蘋果 (AAPL) 2013 Q3 法說會逐字稿

Good day, everyone, and welcome to this Apple Incorporated third-quarter fiscal-year 2013 earnings-release conference call.

大家好，歡迎參加 Apple Incorporated 2013 財年第三季度財報電話會議。

Today's call is being recorded.

今天的電話正在錄音。

At this time, for opening remarks and introductions, I would like to turn the call over to 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 thank you to everyone for joining us.

下午好，感謝大家加入我們。

Speaking first today is Apple CFO, Peter Oppenheimer, and he will be joined by CEO, Tim Cook, and Treasurer, Gary Whistler for the Q&A session with analysts.

今天首先發言的是蘋果首席財務官彼得奧本海默，他將與首席執行官蒂姆庫克和財務主管加里惠斯勒一起參加與分析師的問答環節。

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

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、稅收的陳述和未來的產品。

Actual results or trends could differ materially from our forecast.

實際結果或趨勢可能與我們的預測大相徑庭。

For more information, please refer to the risk factors discussed in Apple Form 10-K for 2012, the Forms 10-Q for the first and second quarters of 2013, and the Form 8-K filed with the SEC today, along with the associated press release.

如需更多信息，請參閱 Apple 2012 年 10-K 表格、2013 年第一季度和第二季度的 10-Q 表格以及今天向美國證券交易委員會提交的 8-K 表格中討論的風險因素，以及相關的新聞稿。

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 Peter Oppenheimer for introductory remarks.

我現在想把電話轉給彼得奧本海默做介紹性發言。

Thank you, Nancy.

謝謝你，南希。

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

我們很高興地報告我們第三財季的業績。

We established a new June quarter record for iPhone sales, driving Apple's strongest June quarter revenue ever.

我們創造了 iPhone 銷售的新 6 月季度記錄，推動了 Apple 有史以來最強勁的 6 月季度收入。

Revenue for the quarter was $35.3 billion, up $300 million, or 1% from the year-ago quarter, and at the high-end of our guidance range.

本季度收入為 353 億美元，比去年同期增長 3 億美元，即 1%，處於我們指導範圍的高端。

Gross margin was 36.9%, also at the high-end of our guidance range, and operating margin was $9.2 billion, representing 26% of revenue.

毛利率為 36.9%，也處於我們指導範圍的高端，營業利潤率為 92 億美元，佔收入的 26%。

Net income was $6.9 billion, translating to diluted earnings per share of $7.47.

淨收入為 69 億美元，攤薄後每股收益為 7.47 美元。

Channel inventories declined sequentially by $1 billion during the June quarter this year, meaning that sell through was $36.3 billion.

今年第 6 季度，渠道庫存環比下降 10 億美元，這意味著銷售額為 363 億美元。

In contrast, channel inventory increased $700 million from the beginning to the end of the June quarter last year, meaning that sell through was $34.3 billion in that quarter.

相比之下，渠道庫存從去年 6 月季度開始到結束時增加了 7 億美元，這意味著該季度的銷售額為 343 億美元。

As such, our June quarter sell through increased by $2 billion, or 6% year over year, ahead of our 1% sell in revenue growth.

因此，我們 6 月季度的銷售額增長了 20 億美元，同比增長 6%，高於我們 1% 的銷售額增長。

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 說起。

We sold 31.2 million iPhones compared to 26 million in the year-ago quarter, an increase of 5.2 million, or 20%.

我們售出了 3120 萬部 iPhone，而去年同期為 2600 萬部，增加了 520 萬部，即 20%。

We had a sequential decrease of about 600,000 iPhones in channel inventory in the June quarter, translating to iPhone sell through of about 31.8 million units.

我們在 6 月季度的渠道庫存中連續減少了約 600,000 部 iPhone，這意味著 iPhone 的銷量約為 3180 萬部。

iPhone sales were ahead of our expectations, and we were particularly pleased with very strong year-over-year growth in iPhone sales in a number of both developed and emerging markets, including the US, UK, Japan, Brazil, Russia, India, Thailand, and Singapore.

iPhone 銷量超出我們的預期，我們對 iPhone 銷量在多個發達市場和新興市場（包括美國、英國、日本、巴西、俄羅斯、印度、泰國）的同比強勁增長感到特別高興，和新加坡。

iPhone 5 remains by far the most popular iPhone, but we were also very happy with sales of iPhone 4 and 4S.

iPhone 5 仍然是迄今為止最受歡迎的 iPhone，但我們也對 iPhone 4 和 4S 的銷售感到非常滿意。

We exited the quarter with about 11 million units of total iPhones in channel inventory, and ended within our target range of four to six weeks of iPhone channel inventory.

本季度末，我們在渠道庫存中擁有約 1100 萬部 iPhone，並在我們的 iPhone 渠道庫存 4 到 6 週的目標範圍內結束。

iPhone unit sales in the US increased 51% compared to the year-ago quarter.

與去年同期相比，iPhone 在美國的銷量增長了 51%。

And based on research recently published by comScore, iPhone once again achieved the number-one spot in the US smartphone market for the three-month period ending in May, with over 39% share.

根據 comScore 最近發布的研究，截至 5 月的三個月內，iPhone 再次以超過 39% 的份額在美國智能手機市場上排名第一。

iPhone sales were also very strong in Japan, growing 66% year over year.

iPhone 在日本的銷量也非常強勁，同比增長 66%。

iPhone is the top-selling smartphone in Japan based on the latest published quarterly data from IDC.

根據 IDC 最新公佈的季度數據，iPhone 是日本最暢銷的智能手機。

And Apple is the number-one or number-two selling smartphone manufacturer in most markets IDC tracks, including North America, Western Europe, Russia, Turkey, Australia, Hong Kong, Thailand, Malaysia, and Singapore.

在 IDC 追踪的大多數市場，包括北美、西歐、俄羅斯、土耳其、澳大利亞、香港、泰國、馬來西亞和新加坡，Apple 都是銷量第一或第二的智能手機製造商。

The most recently published study by Kantar measured a 93% loyalty rate among iPhone owners, significantly higher than our competitors.

Kantar 最近發表的一項研究顯示，iPhone 用戶的忠誠度為 93%，明顯高於我們的競爭對手。

And iPhone continues to lead in terms of customer experience.

iPhone 在客戶體驗方面繼續領先。

Not only has iPhone earned the top spot in customer satisfaction from JD Power and Associates an unprecedented nine consecutive times, it has also received the top customer satisfaction ranking in a number of surveys, including the recent Quality Insight survey of smartphone customers in South Korea.

iPhone 不僅史無前例地連續 9 次獲得 JD Power and Associates 的客戶滿意度榜首，而且還在多項調查中獲得了最高的客戶滿意度排名，包括最近針對韓國智能手機客戶的 Quality Insight 調查。

iPhone also continues to be the smartphone of choice for business.

iPhone 也繼續成為商務智能手機的首選。

Given the security and stability of iOS, enterprise and government customers around the world continue to deploy iPhone on their networks in ways that go far beyond personal productivity.

鑑於 iOS 的安全性和穩定性，世界各地的企業和政府客戶繼續在其網絡上部署 iPhone，其方式遠遠超出個人生產力。

Companies have built tens of thousands of custom apps to improve every aspect of their business.

公司已經構建了數以萬計的自定義應用程序來改善其業務的各個方面。

Global companies, including American Airlines, Cisco, General Electric, Roche and SAP, have deployed more than 25,000 iPhones each across their organizations.

包括美國航空公司、思科、通用電氣、羅氏和 SAP 在內的全球公司已在其組織中部署了超過 25,000 部 iPhone。

US government organizations such as NASA's Jet Propulsion Lab, the National Oceanic and Atmospheric Administration, the ATF, and the National Geospatial-Intelligence Agency are supporting and managing thousands of iPhones on their networks and continue to create both customer-facing and internal iOS apps.

美國國家航空航天局噴氣推進實驗室、國家海洋和大氣管理局、ATF 和國家地理空間情報局等美國政府組織正在支持和管理其網絡上的數千部 iPhone，並繼續創建面向客戶和內部的 iOS 應用程序。

Just this past quarter, iOS 6 was granted FIPS 140-2 validation by the US Federal Government and approval by the US Department of Defense to connect to their networks.

就在上個季度，iOS 6 獲得了美國聯邦政府的 FIPS 140-2 認證和美國國防部的批准，可以連接到他們的網絡。

Combining sales to business, government, and education customers, iPhone holds a 62.5% share of the US commercial market based on the latest quarterly data published by IDC.

根據 IDC 公佈的最新季度數據，結合面向企業、政府和教育客戶的銷售，iPhone 在美國商業市場佔有 62.5% 的份額。

Turning to iPad, we sold 14.6 million iPads during the quarter, compared to 17 million in the year-ago quarter.

談到 iPad，我們在本季度售出了 1460 萬台 iPad，而去年同期為 1700 萬台。

The tough year-over-year comparison was driven by both a significant channel inventory increase and the first full quarter of the availability of the third-generation iPad in the year-ago quarter.

與去年同期相比，渠道庫存顯著增加以及第三代 iPad 在去年同期的首個完整季度上市都推動了這一艱難的同比比較。

We built 1.2 million units of iPad channel inventory in the June quarter last year, where as we reduced channel inventory by 700,000 units in the June quarter this year.

我們在去年 6 月季度建立了 120 萬台 iPad 渠道庫存，而我們在今年 6 月季度將渠道庫存減少了 700,000 台。

Factoring in this 1.9 million unit channel inventory swing, iPad unit sell through was down 3% year over year.

考慮到這 190 萬台的渠道庫存波動，iPad 的銷量同比下降了 3%。

We exited the quarter with about 4.1 million units of iPad channel inventory, within our target range of four to six weeks.

我們在本季度結束時擁有約 410 萬台 iPad 渠道庫存，在我們 4 到 6 週的目標範圍內。

Customers continue to love their iPads.

客戶繼續喜愛他們的 iPad。

For the second consecutive time in the two-year history of the survey, iPad ranked number one in the 2013 US Tablet Satisfaction Survey by JD Power and Associates.

在兩年的調查歷史中，iPad 連續第二次在 JD Power and Associates 的 2013 年美國平板電腦滿意度調查中排名第一。

And again, in its latest study published today, Chitika reported that iPad accounted for 84.3% share of tablet web usage by customers in the US and Canada, its highest level this year.

再一次，在今天發布的最新研究中，Chitika 報告稱，iPad 占美國和加拿大客戶平板電腦網絡使用量的 84.3%，是今年的最高水平。

In every major industry around the world, companies are developing, deploying, and supporting apps for iPad.

在世界各地的每個主要行業中，公司都在為 iPad 開發、部署和支持應用程序。

Government organizations, as well as global enterprise companies across diverse fields, including automotive, insurance, energy services, and healthcare are using iPad and custom apps to create unique, meaningful experiences for their employees, partners, and customers.

政府組織以及跨不同領域（包括汽車、保險、能源服務和醫療保健）的全球企業公司正在使用 iPad 和定制應用程序為其員工、合作夥伴和客戶創造獨特而有意義的體驗。

The USDA's National Agricultural Statistics Service has deployed thousands of iPads to in-person interviewers resulting in higher response rates and decreased cost.

美國農業部的國家農業統計局已為現場採訪員部署了數千台 iPad，從而提高了響應率並降低了成本。

And companies including Eli Lilly, Novartis, Café Life, Roche, and SAP have developed over 20,000 -- have deployed over 20,000 iPads each across their organizations.

包括 Eli Lilly、Novartis、Café Life、Roche 和 SAP 在內的公司已經開發了超過 20,000 台 iPad，並在他們的組織中部署了超過 20,000 台 iPad。

Turning to Mac, we are pleased with sales of 3.8 million Macs, which is a 7% decline from the year-ago quarter but higher than our expectations.

談到 Mac，我們對 380 萬台 Mac 的銷量感到滿意，這比去年同期下降了 7%，但高於我們的預期。

IDC estimates that the global personal computer market contracted by 11% during the June quarter, indicating that Mac's gained share.

IDC 估計，全球個人電腦市場在 6 月季度收縮了 11%，這表明 Mac 的份額有所增加。

In June, we introduced two new versions of MacBook Air, and customer response has been great.

6 月，我們推出了 MacBook Air 的兩個新版本，客戶反響非常好。

Wired Magazine described the new 13-inch MacBook air as nearly flawless, citing its phenomenal battery life, processing performance, feather-light chassis, and super-fast Wi-Fi.

《連線》雜誌稱新款 13 英寸 MacBook Air 幾乎完美無瑕，理由是其驚人的電池壽命、處理性能、輕巧的機箱和超快的 Wi-Fi。

Additionally, last month, we provided a sneak peek at our next-generation Mac Pro.

此外，上個月，我們提供了我們下一代 Mac Pro 的先睹為快。

Engineered around workstation graphics with dual GPUs, PCI express-based flash storage, high-performance Thunderbolt 2, next-generation Xeon processors, ultra-fast memory, and support for 4K video.

圍繞工作站圖形設計，配備雙 GPU、基於 PCI express 的閃存、高性能 Thunderbolt 2、下一代 Xeon 處理器、超快內存和對 4K 視頻的支持。

The new state-of-the-art Mac Pro will be assembled in the US and will be available later this year.

新的最先進的 Mac Pro 將在美國組裝，並將於今年晚些時候上市。

We were excited to release a developer preview of OS X Mavericks last month.

我們很高興上個月發布了 OS X Mavericks 的開發者預覽版。

More than 200 new features, with more than 200 new features, OS X Mavericks brings Maps and iBooks to the Mac; introduces Finder Tags and Tabs; enhances multi-display support for power users; delivers new core technologies for breakthrough power efficiency and performance; and includes an all-new version of Safari.

超過 200 項新功能，超過 200 項新功能，OS X Mavericks 將 Maps 和 iBooks 帶到了 Mac；引入 Finder 標籤和選項卡；增強了對高級用戶的多顯示器支持；為突破性的能效和性能提供新的核心技術；並包括全新版本的 Safari。

OS X Mavericks will be available to customers in the fall.

OS X Mavericks 將於秋季向客戶提供。

We ended the quarter with just below our four- to five-week target range of Mac channel inventory.

我們在本季度結束時略低於我們的四到五週 Mac 渠道庫存目標範圍。

Our US education institution business had a great quarter, generating its highest quarterly revenue ever.

我們的美國教育機構業務有一個很好的季度，創造了有史以來最高的季度收入。

The results were fueled by all-time record quarterly iPad sales of 1.1 million units, in addition to strong June quarter Mac sales.

除了 6 月份季度 Mac 銷量強勁外，該業績還受到創紀錄的 110 萬台 iPad 季度銷量的推動。

The state of Maine's Learning Technology initiative, which provides the state's middle school and high school students and teachers with personal computing solutions, allowed individual school districts to choose which products to purchase, rather than standardize on a single statewide solution.

緬因州的學習技術計劃為該州的初中和高中學生和教師提供個人計算解決方案，它允許各個學區選擇購買哪些產品，而不是對單一的全州解決方案進行標準化。

We are very proud that an estimated 94% of the 69,000 total units selected this year were Apple products.

我們感到非常自豪的是，今年被選中的 69,000 台設備中估計有 94% 是 Apple 產品。

And we are extremely pleased to have received the Los Angeles School Board of Education's unanimous approval to begin the first phase of a massive rollout of iPads to students across the District starting this fall.

我們非常高興地獲得了洛杉磯學校教育委員會的一致批准，從今年秋天開始向全學區的學生大規模推出 iPad 的第一階段。

The District is the second-largest in the United States and plans to equip every one of the 660,000 students with a tablet by 2014.

該學區是美國第二大學區，併計劃到 2014 年為 660,000 名學生中的每一個人配備一台平板電腦。

We continue to be very pleased with the growth and strength of the Apple ecosystem.

我們繼續對 Apple 生態系統的增長和實力感到非常滿意。

With the broadest geographic reach and depth of content in the industry, our iTunes Stores generated record billions of $4.3 billion in the June quarter, culminating in our best month and best week ever for App Store billings at the very end of the quarter.

憑藉業內最廣泛的地理覆蓋和內容深度，我們的 iTunes Store 在 6 月季度創造了創紀錄的 43 億美元，在本季度末達到了 App Store 賬單有史以來最好的一個月和最好的一周。

The quarter's iTunes billings translated to quarterly revenue of $2.4 billion, up 29% from the year-ago quarter, with strong growth in revenue from both content and apps.

本季度的 iTunes 賬單轉化為 24 億美元的季度收入，比去年同期增長 29%，內容和應用程序的收入都實現了強勁增長。

The continued strong iTunes sales combined with other software and service revenue resulted in total quarterly revenue of $4 billion from iTunes software and services.

iTunes 持續強勁的銷售加上其他軟件和服務收入，使 iTunes 軟件和服務的季度總收入達到 40 億美元。

We added some great new video content to iTunes and Apple TV.

我們向 iTunes 和 Apple TV 添加了一些很棒的新視頻內容。

Last month, we announced HBO GO and Watch ESPN are now available directly on Apple TV, joining programming from Hulu Plus, Netflix streaming catalog, live sports from MLB, NBA, and NHL, as well as intranet content from Vimeo, YouTube and Flickr.

上個月，我們宣布 HBO GO 和 Watch ESPN 現在可以直接在 Apple TV 上觀看，加入來自 Hulu Plus 的節目、Netflix 流媒體目錄、來自 MLB、NBA 和 NHL 的直播體育節目，以及來自 Vimeo、YouTube 和 Flickr 的內網內容。

Sky News, Crunchyroll, and Qello are offering live news, sports, and current TV programming.

Sky News、Crunchyroll 和 Qello 提供實時新聞、體育和當前電視節目。

Apple TV users can now choose from a broad selection of programming, including over 60,000 movies and over 230,000 TV episodes, as well as the world's largest collection of music on the iTunes Store.

Apple TV 用戶現在可以從廣泛的節目選擇中進行選擇，包括超過 60,000 部電影和超過 230,000 集的電視劇集，以及 iTunes Store 中世界上最大的音樂收藏。

iTunes users have downloaded more than 1 billion TV episodes and 390 million movies from iTunes to date, and they are purchasing over 800,000 TV episodes and over 350,000 movies per day.

迄今為止，iTunes 用戶已從 iTunes 下載超過 10 億集電視劇和 3.9 億部電影，他們每天購買超過 80 萬集電視劇和超過 350,000 部電影。

We recently celebrated the five-year anniversary of our amazing App Store.

我們最近慶祝了令人驚嘆的 App Store 成立五週年。

Our developers have now created more than 900,000 iOS apps, including 375,000 apps made for iPad.

我們的開發人員現在已經創建了超過 900,000 個 iOS 應用程序，其中包括 375,000 個為 iPad 設計的應用程序。

The popularity of these apps remains incredibly strong.

這些應用程序的受歡迎程度仍然非常強勁。

(Inaudible) app downloads have surpassed 50 billion, and app developers have made over $11 billion for their sales through the App Store, half of which was earned in the last four quarters.

（聽不清）應用程序下載量已超過 500 億次，應用程序開發人員通過 App Store 的銷售額超過 110 億美元，其中一半來自過去四個季度。

Our vibrant ecosystem continues to drive tremendous user engagement with our devices and services.

我們充滿活力的生態系統繼續推動用戶對我們的設備和服務的巨大參與。

We now have over 320 million iPod accounts and 240 million Game Center accounts.

我們現在擁有超過 3.2 億個 iPod 帳戶和 2.4 億個 Game Center 帳戶。

And our customers have sent almost 900 billion iMessages, uploaded over 125 billion photos, and received over 8 trillion Push Notifications.

我們的客戶已經發送了近 9000 億條 iMessage，上傳了超過 1250 億張照片，並收到了超過 8 萬億條推送通知。

And thanks to the stability and security and popularity of the iOS platform, the iOS devices continue to have a strong lead over Android in the enterprise.

並且由於 iOS 平台的穩定性、安全性和普及性，iOS 設備在企業中繼續領先於 Android。

In its most recently published quarterly Enterprise Device Activations report, Good Technologies found that among its corporate clients, iPhone 5 was by far the most frequently activated device of any kind, and iPads represented 88% of all tablet activations.

在其最近發布的季度企業設備激活報告中，Good Technologies 發現，在其企業客戶中，iPhone 5 是迄今為止最常被激活的設備，iPad 佔所有平板電腦激活的 88%。

We are continuing to invest in software and services to make the ecosystem and user experience even richer.

我們將繼續投資於軟件和服務，以使生態系統和用戶體驗更加豐富。

This fall, we released a beta version of iWork for iCloud, bringing Pages, Numbers, and Keynotes to the web.

今年秋天，我們發布了用於 iCloud 的 iWork 測試版，將 Pages、Numbers 和 Keynotes 帶到了網絡上。

The iWork for iCloud, users would be able to create great looking letters, reports and flyers; generate complex, yet beautiful spread sheets; and develop and deliver beautiful presentations with powerful graphics and special effects, all from within a web browser.

iCloud 版 iWork，用戶將能夠創建精美的信件、報告和傳單；生成複雜但漂亮的電子表格；開發和交付具有強大圖形和特殊效果的精美演示文稿，所有這些都在 Web 瀏覽器中完成。

We are extremely excited about the fall launch of iOS 7, with this stunning new user interface and many great new features, including Control Center, Airdrop and iTunes Radio, smarter multitasking, and enhancements to Notification Center, photos, Safari, and Siri.

我們對 iOS 7 的秋季發布感到非常興奮，它擁有令人驚嘆的新用戶界面和許多出色的新功能，包括控制中心、Airdrop 和 iTunes Radio、更智能的多任務處理以及對通知中心、照片、Safari 和 Siri 的增強。

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 $4.1 billion, approximately equal to the year-ago quarter.

本季度收入為 41 億美元，與去年同期持平。

The stores experienced strong growth in iPhone sales and had their most successful MacBook Air launch to date.

這些商店的 iPhone 銷量增長強勁，並且推出了迄今為止最成功的 MacBook Air。

We opened six new stores across five countries during the quarter, with -- and ended the quarter with a total of 408 stores, including 156 outside the United States.

本季度我們在五個國家開設了六家新店，並在本季度結束時共有 408 家門店，其中包括美國以外的 156 家。

We expect to open nine new stores in the September quarter, bringing us to a total of 27 new store openings in fiscal '13.

我們預計將在 9 月季度開設 9 家新店，使我們在 13 財年總共開設 27 家新店。

We also relocated four stores in the June quarter that had outgrown their former space, and we expect to complete a total of 23 such relocations in fiscal '13.

我們還在 6 月季度搬遷了 4 家已經超出其以前空間的商店，我們預計在 13 財年將完成總共 23 次此類搬遷。

With an average of 405 stores open in the June quarter, average revenue per store was $10.1 million, compared to $11.1 million in the year-ago quarter.

6 月季度平均有 405 家門店開業，每家門店的平均收入為 1010 萬美元，而去年同期為 1110 萬美元。

Retail segment income was $667 million.

零售部門收入為 6.67 億美元。

We hosted 84 million visitors to our stores during the quarter, which translates to 16,000 visitors per store per week.

本季度我們的門店接待了 8400 萬訪客，這意味著每家門店每周有 16,000 名訪客。

Operating expenses were $3.8 billion and included $488 million of 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 $234 million, and the tax rate for the quarter was 26.9%.

OI&E 為 2.34 億美元，本季度的稅率為 26.9%。

Turning to our cash, we ended the quarter with $146.6 billion in cash plus short-term and long-term marketable securities, compared to $144.7 billion at the end of the March quarter, a sequential increase of $1.9 billion.

談到我們的現金，我們在本季度末擁有 1466 億美元的現金加上短期和長期有價證券，而第三季度末為 1447 億美元，環比增加了 19 億美元。

$106 billion of our total cash was offshore at the end of the June quarter, and cash flow from operations was $7.8 billion.

截至 6 月季度末，我們的總現金中有 1060 億美元在離岸，運營現金流為 78 億美元。

In early April, we concluded the $1.95 billion accelerated share repurchase program that we initiated in December quarter, resulting in cumulative retirement of over 4 million shares of Apple stock under that program.

4 月初，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，導致該計劃下超過 400 萬股蘋果股票累計退市。

In late April, we executed a very successful debt offering, issuing $17 billion of debt across 3-, 5-, 10- and 30-year maturities.

4 月下旬，我們進行了一次非常成功的債券發行，發行了 170 億美元的 3 年、5 年、10 年和 30 年期債券。

We paid $2.8 billion in dividends in the quarter, and we also utilized a total of $16 billion in cash on share repurchase activity through a combination of a new, accelerated share repurchase program and open-market purchases.

我們在本季度支付了 28 億美元的股息，我們還通過新的加速股票回購計劃和公開市場購買相結合，在股票回購活動中使用了總計 160 億美元的現金。

$12 billion of the $16 billion was utilized under a new ASR program, initiated with two financial institutions in April.

160 億美元中的 120 億美元用於新的 ASR 計劃，該計劃於 4 月由兩家金融機構啟動。

An initial delivery of 23.5 million shares was made under this program, with the final number of shares delevered and average price per share to be determined at the conclusion of the program, based on the volume weighted average purchase price of Apple stock over the program period, which will conclude in fiscal '14.

根據該計劃首次交付了 2350 萬股股票，最終去槓桿的股票數量和每股平均價格將在計劃結束時根據計劃期間 Apple 股票的成交量加權平均購買價格確定，這將在 '14 財年結束。

In addition to the new ASR, we executed $4 billion of open market share repurchases, resulting in the retirement of $9 million additional shares.

除了新的 ASR，我們還執行了 40 億美元的公開市場股票回購，導致額外的 900 萬美元股票退市。

Our Board of Directors has declared a dividend of $3.05 per common share, payable on August 15, 2013, to shareholders of record as of the close of business on August 12, 2013.

我們的董事會已宣布派發每股普通股 3.05 美元的股息，於 2013 年 8 月 15 日支付給截至 2013 年 8 月 12 日營業結束時登記在冊的股東。

Now, as we move ahead into the March 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 3 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 $34 billion and $37 billion, compared to $36 billion in the year-ago quarter.

我們預計收入將在 340 億美元至 370 億美元之間，而去年同期為 360 億美元。

We expect gross margin to be between 36% and 37%, reflecting approximately $90 million 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 9000 萬美元。

We expect OpEx to be between $3.9 billion and $3.95 billion, including about $495 million related to stock-based compensation.

我們預計運營支出將在 39 億美元至 39.5 億美元之間，其中包括與股票薪酬相關的約 4.95 億美元。

We expect OI&E to be about $200 million, and we expect the tax rate to be about 26.5%.

我們預計 OI&E 約為 2 億美元，我們預計稅率約為 26.5%。

In closing, we are pleased with our record June quarter iPhone sales, the strong growth in revenue from iTunes software and services, and the continued enhancement and popularity of our tremendously vibrant ecosystem.

最後，我們對我們創紀錄的 6 月季度 iPhone 銷量、iTunes 軟件和服務收入的強勁增長以及我們充滿活力的生態系統的持續增強和普及感到高興。

We are very excited about the upcoming releases of the stunning new iOS 7 and OS X Mavericks, and we are very hard at work on some amazing new products that we will introduce in the fall and across 2014.

我們對即將發布的令人驚嘆的新 iOS 7 和 OS X Mavericks 感到非常興奮，我們正在努力開發一些令人驚嘆的新產品，這些新產品將在 2014 年秋季和整個 2014 年推出。

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

有了這個，我想打開問題的電話。

Thank you, Peter.

謝謝你，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 with Morgan Stanley.

凱蒂休伯蒂與摩根士丹利。

Peter, as you mentioned in the press release today, new products will ship this fall.

彼得，正如您在今天的新聞稿中提到的，新產品將於今年秋季發貨。

And historically, gross margins do come down in a product transition quarter, but that's not reflected in your outlook.

從歷史上看，產品過渡季度的毛利率確實會下降，但這並未反映在您的前景中。

So can you talk about why this product cycle might be different?

那麼你能談談為什麼這個產品週期可能會有所不同嗎？

Katy, as I said in my prepared remarks, we expect gross margins to be between 36% and 37%, which is consistent with what we expected in the June quarter.

凱蒂，正如我在準備好的講話中所說，我們預計毛利率將在 36% 至 37% 之間，這與我們在 6 月季度的預期一致。

On a sequential basis, that would mean that gross margin would be largely flat to slightly down.

按順序計算，這意味著毛利率將基本持平或略有下降。

We are on track to have a very busy fall.

我們將迎來一個非常忙碌的秋天。

I'd like to leave it there and go into more detail in October.

我想把它留在那裡，並在 10 月份詳細介紹。

Okay.

好的。

As a follow-up, can you talk about why you think channel inventory came down more than seasonally this quarter?

作為後續，您能否談談您認為本季度渠道庫存下降幅度超過季節性的原因？

Also, inventory on your balance sheet was up significantly.

此外，您資產負債表上的庫存顯著增加。

Is that a direct result of the channel wanting to hold less inventory?

這是渠道想要減少庫存的直接結果嗎？

Katy, I will take the balance sheet part of your question, and Tim can talk about the channel.

凱蒂，我會回答你問題的資產負債表部分，蒂姆可以談談這個頻道。

The inventory on the balance sheet was really up for two reasons.

資產負債表上的庫存確實上升了，原因有兩個。

First, we've got more storage this year than we had last, so our finished good inventory was a part of the inventory increase.

首先，我們今年的庫存比去年多，所以我們的成品庫存是庫存增加的一部分。

Then, our components inventory was up, as well.

然後，我們的組件庫存也增加了。

Katy, it's Tim.

凱蒂，是蒂姆。

From an iPad point of view, or iPad and iPhone, we reduced inventory and reduced it fairly significantly.

從 iPad 或 iPad 和 iPhone 的角度來看，我們減少了庫存並且相當顯著地減少了庫存。

iPad was down over 700,000 units from the beginning of the quarter, and iPhone was down over 600,000.

iPad 比本季度初下降了 700,000 多台，iPhone 下降了 600,000 多台。

As you know from working with us over several quarters, we typically don't like to have any more inventory than we need.

正如您與我們合作了幾個季度所知道的那樣，我們通常不希望擁有比我們需要的更多的庫存。

And so, if we can find a way to reduce, we do so.

因此，如果我們能找到減少的方法，我們就會這樣做。

We've done that in both of these cases.

我們在這兩種情況下都這樣做了。

We also had slight decreases in the Macintosh area and on iPod.

我們在 Macintosh 地區和 iPod 上也略有下降。

Goldman Sachs, Bill Shope.

高盛，比爾·肖普。

I have a bit of a longer-term question.

我有一個更長期的問題。

Despite the fairly substantial iPhone upside this quarter, there's been increasing concern that the high end of the smartphone market is reaching a saturation point and that growth may be harder to come by really for all vendors.

儘管本季度 iPhone 有相當大的上漲空間，但人們越來越擔心高端智能手機市場正在達到飽和點，並且對於所有供應商來說，真正實現增長可能更加困難。

What's your perspective on that and the current industry dynamics?

您對此以及當前的行業動態有何看法？

Tim, do think there are new innovations and services in the pipeline that can reinvigorate the premium segment of the market, after what's obviously been a bit of a tough 2013 for that segment for the industry?

蒂姆，確實認為有新的創新和服務正在醞釀中，可以重振高端市場，而 2013 年對於該行業來說顯然有點艱難？

From a growth point of view, for Apple, our key catalyst would be, always will be, new products and new services.

從增長的角度來看，對於蘋果來說，我們的關鍵催化劑將永遠是新產品和新服務。

These are both in existing categories that we're in and in new categories.

這些既屬於我們現有的類別，也屬於新的類別。

In addition to this, we have opportunities in distribution from carrier relationships to expanding our retail stores, expanding our online store, and continuing to expand the indirect channel.

除此之外，我們還有機會從運營商關係分銷到擴大我們的零售店，擴大我們的在線商店，並繼續擴大間接渠道。

We also have a market expansion opportunity.

我們也有擴大市場的機會。

Peter mentioned Enterprise in his comments, and the share positions that we have there are over 60% in both iPad and iPhone.

Peter 在他的評論中提到了 Enterprise，我們在 iPad 和 iPhone 上的份額都超過了 60%。

I think we are at the very front end of that.

我認為我們處於最前端。

So, I think we have lots of growth opportunities.

所以，我認為我們有很多增長機會。

I don't subscribe to the common view that the higher end, if you will, the smartphone market has hit its peak.

我不同意這樣一種普遍觀點，即如果你願意，高端智能手機市場已經達到頂峰。

I don't believe that.

我不相信。

But, we will see and we will report our results as we go along.

但是，我們會看到並報告我們的結果。

Okay.

好的。

Great.

偉大的。

Then, on the iPad side of the equation, looking at the sell-through decline this quarter, obviously ex the channel inventory dynamics, should we think of this as more of a pause within your customer base ahead of your next refresh, as we've seen in the past?

然後，在等式的 iPad 方面，看看本季度的銷售量下降，顯然不包括渠道庫存動態，我們是否應該將這更多地視為您的客戶群在您下次更新之前的暫停，因為我們過去見過嗎？

Or, is there a broader industry dynamic at play within tablet that could contribute to that?

或者，平板電腦中是否有更廣泛的行業動態可以促成這一點？

For us, if you look year over year, we had a 2.4 million unit decline.

對我們來說，如果您逐年查看，我們的銷量下降了 240 萬台。

But 80% of that, or 1.9 million units, were just due to changes in channel inventory.

但其中 80% 或 190 萬台只是由於渠道庫存的變化。

As I think Peter referenced earlier, we reduced by over 700,000 in the current quarter, and the year-ago quarter had an increase of 1.2 million.

正如我認為彼得之前提到的那樣，我們在本季度減少了超過 700,000 人，而去年同期增加了 120 萬人。

So, the underlying sell through declined by just 3%.

因此，基礎賣出僅下降了 3%。

If you look at the situation that we were in, in the year-ago quarter, we had just announced the third-generation iPad, which was our first iPad with a retina display.

如果你看看我們所處的情況，在去年同期，我們剛剛發布了第三代 iPad，這是我們第一款配備視網膜顯示屏的 iPad。

We'd announced in March and said that was our first full quarter.

我們在 3 月份宣布，並表示這是我們的第一個完整季度。

So, from what Peter and I expected 90 days ago, we hit within the midpoint of the range that we expected to hit in on iPad unit sales.

因此，根據 Peter 和我 90 天前的預期，我們達到了 iPad 銷量預期範圍的中點。

So, it was not a surprise to us.

所以，這對我們來說並不意外。

In terms of how other people are doing, I don't know.

至於其他人的表現，我不知道。

What I can tell you is the most recent data I've gotten, which actually just came out, I believe, this morning, is that the iPad web share data shows that through the quarter, we accelerated further and are now, iPad accounts for 84% of the web traffic from tablet, which is absolutely incredible.

我可以告訴你的是我得到的最新數據，實際上剛剛出來，我相信，今天早上，iPad 網絡共享數據顯示，在整個季度，我們進一步加速，現在，iPad 佔84% 的網絡流量來自平板電腦，這絕對令人難以置信。

So, if there are lots of other tablets selling, I don't know what they are being used for, because, that's a pretty -- the basic function is web browsing.

所以，如果有很多其他平板電腦在賣，我不知道它們是用來做什麼的，因為，那很漂亮——基本功能是網頁瀏覽。

Okay.

好的。

Thank you.

謝謝你。

We feel really good about where we are.

我們對自己所處的位置感覺非常好。

We had, Peter had mentioned earlier, we had an incredible quarter in US education, setting a new record for iPad.

彼得早些時候提到，我們在美國教育領域取得了令人難以置信的季度業績，創下了 iPad 的新紀錄。

We are really happy to be selected for the first phase of the 660,000 unit rollout in LA Unified, and a really bold move that they are making to change teaching and learning.

我們很高興被選中參與 LA Unified 的 660,000 個單元部署的第一階段，這是他們為改變教學和學習所做的一個非常大膽的舉措。

We had double-digit unit growth in China for iPad, in Japan, in Canada, in Latin America, in Russia, in the Middle East, and in India.

我們在中國、日本、加拿大、拉丁美洲、俄羅斯、中東和印度的 iPad 銷量均實現了兩位數的增長。

So, we are really happy with what we saw.

所以，我們對所看到的非常滿意。

Sanford Bernstein, Toni Sacconaghi.

桑福德伯恩斯坦，托尼薩科納吉。

I was wondering if you could provide some gross margin bridge, sequentially.

我想知道您是否可以按順序提供一些毛利率橋樑。

I think last quarter, you had about a 90-basis-point, one-time impact from the China warranty accrual.

我認為上個季度，中國保修應計產生了大約 90 個基點的一次性影響。

So, if we adjust for that, gross margins were down about 150 basis points sequentially.

因此，如果我們對此進行調整，毛利率連續下降約 150 個基點。

The mix of products was relatively similar to last quarter, given that you are also riding the experience curve in these products.

考慮到您也在這些產品的體驗曲線上，產品組合與上一季度相對相似。

I was surprised, given the mix, that gross margins were as down as much sequentially as they were.

考慮到這種情況，我很驚訝毛利率的下降幅度與它們一樣多。

Can you provide a bridge on a sequential basis on what happened with gross margin?

您能否按順序提供有關毛利率發生情況的橋樑？

Sure.

當然。

First of all, let me say we are very pleased with gross margin in the quarter at 36.9%.

首先，讓我說我們對本季度 36.9% 的毛利率感到非常滿意。

It was at the -- really the high-end of the range that we had provided of 36% to 37%.

這是我們提供的 36% 到 37% 範圍的高端。

And the sequential decline was not a surprise to us.

連續下降對我們來說並不意外。

We understood the warranty effects in March.

我們在三月份了解了保修效果。

And as I said on last quarter's call, we expect that our margins to be down sequentially, primarily for two reasons.

正如我在上個季度的電話會議上所說，我們預計我們的利潤率將連續下降，主要有兩個原因。

The first is a lower sequential revenue.

首先是較低的連續收入。

So, we lost leverage going from March to June.

因此，我們從 3 月到 6 月失去了槓桿作用。

We expected a different product mix.

我們期待不同的產品組合。

As you can see, we reported very near the top end of it and feel good.

正如你所看到的，我們報告的非常接近它的頂端並且感覺很好。

Peter, the mix ultimately was not that different.

彼得，最終的組合併沒有那麼不同。

I think iPhones were 52.5%; last quarter they were 51.5%.

我認為 iPhone 是 52.5%；上個季度他們是 51.5%。

It actually seems like your mix was, perhaps, better than you had anticipated.

實際上，您的混音似乎比您預期的要好。

So, I appreciate the volume revenue mix, but was your mix exactly in line with what you expected?

所以，我很欣賞銷量收入組合，但你的組合完全符合你的預期嗎？

We had some puts and takes within the quarter.

我們在本季度有一些看跌期權。

But, it was, ultimately, ended up within the range that we thought it would be and we hit the high-end.

但是，最終，它最終落在了我們認為的範圍內，並且我們達到了高端。

The second one I was wondering whether you could comment on, was iPhone ASPs.

我想知道您是否可以評論的第二個是 iPhone ASP。

They were down about 5% sequentially, or down about 10% over the last two quarters.

它們連續下降約 5%，或在過去兩個季度下降約 10%。

I presume that's principally due to a higher mix of 4s and 4S's.

我認為這主要是由於 4s 和 4S 的混合較多。

But I was wondering if you could comment on what's driving that change in ASP and whether it's more pronounced in certain geographies versus others.

但我想知道您是否可以評論推動 ASP 發生這種變化的原因，以及它在某些地區是否比其他地區更明顯。

We were down 4% year over year on the iPhone ASP, about $27.

iPhone ASP 同比下降 4%，約為 27 美元。

That was primarily due to the mix of the products that we are selling and FX headwinds.

這主要是由於我們銷售的產品和外匯逆風的混合。

As we anticipated, iPhone 4 sales accelerated as we offered more affordable pricing and emerging in other markets.

正如我們預期的那樣，隨著我們提供更實惠的價格並在其他市場出現，iPhone 4 的銷售加速。

So, that's a year-over-year basis.

所以，這是一個年復一年的基礎。

Then, sequentially, it was down about $32.

然後，它依次下跌了約 32 美元。

Again, that was driven by mix, as well, in part, iPhone 4. Tim, do want to make comments about what we may have seen in the regions?

同樣，這也是由混合推動的，部分原因是 iPhone 4。蒂姆，想就我們在這些地區看到的情況發表評論嗎？

Yes, sure.

是的，當然。

From an iPhone point of view, Tony, with the moves that we made on 4 and with iPhone 5 continuing to be the most popular model, we saw very strong sales in several of the emerging markets, or prepaid markets.

從 iPhone 的角度來看，Tony，隨著我們在 4 上採取的舉措以及 iPhone 5 繼續成為最受歡迎的型號，我們在幾個新興市場或預付費市場看到了非常強勁的銷售。

India was up over 400%.

印度上漲了 400% 以上。

Turkey and Poland were both up over 60%.

土耳其和波蘭的漲幅均超過 60%。

The Philippines were up about 140%.

菲律賓上漲了約 140%。

These were -- in addition, we saw very strong iPhone sales in several of the development markets.

這些是 - 此外，我們在幾個開發市場中看到了非常強勁的 iPhone 銷售。

For example, the US was up over 50%.

例如，美國上漲了 50% 以上。

Japan up over 60%, the UK about 50%.

日本上漲超過60%，英國約50%。

So we had several regions where iPhone growth actually accelerated from the previous quarter, which is a unusual pattern for us, and we were very happy with this.

因此，我們有幾個地區的 iPhone 增長實際上比上一季度有所加速，這對我們來說是一個不尋常的模式，我們對此非常滿意。

Notably absent from that list was China.

值得注意的是，該名單中沒有中國。

Was that -- was your pricing how you treated the change pricing this quarter relative to previous quarters any different in China than the rest of the world?

那是 - 你的定價是你如何對待本季度相對於前幾個季度的變化定價，在中國與世界其他地區有什麼不同嗎？

China was weaker in the quarter, although the data sheet that obviously focuses on revenue doesn't really tell the complete story here.

中國在本季度表現較弱，儘管明顯側重於收入的數據表並沒有真正說明這裡的完整情況。

If you look at sell through, as we had mentioned earlier with the inventory changes, it's important to do that.

如果您查看銷售情況，正如我們之前提到的庫存變化，那麼這樣做很重要。

So our sell through in China was only down 4% from the year-ago quarter, when you normalize for channel inventory.

因此，當渠道庫存正常化時，我們在中國的銷售額僅比去年同期下降 4%。

Hong Kong was actually down more significantly than that.

香港的跌幅實際上比這更大。

Mainland China was actually up, year over year.

中國大陸實際上是逐年上升的。

It was up 5%.

它上漲了 5%。

But that is a lower growth rate than we have been seeing.

但這比我們所看到的增長率要低。

I attribute it to many things.

我把它歸因於很多事情。

Including the economy there, clearly doesn't help us nor others.

包括那裡的經濟，顯然對我們和其他人都沒有幫助。

In Hong Kong, Hong Kong is an international shopping haven, as you know, for not only for tourists, but also some resellers.

如您所知，在香港，香港是一個國際購物天堂，不僅對遊客，也對一些經銷商。

And we saw more dramatic downturn there.

我們在那裡看到了更劇烈的衰退。

It's not totally clear exactly why that occurred.

目前尚不完全清楚為什麼會發生這種情況。

But it was down on a sell- through basis by about 20%.

但它在賣出的基礎上下跌了約 20%。

So, that weighed Greater China down, as you can see in your data sheet.

因此，正如您在數據表中看到的那樣，這讓大中華區承壓。

Ben Reitzes, Barclays.

Ben Reitzes，巴克萊銀行。

I've got four too.

我也有四個。

Kidding.

開玩笑。

The question that I wanted to ask was with regard to -- there's been a lot of talk about a trade-in program that you guys are going to start even doing on your own with regard to iPhones.

我想問的問題是關於 - 有很多關於以舊換新計劃的討論，你們甚至要開始自己做關於 iPhone 的事情。

Is there any update on that?

有什麼更新嗎？

If so, is that something that could help margins and help expand your emerging markets sales?

如果是這樣，這是否有助於提高利潤率並幫助擴大您的新興市場銷售？

And how's that going to work?

那將如何運作？

Thanks.

謝謝。

Ben, we haven't announced anything relative to a trade-in program.

Ben，我們還沒有宣布任何與以舊換新計劃相關的事情。

So, what you've seen is rumor or (inaudible).

所以，你看到的是謠言或（聽不清）。

There are a number of channels that do trade-in programs now, not only in the US, but in different regions.

現在有許多渠道可以進行以舊換新計劃，不僅在美國，而且在不同的地區。

The reason that it's so attractive around iPhones is that the residual value of the iPhone stays so high and there's so much demand for it.

它在 iPhone 周圍如此吸引人的原因是 iPhone 的剩餘價值保持如此之高，並且對它的需求如此之大。

So that makes the trade-in programs more lucrative to -- or win-win from many points of view.

因此，這使得以舊換新計劃更有利可圖——或者從許多角度來看是雙贏的。

But, we haven't announced anything that we are --

但是，我們還沒有宣布我們是什麼——

Are you opposed to it?

你反對嗎？

No, I'm not opposed to it.

不，我不反對。

I see channels doing it, and I like the environmental aspect of it.

我看到渠道這樣做，我喜歡它的環境方面。

So, that part of it really is encouraging to me.

所以，這部分對我來說真的很鼓舞人心。

Okay.

好的。

And then really quick on China, you answered some of it in the question before.

然後很快就談到中國，你在之前的問題中回答了一些問題。

How do we turn it around here?

我們如何在這裡扭轉局面？

China and other APACE, what can we do to make it turn?

中國和其他APACE，我們能做些什麼來扭轉局面？

And there's been some press in China that, obviously, you had to deal with.

中國有一些媒體，很明顯，你必須應對。

When do we see that market turning?

我們什麼時候看到市場轉向？

You know that investors are very worried about it from a secular point of view, as well as the economy there.

你知道，從世俗的角度來看，投資者非常擔心它，以及那裡的經濟。

I think it's important to put it in perspective.

我認為重要的是要正確看待它。

If you combine the retail stores that we have in greater China, our revenues there were $4.9 billion for the quarter, so, that's about 14% of the Company, which is very significant.

如果結合我們在大中華區的零售店，本季度我們的收入為 49 億美元，約占公司的 14%，這是非常重要的。

And a few years ago, that was in the $100 millions.

幾年前，那是 1 億美元。

So, we've grown our business there significantly.

因此，我們在那裡顯著發展了我們的業務。

We have a very strong market there, and in the last 12 months, we've done $27 billion on a trailing basis.

我們在那裡有一個非常強勁的市場，在過去的 12 個月裡，我們已經完成了 270 億美元的追踪交易。

So, it's a huge, huge business for us.

所以，這對我們來說是一個巨大的、巨大的業務。

Under the -- underlying the results are if you look at iPad, sell through in greater China was up 8%, but sell through in mainland China was up 37%.

根據 - 基本結果，如果你看一下 iPad，大中華區的銷售額增長了 8%，但中國大陸的銷售額增長了 37%。

So, iPad is doing remarkably well.

因此，iPad 的表現非常出色。

The latest share numbers we've seen for iPad for the tablet market is over 50%.

我們看到的平板電腦市場 iPad 的最新份額數字超過 50%。

Year to date, iPad units are up 48% year over year, instead of -- there have great growth there.

今年迄今為止，iPad 的銷量同比增長了 48%，而不是——那裡有很大的增長。

From an ecosystem point of view, we continued to attract a lot of developers from China.

從生態系統的角度來看，我們繼續吸引了很多來自中國的開發者。

We now have about 0.5 million developers in China that are working on iOS apps.

我們現在在中國有大約 50 萬開發者正在開發 iOS 應用程序。

That's up almost 70% year over year.

這比去年同期增長了近 70%。

So, I think that's fantastic, not only for China, but for outside of China, as many offer their apps through -- in different stores around the world.

所以，我認為這很棒，不僅對中國，而且對中國以外的地區，因為許多人通過世界各地的不同商店提供他們的應用程序。

We are, obviously, paying the developers quite a bit.

顯然，我們向開發人員支付了相當多的費用。

So, that's furthering the advancement -- the ecosystem of developers.

因此，這進一步推動了開發人員生態系統的發展。

We are continuing to invest in distribution.

我們將繼續投資於分銷。

We are going to double the number of retail stores there over the next two years.

我們將在未來兩年內將那裡的零售店數量增加一倍。

And we are continuing to lift iPhone point of sales and iPad sales, both of which are currently lower than where we would like them or need them to be.

我們正在繼續提升 iPhone 的銷售點和 iPad 的銷售量，這兩者目前都低於我們希望或需要的水平。

But, we are doing that very cautiously, because we want to do it with great quality.

但是，我們在做這件事時非常謹慎，因為我們想以高質量做這件事。

So, I continue to believe that in the arc of time here, China is a huge opportunity for Apple.

所以，我仍然相信，在時間的長河中，中國對蘋果來說是一個巨大的機遇。

I don't get discouraged over a 90-day cycle that can have economic factors and other things.

我不會對可能有經濟因素和其他因素的 90 天週期感到氣餒。

From Piper Jaffray, Gene Munster.

來自 Piper Jaffray，Gene Munster。

You talked about more affordable pricing than generic.

您談到了比通用價格更實惠的價格。

Can you confirm that was just with the iPhone 4?

你能確認這只是iPhone 4嗎？

And then separately, as you think about the growth that you've had in some of these emerging markets, it sounds like some more recently have come from affordable pricing.

然後另外，當您考慮在其中一些新興市場中所獲得的增長時，聽起來最近一些來自負擔得起的價格。

But also, you potentially could address those markets with products that are more appropriate for those markets.

而且，您可能會使用更適合這些市場的產品來應對這些市場。

Maybe can you just talk from a very high level, as how you think about -- are those both levers that you potentially could use?

也許你可以從一個非常高的層次上談談，你是怎麼想的——這兩個槓桿是你可能使用的嗎？

Or do you feel that pricing is the lever?

還是您認為定價是槓桿？

And then a follow-up question.

然後是一個後續問題。

Gene, it's Tim.

吉恩，是蒂姆。

The reference that Peter made earlier was to the iPhone 4. What we've seen is that the number of first-time smartphone buyers that the iPhone 4 is attracting is very impressive.

Peter 之前提到的 iPhone 4。我們看到的是，iPhone 4 吸引的首次智能手機購買者的數量非常可觀。

We want to attract as many of these buyers as we can.

我們希望盡可能多地吸引這些買家。

We saw that beginning to happen toward the end of the Q2 time frame, as I had referenced on last quarter's call.

正如我在上個季度的電話會議中提到的那樣，我們看到這種情況在第二季度結束時開始發生。

We did that on a wider-spread basis, offered the more affordable pricing on a wider scale basis this quarter and continue to be very happy with what we saw.

我們在更廣泛的基礎上做到了這一點，本季度在更廣泛的基礎上提供了更實惠的價格，並繼續對我們所看到的感到非常滿意。

Where iPhone 5 continues to be the most popular iPhone by far, we are really happy to provide an incredible, high-quality product with iPhone 4 running iOS 6 to as many first-time smartphone buyers as we can.

iPhone 5 仍然是迄今為止最受歡迎的 iPhone，我們真的很高興為盡可能多的首次購買智能手機的買家提供運行 iOS 6 的 iPhone 4 令人難以置信的高品質產品。

I think it's proven to be exactly a great product for that buyer.

我認為它已被證明是該買家的絕佳產品。

Do think there are more weapons that you could use in these markets to continue the pace that you have?

是否認為您可以在這些市場中使用更多武器來繼續您的步伐？

There's always more weapons.

總是有更多的武器。

We have more than one tool in the toolbox.

我們的工具箱中有不止一種工具。

It's a great way for a buyer to get into the iOS ecosystem.

這是買家進入 iOS 生態系統的好方法。

And the customers set ratings that we have with the iOS 6 and the stickiness of the platform is huge.

客戶設定了我們對 iOS 6 的評分，並且該平台的粘性很大。

So, it's great for customers, and we're very glad to offer it.

所以，這對客戶來說很棒，我們很高興提供它。

Okay.

好的。

My follow-up question is, just in terms of the growth question that some investors have about how you keep such a high revenue growth number moving.

我的後續問題是，就一些投資者的增長問題而言，你如何保持如此高的收入增長數字。

Last quarter you referred to new products that have already been, and this time you referred to more products over the next few years.

上個季度您提到了已經存在的新產品，而這次您提到了未來幾年的更多產品。

Are there product categories out there that are big enough to move the needle for Apple?

是否有足夠大的產品類別來推動蘋果的發展？

We will see, Gene.

我們會看到的，吉恩。

We are working on some stuff that we are really proud of.

我們正在研究一些我們真正引以為豪的東西。

We will see how it does, and we'll announced things when we are ready.

我們會看看它是怎麼做的，我們會在準備好後宣布。

Cross Research, Shannon Cross.

交叉研究，香農交叉。

Tim, can you talk broadly about your discussions with both existing and potential carrier partners?

蒂姆，您能否廣泛談談您與現有和潛在運營商合作夥伴的討論？

I would think the 66% growth in Japan might prod one in particular to be entrusted in some of the coming product.

我認為日本 66% 的增長可能會促使人們特別關註一些即將推出的產品。

Also, there's been comments about Russia and concerns in general about pricing and that.

此外，還有關於俄羅斯的評論以及對定價等的普遍擔憂。

So, how in general, have your discussions with your carrier partners been?

那麼，總體而言，您與運營商合作夥伴的討論情況如何？

I would classify them as being good.

我會把它們歸類為好的。

The press I've seen on Russia probably needs some color.

我在俄羅斯看到的媒體可能需要一些色彩。

The articles I've seen suggested that we are not selling iPhone through carrier-owned stores, if that's the one that you are referencing.

我看到的文章表明我們不會通過運營商擁有的商店銷售 iPhone，如果那是您所引用的那家。

If you look at the Russian market, over 80% of smartphones are sold in retail there, outside of carrier-owned stores.

如果你看看俄羅斯市場，超過 80% 的智能手機在該國零售店銷售，在運營商擁有的商店之外。

We sell through a number of national chains there.

我們在那里通過許多全國連鎖店銷售。

In fact, our activations in Russia for iPhone set a record last quarter; it was our highest quarter in Russia ever.

事實上，我們在俄羅斯的 iPhone 激活量在上個季度創下了記錄；這是我們在俄羅斯有史以來最高的季度。

So we are really happy with how we are doing there.

所以我們對我們在那裡的表現感到非常滿意。

We do continue to sell through some carrier-owned stores, as well.

我們也繼續通過一些運營商擁有的商店進行銷售。

But obviously, the contribution is much less than the retail organizations and so forth.

但顯然，貢獻遠低於零售組織等。

So, I think that's probably not well understood there.

所以，我認為那裡可能沒有很好地理解。

We are continually looking for other relationships and to both add and enhance the ones we've got.

我們一直在尋找其他關係，並增加和增強我們已有的關係。

I do think there's some opportunities there for us.

我確實認為我們有一些機會。

Okay.

好的。

Great.

偉大的。

Then, can you talk a bit about commodities, just in terms of pricing of some of your key commodities, the ability to procure them?

那麼，您能否談談商品，僅就您的一些關鍵商品的定價，採購它們的能力而言？

And how some of your supply chain is working these days.

以及這些天您的一些供應鍊是如何運作的。

Sure.

當然。

We certainly have no problem procuring them.

我們當然沒有問題採購它們。

In terms of where we see pricing headed, and this would have been factored into the gross margin guidance that Peter gave earlier.

就我們看到定價的方向而言，這將被納入彼得早些時候給出的毛利率指導。

Despite the very weak PC market, DRAM pricing has actually increased.

儘管 PC 市場非常疲軟，但 DRAM 價格實際上已經上漲。

And we see continued upper pressure in this area.

我們看到該領域的壓力持續存在。

NAN pricing is fairly stable and is following seasonal trends as we would expect.

NAN 定價相當穩定，並且正如我們預期的那樣遵循季節性趨勢。

Both [LTDs] and[ HTDs] have -- the prices have fallen, and we would expect further reductions in these areas.

[LTDs] 和[HTDs] 價格都下跌了，我們預計這些領域的價格會進一步下降。

If you look at other commodities, they appear to be in a supply-demand balance, so we would expect the pricing to decline on these at historical levels.

如果您查看其他商品，它們似乎處於供需平衡狀態，因此我們預計價格將在歷史水平上下降。

UBS, Steve Milunovich.

瑞銀，史蒂夫米盧諾維奇。

Peter, first, could you clarify whether in your fiscal fourth-quarter guidance you have any of these new products assume shipping in the quarter?

彼得，首先，您能否澄清在您的第四財季指南中，您是否有任何這些新產品假設在本季度發貨？

Steve, that's not something that I can comment on.

史蒂夫，這不是我可以評論的。

Okay.

好的。

Then, Tim, a philosophical question.

然後，蒂姆，一個哲學問題。

Whenever you talk about what's important to the Company, it always comes back to great products, better be more important than more?

每當您談論對公司重要的事情時，總是回到偉大的產品，最好比更多更重要？

Wall Street is in the more business.

華爾街的生意更多。

I just wonder, talk about your philosophy, and if you can come up with a couple really great products, maybe they provide enough growth, maybe they don't.

我只是想知道，談談你的理念，如果你能想出幾個非常棒的產品，也許它們提供了足夠的增長，也許它們沒有。

You don't seem as focused on financial metrics and growth projections as a lot of companies are.

您似乎不像許多公司那樣專注於財務指標和增長預測。

Maybe tie that a little bit into your functional organization.

也許將其與您的職能組織聯繫起來。

Does that limit how many products you can actually take to market over time?

隨著時間的推移，這是否會限制您實際可以投放市場的產品數量？

Steve, I think about it differently than that.

史蒂夫，我的想法與此不同。

The way I think about it is, we are here to make great products.

我的想法是，我們來這裡是為了製造偉大的產品。

We think that if we focus on that and do that really well, that the financial metrics will also come.

我們認為，如果我們專注於這一點並且做得很好，那麼財務指標也會出現。

So, we don't see those two things being mutually exclusive.

所以，我們不認為這兩件事是相互排斥的。

We see them having great overlap.

我們看到它們有很大的重疊。

I think if you look at how the Company has executed over many years, it would suggest that that's possible.

我認為，如果您查看公司多年來的執行情況，就會發現這是可能的。

But you don't going to into it saying we need to get X percent growth; what do we need to do from a product standpoint?

但是你不會說我們需要獲得 X% 的增長。從產品的角度來看，我們需要做什麼？

It sounds like you go the opposite.

聽起來你走反了。

What are some really great products we can do it, and if we do that, the metrics take care of themselves?

有哪些非常棒的產品是我們可以做到的，如果我們做到了，指標就會自行解決？

We start at the product, because we believe that the most important thing is that our customers love the products and want them.

我們從產品開始，因為我們相信最重要的是我們的客戶喜歡產品並想要它們。

If you don't start at that level, you can wind up creating things that people don't want.

如果你沒有從那個層次開始，你最終可能會創造出人們不想要的東西。

And so we try very hard to focus on products and customers and enriching customers and making great products.

因此，我們非常努力地專注於產品和客戶，豐富客戶並製造出色的產品。

Keith Bachman with Bank of Montreal.

蒙特利爾銀行的基思·巴赫曼。

I have two, also.

我也有兩個。

Tim, I'm going to start with you, if I can.

蒂姆，如果可以的話，我將從你開始。

To Bill's earlier question, Bill Shope's, on you don't think the high-end is saturated, and yet, ASPs have come down quite a bit on iPhones.

對於比爾早先的問題，比爾肖普，關於你不認為高端已經飽和，然而，iPhone 的 ASP 已經下降了很多。

I was wondering if you could speak philosophically.

我想知道你是否會講哲學。

Is the current mix what we should be thinking about for iPhones?

當前的組合是我們應該為 iPhone 考慮的嗎？

And more specifically, would you anticipate that ASPs would continue to trend lower in iPhones or stay where they are at least directionally?

更具體地說，您是否預計 iPhone 的 ASP 會繼續走低，或者至少在方向上保持不變？

Keith, in terms of -- we don't project ASPs.

基思，就 - 我們不預測 ASP。

We do give guidance, so we have an assumption on the ASP for the current quarter in our guidance, obviously, to come up with the numbers that Peter talked about earlier.

我們確實提供了指導，因此我們在指導中對當前季度的 ASP 有一個假設，顯然是為了得出彼得之前談到的數字。

If you look underneath the iPhone numbers, as I think Peter alluded to earlier, we saw significant growth, clearly, in the lower price point, year over year, which, for us, is iPhone 4. It's still a great product.

如果你看一下 iPhone 的數據，正如我認為 Peter 之前提到的那樣，我們看到了顯著的增長，很明顯，在較低的價格點上，同比增長，對我們來說，就是 iPhone 4。它仍然是一款很棒的產品。

And that was one of the things, and the iPhone 5 doing well, that allowed us to significantly beat what I think was probably the vast majority of expectations out there for iPhone sales.

這就是其中一件事，而且 iPhone 5 做得很好，這讓我們大大超過了我認為可能是對 iPhone 銷售的絕大多數預期。

So, obviously, if we do a lot better at the low-end and we sell more of those and the mix changed, it has changed across the last year.

所以，很明顯，如果我們在低端做得更好，並且我們銷售更多的產品並且組合發生變化，那麼去年它已經發生了變化。

If you look at 3GS last year, which was in the comparable position as our entry product, we are selling a lot more 4s than 3GSs.

如果你看一下去年的 3GS，它與我們的入門產品處於可比的位置，我們銷售的 4s 比 3GSs 多得多。

I think we both understand the market much better, and have our fingers on the pulse of distribution in different countries and, so forth, this year.

我認為我們都更了解市場，並掌握了不同國家的分銷脈搏，等等，今年。

I'm sure that we will get better and better at that over time, and how that will change mix, I don't know.

我相信隨著時間的推移，我們會越來越好，這將如何改變組合，我不知道。

Typically, for us a product has the highest mix during its initial few months of sales.

通常，對我們而言，產品在最初幾個月的銷售中具有最高的組合。

So, you'd have a natural seasonal decline over time of the product cycle.

因此，隨著產品週期的時間推移，您會出現自然的季節性下降。

That generally happens on iPhone.

這通常發生在 iPhone 上。

It generally happens on iPad.

它通常發生在 iPad 上。

We've seen it happen on the Mac over many years.

多年來，我們已經在 Mac 上看到了這種情況。

So, I don't see anything that fundamentally would change that.

所以，我看不出有什麼能從根本上改變這一點。

But, again, we are going to look at this thing quarter by quarter and tell you how we look at the quarter and give you guidance for it as we go.

但是，再一次，我們將逐個季度地研究這件事，並告訴您我們如何看待該季度，並在我們進行時為您提供指導。

Okay.

好的。

All right.

好的。

Then, Peter for you, there's been a few comments on gross margins.

然後，彼得代表你，有一些關於毛利率的評論。

I want to try to broaden it out a bit.

我想嘗試擴大一點。

In the past, as you look at the one quarter forward, which would be the September quarter, you've given us some of the puts and takes to think about.

過去，當您查看前一個季度（即九月季度）時，您已經為我們提供了一些需要考慮的看跌期權。

There's been a couple specific questions asked about, but I want to broad it out and see if you could highlight what you think are the puts and takes in the September quarter, as you see them today.

有幾個具體的問題被問到，但我想把它擴大，看看你是否可以突出你認為的 9 月季度的看跌期權，就像你今天看到的那樣。

Particularly with reference to the quarter you just reported.

特別是參考您剛剛報告的季度。

Thank you.

謝謝你。

Sure.

當然。

I'm going to keep my comments limited, but I will give you a put and a take.

我將限制我的評論，但我會給你一個看跌期權。

For the tailwind, we would expect our component costs to be favorable in the quarter.

對於順風，我們預計我們的組件成本在本季度將是有利的。

Okay.

好的。

Conversely, we would expect some FX pressure in the quarter, given the strengthening of the dollar, particularly against the yen.

相反，鑑於美元走強，尤其是兌日元走強，我們預計本季度會出現一定的外匯壓力。

Raymond James, Tavis McCourt.

雷蒙德·詹姆斯，塔維斯·麥考特。

Peter, first a clarification on the share buyback.

彼得，首先澄清股票回購。

Can you tell us what the ending basic share count was in the third quarter?

你能告訴我們第三季度結束的基本股數是多少嗎？

Let me -- all of that is on the income statement.

讓我 - 所有這些都在損益表上。

So you've got the ending, basic, and diluted.

所以你已經有了結局，基本的和稀釋的。

But let me give you a couple points that I think could be helpful for you.

但是讓我給你幾點我認為可能對你有幫助的觀點。

During the June quarter, we concluded the first $4 billion -- I'm sorry, $2 billion ASR program that we started in December.

在 6 月季度，我們完成了第一個 40 億美元——對不起，我們在 12 月開始的 20 億美元 ASR 計劃。

Then we got the final shares in on those.

然後我們得到了最後的股份。

And we did our second ASR program of $12 billion.

我們完成了第二個價值 120 億美元的 ASR 計劃。

That started at the end of April, and we received $23.5 million shares in initially on that.

那是從 4 月底開始的，我們最初收到了 2350 萬美元的股票。

As I went through in my prepared remarks, at some point during fiscal '14, that program will close, and we will get the final number of shares.

正如我在準備好的講話中所述，在 14 財年的某個時候，該計劃將關閉，我們將獲得最終的股份數量。

We also bought back $4 billion of stock in the open market during the June quarter and received about 9 million shares.

我們還在六月季度在公開市場上回購了 40 億美元的股票，並獲得了大約 900 萬股。

So, the impact of those in the June quarter lowered our diluted share count in the quarter by about 22.9 million shares.

因此，6 月季度的影響使我們在本季度的稀釋後股票數量減少了約 2290 萬股。

As you look forward into the September quarter, before any further buybacks or any issuance to employees, we would expect to see an additional approximate 11 million share benefit from the things that occurred during the June quarter.

當您展望 9 月季度時，在進一步回購或向員工發行任何股票之前，我們預計會從 6 月季度發生的事情中額外獲得約 1100 萬股股票收益。

Thank you.

謝謝你。

One for you, Tim.

給你一個，蒂姆。

One of the comments out of the developers conference was iOS will be in 12 different car manufacturer models next year.

開發者大會的其中一條評論是，iOS 將在明年出現在 12 種不同的汽車製造商車型中。

I was wondering if you could talk a little bit about that opportunity, whether it's a license opportunity?

我想知道你能否談談這個機會，是否是許可機會？

What's the strategic relevance of that, if you are willing to?

如果你願意的話，它的戰略意義是什麼？

I'm sorry, I couldn't hear that question.

對不起，我聽不懂這個問題。

I think at the developers conference, there was a comment about iOS being built into a number of car manufacturer models for next year.

我想在開發者大會上，有評論說明年將在許多汽車製造商車型中內置 iOS。

So, wondered if you could talk about the strategic relevance to that or what the business model might be for that for Apple?

所以，想知道您是否可以談論與此的戰略相關性或蘋果的商業模式可能是什麼？

I see it as very important.

我認為它非常重要。

It is a part of the ecosystem.

它是生態系統的一部分。

So just like the App Store is a key part of the ecosystem, and iTunes, and all of our content are key, and the services we provide from messaging to Siri and so forth, having something in the automobile, is very important.

因此，就像 App Store 是生態系統的關鍵部分一樣，iTunes 和我們所有的內容都是關鍵，我們提供的從消息傳遞到 Siri 等服務，在汽車中擁有一些東西非常重要。

It's something that people want, and I think that Apple can do this in a unique way and better than anyone else.

這是人們想要的東西，我認為蘋果可以以一種獨特的方式做到這一點，並且比其他任何人都做得更好。

So, it's a key focus for us.

所以，這對我們來說是一個重點。

Thank you, Tavis.

謝謝你，塔維斯。

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

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

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 7156020.

請輸入確認碼 7156020。

These replays will be available by approximately 5 pm Pacific time today.

這些重播將在太平洋時間今天下午 5 點左右提供。

Members of the press with additional questions can contact Steve Dowling at 408-974-1896, and financial analysts contact Joan Hooper or me with additional questions.

有其他問題的媒體成員可以聯繫 Steve Dowling，電話是 408-974-1896，金融分析師聯繫 Joan Hooper 或我有其他問題。

Joan is at 408974-4570, and I am at 408-974-5420.

瓊的電話是 408974-4570，我的電話是 408-974-5420。

Thanks again for joining us.

再次感謝您加入我們。

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

女士們，先生們，今天的演講到此結束。

We do thank everyone for your participation.

我們非常感謝大家的參與。