And I wanted to wish you all the best and Steve as well.

我想祝你和史蒂夫一切順利。

The last question for me is just a little more on retail.

對我來說，最後一個問題只是更多關於零售的問題。

Could your guys with the flat performance sequentially and what's going on in the environment, are you guys planning to scale down your expansion?

你們的人能否按順序表現平平以及環境中發生了什麼，你們打算縮小擴張規模嗎？

And is there anything we should be concerned about long term, if retail slows, any impact on margin, maybe with regard to capacity utilization, or utilization of your properties.

從長遠來看，如果零售放緩，對利潤率的任何影響，可能與產能利用率或您的物業利用率有關，我們是否應該長期關注任何事情。

Anything you're thinking about there in this slower environment?

在這個較慢的環境中，你有什麼想法嗎？

Ben, we plan to open about 25 stores in fiscal '09.

Ben，我們計劃在 09 財年開設大約 25 家商店。

About half of those will come internationally.

其中大約一半將來自國際。

And Ron and his team are continuing to be very selective with real estate and won't take a bad site.

羅恩和他的團隊繼續對房地產非常挑剔，不會選擇一個糟糕的網站。

Our stores are amazingly productive and are providing outstanding service to our customers.

我們的商店生產力驚人，並為我們的客戶提供出色的服務。

I went through some of that in my prepared remarks.

我在準備好的評論中經歷了其中的一些。

The environment around us was a bit tough.

我們周圍的環境有點艱難。

But the stores performed very, very well.

但是這些商店的表現非常非常好。

We are very confident in our stores and the asset that we are building.

我們對我們的商店和我們正在建設的資產非常有信心。

Thanks a lot.

非常感謝。

I'll cede the floor.

我會放棄發言權。

Thank you, Ben.

謝謝你，本。

Could we have the next question please?

請問下一個問題好嗎？

And that will come from Bill Shope with Credit Suisse.

這將來自瑞士信貸的比爾肖普。

Thanks.

謝謝。

Peter, in the past, you've noted that, in Apple's experience at least, the iPod segment is fairly price elastic, but the Mac segment is fairly inelastic.

彼得，在過去，您已經註意到，至少在 Apple 的經驗中，iPod 細分市場具有相當的價格彈性，而 Mac 細分市場則相當缺乏彈性。

Now that you've had several quarters of iPhone data, could you help us understand whether you characterize this segment as elastic or inelastic, and if it is elastic, do you think handset price reductions would eventually make sense in this environment to spur unit demand?

既然您已經掌握了幾個季度的 iPhone 數據，您能否幫助我們了解您將這一細分市場描述為彈性還是非彈性，如果它是彈性的，您認為在這種環境下手機降價最終是否有意義以刺激單位需求?

Bill, it's Tim.

比爾，是蒂姆。

This segment is clearly elastic.

這部分顯然是有彈性的。

And you can see that over the course of the time that we have been selling iPhone, you've seen the price -- and I'll just talk to the US market for a moment to make this simple.

你可以看到，在我們一直在銷售 iPhone 的過程中，你已經看到了價格——我會和美國市場談談，讓這一切變得簡單。

It moved from $599 to $399.

它從 599 美元漲到了 399 美元。

We saw a tremendous jump in the run rate.

我們看到了運行速度的巨大飛躍。

And as we went from $399 to $199 and introduced the iPhone 3G we saw another significant jump in the run rate.

當我們從 399 美元漲到 199 美元並推出 iPhone 3G 時，我們看到運行率再次顯著提高。

There's clearly a price elasticity in this market.

這個市場顯然存在價格彈性。

We believe that the $199 level -- and this includes signing up for contract obviously, that this is a compelling value and we see nothing in the marketplace anywhere close to it.

我們相信 199 美元的水平——這顯然包括簽約，這是一個令人信服的價值，我們在市場上看不到任何接近它的地方。

We still believe that we're years ahead of the competition from a software point of view, and when you threw in the Applications Store with the statistics that Peter quoted earlier with over 15,000 Apps and over half a billion downloads in a very, very short period of time, we feel very good about our competitive position.

我們仍然相信，從軟件的角度來看，我們在競爭中領先數年，當您在應用程序商店中使用 Peter 之前引用的統計數據時，在非常非常短的時間內擁有超過 15,000 個應用程序和超過 50 億的下載量一段時間以來，我們對自己的競爭地位感到非常滿意。

Okay, and then a quick question on the gross margin line, given the gross margin up side and the guidance of the gross margins and the March quarter, I'm assuming it's not still reasonable to assume gross margins will average out at 30% for fiscal '09, as it did a few quarters ago, is that true?

好的，然後是關於毛利率線的一個快速問題，考慮到毛利率上升的一面以及毛利率和 3 月季度的指導，我認為假設毛利率平均為 30% 仍然不合理09 財年，就像幾個季度前一樣，這是真的嗎？

Well, we reported our December quarter and I've given you our guidance for the March quarter.

好吧，我們報告了我們 12 月的季度，我已經為您提供了 3 月季度的指導。

But as I look forward, I would see our gross margins being about 30% in the second half of the fiscal 2009.

但正如我所期待的那樣，我會看到我們的毛利率在 2009 財年下半年約為 30%。

Our guidance in the March quarter of 32.5 is benefiting from a very favorable commodity environment, and thanks to our hedging program, we've not seen the full impact of the US dollar strengthening, which began in August of last year.

我們在 3 月季度 32.5 的指導受益於非常有利的商品環境，並且由於我們的對沖計劃，我們還沒有看到從去年 8 月開始的美元走強的全部影響。

We continue to anticipate gross margins as I said, about 30 in the second half.

正如我所說，我們繼續預計毛利率，下半年約為 30。

Considering the commodity environment and the stronger dollar, we are also continuing to focus on delivering state of the art products at price points our competitors can't match.

考慮到商品環境和美元走強，我們還將繼續專注於以競爭對手無法匹敵的價格提供最先進的產品。

We want to provide increasing value to our customers and we're not going to leave any pricing umbrellas.

我們希望為我們的客戶提供不斷增加的價值，我們不會留下任何定價保護傘。

Okay, thanks guys.

好的，謝謝各位。

Thank you, Bill.

謝謝你，比爾。

Can we have the next question, please?

請問下一個問題可以嗎？

A question from Richard Gardner with Citigroup.

理查德加德納向花旗集團提出的問題。

Okay, thank you.

好的謝謝。

Peter, I guess one for you and one for Tim.

彼得，我猜你一個，蒂姆一個。

First of all, you mentioned that you were giving a wider range than normal for guidance for the March quarter.

首先，您提到您為 3 月季度提供的指導範圍比正常範圍更廣。

However, the range is considerably more narrow than the one that you provided for the December quarter.

但是，該範圍比您為 12 月季度提供的範圍要窄得多。

And I realize that you're building up a base of recurring revenue with the iPhone.

我意識到你正在通過 iPhone 建立經常性收入基礎。

Is that the only factor that leads you to give a more narrow range for the March quarter?

這是導致您在 3 月季度給出更窄範圍的唯一因素嗎？

Or is there something else giving you confidence in the business going into March, which is traditionally a tougher quarter for consumer companies?

還是有什麼其他因素讓您對進入 3 月份的業務充滿信心，因為這對消費者公司來說傳統上是一個更艱難的季度？

Our models are not as precise as they have been.

我們的模型不像以前那麼精確。

And our visibility really isn't as good as it had been in the past.

而且我們的能見度確實不如過去。

And in prior quarters, Rich, we had given more of a single point estimate for the top line.

在前幾個季度，里奇，我們對收入給出了更多的單點估計。

As you know and as you said in the December quarter we gave $1 billion range for revenue.

如您所知，正如您在 12 月季度所說，我們給出了 10 億美元的收入範圍。

But it was a much bigger quarter with a much higher level of sales expected to occur.

但這是一個更大的季度，預計銷售額會更高。

And actually did occur in the last weeks of the quarter.

實際上確實發生在本季度的最後幾週。

But I would consider a $400 million range pretty wide for us.

但我認為 4 億美元的範圍對我們來說相當廣泛。

Yes, we do have recurring parts of our business.

是的，我們確實有經常性的業務部分。

And we are shipping the best products that we ever have as a company.

我們正在運送我們作為一家公司擁有的最好的產品。

So that gives us confidence as well.

所以這也給了我們信心。

I would just add that if you think back to the timing of the guidance, we were in a period of time where banks were going down what seemed like every other day, and it does seem like where the economy is clearly in bad shape, that it is not as unpredictable as it was in October perhaps.

我只想補充一點，如果你回想一下指導的時間安排，我們正處於一個銀行似乎每隔一天都在下跌的時期，而且看起來經濟狀況顯然很糟糕，那它可能不像十月那樣不可預測。

Okay.

好的。

And then as a follow-up, Tim, for you, you typically give us an update on the component pricing environment from quarter to quarter.

然後作為後續行動，蒂姆，對於您，您通常會按季度向我們提供有關組件定價環境的更新。

We've seen some pretty dramatic increases at least in spot prices for things like DRAM, NAND, and flat panels here recently.

最近，我們看到 DRAM、NAND 和平板等產品的現貨價格出現了相當大的上漲。

And I'm wondering if you can remind us what you do to mitigate the impact of that on your cost of goods, given that you tend to adjust prices less frequently than some of your PC competition.

而且我想知道你是否可以提醒我們你做了什麼來減輕這對你的商品成本的影響，因為你傾向於比你的一些 PC 競爭對手更頻繁地調整價格。

Maybe I should talk about what I think will occur in the quarter and what occurred last quarter.

也許我應該談談我認為本季度會發生什麼以及上個季度會發生什麼。

Last quarter was incredibly favorable.

上個季度非常有利。

As Peter said, it was a key factor in the reason our gross margin beat our guidance.

正如彼得所說，這是我們的毛利率超過我們的指導的一個關鍵因素。

We saw several commodities do much better than we thought like DRAM and NAND Flash and LCDs, and we saw frankly, some commodities selling at or near variable costs, and we think further reductions from those levels are just not likely.

我們看到幾種商品的表現比我們想像的要好得多，比如 DRAM 和 NAND 閃存和 LCD，坦率地說，我們看到一些商品以或接近可變成本銷售，我們認為從這些水平進一步下降的可能性不大。

We do however in the aggregate expect a continued favorable environment on both supply and price this quarter for NAND, for DRAM, for LCD, and for drives, and for most other commodities.

然而，總體而言，我們預計本季度 NAND、DRAM、LCD 和驅動器以及大多數其他商品的供應和價格環境將持續有利。

And so I think when you look at it in the aggregate, it will still be positive, but the falls from where we were are not going to be like they were in the Q1 time frame.

所以我認為，當你從總體上看時，它仍然是積極的，但從我們所處的位置下降不會像第一季度那樣。

Rich I would caution you to remember there's a difference between the spot markets and the contract markets.

Rich 我會提醒您記住現貨市場和合約市場之間存在差異。

Okay, all right.

好吧，好吧。

Thank you, Tim.

謝謝你，蒂姆。

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。

Good afternoon and congratulations.

下午好，祝賀你。

If you talk about the pricing environment to the pricing umbrella on the iPhone, if you look at your addressable markets and almost billion subs that you currently address, about 60% of them are noncontractual markets.

如果你談論 iPhone 定價傘的定價環境，如果你看看你的目標市場和你目前處理的近十億用戶，其中大約 60% 是非合同市場。

Are those markets that you're potentially interested in and how should we think about your addressable market if they're a market that you're priced too high for?

您是否可能對這些市場感興趣？如果它們是您定價過高的市場，我們應該如何考慮您的目標市場？

Gene, it's Tim.

吉恩，是蒂姆。

We are now in 70 countries in the iPhone and you're correct.

我們現在在 iPhone 中的 70 個國家/地區，您是對的。

Some of those countries are nonsubsidized markets.

其中一些國家是無補貼市場。

Examples of that are the largest example of that would be India in terms of the size of the market that we're currently in that are like that, and our sales are clearly materially less in those markets than they are in the subsidized markets that have post pay contracts.

最大的例子就是印度，就我們目前所處的市場規模而言，我們在這些市場的銷售額明顯低於補貼市場的銷售額。後付款合同。

We're constantly evaluating the best way to play in these markets.

我們一直在評估在這些市場中進行遊戲的最佳方式。

We know there's a huge market opportunity there.

我們知道那裡有巨大的市場機會。

And we'll make adjustments in the future accordingly to play in a stronger way.

並且我們會在未來做出相應的調整，以更強的方式發揮。

Okay.

好的。

So when you talk about no pricing umbrella, you're referring more towards the subsidized markets versus nonsubsidized.

因此，當您談論沒有定價保護傘時，您更多地指的是補貼市場而不是非補貼市場。

You know us.

你認識我們。

We're not going to play in the low end voice song business.

我們不會涉足低端語音歌曲業務。

That's not who we are.

那不是我們。

It's not why we're here.

這不是我們在這裡的原因。

We'll let somebody else do that.

我們會讓其他人這樣做。

Our objective is not to be the unit share leader in the cell phone industry.

我們的目標不是成為手機行業的單位份額領導者。

It's to build the world's best phones.

這是為了打造世界上最好的手機。

And second, if you look at -- obviously, the strength again came from portables and Macs, and if you're going to look at the overall industry growth, there's some evidence that sub $500 netbooks are starting to gain share, and grow quickly which obviously impacts your overall market share.

其次，如果你看一下——顯然，力量再次來自便攜式電腦和 Mac，如果你要看看整個行業的增長，有證據表明低於 500 美元的上網本開始獲得份額，並迅速增長這顯然會影響您的整體市場份額。

How do you think about that sub $500 market?

您如何看待低於 500 美元的市場？

We're watching that space.

我們正在關注那個空間。

Right now from our point of view, the products in there are principally based on hardware that's much less powerful than we think customers want, software technology that is not good, cramped keyboards, small displays, et cetera.

目前從我們的角度來看，那裡的產品主要基於硬件，其功能遠不如我們認為的客戶想要的強大，軟件技術不好，鍵盤狹窄，顯示器小等等。

And so we don't think that people are going to be pleased with those type of products.

因此，我們認為人們不會對這類產品感到滿意。

And, but we'll see.

而且，但我們會看到。

We are watching the space.

我們正在觀察空間。

As you know, about 3% of the industry or the PC industry last year was in this netbook kind of category.

如您所知，去年大約 3% 的行業或 PC 行業屬於上網本類別。

So it's a category we watch.

所以這是我們關注的一個類別。

We've got some ideas here.

我們在這裡有一些想法。

Right now we think the products there are inferior and will not provide an experience to customers that they're happy with.

目前我們認為那裡的產品質量較差，不會為客戶提供滿意的體驗。

And one last very quick question in terms of Apple TV.

最後一個關於 Apple TV 的快速問題。

Is there any seasonality, do you typically see a little bit of an uptick as any seasonality develops in that business?

是否有任何季節性，隨著該業務的任何季節性發展，您通常會看到一點點上升嗎？

There was a tremendous pickup year-over-year.

同比增長巨大。

Apple TV unit sales were up almost three times versus the year ago quarter.

Apple TV 的銷量與去年同期相比增長了近三倍。

However, let me be clear.

不過，讓我說清楚。

We still consider this a hobby.

我們仍然認為這是一種愛好。

However, it is clear that the movie rental business has really helped Apple TV and there are more and more customers that want to try it.

然而，很明顯，電影租賃業務確實幫助了 Apple TV，並且有越來越多的客戶想要嘗試它。

And we're going to continue to invest in it because we fundamentally believe there is something there for us in the future.

我們將繼續投資它，因為我們從根本上相信未來會有一些東西適合我們。

Great, thank you.

太好了謝謝。

Thanks, Gene.

謝謝，吉恩。

Could we have the next question, please?

請問下一個問題好嗎？

From FTN Midwest, we have Bill Fearnley.

我們有來自 FTN 中西部的 Bill Fearnley。

if I could ask a question on the desktops, in the Pro segment, in the Pro segment, how did effect the Mac numbers and the desktop numbers and the update on the pro segment on the audio and video side, and then I have a follow-up.

如果我可以在桌面、Pro 段、Pro 段中問一個問題，Mac 編號和桌面編號以及音頻和視頻方面 pro 段的更新是如何影響的，然後我有一個關注-向上。

The Mac Pro percentage of our desktop business is not large.

Mac Pro 在我們桌面業務中所佔的比例並不大。

Our desktop number is primarily iMac.

我們的桌面設備主要是 iMac。

But to answer your question specifically, the Pro segment was down year-over-year as you might expect, because small businesses are cutting back on expenditures in this current economic climate.

但要具體回答你的問題，正如你所料，Pro 部分同比下降，因為在當前的經濟環境下，小企業正在削減開支。

Any update on switching to another end user market.

有關切換到另一個最終用戶市場的任何更新。

And any update on the education market?

教育市場有什麼更新嗎？

There's a lot of chatter about what's happening with state budgets and you folks don't do a lot in the last quarter in education.

有很多關於州預算正在發生的事情的喋喋不休，你們在最後一個季度在教育方面做得不多。

But you start getting a sense of what you might be looking at for calendar 2009.

但是你開始對 2009 年的日曆有所了解。

Any update to the education market here?

這裡的教育市場有什麼更新嗎？

Yes, sure.

是的，當然。

If you look at our results last quarter, we were down 6% year-over-year in total, and if you look at the K-12 component of that, which is more sensitive to the state budgets, K-12 was down 10% year-over-year.

如果您查看我們上個季度的結果，我們總共同比下降 6%，如果您查看其中對州預算更敏感的 K-12 部分，K-12 下降了 10 ％ 一年又一年。

There's very significant funding uncertainty in this environment, and as you mentioned, state budget shortfalls are almost everywhere.

在這種環境下，資金存在非常大的不確定性，正如你所提到的，州預算短缺幾乎無處不在。

In fact, in the data we're collecting, 39 of the 50 states have some form of shortfall.

事實上，在我們收集的數據中，50 個州中有 39 個存在某種形式的短缺。

And so K-12 was weak.

所以K-12很弱。

In the previous quarter, in Q4, it was weak again last quarter.

上一季度，第四季度，上一季度再次疲軟。

We don't forecast individual markets, but I don't see this picking up very quickly until there's a huge infrastructure outlay, and hopefully now with the new President we may get some of that underway.

我們不預測個別市場，但我認為在有巨額基礎設施支出之前，這種情況不會很快回升，希望現在有了新總統，我們可能會著手進行其中的一些工作。

If I could switch gears and get a product update from you as well, any additional thoughts on Snow Leopard?

如果我也可以換檔並從您那裡獲得產品更新，您對 Snow Leopard 有什麼其他想法嗎？

You've talked about it in the past.

你過去談過這件事。

Any updates there on what you might have for a time line, and if you're not prepared to give a time line, any thoughts on progress in the development versus your expectations there?

關於時間線的任何更新，如果你不准備給出時間線，關於開發進展與你的期望的任何想法？

No comments to share today.

今天沒有評論分享。

We're very excited about the next release, but we do not have a specific launch date to announce today.

我們對下一個版本感到非常興奮，但我們今天沒有具體的發布日期要宣布。

Thanks, guys.

多謝你們。

Thanks, Bill.

謝謝，比爾。

Could we have the next question please?

請問下一個問題好嗎？

And that will come from Toni Sacconaghi with Sanford Bernstein.

這將來自托尼·薩科納吉（Toni Sacconaghi）和桑福德·伯恩斯坦（Sanford Bernstein）。

Yes, thank you.

是的，謝謝。

I have a couple of questions please.

請問我有幾個問題。

Peter, on the last call your stated that iPhone channel inventory was 2 million units.

彼得，在最後一次電話會議上，您表示 iPhone 渠道庫存為 200 萬台。

Can you provide an update on that inventory level please?

您能否提供有關該庫存水平的更新？

It's Tim.

是蒂姆。

I said that last time.

我上次說過。

We did have a channel build in the previous quarter as you mentioned in the launch quarter of iPhone 3G.

正如您在 iPhone 3G 發布季度所提到的，我們確實在上一季度建立了渠道。

It was approximately 2 million units.

大約是 200 萬台。

In Q1 despite launching in 20 or so additional countries and some additional channels within countries we had previously launched, we ended the quarter with sequentially lower channel inventories.

在第一季度，儘管在 20 個左右的額外國家和我們之前推出的國家內的一些額外渠道推出，但我們在本季度結束時渠道庫存連續下降。

The level we're at we're very comfortable with.

我們所處的水平讓我們非常滿意。

And I think you have to obviously take the changes in channel inventories in both quarters into consideration in looking at sequentially the sell through.

而且我認為在按順序查看銷售情況時，您顯然必須考慮到兩個季度的渠道庫存變化。

Can you help dimension how significant that change was or can you help us think through, in terms of weeks of inventory, if it was a modest draw down in channel inventory.

您能否幫助衡量這種變化的重要性，或者您是否可以幫助我們考慮週庫存，如果它是渠道庫存的適度減少。

It may or may not suggest that you're above your targeted range for other products of four to six weeks.

它可能會或可能不會表明您超出了其他產品 4 到 6 週的目標範圍。

Can you help dimension specifically how big the drawdown was in channel inventory?

您能否具體說明渠道庫存的回撤幅度有多大？

Sure.

當然。

I'll be specific.

我會具體的。

The draw down was about a quarter of a million.

縮水約為一百萬的四分之一。

In terms of your question on weeks, that I can't be specific about because we were in 70 countries for the first time last quarter.

關於你幾週的問題，我無法具體說明，因為上個季度我們第一次進入了 70 個國家。

This is the first time with that many countries that we're moving from a December quarter to a March quarter, and so frankly we're uncertain exactly the seasonal pattern of demand as we move from quarter to quarter.

這是我們第一次從 12 月季度到 3 月季度的這麼多國家，因此坦率地說，隨著我們從一個季度到另一個季度，我們不確定需求的季節性模式。

Based on the information we've gotten from our carrier partners, we feel very comfortable with our inventory level.

根據我們從運營商合作夥伴處獲得的信息，我們對我們的庫存水平感到非常滿意。

Thank you, that's helpful.

謝謝，這很有幫助。

Can I switch to another topic?

我可以切換到另一個主題嗎？

Can you comment on relative strength in the iPod business domestic versus internationally.

您能否評論一下國內與國際 iPod 業務的相對實力。

I think relative to investor expectations, iPod numbers were better than expected, in part, given some of the data points that emerged during the quarter about US iPod sales.

我認為相對於投資者的預期，iPod 的數量好於預期，部分原因是本季度出現了一些關於美國 iPod 銷售的數據點。

Can you comment on relative growth rates of the iPod business in the US versus international?

您能否評論一下美國與國際 iPod 業務的相對增長率？

And can you comment on linearity of growth in the iPod business over the course of the quarter?

您能否評論一下本季度 iPod 業務的線性增長？

in terms of geography, Toni, if you look at the United States, the iPod sales contracted at the unit level about 3% year-over-year.

就地理而言，Toni，如果你看一下美國，iPod 銷量在單位水平上同比收縮約 3%。

So all of the growth that you -- that you see in your number, the 22.7 was all international.

因此，您在數字中看到的所有增長，22.7 都是國際化的。

If you look at the linearity at a worldwide level it would look very similar for each of the weeks until you get to the last week of the quarter.

如果您在全球範圍內查看線性度，那麼在您到達本季度的最後一周之前，每個星期的線性度看起來都非常相似。

We saw a rush of buying the last week of the quarter.

我們看到了本季度最後一周的購買熱潮。

And specifically, all of our growth occurred in the last week of the quarter.

具體來說，我們所有的增長都發生在本季度的最後一周。

We attribute that to the macroeconomic environment and its effect on consumer buying behavior.

我們將其歸因於宏觀經濟環境及其對消費者購買行為的影響。

Finally, can you help us understand if you think about your gross margins on a year-over-year basis, what kind of impact mix had on gross margins.

最後，您能否幫助我們了解您是否考慮按年計算的毛利率，以及對毛利率的影響組合。

Clearly we had some visibility from last quarter that the iPhone margins are substantially higher than the company average.

顯然，我們從上個季度看到 iPhone 的利潤率遠高於公司平均水平。

That pushes up gross margins.

這推高了毛利率。

Can you help us understand given that there was -- there were some difference in revenue growth rate across all three products this year, this quarter, what the mix impact from each product was on the margins in a year-over-year basis.

鑑於今年和本季度所有三種產品的收入增長率存在一些差異，您能否幫助我們理解，每種產品對利潤率的同比影響是什麼。

Tony, we don't talk a lob about year-over-year gross margin changes.

托尼，我們不會談論毛利率的同比變化。

There's a lot of moving parts.

有很多活動部件。

And it's more straight forward for us to talk about it sequentially.

我們更直接地按順序討論它。

As you look back this year versus last, we have a different currency situation and a different commodity situation.

當您回顧今年與去年時，我們有不同的貨幣情況和不同的商品情況。

And gross margins were literally flat in percent terms year-over-year.

毛利率與去年同期相比幾乎持平。

That's all I can say.

這就是我能說的。

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？

Our next question comes from Shannon Cross with Cross Research.

我們的下一個問題來自 Cross Research 的 Shannon Cross。

Just a couple of questions.

只是幾個問題。

The first one, Peter, how are you thinking about operating expense?

第一個，彼得，您如何考慮運營費用？

You gave us the coming quarter's numbers.

你給了我們下一季度的數字。

But just as it relates to revenue growth or anything you can talk about.

但正如它與收入增長或您可以談論的任何事情有關。

You discussed on the call being a bit more conservative in how you're looking at operating expense, so any thoughts you can give us would be helpful.

您在電話會議上討論過在您如何看待運營費用方面更加保守，因此您可以給我們的任何想法都會有所幫助。

Sure.

當然。

We're very confident in our strategy in our business.

我們對我們的業務戰略非常有信心。

And we're going to invest our way through this downturn just as we did the last one.

就像我們上一次那樣，我們將在這次低迷中進行投資。

And we certainly saw the benefits of innovative products and quality points of sale as the economy improved the last time around.

隨著上次經濟的改善，我們當然看到了創新產品和優質銷售點的好處。

We're continuing to invest in such areas as engineering, marketing, the customer experience, to bring the industry's most innovative products to market and delight our customers.

我們將繼續在工程、營銷、客戶體驗等領域進行投資，以將業內最具創新性的產品推向市場並取悅我們的客戶。

Okay.

好的。

And given the discussions on currency, can you walk us through the impact of currency on your P&L.

鑑於有關貨幣的討論，您能否帶我們了解一下貨幣對您的損益的影響。

Topline we can understand, but in terms of sourcing and sort of how we should think about it from a COGS and SG&A standpoint.

我們可以理解頂線，但在採購方面以及我們應該如何從 COGS 和 SG&A 的角度考慮它。

We do have a hedging program.

我們確實有一個對沖計劃。

And our European hedges are recorded to revenue and our Asian and Canadian hedges record to COGS.

我們的歐洲對沖計入收入，我們的亞洲和加拿大對沖計入銷貨成本。

We do have local expenses.

我們確實有當地的開支。

They're not the biggest part of our business that can help in a changing currency environment.

它們不是我們業務中可以在不斷變化的貨幣環境中提供幫助的最大部分。

And the operations team has the opportunity to have conversations with suppliers as currency rate moves in as we introduce new products, we will think about changes and local pricing.

隨著我們推出新產品時匯率的變化，運營團隊有機會與供應商進行對話，我們將考慮變化和當地定價。

And that's how we manage it.

這就是我們管理它的方式。

And my final question is on cash.

我的最後一個問題是關於現金的。

Can you just discuss any thoughts on the use of cash.

你能談談對現金使用的任何想法嗎？

Obviously, $26 billion is a pretty healthy war chest.

顯然，260 億美元是一個相當健康的資金儲備。

Not to make my answer any more difficult, but I'm proud to tell you that we're over $28 billion at this point.

不要讓我的回答變得更加困難，但我很自豪地告訴你，我們目前的資金已超過 280 億美元。

And that's for all the right reasons.

這是出於所有正確的原因。

Just very strong performance in the business.

只是在業務上的表現非常強勁。

There's no new update from what we shared with you last quarter.

我們上個季度與您分享的內容沒有新的更新。

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？

From UBS, we'll hear from Maynard Um.

從瑞銀，我們會聽到梅納德·烏姆的消息。

Can you just speak to the linearity of your guidance?

你能談談你的指導的線性嗎？

You have three weeks under your belt here.

你在這裡有三個星期的時間。

What in particular does the guidance assume in the remaining two months.

該指南在剩下的兩個月中特別假設了什麼。

We're not going to give you an update on this quarter.

我們不會向您提供本季度的最新信息。

We've provided our guidance for the March quarter, and in this environment, I'm thrilled to be providing guidance that has growth year-over-year and again, we're shipping the best products that we have ever shipped and thankfully, customers are responding.

我們已經為 3 月季度提供了指導，在這種環境下，我很高興能夠提供同比增長的指導，我們正在運送我們有史以來最好的產品，謝天謝地，客戶正在響應。

And you spoke of some uncertainty about the potential iPhone seasonality, but I presume you have visibility because of the order lead times from operators.

你談到了一些關於潛在 iPhone 季節性的不確定性，但我認為你有可見性，因為運營商的訂單提前期。

And given iPhone 3G is still kind of in its the early days and you had some inventory drawdown, do you think you can buck the seasonal downtick that you typically see in the handset industry and see a sequential uptick in units?

鑑於 iPhone 3G 仍處於早期階段，並且您有一些庫存下降，您認為您可以克服手機行業通常看到的季節性下滑並看到單位連續上升嗎？

We don't forecast the product level.

我們不預測產品水平。

We obviously do internally, but we don't externally in terms of our guidance.

我們顯然在內部進行，但就我們的指導而言，我們不會在外部進行。

But the fear that we would have and I think everyone has in this market is that the economy may slow the adoption rate of smart phones because generally smartphones command higher monthly fees and that may keep some customers to not signing up for higher contracts.

但我們和我認為這個市場上的每個人都會擔心的是，經濟可能會減緩智能手機的採用率，因為通常智能手機需要更高的月費，這可能會讓一些客戶不簽署更高的合同。

But we will see.

但我們會看到的。

We feel very good about our competitive position as I said before.

正如我之前所說，我們對自己的競爭地位感覺非常好。

And extremely good about our product pipeline.

我們的產品線非常好。

Okay.

好的。

Great.

偉大的。

Thank you.

謝謝你。

Thanks, Maynard.

謝謝，梅納德。

Could we have the next question please?

請問下一個問題好嗎？

That will come from David Bailey with Goldman Sachs.

這將來自高盛的大衛貝利。

Great, thank you very much.

太好了，非常感謝。

I was wondering if you could talk about the pluses and minuses of adding Wal-Mart as a reseller of iPhone.

我想知道您能否談談將沃爾瑪添加為 iPhone 經銷商的利弊。

And what's different about Wal-Mart versus Best Buy or your own stores as far as mix and activation capability?

就混合和激活能力而言，沃爾瑪與百思買或您自己的商店有什麼不同？

David, it's Tim.

大衛，是蒂姆。

We just started working with Wal-Mart on iPhone at the very end of December.

我們剛剛在 12 月底開始在 iPhone 上與沃爾瑪合作。

And so we have not enough data to draw any conclusion about performance.

所以我們沒有足夠的數據來得出關於性能的任何結論。

From a reach point of view, what Wal-Mart does is reach a tremendous amount more people than we could reach in our stores.

從覆蓋面的角度來看，沃爾瑪所做的就是接觸到的人數比我們在商店裡所能接觸到的要多得多。

Obviously, they have over 4000 or so store fronts, and they are in areas of the country that we have no Apple stores.

顯然，他們有超過 4000 家左右的店面，而且他們所在的地區是我們沒有 Apple 專賣店的國家。

And so they provide a level of reach beyond what we would provide ourselves, or beyond what AT&T stores would provide.

因此，它們提供的覆蓋範圍超出了我們自己提供的範圍，或者超出了 AT&T 商店提供的範圍。

And so that's the reason we're there.

這就是我們在那裡的原因。

As you know, we also sell iPods in Wal-Mart, and have a good relationship with them and have seen what they can do in that space.

如您所知，我們還在沃爾瑪銷售 iPod，並且與他們保持著良好的關係，並且看到了他們在該領域的能力。

And it was with that data and knowledge that we entered into this relationship with iPhone.

正是憑藉這些數據和知識，我們與 iPhone 建立了這種關係。

Thank you.

謝謝你。

And then you commented a little bit about the linearity on the iPod side.

然後你評論了一點關於 iPod 端的線性度。

Could you talk about linearity on Macs and iPhones?

你能談談 Mac 和 iPhone 上的線性度嗎？

Mac sales were the second highest in our history, as Peter alluded to earlier, and only surpassed by just 3% from the previous quarter, which had a materially better macroeconomic landscape than we did last quarter.

正如彼得早些時候提到的那樣，Mac 銷量是我們歷史上第二高的銷量，僅比上一季度高出 3%，而上一季度的宏觀經濟形勢比我們上一季度要好得多。

And as you might guess, when we announced our portables, sell through accelerated tremendously in October.

正如您可能猜到的那樣，當我們宣布我們的便攜式產品時，10 月份的銷售速度大大加快。

And the team here did an excellent job on the production ramp.

這裡的團隊在生產坡道上做得非常出色。

And therefore, we were able to quickly service customers, and so the October year-over-year data on the Mac is very good.

因此，我們能夠快速為客戶提供服務，因此 Mac 上 10 月份的同比數據非常好。

And the portables all quarter, as a matter of fact led to this -- which is a pretty stunning number -- a 34% year-over-year unit increase on portables for the whole quarter despite the tough environment.

事實上，整個季度的便攜式設備導致了這個 - 這是一個非常驚人的數字 - 儘管環境艱難，整個季度的便攜式設備銷量同比增長了 34%。

International versus the U.S., international on Mac was much stronger than the US, the US growth on the Macintosh was 2%.

國際對美國，Mac 的國際比美國強得多，美國 Macintosh 的增長率為 2%。

The international growth was 16% year over year.

國際增長率為 16%。

And we saw several countries that were above 20, like Canada and Latin America, Eastern Europe, Asia, Italy, several countries over 20.

我們看到了幾個超過 20 的國家，比如加拿大和拉丁美洲、東歐、亞洲、意大利，還有幾個超過 20 的國家。

So the linearity itself, strong in October after the portable announcements, weak before it, and I had mentioned that on the last call, I believe, that we felt that people were delaying purchases on rumors of the new portables, and then for the balance of the quarter, we saw again a spike at the end of the quarter, which I think was not as strong as iPod but something that was created by the economic environment and the consumer behavior reaction to it.

所以線性本身，在 10 月份便攜式公告發布後表現強勁，在此之前很弱，我在最後一次電話會議上提到過，我相信，我們覺得人們在推遲購買新便攜式設備的傳聞，然後是為了平衡在本季度，我們在本季度末再次看到了飆升，我認為它不如 iPod 強勁，而是由經濟環境和消費者對它的行為反應造成的。

On the iPhone, we have little history here to compare to and so -- it's difficult to say how we performed versus what it was supposed to be like.

在 iPhone 上，我們沒有什麼歷史可以比較，所以很難說我們的表現與它應該是什麼樣的。

We saw a very strong ending of the quarter on iPhone.

我們在 iPhone 上看到了一個非常強勁的季度末。

And in terms of during it, I really can't make an educated comment on it given it's just our second December in the business.

就在此期間而言，鑑於這只是我們在業務中的第二個 12 月，我真的無法對此發表有根據的評論。

Our first December in it in a large way rolled out through many countries.

我們在其中的第一個 12 月在很多國家推廣。

Great, thanks a lot, Tim.

太好了，非常感謝，蒂姆。

Thank you, David.

謝謝你，大衛。

Could we have the next question please?

請問下一個問題好嗎？

From JPMorgan, we'll hear from Mark Moskowitz.

從摩根大通，我們將聽到馬克莫斯科維茨的消息。

This question is probably more for Ron, but I'll ask anyway, of you Peter, and Tim.

這個問題可能更適合 Ron，但我還是要問你們 Peter 和 Tim。

As far as the retail stores can you give us any sort of context around the same store sales philosophy in international versus US in the past year and the follow-up on the multiplier effect, when you open up the new stores in the past year, are you seeing that pull through on the retail and also online and through the third party folks in those regions where you're opening those stores?

至於零售店，您能否為我們提供有關過去一年國際與美國相同商店銷售理念的任何背景以及乘數效應的後續行動，當您在過去一年開設新店時，您是否看到在您開設這些商店的那些地區的零售、在線和第三方人員上取得了成功？

The retail performance outside the US was a bit stronger, similar to what we saw in other parts of the business and as Tim just alluded to in David's question.

美國以外的零售表現要強一些，類似於我們在其他業務領域看到的情況，正如蒂姆剛剛在大衛的問題中提到的那樣。

We think that our retail stores are helping us in each of our geographies.

我們認為我們的零售店在我們的每個地區都在幫助我們。

They are a great place for new customers, particularly those new to the Mac to come and experience our products, understand them, and some people choose to buy in our stores and some people may buy elsewhere.

它們是新客戶的好地方，尤其是那些剛接觸 Mac 的客戶來體驗我們的產品，了解它們，有些人選擇在我們的商店購買，有些人可能會在其他地方購買。

We're fine with either.

我們都可以。

We want to be sure that the Macs and the iPhones in particular have a great point of sale for new customers to come and experience them.

我們希望確保 Mac 和 iPhone 有一個很好的銷售點，供新客戶前來體驗。

And that's why we're opening the stores.

這就是我們開設商店的原因。

And we plan to open about 25 in fiscal '09.

我們計劃在 09 財年開設大約 25 家。

And about half of them will be international.

其中大約一半將是國際化的。

Okay.

好的。

And then the second question, you mentioned earlier about the third party discount you took at Best Buy and others.

然後是第二個問題，您之前提到過您在百思買和其他公司獲得的第三方折扣。

How have you seen those dynamics play out in the last three weeks or so since 2008.

自 2008 年以來的最後三週左右，您如何看待這些動態。

And how are you mitigating those risks?

您如何降低這些風險？

I'm not sure there's much to mitigate per se.

我不確定是否有很多需要減輕的地方。

The resellers are able to do what they want.

經銷商可以為所欲為。

Some here in the US as an example over the December quarter certainly did do some promotional activities, particularly with iPods where they may have attached a gift card to it.

以美國為例，在 12 月季度，有些人確實做了一些促銷活動，特別是在 iPod 上，他們可能附上了禮品卡。

And that's something they're doing and if they want to do it, it's fine.

這就是他們正在做的事情，如果他們想這樣做，那很好。

I've not observed as much of that post holiday as we saw prior to the holiday.

我沒有像假期前那樣觀察到假期後的情況。

Thanks, Mark.

謝謝，馬克。

Could we have the next question, please.

請問下一個問題可以嗎？

From Bank of Montreal, we have Keith Bachman.

來自蒙特利爾銀行，我們有 Keith Bachman。

I had two margin questions.

我有兩個邊際問題。

You alluded to or mentioned that there was a supply chain adjustment to gross margins in the December quarter, and I think you said it was going to reoccur in the March quarter.

您提到或提到 12 月季度的毛利率發生了供應鏈調整，我認為您說它將在 3 月季度再次發生。

Could you describe what it is and how much?

你能描述一下它是什麼以及多少錢嗎？

And then I have a follow-up question, please.

然後我有一個後續問題，請。

Sure.

當然。

Keith, we exceeded our gross margin guidance in the December quarter by about 420 basis points.

基思，我們在 12 月季度超過了我們的毛利率指導約 420 個基點。

And in the range of a quarter of that were some favorable adjustments and settlements, primarily related to prior quarter items we had in the supply chain.

其中四分之一是一些有利的調整和結算，主要與我們在供應鏈中的上一季度項目有關。

And I don't expect those to reoccur in the March quarter, and that's one of the three primary reasons why I see the gross margin declining sequentially from the December to the March quarter.

而且我預計這些情況不會在 3 月季度再次發生，這是我認為毛利率從 12 月到 3 月季度連續下降的三個主要原因之一。

Okay.

好的。

Peter, my follow-up question -- on the non-GAAP adjustments, you provided a schedule this quarter as you did last quarter.

彼得，我的後續問題 - 關於非公認會計原則調整，您在本季度提供了與上一季度一樣的時間表。

The implied or stated gross margin increased substantially.

隱含或規定的毛利率大幅增加。

It was about 61% this quarter versus 48% last quarter.

本季度約為 61%，而上一季度為 48%。

What's the reason that gross margins increased so substantially in the non-GAAP adjustments?

在非公認會計準則調整中毛利率大幅增長的原因是什麼？

Sure.

當然。

As we explained last quarter, the adjustment column reflects two things.

正如我們上個季度所解釋的，調整欄反映了兩件事。

The first is the reversal of the iPhone revenue and product costs recognized during the quarter.

首先是本季度確認的 iPhone 收入和產品成本的逆轉。

And then the addition of the sales value and product costs to the iPhones and Apple TVs sold in the quarter.

然後是本季度銷售的 iPhone 和 Apple TV 的銷售價值和產品成本。

And 61% is simply the mathematical result of these adjustments, the in and the out to revenue and cost of goods sold.

而 61% 只是這些調整的數學結果，即收入和銷售成本的進出。

The sales value of the iPhones sold and added in during the quarter was $2.6 billion and that was much larger than the recognized revenue of $1 billion that was backed out.

本季度銷售和增加的 iPhone 的銷售額為 26 億美元，遠高於確認的 10 億美元收入。

So it's really just that overweighting that you saw last quarter.

所以這真的只是你上個季度看到的增持。

However, on a sequential basis, the iPhone 3G gross margin was higher in the December quarter and this was a result of lower product costs, partially offset by a stronger dollar.

然而，在環比基礎上，iPhone 3G 的毛利率在 12 月季度較高，這是由於產品成本下降，部分被美元走強所抵消。

But it was less than 61% in terms of its gross margin.

但就毛利率而言，它不到61%。

Just like it was less than the 48 last quarter.

就像它低於上個季度的 48 一樣。

Okay, thank you.

好的謝謝。

Thanks, Keith.

謝謝，基思。

Could we have the next question please?

請問下一個問題好嗎？

We'll hear from Mike Abramsky with RBC Capital Markets.

我們將聽取 RBC Capital Markets 的 Mike Abramsky 的來信。

Thanks very much.

非常感謝。

Just maybe shifting to the iPhone, there's now a number of competitors coming to the market.

只是也許轉向 iPhone，現在有許多競爭對手進入市場。

Many who will have their own sort of variance on the kind of sort of customer experience that iPhone was famous for initiating, and that includes things like Android and Windows and the Palm III.

許多人對 iPhone 以開創而聞名的那種客戶體驗有自己的差異，其中包括 Android、Windows 和 Palm III 之類的東西。

Beyond what's obviously been a powerful leadership in applications, how do you think about sustaining that leadership and brand in the face of these competitive developments in this sector going forward?

除了在應用程序方面明顯具有強大的領導地位之外，面對未來該領域的這些競爭性發展，您如何看待保持這種領導地位和品牌？

Hi Mike, it's Tim.

嗨，邁克，我是蒂姆。

I think it's difficult to judge products not yet in the market.

我認為很難判斷尚未上市的產品。

The iPhone has sold over 17 million units thus far.

迄今為止，iPhone 已售出超過 1700 萬部。

It's received the highest overall customer satisfaction of products from many different surveys.

它在許多不同的調查中獲得了最高的產品總體客戶滿意度。

And we've said since the beginning, software is the key ingredient and we believe that we're still years ahead on software.

我們從一開始就說過，軟件是關鍵要素，我們相信我們在軟件方面仍然領先數年。

And I would include in that software umbrella the Applications Store and you can see the explosion in applications with over half a billion downloads.

我會將應用程序商店包括在該軟件保護傘中，您可以看到應用程序的爆炸式增長，下載量超過 50 億次。

If you look at others, I think when you think about having multiple variations of displays, multiple variations of resolutions, and input methods.

如果你看看其他人，我想當你考慮擁有多種顯示器、多種分辨率和輸入法時。

And many different forms of hardware, it's a big challenge to a software developer, and is not enticing for them to build a different App for every one of these things.

還有許多不同形式的硬件，這對軟件開發人員來說是一個巨大的挑戰，並且不會誘使他們為每一種東西構建不同的應用程序。

But we shall see what people will do.

但我們將看到人們會做什麼。

We approach this business as a software platform business.

我們將此業務視為軟件平台業務。

And so I think we have approached it fundamentally different than people that are approaching it only from a hardware point of view.

因此，我認為我們處理它的方式與僅從硬件角度處理它的人根本不同。

As I've said before, we're confident with where we are competitively.

正如我之前所說，我們對自己的競爭力充滿信心。

We are watching the landscape.

我們在看風景。

We like competition.

我們喜歡競爭。

As long as they don't rip off our IP, and if they do, we're going to go after anybody that does.

只要他們不盜用我們的知識產權，如果他們這樣做了，我們就會追捕任何這樣做的人。

That was actually my next question.

這實際上是我的下一個問題。

I thought it might be and that's the reason I wanted to go ahead and get that out.

我想可能是這樣，這就是我想繼續前進的原因。

It seems until Palm came out, many of the other players had negotiated carefully around your multi-touch IP, whereas the Palm device particularly seems to directly emulate the kind of touch interfaces that you had innovated and that Steve, when he launched the phone talked about, patented.

似乎在 Palm 出現之前，許多其他玩家已經圍繞你的多點觸控 IP 進行了仔細的談判，而 Palm 設備似乎特別直接模仿了你創新的那種觸控界面，史蒂夫在推出手機時談到了關於，專利。

Is that to what you're referring with regard to ripping off IP?

這就是你所指的關於竊取IP的內容嗎？

I don't want to talk about any specific company.

我不想談論任何具體的公司。

I'm just making a general statement that we think competition is good.

我只是做一個一般性的聲明，我們認為競爭是好的。

It makes us all better.

它讓我們都變得更好。

And we are ready to suit up and go against anyone.

我們已經準備好迎戰任何人。

However, we will not stand for having our IP ripped off and we'll use whatever weapons we have at our disposal.

但是，我們不會容忍我們的知識產權被盜，我們將使用我們擁有的任何武器。

I don't know that I can be more clear than that.

我不知道我能比這更清楚。

Lastly, I realize you have a transition to laptops.

最後，我意識到您已經過渡到筆記本電腦。

Given that quarter to quarter, Macs were down 3% and amidst a launch of new Macs.

鑑於該季度與季度相比，Mac 下降了 3%，並且在推出新 Mac 的情況下。

Can you give us a sense of what you're thinking about regarding your guidance or generally on Mac trends going forward?

你能告訴我們你對你的指導或Mac未來趨勢的總體看法嗎？

if you look at the Mac and the slight decline sequentially and think about the macroeconomic environment from fiscal Q4 to fiscal Q1.

如果您查看 Mac 和連續小幅下降，並考慮從財政 Q4 到財政 Q1 的宏觀經濟環境。

I think it's a fantastic result, so I'm thrilled with it.

我認為這是一個了不起的結果，所以我很興奮。

I'd remind you we grew 9% on a sell-in basis and we did take down the channel inventory some in addition to that, and the market as projected by IDC, IDC has said that the worldwide market actually contracted.

我要提醒你，我們在銷售基礎上增長了 9%，除此之外，我們確實減少了一些渠道庫存，正如 IDC 預測的市場，IDC 表示全球市場實際上已經收縮。

You're comparing 9% to a negative number.

您將 9% 與負數進行比較。

I feel very, very good about that.

我對此感覺非常非常好。

If you look at our unit share in retail in the US in December, it was over 16.

如果你看看我們 12 月份在美國的零售單位份額，它超過了 16 個。

If you look at the revenue share, it was over 32, and Apple was number 1 in revenue share in retail in the US.

如果你看一下收入份額，它超過了 32，蘋果在美國零售業的收入份額中排名第一。

I think those are all fantastic results and we're extremely proud of them.

我認為這些都是很棒的結果，我們為他們感到非常自豪。

Okay.

好的。

Thank you.

謝謝你。

Thank you, Mike.

謝謝你，邁克。

Could we have the next question, please?

請問下一個問題好嗎？

From Needham & Company, we'll hear from Charles Wolf.

來自 Needham & Company，我們將聽取 Charles Wolf 的來信。

Yes, I have a couple of questions.

是的，我有幾個問題。

On the Apple stores, what was the average number of stores open during the quarter?

在 Apple 商店中，本季度平均開張的商店數量是多少？

Hold on, Charlie.

等一下，查理。

249.

249.

Okay.

好的。

And how many one on one sessions did you have during the quarter?

本季度您進行了多少次一對一會議？

I don't have that in front of me and I'm sorry.

我面前沒有那個，我很抱歉。

We did set a record, as I said in my prepared remarks for one-to-one sessions in the quarter.

正如我在本季度一對一會議準備好的評論中所說，我們確實創造了記錄。

And my last question is there's been I believe 500 million downloads from the App store.

我的最後一個問題是，我相信 App Store 有 5 億次下載。

I'm curious, what percentage were paid and what percentage were free?

我很好奇，支付的百分比是多少，免費的百分比是多少？

That's something Charlie that we're not disclosing.

這是我們沒有透露的查理。

We are thrilled with the App Store.

我們對 App Store 感到非常興奮。

You know, it was a pleasure last week to be able to say we surpassed 500,000.

你知道，很高興上週能夠說我們超過了 500,000。

It's huge to say there's more than 15,000 Apps on the store, which I would point out is again, up more than 10,000 since we last talked to you on this conference call.

可以說商店中有超過 15,000 個應用程序，我要再次指出，自我們上次在電話會議上與您交談以來，已經增加了 10,000 多個。

With respect to the App Store, are you going to continue to report revenues within iTunes or are you going to separate that out at some point in the future?

關於 App Store，你會繼續在 iTunes 中報告收入，還是會在未來的某個時候將其分開？

At this point it's part of iTunes and no plans to make a change at this point.

目前它是 iTunes 的一部分，目前沒有計劃進行更改。

Okay.

好的。

Thank you.

謝謝你。

Thank you, Charlie.

謝謝你，查理。

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 www.apple.com/investor, and by telephone, and the numbers for the telephone replay are (888)203-1112 or (719)457-0820, and the confirmation code is 4939950.

作為 www.apple.com/investor 上的網絡廣播和電話，電話重播的號碼是 (888)203-1112 或 (719)457-0820，確認碼是 4939950。

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

這些重播將在大約下午 5 點開始提供。

Pacific Time today.

今天太平洋時間。

Members of the press with additional questions can contact Steve Dowling.

有其他問題的媒體成員可以聯繫 Steve Dowling。

He's at (408)974-1896, and financial analysts can contact either Joan Hooper or me with additional questions.

他的電話是 (408)974-1896，如果有其他問題，金融分析師可以聯繫 Joan Hooper 或我。

Joan is (408)974-4570 and I'm at (408)974-5420.

瓊的電話是 (408)974-4570，我的電話是 (408)974-5420。

And 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 thank everyone for your participation, and have a wonderful day.

我們感謝大家的參與，祝您有美好的一天。