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Notes of interest from Apple's Q407 quarterly conference call

post #1 of 70
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Apple on Monday announced its most profitable September quarter in company history, and later held a financial conference call with analysts and members of the media. Several notes of interest from the call follow:

Apple's Q4 conference call was marred by technical problems that prevented both phone and online listeners from hearing or participating in the call at various intervals. This resulted in some missing information that will be obtained later.

Apple on Monday announced financial results for its fiscal 2007 fourth quarter ended October 1, 2007, posting revenue of $6.22 billion and a net quarterly profit of $904 million, or $1.01 per diluted share.

Apple's Mac business

Overall, Apple experienced the best Mac unit sales in its history, besting its previous the record by 400,000 units thanks to an "incredible reception" to the new iMac.

Apple's Mac business accounted for 50 percent of the company's total quarterly revenue.

Apple sold 817,000 desktops during the quarter and 1,347,000 notebooks.

This has been the most successful back-to-school season that Apple has ever had, the company said.

Apple now sports a total of 8,700 Mac distribution points, up 2,000 over the course of the fiscal year.

The "vast majority" of the more than 21 million Macs shipped over the past four years will be capable of running Leopard when it is released later this week.

Apple's iPhone business

The quarter represented the first full quarter of iPhone sales for the company.

Apple's iPhone business accounted for 1.9 percent of the company's total quarterly revenue under the company's deferred revenue approach.

Apple is amortizing iPhone handset sale revenue over a 24-month period, but payments from AT&T are recognized over "time as earned." Apple would not go into further detail on this topic.

Apple sold 1.119 million iPhones during the quarter and 1.4 million since launch.

The company was "very happy" with the elasticity iPhone sales after the price cut to $399.

Apple is working with SalesForce.com to help monetize the iPhone for business.

The $100 iPhone credit is being recognized as customers redeem them, and most credits should be redeemed by the end of the December quarter.

Roughly 250,000 iPhones had been sold since launch with the intention of unlocking the phone; many of these sales occurred after the price cut.

Apple remains very confident with its prediction of shipping 10M iPhones by the end of calendar year 2008. It took two years to achieve 1.4M iPods sold. Apple achieved that for iPhone in just over 3 months.

The company reaffirmed its plans to enter Asia with the iPhone in 2008.

Apple saw no signs of cannibalization of the iPod by the iPhone ahead of the September iPhone refreshes. However, the company does not yet have enough data to quantify the effect -- if there is one -- following the refreshes. It will have comments next quarter.

Apple's iPod business

Apple's iPod business accounted for 26 percent of its total quarterly revenue.

Over 10.2 million iPods were sold this quarter, with more than 120 million sold to date.

iTunes remains the third largest distributor of music in the U.S. Apple's retail stores generated $268 million is segment margin, up from $156 million during the year-ago quarter.

Apple's iPod distribution points have increased slightly to over 40,000.

Apple's Retail business

Apple's retail stores combined to sell 473,000 Mac units and generate $1.25B in revenues during Apple's fourth fiscal quarter, representing yearly growth of 46 percent in units and 42 percent in revenue. Sequentially, the retail segment produced a 43 percent rise in units and a 12 percent increase in revenue.

Apple opened 12 new stores during the quarter, ending with a total of 197 stores.

Average store revenue was $6.6 million -- an increase of approximately $1 million per store from the same quarter last year.

Apple plans to open 40 additional stores over the course of the next year, including new stores in New York, Boston and its first-ever store in China.

Average store revenue was $6.6 million -- an increase of approximately $1 million per store for the same quarter last year.

At the end of September quarter, Apple had store-within-a-store boutiques at 230 Best Buy locations. The company plans to end the current December quarter operating out of more than 270 Best Buy locations.

Apple has decided not to pursue its pilot program with Circuit City.

Other Apple business and segments

Apple Americas accounted for 965,000 Mac sales and $2.928B in revenues. These figures are up 24 percent and 25 percent year-over-year, and 17 percent and 9 percent sequentially.

Apple Europe accounted for 499,000 Mac sales and $1.339B in revenues. These figures are up 46 percent and 36 percent year-over-year, and up 27 percent and 15 percent sequentially.

Apple Japan accounted for 72,000 Mac sales and $255M in revenues. These figures are up 16 percent in units but down 11 percent in revenue year-over-year, and down 11 percent and 1 percent in these respective areas sequentially.

Apple's Asia Pacific (and FileMaker Inc) accounted for 89,000 Mac sales and $310M in revenues. These figures are up 6 percent and 21 percent year-over-year. Sequentially, unit sales rose 35 percent in the Asia Pacific regions but revenues dropped 5 percent.

Apple's "Other Music Related Products and Services" segment accounted for $601M in revenue. The figure represents a 33 percent year-over-year increase but a 1 percent sequential decline.

Apple's "Peripherals and Other Hardware" added $346M in revenue, representing a 16 percent growth year-over-year and 12 percent sequentially.

Apple's "Software, Service and Other Sales" segment accounted for $430M in revenue, a jump of 36 percent year-over-year and 11 percent sequentially.

There was an "incredible growth" in the audio and video businesses, driven by Logic 8 and Final Cut Studio 2. The digital media production space was nonetheless "slow," Apple noted.

The financial side of Q4

Gross margins for the quarter came in at 33.6 percent.

The operating margin for the quarter came in at 13 percent.

Direct sales accounted for 57 percent of Apple's total revenue, which is up from 53 percent in the year-ago quarter.

Apple's next (Q108) fiscal quarter

Looking ahead to the current quarter ending December, Apple expects revenue of about $9.2 billion and earnings per diluted share of about $1.42

The company is guiding gross margin down to 31 percent.

Operating expenses are estimated at $1.165B, including $80 million related to stock-based compensation.

The tax rate should be 32 percent.

Apple is "looking forward" to its best ever quarter in company history, as it has the "best product lineup" in Apple's history.

Couple of quotes

The small-to-medium business market is difficult to measure and is operating slowly. "We are doing well there and growing... clearly there are some businesses buying [iPhone]," Apple said.

The company is not going to speculate on when Apple will hit the 3 million mark for iPhone sales.

Japan is the only major market Apple is "struggling" in, but Apple saw strong sales of the iMac in an overall market that had shrunk 2 percent sequentially.
post #2 of 70
Quote:
Originally Posted by AppleInsider View Post

Apple sold 1,119 million iPhones during the quarter and 1.4 million since launch.

That first figure is perhaps a little off the mark...
post #3 of 70
Seems like good all round results. Apple should try to do better in the non-Europe/North America markets. There's an awful lot of consumers there, even if many are much poorer - that won't last forever.
post #4 of 70
Quote:
Originally Posted by AppleInsider View Post

Apple's Q4 conference call was marred by technical problems that prevented both phone and online listeners from hearing or participating in the call at various intervals. This resulted in some missing information that will be obtained later.

Unfortunately someone at Apple attempted to trim costs by running the conference call with Skype on a "flower-power" iMac G3 over a dial-up connection. Things didn't go as well as hoped.
post #5 of 70
Quote:
Originally Posted by eAi View Post

Seems like good all round results. Apple should try to do better in the non-Europe/North America markets. There's an awful lot of consumers there, even if many are much poorer - that won't last forever.

BRIC - Brazil, Russia, India, China - The emerging markets Apple should be focusing on.
post #6 of 70
Tremendous call for Apple. Expect a huge drop in AAPL tomorrow as the big boys take profits.

Proud AAPL stock owner.

 

GOA

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Proud AAPL stock owner.

 

GOA

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post #7 of 70
Quote:
The company reaffirmed its plants to enter Asia with the iPhone in 2008.

Damn I didn't get a plant with my iPhone. ;-p
meh
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meh
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post #8 of 70
Quote:
Originally Posted by SpamSandwich View Post

Tremendous call for Apple. Expect a huge drop in AAPL tomorrow as the big boys take profits.

Then I'm buying. It was up big in after hours trading, like $16.00.

I think the 'halo' effect is beginning to kick in.
post #9 of 70
Quote:
Originally Posted by richyfp View Post

That first figure is perhaps a little off the mark...

Yes, I'm surprised that Apple's sale of 1,119,000,000 iPhones didn't make international headlines.
post #10 of 70
Quote:
Originally Posted by AppleInsider View Post

Overall, Apple experienced the best Mac unit sales in its history, besting its previous the record by 400,000 units thanks to an "incredible reception" to the new iMac.

Apple's Mac business accounted for 50 percent of the company's total quarterly revenue.

Apple sold 817,000 desktops during the quarter and 1,347,000 notebooks.

I guess Mac desktops aren't as crappy as some made them out to be in another AppleInsider thread this morning. Desktops up 31% year-over-year, 29% quarter over quarter; I think that handily beat the competition. (Acer and Lenovo's growth is heavily skewed toward laptops.)
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set you free."
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"you will know the truth, and the truth will
set you free."
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post #11 of 70
With all of Apple's profit centers hitting major strides and picking up momentum "The Big Boys" will be buying tomorrow, and the next day and the next day.

Show me another company (besides Google) that is growing revenue at 60% and trading at less than a 1 multiple? No with the banks in the dumps and the housing market headed lower for quite a while, stocks are the only haven. And companies like APPLE and GOOGLE are the ones that are going to be going higher. Just because our economy is weak overall Apple and Google can still kick some major butt.

Which would you rather invest in: T-Bill at 4.5%, Real Estate at -??? %, or companies that are growing at more than 100% per year???

Yeah, that's what the Big Boys are thinking too!
post #12 of 70
Well, Japan would do a hell of a lot better if Apple had some decent mini-laptops.

I'm not talking sub-Macbook. That should be their main line.

I'm talking about sub-sub-Macbook. That's what the Japanese want. And that's what I want too.
post #13 of 70
It is not just the lack of certain product lines that is hurting Apple in Japan. Apple has some serious and wide-spread problems that need dealing with if they are to boost their figures for Japan. As it sits, I see Apple leaving Japan in the next couple of years; the iPhone won't impress here as it did in the States and certainly is not enough to rescue a failing business. Japan should and could be an extremely good market for them, but they just don't seem to have a clue - nor to give a hoot - as to how to win it.

 

Your = the possessive of you, as in, "Your name is Tom, right?" or "What is your name?"

 

You're = a contraction of YOU + ARE as in, "You are right" --> "You're right."

 

 

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Your = the possessive of you, as in, "Your name is Tom, right?" or "What is your name?"

 

You're = a contraction of YOU + ARE as in, "You are right" --> "You're right."

 

 

Reply
post #14 of 70
Quote:
Originally Posted by Johnny Mozzarella View Post

Unfortunately someone at Apple attempted to trim costs by running the conference call with Skype on a "flower-power" iMac G3 over a dial-up connection. Things didn't go as well as hoped.

Good one.

post #15 of 70
Quote:
Originally Posted by MrShow View Post

Damn I didn't get a plant with my iPhone. ;-p

Uh, Florida isn't Asia.

Just saying...
post #16 of 70
Quote:
Originally Posted by backtomac View Post

Then I'm buying. It was up big in after hours trading, like $16.00.

I think the 'halo' effect is beginning to kick in.

I think the word "kick" is becoming too mild.
post #17 of 70
Quote:
Originally Posted by Bergermeister View Post

It is not just the lack of certain product lines that is hurting Apple in Japan. Apple has some serious and wide-spread problems that need dealing with if they are to boost their figures for Japan. As it sits, I see Apple leaving Japan in the next couple of years; the iPhone won't impress here as it did in the States and certainly is not enough to rescue a failing business. Japan should and could be an extremely good market for them, but they just don't seem to have a clue - nor to give a hoot - as to how to win it.

I think that the Japanese market does not see value in Apple and vice versa. And the fact that units are up and revenues down indicates that the Japanese are quite happy with their cut-rate Taiwanese/Chinese subnotebok PCs. I am sure it suits their needs fine.

Apple should -- and my guess is, it will -- devote its resources and attention to other parts of Asia. $255 million in Mac revenues is rather pitifully low for a country of 130 million people with a per-capita income similar to that of the US.

One more prediction, FWIW: The iPhone will do very poorly in Japan, and that will be the nail in the Japanese Apple coffin. And, I say as a shareholder, "just as well."
post #18 of 70
Europe feels like that sometimes, especially where the Mac is concerned, and to a smaller extent the iPhone too.
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post #19 of 70
Quote:
Originally Posted by bwik View Post

Well, Japan would do a hell of a lot better if Apple had some decent mini-laptops.

I'm talking about sub-sub-Macbook. That's what the Japanese want. And that's what I want too.

It's called "iPhone", and hopefully, it will get to Japan before too long.
post #20 of 70
Quote:
Originally Posted by ajhill View Post

Show me another company (besides Google) that is growing revenue at 60% and trading at less than a 1 multiple?

What "1 multiple"? Multiple of what?
post #21 of 70
Quote:
Originally Posted by Bergermeister View Post

It is not just the lack of certain product lines that is hurting Apple in Japan. Apple has some serious and wide-spread problems that need dealing with if they are to boost their figures for Japan. As it sits, I see Apple leaving Japan in the next couple of years; the iPhone won't impress here as it did in the States and certainly is not enough to rescue a failing business. Japan should and could be an extremely good market for them, but they just don't seem to have a clue - nor to give a hoot - as to how to win it.

I expect Apple are thinking "one day everyone will just HAVE TO fall into line, mwahhhhahahahaaaa. World domination in progress....."

Ha, ya gotta love it. I have had to put up with the anti Apple crowd for too many years to be not openly joyous

Fly my Pretty, FLY
post #22 of 70
Quote:
Apple remains very confident with its prediction of shipping 10M iPhones by the end of calendar year 2008.

Well, at least we've gotten that cleared up.

It seems as though, in a way, we were all right.

It did mean sales by the end of 2008, as some of us said, but it also means end of the third quarter of 2008.

Just that end of 2008 means Apple's financial year, and during 2008, means calendar year.

Hopefully, that debate is now over.
post #23 of 70
Quote:
Originally Posted by Ireland View Post

Europe feels like that sometimes, especially where the Mac is concerned, and to a smaller extent the iPhone too.

Except that sales in Europe were up substantially more in percentage terms than they were here in the States.
post #24 of 70
Quote:
Originally Posted by anantksundaram View Post

I think that the Japanese market does not see value in Apple and vice versa. And the fact that units are up and revenues down indicates that the Japanese are quite happy with their cut-rate Taiwanese/Chinese subnotebok PCs. I am sure it suits their needs fine.

Apple should -- and my guess is, it will -- devote its resources and attention to other parts of Asia. $255 million in Mac revenues is rather pitifully low for a country of 130 million people with a per-capita income similar to that of the US.

One more prediction, FWIW: The iPhone will do very poorly in Japan, and that will be the nail in the Japanese Apple coffin. And, I say as a shareholder, "just as well."


The general impression here is that Apple makes very interesting products. They do lack a few features already common on Japanese machines (the US is pretty far behind on a few things), but all in all they are very interesting to the Japanese.

However, the problems arise in marketing (almost no attempt here) and support, which sucks, to put it mildly, and quality control, which also sucks, to put it mildly. I visited five shops yesterday and asked if they could recommend Apple; all said they could not. When I asked about other manufacturers, they all said there were pluses and minuses with each, but overall, they could. When pressed on quality control, they said that far more Apples were sold with problems (dead pixels, DOA, other) and more needed repairs within the first year than all the other makes combined and they were working on numbers sold, which makes Apple look pathetic. Their real point, however, was with Apple Care, which none of the shops said they had had good relations with.

I recently tried to have my new nano replaced. It is has very badly tilted screen. Took it to the Apple Store in Osaka. The Genius said he could replace it, but the replacement would also have a tilted screen because they all have tilted screens. Apple knows its product has a problem yet they continue to sell it. That is just sick.

As an Apple shareholder, I would be very worried if the company I was trying to get rich off of just by letting them do their business was screwing around like this. I would feel that by holding their stock that I was supporting their ways. I would be worried that they were flopping in a huge potential market. I would also be worried that they were losing customers: my wife and I will not return to an Apple Store to do any shopping what so ever, and my wife said last night that her next computer purchase will be a PC, not a Mac, because she simply cannot trust Apple. Personally, I feel for the first time that I too, might choose a different maker than Apple, and I have been an Apple customer for 20 years.

But then, I don't seem to matter to those who are chasing the easy buck.

 

Your = the possessive of you, as in, "Your name is Tom, right?" or "What is your name?"

 

You're = a contraction of YOU + ARE as in, "You are right" --> "You're right."

 

 

Reply

 

Your = the possessive of you, as in, "Your name is Tom, right?" or "What is your name?"

 

You're = a contraction of YOU + ARE as in, "You are right" --> "You're right."

 

 

Reply
post #25 of 70
Quote:
Originally Posted by melgross View Post

It's called "iPhone", and hopefully, it will get to Japan before too long.

You better have bought something good to celebrate today. You earned enough with the after hours up-tick.
post #26 of 70
Quote:
Originally Posted by melgross View Post

Except that sales in Europe were up substantially more in percentage terms than they were here in the States.

Well that would obviously be the case being how Macs are few and far between here.
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post #27 of 70
Quote:
Originally Posted by Bergermeister View Post

The general impression here is that Apple makes very interesting products. They do lack a few features already common on Japanese machines (the US is pretty far behind on a few things), but all in all they are very interesting to the Japanese.

However, the problems arise in marketing (almost no attempt here) and support, which sucks, to put it mildly, and quality control, which also sucks, to put it mildly. I visited five shops yesterday and asked if they could recommend Apple; all said they could not. When I asked about other manufacturers, they all said there were pluses and minuses with each, but overall, they could. When pressed on quality control, they said that far more Apples were sold with problems (dead pixels, DOA, other) and more needed repairs within the first year than all the other makes combined and they were working on numbers sold, which makes Apple look pathetic. Their real point, however, was with Apple Care, which none of the shops said they had had good relations with.

I recently tried to have my new nano replaced. It is has very badly tilted screen. Took it to the Apple Store in Osaka. The Genius said he could replace it, but the replacement would also have a tilted screen because they all have tilted screens. Apple knows its product has a problem yet they continue to sell it. That is just sick.

As an Apple shareholder, I would be very worried if the company I was trying to get rich off of just by letting them do their business was screwing around like this. I would feel that by holding their stock that I was supporting their ways. I would be worried that they were flopping in a huge potential market. I would also be worried that they were losing customers: my wife and I will not return to an Apple Store to do any shopping what so ever, and my wife said last night that her next computer purchase will be a PC, not a Mac, because she simply cannot trust Apple. Personally, I feel for the first time that I too, might choose a different maker than Apple, and I have been an Apple customer for 20 years.

But then, I don't seem to matter to those who are chasing the easy buck.

Great post, that's some terrible customer relations right there. Steve and Co. are doing a great Job running their company in the States, I wouldn't say they are doing a great Job outside of the States, and that makes me sick. There products are selling well because they are so good, but Apple needs to really start taking the world outside the States FAR MORE SERIOUSLY!

Their retail store growth outside of the States is embarrassing. Most people here don't even know they make computers, and I'm not joking, I'm deadly serious.

And.. I've never seen a Mac ad on TV here in Ireland - because there never was one.
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post #28 of 70
Quote:
Originally Posted by Bergermeister View Post

Personally, I feel for the first time that I too, might choose a different maker than Apple, and I have been an Apple customer for 20 years.

But then, I don't seem to matter to those who are chasing the easy buck.


I call BLUFF.. There is no way that someone with nearly 2500 posts on this forum is going to buy a PC.
post #29 of 70
Quote:
Originally Posted by mdriftmeyer View Post

You better have bought something good to celebrate today. You earned enough with the after hours up-tick.

Not today, but we'll be buying a Mac Pro, and two 24" iMacs (unless the fabled xMac comes out) after Macworld. Oh, and a 17" inkjet.
post #30 of 70
Quote:
Originally Posted by Ireland View Post

Well that would obviously be the case being how Macs are few and far between here.

But it does look good.
post #31 of 70
Quote:
Originally Posted by melgross View Post

But it does look good.

Good relative to last year, but still invisible relative to the PC industry here. As in literally invisible.
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post #32 of 70
Quote:
Originally Posted by solsun View Post

I call BLUFF.. There is no way that someone with nearly 2500 posts on this forum is going to buy a PC.

Try me.

 

Your = the possessive of you, as in, "Your name is Tom, right?" or "What is your name?"

 

You're = a contraction of YOU + ARE as in, "You are right" --> "You're right."

 

 

Reply

 

Your = the possessive of you, as in, "Your name is Tom, right?" or "What is your name?"

 

You're = a contraction of YOU + ARE as in, "You are right" --> "You're right."

 

 

Reply
post #33 of 70
Quote:
Originally Posted by solsun View Post

I call BLUFF.. There is no way that someone with nearly 2500 posts on this forum is going to buy a PC.

To even joke about it without being totally sarcastic is bad enough, especially when the person has so many posts.

Take Dot Mac, Apple is literally laughing at people with the cost of that service, it's quite frankly disrespect-able to its customers.
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post #34 of 70
Quote:
Originally Posted by Ireland View Post

Good relative to last year, but still invisible relative to the PC industry here. As in literally invisible.

I don't agree with that. The numbers are small, but they are growing quickly. I'm also sure that even over there, due to the iPod, and iTunes of course, Apple, and its product lines do have much more mindshare than the numbers alone would indicate.
post #35 of 70
Quote:
Originally Posted by Ireland View Post

To even joke about it without being totally sarcastic is bad enough, especially when the person has so many posts.

Take Dot Mac, Apple is literally laughing at people with the cost of that service, it's quite frankly disrespect-able to its customers.

Disrespectable? Is that Irish for disrespectful?
post #36 of 70
Quote:
Originally Posted by melgross View Post

Disrespect-able? Is that Irish for disrespectful?

..Sea.
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post #37 of 70
Quote:
Originally Posted by melgross View Post

I don't agree with that.

You don't live here. Everyone I talk to here doesn't know what the heck a Mac is.
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post #38 of 70
Mindshare is an interesting thing.

In Japan, most people are aware of Apple, and indeed, the iPhone even made it into the local paper where I live when it was released. So far, so good: every Japanese knows that Apple makes Macs, they know about iPods and they have seen a photo of the iPhone. High positive mindshare.

They also know about the quality control problems and the horrible service, especially when compared to other makers. High negative mindshare.

Apple's sales are pathetic in Japan, so I wonder which mindshare is winning: the positive or the negative?

 

Your = the possessive of you, as in, "Your name is Tom, right?" or "What is your name?"

 

You're = a contraction of YOU + ARE as in, "You are right" --> "You're right."

 

 

Reply

 

Your = the possessive of you, as in, "Your name is Tom, right?" or "What is your name?"

 

You're = a contraction of YOU + ARE as in, "You are right" --> "You're right."

 

 

Reply
post #39 of 70
Quote:
Originally Posted by Ireland View Post

You don't live here. Everyone I talk to here doesn't know what the heck a Mac is.

You do.
post #40 of 70
Quote:
Originally Posted by Bergermeister View Post

Mindshare is an interesting thing.

In Japan, most people are aware of Apple, and indeed, the iPhone even made it into the local paper where I live when it was released. So far, so good: every Japanese knows that Apple makes Macs, they know about iPods and they have seen a photo of the iPhone. High positive mindshare.

They also know about the quality control problems and the horrible service, especially when compared to other makers. High negative mindshare.

Apple's sales are pathetic in Japan, so I wonder which mindshare is winning: the positive or the negative?

Why would Apple be so different there than everywhere else?

iPods are the biggest selling music players though.
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