2008-10-21 Apple Inc. (AAPL) Q4 2008 Earnings Call Transcript
Apple Inc. (NASDAQ:AAPL) F4Q08 Earnings Call October 21, 2008 5:00 PM ET
苹果公司 (NASDAQ:AAPL) 2008 年第四季度财报电话会议 美国东部时间 2008 年 10 月 21 日下午 5:00
Executives 高管
Nancy Paxton - Senior Director, Investor Relations and Corporate Finance
南希-帕克斯顿 - 投资者关系与企业融资部高级总监
Peter Oppenheimer - Chief Financial Officer, Senior Vice President
彼得-奥本海默 - 首席财务官、高级副总裁
Steven P. Jobs - Chief Executive Officer, Director
史蒂文-乔布斯（Steven P. Jobs）- 首席执行官、董事
Timothy D. Cook - Chief Operating Officer
蒂莫西-D-库克 - 首席运营官
Gary Wipfler - Treasurer Gary Wipfler - 司库
Analysts 分析师
Bill Shope - Credit Suisse
比尔-肖普 - 瑞士信贷
Richard Gardner - Citigroup
理查德-加德纳 - 花旗集团
Ben Reitzes - Barclays Capital
Ben Reitzes - 巴克莱资本
Shannon Cross - Cross Research
香农-克罗斯 - 克罗斯研究
Gene Munster - Piper Jaffray
Charles Wolf - Needham & Company
Toni Sacconaghi - Sanford Bernstein
托尼-萨科纳吉 - 桑福德-伯恩斯坦
Bill Fearnley - FTN Midwest
Mike Abramsky - RBC Capital Markets
Mike Abramsky - 加拿大皇家银行资本市场
Operator 操作员
Good day and welcome to this Apple Incorporated Apple fourth quarter fiscal year 2008 conference call. Today’s call is being recorded. At this time for opening remarks and introductions, I would like to turn the call over to Nancy Paxton, Senior Director Investor Relations and Corporate Finance. Please go ahead.
大家好，欢迎参加苹果公司 2008 财年第四季度电话会议。今天的电话会议正在录音。现在是开场白和自我介绍时间，我想把电话会议交给投资者关系和公司财务高级总监南希-帕克斯顿（Nancy Paxton）。请讲。
Nancy Paxton 南希-帕克斯顿
Thank you. Good afternoon and thanks to everyone for joining us.
谢谢。下午好，感谢大家的参与。
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, and earnings per share. Actual results or trends could differ materially from our forecasts. For more information, please refer to the risk factors discussed in Apple's Form 10-K for 2007, the Form 10-Q for the first three quarters of fiscal 2008, and the Form 8-K filed with the SEC today and the attached press release.
请注意，在我们今天的讨论中，您将听到一些前瞻性陈述，包括但不限于有关收入、毛利率、运营支出、其他收入和支出、股票薪酬支出、税收和每股收益的陈述。实际结果或趋势可能与我们的预测大相径庭。欲了解更多信息，请参阅苹果公司今天向美国证券交易委员会提交的 2007 年 10-K 表、2008 财年前三季度 10-Q 表、8-K 表以及随附的新闻稿中讨论的风险因素。
Apple assumes no obligation to update any forward-looking statements or information which speak as of their respective dates.
苹果公司不承担更新任何前瞻性表述或信息的义务。
And with that, I would like to turn the call over to Apple's CFO, Peter Oppenheimer, for introductory remarks.
下面请苹果公司首席财务官彼得-奥本海默（Peter Oppenheimer）致开场白。
Peter Oppenheimer 彼得-奥本海默
Thank you, Nancy. Thank you for joining us. We are very pleased to report the our September quarter results, which were record-breaking on a number of fronts. First, we sold more Macs than we have in any other quarter in Apple's history. Second, we sold more iPhones in the September quarter than in all previous quarters combined. Third, we sold more iPods than in any prior non-holiday quarter and finally, we generated more revenue and earnings than in any previous September quarter in Apple's history.
谢谢你，南希。感谢您参加我们的会议。我们非常高兴地向大家报告九月份的业绩。首先，我们售出的 Mac 比苹果历史上任何一个季度都要多。其次，我们在 9 月份售出的 iPhone 比以往所有季度的总和还要多。第三，iPod 的销量超过以往任何一个非假日季度；最后，我们在 9 月份创造的营收和利润也超过了苹果历史上任何一个季度。
更多信息
Revenue for the quarter was $7.9 billion, representing 27% growth and an increase of $1.68 billion over the previous September quarter’s revenue of $6.22 billion.
本季度收入为 79 亿美元，增长了 27%，比上一季度的 62.2 亿美元增加了 16.8 亿美元。
Operating margin for the quarter was better than expected at 18.3%, due to higher-than-anticipated gross margin.
由于毛利率高于预期，本季度的运营利润率为 18.3%，好于预期。
2024年Q2的运营利润率是29.82%。
Net income was $1.14 billion, which was up 26% over the prior September quarter’s results and translated to earnings per share of $1.26.
净收入为 11.4 亿美元，比上一季度增长了 26%，每股收益为 1.26 美元。
As we have discussed in the past, because we may provide new features and software applications to iPhone and Apple TV customers in the future free of charge, in accordance with GAAP we use subscription accounting to recognize revenue and cost of sales for these products on a straight line basis over their two-year estimated economic lives. This results in the deferral of almost all revenue and cost of sales related to iPhone and Apple TV during the quarter in which these products are sold to customers.
正如我们过去讨论过的，由于我们将来可能免费向 iPhone 和 Apple TV 客户提供新的功能和软件应用程序，根据美国通用会计准则，我们采用订购会计法，在这些产品的两年预计经济寿命期内，按直线法确认收入和销售成本。这导致几乎所有与 iPhone 和 Apple TV 相关的收入和销售成本都在向客户销售这些产品的季度内递延。
In contrast, we generally recognize revenue and cost of sales for our other hardware products, such as Macs and iPods, at the time of sales as we do not provide new features or software applications for those products free of charge.
相比之下，我们一般在销售 Mac 和 iPod 等其他硬件产品时确认收入和销售成本，因为我们不会免费为这些产品提供新功能或软件应用程序。
As we reported in our press release, iPhone unit sales grew significantly in the September quarter, resulting in a material increase in the amount of iPhone revenue and product costs that had been deferred for recognition in future periods. Specifically, deferred revenue from iPhone and Apple TV sales grew to $5.8 billion at the end of the September quarter, an increase of nearly $3.8 billion from the end of the June quarter. If iPhone revenue was not deferred, iPhone would have represented 39% of Apple's revenue in the September quarter.
正如我们在新闻稿中所述，iPhone 的销售量在 9 月份大幅增长，导致递延至未来期间确认的 iPhone 收入和产品成本大幅增加。具体而言，iPhone 和 Apple TV 销售的递延收入在 9 月季度末增至 58 亿美元，比 6 月季度末增加了近 38 亿美元。如果 iPhone 的收入没有递延，iPhone 将占苹果公司 9 月份季度收入的 39%。
While our GAAP results provide significant insight into our performance, we are supplementing our analysis of the business internally by using non-GAAP financial measures that correspond to the total sales and product costs of iPhones and Apple TVs sold during the quarter. We believe these non-GAAP measures provide us with meaningful additional insight into the performance of our business, as well as provide information about iPhone and Apple TV that is similar to the information we use to analyze the performance of Macs and iPods.
尽管按照美国通用会计准则 (GAAP) 计算的结果可以让我们更深入地了解公司业绩，但我们在内部采用了与本季度售出的 iPhone 和 Apple TV 的总销售额和产品成本相对应的非美国通用会计准则 (non-GAAP) 财务指标来补充我们对业务的分析。我们相信，这些非美国通用会计准则指标能让我们更深入地了解我们的业务业绩，并提供与我们用于分析 Mac 和 iPod 业绩的信息相似的有关 iPhone 和 Apple TV 的信息。
Beginning with this quarter’s earnings release, we plan to provide you quarterly with non-GAAP financial measures we use internally to help us evaluate our performance and make operating decisions. I encourage you to read the earnings press release as it provides a full description of these non-GAAP measures, including how we use them, how they are derived, and their limitations.
从本季度的财报开始，我们计划每季度向大家提供我们内部使用的非美国通用会计准则（Non-GAAP）财务指标，以帮助我们评估业绩和做出运营决策。我鼓励大家阅读财报新闻稿，因为其中提供了对这些非美国通用会计准则衡量标准的全面描述，包括我们如何使用这些衡量标准、如何得出这些衡量标准以及这些衡量标准的局限性。
I would now like to go through several of the non-GAAP measures. First, we use a non-GAAP measure that we call adjusted sales to provide more information regarding our underlying sales trends and to evaluate the sales dollars of products sold in the period. We calculated adjusted sales by backing out the September quarter’s amortization of deferred revenue from iPhone and Apple TV sales and adding back all amounts generally due at the time of sale for iPhones and Apple TVs shipped in the September quarter.
现在，我想介绍几种非美国通用会计准则（Non-GAAP）的衡量方法。首先，我们使用了一种非美国通用会计准则，我们称之为调整后销售额，以提供更多有关我们基本销售趋势的信息，并评估本期销售产品的销售额。在计算调整后的销售额时，我们剔除了 9 月份 iPhone 和 Apple TV 销售的递延收入摊销，并加回了 9 月份 iPhone 和 Apple TV 发货时一般应付的所有款项。
Adjusted sales totaled $11.7 billion, which was about $3.8 billion higher than our reported revenue of $7.9 billion.
调整后的销售总额为 117 亿美元，比报告收入 79 亿美元高出约 38 亿美元。
Second, we use a non-GAAP measure we call adjusted cost of sales that corresponds to adjusted sales. We calculated adjusted cost of sales by backing out the September quarter’s amortization of deferred costs related to iPhone and Apple TV and adding back the total cost of the iPhones and Apple TVs shipped in the September quarter. We also used an estimate of the total future warranty expense related to the iPhones and Apple TVs sold in the September quarter rather than reflecting the actual iPhone and Apple TV warranty expenses incurred during the September quarter. We then calculated the non-GAAP measure of adjusted gross margin by subtracting adjusted cost of sales from adjusted sales. For the September quarter, adjusted gross margin was $4.6 billion, which was $1.8 billion higher than recorded gross margin.
其次，我们采用了一种非美国通用会计准则，即与调整后销售额相对应的调整后销售成本。在计算调整后销售成本时，我们剔除了 9 月份与 iPhone 和 Apple TV 相关的递延成本摊销，并加回了 9 月份出货的 iPhone 和 Apple TV 的总成本。我们还使用了与 9 月份售出的 iPhone 和 Apple TV 相关的未来保修总费用估算值，而不是 9 月份实际发生的 iPhone 和 Apple TV 保修费用。然后，我们用调整后销售额减去调整后销售成本，计算出调整后毛利率这一非美国通用会计准则指标。9 月份调整后的毛利率为 46 亿美元，比记录的毛利率高出 18 亿美元。
Third, we used the non-GAAP measure of adjusted net income to evaluate our performance based on the current period iPhone and Apple TV sales and to facilitate ongoing operating decisions. For the September quarter, adjusted net income was $2.4 billion, which was $1.3 billion higher than reported net income.
第三，我们使用非美国通用会计准则的调整后净利润来评估我们在当期 iPhone 和 Apple TV 销售基础上的业绩，并促进持续的运营决策。9 月份调整后的净利润为 24 亿美元，比公布的净利润高出 13 亿美元。
We believe that these non-GAAP financial measures provide added transparency to our business and hope they are helpful to you in your analysis and understanding of our performance during the September quarter.
我们相信，这些非美国通用会计准则财务指标增加了我们业务的透明度，并希望它们有助于您分析和了解我们 9 月份的业绩。
Now turning to details of our results, I would like to begin with the iPhone, which had a breakout quarter, thanks to the July 11th launch of the iPhone 3G. We sold nearly 6.9 million iPhones during the September quarter, exceeding the 6.1 million units shipped over the entire lifetime of the first generation iPhone. And with more than two months to go in the calendar year, we have already surpassed our goal of 10 million iPhone sales in calendar 2008.
现在来谈谈我们的业绩细节，我想首先谈谈 iPhone，由于 7 月 11 日 iPhone 3G 的上市，iPhone 在本季度取得了突破性的进展。我们在 9 月份售出了近 690 万部 iPhone，超过了第一代 iPhone 整个生命周期的 610 万部。本年度还有两个多月就要结束了，我们已经超过了在 2008 年度销售 1,000 万部 iPhone 的目标。
Recognized revenue from iPhone handset sales, iPhone accessories, and carrier payments totaled $806 million during the quarter. We dramatically expanded iPhone distribution in the last quarter. We increased the number of countries where we are selling iPhone from six to 51, and we expect to be in more than 70 countries by the end of the December quarter.
本季度来自 iPhone 手机销售、iPhone 配件和运营商支付的确认收入共计 8.06 亿美元。我们在上一季度大幅扩大了 iPhone 的销售范围。我们将销售 iPhone 的国家从 6 个增加到 51 个，预计到 12 月底将超过 70 个国家。
With the addition of Best Buy, we have over 3,100 points of iPhone distribution in the U.S. and with our international expansion, we currently have over 30,000 points of distribution around the world.
随着百思买（Best Buy）的加入，我们在美国拥有超过 3100 个 iPhone 经销点，而随着我们的国际扩张，我们目前在全球拥有超过 3 万个经销点。
I would like to now talk about our Mac products and services. We are pleased to have shipped over 2.6 million Macs, which was a new company record for any quarter. This represents 21% year-over-year growth and is higher than the overall PC market rate of growth for the September quarter based on the latest estimate published by IDC.
现在我想谈谈我们的 Mac 产品和服务。我们很高兴 Mac 的出货量超过了 260 万台，创下了公司任何季度的新纪录。根据 IDC 公布的最新估计，这意味着同比增长 21%，高于 9 月份 PC 市场的整体增长率。
Although Mac sales grew faster than the market, we believe Mac growth was impacted by purchase delays based on speculation about the new launch of our portables and budgetary constraints affecting education institution purchases. We are unsure how the economy may have affected Mac sales in the quarter.
尽管 Mac 的销售增长快于市场，但我们认为，Mac 的增长受到了基于对便携式电脑新上市的猜测和影响教育机构采购的预算限制的购买延迟的影响。我们不清楚经济对本季度 Mac 销售的影响。
And of course, we are very enthusiastic about the new notebooks introduced last week. The new MacBook and MacBook Pro redefined notebook design while dramatically lowering the entry price for advanced notebook features, including all metal enclosures, pro performance notebook graphics, brilliant instant on LED backlit displays, and new large glass multi-touch track-pads.
当然，我们对上周推出的新笔记本电脑也充满热情。新款 MacBook 和 MacBook Pro 重新定义了笔记本电脑的设计，同时大幅降低了先进笔记本电脑功能的入门价格，包括全金属机身、高性能笔记本电脑显卡、绚丽的即时 LED 背光显示屏和新的大尺寸玻璃多点触控板。
We began and ended the quarter with between three and four weeks of Mac channel inventory.
本季度开始和结束时，我们的 Mac 渠道库存都在三到四周之间。
Now I’d like to discuss our music products and services. We sold 11 million iPods, a new record for a non-holiday quarter and an increase of 8% over the year-ago quarter. Last month we introduced our new line-up of iPods, including the fourth generation iPod Nano featuring a sleek new curved aluminum and glass design in nine great colors. We also introduced the second generation iPhone Touch, building on its groundbreaking original features while redefining the entry price of $229.
现在我想谈谈我们的音乐产品和服务。我们售出了 1,100 万部 iPod，创下了非假日季度的新纪录，比去年同期增长了 8%。上个月，我们推出了全新阵容的 iPod 产品，其中包括第四代 iPod Nano，它采用了新颖的弧形铝和玻璃设计，有 9 种颜色可供选择。我们还推出了第二代 iPhone Touch，在其开创性的原有功能基础上，重新定义了 229 美元的入门价格。
Both iPods incorporate the new iTunes 8 Genius technology, which automatically creates playlists from songs in users’ libraries that go great together with just one click. We remain very pleased with iPod market share. Our share of the U.S. market for MP3 players was over 70% in the month of September based on the latest data published by NPD, and we continued to gain share year over year in most international markets, including the U.K., France, Germany, Japan, Canada, and Australia, based on the latest data published by GFK and BCN.
这两款 iPod 都采用了新的 iTunes 8 Genius 技术，只需点击一下，就能从用户的歌曲库中自动创建播放列表，让歌曲完美搭配。我们对 iPod 的市场份额仍然非常满意。根据 NPD 公布的最新数据，我们 9 月份在美国 MP3 播放器市场的份额超过了 70%，根据 GFK 和 BCN 公布的最新数据，我们在英国、法国、德国、日本、加拿大和澳大利亚等大多数国际市场的份额同比继续增长。
做好A就能做好B，如果做好A需要做好B，这样的想法都是幻觉。
We began and ended the quarter within our target range of four to six weeks of iPod channel inventory.
本季度开始和结束时，我们都保持在 iPod 渠道库存四至六周的目标范围内。
The iTunes store had a very good quarter thanks to the strong music and video sales and the tremendous success of the App Store. We now have over 65 million iTunes customer accounts and a music catalog of over 8.5 million titles, and we are very pleased with our fall 2008 TV lineup, which now includes primetime programming from all four major networks in stunning high definition.
由于音乐和视频销售强劲以及 App Store 取得巨大成功，iTunes 商店本季度的业绩非常好。我们现在拥有 6,500 多万 iTunes 用户帐户和 850 多万种音乐目录，我们对 2008 年秋季的电视产品阵容非常满意，现在包括四大电视网的黄金时段节目，高清晰度令人叹为观止。
I would now like to turn to the Apple retail stores, which delivered strong results with revenue growing 37% year over year to $1.72 billion. The store sold 596,000 Macs during the quarter, an all-time quarterly record and an increase of 26% year over year. Over half the Macs sold through the retail stores during the quarter were to customers who have never owned a Mac before.
现在我想谈谈苹果零售店，它取得了强劲的业绩，收入同比增长 37%，达到 17.2 亿美元。本季度零售店共售出 596,000 台 Mac 电脑，创下季度销售记录，同比增长 26%。本季度通过零售店售出的 Mac 有一半以上是售给从未拥有过 Mac 的用户。
We opened 31 new stores during the quarter, including 13 stores outside the U.S. to end the quarter with 247 stores. With an average of 226 stores open during the quarter, average revenue per store was $7.6 million, compared to $6.6 million in the year-ago quarter, an increase of 15%. Retail segment margin was $301 million, compared to $268 million in the year-ago quarter.
我们在本季度开设了31家新店，其中包括13家美国以外的店铺，使季度末店铺总数达到247家。平均在本季度有226家店铺开业，每家店的平均收入为760万美元，与去年同期的660万美元相比，增长了15%。零售部门的利润为3.01亿美元，而去年同期为2.68亿美元。
Our stores hosted a new all-time high of 42.7 million visitors during the September quarter, or 14,500 visitors per store per week. We have continued to invest in our stores to accommodate this record-breaking traffic and to offer customers a great experience. We recently launched the fastest way to buy an iPhone, which customers are loving. After starting the process by answering a few questions online, customers can complete their iPhone purchase and activations in our stores in just about a minute longer than it takes to purchase an iPod.
在九月份，我们的门店接待了 4270 万名游客，创下历史新高，即每周每家门店接待 14500 名游客。我们不断加大对门店的投资，以应对破纪录的客流量，并为顾客提供良好的购物体验。我们最近推出了购买 iPhone 的最快方式，深受顾客喜爱。顾客只需在网上回答几个问题，就可以在我们的门店完成 iPhone 的购买和激活，比购买 iPod 多花大约一分钟的时间。
Total company gross margin was 34.7%, which was better than we anticipated at the beginning of the quarter, due primarily to a better component pricing environment. To a lesser degree, we also benefited from higher software sales and payments from carriers related to first generation iPhone and lower costs associated with the iPod product transition.
公司总毛利率为 34.7%，高于我们在本季度初的预期，这主要是由于更好的元件定价环境。此外，与第一代 iPhone 相关的软件销售额和运营商支付的费用增加，以及与 iPod 产品过渡相关的成本降低，也使我们在一定程度上受益。
Operating expenses were $1.3 billion, including $120 million in stock-based compensation expense. The OpEx total was about $30 million higher than our guidance, largely as a result of additional advertising and the operating costs of selling 6.9 million iPhones.
运营支出为 13 亿美元，其中包括 1.2 亿美元的股票薪酬支出。运营支出总额比我们的预期高出约 3000 万美元，这主要是由于额外的广告费用和销售 690 万部 iPhone 的运营成本所致。
OI&E was $140 million. The tax rate for the quarter was 28.2%, below our guidance of 30.5% due largely to a higher-than-anticipated mix of foreign earnings.
OI&E（运营收入和支出）为1.4亿美元。本季度的税率为28.2%，低于我们预期的30.5%，这主要是因为外国收益的混合比例高于预期。
We are very pleased to have generated $3.7 billion in cash during the quarter, ending with $24.5 billion. Cash flow from operations was $4.3 billion. Our investment priority has been preservation of capital, which has served us well in these difficult credit markets. At the end of the September quarter, our unrealized mark-to-market loss was $117 million on the total portfolio of $24.5 billion, which was only an $80 million sequential increase from the end of the June quarter. We plan to hold these investments and do not expect to realize any material losses on them.
我们很高兴在本季度产生了 37 亿美元的现金，最终达到 245 亿美元。运营产生的现金流为 43 亿美元。我们的投资重点是保护资本，这在当前困难的信贷市场中发挥了很好的作用。截至 9 月季度末，我们的投资组合总额为 245 亿美元，未实现的按市价计价损失为 1.17 亿美元，与 6 月季度末相比，仅连续增加了 8000 万美元。我们计划持有这些投资，预计不会出现任何重大损失。
Looking ahead to the December quarter, I would like to review our outlook, which includes the types of forward-looking information that Nancy referred to at the beginning of the call.
展望 12 月季度，我想回顾一下我们的前景，其中包括南希在电话会议开始时提到的前瞻性信息。
We will continue our practice of providing guidance based on GAAP and will report our December non-GAAP measures to you in January when we release our results. We enter this holiday quarter with the best products we’ve ever shipped, including the iPhone 3G and new notebooks and iPods, and we remain very confident in our business.
我们将继续按照美国通用会计准则（GAAP）提供指导，并在 1 月份发布业绩时向大家报告 12 月份的非 GAAP 指标。我们将带着有史以来出货量最好的产品（包括 iPhone 3G、新笔记本电脑和 iPod）进入这个假期季度，我们对我们的业务仍然充满信心。
Our visibility is low and our forecasting is challenging and as a result, we are going to be prudent in predicting the December quarter. We are providing a wide range for our guidance for the quarter and we are targeting revenue between $9 billion and $10 billion. We expect gross margin to be between 30% and 31%, reflecting approximately $25 related to stock-based compensation expense, down from 34.7% gross margin in the September quarter. The sequential decline of our gross margin reflects the recent introductions of the new iPods and notebooks.
我们的能见度很低，预测具有挑战性，因此，我们对 12 月季度的预测将持谨慎态度。我们对本季度的指导范围很宽，目标收入在 90 亿至 100 亿美元之间。我们预计本季度的毛利率将介于 30% 与 31% 之间，其中包括约 25 美元的股票薪酬支出，低于 9 月份 34.7% 的毛利率。毛利率的连续下降反映了最近推出的新款 iPod 和笔记本电脑。
We expect OpEx to be between $1.45 billion and $1.47 billion, including about $150 million related to stock-based compensation. We expect OI&E to be about $140 million and we expect the tax rate to be about 30.5%.
我们预计运营支出在 14.5 亿美元到 14.7 亿美元之间，其中包括约 1.5 亿美元的股票薪酬。我们预计运营支出和费用约为 1.4 亿美元，税率约为 30.5%。
We are targeting EPS between $1.06 and $1.35.
我们的目标是每股收益在 1.06 美元到 1.35 美元之间。
In closing, we are extremely pleased with the performance of our business during fiscal 2008. We generated nearly $32.5 billion in revenue, a 35% increase from 2007, and we gained market share globally in Macs, iPods, and iPhones. We are also pleased to have generated $9.1 billion in cash during the fiscal year.
最后，我们对 2008 财年的业务表现非常满意。我们创造了近 325 亿美元的收入，比 2007 年增长了 35%，我们在 Mac、iPod 和 iPhone 的全球市场份额也有所增长。我们还很高兴在本财年获得了 91 亿美元的现金。
We are headed into the holiday season with our best product lineup ever and we are very enthusiastic about our expanding geographic reach with iPhone 3G. We remain very focused on developing the industry’s most innovative products, managing our business, and gaining share in each of our markets.
我们将带着有史以来最出色的产品阵容进入假期旺季，我们对 iPhone 3G 不断扩大的地理覆盖范围充满热情。我们将一如既往地专注于开发业界最具创新性的产品，管理好我们的业务，并在我们的每一个市场赢得份额。
Before we open the call to questions, we have a special guest here today who would like to say a few words and answer some of your questions -- our CEO, Steve Jobs.
在开始接受提问之前，我们今天请来了一位特殊的嘉宾，他就是我们的首席执行官史蒂夫-乔布斯，他想和大家说几句话，并回答大家的一些问题。
Steven P. Jobs 史蒂文-P-乔布斯
Hi, everyone. Some remarkable things are happening at Apple but everything is now set against the backdrop of this global economic slowdown, so it seemed like a good time for me to make a few remarks and help answer some of your questions.
大家好。苹果公司正在发生一些令人瞩目的事情，但现在一切都以全球经济放缓为背景，所以现在似乎是我发表一些看法并回答你们一些问题的好时机。
I would like to go back and talk about the non-GAAP financial results because I think this is a pretty big deal. In addition to reporting an outstanding quarter, today we are also introducing non-GAAP financial results which eliminate the impact of subscription accounting. As you know, subscription accounting is the solution we adopted to let us provide free software updates to iPhone users under GAAP accounting rules. In accordance with the subscription accounting treatment required by GAAP, Apple recognizes the revenue and the cost of goods sold for the iPhone over its economic life of two years rather than upon sale as we do for Macs and iPods.
我想回头谈谈非美国通用会计准则（Non-GAAP）的财务业绩，因为我认为这是一件大事。除了报告本季度的出色业绩外，我们今天还推出了非美国通用会计准则财务业绩，其中消除了订阅会计的影响。大家都知道，订阅会计是我们根据美国通用会计准则（GAAP）的会计规则，为 iPhone 用户提供免费软件更新而采取的解决方案。根据《美国通用会计准则》要求的订阅会计处理方法，苹果在 iPhone 两年的经济寿命期内确认收入和销售成本，而不是像我们在 Mac 和 iPod 上所做的那样，在销售时确认收入和销售成本。
Because by its nature subscription accounting spreads the impact of iPhone’s contribution to Apple's overall sales, gross margin, and net income over two years, it can make it more difficult for the average Apple manager or the average investor to evaluate the company’s overall performance. As long as our iPhone business was small relative to our Mac and music businesses, this didn’t really matter much. But this past quarter, as you heard, our iPhone business has grown to about $4.6 billion, or 39% of Apple's total business, clearly too big for Apple management or investors to ignore. Hence our introduction today of non-GAAP financial results alongside our reported GAAP results.
由于订阅会计的本质是将 iPhone 对苹果公司整体销售额、毛利率和净收入的影响分摊到两年内，因此会使普通的苹果公司经理或普通投资者更难评估公司的整体业绩。只要我们的 iPhone 业务相对于 Mac 和音乐业务来说规模较小，这一点其实并不重要。但在上一季度，正如你们所听到的，我们的 iPhone 业务已经增长到约 46 亿美元，占苹果总业务的 39%，对于苹果管理层或投资者来说，这显然是一个不容忽视的大问题。因此，我们今天在公布美国通用会计准则业绩的同时，还公布了非美国通用会计准则的财务业绩。
As you can see, the non-GAAP financial results are truly stunning. By eliminating subscription accounting, adjusted sales for the quarter were $11.68 billion, 48% higher than the reported revenue of $7.9 billion, while adjusted income was $2.44 billion, 115% higher than the reported net income of $1.14 billion. Adjusted net income that is more than double our reported income -- if this isn't stunning, I don’t know what is, all due to the incredible success of the iPhone 3G.
如您所见，非美国通用会计准则的财务业绩确实令人惊叹。剔除订阅会计因素后，本季度调整后销售额为 116.8 亿美元，比报告的 79 亿美元收入高出 48%；调整后收入为 24.4 亿美元，比报告的 11.4 亿美元净收入高出 115%。调整后的净收入是报告收入的两倍多 -- 如果这还不算令人震惊的话，我不知道还有什么比这更令人震惊的了，这一切都归功于 iPhone 3G 的惊人成功。
I would like to now highlight two remarkable milestones resulting from iPhone’s outstanding performance last quarter. The first is that Apple beat RIM. In their most recent quarter, Research in Motion, or RIM, reported selling 6.1 million BlackBerry devices. Compared to our most recent quarter sales of 6.9 million iPhones, Apple outsold RIM last quarter and this is a milestone for us. RIM is a good company that makes good products and so it is surprising that after only 15 months in the market, we could outsell them in any quarter.
现在，我想强调 iPhone 上一季度的出色表现所带来的两个非凡的里程碑。首先是苹果击败了 RIM。在最近一个季度，RIM（Research in Motion）销售了 610 万部黑莓设备。与我们最近一个季度 690 万部 iPhone 的销量相比，苹果上个季度的销量超过了 RIM，这对我们来说是一个里程碑。RIM 是一家生产优质产品的优秀公司，因此，在进入市场仅 15 个月后，我们就能在任何一个季度超过他们，实在令人惊讶。
如果某个产品是好的，一开始就能展现出来，如果不好往后也很难变好。
But even more remarkable is this -- measured by revenues, Apple has become the world’s third-largest mobile phone supplier. I know this sounds crazy, but it’s true -- as measured in revenues, not units, Apple has become the third largest mobile phone supplier. Let’s look at the ranking -- Nokia is clearly number one at 12.7 billion; Samsung number two at 5.9 billion; Apple is number three at 4.6 billion; Sony Ericsson, number four at 4.2; LG, number five at 3.4 billion; Motorola, number six at 3.2; and RIM number seven at 2.1. Pretty amazing.
但更令人瞩目的是，按收入计算，苹果已成为全球第三大手机供应商。我知道这听起来很疯狂，但这是事实--以收入而不是单位来衡量，苹果已经成为第三大手机供应商。让我们来看看排名：诺基亚以 127 亿美元排名第一；三星以 59 亿美元排名第二；苹果以 46 亿美元排名第三；索尼爱立信以 42 亿美元排名第四；LG 以 34 亿美元排名第五；摩托罗拉以 32 亿美元排名第六；RIM 以 21 亿美元排名第七。相当惊人。
Now, both of these things, beating RIM in units and becoming the third largest mobile supplier in revenues are amazing feats but part of this was the result of expanding into over 50 countries and there’s no guarantee that sustained sales will equal initial sales. And who knows what the future results will be, given the worldwide economic slowdown but we actually outsold RIM last quarter and ranked as the third largest mobile phone supplier in revenues. Not bad for being in the market for only 15 months.
现在，这两件事，即在销售量上击败 RIM，以及在收入上成为第三大手机供应商，都是令人惊叹的成就，但其中有一部分是我们向 50 多个国家扩张的结果，我们无法保证持续的销售量与最初的销售量持平。鉴于全球经济放缓，谁也不知道未来的结果会如何，但实际上，我们上个季度的销量超过了 RIM，成为收入排名第三的手机供应商。对于进入市场仅 15 个月的公司来说，这已经不错了。
I would now like to talk about the App Store for a few minutes. One area that where we have completely changed the value proposition for mobile devices is the App Store. Customers will download the 200 millionth application from the App Store tomorrow, only 102 days since its launch on July 11th -- the 200 millionth app. We’ve never seen anything like this in our careers. There are now over 5,500 applications offered on the App Store in 62 countries around the world and the rate of new applications being submitted is increasing every week. Competitors are scrambling to copy our App Store but it’s not as easy as it looks and we are far along in creating the virtuous cycle of cool applications begetting more iPhone sales, thereby creating an even larger market which will attract even more iPhone software development. It is clear that customers are now attracted to iPhone not only for its amazing functionality and revolutionary multi-touch user interface but also for its unique ability to let users easily purchase, download, and use thousands of different applications, ranging from free games to financial planning and health management -- all of this in only 102 days.
现在，我想用几分钟时间谈谈 App Store。我们彻底改变了移动设备价值主张的一个领域就是 App Store。明天，客户将从 App Store 下载第 2 亿个应用程序，这距离 7 月 11 日 App Store 推出仅 102 天。在我们的职业生涯中，我们从未见过这样的事情。目前，App Store 在全球 62 个国家/地区提供了 5,500 多款应用程序，而且每周提交新应用程序的速度都在加快。竞争对手正争相模仿我们的 App Store，但这并不像看起来那么容易，我们正在创造一个良性循环：炫酷的应用程序带来更多的 iPhone 销量，从而创造一个更大的市场，吸引更多的 iPhone 软件开发。很明显，现在用户对 iPhone 的青睐不仅是因为它令人惊叹的功能和革命性的多点触控用户界面，还因为它能让用户轻松购买、下载和使用成千上万种不同的应用程序，从免费游戏到财务规划和健康管理，所有这一切只用了 102 天。
改变了购买软件的模式，能把复杂问题简单化，是平常心的体现，前提是排除心理上的干扰，极少数人能有效排除心理上的干扰。
And now I’d like to touch on the notebooks that we just introduced. Last week we introduced our new MacBook and MacBook Pro line. These products are very important since notebooks comprise two-thirds or more of the Macs we sell. These new MacBooks are some of the best products we’ve ever created and it’s already clear that our customers love them. We’ve had a very, very strong launch and we are anxiously awaiting to see the demand trajectory that will unfold during the quarter. The level of quality these products deliver to customers is mind-blowing for their price points. The unibody precision aluminum enclosures would normally cost hundreds of dollars by themselves. The electronics, especially the graphics, are state-of-the-art in mobile computing and features like the glass track pad are unique in the industry. With the introduction of LED backlit displays on these mainstream notebooks, over 90% of the notebooks Apple sells now use LED backlit displays.
现在我想谈谈我们刚刚推出的笔记本电脑。上周，我们推出了全新的 MacBook 和 MacBook Pro 系列。这些产品非常重要，因为笔记本电脑占我们销售的 Mac 电脑的三分之二或更多。这些新 MacBook 是我们有史以来最好的产品之一，我们的客户显然非常喜欢它们。我们已经有了一个非常、非常强劲的发布，我们正焦急地等待着看到本季度的需求轨迹。与同价位产品相比，这些产品为客户提供的质量水平令人惊叹。一体式精密铝合金机身本身的价格通常就要数百美元。电子元件，尤其是图形处理器，是移动计算领域最先进的技术，而玻璃轨迹垫等功能也是业内独一无二的。随着 LED 背光显示屏被引入这些主流笔记本电脑，苹果销售的 90% 以上的笔记本电脑现在都使用 LED 背光显示屏。
Another thing worth noting is that these new notebooks are the greenest products Apple has ever offered. You will hear more and more about that from us in the future.
另外值得注意的是，这些新笔记本电脑是苹果公司有史以来最环保的产品。未来，我们将为您提供更多这方面的信息。
So now let’s turn to the economy, to the broader market conditions resulting from the global economic slowdown and credit crisis. First, let me say that we are not economists. Your next-door neighbor can likely predict what is going to happen as accurately as we can, but we do know a few things.
现在让我们谈谈经济，谈谈全球经济放缓和信贷危机造成的更广泛的市场状况。首先，我要说我们不是经济学家。你隔壁的邻居很可能能像我们一样准确地预测将要发生的事情，但我们确实知道一些事情。
First, we have the best customers in the world. I wouldn’t trade our customers for any other company’s customers in the entire world. They are some of the smartest, most product aware customers in the market and they have chosen Apple's quality, hardware and software products. While they may postpone purchases in tough times, they are unlikely to abandon the quality and seamless integration which they have personally experienced and become accustomed to with Apple's products. So if the economic downturn does affect them, they are more likely to delay than switch.
首先，我们拥有世界上最好的客户。我不会用我们的客户去交换世界上任何其他公司的客户。他们是市场上最聪明、最了解产品的顾客，他们选择了苹果的优质硬件和软件产品。虽然他们可能会在困难时期推迟购买，但他们不太可能放弃他们亲身体验过并已习惯于使用苹果产品的质量和无缝集成。因此，如果经济不景气确实影响到他们，他们更有可能推迟而不是更换。
A people gets the government it deserves!，一个公司也会吸引他该吸引的股东，巴菲特举过餐馆的例子，什么样的餐馆吸引什么样的客户，乔布斯说的是同一件事，有些公司的客户画像是清晰的，有些很模糊。
Two, we still have a minority market share of the PC market and a miniscule market share of the mobile phone market. While we may not appeal to every prospective customer, the percentage of prospective customers we need to attract in order to significantly increase our market share isn't that many and we have 250 Apple retail stores that already sell half their Macs to new-to-Mac customers.
其次，我们在个人电脑市场上的市场份额仍然很小，在手机市场上的市场份额也微乎其微。虽然我们可能无法吸引每一位潜在客户，但要大幅提高我们的市场份额，我们需要吸引的潜在客户比例并不高，而且我们拥有 250 家苹果零售店，这些零售店已经将一半的 Mac 卖给了刚接触 Mac 的客户。
Three, we have the best product lineup in Apple's history. The new MacBooks in particular should trigger a serious upgrade cycle in our installed base. We’ll see. I feel very good about our product lineup as we head into the holidays and beyond.
第三，我们拥有苹果历史上最好的产品阵容。尤其是新款 MacBook，应该会在我们的装机量中引发一个严重的升级周期。我们拭目以待。进入假期和假期后，我对我们的产品阵容感觉非常好。
Four, we have the most talented and creative employees in the world -- just look at their results -- the new MacBooks, the iMac, the iPhone, the iPod Nano and Touch, Leopard, iLife, and on and on. None of our competitors can deliver products in this class.
第四，我们拥有世界上最有才华和创造力的员工--看看他们的成果就知道了--新 MacBook、iMac、iPhone、iPod Nano 和 Touch、Leopard、iLife，等等。我们的竞争对手都无法提供这样的产品。
And five, we have almost $25 billion safely in the bank and zero debt. This provides us tremendous stability and the ability to invest our way through this downturn. This is what we did during the last downturn -- we increased R&D investments and created some of our best new products and businesses, like the Apple retail stores, for one. This downturn may also present some extraordinary opportunities for companies that have the cash to take advantage of them, like Apple does.
第五，我们在银行有近 250 亿美元的安全存款，而且没有债务。这为我们提供了巨大的稳定性，使我们有能力通过投资度过这次低迷期。这就是我们在上一次经济低迷时期所做的事情--我们增加了研发投资，并创造了一些最好的新产品和新业务，比如苹果零售店。对于像苹果这样拥有现金的公司来说，这次经济衰退也可能带来一些非凡的机遇。
好企业总能把“危机”简化为“机”。
In summary, we have the strongest product lineup in Apple's history, the most talented employees, and the best customers and $25 billion in the bank. We may get buffeted around by the waves a little bit but we will be fine and stronger than ever when the water is calm in the future.
总之，我们拥有苹果历史上最强大的产品阵容、最优秀的员工、最好的客户和 250 亿美元的银行存款。我们可能会受到一些波浪的冲击，但我们会没事的，而且在未来风平浪静的时候，我们会比以往更加强大。
With that, I’d like to open it up for questions for Peter, Tim, or myself.
下面请彼得、蒂姆或我本人提问。
Question-and-Answer Session
问答环节
Operator 操作员
(Operator Instructions) And your first question will come from Bill Shope with Credit Suisse.
(操作员指示）第一个问题来自瑞士信贷的比尔-肖普（Bill Shope）。
Bill Shope - Credit Suisse
比尔-肖普 - 瑞士信贷
Thank you. Steve, clearly your results and the guidance paint two very different pictures of the world and I was wondering, have you seen any new trends in recent business that would suggest such a disparity or is this really simply just prudence, given all the macro headlines we are all seeing right now?
谢谢。史蒂夫，很明显，你们的业绩和指导意见描绘了两个截然不同的世界，我想知道，你们在最近的业务中是否看到了任何新的趋势，表明会出现这样的差异，还是说，鉴于我们现在看到的所有宏观头条新闻，这真的只是出于谨慎？
Steven P. Jobs 史蒂文-P-乔布斯
Well, there’s a lot of prudence in there but it’s also October and October has always been a little bit of a foggy month for us. You know, we are always biting our nails, wondering whether we ordered too many iPods or this or that for the holiday quarter because sales often don’t really take off until November some time. So the months of October and April are our slowest during the year and we think we are doing the right things. We think we know what the results may be but October and April are foggy months for us in terms of predicting the whole quarter but there’s a lot of prudence built in.
这里面有很多谨慎的因素，但现在也是十月，而十月对我们来说总是有点迷雾重重。要知道，我们总是咬牙坚持，不知道我们是否为假日季度订购了太多的 iPod 或这个或那个，因为销售通常要到 11 月份才会真正起飞。因此，每年的 10 月和 4 月是我们的销售淡季，我们认为我们做得对。我们认为我们知道结果会怎样，但就预测整个季度而言，10 月和 4 月对我们来说是迷雾重重的两个月，但我们有很多谨慎的做法。
We’re not economists and we read the same newspapers you do.
我们不是经济学家，我们读的报纸和你们读的一样。
Bill Shope - Credit Suisse
比尔-肖普 - 瑞士信贷
Great. Thank you. 太好了谢谢
Nancy Paxton 南希-帕克斯顿
Thanks, Bill. Could we have the next question, please?
谢谢，比尔。请问下一个问题是什么？
Operator 操作员
Your next question will come from Richard Gardner with Citigroup.
下一个问题来自花旗集团的理查德-加德纳（Richard Gardner）。
Richard Gardner - Citigroup
理查德-加德纳 - 花旗集团
Thank you. Steve, thanks for being on the call. I would like to start off with a question regarding share repurchase and just ask your and the board’s latest thoughts on share repurchase now. I understand that cash is a good thing to have in the current environment but you are using relatively little of that cash for things like retail store openings and for investments in the business. What are your thoughts on returning some to shareholders?
谢谢史蒂夫，感谢你参加电话会议。我想先问一个关于股票回购的问题，想了解一下你和董事会现在对股票回购的最新看法。我知道，在当前环境下，拥有现金是件好事，但你们用于零售店开张和业务投资的现金相对较少。你们对向股东返还部分现金有什么想法？
Steven P. Jobs 史蒂文-P-乔布斯
You know, I think this economic downturn may present some extraordinary opportunities to companies that have cash. I think cash is already king and it may get more so that way, so we are very comfortable with our cash position in the bank and it’s not burning a hole in our pocket.
你知道，我认为这次经济衰退可能会给拥有现金的公司带来一些非同寻常的机会。我认为现金已经是王道，而且可能会变得更加如此，因此我们对银行中的现金状况非常满意，我们的口袋里也没有烧钱。
乔布斯的个性中有黑暗的地方，段永平的评价或许是对的。
Richard Gardner - Citigroup
理查德-加德纳 - 花旗集团
Okay, thank you. And if I could follow-up, Peter, and maybe ask if you could give us a sense of how much of the gross margin outlook for the fourth quarter is related to the higher costs associated with the aluminum uni-body enclosures, and maybe some sense of how much more expensive that is then the way you were doing things previously?
好的，谢谢。彼得，我想跟进一下，也许你能告诉我们，第四季度的毛利率展望有多少与铝制一体式机身外壳的成本上升有关，也许你能告诉我们，这比你以前的做法要贵多少？
Peter Oppenheimer 彼得-奥本海默
Well, the guidance that I provided, Rich, the sequential decline really is driven from the introductions of the notebooks and iPods, which we couldn’t be more excited about. And there’s many, many new technologies, new features in those besides the uni-body but that contributed.
里奇，我所提供的指导意见是，连续下滑的真正原因是笔记本电脑和 iPod 的推出，我们对此感到无比兴奋。除了一体式机身外，这些产品还采用了许多新技术、新功能，这也是原因之一。
As I said on the last call, we were going to introduce these products. They were initially going to have higher costs and through volume manufacturing and cost engineering, we’re going to work down, work to get down the cost curve over time. But we’ve made a big investment in these products and these are some of the best we’ve ever shipped.
正如我在上次电话会议上所说，我们将推出这些产品。它们最初的成本较高，通过批量生产和成本工程，我们将逐步降低成本曲线。但是，我们已经在这些产品上进行了大量投资，这些产品是我们出厂过的最好的产品。
Richard Gardner - Citigroup
理查德-加德纳 - 花旗集团
Okay. Peter, could I ask one more -- and that is we have seen a 35% decline in aluminum pricing so far -- well, since you gave the guidance for fiscal ’09 gross margin, aluminum is down 35%. How quickly can we expect that to start flowing through the P&L? Thank you.
好的。彼得，我能再问一个问题吗？到目前为止，我们已经看到铝的价格下降了 35%，自从你给出 09 财年的毛利率指导以来，铝的价格下降了 35%。我们预计这将多快开始在损益表中体现出来？谢谢。
Peter Oppenheimer 彼得-奥本海默
We would certainly sell our new MacBooks cheaper if we just delivered them with a block of aluminum but we have to machine that aluminum and it’s a fairly precision operation, so the cost of the aluminum matters some but is not a dominant cost.
如果我们只交付一块铝板，我们的新 MacBook 肯定会卖得更便宜，但我们必须加工铝板，这是一项相当精密的操作，因此铝板的成本有一些影响，但不是主要成本。
Richard Gardner - Citigroup
理查德-加德纳 - 花旗集团
Okay. All right, thank you.
好的 谢谢 Okay.好的，谢谢
Nancy Paxton 南希-帕克斯顿
Thanks, Rich. Could we have the next question, please?
谢谢，里奇。请问下一个问题是什么？
Operator 操作员
Your next question will come from Ben Reitzes, Barclays Capital.
下一个问题来自巴克莱资本的本-雷茨斯（Ben Reitzes）。
Ben Reitzes - Barclays Capital
Ben Reitzes - 巴克莱资本
Thanks a lot. Steve, can you talk about the pricing of your Mac line right now and how you feel that is positioned going into this economy? And in particular as well, maybe your thoughts -- there’s this new NetBook category that’s getting a lot of hype and just where do you see that playing out in the marketplace and your position in the market there?
非常感谢。史蒂夫，你能谈谈目前 Mac 产品线的定价情况吗？特别是你的想法--有一个新的上网本类别被炒得很热，你认为它在市场上的表现如何，以及你在市场上的定位如何？
Steven P. Jobs 史蒂文-P-乔布斯
Well, again this particular downturn is not creating a market of cheaper computers. That market has existed for some time and there are parts of that market that we choose not to play in.
同样，这次经济衰退并没有催生廉价电脑市场。这个市场已经存在了一段时间，我们选择不参与其中的某些部分。
I think when people want a product of the class that we make, over and over again people have done the price comparisons and we’re actually quite competitive. So we choose to be in certain segments of the market and we choose not to be in certain segments of the market. And the question is is the downturn going to drive some of our customers to those lower segments of the marketplace and get to buy lesser products? And I will be surprised if that happens in large numbers and I actually think that there are still a tremendous number of customers that we don’t have in the Windows world or in the other 99% of the phone market we don’t have who would like to and can afford to buy Apple products. So we’ll see what the ratio of those two things are but we’re not tremendously worried.
我认为，当人们需要我们生产的同类产品时，人们会反复进行价格比较，而我们的产品实际上很有竞争力。因此，我们选择进入某些细分市场，也选择不进入某些细分市场。问题是，经济衰退是否会使我们的一些客户转向那些较低的细分市场，从而购买较次的产品？如果这种情况大量发生，我将感到惊讶。实际上，我认为在 Windows 世界或其他 99% 的手机市场中，仍有大量我们没有的客户，他们愿意并有能力购买苹果产品。因此，我们会看到这两方面的比例是多少，但我们并不十分担心。
低端是不可靠的商业模式。
As we look at the NetBook category, that’s a nascent category. There’s as best as we can tell not a lot of them getting sold. You know, one of our entrants into that category, if you will, is the iPhone for browsing the Internet and doing e-mail and all the other things that a NetBook lets you do, and being connected via the cellular net wherever you are, an iPhone is a pretty good solution for that, and it fits in your pocket. But we’ll wait and see how that nascent category evolves and we’ve got some pretty interesting ideas if it does evolve.
从上网本类别来看，这是一个新兴类别。据我们所知，这种产品的销售量并不多。你知道，我们进入这一类别的产品之一就是 iPhone，它可以让你浏览互联网、收发电子邮件以及 NetBook 可以让你做的所有其他事情，无论你身在何处，都可以通过蜂窝网络连接，iPhone 是一个相当不错的解决方案，而且可以放在你的口袋里。但是，我们将拭目以待这一新生类别的发展，如果它真的发展起来，我们会有一些非常有趣的想法。
Ben Reitzes - Barclays Capital
Ben Reitzes - 巴克莱资本
Okay, great, thanks and just a quick follow-up on the iPhone -- I mean, given it’s so new for you, Steve, do you have any view on how it will do in this economy, and in particular you still have some international expansion going on, so just given the iPhone is new, we’ve been through downturns maybe with Macs before, although a long time ago, and maybe even consumer devices, this iPhone is so new, how do you see it doing in this economy?
好的，很好，谢谢，只是想跟进一下iPhone的问题--我是说，鉴于iPhone对你来说是如此之新，史蒂夫，你对它在当前经济形势下的表现有什么看法，尤其是你仍在进行一些国际扩张，所以，鉴于iPhone是新产品，我们以前也经历过Mac的低迷，虽然是很久以前的事了，甚至可能是消费设备，但iPhone是如此之新，你认为它在当前经济形势下的表现如何？
Steven P. Jobs 史蒂文-P-乔布斯
We’ll be glad to tell you how it does.
我们很乐意告诉你它的性能如何。
Ben Reitzes - Barclays Capital
Ben Reitzes - 巴克莱资本
Okay. Thanks a lot. 好的非常感谢
Nancy Paxton 南希-帕克斯顿
Thanks, Ben. Could we have the next question, please?
谢谢，本。请问下一个问题是什么？
Operator 操作员
Your next question will come from Shannon Cross with Cross Research.
下一个问题来自 Cross Research 公司的香农-克罗斯（Shannon Cross）。
Shannon Cross - Cross Research
香农-克罗斯 - 克罗斯研究
A question with regard to channel inventory and what you are seeing in terms of -- I mean, iPod, iPhone, Macs, just comments from the retailers -- again, I know it’s October and as you said, it’s a bit foggy but any sort of thoughts on how things are positioned that you can give us, in more detail than maybe what you provided earlier?
关于渠道库存的问题，以及你在 iPod、iPhone、Mac 方面看到的情况，零售商的评论，我知道现在是 10 月份，正如你所说，情况有点不明朗，但你是否能给我们提供比你之前提供的更详细的情况？
Timothy D. Cook 蒂莫西-D-库克
In the Mac area, as Peter said in his opening comments, we began and ended the quarter between three and four weeks of inventory and that’s below our target, as you know, of four to five weeks. In the iPod, we began and ended between four and six weeks, which is right in our target range and on the iPhone, we were shipping to carriers in 51 countries by the end of the quarter and we had over 30,000 points of distribution. With the 44 countries that we had launched prior to the end of August, the weeks of inventory that we had at the end of the quarter for those countries was less than six weeks. For the remaining seven countries where launches occurred in late September or early October, we don’t have enough data yet to quantify the weeks of inventory. However, to be precise, at the end of the quarter I can tell you that we had about 2 million iPhones in total channel inventory across all of the 51 countries and we feel that this inventory is about right.
在 Mac 领域，正如彼得在开场白中所说，本季度开始和结束时，我们的库存都在 3 到 4 周之间，低于我们的目标，大家都知道，我们的目标是 4 到 5 周。在 iPod 方面，我们在本季度开始和结束时的库存都在四到六周之间，正好在我们的目标范围内。在 iPhone 方面，到本季度末，我们已经向 51 个国家的运营商发货，我们有超过 30,000 个分销点。在 8 月底之前，我们已在 44 个国家推出了 iPhone，截至本季度末，我们在这些国家的库存周数不到六周。至于其余 7 个在 9 月底或 10 月初上市的国家，我们还没有足够的数据来量化库存周数。不过，准确地说，在本季度末，我可以告诉大家，我们在所有 51 个国家的渠道库存总量约为 200 万部 iPhone。
Shannon Cross - Cross Research
香农-克罗斯 - 克罗斯研究
Okay, and I’m curious -- any idea on how much the Mac refresh would have impacted sales last quarter as you sort of cleared the channel?
好的，我很好奇，在你们清理渠道的过程中，Mac 的更新对上一季度的销售有多大影响？
Timothy D. Cook 蒂莫西-D-库克
I think if you look at the Mac, there are two things that I believe impacted the Mac sales last quarter and possibly a third. The first is that U.S. K to 12 institutional sales were down 7% year-on-year to about 200,000 units, and this is due to state and local budget constraints. California in particular was down 28% year-on-year. That 7% contraction was a significant change from what we had seen in the first three quarters of the fiscal year which were up 29%. In particular, purchases of 1,000 units or more were down significantly, both sequentially and year over year.
如果你看一下 Mac，我认为有两件事影响了 Mac 上一季度的销售，可能还有第三件事。首先是美国 K 到 12 岁机构的销售量同比下降了 7%，约为 20 万台，这是由于州和地方预算限制造成的。尤其是加利福尼亚州，同比下降了 28%。与本财年前三个季度同比增长 29% 的情况相比，7% 的缩减幅度变化很大。尤其是购买量在 1,000 套或以上的产品，无论是环比还是同比都大幅下降。
If the unit sales had grown last quarter in K to 12 at 29%, which is what we had been seeing going into the quarter instead of contracting by 7%, then Mac unit sales would have been 75,000 units higher and so this was a big issue for the quarter from a Mac perspective.
如果上一季度 K 到 12 的销售量增长了 29%，而不是缩减了 7%，那么 Mac 的销售量就会增加 7.5 万台，因此从 Mac 的角度来看，这是本季度的一个大问题。
The second thing that we believe was that customers were delaying purchases because of the portable transition. As you know, there were rampant rumors and lots of press reports about a potential portable transition and we saw some slowing towards particularly the final weeks of September and the initial weeks of October. However, once announcing last week, we saw a considerable rebound in sales and we are very, very optimistic about those results.
其次，我们认为客户推迟购买是因为便携式过渡。众所周知，关于便携式过渡的传言和大量媒体报道甚嚣尘上，尤其是在 9 月的最后几周和 10 月的最初几周，我们看到销售有所放缓。然而，上周一经公布，我们就看到了销售的大幅反弹，我们对这些结果非常非常乐观。
Shannon Cross - Cross Research
香农-克罗斯 - 克罗斯研究
Okay, and then just a final question for Steve -- any chance we can get you to make this a recurring event?
好的，最后再问史蒂夫一个问题 -- 我们有没有可能让你把这个活动变成一个经常性的活动？
Steven P. Jobs 史蒂文-P-乔布斯
Not likely, I’m sorry. 对不起，不太可能。
一致性，重点是做出伟大的产品，参加Earnings Call跟做好产品的关系不大。
Shannon Cross - Cross Research
香农-克罗斯 - 克罗斯研究
Okay, thanks. 好的，谢谢。
Steven P. Jobs 史蒂文-P-乔布斯
Peter and Tim do such a good job that I don’t think I could add much.
彼得和蒂姆做得非常出色，我想我无法再补充什么了。
Nancy Paxton 南希-帕克斯顿
Thanks, Shannon. Could we have the next question, please?
谢谢，香农请问下一个问题是什么？
Operator 操作员
Your next question will come from Gene Munster with Piper Jaffray.
下一个问题来自派杰公司的吉恩-蒙斯特。
Gene Munster - Piper Jaffray
Thanks for providing the non-GAAP results. That’s helpful and really points to the power that the iPhone is having and clearly you are off to a phenomenal start there but Steve, can you talk about the bigger picture for the iPhone in 2009 when the field is starting to get more cluttered with iPhone wanna-bes? And how do you just big picture think about your roadmap for ’09 and the phone?
感谢你提供非美国通用会计准则下的业绩。这对我们很有帮助，而且确实说明了 iPhone 的强大功能，很明显，你们在这方面有了一个惊人的开端，但史蒂夫，你能谈谈 2009 年 iPhone 的大局吗？你是如何从全局考虑 2009 年的路线图和手机的？
Steven P. Jobs 史蒂文-P-乔布斯
Well, I think we have to be the best and I think we have to not leave a price umbrella underneath us, and we are working very hard to fulfill both of those goals. And I think we are way out ahead of anybody else right now and we are investing a lot with the most talented people in the world to stay that way.
我认为，我们必须做到最好，而且不能在我们的脚下留下价格保护伞，我们正在非常努力地实现这两个目标。我认为我们现在已经遥遥领先于其他任何人，为了保持这种领先地位，我们正在与世界上最有才华的人一起进行大量投资。
We have a great partner in AT&T and together I think we are both very committed to making the iPhone a great value for customers, so we’ll be focused on all those things next year and beyond.
我们有一个很好的合作伙伴--AT&T，我认为我们双方都致力于让 iPhone 为用户带来更多价值，因此我们将在明年及以后专注于所有这些方面。
Gene Munster - Piper Jaffray
Okay. Can you give any sort of split in terms of phones sold in U.S. versus international?
好的。你能给出在美国和国际市场上销售手机的比例吗？
Timothy D. Cook 蒂莫西-D-库克
Not specifically, Gene, but I would tell you that there was a significant percentage international.
吉恩，不是特别明确，但我可以告诉你，有相当大比例的国际业务。
Gene Munster - Piper Jaffray
Okay, and then just a final question -- Peter, last quarter you talked about the margin impact and the potential for these new products and it seems like margins once again were phenomenal and can you just help us understand, should we still be waiting for something or have we seen what happened and just the pricing environment was much more favorable than you had expected? How do we reconcile your comments last quarter versus what we are seeing right now?
好的，最后一个问题 -- 彼得，上一季度你谈到了利润率的影响和这些新产品的潜力，似乎利润率再次达到了惊人的水平，你能否帮助我们理解，我们是否还应该等待什么，或者我们已经看到了发生了什么，只是定价环境比你预期的要有利得多？我们如何将你上一季度的评论与我们现在看到的情况相协调？
Peter Oppenheimer 彼得-奥本海默
Gene, really the latter -- we’ve introduced stunning new iPods and notebooks. They cost more and that’s why our margin declined sequentially. As I told you 90 days ago, we don’t talk about new products so it was hard to make the comments that I did and be clear, but you’ve now seen what we’ve done and I have provided guidance for 30% to 31% this quarter and we are going to continue to work to get down the cost curves over time on these great products.
吉恩，实际上是后者--我们推出了令人惊叹的新款 iPod 和笔记本电脑。它们的成本更高，这就是我们的利润率连续下降的原因。正如我在 90 天前告诉大家的那样，我们不谈论新产品，因此我很难发表明确的评论，但你们现在已经看到了我们所做的一切，我已经为本季度 30% 至 31% 的利润率提供了指导，我们将继续努力，逐步降低这些优秀产品的成本曲线。
Gene Munster - Piper Jaffray
Okay. I guess one final question is did you actually see a deceleration in your business? I know that there was some anticipation on the new Macs but did you see any sort of deceleration towards the end of September or is the guidance just purely trying to be as conservative as possible?
好吧，我想最后一个问题是，你们是否真的看到了业务减速？我知道大家对新款 Mac 有一定的期待，但你们在 9 月底是否看到了任何形式的减速，还是说指导意见纯粹是为了尽可能保守？
Timothy D. Cook 蒂莫西-D-库克
On the iPod side, iPod was up 8% for the full quarter, as Peter had mentioned earlier. In the final weeks of September and the early weeks of October, we were running flat year over year on a worldwide perspective and as we look forward, it’s very difficult to predict whether the usual seasonal holiday lift will exist in the same pattern as it has before. As we said, forecasting is very difficult.
在 iPod 方面，正如彼得之前提到的，iPod 整个季度增长了 8%。在 9 月的最后几周和 10 月的最初几周，我们在全球范围内的业绩同比持平，展望未来，我们很难预测季节性的假期促销是否会像以前一样出现。正如我们所说，预测非常困难。
On the Mac, I commented that we did see what we believe were purchasing delays due to last week’s portable transition and also the K-12 institutional business was down year over year last quarter.
关于 Mac，我评论说，由于上周的便携式过渡，我们确实看到了我们认为的采购延迟，而且 K-12 机构业务在上个季度也同比下降。
Gene Munster - Piper Jaffray
Would it be safe to summarize your comments as that you have seen some sort of an impact, it looks like it’s more a slow-down ahead of the Mac cycle and so it’s less economy related and more just your general conservatism?
我们是否可以将您的评论概括为，您已经看到了某种影响，看起来更像是 Mac 周期前的放缓，因此这与经济关系不大，而更多的是您的总体保守主义？
Timothy D. Cook 蒂莫西-D-库克
It’s difficult to separate how much was the purchase delay versus economy. It could have all been delay, it could be some part due to the economy. We just don’t know. What we are very excited about is the rebound last week was great and -- however, forecasting that going forward with the visibility that we have is just very difficult.
很难区分采购延迟和经济因素的比重。可能全部是延迟，也可能部分是经济原因。我们不得而知。让我们感到兴奋的是，上周的反弹非常好，但是，以我们的能见度来预测未来的反弹是非常困难的。
Gene Munster - Piper Jaffray
Thank you. 谢谢。
Nancy Paxton 南希-帕克斯顿
Thanks, Gene. Could we have the next question, please?
谢谢，吉恩。请问下一个问题是什么？
Operator 操作员
Your next question will come from Charles Wolf with Needham.
下一个问题来自尼德姆公司的查尔斯-沃尔夫（Charles Wolf）。
Charles Wolf - Needham & Company
Yes, I have a question for Steve and for -- well, for anybody but the performance of the iPhone was absolutely astonishing, but it was probably more so in this respect that most of the phones sold in the quarter were probably net activations as opposed to re-upgrades from the first gen. I was wondering, do you have any percentages on how many of the iPhones went to new users and how many, what percentage went to the first gen people?
是的，我有一个问题想问史蒂夫和其他人，iPhone 的表现绝对令人吃惊，但更令人吃惊的是，本季度售出的大部分手机可能都是净激活用户，而不是第一代手机的升级用户。我想知道，你是否知道有多少 iPhone 是新用户购买的，有多少是第一代用户购买的？
Timothy D. Cook 蒂莫西-D-库克
That’s confidential information to our carrier partners but I would point out that we expanded the number of countries that we sold in from six to 51 and so there was an extraordinary amount of iPhone being sold to people for the first time.
这对我们的运营商合作伙伴来说是机密信息，但我要指出的是，我们将销售国家的数量从 6 个增加到 51 个，因此首次向人们销售的 iPhone 数量非常大。
Charles Wolf - Needham & Company
Yes, well my point is simply that over half of RIM’s sales, BlackBerry sales, are upgrades, not to new users, so I would argue that Apple did better than it would appear, given the numbers.
是的，我的观点很简单，RIM 的黑莓手机销售额中有一半以上是升级版，而不是新用户，因此我认为，从数字上看，苹果公司做得比看上去要好。
Steven P. Jobs 史蒂文-P-乔布斯
We’re happy just to -- we’re just happy to beat them on a number-to-number comparison.
我们很高兴能 -- 我们很高兴能在人数对比上击败他们。
Charles Wolf - Needham & Company
Well, keep it up, Steve.
继续努力吧，史蒂夫。
Steven P. Jobs 史蒂文-P-乔布斯
We’ll try. 我们会尽力的。
Charles Wolf - Needham & Company
Okay, thanks. 好的，谢谢。
Nancy Paxton 南希-帕克斯顿
Thank you, Charlie. Could we have the next question, please?
谢谢 查理请问下一个问题是什么？
Operator 操作员
Your next question will come from Toni Sacconaghi with Sanford Bernstein.
下一个问题来自桑福德-伯恩斯坦公司的托尼-萨科纳吉。
Toni Sacconaghi - Sanford Bernstein
托尼-萨科纳吉 - 桑福德-伯恩斯坦
Thank you. I have a question or two for Peter and Tim, and clarifications for Steve. For Peter and Tim, can you talk about the forces at work in terms of iPhone volumes for Q4? Typically, I mean, last year we saw iPhone volumes double in the calendar fourth quarter. You are also expanding distribution. Both of those are obviously forces that would suggest that the iPhone number could be considerably higher. Obviously on the flip side of that, you did have a stocking of your channel, which won’t be as significant in Q4, and we have economic uncertainty. Should investors be thinking about strong seasonal growth in the iPhone for calendar Q4? And if not, why?
谢谢。我有一两个问题想问彼得和蒂姆，也想请史蒂夫澄清一下。请问彼得和蒂姆，你们能谈谈第四季度 iPhone 销量的影响因素吗？通常情况下，我是说，去年我们看到 iPhone 的销量在第四季度翻了一番。你们还在扩大分销。显然，这两方面的因素都表明，iPhone 的销量可能会大幅增长。显然，从另一个角度看，你们确实在渠道上进行了备货，但这在第四季度不会那么明显，而且我们还面临着经济不确定性。投资者是否应该考虑第四季度 iPhone 的强劲季节性增长？如果不应该，为什么？
Timothy D. Cook 蒂莫西-D-库克
You know, we don’t predict unit sales at a product level but what I would point out is that we did begin shipping in many more countries last quarter, from six to 51, as I had said, and we just launched the phone on July 11th, so we did have a channel build. That channel build was about 2 million units, as I had mentioned previously, and so that’s something you would have to take into account in predicting our fiscal Q1 sales.
我们不预测产品的单位销售量，但我要指出的是，上一季度我们确实开始在更多国家发货，从 6 个国家增加到 51 个国家，正如我所说的那样，而且我们刚刚在 7 月 11 日推出了这款手机，所以我们确实有渠道建设。正如我之前提到的，渠道销售量约为 200 万部，因此在预测第一财季的销售额时必须考虑到这一点。
We will expand into more countries. We are on target to be in over 70 by the end of the year. However, the countries that we are expanding in are clearly have -- there’s less opportunity in those than the 50 that we have rolled out so far, and so you’d have to take that into consideration.
我们将向更多国家扩张。我们的目标是到今年年底进入 70 多个国家。不过，我们正在扩展的国家显然比我们目前已经推出的 50 个国家机会更少，所以你必须考虑到这一点。
We are confident that year over year that sales will be up significantly. What they do sequentially, our crystal ball is not working at the moment and so we would leave that for you to predict.
我们相信，销售额同比将大幅增长。至于销售额的连续增长情况，我们的水晶球目前还无法预测，因此我们将把这个问题留给大家去预测。
Toni Sacconaghi - Sanford Bernstein
托尼-萨科纳吉 - 桑福德-伯恩斯坦
And then on the gross margin side, you are guiding for 30% to 31% for Q1 and you said that you expect to be able to ride down the cost curve as volumes ramp going forward. How does that -- how should we think about your previously stated guidance of 30% gross margin for fiscal year 2009 in light of those two statements?
而在毛利率方面，你们第一季度的指导毛利率为 30% 至 31%，而且你们表示，随着销量的增长，你们预计成本曲线将有所下降。根据这两句话，我们应该如何看待你们之前提出的 2009 财年毛利率 30% 的指导目标？
Peter Oppenheimer 彼得-奥本海默
In last quarter’s call, I said that we anticipated gross margin being about 30% in fiscal 2009 and our guidance for the December quarter is consistent with that at 30% to 31%. As we look forward, we continue to anticipate gross margins of about 30% in 2009. We are delivering state-of-the-art products at price points that our competitors can’t match and that’s resulting in market share gains in each of our product areas.
在上一季度的电话会议上，我曾说过，我们预计 2009 财年的毛利率约为 30%，我们对 12 月季度的指导也与此一致，为 30% 至 31%。展望未来，我们仍然预计 2009 财年的毛利率约为 30%。我们正在以竞争对手无法比拟的价格提供最先进的产品，这使得我们在每个产品领域的市场份额都有所提高。
We are going to continue with this strategy of delivering great products and making a reasonable margin but as Steve said, we are not going to leave an umbrella for competitors.
我们将继续执行提供优质产品和合理利润的战略，但正如史蒂夫所说，我们不会给竞争对手留下保护伞。
早期的苹果更有攻击性。
Timothy D. Cook 蒂莫西-D-库克
Toni, I would point out, just to show the breadth of what we’ve done, when we took Touch price down, we took it from $299 to $229 for the entry price and the units above it were moved $399 to $299 and $499 to $399, so significant price cuts on Touch. We also doubled the memory at the same price on Nano while providing an incredibly new design. Also on the notebooks, as you know from last week, the entry price went from $1099 to $999, and in addition, we brought MacBook Pro features down to the MacBook price range, which is essentially at $700 less than what we were offering before. And so we’ve made an enormous round of cuts to provide more value to our customers.
托尼，我想指出的是，为了展示我们所做工作的广度，当我们降低 Touch 的价格时，我们将其入门价格从 299 美元降至 229 美元，而高于该价格的产品则从 399 美元降至 299 美元，从 499 美元降至 399 美元，因此 Touch 的价格大幅下调。我们还将 Nano 的内存增加了一倍，但价格不变，同时提供了令人难以置信的全新设计。在笔记本电脑方面，正如你们在上周所知道的，入门价格从 1099 美元降到了 999 美元，此外，我们还将 MacBook Pro 的功能降到了 MacBook 的价格范围内，这比我们以前提供的价格基本上降低了 700 美元。因此，我们进行了一轮巨大的削减，为客户提供更多价值。
Toni Sacconaghi - Sanford Bernstein
托尼-萨科纳吉 - 桑福德-伯恩斯坦
That’s a good segue for the two things I wanted to just clarify with Steve -- Steve, you mentioned a couple of times that you thought there were extraordinary opportunities for companies with cash. I think you could hire almost every engineer in Silicon Valley on a lifetime employment contract and not really dent that significant cash horde that you have. When you made that statement, are you suggesting that there are significant opportunities for Apple outside of Apple, specifically in terms of acquiring companies?
这是一个很好的切入点，我想和史蒂夫澄清两件事--史蒂夫，你提到过几次，你认为有现金的公司机会非凡。我认为，你可以用终身雇佣合同雇佣硅谷几乎所有的工程师，而不会真正削减你所拥有的大量现金。当你说这句话时，你是否在暗示，在苹果公司之外，特别是在收购公司方面，苹果公司也有很大的机会？
Steven P. Jobs 史蒂文-P-乔布斯
I just meant exactly what I said, which is I think there’s going to be some significant opportunities. I think hiring every engineer is Silicon Valley is a good idea, though. Thanks.
我的意思就是，我认为会有很多机会。不过，我认为雇佣硅谷的所有工程师是个好主意。谢谢。
Toni Sacconaghi - Sanford Bernstein
托尼-萨科纳吉 - 桑福德-伯恩斯坦
And then you had also mentioned the price umbrella statement and you said look, certainly to be successful on iPhone, we don’t want to create a price umbrella. I think in response to another question, you also talked about extraordinary feature functionality in terms of your Mac products. Do you have the same philosophy around Mac as you do with iPhone, that you have to be careful not to create an umbrella in each? So I guess the simple question is should we continue to see more affordable price points across the Mac product family and across iPhone going forward?
你还提到了价格保护伞的说法，你说，要想在 iPhone 上取得成功，我们不想制造价格保护伞。我想在回答另一个问题时，你也谈到了 Mac 产品的非凡功能。你们对 Mac 的理念是否与对 iPhone 的理念相同？因此，我想简单的问题是，我们是否应该继续在 Mac 产品系列和 iPhone 上看到更实惠的价位？
Steven P. Jobs 史蒂文-P-乔布斯
Well, I think what we want to do is deliver a lot, an increasing level of value to these customers. There are some customers which we choose not to serve. We don’t know how to make a $500 computer that’s not a piece of junk, and our DNA will not let us ship that. But we can continue to deliver greater and greater value to those customers that we choose to serve and there’s a lot of them. And we’ve seen great success by focusing on certain segments of the market and not trying to be everything to everybody. So I think you can expect us to stick with that winning strategy and continuing to try to add more and more value to those products in those customer bases we choose to serve. Does that make sense to you?
我认为，我们要做的就是为这些客户提供大量的、不断增长的价值。有些客户我们选择不服务。我们不知道如何制造一台 500 美元的电脑，而它又不是一台垃圾，我们的 DNA 不会让我们运送这样的电脑。但是，我们可以继续为那些我们选择服务的客户提供更多更大的价值，而这些客户有很多。我们专注于某些细分市场，不试图面面俱到，因此取得了巨大成功。因此，我认为你可以期待我们坚持这一制胜战略，继续努力为我们选择服务的客户群的产品增加更多价值。你觉得这样有意义吗？
不生产垃圾，支付能力最终由选定的客户群决定。
Toni Sacconaghi - Sanford Bernstein
托尼-萨科纳吉 - 桑福德-伯恩斯坦
Yes, it does. I mean, I guess, if I could follow-up, you did in this case add more value in terms of feature functionality with your notebook by actually lowering the price, so you retained the features but lowered the price. Certainly in terms of the new notebooks, you retained the price and added more features.
是的，确实如此。我的意思是，我想，如果我可以追问一下，在这种情况下，你们确实通过降低价格，在笔记本的功能特性方面增加了更多价值，所以你们保留了功能，但降低了价格。当然，就新笔记本而言，你们保留了价格，但增加了更多的功能。
Steven P. Jobs 史蒂文-P-乔布斯
Correct. 正确。
Toni Sacconaghi - Sanford Bernstein
托尼-萨科纳吉 - 桑福德-伯恩斯坦
Can we expect you to continue to attract more customers by doing both, both adding more features at the same price and lowering price and retaining the same features?
我们是否可以期望你们通过以下两种方式继续吸引更多的客户：在价格不变的情况下增加更多的功能；降低价格并保留相同的功能？
Steven P. Jobs 史蒂文-P-乔布斯
Well, we like to attract new customers but you will just have to wait and see.
我们喜欢吸引新客户，但你们只能拭目以待。
Toni Sacconaghi - Sanford Bernstein
托尼-萨科纳吉 - 桑福德-伯恩斯坦
Thank you. 谢谢。
Nancy Paxton 南希-帕克斯顿
Thank you, Toni. Could we have the next question, please?
谢谢你，托尼。请问下一个问题是什么？
Operator 操作员
Your next question will come from Bill Fearnley with FTN Midwest.
下一个问题来自 FTN Midwest 的 Bill Fearnley。
Bill Fearnley - FTN Midwest
If I could ask a question for Steve and then a quick follow-up to Peter and Tim -- Steve, how are you thinking about Apple TV now? You’ve had a heck of a year. For fiscal year, you’ve upgrade the iPhone, the iPods, and certainly the Macintoshes as well. If you look at the digital living room category and you look at the upcoming year of 2009, how do you look at the digital living room opportunity and how it relates to Apple TV?
我想问史蒂夫一个问题，然后再问彼得和蒂姆一个问题--史蒂夫，你现在对 Apple TV 有什么看法？你这一年过得很充实。在本财年，你们升级了 iPhone、iPod，当然也升级了 Macintoshes。如果你看看数字起居室类别，再看看即将到来的 2009 年，你如何看待数字起居室的机会，以及它与 Apple TV 的关系？
Steven P. Jobs 史蒂文-P-乔布斯
Well again, I think the whole category is still a hobby right now. I don’t think anybody has succeeded at it and actually the experimentation has slowed down. A lot of the early companies that were trying things have faded away, so I’d have to say that given the economic conditions, given the venture capital outlooks and stuff, I continue to believe it will be a hobby in 2009.
再说一遍，我认为整个类别现在还只是一种尝试。我不认为有人在这方面取得了成功，实际上，实验已经放缓。很多早期进行尝试的公司已逐渐消失，所以我不得不说，考虑到经济条件、风险投资前景等因素，我仍然认为 2009 年这将是一个小的尝试。
追求极致又能够面对现实，非常难得的品质。
Bill Fearnley - FTN Midwest
And if I could switch quickly to tablet computing and touch screens, you’ve made some comments about those in the past but when you look at tablet computing and you look at the new form factor for the Macs and those types of things, does that get to be a more attractive opportunity for you going forward here, now that the new Macs are out?
如果我可以快速切换到平板电脑和触摸屏，你过去曾对这些发表过一些评论，但当你看到平板电脑，看到 Mac 的新外形和这些类型的东西时，这是否会成为你未来更有吸引力的机会？
Steven P. Jobs 史蒂文-P-乔布斯
I think we have such creative people that are looking at a lot of things but I really can’t talk about any of the future products we are working on, I’m sorry.
我认为我们的员工很有创造力，他们正在研究很多东西，但我真的不能谈论我们正在开发的任何未来产品，很抱歉。
Bill Fearnley - FTN Midwest
Okay, and then -- thanks for that, and Peter, when you talk about your expectations for the upcoming quarter, what’s your expectation for meeting or getting close to equilibrium from a demand and supply perspective here in the first quarter of ’09, and are there any credit issues in the channel affecting your revenue projections for the upcoming quarter, either in the U.S. or other geos? So it’s a new product and it’s a credit issue question for the guidance in the first quarter.
好的，谢谢，彼得，当你谈到对下一季度的预期时，从供需角度来看，你对 09 年第一季度达到或接近供需平衡的预期是什么？因此，这是一个新产品，也是第一季度指导性的信贷问题。
Peter Oppenheimer 彼得-奥本海默
Bill, I’ll make a comment or two on the credit and Tim can speak about the first part of your question. You know, this is definitely a concerning environment from a credit perspective. Our treasury team has done just an amazing job with our cash. I was so proud to tell you in my opening comments that our mark-to-market, unrealized mark-to-market on the portfolio only increased $80 million sequentially on over $24 billion of cash, so they’ve done a great job.
比尔，我就信贷问题谈一两点看法，蒂姆可以谈谈你问题的第一部分。你知道，从信贷角度来看，现在的环境确实令人担忧。我们的财务团队在现金方面做得非常出色。我很自豪地在开场白中告诉大家，我们的投资组合按市值计价、未实现按市值计价，在超过 240 亿美元的现金中仅连续增加了 8000 万美元，所以他们做得非常出色。
On the receivables side, we’ve historically been very good in that area. We’ve got good people. We stay on top of collections and we monitor accounts, I think as any company does. But it’s a tough environment out there and we are being as careful as we can and hopefully we won’t have issues in the future.
在应收账款方面，我们历来都做得很好。我们有优秀的员工。我们一直关注收款情况，监控账目，我想任何公司都是这样做的。但现在的环境很严峻，我们会尽量小心，希望将来不会出现问题。
Timothy D. Cook 蒂莫西-D-库克
Bill, let me take the three product areas and briefly comment on your question. In the iPod space at the end of the quarter, we were still filling the channel to get the new product at the right level in the channel. We’ve now completed that but were not at the end of last quarter.
比尔，请允许我就三个产品领域简要谈谈你的问题。本季度末，在 iPod 领域，我们仍在填补渠道空白，以便在渠道中获得适当水平的新产品。现在我们已经完成了这项工作，但上季度末还没有。
And the iPhone, as I’ve alluded to before, we felt we ended with the right level of channel inventory and it’s difficult to predict demand for the quarter but today I know of no issues in providing the right level of supply.
而 iPhone，正如我之前提到的，我们认为渠道库存水平合适，很难预测本季度的需求，但今天我知道在提供合适的供应水平方面没有任何问题。
On the Mac side, we have significant backlogs on the new product and we are working very, very hard around the clock to fill those just as fast as we can and we’ll see what the trajectory of demand is but I’m confident that we can produce a lot. Whether it’s enough, I don’t know because it’s hard to forecast the demand.
在 Mac 方面，我们有大量的新产品积压，我们正在夜以继日地努力工作，以最快的速度填补这些积压。至于产量是否足够，我不知道，因为很难预测需求。
Bill Fearnley - FTN Midwest
Well, if the fog lifts on October and your demand visibility gets better at the beginning of November, do you still have time to ramp your builds to affect the first quarter number then, from a supply chain perspective?
那么，如果 10 月份的雾霾散去，11 月初需求情况好转，那么从供应链的角度来看，您是否还有时间加紧生产，以影响第一季度的数字？
Timothy D. Cook 蒂莫西-D-库克
We are obviously making bets on the demand already and -- so we are predicting. It’s just hard for us to forecast for external consumption.
显然，我们已经在对需求下注，因此我们正在进行预测。只是我们很难预测外部消费。
Bill Fearnley - FTN Midwest
Okay. Thanks for the details, folks.
好的谢谢你们的详细介绍，伙计们。
Nancy Paxton 南希-帕克斯顿
Thank you, Bill. Could we have the next question, please?
谢谢你，比尔。请问下一个问题是什么？
Operator 操作员
Your next question will come from Mike Abramsky with RBC Capital Markets.
下一个问题来自加拿大皇家银行资本市场的 Mike Abramsky。
Mike Abramsky - RBC Capital Markets
Mike Abramsky - 加拿大皇家银行资本市场
Thanks very much. Steve, you only have really one SKU in the phone biz, and the phone market is 10 times the size of the PC market, so I think you clearly as you said strive to be the best. At the same time, what might be the opportunities for further innovation or market opportunities within that market?
非常感谢。史蒂夫，你们在手机领域实际上只有一个 SKU，而手机市场的规模是 PC 市场的 10 倍，所以我认为正如你所说，你们显然在努力成为最好的公司。同时，在这个市场中，进一步创新的机会或市场机会可能是什么？
Steven P. Jobs 史蒂文-P-乔布斯
Well, I wasn’t alive then but from everything I heard, Babe Ruth had only one homerun, he just kept hitting it over and over again. So I don’t think that -- I think the traditional game in the phone market has been to produce a voice phone in a hundred different varieties. But as software starts to become the differentiating technology of this product category, I think that people are going to find that a hundred variations presented to a software developer is not very enticing and most of the competitors in this phone business do not really have much experience in a software platform business. So we are extremely comfortable with our strategy, our product strategy going forward and we approach it as a software platform company, which is pretty different than most of our competitors.
当时我还不在世，但我听说贝比-鲁斯（Babe Ruth）只有一个全垒打，他只是不断地打出全垒打。因此，我不认为--我认为电话市场的传统玩法是生产一百多种不同的语音电话。但是，随着软件开始成为这一产品类别的差异化技术，我认为人们会发现，向软件开发商提供上百种不同的产品并不十分诱人，而且手机业务的大多数竞争对手在软件平台业务方面并没有太多的经验。因此，我们对我们的战略、我们未来的产品战略非常自信，我们将其视为一家软件平台公司，这与我们的大多数竞争对手截然不同。
这个回答极其精彩，现实既简单又清晰，但凡不简单不清晰的都不是现实。
Mike Abramsky - RBC Capital Markets
Mike Abramsky - 加拿大皇家银行资本市场
And I think earlier, there’s been lots of discussion about limited visibility on whether there’s delays to purchases or the economy. When do you think you get better visibility to things like Mac upgrade or uptake cycles versus economy related headwinds or changes in buyer patterns here, given so much uncertainty? Is that first quarter next year and is your price point comment about we are going to restrict ourselves to certain markets we want to play in, is that firm or are there alternative strategies you might employ if you don’t get the upgrade cycles, or response to the price point stance that you are looking for?
我认为，早些时候有很多人在讨论购买或经济是否出现延迟的问题，但能见度有限。鉴于不确定性如此之大，你认为什么时候才能更好地了解 Mac 升级或吸收周期等情况，以及与经济相关的不利因素或买家模式的变化？明年第一季度，你关于 "我们将把自己限制在某些我们想进入的市场 "的价位评论是否坚定，或者，如果你没有得到升级周期或对你正在寻找的价位立场的回应，你是否会采取其他策略？
Timothy D. Cook 蒂莫西-D-库克
Mike, I think the answer to your question is different by product. On iPod, historically about half of our sell-through occurs in December and so the question of iPod visibility, we’ll get a lot better visibility as we head into December on this quarter. Before then, the visibility will be limited.
迈克，我认为不同产品的答案是不同的。就 iPod 而言，从历史上看，我们大约有一半的销售额是在 12 月份完成的，因此，关于 iPod 的能见度问题，我们将在本季度进入 12 月份后获得更好的能见度。在此之前，能见度将很有限。
库克显然不如乔布斯，这样的回答是不够清晰的。
In the Mac area, the question is how much was purchasing delay versus economy, if at all, and we’ll gain knowledge on that each week but it will take some number of weeks before we are able to meet the demand in that space, and so I think it will take a little while longer.
在 Mac 领域，问题是购买延迟与经济性（如果有的话）有多大关系，我们每周都会对此有所了解，但要满足该领域的需求还需要几周的时间，因此我认为还需要一段时间。
Mike Abramsky - RBC Capital Markets
Mike Abramsky - 加拿大皇家银行资本市场
Okay. Thank you very much.
好的 非常感谢 Okay.非常感谢
Nancy Paxton 南希-帕克斯顿
Thank you, Mike. A replay of today’s call will be available for two weeks as a podcast on the iTunes store, as a webcast on apple.com/investor, and via telephone. And the numbers for the telephone replay are 888-203-1112 or 719-457-0820, and the confirmation code is 5643095, and these replays will be available beginning at approximately 5:00 p.m. Pacific Time today.
谢谢，迈克。今天电话会议的重播将在两周内通过 iTunes 商店的播客、apple.com/investor 网站的网播和电话提供。电话重播的号码是 888-203-1112 或 719-457-0820，确认码是 5643095，这些重播将从太平洋时间今天下午 5:00 左右开始提供。
Members of the press with additional questions can contact Steve Dowling at 408-974-1896, and financial analysts can contact either Joan Hoover or me with additional questions. Joan is at 408-974-4570 and I am at 408-974-5420. Thanks again for joining us.
新闻界人士如有其他问题，请联系史蒂夫-道林（Steve Dowling），电话 408-974-1896；金融分析师如有其他问题，请联系琼-胡佛（Joan Hoover）或我。琼的电话是 408-974-4570，我的电话是 408-974-5420。再次感谢您的参与。
Operator 操作员
Ladies and gentlemen, that does conclude today’s presentation. We thank everyone for your participation and have a wonderful day.
女士们，先生们，今天的发言到此结束。感谢大家的参与，祝大家今天愉快。
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