蘋果 (AAPL) 2009 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Apple, Inc.

女士們，先生們，美好的一天，歡迎來到 Apple, Inc.

fourth quarter 2009 fiscal earnings conference call.

2009 年第四季度財報電話會議。

Today's call is being recorded.

今天的電話正在錄音。

At this time for opening remarks and introductions, I would like to turn the call over to Ms.

在這個時候開始致辭和介紹，我想把電話轉給Ms。

Nancy Paxton, Senior Director 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.

下午好。

Thank you for joining us.

感謝您加入我們。

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，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將與他一起參加與分析師的問答環節。

Please note that some of the information you'll hear during our discussion today will consist of forward-looking statements including, without limitation those regarding revenue, gross margin, operating expenses, other income and expense, stock-based compensation expense, taxes, 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，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 the Apple's Form 10-K for 2008, the Form 10-Q for the first three fiscal quarters 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 年前三個財政季度的 10-Q 表格以及今天向 SEC 提交的 8-K 表格和隨附的新聞中討論的風險因素發布。

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

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

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

有了這個，我想把電話轉給彼得奧本海默做介紹性發言。

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 Apple's most profitable quarter ever and sales of more Macs and iPhones than in any previous quarter.

我們非常高興地報告蘋果公司有史以來最賺錢的季度以及 Mac 和 iPhone 的銷量超過上一季度。

We are thrilled with these record-breaking results, particularly given the economic environment around us.

我們對這些破紀錄的結果感到興奮，特別是考慮到我們周圍的經濟環境。

Revenue for the quarter was $9.87 billion, representing 25% growth over the prior September quarter's results.

本季度收入為 98.7 億美元，比上一季度的業績增長 25%。

This was Apple's second highest quarterly revenue ever, next to the record results reported for last December quarter.

這是蘋果公司有史以來第二高的季度收入，僅次於去年 12 月季度報告的創紀錄業績。

Operating margin was Apple's highest ever at $2.19 billion, representing over 22% of revenue and higher than our guidance, due to better than expected revenue and gross margin.

由於收入和毛利率好於預期，營業利潤率為蘋果公司有史以來最高的 21.9 億美元，佔收入的 22% 以上，高於我們的預期。

Net income was $1.67 billion, which translated to earnings per share of $1.82.

淨收入為 16.7 億美元，相當於每股收益 1.82 美元。

In terms of non-GAAP measures, adjusted sales totaled $12.25 billion for the September quarter, which was almost $2.4 billion higher than our reported revenue.

在非公認會計原則方面，9 月季度調整後的銷售額總計 122.5 億美元，比我們報告的收入高出近 24 億美元。

Adjusted gross margin was $5.21 billion, which was almost $1.6 billion higher than our reported gross margin.

調整後的毛利率為 52.1 億美元，比我們報告的毛利率高出近 16 億美元。

And adjusted net income was $2.85 billion, or almost $1.2 billion higher than our reported net income.

調整後的淨收入為 28.5 億美元，比我們報告的淨收入高出近 12 億美元。

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

我們相信，這些非公認會計原則財務措施為我們的業務增加了透明度，並希望它們有助於您分析和理解我們在 9 月季度的業績。

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 Mac sales of $3.05 million, meeting our previous record set in the year-ago quarter by over $440,000.

我們創造了 305 萬美元的出色 Mac 銷售額，比去年同期創下的紀錄高出 440,000 美元以上。

The Mac is showing fantastic momentum, growing faster than the market in 19 of the past 20 quarters.

Mac 顯示出驚人的勢頭，在過去 20 個季度中有 19 個季度的增長速度都超過了市場。

We believe this is the result of our unmatched innovation and commitment to providing customers with the best hardware, the best software, and the best user experience in the world.

我們相信這是我們無與倫比的創新和致力於為客戶提供世界上最好的硬件、最好的軟件和最好的用戶體驗的結果。

Quarterly Mac sales grew 17% year-over-year and this compares extremely favorably to IDC's latest published estimate of 2% growth for the market overall in the September quarter.

季度 Mac 銷售額同比增長 17%，這與 IDC 最新公佈的 9 月季度市場整體增長 2% 的估計相比極為有利。

Customers continue to respond very positively to our Mac portable lineup, which we updated in June.

客戶繼續對我們在 6 月更新的 Mac 便攜式產品系列做出非常積極的反應。

Portable sales increased 35% year-over-year and represented 74% of our Mac mix.

便攜式銷售額同比增長 35%，占我們 Mac 組合的 74%。

Our execution in the quarter was outstanding, and we were particularly pleased with the 42% year-over-year growth in our Asia-Pacific segment.

我們在本季度的執行非常出色，我們對亞太地區 42% 的同比增長感到特別滿意。

We once again had a very successful back-to-school season, and were very pleased with the 12% year-over-year increase in Mac sales to US education institutions, which resulted in the highest quarterly Mac sales ever for our US education business.

我們再次度過了一個非常成功的返校季，對美國教育機構的 Mac 銷量同比增長 12% 感到非常滿意，這導致我們美國教育業務的季度 Mac 銷量創下歷史新高.

The shipments to US education institutions this quarter included 50,000 MacBooks to the state of Maine as part of its ongoing one-to-one initiative.

作為其正在進行的一對一計劃的一部分，本季度向美國教育機構的出貨量包括 50,000 台 MacBook 到緬因州。

Customer response to the August 28th release of Snow Leopard has been tremendous.

客戶對 8 月 28 日發布的 Snow Leopard 的反應非常熱烈。

Through the end of the September quarter, we generated consumer box upgrade sales at twice the rate we experienced with the leopard release.

到 9 月季度末，我們的消費盒升級銷售速度是豹子版本的兩倍。

Snow Leopard delivers hundreds of refinements, is the only operating system to support Exchange out of the box, and is successfully introduced Nucor technologies.

Snow Leopard 提供了數百項改進，是唯一支持 Exchange 開箱即用的操作系統，並成功引入了 Nucor 技術。

Snow Leopard allows developers to take full advantage of hardware features including 64-bit technology, multicore processors, and advanced graphics processing units.

Snow Leopard 允許開發人員充分利用硬件功能，包括 64 位技術、多核處理器和高級圖形處理單元。

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

我們以三到四周的 Mac 渠道庫存開始和結束本季度。

Now I'll turn to our music products.

現在我將轉向我們的音樂產品。

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

我們售出了近 1,020 萬台 iPod，低於去年同期的 1,100 萬台。

Our latest research indicates that 50% of recent iPod buyers were purchasing their first iPod, including those in our high market share countries such as the US, Japan, Australia, Canada, and the UK.

我們的最新研究表明，最近 iPod 購買者中有 50% 購買了他們的第一台 iPod，包括美國、日本、澳大利亞、加拿大和英國等我們的高市場份額國家/地區的購買者。

Customers love the recently announced iPod Nano's new features including the built-in video camera, FM radio, pedometer and larger display.

客戶喜歡最近發布的 iPod Nano 的新功能，包括內置攝像機、FM 收音機、計步器和更大的顯示屏。

Sales of iPod Touch grew strongly during the quarter, up 100% year-over-year, fueled by a very successful back-to-school season and the continued incredible popularity of the App Store, with the new $199 entry price point for the iPod Touch and the updated features for the iPod Shuffle, Nano and Classic, we believe the iPod line up is attractively positioned for the holiday season.

iPod Touch 的銷售額在本季度強勁增長，同比增長 100%，這得益於非常成功的返校季和 App Store 持續令人難以置信的受歡迎程度，iPod 的新入門價為 199 美元Touch 以及 iPod Shuffle、Nano 和 Classic 的更新功能，我們相信 iPod 產品線在假日季節具有吸引力。

Our share of the US market for MP3 players remains at over 70%, based on the latest monthly data published by MPD, 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 MPD 發布的最新月度數據，我們在美國 MP3 播放器市場的份額保持在 70% 以上，iPod 是最暢銷的 MP3 播放器，並且在我們幾乎所有國家/地區的份額都在逐年增加。根據 GFK 發布的最新數據進行跟踪。

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, with strong sales of music, video and Apps.

iTunes Store 在音樂、視頻和應用程序方面的銷售強勁，又是一個出色的季度。

Customers are loving last month's release of iTunes 9 and its many new features including iTunes LP, sharing and genius mixes, as well as improved syncing and the redesigned iTunes Store.

客戶喜歡上個月發布的 iTunes 9 及其許多新功能，包括 iTunes LP、共享和天才混音，以及改進的同步和重新設計的 iTunes Store。

With stores in 23 countries, iTunes is the worlds largest music retailer, now offering over 11 million songs in addition to over 50,000 TV episodes and 7500 films.

iTunes 在 23 個國家/地區設有商店，是世界上最大的音樂零售商，除了超過 50,000 集電視劇和 7500 部電影外，現在還提供超過 1100 萬首歌曲。

I would now like to turn to the iPhone.

我現在想轉向 iPhone。

We are thrilled to have sold almost 7.4 million hand sets in the September quarter.

我們很高興在 9 月季度售出了近 740 萬套手機。

That's a new Company record, and an increase of 7% over the prior September quarter, when we increased channel inventory by two million handsets following the introduction of the iPhone 3G, and the dramatic expansion of geographic distribution.

這是公司的一項新紀錄，比上一季度增長 7%，當時我們在推出 iPhone 3G 和地理分佈急劇擴大後增加了 200 萬部手機的渠道庫存。

iPhone sell-through in the quarter increased 38% year-over-year.

該季度的 iPhone 銷量同比增長 38%。

Response to the new iPhone 3GS has continued to be tremendous, and we were very pleased with JD Power and Associate's announcement earlier this month that iPhone has once again topped the charts for both consumer and business SmartPhone customer satisfaction.

對新款 iPhone 3GS 的反響持續熱烈，我們對 JD Power and Associate 本月早些時候宣布 iPhone 再次在消費者和商業智能手機客戶滿意度排行榜上名列前茅感到非常高興。

iPhone not only maintained its lead since the last JD Power report was issued six months ago, but it widened it over the next closest competitor in both categories.

自六個月前發布 JD Power 上一份報告以來，iPhone 不僅保持了領先地位，而且在這兩個類別中都將領先優勢擴大到第二位的競爭對手。

We are looking forward to selling iPhones in China beginning later this month, as this very large market represents a great opportunity to expand iPhone's reach even more broadly.

我們期待著從本月晚些時候開始在中國銷售 iPhone，因為這個非常大的市場代表著擴大 iPhone 覆蓋範圍的絕佳機會。

We also plan to expand our carrier relationship in UK and Canada.

我們還計劃擴大我們在英國和加拿大的運營商關係。

The App Sore continues to be an unparalleled success, with over 85,000 Apps available and over two billion customer downloads to date, including over 0.5 billion downloads in the September quarter.

App Sore 繼續取得空前的成功，迄今已有超過 85,000 個應用程序可用，客戶下載量超過 20 億次，其中包括 9 月季度的超過 5 億次下載量。

In addition to adding more apps at an amazing pace, we've continued to enhance the App Store experience with iPhone OS 3.1, which includes new features such as genius recommendations and a streamlined way to organize Apps within iTunes.

除了以驚人的速度添加更多應用程序之外，我們還繼續通過 iPhone OS 3.1 增強 App Store 體驗，其中包括新功能，例如天才推薦和在 iTunes 中組織應用程序的簡化方式。

Recognized revenue from the iPhone handset sales, accessory sales, and carrier payments with $2.3 billion during the quarter compared to $806 million in the year-ago quarter, an increase of 185%.

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 23 億美元，而去年同期為 8.06 億美元，增長了 185%。

The sales value of iPhones sold during the quarter was $4.5 billion.

本季度銷售的 iPhone 的銷售額為 45 億美元。

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

我現在想轉向蘋果零售店。

The stores had a record quarter, posting the highest revenue, segment margins, and Mac sales ever.

這些商店創下了創紀錄的季度業績，創下了有史以來最高的收入、部門利潤率和 Mac 銷售額。

Revenue in the quarter was $1.87 billion compared to $1.72 billion in the year-ago quarter.

本季度收入為 18.7 億美元，而去年同期為 17.2 億美元。

Our store sold 670,000 Macs compared to 596,000 Macs in the year-ago quarter.

我們的商店售出了 670,000 台 Mac，而去年同期為 596,000 台。

About half of the Macs sold in our stores during the September quarter were to customers who had never owned a Mac before.

在 9 月季度，我們商店出售的 Mac 中約有一半是面向從未擁有過 Mac 的客戶。

We opened 15 new stores during the quarter, bringing us to a total of 273.

我們在本季度開設了 15 家新店，總數達到 273 家。

With an average of 262 stores open during the quarter, average revenue per store was $7.1 million, compared to $7.6 million in the year-ago quarter.

本季度平均開設 262 家門店，每家門店的平均收入為 710 萬美元，而去年同期為 760 萬美元。

Retail segment margin was $410 million, or 22%, up from $301 million, or 17.5% in the year-ago quarter.

零售部門的利潤率為 4.1 億美元，即 22%，高於去年同期的 3.01 億美元，即 17.5%。

We hosted 45.9 million visitors in our stores during the quarter, compared to 42.7 million visitors in the year-ago quarter, an increase of 7%.

本季度我們的門店接待了 4590 萬遊客，而去年同期為 4270 萬遊客，增長了 7%。

We hosted 608,000 personal training sessions and we sold 208,000 memberships to our one-to-one program, an increase of over 120% year-over-year.

我們舉辦了 608,000 場個人培訓課程，我們的一對一計劃售出了 208,000 名會員，同比增長超過 120%。

Fiscal 2009 was a milestone year for our retail stores.

2009 財年對於我們的零售店來說是具有里程碑意義的一年。

In addition to opening 26 new stores, we remodeled 72 stores to our updated design, and for the first time, we opened more stores internationally than in the United States.

除了開設 26 家新店外，我們還對 72 家門店進行了更新設計，並且首次在國際上開設的門店數量超過了美國。

In November, we plan to open our first two stores in France, including one at the Louvre, as well as our fourth high profile store in Manhattan on the Upper West Side.

11 月，我們計劃在法國開設前兩家門店，其中一家位於盧浮宮，另外一家位於曼哈頓上西區的知名門店。

Total company gross margin was 36.6%, which was 260 basis points better than our guidance.

公司總毛利率為 36.6%，比我們的預期高出 260 個基點。

There were two groups of factors that were the primary causes of this difference.

有兩組因素是造成這種差異的主要原因。

First, we sold more Snow Leopard, had a better product mix, and spent less on the iPod transition than planned.

首先，我們賣出了更多的 Snow Leopard，擁有更好的產品組合，並且在 iPod 過渡上的花費比計劃的要少。

Second, component costs did increase, but not to the level we had expected, and we benefited from leverage on the higher revenue and lower freight and other costs than planned.

其次，零部件成本確實增加了，但沒有達到我們預期的水平，我們受益於比計劃更高的收入和更低的運費和其他成本。

Operating expenses were $1.42 billion and included $151 million of stock-based compensation expense.

運營費用為 14.2 億美元，其中包括 1.51 億美元的股票薪酬費用。

OI&E was $45 million and the tax rate for the quarter was 26%.

OI&E 為 4500 萬美元，本季度的稅率為 26%。

Turning to cash, our cash, plus short-term and long-term marketable securities totaled $34 billion at the end of the September quarter, compared to $31.1 billion at the end of the June quarter, an increase of $2.9 billion.

轉向現金，截至 9 月季度末，我們的現金以及短期和長期有價證券總計 340 億美元，與 6 月季度末的 311 億美元相比，增加了 29 億美元。

Cash flow from operations was $3.1 billion, and that was net of our $500 million prepayment to Toshiba early in the September quarter to secure future supply of NAND flash.

運營現金流為 31 億美元，這是我們在 9 月初季度初為確保未來 NAND 閃存供應而向東芝預付的 5 億美元的淨額。

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。

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

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

On September 23, the Financial Accounting Standards Board ratified EITF 09-3, which will change the way we account for iPhone and Apple TV today.

9 月 23 日，財務會計準則委員會批准了 EITF 09-3，這將改變我們今天對 iPhone 和 Apple TV 進行核算的方式。

Under EITF 09-3, only the estimated sales value of future upgrade rights to iPhone and Apple TV software are required to be deferred at the time of sale, with the balance of the iPhone and Apple TV sales price being recognized immediately as revenue.

根據 EITF 09-3，只有 iPhone 和 Apple TV 軟件未來升級權的估計銷售價值需要在銷售時遞延，iPhone 和 Apple TV 銷售價格的餘額立即確認為收入。

The deferred amounts will be recognized over the 24-month estimated lives of the product, similar to the way we have applied subscription accounting to these product sales today.

遞延金額將在產品的 24 個月估計壽命內確認，類似於我們今天對這些產品銷售應用訂閱會計的方式。

We don't know at this time the specific amount of revenue deferral for each iPhone and Apple TV sold under EITF 09-3, but we do believe a substantial portion of the revenue will be recognized for these products at the time of sale.

我們目前不知道根據 EITF 09-3 銷售的每部 iPhone 和 Apple TV 的具體收入遞延金額，但我們確實相信這些產品的大部分收入將在銷售時確認。

We are very pleased with the FASB's adoption of this new rule, as we believe it will enable us to more closely align our reported results with the economics of the iPhone and Apple TV sales.

我們對 FASB 採用這一新規則感到非常高興，因為我們相信這將使我們能夠更緊密地使我們報告的結果與 iPhone 和 Apple TV 銷售的經濟狀況保持一致。

We will be required to adopt the new accounting rule no later than the first quarter of our fiscal 2011, a year from now.

我們將被要求在不遲於一年後的 2011 財年第一季度採用新的會計規則。

But we do have the option of adopting earlier than that sometime in our fiscal 2010.

但我們確實可以選擇在 2010 財年的某個時候提前採用。

We are currently assessing impact of the new rule on our accounting and reporting systems and processes.

我們目前正在評估新規則對我們的會計和報告系統和流程的影響。

Making this change will be complex and as of now, we are uncertain as to the timing of our adoption.

做出這種改變將是複雜的，截至目前，我們不確定採用的時機。

Therefore, we don't have anything more specific to discuss with you today about this change.

因此，我們今天沒有與您討論此更改的任何更具體的內容。

The guidance for the December quarter that we are providing today is based on the subscription accounting treatment that we have applied to date for the iPhone and Apple PV sales.

我們今天提供的 12 月季度指南基於我們迄今為止對 iPhone 和 Apple PV 銷售應用的訂閱會計處理。

In other words, it is based on the assumption that the full amounts of revenue and product costs for past and future iPhone and Apple TV sales continue to be recognized ratably over the estimated 24-month lives of the products.

換句話說，它基於這樣的假設，即過去和未來 iPhone 和 Apple TV 銷售的全部收入和產品成本在產品的估計 24 個月壽命內繼續按比例確認。

Forecasting the current macroeconomic environment remains challenging, so we will continue to provide a range of guidance for the December 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 12 月季度提供一系列指導。

For the December quarter, we expect revenues to be between about $11.3 billion and $11.6 billion.

對於 12 月季度，我們預計收入將在 113 億美元至 116 億美元之間。

We expect gross margin to be about 34%, reflecting approximately $33 million related to stock-based compensation expense.

我們預計毛利率約為 34%，反映出與股票薪酬費用相關的約 3300 萬美元。

We expect OpEx to be about $1.64 billion, including about $178 million related to stock-based compensation.

我們預計運營支出約為 16.4 億美元，其中包括與股票薪酬相關的約 1.78 億美元。

We expect OI&E to be about $30 million, reflective of the short-term interest rate environment, and we expect a 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 $1.70 to $1.78.

我們的目標每股收益在 1.70 美元至 1.78 美元之間。

In closing, we are thrilled with our outstanding September quarter results and with our record fiscal 2009.

最後，我們對我們出色的 9 月季度業績和創紀錄的 2009 財年感到興奮。

For the year, we generated $36.5 billion in revenue and $5.7 billion in net income.

這一年，我們創造了 365 億美元的收入和 57 億美元的淨收入。

That's 12% annual revenue growth and 18% net income growth in extraordinary challenging economic times.

在極具挑戰性的經濟時代，這意味著 12% 的年收入增長和 18% 的淨收入增長。

During the year, we continue to introduce incredibly innovative products, including the new aluminum unibody MacBook Pro, the iPhone 3GS and the iPhone OS 3.0, MacOS X Snow Leopard and of course the wildly new popular features and offerings in iTunes and the App Store.

在這一年中，我們繼續推出令人難以置信的創新產品，包括全新的鋁製一體成型 MacBook Pro、iPhone 3GS 和 iPhone OS 3.0、MacOS X Snow Leopard，當然還有 iTunes 和 App Store 中的全新流行功能和產品。

As we begin our fiscal 2010, we're looking forward to delivering additional exciting new products and are confident in our new product pipeline.

隨著我們 2010 財年的開始，我們期待著提供更多令人興奮的新產品，並對我們的新產品線充滿信心。

We remain focused on our strategy of bringing the best and most innovative products and solutions to our customers, and we are very enthusiastic about the year ahead.

我們仍然專注於為客戶帶來最好和最具創新性的產品和解決方案的戰略，我們對來年充滿熱情。

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) Your first question will come from Richard Gardner with Citigroup.

（操作員說明）您的第一個問題將來自花旗集團的 Richard Gardner。

Okay, thank you.

好的謝謝你。

Peter, I was just hoping you could talk a little bit about the factors in forming your guidance for the following quarter, specifically, you know, why the sequential jump in revenue is so far below what you've experienced for the last couple years, and also, why gross margin should be down as much as you've guided sequentially, the main factors there.

彼得，我只是希望你能談談形成下一季度指導的因素，具體來說，你知道，為什麼收入的連續增長遠低於你過去幾年所經歷的，還有，為什麼毛利率應該像你所指導的那樣下降，這是主要因素。

Thank you.

謝謝你。

Let me start with gross margin.

讓我從毛利率開始。

I'll come back to revenue.

我會回到收入方面。

We expect gross margins to decline sequentially about 34%, primarily as a result of four factors.

我們預計毛利率將環比下降約 34%，主要是由於四個因素。

First, for the new products that we have and will announce, we are delivering greater value to our customers, and these products have lower gross margins than their predecessors.

首先，對於我們已經和將要發布的新產品，我們正在為我們的客戶提供更大的價值，這些產品的毛利率低於其前身。

Second, and as expected, we will see a seasonally higher mix of iPods and expect Snow Leopard box sales to be less in their second quarter.

其次，正如預期的那樣，我們將看到 iPod 的季節性組合增加，並預計 Snow Leopard 盒子的銷量在第二季度會減少。

And third, we'll incur significantly more air freight.

第三，我們將大大增加空運費用。

And fourth, we expect component costs to be higher than what we saw in the September quarter.

第四，我們預計組件成本將高於我們在 9 月季度看到的水平。

Regarding our revenue, as you know, the education and back-to-school seasons have largely concluded and the December quarter has been typically driven by holiday purchases in the second half of the quarter.

關於我們的收入，如您所知，教育和返校季節已基本結束，12 月季度通常受到本季度下半年的假日購買的推動。

Our guidance this quarter includes double-digit revenue growth from last year, which was the best quarter from a revenue perspective in Apple's history.

我們本季度的指導包括與去年相比實現兩位數的收入增長，從蘋果歷史收入的角度來看，這是最好的季度。

We're also seeing lower ASPs this year, but we remain very confident in our business.

今年我們的平均售價也有所下降，但我們對我們的業務仍然非常有信心。

We're shipping the best products that we ever have in Apple's history and customers have clearly responded.

我們正在運送 Apple 歷史上最好的產品，客戶對此做出了明確的回應。

Thank you, Rich.

謝謝你，里奇。

Next question, please?

請問下一個問題？

From Barclays Capital, Ben Reitzes.

來自巴克萊資本的 Ben Reitzes。

Yeah, thanks a lot.

是的，非常感謝。

Could you discuss -- I have two questions, one on iPhone, can you discuss channel inventory, what it was ending the quarter, and what the supply situation is, if there are any supply constraints during the quarter?

您能否討論一下——我有兩個問題，一個關於 iPhone，您能否討論一下渠道庫存、本季度末的情況以及供應情況如何，如果本季度有任何供應限制？

We noticed lack of availability overseas and then that looked alleviated towards the end of the quarter and it would seem like there's pent-up demand heading into December.

我們注意到海外供應不足，然後在本季度末似乎有所緩解，進入 12 月似乎有被壓抑的需求。

So if you could discuss that, that would be great.

所以如果你能討論這個，那就太好了。

Yes, hi, Ben.

是的，嗨，本。

It's Tim.

是蒂姆。

For much of the quarter, most of the countries where we're selling the iPhone 3G S was very low in inventory, as demand outstripped the supply.

在本季度的大部分時間裡，我們銷售 iPhone 3G S 的大多數國家/地區的庫存都非常低，因為供不應求。

We did improve supply markedly in September, and supply and demand converged in the vast majority of countries, either in September or in early October.

我們確實在 9 月顯著改善了供應，而且在 9 月或 10 月初，絕大多數國家的供需趨於一致。

In terms of your channel inventory question, we now have about 2.4 million units in the channel and that's an additional 585,000 from the previous quarter end.

關於您的渠道庫存問題，我們現在在渠道中有大約 240 萬個單位，比上一季度末增加了 585,000 個。

And are you comfortable with that, given that you have China launching and maybe even a few other GOs?

考慮到您已經在中國推出，甚至可能還有其他一些 GO，您對此感到滿意嗎？

I would have liked to have had more, honestly, because we were still short in some countries at quarter end.

老實說，我本來希望有更多，因為在季度末我們在一些國家仍然短缺。

And as indicated, it was early October before we were able to get supply/demand balanced in some countries.

如前所述，直到 10 月初，我們才能在一些國家實現供需平衡。

I know you don't want to quantify China maybe, but is there any certain levels of excitement you have and any limitations in terms of Apps and iTunes that may limit the sales out of the gate or anything else you could say qualitatively around that launch that gives us an idea of the velocity of units?

我知道您可能不想量化中國，但是您是否有任何一定程度的興奮以及在應用程序和 iTunes 方面的任何限制可能會限制銷售或您可以圍繞該發布定性說的任何其他內容這讓我們了解了單位的速度？

We're thrilled to be launching there on October 30, with China Unicom, and we're going to start with about 1,000 points of sale and expand further over the next several months thereafter.

我們很高興能在 10 月 30 日與中國聯通合作，我們將從大約 1,000 個銷售點開始，並在之後的幾個月內進一步擴大。

They've announced the plans and prices that they will have both for the device and for the service, and there's a very wide range here from, on the post-paid side from $18 a month all the way up to $8500 a month.

他們已經宣布了他們將為設備和服務制定的計劃和價格，而且範圍很廣，從後付費方面，從每月 18 美元一直到每月 8500 美元。

And at the higher price points, an individual is able to actually get the device for free, and it goes up as you go down the ARPU as it would in most countries.

在更高的價格點上，個人實際上可以免費獲得該設備，並且隨著您的 ARPU 下降，它會上升，就像在大多數國家一樣。

As you know, as we've shipped the 3G and the 2G phone prior to that, we discovered that there were quite a few phones going into China.

如您所知，由於我們之前發布了3G和2G手機，我們發現有不少手機進入中國。

So it would seem to us to indicate that there's a good opportunity and we're really excited to get started.

所以在我們看來，這是一個很好的機會，我們真的很高興能開始。

We're not making any projections on, on the volume, but it's a huge market, the largest market in the world in terms of total phone, and I think it's very important that we get started to make it as large as possible on SmartPhones.

我們沒有對數量做出任何預測，但它是一個巨大的市場，就手機總量而言，它是世界上最大的市場，我認為我們開始在智能手機上讓它盡可能大是非常重要的.

Do you guys have any updated comments on the economy?

你們對經濟有什麼最新的評論嗎？

And that's my last question.

這是我的最後一個問題。

It seemed like the quarter must have closed very strong, especially with those Mac numbers.

看起來這個季度一定非常強勁，尤其是那些 Mac 數字。

We just spend our time projecting our business and leave the economy forecasting and comments to the economists.

我們只是把時間花在預測我們的業務上，把經濟預測和評論留給經濟學家。

Thanks, Ben.

謝謝，本。

Could we have the next question, please?

請問下一個問題好嗎？

That question comes from Gene Munster with Piper Jaffray.

這個問題來自 Gene Munster 和 Piper Jaffray。

Good afternoon, and congratulations.

下午好，祝賀你。

We're looking at the iPhone, it's pretty clear we're still in a green field opportunity here, but as you start to go to multiple carriers, can you talk a little bit about the pricing of the phone when you go from exclusivity to multiple carriers, obviously not specifics, but any sort of color we can have in terms of how the pricing dynamic changes from the phone from you to the carrier?

我們正在研究 iPhone，很明顯我們仍然處於一個綠色領域的機會中，但是當你開始去多家運營商時，你能談談當你從獨家經營到手機的定價嗎？多個運營商，顯然不是具體細節，但是就定價動態如何從您到運營商的電話變化而言，我們可以擁有任何顏色？

Thanks.

謝謝。

Our pricing is confidential, Gene, so it's not something I can comment on in detail, but generally speaking, from markets where we're already selling, I would not expect to see a wholesale difference as we bring on other carriers.

Gene，我們的定價是保密的，所以我不能詳細評論，但一般來說，從我們已經銷售的市場來看，我不希望看到我們引入其他運營商時的批發差異。

However, the end user price is really set by the carrier themselves, and so you may or may not see a street price difference.

但是，最終用戶價格實際上是由運營商自己設定的，因此您可能會或可能不會看到街頭價格差異。

So when you go from exclusive to multiple carriers, you wouldn't necessarily see a change in pricing that you're charging the carrier, is that correct?

因此，當您從獨家運營商轉為多家運營商時，您不一定會看到向運營商收費的定價發生變化，對嗎？

That's correct.

這是正確的。

Thank you.

謝謝你。

Could we have the next question, please?

請問下一個問題好嗎？

Thank you.

謝謝你。

Scott Craig from Banc of America.

美國銀行的斯科特·克雷格。

Hi Tim.

嗨，蒂姆。

I know you don't have a lot of experience with the seasonality of the iPhone business, but how do you think about the seasonality here into the fourth quarter, and a question for Peter on tax, can you walk us through why the tax rate's going to go up here in the near term?

我知道你對 iPhone 業務的季節性沒有太多經驗，但你如何看待第四季度的季節性，以及向 Peter 提出的稅收問題，你能告訴我們為什麼稅率短期內會漲到這裡嗎？

Thanks.

謝謝。

Yes.

是的。

Ted, as you said, when we look at the September to December quarter, we have very few September to Decembers to look at in the iPhone business since we've just been selling for a couple of years.

泰德，正如你所說，當我們查看 9 月至 12 月季度時，我們在 iPhone 業務中幾乎沒有 9 月至 12 月的數據，因為我們剛剛銷售了幾年。

And in fact, in the vast majority of countries, we've only been selling in one, and in some of those, just a partial.

事實上，在絕大多數國家，我們只在一個國家銷售，而在其中一些國家，只是部分銷售。

And so honestly speaking, we, we're new in the business still and I think for me to make any kind of seasonality forecast would not be a good idea.

老實說，我們仍然是這個行業的新手，我認為對我來說進行任何類型的季節性預測都不是一個好主意。

The, the things that we look at in terms of coming up with our forecast would be the popularity of the iPhone 3GS has been phenomenal.

就我們的預測而言，我們看到的事情是 iPhone 3GS 的受歡迎程度非常驚人。

We've -- we were very surprised by the demand.

我們已經 - 我們對需求感到非常驚訝。

We were selling in 64 countries by the end of the quarter.

到本季度末，我們在 64 個國家/地區進行銷售。

We'll roll out others this quarter, notably China, which has already been mentioned in the call.

我們將在本季度推出其他產品，特別是在電話會議中提到的中國。

We hope to roll out in Korea as well.

我們也希望在韓國推廣。

And as Gene mentioned previously, we will be adding some carriers in some countries where we only had one carrier before, such as the United Kingdom and Canada as an example.

正如 Gene 之前提到的，我們將在一些以前只有一家運營商的國家/地區添加一些運營商，例如英國和加拿大。

So those are the things that we think about as we think about our December forecast.

所以這些是我們在考慮 12 月預測時會考慮的事情。

Scott, related to your tax question, our tax rate for the quarter was 26%.

斯科特，關於你的稅務問題，我們本季度的稅率是 26%。

And it was below our guidance of 30, primarily due to a higher mix of foreign earnings.

它低於我們 30 的指導，主要是由於外國收入的組合更高。

But for the year, we were about 29%.

但在這一年裡，我們大約是 29%。

The past two years, we've been pretty much right on 30.

在過去的兩年裡，我們幾乎都在 30 歲。

So from what I see at this point for fiscal 2010, we'll see about 30% for our tax rate, really consistent with what we've seen in the last couple years.

因此，從我目前看到的 2010 財年來看，我們的稅率約為 30%，這與我們在過去幾年看到的情況非常一致。

Okay, thank you.

好的謝謝你。

Thanks, Scott.

謝謝，斯科特。

Could we have the next question, please?

請問下一個問題好嗎？

From RBC Capital Markets, Mike Abramsky.

來自加拿大皇家銀行資本市場，邁克·阿布拉姆斯基。

Thank you very much.

非常感謝。

Tim, what are your thoughts in the holiday season, given the increased and competitive intensity against iPhone?

蒂姆，鑑於與 iPhone 的競爭日益激烈，你對假期有什麼看法？

There's a lot of obviously wannabes that are coming to market in that season, specifically Android and many are now offering touch screens and richer browser and app stores and are being given carrier support.

在那個季節有很多明顯的崇拜者進入市場，特別是 Android，許多現在提供觸摸屏和更豐富的瀏覽器和應用程序商店，並得到運營商的支持。

How do you think about maintaining your momentum and differentiation amidst that kind of environment?

您如何看待在這種環境中保持動力和差異化？

Well, Mike, we feel great about how we ended the fiscal year with selling 7.4 million, as Peter talked about in the preamble.

好吧，邁克，正如彼得在序言中所說的那樣，我們對本財年如何以 740 萬美元的銷量結束，我們感到非常高興。

And that put us over 20 million, almost 21 million for the fiscal year, which was up 78% from before.

這使我們超過 2000 萬，本財年接近 2100 萬，比以前增長了 78%。

And so we have significant momentum.

所以我們有很大的動力。

Also, when you look at the ecosystem that we've got with iTunes and the App Store, where the App Store having over 85,000 Apps, which is a country mile more than anyone else, plus the very strong product pipeline that we have, we feel very, very good about suiting up and competing against anyone.

此外，當您查看我們通過 iTunes 和 App Store 獲得的生態系統時，App Store 擁有超過 85,000 個應用程序，比其他任何人都多一個國家英里，再加上我們擁有的非常強大的產品管道，我們適應任何人並與任何人競爭都感覺非常非常好。

And so--

所以 -

Go ahead.

前進。

No, you go ahead.

不，你繼續。

Frankly, I think that, that people are really just trying to catch up with the first iPhone that was announced two years ago, and we've long since moved beyond that.

坦率地說，我認為人們真的只是想趕上兩年前發布的第一款 iPhone，而我們早已超越了這一點。

Were you pleasantly surprised at the sort of mix of 3GS versus 99 and did that kind of, you know, what did that tell you perhaps about the value proposition of Apple and how that drives kind of iPhone going forward?

你對 3GS 和 99 的組合感到驚喜嗎？你知道嗎，這告訴你蘋果的價值主張以及它如何推動 iPhone 向前發展？

As I indicated before, the 3GS, the demand for the 3GS did exceed our expectation and we quickly changed our orders and for components, et cetera that, are different between the models.

正如我之前指出的，3GS，對 3GS 的需求確實超出了我們的預期，我們很快改變了訂單和組件，等等，在模型之間是不同的。

I think it shows that there's a, an intense appetite for Apple's latest technology and we were, you know, very pleased with the results.

我認為這表明人們對 Apple 的最新技術有著強烈的興趣，你知道，我們對結果非常滿意。

Thanks.

謝謝。

Okay, thanks, Tim.

好的，謝謝，蒂姆。

Thank you, Mike.

謝謝你，邁克。

Could we have the next question, please?

請問下一個問題好嗎？

We will hear with Shannon Cross with Cross Research.

我們將通過 Cross Research 與 Shannon Cross 一起聆聽。

Hi, thank you.

嗨，謝謝你。

Could you talk a bit about the Mac business, you know, the channel inventory levels, what the mix has been now that you've had a couple of, you know, a few months since the refresh of your lineup on the portable side?

你能談談 Mac 業務嗎，你知道的，渠道庫存水平，自從你在便攜式方面更新你的產品線幾個月後，你已經有了幾個，你知道的，現在的組合是什麼？

Sure, Shannon.

當然，香農。

This is Tim.

這是蒂姆。

Last quarter was the quarter of the portable.

上個季度是便攜式的季度。

Up 35% year-over-year compared to IDC at 9%, and so we really had a blow-out quarter for portables, and it's the result of the lineup that we announced in June and as you know, we had backlog entering the quarter on t that line.

與 IDC 的 9% 相比，同比增長 35%，因此我們確實有一個便攜式設備的井噴季度，這是我們在 6 月宣布的產品陣容的結果，如你所知，我們有積壓進入在那條線上的四分之一。

Also, the Mac was helped by the back-to-school, which was the strongest back-to-school we had ever had, as Peter talked about, and the launch of Snow Leopard, which occurred later in the quarter, and so there was a group of things that came together to push us to a level above 3 million, which was beyond our own expectations internally, or even some of our stretch targets.

此外，Mac 還得到了返校的幫助，正如 Peter 所說，這是我們有史以來最強大的返校，以及本季度晚些時候推出的 Snow Leopard，等等。是一組東西共同推動我們達到 300 萬以上的水平，這超出了我們內部的預期，甚至超出了我們的一些延伸目標。

From a channel inventory point of view, we started the quarter between three and four weeks.

從渠道庫存的角度來看，我們在三到四個星期之間開始了這個季度。

We ended the quarter between three and four weeks.

我們在三到四個星期之間結束了這個季度。

And to be specific on the inventory change, so there's no misunderstanding, the inventory changed less than 15,000 units from beginning to end.

並且具體來說庫存變化，所以沒有誤解，庫存變化從頭到尾不到15,000台。

And so we had very minor growth, particularly when you compare that to the growth in sales from a sequential point of view.

因此，我們的增長非常小，特別是當您從連續的角度將其與銷售增長進行比較時。

Great, and then just any idea of the penetration of Snow Leopard right now out in the installed base?

太好了，然後你知道雪豹現在在安裝基地中的滲透了嗎？

I think you mentioned, you expect -- Peter mentioned fewer shipments of box sales in the coming quarter.

我想你提到了，你期望 - 彼得提到下一季度的盒子銷售出貨量減少。

But any idea where you're at?

但你知道你在哪裡嗎？

The upgrade sales of Snow Leopard, which we include the family in the box set were more than double what we experienced from Leopard over the same five-week initial sales period.

Snow Leopard 的升級版銷量（我們將其包含在套裝中）是我們在相同的五周初始銷售期內從 Leopard 體驗到的兩倍多。

And so this doubling was much more than we had planned and was very pleasantly surprised by it.

所以這個翻倍比我們計劃的要多得多，並且對此感到非常驚喜。

Great.

偉大的。

I guess the price cut worked.

我想降價是有效的。

So thank you.

所以謝謝。

Yes, it did.

是的，它確實。

Thank you.

謝謝你。

Thanks, Shannon.

謝謝，香農。

Could we have the next question, please?

請問下一個問題好嗎？

From 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。

Last year, you provided some commentary around longer-term gross margin trends.

去年，您就長期毛利率趨勢發表了一些評論。

Do you have any thoughts on this for fiscal 2010 or at least how we should think about this longer term?

您對 2010 財年有什麼想法，或者至少我們應該如何看待這個長期問題？

Sure, Bill.

當然，比爾。

I'll give you some qualitative thoughts.

我會給你一些定性的想法。

For the December quarter, I guided to about 34%.

對於 12 月季度，我將其引導至 34% 左右。

I don't want to make forecast today for future quarters on a quantitative basis, but I think there's two things that you ought to be aware of.

我今天不想對未來幾個季度進行定量預測，但我認為有兩件事你應該注意。

First, for some key components, costs are rising and I think that's visible to, to you.

首先，對於一些關鍵組件，成本正在上升，我認為這對你來說是可見的。

And second, we are continuing to focus on delivering state of the art products at price points that our competitors can't match.

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。

And we are going to continue to provide ever-increasing value to our customers.

我們將繼續為我們的客戶提供不斷增長的價值。

Okay, great.

好，太棒了。

Thank you.

謝謝你。

Thanks, Bill.

謝謝，比爾。

Could we have the next question, please?

請問下一個問題好嗎？

We'll hear from David Bailey with Goldman Sachs.

我們將聽取高盛集團的 David Bailey 的來信。

Great, thank you very much.

太好了，非常感謝。

Just on the iPhone, would the wholesale price for the iPhone the same whether you have an exclusive agreement or whether you have multiple carriers, what are the benefits of having exclusive agreements in some of the bigger countries?

僅在 iPhone 上，無論您有獨家協議還是擁有多家運營商，iPhone 的批發價格是否相同，在一些較大的國家/地區簽訂獨家協議有什麼好處？

Well, for Apple or for the carrier?

那麼，對於Apple還是對於運營商？

For Apple.

對於蘋果。

In an exclusive relationship, you can generally have some level of innovation that's very difficult, or would be more difficult to do with several carriers.

在排他性關係中，您通常可以進行某種程度的非常困難的創新，或者與多家運營商合作會更加困難。

Visual voicemail was an example of that that we had in the initial iPhone, as you recall.

你還記得，可視語音郵件就是我們在最初的 iPhone 中使用的一個例子。

Also, in some cases, an exclusive carrier may be willing to invest more, although there is -- we found no lack of people wanting to sell iPhones, frankly.

此外，在某些情況下，獨家運營商可能願意投資更多，儘管坦率地說，我們發現不乏想要銷售 iPhone 的人。

And so I'm not sure whether that is true on a broad basis or not.

所以我不確定這在廣泛的基礎上是否屬實。

But I think that's maybe true in some individual cases.

但我認為這在個別情況下可能是正確的。

And other than that, I would ask them, because they can probably give you a better view than I could.

除此之外，我會問他們，因為他們可能會給你比我更好的視野。

Okay, thank you.

好的謝謝你。

Thank you, David.

謝謝你，大衛。

Could we have the next question, please?

請問下一個問題好嗎？

We'll hear from Mark Moskowitz with JPMorgan.

我們將聽取摩根大通的 Mark Moskowitz 的來信。

Yes, thank you.

是的，謝謝。

Good afternoon.

下午好。

Two questions here.

這裡有兩個問題。

Tim, can you give us any sense qualitatively in terms of what Apple has seen with respect to the impact of the remodeled stores, as well as the increasing penetration of the Apple retail stores internationally?

蒂姆，您能否就 Apple 所看到的關於改造商店的影響以及 Apple 零售店在國際上日益普及的影響，給我們一些定性的感覺？

I assume you see synergies with your direct and indirect sales levels because of these initiatives, or is it still too early to determine?

我假設您看到這些舉措與您的直接和間接銷售水平產生了協同效應，還是現在確定還為時過早？

it's Peter, I'll take that question.

是彼得，我會回答這個問題。

We are seeing strong results from our remodel stores.

我們從我們的改造商店看到了強勁的結果。

Ron and his team have remodeled, as I said this year, 72 of the stores to bring them to our most updated design.

正如我今年所說，Ron 和他的團隊已經改造了 72 家商店，將它們帶到我們最新的設計中。

And those designs are providing the best customer, customer experience in the industry bar none, whether it be up front in the selling part of the store or certainly in the back of the store, with the genius bars or the creative bars.

這些設計提供了業內最好的客戶體驗，無論是在商店的銷售部分還是在商店的後面，天才吧或創意吧。

And customers are having a great experience.

客戶體驗非常好。

In terms of international, the growth there was quite strong in the quarter.

在國際方面，該季度的增長相當強勁。

Our average store revenue was actually up over 20% for our international stores this quarter.

本季度我們的國際商店的平均商店收入實際上增長了 20% 以上。

And then Peter, the other question revolves around the OpEx ratio going forward.

然後彼得，另一個問題圍繞著未來的運營支出比率。

You've talked in your prepared remarks about 2010, the new product pipeline.

您在準備好的評論中談到了 2010 年的新產品管道。

Can you give us any sense in terms of how should investors think about the R&D or SG&A moving up?

您能否告訴我們投資者應該如何看待研發或 SG&A 的上升？

Is it going to kind of hold steady, or will there be any sort of changes regarding that pipeline?

它會保持穩定，還是會有關於該管道的任何變化？

I don't want to give a specific quantitative percent.

我不想給出具體的數量百分比。

I think over the last year, we have managed operating expenses well, but we have been investing confidently for our future, especially in engineering and our distribution and our marketing and advertising.

我認為在過去的一年裡，我們很好地管理了運營開支，但我們一直對我們的未來充滿信心，特別是在工程、我們的分銷以及我們的營銷和廣告方面。

We, we saw the benefits in the last downturn, in 2001 and 2002, of coming out of that with just an amazingly strong product pipeline, and we're repeating that very positive lesson this time around.

我們，我們在 2001 年和 2002 年的上一次經濟低迷中看到了通過強大的產品線走出困境的好處，這次我們正在重複這一非常積極的教訓。

So I think we're being careful with money.

所以我認為我們對金錢很謹慎。

We're making good choices and, but continuing to invest wisely and confidently in our future.

我們正在做出正確的選擇，但會繼續明智而自信地投資於我們的未來。

Thank you.

謝謝你。

Thank you, Mark.

謝謝你，馬克。

Could we have the next question, please?

請問下一個問題好嗎？

Your next question will come from Toni Sacconaghi with Sanford Bernstein.

您的下一個問題將來自 Toni Sacconaghi 和 Sanford Bernstein。

Yes, thank you.

是的，謝謝。

Couple questions, please.

幾個問題，請。

You had very strong ASP performance in both Macs and iPhones.

您在 Mac 和 iPhone 上的 ASP 表現都非常出色。

On the Mac side, you're typically down because of the back-to-school promotion because of ASPs.

在 Mac 方面，您通常會因為 ASP 的返校促銷活動而失敗。

You were up even on the notebook side this quarter.

本季度你甚至在筆記本電腦方面都處於領先地位。

Can you comment on that?

你能對此發表評論嗎？

And on the iPhone side it, does look like your ASP went up $40 or $50 sequentially on a cash basis.

在 iPhone 方面，您的 ASP 確實看起來像現金基礎上連續上漲了 40 美元或 50 美元。

You had stated last quarter that 3GS was outstripping the $99 phone, so was it mix alone, or is it something else around currency translation or something else that is affecting that?

你在上個季度說過 3GS 的價格超過了 99 美元的手機，那麼它是單獨使用的，還是與貨幣換算相關的其他因素或其他影響它的因素？

Hi, Toni.

嗨，托尼。

It's Peter.

是彼得。

Let me start with iPhone.

讓我從 iPhone 開始。

The iPhone ASP in the quarter was just over $600, and this reflected both a high mix of the 3GS sell-through, and also the benefit of rebalancing the ending channel inventory more towards the 3GS as a result of the introduction.

該季度的 iPhone ASP 剛剛超過 600 美元，這既反映了 3GS 銷售的高組合，也反映了由於引入而使終端渠道庫存更多地向 3GS 重新平衡的好處。

On a sequential basis, yes, our ASPs were up a bit in the portable space.

是的，在連續的基礎上，我們的 ASP 在便攜式領域有所上升。

This was really a function of our seeing a higher mix of our new MacBook Pros.

這確實是我們看到新 MacBook Pro 的更高組合的一個功能。

As Tim commented, very, very strong quarter after the June introduction.

正如蒂姆所評論的那樣，在六月推出之後的季度非常非常強勁。

We had the best back-to-school season that we have ever had.

我們度過了有史以來最好的返校季。

And on a sequential basis, we also got a little benefit from the dollar as well.

在連續的基礎上，我們也從美元中獲得了一點好處。

On a year-over-year basis, the dollar was a negative.

與去年同期相比，美元為負值。

But sequentially, it was a small positive.

但依次，這是一個小的積極因素。

And then on the availability issues that you had on the phone, was that a good old fashioned demand exceeds supply issue, or were there any component availability issues that constrained your supply and related to that, you had also mentioned that air freight, you expected to go up next quarter as a reason for gross margins.

然後關於您在電話中遇到的可用性問題，是老式的需求超過供應問題，或者是否有任何組件可用性問題限制了您的供應並與此相關，您還提到了空運，您期望下個季度上漲是毛利率的一個原因。

I'm not sure if that was in relation to phones or anything else, but perhaps you can address that as well.

我不確定這是否與手機或其他任何東西有關，但也許你也可以解決這個問題。

On the availability portion, Tony, the, the iPhone 3GS demand outstripped the supply of the iPhone 3GS, so you would probably put that in your first category of a good old fashioned -- a demand issue, which is a nice problem to have in the scheme of things.

在可用性部分，托尼，iPhone 3GS 的需求量超過了 iPhone 3GS 的供應量，所以你可能會把它放在你的第一類好老式——需求問題，這是一個很好的問題事情的安排。

Now, because we, because it was outstripping supply, it creates component shortages as we go out to the market to secure more components, and generally speaking, the ones that are hardest to get is silicon, and so it takes a little longer.

現在，因為我們，因為它供不應求，所以當我們進入市場以確保更多的組件時，它會造成組件短缺，一般來說，最難獲得的是矽，因此需要更長的時間。

However, I was really happy that we were able to solve the bulk of these, the vast majority of them in September or in early October.

但是，我真的很高興我們能夠解決其中的大部分問題，其中絕大多數是在 9 月或 10 月初。

So I feel good about how we're positioned now.

所以我對我們現在的定位感覺很好。

The air freight is not related to the iPhone.

空運與 iPhone 無關。

So these are unrelated topics.

所以這些都是不相關的話題。

But generally speaking, the air freight is planned to get enough units into the channel in time for the holidays and is necessary for that reason.

但一般來說，空運是計劃在節假日及時讓足夠的單位進入通道的，因此是必要的。

Now, is it, is that air freight non that you had that typically in most Q4s and accordingly, is that larger than usual for this quarter because your demand perception may have changed over the last 30 or 60 days, or is that just a normal sequential seasonal head wind to margins that you always experience?

現在，是不是您在大多數第四季度通常擁有的空運貨物，因此，由於您的需求感知可能在過去 30 或 60 天內發生了變化，因此本季度比平時大，或者這只是正常情況您經常遇到的連續季節性逆風對利潤的影響？

It's more than normal.

這超出了正常範圍。

And so you're correct that in general, we spend more in freight in Q1.

所以你是對的，總的來說，我們在第一季度的運費上花費更多。

However, this increase is larger than usual.

但是，這種增加比平時要大。

And I'm sorry I can't be specific on the product, but it's, it's, it's an abnormal sequential increase.

很抱歉，我無法具體說明該產品，但它是，它是，這是一個異常的連續增長。

Okay.

好的。

Thank you.

謝謝你。

Thanks, Toni.

謝謝，托尼。

Could we have the next question, please?

請問下一個問題好嗎？

From UBS, we'll hear from Maynard Um.

從瑞銀，我們會聽到梅納德·烏姆的消息。

Thanks.

謝謝。

Can you talk about how many non-Apple store retail distribution points have you and whether there's more growth there.

你能談談你有多少非 Apple 商店零售分銷點，以及那裡是否有更多的增長。

I'm just trying to think about the mix of your retail stores versus your indirect going forward and then as a follow-up question on CapEx.

我只是想考慮一下您的零售店與您的間接未來的組合，然後作為資本支出的後續問題。

Maynard, is that specific to the Mac or--

Maynard，是特定於 Mac 還是——

For the Mac, yes.

對於 Mac，是的。

For the Mac, we have a little less than 13,000 worldwide and our focus in terms of expansion in the indirect channel is much more so in the international areas, in international market.

對於 Mac，我們在全球範圍內只有不到 13,000 台，而我們在間接渠道擴張方面的重點更多的是在國際領域、國際市場上。

As you probably could tell from our results, we grew the Mac much stronger outside the US than inside the US, and I'm sure part of that is just the economics difference between the two, but the international business, typically in Europe and in Asia was extremely strong last quarter.

正如您可能從我們的結果中看出的那樣，我們在美國以外的地方比在美國內部發展得更強大，我敢肯定，其中一部分只是兩者之間的經濟差異，但國際業務，通常是在歐洲和美國上個季度亞洲表現非常強勁。

Okay, and just in particular to Europe, just was that broad-based, or western or eastern, any more specific than Europe?

好吧，尤其是對歐洲而言，那是基礎廣泛的，西方的還是東方的，比歐洲更具體嗎？

Yes, I can give you some highlights.

是的，我可以給你一些亮點。

If you look at the leads, Spain was extremely strong, which I know is going to be a surprise, was over 40%.

如果你看一下領先優勢，西班牙非常強大，我知道這將是一個驚喜，超過 40%。

Germany was 40%.

德國是40%。

France was 39%, and so you had Western Europe less than UK extremely strong, a tremendous multiple from market growth.

法國是 39%，所以西歐比英國強得多，是市場增長的巨大倍數。

And even countries, Switzerland and Italy were in the mid-30s.

甚至國家，瑞士和意大利也處於 30 年代中期。

And so several European countries of sizable countries were incredibly strong.

因此，幾個歐洲大國的實力非常強大。

Great, and then just on the CapEx, about 4.7% of your sales.

太好了，然後僅在資本支出上，大約佔您銷售額的 4.7%。

I'm just trying to understand, I know you have the new stores in there, but aside from that, you talk about normal replacement of existing capital assets, manufacturing-related equipment.

我只是想了解一下，我知道你們那裡有新店，但除此之外，你們還談到了對現有資本資產、製造相關設備的正常更換。

Any more details you can provide on that piece of the CapEx that's being spent on the capital assets, and in particular what that is, when that should start to decrease as a percentage of sales?

您可以提供有關用於資本資產的那部分資本支出的更多詳細信息，特別是什麼時候應該開始減少佔銷售額的百分比？

Not sure I look at that as a percent of sales, but in fiscal 2009, our CapEx was about $1.150 billion, up from about $1.1 billion last year.

我不確定我是否將其視為銷售額的百分比，但在 2009 財年，我們的資本支出約為 11.5 億美元，高於去年的約 11 億美元。

We spent a little under $400 million in both years on retail stores.

這兩年我們在零售店上的花費都略低於 4 億美元。

As I look forward, we're going to continue to confidently open retail stores and keep them fresh and exciting from a remodel perspective.

正如我所期待的那樣，我們將繼續自信地開設零售店，並從改造的角度讓它們保持新鮮和令人興奮。

The other parts of our business, we are spending capital on facilities, infrastructure, and in the manufacturing spaces as well.

我們業務的其他部分，我們也在設施、基礎設施和製造領域投入資金。

But at 1.1 billion in the last two years, we've not been terribly capital-intensive.

但在過去兩年中，我們的資本密集度為 11 億美元，資本密集度並不高。

Thank you.

謝謝你。

Thanks, Maynard.

謝謝，梅納德。

Could we have the next question, please?

請問下一個問題好嗎？

From Deutsche Bank, we hear from Chris Whitmore.

從德意志銀行，我們聽到了克里斯·惠特莫爾的消息。

Thanks.

謝謝。

Couple questions, first on the Mac business, looking forward to the December quarter, do you expect to hold Mac units roughly flat sequentially?

幾個問題，首先是關於 Mac 業務，期待 12 月季度，您是否預計 Mac 單位將大致持平？

The things that we're considering, we don't give Mac-specific forecast, as you know, or product-specific forecast, but the things I think you should consider, that we considered anyway in coming up with our numbers, the September quarter was benefited by a 50,000 units order from the state of Maine.

我們正在考慮的事情，我們沒有給出 Mac 特定的預測，如你所知，或產品特定的預測，但我認為你應該考慮的事情，我們在得出我們的數字時考慮，9 月季度受益於緬因州的 50,000 台訂單。

This completed the 70,000-unit order, the other 20,000 had shipped in our fiscal Q3.

這完成了 70,000 件的訂單，另外 20,000 件已在我們的第三財季發貨。

It also benefited from an extremely strong back-to-school season and we had an extremely strong promotion wrapped around that, as you're aware.

正如您所知，它還受益於極其強勁的返校季，並且圍繞著我們進行了非常強勁的促銷活動。

We also had Snow Leopard, and it's -- with every new OS, you have some pent-up demand that ships with the operating system as people hold to get the latest software.

我們也有 Snow Leopard，它是——對於每一個新的操作系統，你都有一些被壓抑的需求，這些需求隨著人們持有最新的軟件而隨操作系統一起提供。

And finally, and I wouldn't underestimate this, the demand for the portables that we announced in June was a key for the quarter at 35% growth, and some of that was demand that was probably, probably existed in June, but we were unable to fill.

最後，我不會低估這一點，我們在 6 月份宣布的對便攜式設備的需求是該季度增長 35% 的關鍵，其中一些需求可能在 6 月份就已經存在，但我們無法填寫。

So it got the quarter off to a very good start.

所以它讓這個季度有了一個非常好的開始。

So those are the things that we thought about as we forecasted the Mac business.

所以這些是我們在預測 Mac 業務時考慮的事情。

Second question on iPhone supply, can you quantify the magnitude of the unit shortfall?

關於 iPhone 供應的第二個問題，你能量化單位短缺的幅度嗎？

In other words, what do you think you could have shipped, had you had adequate supply during the quarter?

換句話說，如果您在本季度有足夠的供應，您認為您可以運送什麼？

It's a very tough question to answer, because unfortunately, we can't run the experiment both ways.

這是一個很難回答的問題，因為不幸的是，我們不能雙向運行實驗。

What I know is that for the, for almost the entire quarter, until we got into September, the iPhone 3GS was short virtually everywhere.

我所知道的是，幾乎整個季度，直到我們進入 9 月，iPhone 3GS 幾乎到處都缺貨。

What I don't know is how many people waited until it was available versus bought a competitive phone, and there's just -- there is not a good way to tell that.

我不知道有多少人等到它可用而不是購買有競爭力的手機，而且只是 - 沒有一個好的方法來說明這一點。

Are you on track to reach 80 countries by year end for iPhone shipments?

您是否有望在年底前達到 80 個國家的 iPhone 出貨量？

iPhone availability?

iPhone 可用性？

To be specific, we already shipped the iPhone 3G in over 80 today.

具體來說，我們今天已經出貨了 80 多部 iPhone 3G。

We shipped the 3GS in 64 countries as of the end of last quarter and we would forecast that we would be in over 80 by the end of the calendar year, with the 3GS.

截至上個季度末，我們在 64 個國家/地區發貨了 3GS，我們預計到日曆年年底，我們的 3GS 將超過 80 個。

Thanks.

謝謝。

Last question relates to guidance.

最後一個問題與指導有關。

Given the accounting change in my opinion, GAAP accounting loses some meaning.

鑑於我認為的會計變化，GAAP會計失去了一些意義。

Can you provide a range of pro forma expectations for December?

您能否提供一系列對 12 月的備考預期？

I think that would be more meaningful to the investment community.

我認為這對投資界更有意義。

I provided you the guidance that, that we provided, is very detailed, and consistent with when we began to ship the iPhone, we provide guidance on GAAP and we will report to you, you know, our numbers in January for the December quarter.

我向您提供了我們提供的非常詳細的指導，並且與我們開始出貨 iPhone 時一致，我們提供有關 GAAP 的指導，我們將在 1 月份向您報告 12 月季度的數據。

Thank you.

謝謝你。

Thanks, Chris.

謝謝，克里斯。

Could we have the next question, please?

請問下一個問題好嗎？

We'll hear from Shaw Wu with Kaufman Brothers.

我們將與 Kaufman Brothers 一起聽取 Shaw Wu 的消息。

Hi, thanks.

你好謝謝。

I have a question on the, I guess the enterprise business.

我有一個問題，我猜是企業業務。

Two questions.

兩個問題。

First, on the, on your iPhone business, any color you can share with us, the breakout between consumer and enterprise, at least qualitatively and how that's been trending?

首先，關於您的 iPhone 業務，您可以與我們分享的任何顏色，消費者和企業之間的突破，至少在質量上，以及趨勢如何？

And then the second question is what are the key features with Snow Leopard is native support for exchange.

然後第二個問題是 Snow Leopard 的關鍵特性是什麼是原生支持交換。

Any comment on how that's helping your enterprise effort?

對這如何幫助您的企業工作有何評論？

Thanks.

謝謝。

Shaw, it's Tim.

肖，是蒂姆。

In terms of the iPhone in the corporate market, what I can tell you is employee demand for iPhone in the corporate environment is very strong.

就企業市場的 iPhone 而言，我可以告訴你的是，企業環境中員工對 iPhone 的需求非常旺盛。

Since the launch of the iPhone 3GS, which coupled with the software made a number of improvements that CIOs were looking for.

自從 iPhone 3GS 推出以來，再加上該軟件，CIO 們一直在尋找許多改進。

The iPhone is either being deployed or being piloted in well over 50% of the Fortune 100.

超過 50% 的財富 100 強企業正在部署或試用 iPhone。

And from an international point of view, if you look at Europe, this is true in about 50% of the Financial Times 100.

從國際的角度來看，如果你看看歐洲，大約 50% 的金融時報 100 指數都是如此。

So we feel very good with the progress that we've made since the iPhone 3GS was announced.

因此，我們對自 iPhone 3GS 發布以來所取得的進展感到非常滿意。

Also, another very key market for us that some people call enterprise is that over 350 higher ed institutions have approved iPhones for their faculty, staff and students.

此外，對我們來說，被某些人稱為企業的另一個非常關鍵的市場是，超過 350 所高等教育機構已批准其教職員工和學生使用 iPhone。

And in addition to both of these, we continue to be very, very happy with our sales in the government arena.

除了這兩者之外，我們繼續對我們在政府領域的銷售感到非常非常滿意。

In terms of Snow Leopard and Exchange, I don't have any statistics to go over with you yet.

關於雪豹和交易所，我還沒有任何數據可以和你過一遍。

It's very early.

現在很早。

As you know, we just started shipping at the end of August last quarter.

如您所知，我們剛剛在上個季度的 8 月底開始發貨。

And so we'll see how that does, but it clearly makes it very simple for the windows user to, with exchange, working right out of the box.

所以我們將看到它是如何工作的，但它顯然使 Windows 用戶可以非常簡單地通過交換，開箱即用地工作。

Thanks for the color.

謝謝你的顏色。

Thank you, Shaw.

謝謝你，肖。

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, thanks.

你好謝謝。

Nice quarter.

漂亮的季度。

I guess a question with regards to the enterprise as well.

我想還有一個關於企業的問題。

I think last quarter you may have commented, you know, there's several government agencies out there that have kind of 30,000-plus iPhone units installed.

我想上個季度你可能已經評論過，你知道，有幾個政府機構已經安裝了 30,000 多部 iPhone。

I was wondering if we could get an update there on maybe some granular specifics of some of this?

我想知道我們是否可以在那裡獲得一些關於其中一些細節的更新？

No new update on specific numbers, but we continue to be very pleased with the market and the number of agencies that are adopting the iPhone.

具體數字沒有新的更新，但我們仍然對市場和採用 iPhone 的機構數量感到非常滿意。

Okay, and the same with regards to corporate entities as well?

好的，對於公司實體也是如此嗎？

I just went through that in the previous call, but to repeat it, well over 50% of the Fortune 100 are deploying or piloting the iPhone, and this strength is also happening internationally and if you take Europe over -- about 50% of the Financial Times 100 are deploying or actively evaluating iPhone for broad deployment.

我剛剛在上一次電話會議中提到過，但要重複一遍，超過 50% 的財富 100 強企業正在部署或試用 iPhone，而且這種優勢也在國際上發生，如果你接管歐洲——大約 50% Financial Times 100 正在部署或積極評估 iPhone 的廣泛部署。

And so these numbers for -- are very impressive to us and we feel like we're making great progress in this market.

所以這些數字給我們留下了深刻的印象，我們覺得我們在這個市場上取得了很大的進步。

Definitely.

確實。

And Tim, I think that you commented in the past that three of that Fortune 100 had 25,000 units or greater.

還有蒂姆，我認為你過去曾評論說，財富 100 強中的三個擁有 25,000 或更多單位。

Any update there by chance?

那裡有任何更新嗎？

None that we can provide.

沒有我們可以提供的。

As you probably guessed, many of these companies would like to keep their specific numbers confidential.

正如您可能猜到的那樣，這些公司中的許多都希望對其具體數字保密。

Understood, thanks.

明白了，謝謝。

And final question, any chance that the international activations grew on a year-over-year basis for the iPhone?

最後一個問題，iPhone 的國際激活量是否會同比增長？

Thank you.

謝謝你。

Well, iPhone sell-through was up 38% year-over-year.

好吧，iPhone 的銷量同比增長了 38%。

As Peter went through in the preamble, last year and I think it's very important to remember, we expanded channel inventory by about 2 million units because it was the launch of the iPhone 3G during that quarter.

正如彼得在序言中所說，去年我認為非常重要的是要記住，我們將渠道庫存擴大了大約 200 萬台，因為那是在那個季度推出了 iPhone 3G。

We only grew inventory this particular year by less than 600,000.

我們僅在這一年增加了不到 600,000 的庫存。

And so that sell-through increase of 38% compares to a projected rate of market growth of 5% from Canalis and so it's a, you know, a significant multiple to market growth based on the market statistics that we have.

因此，與 Canalis 的預計市場增長率 5% 相比，銷售額增長了 38%，因此，根據我們擁有的市場統計數據，這是市場增長的一個重要倍數。

And that 5%, just to clarify, is international?

澄清一下，那 5% 是國際化的嗎？

That 5% is a worldwide number, but I'm--

那 5% 是一個全球性的數字，但我——

Thank you.

謝謝你。

Thanks, Brian.

謝謝，布賴恩。

Could we have the next question, please?

請問下一個問題好嗎？

From FTN Equity Capital, we'll hear from Bill Fearnley.

來自 FTN Equity Capital，我們將聽取 Bill Fearnley 的意見。

Question for you on the Macintosh side, if I could do a deeper dive on the education sector.

在 Macintosh 方面向您提問，我是否可以更深入地了解教育領域。

Question for Tim, you guys have been pretty cautious regarding state spending here given the tax issues that you've quoted for the different states.

提姆的問題，鑑於您為不同州引用的稅收問題，你們對這裡的州支出非常謹慎。

So what powered the upside in education specifically K-12 and higher ed?

那麼，是什麼推動了教育，特別是 K-12 和更高版本的教育？

And then also, if you could give additional color on what happened in the student buy versus your expectation as well, given the popularity of notebooks for students?

然後，考慮到筆記本電腦對學生的流行程度，您是否可以對學生購買中發生的事情與您的預期進行補充說明？

Then I had one follow-up, if I could.

然後，如果可以的話，我進行了一次跟進。

Let me start with the last one first.

讓我先從最後一個開始。

The student buy, you can see those numbers trickling through our retail results and you can't see this, because we don't break it out separately, specifically helped our online results and the institutions buy through book stores.

學生購買，你可以在我們的零售結果中看到這些數字，而你看不到這一點，因為我們沒有單獨分解，專門幫助我們的在線結果和機構通過書店購買。

And so the back-to-school season -- attribute a great piece of that to the individual business that you're talking about.

因此，返校季-將其中很大一部分歸功於您正在談論的個人業務。

In terms of the institutional business, I've been worried about state spending.

在機構業務方面，我一直擔心國家支出。

I'm still worried about state spending.

我仍然擔心國家支出。

We saw no material stimulus funding flowing last quarter.

上個季度我們沒有看到實質性刺激資金流動。

We saw a little, but it was a very small number.

我們看到了一點，但這是一個非常小的數字。

We may see more this quarter, but it's too early to tell.

本季度我們可能會看到更多，但現在說還為時過早。

In terms of the institutional increase, institutions grew about 12%, and that increase was the big thing that pushed us over the zero mark there was the state of Maine order.

就機構增長而言，機構增長了約 12%，而這一增長是推動我們超過零標記的重要因素，緬因州秩序。

And so it was extremely key in the education institution achievement.

因此，它對教育機構的成就極為關鍵。

Okay, thanks.

好的謝謝。

And then on Mac inventory, just doing a deeper dive here on the air freight question, I know you won't talk about the product, but what's driving the increase in air freight?

然後在 Mac 庫存上，只是在空運問題上進行更深入的研究，我知道您不會談論產品，但是是什麼推動了空運的增長？

Is the timing of new announcements?

是新公告的時間嗎？

Are you having issues with component availability?

您是否遇到組件可用性問題？

Are you running into manufacturing yield issues?

您是否遇到製造良率問題？

You know, why the, why the uptick here?

你知道，為什麼，為什麼這裡上升？

What's driving the air freight is that I haven't been able to figure out a way to move the holiday season, and so we have to get all of these units into the channel for the holiday sales.

推動空運的原因是我還沒有想出辦法來移動假期，所以我們必須將所有這些單位都納入假期銷售的渠道。

And I'm sorry, I can't be more specific than that.

對不起，我不能說得更具體了。

Okay.

好的。

Thanks, guys.

多謝你們。

We have to have a little bit of fun on these calls.

我們必須在這些電話中獲得一些樂趣。

Thanks, Bill.

謝謝，比爾。

And that concludes our Q&A session today.

今天的問答環節到此結束。

A replay of today's call will be available for two weeks.

今天的電話會議將在兩週內重播。

As a Podcast on the iTunes store.

作為 iTunes 商店的播客。

The webcast on Apple.com/investor and via telephone.

Apple.com/investor 上的網絡廣播和電話。

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 1248587.

確認碼為 1248587。

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 and financial analysts can contact 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 或我有其他問題。

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。

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。