蘋果 (AAPL) 2009 Q2 法說會逐字稿

Good day, and welcome to the Apple Incorporated second quarter fiscal year 2009 earnings release conference call.

美好的一天，歡迎參加 Apple Incorporated 2009 財年第二季度財報電話會議。

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，關於開場白和介紹，我想把電話轉給Ms。

Nancy Paxton, Senior Director of Investor Relations.

Nancy Paxton，投資者關係高級總監。

Please go ahead, ma'am.

請繼續，女士。

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

謝謝大家，下午好，感謝大家加入我們。

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

今天發言的是蘋果公司首席財務官彼得奧本海默、蘋果公司首席運營官蒂姆庫克和財務主管加里惠斯勒與分析師的問答環節。

Please note 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, earnings per share and future products.

請注意，您將在我們今天的討論中聽到的一些信息將包含前瞻性陳述，包括但不限於有關收入、毛利率、運營費用、其他收入和費用、基於股票的薪酬費用、稅收、收益的陳述每股和未來的產品。

Actual results or trends could differ materially from our forecast.

實際結果或趨勢可能與我們的預測大相徑庭。

For more information, please refer to the risk factors discussed in Apple's form 10-K for 2008, the form 10-Q for the first fiscal quarter of 2009 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 2008 年的 10-K 表格、2009 年第一財季的 10-Q 表格以及今天向美國證券交易委員會提交的 8-K 表格以及隨附的新聞稿中討論的風險因素。

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

Apple 不承擔更新任何前瞻性陳述或截至其各自日期的信息的義務。

With that, I would 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 the best nonholiday quarter revenue and earnings in our history.

我們非常高興地報告我們歷史上最好的非假日季度收入和收益。

These results exceeded our expectations and we continue to be very pleased with our performance in this economy.

這些結果超出了我們的預期，我們繼續對我們在這個經濟體中的表現感到非常滿意。

Revenue for the quarter was $8.16 billion, representing 9% growth over the prior March quarter's results.

本季度收入為 81.6 億美元，比上一季度的業績增長 9%。

Operating margin percentage for the quarter was one of our highest ever at 20.4%, primarily due to higher than anticipated revenue and gross margin.

本季度的營業利潤率百分比是我們有史以來最高的 20.4% 之一，這主要是由於高於預期的收入和毛利率。

Net income was $1.2 billion which translated to earnings per share of $1.33.

淨收入為 12 億美元，相當於每股收益 1.33 美元。

In terms of non-GAAP measures, adjusted sales totaled $9.06 billion for the March quarter, which was $900 million higher than our reported revenue.

在非公認會計原則方面，3 月季度調整後的銷售額總計 90.6 億美元，比我們報告的收入高 9 億美元。

Adjusted gross margin was $3.62 billion, which was $650 million higher than our reported gross margin.

調整後的毛利率為 36.2 億美元，比我們報告的毛利率高出 6.5 億美元。

And adjusted net income was $1.66 billion, $450 million higher than our reported net income.

調整後的淨收入為 16.6 億美元，比我們報告的淨收入高出 4.5 億美元。

We continue to believe that these non-GAAP financial measures provide added transparency to our business, and hope they're helpful to you in your analysis and understanding of our performance.

我們仍然相信，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理解我們的業績有所幫助。

Turning to the details of our results, I would like to begin with our Mac products and services.

談到我們結果的細節，我想從我們的 Mac 產品和服務開始。

For the March quarter, we sold 2.22 million Macs, compared to 2.29 million Macs in the year ago quarter, a 3% decline.

在 3 月季度，我們售出了 222 萬台 Mac，而去年同期為 229 萬台，下降了 3%。

In the year ago March quarter, Mac sales increased 51% year over year, due in part to the January 2008 launch of the MacBook Air, creating a very difficult compare.

去年 3 月季度，Mac 銷量同比增長 51%，部分原因是 2008 年 1 月推出的 MacBook Air，形成了一個非常困難的比較。

Our Mac shipments in this year's March quarter compares favorably to the 7% year over year contraction in the market overall, based on the latest estimate for the quarter published by IDC.

根據 IDC 公佈的季度最新估計，我們今年 3 月季度的 Mac 出貨量與整體市場同比 7% 的收縮相比是有利的。

We successfully transitioned the entire Mac desktop line in March, and continued to see strong year-over-year growth in MacBook shipments.

我們在 3 月份成功過渡了整個 Mac 台式機產品線，並且 MacBook 出貨量繼續保持強勁的同比增長。

Our overall unit sell through of Macs was flat year over year, and given the tough year over year comp and the challenging economic environment, we feel very positive about our Mac performance.

我們的 Mac 整體銷量同比持平，考慮到同比艱難的競爭和充滿挑戰的經濟環境，我們對 Mac 的表現感到非常樂觀。

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。

We experienced strong sales with the January release of iLife '09 and iWork '09.

隨著 iLife '09 和 iWork '09 的 1 月份發布，我們經歷了強勁的銷售。

We believe the outstanding features of iLife and iWork are among the very compelling reasons why customers are drawn to the Mac experience.

我們相信 iLife 和 iWork 的出色功能是吸引客戶使用 Mac 體驗的非常有說服力的原因之一。

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, representing a new March quarter unit record and 3% growth over the year ago quarter.

我們售出了超過 1100 萬台 iPod，創下 3 月份季度銷量新紀錄，同比增長 3%。

We generated very strong year-over-year growth and sales of iPod Touch as customers continue to embrace the superior features of the platform, coupled with the rapidly growing array of applications available through the App Store.

隨著客戶繼續接受該平台的卓越功能，以及通過 App Store 提供的快速增長的一系列應用程序，我們的 iPod Touch 實現了非常強勁的同比增長和銷售。

Customers and reviewers responded favorably to the March introduction of the all new iPod Shuffle, the world's smallest music player, featuring a great new industrial design, voice-over technology, and convenient new earphone cord controls.

客戶和評論家對 3 月份推出的全新 iPod Shuffle 反應良好，它是世界上最小的音樂播放器，具有出色的全新工業設計、語音技術和方便的新耳機線控制。

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% based on the latest monthly data published by NPD, and we continued to gain share year over year in most International markets based on the latest data published by GFK.

根據 NPD 發布的最新月度數據，我們在美國 MP3 播放器市場的份額超過 70%，根據 GFK 發布的最新數據，我們在大多數國際市場的份額繼續逐年增長。

We saw healthy year over year iPod unit sales growth in a number of large markets including the UK, France, Germany, Japan, Australia and China.

我們看到，包括英國、法國、德國、日本、澳大利亞和中國在內的一些大型市場的 iPod 銷量同比增長穩健。

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

我們在 iPod 渠道庫存四到六週的目標範圍內開始和結束了本季度。

The iTunes store delivered another great quarter, fueled by strong sales of music, video and apps.

在音樂、視頻和應用程序的強勁銷售推動下，iTunes 商店又迎來了一個出色的季度。

We recently introduced a number of changes to the iTunes store, including the availability of DRM-free iTunes Plus titles from all four major labels, as well as thousands of independent artists.

我們最近對 iTunes 商店進行了一些更改，包括來自所有四大唱片公司以及數千名獨立藝術家的無 DRM iTunes Plus 作品的可用性。

The App Store continues to be an unparalleled success with developers and customers, and now offers over 35,000 applications, compared to the 15,000 available as of our last conference call.

App Store 繼續在開發人員和客戶中取得空前成功，現在提供超過 35,000 個應用程序，而我們上次電話會議時提供的應用程序只有 15,000 個。

We're within hours of reaching our 1 billionth download, an astounding number given the number of short nine month history of the App Store.

我們距離第 10 億次下載僅數小時，考慮到 App Store 短短九個月的歷史，這是一個驚人的數字。

We believe the App Store is a key strategic differentiator of the iPhone and iPod Touch experience and is more evidence of what we have always said: that software is a key ingredient for great mobile experience.

我們相信 App Store 是 iPhone 和 iPod Touch 體驗的關鍵戰略差異化因素，更能證明我們一直所說的：軟件是出色移動體驗的關鍵要素。

We continue to believe that we're years ahead of the competition, and we're very excited about the prospect of even more compelling apps as developers take advantage of the many new features that will be enabled by the iPhone OS 3.0 this summer.

我們仍然相信我們在競爭中領先數年，並且我們對更引人注目的應用程序的前景感到非常興奮，因為開發人員利用了今年夏天將由 iPhone OS 3.0 啟用的許多新功能。

Turning to the iPhone, we were extremely pleased to have sold almost 3.8 million handsets in the March quarter, 123% increase over the 1.7 million handsets sold in the year ago quarter.

談到 iPhone，我們非常高興第三季度售出了近 380 萬部手機，比去年同期的 170 萬部增長了 123%。

We continue to expand iPhone's geographic reach during the quarter, and are now selling it in 81 countries.

我們在本季度繼續擴大 iPhone 的地理覆蓋範圍，目前在 81 個國家/地區銷售。

Revenue recognized from iPhone handset sales, accessory sales, and carrier payments was $1.52 billion, compared to $378 million in the year ago quarter, an increase of over 300%.

iPhone 手機銷售、配件銷售和運營商支付確認的收入為 15.2 億美元，與去年同期的 3.78 億美元相比，增長了 300% 以上。

The sales value of iPhones sold during the quarter was over $2.2 billion.

本季度銷售的 iPhone 銷售額超過 22 億美元。

On March 17th, we provided developers with a preview of iPhone OS 3.0 and began the developer seeding process.

3 月 17 日，我們為開發者提供了 iPhone OS 3.0 的預覽版，並開始了開發者的播種過程。

The iPhone OS 3.0 release will include an updated software development kit with over 1,000 new developer APIs, enabling in app purchases, peer to peer connections, app control of accessories and push notifications.

iPhone OS 3.0 版本將包括一個更新的軟件開發工具包，其中包含 1,000 多個新的開發者 API，支持應用程序購買、點對點連接、應用程序控製配件和推送通知。

The iPhone OS 3.0 release will also add over 100 customer features, including cut, copy and paste, spotlight search, landscape keyboard and view for all key iPhone apps and MMS support.

iPhone OS 3.0 版本還將添加 100 多項客戶功能，包括剪切、複製和粘貼、聚光燈搜索、橫向鍵盤和所有主要 iPhone 應用程序的視圖和 MMS 支持。

Developers have responded very enthusiastically to the new SDK, and we expect that customers will love the many new features of iPhone OS 3.0 and the new apps that will be available.

開發人員對新 SDK 的反應非常熱烈，我們希望客戶會喜歡 iPhone OS 3.0 的許多新功能以及即將推出的新應用程序。

Because we announced these specific new features and plan to provide iPhone customers to them as a free upgrade, we have delayed the start of revenue recognition for all iPhones sold on or after March 17th announcement date, until the iPhone OS 3.0 Software is released this summer.

因為我們宣布了這些特定的新功能併計劃為 iPhone 客戶提供免費升級，所以我們將在 3 月 17 日或之後發布的所有 iPhone 推遲開始收入確認，直到今年夏天發布 iPhone OS 3.0 軟件.

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

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

Revenue recognition for handsets sold prior to March 17th is not affected by the announcement.

3 月 17 日之前銷售的手機的收入確認不受該公告的影響。

I would now like to turn to the Apple retail stores.

我現在想轉向蘋果零售店。

The stores recognized $1.47 billion of revenue during the March quarter compared to $1.45 billion in the year ago quarter.

這些商店在 3 月季度實現了 14.7 億美元的收入，而去年同期為 14.5 億美元。

Our stores sold 438,000 Macs, about half of which were to customers who have never owned a Mac before.

我們的商店售出了 438,000 台 Mac，其中大約一半的客戶是以前從未擁有過 Mac 的客戶。

We opened one new store during the quarter, bringing us to 252 stores.

我們在本季度開設了一家新店，門店數量達到 252 家。

With an average of 251 stores open during the quarter, average revenue per store was $5.9 million, compared to $7.1 million in the year ago quarter.

本季度平均開設 251 家門店，每家門店的平均收入為 590 萬美元，而去年同期為 710 萬美元。

Retail segment margin was $308 million, compared to $334 million in the year ago quarter.

零售部門利潤率為 3.08 億美元，而去年同期為 3.34 億美元。

We believe that the year-over-year decline in average store sales and segment margin is a reflection of the continued weak consumer spending environment, coupled with third party channel expansion relative to the year ago quarter.

我們認為，平均門店銷售額和分部利潤率的同比下降反映了消費者支出環境持續疲軟，以及第三方渠道相對於去年同期的擴張。

We hosted 39.1 million visitors in our stores compared to 33.7 million visitors in the year ago quarter, An increase of 16%.

我們的門店接待了 3910 萬訪客，而去年同期為 3370 萬，增長了 16%。

We also hosted a record 644,000 personal training sessions during the quarter, an increase of 11% year over year.

我們還在本季度舉辦了創紀錄的 644,000 次個人培訓課程，同比增長 11%。

We remain on track to open a total of about 25 stores during fiscal 2009, about half of which we expect to be outside the U.S.

我們仍有望在 2009 財年共開設約 25 家門店，我們預計其中約一半將在美國以外。

Total Company gross margin was 36.4%, which was 390 base points better than our guidance.

公司總毛利率為 36.4%，比我們的預期高出 390 個基點。

This difference was primarily driven by three factors: first, commodity and other hardware component costs were significantly lower than we planned.

這種差異主要由三個因素驅動：首先，商品和其他硬件組件成本大大低於我們的計劃。

We have been very disciplined with our inventory management, which allowed us to take advantage of the continued favorable commodity market during the quarter.

我們對庫存管理非常自律，這使我們能夠利用本季度持續有利的商品市場。

Second, sales of higher margin products, including software and accessories were better than planned.

其次，高利潤產品（包括軟件和配件）的銷售情況好於計劃。

Third, we benefited from lower freight and warranty costs.

第三，我們受益於較低的運費和保修成本。

Operating expenses were $1.3 billion including $152 million in stock based compensation expense.

運營費用為 13 億美元，其中包括 1.52 億美元的股票補償費用。

OpEx was $26 million below our guidance as we spent less in many areas of the Company.

由於我們在公司許多領域的支出減少，運營支出比我們的指導低 2600 萬美元。

OI&E was $63 million and the tax rate for the quarter was 30.3%.

OI&E 為 6300 萬美元，本季度的稅率為 30.3%。

Turning to cash, our cash plus short term and long-term marketable securities totaled $28.9 billion at the end of the March quarter, compared to $28.1 billion at the end of the December quarter.

談到現金，我們的現金加上短期和長期有價證券在 3 月季度末總計 289 億美元，而在 12 月季度末為 281 億美元。

Cash flow from operations in the March quarter was $841 million.

3 月季度的運營現金流為 8.41 億美元。

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're continuing to focus on short dated, high quality investments and remain comfortable with our investment portfolio.

我們將繼續專注於短期、高質量的投資，並對我們的投資組合感到滿意。

Looking ahead to the June 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.

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

We'll continue our practice of providing guidance based on GAAP, and will report our June quarter non-GAAP financial measures to you in July, 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 7 月發布我們的結果時向您報告我們的 6 月季度非 GAAP 財務指標。

Forecasting the current macroeconomic environment remains challenging, so we will continue to provide a range of guidance for the June quarter.

預測當前的宏觀經濟環境仍然具有挑戰性，因此我們將繼續為 6 月季度提供一系列指導。

We expect revenue to be between $7.7 billion and $7.9 billion.

我們預計收入將在 77 億美元至 79 億美元之間。

This reflects not starting revenue recognition for iPhones sold on or after March 17th until the date of the iPhone OS 3.0 Software is released.

這反映了在 3 月 17 日或之後銷售的 iPhone 直到 iPhone OS 3.0 軟件發布之日才開始確認收入。

We expect gross margin to be about 33%, reflecting approximately $30 million related to stock-based compensation expense.

我們預計毛利率約為 33%，反映出與股票薪酬費用相關的約 3000 萬美元。

We expect Op Ex to be about $1.35 billion, including $150 million related to stock-based compensation.

我們預計 Op Ex 約為 13.5 億美元，其中包括與股票薪酬相關的 1.5 億美元。

We expect OI&E to be about $55 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 5500 萬美元，反映了短期利率環境，我們預計稅率約為 31%。

We're targeting EPS in the range of $0.95 cents to $1.

我們的目標每股收益在 0.95 美分到 1 美元之間。

In closing, we're very pleased with our record March quarter results, and how well Apple is performing in this economy.

最後，我們對創紀錄的 3 月季度業績以及蘋果在當前經濟形勢下的表現感到非常滿意。

We're extremely enthusiastic about the launch of the iPhone OS 3.0 and can't wait to get it into customer's hands this summer.

我們對 iPhone OS 3.0 的推出充滿熱情，並迫不及待地想在今年夏天將它交到客戶手中。

We're also very excited about the other products in our pipeline.

我們也對我們管道中的其他產品感到非常興奮。

We remain confident in our strategy, and are working hard to deliver the world's most innovative and extraordinary products.

我們對我們的戰略充滿信心，並正在努力提供世界上最具創新性和非凡的產品。

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

有了這個，我想打開問題的電話。

(Operator Instructions).

（操作員說明）。

Your first question will come from Richard Gardner with Citigroup.

您的第一個問題將來自花旗集團的 Richard Gardner。

Thanks.

謝謝。

Well, great job on the quarter, and in the absence of too much else to pick on, I guess I'll ask the standard component question of Tim, what is your outlook in terms of pricing and component supply going into the June quarter, please?

好吧，本季度做得很好，在沒有太多其他選擇的情況下，我想我會問 Tim 的標準組件問題，您對進入 6 月季度的定價和組件供應有何展望，請？

Hi, Rich.

嗨，里奇。

Last quarter, we believe that most of the excess inventory in the supply chain was consumed, and so where we see the component environment still being favorable, on an overall basis, there will be some commodities like NAND as an example which will increase sequentially.

上個季度，我們認為供應鏈中的大部分過剩庫存都被消耗掉了，因此在我們認為組件環境仍然有利的情況下，整體上會有一些商品，例如 NAND，會依次增加。

NAND in particular has recently increased due to reduced wafer starts from several of the suppliers attempting to address the profitability issues.

特別是 NAND 最近有所增加，因為一些供應商試圖解決盈利問題，減少了晶圓開工率。

Other than that, I think last quarter was about wringing out excess inventory, environment we continue to be favorable.

除此之外，我認為上個季度是關於擠出過剩庫存，環境我們繼續有利。

But I don't expect to see the level of reductions that we experienced in calendar quarter one.

但我不希望看到我們在日曆第一季度經歷的削減水平。

But you do expect, Tim, the aggregate building materials to be down sequentially in the June quarter?

但是，蒂姆，您確實預計總建築材料將在 6 月季度環比下降嗎？

I expect it to be within a similar range as last quarter.

我預計它會在與上一季度相似的範圍內。

Okay.

好的。

All right.

好的。

Thanks.

謝謝。

Thanks, Rich.

謝謝，里奇。

Next question, please?

請問下一個問題？

That will come from Keith Bachman with Bank of Montreal.

這將來自蒙特利爾銀行的 Keith Bachman。

Hi, thanks.

你好謝謝。

Peter, for you, cash flow was actually down year over year.

彼得，對你來說，現金流實際上逐年下降。

It is the first time going back for some period of time that I've seen cash flow from operations be down on the year over year for the March quarter.

這是一段時間以來我第一次看到三月份季度的運營現金流同比下降。

Could you talk a little bit about what was driving that and specifically, was there anything on the deferred revenue recognition, sorry, the deferred balance, that changed consistent with the revenue recognition policies or the look thereof when you went to the new Software platform?

您能否談談是什麼推動了這一點，具體來說，遞延收入確認（抱歉，遞延餘額）是否有任何變化，與收入確認政策或其外觀保持一致，當您進入新的軟件平台時？

Keith, no there's nothing with iPhone or deferred revenue or cost from a policy change that played into that.

基思，不，iPhone 或政策變化帶來的遞延收入或成本都沒有。

I was actually very pleased with the cash generation in the quarter.

實際上，我對本季度的現金產生非常滿意。

It was up over $700 million from the end of the December quarter.

它比 12 月季度末增加了 7 億多美元。

There are three things to discuss with you that did play into the cash generation in the quarter.

與您討論的三件事確實影響了本季度的現金產生。

First, as we talked about on the last quarter's call, we did make our prepayment to LGD for $500 million.

首先，正如我們在上個季度的電話會議中談到的那樣，我們確實向 LGD 預付了 5 億美元。

Second, you'll notice our accounts payable was down from the December to March quarter by over $700 million.

其次，您會注意到我們的應付賬款從 12 月到 3 月季度減少了 7 億多美元。

Right.

正確的。

Climb in AP as we leave the holiday quarter and conclude the March quarter, it is very typical for us.

當我們離開假期季度並結束三月季度時，爬上 AP，這對我們來說是非常典型的。

There's nothing new there, but that does play into the sequential results.

那裡沒有什麼新東西，但這確實會影響順序結果。

The third component to discuss with you is our tax payments.

與您討論的第三個部分是我們的納稅。

We made about $1.3 billion in tax payments in the March quarter.

我們在第三季度繳納了大約 13 億美元的稅款。

And there are a couple of things that were driving that.

有幾件事推動了這一點。

First of all, for the current fiscal year, so, this year, fiscal '09, we make our first estimated tax payments in the March quarter for the current fiscal year, and in fact, there are two that are due in the quarter.

首先，對於當前財政年度，因此，今年，即 09 財政年度，我們在當前財政年度的 3 月季度進行了我們的第一次估計納稅，事實上，本季度有兩個到期。

This year, the tax payments were higher than what we saw last year, because A, we're making more money and B, given the equity markets, the credits that the Company gets from employee option and RSU gains are down.

今年，納稅額比我們去年看到的要高，因為 A，我們賺了更多的錢，B，考慮到股票市場，公司從員工期權和 RSU 收益中獲得的抵免額下降了。

So, we paid more tax for that and also we prepaid some potential audit settlements that were accrued on the balance sheet.

因此，我們為此支付了更多稅款，並且我們預付了一些在資產負債表上累積的潛在審計結算。

We paid them on a cash basis this quarter for prior years and we trued up for fiscal '08 this quarter as well.

我們在本季度以現金為基礎支付了前幾年的費用，我們也在本季度對 08 財年進行了調整。

So, all three of those things combined for $1.3 billion in tax payments this quarter and that was up significantly year over year.

因此，所有這三件事本季度的納稅總額為 13 億美元，並且同比顯著增加。

Ok, thank you, Peter.

好的，謝謝你，彼得。

Thanks, Keith.

謝謝，基思。

Next question, please.

下一個問題，請。

That will come from Ben Reitzes with Barclays Capital.

這將來自巴克萊資本的 Ben Reitzes。

Good afternoon.

下午好。

Thank you.

謝謝你。

Could you talk a little bit about the Mac business.

你能談談Mac業務嗎？

It seems the desktop side exceeded our expectations, obviously due to the launch.

桌面端似乎超出了我們的預期，顯然是由於發布。

But sequentially, the ASP in desktops if my math is right looks like it was down quite a bit.

但是，如果我的數學是正確的，那麼台式機中的 ASP 看起來會下降很多。

Could you talk about what's going on in the Mac business, how the new Macs are doing.

您能否談談 Mac 業務的發展情況，新 Mac 的表現如何。

What you think of your pipeline but also what's going on with ASPs like am I right there was a mix down in the desktop area and just what's going on in particular with regard to the mix with this tough economy and maybe notebooks and desktops.

您對管道的看法以及 ASP 的情況，比如我是對的，桌面領域存在混合問題，尤其是在與這種艱難的經濟以及筆記本電腦和台式機的混合方面正在發生的事情。

Okay.

好的。

Hi, Ben, it's Tim.

嗨，本，我是蒂姆。

Hey, Tim.

嘿，蒂姆。

Across the quarter, as we got into March and announced a new desktop line, we saw an acceleration of sales.

在整個季度，隨著我們進入 3 月份並宣布了新的台式機產品線，我們看到了銷售的加速。

It was that acceleration that allowed us on a sell-through basis to approximately be equal to the year before.

正是這種加速使我們的銷售量大致與前一年持平。

After we did the desktop launch, we began to ship a higher mix of desktops than we were before the transition, and that helped push the overall ASP down.

在我們發布桌面後，我們開始交付比過渡前更多的桌面組合，這有助於降低整體 ASP。

Within the desktops themselves, the top end of the line, Mac Pro, we had a lower mix to the Mac Pro, a higher mix to the Mac mini than we had before the transition and really all throughout the quarter, the pro products that are primarily being sold to the creative professionals were weaker than they were in the year ago quarter.

在台式機本身，即高端產品 Mac Pro 中，我們對 Mac Pro 的混合比在過渡前更低，對 Mac mini 的混合比在過渡前更高，實際上整個季度，Pro 產品都是主要銷售給創意專業人士的銷售額低於去年同期。

And we believe that that's mainly economic, related as you would guess businesses are cutting back on technology expenditures.

我們認為這主要是經濟方面的，正如你猜想的那樣，企業正在削減技術支出。

In addition, education in the US contracted by about 11% year over year, and this is a result of states not having tax revenues as projected, and we're hoping that as we get into this quarter, that the stimulus funds that were approved last quarter begin to flow to the states and we see some benefit from that.

此外，美國的教育同比收縮了約 11%，這是各州沒有達到預期的稅收收入的結果，我們希望隨著我們進入本季度，批准的刺激資金上個季度開始流入各州，我們從中看到了一些好處。

But that remains to be seen.

但這還有待觀察。

So, net net, yes.

所以，淨淨，是的。

ASPs did decline.

平均售價確實下降了。

It was, desktops were a piece of it.

是的，台式機是其中的一部分。

But doing all of the desktops in a single day, which was -- it is unprecedented for us to do that, really helped us drive more sales in March and get the Mac business to a much better level by the end of quarter.

但是在一天之內完成所有台式機，這對我們來說是前所未有的，這確實幫助我們在 3 月份推動了更多銷售，並在季度末將 Mac 業務提升到了一個更好的水平。

In the notebook business, we did have an ASP decline sequentially.

在筆記本電腦業務中，我們的 ASP 確實出現了環比下降。

That was mainly driven by a higher mix to the $999 MacBook that we had announced part way through the quarter in the October, late October time frame.

這主要是由於我們在 10 月下旬的季度中宣布的 999 美元的 MacBook 的更高組合。

I think that's actually a good thing, not a bad thing, because I think what you see is for us anyway, the consumer is holding up much better than the professional, and much better than education.

我認為這實際上是一件好事，而不是一件壞事，因為我認為無論如何你所看到的對我們來說都是如此，消費者的表現比專業人士好得多，也比教育好得多。

Education is gated by tax receipts and funding and the professional is really cutting backs expenses and delaying -- I don't think it is business we're losing necessarily but delaying purchases.

教育受到稅收和資金的限制，而專業人士確實在削減開支和拖延——我認為我們損失的不是業務，而是推遲購買。

It is no secret that, you know, that the netbook is obviously doing pretty well.

眾所周知，上網本顯然做得很好。

Do you have any thoughts there on that category now that you've been able to watch it for a few quarters and what you're thinking and it has obviously held up the market a bit in the recent data.

既然你已經能夠觀察幾個季度以及你在想什麼，那麼你對那個類別有什麼想法嗎？它顯然在最近的數據中支撐了市場。

And you don't have it and you still outperform the market.

而你沒有它，你仍然跑贏市場。

Just any thoughts on where you are and where you aren't that you might want to share?

關於你在哪里和你不在哪裡的任何想法，你可能想分享嗎？

Well, you know, for us, it is about doing great products.

嗯，你知道，對我們來說，它是關於做偉大的產品。

And when I look at what is being sold in the netbook space today, I see cramped keyboards, terrible software, junky hardware.

當我查看當今上網本領域的銷售情況時，我會看到狹窄的鍵盤、糟糕的軟件、垃圾硬件。

Very small screens.

非常小的屏幕。

And just not a consumer experience, and not something that we would put the Mac brand on, quite frankly.

坦率地說，這不是一種消費者體驗，也不是我們會把 Mac 品牌放在上面的東西。

And so, it is not a space as it exists today, that we're interested in.

因此，我們感興趣的不是今天存在的空間。

Nor do we believe that customers in the long-term would be interested in.

我們也不相信長期客戶會感興趣。

It is a segment we would choose not to play in.

這是我們選擇不參與的部分。

That said, we do look at the space and are interested to see how customers respond to it.

也就是說，我們確實會關注這個空間，並有興趣了解客戶對它的反應。

People that want a small computer, so to speak, that does browsing and e-mail might want to buy an iPod Touch or they might want to buy an iPhone.

想要一台可以瀏覽和發送電子郵件的小型計算機的人可能想要購買 iPod Touch，或者他們可能想要購買 iPhone。

So, we have other products to accomplish some of what people are buying netbooks for.

所以，我們有其他產品來完成人們購買上網本的一些目的。

So, in that particular way, we play on an indirect basis.

所以，以這種特殊的方式，我們是在間接的基礎上玩的。

Then, of course, if we find a way where we can deliver an innovative product that really makes a contribution, then we'll do that.

然後，當然，如果我們找到一種方法可以提供真正做出貢獻的創新產品，那麼我們就會這樣做。

We have some interesting ideas in the space.

我們在這個領域有一些有趣的想法。

The product pipeline is fantastic for the Mac.

產品管道非常適合 Mac。

As we look back over the last four plus years, 17 of the 18 quarters of the last four and a half years, we've exceeded the market rate of growth and to exceed it in this horrendous economy, I think is quite an accomplishment, especially when you look at these very low-priced net books that are -- I think it is a stretch to call it a personal computer.

當我們回顧過去四年多，過去四年半的 18 個季度中的 17 個，我們已經超過了市場增長率，並且在這個可怕的經濟體中超過了它，我認為這是一項了不起的成就，尤其是當你看到這些非常低價的上網本時——我認為稱它為個人電腦有點牽強。

Are really propping up the unit numbers from the industry as a whole.

確實支撐了整個行業的單位數量。

So, we feel great about our performance.

所以，我們對自己的表現感覺很好。

It is a very solid performance, especially into this environment.

這是一個非常紮實的表現，尤其是在這種環境下。

And the pipeline looks fantastic.

管道看起來很棒。

All right.

好的。

Great.

偉大的。

Well, I'll be there in June and look forward to hearing from you.

嗯，我會在六月到那裡，期待收到你的來信。

Thanks.

謝謝。

Thank you, Ben.

謝謝你，本。

Next question, please.

下一個問題，請。

That will come from Bill Fearnley with FTN Equity Capital.

這將來自 FTN Equity Capital 的 Bill Fearnley。

Can I ask a question on the App Store?

我可以在 App Store 上提問嗎？

Is there any additional color you can give directionally on the mix between paid and free downloads on the App Store overall, any additional color between the iPhone and the iPod Touch and then I had a quick follow-up, if I could.

您是否可以在 App Store 上的付費和免費下載整體之間的混合上直接提供任何其他顏色，iPhone 和 iPod Touch 之間的任何其他顏色，然後我有一個快速跟進，如果可以的話。

Bill, I'm sorry.

比爾，對不起。

We don't disclose the free versus the paid.

我們不透露免費與付費。

But we're just hours away from our billionth download and couldn't be happier with the store's results.

但距離我們的第 10 億次下載只有幾個小時的路程，並且對商店的結果感到非常滿意。

Bill, this is Tim.

比爾，這是蒂姆。

I would add to that, a couple of things.

我想補充幾點。

One, one of the keys behind the growth of the iPod this quarter, despite the economic environment was that the iPod Touch more than doubled year over year.

一，儘管經濟環境不佳，iPod 本季度增長的關鍵之一是 iPod Touch 同比增長了一倍多。

So, it was a tremendous result, and as Peter mentioned earlier in his remarks, the sum of iPhone plus iPod Touch is now about 37 million units and so it provides an enormous platform for developers to develop on and would be -- with our recent SDK changes, the developers are working on now, I think it just unleashes a whole new level of innovation that keeps Apple years ahead of everyone else.

所以，這是一個了不起的結果，正如 Peter 在他之前的講話中提到的那樣，iPhone 和 iPod Touch 的總和現在大約是 3700 萬台，因此它為開發人員提供了一個巨大的平台來開發，並且將會 - 我們最近SDK 發生了變化，開發人員現在正在努力，我認為它只是釋放了一個全新的創新水平，使 Apple 領先於其他人多年。

Ok.

好的。

That's helpful.

這很有幫助。

Thanks.

謝謝。

Then, could you guys provide the direct/indirect sales mix for the quarter and did it is are an effect on the gross margin for the quarters and does it have any bearing on your guidance for the third quarter?

那麼，你們能否提供本季度的直接/間接銷售組合，這對季度的毛利率有影響嗎？這對你們對第三季度的指導有影響嗎？

Thanks.

謝謝。

Bill, the direct percent in the March quarter was 48%.

比爾，三月季度的直接百分比是 48%。

It really didn't have a bearing on gross margin.

它確實對毛利率沒有影響。

It was reasonably close to what we thought.

它與我們的想法相當接近。

As we enter the June quarter, the education buying season begins.

隨著我們進入六月季度，教育購買季節開始了。

That is -- one of the reasons why I expect gross margin to be down sequentially.

這就是我預計毛利率會連續下降的原因之一。

Along with the impact of the US dollar and the commodity and component environment.

隨著美元和大宗商品及零部件環境的影響。

Thanks, guys.

多謝你們。

Congrats on a good quarter.

祝賀一個好季度。

Thank you.

謝謝你。

Thanks, Bill.

謝謝，比爾。

Next question, please.

下一個問題，請。

From Credit Suisse, we'll hear from Bill Shope.

從瑞士信貸，我們會聽到比爾肖普。

Thanks, guys.

多謝你們。

Given your gross margin performance over the past several quarters as well as the guidance, how should we think about the long-term 30% gross margin target you've mentioned in the past?

鑑於您過去幾個季度的毛利率表現以及指導，我們應該如何看待您過去提到的長期 30% 的毛利率目標？

It seems that, just looking at the product mix, particularly on a GAAP basis, it is mathematically very difficult to get there without some fairly drastic changes to the business model.

看來，僅查看產品組合，特別是在 GAAP 基礎上，如果不對業務模型進行一些相當大的改變，從數學上講很難做到這一點。

How do you guys think about that longer term?

你們如何看待這個長期？

I've given you our guidance for the June quarter at about 33.

我已經在 33 點左右為您提供了 6 月季度的指導。

For the September quarter, I think our gross margins would be about 30.

對於 9 月季度，我認為我們的毛利率約為 30。

We -- I'm not going to make comments on fiscal 2010.

我們——我不會對 2010 財年發表評論。

I think the important part is as you look forward is just to understand that we're very, very focused on delivering extraordinary products to our customers, and we're going to provide them ever-increasing value and we just don't want you to count on the gross margins that you've recently seen, which have benefited from just a tremendous commodity and component environment.

我認為重要的部分是，正如您所期待的那樣，我們只是要了解我們非常非常專注於為我們的客戶提供非凡的產品，我們將為他們提供不斷增加的價值，我們只是不想要你依靠您最近看到的毛利率，這些毛利率僅受益於巨大的商品和組件環境。

Ok.

好的。

And then you sort of mentioned this when you talked about consumer versus professional education, but would you say that you're seeing signs of stabilization in the consumer market that some of the other tech companies have cited in recent weeks, and with that in mind, can you comment on the linearity of the quarter and what you sort of saw on a trend line basis as you progressed through the quarter?

然後你在談到消費者教育與專業教育時提到了這一點，但你是否會說你看到了最近幾周其他一些科技公司引用的消費市場穩定的跡象，並牢記這一點，您能否評論一下本季度的線性度以及您在本季度進展時在趨勢線基礎上看到的情況？

Yes, Bill, this is Tim.

是的，比爾，這是蒂姆。

We're not economists.

我們不是經濟學家。

We're not entering the game of predicting bottoms and that sort of thing.

我們不會進入預測底部之類的遊戲。

We'll report our results and give a view of the next quarter.

我們將報告我們的結果並給出下一季度的看法。

But if you look at the different product areas which is the way we think about it, if you looked at the iPod linearity through the quarter and you overlaid last year, you would see very little difference in the two curves.

但是，如果您查看我們認為的不同產品領域，如果您查看整個季度的 iPod 線性度並疊加去年，您會發現兩條曲線幾乎沒有差異。

We were up 3% year over year and so very, very similar.

我們同比增長 3%，非常非常相似。

Not much to mention, except for the point I made earlier that from a mixed point of view, the iPod Touch is a run away hit.

沒什麼好說的，除了我之前提到的一點，從混合的角度來看，iPod Touch 是一個失控的熱門產品。

And it is clearly being driven by the App Store we talked about earlier.

它顯然是由我們之前談到的 App Store 推動的。

On the Mac side, as I mentioned earlier, our units sell through accelerated in March, after we turned every desktop in the Company on the same day.

在 Mac 方面，正如我之前提到的，在我們在同一天打開公司的所有台式機之後，我們的設備在 3 月份加速銷售。

And so March was a very important month for the Mac business.

因此，對於 Mac 業務來說，3 月是一個非常重要的月份。

When you look at iPhone, the iPhone linearity through the quarter, it was reasonably linear business after the first week or two with very little up and down in the aggregate.

當您查看 iPhone 時，整個季度的 iPhone 線性度，在第一周或第二週之後是相當線性的業務，總體上幾乎沒有上下波動。

Obviously it is a new business for us.

顯然，這對我們來說是一項新業務。

It is the first March quarter that we've had rolled out to a significant number of countries.

這是我們在許多國家/地區推出的第一個 3 月季度。

So, we were exceptionally pleased to see that.

所以，我們非常高興看到這一點。

Instead of the normal seasonality curve that one would associate with most consumer electronics.

而不是與大多數消費電子產品相關的正常季節性曲線。

Ok.

好的。

Very helpful.

非常有幫助。

Thank you.

謝謝你。

Thanks, Bill.

謝謝，比爾。

Next question, please.

下一個問題，請。

That will come from Gene Munster with Piper Jaffray.

這將來自 Gene Munster 和 Piper Jaffray。

Good afternoon, congratulations.

下午好，恭喜。

I've got a question on the iPhone.

我有一個關於 iPhone 的問題。

Our survey work suggests the exclusive relationship with AT&T is the number one reason why people don't purchase an iPhone.

我們的調查工作表明，與 AT&T 的獨家關係是人們不購買 iPhone 的第一大原因。

Given the revenue shares no longer exist, can you walk us through your thinking in terms of why remain exclusive through AT&T and any update on Steve Jobs.

鑑於收入份額不再存在，您能否向我們介紹一下您為什麼要通過 AT&T 和史蒂夫喬布斯的任何更新來保持獨家經營權。

Thanks.

謝謝。

On AT&T, Gene, we view AT&T as a very good partner.

在 AT&T、Gene 方面，我們認為 AT&T 是一個非常好的合作夥伴。

We believe that they're the best wireless provider in the US, and we're very happy to be doing business with them.

我們相信他們是美國最好的無線提供商，我們很高興與他們開展業務。

They have done a very good job with iPhone.

他們在 iPhone 上做得非常好。

They put the full force and weight of their company behind it.

他們將公司的全部力量和重量投入到它背後。

It is a major strategic thrust for them.

這對他們來說是一個重大的戰略推動力。

So, we're very happy with the relationship that we have and do not have a plan to change it.

因此，我們對現有的關係感到非常滿意，但沒有計劃改變它。

Is there a structural reason why you need to maintain with AT&T from a technology perspective?

從技術角度來看，您需要與 AT&T 保持聯繫是否有結構性原因？

From a technology point of view, as you know, Verizon is on CDMA and we chose from the beginning of the iPhone to focus on one phone for the whole of the world.

從技術的角度來看，如您所知，Verizon 是在 CDMA 上，我們從 iPhone 開始就選擇了專注於全世界的一部手機。

And when you do that, you really go down the GSM route.

當你這樣做時，你就真的走上了 GSM 路線。

Because CDMA is -- doesn't really have a life to it after a point in time.

因為 CDMA 在某個時間點之後真的沒有生命。

Ok.

好的。

And then I guess one more before the Steve Jobs question is any color on kind of the holdup as far as getting China up and rolling on the iPhone?

然後我想在史蒂夫喬布斯問題之前還有一個問題是關於讓中國崛起並在iPhone上滾動的任何顏色？

Let me just comment on BRIC in general.

讓我簡單地評論一下金磚四國。

We now have the four BRIC countries, Brazil, Russia, India and China, we have three of those up and we have 8,000 storefronts in those three selling the iPhone.

我們現在有四個金磚國家，巴西、俄羅斯、印度和中國，我們有三個，我們在這三個國家有 8,000 個店面銷售 iPhone。

We feel very good about that.

我們對此感覺很好。

We're putting a lot of energy in growing those.

我們在發展這些方面投入了大量精力。

China, we're not in yet.

中國，我們還沒到。

We would like to be in China within the next year, and are clearly working on that.

我們希望在明年內進入中國，並且顯然正在為此努力。

But I've got nothing specific to announce today on it.

但我今天沒有什麼具體要宣布的。

And on Steve Jobs?

史蒂夫喬布斯呢？

I'll let Peter make a comment there.

我會讓彼得在那裡發表評論。

Gene, what is your question.

吉恩，你有什麼問題。

Any update regarding Steve Jobs and his return.

有關史蒂夫喬布斯及其回歸的任何更新。

We look forward to Steve returning to Apple at the end of June.

我們期待史蒂夫在 6 月底重返蘋果。

Great.

偉大的。

Thank you.

謝謝你。

Thanks, Gene.

謝謝，吉恩。

Next question, please.

下一個問題，請。

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 wanted to revisit the Mac question.

我想重新審視 Mac 問題。

Your Mac business was down 8% in the Americas, I presume that the US was potentially worse than that.

你的 Mac 業務在美洲下降了 8%，我認為美國的情況可能比這更糟。

According to Gartner, the US market was flat this quarter.

根據 Gartner 的數據，本季度美國市場持平。

So, you actually did lose material share in -- I think, as you noted, despite the fact that you had a new desktop line-up that created a surge in your run rate at the end of the quarter.

所以，你實際上確實失去了物質份額——我認為，正如你所指出的，儘管事實上你有一個新的桌面產品陣容，在本季度末創造了你的運行率激增。

So, I guess given that statement, one, do you care about your market share in the US, and second, given the movement in ASPs that you saw toward the lower end and given your share performance in the US, does that shape or change your thinking about Mac pricing in any way?

因此，我想鑑於該聲明，第一，您是否關心您在美國的市場份額，第二，鑑於您看到的 ASP 向低端移動以及您在美國的股票表現，這種情況是否會形成或改變您以任何方式考慮 Mac 定價？

Toni, it is Tim.

托尼，是蒂姆。

On a worldwide basis, just to make sure we're in sync with the numbers, IDC projected that the market contracted by 7% worldwide.

在全球範圍內，為了確保我們與數字保持同步，IDC 預計全球市場將收縮 7%。

On a reported basis, we contracted by 3 but as Peter said in his opening comments on a sell-through basis, we were essentially flat year over year.

在報告的基礎上，我們收縮了 3 倍，但正如彼得在他的開場評論中所說的賣出基礎上，我們基本上與去年同期持平。

In the US, the US was our weakest, largest geography in terms of comparison year over year.

在美國，與去年同期相比，美國是我們最弱、最大的地區。

But I would remind you that in our U.S.

但我要提醒你，在我們的美國

business, a larger percentage of that business is education-oriented and therefore, subject to the budget constraints that have been significant in many, many of the states, actually almost all of the states.

商業，更大比例的商業是以教育為導向的，因此，受制於許多州，實際上幾乎所有州的預算限制。

And so, I think that's one reason why the US is disproportionately affected.

因此，我認為這是美國受到不成比例影響的原因之一。

And the second is we saw less pro Macintoshes being bought in the US on a relative basis to other geographies.

第二個是我們看到在美國相對於其他地區購買的專業 Macintoshes 較少。

We would attribute that also to the economy.

我們也將其歸因於經濟。

There was some mix down there across the world but much more so in the US where I think the professional markets have been hit much harder.

世界各地都有一些混合，但在美國更是如此，我認為專業市場受到的打擊更大。

And so do I care about US share?

那麼我關心美國的份額嗎？

Of course I do.

我當然是了。

However, I think cycles come and cycles go.

但是，我認為周期來了又去。

And what we're about is making the best computers in the world, not making the most, and not getting to a point where we're building products that we're not proud of.

我們要做的是製造世界上最好的計算機，而不是製造最多的計算機，也沒有達到我們正在製造我們不引以為豪的產品的地步。

And so that first and foremost is our objective.

所以這首先是我們的目標。

We believe that if we do that over the long-term, that we will gain share.

我們相信，如果我們長期這樣做，我們將獲得份額。

I'm not going to worry about the ebb and flow of each 90 days because I think that leads you to make a lot of short-term decisions that are not good for the Company or for the brand over time.

我不會擔心每 90 天的潮起潮落，因為我認為隨著時間的推移，這會導致你做出許多對公司或品牌不利的短期決定。

Tim, could you also comment on your thinking about expanding iPhone adoption, recently when you have said that one area where you're spending a lot of time is thinking about how to increase adoption of the iPhone and you've been thinking a lot about elasticity, one comment that it struck me was that you were surprised by -- from your research at the elasticity that you thought was associated with the price of the device.

蒂姆，您能否也評論一下您對擴大 iPhone 採用率的想法，最近當您說您花費大量時間的一個領域是考慮如何提高 iPhone 的採用率時，您一直在思考彈性，讓我印象深刻的一條評論是，你對彈性的研究感到驚訝——你認為彈性與設備的價格有關。

Can you update me on your thinking or what you've learned about iPhone elasticity now a quarter later?

您能否在四分之一之後向我介紹您的想法或您對 iPhone 彈性的了解？

Well, we had a very good quarter in the March quarter.

嗯，我們在 3 月季度有一個非常好的季度。

With actually a very small, sequential decline from the holiday quarter which was far above where our expectations were.

實際上，假期季度的連續下降幅度非常小，遠高於我們的預期。

So, we're really pleased with how we did.

所以，我們對我們的表現感到非常滿意。

We also announced 3.0 or previewed it to developers, so that they could begin to change their Apps and produce more Apps for the phone which we believe increases the ecosystem and increases the number of people that want and will buy phones, even more.

我們還向開發人員發布了 3.0 或預覽版，以便他們可以開始更改他們的應用程序並為手機製作更多應用程序，我們相信這會增加生態系統並增加想要和將購買手機的人數，甚至更多。

So, we're coming from a product side, we're very focused on the App Store and we're also focused on geographic roll-outs.

所以，我們來自產品方面，我們非常專注於 App Store，我們也專注於地理推廣。

We spent time this quarter on the middle east and Asia and rolled out Saudi Arabia, UAE, Indonesia, Malaysia, Thailand to name a few.

本季度我們將時間花在中東和亞洲，並推出了沙特阿拉伯、阿聯酋、印度尼西亞、馬來西亞、泰國等等。

We're obviously focused on more in the future.

我們顯然更關注未來。

And so, between the product plans that we've got and the App Store and the software that you've seen and then things I can't talk about, we have a plan that we believe continues to make us the leader in the space, continues to keep us years ahead of others.

因此，在我們擁有的產品計劃、App Store 和您看到的軟件以及我無法談論的事情之間，我們有一個計劃，我們相信該計劃將繼續使我們成為該領域的領導者，繼續使我們領先於其他人多年。

One of the things that we will make sure is that we don't leave a price umbrella for people.

我們將確保的一件事是，我們不會為人們留下價格保護傘。

And then finally, I guess one for Peter.

最後，我猜給彼得一個。

Quickly, in response to one of the other questions, you talked about considerations for margins in terms of forces at work.

很快，在回答其他問題之一時，您談到了在工作力量方面對利潤率的考慮。

To the degree that you can -- can you help give us a bridge in terms of your thinking whether it is qualitatively or quantitatively about how we think about 36.4% gross margins this quarter to 33% next quarter.

在您可以的範圍內，您能否幫助我們在您的想法方面架起一座橋樑，無論是從質量上還是數量上，我們如何看待本季度 36.4% 到下季度 33% 的毛利率。

Can you rank order the forces, can you explain and then rank order the forces in terms of their impact on that expected deceleration?

你能否對這些力量進行排序，你能解釋一下，然後根據它們對預期減速度的影響對這些力量進行排序嗎？

Yes.

是的。

Toni, I will say the larger two of the three are the stronger US dollar and seasonally lower mix driven largely by the beginning of the education buying season.

Toni，我會說這三個中較大的兩個是美元走強和季節性較低的組合，主要是受教育購買季節開始的推動。

Let me talk about each of those.

讓我來談談其中的每一個。

Regarding the dollar, the dollar is a little bit stronger today than where it was throughout most of the March quarter.

關於美元，今天的美元比整個 3 月季度的大部分時間都要強一些。

But the bigger impact for us on a sequential basis regarding the dollar is our hedges.

但就美元而言，對我們來說更大的影響是我們的對沖。

In the December and March quarter, we had hedges in place that were put in place at the time that the dollar was not as strong.

在 12 月和 3 月季度，我們在美元不那麼強勁的時候實施了對沖。

And hedges that we have in place for the June quarter largely were put in place during March at stronger dollar levels.

我們為 6 月季度實施的對沖主要是在 3 月美元走強的情況下實施的。

And that's really what is really the driving factor behind the sequential impact of the dollar.

而這正是美元連續影響背後的真正驅動因素。

And of course, the net buying season begins in the June quarter and June tends to be more dominated by K-12 than High Ed.

當然，淨購買季節從六月季度開始，六月往往更多地由 K-12 而非 High Ed 主導。

The September quarter historically is stronger for High Ed than for K-12.

從歷史上看，High Ed 的 9 月季度比 K-12 更強。

And K-12 being more of an institutional sale, we expect to be competitive this year especially given the funding situation that Tim described.

而且 K-12 更像是一種機構銷售，我們預計今年將具有競爭力，特別是考慮到蒂姆描述的資金情況。

Thank you.

謝謝你。

Thanks, Toni.

謝謝，托尼。

Next question, please.

下一個問題，請。

That comes from David Bailey with Goldman Sachs.

這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 have any information on the percentage of customers that upgraded their iTunes music library now that you've launched the DRM free feature and if you can give us an idea of what the revenue from that might have been.

我想知道您是否有任何關於在您推出 DRM 免費功能後升級其 iTunes 音樂庫的客戶百分比的信息，以及您能否告訴我們這可能帶來的收入。

David, it has just been a couple of weeks so I think it is sort of too soon to tell and I don't have anything sort of specific on that.

大衛，這才幾個星期，所以我認為現在說還為時過早，而且我沒有任何具體的內容。

The March quarter was very strong for us on the iTunes store.

iTunes 商店的 3 月季度對我們來說非常強勁。

We saw very, very strong growth in music, video and of course, applications.

我們看到了音樂、視頻，當然還有應用程序的非常非常強勁的增長。

And then did you say for the September quarter, the margin -- gross margin might go down to about 30%.

然後你有沒有說 9 月季度的利潤率——毛利率可能會下降到 30% 左右。

I wondered what the reasons you thought they might drop off might be.

我想知道你認為他們可能會放棄的原因可能是什麼。

I'm not giving guidance for the September quarter at this point.

在這一點上，我沒有為 9 月季度提供指導。

But in answer to Bill's question, I've said about 30 for the September quarter.

但在回答比爾的問題時，我說 9 月季度大約有 30 個。

We'll give you more of our thoughts in July on the September quarter.

我們將在 7 月的 9 月季度為您提供更多想法。

Ok.

好的。

Thank you.

謝謝你。

Thanks, David.

謝謝，大衛。

Next question, please.

下一個問題，請。

That comes from Scott Craig with Banc of America.

這來自美國銀行的斯科特·克雷格。

Thanks, good afternoon.

謝謝，下午好。

Just with regards to cash flow, Peter, is it there anything in the June quarter that you guys would consider sort of one time items that could impact like we saw this quarter and then I have a follow-up.

就現金流而言，彼得，你們是否會在 6 月季度考慮像我們在本季度看到的那樣可能會影響的一次性項目，然後我會進行跟進。

Sure.

當然。

Let me just kind of quickly go back through what occurred this quarter.

讓我快速回顧一下本季度發生的事情。

So, from the March to the June quarter, would not expect the holiday phenomena we see each year of going from the holiday quarter to the March quarter.

因此，從 3 月到 6 月這個季度，我們不會想到我們每年看到的從假日季到 3 月季度的假日現象。

And necessarily the impact on accounts payable.

並且必然對應付賬款產生影響。

I don't have any prepaids to announce that we're going to make in the June quarter.

我沒有任何預付款可以宣布我們將在六月季度進行。

So, we did make a $500 million prepayment in March.

所以，我們確實在 3 月份預付了 5 億美元。

And then related to the tax payments, we will make an estimated payment for fiscal '09 in the June quarter.

然後與納稅相關，我們將在 09 財年的 6 月季度進行估計付款。

We'll make one in the September quarter as well.

我們也將在 9 月季度製作一個。

But I don't expect to have any of the prior year audit true ups or to make anymore payments on fiscal '08.

但我不希望有任何上一年的審計真實的 ups 或在 08 財年支付更多的款項。

I don't expect the tax payments to have the significance in the June quarter that they did in the March quarter.

我預計稅收在 6 月季度不會像在 3 月季度那樣具有重要意義。

Ok.

好的。

And then just a follow-up on the iPhone for Tim, perhaps.

然後可能只是蒂姆在 iPhone 上的後續行動。

You guys started with Walmart, I think toward the end of December last quarter.

你們是從沃爾瑪開始的，我想是在上個季度的 12 月底。

Your sales came in probably higher than most people thought.

你的銷售額可能比大多數人想像的要高。

How much of an impact was Walmart there and what was the channel inventory in the iPhone as you exited the quarter?

沃爾瑪對那裡的影響有多大，當你退出本季度時，iPhone 的渠道庫存是多少？

That's it for me.

對我來說就是這樣。

Thanks.

謝謝。

In terms of Walmart, as you probably know, they're a very key partner for us relative to iPod and we did expand through them for iPhone coverage and we believe they do provide us extended reach in areas that we weren't hitting before.

就沃爾瑪而言，您可能知道，相對於 iPod，他們是我們非常重要的合作夥伴，我們確實通過他們擴大了 iPhone 的覆蓋範圍，我們相信他們確實為我們提供了我們以前沒有觸及的領域的擴展範圍。

And we're pleased with the results there thus far.

到目前為止，我們對那裡的結果感到滿意。

But it is in the early going and so there is -- there's not much to report there yet.

但它處於早期階段，所以有 - 那裡還沒有太多要報告的內容。

In terms of total distribution across the world, we're selling iPhone now in over 50,000 storefronts in the 81 countries.

就全球總分銷量而言，我們現在在 81 個國家/地區的 50,000 多家店面銷售 iPhone。

So, we have a sizable presence and sizable channels in this space.

所以，我們在這個領域有相當大的存在和相當大的渠道。

In terms of channel inventory, if you remember, last time, last quarter I told you or implied that we had about 1.75 million units in inventory.

在渠道庫存方面，如果您還記得，上一季度，我告訴您或暗示我們有大約 175 萬台庫存。

And to remind you in case you guys have forgotten, we are very conservative as to how we count inventory.

並且提醒您，以防你們忘記了，我們對如何計算庫存非常保守。

For an for example, we count demos that aren't sellable in inventory.

例如，我們計算在庫存中無法銷售的演示。

We have about 100,000 of those across these 50,000 locations.

在這 50,000 個地點中，我們有大約 100,000 個。

We count units that are in transit from our factories to the carriers that are not physically available for sale and at the end of a quarter, or at the end of last quarter in particular, that was around 100,000 units.

我們計算了從我們的工廠運送到運輸商的、實際上無法出售的單位，在一個季度末，特別是在上個季度末，大約有 100,000 個單位。

So, just to put some context and perspective on that, we also, in many cases, count inventory all the way to the storefront.

因此，只是為了說明一些背景和觀點，在許多情況下，我們還會一直清點庫存到店面。

I think there are many people in the industry that count units that sell through and cease to count channel inventory beyond the distribution center.

我認為業內有很多人計算通過銷售的單位並停止計算配送中心以外的渠道庫存。

That's not the way we look at it.

這不是我們看待它的方式。

We like to be very disciplined in this environment.

我們喜歡在這種環境中非常自律。

So, on your specific question, I'm not going to talk about weeks because we don't have the experience headed into this quarter about the seasonality, given this will be our first June quarter with a sort of a worldwide spread.

所以，關於你的具體問題，我不打算談論幾週，因為我們沒有進入本季度關於季節性的經驗，因為這將是我們在全球範圍內傳播的第一個 6 月季度。

But we saw the channel inventory in the countries that we were in at the beginning of the December quarter fall by the end of the quarter.

但我們看到，我們在 12 月季度初所在的國家/地區的渠道庫存在季度末下降。

But with the countries that we added, which I mentioned before, we added a net of around 80,000 units.

但是對於我們之前提到的我們添加的國家/地區，我們增加了大約 80,000 個單位。

So, we ended at 1.83 million units.

因此，我們以 183 萬台結束。

And again, that includes all of those categories that I had mentioned earlier.

同樣，這包括我之前提到的所有類別。

Net net, we're very comfortable with the inventory, and we have people wanting more of it.

淨淨，我們對庫存非常滿意，而且我們有人想要更多。

Ok.

好的。

Thank you.

謝謝你。

Next question, please.

下一個問題，請。

We'll hear from Charles Wolf with Needham.

我們將聽取 Charles Wolf 和 Needham 的消息。

Yes.

是的。

In view of the explosion in the number of applications, for the iPhone and the iTouch, I was wondering what steps Apple is taking to ensure that the iPhone Apps can be discovered and are these any different from music discovery on the iTunes store.

鑑於 iPhone 和 iTouch 應用程序數量的爆炸式增長，我想知道 Apple 採取了哪些措施來確保 iPhone 應用程序可以被發現，這些與 iTunes 商店中的音樂發現有什麼不同。

Charlie, we're doing a number of things.

查理，我們正在做很多事情。

We include easy to find top 50 and 100 Apps, both paid for and free.

我們包括易於查找的前 50 和 100 個應用程序，包括付費和免費應用程序。

We've got them associated in various genres as well and we're expanding those.

我們也將它們與各種類型相關聯，並且我們正在擴展它們。

And so I think the team has done a fantastic job making Apps easy to discover and fun to discover.

因此，我認為團隊在使應用程序易於發現和有趣發現方面做得非常出色。

Are there any kind of unusual patterns in application sales by title versus music sales by title?

在按標題的應用程序銷售與按標題的音樂銷售中是否有任何不尋常的模式？

Charlie, I would have to say that hitting a billion downloads in about nine months is very exciting.

查理，我不得不說，在大約九個月內達到十億次下載是非常令人興奮的。

I think customers are having a lot of fun.

我認為客戶玩得很開心。

I think all of the genres are pretty popular but of course, you know, games and you can see this by the top Apps list.

我認為所有類型都非常受歡迎，但當然，你知道，遊戲，你可以在頂部的應用程序列表中看到這一點。

Are quite popular.

相當受歡迎。

I think that's one of the reasons why the iPod Touch, as an example, has been such a success.

我認為這就是 iPod Touch 取得如此成功的原因之一。

Okay, thanks a lot.

好的，非常感謝。

Thanks, Charlie.

謝謝，查理。

Next question, please.

下一個問題，請。

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

在 Cross Research 中，您會聽到 Shannon Cross 的消息。

Tim, can you talk a little bit about what you're seeing in terms of the competitive landscape for smart phones, especially as we move closer to the launch of the Palm Pre, and as well the iPhone 3.0.

Tim，您能否談談您所看到的智能手機競爭格局，尤其是隨著 Palm Pre 和 iPhone 3.0 的發布越來越近。

Then I had a follow-up.

然後我進行了跟進。

It is difficult to comment on products that aren't shipping.

很難評論未發貨的產品。

So, there's nothing intelligent I could say on the Pre.

所以，我在 Pre 上沒有什麼聰明可言的。

The iPhone has has now sold over 21 million and has the highest overall customer satisfaction of any product shipping.

iPhone 現已售出超過 2100 萬部，是所有產品出貨量中客戶總體滿意度最高的。

And so we think that we're in a great position and with the combination of the App Store and the billionth download that should occur tomorrow, we think that we're years ahead.

因此，我們認為我們處於有利位置，並且結合 App Store 和明天應該發生的第 10 億次下載，我們認為我們領先數年。

We very much look at this business or see it through a Software platform lens and I think that has benefited us and our customers very well.

我們非常關注這項業務，或者通過軟件平台的視角來看待它，我認為這使我們和我們的客戶受益匪淺。

The breadth of Apps on the store are mind boggling from games to very serious medical kind of applications and so the power of the device and the ecosystem is enormous and I think we're just scratching the surface now on its opportunity.

商店中應用程序的廣度令人難以置信，從遊戲到非常嚴重的醫療類應用程序，因此設備和生態系統的力量是巨大的，我認為我們現在只是在抓住它的機會。

Ok, great.

好，很好。

Then Peter, we saw your comments on the tape earlier about use of cash but I figured I would ask the question anyway.

然後彼得，我們早些時候在錄音帶上看到了你關於使用現金的評論，但我想我還是會問這個問題。

Any thoughts on the cash balance, obviously it was not up as much this quarter.

關於現金餘額的任何想法，顯然本季度沒有那麼多。

But it sounds like given some of the uses of cash.

但這聽起來像是考慮到現金的某些用途。

But obviously going forward, there is substantial cash generation.

但顯然，未來將產生大量現金。

So, any thoughts there?

那麼，有什麼想法嗎？

Let me begin by saying for all of the right reasons, we're making -- we're working hard to try to be sure that your prediction of increased cash does occur.

讓我首先說，出於所有正確的原因，我們正在努力 - 我們正在努力確保您對現金增加的預測確實發生。

But no, nothing new to announce to you today.

但是，不，今天沒有什麼新消息要向您宣布。

And we continue to be careful with how we're investing the cash and we're very focused on principal preservation.

我們繼續謹慎投資現金的方式，我們非常關注本金保全。

What's the timing on the construction of the new headquarters?

新總部的建設時間是什麼時候？

Any update there?

那裡有更新嗎？

No.

不。

No update.

沒有更新。

Things are quite busy here and we will begin to focus on that in the future.

這裡的事情很忙，我們將在未來開始關注這一點。

But no updates today.

但是今天沒有更新。

Ok.

好的。

Thank you.

謝謝你。

We're spending all of our energy on constructing new products.

我們將所有的精力都花在了構建新產品上。

That's a good choice.

這是一個不錯的選擇。

Yes.

是的。

Thanks, Shannon.

謝謝，香農。

Next question, please.

下一個問題，請。

We'll hear from Chris Whitmore with Deutsche Bank.

我們將聽取德意志銀行的 Chris Whitmore 的來信。

Thank you very much.

非常感謝。

Your gross margin guidance seems to imply you expect a reasonably strong education selling season.

您的毛利率指導似乎暗示您預計教育銷售旺季會相當強勁。

At least in terms of mix.

至少在混合方面。

Was that in consideration and combined with the desktop refresh?

是否考慮並結合了桌面刷新？

Can you help us understand why you expect about a 4.5% sequential revenue decline into the June quarter at its midpoint?

您能否幫助我們理解為什麼您預計到 6 月季度的中點收入將連續下降 4.5%？

Sure.

當然。

As we were putting our guidance for the June quarter together, a couple of things.

當我們將六月季度的指導放在一起時，有幾件事。

First of all, last year, in a much better economy, our Q3 revenue was down 1% sequentially.

首先，去年，在經濟好轉的情況下，我們第三季度的收入環比下降了 1%。

This year, our guidance provides for a couple of more points of sequential decline.

今年，我們的指引提供了更多的連續下降點。

However, I think it is important to point out that we are guiding for year over year growth on a GAAP basis and we would expect our adjusted sales growth to be even higher.

然而，我認為重要的是要指出，我們正在指導基於公認會計原則的同比增長，我們預計調整後的銷售增長會更高。

But, as we think about this year, first, the economy and its continuing impact on consumers and business and education buying season, which begins this quarter, I discussed earlier that the June quarter is more dominated by K-12.

但是，當我們考慮今年時，首先是經濟及其對消費者以及本季度開始的商業和教育購買季節的持續影響，我之前曾討論過，6 月季度更多地由 K-12 主導。

That's an institution sale.

那是機構出售。

We expect things to be competitive this year given the economy and the funding situations.

鑑於經濟和資金狀況，我們預計今年的情況將具有競爭力。

We expect some reductions in ASP sequentially as we usually experience in the June quarter.

正如我們通常在 6 月季度所經歷的那樣，我們預計 ASP 會連續下降。

Second, we will not begin recording revenue on new iPhones sold since our March 17th event.

其次，我們不會開始記錄自 3 月 17 日活動以來銷售的新 iPhone 的收入。

And we'll start that when we release the iPhone OS 3.0 Software this summer.

我們將在今年夏天發布 iPhone OS 3.0 軟件時開始這樣做。

And finally, I talked a bit about some of the gross margin discussion, the currency environment and we expect the dollar to have an impact not only on gross margin but, of course, on our revenue as well.

最後，我談到了一些關於毛利率的討論、貨幣環境，我們預計美元不僅會對毛利率產生影響，當然也會對我們的收入產生影響。

Largely related to, where we got the quarter hedged and the current spot rates.

很大程度上與我們獲得對沖季度的位置和當前的即期匯率有關。

What impact do you expect software to have on mix in the June quarter?

您預計軟件對 6 月季度的產品組合有什麼影響？

We don't give specific product guidance.

我們不提供具體的產品指導。

But in the March quarter, iLife and iWork sales exceeded our expectations.

但在 3 月季度，iLife 和 iWork 的銷售額超出了我們的預期。

One of the reasons why revenue and gross margin was higher than we expected.

收入和毛利率高於我們預期的原因之一。

Ok.

好的。

Final question for me is around protecting your IP.

我的最後一個問題是關於保護你的知識產權。

Last quarter, you talked about rigorously impacting your intellectual property.

上個季度，您談到嚴格影響您的知識產權。

We haven't seen any action in the past 90 days.

在過去的 90 天裡，我們沒有看到任何行動。

Does that say something about either number one, your position, your patent position or number two, does a product actually need to ship before you can take action on the IP side?

這是否說明了第一，您的職位，您的專利職位或第二，在您可以在知識產權方面採取行動之前，產品實際上需要發貨嗎？

Thanks.

謝謝。

We think that Apple's innovation in the iPhone as I've said before is leading the industry by years.

我們認為，正如我之前所說，Apple 在 iPhone 上的創新正在引領行業多年。

And we think competition is great.

我們認為競爭很激烈。

We think it makes all of us better.

我們認為這讓我們所有人都變得更好。

As long as other companies invent their own stuff.

只要其他公司發明自己的東西。

Thanks, Chris.

謝謝，克里斯。

A replay of today's call will be available for two weeks as an Podcast on the iTunes store, as a web cast on Apple.com/investor, and by telephone.

今天電話會議的重播將在兩週內通過 iTunes 商店的播客、Apple.com/investor 上的網絡廣播和電話播放。

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

電話重播的號碼是 888-203-1112 或 719-457-0820。

And the confirmation code is 6117348.

確認碼是6117348。

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聯繫 Steve Dowling，電話是 408-974-1896，金融分析師可以聯繫 Joan Hoover 或我提出其他問題。

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

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

Thanks, again, for joining us.

再次感謝您加入我們。