蘋果 (AAPL) 2013 Q4 法說會逐字稿

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

大家好，歡迎參加 Apple Incorporated 2013 財年第四季度財報電話會議。

Today's call is being recorded.

今天的電話正在錄音。

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

請繼續。

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 first today are Apple's CEO, Tim Cook, and CFO, Peter Oppenheimer, and they will be joined by Vice President and Corporate Controller Luca Maestri for the Q&A session with analysts.

今天首先發言的是蘋果公司首席執行官蒂姆庫克和首席財務官彼得奧本海默，副總裁兼公司財務總監盧卡梅斯特里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 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，以及未來的產品。

Actual results or trends could differ materially from our forecast.

實際結果或趨勢可能與我們的預測大相徑庭。

For more information, please refer to the risk factors discussed in Apple's Form 10-K for 2012; the Forms 10-Q for the first three 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 表格中討論的風險因素； 2013 年前三個季度的 10-Q 表；以及今天向美國證券交易委員會提交的 8-K 表格，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 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。

Good afternoon, everyone, and thank you very much for joining us.

大家下午好，非常感謝您加入我們。

We're eager to share with you the results of the final quarter of Apple's fiscal 2013.

我們渴望與您分享 Apple 2013 財年最後一個季度的業績。

We had a strong finish to an amazing year and Peter will provide details about the September quarter shortly.

我們以出色的成績結束了令人驚嘆的一年，Peter 將很快提供有關 9 月季度的詳細信息。

But first, I'm happy to tell you that Apple's business is stronger than ever.

但首先，我很高興地告訴您，Apple 的業務比以往任何時候都更加強大。

We are in the unique position of having world-class hardware, software, and service skills under one roof, which enables us to provide an unparalleled user experience to hundreds of millions of customers.

我們在一個屋簷下擁有世界一流的硬件、軟件和服務技能的獨特地位，這使我們能夠為數億客戶提供無與倫比的用戶體驗。

And working with our vibrant developer community, we've built a large and thriving ecosystem.

通過與我們充滿活力的開發者社區合作，我們建立了一個龐大而繁榮的生態系統。

We are winning with our products in all the ways that are most important to us -- in customer satisfaction, in product usage, and in customer loyalty.

我們正在以對我們最重要的所有方式贏得我們的產品——在客戶滿意度、產品使用和客戶忠誠度方面。

Our relentless focus on providing innovation that enhances our customers' lives is evident in the extraordinary list of products that we have launched in just the last couple of months -- from the colorful iPhone 5c and forward-thinking iPhone 5s; to the powerful new iMac, MacBook Pro, and Mac Pro; to the stunning iPad Mini with Retina display; and the dramatically thinner, lighter, and more powerful iPad Air.

我們堅持不懈地專注於提供創新以改善我們客戶的生活，這從我們在過去幾個月推出的非凡產品列表中可以看出——從色彩繽紛的 iPhone 5c 到具有前瞻性的 iPhone 5s；到功能強大的全新 iMac、MacBook Pro 和 Mac Pro；到令人驚嘆的配備 Retina 顯示屏的 iPad Mini；以及更薄、更輕、功能更強大的 iPad Air。

Thanks to a deep collaboration between our design and engineering teams, we also launched iOS 7, with a stunning new redesign, powerful new features, and a great new service called iTunes Radio.

由於我們的設計和工程團隊之間的深入合作，我們還推出了 iOS 7，它具有令人驚嘆的全新重新設計、強大的新功能以及稱為 iTunes Radio 的出色新服務。

We introduced OS X Mavericks, bringing new core technologies for breakthrough power efficiency and performance to our Mac, and we introduced next-generation iLife and iWork apps for iOS and OS X, and we are making all of this incredible software free because we want our customers to have access to the greatest new features.

我們推出了 OS X Mavericks，為我們的 Mac 帶來了突破性的能效和性能的新核心技術，我們推出了適用於 iOS 和 OS X 的下一代 iLife 和 iWork 應用程序，我們正在免費提供所有這些令人難以置信的軟件，因為我們想要我們的客戶可以使用最強大的新功能。

All of these are products that only Apple could have delivered and most companies would be proud to just have one of them.

所有這些都是只有蘋果才能提供的產品，大多數公司都會為擁有其中一款而自豪。

Looking back, we're very pleased with Apple's many accomplishments during fiscal 2013.

回顧過去，我們對 Apple 在 2013 財年取得的諸多成就感到非常滿意。

Our customers had an incredible response to our product line-up, buying 150 million iPhones, 71 million iPads, and 16 million Macs across the fiscal year.

我們的客戶對我們的產品線反應熱烈，在本財年購買了 1.5 億部 iPhone、7100 萬部 iPad 和 1600 萬部 Mac。

We expanded the breadth and depth of our ecosystem and we generated over $16 billion in revenue from iTunes software and services.

我們擴大了生態系統的廣度和深度，我們從 iTunes 軟件和服務中獲得了超過 160 億美元的收入。

We also welcomed almost 400 million visitors to our retail stores and opened or remodeled 49 new stores, and for the second year in a row, we produced over $50 million in revenue per store.

我們的零售店也迎來了近 4 億訪客，並開設或改造了 49 家新店，連續第二年，我們每家店的收入超過 5000 萬美元。

We generated record total Company revenue of $171 billion, earnings of $37 billion, and operating cash flow of $54 billion.

我們創造了創紀錄的公司總收入 1710 億美元，盈利 370 億美元，運營現金流 540 億美元。

We paid over $8 billion in capital expenditures to bolster our supply chain, expand our infrastructure, and increase our retail footprint.

我們支付了超過 80 億美元的資本支出來支持我們的供應鏈、擴展我們的基礎設施並增加我們的零售足跡。

We also completed 15 strategic acquisitions -- that's an average of 1 acquisition every 3 to 4 weeks.

我們還完成了 15 次戰略收購——平均每 3 到 4 週進行 1 次收購。

We more than doubled the size of our capital return program to $100 billion, including the largest share repurchase authorization in history, and we've become one of the largest dividend payers in the world.

我們將資本回報計劃的規模擴大了一倍多，達到 1000 億美元，其中包括歷史上最大的股票回購授權，我們已成為全球最大的股息支付者之一。

In fact, we've returned over $36 billion to shareholders through dividends and share repurchases in the last five quarters alone.

事實上，僅在過去五個季度，我們就通過股息和股票回購向股東返還了超過 360 億美元。

We remain firmly committed to our objective of delivering attractive returns to shareholders through both our business performance and a 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。

We review our capital program regularly and our Board is engaged in the discussion of capital allocation on an ongoing basis.

我們定期審查我們的資本計劃，我們的董事會持續參與討論資本分配。

We have solicited feedback on our capital return program from shareholders in the past.

我們過去曾就我們的資本回報計劃徵求股東的反饋意見。

We've greatly appreciated their suggestions and we will actively seek their input again this year.

我們非常感謝他們的建議，今年我們將再次積極徵求他們的意見。

As we have in the past, the Board and the Management team will consider a wide range of issues and be thoughtful and deliberate and we will announce any changes to our current program in the first part of the new calendar year.

正如我們過去所做的那樣，董事會和管理團隊將考慮廣泛的問題並深思熟慮，我們將在新日曆年的第一部分宣布對當前計劃的任何更改。

We are off to great start in fiscal year 2014.

我們在 2014 財年取得了良好的開端。

We continue to be very confident in Apple's future and we see significant opportunities ahead of us in both current product categories and new ones.

我們繼續對 Apple 的未來充滿信心，並且我們看到在當前產品類別和新產品類別中擺在我們面前的巨大機遇。

We are participating in large and growing markets.

我們正在參與龐大且不斷增長的市場。

Today, smartphone penetration of the global handset market is only a little over 50%.

如今，智能手機在全球手機市場的滲透率僅略高於 50%。

The smartphone category is expected to grow significantly in the next few years from about 1 billion units per year this year to over 1.7 billion in 2017.

智能手機類別預計將在未來幾年大幅增長，從今年的每年約 10 億部增長到 2017 年的超過 17 億部。

And the tablet market is growing at an even faster rate, from about 225 million units this year to over 400 million in 2017.

平板電腦市場正在以更快的速度增長，從今年的約 2.25 億台增長到 2017 年的 4 億多台。

We are continuing to invest in R&D and distribution; we are expanding our geographic coverage; and we are building upon a phenomenal but still very young retail store presence.

我們將繼續投資於研發和分銷；我們正在擴大我們的地理覆蓋範圍；我們正在建立一個非凡但仍然非常年輕的零售店。

We are also proud to be a force for good in the world beyond our products.

除了我們的產品之外，我們也很自豪能夠成為世界上的一股造福力量。

Whether it is improving working conditions or the environment, standing up for human rights, helping eliminate AIDS, or reinventing education, Apple is making substantial contributions to society.

無論是改善工作條件或環境，維護人權，幫助消除艾滋病，還是重塑教育，Apple 都在為社會做出巨大貢獻。

I would like to thank all of our customers and our long-term shareholders for their loyalty, and I'd also like to thank Apple's many talented employees who have worked tirelessly to bring us this far and who are passionately focused on making great products that enrich people's lives.

我要感謝我們所有的客戶和我們的長期股東的忠誠，我還要感謝 Apple 的許多才華橫溢的員工，他們不知疲倦地工作使我們走到了這一步，他們熱情地專注於製造出色的產品，豐富人們的生活。

I'd now turn the call over to Peter to discuss the details of the most recent quarter.

我現在將電話轉給彼得討論最近一個季度的細節。

Peter?

彼得?

Thank you, Tim.

謝謝你，蒂姆。

We are pleased to report the results of the final quarter of Apple's fiscal year 2013, with record fourth-quarter iPhone sales driving our highest September quarter revenue ever.

我們很高興地報告 Apple 2013 財年最後一個季度的業績，創紀錄的第四季度 iPhone 銷量推動了我們有史以來最高的 9 月季度收入。

Revenue for the quarter was $37.5 billion, up $1.5 billion or 4% from the year-ago quarter and slightly above the high end of our guidance range.

本季度收入為 375 億美元，比去年同期增長 15 億美元或 4%，略高於我們指導範圍的高端。

Gross margin was 37% at the high end of our guidance range, and operating margin was $10 billion, representing 26.8% of revenue.

在我們指導範圍的高端，毛利率為 37%，營業利潤率為 100 億美元，佔收入的 26.8%。

Net income was $7.5 billion, translating to diluted earnings per share of $8.26.

淨收入為 75 億美元，攤薄後每股收益為 8.26 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 說起。

We sold 33.8 million iPhones compared to 26.9 million in the year-ago quarter, an increase of 6.9 million, or 26%, and a new September quarter record.

我們售出了 3380 萬部 iPhone，而去年同期為 2690 萬部，增加了 690 萬部，即 26%，創下 9 月季度的新紀錄。

IPhone sales were ahead of our expectations and grew strongly year-over-year in each of our geographic segments.

iPhone 的銷售額超出了我們的預期，並且在我們的每個地理區域都實現了強勁的同比增長。

We were particularly pleased with growth in a number of developing markets, with unit sales up sharply year-over-year in Latin America, the Middle East, Russia, and India.

我們對一些發展中市場的增長感到特別滿意，拉丁美洲、中東、俄羅斯和印度的單位銷售額同比大幅增長。

We were also very happy to add NTT Docomo to our carrier line-up in Japan, a country where demand for iPhone has been especially strong.

我們也很高興將 NTT Docomo 添加到我們在日本的運營商陣容中，日本對 iPhone 的需求特別旺盛。

iPhone sales remained very robust in the US, with comScore estimating that Apple was the leading smartphone manufacturer, with a 40.7% smartphone subscriber share for the 3 months ending in August.

iPhone 在美國的銷售仍然非常強勁，據 comScore 估計，蘋果是領先的智能手機製造商，截至 8 月份的 3 個月，其智能手機用戶份額為 40.7%。

And among North American customers polled by ChangeWave late last month who plan to purchase a smartphone within 90 days, 63% indicated they plan to purchase an iPhone.

在上個月末接受 ChangeWave 調查的計劃在 90 天內購買智能手機的北美客戶中，63% 的人表示他們計劃購買 iPhone。

We exited the quarter with about 14.3 million total iPhones in channel inventory, which represented a sequential increase of 3.3 million from the June quarter, and placed us at the low end of our target range of 4 to 6 weeks of iPhone channel inventory on a look-forward basis.

我們在本季度結束時的渠道庫存約為 1430 萬部 iPhone，比 6 月季度環比增加了 330 萬部，使我們處於 4 至 6 週 iPhone 渠道庫存目標範圍的低端- 前向基礎。

Customers are loving their iPhones.

客戶喜歡他們的 iPhone。

Based on the most recently published research, ChangeWave measured a 96% customer satisfaction rate among iPhone users and Kantar measured a 92% customer loyalty rate, significantly higher than the competition.

根據最近發表的研究，ChangeWave 測得 iPhone 用戶的客戶滿意度為 96%，Kantar 測得的客戶忠誠度為 92%，明顯高於競爭對手。

And we believe that a great customer experience translates to much higher usage.

我們相信，出色的客戶體驗會轉化為更高的使用率。

In fact, Experian reported that iPhone users spend an average of 53% more time each day on their phones then Android phone users.

事實上，Experian 報告稱，iPhone 用戶每天花在手機上的時間平均比 Android 手機用戶多 53%。

iPhone continues to be a key productivity tool for organizations around the world, aided by apps from the App Store, as well as those custom built for internal use.

在 App Store 的應用程序以及為內部使用而定制的應用程序的幫助下，iPhone 仍然是世界各地組織的關鍵生產力工具。

In fact, nearly 35,000 companies representing millions of employees worldwide are building custom apps that address specific workflow improvements for their iPhone and iPad users.

事實上，代表全球數百萬員工的近 35,000 家公司正在構建自定義應用程序，以解決其 iPhone 和 iPad 用戶的特定工作流程改進問題。

In the US, over 14,000 employees of Johnson Controls are using iPhones for work.

在美國，江森自控有超過 14,000 名員工使用 iPhone 工作。

The company has created in-house apps that have enhanced field technician service delivery and customer communications.

該公司創建了內部應用程序，這些應用程序增強了現場技術人員的服務交付和客戶溝通。

And China's AVIC International, a unit of Aviation Industry Corporation of China, has equipped 27,000 employees with iPhones to access internally-developed apps for office administrative documentations, approval processes, and key business intelligence systems.

中國航空工業集團公司旗下的中航國際為 27,000 名員工配備了 iPhone，可以訪問內部開發的應用程序，用於辦公行政文件、審批流程和關鍵商業智能係統。

Turning to iPad, we sold 14.1 million iPads during the quarter compared to 14 million in the year-ago quarter.

談到 iPad，我們在本季度售出了 1410 萬台 iPad，而去年同期為 1400 萬台。

iPad sales exceeded our expectations in the September quarter as we approached our new product introductions.

隨著新產品的推出，iPad 銷量在 9 月季度超出了我們的預期。

We experienced robust year-over-year sales growth in Japan, Russia, the Middle East, and we were pleased with strong back-to-school demand for iPad in the US and Canada.

我們在日本、俄羅斯和中東的銷售額同比增長強勁，我們對美國和加拿大對 iPad 的強勁返校需求感到滿意。

iPad sell-through was roughly equal to sell-in, so we exited the quarter with about 4.1 million units of iPad channel inventory, within our target range of 4 to 6 weeks on a look-back basis.

iPad 的銷售量大致等於銷售量，因此我們在本季度結束時擁有約 410 萬台 iPad 渠道庫存，在我們回顧的 4 至 6 週的目標範圍內。

Interest in iPad remains incredibly strong.

對 iPad 的興趣仍然非常強烈。

In an August survey by ChangeWave of consumers who intend to purchase tablets within 90 days, 55% indicated they plan to purchase iPads, more than 4 times the rate of the next most popular alternative.

在 ChangeWave 8 月份對打算在 90 天內購買平板電腦的消費者進行的一項調查中，55% 的人表示他們計劃購買 iPad，是下一個最受歡迎的替代品的 4 倍多。

And of those who already own iPads, the survey measured a 99% customer satisfaction rate.

在已經擁有 iPad 的人中，該調查測量了 99% 的客戶滿意度。

The momentum of iOS devices in enterprise also remains incredibly strong.

iOS 設備在企業中的發展勢頭也非常強勁。

In its latest Mobility Index Report, Good Technology indicated that the iOS platform accounted for 95% of enterprise mobile app activations and 72% of all mobile device activations in the September quarter, while iPad accounted for 90% of total tablet activations.

Good Technology 在其最新的 Mobility Index 報告中表示，iOS 平台在 9 月季度佔企業移動應用激活量的 95% 和所有移動設備激活量的 72%，而 iPad 占平板電腦總激活量的 90%。

Companies around the world are using iPads with custom apps to reinvent their legacy business processes, improving efficiencies across organizations and job functions.

世界各地的公司都在使用帶有定制應用程序的 iPad 來重塑他們的傳統業務流程，從而提高組織和工作職能的效率。

For example, direct store delivery reps at Dr Pepper Snapple Group uses iPads to facilitate communication and streamline the product delivery process.

例如，Dr Pepper Snapple Group 的直接門店配送代表使用 iPad 來促進溝通並簡化產品配送流程。

East Japan Railway personnel use iPad minis to stay informed about schedule changes and access conductor manual.

東日本鐵路工作人員使用 iPad mini 隨時了解時刻表變化和查閱售票員手冊。

And Swedish manufacturer SKF uses a custom iPad app to calculate the life of their ball bearing products, saving 10 to 15 minutes per calculation for every engineer several times per day.

瑞典製造商 SKF 使用定制的 iPad 應用程序計算其滾珠軸承產品的壽命，每位工程師每天多次計算每次計算可節省 10 到 15 分鐘。

Schools around the world continue to adopt iPad to transform teaching and learning in the classroom.

世界各地的學校繼續採用 iPad 來改變課堂教學。

In the UK, the number of iPads sold to K-12 schools has more than doubled year-over-year and in Latin America over 70,000 iPads are being used by Sistema Uno students across 800 schools to improve their learning experience.

在英國，出售給 K-12 學校的 iPad 數量同比增長了一倍多，在拉丁美洲，800 所學校的 Sistema Uno 學生正在使用超過 70,000 台 iPad 來改善他們的學習體驗。

Here in the US, school districts continue to roll out large iPad initiatives to students.

在美國，學區繼續向學生推出大型 iPad 計劃。

The Coachella Valley School District in California is currently distributing over 19,000 iPads to its entire student body.

加利福尼亞州的科切拉谷學區目前正在向其全體學生分發超過 19,000 台 iPad。

And in South Carolina, every one of the Horry County school district's 10,000 middle school students will receive an iPad this year.

在南卡羅來納州，霍里縣學區的 10,000 名中學生今年都將收到一台 iPad。

These broad deployments are in part driven by the great educational content available on iPad and we are pleased to report that iBooks Textbooks are now available across the US, UK, and Australian national high school curricula.

這些廣泛的部署部分是由 iPad 上提供的優質教育內容推動的，我們很高興地報告，iBooks 教科書現已在美國、英國和澳大利亞的國家高中課程中提供。

Last week, we were thrilled to introduce new iPads featuring the A7 Chip, with 64-bit desktop-class architecture, ultra-fast wireless, and expanded LTE connectivity.

上週，我們很高興推出採用 A7 芯片的新款 iPad，具有 64 位桌面級架構、超快無線和擴展的 LTE 連接。

The new iPad Air features a beautiful Retina display in an elegant unibody design that is 20% thinner and 28% lighter than the fourth-generation iPad.

新款 iPad Air 採用精美的 Retina 顯示屏，採用優雅的一體式設計，比第四代 iPad 薄 20%，輕 28%。

And the iPad Mini with Retina display packs all the pixels of the iPad Air into its stunning 7.9-inch displays and runs over 475,000 iPad apps available from the App Store.

配備 Retina 顯示屏的 iPad Mini 將 iPad Air 的所有像素都整合到了令人驚嘆的 7.9 英寸顯示屏中，並運行 App Store 提供的超過 475,000 個 iPad 應用程序。

Turning to Mac, sales of 4.6 million Macs were above our expectations, which is a 7% decline from the year-ago quarter.

談到 Mac，460 萬台 Mac 的銷量超出了我們的預期，比去年同期下降了 7%。

IDC estimates the global personal computer market contracted by 10% during the September quarter, indicating that Macs continue to gain share, just as they have for 29 of the last 30 quarters.

IDC 估計，全球個人電腦市場在 9 月季度收縮了 10%，這表明 Mac 繼續獲得份額，就像過去 30 個季度中的 29 個季度一樣。

We were especially pleased with strong year-over-year growth in sales of MacBook Air, which we updated in June.

我們對 MacBook Air 銷量的強勁同比增長感到特別高興，我們在 6 月份進行了更新。

And in late September, we updated iMac with fourth-generation Intel Quad Core processors, new graphics, next-generation Wi-Fi, and faster PCIe flash storage options.

9 月下旬，我們更新了 iMac，配備了第四代英特爾四核處理器、新顯卡、下一代 Wi-Fi 和更快的 PCIe 閃存存儲選項。

Last week, we launched new versions of MacBook Pro with Retina display, featuring fourth-generation Intel Core processors, faster graphics, long-rate battery life, and a more affordable price.

上週，我們推出了配備 Retina 顯示屏的新版 MacBook Pro，配備第四代英特爾酷睿處理器、更快的圖形處理速度、更長的電池壽命和更實惠的價格。

Also last week, we launched Mavericks, the 10th major release of OS X, with more than 200 new features.

同樣在上週，我們發布了 Mavericks，這是 OS X 的第 10 個主要版本，其中包含 200 多個新功能。

Mavericks brings iBooks and Maps to the Mac, includes the new version of Safari, enhances multi-display support, introduces Finder tabs and tags, and delivers core technologies for breakthrough power efficiency and performance, and is now free.

Mavericks 為 Mac 帶來了 iBooks 和 Maps，包括新版本的 Safari，增強了多顯示器支持，引入了 Finder 選項卡和標籤，並提供了突破性能效和性能的核心技術，並且現在是免費的。

We ended the quarter with Mac channel inventory that was just below our 4 to 5-week target range.

我們在本季度末的 Mac 渠道庫存略低於我們 4 到 5 週的目標範圍。

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

我們繼續對 iTunes 軟件和服務的增長以及 Apple 生態系統的實力感到非常滿意。

Our iTunes stores generated record billings of $4.4 billion in the September quarter, thanks to continued strong growth in sales of apps.

由於應用程序銷售的持續強勁增長，我們的 iTunes 商店在 9 月季度創造了創紀錄的 44 億美元的收入。

The quarter's iTunes billings translated to quarterly iTunes revenue of $2.4 billion, up 15% from the year-ago quarter.

該季度的 iTunes 賬單轉化為 24 億美元的季度 iTunes 收入，比去年同期增長 15%。

The strong iTunes sales combined with other software and service revenue, resulted in total quarterly revenue of $4.3 billion from iTunes software and services, an increase of 22% year-over-year.

強勁的 iTunes 銷售額與其他軟件和服務收入相結合，使 iTunes 軟件和服務的季度總收入達到 43 億美元，同比增長 22%。

Cumulative app downloads have reached 60 billion and our app developers have now earned $13 billion from sales through the App Store, half of which they've earned in the last year.

累計應用下載量已達到 600 億次，我們的應用開發者現在通過 App Store 的銷售額已達到 130 億美元，其中一半是在去年獲得的。

We had a tremendously successful launch of iOS 7 last month, with hundreds of millions of downloads in the first few days alone, making it the fastest software upgrade ever.

上個月我們非常成功地發布了 iOS 7，僅在最初幾天就下載了數億次，使其成為有史以來最快的軟件升級。

Last week, we reported that nearly two-thirds of iOS devices were already running iOS 7. That's significantly higher than the percentage of users running the latest versions of other mobile operating systems.

上週，我們報導了近三分之二的 iOS 設備已經在運行 iOS 7。這明顯高於運行其他移動操作系統最新版本的用戶的百分比。

This rapid transition to the latest version of iOS not only means that more customers are having the most advanced experience possible, but it also enables developers to offer their latest app innovations to hundreds of millions of users in a single software release.

這種快速過渡到最新版本的 iOS 不僅意味著更多的客戶可以獲得最先進的體驗，而且還使開發人員能夠在一個軟件版本中向數億用戶提供他們最新的應用程序創新。

iOS software has something now for everyone, with its great new design in features such as Control Center, AirDrop, and iTunes Radio.

iOS 軟件現在為每個人提供了一些東西，它在控制中心、AirDrop 和 iTunes Radio 等功能中具有出色的新設計。

In fact, the number of unique the listeners who have tried iTunes Radio is now 20 million and growing.

事實上，嘗試過 iTunes Radio 的唯一聽眾人數現在已經達到 2000 萬，而且還在不斷增長。

iOS 7 also include significant features that make iPhones and iPads more secure and easier to manage in corporate environments, offering new ways to configure and deploy devices at scale.

iOS 7 還包含重要功能，使 iPhone 和 iPad 在企業環境中更安全、更易於管理，提供了大規模配置和部署設備的新方法。

New device management capabilities include controlled sharing of documents and attachments, App Store license management, wireless managed app set up, and streamlined mobile device management enrollment.

新的設備管理功能包括文檔和附件的受控共享、App Store 許可證管理、無線管理應用程序設置以及簡化的移動設備管理註冊。

And in terms of security, iOS 7 offers enterprise single sign-on, default third-party app data protection, and per app VPN to automatically connect storage corporate apps to the network without the need for users to change complicated settings.

而在安全性方面，iOS 7 提供企業單點登錄、默認第三方應用數據保護，以及每應用 VPN 自動將存儲企業應用連接到網絡，無需用戶更改複雜設置。

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

我現在想轉向蘋果零售店。

The revenue for the quarter was $4.5 billion, up 6% from the year-ago quarter.

該季度的收入為 45 億美元，比去年同期增長 6%。

The stores produced very strong iPhone sales, with unit growth of 36% per store per week compared to the September quarter last year.

這些商店的 iPhone 銷量非常強勁，與去年 9 月季度相比，每家商店每週的銷量增長了 36%。

We completed the remodels of 2 stores and opened 8 new stores during the quarter, ending with a total of 416 stores, including 162 outside the United States.

我們在本季度完成了 2 家門店的改造，新開 8 家門店，最終共有 416 家門店，其中 162 家在美國以外。

We are projecting a total of approximately 30 new store openings in fiscal year 2014, about two-thirds of which will be outside the US.

我們預計 2014 財年將開設約 30 家新店，其中約三分之二將在美國以外。

We also plan to remodel about 20 stores over the course of fiscal year 2014.

我們還計劃在 2014 財年改造約 20 家門店。

With an average of 411 stores open in the September quarter, average revenue per store was $10.9 million compared to $11.2 million in the year-ago quarter.

9 月季度平均有 411 家門店開業，每家門店的平均收入為 1090 萬美元，而去年同期為 1120 萬美元。

Retail segment income was $709 million.

零售部門收入為 7.09 億美元。

We hosted 99 million visitors to stores during the quarter which translates to 18,500 visitors per store per week.

我們在本季度接待了 9900 萬名商店訪客，這意味著每週每家商店有 18,500 名訪客。

Operating expenses were $3.8 billion and included $467 million of stock-based compensation expense.

運營費用為 38 億美元，其中包括 4.67 億美元的股票補償費用。

OI&E was $113 million and the tax rate for the quarter was 25.9%.

OI&E 為 1.13 億美元，本季度的稅率為 25.9%。

And turning to our cash, we ended the quarter with $146.8 billion in cash plus short-term and long-term marketable securities, a sequential increase of $100 million from the June quarter.

談到我們的現金，我們在本季度結束時擁有 1468 億美元的現金加上短期和長期有價證券，比 6 月季度環比增加了 1 億美元。

Our domestic cash was $35.5 billion at the end of the September quarter, a sequential decline of $5.2 billion, largely attributable to our share repurchase activity.

截至 9 月季度末，我們的國內現金為 355 億美元，環比下降 52 億美元，這主要歸功於我們的股票回購活動。

$111.3 billion, or 76% of our total cash, was offshore at the end of the September quarter, and cash flow from operations was $9.9 billion.

截至 9 月季度末，有 1113 億美元或我們總現金的 76% 來自海外，運營現金流為 99 億美元。

We paid $2.8 billion in dividends in the quarter and we executed an additional $5 billion in repurchases of 10.4 million shares of Apple stock during the quarter.

我們在本季度支付了 28 億美元的股息，並在本季度額外執行了 50 億美元的 1040 萬股蘋果股票回購。

This brings us to a cumulative total of $36 billion in payments for dividends and share repurchases over the last five quarters, of which share buybacks were $23 billion.

這使我們在過去五個季度中累計支付了 360 億美元的股息和股票回購，其中股票回購為 230 億美元。

This has resulted in cumulative retirement of almost 47 million shares and represents 5% of the total shares outstanding prior to the launch of our repurchase program.

這導致近 4700 萬股累計退市，占我們回購計劃啟動前已發行股份總數的 5%。

More than 44 million of these shares have been retired in the past two quarters alone.

僅在過去兩個季度，就有超過 4400 萬股股票被退市。

Finally, given that our capital return program must be funded from domestic cash, and as a result of our payments to-date, the cash that we can invest domestically and return to shareholders has stopped accumulating.

最後，鑑於我們的資本回報計劃必須由國內現金提供資金，並且由於我們迄今為止的付款，我們可以在國內投資並返還給股東的現金已經停止積累。

In fact, we have returned to shareholders or invested essentially all of the increase in available net cash generated since the beginning of our capital return program in 2012.

事實上，自 2012 年資本回報計劃開始以來，我們已向股東返還或投資了幾乎所有增加的可用淨現金。

Our Board of Directors has declared a dividend of $3.05 per common share payable on November 14, 2013 to shareholders of record as of the close of business on November 11, 2013.

我們的董事會已宣佈於 2013 年 11 月 14 日向截至 2013 年 11 月 11 日營業結束時登記在冊的股東派發每股普通股 3.05 美元的股息。

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

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

First, I want to explain a bit about revenue deferrals.

首先，我想解釋一下收入遞延。

We believe that our software and services play a tremendous role in delivering the overall experience that our customers have come to know and love.

我們相信，我們的軟件和服務在提供客戶所熟知和喜愛的整體體驗方面發揮著巨大作用。

Over the last few years, we have added significantly to the offerings that we provide our customers at no incremental charge from operating system upgrade rights to non-software services, such as Siri and iCloud.

在過去的幾年裡，我們已經大大增加了我們為客戶提供的服務，從操作系統升級權利到非軟件服務，如 Siri 和 iCloud，不增加任何費用。

The iLife and iWork apps have become as essential to the user experience as mail, messages, and calendar.

iLife 和 iWork 應用程序已成為與郵件、消息和日曆一樣重要的用戶體驗。

So we are now making iPhoto, iMovie, Pages, Numbers, and Keynotes available as free downloads to customers who purchase new iOS devices, and we are also making Mavericks and future OS X upgrades, as well as iLife and iWork, free to our Mac customers.

因此，我們現在將 iPhoto、iMovie、Pages、Numbers 和 Keynotes 作為免費下載提供給購買新 iOS 設備的客戶，我們還將 Mavericks 和未來的 OS X 升級，以及 iLife 和 iWork，免費提供給我們的 Mac顧客。

As a result of these additional rights and features, we are deferring a greater portion of the sale of each iOS device and Mac sold.

由於這些額外的權利和功能，我們推遲了銷售的每台 iOS 設備和 Mac 的大部分銷售。

We anticipate that the additional deferral per device sold, coupled with our sequentially greater unit volume expectations in the December quarter, will result in about a $900 million sequential increase in the net amount of revenue deferred for software upgrade rights and non-software services.

我們預計，每台售出設備的額外延期，加上我們在 12 月季度連續增加的單位數量預期，將導致軟件升級權和非軟件服務遞延的淨收入連續增加約 9 億美元。

In total, we expect revenue to be between $55 billion and $58 billion, compared to $54.5 billion in the year-ago quarter.

總體而言，我們預計收入將在 550 億美元至 580 億美元之間，而去年同期為 545 億美元。

We expect gross margins to be between 36.5% and 37.5%, reflecting approximately $105 million related to stock-based compensation expense.

我們預計毛利率將在 36.5% 至 37.5% 之間，反映出與股票薪酬費用相關的約 1.05 億美元。

We expect OpEx to be between $4.4 billion and $4.5 billion, including about $585 million related to stock-based compensation expense.

我們預計運營支出將在 44 億美元至 45 億美元之間，其中約 5.85 億美元與基於股票的薪酬費用相關。

We expect OI&E to be about $200 million and we expect the tax rate to be about 26.25%.

我們預計 OI&E 約為 2 億美元，我們預計稅率約為 26.25%。

In closing, we're very pleased with the results of the final quarter of our fiscal year 2013.

最後，我們對 2013 財年最後一個季度的業績感到非常滿意。

We enter fiscal year 2014 with an incredible line-up of products, including and our amazing new iPhones and iPads.

進入 2014 財年，我們推出了一系列令人難以置信的產品，包括我們令人驚嘆的新款 iPhone 和 iPad。

We remain committed to delivering great innovative products and services that delight our customers and enhance their lives and we are very confident in our new product pipelines.

我們仍然致力於提供出色的創新產品和服務，讓我們的客戶滿意並改善他們的生活，我們對我們的新產品線充滿信心。

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

有了這個，我想打開問題電話。

Thank you, Peter.

謝謝你，彼得。

(Caller Instructions)

（來電說明）

Operator, may we have the first question please.

接線員，請問第一個問題。

(Operator Instructions)

（操作員說明）

Katy Huberty, Morgan Stanley.

凱蒂·休伯蒂，摩根士丹利。

Thanks.

謝謝。

Peter, I'm a little surprised your December quarter gross margin guidance isn't even better given the increased total iPhone mix and also iPhone 5s within the iPhone line.

彼得，鑑於 iPhone 產品組合的增加以及 iPhone 系列中的 iPhone 5s，你 12 月季度的毛利率指導並沒有更好，我有點驚訝。

I imagine there's a lot of offsetting factors given the products that were launched last week.

考慮到上週推出的產品，我想有很多抵消因素。

So I just wonder if you can walk through some of the gross margin headwinds you see in the December quarter?

所以我只是想知道你是否可以克服你在 12 月季度看到的一些毛利率逆風？

Sure.

當然。

We expect, as I said, in my prepared remarks, our gross margins to be between 36.5% and 37.5%.

正如我所說，在我準備好的評論中，我們預計我們的毛利率將在 36.5% 和 37.5% 之間。

So essentially in line with the September quarter.

因此，基本上與 9 月季度一致。

We are pleased to be guiding gross margin about flat sequentially, given all the new products that we have launched in the last few weeks.

考慮到我們在過去幾週推出的所有新產品，我們很高興將毛利率引導至持平。

During the quarter, we expect gross margin to benefit from the leverage on the substantial sequential increase in revenue.

在本季度，我們預計毛利率將受益於收入連續大幅增長的槓桿作用。

Offsetting these benefits, we see a few factors, including the higher deferred revenue relating to the software that I talked about in my prepared remarks.

抵消這些好處，我們看到了一些因素，包括與我在準備好的評論中談到的軟件相關的更高的遞延收入。

And as I said, we expect the sequential increase in our deferral, which is not only revenue, but affects margin as well, to be $900 million.

正如我所說，我們預計延期付款的連續增長將達到 9 億美元，這不僅是收入，還會影響利潤率。

Second, a richer mix of new iPads with higher cost structures and lower pricing.

其次，具有更高成本結構和更低定價的更豐富的新 iPad 組合。

Third, FX headwinds, primarily from the yen.

第三，外匯逆風，主要來自日元。

And fourth, the new lower-priced MacBook Pro and iMac, which have higher cost structures in their predecessors.

第四，新的低價 MacBook Pro 和 iMac，它們的前代產品具有更高的成本結構。

So those are four things that I would point out, Katy.

所以這是我要指出的四件事，凱蒂。

Okay, very helpful.

好的，很有幫助。

Tim, the press and even some of your competitors are quite complimentary of the innovation in iPhone 5s, but it seems like investors are looking -- or glancing over the 64-bit ARM processor, the fingerprint sensor, the M7 processor -- and part of this is that they are not exactly sure what those technologies enable -- i.e.

蒂姆，媒體甚至你的一些競爭對手都對 iPhone 5s 的創新大加讚賞，但似乎投資者正在尋找——或瞥一眼 64 位 ARM 處理器、指紋傳感器、M7 處理器——以及部分其中一個原因是他們不確定這些技術能實現什麼——即

why do you need a 64-bit ARM processor in a phone.

為什麼手機需要 64 位 ARM 處理器。

So I'm just hoping you could enlighten us a little bit on that question?

所以我只是希望你能在這個問題上給我們一些啟發？

Everything that you mentioned, Katy, is the front end of a long road map.

凱蒂，你提到的一切都是漫長路線圖的前端。

And we have the first 64-bit smartphone, as you mentioned, and this is our first use of the fingerprint sensor.

正如您所提到的，我們擁有第一款 64 位智能手機，這是我們首次使用指紋傳感器。

And if you've used it so far, you know that it is pretty profound to use it from a security point-of-view and use it also to purchase apps or music or movies, et cetera.

如果你到目前為止使用過它，你就會知道從安全的角度使用它並使用它來購買應用程序或音樂或電影等是非常深刻的。

And, so both these -- the most important person here obviously is what our customers think and these new innovations on the 5s and the 5c combined led us to have our best iPhone launch ever, with selling about 9 million units through the weekend.

而且，這兩者——這裡最重要的人顯然是我們的客戶的想法，而 5s 和 5c 上的這些新創新結合在一起，使我們推出了有史以來最好的 iPhone，到週末售出約 900 萬部。

So we are off to great start.

所以我們有了一個很好的開始。

Bill Shope, Goldman Sachs.

比爾·肖普，高盛。

Looking at the iPhone business, as well.

看看 iPhone 業務，也是如此。

For the 5c, there was some was some anticipation that the price point would be lower and there was obviously some debate around that when you launched it.

對於 5c，有些人預計價格會更低，當你推出它時，顯然存在一些爭論。

Now that you've had the device out there for a while -- a few weeks -- what type of response are you seeing from the more cost-sensitive regions?

既然您已經使用該設備有一段時間了 - 幾個星期 - 您從對成本更加敏感的地區看到了什麼類型的響應？

And can you remind us of some of the things you are doing to make the products increasingly affordable for the emerging regions, in particular?

您能否提醒我們一些您正在做的事情，以使新興地區的產品越來越便宜？

Bill, it's Tim.

比爾，是蒂姆。

If you look what we have done with our iPhone line, we are selling the iPhone 4s as our entry offer; we are selling the iPhone 5c as a mid-tier offer; and then of course the iPhone 5s.

如果您看看我們對 iPhone 產品線所做的事情，我們將銷售 iPhone 4s 作為我們的入門產品；我們將 iPhone 5c 作為中檔產品出售；然後當然是 iPhone 5s。

And our goal is to overall have growth for total iPhone, but also within that, we want to have each of those categories grow as compared to what we were doing previously.

我們的目標是整體 iPhone 的整體增長，但在此範圍內，我們希望這些類別中的每一個都與我們之前所做的相比有所增長。

If you look at the total offers that we are making in the low-end space and mid-tier and high-end, the sum of all the price points we offer there, we would like to grow in each one of those, and we are really pleased that we did that.

如果您查看我們在低端領域和中端和高端領域提供的總報價，我們在那裡提供的所有價格點的總和，我們希望在每一個價格點都增長，我們很高興我們這樣做了。

That is how we partly measure success.

這就是我們部分衡量成功的方式。

Of course, the most important thing for us is to make a great product.

當然，對我們來說，最重要的是做一個偉大的產品。

But we do need growth, and we are happy that we've seen that.

但我們確實需要成長，我們很高興看到了這一點。

I realize that some people were reading rumors about that the entry phone would be the 5c but that was never our intent, obviously.

我意識到有些人正在閱讀有關入門手機將是 5c 的謠言，但這顯然不是我們的意圖。

Our entry iPhone is the iPhone 4s.

我們的入門 iPhone 是 iPhone 4s。

And as you know from comments that I've made previously, we were selling the iPhone 4 in very good volumes and as we begin to experiment in different regions at somewhat lower price points, we saw a fair amount of price elasticity, and so we are hoping and thinking that, that will continue with the 4s.

正如您從我之前發表的評論中知道的那樣，我們的 iPhone 4 銷量非常好，隨著我們開始在不同地區以較低的價格點進行試驗，我們看到了相當大的價格彈性，所以我們希望並認為，這將繼續與 4s。

Okay and then related to that somewhat, looking at the iPhone ASPs overall, last quarter, you reminded us that the iPhone ASP and mix tends to be at its highest levels in the first few months of a product cycle and then tends to trend downward throughout the product cycle.

好的，然後有點相關，看看上個季度的整體 iPhone ASP，你提醒我們 iPhone ASP 和組合在產品週期的前幾個月往往處於最高水平，然後在整個過程中趨於下降產品週期。

Do you think we should assume similar patterns hold for this cycle or are there some unique factors we should consider, particularly given the change in the product line-up?

您認為我們是否應該假設在這個週期中存在類似的模式，或者是否有一些我們應該考慮的獨特因素，特別是考慮到產品陣容的變化？

All things being equal, what we would normally see on our products is that you have a large number of people that are early-adopter related that come into the market right after we announce and buy our very best product.

在所有條件相同的情況下，我們通常會在我們的產品上看到的是，在我們宣布併購買我們最好的產品後，您有大量與早期採用者相關的人進入市場。

Other things being equal, that's what we would expect to see.

在其他條件相同的情況下，這就是我們期望看到的。

Okay, great.

好，太棒了。

Thank you.

謝謝你。

Toni Sacconaghi, Sanford Bernstein.

托尼·薩科納吉，桑福德·伯恩斯坦。

Tim, you commented in your initial remarks about new product categories -- I think this was also something you were explicit about in your April quarterly conference call -- where you said that consumers and investors should expect new products, including new product categories, in the second half of this year and first half of 2014.

蒂姆，你在關於新產品類別的初步評論中發表了評論——我認為這也是你在 4 月季度電話會議中明確表達的內容——你說消費者和投資者應該期待新產品，包括新產品類別，在今年下半年和2014年上半年。

So, can you reiterate that we should have that expectation?

那麼，您能否重申我們應該有這種期望？

And when you talk about new product categories, I presume that, since you made the statement in April, there have been none?

當你談到新的產品類別時，我想，自從你在四月份發表聲明以來，就沒有了？

I just want to make sure I understand the semantics of what you refer to as a new category?

我只是想確保我理解你所說的新類別的語義？

Toni, I didn't say in April that you would see them in this year and the first half of next year.

Toni，我在四月份沒有說你會在今年和明年上半年看到他們。

So just to be clear on that.

所以只是要清楚這一點。

But what I have said that you would see some exciting new products from us in the fall of this year and across 2014.

但我說過，您會在今年秋季和 2014 年看到我們推出的一些令人興奮的新產品。

I obviously stand by that and you've seen a lot of things over the last couple of months.

我顯然支持這一點，在過去的幾個月裡，你已經看到了很多事情。

In terms of new product categories, specifically, if you look at the skills that Apple has from hardware, software, and services, and an incredible app ecosystem, these set of things are very unique.

具體來說，在新產品類別方面，如果你看看蘋果在硬件、軟件和服務方面的技能，以及令人難以置信的應用生態系統，這些東西是非常獨特的。

I think no one has a set of skills like this.

我認為沒有人擁有這樣的一套技能。

We obviously believe that we can use our skills in building other great products that are in categories that represent areas where we do not participate today.

我們顯然相信我們可以利用我們的技能來構建其他偉大的產品，這些產品屬於我們今天不參與的領域。

We are pretty confident about that.

我們對此非常有信心。

And as a follow-up, I wanted to revisit the question of your pricing strategy.

作為後續行動，我想重新審視您的定價策略問題。

Last quarter, you spoke very ebulliently about elasticity that you experienced on the iPhone 4 and you had lowered the price in many emerging markets to about $400.

上個季度，您非常熱情地談到了您在 iPhone 4 上體驗到的彈性，並且您已將許多新興市場的價格降至 400 美元左右。

And yet when the new products come out, the 4s was actually at notably higher price than the 4 had been in the previous quarter and the 5c was obviously in line with what we had seen before with 4s and the 5s was in line with 5.

而當新品問世時，4s的價格實際上比上一季度的4要高很多，而且5c顯然與我們之前看到的4s一致，5s與5一致。

So if anything, one of the common themes that came out of the last earnings call was the desire to embrace the elasticity of the iPhone, but as best as I can tell, price points across the board seem to be a little bit higher than they were 3 months ago despite this significant success you had there.

因此，如果有的話，上次財報電話會議的共同主題之一是希望擁抱 iPhone 的彈性，但據我所知，全面的價格點似乎比他們高一點儘管你在那裡取得了巨大的成功，但還是在 3 個月前。

So, I'm wondering how we should think about what lessons you learned from the 4 pricing changes.

所以，我想知道我們應該如何思考您從 4 次定價變化中吸取了哪些教訓。

Why you didn't choose to keep the 4 given that it was an extraordinarily strong seller, as best we could tell last quarter?

為什麼你不選擇保留 4，因為它是一個非常強大的賣家，正如我們上個季度所說的那樣？

And how you expect to try and continue to address the lower-price segments of the smartphone market?

您希望如何嘗試並繼續解決智能手機市場的低價細分市場？

Toni, the $400 number, just to clarify, is your number, not mine.

Toni，400 美元的號碼，澄清一下，是你的號碼，不是我的。

What we did with our line-up this time was -- the 4s is replacing the 4. And so if you look at the US as an example, the 4S is now free, the 4 was previously free.

這次我們對我們的陣容所做的是——4s 正在取代 4。因此，如果你以美國為例，4S 現在是免費的，而 4 以前是免費的。

When you translate that out of the US, it depends on the market, as to what specifically has happened.

當你把它從美國翻譯出來時，這取決於市場，具體發生了什麼。

As you know, currency changes and the strength of the dollar doesn't play in our favor in some geos from that perspective.

如您所知，從這個角度來看，在某些地區，貨幣變化和美元走強對我們不利。

But generally, we see the 4s as our entry iPhone offer that gives somebody the ability to access the entire ecosystem with a fantastic product, and we clearly understand that there is elasticity in that market and we will move accordingly.

但總的來說，我們將 4s 視為我們的入門 iPhone 產品，它使人們能夠通過出色的產品訪問整個生態系統，我們清楚地了解該市場存在彈性，我們將相應地採取行動。

Ben Reitzes, Barclays.

Ben Reitzes，巴克萊銀行。

First question is on China.

第一個問題是關於中國的。

Tim, congrats on being the only Company in my sector that grew in China this quarter.

蒂姆，恭喜你成為我所在行業中唯一一家本季度在中國實現增長的公司。

I'd have to check that, but got be one of them.

我必須檢查一下，但必須成為其中之一。

You returned to growth, I believe, at 6%, if my math is right.

如果我的數學是正確的，我相信你會恢復到 6% 的增長。

What happened and do you see that growth rate accelerating?

發生了什麼，您是否看到增長速度加快？

We are hoping you have new partnerships there and how can you expand distribution?

我們希望你們在那裡有新的合作夥伴關係，你們如何擴大分銷？

Yes, Ben, we had a pretty good quarter in China.

是的，Ben，我們在中國度過了一個不錯的季度。

We obviously want to do better.

我們顯然想做得更好。

But if you look at the quarter, we did grow by 6%.

但如果你看一下這個季度，我們確實增長了 6%。

Underneath that, iPhone units were at 25% year-over-year despite significant constraints on iPhone 5s that affected the whole (technical difficulty).

在此之下，儘管 iPhone 5s 受到重大限制，影響了整體（技術難度），但 iPhone 的銷量同比增長 25%。

However, we were able to launch in our first round this time in China, and that was a big change in the results of our close relationship with the carriers in China and the government.

但是，我們這次能夠在中國首發，這是我們與中國運營商和政府密切合作的結果。

And so we feel very good about that.

所以我們對此感覺很好。

We were able to do that on the iPad, as well, as we announced last week.

正如我們上周宣布的那樣，我們也能夠在 iPad 上做到這一點。

For the full year, the greater China region generated over $27 billion [in sales for us], up 14% year-over-year.

全年，大中華區為我們創造了超過 270 億美元的銷售額，同比增長 14%。

So we have a reasonable-sized business there.

所以我們在那裡有一個規模合理的業務。

In the year-ago quarter, iPad launched.

去年同期，iPad 發布。

It launched late in China.

它在中國推出較晚。

And so that pressured the 6% down some; otherwise it would've been even a stronger quarter, given the strength of iPhone.

因此，這使 6% 的股價下跌了一些；否則，鑑於 iPhone 的實力，這將是一個更強勁的季度。

We are continuing to invest in stores.

我們將繼續投資於商店。

We opened one additional store in greater China in the last few weeks.

過去幾週，我們在大中華區又開了一家店。

We are investing in indirect distribution.

我們正在投資於間接分銷。

Our point-of-sales are up by about 50% year-over-year on the iPhone.

我們在 iPhone 上的銷售點同比增長了約 50%。

And we are continuing to go out to more cities.

我們將繼續前往更多城市。

Initially, we were very focused on just the large cities.

最初，我們非常專注於大城市。

We are working on both coverage, on launching earlier, and execution, and continuing to build on our retail practice there.

我們正致力於覆蓋範圍、提前發布和執行，並繼續在我們的零售業務基礎上發展。

Okay.

好的。

And nothing to announce on [more], but my second question is for Peter.

在 [更多] 上沒有什麼可宣布的，但我的第二個問題是針對彼得的。

There is some confusion around the revenue deferral, and I was just hoping you could clarify for it for gross margins.

收入遞延存在一些混亂，我只是希望你能澄清一下毛利率。

The $900 million is about 160 basis points, if I have that right, on gross margins.

如果我沒說錯的話，這 9 億美元的毛利率約為 160 個基點。

How much of that should we say is pressuring gross margin down in your guidance?

在您的指導中，我們應該說多少會壓低毛利率？

Do we take about -- would your gross margin guidance have been about half the difference there higher, if it weren't for this revenue deferral?

如果不是因為這種收入延期，我們是否會考慮 - 你的毛利率指導是否會高出一半左右？

And when do we recoup that margin?

我們什麼時候才能收回那部分利潤？

How many quarters does it take to recoup and how will that flow back through the model?

需要多少個季度才能收回，這將如何通過模型回流？

Sure, Ben.

當然，本。

We have been deferring revenues for the sale of each iOS device and Mac, given that we have been providing updates to software.

鑑於我們一直在提供軟件更新，我們一直在推遲銷售每台 iOS 設備和 Mac 的收入。

Given the announcements that we made last week and that I went through in my prepared remarks, we have actually increased those deferrals.

鑑於我們上週發布的公告以及我在準備好的講話中所經歷的，我們實際上增加了這些延期。

iPhone and iPad, we are deferring between $15 and $25; that's up by as much as $5 per device.

iPhone 和 iPad，我們推遲 15 到 25 美元；每台設備最多上漲 5 美元。

And Mac (technical difficulty) some $20 to $40, so up an additional $20.

而 Mac（技術難度）大約 20 到 40 美元，因此額外增加了 20 美元。

On a sequential basis, given the increased deferral rates that we have, as a result of increasing the software that we are providing to customers for free, coupled with our sequential unit increases, we will defer, we think, about $900 million more in revenue in the December quarter than we deferred in the September quarter.

在連續的基礎上，鑑於我們的延期率增加，由於增加了我們免費向客戶提供的軟件，再加上我們連續增加的單位，我們認為我們將推遲大約 9 億美元的收入在 12 月季度比我們在 9 月季度推遲。

So you can calculate the impact to gross margin on that.

因此，您可以計算對毛利率的影響。

We will also -- and that goes straight through to margin.

我們也將 - 這直接進入保證金。

It's revenue and a dollar-for-dollar reduction in gross margin.

這是收入和毛利率的美元對美元的減少。

We will then record that revenue that we've deferred for iOS devices across a 2-year period of time ratably and for Macs over a 4-year period of time.

然後，我們將按比例記錄我們在 2 年期間為 iOS 設備延遲的收入，以及在 4 年期間為 Mac 延遲的收入。

So then, just to summarize, we have been deferring revenue on both iOS devices and Macs for a number of years, given the software that we have been giving away for free.

因此，總結一下，考慮到我們一直免費贈送的軟件，我們多年來一直在推遲 iOS 設備和 Mac 的收入。

We have increased those rates beginning in September for the iOS devices and in October for the Macs and it will come back in to those products over two and four years, as I said.

我們從 9 月開始為 iOS 設備和 10 月為 Mac 提高了這些費率，正如我所說，它將在兩年和四年內恢復到這些產品中。

Great, thanks.

太謝謝了。

That's a pretty good guide for gross margin, if you take that out -- if you are leaving that out.

這是一個很好的毛利率指南，如果你把它去掉——如果你把它排除在外。

Thanks.

謝謝。

Ben, I would just add on to that -- thank you for saying that and I agree -- and I would also say that we are really happy to be guiding gross margins as flat, not only because of the deferrals, but in addition to all of the new products that we've introduced with higher cost structures and lower prices.

Ben，我想補充一下——謝謝你這麼說，我同意——我還要說，我們真的很高興將毛利率引導為持平，這不僅是因為延期，而且除了我們推出的所有新產品都具有更高的成本結構和更低的價格。

And we will -- no hard and fast commitments, but we are going to work really hard to get down the cost curves as we have successfully in the past.

我們會 - 沒有硬性和快速的承諾，但我們將非常努力地降低成本曲線，就像我們過去成功的那樣。

Thanks a lot.

非常感謝。

Appreciate it.

欣賞它。

Gene Munster, Piper Jaffray.

吉恩·芒斯特，派珀·杰弗瑞。

Just to make sure this is crystal clear here on the gross margin, is it would have been about 38.5% would have been the mid-point of the guide, excluding the change to deferral.

只是為了確保這在毛利率上一目了然，如果不包括延期的變化，它本來應該是大約 38.5% 的指南的中點。

Is that correct, Peter?

對嗎，彼得？

Probably in that range, Gene.

可能在那個範圍內，吉恩。

I didn't do it precisely.

我沒有準確地做到這一點。

But you can take the $900 million that we are deferring across the revenue ranges and do the math.

但是你可以拿我們在收入範圍內遞延的 9 億美元進行計算。

Okay, great.

好，太棒了。

And then beyond the December quarter, in terms of structural elements around the iPhone gross margin, a couple of years ago with the 4s, we saw the launch and then we saw the margins ramp nicely after the launch.

然後在 12 月季度之後，就 iPhone 毛利率的結構元素而言，幾年前的 4s，我們看到了發布，然後我們看到發布後利潤率很好地上升。

I know you're not giving guidance beyond the December quarter, but are there some structural things that have changed in the profitability of the iPhone that would be good to know as we think about our models in 2014?

我知道你不會在 12 月季度之後給出指導，但是當我們考慮 2014 年的機型時，是否有一些結構性的事情已經改變了 iPhone 的盈利能力？

I don't know that there is any structural differences, but I'll make a couple of comments.

我不知道有什麼結構上的差異，但我會發表一些評論。

And I'm not giving guidance beyond the December quarter, but just a couple of things to think about.

而且我不會在 12 月季度之後給出指導，而只是考慮一些事情。

We are benefiting this quarter, as I talked about in answering Katy's question, from the benefits of leverage given the very big sequential increase in revenue.

正如我在回答凱蒂的問題時所說的那樣，我們在本季度受益於槓桿帶來的好處，因為收入連續大幅增長。

Leverage cuts both ways, so presumably, that would go against us in the March quarter.

槓桿作用是雙向的，因此大概在 3 月季度對我們不利。

However, we would expect to defer less for these software deferrals in the March quarter as well.

但是，我們預計在 3 月季度這些軟件延期的延期也會減少。

And as I noted at the end of Ben's question, we will endeavor to work very hard to get down cost curves as we have in the past, no change.

正如我在 Ben 的問題末尾指出的那樣，我們將像過去一樣努力努力降低成本曲線，沒有任何變化。

Okay, and then for my follow-up question, in terms of the iPad and the Mini price change, I guess just broader thinking around the iPad.

好的，然後對於我的後續問題，就 iPad 和 Mini 的價格變化而言，我想只是圍繞 iPad 進行更廣泛的思考。

We've seen some fluctuations in the growth rate.

我們已經看到增長率出現了一些波動。

How do you think about that segment in terms of growing at or above or below market growth rates around tablets?

您如何看待該細分市場在平板電腦市場增長率或高於或低於市場增長率方面的增長？

And separately, is there any differences in terms of how often people are upgrading their iPads versus iPhones?

另外，人們升級 iPad 和 iPhone 的頻率有什麼不同嗎？

It feels like they are upgrading them every three years versus a little bit over every two years for the iPhone?

感覺他們每三年升級一次，而不是每兩年升級一次 iPhone？

Is that accurate?

那準確嗎？

So the size of the opportunity and then maybe just any nuances in upgrade behaviors between the iPhone and the iPad?

那麼機會的大小以及 iPhone 和 iPad 之間升級行為的細微差別呢？

Gene, it is Tim.

吉恩，是蒂姆。

We continue to view the tablet market as huge.

我們繼續認為平板電腦市場巨大。

We see it as a large opportunity for us.

我們認為這對我們來說是一個巨大的機會。

We are not solely focused on unit share, as I've said many times, we are focused on usage and customers set and loyalty and other things that are very important to us.

正如我多次說過的，我們不僅僅關注單位份額，我們還關注使用情況、客戶群、忠誠度以及其他對我們非常重要的事情。

We do believe that this has been -- or the announcement last week -- was our largest iPad announcement ever.

我們確實相信這已經——或者上週的公告——是我們有史以來最大的 iPad 公告。

And we are confident we are going to grow year-over-year.

我們相信我們將逐年增長。

And if you look back, we had a very strong quarter a year ago.

如果你回顧一下，一年前我們有一個非常強勁的季度。

We get off to a great start this weekend with iPad Air and then later in the month we'll begin shipping the new Mini.

我們在本週末使用 iPad Air 取得了良好的開端，然後在本月晚些時候，我們將開始發售新款 Mini。

We did feel that we wanted to reduce the price of the iPad Mini and so we did that and now are coming in at $299, which is an incredible value to get access to the whole of the ecosystem and so forth.

我們確實覺得我們想降低 iPad Mini 的價格，所以我們做到了，現在的價格是 299 美元，這對於訪問整個生態系統等來說是一個令人難以置信的價值。

And, iPad Air is just absolutely incredible product -- the best iPad we've ever done.

而且，iPad Air 絕對是一款令人難以置信的產品——我們做過的最好的 iPad。

And so both of these products are going to do really well.

所以這兩種產品都會做得很好。

I think it's going to be in iPad Christmas.

我想它會出現在 iPad 聖誕節。

But we will see.

但我們會看到的。

We will report the numbers back to you in January, how we did.

我們將在一月份向您報告這些數字，我們是如何做到的。

But we are pretty confident.

但我們非常有信心。

Shannon Cross, Cross Research.

香農交叉，交叉研究。

Tim, can you talk a bit more your decision to offer the Mac OS for free and provide iWork and iLife for new device purchases?

蒂姆，你能多談談你決定免費提供 Mac OS 並為購買新設備提供 iWork 和 iLife 的決定嗎？

How are you thinking about it vis-a-vis some of the competition?

面對一些競爭，你如何看待它？

Our primary reason for doing it, Shannon, was that we wanted it to become a part of what it meant to own a Mac and what it meant to own an iOS device.

Shannon，我們這樣做的主要原因是我們希望它成為擁有 Mac 的意義以及擁有 iOS 設備的意義的一部分。

We saw iWork had become the best-selling productivity app on a mobile device.

我們看到 iWork 已成為移動設備上最暢銷的生產力應用程序。

We wanted all of our customers to have access to our very latest software so they would have access to our best features.

我們希望我們所有的客戶都能使用我們最新的軟件，這樣他們就可以使用我們最好的功能。

So we decided to make the bold move of making it free and from -- I note some other folks charge $199 or so for each of these, actually, for the OS and the productivity apps, but we really wanted to make it a part of the experience.

所以我們決定採取大膽的舉措，將其免費提供——我注意到其他一些人實際上對操作系統和生產力應用程序收取 199 美元左右的費用，但我們真的想讓它成為經驗。

So we are making it free and we are going back all the way to Snow Leopard on the OS side and iWork is free for all new Macs.

因此，我們將其免費提供，並且我們將一直回到操作系統方面的 Snow Leopard，並且 iWork 對所有新的 Mac 都是免費的。

I think it's a very strong offer.

我認為這是一個非常強大的提議。

I think it is just another reason that everyone should buy Mac.

我認為這只是每個人都應該購買 Mac 的另一個原因。

And we think it was a great decision to do so, but most importantly we think it's great for our customers.

我們認為這樣做是一個很棒的決定，但最重要的是，我們認為這對我們的客戶來說非常棒。

Great, and then just had a question on education, which somewhat ties into this, since iWork and iLife -- or some of these operating systems -- run through there.

太好了，然後剛剛有一個關於教育的問題，這在某種程度上與此有關，因為 iWork 和 iLife——或其中一些操作系統——貫穿其中。

I'm curious what your thoughts are with regard to Chromebooks, Google Apps, any kind of foothold that we are seeing with Google taking share in education, because as we've seen some of the price points for the devices are pretty low.

我很好奇您對 Chromebook、Google Apps 以及我們看到 Google 在教育領域佔有一席之地的任何一種立足點有何看法，因為我們已經看到這些設備的一些價格點非常低。

But clearly you guys are able to sell into education, as wello I'm curious as to how you view the competition and how you position your products vis-a-vis some of the things that are fairly low-priced?

但很明顯，你們能夠向教育領域銷售，我也很好奇你們如何看待競爭，以及你們如何將你們的產品定位於一些相當低價的東西？

It's a good question.

這是個好問題。

We had our best education quarter ever.

我們有有史以來最好的教育季度。

We went over $1 billion in revenues for the first time ever.

我們的收入有史以來第一次超過 10 億美元。

We were up strongly year-over-year, up 8%.

我們同比強勁增長，增長 8%。

iPad was up 22% and the Mac was up 8%.

iPad 上漲 22%，Mac 上漲 8%。

And as you know, the PC market was down 10% in the aggregate and likely down even more in education.

如你所知，個人電腦市場總體下降了 10%，教育領域的下降幅度可能更大。

And so, we feel like we are doing great on both fronts, both in the iPad space and in the Mac space for people wanting to buy Mac.

因此，我們覺得我們在兩個方面都做得很好，無論是在 iPad 領域，還是在 Mac 領域，都適合想要購買 Mac 的人們。

We do see Chromebooks in some places but the vast majority of people are buying PC/Mac or an iPad.

我們確實在某些地方看到了 Chromebook，但絕大多數人都在購買 PC/Mac 或 iPad。

Our share of tablets in education is 94%, It's sort of unheard of.

我們在教育中的平板電腦份額是 94%，這有點聞所未聞。

I've never seen a market share that high before.

我以前從未見過如此高的市場份額。

So we feel like we're doing really well here and feel great to be making a contribution to education.

所以我們覺得我們在這裡做得很好，為教育做出貢獻感覺很棒。

Thank you.

謝謝你。

Steve Milunovich, UBS.

瑞銀的史蒂夫·米盧諾維奇。

Could you talk a little bit about the supply side?

你能談談供應方面嗎？

There's been some thought that the fingerprint technology has been a little bit hard to manufacture and you indicated that the Retina Mini would be out later in November.

有人認為指紋技術有點難以製造，您表示 Retina Mini 將於 11 月晚些時候推出。

So curious if you are going to be able to meet the demand for the holidays with the Mini that you would like to and maybe some general supply comments and also comments on component costs?

很好奇您是否能夠使用您想要的 Mini 來滿足假期的需求，也許還有一些一般性的供應評論以及對組件成本的評論？

Sure, Steve, it's Tim.

當然，史蒂夫，是蒂姆。

In terms of supply, iPhone 5s ended the quarter with a very significant backlog.

在供應方面，iPhone 5s 在本季度末積壓非常多。

We still have a significant backlog, however, our supply is building each week.

我們仍然有大量積壓，但是，我們的供應每週都在增加。

And we are very confident of our ability to keep ramping and so we've rolled out 30 more countries, with the iPhone 5s and 5c as of last Friday, and we will roll out another 16 this week.

我們對我們保持增長的能力非常有信心，因此截至上週五，我們已經推出了 30 個國家，包括 iPhone 5s 和 5c，我們將在本週再推出 16 個。

So we are right on where we would like to be in terms of achieving 100 countries by the end of the calendar year.

因此，就在日曆年年底前實現 100 個國家/地區而言，我們的目標是正確的。

In terms of the Retina or the iPad Mini with the Retina display, we will start shipping later in November.

對於配備 Retina 顯示屏的 Retina 或 iPad Mini，我們將在 11 月下旬開始發貨。

It's unclear whether we will have enough for the quarter or not.

目前尚不清楚我們是否有足夠的季度使用。

We know how many we will have, but you really don't know the demand until after you start shipping and so we will see how that goes.

我們知道我們將擁有多少，但是直到您開始發貨後您才真正知道需求，因此我們將看看情況如何。

But I think we will do fairly well with iPad as I had mentioned before.

但我認為我們會在 iPad 上做得很好，就像我之前提到的那樣。

We feel like it's going to be a really great holiday season.

我們覺得這將是一個非常棒的假期。

In terms of component costs, both DRAM and [NAN] were up last quarter from the previous quarter.

在組件成本方面，DRAM 和 [NAN] 上個季度都比上個季度有所上漲。

DRAM, we believe will continue to be up in this quarter.

DRAM，我們相信本季度將繼續上漲。

We think NAN will be flat and other commodities will fall sequentially.

我們認為 NAN 將持平，其他商品將依次下跌。

Okay.

好的。

And then, Peter, about a year ago you indicated that the December quarter would benefit by about 200 basis points in gross margin due to a combination of mix shift toward phones and higher volume.

然後，彼得，大約一年前，您曾表示，由於向手機的混合轉變和更高的銷量，12 月季度的毛利率將受益約 200 個基點。

Is that the sort of uplift you would expect from those factors this December quarter?

這是您在 12 月季度從這些因素中所期望的那種提升嗎？

Steve, I don't want to put a precise amount on it, but we -- I see us benefiting from a couple things in the quarter -- the leverage on the higher revenue by far being the biggest.

史蒂夫，我不想給出一個精確的數字，但我們——我看到我們從本季度的幾件事中受益——到目前為止，對更高收入的影響是最大的。

As Tim mentioned, we expect to have a positive commodity environment, and selling iPhones is never a bad thing from a margin perspective.

正如蒂姆所提到的，我們預計會有一個積極的商品環境，從利潤率的角度來看，銷售 iPhone 絕不是一件壞事。

Thanks.

謝謝。

Mark Moskowitz, JPMorgan.

馬克·莫斯科維茨，摩根大通。

The first question here for Tim, just regarding the channel inventory levels of the 14.3 million for the iPhone, much higher than we've seen in quarters past.

蒂姆的第一個問題，只是關於 1430 萬部 iPhone 的渠道庫存水平，比我們過去幾個季度看到的要高得多。

Is there some sort of message there in terms of you now having much broader coverage in terms of incremental coverage or is there a much bigger incremental upgrade cycle from your installed base or both?

是否有某種信息表明您現在在增量覆蓋方面擁有更廣泛的覆蓋範圍，或者您的安裝基礎是否存在更大的增量升級週期，或兩者兼而有之？

The way -- the number one thing to know on that channel inventory is that our range, as you know, for iPhone is four to six weeks.

方式 - 在該渠道庫存上要知道的第一件事是，如您所知，我們的 iPhone 範圍是四到六週。

And we were at the low end of our range.

我們處於我們範圍的低端。

That to me is the most -- that's the most important thing I'd look at, anyway, I should say -- you can choose to look at the thing that is more important to you.

這對我來說是最重要的——這是我會看的最重要的東西，無論如何，我應該說——你可以選擇看對你來說更重要的東西。

In terms of it changing from where it's been in the past, the things that you should consider are that China was in wave one this year, so there was a lot more point-of-sales there.

從過去的變化來看，你應該考慮的事情是中國今年是第一波，所以那裡有更多的銷售點。

We added Docomo in Japan and so that's a large carrier to add.

我們在日本添加了 Docomo，因此這是一個需要添加的大型運營商。

And what probably were not in the opening comments was that of the 14 million, 1.8 million of those were iPhones that were in transit and therefore not available to sale in the channel.

開場評論中可能沒有出現在 1400 萬部中，其中 180 萬部是在途的 iPhone，因此無法在渠道中銷售。

And we always count those in channel inventory because they are in our sales line.

我們總是將它們計入渠道庫存，因為它們在我們的銷售線上。

And so that's how I'd look at the iPhone inventory.

這就是我看待 iPhone 庫存的方式。

Okay, and then just a follow-up if I could.

好的，如果可以的話，就做一個跟進。

A year ago, you had a very ambitious multi-product ramp in terms of new products coming out.

一年前，就新產品的推出而言，您有一個非常雄心勃勃的多產品斜坡。

At the same time, you did have some impacts related to supply constraints.

同時，您確實對供應限制產生了一些影響。

Just to follow-up on Steve's question, do you feel that 12 months later, fast forward to the future now, that you are in a much better shape to avert or navigate some of these big supply constraints that inflicts some problems on you last year?

只是跟進史蒂夫的問題，您是否覺得 12 個月後，現在快進到未來，您是否處於更好的狀態來避免或駕馭一些去年給您帶來一些問題的巨大供應限制?

Or could we see a similar situation as we move through the quarter?

或者我們是否會在本季度看到類似的情況？

As I mentioned, on the iPhone 5s, I feel like we're doing really well on supply, but demand is very robust.

正如我所提到的，在 iPhone 5s 上，我覺得我們在供應方面做得非常好，但需求非常強勁。

And so we are in backlog right now.

所以我們現在處於積壓狀態。

But I feel confident about us continuing to ramp and do quite well for the quarter.

但我對我們繼續增長並在本季度做得很好充滿信心。

On the iPad Mini, we will start shipping later this month and it's very difficult to forecast exactly when supply and demand will balance there.

在 iPad Mini 上，我們將在本月晚些時候開始發貨，很難準確預測供需何時會平衡。

And we will also see about the iPad Air as we go out this week.

我們還將在本週外出時了解 iPad Air。

I think we will have a really good weekend, but it may be that not everyone can find one that wants one.

我認為我們將度過一個非常愉快的周末，但可能不是每個人都能找到想要的。

Versus last year, one key difference is we announced one of our key Macs, the iMac, but we didn't begin shipping it until the end of December.

與去年相比，一個關鍵的區別是我們發布了我們的一款關鍵 Mac，iMac，但我們直到 12 月底才開始發貨。

And so we went for more than two months with minimal iMac sales.

因此，我們用最少的 iMac 銷售了兩個多月。

And, therefore, from a Mac point-of-view, year-over-year last year, we had our only down quarter -- down versus the market that is, in the last 30 quarters.

因此，從 Mac 的角度來看，與去年同期相比，我們只有一個下降的季度——與過去 30 個季度的市場相比下降。

I don't envision that happening this year.

我不認為今年會發生這種情況。

I feel really good about the way that MacBook Pro have gotten off last week.

我對上週 MacBook Pro 的推出方式感覺非常好。

They've gotten off to a huge start.

他們已經有了一個巨大的開端。

I feel great about Mac growing year-over-year this quarter.

我對本季度 Mac 的同比增長感到非常滿意。

I feel great about iPad growing year-over-year this quarter, as well.

我對本季度 iPad 的同比增長感到非常滿意。

And you can tell that from the strong guidance numbers that Peter gave earlier.

你可以從彼得之前給出的強有力的指導數字中看出這一點。

Chris Whitmore, Deutsche Bank.

德意志銀行的克里斯·惠特莫爾。

I wanted to ask about iPhone ASPs.

我想問一下 iPhone ASP。

They were down about 7% year-on-year in the quarter and down sequentially.

該季度同比下降約 7%，環比下降。

Last year, they were up sequentially on the launch.

去年，它們在發佈時連續上升。

Was that a product supply availability issue and how do you think about ASPs going forward?

這是產品供應可用性問題嗎？您如何看待 ASP 的未來發展？

Chris, it's Peter.

克里斯，是彼得。

Sequentially, we were relatively flat, so I will comment on a year-over-year basis.

因此，我們相對持平，因此我將逐年發表評論。

They were down 7%, as you indicated, and this was primarily due to a significant increase in the sales of our entry SKUs where we had made them more affordable to attract more first-time smart buyers.

正如您所指出的，它們下降了 7%，這主要是由於我們的入門 SKU 的銷售額顯著增加，我們使它們變得更實惠，以吸引更多的首次精明買家。

We've also incurred some FX headwinds from the yen, the Australian dollar, and a number of the emerging markets, which impacted us, as well.

我們還受到日元、澳元和一些新興市場的一些外匯逆風，這也對我們產生了影響。

I don't want to forecast ASPs for the December quarter.

我不想預測 12 月季度的 ASP。

We will report to you in January what they were, but the FX headwinds likely continue given where exchange rates are today.

我們將在 1 月份向您報告它們的情況，但考慮到今天的匯率，外匯逆風可能會繼續存在。

And just to follow-up on Mark's earlier question around channel inventories -- that 14 million unit number was higher than a lot of people expected.

只是為了跟進馬克早些時候關於渠道庫存的問題 - 1400 萬個單位數量高於很多人的預期。

Was that also geared towards the low-end of the product stack, given the 5s was short exiting the quarter?

考慮到 5s 在本季度退出時的空頭，這是否也面向產品堆棧的低端？

The 5s was in huge backlog and so any kind of 5s that was in the channel was a transitionary move, maybe perhaps in transit and so forth.

5s 有大量的積壓，所以渠道中的任何一種 5s 都是一個過渡動作，也許是在運輸中等等。

We did have, as I'd mentioned before -- we had 1.8 million units of total iPhone units in transit at the end of the quarter.

正如我之前提到的，我們確實有 180 萬部 iPhone 在本季度末的運輸中。

So that is a pretty substantial number.

所以這是一個相當可觀的數字。

And just lastly, I wanted to ask about subsidies.

最後，我想問一下補貼。

That wasn't mentioned as a potential impact to phone margins, but can you comment on carrier subsidies more generally?

沒有提到這對手機利潤的潛在影響，但你能更普遍地評論運營商補貼嗎？

How sustainable are they, given the competitive environment?

考慮到競爭環境，它們的可持續性如何？

And how are carriers responding to the pricing stack of your phone line?

運營商如何響應您電話線的定價堆棧？

Thanks a lot.

非常感謝。

Carriers like to sell as many units as they can and get as many people on their service.

運營商喜歡盡可能多地銷售單位，並讓盡可能多的人參與他們的服務。

And in most regions, want them to be on service contracts, and so they are very predictable and reliable, and I don't really see that changing.

在大多數地區，希望他們簽訂服務合同，因此他們非常可預測和可靠，我並沒有真正看到這種變化。

The carriers have come up with some different -- or some carriers have come up with different sales programs that might appeal to someone who wants to upgrade their phone annually instead of every other year.

運營商提出了一些不同的 - 或者一些運營商提出了不同的銷售計劃，這些計劃可能會吸引那些想要每年而不是每隔一年升級手機的人。

Those programs, in general, probably reduce the subsidy somewhat in the aggregate for people that take these up but customers may view that that's a fair exchange for getting to upgrade more often.

一般來說，這些計劃可能會在一定程度上減少接受這些計劃的人的補貼，但客戶可能會認為這是獲得更頻繁升級的公平交換。

So there is a customer proposition for it.

因此，它有一個客戶主張。

Other than that, we have great relationships with the carriers.

除此之外，我們與運營商有著良好的關係。

I think they were, as we were, very happy with the iPhone rollout.

我認為他們和我們一樣對 iPhone 的推出非常滿意。

Thank you, Chris.

謝謝你，克里斯。

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

今天電話會議的重播將在兩週內以 iTunes Store 上的播客、apple.com/investor 上的網絡廣播和電話形式提供。

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 5599516.

請輸入確認碼 5599516。

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

這些重播將在今天太平洋時間下午 5 點左右提供。

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

媒體成員有其他問題可以聯繫史蒂夫道林，電話 408-974-1896，金融分析師可以聯繫瓊胡佛或我有其他問題。

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

瓊的電話是 408-974-4570，我的電話是 408-974-5420。

Thanks again for joining us.

再次感謝您加入我們。

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

女士們，先生們，今天的演講到此結束。

We do thank everyone for your participation.

我們非常感謝大家的參與。