蘋果 (AAPL) 2013 Q2 法說會逐字稿

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

女士們先生們，美好的一天，歡迎來到這家 Apple Inc.

second-quarter fiscal year 2013 earnings release conference call.

2013財年第二季度財報電話會議。

Today's call is being recorded.

今天的電話正在錄音。

At this time, for opening remarks and introductions, I would like to turn the call over to Nancy Paxton, Senior Director of Investor Relations.

目前，關於開場白和介紹，我想將電話轉給投資者關係高級總監 Nancy Paxton。

Please go ahead, ma'am.

請繼續，女士。

Thank you.

謝謝你。

Good afternoon and thanks to everyone for joining us.

下午好，感謝大家加入我們。

Speaking today are Apple's CEO Tim Cook, and CFO Peter Oppenheimer.

今天發言的是蘋果公司的首席執行官蒂姆庫克和首席財務官彼得奧本海默。

And they'll be joined by Treasurer Gary Wipfler for the Q&A session with analysts.

財長加里·威普弗勒將與他們一起參加與分析師的問答環節。

Please note that some of the information you'll hear during our discussion today will consist of forward-looking statements, including, without limitation, those regarding revenue, gross margins, operating expenses, other income and expense, stock-based compensation expense, taxes future products, and capital allocation plans.

請注意，您在我們今天的討論中聽到的一些信息將包括前瞻性陳述，包括但不限於有關收入、毛利率、運營費用、其他收入和費用、股票薪酬費用、稅收的陳述未來產品和資本配置計劃。

Actual results or trends could differ materially from our forecast.

實際結果或趨勢可能與我們的預測大相徑庭。

For more information, please refer to the risk factors discussed in Apple's Form 10-K for 2012, the Form 10-Q for the first quarter of 2013, and the Forms 8-K filed with the SEC today along with the Associated Press releases.

如需更多信息，請參閱 Apple 2012 年的 10-K 表格、2013 年第一季度的 10-Q 表格以及今天向美國證券交易委員會提交的 8-K 表格以及美聯社新聞稿中討論的風險因素。

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

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

I'd now like to turn the call over to Tim Cook for introductory remarks.

我現在想把電話轉給蒂姆庫克做介紹性發言。

Thanks, Nancy.

謝謝，南希。

Hello, everyone, and thank you for joining us.

大家好，感謝您加入我們。

We have a lot of news to share with you today about the details of our March quarter, as well as a significant increase to our capital return program.

今天，我們有很多新聞要與您分享，關於我們 3 月季度的詳細信息，以及我們的資本回報計劃的顯著增加。

First, I'd like to talk about our business and the road ahead.

首先，我想談談我們的業務和未來的道路。

We're now halfway through our fiscal 2013 and we've accomplished a tremendous amount.

現在，我們的 2013 財年已經過半，我們已經取得了巨大的成就。

We've introduced and ramped production of an unprecedented number of new products.

我們推出並增加了數量空前的新產品的生產。

And we've set many new sales records.

我們創造了許多新的銷售記錄。

Our revenue for the first half was over $98 billion.

我們上半年的收入超過 980 億美元。

And our net income was over $22 billion.

我們的淨收入超過 220 億美元。

During that time we sold 85 million iPhones and 42 million iPads.

在此期間，我們售出了 8500 萬部 iPhone 和 4200 萬部 iPad。

These are very large numbers, unimaginable even to us just a few years ago.

這些數字非常大，甚至在幾年前對我們來說也是難以想像的。

Despite producing results that met or beat our guidance, as we have done consistently, we know they didn't meet everyone's expectations.

儘管產生的結果達到或超過了我們的指導，正如我們一貫所做的那樣，我們知道它們並沒有達到每個人的期望。

And though we've achieved incredible scale and financial success, we acknowledge that our growth rate has slowed, and our margins have decreased from the exceptionally high level we experienced in 2012.

儘管我們取得了令人難以置信的規模和財務成功，但我們承認我們的增長速度已經放緩，我們的利潤率已經從 2012 年的異常高水平下降。

Our revenues grew about $13 billion in the first half of this fiscal year.

本財年上半年，我們的收入增長了約 130 億美元。

Even though that's like adding the total first-half revenue of five Fortune 500 companies, our average weekly growth slowed to 19%.

儘管這就像將五家財富 500 強公司的上半年總收入相加，但我們的平均每週增長放緩至 19%。

And our gross margins are closer to the levels of a few years ago.

我們的毛利率更接近幾年前的水平。

Our fiscal 2012 results were incredibly strong.

我們 2012 財年的業績非常強勁。

And that's making comparisons very difficult this year.

這使得今年的比較變得非常困難。

Last year, our business benefited from both high growth and demand for our products, and a corresponding growth in channel inventories, along with a richer mix of higher gross margin products, a more favorable foreign currency environment and historically low costs.

去年，我們的業務受益於我們產品的高增長和需求，以及渠道庫存的相應增長，以及更高毛利率產品的更豐富組合、更有利的外匯環境和歷史較低的成本。

These compares are made further challenging until we anniversary the launch of the iPad Mini, which, as you know, we strategically priced at a lower margin.

在 iPad Mini 推出週年紀念之前，這些比較變得更具挑戰性，如您所知，我們戰略性地以較低的利潤率定價。

As Peter will discuss, we are guiding to flat revenues year over year for the June quarter, along with a slight sequential decline in gross margins.

正如彼得將討論的那樣，我們正在指導 6 月季度的收入同比持平，同時毛利率略有連續下降。

The decline in Apple's stock price over the last couple of quarters has been very frustrating to all of us.

過去幾個季度蘋果股價的下跌讓我們所有人都感到非常沮喪。

But Apple remains very strong and we will continue to do what we do best.

但蘋果仍然非常強大，我們將繼續做我們最擅長的事情。

We can't control items such as exchange rates and world economies, and even certain cost pressures.

我們無法控制匯率和世界經濟等項目，甚至某些成本壓力。

But the most important objective for Apple will always be creating innovative products.

但蘋果最重要的目標永遠是創造創新產品。

And that is directly within our control.

這直接在我們的控制範圍內。

We will continue to focus on the long term and we remain very optimistic about our future.

我們將繼續專注於長期，我們對我們的未來仍然非常樂觀。

We're participating in large and growing markets.

我們正在參與龐大且不斷增長的市場。

We see great opportunities in front of us, particularly given the long-term prospects of the smartphone and tablet markets, the strength of our incredible ecosystem, which we plan to continue to augment with new services, our plans for expanded distribution, and the potential of exciting new product categories.

我們看到了巨大的機遇，特別是考慮到智能手機和平板電腦市場的長期前景、我們令人難以置信的生態系統的力量（我們計劃繼續通過新服務增強它、我們擴大分銷的計劃以及潛力）令人興奮的新產品類別。

Take the smartphone market, for example.

以智能手機市場為例。

IDC estimates that this market will double between 2012 and 2016 to an incredible 1.4 billion units annually.

IDC 估計，該市場將在 2012 年至 2016 年間翻一番，達到每年 14 億台的驚人數字。

And Gartner estimates that the tablet market is growing at an even faster rate, from 125 million units in 2012 to a projected 375 million by 2016.

Gartner 估計，平板電腦市場正在以更快的速度增長，從 2012 年的 1.25 億台增長到 2016 年預計的 3.75 億台。

Our teams are hard at work on some amazing new hardware, software and services that we can't wait to introduce this fall and throughout 2014.

我們的團隊正在努力開發一些令人驚嘆的新硬件、軟件和服務，我們迫不及待地在今年秋天和整個 2014 年推出這些新硬件、軟件和服務。

We continue to be very confident in our future product plans.

我們繼續對我們未來的產品計劃充滿信心。

Apple has many distinct and unique advantages as the only company in the industry with world-class skills in hardware, software and services.

作為業內唯一一家在硬件、軟件和服務方面擁有世界級技能的公司，Apple 具有許多明顯和獨特的優勢。

We have the strongest ecosystem in the industry with app stores in 155 countries, iTunes music stores in 119 countries, hundreds of millions of iCloud users around the world.

我們擁有業內最強大的生態系統，在 155 個國家/地區擁有應用商店，在 119 個國家/地區擁有 iTunes 音樂商店，在全球擁有數億 iCloud 用戶。

And, most importantly, the highest loyalty and customer satisfaction rates in the business.

而且，最重要的是，企業中最高的忠誠度和客戶滿意度。

And, of course, we have a tremendous culture of innovation, with a relentless focus on making the world's best products that change people's lives.

當然，我們擁有巨大的創新文化，不懈地專注於製造改變人們生活的世界上最好的產品。

This is the same culture and company that brought the world the iPhone and the iPad, and we've got a lot more surprises in the works.

這就是將 iPhone 和 iPad 帶給世界的文化和公司，我們在作品中得到了更多的驚喜。

A little over a year ago, we announced a plan to return $45 billion to shareholders over three years.

一年多前，我們宣布了一項在三年內向股東返還 450 億美元的計劃。

Since we began paying dividends last August, and began share buybacks last October, we've already returned $10 billion under that program.

自從我們去年 8 月開始支付股息並於去年 10 月開始股票回購以來，我們已經根據該計劃返還了 100 億美元。

But we continue to generate cash in excess of our needs to operate the business, invest in our future, and maintain flexibility to take advantage of strategic opportunities.

但我們繼續產生超出我們運營業務、投資未來和保持靈活性以利用戰略機遇的需求的現金。

We remain firmly committed to our objective of delivering attractive returns to shareholders through both our business performance and the return of capital.

我們仍然堅定地致力於通過我們的業務表現和資本回報為股東提供有吸引力的回報的目標。

So today we are announcing an aggressive plan that more than doubles the size of the capital return program we announced last year to a total of $100 billion by the end of calendar year 2015.

因此，今天我們宣布了一項激進的計劃，該計劃將我們去年宣布的資本回報計劃規模擴大一倍以上，到 2015 年年底達到 1000 億美元。

The vast majority of our incremental cash return will be in the form of share repurchases.

我們絕大部分的增量現金回報將以股票回購的形式出現。

As the Board and management team deliberated among the various alternatives in returning cash, we concluded that investing in Apple was the best.

當董事會和管理團隊在各種返還現金的選擇中進行審議時，我們得出結論，投資蘋果是最好的。

In addition to share repurchases, we are increasing our current dividend by 15% to further appeal to investors seeking yield.

除了股票回購，我們還將當前股息提高 15%，以進一步吸引尋求收益的投資者。

And as part of our updated program, we will access the debt markets.

作為我們更新計劃的一部分，我們將進入債務市場。

Peter will provide more details about all of this in a moment.

Peter 稍後將提供有關所有這些的更多詳細信息。

We appreciate the input that so many of our shareholders have provided us on how best to deploy our cash.

我們感謝我們的許多股東就如何最好地部署我們的現金為我們提供的意見。

We will review our cash allocation strategy each year.

我們將每年審查我們的現金分配策略。

And we will continue to invest confidently in the business to bring great new products to market, strategically deploy capital in our supply chain, our retail stores, and our infrastructure.

我們將繼續自信地投資於業務，將出色的新產品推向市場，在我們的供應鏈、零售店和基礎設施中戰略性地部署資本。

And make acquisitions to expand our capabilities.

並進行收購以擴大我們的能力。

We will be disciplined in what we do but we will not under invest.

我們將在我們所做的事情上受到紀律處分，但我們不會投資不足。

I'd now like to turn the call over to Peter to discuss the details of the March quarter.

我現在想把電話轉給彼得討論三月季度的細節。

Peter?

彼得?

Thank you, Tim.

謝謝你，蒂姆。

We are pleased to report the results of our second fiscal quarter.

我們很高興地報告我們第二財季的業績。

We established new March quarter records for iPhone and iPad sales, and a new all-time record for iTunes sales.

我們為 iPhone 和 iPad 的銷售創造了新的 3 月季度記錄，並為 iTunes 的銷售創造了新的歷史記錄。

Leading to Apple's strongest March quarter revenue ever.

帶來蘋果有史以來最強勁的 3 月季度收入。

Revenue for the first quarter was $43.6 billion, compared to $39.2 billion in the year-ago quarter, an increase of $4.4 billion or 11% and $600 million over the high end of our guidance range.

第一季度的收入為 436 億美元，與去年同期的 392 億美元相比，增加了 44 億美元或 11%，比我們的指導範圍的高端增加了 6 億美元。

The year-over-year revenue increase was fueled primarily by strong growth in iPad and iTunes sales, as well as continued strong revenue from iPhone and Mac.

收入同比增長主要得益於 iPad 和 iTunes 銷售的強勁增長，以及來自 iPhone 和 Mac 的持續強勁收入。

Operating margin was $12.6 billion, representing 28.8% of revenue.

營業利潤率為 126 億美元，佔收入的 28.8%。

Net income was $9.5 billion, translated to diluted earnings per share of $10.09.

淨收入為 95 億美元，折合為每股攤薄收益 10.09 美元。

As for the details of the quarter I'd like to begin with iPhone.

至於本季度的細節，我想先從 iPhone 開始。

We sold 37.4 million iPhones compared to 35.1 million in the year-ago quarter, an increase of over 2.3 million, or 7%.

我們售出了 3740 萬部 iPhone，而去年同期為 3510 萬部，增加了 230 萬部，即 7%。

We ended the quarter with about 11.6 million total iPhones in channel inventory, a sequential increase of about 1 million iPhones.

截至本季度末，我們的渠道庫存總量約為 1160 萬部 iPhone，環比增長約 100 萬部。

And we ended the quarter within our target range of four to six weeks of iPhone channel inventory.

我們在第四至六週的 iPhone 渠道庫存目標範圍內結束了本季度。

Based on research published earlier this month by comScore, iPhone garnered the number one spot in the US smartphone market for the three-month period ended in February, with 39% share, up from 35% in the previous survey period.

根據 comScore 本月早些時候發布的研究，在截至 2 月的三個月期間，iPhone 在美國智能手機市場上排名第一，份額為 39%，高於上一個調查期間的 35%。

And in Japan, IDC Japan announced that iPhone gained the number one position for all of calendar year 2012, as well as for calendar Q4 2012 in both handsets and smartphones.

在日本，IDC Japan 宣布 iPhone 在 2012 年全年以及 2012 年第四季度在手機和智能手機中均排名第一。

This is also the first time a non-Japanese company has achieved the number one spot for an entire year.

這也是非日本企業首次全年蟬聯第一。

In addition, Apple was ranked number one in Nikkei's 2013 Japan brand survey, achieving the top spot for the second year in a row, which is unprecedented for a non-Japanese company.

此外，蘋果在日經 2013 年日本品牌調查中排名第一，連續第二年位居榜首，這對於非日本公司來說是前所未有的。

Around the world, based on its latest published estimates, IDC ranked iPhone number one or two in smartphone sales in over half the countries IDC tracks.

在全球範圍內，根據其最新公佈的估計，IDC 在 IDC 追踪的一半以上國家的智能手機銷量中將 iPhone 排在第一或第二位。

A recent study by Kantar measured a 95% loyalty rate among iPhone owners, substantially higher than the competition.

Kantar 最近的一項研究表明，iPhone 用戶的忠誠度為 95%，遠高於競爭對手。

And iPhone remains top in customer experience.

iPhone 在客戶體驗方面仍然名列前茅。

Last month we were very pleased to receive the number one ranking in smartphone customer satisfaction from JD Power and Associates for the ninth consecutive time.

上個月，我們很高興連續第九次獲得 JD Power and Associates 的智能手機客戶滿意度排名第一。

Businesses around the world continue to scale iPhone across their workforces.

世界各地的企業繼續在其員工隊伍中擴展 iPhone。

Globally, nearly 30,000 companies are developing and distributing iOS apps for corporate use by their employees.

在全球範圍內，近 30,000 家公司正在開發和分發 iOS 應用程序供其員工使用。

Cisco's Bring Your Own Device program across 80 countries has resulted in a 50% increase in the number of iPhones connecting to its corporate network in the past year.

去年，思科在 80 個國家/地區推出的自帶設備計劃使連接到其公司網絡的 iPhone 數量增加了 50%。

GlaxoSmithKline has developed more than 50 in-house iOS apps to support the thousands of iPhones and iPads connecting to its corporate network.

葛蘭素史克已經開發了 50 多個內部 iOS 應用程序，以支持連接到其公司網絡的數千部 iPhone 和 iPad。

Other companies, such as [Axis], Nordstrom's, Eaton Corporation, and Takeda Pharmaceuticals are supporting thousands of iPhones.

[Axis]、Nordstrom's、Eaton Corporation 和 Takeda Pharmaceuticals 等其他公司正在支持數以千計的 iPhone。

And are continually adding new in-house apps to better serve customers and help employees work more efficiently.

並不斷添加新的內部應用程序，以更好地為客戶服務並幫助員工更高效地工作。

Turning to iPads, we were thrilled to sell 19.5 million iPads during the quarter compared to 11.8 million in the year-ago quarter.

談到 iPad，我們很高興本季度售出了 1950 萬台 iPad，而去年同期為 1180 萬台。

That's an increase of 7.7 million units, or 65%.

這增加了 770 萬台，即 65%。

IPad experienced very strong year-over-year growth in every operating segment, particularly in greater China and Japan where sales more than doubled year over year.

iPad 在每個運營部門都經歷了非常強勁的同比增長，特別是在大中華區和日本，銷售額同比增長了一倍以上。

Both iPad and iPad Mini continue to be extremely popular, and we were pleased with sales of both.

iPad 和 iPad Mini 都繼續非常受歡迎，我們對兩者的銷量都很滿意。

We were able to sell significantly more iPad Minis in the March quarter than in the December launch quarter.

與 12 月發布季度相比，我們在 3 月季度銷售的 iPad Mini 數量顯著增加。

And to expand availability into China.

並將可用性擴展到中國。

Customers love the combination of experience, performance and size that iPad Mini offers.

客戶喜歡 iPad Mini 提供的體驗、性能和尺寸的完美結合。

And our early market research indicates that the overwhelming majority of iPad Mini purchasers our first-time iPad customers.

我們早期的市場研究表明，絕大多數 iPad Mini 購買者是我們的首次 iPad 客戶。

We ended the quarter with about 4.8 million iPads in channel inventory, a sequential increase of about 1.4 million.

截至本季度末，我們的渠道庫存約為 480 萬台 iPad，環比增長約 140 萬台。

All of the sequential increase was attributable to iPad Mini.

所有環比增長均歸功於 iPad Mini。

As we discussed previously, we were not able to meet demand for iPad Mini in the December quarter.

正如我們之前所討論的，我們無法滿足 12 月季度對 iPad Mini 的需求。

And entered the March quarter below our target range of channel inventory.

並進入低於我們渠道庫存目標範圍的三月季度。

This sequential increase places us within our target range of four to six weeks of total iPad channel inventory.

這種連續增長使我們處於 iPad 渠道總庫存四到六週的目標範圍內。

The most recent survey published by ChangeWave indicated in 96% satisfaction rate among iPad customers.

ChangeWave 發布的最新調查顯示，iPad 客戶的滿意度為 96%。

Not only is iPad a huge hit among consumers but it also continues to be widely adopted by business customers as well.

iPad 不僅在消費者中大受歡迎，而且還繼續被商業客戶廣泛採用。

IPad and the iOS ecosystem are driving innovation across industries and in companies large and small.

iPad 和 iOS 生態系統正在推動各行各業以及大大小小的公司的創新。

We are delighted by the number of companies that are choosing iPad for their most important business tasks, as well as the rapid adoption of iPad in emerging countries around the world.

我們對選擇 iPad 來完成最重要的業務任務的公司數量以及 iPad 在全球新興國家的快速採用感到高興。

Doctors at the Columbia Cardiovascular Foundation in South America are using an in-house app to perform remote diagnostics for patients in inaccessible parts of the country.

南美哥倫比亞心血管基金會的醫生正在使用內部應用程序為該國偏遠地區的患者執行遠程診斷。

First National Bank, the oldest bank in South Africa, has issued iPads to wealth managers to help enhance customer relationships and interactions.

南非歷史最悠久的銀行第一國民銀行已向財富管理機構發放 iPad，以幫助加強客戶關係和互動。

And in the education market, Grupo Santillana has developed UNO International, an integrated, educational system that uses iPads to create digital learning environments in more than 700 private K-12 schools in Latin America.

在教育市場，Grupo Santillana 開發了 UNO International，這是一個集成的教育系統，它使用 iPad 在拉丁美洲的 700 多所私立 K-12 學校創建數字學習環境。

UNO International has deployed more than 60,000 iPads to schools in Mexico, Colombia and Brazil, including 17,000 iPads for teachers and students in Brazil in the March quarter alone.

UNO International 已為墨西哥、哥倫比亞和巴西的學校部署了 60,000 多台 iPad，其中僅在 3 月季度就為巴西的教師和學生提供了 17,000 台 iPad。

Turning to Mac, we sold just under 4 million Macs, which is a 2% decline from the year-ago quarter.

談到 Mac，我們售出了不到 400 萬台 Mac，比去年同期下降了 2%。

IDC estimates that the global personal computer market contracted by 14% during the March quarter.

IDC 估計，全球個人電腦市場在第三季度收縮了 14%。

We experienced strong year-over-year growth in desktop sales following the December quarter launch of our stunning new iMacs, offset by a decline in portable sales given a weaker personal computer market overall.

在 12 月季度推出令人驚嘆的全新 iMac 之後，我們的台式機銷量同比強勁增長，但由於個人電腦市場整體疲軟，便攜式銷量下降抵消了這一影響。

We ended the quarter within our four to five we target range of Mac channel inventory.

我們在我們的四到五個目標範圍內結束了本季度的 Mac 渠道庫存。

Moving to iPods, we sold 5.6 million iPods, compared to 7.7 million in the year-ago quarter.

轉向 iPod，我們售出了 560 萬台 iPod，而去年同期為 770 萬台。

IPod Touch continued to account for over 50% of all iPods sold during the March quarter.

在第三季度銷售的所有 iPod 中，iPod Touch 繼續佔 50% 以上。

IPod's share of the US market for MP3 players was over 70% in the March quarter based on the latest data published by NPD.

根據 NPD 公佈的最新數據，iPod 在美國 MP3 播放器市場的份額在 3 月季度超過 70%。

And iPod continued to be the top-selling MP3 player in most countries we track, based on the latest data published by Gfk.

根據 Gfk 發布的最新數據，在我們追踪的大多數國家/地區，iPod 仍然是最暢銷的 MP3 播放器。

The Apple ecosystem continues to grow and thrive.

Apple 生態系統繼續發展壯大。

And we believe it's a very important driver of our incredibly strong customer satisfaction and retention, as well as developer interest and success.

我們相信這是我們令人難以置信的強大客戶滿意度和保留率以及開發人員興趣和成功的一個非常重要的驅動因素。

This Sunday marks the 10th anniversary of the introduction of the iTunes Music Store, which revolutionized the distribution of digital content.

本週日是 iTunes Music Store 推出 10 週年，它徹底改變了數字內容的分發方式。

Today, our iTunes stores offer the broadest combination of geographic reach and content depth in the industry.

今天，我們的 iTunes 商店提供業內最廣泛的地理範圍和內容深度組合。

And they surpass quarterly billings of $4 billion for the first time ever in the March quarter.

他們在 3 月季度首次超過 40 億美元的季度賬單。

That's a $16 billion annual run rate, making our digital content stores the largest in the world.

這是 160 億美元的年營業額，使我們的數字內容商店成為世界上最大的數字內容商店。

The quarter's iTunes billings translated to record quarterly iTunes revenue of $2.4 billion, up 28% from the year ago March quarter.

該季度的 iTunes 賬單轉化為創紀錄的季度 iTunes 收入 24 億美元，比去年同期的 3 月季度增長 28%。

With new quarterly revenue records for music, movies, and apps.

擁有音樂、電影和應用程序的新季度收入記錄。

The strong iTunes sales, in addition to other service revenue, helped us achieve for the first time more than $4 billion in combined quarterly revenue from iTunes, software and services.

除了其他服務收入外，強勁的 iTunes 銷售幫助我們實現了 iTunes、軟件和服務的季度總收入首次超過 40 億美元。

We are thrilled with the growth of these revenue streams.

我們對這些收入流的增長感到興奮。

Today we have music stores in 119 countries, offering a combined catalog of 35 million songs.

今天，我們在 119 個國家/地區擁有音樂商店，提供 3500 萬首歌曲的組合目錄。

We sell movies in 109 countries, offering 60,000 titles.

我們在 109 個國家/地區銷售電影，提供 60,000 部影片。

And we have iBookstores in 155 countries, offering 1.75 million iBooks for sale.

我們在 155 個國家/地區擁有 iBookstore，提供 175 萬本 iBooks 待售。

And with app stores in 155 countries that encompass almost 90% of the world's population, our developers have created more than 850,000 iOS apps, including 350,000 apps made for iPad.

我們的開發人員在 155 個國家/地區擁有應用商店，覆蓋了全球近 90% 的人口，他們創建了超過 850,000 個 iOS 應用程序，其中包括 350,000 個為 iPad 設計的應用程序。

Cumulative app downloads have surpassed 45 billion.

累計應用下載量已超過 450 億次。

And app developers have made over $9 billion for their sales through the App Store, including $4.5 billion in the most recent four quarters alone.

App 開發者通過 App Store 的銷售額已超過 90 億美元，其中僅最近四個季度就達到了 45 億美元。

Canalys estimates the sales from our App Store accounted for 74% of all app sales worldwide in the March quarter.

Canalys 估計，我們 App Store 的銷售額佔 3 月季度全球所有應用程序銷售額的 74%。

We believe this is in large part due to the great development environment, broad distribution, large and active user base, and seamless integration that the iOS platform offers.

我們認為，這在很大程度上歸功於 iOS 平台提供的出色開發環境、廣泛分佈、龐大而活躍的用戶群以及無縫集成。

Developers such as Backflip Studios have seen explosive growth in their business thanks to the success of their apps on the iOS platform.

由於他們的應用程序在 iOS 平台上的成功，Backflip Studios 等開發人員的業務實現了爆炸式增長。

With 70 people, this Company maintains a growing suite of titles that has seen over 275 million downloads equating to nearly 5 million daily active users and 34 million monthly active users.

該公司擁有 70 名員工，擁有不斷增長的遊戲套件，下載量超過 2.75 億次，相當於近 500 萬日活躍用戶和 3400 萬月活躍用戶。

With annual App Store sales approaching $100 million, Backflip's iOS sales comprised approximately 95% of the company's revenues in 2012.

隨著 App Store 的年銷售額接近 1 億美元，Backflip 的 iOS 銷售額約占公司 2012 年收入的 95%。

Another tremendous success story is Supercell, founded in 2010.

另一個巨大的成功故事是成立於 2010 年的 Supercell。

Based in Finland, Supercell's, Hay Day and Clash of Clans titles, available only on iOS, have been the top grossing iPad games in over 60 countries, helping the company generated $8.5 million in revenue per employee in 2012.

總部位於芬蘭的 Supercell、Hay Day 和 Clash of Clans 遊戲僅在 iOS 上提供，已成為 60 多個國家/地區最暢銷的 iPad 遊戲，幫助該公司在 2012 年為每位員工創造了 850 萬美元的收入。

And in the enterprise, iOS devices have a strong lead over Android.

而在企業中，iOS 設備在 Android 方面有著強大的領先優勢。

In its most recently published quarterly enterprise device activations report, Good Technologies found that iOS devices accounted for 77% of all activations by its corporate customers.

在其最近發布的季度企業設備激活報告中，Good Technologies 發現 iOS 設備佔其企業客戶所有激活的 77%。

And thanks to careful App Store curation for the quality of apps, the iOS platform offers a much more secure environment.

由於 App Store 對應用程序質量的精心管理，iOS 平台提供了一個更加安全的環境。

Recent research by McAfee Labs found that 97% of identified mobile malware was on the Android platform, with the remainder primarily on the Symbian and Java ME platforms.

McAfee Labs 最近的研究發現，97% 的已識別移動惡意軟件位於 Android 平台上，其餘主要位於 Symbian 和 Java ME 平台上。

But perhaps the most important measure of the success of our ecosystem is how engaged our customers are with our products and services.

但也許衡量我們生態系統成功的最重要指標是我們的客戶對我們的產品和服務的參與程度。

In its most recently published update, Chitika found that iPad accounted for 82% of all North American tablet web traffic in March.

在其最近發布的更新中，Chitika 發現 iPad 佔 3 月份所有北美平板電腦網絡流量的 82%。

Interest in apps remained very strong in the March quarter, with over 800 apps downloaded per second.

在 3 月季度，對應用程序的興趣仍然非常強勁，每秒下載超過 800 個應用程序。

And year-over-year iOS app revenue more than doubling in the quarter.

本季度 iOS 應用收入同比增長一倍以上。

And since launching iCloud just 18 months ago, we now have 300 million people using it every day.

自 18 個月前推出 iCloud 以來，我們現在每天有 3 億人在使用它。

We will continue to invest in the ecosystem, and have some great new features and capabilities in the pipeline.

我們將繼續投資生態系統，並在管道中提供一些很棒的新特性和功能。

I'd now like to turn to the Apple retail stores.

我現在想轉向蘋果零售店。

Revenue for the quarter was $5.2 billion, compared to $4.4 billion in the year-ago quarter, an increase of 19%.

本季度收入為 52 億美元，比去年同期的 44 億美元增長 19%。

This growth was fueled primarily by strong sales of iPhone and iPad.

這一增長主要得益於 iPhone 和 iPad 的強勁銷售。

We ended the quarter with a total of 402 stores, including 151 outside the United States.

本季度末，我們共有 402 家門店，其中 151 家在美國以外。

We expect to open about 30 new stores in total in fiscal 2013.

我們預計 2013 財年將開設約 30 家新店。

And to complete at least 20 store remodels.

並完成至少20家店面改造。

With an average of 401 stores open in the March quarter, average revenue per store was $13.1 million compared to $12.2 million in the year-ago quarter.

3 月季度平均有 401 家門店開業，每家門店的平均收入為 1310 萬美元，而去年同期為 1220 萬美元。

Retail segment income was $1.1 billion.

零售部門收入為 11 億美元。

We hosted 91 million visitors to our stores during the quarter, compared to 85 million in the year-ago quarter.

本季度我們的商店接待了 9100 萬訪客，而去年同期為 8500 萬。

That translates to 17,500 visitors per store per week.

這意味著每週每家商店有 17,500 名訪客。

Total Company gross margin was 37.5%, which was at the low end of our guidance range of 37.5% to 38.5%.

公司總毛利率為 37.5%，處於我們指導範圍 37.5% 至 38.5% 的低端。

Operating expenses were $3.8 billion, and included $488 million in stock-based compensation expense.

運營費用為 38 億美元，其中包括 4.88 億美元的股票薪酬費用。

OI&E was $347 million and the tax rate for the quarter was 26%.

OI&E 為 3.47 億美元，本季度的稅率為 26%。

And turning to our cash, we ended the quarter with $144.7 billion in cash plus short-term and long-term marketable securities, compared to $137.1 billion at the end of the December quarter, a sequential increase of $7.6 billion.

談到我們的現金，我們在本季度末擁有 1447 億美元的現金加上短期和長期有價證券，而 12 月季度末的為 1371 億美元，環比增加了 76 億美元。

Over $102 billion of our total cash was offshore at the end of the March quarter.

截至第三季度末，我們總現金中有超過 1020 億美元在境外。

And cash flow from operations was $12.5 billion.

運營現金流為 125 億美元。

We paid $2.5 billion in dividends in the March quarter.

我們在第三季度支付了 25 億美元的股息。

And earlier this month we concluded the $1.95 billion accelerated share repurchase program that we initiated in the December quarter.

本月早些時候，我們完成了我們在 12 月季度啟動的 19.5 億美元加速股票回購計劃。

Resulting in cumulative retirement of over 4 million shares of Apple stock.

導致超過 400 萬股蘋果股票累計退市。

As Tim discussed, we are pleased to announce that we are more than doubling our return of capital program to $100 billion by the end of calendar year 2015, which translates to an average of about $30 billion per year.

正如蒂姆所討論的，我們很高興地宣布，到 2015 年年底，我們的資本回報計劃將增加一倍以上，達到 1000 億美元，平均每年約為 300 億美元。

We will continue to return capital to shareholders through dividends, share repurchases, and cash used to net-share-settle vesting RSUs.

我們將繼續通過股息、股份回購和用於淨股份結算歸屬 RSU 的現金向股東返還資本。

To facilitate our program, we will access the debt markets.

為了促進我們的計劃，我們將進入債務市場。

Let me provide more details regarding the three key elements of our plans.

讓我提供有關我們計劃的三個關鍵要素的更多詳細信息。

First, our Board has increased the share buyback authorization to $60 billion from the original $10 billion announced last year.

首先，我們的董事會已將股票回購授權從去年宣布的最初的 100 億美元增加到 600 億美元。

That's a $50 billion increase.

這增加了 500 億美元。

This is the largest share buyback authorization of any company in history.

這是歷史上任何公司最大的股票回購授權。

We are very confident in Apple's future.

我們對蘋果的未來充滿信心。

And believe so strongly that repurchasing our shares represents an attractive use of our capital, that we have dedicated the vast majority of the increase in our capital return program to share repurchases.

並且堅信回購我們的股票代表了對我們資本的一種有吸引力的使用，因此我們將資本回報計劃的絕大部分增加用於股票回購。

We will buy shares under this authorization beginning this month.

我們將從本月開始根據此授權購買股票。

We will also continue to net-share-settle employee RSUs as they vest.

我們還將繼續對歸屬的員工 RSU 進行淨份額結算。

And expect to use about $1 billion of cash annually to do this.

並且預計每年將使用約 10 億美元的現金來做到這一點。

Second, we are increasing our quarterly dividend from $2.65 to $3.05 per share, a 15% increase.

其次，我們將季度股息從每股 2.65 美元提高到 3.05 美元，增幅為 15%。

We plan to review our quarterly dividend payment annually.

我們計劃每年審查我們的季度股息支付。

Our Board of Directors has declared a dividend of $3.05 per common share, payable on May 16, 2013 to shareholders of record as of the close of business on May 13, 2013.

我們的董事會已宣布派發每股普通股 3.05 美元的股息，將於 2013 年 5 月 16 日支付給截至 2013 年 5 月 13 日收盤時在冊的股東。

We are very proud that Apple is among the largest dividend payers in the world, with annual payments of about $11 billion.

我們很自豪蘋果公司是世界上最大的股息支付者之一，每年支付約 110 億美元。

Third, we will access the US debt markets over time, and have recently secured credit ratings from S&P and Moody's.

第三，隨著時間的推移，我們將進入美國債務市場，並且最近獲得了標準普爾和穆迪的信用評級。

We are continuing to generate significant cash offshore.

我們將繼續在海外產生大量現金。

And repatriating this cash would result in significant tax consequences under current US tax laws.

根據現行的美國稅法，將這筆現金匯回國內將導致重大的稅收後果。

Incorporating debt into our capital structure will provide several benefits, including access to attractively priced capital, a reduction in our overall cost of capital, and efficient leverage of our very strong balance sheet.

將債務納入我們的資本結構將提供多種好處，包括獲得價格具有吸引力的資本、降低我們的總體資本成本以及有效利用我們非常強大的資產負債表。

We expect to fund the capital return program from existing domestic cash, future cash generated in the US, and from borrowing in the US.

我們希望從現有的國內現金、美國產生的未來現金和美國的借款中為資本回報計劃提供資金。

We will maintain sufficient domestic liquidity to grow the business and execute capital expenditures and acquisitions.

我們將保持充足的國內流動性以發展業務並執行資本支出和收購。

The program announced today will result in returning an average of $30 billion annually to shareholders.

今天宣布的計劃將導致平均每年向股東返還 300 億美元。

To put this in perspective, the $30 billion would have represented substantially all of our fiscal year 2012 fully tax-free cash flow had we repatriated our foreign earnings.

從這個角度來看，如果我們匯回國外收入，這 300 億美元將基本上代表我們 2012 財年的全部免稅現金流。

Between now and the end of calendar year 2015, we would expect both our foreign cash and our domestic borrowing to grow.

從現在到 2015 日曆年年底，我們預計我們的外國現金和國內借款都會增長。

We will continue to review each element of our capital return program on an annual basis.

我們將繼續每年審查我們資本回報計劃的每個要素。

In conclusion, our capital return program is designed to facilitate our objective of delivering attractive returns to our shareholders on an efficient basis, while maintaining the flexibility to invest in the incredible opportunities that we continue to see for our business.

總之，我們的資本回報計劃旨在促進我們以有效的方式為股東提供有吸引力的回報的目標，同時保持靈活性，以投資於我們繼續為我們的業務看到的令人難以置信的機會。

Now, as we move ahead into the June quarter, I'd like to review our outlook which includes the types of forward-looking information that Nancy referred to at the beginning of the call.

現在，隨著我們進入六月季度，我想回顧一下我們的前景，其中包括南希在電話會議開始時提到的前瞻性信息類型。

We expect revenue to be between $33.5 billion and $35.5 billion, compared to $35 billion in the year-ago quarter.

我們預計收入將在 335 億美元至 355 億美元之間，而去年同期為 350 億美元。

We expect gross margin to be between 36% and 37%, reflecting approximately $90 billion(sic) related to stock-based compensation expense.

我們預計毛利率將在 36% 至 37% 之間，反映出與股票薪酬費用相關的約 900 億美元（原文如此）。

We expect OpEx to be between $3.85 billion and $3.95 billion, including about $500 million related to stock-based compensation.

我們預計運營支出將在 38.5 億美元至 39.5 億美元之間，其中包括與股票薪酬相關的約 5 億美元。

We expect OI&E to be about $300 million.

我們預計 OI&E 約為 3 億美元。

And we expect the tax rate to be about 26%.

我們預計稅率約為 26%。

In closing we're pleased with our record March quarter revenue and record March quarter iPhone and iPad sales.

最後，我們對創紀錄的 3 月季度收入和創紀錄的 3 月季度 iPhone 和 iPad 銷量感到滿意。

We're very proud of the breadth and depth of our tremendous ecosystem and our new all-time record for iTunes sales.

我們為我們龐大的生態系統的廣度和深度以及 iTunes 銷售的新紀錄感到非常自豪。

We're also in the fortunate position to be able to more than double our return of capital program to $100 billion, with the largest share repurchase authorization in history.

我們也很幸運，能夠將我們的資本回報計劃增加一倍以上，達到 1000 億美元，這是歷史上最大的股票回購授權。

And to be one of the largest dividend payers in the world, with annual payments of about $11 billion.

並成為世界上最大的股息支付者之一，每年支付約 110 億美元。

We remain very confident in our product pipeline.

我們對我們的產品線非常有信心。

With that, I'd like to open the call to questions.

有了這個，我想打開問題電話。

Thanks, Peter.

謝謝，彼得。

We ask that you limit yourself to one question and one follow-up.

我們要求您將自己限制在一個問題和一個後續行動上。

Operator, may we have the first question please?

接線員，請問第一個問題好嗎？

(Operator Instructions)

（操作員說明）

Katy Huberty, Morgan Stanley.

凱蒂·休伯蒂，摩根士丹利。

Peter, given gross margin did come in at the low end of guidance this quarter, and you're looking for another downtick in June, can you just rank for us the biggest factors that are limiting the margin recovery, even as I assume costs are coming down to the new products?

彼得，鑑於本季度的毛利率確實處於指導的低端，並且您正在尋找 6 月份的另一次下跌，您能否為我們列出限制利潤率恢復的最大因素，即使我假設成本是歸結為新產品？

And then I have a follow-up.

然後我有一個跟進。

Sure.

當然。

In the March quarter, our gross margin was 37.5%, was at the low end of our range.

在 3 月季度，我們的毛利率為 37.5%，處於我們範圍的低端。

We had a few items that, on balance, resulted in us reporting at the low end.

總的來說，我們有一些項目導致我們的報告處於低端。

They included mix, in particular, selling more iPads than we had planned, including getting iPad Mini into our four- to six-week channel inventory range, some changes in our service policies that required us to make provisions for prior-quarter sales, and we had some unfavorable adjustments.

其中包括混合，特別是銷售比我們計劃更多的 iPad，包括將 iPad Mini 納入我們的四到六週渠道庫存範圍，我們的服務政策的一些變化要求我們為上一季度的銷售做好準備，以及我們有一些不利的調整。

As I look forward to the June quarter, we're guiding gross margin to be down between 50 and 150 basis points sequentially.

當我期待六月季度時，我們將毛利率連續下降 50 至 150 個基點。

We see two factors impacting gross margin sequentially.

我們看到兩個因素依次影響毛利率。

First, and the largest of the two, is the loss of leverage on sequentially lower revenue.

首先，也是兩者中最大的一個，是收入連續下降導致的槓桿損失。

And second, a different product mix.

其次，不同的產品組合。

We expect both of these headwinds to be partially offset by better costs in the quarter.

我們預計這兩個不利因素將被本季度更好的成本部分抵消。

Okay.

好的。

Thank you.

謝謝你。

And Tim, a question for you on China.

還有蒂姆，一個關於中國的問題。

Growth did slow in that market to single digits this quarter.

本季度該市場的增長確實放緩至個位數。

Curious your perspective as to whether Apple's hitting a wall, given you don't have the largest carrier formally selling your products?

考慮到您沒有最大的運營商正式銷售您的產品，您對 Apple 是否會碰壁感到好奇嗎？

And then just any thoughts around the stickiness of customers in China, given you don't have an iTunes Store there, and data shows that they download fewer apps than in developed countries?

考慮到中國沒有 iTunes Store，而且數據顯示他們下載的應用程序比發達國家少，你有什麼想法可以考慮中國客戶的粘性嗎？

Thanks.

謝謝。

Katy, thanks for the question.

凱蒂，謝謝你的問題。

We actually had our best quarter ever in greater China.

實際上，我們在大中華區度過了有史以來最好的季度。

It was a record for us.

這對我們來說是一個記錄。

The revenue came in at $8.8 billion.

收入為88億美元。

That includes our retail stores that are in that region.

這包括我們在該地區的零售店。

That's up 11% year-on-year.

同比增長 11%。

Again, that includes the retail stores that are in that region, which is the same as Apple is growing.

同樣，這包括該地區的零售店，這與蘋果正在增長的情況相同。

The highlights for the quarter in China were that iPads grew 138% year-on-year, and we set new records for sell-through for iPhone and iPad during the quarter.

中國本季度的亮點是 iPad 同比增長 138%，我們在本季度創造了 iPhone 和 iPad 的銷售量新紀錄。

There were some significant year-over-year timing differences with regard to channel inventory relative to iPhone that affected the compares year over year.

與 iPhone 相關的渠道庫存存在一些顯著的同比時間差異，影響了同比。

In particular, in the year-ago quarter we increased iPhone channel inventories globally by $2.6 billion, as you probably recall.

特別是，您可能還記得，去年同期，我們將全球 iPhone 渠道庫存增加了 26 億美元。

$1.6 billion of the $2.6 billion occurred in greater China to support the launches that were in the March quarter of last year.

26 億美元中的 16 億美元發生在大中華區，用於支持去年第三季度的發射。

And so if you look at revenue on a sell-through basis, greater China revenue was actually up approximately 18%.

因此，如果您以銷售收入為基礎查看收入，大中華區的收入實際上增長了約 18%。

And so it's a bit better than it first looks.

所以它比最初看起來要好一些。

As I said, in the year-ago quarter, we launched the iPhone 4S with China Unicom in January and we launched China Telecom in March.

正如我所說，去年同期，我們在 1 月份與中國聯通合作推出了 iPhone 4S，並在 3 月份推出了中國電信。

This year the iPhone 5 launched in December.

今年12月推出了iPhone 5。

And so, it's a very different set of dynamics on a year-on-year basis.

因此，與去年同期相比，這是一組非常不同的動態。

Going forward, we still see a significant opportunity in China.

展望未來，我們仍然看到中國的重大機遇。

It's a great market.

這是一個很棒的市場。

We have 11 stores there.

我們在那裡有 11 家商店。

We expect to double those in less than two years.

我們預計將在不到兩年的時間內翻一番。

We have added about 8,000 iPhone point of sales in the indirect channel, to about 19,000 today, and we obviously have a plan to add more and further grow our distribution.

我們在間接渠道中增加了大約 8,000 個 iPhone 銷售點，現在增加到大約 19,000 個，我們顯然有計劃增加更多並進一步擴大我們的分銷。

This number's obviously too low currently.

目前這個數字顯然太低了。

We are also innovating with our online store there, and adding different functionality to the store.

我們還在那里通過我們的在線商店進行創新，並為商店添加不同的功能。

China has an unusually large number of potential first-time smartphone buyers.

中國有大量潛在的首次智能手機購買者。

And that's not lost on us.

我們並沒有忘記這一點。

We've seen a significant interest in iPhone 4 there and have recently made it even more affordable to make it even more attractive to those first-time buyers.

我們在那裡看到了人們對 iPhone 4 的濃厚興趣，並且最近讓它變得更加實惠，使其對那些首次購買者更具吸引力。

And so, we're hopeful that that will help iPhone sales in the future.

因此，我們希望這將有助於未來的 iPhone 銷售。

Thank you.

謝謝你。

Bill Shope, Goldman Sachs.

比爾·肖普，高盛。

Tim, you mentioned several factors that were compressing growth and gross margins in recent quarters and this year.

蒂姆，你提到了最近幾個季度和今年壓縮增長和毛利率的幾個因素。

But can you comment a bit more on the competitive landscape in 2013 versus 2012?

但您能否對 2013 年與 2012 年的競爭格局發表更多評論？

How has it surprised you?

它如何讓你感到驚訝？

And what do you think the Company needs to do to reinvigorate your share gains across your key product categories?

您認為公司需要做些什麼來重振您在關鍵產品類別中的份額增長？

Bill, I think the smartphone market has always been competitive.

比爾，我認為智能手機市場一直競爭激烈。

The names have been changed, the names of the competitors have changed.

名字變了，參賽者的名字也變了。

In the beginning, RIM was the strongest player, because the smartphone, as you know, really got going in the enterprise area.

一開始，RIM 是最強的玩家，因為智能手機，如你所知，真正進入了企業領域。

And of course today, our top competitor from a hardware point of view would be Samsung, married to Google on the operating system side.

當然，今天，從硬件的角度來看，我們最大的競爭對手將是三星，它在操作系統方面與穀歌聯姻。

They're obviously tough competitors, but we feel that we have the best products, by far.

他們顯然是強硬的競爭對手，但我們認為我們擁有迄今為止最好的產品。

And we are continuing to invest in innovative products, and feel really confident about our product pipeline in both hardware, software and also services.

我們將繼續投資於創新產品，並對我們在硬件、軟件和服務方面的產品線充滿信心。

We have the best ecosystem by far.

我們擁有迄今為止最好的生態系統。

And we're just going to keep augmenting it and making it better and better.

我們將繼續增強它並使其變得越來越好。

And that shows up in both our loyalty ratings and our customer sat.

這顯示在我們的忠誠度評級和我們的客戶坐下。

So, I feel very good about our competitive position.

所以，我對我們的競爭地位感覺很好。

One more question, if I may.

如果可以的話，還有一個問題。

Can you comment on how you're thinking about the pace of your buyback program?

您能否評論一下您如何看待回購計劃的步伐？

And what factors are you going to consider to determine purchase timing over the next few years?

您將考慮哪些因素來確定未來幾年的購買時間？

Sure, Bill, it's Peter.

當然，比爾，是彼得。

I'll take that.

我會接受的。

We're going to begin buying shares under the authorization beginning this month.

我們將從本月開始根據授權開始購買股票。

We expect to utilize the remaining $58 billion under the authorization by the end of calendar year 2015, which spans 32 months from now.

我們預計將在 2015 年年底前動用剩餘的 580 億美元，即從現在開始的 32 個月。

We expect to use accelerated share repurchase programs and to buy in the open market.

我們預計將使用加速股票回購計劃並在公開市場上購買。

Thank you.

謝謝你。

Steve Milunovich, UBS.

瑞銀的史蒂夫·米盧諾維奇。

Tim, you alluded to fall announcements of products.

蒂姆，你提到了產品的秋季公告。

Is that indicating that there may not be substantial new products until literally fall, late September?

這是否表明直到 9 月下旬秋季才會有大量的新產品上市？

Which means the September quarter could look a lot like the June quarter?

這意味著 9 月季度可能看起來很像 6 月季度？

Is that part of what you're implying?

那是你暗示的一部分嗎？

Or were you just being more general?

或者你只是更籠統？

I don't want to be more specific.

我不想更具體。

But I'm just saying we've got some really great stuff coming in the fall and across all of 2014.

但我只是說我們在秋季和整個 2014 年都會推出一些非常棒的產品。

Okay.

好的。

And then could you talk a bit about the supply chain?

然後你能談談供應鏈嗎？

There's been some concern with some of the product limitations late last year.

去年年底，人們對一些產品限制感到擔憂。

It's got to be getting so huge relative to what you used to run.

相對於你以前運行的東西，它必須變得如此巨大。

But what's your confidence level in the supply chain, particularly as you're potentially moving to new types of vendors over time as the units continue to increase?

但是，您對供應鏈的信心程度如何，尤其是隨著時間的推移，隨著單位數量的不斷增加，您可能會轉向新型供應商？

I have incredible confidence.

我有難以置信的信心。

We exited the March quarter with no shortages, while achieving inventory turns of over 90.

我們在沒有短缺的情況下退出了 3 月季度，同時實現了超過 90 的庫存周轉率。

wWhich is still to this day staggering for an industry.

直到今天，這對於一個行業來說仍然是驚人的。

The December quarter that you're referring to was the largest quarter ever in the history of Apple and the technology industry as a whole.

您所指的 12 月季度是 Apple 和整個科技行業歷史上最大的季度。

And, as you know, it include for us a number of new products, an unprecedented number, and of new product ramps.

而且，如您所知，它包括許多新產品、前所未有的數量和新產品坡道。

The reality is the work we do to produce truly innovative product is very hard.

現實情況是，我們為生產真正創新的產品所做的工作非常艱鉅。

And there have always been challenges, and I'm sure we'll face some in the future.

挑戰總是存在的，我相信我們將來會面臨一些挑戰。

However, I would assure you that we are working very closely with our manufacturing partners to execute what we feel is a very exciting road map.

但是，我向您保證，我們正在與我們的製造合作夥伴密切合作，以執行我們認為非常令人興奮的路線圖。

Toni Sacconaghi, Sanford Bernstein.

托尼·薩科納吉，桑福德·伯恩斯坦。

I wanted to revisit the gross margin question.

我想重新審視毛利率問題。

And specifically, I was hoping you could comment on whether you feel you're experiencing the normal kinds of experience curves or declining cost curves that you do in typical product ramps.

具體來說，我希望你能評論一下你是否覺得你正在經歷典型的產品坡道中的正常體驗曲線或下降的成本曲線。

And whether you could comment on the sequential decline in iPhone ASPs, which were down nearly $30 sequentially.

你是否可以評論 iPhone ASP 的連續下降，連續下降近 30 美元。

I presume that reflects a mix of 4 and 4S relative to the 5. But perhaps you can confirm that and what its impact might have on gross margins and how we should think about that?

我認為這反映了 4 和 4S 相對於 5 的混合。但也許你可以確認這一點，它可能對毛利率產生什麼影響，我們應該如何看待這一點？

And I have a follow-up, please.

我有一個跟進，拜託。

Okay.

好的。

Toni, it's Peter.

托尼，是彼得。

I'll take your first two.

我會拿你的前兩個。

We're very pleased with the progress that we're making on getting down cost curves.

我們對降低成本曲線所取得的進展感到非常滿意。

And this will help to partially offset the loss of leverage and the different product mix that we expect to see in the June quarter, and we have factored these cost improvements into the guidance we're providing for the quarter.

這將有助於部分抵消槓桿損失和我們預計在 6 月季度看到的不同產品組合，我們已將這些成本改進納入我們為本季度提供的指導中。

The iPhone ASPs were down sequentially about $28, as you noted.

正如您所指出的，iPhone ASP 環比下降了約 28 美元。

And this was driven primarily by mix.

這主要是由混合驅動的。

The largest factors were an increase in the iPhone 4 mix, which resulted from our making the iPhone 4 more affordable in many markets, and also mix within the iPhone 5 as it was in its second full quarter.

最大的因素是 iPhone 4 組合的增加，這是由於我們使 iPhone 4 在許多市場上更實惠，並且還像在第二個完整季度一樣在 iPhone 5 中混合。

And its impact on margins?

以及它對利潤率的影響？

How do we think about relative margins for 4 relative to 5, on balance?

總的來說，我們如何考慮 4 相對於 5 的相對利潤率？

Toni, we don't provide margins by product or within product lines.

Toni，我們不按產品或產品線提供利潤。

But I talked about two factors that were impacting gross margin on a sequential basis.

但我談到了兩個連續影響毛利率的因素。

The first is leverage.

首先是槓桿。

And that's the largest of the two on the lower sequential revenue.

這是兩者中最大的一個，因為連續收入較低。

But we also expect to see a different product mix, and that's primarily related to iPhone.

但我們也希望看到不同的產品組合，這主要與 iPhone 有關。

Toni, just one other point on that.

托尼，還有一點。

As you get further -- we see this on most of our product lines -- as you get further from a previous product launch, there's a general, within a line, a general lower mix than where it starts.

隨著您走得更遠-我們在我們的大多數產品線上都看到了這一點-當您從之前的產品發布中走得更遠時，在一個產品線中，總體上比開始時的組合要低。

And so, all things being equal, you'd expect to see that on most of our products.

因此，在所有條件相同的情況下，您會期望在我們的大多數產品上看到這一點。

Okay.

好的。

Thank you.

謝謝你。

Tim, I wanted to follow-up with you on a statement you made in a previous response.

蒂姆，我想跟進你在之前的回復中所做的聲明。

You talked earlier about how you were excited about the large addressable markets that you have, particularly the smartphone and tablet marketplaces.

您之前談到您對擁有的大型潛在市場感到興奮，特別是智能手機和平板電腦市場。

And you talked about how strongly and confidently you feel about competitive advantages in your products and ecosystems.

您談到了您對產品和生態系統中的競爭優勢的強烈和自信。

If I step back and look at the data for this quarter on the phone side, if I adjust for inventory the iPhone was up very low to mid single digits.

如果我退後一步看一下本季度手機方面的數據，如果我根據庫存進行調整，iPhone 的漲幅非常低到中個位數。

I think most third-party market data would say that the smartphone market probably grew about 30%.

我認為大多數第三方市場數據會說智能手機市場可能增長了 30% 左右。

And if I look broadly incorporating your guidance for next quarter, and thinking about fiscal Q1, it appears very unlikely that Apple will grow at that market rate of 30% or more.

如果我將您對下一季度的指導廣泛納入考慮，並考慮第一財季，蘋果似乎不太可能以 30% 或更高的市場速度增長。

So I'm wondering if you could comment on, A, whether that ostensible loss in market share is something that Apple is focused on or cares about as a principal financial objective.

所以我想知道你是否可以評論一下，A，市場份額的這種表面上的損失是否是蘋果公司關注或關心的主要財務目標。

And if so, why do you think there is this disconnect between the very attractive products that you are offering and the market data that I just cited?

如果是這樣，您為什麼認為您提供的極具吸引力的產品與我剛才引用的市場數據之間存在這種脫節？

Toni, let me try to address.

托尼，讓我試著解決一下。

You mentioned both smartphones and tablets.

你提到了智能手機和平板電腦。

So let me try to address both of those.

因此，讓我嘗試解決這兩個問題。

First, let me start with the tablet side.

首先，讓我從平板電腦方面開始。

The numbers that we've seen from IDC would indicate that they believe the market in March declined by 30% from December.

我們從 IDC 看到的數據表明，他們認為 3 月份的市場比 12 月份下降了 30%。

December being, obviously, a seasonally high quarter with a holiday.

十二月顯然是一個有假期的季節性旺季。

As you can see from our numbers, we declined 15%.

從我們的數據可以看出，我們下降了 15%。

And, so, if that holds, we did much better than the market and had a very nice pickup in market share.

因此，如果這種情況成立，我們的表現就會比市場好得多，並且市場份額的提升非常好。

And obviously on iPad, we continue to have an ecosystem story that is unparalleled.

顯然，在 iPad 上，我們繼續擁有無與倫比的生態系統故事。

We have 350,000 apps that are optimized for iPad versus a few hundred for our competition.

我們有 350,000 個針對 iPad 優化的應用程序，而我們的競爭對手只有幾百個。

And the overall experience in the fit and finish of the product, I think you would agree, is substantially better than the options there.

我想你會同意，產品的合身和完成的整體體驗比那裡的選擇要好得多。

On the phone side, the numbers that you talked about, the sell-in comparisons year over year, you really have to convert them to sell-through to look at the underlying demand.

在電話方面，你談到的數字，每年的銷售比較，你真的必須將它們轉換為銷售來查看潛在需求。

And as I've gone through before, we did grow channel inventory in the year-ago quarter because we were catching up on the rollout of the iPhone 4S.

正如我之前所經歷的那樣，我們確實在去年同期增加了渠道庫存，因為我們正在趕上 iPhone 4S 的推出。

In fact, we grew it by 2.6 million.

事實上，我們增加了 260 萬。

And so you have to factor in to get at the real sell-through.

所以你必須考慮到真正的銷售。

However, I take your point.

不過，我同意你的觀點。

If the market did grow by 30%, we still, after that normalization, we grew less than that.

如果市場確實增長了 30%，那麼在正常化之後，我們的增長仍然低於那個值。

And so I think the question, or the point is not lost.

所以我認為這個問題，或者說重點並沒有丟失。

And we do want to grow faster.

我們確實希望增長得更快。

We don't view it, however, as the only measure of our health.

然而，我們並不認為它是衡量我們健康的唯一標準。

The things that are very important to us, in addition to market share and unit volumes, include things like customer sat, which were the highest by far, winning JD Powers nine times consecutively, the customer loyalty and repurchase rates, which were the highest by far, the 95% according to Kantar, and the ecosystem commerce which attracts developers is incredible.

對我們來說非常重要的事情，除了市場份額和單位數量之外，還包括迄今為止最高的客戶坐席、連續九次贏得 JD Powers、客戶忠誠度和回購率，這是迄今為止最高的到目前為止，Kantar 的 95% 以及吸引開發人員的生態系統商業令人難以置信。

Canalys says that we have 74%.

Canalys 說我們有 74%。

So basically $3 out of $4 that are spent on apps are spent in our ecosystem.

因此，在應用程序上花費的 4 美元中，基本上有 3 美元花在了我們的生態系統中。

And if you then looked at usage statistics, they're staggering at the usage of iOS versus other operating systems.

如果您隨後查看使用統計數據，就會發現 iOS 與其他操作系統的使用情況令人震驚。

And so, market share's important, and unit volumes are important.

因此，市場份額很重要，單位數量也很重要。

But these other things for us are extremely important, because we're all about customer experience and enriching lives.

但這些其他的事情對我們來說是極其重要的，因為我們都是關於客戶體驗和豐富生活的。

Now, that said, we see an enormous number of first-time smartphone buyers coming to market, particularly in certain countries around the world.

話雖如此，現在我們看到大量首次購買智能手機的買家進入市場，尤其是在世界某些國家/地區。

And so, what we've done with that, and we started last quarter, is we've made the iPhone 4 even more affordable, which has made it more attractive to first-time buyers.

因此，我們所做的，我們從上個季度開始，我們已經讓 iPhone 4 變得更加實惠，這使得它對首次購買者更具吸引力。

And we caught up on our supply demand toward late in the quarter last quarter.

我們在上個季度末的時候趕上了我們的供應需求。

And we're continuing to do that in other markets.

我們將繼續在其他市場這樣做。

And we believe that the phone for the price point that we're offering is an incredible value for people, that allows them to get into the ecosystem with a really phenomenal product.

而且我們相信，我們提供的價格點的手機對人們來說具有難以置信的價值，這使他們能夠以非常出色的產品進入生態系統。

Ben Reitzes, Barclays.

Ben Reitzes，巴克萊銀行。

Tim and Peter, can you comment on gross margin beyond next quarter, maybe?

蒂姆和彼得，你能評論下一個季度以後的毛利率嗎？

What does it say about long-term gross margins if 36% to 37% is the margin that you're calling for, when your highest margin product, let's hope, is at a trough for the year?

如果 36% 到 37% 是您要求的利潤率，那麼當您的最高利潤率產品（我們希望）處於今年的低谷時，它對長期毛利率有何影響？

And I think you're implying that, when you say all these new products are coming in the fall.

當你說所有這些新產品都將在秋季上市時，我認為你是在暗示這一點。

Is there an implied margin philosophy here with this 2Q guide that 36% is as low as you want it to get, and that maybe it gets better from there?

這份 2Q 指南中是否存在隱含的保證金理念，即 36% 是您想要的最低水平，並且可能會從那裡變得更好？

Or is there nothing that we should imply in terms of how the Company views gross margins?

或者就公司如何看待毛利率而言，我們應該暗示什麼？

Ben, it's Peter.

本，是彼得。

I'll start on that one.

我將從那個開始。

As has been our long-term practice, we're not providing specific gross margin guidance beyond the June quarter.

正如我們的長期做法一樣，我們不會在 6 月季度之後提供具體的毛利率指導。

We don't do this because there are many factors that can influence gross margins in a specific quarter and cause them to vary widely over time, including product cycles, commodity markets, product mix, and currencies.

我們不這樣做是因為有許多因素會影響特定季度的毛利率並導致它們隨時間變化很大，包括產品週期、商品市場、產品組合和貨幣。

So, while we don't want to make a forecast beyond June, let me tell you how we think about gross margin, and hopefully this will help.

因此，雖然我們不想在 6 月之後做出預測，但讓我告訴你我們如何看待毛利率，希望這會有所幫助。

We are managing the business for the long term and are willing to trade off short-term profits where we see long-term potential.

我們正在長期管理業務，並願意在我們認為具有長期潛力的情況下權衡短期利潤。

The iPod is a great example of this.

iPod 就是一個很好的例子。

When we launched it in 2001, its margins were significantly below the margins of Apple at that time.

當我們在 2001 年推出它時，它的利潤率遠低於當時蘋果的利潤率。

Four years later, the iPod and the iTunes Music Store comprised 50% of Apple's revenues and inspired us to build the iPhone.

四年後，iPod 和 iTunes Music Store 佔據了 Apple 收入的 50%，並啟發了我們打造 iPhone。

The iPad Mini is another great example.

iPad Mini 是另一個很好的例子。

We have priced it aggressively and its margins are significantly below the corporate average.

我們對它進行了激進的定價，其利潤率遠低於公司平均水平。

However, we believe deeply in the long-term potential of the tablet market and think that we've made a great strategic decision.

然而，我們深信平板電腦市場的長期潛力，並認為我們已經做出了偉大的戰略決策。

We'll only make great products, and this precludes us from making cheap products that don't deliver a great experience.

我們只會生產出色的產品，這使我們無法生產無法提供出色體驗的廉價產品。

We believe deeply that there are people in every part of the world that want great products.

我們深信，世界各地都有人想要偉大的產品。

Looking back over the last several years, we've made very good business decisions, balancing units, revenues and the bottom line.

回顧過去幾年，我們做出了非常好的業務決策，平衡了單位、收入和底線。

We think about all three.

我們考慮所有三個。

And, as I said, we're willing to make short-term trade-offs in profits where we see long-term potential.

而且，正如我所說，我們願意在我們認為具有長期潛力的利潤中進行短期權衡。

And we're managing Apple with a very long-term horizon.

我們正在以非常長遠的眼光管理蘋果公司。

Some of our revenues and profits occur after we ship our products.

我們的一些收入和利潤是在我們發貨後產生的。

We were thrilled to exceed this quarter $4 billion in revenue for our services for the first time.

我們很高興本季度的服務收入首次超過 40 億美元。

And, as Tim mentioned, we will augment our very strong ecosystem with new services, and make the current ones even better.

而且，正如蒂姆所提到的，我們將通過新服務來增強我們非常強大的生態系統，並使當前的服務變得更好。

So, we remain very confident in our strategy.

因此，我們對我們的戰略仍然非常有信心。

And we will use our world-class skills in engineering and operations to manage our Business well in the future.

我們將利用我們在工程和運營方面的世界級技能，在未來很好地管理我們的業務。

All right.

好的。

Thanks.

謝謝。

And, Tim, my follow-up is for you.

而且，蒂姆，我的後續行動是為你準備的。

Just asking you this every quarter in different ways, but I just wanted to get your reaction to what you thought of the 5-inch phone market at this time versus three months ago.

只是每個季度都以不同的方式問你這個問題，但我只是想了解你對此時與三個月前的 5 英寸手機市場的看法。

And if anything has changed in your view as to that market and its place in the smartphone world versus your 4-inch product.

如果您對該市場及其在智能手機世界中的地位與您的 4 英寸產品的看法發生了任何變化。

And that's it for me.

對我來說就是這樣。

Ben, that's a good question.

本，這是個好問題。

My view continues to be that iPhone 5 has the absolute best display in the industry.

我的觀點仍然是 iPhone 5 擁有業內絕對最佳的顯示效果。

And we always strive to create the very best display for our customers.

我們始終努力為我們的客戶創造最好的顯示器。

Some customers value large screen size.

一些客戶看重大屏幕尺寸。

Others value also other factors, such as resolution, color quality, white balance, brightness, reflectivity, screen longevity, power consumption, portability, compatibility with apps.

其他人也重視其他因素，例如分辨率、色彩質量、白平衡、亮度、反射率、屏幕壽命、功耗、便攜性、與應用程序的兼容性。

Many things.

很多東西。

Our competitors have made some significant trade-offs in many of these areas in order to ship a larger display.

我們的競爭對手在其中許多領域做出了一些重大的權衡，以提供更大的顯示器。

We would not ship a larger display iPhone while these trade-offs exist.

在存在這些權衡的情況下，我們不會發布更大顯示屏的 iPhone。

Does that answer your question?

這是否回答你的問題？

Yes.

是的。

Got it.

知道了。

Gene Munster, Piper Jaffray.

吉恩·芒斯特，派珀·杰弗瑞。

Tim, I just wanted to confirm, did you mention in your prepared remarks that you're thinking about new product categories?

蒂姆，我只是想確認一下，你在準備好的評論中提到你正在考慮新的產品類別嗎？

Or did I not hear you correctly?

還是我沒聽錯？

I did, Gene.

我做到了，吉恩。

I said that one of our areas for growth are potential new categories.

我說我們的增長領域之一是潛在的新品類。

And we're very excited about those.

我們對這些感到非常興奮。

And that would presumably be in the next year?

那大概是在明年？

I didn't announce a specific time frame.

我沒有宣布具體的時間框架。

Okay.

好的。

And Peter, you mentioned new services and that you can build and improve on existing services.

Peter，您提到了新服務，您可以在現有服務的基礎上進行構建和改進。

Beyond just the natural evolution of Maps and iCloud, are there any other key assets that you guys have which you can leverage into new services?

除了地圖和 iCloud 的自然演變之外，你們還有其他關鍵資產可以利用到新服務中嗎？

Nothing specific, Gene, but we are very fortunate to have the largest and broadest ecosystem in the world.

沒有什麼特別的，吉恩，但我們很幸運擁有世界上最大和最廣泛的生態系統。

We have app stores in 155 countries and iTunes stores in over 110 countries.

我們在 155 個國家/地區擁有應用商店，在 110 多個國家/地區擁有 iTunes 商店。

We have hundreds of millions of users.

我們擁有數億用戶。

We've just crossed a $16 billion run rate on the iTunes stores in terms of billings and just achieved for the first time $4 billion in revenue for our services.

就賬單而言，我們剛剛在 iTunes 商店上突破了 160 億美元的運行率，並且我們的服務首次實現了 40 億美元的收入。

So we're really thrilled with what we've just reported this quarter, but we see opportunity that we're going to invest in tremendously to delight our customers and continue to grow our business in those areas.

因此，我們對本季度剛剛報告的內容感到非常興奮，但我們看到了我們將大力投資以取悅我們的客戶並繼續在這些領域發展我們的業務的機會。

I would just add to that.

我只想補充一點。

Because we are not fragmented like our competition, we can update an OS with a major release, and a substantial percentage of our customers will update to our latest software.

因為我們不像我們的競爭對手那樣分散，所以我們可以用一個主要版本更新一個操作系統，我們很大一部分客戶會更新到我們的最新軟件。

We've made that very elegant and very easy.

我們讓這變得非常優雅和簡單。

Also, because the usage for iOS is so much higher, when we integrate things well, people use them a lot more.

另外，因為iOS的使用率要高得多，當我們把東西整合好時，人們會更多地使用它們。

And so, just those concepts by itself are huge advantages from a customer experience point of view and from more the metrics that you're thinking about point of view.

因此，從客戶體驗的角度來看，從您考慮的更多指標的角度來看，這些概念本身就是巨大的優勢。

Okay.

好的。

Let me ask it this way.

讓我這樣問。

In terms of just the payments market specifically, do you feel that that market is well addressed today with the offerings out there?

僅就支付市場而言，您是否認為該市場今天已通過提供的產品得到很好的解決？

I think it's in its infancy, Gene.

我認為它還處於起步階段，吉恩。

I think it's just getting started.

我認為這才剛剛開始。

And just out of the starting block.

而且剛出起跑線。

Shannon Cross, Cross Research.

香農交叉，交叉研究。

Tim, I was wondering if you could talk a bit about what you're thinking about within the Mac market and the PC market.

Tim，我想知道您能否談談您在 Mac 市場和 PC 市場中的想法。

Because, obviously, you outperformed substantially the competition, but we're still down about 2%.

因為，很明顯，你們的表現大大優於競爭對手，但我們仍然下降了約 2%。

So, I'm curious as to whether or not you think elasticity of demand with lower prices, or what you're hearing from your customers in terms of their reluctance to buy a new Mac.

因此，我很好奇您是否認為價格較低時需求彈性，或者您從客戶那裡聽到的不願購買新 Mac 的情況。

And then also, how you're thinking about the cannibalization potential coming out of the iPad?

然後，您如何看待 iPad 的自相殘殺潛力？

Shannon, I think the reason that we were down last quarter, we were down 2%, as you had mentioned -- the market for PCs are incredibly weak.

香農，我認為我們上個季度下跌的原因是，我們下跌了 2%，正如你所提到的——個人電腦市場非常疲軟。

IDC said that the market for the March quarter was down 14% year on year, which is the largest decline that I remember from being in this industry for a long time.

IDC 表示，3 月份季度的市場同比下降 14%，這是我記得在這個行業很長時間以來最大的跌幅。

At the same time, we sold almost 20 million iPads.

與此同時，我們售出了近 2000 萬台 iPad。

And it's certainly true that some of those iPads cannibalized some Macs.

確實，其中一些 iPad 蠶食了一些 Mac。

I personally don't think it was a huge number.

我個人認為這不是一個巨大的數字。

But I do think it's some.

但我確實認為這是一些。

And I think probably the larger thing, at least for the -- maybe not so much on the Mac side but on the PC side, is people are probably extending their upgrade cycles.

而且我認為可能更大的事情，至少對於 - 也許不是在 Mac 方面而是在 PC 方面，人們可能正在延長他們的升級週期。

That said, I don't think this market is a dead market or a bad market, by any means.

也就是說，無論如何，我不認為這個市場是死市場或壞市場。

I think it has a lot of life to it.

我認為它有很多生命。

We're going to continue to innovate in it.

我們將繼續在其中進行創新。

We believe that, if anything, the huge growth in tablets may wind up benefiting the Mac, because it pushes people to think about that product they're buying in a different manner.

我們相信，如果有的話，平板電腦的巨大增長最終可能會使 Mac 受益，因為它促使人們以不同的方式思考他們購買的產品。

And people may be even more willing to buy a Mac, where today they may be buying a PC.

人們可能更願意購買 Mac，而今天他們可能正在購買 PC。

And so we're going to continue making the best personal computers.

因此，我們將繼續製造最好的個人電腦。

Our strategy is not changing.

我們的戰略沒有改變。

And we feel really good about it.

我們對此感覺非常好。

We delivered some incredible innovation last year with the Retina Display with the MacBook Pro.

去年，我們通過配備 MacBook Pro 的 Retina 顯示屏實現了一些令人難以置信的創新。

And in an incredible thin and light package.

並採用令人難以置信的輕薄包裝。

And we've got some more great stuff planned.

我們還計劃了一些更棒的東西。

So, this is an area we're continuing to invest in.

因此，這是我們將繼續投資的領域。

Great.

偉大的。

And then just a follow-up question with regards to the tablet market.

然後只是關於平板電腦市場的後續問題。

We've met with some of your competitors recently and they're starting to talk about wins in the enterprise.

我們最近會見了您的一些競爭對手，他們開始談論企業的勝利。

And touting the benefits of Microsoft and some of the other OSs that are out there in terms of security and interoperability in some of the enterprise companies.

並吹捧微軟和其他一些操作系統在一些企業公司的安全性和互操作性方面的好處。

So, I'm curious what you've heard from your customers.

所以，我很好奇你從你的客戶那裡聽到了什麼。

Have you seen much displacement?

你見過很多位移嗎？

And what are the discussions that you have with enterprise customers with regard to iPads and fitting into their systems?

您與企業客戶就 iPad 及其係統的適配進行了哪些討論？

Thanks.

謝謝。

We seem to be doing really well.

我們似乎做得很好。

Peter had referenced earlier the Good Technology's data that says that iOS accounted for 77% of all their activations by their corporate customers.

彼得早些時候引用了 Good Technology 的數據，該數據稱 iOS 佔其企業客戶所有激活的 77%。

Now, that would not include BlackBerry, but it would include all the other guys.

現在，這不包括黑莓，但它包括所有其他人。

And, so, we seem to be doing really well.

而且，所以，我們似乎做得很好。

And, honestly, I don't see the recent announcements changing that at all.

而且，老實說，我根本沒有看到最近的公告改變了這一點。

I see more and more people developing more and more custom apps for their businesses on iOS to be used on iPad.

我看到越來越多的人在 iOS 上為他們的企業開發越來越多的自定義應用程序，以便在 iPad 上使用。

And we're very bullish on it.

我們非常看好它。

As a matter of fact, just to quote you some numbers, iPad now is being used in 95% of the Fortune 500.

事實上，僅引用一些數字，現在 95% 的財富 500 強企業都在使用 iPad。

And what's even more impressive, probably, is on the global 500 companies, we're now in 89%.

更令人印象深刻的可能是全球 500 強公司，我們現在佔 89%。

Great.

偉大的。

Thank you.

謝謝你。

Mark Moskowitz, JPMorgan.

馬克·莫斯科維茨，摩根大通。

Tim, earlier you talked about how the December quarter had a very big and broad product refresh.

蒂姆，您早些時候談到了 12 月季度如何進行了一次非常大規模和廣泛的產品更新。

Were there any learning points from that experience, in terms of maybe it's better to stage or stagger out launches over multi quarters versus one quarter?

從那次經歷中是否有任何學習點，也許在多個季度而不是一個季度上分階段或錯開發布更好？

How should we think about that going forward?

我們應該如何看待未來的發展？

That's a good question.

這是個好問題。

I don't spend a lot of time looking back except to learn from it.

除了從中學習外，我不會花很多時間回顧過去。

If we could run it over, frankly, I would have announced the iMac after the turn of the year.

坦率地說，如果我們能把它運行一遍，我會在今年年初發布 iMac。

Because we felt our customers had to wait too long for that specific product.

因為我們覺得我們的客戶必須等待太長時間才能獲得該特定產品。

Where the iPad Mini was in shortage in the quarter, in the December quarter.

iPad Mini 在本季度短缺的地方，在 12 月季度。

I would not have done that differently, because we were able to get the iPad Mini out to many millions of customers who really wanted that product for their holiday.

我不會這樣做，因為我們能夠將 iPad Mini 提供給數百萬真正想要該產品度過假期的客戶。

And so, yes, we did do a lot.

所以，是的，我們確實做了很多。

Our teams, fortunately, can do a lot.

幸運的是，我們的團隊可以做很多事情。

But, in retrospect, that one, yes, I sort of wish it were after the turn of the year because our customers would not have had to wait as long as they did.

但是，回想起來，是的，我有點希望是在年底之後，因為我們的客戶不必像他們那樣等待。

Okay.

好的。

And my follow-up question is back to the ecosystem.

我的後續問題又回到了生態系統。

Are there other metrics or mile posts that you can share with us?

您是否可以與我們分享其他指標或里程帖子？

You acknowledged earlier that the growth of revenue at Apple has slowed for some of your key products.

您之前承認，您的一些關鍵產品在 Apple 的收入增長已經放緩。

But how about the ecosystem in terms of usage rates?

但就使用率而言，生態系統又如何呢？

Are you seeing slowing there or are you actually seeing the opposite where there's maybe acceleration within each user?

您是否看到那裡正在減速，或者您實際上是否看到相反的情況，每個用戶可能會加速？

We see incredible usage in every study that we see.

在我們看到的每一項研究中，我們都看到了令人難以置信的用法。

These aren't just done by us.

這些不只是我們做的。

As a matter of fact, the vast majority of them come from other people.

事實上，其中絕大多數來自其他人。

The usage of iOS devices are staggering compared to others.

與其他設備相比，iOS 設備的使用情況令人震驚。

It's a phenomenal difference.

這是一個驚人的差異。

And I think that shows the strength of the ecosystem.

我認為這顯示了生態系統的力量。

And, Mark, it's Peter.

而且，馬克，是彼得。

I will add that we are now paying very happily our developers more than $1 billion every quarter.

我要補充一點，我們現在非常高興地為我們的開發人員支付了每季度超過 10 億美元的費用。

Thank you.

謝謝你。

Thanks, Mark.

謝謝，馬克。

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

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

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

電話重播的號碼是 888-203-1112 或 719-457-0820。

Please enter confirmation code 2954408.

請輸入確認碼2954408。

And these replays will be available at approximately 6.00 PM today, Pacific Time.

這些回放將在太平洋時間今天下午 6 點左右提供。

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

有其他問題的媒體成員可以撥打 408-974-1896 聯繫史蒂夫·道林。

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

如果有其他問題，金融分析師可以聯繫 Joan Hoover 或我。

And Joan is at 408-974-4570.

瓊的電話是 408-974-4570。

And I'm at 408-974-5420.

我的電話是 408-974-5420。

Thanks again for joining us.

再次感謝您加入我們。

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

女士們，先生們，今天的演講到此結束。

We do thank everyone for your participation.

我們非常感謝大家的參與。