蘋果 (AAPL) 2014 Q2 法說會逐字稿

Good day, everyone, and welcome to the Apple Incorporated second-quarter FY14 Earnings Release conference call.

大家好，歡迎參加 Apple Incorporated 2014 財年第二季度財報電話會議。

Today's call is being recorded.

今天的電話正在錄音。

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

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

Thank you.

謝謝你。

Good afternoon and thanks, everyone, for joining us today.

下午好，感謝大家今天加入我們。

Speaking first today are Apple CEO, Tim Cook, and Vice President and Corporate Controller, Luca Maestri, and they'll be joined by CFO, Peter Oppenheimer, 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副總裁兼公司財務總監盧卡梅斯特里，首席財務官彼得奧本海默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, future products, and capital allocation plans.

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

Actual results or trends could differ materially from our forecast.

實際結果或趨勢可能與我們的預測大相徑庭。

For more information, please refer to the risk factors discussed in Apple's Form 10-K for 2013, the Form 10-Q for the first quarter of FY14, 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 2013 年的 10-K 表格、2014 財年第一季度的 10-Q 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 for introductory remarks.

我現在想把電話轉給蒂姆做介紹性發言。

Thanks, Nancy.

謝謝，南希。

Good afternoon, everyone.

大家下午好。

We have a lot to share with you over the next hour and I'd like to start right away with the very strong results we're reporting for the March quarter.

在接下來的一個小時裡，我們有很多要與您分享的內容，我想立即從我們報告的 3 月季度非常強勁的結果開始。

We generated $45.6 billion in revenue, which was ahead of our expectations and represents a new March quarter record and is our strongest non-holiday quarter ever.

我們創造了 456 億美元的收入，超出了我們的預期，創下了 3 月份的新季度記錄，是我們有史以來最強勁的非假日季度。

Our underlying business performance was even stronger than our reported results imply, when you take into account changes in channel inventory this year versus last year, and foreign exchange headwinds that we faced in several of our international markets.

當您考慮到今年與去年相比渠道庫存的變化以及我們在幾個國際市場面臨的外匯逆風時，我們的基本業務表現甚至比我們報告的結果所暗示的還要強。

Setting foreign exchange and inventory changes aside, our underlying growth rate would have been close to double digits.

撇開外彙和庫存變化不談，我們的基本增長率將接近兩位數。

These strong revenue results, combined with our best gross margin percentage since September of 2012, resulted in earnings per share growth of 15%, which is our highest earnings growth rate in the last six quarters.

這些強勁的收入結果，加上我們自 2012 年 9 月以來最好的毛利率，導致每股收益增長了 15%，這是我們過去六個季度的最高收益增長率。

iPhone was key in driving our stronger-than-expected results.

iPhone 是推動我們業績好於預期的關鍵。

We sold almost 44 million iPhones, setting a new March quarter record.

我們售出了近 4400 萬部 iPhone，創造了 3 月份的新季度記錄。

These strong results were broad-based, both from a product point of view, with demand for each of our three iPhones stronger than its predecessor, and from a geographic standpoint.

從產品的角度來看，這些強勁的結果是廣泛的，從產品的角度來看，我們三款 iPhone 中每一款的需求都強於其前身，從地理的角度來看。

We gained smartphone share in many developed and emerging markets, including the US, the UK, Japan, Canada, Germany, France, Vietnam, and greater China, just to mention a few.

我們在許多發達和新興市場獲得了智能手機份額，包括美國、英國、日本、加拿大、德國、法國、越南和大中華區，僅舉幾例。

In fact, we established a new all-time record for total iPhone sales in the BRIC countries.

事實上，我們創造了金磚四國 iPhone 總銷量的新紀錄。

iTunes software and services revenue continued to grow at a double-digit rate, thanks to an incredible ecosystem and our very large, loyal, and engaged customer base.

得益於令人難以置信的生態系統以及我們龐大、忠誠且積極參與的客戶群，iTunes 軟件和服務收入繼續以兩位數的速度增長。

With its strong momentum and growing profitability, iTunes is a very important driver of our business, not only here in the United States, but around the world.

憑藉強勁的勢頭和不斷增長的盈利能力，iTunes 是我們業務的一個非常重要的推動力，不僅在美國，而且在世界各地。

We now have an almost 800 million iTunes accounts, most of these with credit cards.

我們現在擁有近 8 億個 iTunes 帳戶，其中大部分使用信用卡。

This is a staggering number.

這是一個驚人的數字。

We continued to gain share in the personal computer market as well.

我們也繼續在個人電腦市場獲得份額。

We defied industry trends again by growing while the market contracted.

我們再次挑戰行業趨勢，在市場萎縮的同時增長。

Our bold decision to make OS X free has resulted in the largest-ever percentage of the Mac install base running on the latest version of the operating system, just months after its release.

我們讓 OS X 免費的大膽決定導致 Mac 安裝基數在最新版本操作系統上運行的比例達到了有史以來最高，而該操作系統僅在發布幾個月後。

iPad sales came in at the high end of our expectations, but we realized they were below analyst estimates, and I would like to proactively address why we think there was a difference.

iPad 的銷量超出了我們的預期，但我們意識到它們低於分析師的預期，我想主動說明我們認為存在差異的原因。

We believe almost all of the difference can be explained by two factors.

我們相信幾乎所有的差異都可以用兩個因素來解釋。

First, in the March quarter last year, we significantly increased iPad channel inventory, while this year we significantly reduced it.

首先，去年三季度，我們大幅增加了 iPad 渠道庫存，而今年我們大幅減少了庫存。

Luca will go into more detail about this later.

Luca 稍後將對此進行詳細介紹。

Second, we ended the December quarter last year with a substantial backlog of iPad mini that was subsequently shipped in the March quarter, whereas we ended the December quarter this year near supply/demand balance.

其次，我們在去年 12 月季度結束時有大量積壓的 iPad mini 隨後在 3 月季度發貨，而我們在今年 12 月季度結束時接近供需平衡。

We continue to believe that the tablet market will surpass the PC market in size within the next few years, and we believe that Apple will be a major beneficiary of this trend.

我們仍然相信平板電腦市場的規模將在未來幾年內超過個人電腦市場，我們相信蘋果將成為這一趨勢的主要受益者。

When we look at our Company performance on a geographic basis, we're especially proud of our very strong results in greater China, where we established an all-time quarterly revenue record of almost $10 billion, including the results from our retail stores, and in Japan, where revenue was up 26% in spite of the foreign exchange headwinds and where our smartphone market share reached an incredible 55%.

當我們以地域為基礎審視公司業績時，我們特別為我們在大中華區的強勁業績感到自豪，我們在大中華區創造了近 100 億美元的季度收入歷史記錄，包括我們零售店的業績，以及在日本，儘管存在外匯逆風，但收入增長了 26%，我們的智能手機市場份額達到了令人難以置信的 55%。

We are continuing to invest in our retail stores, and since our last call, we've opened our first stores in Brazil and Turkey, and we now have retail stores in 15 countries around the world.

我們將繼續投資於我們的零售店，自上次電話會議以來，我們在巴西和土耳其開設了第一家門店，現在我們在全球 15 個國家/地區設有零售店。

I'm looking forward to welcoming our new retail and online leader, Angela Ahrendts, who will be joining Apple's executive team next week.

我期待著歡迎我們的新零售和在線領導者 Angela Ahrendts，她將於下週加入 Apple 的執行團隊。

Stepping back, we're now just past the halfway mark for FY14.

退一步說，我們現在剛剛過了 FY14 的一半。

Our strong March quarter results brings us to total revenues of over $103 billion for the first six months of the year, and earnings per share growth close to double-digits.

我們強勁的 3 月季度業績使我們今年前六個月的總收入超過 1030 億美元，每股收益增長接近兩位數。

We estimate that, over the last six months, we've added over 60 million new registered users of our four product categories.

我們估計，在過去六個月中，我們的四個產品類別新增了超過 6000 萬的新註冊用戶。

Additionally, over two-thirds of people registering an iPad in the last six months were new to iPad, while over half of the people registering iPhones were new to iPhone.

此外，在過去六個月中註冊 iPad 的人中有三分之二以上是 iPad 新手，而註冊 iPhone 的人中有一半以上是 iPhone 新手。

It's wonderful to add tens of millions of first-time Apple product users, especially considering the strong halo effect we've seen over and over again in our history.

增加數千萬首次使用 Apple 產品的用戶真是太棒了，尤其是考慮到我們在歷史上一遍又一遍地看到的強烈光環效應。

Customers who have a great experience with their first Apple product often become loyal and happy owners of multiple Apple products over time.

隨著時間的推移，擁有第一款 Apple 產品的客戶通常會成為多個 Apple 產品的忠實和快樂擁有者。

As always, I'd like to thank our talented employees who make these results possible through the creativity and passion they bring to their work every day.

與往常一樣，我要感謝我們才華橫溢的員工，通過他們每天為工作帶來的創造力和熱情，使這些成果成為可能。

And I'd like to thank our hundreds of millions of customers for their loyalty and enthusiasm and for continually inspiring us to surprise and delight them.

我要感謝我們數以億計的客戶的忠誠和熱情，感謝他們不斷激勵我們為他們帶來驚喜和喜悅。

In addition to our quarterly results, we're also announcing an update to our capital return program today, and I'd like to share a few thoughts about our guiding principles for capital allocation and our conclusion on the changes we are making for this year.

除了我們的季度業績，我們今天還宣布更新我們的資本回報計劃，我想分享一些關於我們的資本配置指導原則的想法以及我們對今年所做的改變的結論.

Apple has created tremendous value for shareholders by developing great products that enrich people's lives, and that will always be our top priority and driving force.

蘋果通過開發豐富人們生活的優秀產品為股東創造了巨大價值，這將永遠是我們的首要任務和驅動力。

We'll continue to innovate by investing in research and development and capitalizing on our strengths and hardware, software and services.

我們將通過投資研發並利用我們的優勢以及硬件、軟件和服務來繼續創新。

We'll keep investing in our supply chain to promote scale and efficiencies, expanding our global presence by building retail stores, investing in marketing and distribution, and extending our reach into new markets.

我們將繼續投資於我們的供應鏈以提高規模和效率，通過建立零售店擴大我們的全球影響力，投資於營銷和分銷，並將我們的影響力擴展到新市場。

We're expanding Apple's products and services into new categories and we are not going to underinvest in this business.

我們正在將 Apple 的產品和服務擴展到新的類別，我們不會在這項業務上投資不足。

We're also investing through acquisitions, and we've acquired 24 companies in the past 18 months.

我們也在通過收購進行投資，在過去的 18 個月裡我們收購了 24 家公司。

To invest organically and to make acquisitions strategically, we need to maintain financial flexibility.

為了進行有機投資和戰略性收購，我們需要保持財務靈活性。

With this framework in mind, Apple's Board and management team review capital allocation regularly and we solicit input on our program from a broad base of shareholders.

考慮到這一框架，Apple 董事會和管理團隊會定期審查資本分配，並徵求廣大股東對我們計劃的意見。

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

我們非常感謝我們的許多股東就如何最好地部署我們的現金向我們提供的所有意見。

We'll continue to seek investor input going forward, and will update you on our conclusions around this time each year.

我們將繼續尋求投資者的意見，並會在每年的這個時候向您更新我們的結論。

This regular process allows us to continually evaluate return of capital in light of the most current information available, and it enables us to be thoughtful about the size, mix, and pace of the program.

這一常規流程使我們能夠根據可用的最新信息不斷評估資本回報，並使我們能夠對計劃的規模、組合和步伐進行深思熟慮。

We continue to be in the fortunate position of being able to return significant capital to shareholders.

我們繼續處於能夠向股東返還大量資本的幸運位置。

We started doing so two years ago when we announced our first program of $45 billion, and we more than doubled the program last April to $100 billion.

兩年前，當我們宣布第一個 450 億美元的計劃時，我們就開始這樣做了，去年 4 月我們將該計劃增加了一倍多，達到 1000 億美元。

Today, we're announcing that we're increasing the size of our program once again with an addition of over $30 billion for a total program size of over $130 billion.

今天，我們宣布我們將再次擴大計劃規模，增加超過 300 億美元，總計劃規模超過 1300 億美元。

The size and pace of our program is unprecedented, and we still expect to complete it by December of 2015, as we announced last year.

正如我們去年宣布的那樣，我們計劃的規模和速度是前所未有的，我們仍然希望在 2015 年 12 月之前完成它。

We think very deliberately about how much and in which way to return cash to our shareholders.

我們非常慎重地考慮將現金返還給股東的金額和方式。

We decided to continue to allocate the vast majority of the incremental capital return to share repurchases because we believe our current stock price does not reflect the full value of the Company.

我們決定繼續將絕大部分增量資本回報分配給股票回購，因為我們認為我們當前的股價並不能反映公司的全部價值。

The size of the share back increase is a signal of the Board and the management team's strong confidence in the future of Apple.

股份回升的規模是董事會和管理團隊對蘋果未來充滿信心的信號。

We also understand the importance of the dividend to many of our investors and we're increasing it for the second time in less than two years.

我們也了解股息對我們許多投資者的重要性，並且我們將在不到兩年的時間內第二次增加股息。

We believe this is a meaningful increase for those shareholders who value income, and we are planning for annual dividend increases going forward.

我們認為，對於那些重視收入的股東來說，這是一個有意義的增長，我們正在計劃未來的年度股息增長。

Now I'd like to turn the call over to Luca for the details of our quarterly results, as well as more information about our capital return program.

現在，我想將電話轉給盧卡，以了解我們季度業績的詳細信息，以及有關我們資本回報計劃的更多信息。

Thank you, Tim, and good afternoon, everyone.

謝謝蒂姆，大家下午好。

As Tim said, revenue for the March quarter was $45.6 billion, up $2 billion or 5% from a year ago, and above our guidance range.

正如蒂姆所說，3 月季度的收入為 456 億美元，比去年同期增長 20 億美元或 5%，高於我們的指導範圍。

Sales in each of our major product categories were at the high end of our expectations or better, and the vast majority of the revenue upside came from strong sales of iPhone.

我們每個主要產品類別的銷售額都在我們預期的高端或更高，而絕大多數收入增長來自 iPhone 的強勁銷售。

Gross margin was 39.3%, also above our guidance range, and operating margin was $13.6 billion, representing 29.8% of revenue.

毛利率為 39.3%，也高於我們的指導範圍，營業利潤率為 136 億美元，佔收入的 29.8%。

Net income was $10.2 billion, translating to diluted earnings per share of $11.62.

淨收入為 102 億美元，攤薄後每股收益為 11.62 美元。

For details by product I'd like to start with iPhone.

有關產品的詳細信息，我想從 iPhone 開始。

We sold 43.7 million iPhones, which was a March quarter record.

我們售出了 4370 萬部 iPhone，這是 3 月份的季度記錄。

That's an increase of 6.3 million iPhones over last year, and represents 17% growth.

這比去年增加了 630 萬部 iPhone，增長了 17%。

The addition of China Mobile, coupled with great response to our more affordably-priced iPhone 4s, led to an all-time quarterly record for iPhone sales in greater China.

中國移動的加入，再加上我們對價格更實惠的 iPhone 4s 的熱烈反響，使 iPhone 在大中華區的銷量創下季度歷史新高。

We look forward to broadening our relationship with China Mobile, as they expand points of sale and continue to build out their 4G network.

我們期待擴大與中國移動的關係，因為他們擴大銷售點並繼續建設他們的 4G 網絡。

In Japan, iPhone sales were up over 50% year over year, resulting in significant market share gains.

在日本，iPhone 銷量同比增長超過 50%，市場份額顯著增長。

As Tim mentioned, we also saw strong growth and share gains in many other major developed markets based on IDC's latest estimates for the March quarter.

正如蒂姆所提到的，根據 IDC 對 3 月季度的最新估計，我們還看到了許多其他主要發達市場的強勁增長和份額增長。

iPhone also continued to perform exceptionally well in many developing markets.

iPhone 在許多發展中市場也繼續表現出色。

In greater China, Brazil, Indonesia, Poland and Turkey, iPhone sales grew by strong double digits year over year.

在大中華區、巴西、印度尼西亞、波蘭和土耳其，iPhone 銷量同比強勁增長兩位數。

And in India and Vietnam, sales more than doubled.

在印度和越南，銷售額翻了一番多。

We exited the quarter with 15.4 million total iPhones in channel inventory, which represents a sequential increase of about 100,000 from the December quarter, and left us within our target range of 4 to 6 weeks.

我們以 1540 萬部 iPhone 的渠道庫存結束了本季度，比 12 月季度環比增加了約 10 萬部，使我們保持在 4 到 6 週的目標範圍內。

In the enterprise market, progressive IT organizations are leading the charge to replace legacy devices and systems and are using iPhone and iOS to drive innovation at their companies.

在企業市場中，進步的 IT 組織正在帶頭更換舊設備和系統，並使用 iPhone 和 iOS 來推動其公司的創新。

Deutsche Bank has nearly 20,000 iPhones running on its network and has created 40 internal apps that extend the capabilities of its mobile workforce.

德意志銀行在其網絡上運行了近 20,000 部 iPhone，並創建了 40 個內部應用程序來擴展其移動員工的能力。

Siemens has 30,000 iPhones on its network and has deployed over 50 internal apps for field service teams, sales associates and corporate executives for solutions that are only possible with iOS and iPhone.

西門子在其網絡上擁有 30,000 部 iPhone，並為現場服務團隊、銷售助理和企業高管部署了 50 多個內部應用程序，以提供只有 iOS 和 iPhone 才能實現的解決方案。

We're really happy with the continued growth and strength of the Apple ecosystem.

我們對 Apple 生態系統的持續增長和實力感到非常滿意。

Total revenue from iTunes software and services was $4.6 billion, an increase of 11% year over year and an all-time quarterly record.

iTunes 軟件和服務的總收入為 46 億美元，同比增長 11%，創下季度歷史新高。

Our iTunes stores generated record billings of $5.2 billion in the March quarter, up 24% year over year, driven by very strong growth in App Store sales.

在 App Store 銷售強勁增長的推動下，我們的 iTunes 商店在 3 月季度創造了創紀錄的 52 億美元的收入，同比增長 24%。

These iTunes billings translated to quarterly iTunes revenue of over $2.6 billion, up 9% from the year-ago quarter, and also a new all-time record.

這些 iTunes 賬單轉化為 iTunes 季度收入超過 26 億美元，比去年同期增長 9%，也是一個新的歷史記錄。

Software and services revenue was over $1.9 billion, up 14% from a year ago.

軟件和服務收入超過 19 億美元，比一年前增長 14%。

App Store momentum is incredibly strong as cumulative app downloads have topped 70 billion.

App Store 的勢頭非常強勁，累計應用下載量已超過 700 億次。

87% of iOS devices are now running iOS 7, and our highly engaged users are a great audience for developers.

87% 的 iOS 設備現在運行 iOS 7，我們高度參與的用戶是開發者的忠實受眾。

According to App Annie, the App Store generated 85% more global revenue than Google Play in the March quarter, despite the differences in unit market share between iOS and Android devices.

根據 App Annie 的數據，儘管 iOS 和 Android 設備的單位市場份額存在差異，但 App Store 在 3 月季度的全球收入比 Google Play 高出 85%。

Now I'd like to talk about the Mac.

現在我想談談Mac。

We sold 4.1 million Macs, compared to just under 4 million in the year-ago quarter, thanks to strong performance from MacBook Pro and MacBook Air, and Macs have now gained global market share for 31 of the last 32 quarters.

由於 MacBook Pro 和 MacBook Air 的強勁表現，我們售出了 410 萬台 Mac，而去年同期僅售出不到 400 萬台，而且在過去 32 個季度中的 31 個季度，Mac 已經獲得了全球市場份額。

Response to Mavericks has been great, and we're very proud of the fact that so many of our Mac customers have taken advantage of the most advanced and secure experience possible.

對 Mavericks 的反應非常好，我們為這麼多 Mac 客戶利用了最先進和最安全的體驗而感到非常自豪。

We ended the quarter with Mac channel inventory slightly 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。

Turning to iPad, we sold 16.4 million units.

談到 iPad，我們售出了 1640 萬台。

As Tim explained earlier, our iPad results and the comparison to the March quarter last year were heavily influenced by channel inventory changes.

正如 Tim 之前解釋的那樣，我們的 iPad 業績以及與去年 3 月季度的比較受到渠道庫存變化的嚴重影響。

Specifically, this year we sold 16.4 million iPads into our channels and sold through almost 17.5 million, reducing our channel inventory by 1.1 million units.

具體來說，今年我們向我們的渠道銷售了 1640 萬台 iPad，並通過近 1750 萬台銷售，使我們的渠道庫存減少了 110 萬台。

Last year we sold over 19.4 million iPads into our channels and sold through 18 million, and therefore increased channel inventory by 1.4 million units.

去年，我們向我們的渠道銷售了超過 1940 萬台 iPad，銷量達到 1800 萬台，因此渠道庫存增加了 140 萬台。

As a result, the year-over-year sell-through decline was only 3%, compared to the sell-in decline of 16%.

結果，銷售量同比下降僅為 3%，而銷售量下降了 16%。

We exited the March quarter with 5.1 million units of iPad channel inventory, which left us within our target range of 4 to 6 weeks.

我們以 510 萬台 iPad 渠道庫存退出了 3 月季度，這使我們處於 4 到 6 週的目標範圍內。

iPad continues to lead all other tablets by far in terms of user engagement, size of ecosystem, customer satisfaction, and e-commerce.

在用戶參與度、生態系統規模、客戶滿意度和電子商務方面，iPad 繼續領先於所有其他平板電腦。

A recent study by Chitika Insights found that iPad users in North America generate almost four times the web traffic of all Android tablet users combined.

Chitika Insights 最近的一項研究發現，北美的 iPad 用戶產生的網絡流量幾乎是所有 Android 平板電腦用戶總和的四倍。

In a February survey, ChangeWave measured a 98% customer satisfaction rate for both iPad Air and iPad mini with retina display, and also found that, among people planning to purchase a tablet within 90 days, two-thirds plan to buy an iPad.

在 2 月份的一項調查中，ChangeWave 對配備視網膜顯示屏的 iPad Air 和 iPad mini 的客戶滿意度都達到了 98%，並且還發現，在計劃在 90 天內購買平板電腦的人中，三分之二的人計劃購買 iPad。

iPad continues to allow companies around the world to reimagine the way they use technology to drive efficiency and improve employee satisfaction.

iPad 繼續讓世界各地的公司重新構想他們使用技術來提高效率和提高員工滿意度的方式。

Thousands of iPads are used at FedEx every day.

FedEx 每天使用數以千計的 iPad。

In an industry where efficiency is critical, FedEx pilots and maintenance crews around the world use iPad to transform operational processes, and save the company millions of dollars.

在效率至關重要的行業中，全球的 FedEx 飛行員和維護人員使用 iPad 來改變運營流程，並為公司節省數百萬美元。

Eli Lilly has deployed over 20,000 iPads and 50 internal apps as part of a laptop replacement program that dramatically increased the productivity and capabilities of its employees.

作為筆記本電腦更換計劃的一部分，禮來公司部署了超過 20,000 台 iPad 和 50 個內部應用程序，顯著提高了員工的生產力和能力。

The US Department of Veterans Affairs is on its way to deploying iPads to 11,000 providers to transform the way doctors and patients interact.

美國退伍軍人事務部正在向 11,000 家供應商部署 iPad，以改變醫生和患者互動的方式。

As part of this initiative, a suite of applications has been developed to allow quick access to real-time, secure medical information, and in education, according to the latest data published by IDC, iPad has over 95% share of the US education tablet market.

作為該計劃的一部分，我們開發了一套應用程序，以允許快速訪問實時、安全的醫療信息，根據 IDC 公佈的最新數據，在教育領域，iPad 佔據美國教育平板電腦 95% 以上的份額市場。

As teachers and students increasingly benefit from the growing range of engaging iBooks, textbooks and solutions that are helping to transform the education experience.

隨著教師和學生越來越多地受益於越來越多的引人入勝的 iBooks、教科書和解決方案，這些都有助於改變教育體驗。

Let me now turn to our cash position.

現在讓我談談我們的現金狀況。

We ended the quarter with $150.6 billion in cash, plus marketable securities, a sequential decline of $8.3 billion.

我們在本季度結束時擁有 1506 億美元的現金和有價證券，環比下降 83 億美元。

Our domestic cash was $18.4 billion at the end of the March quarter, a sequential decline of $16 billion, and $132.2 billion, or 88% of our total cash, was offshore.

截至 3 月季度末，我們的國內現金為 184 億美元，環比下降 160 億美元，其中 1322 億美元，即我們總現金的 88%，來自海外。

Cash flow from operations was very strong at $13.5 billion for the quarter.

本季度運營現金流非常強勁，達到 135 億美元。

In total, we executed almost $21 billion worth of capital return activities during the March quarter.

在 3 月季度，我們總共執行了價值近 210 億美元的資本回報活動。

First, we launched our third accelerated share repurchase program in late January, to which we will acquire additional $12 billion of Apple stock.

首先，我們在 1 月下旬啟動了第三次加速股票回購計劃，我們將為此額外購買 120 億美元的蘋果股票。

We received an initial delivery of 19.2 million shares under the ASR and we received the balance of shares due when the program concludes by December of this year.

根據 ASR，我們收到了 1920 萬股的初始交付，並且我們收到了該計劃在今年 12 月結束時到期的股份餘額。

Second, we paid $2.7 billion in dividends in February, and finally, we spent $6 billion on open market purchases of 11.4 million shares throughout the March quarter.

其次，我們在 2 月份支付了 27 億美元的股息，最後，我們在整個 3 月季度的公開市場購買了 1140 萬股股票，花費了 60 億美元。

At the end of March, we also started our second ASR program, which was launched in April of last year, resulting in the retirement of an additional 1.1 million shares.

3 月底，我們還啟動了第二個 ASR 計劃，該計劃於去年 4 月啟動，導致額外的 110 萬股退市。

I would like now to go into more detail about the expansion of our capital return program that we're announcing today.

我現在想更詳細地介紹我們今天宣布的資本回報計劃的擴展。

Let me start by summarizing the progress that we've made on the program we updated a year ago.

首先讓我總結一下我們一年前更新的程序所取得的進展。

By the end of March 2014, we've already taken action of $46 billion of the current $60 billion share repurchase authorization, over 75% of the program with seven quarters remaining to its completion.

到 2014 年 3 月底，我們已經採取了當前 600 億美元股票回購授權中的 460 億美元的行動，超過了該計劃的 75%，還有七個季度完成。

We have acted aggressively and opportunistically and have delivered on our intention to return capital to shareholders at a fast pace.

我們採取了積極和機會主義的行動，並實現了快速向股東返還資本的意圖。

Including dividends and net share settlements, we've taken action of $66 billion of the total $100 billion program announced last year.

包括股息和淨股份結算在內，我們已經採取了去年宣布的 1000 億美元計劃中的 660 億美元的行動。

Today we're taking additional steps that will increase the overall size of the program from $100 billion to over $130 billion, within the same time frame of December 2015 as before.

今天，我們正在採取額外措施，將在 2015 年 12 月的同一時間框架內，將該計劃的總體規模從 1000 億美元增加到 1300 億美元以上。

There are two elements to the expansion of the program.

擴展程序有兩個要素。

First, we're increasing the size of our share repurchase authorization from $60 billion to $90 billion.

首先，我們將股票回購授權的規模從 600 億美元增加到 900 億美元。

We are very confident in Apple's future and we believe our current stock price does not reflect the full value of the Company.

我們對蘋果的未來充滿信心，我們相信我們目前的股價並不能反映公司的全部價值。

That's why the vast majority of our capital program continues to be allocated to share repurchases.

這就是為什麼我們的絕大多數資本計劃繼續分配給股票回購。

We will also continue to net share settle restricted stock units and expect to utilize about $1 billion of cash annually for that purpose.

我們還將繼續以淨股份結算限制性股票單位，並預計每年為此目的使用約 10 億美元現金。

Second, our Board has declared a dividend of $3.29 per common share, payable on May 15, 2014, to shareholders of record as of May 12, 2014.

其次，我們的董事會已宣布向截至 2014 年 5 月 12 日在冊的股東派發每股普通股 3.29 美元的股息，於 2014 年 5 月 15 日支付。

That represents an increase of about 8% in our quarterly dividend.

這意味著我們的季度股息增加了約 8%。

We understand the importance of dividend increases to many of our investors, and we're increasing the dividend for the second time in less than two years.

我們了解增加股息對我們許多投資者的重要性，我們正在不到兩年的時間裡第二次增加股息。

We are planning for continued annual increases and we are very proud that Apple is one of the largest dividend payers in the world with annual payments of $11 billion.

我們計劃繼續每年增加股息，我們非常自豪蘋果公司是世界上最大的股息支付者之一，每年支付 110 億美元。

All our capital return activities must be funded by domestic cash, which as I mentioned, was about $18 billion as we exited the March quarter and down from $39 billion in the quarter that we paid our first dividend.

我們所有的資本回報活動都必須由國內現金提供資金，正如我所提到的，當我們退出 3 月季度時，國內現金約為 180 億美元，低於我們支付第一次股息的季度的 390 億美元。

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

我們將保持充足的國內流動性以發展業務並執行資本支出和收購。

Thanks to Apple's strong growth and international expansion in recent years, we've built substantial offshore cash balances.

由於蘋果近年來的強勁增長和國際擴張，我們已經建立了大量的離岸現金餘額。

To repatriate our foreign cash under current US tax law, we would incur significant cash tax consequences and we don't believe this would be in the best interest of our shareholders.

根據現行美國稅法將我們的外國現金匯回國內，我們將承擔重大的現金稅後果，我們認為這不符合我們股東的最佳利益。

We continue to advocate for comprehensive corporate tax reform and streamlining the tax code, which we believe would be of great benefit to the US economy.

我們繼續倡導全面的企業稅改革和精簡稅法，我們認為這將對美國經濟大有裨益。

To execute our updated capital return program in a tax-efficient manner and leverage our very strong balance sheet, we intend to access the debt markets again.

為了以節稅的方式執行我們更新的資本回報計劃並利用我們非常強大的資產負債表，我們打算再次進入債務市場。

We plan to be active in both the domestic and international bond markets during 2014 for an amount of term debt financing similar to what we issued in 2013, with the breakdown between markets, currencies and tenors, to be determined over the course of the year, and subject to prevailing conditions in each market.

我們計劃在 2014 年活躍於國內和國際債券市場，提供與我們 2013 年發行類似的定期債務融資，市場、貨幣和期限之間的細分將在年內確定，並受制於每個市場的現行條件。

We have also prepared ourselves to access the commercial paper market given the substantial short-term liquidity and flexibility that this channel can provide.

鑑於該渠道可以提供的大量短期流動性和靈活性，我們也已準備好進入商業票據市場。

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

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

We expect revenue to be between $36 billion and $38 billion, compared to $35.3 billion in the year-ago quarter.

我們預計收入將在 360 億美元至 380 億美元之間，而去年同期為 353 億美元。

We expect gross margins to be between 37% and 38%.

我們預計毛利率將在 37% 至 38% 之間。

We expect OpEx to be between $4.4 billion and $4.5 billion.

我們預計運營支出將在 44 億美元至 45 億美元之間。

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

我們將繼續大力投資於當前創收類別以及未來產品和服務的研發。

We expect OI&E to be about $200 million and we expect the tax rate to be about 26.1%.

我們預計 OI&E 約為 2 億美元，我們預計稅率約為 26.1%。

And now I'd like to turn it back to Tim.

現在我想把它轉回給蒂姆。

Thanks, Luca.

謝謝，盧卡。

In addition to the changes to our capital return program, today we're also announcing a seven for one split of Apple common stock, which will occur in June of this year.

除了改變我們的資本回報計劃之外，今天我們還宣布將在今年 6 月對蘋果普通股進行 7 比 1 的拆分。

We're taking this action to make Apple stock more accessible to a larger number of investors.

我們採取這一行動是為了讓更多投資者更容易接觸到 Apple 股票。

Each shareholder of record at the close of business on June 2, 2014, will receive six additional shares for every outstanding share held on the record date, and trading will begin on a split adjusted basis on June 9, 2014.

於 2014 年 6 月 2 日收市時，每位在冊股東將在登記日持有的每股流通股中獲得 6 股額外股份，交易將於 2014 年 6 月 9 日在拆分調整的基礎上開始。

Finally, before we start the Q&A, I'd like to take a minute to talk about my dear friend and colleague Peter Oppenheimer.

最後，在我們開始問答之前，我想花一點時間談談我親愛的朋友和同事彼得奧本海默。

As you know, Peter will be transitioning from the CFO role in June.

如您所知，Peter 將於 6 月從首席財務官的角色過渡。

Peter has been Apple's CFO for 10 years, and the list of his accomplishments is immense.

Peter 擔任 Apple 的 CFO 已有 10 年，他的成就不勝枚舉。

Apple is now more than 20 times the size it was when Peter became our CFO, and his expertise, leadership, and incredibly hard work have been instrumental to the Company's success.

現在，Apple 的規模是 Peter 成為我們 CFO 時的 20 多倍，他的專業知識、領導能力和令人難以置信的辛勤工作對公司的成功起到了重要作用。

I'd like to thank him very publicly for his contributions to Apple, from the very bottom of my heart, and wish him all the best in his approaching retirement at the end of September.

我要非常公開地感謝他對 Apple 的貢獻，發自內心地感謝他，並祝愿他在 9 月底即將退休時一切順利。

And I'd also like to recognize him, that he has never missed guidance in the 10 years as CFO, which must be an all-time record for CFOs.

我還想認識他，他在擔任首席財務官的 10 年裡從未錯過過指導，這對於首席財務官來說一定是一個歷史記錄。

We're really happy and fortunate to have someone with Luca's talent on-board to replace Peter.

我們真的很高興也很幸運能有一個像盧卡這樣才華橫溢的人來代替彼得。

He has over 25 years of experience building and leading finance teams and global companies, and has an exceptionally broad international background, which you might be able to detect from his accent.

他擁有超過 25 年的建立和領導財務團隊和全球公司的經驗，並且具有異常廣泛的國際背景，您可以從他的口音中看出這一點。

He's been managing most of Apple's financial functions since coming on board last year and has done an outstanding job.

自去年入職以來，他一直在管理 Apple 的大部分財務職能，並且工作出色。

I'm looking forward to working with Luca even closer as Apple's next CFO.

作為 Apple 的下一任首席財務官，我期待與 Luca 更緊密地合作。

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

有了這個，我想打開提問的電話。

Thank you, Tim.

謝謝你，蒂姆。

We'd like to ask that you limit yourself to one question and one follow-up, please.

我們想請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?

接線員，我們可以問第一個問題嗎？

(Operator Instructions)

（操作員說明）

Katy Huberty, Morgan Stanley.

凱蒂·休伯蒂，摩根士丹利。

Tim, if I heard you right, the $800 million account is a staggering jump from the last time you reported the number, and yet iTunes software services growth decelerated again this quarter.

蒂姆，如果我沒聽錯的話，這個 8 億美元的賬戶比你上次報告的數字有了驚人的增長，但 iTunes 軟件服務的增長在本季度再次減速。

Can you talk a little about your view on the importance of better monetizing the installed base in the future?

您能否談談您對未來更好地利用已安裝基礎獲利的重要性的看法？

And then I have a follow-up.

然後我有一個跟進。

Keep in mind, in that category, there's a -- several things, not just the App Store kind of revenues.

請記住，在該類別中，有幾件事，而不僅僅是 App Store 那種收入。

So if you looked at App Store only, it would look a little different than what you're saying.

因此，如果您只查看 App Store，它看起來會與您所說的有所不同。

But in terms of your question about monetization, I do believe that we can monetize more than we are from a services point of view in existing areas and in new areas.

但就您關於貨幣化的問題而言，我確實相信，從現有領域和新領域的服務角度來看，我們可以比我們更多地貨幣化。

And I'm particularly encouraged that when I look at the App Store and how it's doing, the strength was broad-based.

尤其讓我感到鼓舞的是，當我查看 App Store 以及它的表現時，它的優勢是廣泛的。

In fact, in China, the growth was in the triple digits.

事實上，在中國，增長達到了三位數。

And then question around iPhone ASPs, just looking at the trend, iPhone 5s demand has surprised the upside over the cycle.

然後是圍繞 iPhone ASP 的問題，僅從趨勢來看，iPhone 5s 的需求在周期內的上行空間令人驚訝。

Does that give you any confidence that Apple could actually charge more for highly innovative products in the future, or does the strategy remain to add innovation at the same price as previous versions of a product?

這是否讓你有信心蘋果在未來實際上可以為高度創新的產品收取更高的費用，或者該策略是否仍然以與以前版本的產品相同的價格增加創新？

We price things that we think, or price them in such a way that we think is a fair price for the value that we're delivering.

我們為我們認為的東西定價，或者以我們認為對我們正在交付的價值來說是公平的價格來定價。

And we make those decisions on each thing as it gets closer time to come to market.

隨著上市時間越來越近，我們會對每件事情做出這些決定。

Bill Shope, Goldman Sachs.

比爾·肖普，高盛。

Can you walk through the key drivers of the June quarter gross margin guidance off of what was admittedly very sharp upside for the March quarter?

您能否從 3 月季度公認的非常急劇的上行空間中了解 6 月季度毛利率指引的主要驅動因素？

Sure, Bill, I'll take that.

當然，比爾，我會接受的。

So March quarter was very good, as you said.

正如你所說，三月季度非常好。

There were three reasons for it.

這有三個原因。

We had, obviously, better volume, as you've seen from our revenue results.

正如您從我們的收入結果中看到的那樣，我們顯然擁有更好的銷量。

We had better cost than anticipated, and we had some favorable mix of both products and services.

我們的成本比預期的要好，而且我們有一些產品和服務的有利組合。

As we get into Q3, obviously, as you've seen from our revenue guidance, we are expecting some loss of leverage, which will come from the sequential decline in revenue.

顯然，隨著我們進入第三季度，正如您從我們的收入指導中看到的那樣，我們預計槓桿率會有所下降，這將來自收入的連續下降。

It's about 19% at the midpoint of the range.

在該範圍的中點處約為 19%。

And we're also expecting less favorable mix.

而且我們也預計不太有利的組合。

This is something very typical that happens to us as we move farther away from the quarter when we launch the new products.

當我們距離推出新產品的季度越來越遠時，這種情況發生在我們身上非常典型。

To offset that, it's only going to be a partial offset, we will have some cost improvements.

為了抵消這一點，它只是部分抵消，我們將有一些成本改進。

And then looking at the iPhone upside for the March quarter, obviously it looks like China was a key driver here but within the US, did you see as much pressure from the changes in US carrier upgrade policies that you had discussed last quarter?

然後看看 3 月季度的 iPhone 上行空間，顯然中國是這裡的主要驅動力，但在美國，你是否看到了你上個季度討論的美國運營商升級政策變化帶來的壓力？

And was demand just strong enough to completely counter that?

需求是否足以完全抵消這一點？

And then is this headwind behind us now and potentially a tailwind in the US as we head into the June quarter?

那麼，這種逆風現在是否已經在我們身後，並且在我們進入 6 月季度時可能會成為美國的順風？

We saw some pressure in the quarter because of the stricter enforcement of upgrade policies.

由於升級政策的執行更加嚴格，我們在本季度看到了一些壓力。

This is primarily in the US, as I had mentioned last time.

正如我上次提到的，這主要是在美國。

But if you really look at iPhone, the strength of iPhone was very broad-based, and as I had mentioned, we gained share in a whole host of markets, from developing markets like the US, UK, France, Germany, to more of emerging markets like China, Vietnam, and had the largest total sales of iPhone in the BRIC countries that we've ever seen in our history.

但如果你真的看 iPhone，iPhone 的優勢是非常廣泛的，正如我所提到的，我們在許多市場中獲得了份額，從美國、英國、法國、德國等發展中市場到更多在中國、越南等新興市場，iPhone 在金磚四國的總銷量是我們歷史上見過的最高的。

And so, we feel very good about the -- that the strength was broad-based.

因此，我們對力量基礎廣泛感到非常滿意。

Toni Sacconaghi, Sanford Bernstein.

托尼·薩科納吉，桑福德·伯恩斯坦。

I have one question for Luca and a follow-up for Tim, please.

我有一個問題要問盧卡，還有一個問題要問蒂姆。

Luca, on the iPhone ASPs this quarter, they were down a little over $40.

Luca，在本季度的 iPhone ASP 上，它們下降了 40 多美元。

I think that was the largest sequential decline that we've seen in history.

我認為這是我們在歷史上看到的最大的連續下降。

I was wondering if you could help us understand what drove that?

我想知道你是否可以幫助我們了解是什麼驅動了它？

Was it entirely mix?

是完全混合的嗎？

You mentioned good growth in each of the three models, but were you seeing particularly strong growth in the 4s?

您提到了三個模型中的每一個都有良好的增長，但是您是否看到 4s 的增長特別強勁？

I think you mentioned that in China.

我想你在中國提到過。

And how significant, if any, was selling older generation 4 iPhone 4s?

如果有的話，銷售老一代 4 iPhone 4s 有多大意義？

Yes, Toni.

是的，托尼。

When you look at the $41 of decline, I would say about half of that was driven by the fact that we have continued to do very well in emerging markets with the 4s.

當你看到 41 美元的下跌時，我想說其中大約一半是由於我們在 4s 的新興市場繼續表現出色的事實。

I have mentioned that there's a lot of markets where we've grown very strongly, in Latin America, in Asia-Pacific, in Eastern Europe.

我已經提到，在拉丁美洲、亞太地區和東歐，我們在很多市場都取得了非常強勁的增長。

So about half of that decline came from the stronger sales of the 4s.

因此，大約一半的下降來自 4s 的強勁銷售。

And then the rest was primarily the fact that, again, as we move away from the quarter where we launch the product, we tend to have lower capacity mix in our numbers.

然後剩下的主要是這樣一個事實，同樣，隨著我們遠離推出產品的季度，我們的數字中的容量組合往往較低。

Tim, I was wondering if you could talk about how you think about replacement cycles generally for the iPhone over the longer term.

蒂姆，我想知道你能否談談你如何看待 iPhone 的長期更換週期。

Clearly, US carriers have started introducing plans that may ultimately encourage people to keep their phone longer than two years because their total price paid is less.

顯然，美國運營商已經開始推出計劃，最終可能會鼓勵人們將手機保留超過兩年，因為他們支付的總價格較低。

And so one could argue, and I'd like your opinion on whether you think that could push out replacement cycles, I guess the other consideration is the imperative for Apple to continue to introduce really great products to want to have people upgrade at the same frequency, and I guess the dilemma in doing that is, as we've seen with the 5 and with the 4, is introducing really great products typically puts pressure on your bomb and pressures margins.

所以有人可能會爭辯，我想你的意見是，你認為這是否會推遲更換週期，我想另一個考慮是蘋果必須繼續推出真正偉大的產品，讓人們同時升級頻率，我想這樣做的困境是，正如我們在 5 和 4 中看到的那樣，引入真正偉大的產品通常會給你的炸彈和壓力帶來壓力。

So perhaps you could just tell us how you think conceptually about where you think replacement cycles go over time and why?

所以也許你可以告訴我們你如何從概念上思考你認為更換週期會隨著時間的推移而發生的變化以及為什麼？

And then secondly, how do you address this dilemma of, well, in order to make a great phone, it typically costs more to do so, and managing that potential margin pressure?

其次，你如何解決這個困境，為了製造一款出色的手機，通常成本更高，並管理潛在的利潤壓力？

There's a lot there.

那裡有很多。

Let me see if I can address it quickly.

讓我看看我能不能快速解決它。

I want to just add one thing to the point that you asked Luca.

我想在你問盧卡的那一點上補充一件事。

Just to be clear on the iPhone 4 question, we sold a very, very low single-digit percentage of those and so it had extremely minimal impact of results on the quarter.

只是為了明確 iPhone 4 的問題，我們售出的個位數百分比非常非常低，因此它對本季度業績的影響極小。

In terms of the general upgrade, or the installed base, some of the programs that the carriers are running may serve to increase the upgrade cycle, because there's some areas where customers can pay a bit more in the beginning and have the ability to essentially upgrade each year.

就一般升級或安裝基礎而言，運營商正在運行的一些程序可能會增加升級週期，因為有些區域客戶可以在開始時支付更多費用並且有能力進行本質升級每年。

And so I think there's some that work that way.

所以我認為有些是這樣工作的。

I think there's some that work more the way that you're leaning, and how these balance are very difficult, currently, to conclude.

我認為有一些更適合你的傾斜方式，而這些平衡目前很難得出結論。

But regardless of how those balance, what I see as the bigger opportunity for Apple is that the smartphone market is still only 1 billion, or so units and it will eventually take over the entire mobile phone market.

但無論這些平衡如何，我認為蘋果更大的機會是智能手機市場仍然只有 10 億台左右，最終將接管整個手機市場。

We've seen our ability to attract new users to iPhone to be very significant in the emerging markets.

我們已經看到我們吸引新用戶使用 iPhone 的能力在新興市場非常重要。

We were seeing new-to-iPhone numbers on the iPhone 4s sales in the 80 percentages, and in certain large geos.

我們在 80% 的 iPhone 4s 銷售中以及某些大型地區看到了 iPhone 新用戶數量。

And so this, to us, gives us a great comfort that we can continue to grow.

因此，對我們來說，這給了我們很大的安慰，我們可以繼續成長。

And we may not be able to attract some of those buyers to our top phone because of price point.

而且由於價格原因，我們可能無法吸引其中一些買家使用我們的頂級手機。

But if we can get them in on the entry iPhone, it gives them a great product at a great value and gets them into the ecosystem.

但是，如果我們能讓他們進入入門 iPhone，它就會為他們提供物超所值的優質產品，並讓他們進入生態系統。

And as you know from following us for a while, our ability to keep customers is very good and our ability to show other products that Apple produces to a family that's buying Apple products is also very good.

從關注我們一段時間你就知道，我們留住客戶的能力非常好，我們向購買蘋果產品的家庭展示蘋果生產的其他產品的能力也非常好。

So, at the macro level I see the opportunity of the market and getting more people into the Apple ecosystem much larger than any of the noise around the different carrier plans, some of which I think help, and some which I think work the opposite way.

因此，在宏觀層面上，我看到了市場的機會，讓更多人進入蘋果生態系統比圍繞不同運營商計劃的任何噪音都要大得多，其中一些我認為有幫助，而另一些則相反.

And it's completely unclear to me how those net.

我完全不清楚這些網絡是如何產生的。

It's probably also important to know that the bulk of the things you're seeing in the US are not occurring in many of the other geos in terms of the upgrade policies and so forth.

了解您在美國看到的大部分事情在升級政策等方面並沒有發生在許多其他地區，這可能也很重要。

Each country has its own kind of cadence associated with this.

每個國家都有自己與之相關的節奏。

The US is, it's in the 30 percentages of our business, not 100, so it's important to weigh it with the proper perspective.

美國占我們業務的 30%，而不是 100%，因此以正確的視角衡量它很重要。

And any comments on the latter part of that around the imperative to continue to come out with really great products that ensure people have an incentive to upgrade?

對於後半部分圍繞繼續推出真正出色的產品以確保人們有升級動力的必要性有何評論？

Yet when we've seen you really revolutionize phones between iterations, we've seen margin pressure?

然而，當我們看到你們在兩次迭代之間真正徹底改變了手機時，我們看到了利潤壓力嗎？

The most important thing, Toni, that we do is to make great products that really get our users excited to want the next one and that will always be the case.

Toni，我們所做的最重要的事情是製造出真正讓我們的用戶興奮地想要下一個產品的偉大產品，而且情況永遠如此。

And you can bet that that's where the vast majority of all of our attention is, is on doing those things.

你可以打賭，我們絕大多數的注意力都集中在做這些事情上。

In terms of the bomb pressure of any new product, you have seen in the past that exists, I think you've also seen that we have a way of working down the cost curve.

就任何新產品的炸彈壓力而言，您在過去已經看到存在，我想您也已經看到我們有一種降低成本曲線的方法。

That was certainly very key in achieving the 39.3% gross margin for this past quarter, and as I said before, we price things at a level that is fair for the value that we're providing.

這無疑是在過去一個季度實現 39.3% 的毛利率的關鍵，正如我之前所說，我們的定價水平對我們提供的價值來說是公平的。

And so, we're certainly not stuck on certain price points.

因此，我們當然不會停留在某些價格點上。

We price at values that are fair for the value that we're delivering.

我們以與我們提供的價值相稱的價值定價。

Steve Milunovich, UBS.

瑞銀的史蒂夫·米盧諾維奇。

Tim, I understand that the iPad's not as weak as it appears on a sell-through basis, but still, it's relatively flat over the last year in terms of sell-through.

蒂姆，我知道 iPad 的銷量並不像看起來那麼弱，但就銷量而言，它與去年相比仍然相對持平。

What are your thoughts in terms of why that is and can that accelerate with Office on the iPad going forward?

對於為什麼會這樣，以及隨著 iPad 版 Office 的發展，你的想法是什麼？

It's a good question.

這是個好問題。

Let's talk about iPad a little more than we did in the comments.

讓我們比我們在評論中更多地談論 iPad。

When I back up from iPad, here's what I see.

當我從 iPad 備份時，這就是我所看到的。

It's the -- absolutely has been the fastest-growing product in Apple's history.

它是——絕對是蘋果歷史上增長最快的產品。

And it's been the only product that we've ever made that was instantly a hit in three of our key markets, from consumer, to business, including the enterprise, and education.

它是我們製造的唯一一款在我們的三個主要市場（從消費者到企業，包括企業和教育）立即大受歡迎的產品。

And so, if you really look at it in just four years after we launched the very first iPad, we've sold over 210 million, which is more than we or, I think, anyone thought was possible at that period of time, and it's interesting to note that that's almost twice as many iPhones as we had sold in a comparable period of time and over seven times as many iPods as we had sold in the period of time.

因此，如果你真的在我們推出第一款 iPad 後的四年內仔細觀察它，我們已經售出了超過 2.1 億台，這比我們，或者，我認為，當時任何人都認為是可能的，而且有趣的是，這幾乎是我們在可比時間段內銷售的 iPhone 數量的兩倍，是我們在同一時間段內銷售的 iPod 數量的七倍多。

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

所以我認為正確看待這一點很重要。

We've come a long way very, very quickly.

我們已經非常非常快地走了很長一段路。

Looking at it by market a bit, which I think is important, I think Luca mentioned a little bit of this in his comments.

從市場來看，我認為這很重要，我認為盧卡在他的評論中提到了一點。

In the education market in the US we have a 95% share.

在美國的教育市場，我們佔有 95% 的份額。

And so the focus in education is on penetration, is on getting more schools to buy, and my belief is the match has been lit and it's very clear to the educators that have studied this, is that student achievement is higher with iPad in the classroom than without it.

所以教育的重點是滲透，是讓更多的學校購買，我相信比賽已經點燃，研究過這一點的教育工作者很清楚，在課堂上使用 iPad 學生的成績會更高比沒有它。

So I'm confident we've got a really great start in education, far beyond the US now.

所以我相信我們在教育方面已經有了一個很好的開端，現在遠遠超出了美國。

This is happening in many, many parts of the world.

這種情況正在世界許多地方發生。

In the enterprise market, we're seeing virtually all, 98% of the Fortune 500, that are using iPad, and we're seeing, according to Good Technology, who looks at activations of tablets, the latest data we have from them is that 91% of the activations of tablets in enterprise were iPads.

在企業市場中，我們看到幾乎所有財富 500 強企業中的 98% 都在使用 iPad，據關注平板電腦激活情況的 Good Technology 稱，我們從他們那裡獲得的最新數據是企業中 91% 的平板電腦激活是 iPad。

And so this is also an astonishing number and many of those enterprises are writing apps that are key proprietary apps for running that business, and this is great for that company because they're more productive as a result of that.

所以這也是一個驚人的數字，其中許多企業正在編寫應用程序，這些應用程序是運行該業務的關鍵專有應用程序，這對該公司來說非常棒，因為它們因此更有效率。

And so once again, our -- just like in education, in a way, what we have to do in enterprise is focus on penetration.

所以再一次，我們 - 就像在教育中一樣，在某種程度上，我們在企業中必須做的是專注於滲透。

It has to be deeper and broader, but in terms of having people begin the process, beginning writing apps, we're doing a pretty good job of that.

它必須更深入、更廣泛，但就讓人們開始這個過程，開始編寫應用程序而言，我們在這方面做得很好。

In the retail market, if you look at the US as a proxy, the NPD numbers for March just came out a few days ago and we had 46% share.

在零售市場，如果你以美國為代表，3 月份的 NPD 數據幾天前剛剛公佈，我們擁有 46% 的份額。

And embedded in that 46%, there's a lot of things in there that I personally wouldn't put in the same category as iPad, and that are weighing the share down.

在這 46% 中，有很多東西我個人不會與 iPad 歸入同一類別，這正在壓低份額。

It's certainly a market we wouldn't play in, and a type of product you would never see an Apple brand on.

這當然是一個我們不會涉足的市場，也是一種你永遠不會看到蘋果品牌的產品。

So, we feel like we're doing well there.

所以，我們覺得我們在那裡做得很好。

Office, I believe, does help.

我相信辦公室確實有幫助。

It's very unclear to say how much.

說多少還不清楚。

I believe that if it would have been done earlier, it would have been even better for Microsoft, frankly.

坦率地說，我相信如果早點完成，對微軟來說會更好。

There's lots of alternatives out there from productivity point of view, some of which we brought to the market, some of which many, many innovative companies have brought.

從生產力的角度來看，有很多替代品，其中一些是我們推向市場的，其中一些是很多很多創新公司帶來的。

But I do see that Office is still a very key franchise in the enterprise, in particular, and I think having it on iPad is good, and I whole-heartedly welcome Microsoft to the App Store to sell Office.

但我確實看到 Office 仍然是企業中非常關鍵的特許經營權，特別是，我認為在 iPad 上擁有它是件好事，我衷心歡迎微軟到 App Store 銷售 Office。

Our customers are clearly responding in a good way that it's available.

我們的客戶顯然以一種可用的方式做出了回應。

So, I do think it helps us, particularly in the enterprise area.

所以，我確實認為它對我們有幫助，尤其是在企業領域。

The other things you look at on iPad that are just blow-away is customer sat is 98.

你在 iPad 上看到的其他令人震驚的東西是客戶坐席是 98。

There's almost nothing in the world with a 98% customer sat.

世界上幾乎沒有 98% 的客戶坐過。

And the intention-to-buy numbers look good, with two-thirds of the people planning to buy a tablet are planning to buy an iPad.

購買意向數據看起來不錯，三分之二的計劃購買平板電腦的人正計劃購買 iPad。

The usage numbers are off the charts, far and exceeding Android tablets, four times the web traffic of all Android tablets combined.

使用量超出圖表，遠遠超過 Android 平板電腦，是所有 Android 平板電腦網絡流量總和的四倍。

And so when I back up from all of these, I feel great.

所以當我從所有這些中恢復過來時，我感覺很棒。

That doesn't mean that every quarter, every 90 days is going to be a number that everybody's thrilled with.

這並不意味著每個季度，每 90 天都會是每個人都為之興奮的數字。

But what it means to me is that the trend over time, over the arc of time, that things look very, very good, that iPad has a great future.

但對我來說，這意味著隨著時間的推移，隨著時間的推移，事情看起來非常非常好，iPad 有一個美好的未來。

And of course the thing that drives us more than any of this are the next iPads, if you will.

當然，如果你願意的話，最能驅動我們的是下一代 iPad。

The things that are in the pipeline, the things that we can do to make the product even better.

正在籌備中的事情，我們可以做的事情來使產品變得更好。

And there's no shortage of work going in on that, nor any shortage of ideas.

在這方面不乏工作，也不缺少想法。

And so when I back up from all of this, I can't help but still be extremely excited about where we are.

因此，當我從所有這一切中恢復過來時，我仍然對我們所處的位置感到非常興奮。

And I think we did a reasonable job of explaining what we think the disconnect was between what we had expected, which we hit it at the high end of our expectation, and the street's view of this one.

而且我認為我們做了合理的工作來解釋我們認為我們的預期之間的脫節，我們在我們的預期的高端達到了它，以及街道對這個的看法。

And I believe the vast majority of it is that first thing was just channel inventory, that maybe we should have been even clearer on last quarter to take into account.

而且我相信其中絕大多數是第一件事只是渠道庫存，也許我們應該在上個季度更清楚地考慮到這一點。

I am very bullish on iPad.

我非常看好iPad。

One other question: when you look at Google and Amazon and Facebook, they very much diversify their business over time in a way that one has rarely seen.

另一個問題：當你看看谷歌、亞馬遜和 Facebook 時，隨著時間的推移，它們的業務非常多樣化，這是一種人們很少見過的方式。

Apple, sort of the opposite.

蘋果，正好相反。

People say you ought to buy this or that, and you will do acquisitions, but you're obviously very focused.

人們說你應該買這個或那個，你會做收購，但你顯然非常專注。

Is that because it's just a management philosophy of wanting to be more focused than some of these other companies, or is there something about Apple's product set, particularly being more hardware-oriented, that prevents you from saying yes, let's go make TV shows, or let's go off and do something else, even though you probably have the money and the technical capability to do other things?

那是因為它只是一種想要比其他一些公司更專注的管理理念，還是蘋果的產品集有什麼東西，特別是更面向硬件，這阻止你說是的，讓我們去做電視節目，還是讓我們去做其他事情，即使您可能有錢和技術能力做其他事情？

The key thing that for us, Steve, is to stay focused on things that we can do best and that we can perform at a really high level of quality that our customers have come to expect.

對我們來說，史蒂夫，關鍵是要專注於我們可以做得最好的事情，並且我們可以以客戶期望的非常高的質量執行。

And so we currently feel comfortable in expanding the number of things we're working on, and so we've been doing that in the background and we're not ready yet to pull the string on the curtain.

所以我們目前對擴大我們正在做的事情的數量感到滿意，所以我們一直在後台做這件事，我們還沒有準備好拉開帷幕。

But we've got some great things there that we're working on that I'm very, very proud of and very, very excited about.

但是我們在那裡有一些很棒的東西，我們正在努力，我非常非常自豪並且非常非常興奮。

But for us, we care about every detail.

但對我們來說，我們關心每一個細節。

And when you care about every detail and getting it right, it takes a bit longer to do that.

當你關心每一個細節並把它做好時，它需要更長的時間來做到這一點。

And it's -- and that's always been the case.

它是——而且一直都是這樣。

That's not something that just occurred.

這不是剛剛發生的事情。

We, as you probably know from following us for a long time, we didn't ship the first MP3 player, nor the first smartphone, nor the first tablet.

我們，正如您長期關注我們所知道的那樣，我們沒有推出第一款 MP3 播放器，也沒有推出第一款智能手機，也沒有推出第一款平板電腦。

In fact, there were tablets being shipped a decade or so of before then.

事實上，在此之前的十年左右，就有平板電腦出貨了。

But arguably we shipped the first successful modern tablet, the first successful modern smartphone, and the first successful modern MP3 player.

但可以說，我們推出了第一台成功的現代平板電腦、第一台成功的現代智能手機和第一台成功的現代 MP3 播放器。

And so it means much more to us to get is right than to be first.

因此，對我們來說，獲得正確比成為第一更重要。

And I think you can see so many examples out in the marketplace where it's clear that the objective has been to be first.

而且我認為你可以在市場上看到很多例子，很明顯目標是成為第一。

But customers, at the end of the day, don't care about that, or that's not what they look for from Apple.

但最終，客戶並不關心這一點，或者這不是他們從 Apple 那裡尋找的東西。

They want great, insanely great, and that's what we want to deliver, and so that's the way we look at it.

他們想要偉大的，瘋狂的偉大，這就是我們想要提供的，所以這就是我們看待它的方式。

From an acquisition point of view, we have done 24 in 18 months.

從收購的角度來看，我們在 18 個月內完成了 24 次。

That shows that we're on the prowl, I suppose you could say.

這表明我們正在四處尋找，我想你可以說。

We look for companies that have great people and great technology and that fit culturally, and we don't have a rule that says we can't spend a lot, or whatever.

我們尋找擁有優秀人才和優秀技術並且符合文化的公司，而且我們沒有規定我們不能花很多錢或其他什麼的規則。

We'll spend what we think is a fair price.

我們將花費我們認為合理的價格。

What's important to us is that strategically it makes sense, and that it winds up adding value to our shareholders over the long haul.

對我們來說重要的是，它在戰略上是有意義的，並且最終會為我們的股東長期增加價值。

We are not in a race to spend the most or acquire the most.

我們不是在競相花費最多或獲得最多。

We're in a race to make the world's best products, that really enrich people's lives.

我們正在競相製造世界上最好的產品，真正豐富人們的生活。

And so to the tune that acquisitions can help us do that, and they've done that and continue to do that, then we will acquire.

因此，收購可以幫助我們做到這一點，而且他們已經做到了並且繼續這樣做，那麼我們就會收購。

And so you can bet that you will continue to see acquisitions, and some of which we'll try to keep quiet, and some of which seems to be impossible to keep quiet.

所以你可以打賭你會繼續看到收購，其中一些我們會盡量保持沉默，而其中一些似乎不可能保持沉默。

Shannon Cross, Cross Research.

香農交叉，交叉研究。

In terms of a question for Tim, can you talk a bit about the competitive landscape for smartphones?

關於蒂姆的一個問題，你能談談智能手機的競爭格局嗎？

If you look at some of your competitors seem to have cut prices fairly quickly in the most recent product cycle, perhaps faster than before.

如果您看看您的一些競爭對手在最近的產品週期中似乎已經相當快地降價，也許比以前更快。

You've got Microsoft about to close on Nokia, Lenovo's buying Motorola, there's a lot going on from a sort of competitive standpoint.

微軟即將關閉諾基亞，聯想收購摩托羅拉，從某種競爭的角度來看，還有很多事情要做。

So I'm curious as to you how you're seeing the market.

所以我很好奇你是如何看待市場的。

There's a lot of moving parts, a lot of acquisitions, a lot of people giving up to some degree and deciding to do other things.

有很多活動的部分，很多收購，很多人在某種程度上放棄並決定做其他事情。

And so -- but at the end of the day, we see it much like we've always seen it, as -- . The part of the market that we're interested in is the market of people that really want the best smartphones, and that doesn't mean that they're all at the high end of the price span.

所以——但歸根結底，我們看到它就像我們一直看到的那樣——。我們感興趣的市場部分是真正想要最好的智能手機的市場，這並不意味著他們都處於價格範圍的高端。

We have smartphones that go down to a very affordable price with the 4s, because we're proud to ship that product.

我們的 4s 智能手機價格非常實惠，因為我們很自豪能夠推出該產品。

I think that this quarter, if you were unsure, hopefully this quarter demonstrates to you that we can do well in a number of geographies, from emerging markets to developed markets.

我認為本季度，如果您不確定，希望本季度向您展示我們可以在許多地區表現良好，從新興市場到發達市場。

Some of the numbers that we've experienced, just to quote some of the more historic prepaid markets, through the first half of 2014, Brazil was up 61%, Russia was up 97%, Turkey was up 56%, India was up 55%, Vietnam was up 262%.

我們所經歷的一些數字，只是引用一些更具歷史意義的預付費市場，到 2014 年上半年，巴西增長了 61%，俄羅斯增長了 97%，土耳其增長了 56%，印度增長了 55 %，越南上漲了 262%。

I could go on.

我可以繼續。

But the point is that there's a number of markets out there where we're beginning to really catch on to a number of customers, and I am particularly proud of the results in these markets, because these have not been historic strong points for Apple.

但關鍵是，我們開始在一些市場真正吸引大量客戶，我對這些市場的結果感到特別自豪，因為這些並不是蘋果的歷史強項。

We've been working at China for a while and have learned a lot, and I'm very proud of what we've done there.

我們在中國工作了一段時間，學到了很多東西，我為我們在那裡所做的一切感到非常自豪。

But I think some of these other numbers I just read demonstrates that we're beginning to have really nice success outside of there, as well.

但我認為我剛剛讀到的其他一些數字表明，我們也開始在外面取得非常好的成功。

And then, if you can just, actually as a follow-up, on the China side, I think it grew at 13% year-over-year.

然後，如果可以的話，實際上作為後續行動，在中國方面，我認為它同比增長了 13%。

You mentioned, obviously, China Mobile as being a driver of that.

你提到，很明顯，中國移動是這方面的推動者。

But can you talk about some of the other categories, as well, and perhaps some of the other carriers, in terms of where you're seeing demand out of China?

但是，您能否談談其他一些類別，也許還有其他一些運營商，就您看到中國的需求而言？

Yes, really great question.

是的，非常好的問題。

We did have an all-time revenue record in greater China, just under $10 billion at $9.8 billion.

我們確實在大中華區創造了歷史性的收入記錄，接近 100 億美元，達到 98 億美元。

iPhone sales were up 28%, that's versus the IDC's market forecast of 20% growth, so we gained share.

iPhone 銷量增長了 28%，而 IDC 的市場預測增長了 20%，因此我們獲得了份額。

Mac units were up double-digit, in particular they were up 13%.

Mac 單位增長了兩位數，特別是增長了 13%。

And that's far outpacing IDC's PC market forecast of a negative 8%.

這遠遠超過了 IDC 對負 8% 的 PC 市場預測。

So we gained share there, as well.

所以我們在那裡也獲得了份額。

If you look at the iTunes software and services revenue in China, we more than doubled it year-over-year.

如果你看一下中國的 iTunes 軟件和服務收入，我們的收入同比增長了一倍多。

We were in the triple-digits percentages.

我們處於三位數的百分比。

And if you look at iPad and you take out the channel inventories, the ins and outs and look at demand instead of sell-in, we grew by 6%, and that compares to IDC's forecast of a flat tablet market in China for last quarter, and so, we literally did well in every single area in China.

如果你看看 iPad，你把渠道庫存、來龍去脈，看看需求而不是銷售，我們增長了 6%，這與 IDC 對上一季度中國平板電腦市場持平的預測相比，因此，我們在中國的每一個領域都做得很好。

It wasn't just because we were able to come to an agreement with the world's largest carrier.

這不僅僅是因為我們能夠與世界上最大的運營商達成協議。

That was certainly key, but as you can tell from the rest of these numbers, there are other things going on.

這當然是關鍵，但正如你從這些數字的其餘部分中可以看出的那樣，還有其他事情正在發生。

Also, I mentioned this briefly with Steve, that I think it's important to point out that if you look at some of the numbers we're seeing on first-time iPhone buyers, people that bought the iPhone 4s, 85%, were first-time iPhone buyers.

此外，我與史蒂夫簡要提到了這一點，我認為重要的是要指出，如果你看一下我們在首次購買 iPhone 的人中看到的一些數字，購買 iPhone 4s 的人，85%，是第一個 -時間 iPhone 買家。

And the 5c, 69% first-time iPhone buyers.

而 5c，69% 的 iPhone 首次購買者。

So these are extraordinary, and as you would expect, these are also heavily Android switchers.

所以這些都是非凡的，正如你所料，這些也是大量的 Android 切換器。

62% of the people that bought the 4s switched from Android.

購買 4s 的人中有 62% 是從 Android 轉出的。

60% of the people that bought the 5c switched from Android.

購買 5c 的人中有 60% 是從 Android 轉向的。

And so we're incredibly pleased with this.

所以我們對此非常滿意。

For the first half, including our retail stores, greater China revenue topped $19 billion.

上半年，包括我們的零售店在內，大中華區的收入超過 190 億美元。

So this is at 21% year-over-year and is our fastest-growing region.

因此，這一年增長率為 21%，是我們增長最快的地區。

So we're looking at this data and deciding to continue investing in a big way.

因此，我們正在查看這些數據並決定繼續大舉投資。

We plan to triple the number of Apple retail stores over the next two years.

我們計劃在未來兩年內將 Apple 零售店的數量增加兩倍。

We're continuing to expand in online.

我們將繼續在線上擴展。

We're continuing to build out the channel.

我們正在繼續建立渠道。

We're up to 40,000 points of sale now on iPhone.

我們現在在 iPhone 上擁有多達 40,000 個銷售點。

But we're not nearly where we need to be on the rest of our product line, and even the 40,000 is a low number, considering the broad land mass and the number of folks in China.

但在我們的其他產品線中，我們還遠遠沒有達到我們需要的水平，考慮到中國廣闊的土地和人口數量，即使是 40,000 也是一個很低的數字。

And so, I feel like there's still loads of opportunity there, and feel really, really good about how we're doing.

所以，我覺得那裡仍然有很多機會，並且對我們的表現感到非常非常好。

Gene Munster, Piper Jaffray.

吉恩·芒斯特，派珀·杰弗瑞。

Tim, I want to talk a little about some of your comments at the recent shareholder meeting.

蒂姆，我想談談你在最近的股東大會上的一些評論。

You mentioned that Apple TV is no longer a hobby.

您提到 Apple TV 不再是一種愛好。

I wanted to hear a little about why you made that distinction.

我想听聽你為什麼做出這樣的區分。

Separately, it would be interesting to hear your feedback on the HBO, Amazon announcement today, and what you think that means, if anything, in terms of some content partners be able to work with more players like yourself.

另外，很高興聽到您對 HBO 的反饋，亞馬遜今天的公告，以及您認為這意味著什麼，如果有的話，一些內容合作夥伴能夠與更多像您這樣的玩家合作。

Good questions, Gene.

好問題，吉恩。

The reason that I stripped off the hobby label is that when you look at the sales of the Apple TV box itself, and you look at content that was bought directly off of Apple TV for 2013, that number was over $1 billion.

我去掉愛好標籤的原因是，當你查看 Apple TV 盒子本身的銷售額，以及 2013 年直接從 Apple TV 購買的內容時，這個數字超過了 10 億美元。

And so it didn't feel right to me to refer to something that's over $1 billion as a hobby.

所以我覺得將超過 10 億美元的東西稱為愛好是不對的。

Also, from an investment point of view, we continue to make the product better and better, and so it doesn't feel right from that point of view either.

另外，從投資的角度來看，我們繼續把產品做得越來越好，所以從這個角度來看也感覺不對。

We have HBO GO already on Apple TV and you have to authenticate in order to use it, but you have to do that with Amazon service as well from my brief read of their announcement.

我們已經在 Apple TV 上安裝了 HBO GO，您必須進行身份驗證才能使用它，但您也必須通過 Amazon 服務來做到這一點，我簡要閱讀了他們的公告。

I think they, in addition to that, got some older content from HBO to put on there.

我認為除此之外，他們還從 HBO 那裡獲得了一些較舊的內容。

I haven't had a chance to evaluate exactly what it is, and don't have a personal point of view on that yet.

我還沒有機會確切地評估它是什麼，並且對此還沒有個人觀點。

But if I look broadly at the contents on Apple TV, I think it compares extremely favorable to the content that is on the Amazon box.

但如果我從廣義上看 Apple TV 上的內容，我認為它與亞馬遜盒子上的內容相比非常有利。

We've sold now, Gene, about 20 million of the Apple TVs, and so we've got a pretty large install base there.

Gene，我們現在已經售出了大約 2000 萬台 Apple TV，因此我們在那裡擁有相當大的安裝基礎。

And I'm feeling quite good about that business and where it can go.

我對這項業務以及它的發展方向感到非常滿意。

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 iTunes Store 上以播客的形式在 apple.com/investor 上以網絡廣播的形式通過電話播放，為期兩週。

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 5206019.

請輸入確認碼 5206019。

And 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, Joan is 408-974-4570 and I'm at 408-974-5420.

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

And with that, 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。