蘋果 (AAPL) 2014 Q3 法說會逐字稿

Good day, everyone, and welcome to the Apple Incorporated Third-Quarter Fiscal Year 2014 Earnings Release Conference Call.

大家好，歡迎參加 Apple 公司 2014 財年第三季度財報電話會議。

Today's call is being recorded.

今天的電話正在錄音。

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

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

Please go ahead.

請繼續。

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

謝謝大家，下午好，感謝大家今天加入我們。

Speaking first is Apple CEO, Tim Cook, and he'll be followed by CFO, Luca Maestri, and then we'll open the call to questions from analysts.

首先發言的是蘋果公司首席執行官蒂姆庫克，隨後是首席財務官盧卡梅斯特里，然後我們將向分析師提問。

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, taxes, and future products.

請注意，您將在我們今天的討論中聽到的一些信息將包含前瞻性陳述，包括但不限於有關收入、毛利率、運營費用、其他收入和費用、稅收和未來產品的陳述。

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's 10-Q for the first two quarters 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 財年前兩個季度的 10-Q 表格以及今天向美國證券交易委員會提交的 8-K 表格中討論的風險因素，以及相關媒體發布。

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 Tim for introductory remarks.

我現在想把電話轉給蒂姆做介紹性發言。

Thank you, Nancy, and good afternoon, everyone.

謝謝你，南希，大家下午好。

It's been a very busy and exciting time at Apple, and I'd like to review some of the highlights of our June quarter.

這是蘋果公司非常忙碌和激動人心的時刻，我想回顧一下我們六月季度的一些亮點。

We hosted our best ever Worldwide Developers Conference last month, with over 20 million people from around the world watching our keynote session, which is a new record.

上個月，我們舉辦了有史以來最好的全球開發者大會，來自世界各地的超過 2000 萬人觀看了我們的主題演講，創下了新紀錄。

We've had overwhelming response from customers and developers to the new features we previewed in OS X Yosemite, and iOS 8.

客戶和開發人員對我們在 OS X Yosemite 和 iOS 8 中預覽的新功能反應熱烈。

Yosemite has been redesigned with a fresh look and powerful new apps, and iOS 8 is the biggest release since the launch of the App Store.

Yosemite 經過重新設計，擁有全新的外觀和功能強大的新應用，而 iOS 8 是自 App Store 推出以來最大的一次發布。

With powerful continuity features, these upcoming releases while Macs and iOS devices to work together in even smarter ways.

憑藉強大的連續性功能，這些即將發布的版本可以在 Mac 和 iOS 設備上以更智能的方式協同工作。

Customers can start an activity like writing an email on one device, and pass it to another, picking up where they left off without missing a beat.

客戶可以在一台設備上開始一項活動，比如在一台設備上寫一封電子郵件，然後將其傳遞給另一台設備，從他們離開的地方繼續，而不會錯過任何一個節拍。

They'll even be able to make and receive iPhone calls on their Mac with just a click.

他們甚至只需單擊一下即可在 Mac 上撥打和接聽 iPhone 電話。

These are features that only Apple can deliver.

這些是只有 Apple 才能提供的功能。

With iOS 8, we've opened over 4,000 APIs, providing more flexibility and opportunity for developers than ever before.

在 iOS 8 中，我們已經開放了 4,000 多個 API，為開發人員提供了前所未有的靈活性和機會。

iOS 8 provides developers with amazing new frameworks, enables wider use of touch ID to securely authenticate users within apps, and lets developers further customize the user experience with major extensibility features such as third-party keyboards.

iOS 8 為開發人員提供了令人驚嘆的新框架，允許更廣泛地使用觸控 ID 來安全地在應用程序中驗證用戶身份，並允許開發人員通過第三方鍵盤等主要可擴展性功能進一步定制用戶體驗。

We've also introduced Swift, an innovative new programming link, which for both iOS and OS X. Swift is the result of the latest research on programming languages, combined with decades of experience within building Apple platforms.

我們還介紹了 Swift，這是一種創新的新編程鏈接，適用於 iOS 和 OS X。Swift 是對編程語言的最新研究的結果，結合了數十年構建 Apple 平台的經驗。

It makes writing code interactive and fun, eliminates entire classes of unsafe code, and generates apps that run lightning fast.

它使編寫代碼具有交互性和樂趣，消除了整個類的不安全代碼，並生成快速運行的應用程序。

It's easy to learn, allowing even more people to dream big and create whole new categories of apps.

它易於學習，讓更多人夢想成真，創造全新的應用類別。

We believe our new OS releases combined with Swift will result in a huge leap forward for the Apple ecosystem, and we can't wait to see what developers will create with Yosemite, iOS 8, and Swift.

我們相信我們與 Swift 相結合的新操作系統版本將為 Apple 生態系統帶來巨大的飛躍，我們迫不及待地想看看開發人員將使用 Yosemite、iOS 8 和 Swift 創造什麼。

When we introduced iOS seven years ago, it was a revolutionary operating system for iPhone.

當我們七年前推出 iOS 時，它是 iPhone 的革命性操作系統。

Over the years, we've extended it to the iPod family with iPod touch, and later to a tablet form factor with iPad.

多年來，我們通過 iPod touch 將其擴展到 iPod 系列，後來又通過 iPad 擴展到平板電腦。

An explosion of apps, accessories, and services for these devices has created an incredibly vibrant ecosystem.

這些設備的應用程序、配件和服務的爆炸式增長創造了一個令人難以置信的充滿活力的生態系統。

We're extending iOS in even more dimensions, as customers around the world make iPhones and iPads an essential part of their lives at home, at school, at work, and on the go.

我們正在將 iOS 擴展到更多維度，因為世界各地的客戶都將 iPhone 和 iPad 變成了他們在家、學校、工作和旅途中生活的重要組成部分。

We're putting a huge effort into delivering the best experience for our customers, wherever they use iOS.

我們正在努力為我們的客戶提供最佳體驗，無論他們在哪裡使用 iOS。

That includes a safe and intuitive user interface while driving, called car play, which is being integrated by 29 major car brands.

這包括駕駛時安全且直觀的用戶界面，稱為汽車遊戲，已被 29 個主要汽車品牌集成。

Including Audi, BMW, Ford, General Motors, Honda, Hyundai, Mercedes, Toyota, and Volvo.

包括奧迪、寶馬、福特、通用、本田、現代、奔馳、豐田和沃爾沃。

And after market systems like Pioneer and Alpine.

還有像 Pioneer 和 Alpine 這樣的售後市場系統。

We've created a new tool for developers called HealthKit, which lets health and fitness apps work together and empowers customers to choose what health data they share.

我們為開發人員創建了一個名為 HealthKit 的新工具，它可以讓健康和健身應用程序協同工作，並使客戶能夠選擇他們共享的健康數據。

We're taking the first steps in this area in collaboration with the Mayo Clinic, whose new apps can automatically receive data from a blood pressure app for example, and share it with a physician.

我們正在與梅奧診所合作在這一領域邁出第一步，他們的新應用程序可以自動接收來自血壓應用程序的數據，並與醫生共享。

Or a nutrition app can inform fitness apps how many calories are being consumed each day.

或者營養應用程序可以通知健身應用程序每天消耗多少卡路里。

Our own health app will provide an easy to read dashboard of all health and fitness data.

我們自己的健康應用程序將提供一個易於閱讀的所有健康和健身數據的儀表板。

We're enabling new ways to control lights, and doors, and thermostats, and other connected devices around the house using Siri with the HomeKit feature of iOS 8. And in the enterprise, we're including new security, productivity, and device management features in iOS 8. We forged a relationship with IBM to deliver a new class of mobile business solutions to enterprise customers around the world.

我們正在使用帶有 iOS 8 的 HomeKit 功能的 Siri，為控製家中的燈、門、恆溫器和其他連接設備提供新的方法。在企業中，我們包括新的安全性、生產力和設備管理iOS 8 中的功能。我們與 IBM 建立了合作關係，為世界各地的企業客戶提供全新的移動業務解決方案。

We're working together to provide companies access to the power of big data analytics, right on every employees iPhone or iPad.

我們正在共同努力，讓公司能夠在每位員工的 iPhone 或 iPad 上訪問大數據分析的強大功能。

Using Swift, we'll collaborate to bring over 100 mobile first apps to enterprise clients, each addressing a specific industry need or opportunity.

使用 Swift，我們將合作為企業客戶帶來 100 多個移動優先應用程序，每個應用程序都滿足特定的行業需求或機會。

This is a radical step for enterprise, and opens up a large market opportunity for Apple.

這對企業來說是激進的一步，也為蘋果打開了巨大的市場機會。

But more importantly, it's great for productivity and creativity of our enterprise customers.

但更重要的是，它對我們企業客戶的生產力和創造力很有幫助。

From the pocket to the car, to the workplace, home, and gym, we have a very large vision of what iOS can be, and we're incredibly excited about our plans.

從口袋到汽車，再到工作場所、家庭和健身房，我們對 iOS 的發展有著非常廣闊的視野，我們對我們的計劃感到無比興奮。

Turning to our financial results.

轉向我們的財務業績。

Today, we're reporting record June quarter revenue thanks to the very strong performance of iPhone, Mac, and the continued growth of revenue from the Apple ecosystem.

今天，由於 iPhone、Mac 的強勁表現以及 Apple 生態系統收入的持續增長，我們報告了創紀錄的 6 月季度收入。

Our teams executed brilliantly during the quarter, with earnings-per-share up 20% year-over-year, our highest growth rate in seven quarters.

我們的團隊在本季度表現出色，每股收益同比增長 20%，這是我們七個季度以來的最高增長率。

We sold over 35 million iPhones, setting a new third quarter record.

我們售出了超過 3500 萬部 iPhone，創下了第三季度的新紀錄。

We generated healthy growth in our entry priced, mid tier, and lead iPhone categories.

我們在入門價、中端和領先的 iPhone 類別中實現了健康增長。

I'm especially happy about our progress in the brick countries, where iPhone sales were up a very strong 55% year-over-year.

我對我們在磚砌國家的進步感到特別高興，iPhone 銷量同比增長了 55%，非常強勁。

We also had a record June quarter from back sales, with growth of 18% year-over-year, and a market that is shrinking by 2% according to IDCs latest estimate.

根據 IDC 的最新估計，我們在 6 月份的季度也有創紀錄的回售，同比增長 18%，而市場正在萎縮 2%。

The demand has been very strong for our portables in particular, and we've had a great customer response to the new higher performance, lower priced MacBook Air.

尤其是對我們的便攜式設備的需求非常強勁，我們的客戶對性能更高、價格更低的新款 MacBook Air 反應熱烈。

It was another strong performance for the App Store, and the other services contributing to the thriving Apple ecosystem.

這是 App Store 的又一次強勁表現，以及為蓬勃發展的 Apple 生態系統做出貢獻的其他服務。

In fact, for the first nine months of this fiscal year, the line item that we call iTunes Software and Services has been the fastest-growing part of our business.

事實上，在本財年的前九個月，我們稱之為 iTunes 軟件和服務的項目一直是我們業務中增長最快的部分。

iTunes billings grew 25% year-over-year in the June quarter, and reached an all-time quarterly high, thanks to the very strong results from the App Store.

得益於 App Store 的強勁業績，iTunes 賬單在 6 月季度同比增長 25%，並創下季度歷史新高。

We're continuing to invest in our incredible ecosystem, which is a huge asset for Apple, and a very important differentiator of our customer experience.

我們將繼續投資於我們令人難以置信的生態系統，這對 Apple 來說是一筆巨大的資產，也是我們客戶體驗的一個非常重要的差異化因素。

iPad sales met our expectations, but we realized they didn't meet many of yours.

iPad 銷售達到了我們的預期，但我們意識到它們並沒有達到您的許多預期。

Our sales were gated in part by a reduction in channel inventory, and in part by market softness in certain parts of the world.

我們的銷售部分是由於渠道庫存的減少，部分是由於世界某些地區的市場疲軟。

For example, IDCs latest estimate indicates a 5% overall decline in the US tablet market, as well as a decline in the Western European tablet market in the June quarter.

例如，IDC 的最新估計表明，美國平板電腦市場整體下滑 5%，而西歐平板電腦市場在 6 月季度也出現下滑。

But what's most important to us is that customers are enjoying their iPads, and using them heavily.

但對我們來說最重要的是客戶正在享受他們的 iPad，並大量使用它們。

In a survey conducted in May by ChangeWave, iPad Air registered a 98% customer satisfaction rate, while iPad mini with the retina display received an astonishing 100% customer satisfaction rate.

在 ChangeWave 5 月進行的一項調查中，iPad Air 的客戶滿意度達到了 98%，而配備視網膜顯示屏的 iPad mini 的客戶滿意度達到了驚人的 100%。

The survey also found that among people planning to purchase a tablet within 90 days, 63% plan to buy an iPad.

調查還發現，在計劃在 90 天內購買平板電腦的人中，63% 的人計劃購買 iPad。

And our own data indicates that more than half of customers purchasing an iPad are buying their very first iPad.

我們自己的數據表明，超過一半的購買 iPad 的客戶正在購買他們的第一台 iPad。

Another recent study by Custora found that iPad accounts for 80% of all the US tablet based e-commerce purchases.

Custora 最近的另一項研究發現，iPad 占美國所有基於平板電腦的電子商務購買量的 80%。

We're very bullish about the future of the tablet market, and we're confident that we can continue to bring significant innovation to this category through hardware, software, and services.

我們非常看好平板電腦市場的未來，我們有信心通過硬件、軟件和服務繼續為這一類別帶來重大創新。

We think our partnership with IBM, providing a new generation of mobile enterprise applications, designed with iPad's legendary ease-of-use and backed by IBM's cloud services and data analytics will be one such catalyst for future iPad growth.

我們認為，我們與 IBM 的合作夥伴關係，提供新一代移動企業應用程序，其設計具有 iPad 傳奇般的易用性，並以 IBM 的雲服務和數據分析為後盾，將成為未來 iPad 增長的催化劑之一。

Looking ahead, we are very excited about our agreement to purchase Beats Electronics and Beats Music.

展望未來，我們對收購 Beats Electronics 和 Beats Music 的協議感到非常興奮。

Music is part of Apple's DNA, and we think the addition of the Beats team will be great for music lovers.

音樂是 Apple DNA 的一部分，我們認為 Beats 團隊的加入對音樂愛好者來說非常棒。

Beats provides Apple with a fantastic subscription music service, access to rare talent, and a fast growing line up of products that we can build upon.

Beats 為 Apple 提供了出色的訂閱音樂服務、獲得稀有人才的機會，以及我們可以在此基礎上構建的快速增長的產品系列。

Not counting Beats, we've completed 29 acquisitions since the beginning of FY13, including 5 since the end of the March quarter.

不包括 Beats，我們自 FY13 年初以來已完成 29 次收購，其中包括自 3 月季度末以來的 5 次。

And we've brought some incredible technology, and more importantly, some incredible talent into Apple in the process.

在這個過程中，我們為蘋果帶來了一些令人難以置信的技術，更重要的是，一些令人難以置信的人才。

We're hard at work and investing heavily on exciting opportunities across our business, and we have an incredible pipeline of new products and services that we can't wait to show you.

我們正在努力工作並大力投資於我們業務中令人興奮的機會，我們擁有令人難以置信的新產品和服務管道，我們迫不及待地向您展示。

With that, I'd like to turn the call over to Luca to discuss our Q3 results in more detail.

有了這個，我想把電話轉給盧卡，更詳細地討論我們的第三季度業績。

Thank you Tim, and good afternoon, everyone.

謝謝蒂姆，大家下午好。

We set a new June quarter record for revenue at $37.4 billion, up $2.1 billion or 6% year-over-year.

我們在 6 月份創下了新的季度收入記錄，達到 374 億美元，同比增長 21 億美元或 6%。

This result was towards the high end of our guidance range, despite the reduction in channel inventory for both iPhone and iPad.

儘管 iPhone 和 iPad 的渠道庫存減少，但這一結果接近我們指導範圍的高端。

The revenue growth was driven by strong sales of iPhones and Macs, as well as the continued great performance of iTunes software and services.

收入增長是由 iPhone 和 Mac 的強勁銷售以及 iTunes 軟件和服務的持續出色表現推動的。

Gross margin was 39.4%, above our guidance range, and operating margin was $10.3 billion, representing 27.5% of revenue.

毛利率為 39.4%，高於我們的指導範圍，營業利潤率為 103 億美元，佔收入的 27.5%。

Net income was $7.7 billion translating to diluted earnings-per-share of $1.28, a 20% year-over-year increase.

淨收入為 77 億美元，攤薄後每股收益為 1.28 美元，同比增長 20%。

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

對於產品的詳細信息，我想從 iPhone 開始。

We sold 35.2 million iPhones, an increase of 4 million over last year, representing 13% growth.

我們售出了 3520 萬部 iPhone，比去年增加了 400 萬部，增長了 13%。

As Tim mentioned, iPhone sales grew well across all three of our entry priced, mid-tier, and lead product categories.

正如蒂姆所提到的，iPhone 的銷售在我們所有三個入門級產品、中端產品和領先產品類別中都實現了良好的增長。

In the US, iPhone accounts for 41.9% of the smartphone subscriber base according to the latest data from Comscore.

根據 Comscore 的最新數據，在美國，iPhone 佔智能手機用戶群的 41.9%。

Up from 41.3% in the previous measurement period.

高於上一個測量期的 41.3%。

Also, based on the latest survey by ChangeWave, iPhone earned a 97% customer satisfaction rate.

此外，根據 ChangeWave 的最新調查，iPhone 獲得了 97% 的客戶滿意度。

And among respondents planning to purchase a smartphone within 90 days, 50% plan to purchase an iPhone.

在計劃在 90 天內購買智能手機的受訪者中，50% 的人計劃購買 iPhone。

Up from 42% in the March quarter, and 44% a year ago.

高於第三季度的 42% 和一年前的 44%。

IPhone sales were at the high end of our expectations, despite new product rumors that we believe resulted in purchase delay.

儘管我們認為有新產品傳聞導致購買延遲，但 iPhone 的銷售仍處於我們預期的高端。

In addition, tax increases and the regulatory environment in Japan affected smartphone sales in what has been one of iPhone's fastest growing markets in recent quarters.

此外，日本的增稅和監管環境影響了智能手機在近幾個季度 iPhone 增長最快的市場之一的銷售。

Considering these factors, the performance of iPhone was even more impressive in the June quarter, and it boosts our confidence for the future.

考慮到這些因素，iPhone 在 6 月當季的表現更加令人印象深刻，這增強了我們對未來的信心。

We'll reduce iPhone channel inventory by about 150,000 from the end of the March quarter, leaving us within our target range of 4 weeks to 6 weeks.

從 3 月季度末開始，我們將減少約 150,000 部 iPhone 渠道庫存，使我們保持在 4 周至 6 週的目標範圍內。

Apple continues to innovate through hardware, software and services to make iPhone the best smartphone for business.

Apple 繼續通過硬件、軟件和服務進行創新，以使 iPhone 成為最適合企業的智能手機。

Today, companies have equipped millions of employees with iPhones, and have seen tremendous benefits in productivity, employee satisfaction, and profitability.

如今，公司已經為數百萬員工配備了 iPhone，並在生產力、員工滿意度和盈利能力方面看到了巨大的好處。

For instance, medical device leader Medtronic has developed over 175 internal iOS apps for over 16,500 iPhones used by its employees to facilitate sales, improve productivity, and ensure that essential marketing materials are up to date.

例如，醫療設備領導者美敦力為其員工使用的 16,500 多部 iPhone 開發了超過 175 個內部 iOS 應用程序，以促進銷售、提高生產力並確保基本營銷材料是最新的。

Throughout the global offices of Nestle, the largest food company in the world, over 25,000 iPhones are accessing corporate networks, improving communication, and connecting employees to critical internal resources.

在全球最大的食品公司雀巢的全球辦事處中，超過 25,000 部 iPhone 正在訪問公司網絡、改善溝通並將員工與重要的內部資源聯繫起來。

And at NASA, over 26,000 iPhones are in use by scientists, flight crew members, technicians, and researchers.

在 NASA，科學家、機組人員、技術人員和研究人員正在使用超過 26,000 部 iPhone。

Turning to iPad, we sold 15.3 million units compared to 14.6 million in the June quarter last year.

談到 iPad，我們售出了 1530 萬台，而去年 6 月季度為 1460 萬台。

iPad sales grew overall in the developing markets, with particularly strong year-over-year growth in the Middle East, where iPad sales were up 64%.

發展中市場的 iPad 銷量整體增長，其中中東地區的同比增長尤為強勁，iPad 銷量增長了 64%。

In China, where they grew 51%, and in India, where they were up 45%.

在中國，它們增長了 51%，在印度，它們增長了 45%。

This growth was more than offset by lower sales in more mature markets.

這一增長被更成熟市場的銷售額下降所抵消。

We reduced iPad channel inventory by 500,000 from the end of the March quarter, which left us within our target range of 4 weeks to 6 weeks.

從 3 月季度末開始，我們將 iPad 渠道庫存減少了 500,000 台，這使我們處於 4 至 6 週的目標範圍內。

In the enterprise, global companies are using iPad to improve customer service, boost worker productivity, and enhance critical processes.

在企業中，跨國公司正在使用 iPad 來改善客戶服務、提高員工的工作效率並增強關鍵流程。

iPad continues to be the standard for teams across the airline industry.

iPad 仍然是整個航空業團隊的標準。

Quantas Airline has over 15,000 iPads, deployed to pilots, as well as cabin, customer service, and ground crews to announce key processes across their daily operations.

Quantas Airline 擁有超過 15,000 台 iPad，部署到飛行員、客艙、客戶服務和地勤人員，以宣布他們日常運營中的關鍵流程。

And governments are deploying thousands of iPads worldwide.

政府正在全球部署數千台 iPad。

One of the largest examples is Sweden, where over 100,000 iPads are being used by local government offices across the country.

最大的例子之一是瑞典，全國各地的地方政府機構正在使用超過 100,000 台 iPad。

In education, iPad remains the tablet of choice, with 85% share of the US education tablet market according to the latest published estimate from IDC.

在教育領域，iPad 仍然是首選平板電腦，根據 IDC 最新公佈的估計，iPad 佔據了美國教育平板電腦市場 85% 的份額。

We've now sold 13 million iPads to education customers globally.

我們現在已經向全球教育客戶銷售了 1300 萬台 iPad。

We're bringing teachers and students great new tools to build and experience educational counting on iPad.

我們正在為教師和學生帶來出色的新工具，以在 iPad 上構建和體驗教育計數。

As of this month, teachers using the free iTunes U app, can create, edit, and manage entire courses that are actually on iPad for the first time.

從本月起，教師們可以使用免費的 iTunes U 應用程序來創建、編輯和管理真正在 iPad 上的整個課程。

And students can discover new ways to collaborate, including the ability to start class discussions and ask questions right from their iPad.

學生可以發現新的協作方式，包括直接在 iPad 上開始課堂討論和提問的能力。

Next, I'd like to talk about the Mac.

接下來，我想談談Mac。

We saw 4.4 million Macs compared to under 3.8 million in the year-ago quarter, an increase of 18% year-over-year, and a new June quarter record.

我們看到了 440 萬台 Mac，而去年同期則不到 380 萬台，同比增長 18%，創下 6 月季度的新紀錄。

The increase was driven by portables, thanks to very strong growth of MacBook Air.

由於 MacBook Air 的強勁增長，便攜式設備推動了這一增長。

We achieved strong double-digit Mac growth across many countries, including the US, Canada, Mexico, the UK, Germany, France, Australia, China, India, and the Middle East.

我們在許多國家實現了兩位數的 Mac 強勁增長，包括美國、加拿大、墨西哥、英國、德國、法國、澳大利亞、中國、印度和中東。

This growth is particularly impressive given the contraction of the overall PC market.

鑑於整個 PC 市場的萎縮，這種增長尤其令人印象深刻。

Macs have now gained global market share for 32 of the last 33 quarters.

在過去的 33 個季度中，有 32 個季度 Mac 已經獲得了全球市場份額。

Macs performed well in the US education buying season, with double-digit growth in the K to 12 market, driven primarily by large deployments of MacBook Air.

Mac 在美國教育購買旺季表現良好，K 到 12 市場實現兩位數增長，這主要得益於 MacBook Air 的大量部署。

The Shawnee Mission School District in Kansas chose Apple to provide an entire solution that will equip every teacher with a MacBook Air and an iPad Air, every high school student with a MacBook Air, and every middle school and elementary student with an iPad.

堪薩斯州的 Shawnee Mission 學區選擇 Apple 提供完整的解決方案，為每位教師配備 MacBook Air 和 iPad Air，為每位高中生配備 MacBook Air，為每位中學生和小學生配備 iPad。

The Rowan-Salisbury School System in North Carolina is deploying thousands of MacBook Air's to students and teachers in grades 9 through 12 as part of the district's digital learning initiatives.

作為該學區數字學習計劃的一部分，北卡羅來納州的 Rowan-Salisbury 學校系統正在為 9 至 12 年級的學生和教師部署數千台 MacBook Air。

We ended the quarter with Mac channel inventory slightly below our 4 week to 5 week target range.

我們在本季度結束時 Mac 渠道庫存略低於我們 4 周至 5 週的目標範圍。

The Apple ecosystem continues to grow and thrive.

Apple 生態系統繼續發展壯大。

Total revenue from iTunes software and services was $4.5 billion, an increase of 12% year-over-year.

iTunes 軟件和服務的總收入為 45 億美元，同比增長 12%。

Our iTunes stores generated all-time record billings of $5.4 billion in the June quarter, up 25% 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 6 月季度創造了 54 億美元的創紀錄收入，同比增長 25%。

These iTunes billings translated to quarterly iTunes revenue of almost $2.6 billion, up 8% from the year-ago quarter.

這些 iTunes 賬單轉化為 iTunes 季度收入近 26 億美元，比去年同期增長 8%。

Software and services revenue was $1.9 billion, up 19% from a year ago.

軟件和服務收入為 19 億美元，同比增長 19%。

App Store momentum remains very strong, and cumulative app downloads have topped 75 billion.

App Store 勢頭依然強勁，累計應用下載量已突破 750 億次。

We continue to be amazed by our vibrant and diverse developer community, and we're extremely proud that our developers have now earned over $20 billion for sales of their apps to the App Store.

我們仍然對我們充滿活力和多元化的開發者社區感到驚訝，我們非常自豪的是，我們的開發者現在通過向 App Store 銷售他們的應用程序獲得了超過 200 億美元的收入。

Nearly half of which have been earned in the last 12 months.

其中近一半是在過去 12 個月內賺取的。

This number truly stands out among our competition, as our developers continue to benefit from the broad reach and thoughtful design of the App Store, coupled with Apple's large loyal and very engaged customer base.

這個數字在我們的競爭中真正脫穎而出，因為我們的開發人員繼續受益於 App Store 的廣泛影響力和周到的設計，再加上 Apple 龐大的忠誠和積極參與的客戶群。

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 $164.5 billion in cash plus marketable securities, a sequential increase of $13.9 billion.

我們在本季度末擁有 1645 億美元的現金和有價證券，環比增加了 139 億美元。

Our domestic cash was $26.8 billion at the end of the June quarter, a sequential increase of $8.3 billion, and $137.7 billion or 84% of our total cash was offshore.

截至 6 月季度末，我們的國內現金為 268 億美元，環比增加 83 億美元，其中 1,377 億美元或我們總現金的 84% 來自海外。

Cash flow from operations was $10.3 billion.

運營現金流為 103 億美元。

We executed another very successful debt offering in April, issuing a total of $12 billion in notes across 3 year, 5 year, 7 year, 10 year and 30 year maturities.

我們在 4 月進行了另一次非常成功的債券發行，發行了 3 年、5 年、7 年、10 年和 30 年期限的總計 120 億美元的票據。

In addition, during the quarter, we entered the commercial paper market for the first time, with $2 billion in short-term obligations outstanding as of the end of June.

此外，在本季度，我們首次進入商業票據市場，截至 6 月底有 20 億美元的短期債務未償。

We also continued to execute our shareholder return program, with $8.3 billion of capital returned to investors during the June quarter.

我們還繼續執行我們的股東回報計劃，在 6 月季度向投資者返還了 83 億美元的資本。

We spent $5 billion to repurchase 59 million of Apple shares through open market transactions.

我們斥資 50 億美元通過公開市場交易回購了 5900 萬股蘋果股票。

We paid almost $2.9 billion in dividends and equivalents, and utilized over $400 million to net share settle vesting employee RSUs.

我們支付了近 29 億美元的股息和等價物，並使用了超過 4 億美元的淨股份結算歸屬員工 RSU。

We've now taken action on over $74 billion of our $130 billion capital return program, including $51 billion in share repurchases with six quarters remaining to its completion.

我們現在已經對我們 1300 億美元的資本回報計劃中的超過 740 億美元採取了行動，其中包括 510 億美元的股票回購，還有六個季度完成。

And finally, our board has declared a dividend of $0.47 per common share payable on August 14, 2014 to shareholders of record as of August 11, 2014.

最後，我們的董事會已宣佈於 2014 年 8 月 14 日向截至 2014 年 8 月 11 日在冊的股東派發每股普通股 0.47 美元的股息。

Now, as we move ahead into the September 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 9 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 $37 billion and $40 billion, compared to $37.5 billion in the year-ago quarter.

我們預計收入將在 370 億美元至 400 億美元之間，而去年同期為 375 億美元。

We expect gross margin 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 $4.75 billion and $4.85 billion.

我們預計運營支出將在 47.5 億美元至 48.5 億美元之間。

We expect OI&E to be about $250 million, and we expect the tax rate to be about 26.1%.

我們預計 OI&E 約為 2.5 億美元，我們預計稅率約為 26.1%。

Finally, we expect the Beats transaction to close this quarter, and we expect the acquisition to be accretive to our earnings in our FY15.

最後，我們預計 Beats 交易將在本季度完成，我們預計此次收購將增加我們 2015 財年的收益。

With that, let me open the call to questions.

有了這個，讓我打開問題的電話。

Thank you, Luca, and we ask that you limit yourself to one one-part question and one follow-up please.

謝謝你，盧卡，我們要求你將自己限制在一個單獨的問題和一個後續問題上。

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。

Luca, this is the third quarter in a row that gross margin came in above your guidance.

盧卡，這是毛利率連續第三個季度高於您的指導。

Can you talk about what's driving that gap, and why you expect to the margin to come down sequentially in the September quarter?

您能否談談造成這種差距的原因是什麼，以及為什麼您預計 9 月季度的利潤率會連續下降？

Yes, Katy, it was obviously a surprise also to us.

是的，凱蒂，這對我們來說顯然也是一個驚喜。

We were expecting, obviously, a loss in leverage from the sequential decline in revenue, which obviously happened.

顯然，我們預計收入連續下降會導致槓桿損失，這顯然發生了。

We also expected some unfavorable mix, which also happens.

我們還預計會有一些不利的組合，這種情況也會發生。

It's typical as we move away from the launch quarter.

當我們離開發布季度時，這是典型的。

And we were expecting some cost improvements.

我們期待一些成本改進。

These cost improvements came in, they came in stronger than we were anticipating.

這些成本改進出現了，它們比我們預期的要強大。

The commodity markets continue to be favorable.

商品市場繼續向好。

The product quality continues to be excellent.

產品質量繼續優良。

Our teams executed really, really well.

我們的團隊執行得非常非常好。

And all these things came together at the same time, and it was a very nice surprise for us.

所有這些東西同時出現，這對我們來說是一個非常好的驚喜。

As we look forward to into Q4, yes, we've got it to 37% to 38%.

正如我們對第四季度的期待，是的，我們已經達到了 37% 到 38%。

Again, the mix is the normal mix that we see as we continue to move through the product cycle.

同樣，混合是我們在繼續通過產品週期時看到的正常混合。

And obviously in Q4, we've got some transition costs because we're expecting a very busy Fall.

顯然，在第四季度，我們有一些過渡成本，因為我們預計秋季會非常繁忙。

We're very excited about what we've got in the pipeline.

我們對即將推出的產品感到非常興奮。

And that's the reason why guide to that range.

這就是為什麼要引導到那個範圍的原因。

And then, just a follow-up on that last point, Luca.

然後，只是對最後一點的跟進，盧卡。

In the press release, you referenced an excitement about new products and services.

在新聞稿中，您提到了對新產品和服務的興奮。

Can you remind us of your guidance philosophy as it relates to product cycles?

您能否提醒我們您與產品週期相關的指導理念？

Do you imbed assumptions around the contribution from new products?

您是否對新產品的貢獻進行了假設？

And if so, do those tend to be more conservative than for products that already ship today?

如果是這樣，這些是否比今天已經發貨的產品更保守？

So our guidance, Katy, is that we put out numbers that we believe at this point in time with all of the information that is available to us.

因此，凱蒂，我們的指導是，我們會及時發布我們相信的數字以及我們可以獲得的所有信息。

We're going to land within.

我們要在裡面著陸。

Okay, so we take into account the fact that we've seen some purchase delays already due in Q3.

好的，所以我們考慮到我們已經看到第三季度已經出現了一些購買延遲的事實。

But we're seeing in some safe trends in certain geographies that that continues to happen.

但我們在某些地區的一些安全趨勢中看到這種情況繼續發生。

And what you see this quarter is that our guidance range is $3 billion as opposed to $2 billion during the third quarter just to take into account the fact that we've got many moving pieces.

您在本季度看到的是，我們的指導範圍是 30 億美元，而不是第三季度的 20 億美元，這只是考慮到我們有很多動人的事實。

Okay.

好的。

Thank you.

謝謝你。

Thank you, Katy.

謝謝你，凱蒂。

Could we have the next question please?

請問下一個問題好嗎？

Bill Shope, Goldman Sachs.

比爾·肖普，高盛。

With the pockets of market weakness you noted for tablets, could you give us some more detail on how you're thinking about the category longer-term?

鑑於您提到的平板電腦市場疲軟，您能否詳細介紹一下您對這一類別的長期看法？

And in particular, in the context of your usage comments.

特別是在您的使用評論的上下文中。

How are you sticking about the competitive landscape now and how that may evolve?

你如何堅持現在的競爭格局以及它會如何發展？

And then I guess related to that, what do you think could be the next driver of renewed growth for the category?

然後我想與此相關，您認為該類別重新增長的下一個驅動因素是什麼？

Hello, Bill, it's Tim.

你好，比爾，我是蒂姆。

If you back up from this, the category that we created, which has just been a little over four years, we've now sold 225 million iPads.

如果你從這個我們創建的類別中備份，它剛剛四年多一點，我們現在已經售出了 2.25 億台 iPad。

Which is I think, probably a larger number than anyone would have predicted at the time, including ourselves, quite frankly.

我認為，坦率地說，這可能比當時任何人（包括我們自己）所預測的要多。

We still feel the category as a whole is in its early days, and that there's also significant innovation that can be brought to the iPad, and we plan on doing that.

我們仍然認為整個類別仍處於早期階段，而且 iPad 還可以帶來重大創新，我們計劃這樣做。

When I look at the top level numbers, I get really excited when I see that more than 50% of the iPads that we're selling are going to someone who is a first time tablet buyer.

當我查看頂級數字時，當我看到我們銷售的超過 50% 的 iPad 將出售給第一次購買平板電腦的人時，我感到非常興奮。

I get excited when I see that the retail share according to NPD in the month of June was 59% in units, and over 70% in terms of dollars.

當我看到 6 月份 NPD 的零售份額為 59%（以單位計）和超過 70%（以美元計）時，我感到很興奮。

And of course, Luca had mentioned in his preamble, that our education share is 85%.

當然，盧卡在序言中提到，我們的教育份額是 85%。

We also are in virtually all Fortune 500 companies.

我們也幾乎在所有財富 500 強公司中。

We're in 99% at of them to be exact, and 93% of the global 500.

確切地說，我們在其中的 99% 中，在全球 500 強中佔 93%。

However, when we dig into the business market deeper, though our market share in the US in the commercial sector is good at 76%, this is according to IDC, the penetration in business is low.

然而，當我們更深入地挖掘商業市場時，雖然我們在美國商業領域的市場份額很好地達到了 76%，但根據 IDC 的數據，在商業領域的滲透率很低。

It's only 20%.

它只有 20%。

And to put that in some kind of context, if you looked at penetration of notebooks in business, it would be over 60%.

把它放在某種背景下，如果你看看筆記本電腦在商業中的滲透率，它會超過 60%。

And so we think that there's a substantial upside in business, and this was one of the thinkings behind the partnership with IBM that we announced last week.

因此，我們認為業務有很大的上升空間，這是我們上周宣布的與 IBM 合作背後的想法之一。

We think that the core thing that unleashes this is a better go-to-market, which IBM clearly brings to the table.

我們認為，實現這一目標的核心是更好的市場推廣，IBM 顯然將其帶到了桌面上。

But even more importantly, apps that are written with mobile first in mind, many of the -- not all, but many of the enterprise apps that have been written for iPad have been essentially ports from a desktop arrangement and haven't taken full advantage of mobile.

但更重要的是，首先考慮到移動設備編寫的應用程序，許多——不是全部，而是許多為 iPad 編寫的企業應用程序本質上都是從桌面設備移植而來，並沒有充分利用的移動。

And so we're excited about bringing that to business, along with partnering with IBM, which we think is a first-class company.

因此，我們很高興能將其帶入業務，並與我們認為是一流公司的 IBM 合作。

And seeing what that can do to sales and business, which I honestly believe the opportunity is huge.

看看這對銷售和業務有什麼影響，老實說，我相信機會是巨大的。

The market is still predicted in 2018, I think these are Gartner numbers, to be about $350 million in size.

市場仍預計在 2018 年，我認為這些是 Gartner 的數據，規模約為 3.5 億美元。

And to put that in some context, I think the PC market right now is about $315 million.

在某種情況下，我認為現在的個人電腦市場約為 3.15 億美元。

And so I think our theory that has been there honestly since the first time that we shipped iPad, that the tablet market would eventually surpass the PC market.

因此，我認為我們的理論從我們第一次推出 iPad 以來就一直存在，即平板電腦市場最終將超過 PC 市場。

That theory is still intact, I just think we have to do some more things to get the business side of it moving in a faster trajectory.

這個理論仍然完好無損，我只是認為我們必須做更多的事情才能讓它的業務方面走得更快。

And I think we're now onto something that can really do that.

我認為我們現在正在做一些真正可以做到這一點的事情。

So as I look at it and sort of back up from the 90 day clock kind of thing, I'm incredibly excited.

因此，當我看著它並從 90 天時鐘之類的事情中恢復過來時，我非常興奮。

I'm excited about the plans that we have on the product side, and also on the go-to-market side, and, in particular, the IBM announcement.

我對我們在產品方面的計劃以及進入市場方面的計劃感到興奮，特別是 IBM 的公告。

One other point I might add on this, because I think this is interesting, and I don't think it came out in our commentary so far, is the market is very bifurcated on iPad.

我可能會補充一點，因為我認為這很有趣，而且我認為到目前為止我們的評論中還沒有出現，是 iPad 上的市場非常分化。

In the brick countries, iPad did extremely well.

在磚頭國家，iPad 表現非常出色。

The growth was very high.

增長非常高。

Like in the China, it was in the 50%s, in the Middle East it was in the 60%s.

就像在中國，它在 50%s，在中東它在 60%s。

Luca may have mentioned those numbers.

盧卡可能提到了這些數字。

In the developed countries, like the US, the market is clearly weaker there.

在發達國家，如美國，市場明顯較弱。

It's interesting to note, however, that the US as an example, we had a very, very strong Macintosh market in the US.

然而，有趣的是，以美國為例，我們在美國擁有非常非常強大的 Macintosh 市場。

And so there's probably a bit of higher ed kind of stuff beginning to play out too, where higher ed is clearly still very much notebook oriented.

因此，可能還有一些更高版本的東西也開始發揮作用，其中更高版本顯然仍然非常面向筆記本電腦。

K-12, on the other hand, we sell two and half iPads for every Mac into K-12.

另一方面，K-12 向 K-12 出售每台 Mac 的兩台半 iPad。

So we're clearly headed into that seasonal now, and it typically starts in graduation time frame in fiscal Q3 for us.

因此，我們現在顯然已經進入了那個季節，它通常從我們第三財季的畢業時間框架開始。

So I think that's probably another thing that we're seeing.

所以我認為這可能是我們看到的另一件事。

That's helpful, thank you.

這很有幫助，謝謝。

One more question, if I could.

還有一個問題，如果可以的話。

You had, obviously, great performance in the brit countries, and you touched on China for a few categories.

很明顯，你在英國國家的表現很好，你在幾個類別中觸及了中國。

Can you talk about the overall demand environment you saw for China in the quarter?

您能談談您在本季度看到的中國的整體需求環境嗎？

Obviously, there's some seasonal factors to consider, but how should we think about your performance versus your expectations and how you're thinking about it the rest of the calendar year?

顯然，有一些季節性因素需要考慮，但我們應該如何考慮你的表現與你的期望，以及你在日曆年的剩餘時間裡是如何考慮的？

China, honestly, was surprising to us that it was -- we thought it would be strong, but it well went past what we thought.

老實說，中國讓我們感到驚訝——我們認為它會很強大，但它遠遠超出了我們的想像。

We came in at 26% of revenue growth, including our retail.

我們的收入增長了 26%，包括我們的零售。

And if you look at the units, the unit growth was really off the charts across the board.

如果你看一下這些單位，單位增長確實是全面的。

iPhone 48% off, that compares to a market estimate of 24 %. So growing at two times the market.

iPhone 48% 的折扣，而市場估計為 24%。所以增長了兩倍的市場。

iPad was up as well, as I've mentioned before.

正如我之前提到的，iPad 也出現了。

The Mac was up 39%, and that's versus a market in China that's also contracting along with markets in those parts of the world.

Mac 增長了 39%，而中國市場也隨著世界這些地區的市場而收縮。

And in China, it was projected to contract by 5%.

在中國，預計將收縮 5%。

So we're seeing some substantial strength there, and the thing that actually growing the most is the iTunes software and services category which has the App Store in it, et cetera.

因此，我們在那裡看到了一些實質性的優勢，實際上增長最多的是 iTunes 軟件和服務類別，其中包含 App Store 等等。

And that area is almost doubling year-over-year.

這一面積幾乎每年翻一番。

So it's very, very exciting what we're seeing there.

所以我們在那裡看到的非常非常令人興奮。

We are still in the process of rolling out, along with our partner China Mobile, the TDL TE into more cities, and so we're still in the early going on that.

我們仍在與我們的合作夥伴中國移動一起將 TDL TE 推廣到更多城市，因此我們仍處於早期階段。

That just started in January, as you know.

如您所知，那是從一月份開始的。

And my understanding is, that later this year, there will be a license for the other operators to begin shifting SDD LTE, which I think is another big opportunity in China.

我的理解是，今年晚些時候，其他運營商將獲得許可開始轉移 SDD LTE，我認為這在中國是另一個巨大的機會。

Okay, great.

好，太棒了。

Thanks, Tim.

謝謝，蒂姆。

Thank you, Bill.

謝謝你，比爾。

Could we have the next question please?

請問下一個問題好嗎？

Toni Sacconaghi, Sanford Bernstein.

托尼·薩科納吉，桑福德·伯恩斯坦。

Yes, thank you.

是的，謝謝。

I have one for Luca, and one for Tim please.

我有一份給盧卡，一份給蒂姆。

Luca, I wanted to revisit the gross margin question.

盧卡，我想重新審視毛利率問題。

You've talked about guidance for next quarter, that the drivers of the sequential decline being a normal mix through the cycle and transition costs.

您談到了下個季度的指導，即連續下降的驅動因素是周期和過渡成本的正常組合。

Your guidance to the midpoint is down 190 basis points in gross margin.

您對中點的指導使毛利率下降了 190 個基點。

Last year, in Q4, gross margins were up 10 basis points sequentially in fiscal Q4.

去年第四季度，第四季度毛利率環比增長 10 個基點。

And the product transition issues or cycle issues that you elude to seem essentially identical.

並且您逃避的產品過渡問題或週期問題看起來基本相同。

So I'd like to try and understand what might make this Q4 different, let's say, than last Q4.

所以我想嘗試了解是什麼讓這個第四季度與去年第四季度不同。

Yes, I understand this question.

是的，我理解這個問題。

Also, when you look at it in terms of absolute numbers of gross margin, last year it was 37%.

此外，從毛利率的絕對數字來看，去年是 37%。

So our range is about that level.

所以我們的範圍大約是那個水平。

There's obviously many, many things that affect us in different ways from one year to the other.

很明顯，有很多很多事情會以不同的方式影響我們，從一年到另一年。

Foreign-exchange is a case where a lot of the emerging market currencies and the yen, and the Austrian dollar, the Canadian dollar, they've been weaker against the US dollar.

外匯是很多新興市場貨幣和日元、奧地利元、加元兌美元走弱的情況。

That has an impact on margin.

這對利潤率有影響。

And also when you think about our product cycle, I think we don't get into the specifics, but that this is not exactly the same cycle as we've had a year ago.

而且當您考慮我們的產品週期時，我認為我們沒有深入了解細節，但這與一年前的周期並不完全相同。

Is it better if we look back two years to the iPhone 5, your product margins were down 260 basis points sequentially.

如果我們回顧兩年的 iPhone 5，你的產品利潤率連續下降 260 個基點，會不會更好。

So is the reference there that we should be thinking in terms of changes that are more akin to what we saw two years ago, rather than to this year?

那麼，我們應該從更類似於我們兩年前看到的變化而不是今年的變化來考慮那裡的參考嗎？

I wouldn't necessarily draw that analogy.

我不一定會做這個類比。

I think we need to start thinking from the fact that we had a very, very strong Q3.

我認為我們需要從第三季度非常非常強勁的事實開始思考。

A lot of things came together extremely well.

很多事情都非常好地結合在一起。

37% to 38% is a range that we think is very good.

37% 到 38% 是我們認為非常好的範圍。

And that's where we are right now, and we still have several weeks in the quarter.

這就是我們現在所處的位置，本季度我們還有幾週的時間。

Okay, thank you.

好的謝謝你。

Tim, I wanted to get your input on the impact of trade in programs for the iPhone, particularly in mature markets where they're most prevalent.

蒂姆，我想听聽你對 iPhone 程序以舊換新的影響的意見，尤其是在它們最普遍的成熟市場。

As best I can tell, if I look at the last four quarters, and not hyper focus on 90 days, it looks like the iPhone has been about flat in units terms in the Americas, and up low single digits in Europe.

據我所知，如果我查看過去四個季度，而不是過度關注 90 天，看起來 iPhone 在美洲的單位數量幾乎持平，而在歐洲則增長了個位數。

And I think Europe includes India, which is obviously very fast-growing.

我認為歐洲包括印度，這顯然是非常快速的增長。

So perhaps low single-digits in Europe.

所以在歐洲可能是低個位數。

So if we look at those Western geographies, we've seen relatively flattish iPhone unit sales over the last year.

因此，如果我們看看那些西方地區，我們會發現去年 iPhone 的銷量相對持平。

I know you don't report it, but just sort of based on overall revenue reporting.

我知道您沒有報告它，而只是基於整體收入報告。

I'm wondering if you can comment on what you're seeing in terms of iPhone trade-in programs?

我想知道您是否可以就 iPhone 以舊換新計劃發表評論？

And this is four quarters, so over a complete cycle, whether you think they're elongating or shrinking, and what impact these very increasing prevalent trade-in programs might be having on them.

這是四個季度，所以在一個完整的周期中，無論您認為它們是延長還是縮小，以及這些日益流行的以舊換新計劃可能對它們產生什麼影響。

And what impact your pricing of older generation devices might be having on them.

您對老一代設備的定價可能會對它們產生什麼影響。

The theory that you have, Toni, is not precisely correct.

托尼，你的理論並不完全正確。

If I looked at Europe, the operating segments of Europe for year-to-date for 2014 versus the same period last year, iPhone units were actually up 10%.

如果我看看歐洲，2014 年迄今為止歐洲的運營部門與去年同期相比，iPhone 的銷量實際上增長了 10%。

Your more macro question, or what I understand to be your more macro question, do I think there's some sort of cannibalization going on of trade-in programs on new product sales.

您的更宏觀的問題，或者我理解為您的更宏觀的問題，我認為新產品銷售的以舊換新計劃是否存在某種蠶食。

What I think is happening in the aggregate as you look across the world, is that trade-ins are actually hugely beneficial for our ecosystem.

當你放眼全世界時，我認為總體上正在發生的事情是，以舊換新實際上對我們的生態系統非常有益。

Because people wind up -- we have more people that are able to join the party when we have a trade-in.

因為人們結束了——當我們進行以舊換新時，我們有更多的人能夠加入聚會。

Because in essence, it winds up being used by in the -- probably the prime example is someone else within the family.

因為從本質上講，它最終會被家庭中的其他人使用——可能最好的例子是家庭中的其他人。

Or in the example that has become more common in the last year, someone trades it in, and then that goes to either somebody else in that country that is very price sensitive, or somebody in a different country.

或者在去年變得更加普遍的例子中，有人將其交易，然後轉到該國家對價格非常敏感的其他人，或者其他國家的人。

And I see all of this as good.

我認為這一切都很好。

In looking at how much of it cannibalizes, it is very hard to answer that question within a degree of preciseness.

在看它有多少蠶食時，很難在一定程度上準確地回答這個問題。

But my gut is, is that the cannibalization factor is low, because you wind up attracting people that are much more price sensitive than there.

但我的直覺是，自相殘殺因素很低，因為你最終會吸引比那裡對價格更敏感的人。

I think the great thing is our products command a much higher resale value than others do.

我認為偉大的事情是我們的產品比其他產品具有更高的轉售價值。

And so that leads to a larger trade-in.

因此，這導致了更大的以舊換新。

And from my perspective, that means a larger ecosystem, more people that wind up getting on iPhone.

從我的角度來看，這意味著更大的生態系統，更多的人最終會使用 iPhone。

And as you know, from following us for quite some time, if we get somebody to try an Apple product, and then buy an Apple product, the likelihood that they begin buying other Apple products that may be in different categories or upgrading to one in that category in the future is very high.

如您所知，從關注我們很長一段時間以來，如果我們讓某人試用 Apple 產品，然後購買 Apple 產品，他們開始購買其他可能屬於不同類別或升級到不同類別的 Apple 產品的可能性以後那個品類很高。

So, net-net, I view it to be positive.

所以，net-net，我認為它是積極的。

It's very difficult to quantify with certainty.

很難確定地量化。

Thank you.

謝謝你。

Thank you, Toni.

謝謝你，托尼。

Could we have next question, please?

請問下一個問題好嗎？

Steve Milunovich, UBS.

瑞銀的史蒂夫·米盧諾維奇。

Thank you.

謝謝你。

Steve, we lost you.

史蒂夫，我們失去了你。

Steve, are you there?

史蒂夫，你在嗎？

Yes.

是的。

Tim, you mentioned that Japan was fairly flat due to regulations and taxes.

蒂姆，你提到日本由於法規和稅收而相當平坦。

Could you elaborate on that, and what comparisons perhaps you see going forward?

您能否詳細說明一下，以及您可能會看到哪些比較？

Yes, that was actually Luca, but I can comment on it.

是的，這實際上是盧卡，但我可以對此發表評論。

The VAT was increased from 5% to 8% at close to the beginning of the quarter, I think it was actually April 1, or so.

接近季度初，增值稅從 5% 增加到 8%，我認為實際上是 4 月 1 日左右。

That was the first planned the VAT increase.

這是第一次計劃增加增值稅。

There are other or at least one additional planned VAT increase in the future.

未來還有其他或至少一項額外的增值稅計劃增加。

This is a part of the overall tax reform package in Japan.

這是日本整體稅制改革方案的一部分。

Secondly, the carriers received some guidance from the regulators to essentially stop incenting people to transfer from another carrier at a higher amount than they were retaining their own customers.

其次，運營商從監管機構那裡得到了一些指導，從根本上停止激勵人們以高於他們留住自己客戶的金額從另一家運營商轉移。

And so, it appears that the combination of these two things dampened the whole market for smartphones in Japan.

因此，這兩件事的結合似乎抑制了日本智能手機的整個市場。

We haven't been able to get very detailed data on share, but my expectation is we're not going to see very much of a share change.

我們無法獲得有關份額的非常詳細的數據，但我的預期是我們不會看到份額發生太大變化。

And we're beginning to see some coming back of that market, as we step into this quarter.

隨著我們進入本季度，我們開始看到該市場的一些回歸。

Maybe not back to the level that it was previously, but you can begin to see the market growing again, which we view as very positive.

也許不會回到以前的水平，但你可以開始看到市場再次增長，我們認為這是非常積極的。

In the past, when we've seen these type of things, tax changes, et cetera, there's usually a rush to buy before the tax increase.

過去，當我們看到這類事情，稅收變化等等時，通常會在加稅之前搶購。

A pause that happens thereafter, and then the market eventually goes back to some kind of steady state that may not be exactly where it was, but it nears it.

此後發生的停頓，然後市場最終回到某種穩定狀態，可能並不完全是在哪裡，但它接近它。

So I think that's likely our guts -- or I think that's what happens on the VAT side.

所以我認為這可能是我們的膽量——或者我認為這就是增值稅方面發生的事情。

The other piece is a little harder to conclude what will happen in terms of that guidance, and how long that might be in place.

另一部分更難得出結論，根據該指導會發生什麼，以及該指導可能會實施多長時間。

I don't know that part.

我不知道那部分。

Okay.

好的。

That's very helpful.

這很有幫助。

And then, you talked about your three tiers of iPhones.

然後，您談到了您的三層 iPhone。

I wonder if you would be willing to break out in any more detail the growth, and particularly, defend the 5C in the mid tier.

我想知道您是否願意更詳細地介紹增長，特別是捍衛中端的 5C。

I know our surveys continue to find in the US that it's falling little bit as a percentage of business, but you seem to believe it's doing exactly what you expected it to do.

我知道我們的調查在美國繼續發現它在業務中的百分比略有下降，但你似乎相信它正在做你期望它做的事情。

I can tell you this.

我可以告訴你這個。

That if you look at the growth rates, we don't divide out each one, but if you look at year-over-year growth rates.

如果你看增長率，我們不會把每一個都分開，但是如果你看一下同比增長率。

And so this would be comparing the 5C to last year, it would be comparing the 4S, which was in the mid tier.

所以這將是比較 5C 和去年，它將比較處於中端的 4S。

The growth in that sector was the highest growth during the quarter we just finished.

該部門的增長是我們剛剛完成的季度中的最高增長。

Of the three tiers?

三層的？

Of the three tiers.

三層之中。

So we're extremely happy with how it performed last quarter.

因此，我們對上個季度的表現非常滿意。

Thank you.

謝謝你。

Thanks, Steve.

謝謝，史蒂夫。

Could we have the next question please?

請問下一個問題好嗎？

Paul Bender, Credit Suisse.

瑞士信貸的保羅·班德。

Thanks.

謝謝。

I have just one question for Luce, and one for Tim.

我只有一個問題要問盧斯，還有一個問題要問蒂姆。

For Luca, you mentioned that commodity pricing, I guess the environment was good for you.

對於盧卡，你提到商品定價，我想環境對你有好處。

Is it your worth and assumption in your guidance that that continues to be favorable and a tailwind for you?

您在指導中的價值和假設是否繼續對您有利和順風？

And then my question for Tim is that, with the installment plans that are being introduced in the US, I imagine that given the increases of flexibility for people to upgrade faster.

然後我對蒂姆的問題是，隨著美國推出的分期付款計劃，我想鑑於人們更快升級的靈活性增加。

Would you expect that to happen for iPhone?

你會期望 iPhone 會發生這種情況嗎？

Are your see any evidence of that as these contexts come up?

當這些背景出現時，您是否看到任何證據？

Because we've had them out now for several months.

因為我們已經把它們拿出來幾個月了。

And how do you see that impacting your business?

您如何看待這會影響您的業務？

Because obviously, the US iPhone part of your business is still very significant, and it could be quite a catalyst for the iPhone business going forward I would imagine.

因為很明顯，您業務中的美國 iPhone 部分仍然非常重要，我想它可能會成為 iPhone 業務向前發展的催化劑。

Or would you be more tentative into how is that playing out?

或者你會更試探一下這是如何進行的？

I'll take both of these.

這兩個我都要。

This is Tim.

這是蒂姆。

On the component question, what we saw in the June quarter was that NAND, mobile DRAM and LCD, the pricing on all of those it declined.

在組件問題上，我們在 6 月季度看到的是 NAND、移動 DRAM 和 LCD，所有這些產品的價格都下降了。

While PC DRAM increased, despite the market for PCs contracting.

儘管 PC 市場萎縮，但 PC DRAM 有所增加。

In the September quarter, what is factored in our guidance, is that LCDs and mobile DRAM continued to decline.

在 9 月季度，我們的指導中考慮的是 LCD 和移動 DRAM 繼續下降。

That NAND pricing remains essentially flat from last quarter, and that PC DRAM has a slight price increase.

NAND 價格與上一季度基本持平，PC DRAM 價格略有上漲。

And in terms of other commodities that I didn't talk about, we've assumed that they would decline at historical rates.

至於我沒有提到的其他商品，我們假設它們會以歷史速度下降。

And so that's factored into the gross margin guidance that Luca gave you.

這就是盧卡給你的毛利率指導的因素。

In terms of the installment plans that you mentioned in the US relative to iPhone, there's a lot of different models that are being tried in the US, and throughout the world.

關於你提到的美國 iPhone 分期付款計劃，在美國和世界各地都有很多不同的型號正在試用。

And actually last quarter, as we estimated, and this is subject to the estimating error, but we're estimating that less in one out of four iPhones were sold on a traditional subsidy plan.

實際上，正如我們估計的那樣，上個季度，這會受到估計誤差的影響，但我們估計四分之一的 iPhone 在傳統的補貼計劃中售出。

And so that number is markedly different than it would've been two years ago.

所以這個數字與兩年前明顯不同。

The installment plans that you're speaking about which gives the customer the right to upgrade fast, or faster than a usual two-year cycle, we think that that plays to our customer base in a large way.

您所說的分期付款計劃賦予客戶快速升級的權利，或者比通常的兩年周期更快，我們認為這對我們的客戶群有很大的影響。

So that makes us incredibly bullish that customers on those plans would be very likely to upgrade when we announce a new product.

因此，這讓我們非常樂觀地認為，當我們宣布推出新產品時，這些計劃的客戶很可能會升級。

Thank you.

謝謝你。

Very helpful.

非常有幫助。

Thank you, Paul Bender.

謝謝你，保羅·本德。

May we have the next question please?

請問下一個問題好嗎？

Ben Reitzes, Barclays.

Ben Reitzes，巴克萊銀行。

Thanks a lot.

非常感謝。

Tim, my question is for you.

蒂姆，我的問題是給你的。

I guess during the quarter, you did two very big things in our opinion, obviously buying Beats, biggest acquisition in your history.

我猜在本季度，我們認為你做了兩件非常大的事情，顯然是收購了 Beats，這是你歷史上最大的收購。

And you also did this IBM deal, which obviously was in this quarter, but since the last call.

而且你還完成了這項 IBM 交易，這顯然是在本季度，但自上次電話會議以來。

And that was very interesting, obviously, really collaborating with another huge company to get further into the enterprise.

這很有趣，顯然，真正與另一家大公司合作以進一步進入企業。

And I was just wondering what are you seeing in Apple that's changing?

我只是想知道你在 Apple 看到了什麼正在發生變化？

These seem like big deals that change your direction a bit, something that you wouldn't have done in the past.

這些看起來像是改變了你的方向的大交易，這是你過去不會做的事情。

And do you see a lot more partnerships and larger acquisitions on the horizon to grow your TAM in various markets?

您是否看到更多的合作夥伴關係和更大的收購即將在各個市場發展您的 TAM？

Well I think we think we have a lot of really great people, Ben.

嗯，我認為我們認為我們有很多非常棒的人，本。

And I think we have the capability, as I've said before, I think we have the capability to acquire a sizable company and manage it.

而且我認為我們有能力，正如我之前所說，我認為我們有能力收購一家規模龐大的公司並進行管理。

Relative to IBM, I feel the same way.

相對於 IBM，我也有同感。

I think you can only do so many partnerships well.

我認為你只能做好這麼多的伙伴關係。

So, it's unusual that we enter into a partnership.

因此，我們建立合作夥伴關係是不尋常的。

But in this particular case, I think arguably the companies are so complimentary.

但在這種特殊情況下，我認為這些公司可以說是非常互補的。

And I've gotten to know Jenny fairly well over the last couple of years, and I think we see the importance of the customer a lot of the same way.

在過去的幾年裡，我對 Jenny 的了解相當好，我認為我們看到了客戶的重要性。

And both feel that mobile and enterprise is just an enormous opportunity.

兩者都認為移動和企業只是一個巨大的機會。

We're not competing with each other.

我們不是在互相競爭。

And so I think a partnership in that case is particularly great.

所以我認為在這種情況下建立夥伴關係特別好。

Would we do more of either of the things we did?

我們會做更多我們做過的事情嗎？

We're always looking in the acquisition space, but we don't let our money burn a hole in our pocket.

我們一直在尋找收購領域，但我們不會讓我們的錢在我們的口袋裡燒個洞。

And we don't do things that aren't strategic.

而且我們不做沒有戰略意義的事情。

So with Beats, we felt we were getting an incredible subscription service, a very rare set of talent that we think can do great things in Apple.

因此，有了 Beats，我們覺得我們獲得了令人難以置信的訂閱服務，這是一組非常罕見的人才，我們認為他們可以在 Apple 做出偉大的事情。

And access to a very fast-growing business in their headphone and earphone space.

並在他們的耳機和耳機領域獲得一個非常快速增長的業務。

And culturally, we felt there was a match, and music has been deeply embedded in Apple's DNA for many, many years.

在文化上，我們覺得有一種契合，而且音樂已經深深植根於 Apple 的 DNA 中很多很多年了。

So it was a great marriage, and I think the partnership with IBM is a great marriage as well.

所以這是一段美好的婚姻，我認為與 IBM 的合作也是一段美好的婚姻。

If more like that presented themselves, or -- then I think we can manage more things.

如果出現更多類似的情況，或者 - 那麼我認為我們可以管理更多事情。

I think we have a very, very strong Executive team, and can do that.

我認為我們有一個非常非常強大的執行團隊，並且可以做到這一點。

But it's not my goal to acquire a certain number of companies or to spend a certain amount of money.

但收購一定數量的公司或花一定數量的錢不是我的目標。

We want to do things that help us make great products and are great for our customers, and so forth.

我們想做的事情可以幫助我們製造出出色的產品並為我們的客戶帶來好處，等等。

Sorry.

對不起。

Just really quick on the IBM.

在 IBM 上真的很快。

Does this say something about Apple doing more in big data, and taking a cut maybe of some of the analytics opportunities as well?

這是否說明蘋果在大數據方面做得更多，並且可能也削減了一些分析機會？

We didn't talk about the -- how the business model is going to work.

我們沒有談論 - 商業模式將如何運作。

But generally speaking, I think that each of us have revenue streams in the enterprise, and each of us win from having those revenue streams.

但總的來說，我認為我們每個人在企業中都有收入來源，我們每個人都從擁有這些收入來源中獲利。

So that's how I look at that.

所以我就是這麼看的。

We win if we can drive that penetration number I spoke about from 20% to 60%.

如果我們能將我所說的滲透率從 20% 提高到 60%，我們就贏了。

That would be incredibly exciting here.

這將是非常令人興奮的。

The walls would shake.

牆壁會震動。

So that's what I hope for.

所以這就是我所希望的。

Thanks a lot.

非常感謝。

Thank you, Ben.

謝謝你，本。

Could we have the next question, please?

請問下一個問題好嗎？

Ben Shackner, Macquarie.

本·沙克納，麥格理。

Thanks.

謝謝。

Tim, I was just wanting to talks about the app market for enterprise.

蒂姆，我只是想談談企業應用市場。

Right now, I believe that app developers can sell to the enterprise directly, and therefore, that they can bypass the sharing revenue from these app sales with Apple.

現在，我相信應用程序開發者可以直接向企業銷售，因此他們可以繞過與蘋果分享這些應用程序銷售的收入。

Is Apple going to allow that to continue?

蘋果會允許這種情況繼續下去嗎？

And can you also just more broadly discuss how Apple thinks about the opportunity to sell apps directly to the enterprise?

您能否更廣泛地討論一下 Apple 如何看待直接向企業銷售應用程序的機會？

Thanks.

謝謝。

We have no plans to change the rules with enterprise.

我們沒有與企業改變規則的計劃。

Some enterprises buy proprietary apps that they do not want to offer to others, and so we obviously have a way for them to distribute those into their enterprise on just the employees that they want to.

一些企業購買了他們不想提供給其他人的專有應用程序，因此我們顯然有辦法讓他們將這些應用程序分發到他們的企業中，只針對他們想要的員工。

So I'm not worried about changing that.

所以我不擔心改變這一點。

We're all for taking friction out of the system, and not adding it.

我們都讚成從系統中消除摩擦，而不是增加它。

Again, the big thing for us is getting the penetration number up and getting our product iPhones, and iPads, and Macs in more people's hands.

同樣，對我們來說最重要的是提高滲透率，讓我們的產品 iPhone、iPad 和 Mac 進入更多人的手中。

We think there's a huge opportunity in enterprise to do that.

我們認為企業有很大的機會來做到這一點。

Thank you, Ben.

謝謝你，本。

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

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

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

電話重播的號碼是 888-203-1112 或 719-457-0820。

And please enter confirmation code 7618258.

請輸入確認碼7618258。

These replays will be available by approximately 5:00 PM Pacific time today.

這些重播將在今天太平洋時間下午 5:00 左右提供。

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

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

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

瓊是 408-974-4570，我在 408-974-5420。

And thanks again to everyone for joining us.

並再次感謝大家加入我們。

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。