蘋果 (AAPL) 2014 Q1 法說會逐字稿

Good day everyone and welcome to this Apple Incorporated first quarter fiscal year 2014 earnings release conference call.

大家好，歡迎參加蘋果公司 2014 財年第一季度財報電話會議。

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.

在這個時候，我想把電話轉給投資者關係高級總監 Nancy Paxton，作為開場白和介紹。

Please go ahead, ma'am.

請繼續，女士。

Thank you, good afternoon and thanks to everyone for joining us.

謝謝大家，下午好，感謝大家加入我們。

Speaking first today is Apple CFO, Peter Oppenheimer, and he'll be joined by CEO, Tim Cook, and 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財務官彼得奧本海默，他將與首席執行官蒂姆庫克和副總裁兼公司財務總監盧卡梅斯特里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 10K for 2013 the and the form 8-K filed with the SEC today along with the associated press release.

有關更多信息，請參閱 Apple 2013 年 10K 表格和今天向 SEC 提交的 8-K 表格以及相關新聞稿中討論的風險因素。

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

Apple 不承擔更新任何前瞻性陳述或截至其各自日期的信息的義務。

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.

謝謝南希。

We are very pleased to report the results of the first quarter of Apple's fiscal year 2014.

我們非常高興地報告 Apple 2014 財年第一季度的業績。

We established new all-time quarterly records for iPhone and iPad sales, and had one of our best Mac quarters ever driving the highest quarterly revenue and operating profit in Apple's history.

我們為 iPhone 和 iPad 的銷售創造了新的季度歷史記錄，並且擁有我們最好的 Mac 季度之一，推動了 Apple 歷史上最高的季度收入和營業利潤。

We were also very pleased with our results in emerging markets around the world.

我們也對我們在全球新興市場的業績感到非常滿意。

Revenue for the quarter was $57.6 billion, up $3.1 billion or 6% from the year ago quarter, and near the high end of our guidance range.

本季度收入為 576 億美元，比去年同期增長 31 億美元或 6%，接近我們指導範圍的高端。

No technology company has ever generated that much revenue in a single quarter, and we're especially pleased to have generated that record despite foreign exchange headwinds, the year-over-year decline in iPod sales, and the higher revenue deferral rates from iOS devices and Macs that we discussed last quarter.

從來沒有一家科技公司在一個季度內創造過如此多的收入，我們特別高興地創造了這一記錄，儘管存在外匯逆風、iPod 銷量同比下降以及 iOS 設備的收入遞延率較高和我們上個季度討論的 Mac。

These three factors negatively impacted revenue by about $2.5 billion, and without them, our year-over-year revenue growth would've been about 10%.

這三個因素對收入產生了約 25 億美元的負面影響，如果沒有它們，我們的收入同比增長將約為 10%。

Gross margin was 37.9%, above the high end of our guidance range and operating margin was an all-time record of $17.5 billion, representing 30.3% of revenue.

毛利率為 37.9%，高於我們指導範圍的高端，營業利潤率為 175 億美元，佔收入的 30.3%，創歷史新高。

Net income was $13.1 billion, translating to diluted earnings per share of $14.50, a new record.

淨收入為 131 億美元，攤薄後每股收益為 14.50 美元，創下新紀錄。

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

至於本季度的細節，我想先從 iPhone 開始。

Despite supply constraints on iPhone 5S, we sold 51 million iPhones, compared to 47.8 million in the year ago quarter.

儘管 iPhone 5S 供應受限，但我們售出了 5100 萬部 iPhone，而去年同期為 4780 萬部。

That's an increase of over 3 million phones, or 7%, and a new quarterly record.

這增加了超過 300 萬部手機，即 7%，創造了新的季度記錄。

IPhone sales growth was very strong year-over-year in Japan, thanks to the addition of NTT DoCoMo in September and our continued partnership with Softech and KDDI.

由於 9 月份 NTT DoCoMo 的加入以及我們與 Softech 和 KDDI 的持續合作，iPhone 在日本的銷售同比增長非常強勁。

In fact, based on the latest data published by Kantar, iPhone accounts were 69% share of the smartphone market in Japan.

事實上，根據 Kantar 公佈的最新數據，iPhone 佔日本智能手機市場 69% 的份額。

We also generated strong year-over-year iPhone growth in greater China, Latin America, the Middle East and Russia.

我們還在大中華區、拉丁美洲、中東和俄羅斯實現了強勁的 iPhone 同比增長。

In the US market Apple remains the leading smartphone manufacturer, with iPhone accounting for 41% of smartphone subscribers in the three-month period ending in November, according to comScore.

根據 comScore 的數據，在美國市場，蘋果仍然是領先的智能手機製造商，在截至 11 月的三個月期間，iPhone 佔智能手機用戶的 41%。

We are very pleased to have reached a multi-year agreement with China Mobile, the largest network in the world, with over 750 million customers, and to be selling iPhones through their expansive network of stores beginning on January 17.

我們很高興與擁有超過 7.5 億客戶的全球最大網絡中國移動達成多年協議，並從 1 月 17 日開始通過其龐大的商店網絡銷售 iPhone。

China is an incredibly important market to Apple, and iOS devices already account for 57% of all mobile web browsing in China.

中國對蘋果來說是一個非常重要的市場，iOS 設備已經佔中國所有移動網頁瀏覽的 57%。

IPhone customers are loving their phones and continue to the highest loyalty rate in the industry.

iPhone 客戶喜愛他們的手機，並繼續保持業內最高的忠誠度。

A December survey of US customers by ChangeWave indicated a 96% customer satisfaction rate for iPhone, and based on the latest data provided by Kantar, iPhone customers have a 90% loyalty rate, significantly higher than the competition.

ChangeWave 去年 12 月對美國客戶進行的一項調查顯示，iPhone 的客戶滿意度為 96%，根據 Kantar 提供的最新數據，iPhone 客戶的忠誠度為 90%，明顯高於競爭對手。

We exited the quarter with about 15.3 million total iPhones in channel inventory, which represented a sequential increase of less than 1 million units from the September quarter, and left us within our target range of four to six weeks of iPhone channel inventory.

本季度末，我們的渠道庫存總量約為 1530 萬部 iPhone，比 9 月季度環比增加了不到 100 萬部，使我們的 iPhone 渠道庫存保持在 4 到 6 週的目標範圍內。

The release of new iPhones with iOS 7 introduced powerful security and management features for business and enterprise customers, and iOS 7 has received FIPS 140-2 certification from the US Federal Government.

搭載 iOS 7 的新 iPhone 的發佈為商業和企業客戶引入了強大的安全和管理功能，並且 iOS 7 已獲得美國聯邦政府的 FIPS 140-2 認證。

These features, coupled with ease of developing customer enterprise apps, continue to make iPhone the device of choice for large organizations.

這些功能，再加上易於開發客戶企業應用程序，繼續使 iPhone 成為大型組織的首選設備。

Many companies including Accenture, Cisco and American Airlines, have tens of thousands of employees using iPhones for work.

包括埃森哲、思科和美國航空公司在內的許多公司都有數以萬計的員工使用 iPhone 工作。

In fact, some, including Deloitte and GE, have over 50,000 iPhones each on their networks around the world.

事實上，包括德勤和通用電氣在內的一些公司在其全球網絡上各自擁有超過 50,000 部 iPhone。

And based on the latest data published by IDC, combining business, government and education institutions, iPhone has a 59% share of the US commercial smartphone market.

而根據 IDC 公佈的最新數據，結合商業、政府和教育機構，iPhone 在美國商用智能手機市場佔有 59% 的份額。

Turning to iPad, despite supply constraints, we sold over 26 million iPads during the quarter, compared to 22.9 million in the year ago quarter.

談到 iPad，儘管供應受限，我們在本季度售出了超過 2600 萬台 iPad，而去年同期為 2290 萬台。

That's an increase of over 3 million iPads or 14%, and represents a new all-time quarterly sales record.

這增加了超過 300 萬台 iPad 或 14%，並創下了新的季度銷售記錄。

IPad sales were very robust in mainland China, where sales more than doubled year-over-year.

iPad 在中國大陸的銷售非常強勁，銷售額同比增長了一倍多。

We also experienced strong iPad sales growth in the Middle East, Latin America, Russia, and parts of Western Europe.

我們還在中東、拉丁美洲、俄羅斯和西歐部分地區經歷了強勁的 iPad 銷售增長。

Customers are loving the new iPad Air and iPad Mini with retina display introduced in October, and response to the more affordable iPad Mini has been very strong.

客戶喜愛 10 月份推出的配備視網膜顯示屏的新款 iPad Air 和 iPad Mini，並且對價格更實惠的 iPad Mini 的反應非常強烈。

In fact, a November ChangeWave survey of customers planning to buy a tablet within 90 days found that 72% plan to purchase an iPad, and among customers who already owned an iPad, the survey measured a 97% satisfaction rate.

事實上，11 月 ChangeWave 對計劃在 90 天內購買平板電腦的客戶進行的一項調查發現，72% 的客戶計劃購買 iPad，而在已經擁有 iPad 的客戶中，調查的滿意度為 97%。

We exited the quarter with 6.2 million units of iPad channel inventory, a sequential increase of about 2.1 million units, which placed us within our target range of four to six weeks of iPad channel inventory.

我們以 620 萬台 iPad 渠道庫存結束本季度，環比增加約 210 萬台，這使我們處於 iPad 渠道庫存四到六週的目標範圍內。

Based on the latest data published by IDC, iPad has a 78% share of the US commercial tablet market, and iPad continues to spark innovation for businesses around the world.

根據 IDC 公佈的最新數據，iPad 在美國商用平板電腦市場佔有 78% 的份額，iPad 繼續為全球企業帶來創新。

Leveraging custom developed and App Store apps, progressive IT organizations have embraced mobility, armed employees with iPad, and fundamentally changed the way people do their jobs.

利用定制開發和 App Store 應用程序，進步的 IT 組織已經接受了移動性，用 iPad 武裝員工，並從根本上改變了人們的工作方式。

British Airways has deployed thousands of iPads to their employees across the business, including senior cabin staff, engineers, check-in staff, pilots and ground crew.

British Airways 已為其整個業務部門的員工部署了數千台 iPad，包括高級客艙工作人員、工程師、值機人員、飛行員和地勤人員。

At Kindred Healthcare, iPads are now being used by the sales team, executive, and thousands of therapists nationwide, resulting in millions of dollars in estimated savings and productivity gains for Kindred and their customers.

Kindred Healthcare 的銷售團隊、高管和全國數千名治療師正在使用 iPad，估計為 Kindred 及其客戶節省了數百萬美元並提高了工作效率。

In this football season nearly every team in the NFL used iPads as play books, replacing their traditional three-ring paper binders.

在這個橄欖球賽季中，幾乎 NFL 的每支球隊都使用 iPad 作為遊戲手冊，取代了傳統的三環紙質活頁夾。

In the education market schools continue to choose iPad and the great content available across apps, books, and courses.

在教育市場中，學校繼續選擇 iPad 以及跨應用程序、書籍和課程的精彩內容。

To date, US education institutions have purchased over 7 million iPads.

迄今為止，美國教育機構已經購買了超過 700 萬台 iPad。

In fact, we've sold over 750,000 iPads to K-12 schools in the state of Texas alone, including 7,000 iPads rolling out to all K-12 students in the Midway Independent School District.

事實上，僅在德克薩斯州，我們就向 K-12 學校銷售了超過 750,000 台 iPad，其中包括向中途獨立學區所有 K-12 學生推出的 7,000 台 iPad。

We have expanded the availability of iBook textbooks from 4 countries to over 50 countries, so that students and teachers around the world can experience the power of what a textbook can be.

我們將 iBook 教科書的供應範圍從 4 個國家擴大到 50 多個國家，讓世界各地的學生和教師都能體驗教科書的力量。

We continue to add more titles and key education publishers like Oxford University Press, and Cambridge University Press.

我們將繼續添加更多標題和主要教育出版商，如牛津大學出版社和劍橋大學出版社。

In addition, nearly 25,000 books have been created and published by individual educators using iBooks Author, bringing lessons to life in exciting new ways, and over 1,000 institutions are delivering courses and content through iTunes U. At the Ohio State University, where there are over 20,000 iPads on campus, faculty have developed over 70 iTunes U courses in less than one school year.

此外，個人教育工作者使用 iBooks Author 創建和出版了近 25,000 本書，以令人興奮的新方式將課程帶入生活，超過 1,000 家機構正在通過 iTunes U 提供課程和內容。在俄亥俄州立大學，有超過校園內有 20,000 台 iPad，教師在不到一學年的時間內開發了 70 多門 iTunes U 課程。

We remain very focused on providing a great user experience for our iPhone and iPad customers and we're extremely pleased that the iOS platform continues to lead the industry in user engagement.

我們仍然非常專注於為我們的 iPhone 和 iPad 客戶提供出色的用戶體驗，我們非常高興 iOS 平台在用戶參與度方面繼續引領行業。

According to IBM's digital analytics benchmark, iOS devices accounted for more than twice the online traffic and more than five times the online sales compared to Android devices on both Black Friday and Christmas Day.

根據 IBM 的數字分析基準，在黑色星期五和聖誕節，iOS 設備的在線流量是 Android 設備的兩倍多，在線銷售額是 Android 設備的五倍多。

IBM reported that iOS devices represented 32.6% of online traffic on December 25, and more than double the 14.8% for Android, while iOS devices drove 23% of online sales that day, five times the 4.6% for Android.

IBM 報告稱，iOS 設備在 12 月 25 日占在線流量的 32.6%，是 Android 的 14.8% 的兩倍多，而 iOS 設備當天推動了 23% 的在線銷售額，是 Android 的 4.6% 的五倍。

According to the latest reports by Check Insights, iPhone accounted for 54% of North American smartphone web traffic, while iPad accounted for 78% of tablet traffic.

根據 Check Insights 的最新報告，iPhone 佔北美智能手機網絡流量的 54%，而 iPad 占平板電腦流量的 78%。

These usage percentages are far greater than the share of the smartphone and tablet markets represented by our devices, and they underscore just how engaging and important our iPhones and iPads are to the people who own them.

這些使用百分比遠遠高於我們的設備所代表的智能手機和平板電腦市場份額，它們突顯了我們的 iPhone 和 iPad 對擁有它們的人的吸引力和重要性。

We are also very pleased with our customers' adoption of iOS 7. As of this month, 80% of iOS devices are running iOS 7. That dwarfs the single-digit adoption percentage measured for the latest version of the Android operating system, and makes iOS 7 the most popular operating system in the world.

我們也對我們的客戶採用 iOS 7 感到非常高興。截至本月，80% 的 iOS 設備運行 iOS 7。這使最新版本的 Android 操作系統所測得的個位數採用率相形見絀，並使iOS 7 是世界上最流行的操作系統。

The rapid transition to the latest version of iOS provides a more advanced and secure experience for our customers and a more streamlined opportunity for our developers.

快速過渡到最新版本的 iOS 為我們的客戶提供了更先進和安全的體驗，並為我們的開發人員提供了更精簡的機會。

Turning to Mac, we sold for 4.8 million Macs, compared to 4.1 million in the year ago quarter, an increase of 19%, making this among our best Mac quarters ever.

談到 Mac，我們售出了 480 萬台 Mac，與去年同期的 410 萬台相比，增長了 19%，成為我們有史以來最好的 Mac 季度之一。

The growth was driven by significantly increased sales of iMac and MacBook Air, while sales of MacBook Pro also remained strong.

這一增長是由 iMac 和 MacBook Air 銷量的顯著增長推動的，而 MacBook Pro 的銷量也保持強勁。

Mac sales grew in each of our operating segments led by Europe and greater China.

Mac 銷售額在我們以歐洲和大中華區為首的每個運營部門都有所增長。

We were also very pleased to have generated such strong results from our Mac products, particularly given IDC's most recently published estimate of a 6% year-over-year contraction in worldwide personal computer sales.

我們也很高興我們的 Mac 產品取得瞭如此強勁的業績，特別是考慮到 IDC 最近公佈的估計全球個人電腦銷售額同比收縮 6%。

Macs have now gained global market share for 30 of the last 31 quarters.

在過去的 31 個季度中，有 30 個季度 Mac 已經獲得了全球市場份額。

We were happy to begin selling the all-new Mac Pro last month, manufactured in the US, and we've had great customer response to OS X Mavericks, now available for free and running on millions of Macs around the world.

我們很高興上個月開始銷售在美國製造的全新 Mac Pro，我們的客戶對 OS X Mavericks 的反應非常好，它現在免費提供並在全球數百萬台 Mac 上運行。

And we're also delighted to be providing our groundbreaking iWork productivity apps for free of charge to our Mac, iPhone and iPad customers.

我們也很高興能夠免費向我們的 Mac、iPhone 和 iPad 客戶提供我們開創性的 iWork 生產力應用程序。

We ended the quarter with Mac channel inventory that was within our four to five week target range.

我們在本季度結束時的 Mac 渠道庫存在我們四到五週的目標範圍內。

30 years ago this week Apple launched the Macintosh.

30 年前的本週，蘋果推出了 Macintosh。

Not only was the Macintosh a breakthrough for the personal computer, it was also a promise that the power of technology taken from the few and put in the hands of everyone could change the world.

Macintosh 不僅是個人計算機的突破，也是一個承諾，即從少數人手中獲得的技術力量可以改變世界。

Over the past 30 years, people have done extraordinary things with the Mac and with the Apple products it inspired.

在過去的 30 年裡，人們用 Mac 和它所啟發的 Apple 產品創造了非凡的成就。

To coincide with the 30 year mark, we've taken a look at what people have accomplished on a special website that showcases their Mac stories.

為配合 30 週年大關，我們在一個展示 Mac 故事的特殊網站上查看了人們取得的成就。

Their achievements are result of Apple's continued commitment to create and deliver the best technology to people all overt the world every day.

他們的成就是 Apple 持續致力於每天為全世界的人們創造和提供最好的技術的結果。

Happy birthday Mac, imagine what we can accomplish in the next 30 years.

Mac 生日快樂，想像一下我們在接下來的 30 年裡可以完成什麼。

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。

Total revenue from iTunes software and services was $4.4 billion, an increase of 19% year-over-year.

iTunes 軟件和服務的總收入為 44 億美元，同比增長 19%。

Our iTunes Stores generated record billings of $4.7 billion in the December quarter, thanks primarily to strong growth in App Store sales.

我們的 iTunes Store 在 12 月季度創造了創紀錄的 47 億美元的收入，這主要歸功於 App Store 銷售的強勁增長。

The quarter's iTunes billings translated to quarterly iTunes revenue of over $2.4 billion, up 14% from the year ago quarter and a new all-time record.

該季度的 iTunes 賬單轉化為 iTunes 季度收入超過 24 億美元，比去年同期增長 14%，創下歷史新高。

Software and services revenue was about $2 billion, up 26% from the year ago quarter, and also a new record.

軟件和服務收入約為 20 億美元，比去年同期增長 26%，也是一個新的記錄。

We achieved these records despite the fact we are now making iPhoto, iMovie, pagers, numbers, and keynote free with new iOS device purchases and we are also making Mavericks, iLife and iWork free to our Mac customers.

儘管我們現在通過購買新的 iOS 設備免費提供 iPhoto、iMovie、尋呼機、數字和主題演講，而且我們還向 Mac 客戶免費提供 Mavericks、iLife 和 iWork，但我們還是取得了這些記錄。

As we mentioned last quarter, we are now deferring a greater amount of revenue for each new iOS device and Mac sold as a result of this free software and associated upgrade rights.

正如我們上個季度所提到的，我們現在推遲為每台新的 iOS 設備和 Mac 銷售更多的收入，因為這個免費軟件和相關的升級權利。

At the end of the quarter our total deferred revenue from all sources was $11.4 billion, and we expect to realize $8.4 billion of it in the next four quarters.

在本季度末，我們所有來源的總遞延收入為 114 億美元，我們預計將在未來四個季度實現其中的 84 億美元。

The App Store now offers 1 million apps in 24 categories, and cumulative downloads have surpassed 65 billion.

App Store 現在提供 24 個類別的 100 萬個應用程序，累計下載量已超過 650 億次。

Our app developers earned $2 billion from sales for the App Store in the December quarter.

我們的應用程序開發人員在 12 月季度從 App Store 的銷售額中賺取了 20 億美元。

That translates to $15 billion in cumulative App Store earnings for our developers, about half of which was generated in the last four quarters, and we are thrilled with the success that they have achieved.

這意味著我們的開發者在 App Store 中的累計收入為 150 億美元，其中大約一半是在過去四個季度中產生的，我們對他們所取得的成功感到興奮。

In China specifically, we have an incredibly vibrant iOS and Mac developer community.

特別是在中國，我們擁有一個非常活躍的 iOS 和 Mac 開發者社區。

Developers in China have created over 130,000 apps on the App Store to date.

迄今為止，中國的開發者已經在 App Store 上創建了超過 130,000 個應用程序。

A recent study by Business Insider Intelligence indicated that iOS has a 5 times advantage over Android when it comes to developer revenue per app download, a 4 times advantage in revenue from in app purchases, and a 2 times advantage in revenue from paid downloads plus in app purchases.

Business Insider Intelligence 最近的一項研究表明，在每次應用下載的開發者收入方面，iOS 的優勢是 Android 的 5 倍，應用內購買收入的優勢是 Android 的 4 倍，付費下載收入的優勢是 Android 的 2 倍。應用購買。

And according to a recent report from Distmo, the App Store has a 63% to 37% market share advantage over Google Play in global revenue from apps.

根據 Distmo 最近的一份報告，在全球應用收入方面，App Store 比 Google Play 擁有 63% 到 37% 的市場份額優勢。

Top developers continue to launch their apps first or exclusively on the App Store.

頂級開發者繼續首先或僅在 App Store 上發布他們的應用程序。

Examples of highly successful launches from 2013 include Temple Run 2 and Cut the Rope 2, which generated millions of downloads in multi-week periods of App Store exclusivity.

2013 年非常成功的發布示例包括 Temple Run 2 和 Cut the Rope 2，它們在 App Store 獨占的多周時間內產生了數百萬次下載。

Natural Motion recently launched Clumsy Ninja exclusively on iOS and saw 10 million downloads in the first week.

Natural Motion 最近在 iOS 上獨家推出了 Clumsy Ninja，第一周就獲得了 1000 萬次下載。

And Plants Versus Zombies 2 resulted in the biggest game title launch ever for Electronic Arts Pop Cap, with 16 million downloads from the App Store in the first five days alone.

《植物大戰殭屍 2》為 Electronic Arts Pop Cap 帶來了有史以來最大的遊戲名稱發布，僅在前五天就從 App Store 下載了 1600 萬次。

With the introduction of iOS 7, developers are able to create stunning apps that take advantage of the redesigned user interface and more than 200 new features and APIs.

隨著 iOS 7 的推出，開發人員能夠利用重新設計的用戶界面和 200 多個新功能和 API 創建令人驚嘆的應用程序。

And many of the App Store's biggest recent successes, including Candy Crush Saga, Puzzle and Dragons, Minecraft, Quiz Up, and Clumsy Ninja were created by international developers.

App Store 近期取得的許多最大成功，包括 Candy Crush Saga、Puzzle and Dragons、Minecraft、Quiz Up 和 Clumsy Ninja 都是由國際開發人員創建的。

The seamless integration of the iOS platform, the global reach of our ecosystem, our thoughtful app review process, and our highly engaged customers continue to make the App Store a superior market place for our extremely talented developer community.

iOS 平台的無縫集成、我們生態系統的全球影響力、我們深思熟慮的應用程序審查流程以及我們高度參與的客戶繼續使 App Store 成為我們極有才華的開發者社區的優越市場。

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 $7 billion, a new quarterly record and an increase of 9% from the year ago quarter.

本季度收入為 70 億美元，創下季度新高，同比增長 9%。

The growth was fueled by record iPhone and iPad sales through the stores as well as Mac -- as well as strong Mac sales.

這一增長得益於 iPhone 和 iPad 通過商店以及 Mac 的創紀錄銷量，以及強勁的 Mac 銷量。

We completed or remodeled six stores and opened four new stores during the quarter, ending with a total of 420 stores, including 166 outside the United States.

我們在本季度完成或改造了 6 家門店，並開設了 4 家新店，最終共有 420 家門店，其中 166 家在美國以外。

With an average of 418 stores open during the December quarter, average revenue per store was $16.7 million compared to $16.3 million in the year ago quarter.

12 月季度平均有 418 家門店開業，每家門店的平均收入為 1670 萬美元，而去年同期為 1630 萬美元。

Retail segment income was $1.7 billion.

零售部門收入為 17 億美元。

We hosted 114 million visitors to our stores during the quarter, which translates to almost 21,000 visitors per store per week.

本季度我們的門店接待了 1.14 億訪客，這意味著每家門店每周有近 21,000 名訪客。

We were excited to roll out iBeacon technology at our stores in the US during the quarter, enabling shoppers to receive iPhone notifications about products and services via the Apple Store app.

我們很高興在本季度在我們的美國商店推出 iBeacon 技術，使購物者能夠通過 Apple Store 應用程序接收有關產品和服務的 iPhone 通知。

IBeacon transmitters use Bluetooth wireless technology to sense a shopper's exact location inside an Apple Store and send messages based on the aisle or product a customer is near.

IBeacon 發射器使用藍牙無線技術來感知購物者在 Apple Store 內的確切位置，並根據顧客附近的過道或產品發送消息。

For example, customers walking by an iPhone table could receive a message offering to help them check their upgrade eligibility or trade-in value of an existing phone.

例如，在 iPhone 桌旁走過的顧客可能會收到一條消息，幫助他們檢查升級資格或現有手機的以舊換新價值。

We expect to see many innovative uses of iBeacon technology from other businesses and developers in the coming months, including retailers and professional sports.

我們預計在接下來的幾個月中，包括零售商和職業體育運動在內的其他企業和開發商將看到 iBeacon 技術的許多創新用途。

Total company operating expenses were $4.4 billion, and included $572 million in stock-based compensation expense.

公司總運營費用為 44 億美元，其中包括 5.72 億美元的股票補償費用。

OI&E was $246 million, and the tax rate for the quarter was 26.2%.

OI&E 為 2.46 億美元，本季度的稅率為 26.2%。

And turning to our cash; we ended the quarter with $158.8 billion in cash, plus short-term and long-term marketable securities, a sequential increase of $12 billion from the September quarter.

轉向我們的現金；我們在本季度結束時擁有 1588 億美元的現金以及短期和長期有價證券，比 9 月季度環比增加了 120 億美元。

Our domestic cash was $34.4 billion at the end of the December quarter, a sequential decline of $1.1 billion.

截至 12 月季度末，我們的國內現金為 344 億美元，環比下降 11 億美元。

$124.4 billion, or 78% of our total cash, was offshore at the end of the December quarter and cash flow from operations was $22.7 billion.

1244 億美元，即我們總現金的 78%，在 12 月季度末在境外，運營現金流為 227 億美元。

We paid $2.7 billion in dividends in the quarter, and we executed an additional $5 billion in repurchases of 9.6 million shares of Apple stock during the quarter.

我們在本季度支付了 27 億美元的股息，並在本季度額外執行了 50 億美元的 960 萬股蘋果股票回購。

This brings us to a cumulative total of over $43 billion in payments for dividends and share repurchases over the last six quarters, of which share buybacks were $28 billion.

這使我們在過去六個季度中累計支付了超過 430 億美元的股息和股票回購，其中股票回購為 280 億美元。

This has resulted in cumulative retirement of 56.5 million shares and represents 6% of the total shares outstanding prior to the launch of the repurchase program.

這導致 5650 萬股累計退市，佔回購計劃啟動前已發行股份總數的 6%。

Our Board of Directors has declared a dividend of $3.05 per common share, payable on February 13, 2014, to the shareholders of record as of the close of business on February 10, 2014.

我們的董事會已宣布派發每股普通股 3.05 美元的股息，於 2014 年 2 月 13 日支付給截至 2014 年 2 月 10 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，隨著我們進入第三季度，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 $42 billion and $44 billion, compared to $43.6 billion in the year-ago quarter.

我們預計收入將在 420 億美元至 440 億美元之間，而去年同期為 436 億美元。

We expect gross margin to be between 37% and 38%, reflecting approximately $110 million related to stock-based compensation expense.

我們預計毛利率將在 37% 至 38% 之間，反映出與股票薪酬費用相關的約 1.1 億美元。

We expect OpEx to be between $4.3 billion and $4.4 billion, including about $590 million related to stock-based compensation.

我們預計運營支出將在 43 億美元至 44 億美元之間，其中包括與股票薪酬相關的約 5.9 億美元。

We are continuing to invest heavily in R&D, in both current revenue generating categories as well as future products and services.

我們將繼續大力投資於研發，包括當前的創收類別以及未來的產品和服務。

We expect OI&E to be about $200 million and we expect the tax rate to be about 26.2%.

我們預計 OI&E 約為 2 億美元，我們預計稅率約為 26.2%。

In closing, we are very pleased with our record iPhone and iPad sales, the strong performance of our Mac products, and the growth of iTunes software and services revenue.

最後，我們對我們創紀錄的 iPhone 和 iPad 銷量、Mac 產品的強勁表現以及 iTunes 軟件和服務收入的增長感到非常滿意。

We are thrilled to have the most satisfied, loyal and engaged customers in our industry, and we are constantly working to make the user experience even better for them.

我們很高興擁有業內最滿意、忠誠和參與度最高的客戶，我們一直在努力為他們提供更好的用戶體驗。

We are continuing to invest heavily in our future and remain very confident in our new product pipeline.

我們將繼續對我們的未來進行大量投資，並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）

Katie Huberty with Morgan Stanley.

凱蒂休伯蒂與摩根士丹利。

Peter, revenue guidance embeds a sequential decline that's bigger than what you experienced in the March 2013 quarter, and I think implies iPhone units may not grow in the March quarter year-on-year.

彼得，收入指引包含比您在 2013 年 3 月季度經歷的更大的連續下降，我認為這意味著 iPhone 銷量可能不會在 3 月季度同比增長。

So can you just talk about what's driving the cautious view on the top line for March?

那麼，您能否談談是什麼推動了對 3 月份營收的謹慎看法？

Sure.

當然。

Katie, the biggest reason for the larger sequential decline in revenue this year relates to changes in channel inventory between the years.

凱蒂表示，今年收入環比下降幅度較大的最大原因與年份間渠道庫存的變化有關。

And I'll go through some detail, but let me actually do it on a year-over-year basis.

我將詳細介紹一些細節，但讓我實際逐年進行。

I'd like to go through some things about the guidance and I think you'll see that the underlying performance of our business is stronger than what the guidance might imply.

我想通過一些關於指導的事情，我想你會看到我們業務的基本表現比指導可能暗示的要強。

We expect four factors to negatively impact the year-over-year revenue comparison by over $2 billion.

我們預計有四個因素會對同比收入比較產生超過 20 億美元的負面影響。

These are channel inventory increases in the year ago quarter that we don't expect to repeat, lower iPod sales, a stronger US dollar against a number of currencies, particularly the yen and the Australian dollar, and the higher per unit deferral for Mac and iOS devices that I talk about in my prepared remarks.

這些是我們預計不會重複的去年同期渠道庫存增加、iPod 銷量下降、美元兌多種貨幣（尤其是日元和澳元）走強，以及 Mac 和我在準備好的評論中談到的 iOS 設備。

Let me go through these a little more.

讓我再看一遍。

First beginning with channel inventory.

首先從渠道庫存開始。

In the March quarter last year we increased channel inventory for both iPhone and iPad, whereas this year we increased the channel inventory for both product families in the December quarter, and we exited within our target range of channel inventory.

去年 3 月季度，我們增加了 iPhone 和 iPad 的渠道庫存，而今年我們在 12 月季度增加了這兩個產品系列的渠道庫存，並且我們退出了我們的目標渠道庫存範圍。

For iPhone, specifically last year, the supply of iPhone 5 was short for the entire December quarter and we were not able to achieve supply and demand balance for iPhone 5 until the March quarter.

對於 iPhone，特別是去年，整個 12 月季度 iPhone 5 的供應短缺，直到 3 月季度我們才能實現 iPhone 5 的供需平衡。

As a result we increased the iPhone inventory last year by about 1.1 million units.

因此，我們去年將 iPhone 庫存增加了約 110 萬部。

In contrast, this year we executed the fastest rollout for our new iPhones and we included China in wave one in the launch in September and we were able to exit the quarter in supply and demand balance.

相比之下，今年我們的新 iPhone 推出速度最快，我們在 9 月推出的第一波中包括了中國，我們能夠在供需平衡的情況下退出本季度。

For iPad, we introduced the Mini in the December quarter last year and we were not able to meet demand in any week of the quarter.

對於 iPad，我們在去年 12 月的那個季度推出了 Mini，但在該季度的任何一周我們都無法滿足需求。

We didn't reach supply and demand balance for the iPad Mini until the March quarter last year and we increased inventory in the March quarter by 1.4 million units.

直到去年 3 月季度，我們才達到 iPad Mini 的供需平衡，我們在 3 月季度增加了 140 萬台的庫存。

In contrast, this year we exited the December quarter near supply and demand dot balance.

相比之下，今年我們退出了接近供需點平衡的 12 月季度。

So looking past the inventory changes year-to-year we expect the value of the underlying sell through to grow year-over-year.

因此，回顧庫存的逐年變化，我們預計基礎銷售的價值將逐年增長。

And we are very confident in what we are shipping.

我們對我們正在運送的東西非常有信心。

Turning to iPods, sales declined by 52% year-over-year in the December quarter and we would expect them to continue to decline year-over-year in the March quarter.

談到 iPod，12 月季度的銷售額同比下降了 52%，我們預計它們在 3 月季度將繼續同比下降。

And FX is a headwind for us with the strengthening dollars against a number of currency.

外匯對我們來說是一個逆風，因為美元兌多種貨幣走強。

So when you consider these factors, we are very pleased with the underlying performance of the business and the revenue growth is stronger than what the guidance might imply.

因此，當您考慮這些因素時，我們對業務的基本表現感到非常滿意，並且收入增長比指導可能暗示的要強。

Okay, and Peter you are guiding OpEx flattish sequentially despite the big revenue down tick.

好的，儘管收入大幅下降，但彼得您正在引導運營支出按順序持平。

Are there any one-time items in SG&A and R&D in the March quarter or is the run rate reflective of investments for future opportunities?

三月季度的 SG&A 和 R&D 中是否有一次性項目，或者運行率是否反映了對未來機會的投資？

It's definitely the latter and let me have Luca take you through some details.

肯定是後者，讓我讓盧卡帶你了解一些細節。

Hi Katie.

嗨，凱蒂。

So yes, at the midpoint of the range of our guidance we are expecting a minor decrease of $50 million.

所以是的，在我們指導範圍的中點，我們預計會小幅減少 5000 萬美元。

This is largely due to the lower variable expenses that we are going to have in line with the seasonal sequential decline in revenue.

這主要是由於我們將隨著收入的季節性連續下降而降低可變費用。

But one thing that Peter are ready mentioned in his remarks is that we continue to invest very heavily in R&D.

但彼得在他的講話中已經準備好提到的一件事是，我們繼續在研發上投入巨資。

We are making investments in areas that are visible to all of you today, but also in areas that are not visible which we're very excited about.

我們正在對今天你們所有人都能看到的領域進行投資，但也在我們非常興奮的不可見領域進行投資。

And for the things that are not visible to you, obviously we're investing ahead of the revenue that these products and services will generate in the future.

對於您看不到的東西，顯然我們在這些產品和服務將在未來產生的收入之前進行投資。

So there is nothing that is one off in nature in our guidance.

因此，在我們的指導中，本質上沒有什麼是獨一無二的。

Okay.

好的。

Thank you very much.

非常感謝。

Thank you Katie.

謝謝凱蒂。

Can we have the next question please?

請問下一個問題可以嗎？

From Goldman Sachs, Bill Shope.

來自高盛，比爾·肖普。

I have a question on the revenue guidance as well.

我對收入指導也有疑問。

The ramp of China Mobile would presumably act as a tailwind to the March quarter, yet that's not apparent in the numbers.

中國移動的增長可能會成為第三季度的順風車，但這在數字上並不明顯。

Can you comment on how you're thinking about demand trends for China Mobile and perhaps how it compares to prior large carrier ramp?

您能否評論一下您如何看待中國移動的需求趨勢，以及與之前的大型運營商增長相比如何？

Sure.

當然。

Bill, this is Peter.

比爾，這是彼得。

Let me start and Tim may want to add some comments.

讓我開始吧，Tim 可能想添加一些評論。

We're thrilled to be working with China Mobile, and DoCoMo also, we had a great lunch with both carriers.

我們很高興能與中國移動和 DoCoMo 合作，我們與兩家運營商共進了一頓豐盛的午餐。

DoCoMo in the December quarter, and China Mobile just in the last couple of weeks.

DoCoMo 在 12 月季度，而中國移動僅在最後幾週。

These carrier additions will have a positive impact on our iPhone sales year-over-year.

這些運營商的增加將對我們的 iPhone 銷量同比產生積極影響。

China Mobile's 4G service is only available in 16 cities today.

中國移動的 4G 服務目前僅在 16 個城市開放。

They plan to complete the rollout of more than 500,000 4G base stations, which will cover more than 340 cities by year-end.

他們計劃完成超過50萬個4G基站的部署，到年底將覆蓋340多個城市。

With the addition of DoCoMo last quarter we were able to achieve 69% smartphone market share in Japan, which we're thrilled with.

隨著上季度 DoCoMo 的加入，我們能夠在日本取得 69% 的智能手機市場份額，對此我們感到非常興奮。

However the benefit of these two carrier additions this quarter is being partially offset by a couple things.

然而，本季度這兩個運營商增加的好處被一些事情部分抵消了。

First of all, the comparison last year from our late launch of the iPhone 5 and the new iPads in mainland China, achieving supply and demand balance for the Mini and the iMac in the March quarter, and the impact of currencies, particularly the yen.

首先，從我們去年在中國大陸推出 iPhone 5 和新款 iPad 到 3 季度 Mini 和 iMac 實現供需平衡的對比，以及貨幣特別是日元的影響。

And we're also deferring more revenue on the iOS devices and Mac.

我們還推遲了 iOS 設備和 Mac 的更多收入。

To summarize we are very pleased with what we're seeing from both carriers.

總而言之，我們對兩家運營商的表現感到非常滿意。

We expect to continue to do well, but we've got some things that are offsetting it that we factored into the guidance.

我們希望繼續表現良好，但我們有一些東西可以抵消我們在指導中考慮的因素。

And Bill, this is Tim.

還有比爾，這是蒂姆。

I would add as a further update, we've been selling with China Mobile now for about a week and last week was the best week for activations we've ever had in China.

作為進一步的更新，我想補充一點，我們已經與中國移動合作了大約一周，上周是我們在中國進行過激活的最佳一周。

So it's been an incredible start.

所以這是一個不可思議的開始。

And at this moment we're just selling in 16 cities with China Mobile.

目前，我們僅在中國移動的 16 個城市進行銷售。

As Peter alluded to this number is projected to be at over 300 cities by the end of the year.

正如彼得所暗示的那樣，這個數字預計到今年年底將覆蓋 300 多個城市。

And so we've got quite the ramp in front of us and we're incredibly excited.

所以我們面前有相當大的坡道，我們非常興奮。

This comes after a new high water mark in China for us last quarter.

這是繼上個季度我們在中國創下新高之後。

We grew revenues including our retail stores at 31%.

我們包括零售店在內的收入增長了 31%。

And we had some very strong sales on iPad, iPads in greater China were up 64% year-over-year, Macs were up 28%.

我們在 iPad 上的銷售非常強勁，大中華區的 iPad 同比增長 64%，Mac 增長 28%。

This compares to a tablet market in China that's growing at 21% per IDC, and a PC market that is contracting by 7%.

相比之下，中國的平板電腦市場每個 IDC 的增長率為 21%，而個人電腦市場的增長率為 7%。

And so in addition to the great iPhone news with China Mobile and how we are looking there, we really turned in a stellar quarter in greater China overall and we are very proud of it.

因此，除了中國移動關於 iPhone 的好消息以及我們對那裡的看法之外，我們確實在大中華區整體上取得了出色的季度業績，我們為此感到非常自豪。

Can you comment on your progress so far in getting down the cost curve for the iPhone and iPad?

你能評論一下你迄今為止在降低 iPhone 和 iPad 成本曲線方面取得的進展嗎？

And would you say you are in line with the types of improvements you've seen in cycles prior to the iPhone 5?

你會說你符合你在 iPhone 5 之前的周期中看到的改進類型嗎？

Well you can see that we've projected in the guidance gross margins between 37% and 38%.

好吧，您可以看到我們在指導毛利率中預計在 37% 到 38% 之間。

And that's despite going from a holiday quarter to a non-holiday quarter, which we lose quite a bit of leverage from in doing that.

儘管從假日季度到非假日季度，我們在這樣做時失去了相當多的影響力。

And so one of the primary things that's going on there is cost, so we're happy with how we are doing.

因此，發生的主要事情之一就是成本，所以我們對我們的工作方式感到滿意。

Okay, thank you.

好的謝謝你。

Thank you Bill.

謝謝比爾。

Can we have the next question please?

請問下一個問題可以嗎？

Shannon Cross with Cross Research.

香農十字交叉研究。

Can you talk a bit more about opportunities in the mobile payment market?

您能多談談移動支付市場的機會嗎？

And maybe talk about what you're seeing with regard to use of the touch sensor for mobile payments in your iTunes Store?

或許可以談談您在 iTunes Store 中使用觸摸傳感器進行移動支付時所看到的情況？

And then how you sort of think about this as an opportunity, whether over time it's revenue or margin?

然後你如何看待這是一個機會，無論是隨著時間的推移，它是收入還是利潤？

Let me sort of avoid the last question -- last part of the question.

讓我避免最後一個問題——問題的最後一部分。

In general we are seeing that people love being able to buy content, whether it's music or movies or books from their iPhone using Touch ID.

總的來說，我們看到人們喜歡使用 Touch ID 從 iPhone 上購買內容，無論是音樂、電影還是書籍。

It's incredibly simple and easy and elegant and it's clear that there's a lot of opportunity there.

它非常簡單、容易和優雅，很明顯那裡有很多機會。

The mobile payments area in general is one that we've been intrigued with and that was one of the thoughts behind Touch ID.

總的來說，移動支付領域是我們一直感興趣的領域，這也是 Touch ID 背後的想法之一。

But we're not limiting ourselves just to that.

但我們並不僅僅局限於此。

So I don't have anything specific to announce today.

所以我今天沒有任何具體要宣布的事情。

But you can tell by looking at the demographics of our customers and the amount of commerce that goes through iOS devices versus the competition that it's a big opportunity on the platform.

但您可以通過查看我們客戶的人口統計數據以及通過 iOS 設備與競爭對手進行的交易量來判斷，這是該平台上的一個巨大機會。

Thank you Shannon.

謝謝香農。

Could we have the next question please?

請問下一個問題好嗎？

Toni Sacconaghi with Sanford Bernstein.

托尼·薩科納吉與桑福德·伯恩斯坦。

I have one for Tim and then a follow-up please.

我有一個給蒂姆，然後請跟進。

Tim, I wanted to just step back and talk a little bit about iPhone market share.

蒂姆，我想退後一步，談談 iPhone 的市場份額。

The market data isn't out for Q1, but if we look at your prior four quarters, fiscal 2013 Apple grew its iPhone units about 20%, the market grew in the 40%s.

第一季度的市場數據尚未公佈，但如果我們查看前四個季度，2013 財年蘋果的 iPhone 銷量增長了約 20%，市場增長了 40%。

I think this quarter, even with a new product and having China front loaded, Apple's -- the iPhone is going to grow at a fraction of ultimately what the market is likely to grow at.

我認為本季度，即使有了新產品並在中國市場前列，蘋果的 iPhone 的增長速度仍將是最終市場可能增長速度的一小部分。

And I know your belief and philosophy historically has been that you want to make the best product and that's the most important thing.

而且我知道你的信念和哲學在歷史上一直是你想製造最好的產品，這是最重要的。

But in Macs you've actually succeeded in making the best product and being able to gain share.

但是在 Mac 中，您實際上已經成功地製造出最好的產品並獲得了份額。

You've cited again how you've gained share in 30 out of the last 31 quarters in Mac.

您再次引用了 Mac 在過去 31 個季度中的 30 個季度中如何獲得份額。

But in iPhone that is not happening.

但在 iPhone 中，這並沒有發生。

And so my question, is what is different about the smartphone market that is not allowing you to hold or gain unit share despite apparently having the best product?

所以我的問題是，儘管顯然擁有最好的產品，但智能手機市場不允許你持有或獲得單位份額，這有什麼不同？

And do you propose to do anything differently going forward, because I think it's great to have an aspiration to make the best products but I think that's in the spirit of ultimately growing at least in line or faster than the market, and that doesn't appear to be happening.

你是否打算在未來做任何不同的事情，因為我認為有志於製造最好的產品是件好事，但我認為這是本著最終至少與市場同步或比市場增長更快的精神，而這並不似乎正在發生。

Well Toni as I've said before, our objective has always been to make the best, not the most.

好吧，托尼，正如我之前所說，我們的目標一直是做到最好，而不是最好。

And we feel we are doing that.

我們覺得我們正在這樣做。

If you look at what we did this year we announced two iPhones for the first time rather than one.

如果你看看我們今年做了什麼，我們第一次發布了兩款 iPhone，而不是一款。

And looking at last quarter, if you looked at our sell throughs, so not sell in, but the sell through of what I'll just call our entry phone, or mid-phone and our top phone, or the 5S, all of those grew year-over-year versus the phones that were in those categories previously.

看看上個季度，如果您查看我們的銷售量，那麼不是銷售量，而是我稱之為入門手機、中端手機和頂級手機或 5S 的銷售量，所有這些與之前屬於這些類別的手機相比，同比增長。

If you look at the emerging markets which is one of the things that I believe is key that we have to grow in these areas and grow at reasonable amount, in Latin America we grew at 76% year-over-year.

如果你看看新興市場，我認為這是我們必須在這些領域增長並以合理數量增長的關鍵之一，在拉丁美洲，我們的年增長率為 76%。

In the Middle East and Africa we grew at 65%.

在中東和非洲，我們增長了 65%。

In Central and Eastern Europe we grew at 115%.

在中歐和東歐，我們增長了 115%。

In China we grew at 20%.

在中國，我們增長了 20%。

However, as you know, we just added China Mobile, the largest carrier there in this quarter and did not have a channel load in China Mobile last quarter.

但是，如您所知，我們剛剛加入了本季度最大的運營商中國移動，上個季度中國移動沒有渠道負載。

And so we just started selling those in January.

所以我們在一月份才開始銷售這些產品。

Also in Japan as we've added DoCoMo iPhone units were up 40%.

同樣在日本，由於我們添加了 DoCoMo，iPhone 銷量增長了 40%。

Now when you translate that performance into revenue in Japan we have the issue with the yen that Peter spoke about earlier.

現在，當您將這種表現轉化為日本的收入時，我們遇到了彼得之前談到的日元問題。

And so the revenue growth looks much less than that because of the strength of the dollar there.

因此，由於美元走強，收入增長看起來要低得多。

In North America we did not do as well and this weighed our results.

在北美，我們做得不太好，這影響了我們的結果。

Our North American business contracted somewhat year-over-year.

我們的北美業務同比有所收縮。

And if you look at the reason for this, one was that as we entered the quarter and forecasted our iPhone sales where we achieved what we thought we actually sold more iPhone 5S's than we projected.

如果你看看其中的原因，一個是當我們進入這個季度並預測我們的 iPhone 銷量時，我們實現了我們認為實際銷售的 iPhone 5S 比我們預期的更多。

So the mix was stronger to the 5S and it took us some amount of time in order to build the mix that customers were demanding.

因此，5S 的組合更強大，我們花了一些時間來構建客戶要求的組合。

And as a result we lost some sort of units for part of the quarter in North America, and relative to the world it took us the bulk of the quarter, almost all of the quarter to get into -- the iPhone 5S into proper supply.

結果，我們在北美季度的部分時間裡損失了一些單位，相對於世界，我們花了本季度的大部分時間，幾乎整個季度都進入了——iPhone 5S 的供應充足。

The other thing that happened in North America specifically was that some carriers changed their upgrade policies.

另一件特別發生在北美的事情是一些運營商改變了他們的升級政策。

And this effected last quarter and will have some effect on the current quarter.

這影響了上個季度，並將對當前季度產生一些影響。

This restricted customers who were used to upgrading earlier than the 24 months that they're allowed and sort of stretched the time out to be a hard and fast 24 months.

這限制了那些習慣於在允許的 24 個月之前升級的客戶，並且將時間延長到了艱難而快速的 24 個月。

And so that's a major factor playing into the North American results.

所以這是影響北美結果的一個主要因素。

So as I back up and sort of zoom out on this and look at it, one of the most important things for us in the iPhone business was to do really well in emerging markets and we had the best quarter ever from that respect.

因此，當我備份並縮小並查看它時，對我們來說，在 iPhone 業務中最重要的事情之一就是在新興市場做得非常好，我們在這方面取得了有史以來最好的季度。

Another was to grow in China because I think you can't be in the business that we're in and not have a reasonable China business.

另一個是在中國發展，因為我認為你不能從事我們所從事的業務並且沒有合理的中國業務。

And you can see how we did last quarter and we've now followed that up with a deal with China Mobile.

你可以看到我們上個季度的表現，我們現在已經與中國移動達成協議。

So I feel great about that.

所以我對此感覺很好。

I think part of what's happening in North America is a short-term effect because of these upgrade policy changes.

由於這些升級政策的變化，我認為北美正在發生的部分情況是短期影響。

This affects a period of time, three months to six months I would think.

這會影響一段時間，我認為是三個月到六個月。

And then it washes through.

然後它洗過。

So as I look at it, I feel very good about where we are.

所以當我看到它時，我對我們所處的位置感覺非常好。

And I would guess that the market numbers, that some of the stuff you been seeing will actually be decreased as the revisions come out, given what you're hearing what everyone is saying.

而且我猜市場數字，你看到的一些東西實際上會隨著修訂版的出現而減少，因為你聽到的每個人都在說什麼。

Okay.

好的。

I'd like to follow that up, just on your comments on China.

我想跟進你對中國的評論。

You've characterized the agreement with China Mobile as huge.

您將與中國移動的協議描述為巨大的。

Could you tell me what would define success for you in China Mobile one year and three years out?

您能否告訴我，您在中國移動一年和三年後的成功定義是什麼？

What ultimately should we be looking at to measure and ultimately determine whether this was huge?

我們最終應該關注什麼來衡量並最終確定這是否是巨大的？

Well, I'm not going to give you a forecast for it.

好吧，我不會給你一個預測。

I think if you just backup and look at it from a commonsense point of view China Mobile has more subscribers that anyone in the world.

我認為如果你只是備份並從常識的角度來看它，中國移動的用戶比世界上任何人都多。

They had 0.75 billion.

他們有7.5億。

And so I do see it as a watershed moment for Apple and have a very strong belief in the abilities of the two companies to do great things together.

因此，我確實認為這是蘋果公司的一個分水嶺，並且非常相信兩家公司有能力一起做偉大的事情。

Thank you Tony.

謝謝托尼。

Can we have the next question please?

請問下一個問題可以嗎？

Ben Reitzes with Barclays Capital.

Ben Reitzes 與巴克萊資本。

Thank you.

謝謝你。

My question is for Tim.

我的問題是提姆。

Tim, the midpoint of your guidance obviously implies a decline in revenue in the quarter coming up.

蒂姆，你指導的中點顯然意味著即將到來的季度收入下降。

And you haven't done that forever.

而你並沒有永遠這樣做。

You came pretty close a couple quarters ago, but you had some growth.

幾個季度前你已經接近了，但你有一些增長。

My question is, are you still a growth company?

我的問題是，你還是一家成長型公司嗎？

And should we expect the growth rate to accelerate as we go throughout the year, and why if that's the case?

我們是否應該期望全年增長速度會加快，如果是這樣，為什麼？

I think it's important to listen to what Peter said about the guidance and about the compare year-over-year.

我認為聽聽彼得對指導和同比比較的看法很重要。

And the point that he made that the underlying sell through that we're very confident of growth year-over-year.

他指出，我們對同比增長非常有信心。

And that is the way we look at it.

這就是我們看待它的方式。

I know some people just look at the numbers on a piece of paper.

我知道有些人只看一張紙上的數字。

But the way I look at the business is, our business from a sell through point of view less iPod, because I think all of us have known for some time that iPod is a declining business.

但我看待業務的方式是，從銷售的角度來看，我們的業務少了 iPod，因為我認為我們所有人都知道 iPod 是一個衰落的業務已有一段時間了。

And when you do that, the numbers from last quarter and the deferral which we've just increased, as Peter went through, when you look at that and look at the numbers from last quarter it comes up to a double-digit growth.

當你這樣做時，上個季度的數字和我們剛剛增加的延期，正如彼得所經歷的那樣，當你查看那個並查看上個季度的數字時，它會出現兩位數的增長。

And we're proud of that.

我們為此感到自豪。

I think that's a pretty good result.

我認為這是一個相當不錯的結果。

We will see how we do in the March quarter.

我們將看到我們在三月季度的表現。

But I do think it's important in the March quarter to take into consideration sell through versus just a view of sell in.

但我確實認為在 3 月季度考慮賣出而不是僅僅考慮賣出是很重要的。

All right.

好的。

And do you -- I guess there's been a lot of things in the media about your potential to buy back more stock and your shares are around 500 tonight, I was wondering if you thought this was a good level and whether it was time to accelerate the buyback from current levels.

你呢——我猜媒體上有很多關於你有可能回購更多股票的消息，而你的股票今晚大約是 500 股，我想知道你是否認為這是一個很好的水平，是否是時候加速了從當前水平回購。

You obviously generated a ton of cash in the quarter and what your latest thoughts are there.

您顯然在本季度產生了大量現金以及您的最新想法。

Well we've been buying back stock.

好吧，我們一直在回購股票。

As you know last year we increased the program overall our cash return, doubling it to $100 billion and $60 billion of that is buyback.

如您所知，去年我們增加了該計劃的整體現金回報，將其翻倍至 1000 億美元，其中 600 億美元是回購。

And we've been progressing on that.

我們一直在這方面取得進展。

Luca can give you the precise numbers of it.

盧卡可以給你它的精確數字。

So we are a big believer in buying back the stock, and that doesn't change today whether the stock goes up or down.

因此，我們非常相信回購股票，無論股票上漲還是下跌，這在今天都不會改變。

Thank you.

謝謝你。

Thanks Ben.

謝謝本。

Could we have the next question please?

請問下一個問題好嗎？

From UBS, Steve Milunovich.

來自瑞銀，史蒂夫米盧諾維奇。

Yes, could you talk a bit more about the gross margin, you did provide an upside surprise to your guidance in the quarter.

是的，您能否多談談毛利率，您確實為本季度的指導提供了上行驚喜。

What were the factors?

有哪些因素？

And then looking forward Peter, what are some of the gives and takes for the March quarter?

然後期待彼得，三月季度的一些付出和收穫是什麼？

Steve let me answer that one.

史蒂夫讓我回答那個問題。

Let me start with the quarter.

讓我從這個季度開始。

So we were about the guidance range.

所以我們是關於指導範圍的。

It was primarily for two factors.

這主要是因為兩個因素。

We had favorable product mix and we had favorable commodity pricing.

我們有有利的產品組合和有利的商品定價。

And so those were the two things that actually helped us come in above the guidance range.

因此，這兩件事實際上幫助我們超出了指導範圍。

For the quarter, for Q2 we are guiding 37% to 38% compared to 37.9% in the December quarter.

對於本季度，對於第二季度，我們指導 37% 至 38%，而 12 月季度為 37.9%。

We're going to have some loos of leverage as you can imagine because of the usual seasonal decline in revenue.

正如你可以想像的那樣，由於收入通常會出現季節性下降，我們將失去一些槓桿作用。

But we expect that loss of leverage to be largely offset by cost improvements and also by less deferred revenue than were going to have in Q2.

但我們預計，槓桿的損失將在很大程度上被成本改善以及遞延收入比第二季度減少所抵消。

Okay thanks.

好的謝謝。

And then regarding the overall demand, one thing you did mention Tim is maturity of the particularly high-end smartphone market.

然後關於整體需求，你提到蒂姆的一件事是特別高端智能手機市場的成熟。

I know in our surveys we are finding relative to a year ago a lot of higher percentage of Apple buyers already have an Apple handset.

我知道，在我們的調查中，我們發現與一年前相比，已經擁有蘋果手機的蘋果買家比例更高。

So I'm curious if you think Western world can show decent unit growth over the next year or two?

所以我很好奇你是否認為西方世界可以在未來一兩年內顯示出可觀的單位增長？

And I was also wondering, the 5C generally is viewed as having, turned out to be pretty light in the mix.

而且我還想知道，5C 通常被認為是有的，結果證明它在混合中非常輕。

What are you going to do with that product going forward?

你打算如何處理該產品的未來？

I will sidestep the last question of course because it is about future products.

我當然會迴避最後一個問題，因為它是關於未來產品的。

But to your question about the 5S in particular, if I look at the sell through year-over-year there was growth in that portion of our line despite adding a new phone -- an entirely new phone underneath it.

但是對於你關於 5S 的問題，如果我看一下每年的銷售情況，儘管增加了一部新手機——在它下面是一部全新的手機，我們這部分產品線的銷量還是有所增長。

And so I think that's a good sign and that's despite it being in short supply for the bulk or virtually all of the quarter.

所以我認為這是一個好兆頭，儘管它在大部分或幾乎整個季度都供不應求。

And so I do believe that that category of product can grow in those markets if you are thinking about US and Western Europe for example and Japan.

因此，如果您考慮美國和西歐以及日本等市場，我確實相信這類產品可以在這些市場中增長。

In Japan we grew 40% last quarter.

在日本，我們上個季度增長了 40%。

That's fairly good.

這還算不錯。

Thank you Steve.

謝謝史蒂夫。

Could we have the next question please?

請問下一個問題好嗎？

Brian Marshall with ISI Group.

ISI 集團的 Brian Marshall。

Obviously the iPhone business grew about 7% year-over-year, we're at $200 million in annual unit sales now, and that is with two new devices being launched in the quarter.

顯然，iPhone 業務同比增長約 7%，我們現在的年銷售量為 2 億美元，而且本季度推出了兩款新設備。

Can you help us -- help us think about how you guys view the iPhone new user growth out there in the marketplace versus simply a solid replacement cycle that the company has in its install base?

你能幫助我們嗎——幫助我們思考一下你們如何看待市場上的 iPhone 新用戶增長，而不是公司在其安裝基礎中擁有的穩固的更換週期？

We saw -- Brian it's Tim.

我們看到——布賴恩是蒂姆。

We saw a significant new to iPhone number.

我們看到了一個重要的新 iPhone 號碼。

It's not numbers that we throw out, but we particularly saw that on the 5C which is what we wanted to see.

我們扔掉的不是數字，但我們特別在 5C 上看到了這一點，這正是我們想要看到的。

So is clearly not just upgraders.

顯然不僅僅是升級者。

As a matter of fact the upgraders, particularly North America would've been less than we thought because of the changes in the upgrade policy that I talked about earlier.

事實上，由於我之前談到的升級政策的變化，升級者，尤其是北美，會比我們想像的要少。

Okay.

好的。

Thanks.

謝謝。

And then with respect to innovation at the company, and obviously iPhone came out in 2007, iPad came out in 2010.

然後在公司的創新方面，顯然 iPhone 於 2007 年問世，iPad 於 2010 年問世。

2013 came around, we got some new products obviously, but nothing really from a new product category.

2013 年到來了，我們顯然得到了一些新產品，但沒有真正來自新產品類別。

Care to comment on sort of the innovation cycle of the company and the cadence there?

想評論一下公司的創新周期和節奏嗎？

Thank you.

謝謝你。

It's never been stronger Brian.

布賴恩從未如此強大。

I'm very confident with the work that's going on and I think our customers are going to love what we're going to do.

我對正在進行的工作非常有信心，我認為我們的客戶會喜歡我們將要做的事情。

Thanks Tim.

謝謝蒂姆。

Thank you Brian.

謝謝布賴恩。

Could we have the next question please?

請問下一個問題好嗎？

Keith Bachman with Bank of Montreal.

蒙特利爾銀行的基思·巴赫曼。

I had a question and a follow-up.

我有一個問題和後續行動。

Tim, for you, the first one to follow-up from Brian's question, you are growing iPhones about 7%, I think the market is going to end up looking up to be 14%.

蒂姆，對你來說，第一個跟進布賴恩問題的人，你的 iPhone 增長了大約 7%，我認為市場最終會上升到 14%。

Are you happy with the pricing umbrella that you currently have?

您對目前擁有的定價保護傘滿意嗎？

When you originally brought out iPhones in subsequent periods you talked about wanting to push some pricing umbrellas, but are you happy with the pricing umbrellas that you have?

當您最初在隨後的時期推出 iPhone 時，您談到想要推出一些定價保護傘，但您對現有的定價保護傘滿意嗎？

In particular, as you think about the 5C I think most of the industry views have panned the product as not being enough features for that price point.

特別是，當您想到 5C 時，我認為大多數行業觀點都認為該產品在該價位上沒有足夠的功能。

But if you could just talk about the positioning of your broader product portfolio and of iPhones, are you happy where you are?

但是，如果您可以談論您更廣泛的產品組合和 iPhone 的定位，您對現在的情況感到滿意嗎？

I think last quarter we did a tremendous job, particularly given the mix was something very differently than we thought.

我認為上個季度我們做得非常出色，特別是考慮到混合情況與我們想像的完全不同。

It was the first time we had ever run that particular play before, and the demand percentage turned out to be different than we thought.

這是我們之前第一次運行該特定遊戲，需求百分比結果與我們想像的不同。

We obviously always look at our results and conclude what to change moving forward and if we decide it's in our best interest to make a change, then we will make one.

顯然，我們總是會查看我們的結果並得出結論，如果我們認為做出改變符合我們的最大利益，那麼我們就會做出改變。

Obviously I'm not going to predict price changes on the earnings call.

顯然，我不會在財報電話會議上預測價格變化。

Sorry, not price changes but at least product positioning.

對不起，不是價格變化，而是至少產品定位。

Are you willing to go -- expand the product portfolio into new categories within the phone family?

您是否願意——將產品組合擴展到手機系列中的新類別？

We are willing to make any product that's a great product.

我們願意製造任何優秀的產品。

Where our line in the sand is is making something that's not fantastic.

我們在沙灘上的路線是在做一些不是很棒的事情。

Well than my follow-up for you Peter is, you mentioned four factors that influenced guidance.

好吧，除了我對您的後續行動彼得之外，您還提到了影響指導的四個因素。

In particular, you talked about inventory.

特別是，您談到了庫存。

I think most investors would conclude then December wasn't as good as it looked if you had increases in channel inventory.

我認為大多數投資者會得出結論，如果渠道庫存增加，那麼 12 月的表現並不像看起來那麼好。

So I was hoping you could peel off a little bit and talk about the foreign exchange impact and the higher deferrals?

所以我希望你能稍微談談外匯影響和更高的延期？

Is there way to quantify that impact on the guidance in March in particular?

有沒有辦法量化這種影響，尤其是對 3 月份的指導意見？

As I had said to one of the earlier questions, Keith, the four factors we expect to be over $2 billion.

正如我對前面的問題之一基思所說的那樣，我們預計這四個因素將超過 20 億美元。

And the inventory is the largest.

並且庫存是最大的。

And then the other three are less than the inventory and not too terribly far apart.

然後其他三個比庫存少，而且相距不遠。

Okay.

好的。

Thank you.

謝謝你。

Thanks Keith.

謝謝基思。

Could we have the next question please?

請問下一個問題好嗎？

From Pacific Crest Securities, we will go to Andy Hargreaves.

從 Pacific Crest Securities，我們將前往 Andy Hargreaves。

Just a quick follow-up to, Tim, the comments about demand mix being significantly different or different than what you thought in the quarter.

蒂姆，只是快速跟進，關於需求組合的評論與您在本季度的想法有很大不同或不同。

Do you have any thoughts on why it was so much different than what you expected it to be?

你有什麼想法為什麼它與你預期的有很大不同？

I think the 5S, people are really intrigued with Touch ID.

我認為 5S，人們對 Touch ID 真的很感興趣。

It's a major feature that has excited people.

這是一個讓人們興奮的主要功能。

And I think that, associated with the other things that are unique to the 5S, got the 5S to have a significant amount more attention and a higher mix of sales.

而且我認為，與 5S 獨有的其他東西相關聯，使 5S 獲得了更多的關注和更高的銷售組合。

Okay, and then just on the comments on R&D that working on things that aren't visible to us, you guys have done a lot of things in recent years sort of in support of the existing products.

好的，然後只是關於研發的評論，在我們看不到的東西上工作，你們近年來做了很多事情來支持現有的產品。

Are we to read those comments that you're working on things that are material new revenue drivers, new potential legs of the stool or are these more services that would support the existing customer base?

我們是要閱讀那些評論，說您正在研究重要的新收入驅動因素、新的潛在支柱，還是這些更多的服務可以支持現有的客戶群？

They are meant to be, what Luca is saying is that we are working on things that are things that you see that we are shipping today, but we're working on things that are not, that you can't see today.

他們本應如此，盧卡的意思是，我們正在處理的東西是你看到的東西，我們今天正在運送，但我們正在處理的東西不是，你今天看不到。

Okay.

好的。

Thank you.

謝謝你。

Thank you, Andy.

謝謝你，安迪。

Could we have the next question please?

請問下一個問題好嗎？

Mark Moskowitz with JPMorgan.

摩根大通的馬克·莫斯科維茨。

Tim I had a question.

蒂姆我有一個問題。

What is your user data kind of telling you right now in terms of the replacement cycle?

就更換週期而言，您的用戶數據現在告訴您什麼？

Are you starting to see a lot of heritage Apple users now refresh their iPhone every three years plus or their iPad every two years plus versus previous?

您是否開始看到許多傳統的 Apple 用戶現在每三年更新一次 iPhone 或每兩年更新一次 iPad？

Are you seeing any major changes there?

你看到那裡有什麼重大變化嗎？

We don't have great data yet from last quarter.

我們還沒有上個季度的重要數據。

And so I don't know the answer to your question.

所以我不知道你的問題的答案。

Okay.

好的。

And then the follow-up is around this OpEx being flat relative to the revenue guide.

然後跟進的是這個 OpEx 相對於收入指南持平。

Is there something around the vertical in terms of maybe increasing focusing on the enterprise vertical that you see an opportunity to take advantage of, so maybe you're hiring more folks to service that industry?

垂直方面是否有一些事情可能會增加對企業垂直的關注，您認為這是一個可以利用的機會，所以也許您正在僱用更多的人來為該行業提供服務？

It's clear that the enterprise area has huge potential and we are doing well from a percentage of companies that are using iPhone and iPad.

很明顯，企業領域具有巨大的潛力，我們在使用 iPhone 和 iPad 的公司中表現良好。

It's up to unbelievable numbers.

這取決於令人難以置信的數字。

The iPhone is used in 97% of the Fortune 500 and 91% of the Global 500 and iPad is used in 98% of the Fortune 500 and 93% of the Global 500.

97% 的財富 500 強企業和 91% 的全球 500 強企業使用 iPhone，iPad 被 98% 的財富 500 強企業和 93% 的全球 500 強企業使用。

We have a number of accounts, some which Peter reviewed in the opening remarks, that have tens of thousands of iOS devices working.

我們有許多帳戶，其中一些是 Peter 在開場白中評論的，它們有數以萬計的 iOS 設備在工作。

And also, as I think was mentioned earlier, 90% of tablet activations in corporations are iPads.

而且，正如我之前提到的，企業中 90% 的平板電腦激活是 iPad。

And 95% of total app activations were on iOS.

並且 95% 的總應用程序激活是在 iOS 上進行的。

I think that is an incredible measure of ultimately how sticky the products are because you can get so much productivity out of an iPad and iPhone.

我認為這是衡量產品最終粘性的一個令人難以置信的衡量標準，因為你可以從 iPad 和 iPhone 中獲得如此多的生產力。

So I think the road in enterprise is a longer one.

所以我認為企業的道路是漫長的。

The arc is longer than in consumer which can immediately go out and buy things et cetera.

弧線比消費者可以立即出去買東西等更長。

But I think we've done a lot of the groundwork, as you can tell from these numbers that I've given you.

但我認為我們已經做了大量的基礎工作，你可以從我給你的這些數字中看出這一點。

And I would expect that it would have more and more payback in the future.

我希望它在未來會有越來越多的回報。

Thank you Mark.

謝謝馬克。

Could we have the next question please?

請問下一個問題好嗎？

Gene Munster with Piper Jaffrey.

吉恩·芒斯特與派珀·杰弗裡。

Just a follow-up to some of the previous questions.

只是對前面一些問題的跟進。

Tim, I have got to ask it, in the previous quarters you've talked about specifically product categories multiple, and that's different than variations of existing products and that would be by the end of 2014.

蒂姆，我不得不問一下，在前幾個季度你已經談到了多個產品類別，這與現有產品的變體不同，那將是 2014 年底。

I just want to be clear, is that still on track and consistent with some of the expenses that we talked about earlier in the call?

我只是想澄清一下，這是否仍在正常進行並且與我們之前在電話會議中談到的一些費用一致？

Thank you.

謝謝你。

Yes.

是的。

Absolutely.

絕對地。

No change.

沒變。

Okay and then second, and this gets back to some of the other themes on the call here too, but you're obviously going to have a big year in terms of new product categories, and maybe even thinking beyond 2014 and the new products come out and they kind of ramp in 2015.

好的，然後是第二個，這也回到了電話會議上的其他一些主題，但你顯然將在新產品類別方面有一個重要的一年，甚至可能考慮到 2014 年之後新產品來出來了，他們在 2015 年有所增加。

How do you think about kind of the trajectory of the platform, or what would you say to I guess investors that say this is just a product cycle story?

您如何看待平台的發展軌跡，或者您會對那些說這只是一個產品週期故事的投資者說什麼？

Well I wouldn't answer your question.

好吧，我不會回答你的問題。

But I would just say innovation is deeply embedded in everybody here.

但我只想說，創新深深植根於這裡的每個人。

There's still so much of the world that is full of very complex products et cetera.

世界上仍有很多地方充滿了非常複雜的產品等等。

There's never a -- we don't have -- we have zero issue coming up with things we want to do that we think we can disrupt in a major way.

從來沒有 - 我們沒有 - 我們零問題提出我們想做的事情，我們認為我們可以在很大程度上破壞。

The challenge is always to focus and to the very few that deserves all of our energy.

挑戰始終是集中精力並關注極少數值得我們全力以赴的人。

And we've always done that, and we're continuing to do that.

我們一直這樣做，而且我們將繼續這樣做。

Great.

偉大的。

Thank you.

謝謝你。

Thank you, Gene.

謝謝你，吉恩。

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播放。

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

電話重播的號碼是 888-203-1112 或 719-457-0820。

Please enter confirmation code 9268358.

請輸入確認碼9268358。

These replays will be available by approximately 5 PM Pacific time today and members of the press with additional questions can contact Steve Dowling at 408-974-1896.

這些重播將在太平洋時間今天下午 5 點左右提供，媒體成員如有其他問題，請致電 408-974-1896 聯繫史蒂夫·道林。

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

如果有其他問題，金融分析師可以聯繫 Joan Hoover 或我。

Joan is at 408-974-4570 and I'm 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。