蘋果 (AAPL) 2009 Q3 法說會逐字稿

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

美好的一天，歡迎參加 Apple Incorporated 2009 財年第三季度財報電話會議。

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.

謝謝你。

Good afternoon, and thanks to everyone for joining us.

下午好，感謝大家加入我們。

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

今天發言的是蘋果公司的首席財務官彼得奧本海默，他將與蘋果公司的首席運營官蒂姆庫克和財務主管加里威普弗勒一起參加與分析師的問答環節。

Please note that some of the information you will hear during our discussion today 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、基於股票的薪酬費用、稅收、每股收益的陳述，以及未來的產品。

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.

如需更多信息，請參閱 Apple 2008 年 10-K 表中討論的風險因素。

The forms 10-Q for the first two fiscal quarters of 2009, and the form 8-K filed with the SEC today and the attached press release.

2009 年前兩個財政季度的 10-Q 表格，以及今天向美國證券交易委員會提交的 8-K 表格以及隨附的新聞稿。

Apple assumes no obligation to update any forward-looking statements or information which speaks of the respective date.

Apple 不承擔更新涉及相應日期的任何前瞻性陳述或信息的義務。

And with that, I would like to turn the call over to Peter Oppenheimer.

有了這個，我想把電話轉給彼得奧本海默。

Thank you, Nancy.

謝謝你，南希。

Thank you for joining us.

感謝您加入我們。

We are very pleased to report record June quarter revenue and earnings and to once again report the highest non-holiday quarter revenue and earnings in Apple's history.

我們非常高興地報告了創紀錄的 6 月季度收入和收益，並再次報告了 Apple 歷史上最高的非假日季度收入和收益。

It was an extremely busy quarter for new product introductions and customers have responded enthusiastically.

這是一個非常繁忙的新產品推出季度，客戶反應熱烈。

Revenue for the June quarter was $8.34 billion, representing 12% growth over the prior June quarter's results.

六月季度的收入為 83.4 億美元，比上一季度的業績增長 12%。

We are very proud of this result, particularly given the economic environment around us.

我們為這一結果感到非常自豪，特別是考慮到我們周圍的經濟環境。

Operating margin percentage for the quarter was over 20%, higher than our guidance, due to better than expected revenue and gross margin.

由於好於預期的收入和毛利率，本季度的營業利潤率百分比超過 20%，高於我們的預期。

Net income was $1.23 billion, which translated to earnings per share of $1.35.

淨收入為 12.3 億美元，相當於每股收益 1.35 美元。

In terms of non-GAAP measures, adjusted sales totaled $9.7 billion for the June quarter, which was $1.4 billion higher than our reported revenue.

在非公認會計原則方面，6 月季度調整後的銷售額總計 97 億美元，比我們報告的收入高 14 億美元。

Adjusted gross margin was $4 billion, which was $1 billion higher than our reported gross margin.

調整後的毛利率為 40 億美元，比我們報告的毛利率高出 10 億美元。

And adjusted net income was$1.9 billion, $700 million higher that than our reported net income.

調整後的淨收入為 19 億美元，比我們報告的淨收入高出 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.

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，並希望它們有助於您分析和理解我們的業績。

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。

We generated outstanding sales of 2.6 million Macs, setting a new June quarter record, and nearly meeting the Al time quarterly record we set last September.

我們創造了 260 萬台 Mac 的出色銷量，創下了新的 6 月季度記錄，幾乎達到了我們去年 9 月創下的 Al time 季度記錄。

Mac sales increased by more than 100,000 units over the prior year's June quarter.

Mac 銷量比去年 6 月季度增加了 100,000 多台。

This represents 4% year-over-year growth, and compares favorably to IBC's latest published estimate of a 3% contraction for market overall.

這代表了 4% 的同比增長，與 IBC 最新公佈的整體市場收縮 3% 的估計相比是有利的。

We followed up the transition of our entire desk top lineup in March, with significant updates to our entire portable lineup in the June quarter, delivering increased performance and value across the line.

我們在 3 月份跟進了整個台式機產品線的過渡，並在 6 月季度對我們的整個便攜式產品線進行了重大更新，從而提高了整個產品線的性能和價值。

Mac portable shipments increased 13% year-over-year, driven by continued strong growth in sales of MacBooks and our new MacBook pros.

受 MacBook 和我們的新款 MacBook Pro 銷量持續強勁增長的推動，Mac 便攜式電腦的出貨量同比增長 13%。

Customer response to the new portables have been very favorable and we saw an acceleration of sales following the launch.

客戶對新便攜式設備的反應非常好，我們看到推出後銷售加速。

We began and ended the quarter with between 3 and 4 weeks of Mac channel inventory.

我們以 3 到 4 週的 Mac 渠道庫存開始和結束本季度。

Now I'll turn to our music products.

現在我將轉向我們的音樂產品。

We sold 10.2 million iPods, which was down from 11 million in the year ago quarter.

我們售出了 1020 萬台 iPod，低於去年同期的 1100 萬台。

There were two key reasons for this decline: First, we reduced channel inventory by over 400,000.

這種下降有兩個主要原因：首先，我們減少了超過 40 萬的渠道庫存。

Second, sell-through declined by 4% year-over-year.

其次，銷售額同比下降4%。

I would like to discuss how we're looking at this market.

我想討論一下我們如何看待這個市場。

We have three categories of what we call pocket products.

我們有三類我們稱之為袖珍產品的產品。

Traditional MP3 players, iPod Touch, and iPhone.

傳統 MP3 播放器、iPod Touch 和 iPhone。

For traditional MP3 players, which include shuffle, nano and classic, we saw a year-over-year decline, which we internally had forecasted to occur.

對於包括 shuffle、nano 和 classic 在內的傳統 MP3 播放器，我們看到同比下降，這是我們內部預測的。

This is one of the original reasons we developed the iPhone and the iPod Touch.

這是我們開發 iPhone 和 iPod Touch 的最初原因之一。

We expect our traditional MP3 players to decline over time, as we cannibalize ourselves with the iPod Touch and the iPhone.

我們預計我們的傳統 MP3 播放器會隨著時間的推移而衰退，因為我們會用 iPod Touch 和 iPhone 蠶食自己。

However, we have a great business that we believe will last for many, many years, and which we will continue to manage well, and offer the world's most innovative products.

然而，我們有一個偉大的業務，我們相信它會持續很多很多年，我們將繼續妥善管理，並提供世界上最具創新性的產品。

Despite the decline in our sales, our research shows that about 50% of our recent traditional iPod purchasers are buying their first iPod, including those in our high market share countries, such as the US, Japan, Australia, Canada, and the UK.

儘管我們的銷售額有所下降，但我們的研究表明，在我們最近的傳統 iPod 購買者中，約有 50% 正在購買他們的第一部 iPod，其中包括我們的高市場份額國家，例如美國、日本、澳大利亞、加拿大和英國。

The iPod Touch did extremely well in the quarter, growing more than 130% year-over-year.

iPod Touch 在本季度表現非常出色，同比增長超過 130%。

Customers continued to embrace this outstanding platform experience, which has been increasingly enhanced by the tremendous offerings of the App Store.

客戶繼續接受這種出色的平台體驗，而 App Store 的大量產品日益增強了這種體驗。

Our share of the US market continues to be over 70%, based on the latest monthly data published by NPD and iPod was the top selling MP3 player and continued to gain share year-over-year in nearly every country we tracked based on the latest data published by GFK.

根據 NPD 發布的最新月度數據，我們在美國市場的份額繼續超過 70%，iPod 是最暢銷的 MP3 播放器，並且在我們根據最新數據跟踪的幾乎每個國家/地區繼續獲得份額同比增長GFK 公佈的數據。

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

我們在 4 到 6 週的 iPod 渠道庫存目標範圍內開始和結束了本季度。

I would now like to turn to the iPhone.

我現在想轉向 iPhone。

We are thrilled to have sold over 5.2 million handsets in the June quarter, compared to 717,000 handsets sold in the year ago quarter.

我們很高興在 6 月季度售出超過 520 萬部手機，而去年同期售出 717,000 部手機。

Response to the new iPhone 3G-S has been tremendous bus with over 1 million 3G-S handsets sold by the third day after its June 19th launch.

對新款 iPhone 3G-S 的反應非常熱烈，在 6 月 19 日推出後的第三天，3G-S 手機的銷量已超過 100 萬部。

We are currently unable to make enough iPhone 3G-S to meet demand and we're working to address.

我們目前無法生產足夠的 iPhone 3G-S 來滿足需求，我們正在努力解決。

There customers and reviewers have been very impressed by its improved speed, 3-megapixel auto focus camera, video recording capability, and hands free voice control.

那裡的客戶和評論家對其改進的速度、3 兆像素自動對焦攝像頭、視頻錄製功能和免提語音控製印象深刻。

The iPhone 3G- is available in 18 countries today and we're quickly rolling it out this summer to the rest of the 80-plus countries where iPhones are sold.

iPhone 3G- 現已在 18 個國家/地區上市，我們將在今年夏天迅速將其推廣到其他 80 多個銷售 iPhone 的國家/地區。

Customers are loving the new iPhone OS 3.0 release which includes more than 100 new features including cut, copy and paste, MMF, spotlight search, a landscape keyboard for mail, and expanded parental controls for iTunes and App Store contents.

客戶喜歡新的 iPhone OS 3.0 版本，其中包括 100 多項新功能，包括剪切、複製和粘貼、MMF、聚光燈搜索、用於郵件的橫向鍵盤，以及用於 iTunes 和 App Store 內容的擴展家長控制。

The App Store now offers over 65,000 applications and the iPhone OS 3.0 software has helped pave the way for developers to create even more innovative applications with many new features, including in-App purchases, a new MAPS API, peer to peer connections around push notifications.

App Store 現在提供超過 65,000 個應用程序，而 iPhone OS 3.0 軟件為開發人員創建具有許多新功能的更具創新性的應用程序鋪平了道路，包括應用內購買、新的 MAPS API、圍繞推送通知的點對點連接.

Customer response to the App Store has been phenomenal and we were thrilled to announce the 1.5 billionth download last week.

客戶對 App Store 的反應非常好，我們很高興地宣布上週下載量達到 15 億次。

The App Store is a key strategic differentiator of the iPhone and iPod Touch experience, and we believe that outstanding software is the key ingredient for a great mobile experience.

App Store 是 iPhone 和 iPod Touch 體驗的關鍵戰略差異化因素，我們相信出色的軟件是出色移動體驗的關鍵要素。

Recognized revenue from iPhone handset sales, accessory sales, and carrier payments was $1.69 billion during the quarter compared to $419 million in the year ago quarter.

本季度來自 iPhone 手機銷售、配件銷售和運營商支付的確認收入為 16.9 億美元，而去年同期為 4.19 億美元。

An increase of over 300%.

增幅超過300%。

The sales volume iPhone sold during the quarter was $2.9 billion.

本季度 iPhone 的銷售額為 29 億美元。

Since we announced specific new features of iPhone OS 3.0 on March 17th, we did not begin to recognize revenue or product cost for any iPhone sold from March 17th until the iPhone OS 3.0 software became available on June 17th.

由於我們在 3 月 17 日宣布了 iPhone OS 3.0 的特定新功能，因此在 6 月 17 日 iPhone OS 3.0 軟件上市之前，我們沒有開始確認從 3 月 17 日售出的任何 iPhone 的收入或產品成本。

For those iPhones, revenue and product costs are being recognized ratably, over the remaining terms of their respective 24-month estimated lives from June 17th forward.

對於這些 iPhone，收入和產品成本在從 6 月 17 日起各自 24 個月估計壽命的剩餘期限內按比例確認。

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。

With the introduction of the iPhone OS 3.0 last month, the iTunes experience keeps getting better.

隨著上個月 iPhone OS 3.0 的推出，iTunes 的體驗越來越好。

iPhone OS 3.0 software allows customers to wirelessly download movies, TV, and audio programs directly to an iPhone or an iPod Touch.

iPhone OS 3.0 軟件允許客戶以無線方式將電影、電視和音頻節目直接下載到 iPhone 或 iPod Touch。

And I'm pleased to report that as of last week, customers have purchased and downloaded over 8 billion songs from the iTunes store, yet another remarkable milestone.

我很高興地報告，截至上週，客戶已經從 iTunes 商店購買和下載了超過 80 億首歌曲，這是又一個非凡的里程碑。

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

我現在想談談蘋果零售店。

The stores recognized $1.5 billion of revenue during the June quarter compared to $1.45 billion in the year ago quarter.

這些商店在 6 月季度實現了 15 億美元的收入，而去年同期為 14.5 億美元。

Our stores sold 492,000 Macs compared to 476,000 Macs in the year ago quarter.

我們的商店售出了 492,000 台 Mac，而去年同期為 476,000 台。

And about half the Macs sold in our stores during the June quarter were to customers who never owned a Mac before.

在 6 月季度，我們商店中出售的 Mac 中約有一半是面向從未擁有過 Mac 的客戶。

We opened six new stores during the quarter, bringing us to 258 stores, and we also completed 27 store room models.

我們在本季度開設了 6 家新店，使我們達到 258 家門店，我們還完成了 27 款店面模型。

With an average of 254 stores open during the quarter, average revenue per store was $5.9 million compared to $6.8 million in the year ago quarter.

本季度平均開設 254 家門店，每家門店的平均收入為 590 萬美元，而去年同期為 680 萬美元。

Retail segment margin was $321 million or 21.5%, up from $297 million or 20.6% in the year ago quarter.

零售部門利潤率為 3.21 億美元或 21.5%，高於去年同期的 2.97 億美元或 20.6%。

We hosted 38.6 million visitors in our stores during the quarter, compared to 31.7 million visitors in the year-ago quarter.

本季度我們的門店接待了 3860 萬訪客，而去年同期為 3170 萬。

An increase of 22%.

增長 22%。

We successfully launched a new and improved one-to-one program and hosted a record 667,000 personal training sessions during the quarter.

我們成功推出了一個新的和改進的一對一計劃，並在本季度舉辦了創紀錄的 667,000 次個人培訓課程。

We remain on track to open a total of about 25 stores during fiscal 2009 and to complete the remodel of 100 stores to our new design.

我們將繼續按計劃在 2009 財年開設約 25 家門店，並完成 100 家門店的改造以適應我們的新設計。

We are also looking forward to opening our first store in France during the holiday quarter.

我們也期待在假期期間在法國開設第一家門店。

Total company gross margin was 36.3%, which was 330 basis points better than our guidance.

公司總毛利率為 36.3%，比我們的預期高出 330 個基點。

This difference was primarily driven by three factors: First, component cost did increase, but not to the level we had expected.

這種差異主要是由三個因素驅動的：首先，組件成本確實增加了，但沒有達到我們預期的水平。

Second, we spent less than we had expected in several operating areas, including warranty and manufacturing tools.

其次，我們在幾個運營領域的支出低於我們的預期，包括保修和製造工具。

And, third, we efficiently ramped our new products in the quarter, spending less than we had planned.

第三，我們在本季度有效地增加了我們的新產品，支出低於我們的計劃。

Additionally, and to a lesser extent, we benefited from a weaker US dollar and from leverage on higher revenue than we planned.

此外，在較小程度上，我們受益於美元疲軟以及收入高於我們計劃的槓桿作用。

Operating expenses were $1.35 billion, consistent with our guidance and included $151 million of stock base compensation expense.

運營費用為 13.5 億美元，與我們的指導一致，其中包括 1.51 億美元的股票基礎薪酬費用。

OI&E was $60 million and the tax rate for the quarter was 29%.

OI&E 為 6000 萬美元，本季度的稅率為 29%。

Turning to cash, our cash plus short-term to long-term marketable securities totaled $31.1 billion at the end of the June quarter, compared to $28.9 billion at the end of the March quarter, an increase of over $2.2 billion.

就現金而言，截至 6 月季度末，我們的現金加上短期至長期有價證券總計 311 億美元，與 3 月季度末的 289 億美元相比，增加了 22 億多美元。

Cash flow from operations in the June quarter was $2.3 billion.

六月季度的運營現金流為 23 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 are 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優質投資，並對我們的投資組合感到滿意。

And while it is not reflected in our June quarter results, in the first week of the September quarter, we made a $500 million prepayment to Toshiba for future supply of NAND flash.

雖然這沒有反映在我們 6 月季度的業績中，但在 9 月季度的第一周，我們向東芝預付了 5 億美元，用於未來的 NAND 閃存供應。

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

展望 9 月季度，我想回顧一下我們的前景，其中包括南希在電話會議開始時提到的前瞻性陳述類型。

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

我們將繼續我們根據 GAAP 提供指導的做法，並在 10 月發布我們的結果時向您報告我們的 9 月季度非 GAAP 財務指標。

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

當前宏觀環境下的預測仍然具有挑戰性，因此我們將繼續為 9 月季度提供一系列指導。

We expect revenues to be between $8.7 billion and $8.9 billion.

我們預計收入將在 87 億美元至 89 億美元之間。

We expect gross margin to be about 34%.

我們預計毛利率約為 34%。

reflecting approximately $28 million related to stock-base compensation expense.

反映了大約 2800 萬美元與股票補償費用有關。

We expect OpEx to be about $1.445 billion, including $150 million related to stock base compensation.

我們預計運營支出約為 14.45 億美元，其中包括與股票基礎薪酬相關的 1.5 億美元。

We expect OI&E to be about $30 million, reflective of the short-term interest rate environment, and we expect the tax rate to be about 30%.

我們預計 OI&E 約為 3000 萬美元，反映了短期利率環境，我們預計稅率約為 30%。

We are targeting EPS in the range of about $1.18 to $1.23.

我們的目標每股收益在 1.18 美元至 1.23 美元之間。

In closing, we are thrilled to report record June quarter results and with customers reception of our new portables, iPhone OS 3.0, and the iPhone 3G-S.

最後，我們很高興地報告創紀錄的 6 月季度業績，並且客戶收到了我們新的便攜式設備、iPhone OS 3.0 和 iPhone 3G-S。

We are very enthusiastic about the upcoming launch Snow Leopard and the enhanced performance and user experience that we'll offer to our Mac customers.

我們對即將推出的 Snow Leopard 以及我們將為 Mac 客戶提供的增強的性能和用戶體驗充滿熱情。

We remain confident in our strategy, and new product pipeline, and we're working hard to continue to deliver the industry's most exciting and innovative products.

我們對我們的戰略和新產品線充滿信心，我們正在努力繼續提供業界最令人興奮和創新的產品。

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

有了這個，我想打開問題的電話。

(Operator Instructions).

（操作員說明）。

And your first question will come from Gene Munster with Piper Jaffray.

您的第一個問題將來自 Gene Munster 和 Piper Jaffray。

Congratulations.

恭喜。

Two brief questions.

兩個簡短的問題。

First on the Mac side, judging by the product lead times, the demand for the new lower price MacBook Pro caught you off guard.

首先在 Mac 方面，從產品交付週期來看，對新款低價 MacBook Pro 的需求讓你措手不及。

How do you see that demand turning to the September quarter?

您如何看待需求轉向 9 月季度？

And second can you talk from a high level of how you see the relationship of the wireless carriers involving.

其次，您能否從高層次談談您如何看待無線運營商之間的關係。

Hey, Gene.

嘿，吉恩。

It's Tim.

是蒂姆。

In terms of the MacBook Pro, there are a couple of models that I believe we will get beyond in this the next few weeks.

就 MacBook Pro 而言，我相信我們會在接下來的幾週內超越這幾個型號。

We don't view it as a constraint.

我們不認為它是一種約束。

It had a material effect on last quarter, and we factored our view of supply in the guidance that Peter shared with you.

它對上個季度產生了重大影響，我們在彼得與您分享的指導中考慮了我們對供應的看法。

In terms of the relationship with the wireless carriers, I think that most of the carriers that we're doing business with are thrilled over the lower churn that they experience and the higher ARPUs and the customers are demanding the iPhone.

就與無線運營商的關係而言，我認為與我們開展業務的大多數運營商都對他們所經歷的較低的客戶流失率和較高的 ARPU 以及客戶對 iPhone 的需求感到興奮。

So I feel like we've got a very good set of relationships and are obviously continuing to look to expand those.

所以我覺得我們已經建立了非常好的關係，並且顯然正在繼續尋求擴大這些關係。

Okay.

好的。

Maybe to ask it more specifically, do you see an opportunity beyond the iPhone with the carrier, for example, AT&T with data plans and laptops, or AT&T's living room initiative with Uverse offering.

也許更具體地說，你是否看到了 iPhone 之外的運營商機會，例如 AT&T 的數據計劃和筆記本電腦，或者 AT&T 的客廳計劃與 Uverse 產品。

We have nothing to announce today in terms of other things with the carriers.

關於運營商的其他事情，我們今天沒有什麼要宣布的。

We're very focused on working with the carriers on iPhone.

我們非常專注於與 iPhone 上的運營商合作。

Okay.

好的。

And then I guess on AT&T, any update on the status of that relationship?

然後我猜在 AT&T 上，這種關係的狀態有什麼更新嗎？

I think it's an excellent relationship and we're very happy with it.

我認為這是一個很好的關係，我們對此非常滿意。

Great.

偉大的。

Thank you.

謝謝你。

Thanks, Gene.

謝謝，吉恩。

Can we have the next question please.

請問下一個問題可以嗎？

It will come with Bill Fearnley with FTN Equity Capital.

它將與 FTN Equity Capital 的 Bill Fearnley 一起提供。

Yes, thanks.

對了謝謝。

If I could, on the mix here, when you look at consumer spending and you look at K-12 and state and local government in the pro segment in the quarter, is there any detail you can give on the education on the pro segment and then I have a quick follow-up.

如果可以的話，在這裡的組合中，當您查看消費者支出並查看本季度專業領域的 K-12 以及州和地方政府時，您是否可以提供有關專業領域教育的任何細節？然後我有一個快速跟進。

Sure, Bill.

當然，比爾。

It's Tim.

是蒂姆。

Relative to the market, the consumer market performed relatively better for us.

相對於市場，我們的消費市場表現相對較好。

The US K12 institutional business is weak, as you might expect.

正如您所料，美國 K12 機構業務疲軟。

It is getting hit by budget shortfalls.

它受到預算短缺的打擊。

And last quarter we saw very negligible amounts, if any, of the stimulus funds flow all the way to the state and district levels to get set.

上個季度，我們看到刺激資金的數量（如果有的話）非常微不足道，一直流向州和地區一級以進行設定。

And so that may or may not occur this quarter.

因此，這可能會或可能不會在本季度發生。

In the pro business, the pro business has also been affected more by the economy than the consumer businesses.

在專業業務中，專業業務也比消費者業務更受經濟影響。

And you can see that some in our ASPs as people that were buying those that were in commercial accounts and small business accounts are delaying purchases.

您可以看到，我們的 ASP 中的一些人，因為購買商業賬戶和小企業賬戶中的那些的人正在延遲購買。

Tim, you've talked about higher ed growth and K-12 institutional growth before.

蒂姆，你之前談到過高等教育增長和 K-12 機構增長。

Can you give us those numbers for this quarter.

你能給我們這個季度的這些數字嗎？

Overall, we were negative 6% in the institutional business.

總體而言，我們在機構業務中為負 6%。

The K-12 business was more negative than that and the higher ed business was around the 0% level.

K-12業務比這更負面，高等教育業務在0%左右。

Okay.

好的。

And then one other, if I could.

如果可以的話，再來一個。

In terms of preliminary view after the price changes on mix with the older MacBook, the $999 and then the newer form factor, any additional details you can give us on the first 30 days of what you saw about mix shift with the price changes?

就價格變化與舊款 MacBook、999 美元和更新的外形尺寸混合後的初步看法而言，您可以在前 30 天向我們提供有關價格變化的混合變化的任何其他細節嗎？

Generally, as you can see from the data sheet that you've got, our units grew faster than our revenue in the portable area.

一般來說，正如您從您獲得的數據表中看到的那樣，我們的產品增長速度快於我們在便攜式領域的收入。

So ASP did fall some.

所以ASP確實下降了一些。

And one of the reasons is the price cuts that we took.

原因之一是我們採取的降價措施。

Another is the transitional cost of doing that.

另一個是這樣做的過渡成本。

What was a major transition of replacing the whole lineup basically in a day.

基本上一天就換掉整個陣容，這是一個重大的轉變。

So we are seeing a mix down versus historic.

因此，我們看到了歷史與歷史的混合。

And we think part of that is that the commercial customer who is buying up in the line is delaying purchases in this weak economy.

我們認為部分原因是在這個疲軟的經濟中，排隊購買的商業客戶推遲了購買。

Of course we're thrilled with our overall results.

當然，我們對我們的整體結果感到興奮。

To grow 4% with IDC full testing at negative three and Gartner forecasting a negative five, that puts us 7-9 points ahead of the market.

在 IDC 全面測試為負 3 和 Gartner 預測為負 5 的情況下增長 4%，這使我們領先市場 7-9 個百分點。

And we're thrilled with those performance numbers.

我們對這些性能數字感到興奮。

Thank you.

謝謝你。

Thanks, Bill.

謝謝，比爾。

Can we have the next question please?

請問下一個問題可以嗎？

From Goldman Sachs we'll hear from David Bailey.

我們將聽到來自高盛的 David Bailey 的消息。

Thanks a lot.

非常感謝。

I know you don't break out the SKUs of the iPhone explicitly.

我知道您沒有明確列出 iPhone 的 SKU。

Can you give us some idea of how the $99 iPhone is doing relative to the other price points and have you seen a mix from launch either away from or towards the lower end phone?

你能給我們一些關於 99 美元的 iPhone 相對於其他價位的表現如何的想法嗎？你有沒有看到從低端手機推出或向低端手機推出的組合？

There is two pieces of information I can give you, David.

大衛，我可以給你兩條信息。

One is that as we made the changes, the two changes, both the launch of the 3G-S and the price reduction of the 3G, we saw significant acceleration in total unit sales.

一是隨著我們做出改變，這兩個改變，無論是3G-S的推出還是3G的降價，我們都看到了總銷量的顯著加速。

I don't want to give you the precise mix, because we view that as competitive data and obviously want to hold that tight.

我不想給你精確的組合，因為我們將其視為競爭數據，並且顯然希望保持這一點。

As Peter alluded to in his opening comments, the iPhone 3G-S is constrained in virtually every country we're shipping it in.

正如彼得在他的開場評論中提到的那樣，iPhone 3G-S 幾乎在我們運送它的每個國家都受到限制。

So the demand has been very robust.

所以需求非常旺盛。

I think it speaks to the great product that it is and we're working very hard to fill that demand.

我認為它說明了它的偉大產品，我們正在努力滿足這一需求。

Great.

偉大的。

And then just a follow-up on that.

然後只是跟進。

Can you give us an update on the progress you've made in large enterprise accounts with the iPhone and how you look at that opportunity over the next year.

您能否向我們介紹一下您使用 iPhone 在大型企業帳戶中取得的進展，以及您如何看待明年的機會。

I think it's a great opportunity for us.

我認為這對我們來說是一個很好的機會。

And as you might guess, we're seeing growing interest with the release of the 3G-S and iPhone OS 3.0.

正如您可能猜到的那樣，我們看到人們對 3G-S 和 iPhone OS 3.0 的發布越來越感興趣。

Due to the hardware encryption and the improved securities policies.

由於硬件加密和改進的證券政策。

The phone is particularly doing well with small business and with large organizations that allow people to purchase the phones for individual use.

這款手機特別適合小型企業和允許人們購買手機供個人使用的大型組織。

And this is both in corporate and government settings.

這在企業和政府環境中都是如此。

Specifically to give you some numbers, almost 20% of the Fortune 100 have purchased at least 10,000 units or more.

具體來說，給你一些數字，財富 100 強中幾乎 20% 的人至少購買了 10,000 台或更多。

And there is now multiple corporations and government agencies who have purchased an excess of 25,000 each.

現在有多家公司和政府機構各自購買了超過 25,000 台。

We also had the iPhone approved in over 300 higher education institutions.

我們還在 300 多所高等教育機構中批准了 iPhone。

And so we feel really good about how we're doing.

所以我們對自己的表現感覺非常好。

And you may have noticed, also, that the most recent study by JD Powers has ranked the iPhone the highest in overall satisfaction with business customers.

您可能還注意到，JD Powers 最近的一項研究將 iPhone 列為商業客戶總體滿意度最高的產品。

And so we think that we're just at the tip of the iceberg in terms of what the iPhone can do with business customers.

所以我們認為，就 iPhone 對商業客戶的作用而言，我們還只是冰山一角。

Great.

偉大的。

Thanks a lot.

非常感謝。

Thank you.

謝謝你。

Thanks, David.

謝謝，大衛。

Thank you, David.

謝謝你，大衛。

Can we have the next question, please?

請問下一個問題可以嗎？

And moving on, we'll hear from Richard Gardner with Citigroup.

繼續前進，我們將聽取花旗集團的 Richard Gardner 的來信。

Hi.

你好。

Thanks.

謝謝。

Peter, I was just wondering regarding your revenue guidance, you're guiding up roughly 4 to 7% sequentially.

彼得，我只是想知道你的收入指導，你指導的順序大約是 4% 到 7%。

But you've got a couple hundred million of iPhone deferred revenue coming off the balance sheet, and obviously you're doing very well with the new products.

但是你已經從資產負債表中得到了幾億的 iPhone 遞延收入，顯然你在新產品上做得很好。

So I was wondering why you're guiding generally in line with last year's increase and maybe a little bit below what we would consider normal seasonality for the September quarter.

所以我想知道為什麼你的指導總體上與去年的增長一致，並且可能略低於我們認為的 9 月季度的正常季節性。

Thanks.

謝謝。

Okay.

好的。

Rich, we give you guidance that we have reasonable confidence in achieving.

Rich，我們為您提供我們有合理信心實現的指導。

So no change in our thinking.

所以我們的想法沒有改變。

Let me talk a little bit about Mac and iPod and iPhone.

讓我談談 Mac、iPod 和 iPhone。

For Mac, while we usually see an increase in Mac units from the June to September quarters, and we expect to see one this year, we would expect the sequential increase to be less than previous years since we refreshed every portable last quarter and the desktops in the March quarter making the comparison up sequentially tougher for us.

對於 Mac，雖然我們通常會看到從 6 月到 9 月季度的 Mac 數量有所增加，並且我們預計今年會看到一個，但我們預計自上個季度更新了每個便攜式電腦和台式機以來，連續增長將低於往年在 3 月季度，我們的比較順序變得更加艱難。

Additionally, as Tim just commented, the US education institution sales remain under pressure from budget shortfalls.

此外，正如蒂姆剛剛評論的那樣，美國教育機構的銷售仍面臨預算短缺的壓力。

With regard to iPod similar to June, we would expect the traditional MP3 players to decline year-over-year.

iPod 與 6 月份類似，我們預計傳統 MP3 播放器將同比下降。

But iPod Touch to grow significantly.

但 iPod Touch 增長顯著。

And for phone, last year we sold very few phones in the June quarter after the results of the July transition and 7 million in September, which included 2 million units of channel fill.

而對於手機，去年我們在 7 月過渡結果之後的 6 月季度售出了很少的手機，而 9 月售出了 700 萬部，其中包括 200 萬部的渠道填充。

This year, we introduced iPhone 3 GS in June selling 5.2 million in the quarter.

今年，我們在 6 月推出了 iPhone 3 GS，該季度銷量為 520 萬部。

And in terms of assessing how we'll do, going from June to September, we're very optimistic about the product.

在評估我們將如何做方面，從 6 月到 9 月，我們對產品非常樂觀。

It's off to a great start.

這是一個很好的開始。

But we just don't have any experience in this seasonality with distribution as wide as we've got it.

但是我們只是在這種季節性方面沒有任何經驗，分佈範圍如此之廣。

So we'll report to you in October how we did.

因此，我們將在 10 月份向您報告我們的表現。

Thanks, Peter.

謝謝，彼得。

Thanks, Rich.

謝謝，里奇。

Can we have the next question please?

請問下一個問題可以嗎？

From Barclays, we'll hear from Ben Reitzes.

從巴克萊銀行，我們將聽到本·賴茨的消息。

Peter, can you talk about gross margins.

彼得，你能談談毛利率嗎？

You've obviously the last two quarters handily exceeded any of your expectations in guiding above.

顯然，您在過去兩個季度中輕鬆超出了您在上述指導中的任何期望。

At one point you said 30% for September and now we're at 34.

有一次你說 9 月份是 30%，現在我們是 34。

And does that mean that the long-term estimate of 30% no longer holds, and that we should probably model something at least higher than 30 due to maybe better execution or something in your business model that's changed?

這是否意味著 30% 的長期估計不再成立，並且我們可能應該對至少高於 30 的東西進行建模，因為可能更好的執行或您的業務模式發生了變化？

The teams are executing phenomenally well.

球隊的表現非常出色。

So that's something that we're very proud of.

所以這是我們非常自豪的事情。

And I think the results have benefited from that.

我認為結果從中受益。

Regarding gross margins for the September quarter, we've had a chance to go through our complete process and I'm guiding to 34% for the September quarter, which is down from the 36% that we just reported.

關於 9 月季度的毛利率，我們有機會完成整個流程，我預計 9 月季度的毛利率為 34%，低於我們剛剛報告的 36%。

We expect the margins to decline sequentially as a result of a full quarter of back to school promotion.

由於整個季度的返校促銷活動，我們預計利潤率將連續下降。

And full quarter of our new portables and also higher component cost.

以及整整四分之一的新便攜式設備以及更高的組件成本。

I don't want to make comments today about future quarters, but I'll give you a couple things that are on our mind.

我今天不想對未來幾個季度發表評論，但我會給你一些我們想到的事情。

First, for many key components, costs are rising and you're seeing that in the market as well.

首先，對於許多關鍵組件，成本正在上升，您在市場上也看到了這一點。

And, secondly, we will continue to focus on delivering state of the art products at price points that our competitors can't match, and we are going to provide customers ever increasing volume.

其次，我們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，我們將為客戶提供不斷增加的數量。

And so as you think about quarters beyond September, I would urge you to consider those factors.

因此，當您考慮 9 月之後的季度時，我會敦促您考慮這些因素。

Okay.

好的。

Thanks.

謝謝。

And with regard to the surge at the end of the quarter of Iphones, 5.2 million and you're constrained on the 3G-S, what is the inventory situation like?

而關於季度末的暴漲，520萬部，又被限制在3G-S上，庫存情況如何？

I mean, you were running at over a million, I believe, Tim.

我的意思是，蒂姆，我相信你的收入超過了一百萬。

And how did you end the quarter on inventory and how does the demand look heading into the next one?

您是如何結束本季度的庫存以及下一個季度的需求情況如何？

The iPhone channel inventory was flat sequentially, so it was approximately the same number from the beginning of the quarter and at the end of the quarter.

iPhone 渠道庫存環比持平，因此與季度初和季度末的數字大致相同。

And what that means, obviously, is since we were selling a lot more units at the end that we do not have a channel loaded with the numbered units that we would like at this time.

顯然，這意味著由於我們最終銷售了更多單位，因此我們沒有一個頻道加載我們目前想要的編號單位。

And can you see that in terms of stock out on the 3G-S.

你能看到 3G-S 的缺貨情況嗎？

What is that unit number, and then I'll cede the floor here.

那個單元號是多少，然後我將在這裡讓出發言權。

The unit number.

單位編號。

Of inventory?

庫存？

Consistent with what I said before.

和我之前說的一致。

You can do the math.

你可以算算。

But it's about 1.83 million .

但大約是183萬。

Just

只是

Thanks a lot, Tim.

非常感謝，蒂姆。

That includes in transit that we invoiced and demos we've counted in a conservative manner.

這包括我們開具發票的運輸途中和我們以保守方式計算的演示。

Thank you, Ben.

謝謝你，本。

Can we have the next question, please?

請問下一個問題可以嗎？

It will come from Bill Shope with Credit Suisse.

它將來自瑞士信貸的比爾肖普。

Okay, great thanks, guys.

好的，非常感謝各位。

Looking at the response you've seen on the $999 MacBook and the more recent MacBook Pro price cuts, can you comment on whether the Mac business is more or less elastic than you previously anticipated, and perhaps give us an idea of how you're thinking about elasticity in this business over the longer term?

看看你在 999 美元的 MacBook 和最近的 MacBook Pro 降價中看到的反應，你能否評論一下 Mac 業務是否比你之前預期的彈性更大或更小，也許讓我們了解你的情況從長遠來看，考慮這項業務的彈性？

We're obviously thrilled with the results that we've had since we've done the portable announcement.

自從我們發布便攜式公告以來，我們顯然對我們所取得的結果感到興奮。

Mac sales did accelerate after the announcement, WWDC and shipment of the portables, and we feel great about how they're selling.

在宣布、WWDC 和便攜式設備發貨之後，Mac 的銷售確實加速了，我們對它們的銷售情況感到滿意。

As we expected, there's some number of people that are buying up, because they can now get a MacBook Pro for $1199, whereas, it wasn't too many months ago that to buy a MacBook Pro it would cost $1999, so we've made a significant change there.

正如我們預期的那樣，有一些人正在購買，因為他們現在可以以 1199 美元的價格購買 MacBook Pro，而幾個月前購買 MacBook Pro 的價格為 1999 美元，所以我們已經在那裡發生了重大變化。

So we're not thinking fundamentally different about the Mac business than we were before.

因此，我們對 Mac 業務的思考與以往並沒有根本性的不同。

Our goal has been and continues to be to build the best computers in the world.

我們的目標一直是並將繼續是製造世界上最好的計算機。

And when we can do that at lower prices, we do that.

當我們能以更低的價格做到這一點時，我們就會這樣做。

When we can't, we won't put the Apple brand on a product that doesn't stand for innovation and doesn't have the legendary ease of use that we're known for.

當我們做不到的時候，我們不會將 Apple 品牌放在不代表創新且不具備我們所熟知的傳奇般易用性的產品上。

Any chance you can give us some quantitative color on the gross margin EPS impact from the delayed iPhone recognition in the June quarter?

你有沒有機會給我們一些關於 6 月季度延遲識別 iPhone 對毛利率 EPS 影響的量化色彩？

Sorry.

對不起。

I can't do anything specifically.

具體我什麼都做不了。

You can make an estimate of what the revenues might have been now that you know the June quarter sales.

既然您知道了 6 月季度的銷售額，您就可以估計收入可能是多少。

And you can take a shot at the related gross margin.

你可以試一試相關的毛利率。

Okay.

好的。

Great.

偉大的。

We'll do that.

我們會這樣做的。

Thanks .

謝謝 。

Thanks, Bill.

謝謝，比爾。

Could we have the next question, please?

請問下一個問題好嗎？

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

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

Thank you.

謝謝你。

Good afternoon.

下午好。

Could you give us an update on Snow Leopard and how we should think about the $29 price point.

你能給我們介紹一下 Snow Leopard 的最新情況，以及我們應該如何考慮 29 美元的價格點。

I'm kind of curious as to what throws the decision to go so low and how are you thinking about potential adoption rates.

我有點好奇是什麼導致瞭如此低的決定以及您如何考慮潛在的採用率。

Yes.

是的。

It's Tim.

是蒂姆。

Snow Leopard is an even better Leopard.

雪豹是更好的豹子。

It redefines about 90% of the projects that make up OS X and it includes a lot of powerful new core technologies and builds Microsoft Exchange support right into the OS which is something that even Windows PC does not do.

它重新定義了構成 OS X 的大約 90% 的項目，它包含許多強大的新核心技術，並將 Microsoft Exchange 支持直接構建到 OS 中，這甚至是 Windows PC 也不做的事情。

We priced it very aggressively so that all of our users can upgrade to it.

我們對它進行了非常激進的定價，以便我們所有的用戶都可以升級到它。

And we're hoping that they do that.

我們希望他們這樣做。

As we announced at WWDC, we continue to expect to ship it later this quarter.

正如我們在 WWDC 上宣布的那樣，我們仍然希望在本季度晚些時候發貨。

Okay.

好的。

Great.

偉大的。

And then just a follow-up on the commodities.

然後只是對商品的跟進。

I'm just curious as to which ones you expect to be sort of challenging going forward and how should we think about the prebuy with Toshiba and should we continue to expect additional prebuys depending on what you think in terms of what you think of inventory and demand and pricing.

我只是想知道您預計哪些會在未來具有挑戰性，我們應該如何考慮與東芝的預購，我們是否應該繼續期待額外的預購，具體取決於您對庫存和需求和定價。

In terms of going forward, the market for DRAM and the market for large-size LCDs has shifted to a constrained environment.

展望未來，DRAM 市場和大尺寸 LCD 市場已轉向受限環境。

And the pricing has moved accordingly.

價格也相應變動。

The NAN/market has now begun to stabilize and we expect it to move towards a supply/demand balance.

NAN/市場現在已經開始穩定下來，我們預計它會朝著供需平衡的方向發展。

Hard drives and optical drives and pricing is declining at less than historical rates as a result of in terms of the Toshiba pre buy, we did a long-term agreement with Toshiba.

由於東芝預購，我們與東芝簽訂了長期協議，硬盤和光驅的價格下降幅度低於歷史水平。

As part of the terms and conditions, we paid them $500 million as a prepay earlier in the quarter as Peter had said.

正如彼得所說，作為條款和條件的一部分，我們在本季度早些時候向他們支付了 5 億美元作為預付款。

We view flash as a very key component for us, because as you know, we use it in so many of our products.

我們認為閃存對我們來說是一個非常關鍵的組件，因為如您所知，我們在許多產品中都使用了它。

And also, we're a reasonable percentage of the user of flash on a worldwide basis.

而且，在全球範圍內，我們佔 Flash 用戶的合理比例。

In terms of doing additional deals, we are always open to doing additional deals with the right terms and conditions.

在進行額外交易方面，我們始終願意在正確的條款和條件下進行額外交易。

And as you know, we've done two in this fiscal year.

如您所知，我們在本財年完成了兩次。

We announced one with LG earlier on LCD.

我們早些時候在 LCD 上宣布了與 LG 的合作。

And we may do others but there's not one that we're currently working on.

我們可能會做其他事情，但目前還沒有一個我們正在做的事情。

But I don't close that door because we are always looking at different things.

但我不會關上那扇門，因為我們總是在看不同的東西。

Great.

偉大的。

Thank you very much.

非常感謝。

Thanks, Shannon.

謝謝，香農。

Thank you, Shannon.

謝謝你，香農。

Could we have the next question, please?

請問下一個問題好嗎？

We'll hear from Toni Sacconaghi with Sanford Bernstein.

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

Thank you.

謝謝你。

I think last quarter you had commented that the percentage of $999 Macs had increased sequentially.

我認為上個季度您曾評論說，999 美元的 Mac 的百分比連續增加。

Can you comment on this quarter?

你能評論一下這個季度嗎？

It sounds like there was a mix shift to the low end because of continued economic uncertainty, yet you lowered Mac prices which was -- excuse me, MacBook Pro prices which was stimulative on the Pro.

由於持續的經濟不確定性，聽起來像是向低端的混合轉變，但是你降低了 Mac 的價格——對不起，MacBook Pro 的價格對 Pro 有刺激作用。

So to give us a sense on how consumers netted out, was your $999 offering a bigger percentage of total Mac notebooks this quarter than it was last quarter and can you give us a little more color on the dynamics?

因此，為了讓我們了解消費者是如何淨賺的，您的 999 美元本季度提供的 Mac 筆記本電腦總數是否比上一季度更大，您能否為我們提供更多關於動態的信息？

Toni, I don't want to give you exact mix numbers for competitive reasons, but let me share with you at a macro point what we saw happening last quarter.

托尼，出於競爭原因，我不想給你確切的混合數字，但讓我從宏觀的角度與你分享我們在上個季度看到的情況。

After the transition, not our non-education business, we saw people upselling from the $999 to the $1199 MacBook pro.

在過渡之後，不是我們的非教育業務，我們看到人們從 999 美元到 1199 美元的 MacBook pro 向上銷售。

Obviously for $200, it's a significant amount of features and so we saw that occurring last quarter.

顯然，只要 200 美元，它就具有大量功能，因此我們在上個季度看到了這種情況。

Before the transition, we saw a mix that was larger than after it to the $999.

在過渡之前，我們看到了比之後更大的組合，達到了 999 美元。

But we did see that change at the developers conference.

但我們確實在開發者大會上看到了這種變化。

Education itself, when you carve education itself out, the bulk of what K-12 would be would be the lower price unit.

教育本身，當您將教育本身剔除時，K-12 的大部分將是較低價格的單位。

And we sell it for even lower prices than the consumer price obviously.

我們以低於消費者價格的價格出售它。

And then can you comment on the dynamics on the iPhone side.

然後你能評論一下iPhone端的動態嗎？

It sounds like the lower price point of the $99 3-G phone actually served perhaps more as a traffic driver for the 3G-S phone than would anticipated.

聽起來 99 美元的 3-G 手機的低價位實際上可能比預期的更多地充當了 3G-S 手機的交通驅動因素。

Was that the role or the product itself a meaningful contributor to the iPhone story?

這個角色或產品本身是對 iPhone 故事有意義的貢獻者嗎？

We're happy -- we're focused on total iPhone units, Toni.

我們很高興——我們專注於 iPhone 的總數，Toni。

And so we're very happy when the total comes out to the 52 number and we're thrilled over it.

因此，當總數達到 52 時，我們感到非常高興，我們對此感到非常興奮。

I think it's too early to tell what the ultimate mix of those products will be.

我認為現在說這些產品的最終組合還為時過早。

Because as you know, the iPhone 3G-S is constrained and also it's only shipping in 18 countries of the 80 plus that we're in.

因為如您所知，iPhone 3G-S 受到限制，而且僅在我們所在的 80 多個國家/地區中的 18 個國家/地區發貨。

And so I think it will take some amount of time.

所以我認為這需要一些時間。

Also there's a phenomenon at the beginning of purchasing where you have people upgrading.

在購買之初還有一個現像是有人升級。

And those people that upgrade are obviously more likely to select the new phone.

而那些升級的人顯然更有可能選擇新手機。

And so it's only been a few weeks, and I wouldn't want to make any grand statements about what things will happen in the longer term.

所以這只是幾個星期，我不想就長期會發生什麼事情發表任何宏大的聲明。

And then one for Peter.

然後給彼得一個。

Peter, I think your sequential gross margin guidance in terms of the sequential decline is actually more benign than you have guided for in each of the last two years, which is surprising to me because the component environment, I think, is tougher than it's been in either the last two years.

彼得，我認為你在連續下降方面的連續毛利率指導實際上比你在過去兩年中每一年的指導都更溫和，這讓我感到驚訝，因為我認為組件環境比以前更艱難在過去兩年中。

Your back-to-school promotions in terms of geographic breadth are considerably larger and you have notebook price cuts which you didn't have in any of the previous fiscal Q4.

就地理廣度而言，您的返校促銷活動要大得多，並且您的筆記本電腦降價，這是上一財季第四季度中沒有的。

So is the offset in terms of guiding to a lower gross margin sequential decline, is that all iPhone related, or are there other considerations relative to previous years that we ought to be thinking about?

那麼，在引導較低的毛利率連續下降方面的抵消，是所有 iPhone 相關的，還是我們應該考慮與前幾年相關的其他考慮因素？

Toni, it's always hard to talk about gross margin year-over-year, because you're typically in different product cycles and you have different component environments and currencies can be different and mixes and a variety of things.

托尼，總是很難談論每年的毛利率，因為你通常處於不同的產品週期，你有不同的組件環境，貨幣可能不同，混合和各種各樣的東西。

So it's hard.

所以很難。

We are benefiting from a higher mix of iPhone revenues.

我們受益於更高的 iPhone 收入組合。

And that is beneficial to our gross margin.

這有利於我們的毛利率。

So as I think about this year versus last, sure, that is a factor.

因此，當我考慮今年與去年的情況時，當然，這是一個因素。

But as we put our guidance together for the September quarter, we've gone through our normal process and we thought about supply.

但是，當我們將 9 月季度的指導意見放在一起時，我們已經完成了正常流程，並考慮了供應。

We thought about demand.

我們考慮了需求。

And it resulted in the 34% that we've provided you.

結果是我們為您提供了 34%。

And then final question, you mentioned you lowered channel inventory on iPods about 400,000 units.

最後一個問題，您提到您將 iPod 的渠道庫存降低了約 400,000 台。

Should we be thinking about the reduction in channel inventory being somewhat consistent as a percentage of what you anticipate for reduced iPhone sales in the following quarter or otherwise, why would you have taken it down by that amount?

我們是否應該考慮渠道庫存的減少與您預期的下一季度或其他季度 iPhone 銷量減少的百分比有一定的一致性，您為什麼要減少這個數量？

Toni, if you look at the over 400K that we reduced it by, there were two primary reasons.

Toni，如果您查看我們減少的超過 400K，主要有兩個原因。

The first reason was that as you may remember in March we announced and launched a new Shuffle very close to the end of the quarter.

第一個原因是，正如您可能記得的那樣，我們在 3 月份宣布並在接近季度末的時候推出了新的 Shuffle。

And also the Easter holiday was at the beginning of the June quarter.

復活節假期也是在六月季度的開始。

And so to support both of these, we ended March with a bit more inventory.

因此，為了支持這兩個方面，我們在 3 月份結束時增加了一些庫存。

Although still within the target range of 4 to 6 weeks.

雖然仍在 4 到 6 週的目標範圍內。

With these events behind us, we were able to reduce channel inventory.

隨著這些事件的發生，我們能夠減少渠道庫存。

And this accounted for about half of the over 400,000 unit reduction.

這佔了超過 400,000 個單位減少量的一半左右。

The second reason is the overall demand was lower.

第二個原因是整體需求較低。

And we believe that this is due to the weak economy.

我們認為這是由於經濟疲軟所致。

Cannibalization from iPhone.

從 iPhone 蠶食。

And a reduction in the market size for traditional MP3 players.

以及傳統 MP3 播放器市場規模的縮小。

As you heard Peter's definition for this, we call traditional MP3 players, the Shuffle, the Nano and the Classic.

正如您聽到 Peter 對此的定義，我們稱傳統 MP3 播放器為 Shuffle、Nano 和 Classic。

And as a result of this, we adjusted channel inventories to correspond with the lower demand.

因此，我們調整了渠道庫存以應對較低的需求。

And this accounted for the balance of the over 400,000 unit reduction.

這佔了超過 400,000 單位減少的餘額。

But as a reminder, I don't want to overstate this, but we began and ended the quarter within our target range of 4 to 6 weeks.

但提醒一下，我不想誇大這一點，但我們在 4 到 6 週的目標範圍內開始和結束了本季度。

And so we're staying within the realm that we have forever set as a target.

因此，我們將停留在我們永遠設定為目標的領域內。

Thank you.

謝謝你。

Thanks.

謝謝。

Thank you, Toni.

謝謝你，托尼。

Can we have the next question, please.

請問下一個問題可以嗎？

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。

Tim, there are competitors that are unveiling application stores now and media and touch features via software.

蒂姆，有些競爭對手現在正在通過軟件推出應用程序商店以及媒體和触摸功能。

Can you just talk about maybe the dimensions along which you see continuing to out innovate competitor user experiences and maintain iPhone momentum and share leadership?

您能否談談您認為繼續創新競爭對手用戶體驗、保持 iPhone 勢頭和分享領導地位的維度？

Sure, Mike.

當然，邁克。

I don't want to talk very much about what we have planned in the future.

我不想過多談論我們未來的計劃。

But if I just sort of summarize just what's happened in the last 90 days, we've just shipped the next major version of the world's most advanced mobile software platform with iPhone 3.0.

但是，如果我只是總結一下過去 90 天發生的事情，我們剛剛發布了世界上最先進的移動軟件平台的下一個主要版本，即 iPhone 3.0。

And the App Store is now available in 77 countries.

App Store 現在可在 77 個國家/地區使用。

And reaches and installed base that is now more than 45 million.

並達到現在超過4500萬的安裝基數。

That's the sum of iPhone plus iPod Touch.

這就是 iPhone 和 iPod Touch 的總和。

The App Store, I think, by any measure has been an unprecedented success with over 65,000 apps now in the store.

我認為，無論以何種標準衡量，App Store 都取得了前所未有的成功，目前商店中有超過 65,000 個應用程序。

And over 1.5 billion Apps downloaded.

並且下載了超過 15 億個應用程序。

As you may remember, as you look at the App number, over 65,000 from the store, that compares to the latest numbers we have for RiM and Nokia that puts them at 1 and 2,000 each.

您可能還記得，當您查看應用程序編號時，商店中超過 65,000 個，而我們為 RiM 和諾基亞獲得的最新數字分別為 1 和 2,000 個。

And the latest published number we've seen on android puts it less than 5,000.

而我們在 android 上看到的最新公佈的數字表明它不到 5,000。

And so we feel like we have a substantial lead on apps for the phone, on software for the phone and we think we have brought a great deal of hardware innovation for the phone as well.

因此，我們覺得我們在手機應用程序和手機軟件方面擁有巨大的領先優勢，我們認為我們也為手機帶來了大量的硬件創新。

And so we feel extremely good about our competitive position and continue to believe that we're years ahead of other people.

因此，我們對自己的競爭地位感覺非常好，並繼續相信我們比其他人領先數年。

Okay.

好的。

Thanks.

謝謝。

And do you see additional distribution and pricing models important to sustain either your growth in market share gains in iPhone and do you think you can sustain growth based on the current strategies?

您是否認為額外的分銷和定價模式對於維持 iPhone 市場份額的增長很重要，您是否認為您可以根據當前策略維持增長？

Well, I think we just took a major change with the introduction of a $99 product.

好吧，我認為我們剛剛做出了重大改變，推出了 99 美元的產品。

And so the reason we did that was obviously because we knew there was elasticity there.

所以我們這樣做的原因顯然是因為我們知道那裡有彈性。

In regards to your other question, we are working very hard to continue expanding distribution both within countries that we're in where it makes sense to do so and to add new countries because the world has more than 80 countries in it.

關於你的另一個問題，我們正在努力繼續在我們所在的國家/地區擴大分銷，並增加新的國家/地區，因為世界上有 80 多個國家/地區。

And so we're looking at both of those and we recognize there are some large markets left uncovered currently.

因此，我們正在研究這兩個方面，我們認識到目前還有一些大市場未被發現。

Okay.

好的。

Thanks.

謝謝。

And then now, just lastly , does the positive response to the Mac price cuts provide you some pause regarding the opportunity that you might have for similar momentum for lower priced entry level PCs?

然後現在，最後一點，對 Mac 降價的積極反應是否讓您暫停一下，因為您可能有機會為低價入門級 PC 提供類似的動力？

In other words, do you still feel that the lower price PC category is perhaps not attractive versus your business model?

換句話說，您是否仍然覺得低價 PC 類別與您的商業模式相比可能沒有吸引力？

I may not be exactly paraphrasing what you said the last time but

我可能沒有完全解釋你上次說的話，但是

Mike, I would say it differently really.

邁克，我真的會說不同。

And maybe I haven't expressed it well.

也許我沒有表達好。

Our goal is not the build the computers, it's to build the best.

我們的目標不是製造計算機，而是製造最好的。

And whatever price point we can build the best at, we will play there.

無論我們能在什麼價位上打造最好的產品，我們都會在那裡打球。

At this point, we don't see a way to build a great product for this $399, $499, this kind of price-point unit.

在這一點上，我們看不到一種方法可以為這種 399 美元、499 美元的這種價位單位打造一款出色的產品。

And as I've said before, and I think this is playing out in several areas, I think some customers, maybe many customers, buying these become disappointed and disenchanted after they buy one of these.

正如我之前所說，我認為這在幾個領域都在發揮作用，我認為一些客戶，也許是很多客戶，購買這些產品後會感到失望和失望。

So we're going to continue to focus on what we've always done is making the best, the most innovative and giving people tremendous value.

因此，我們將繼續專注於我們一直在做的事情，即做到最好、最具創新性並為人們提供巨大的價值。

And I feel like the moves that we've made across this quarter really puts an exploration point on those when you look at being now able to buy a MacBook Pro for $800 less than someone could have done in October of last year.

而且我覺得我們在本季度採取的舉措確實為那些人提供了一個探索點，因為你現在能夠以比去年 10 月低 800 美元的價格購買 MacBook Pro。

It's just jaw dropping.

簡直讓人瞠目結舌。

And so we feel very good about our strategy and our pricing.

因此，我們對我們的策略和定價感覺非常好。

And I think, frankly, the results bear it out.

我認為，坦率地說，結果證明了這一點。

If you look at it now, now the Mac has outrun the market a staggering 18 of the last 19 quarters.

如果你現在看的話，現在 Mac 在過去 19 個季度中有 18 個季度跑贏了市場。

And I think that really says that we do have the right approach.

我認為這確實表明我們確實有正確的方法。

Thank you very much, Tim.

非常感謝你，蒂姆。

Thank you, Mike.

謝謝你，邁克。

Can we have the next question, please?

請問下一個問題可以嗎？

We'll hear from Andy Hargreaves with Pacific Crest.

我們將聽取來自 Pacific Crest 的 Andy Hargreaves 的消息。

I'm just wondering on the iPhone.

我只是想知道iPhone。

Do you feel like the services and apps are obviously growing really fast.

您是否覺得服務和應用程序顯然增長得非常快。

Is that putting -- is it the growth there constrained, do you think, by the network capacity of your carrier partners?

那是推桿嗎？您認為那裡的增長是否受到運營商合作夥伴的網絡容量的限制？

I think, Andy, it's Tim, I think that's a better question for them.

我認為，安迪，是蒂姆，我認為這對他們來說是一個更好的問題。

But what I see without talking about specific ones, I see them making more investment in order to have faster networks and see them being very happy about driving higher ARPUs and lower churn.

但是我看到的沒有談論具體的，我看到他們為了擁有更快的網絡而進行了更多的投資，並且看到他們對推動更高的 ARPU 和更低的客戶流失感到非常高興。

This changes their cost to customer acquisition if they're not outchurning people left and right.

如果他們沒有左右搖擺不定的人，這會改變他們在客戶獲取方面的成本。

So I think they will continue to make investments to deliver services that people really enjoy, which is faster networks.

所以我認為他們將繼續投資以提供人們真正喜歡的服務，即更快的網絡。

Do you think you guys will end up making investments on the side, whether it's a NOC or a data center or something to help take some of the pressure off them or off load some of that capacity?

你認為你們最終會在一邊進行投資，無論是 NOC 還是數據中心，還是幫助減輕他們的一些壓力或減輕部分容量的東西？

We have no plan to do so.

我們沒有計劃這樣做。

When we entered this business, we looked at it and came to a conclusion that what we could do really well was deliver a world-class handset because of our hardware and software skills and that we could uniquely play in that world and deliver something that was revolutionary.

當我們進入這個行業時，我們審視它並得出一個結論，我們真正能做的就是提供世界一流的手機，因為我們擁有硬件和軟件技能，並且我們可以在那個世界中獨樹一幟，提供一些革命性的。

I think there are other people that have much more skills than networks, and I think we're dealing with a lot of those as partners.

我認為還有其他人比網絡擁有更多的技能，我認為我們正在與很多人打交道作為合作夥伴。

And I think that's their business and they're quite good at it.

我認為這是他們的事，他們很擅長。

Okay.

好的。

Thank you.

謝謝你。

Thank you, Andy.

謝謝你，安迪。

Can we have the next question, please.

請問下一個問題可以嗎？

We'll hear from Katy Huberty with Morgan Stanley.

我們將聽取摩根士丹利的 Katy Huberty 的來信。

A couple of follow-ups, Tim, on the conversation around $399, $499 net book or whatever you want to call it.

蒂姆，關於 399 美元、499 美元上網本或任何你想叫它的任何東西的談話，都進行了幾次跟進。

I understand that the ability of Apple to make something that is high quality at that price point is limited.

我知道蘋果在那個價位上製造高質量產品的能力是有限的。

But do you think that there is, perhaps, an emerging market for a truly mobile device that would have perhaps a larger screen where you can do more with it than on the iPhone that is big enough that you may want to participate at regardless of price?

但是，您是否認為存在一個真正的移動設備的新興市場，它可能具有更大的屏幕，與 iPhone 相比，您可以使用它做更多的事情?

I never want to discount anything in the future and never want to specifically answer a question on new products.

我以後不想打折任何東西，也不想專門回答有關新產品的問題。

As you probably know, Katy, the point I'm making right now is that I think most customers that are buying a portable want a full-featured notebook.

凱蒂，您可能知道，我現在要表達的觀點是，我認為大多數購買便攜式筆記本電腦的客戶都想要一台功能齊全的筆記本電腦。

And we deliver those and deliver some incredible values in those, and we feel like -- and we know from our research the customers are very happy with those.

我們提供了這些並在其中提供了一些令人難以置信的價值，我們覺得 - 我們從我們的研究中知道客戶對這些非常滿意。

I think some of the net books that are being delivered or many of those are very slow.

我認為一些正在交付的網絡書或其中許多非常慢。

They have software technology that is old.

他們擁有陳舊的軟件技術。

They don't have a robust computing experience.

他們沒有強大的計算經驗。

They lack horse power.

他們缺乏馬力。

They have small displays and cramped keyboards.

他們有小型顯示器和狹窄的鍵盤。

I could go on and on but I won't.

我可以繼續，但我不會。

And so that kind of thing, I think, many people will not be happy with.

所以這種事情，我想，很多人不會高興的。

And we're only going to plan things where we can deliver something that is very innovative that we're very proud of.

而且我們只會計劃我們可以交付一些我們非常自豪的非常創新的東西。

Thank you, Katy.

謝謝你，凱蒂。

Could we have the next question, please?

請問下一個問題好嗎？

We'll hear from Brian Marshall with Broadpoint AmTech.

我們將聽取 Broadpoint AmTech 的 Brian Marshall 的來信。

Hi.

你好。

Thanks.

謝謝。

A question with regards to iPhone activations.

關於 iPhone 激活的問題。

Based on my calculations, it seems as though the US has represented about 40% or so of the total activations over the last couple quarters.

根據我的計算，在過去幾個季度中，美國似乎佔總激活量的 40% 左右。

Shouldn't we be entering a point here where the international side should start to pick up here and start growing materially faster, and I just wondered if you could help us think about this.

我們不應該在這裡進入一個點，國際方面應該開始在這裡加速並開始快速增長，我只是想知道你是否可以幫助我們思考這個問題。

This is Tim again.

這又是蒂姆。

We don't release the percentage of iPhone sales by geography.

我們不會按地理位置發布 iPhone 銷量百分比。

And so I wouldn't want to get into that.

所以我不想進入那個。

We view it as competitive information.

我們將其視為競爭信息。

Generally speaking, you would find that smart phones in general are being sold in larger numbers in environments where post pay is the primary payment mechanism.

一般來說，您會發現，在以後付費為主要支付機制的環境中，智能手機的銷量普遍較大。

Not that phones are being sold and prepaid.

並不是說手機正在出售和預付費。

There are some, but it's much lower.

有一些，但要低得多。

And so you can look at and do an analysis of where those post pay countries are and find that there is a disproportionate number of phones relative to the total phone market being sold there.

因此，您可以查看並分析這些後付費國家/地區的位置，並發現相對於那裡銷售的總電話市場而言，手機的數量不成比例。

But that's not unique to Apple.

但這並不是蘋果獨有的。

I think that's the reality of the smart phone market currently.

我認為這就是目前智能手機市場的現實。

And, Tim, having said that, some of your competitors are sort of tinkering around with some of the prepaid models out there.

而且，蒂姆，話雖如此，您的一些競爭對手正在對一些預付費模型進行修補。

Is that something that you might be interested in down the road?

那是你以後可能感興趣的東西嗎？

We're doing that as well.

我們也在這樣做。

And we sell by prepay in markets that are predominantly prepay.

我們在以預付款為主的市場中通過預付款進行銷售。

And I think we have more to learn in that environment.

我認為在那種環境下我們還有更多需要學習的東西。

I think this is an environment where we're still a beginner in some ways.

我認為這是一個我們在某些方面仍然是初學者的環境。

And I think we can make drastic improvements.

我認為我們可以做出巨大的改進。

I think our business model works quite well in the post pay category.

我認為我們的商業模式在後付費類別中運作良好。

But prepay is an opportunity for us.

但預付款對我們來說是一個機會。

We are trying it in both markets where post pay is dominant of the two and we're trying it where prepay is the dominant.

我們正在這兩個市場中進行嘗試，其中後付款占主導地位，我們正在嘗試預付款占主導地位的市場。

So we have multiple things going on right now and hopefully we'll learn from that and improve as we move forward.

所以我們現在有很多事情要做，希望我們能從中吸取教訓，並在我們前進的過程中有所改進。

Okay.

好的。

Final question, any help you can give with regards to the percent of the iPod Touch user base which we calculated north of $20 million at this point, that actually upgraded to the new iPhone 3.0 software?

最後一個問題，關於 iPod Touch 用戶群的百分比（我們目前計算的 2000 萬美元以上，實際上升級到新的 iPhone 3.0 軟件），您能提供任何幫助嗎？

I would call it a good number.

我認為這是一個很好的數字。

And I don't want to be more specific.

我不想更具體。

But obviously we priced that extremely aggressively and we are very much wanting to get the platform out there.

但顯然我們的定價非常激進，我們非常希望將平台推出市場。

It's great for our ecosystem and the developers will sell more apps as a part of that.

這對我們的生態系統非常有用，開發人員將在其中銷售更多應用程序。

So we tried very hard to get people to upgrade.

所以我們非常努力地讓人們升級。

Thank you, Brian.

謝謝你，布賴恩。

The next question, please.

下一個問題，請。

We'll hear from Chris Whitmore at Deutsche Bank.

我們將聽取德意志銀行的 Chris Whitmore 的來信。

Thanks very much.

非常感謝。

Do the supply constraints on the iPhone 3G-S affect the rollout for remaining countries or put it another way when do you expect it to reach equilibrium for the iPhone.

iPhone 3G-S 的供應限制是否會影響其餘國家/地區的推出，或者換一種說法，您預計何時會達到 iPhone 的平衡。

Let me answer both questions.

讓我回答這兩個問題。

One, I don't want to predict today when supply and demand will balance.

一，我不想預測今天什麼時候供需平衡。

I know that it will not balance in the short-term.

我知道它在短期內不會平衡。

And I don't want to give a prediction because as you can guess, it's very difficult to gauge the demand without having the supply there to find out what it is.

我不想給出預測，因為你可以猜到，如果沒有供應來了解需求是什麼，就很難衡量需求。

And so I don't want to do that.

所以我不想那樣做。

In terms of affecting the country roll out, I believe the vast majority of the countries that we were selling -- that we are selling the 3 G in will be selling a 3 GS by the end of the fiscal quarter.

在影響國家推出方面，我相信我們銷售的絕大多數國家 - 我們銷售 3 G 的國家將在本財政季度末銷售 3 GS。

So it may move the date by a few weeks here or there, but I think the vast majority will be shipping in by the end of the fiscal quarter.

因此，它可能會在這里或那裡將日期推遲幾週，但我認為絕大多數將在本財政季度末發貨。

Tim, any update on the iPhone in China?

Tim，中國的 iPhone 有更新嗎？

Nothing to work -- nothing to add to date specifically other than it continues to be a priority project and we hope to be there within a year.

沒有什麼可做的——除了它仍然是一個優先項目之外，沒有什麼可以特別添加的，我們希望在一年內完成。

Thank you, Chris.

謝謝你，克里斯。

Could we have the next question, please.

請問下一個問題可以嗎？

We'll hear from Charles Wolf with Needham and Company.

我們將聽取 Charles Wolf 和 Needham and Company 的意見。

Hi, guys.

嗨，大家好。

I have a couple of questions.

我有一些問題。

On sales of the iPhone , could you share with us any information you have regarding the division between new

關於 iPhone 的銷售，您能否與我們分享您對新產品之間劃分的任何信息？

Charlie, it's Tim.

查理，是蒂姆。

I can't share that information.

我不能分享這些信息。

Some of that information is confidential to the carriers themselves because the customer signs up with the carrier.

由於客戶與承運人簽約，因此其中一些信息對承運人本身是保密的。

Okay.

好的。

Well, let me ask a question about the App Store then.

那麼，讓我問一個關於 App Store 的問題。

In terms of application prices , there appears to be a race to the bottom.

在應用程序價格方面，似乎存在逐底競爭。

I've noticed that there is an increasing number of $0.99 offerings.

我注意到有越來越多的 0.99 美元產品。

Do you regard this as a concern, and, if so, are you taking any steps to enable consumers to separate quality apps

您是否認為這是一個問題，如果是，您是否採取任何措施讓消費者能夠區分優質應用程序

Charlie, we're always looking for ways to categorize apps differently.

Charlie，我們一直在尋找對應用程序進行不同分類的方法。

And we do have some ideas in this area.

我們在這方面確實有一些想法。

As you know today, we do it by type of app and also show popular apps and top selling apps, et cetera.

正如您今天所知，我們按應用類型進行展示，並展示流行的應用和最暢銷的應用等。

We realize there is opportunity he there for further improvement and are working on that.

我們意識到他有進一步改進的機會，並且正在努力。

In terms of the price, the developer sets the price.

在價格方面，開發商設定價格。

And so it's up to the developer what to charge.

所以這取決於開發商收取什麼費用。

And I think what they're doing is they're doing what any good business person would do is doing the elasticity analysis and deciding where to best set their price.

而且我認為他們正在做的是他們正在做任何優秀的商業人士都會做的事情是進行彈性分析並決定在哪裡最好地設定他們的價格。

I would expect -- I would think as the install base grows more and more and more, it makes more and more sense to have a bit lower prices.

我預計——我會認為隨著安裝基數越來越多，降低價格變得越來越有意義。

And -- but that's totally up to the developers.

而且——但這完全取決於開發人員。

And I'm sure each of them may view that in a little different manner.

我相信他們每個人都可能以不同的方式看待這一點。

Thank you.

謝謝你。

Thanks, Charlie.

謝謝，查理。

And thanks to everyone.

並感謝大家。

A replay of today's call will be available for two weeks at the podcast on the iTunes store, as a webcast on apple.com/investor, and via 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。

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

電話重播的號碼是 888-203-1112 或 719-457-0820。

The confirmation code is 2531481.

確認碼為 2531481。

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

這些回放將在大約下午 5:00 開始提供。

Pacific time today.

今天太平洋時間。

Members of the press with additional questions can contact Steve Dowling at 408-974-1896.

有其他問題的媒體成員可以撥打 408-974-1896 聯繫史蒂夫·道林。

And financial analysts can contact Joan Hoover or me with additional questions.

如果有其他問題，金融分析師可以聯繫 Joan Hoover 或我。

Joan is at 408-974-4570.

瓊的電話是 408-974-4570。

And I'm at 408-974-5420.

我的電話是 408-974-5420。

Thanks, again, for joining us.

再次感謝您加入我們。

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

女士們，先生們，今天的演講到此結束。

We do thank everyone for your participation.

我們非常感謝大家的參與。