蘋果 (AAPL) 2014 Q4 法說會逐字稿

Good day, everyone and welcome to this Apple Incorporated fourth-quarter FY14 earnings release conference call.

大家好，歡迎參加 Apple Incorporated 2014 財年第四季度財報電話會議。

Today's call is being recorded.

今天的電話正在錄音。

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

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

Please go ahead.

請繼續。

Thank you.

謝謝你。

Good afternoon and thanks to everyone for joining us.

下午好，感謝大家加入我們。

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

今天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，在一些最後的發言之後，我們將開始向分析師提問。

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 margins, 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、稅收和未來產品的陳述。

Actual results or trends could differ materially from our forecasts.

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 Forms 10-Q for the first three 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 財年前三個季度的 10-Q 表格以及今天向美國證券交易委員會提交的 8-K 表格以及相關新聞稿中討論的風險因素。

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

Apple 不承擔更新任何前瞻性陳述或截至其各自日期的信息的義務。

And 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, and thanks for joining us.

大家下午好，感謝您加入我們。

Since we spoke in July it's been an exciting and very busy time so we have lots of great things to talk about today.

自從我們在 7 月份發言以來，這是一段激動人心且非常忙碌的時期，所以我們今天有很多很棒的事情要談。

Just last month we launched the biggest advancements in iPhone history with iPhone 6 and iPhone 6 Plus.

就在上個月，我們推出了 iPhone 6 和 iPhone 6 Plus，這是 iPhone 歷史上最大的進步。

These iPhones are the best we have ever created and customers absolutely love them.

這些 iPhone 是我們創造的最好的，客戶絕對喜歡它們。

Our operational team has done an extraordinary job executing the manufacturing ramp throughout the entire supply chain.

我們的運營團隊在整個供應鏈中執行製造坡道方面做得非常出色。

To date we've launched in 32 countries including China, and our new iPhones will be shipping in 69 countries and territories by the end of this month making this our fastest and most successful iPhone launch ever.

迄今為止，我們已經在包括中國在內的 32 個國家/地區推出了新 iPhone，到本月底，我們的新款 iPhone 將在 69 個國家和地區發售，這是我們有史以來最快、最成功的 iPhone 發布。

Demand for the new iPhones has been staggering and geographically broad-based, markedly higher in every single country where we've launched compared to the iPhone 5s a year ago.

與一年前的 iPhone 5s 相比，我們推出的每個國家/地區對新款 iPhone 的需求都非常驚人，而且地域範圍廣泛。

We're working hard to fill orders as fast as possible and we're on track to be in more than 115 countries by the end of December.

我們正在努力盡快完成訂單，我們有望在 12 月底前進入超過 115 個國家/地區。

Last month we introduced two new categories.

上個月我們推出了兩個新類別。

The first is Apple Pay, an entirely new way to pay for things in stores and in apps.

第一個是 Apple Pay，這是一種在商店和應用程序中付款的全新方式。

It makes mobile payments easier, more secure and more private.

它使移動支付更容易、更安全、更私密。

Apple Pay went live today and now making purchases in participating stores happens with just the touch of a finger.

Apple Pay 今天上線了，現在只需用手指輕觸即可在參與的商店購物。

Paying within apps is as easy as selecting Apple Pay and placing your finger on touch ID.

在應用程序內支付就像選擇 Apple Pay 並將手指放在觸控 ID 上一樣簡單。

Today Apple Pay supports credit and debit cards from the three major payment networks and the top US banks and over 500 additional banks have signed on and will be supporting Apple Pay beginning this year and early next year.

今天，Apple Pay 支持來自三大支付網絡和美國頂級銀行的信用卡和借記卡，另外 500 多家銀行已簽約並將從今年和明年初開始支持 Apple Pay。

Apple Pay is being supported by many of the nation's top retailers and we continue to sign more retailers.

Apple Pay 得到了美國許多頂級零售商的支持，我們將繼續與更多零售商簽約。

The second new category is Apple Watch, our most personal device ever and one that has already captured the world's imagination.

第二個新類別是 Apple Watch，這是我們有史以來最個性化的設備，並且已經吸引了全世界的想像力。

We can't wait to get Apple Watch to customers beginning in early calendar 2015.

我們迫不及待地想從 2015 年初開始向客戶提供 Apple Watch。

We'll be providing more details on Apple Watch as we get closer to the shipment date.

隨著發貨日期的臨近，我們將提供有關 Apple Watch 的更多詳細信息。

Last week we launched the new iPad Air 2 and iPad Mini 3 with innovations that make them dramatically better than previous generations and the stunning new iMac with a Retina 5K Display.

上週，我們推出了全新的 iPad Air 2 和 iPad Mini 3，它們的創新使它們明顯優於前幾代產品，以及配備 Retina 5K 顯示屏的令人驚嘆的全新 iMac。

We released iOS 8 last month and our customers are enjoying new ways to use their iPhone, iPad or iPod Touch with intuitive new features and groundbreaking security.

我們上個月發布了 iOS 8，我們的客戶正在享受使用 iPhone、iPad 或 iPod Touch 的新方式，這些新方式具有直觀的新功能和突破性的安全性。

Last week we also released OS X Yosemite with an all-new design and continuity features that deliver an even more fluid experience across all of our iOS devices and Macs.

上週，我們還發布了具有全新設計和連續性功能的 OS X Yosemite，為我們所有的 iOS 設備和 Mac 提供了更加流暢的體驗。

These introductions reflect years of innovation and hard work by teams all across Apple and they demonstrate the seamless integration of hardware, software and services that provides unparalleled user experiences for our customers.

這些介紹反映了 Apple 各個團隊多年來的創新和辛勤工作，它們展示了硬件、軟件和服務的無縫集成，為我們的客戶提供了無與倫比的用戶體驗。

These are things that only Apple can do.

這些都是只有蘋果才能做到的事情。

We've also communicated and demonstrated our commitment to respecting and protecting users' privacy with strong encryption and strict policies that govern how our data is handled.

我們還通過強大的加密和嚴格的政策來管理我們的數據處理方式，傳達並展示了我們對尊重和保護用戶隱私的承諾。

Today we're also reporting very strong results for Apple's fourth fiscal quarter.

今天，我們還公佈了 Apple 第四財季非常強勁的業績。

We generated our strongest revenue growth rate in seven quarters far surpassing our expectations we communicated in July and establishing a new record for Apple's September quarter revenue.

我們創造了七個季度以來最強勁的收入增長率，遠遠超過了我們在 7 月份傳達的預期，並創造了 Apple 9 月份季度收入的新紀錄。

We're also reporting gross margin of 38% compared to 37% last year, leading to a very strong EPS growth of 20%.

我們還報告毛利率為 38%，而去年為 37%，導致每股收益增長非常強勁，達到 20%。

Fueled by the launch of iPhone 6 and 6 Plus, and strong demand for our previous iPhone models, we set a new September quarter record for iPhone with revenue growth of 21% year over year.

在 iPhone 6 和 6 Plus 的推出以及對我們之前 iPhone 機型的強勁需求的推動下，我們創下了 iPhone 9 月季度的新紀錄，收入同比增長 21%。

Demand for iPhone was strong across all geographies with global unit sellthrough growth of 26% and we exited the quarter with significant backlog for both iPhone 6 and 6 Plus.

所有地區對 iPhone 的需求都很強勁，全球銷量增長了 26%，我們在本季度結束時 iPhone 6 和 6 Plus 的訂單都有大量積壓。

We established an all-time quarterly record for Mac sales with revenue growing 18% year over year thanks in particular to the very strong performance of our portables.

我們創造了 Mac 銷售的歷史季度記錄，收入同比增長 18%，這尤其歸功於我們的便攜式設備的強勁表現。

We're especially proud of our Mac results considering the overall contraction of the global PC market this year and we achieved our highest quarterly market share since 1995.

考慮到今年全球 PC 市場的整體收縮，我們對我們的 Mac 業績感到特別自豪，我們實現了自 1995 年以來的最高季度市場份額。

We also set an all-time record for the App Store revenue thanks to the tremendous momentum and ongoing success of our developer community.

由於我們的開發者社區的巨大發展勢頭和持續成功，我們還創下了 App Store 收入的歷史記錄。

App store revenue grew 36% over last year, and cumulative app downloads have now topped 85 billion.

應用商店收入同比增長 36%，累計應用下載量已突破 850 億次。

These results bring to a close a record-breaking FY14.

這些結果為創紀錄的 FY14 畫上了句號。

Over the last four quarters our products and services have generated $183 billion in revenue, an increase of $12 billion over last year.

在過去四個季度，我們的產品和服務創造了 1830 億美元的收入，比去年增加了 120 億美元。

We sold 243 million iOS devices and 19 million Macs, both all-time highs.

我們售出了 2.43 億台 iOS 設備和 1900 萬台 Mac，均創下歷史新高。

Our revenue from iTunes software and services reached $18 [billion], which is more than the annual sales of two-thirds of the companies in the Fortune 500.

我們從 iTunes 軟件和服務中獲得的收入達到了 18 億美元，超過了財富 500 強中三分之二的公司的年銷售額。

And we generated $6.45 in earnings per share, which is 14% higher than last year and also set a new record.

我們的每股收益為 6.45 美元，比去年高出 14%，也創下了新紀錄。

We've made big investments in our business and have continued to expand our global footprint.

我們對我們的業務進行了大量投資，並繼續擴大我們的全球足跡。

Today we have 437 Apple retail stores in 15 countries and our partners are selling Apple products in hundreds of thousands of locations around the world.

如今，我們在 15 個國家/地區擁有 437 家 Apple 零售店，我們的合作夥伴正在全球數十萬個地點銷售 Apple 產品。

We're continuing to invest in developing markets where revenues approached $50 billion in FY14, up 16% over last year and twice the rate of growth of the Company overall.

我們將繼續投資發展中市場，2014 財年收入接近 500 億美元，比去年增長 16%，是公司整體增長率的兩倍。

We forged a landmark partnership with IBM to provide a new generation of mobile enterprise applications designed with our product's legendary ease-of-use and backed by IBM's cloud services and data analytics.

我們與 IBM 建立了具有里程碑意義的合作夥伴關係，以提供新一代移動企業應用程序，這些應用程序採用我們產品傳奇般的易用性設計，並以 IBM 的雲服務和數據分析為後盾。

Our partnership aims to redefine the way work gets done, address key industry mobility challenges and spark true mobile-lead business change.

我們的合作夥伴關係旨在重新定義完成工作的方式，解決關鍵的行業移動挑戰，並引發真正的移動主導業務變革。

Developer teams have been working closely to develop the first wave of mobile first solutions and these solutions will be ready for customers beginning next month across six sectors: banking, government, insurance, retail, travel and transportation and telecommunications.

開發人員團隊一直在密切合作開發第一波移動優先解決方案，這些解決方案將從下個月開始為六個行業的客戶做好準備：銀行、政府、保險、零售、旅遊和運輸以及電信。

We've brought tremendous new talent and technology into Apple through 20 acquisitions in FY14, including 7 alone in the September quarter.

我們在 2014 財年通過 20 次收購為 Apple 帶來了巨大的新人才和技術，其中僅在 9 月季度就有 7 次。

We closed the Beats transition in July and we're off to a great start with some wonderful plans we'll share with you in the future.

我們在 7 月結束了 Beats 過渡，我們有了一個美好的開始，我們將在未來與您分享一些精彩的計劃。

Our strong results continue to generate significant cash and we're extremely happy that this has enabled us to make substantial investments in Apple's future, while retaining -- while returning cash to our shareholders.

我們強勁的業績繼續產生大量現金，我們非常高興這使我們能夠對蘋果的未來進行大量投資，同時保留——同時向股東返還現金。

We've executed aggressively against our share repurchase programs spending $17 billion in the September quarter alone and $45 billion in the last year.

我們已積極執行我們的股票回購計劃，僅在 9 月季度就花費了 170 億美元，去年則為 450 億美元。

In addition to Apple's strong business performance over the past four quarters, I am incredibly proud of all of our work to protect the environment, to advance human rights, to improve working conditions in the supply chain, and to change the way teachers teach and students learn.

除了 Apple 在過去四個季度的強勁業務表現之外，我為我們在保護環境、促進人權、改善供應鏈中的工作條件以及改變教師和學生的教學方式方面所做的所有工作感到無比自豪學。

I'd like to thank all of our customers, employees, developers, and business partners for making FY14 Apple's best year yet.

我要感謝我們所有的客戶、員工、開發人員和業務合作夥伴，他們讓 FY14 成為 Apple 迄今為止最好的一年。

And I'd like to thank all of our shareholders for their continued support.

我要感謝我們所有股東的持續支持。

I could not be more excited about the road ahead in FY15.

我對 2015 財年的前進道路感到無比興奮。

With that I'd like to turn the call over to Luca to discuss our September quarter 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 9 月份的季度業績。

Thank you, Tim, and good afternoon, everyone.

謝謝蒂姆，大家下午好。

During the September quarter we generated record revenue of $42.1 billion, an increase of $4.7 billion or 12% year over year.

在 9 月季度，我們創造了創紀錄的 421 億美元收入，同比增長 47 億美元或 12%。

This result exceeded our guidance range due to better than expected sales of iPhones and Macs for which customer demand grew strongly year over year in all our segments.

這一結果超出了我們的指導範圍，原因是 iPhone 和 Mac 的銷量好於預期，我們所有細分市場的客戶需求均同比強勁增長。

Gross margin was 38% at the high end of the guidance range.

在指導範圍的高端，毛利率為 38%。

Operating margin was $11.2 billion, representing 26.5% of revenue.

營業利潤率為 112 億美元，佔收入的 26.5%。

Net income was $8.5 billion, a new September quarter record, translating to diluted earnings per share of $1.42, a 20% year-over-year increase.

淨收入為 85 億美元，創下 9 月季度的新紀錄，攤薄後每股收益為 1.42 美元，同比增長 20%。

Cash flow from operations was very strong, at $13.3 billion, also a new Q4 record.

運營現金流非常強勁，達到 133 億美元，也是第四季度的新紀錄。

For details by product I will start with iPhone.

有關產品的詳細信息，我將從 iPhone 開始。

We sold 39.3 million iPhones an increase of 5.5 million over last year or 16% growth, underlying demand was even stronger with sellthrough growth of 26%.

我們售出了 3930 萬部 iPhone，比去年增加了 550 萬部或 16% 的增長，潛在需求更加強勁，銷售額增長了 26%。

iPhone sales grew across both developed and emerging markets.

iPhone 在發達市場和新興市場的銷量均有所增長。

Unit sales in the US grew 17% year over year and in Western Europe they were up 20%.

美國的單位銷售額同比增長 17%，而在西歐則增長了 20%。

We saw even stronger growth in Latin America and the Middle East with sales up more than 50%, and in central and eastern Europe, where sales more than doubled.

我們看到拉丁美洲和中東的增長更為強勁，銷售額增長了 50% 以上，而在中歐和東歐，銷售額增長了一倍以上。

We increased iPhone channel inventory by just under 1 million units during the September quarter this year significantly less than the 3.3 million unit increase in the September quarter a year ago.

我們在今年 9 月季度將 iPhone 渠道庫存增加了不到 100 萬部，遠低於去年同期 330 萬部的增幅。

Based on the very strong demand for our new iPhones, this left us below our target range of 4 to 6 weeks for channel inventory on a look forward basis.

基於對我們新 iPhone 的強勁需求，這使我們低於預期的 4 至 6 週的渠道庫存目標範圍。

iPhone momentum in enterprise markets remains very strong.

iPhone 在企業市場的勢頭仍然非常強勁。

The latest data published by IDC indicates that iPhone has 69% share of the US commercial smartphone market.

IDC 公佈的最新數據顯示，iPhone 在美國商用智能手機市場佔有 69% 的份額。

Also in August, ChangeWave survey of US corporate IT buyers found that among those planning to purchase smartphones in the December quarter, 75% plan to purchase iPhones.

同樣在 8 月，ChangeWave 對美國企業 IT 買家的調查發現，在計劃在 12 月季度購買智能手機的人中，75% 的人計劃購買 iPhone。

And iPhone continues to fuel innovation at companies around the world.

iPhone 繼續推動世界各地公司的創新。

Schindler, a leading global escalator and elevator manufacturer, has deployed over 20,000 iPhones and 20 custom apps to improve customer engagements for sales teams and to allow service technicians to access vital documentation repair and safety functions when they're in the field.

迅達是全球領先的自動扶梯和電梯製造商，已部署超過 20,000 部 iPhone 和 20 款自定義應用程序，以改善銷售團隊的客戶參與度，並允許服務技術人員在現場訪問重要的文檔維修和安全功能。

Baidu, China's top service search provider, currently has 20,000 employees using iPhones and the company has developed over 30 in-house iOS apps to help its employees work more efficiently, track sales leads and manage internal IT infrastructure and processes.

百度是中國最大的服務搜索提供商，目前有 20,000 名員工使用 iPhone，公司開發了 30 多個內部 iOS 應用程序，以幫助其員工更高效地工作、跟踪銷售線索並管理內部 IT 基礎設施和流程。

Next I would like to talk about the Mac.

接下來我想談談Mac。

We sold 5.5 million Macs, an increase of almost 1 million over last year.

我們售出了 550 萬台 Mac，比去年增加了近 100 萬台。

That represents 21% growth year over year and an all-time quarterly record.

這代表了同比增長 21% 和歷史季度記錄。

We saw great demand in the back-to-school season for both desktops and portables with especially strong growth from MacBook Pro and MacBook Air.

我們看到返校季對台式機和便攜式電腦的需求很大，其中 MacBook Pro 和 MacBook Air 的增長尤為強勁。

We achieved double-digit Mac growth across most markets around the world with particularly impressive performance in emerging markets where Mac sales were up 46%.

我們在全球大多數市場實現了兩位數的 Mac 增長，其中 Mac 銷量增長 46% 的新興市場表現尤為出色。

These results are truly remarkable given the contraction in the global PC market and we now gain market share for 33 of the last 34 quarters.

鑑於全球 PC 市場的萎縮，這些結果確實令人矚目，我們現在在過去 34 個季度中的 33 個季度獲得了市場份額。

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 12.3 million units, compared to 14.1 million in the September quarter last year.

談到 iPad，我們售出了 1230 萬台，而去年第四季度為 1410 萬台。

In anticipation of our October new product announcements, we reduced our iPad channel inventory by 500,000 from the end of the June quarter, which left us within our target range of channel inventory on a look-back basis.

由於預期我們 10 月份的新產品發布，我們將我們的 iPad 渠道庫存從 6 月季度末減少了 500,000 台，這使我們在回顧的基礎上保持在我們的目標渠道庫存範圍內。

iPad sales were consistent with our expectations and we experienced very strong results in Japan where iPad sales were up 46% year over year.

iPad 銷量符合我們的預期，我們在日本取得了非常強勁的業績，iPad 銷量同比增長 46%。

Customers continue to love their iPad.

客戶繼續喜愛他們的 iPad。

In an August survey by ChangeWave, iPad Mini with Retina Display earned an incredible 100% satisfaction rate and among consumers planning to purchase a tablet within 90 days the survey indicated a 55% plan to buy an iPad.

在 ChangeWave 8 月份的一項調查中，配備 Retina 顯示屏的 iPad Mini 獲得了令人難以置信的 100% 滿意率，在計劃在 90 天內購買平板電腦的消費者中，調查顯示 55% 的人計劃購買 iPad。

We continue to see strong momentum in enterprise for iPad, progressive IT organizations around the world continue to deploy, manage and develop amazing in-house apps for iPad.

我們繼續看到 iPad 在企業中的強勁勢頭，世界各地的先進 IT 組織繼續為 iPad 部署、管理和開發令人驚嘆的內部應用程序。

Healthcare leader Sanofi has over 25,000 iPads and over 450 in-house apps for sales teams and corporate employees to get their products and information into the hands of doctors and other healthcare providers.

醫療保健領導者賽諾菲擁有超過 25,000 台 iPad 和 450 多個內部應用程序，供銷售團隊和公司員工將他們的產品和信息交到醫生和其他醫療保健提供者手中。

Premium eyewear designer group Softica, has deployed over 10,000 iPads to improve how customers experience the size, fit and overall look of eyewear in a retail environment.

高級眼鏡設計師集團 Softica 部署了超過 10,000 台 iPad，以改善客戶在零售環境中體驗眼鏡的尺寸、合身度和整體外觀的方式。

Importantly, since the announcement of the partnership with IBM, hundreds of corporations around the world have expressed interest in MobileFirst solutions.

重要的是，自從宣布與 IBM 建立合作夥伴關係以來，全球數百家公司都對 MobileFirst 解決方案表示了興趣。

And we are actively working with over 50 of them to become foundation clients for MobileFirst solutions in their industries.

我們正積極與其中 50 多家合作，成為其行業中 MobileFirst 解決方案的基礎客戶。

iPad continues to lead the US education tablet market with 90% share based on the latest data from IDC.

根據 IDC 的最新數據，iPad 繼續以 90% 的份額引領美國教育平板電腦市場。

In the September quarter the St.

在九月季度，聖。

Paul public schools in Minnesota purchased over 22,000 iPad Airs and over 5000 iPad Minis in the first phase of the district's personalized learning through technology plan that will ultimately equip every student with an iPad.

明尼蘇達州的聖保羅公立學校在該地區個性化學習技術計劃的第一階段購買了 22,000 多台 iPad Air 和 5000 多台 iPad Mini，該計劃最終將為每個學生配備一台 iPad。

The Apple ecosystem continues to thrive.

Apple 生態系統繼續蓬勃發展。

Our iTunes store generated all-time record billings of $5.4 billion in the September quarter, up 22% year over year thanks to the tremendous momentum of the App Store.

得益於 App Store 的強勁發展勢頭，我們的 iTunes 商店在 9 月季度創造了 54 億美元的創紀錄收入，同比增長 22%。

Developers around the world have embraced the iOS platform and keep broadening the appeal of our thoughtfully designed app store to our large, loyal and engaged customer base.

世界各地的開發者都接受了 iOS 平台，並不斷擴大我們精心設計的應用商店對我們龐大、忠誠和參與的客戶群的吸引力。

Across all of our programs, the number of registered app developers has grown by 22% in the last year, and we are rapidly approaching 10 million.

在我們所有的計劃中，註冊應用程序開發人員的數量在去年增長了 22%，我們正迅速接近 1000 萬。

We are seeing especially strong interest in the enterprise where the number of registered developers is up 39% over a year ago.

我們看到對註冊開發人員數量比一年前增長 39% 的企業特別感興趣。

Our retail stores also generated strong results.

我們的零售店也取得了強勁的業績。

Revenue for the quarter was $5.1 billion up 15% from a year ago and a new September quarter record.

本季度收入為 51 億美元，同比增長 15%，創下 9 月季度新紀錄。

We opened 10 new stores and completed the remodels of 3 stores during the quarter ending with a total of 437 stores, 41% of which are outside the United States.

我們在本季度末開設了 10 家新店並完成了 3 家門店的改造，共有 437 家門店，其中 41% 位於美國以外。

We are projecting a total of approximately 25 new store openings in FY15, about three quarters of which will be outside the US.

我們預計2015 財年將開設約25 家新店，其中約四分之三將在美國以外。

We also plan to remodel about five stores over the course of the year.

我們還計劃在一年內改造大約五家商店。

With an average of 432 stores open in the September quarter, average revenue per store was $11.9 million, compared to $10.9 million in the year-ago quarter.

9 月季度平均新開 432 家門店，每家門店的平均收入為 1190 萬美元，而去年同期為 1090 萬美元。

We hosted 102 million visitors to our stores during the quarter, which translates to over 18,000 visitors per store per week.

本季度我們的門店接待了 1.02 億訪客，這意味著每家門店每周有超過 18,000 名訪客。

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 $155.2 billion in cash plus marketable securities, a sequential decline of $9.3 billion.

我們在本季度結束時擁有 1552 億美元的現金和有價證券，環比下降 93 億美元。

We have continued to execute our capital return program aggressively with a total spend of over $20 billion in just the September quarter.

我們繼續積極執行我們的資本回報計劃，僅在 9 月季度的總支出就超過 200 億美元。

We launched our fourth accelerated share repurchase program at the end of August spending $9 billion.

我們在 8 月底啟動了第四次加速股票回購計劃，斥資 90 億美元。

We also spent $8 billion to repurchase 81 million Apple shares to open market transactions, paid $2.8 billion in dividends and equivalents, and utilized over $300 million to net share sell vesting employee's at its use.

我們還斥資 80 億美元回購了 8100 萬股蘋果股票以進行公開市場交易，支付了 28 億美元的股息和等價物，並使用了超過 3 億美元的淨股票出售歸屬於員工的使用權。

So we've already taken action on over $94 billion of our $130 billion capital return program, including $68 billion in share repurchases with five quarters remaining to its completion.

因此，我們已經對 1300 億美元的資本回報計劃中的超過 940 億美元採取了行動，其中包括 680 億美元的股票回購，還有五個季度完成。

We remain firmly committed to our objective of delivering attractive returns to shareholders through both business performance and return on capital.

我們仍然堅定地致力於通過業務績效和資本回報為股東帶來可觀回報的目標。

As we said before, we review our capital allocation regularly.

正如我們之前所說，我們會定期審查我們的資本配置。

We have solicited feedback on our capital return program from shareholders in the past and we will continue to do so.

我們過去曾徵求股東對我們的資本回報計劃的反饋，我們將繼續這樣做。

We plan to report on our conclusions in a timeframe similar to last year.

我們計劃在與去年類似的時間範圍內報告我們的結論。

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

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

We expect revenue to be between $63.5 billion and $66.5 billion, compared to $57.6 billion in the year-ago quarter.

我們預計收入將在 635 億美元至 665 億美元之間，而去年同期為 576 億美元。

This represents a double-digit revenue increase despite significant foreign exchange headwinds from the recent strengthenings of the US dollar against most currencies.

儘管近期美元兌大多數貨幣走強帶來了巨大的外匯逆風，但這代表了兩位數的收入增長。

We expect gross margin to be between 37.5% and 38.5%.

我們預計毛利率在 37.5% 至 38.5% 之間。

We expect OpEx to be between $5.4 billion and $5.5 billion.

我們預計運營支出將在 54 億美元至 55 億美元之間。

We expect OI&E to be about $325 million and we expect the tax rate to be about 26.5%.

我們預計 OI&E 約為 3.25 億美元，我們預計稅率約為 26.5%。

Also, today our Board has declared a dividend of $0.47 per common share, payable on November 13, 2014, to shareholders of record as of November 10, 2014.

此外，今天我們的董事會宣布向截至 2014 年 11 月 10 日在冊的股東派發每股普通股 0.47 美元的股息，於 2014 年 11 月 13 日支付。

With that I will hand it over to Nancy for some final remarks.

有了這個，我將把它交給南希做一些最後的評論。

Thanks, Luca.

謝謝，盧卡。

We'd like to let you know about some reporting changes that we'll be making beginning with the release of our Q1 2015 results.

我們想讓您了解我們將在發布 2015 年第一季度業績時開始進行的一些報告更改。

First, to better serve our customers and optimize our results around the world, we are collaborating like never before across our direct and indirect channels.

首先，為了更好地為我們的客戶服務並優化我們在全球範圍內的業績，我們正在通過我們的直接和間接渠道進行前所未有的合作。

Accordingly, beginning in Q1 2015, we'll be including the results of our retail stores in the geographic segments where the stores are located providing a consolidated view of regional performance that is consistent with the way our executive team measures the business.

因此，從 2015 年第一季度開始，我們將把零售商店的業績納入商店所在的地理區域，以提供與我們的執行團隊衡量業務的方式一致的區域績效綜合視圖。

This means that, going forward, our reportable segments will be the Americas, Europe, greater China, Japan, and the rest of Asia-Pacific with retail no longer classified as a segment.

這意味著，展望未來，我們的可報告細分市場將是美洲、歐洲、大中華區、日本和亞太其他地區，零售不再被歸類為一個細分市場。

Second, to better reflect our evolving products and services, we'll be making some changes to our product summary reporting.

其次，為了更好地反映我們不斷發展的產品和服務，我們將對產品摘要報告進行一些更改。

We will continue to report iPhone, iPad and Mac as separate line items and we'll also have a category that we refer to as services and this will encompass everything we report under the heading of iTunes, software and services today including content, apps, licensing and other services, and, beginning this month, it will also include Apple Pay.

我們將繼續將 iPhone、iPad 和 Mac 作為單獨的項目進行報告，我們還將有一個稱為服務的類別，這將涵蓋我們在 iTunes、軟件和服務標題下報告的所有內容，包括內容、應用程序、許可和其他服務，並且從本月開始，它還將包括 Apple Pay。

We'll be creating a new reporting category called other products.

我們將創建一個名為其他產品的新報告類別。

This will encompass everything we report in the accessory category today, including Beats headphones and speakers, Apple TV, and peripherals and accessories for iPhone, iPad, Mac and iPod.

這將涵蓋我們今天在配件類別中報告的所有內容，包括 Beats 耳機和揚聲器、Apple TV 以及 iPhone、iPad、Mac 和 iPod 的外圍設備和配件。

In addition, we'll begin to include iPod sales in the other products category and we will also reflect sales of Apple Watch in this line item once it begins shipping in early calendar 2015.

此外，我們將開始將 iPod 銷售納入其他產品類別，一旦 Apple Watch 於 2015 年初開始發貨，我們還將在此訂單項中反映其銷售情況。

So to recap, beginning in Q1 2015, our product reporting categories will be iPhone, iPad, Mac, services, and other products.

回顧一下，從 2015 年第一季度開始，我們的產品報告類別將是 iPhone、iPad、Mac、服務和其他產品。

We wanted to give analysts and investors a heads-up on these plans so you can reflect then in your models accordingly.

我們想讓分析師和投資者提前了解這些計劃，以便您可以相應地在您的模型中進行反映。

We'll also reclassify historical results to be consistent with these new groupings and we'll provide that information on our Investor Relations website when we release Q1 results.

我們還將重新分類歷史結果以與這些新分組保持一致，我們將在發布第一季度業績時在我們的投資者關係網站上提供該信息。

And finally, our distribution channels have evolved and expanded significantly in the last couple of years, including traditional resellers, consumer electronic stores, mass retailers, distributors and carriers and each of these channels has a different distribution model.

最後，我們的分銷渠道在過去幾年中得到了顯著發展和擴展，包括傳統經銷商、消費電子商店、大眾零售商、分銷商和運營商，每個渠道都有不同的分銷模式。

Today, iPhone is sold in over 200,000 locations around the world and iPad is sold in more than 100,000.

如今，iPhone 在全球超過 200,000 個地點銷售，iPad 的銷售量超過 100,000 台。

In addition, revenue from emerging markets has increased considerably over the last few years and now accounts for over a quarter of our sales.

此外，來自新興市場的收入在過去幾年中大幅增加，現在占我們銷售額的四分之一以上。

And channel inventory requirements in those markets tend to be much longer.

這些市場的渠道庫存要求往往要長得多。

So due to the size, complexity and differing needs of our channels around the world, we've determined that a 5 to 7 week average range for both iPhone and iPad channel inventory is more appropriate and that will be our target range going forward.

因此，由於我們全球渠道的規模、複雜性和不同需求，我們確定 iPhone 和 iPad 渠道庫存的平均 5 到 7 週範圍更合適，這將是我們未來的目標範圍。

However, given the backlog for our new products, we expect to exit the December quarter within our old 4 to 6 week target range.

然而，鑑於我們新產品的積壓，我們預計將在 4 至 6 週的舊目標範圍內退出 12 月季度。

So with that, let's open the call to questions and we ask that you please limit yourself to one one-part question and one follow-up.

因此，讓我們打開問題電話，我們要求您將自己限制在一個單獨的問題和一個後續問題上。

(Operator Instructions)

（操作員說明）

Shannon Cross, Cross Research.

香農交叉，交叉研究。

My first question is with regards to Apple Pay which we actually used this afternoon and where it was rolled out it actually worked pretty well, which was nice.

我的第一個問題是關於我們今天下午實際使用的 Apple Pay，它在哪裡推出，它實際上運行良好，這很好。

But could you provide some more color, Tim and Luca on how you see a business model for Apple and maybe from a high-level perspective if you see it as more sort of over time becoming a standalone business sort of like you look at iTunes?

但是，蒂姆和盧卡，您能否提供更多關於您如何看待 Apple 的商業模式的色彩，也許從高層次的角度來看，如果您認為隨著時間的推移它更像是一個獨立的業務，就像您看 iTunes 一樣？

Or is this more just a way to sell incremental product?

或者這只是一種銷售增量產品的方式？

Shannon, hi.

香農，你好。

It's Tim.

是蒂姆。

What we wanted to achieve with Apple Pay was first and foremost to have an incredible consumer experience.

我們希望通過 Apple Pay 實現的首要目標是擁有令人難以置信的消費者體驗。

And so we focused very much on making it elegant and simple and hopefully your trials have proven that.

所以我們非常專注於讓它變得優雅和簡單，希望你的試驗已經證明了這一點。

I know I used it over the weekend and it worked fantastically.

我知道我在周末使用它並且效果非常好。

We also wanted to focus on security and privacy.

我們還希望專注於安全和隱私。

And so we see huge issues with the security of the traditional credit card system.

因此，我們看到傳統信用卡系統的安全性存在巨大問題。

And many people that have entered mobile payments are doing so in a way that they want to monetize the data that they collect from the customers.

許多進入移動支付領域的人都希望通過從客戶那裡收集的數據獲利。

And we think customers in general do not want this, that they'd like to keep their data private.

我們認為客戶一般不希望這樣，他們希望將數據保密。

And so we wanted to have ease-of-use, security and privacy and maximize all three.

因此，我們希望具有易用性、安全性和隱私性，並將這三者最大化。

By doing so, we think we will sell more devices because we think it's a killer feature.

通過這樣做，我們認為我們將銷售更多設備，因為我們認為這是一個殺手級功能。

It's far better than reaching in your pocketbook and trying to find the card that you're looking for and half the time it not working.

這比伸手去拿你的錢包並試圖找到你正在尋找的卡並且一半時間它不起作用要好得多。

We do not charge the customer for the benefit.

我們不收取客戶的利益。

We do not charge the merchant for the benefit.

我們不會向商家收取任何費用。

However, there are commercial terms between Apple and the issuing bank.

但是，Apple 與發卡銀行之間存在商業條款。

But we're not disclosing what they are.

但我們沒有透露它們是什麼。

Like any other contractual arrangement, those are private sort of things.

像任何其他合同安排一樣，這些都是私人的事情。

And so as Nancy was saying in her closing comments, we'll be reporting Apple Pay in the services line item on the data sheet.

正如 Nancy 在結束評論中所說，我們將在數據表的服務行項目中報告 Apple Pay。

And so we see it as an incredible service that is the most customer centric mobile payment system that there is.

因此，我們將其視為一項令人難以置信的服務，是目前最以客戶為中心的移動支付系統。

And we're very proud of it and can't wait to sign up more retailers and also extend it around the world.

我們對此感到非常自豪，迫不及待地要簽約更多零售商並將其擴展到世界各地。

Thank you.

謝謝你。

Luca, if you could talk a little bit about the impact of currency, in IBM's results this morning they talk substantially about potential pressure going forward from currency.

Luca，如果你能談談貨幣的影響，在 IBM 今天早上的業績中，他們大量討論了貨幣未來的潛在壓力。

So could you walk us through how your hedges work, how we should think about currency and how you reflected it in at least the current quarter guidance?

那麼您能否向我們介紹一下您的對沖如何運作，我們應該如何看待貨幣以及您如何在至少當前季度的指導中反映它？

Yes.

是的。

Definitely, Shannon.

當然，香農。

As you know, the US dollar has strengthened quite significantly against most currencies in recent weeks.

如您所知，最近幾周美元兌大多數貨幣大幅走強。

When we looked at our Q4 results, actually the impact was fairly limited.

當我們查看第四季度的結果時，實際上影響相當有限。

The combination of the hedging program and the fact that the dollar really strengthened towards the very end of the quarter.

對沖計劃和美元在本季度末真正走強的事實相結合。

Not much impact in Q4.

第四季度影響不大。

It is becoming a significant headwind in Q1, both on a year-over-year basis and on a sequential basis.

無論是同比還是環比，這在第一季度都成為一個重大逆風。

As I said before, we have reflected the new FX situation at current levels into our guidance that we provided for both revenue and gross margins.

正如我之前所說，我們已將當前水平的新外匯情況反映到我們為收入和毛利率提供的指導中。

And it's a fact of life.

這是生活中的事實。

If the US dollar strengthens, that creates a headwind for us both in revenue and margins for our business outside the United States.

如果美元走強，這將對我們在美國以外的業務的收入和利潤率造成不利影響。

As you know, we have a comprehensive hedging program in place that mitigates the impact of foreign exchange.

如您所知，我們有一個全面的對沖計劃來減輕外彙的影響。

Over time, of course, these hedges roll off and get replaced by new hedges at new spot levels.

當然，隨著時間的推移，這些對沖會逐漸消失，並被新現貨水平的新對沖所取代。

And so the protection that you get from a hedging program is temporary.

因此，您從對沖計劃中獲得的保護是暫時的。

But again, the guidance that we provided fully reflects the current situation in the FX markets.

但同樣，我們提供的指導充分反映了外匯市場的現狀。

Thank you.

謝謝你。

Bill Shope, Goldman Sachs.

比爾·肖普，高盛。

Could you comment about how we should think about the key swing factors for gross margins in the December quarter obviously outside of the FX impact you just mentioned, Luca, and more broadly I know it's still early but how should we think about the gross margins pass as the iPhone 6 family ramps versus what we saw with the 5s and 5c cycle?

您能否評論一下我們應該如何考慮 12 月季度毛利率的關鍵波動因素，這顯然超出了您剛才提到的外匯影響，盧卡，更廣泛地說，我知道現在還為時過早，但我們應該如何考慮毛利率通過隨著 iPhone 6 系列與我們在 5s 和 5c 週期中看到的相比？

I guess you can't answer that specifically, I'm trying to figure out if you characterize this as a fairly normal cycle in terms of expected cost improvements over the life of the product?

我想你不能具體回答這個問題，我想弄清楚你是否將其描述為一個相當正常的周期，就產品生命週期內的預期成本改進而言？

Yes, Bill.

是的，比爾。

Let me start with puts and takes of margins for Q1.

讓我從第一季度的看跌期權開始。

I would say that on the positive, we are so pleased with the launch of the new phones, demand has been phenomenal.

我想說的是，從積極的方面來說，我們對新手機的推出非常滿意，需求非常驚人。

So we think we're going to be getting favorable impact from iPhone mix.

因此，我們認為我們將從 iPhone 組合中獲得有利的影響。

Of course, we're also going to be getting some positive leverage from the higher revenues that we guided to.

當然，我們也將從我們引導的更高收入中獲得一些積極的影響。

And we continue to see a fairly favorable commodity environment.

我們繼續看到相當有利的商品環境。

So these are the things that are on the positive side.

所以這些都是積極的一面。

On the negative side, I talked about FX.

在消極方面，我談到了外匯。

Obviously, we have launched a lot of new products here in the last six weeks and we've got transition cost as we move from current products to new products and that tends to be a headwind.

顯然，在過去的六周里，我們在這裡推出了很多新產品，而且隨著我們從現有產品轉向新產品，我們有過渡成本，這往往是一個逆風。

And every time we launch new products, we make them better.

每次我們推出新產品時，我們都會讓它們變得更好。

And what that means is that our cost structures tend to go up when we introduce new products.

這意味著當我們推出新產品時，我們的成本結構往往會上升。

We have a very good track record of taking those cost structures down over time.

隨著時間的推移，我們在降低這些成本結構方面有著非常好的記錄。

So when you take the positives and negatives that I've just mentioned, that is what gives us the guidance that we just provided.

因此，當您考慮我剛才提到的積極和消極方面時，這就是我們剛剛提供的指導。

Okay.

好的。

Great.

偉大的。

And then my second question is looking at the current supply constraints for the iPhone could you confirm that your guidance is assuming you reach supply-demand balance before the end of the quarter?

然後我的第二個問題是查看當前 iPhone 的供應限制，您能否確認您的指導假設您在本季度末之前達到供需平衡？

I think that's what was implied by your commentary on channel inventory.

我認為這就是您對頻道庫存的評論所暗示的。

And related to that could you give us some more color on what you see as the key bottlenecks at this point for supply on the iPhone side?

與此相關，您能否就您認為目前 iPhone 供應的關鍵瓶頸提供更多信息？

Bill, it's Tim.

比爾，是蒂姆。

The ramp itself is going great.

坡道本身進展順利。

It's the fastest ever in our history.

這是我們歷史上最快的。

So I couldn't be happier with it.

所以我對此再高興不過了。

That said, today, demand is far outstripping supply.

也就是說，今天，需求遠遠超過供應。

It's unclear, looking at the data when supply will catch up with demand.

目前尚不清楚，查看數據何時供應將趕上需求。

And so I don't want to leave you with a view that we know that we're going to get to a supply-demand balance on both of the new products this quarter because I don't know that at this point.

因此，我不想讓您認為我們知道本季度我們將在這兩種新產品上實現供需平衡，因為我目前還不知道。

It's very difficult to gauge demand without first achieving -- without first finding the balance.

如果沒有首先實現——沒有首先找到平衡，就很難衡量需求。

And it's clear that as of today, and certainly as of the end of the quarter is where you're looking at the data, we're not nearly balanced.

很明顯，截至今天，當然截至本季度末，您正在查看數據，我們還沒有達到平衡。

We're not close.

我們並不接近。

We're not on the same planet.

我們不在同一個星球上。

And -- but that said, I'm really confident the supply's going to be great and that's the reason you see incredibly strong guidance that we're giving from $63.5 billion and $66.5 billion.

而且 - 但話雖如此，我真的相信供應會很好，這就是為什麼你看到我們從 635 億美元和 665 億美元提供令人難以置信的強勁指導的原因。

But at this point it's just very difficult to gauge what the true demand is.

但在這一點上，很難衡量真正的需求是什麼。

It's very unusual to see every country having a marked improvement over the previous year.

看到每個國家在過去一年中都有顯著改善是非常不尋常的。

And that's what we're seeing on iPhone.

這就是我們在 iPhone 上看到的。

And so I couldn't be happier with the way the demand looks.

所以我對需求的樣子感到非常滿意。

Nancy's comment at the end was meant to tell you that we do not envision, as of today, being able to achieve the extra inventory in the channel that we believe is needed when you think about the long food chains in these -- in some of the emerging markets where the distribution channels are not as efficient.

南希最後的評論旨在告訴您，截至今天，當您考慮其中的長食物鏈時，我們認為在渠道中實現我們認為需要的額外庫存 - 在某些分銷渠道效率不高的新興市場。

So that's the purpose of that comment.

這就是該評論的目的。

Okay.

好的。

That's helpful.

這很有幫助。

Thank you.

謝謝你。

Katy Huberty, Morgan Stanley.

凱蒂·休伯蒂，摩根士丹利。

Luca, I wonder if you can quantify the currency headwind on gross margin in the December quarter.

盧卡，我想知道你是否可以量化 12 月季度毛利率的貨幣逆風。

Just because there's a big focus on currency across tech right now.

只是因為現在整個科技界都非常關注貨幣。

And should we expect price harmonization if the dollar remains strong?

如果美元保持強勢，我們是否應該期待價格協調？

And then I have a follow-up.

然後我有一個跟進。

Katy, I said that the headwinds from foreign exchange are going to be significant.

凱蒂，我說過來自外彙的不利因素將會很大。

And I would tell you that they're most significant when you look at this from a year-over-year basis, than it is on a sequential basis because clearly, the dollar has been strengthening for quite a while.

我會告訴你，當你從同比來看，而不是從連續來看，它們最重要，因為很明顯，美元已經走強了很長一段時間。

Particularly against certain currencies like the yen or the Canadian dollar.

特別是兌日元或加元等某些貨幣。

A lot of the emerging markets' currencies.

很多新興市場的貨幣。

It's a significant impact and that's the reason why we wanted to call it out.

這是一個重大的影響，這就是為什麼我們要大聲疾呼的原因。

Will you do any price harmonization if the dollar remains strong?

如果美元保持強勢，你會進行任何價格協調嗎？

We price our products in a way that is in general reflective of pricing here in the United States and it's a pricing that we want to keep in place for reasonable periods of time.

我們對產品定價的方式總體上反映了美國的定價，並且我們希望在合理的時間內保持這種定價。

We do not like to make sudden changes to our pricing.

我們不喜歡突然改變我們的定價。

Okay.

好的。

As a follow-up, I wonder if you can comment on how NAN capacity and SKU mix is tracking versus your expectations for the iPhone 6?

作為後續，我想知道您能否評論一下 NAN 容量和 SKU 組合與您對 iPhone 6 的預期相比如何？

Katy, it's Tim.

凱蒂，是蒂姆。

At this point, we're selling everything we make.

在這一點上，我們正在出售我們製造的一切。

And so it's difficult to say that we've been -- that we've estimated well on the SKU mix, the split between the iPhone 6 and the 6 Plus.

所以很難說我們已經 - 我們已經很好地估計了 SKU 組合，iPhone 6 和 6 Plus 之間的分割。

From everything we can tell, we've done a pretty good job on that.

從我們所知道的一切來看，我們在這方面做得很好。

But I stop short of saying there's no issue at all, because it's hard to tell when you're at a point where you're selling everything you're making.

但我沒有說根本沒有問題，因為很難說你什麼時候能賣掉你正在做的一切。

It's a good problem to have.

這是一個很好的問題。

Got it.

知道了。

Congrats on the quarter.

祝賀本季度。

Thank you.

謝謝你。

Toni Sacconaghi, Sanford Bernstein.

托尼·薩科納吉，桑福德·伯恩斯坦。

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

請給我一份給盧卡，一份給蒂姆。

Luca, the question for you is a bit of a follow-up from the last one which is that we saw pretty robust sequential increase in ASP's this quarter in the iPhone.

Luca，你的問題是對上一個問題的跟進，即我們看到本季度 iPhone 的 ASP 連續增長相當強勁。

And I was wondering if you could qualitatively help us understand whether that was a higher mix of new phones than you typically see in the September quarter.

而且我想知道您是否可以定性地幫助我們了解這是否是比您通常在 9 月季度看到的更多的新手機組合。

Or was it really a function of the new phones having a richer ASP?

還是真的是新手機擁有更豐富的ASP的功能？

And if we look forward to calendar -- fiscal Q1, last year you had a very substantial ASP increase.

如果我們期待日曆 - 第一財季，去年你的 ASP 有非常可觀的增長。

Should we be thinking about a similar kind of ASP increase this quarter given I think a widespread belief that availability on the 6 Plus has been even more constrained and that we could see a much higher percentage of 6 Plus as a percentage of total iPhones shipped in the quarter next quarter?

我們是否應該考慮本季度類似的 ASP 增長，因為我認為人們普遍認為 6 Plus 的可用性受到更多限制，並且我們可以看到 6 Plus 佔 iPhone 總出貨量的百分比要高得多下個季度的季度？

So on a sequential basis, our ASP's for iPhone were up $42.

因此，在連續的基礎上，我們的 iPhone ASP 上漲了 42 美元。

And as you said correctly, the reason for the increase was a higher mix of the new iPhone 6 and 6 Plus.

正如你所說的那樣，增加的原因是新 iPhone 6 和 6 Plus 的組合更高。

There was a partial offset in the quarter from the transition cost that we incur typically when we move to a new product.

當我們轉向新產品時，我們通常會在本季度產生部分過渡成本。

Going forward, obviously, the percentage of new iPhone 6 and 6 Plus, will increase sequentially as we're going to have the full quarter available to us.

展望未來，很明顯，新 iPhone 6 和 6 Plus 的百分比將連續增加，因為我們將有整個季度可供我們使用。

And it is correct that iPhone 6 Plus is supply constrained right now.

iPhone 6 Plus 現在供應受限是正確的。

Okay.

好的。

And then Tim, for you, I was wondering again qualitatively, if you could help us understand what you think the mix of repeat buyers is for iPhone 6 let's say over the next year versus first time iPhone customers?

然後蒂姆，對你來說，我再次定性地想知道，如果你能幫助我們了解你認為 iPhone 6 的重複購買者的組合是什麼，讓我們說明年與第一次購買 iPhone 客戶？

And the question in that is, do you believe that because the iPhone 6 is so compelling that, that traditional replacement cycle might be accelerated over the next several quarters?

問題在於，您是否認為由於 iPhone 6 如此引人注目，傳統的更換週期可能會在未來幾個季度加速？

And if that's ultimately the case, do you in the future run reversion back towards an elongating of that replacement cycle in future generations?

如果最終情況如此，那麼您在未來是否會回歸到延長未來幾代人的更換週期？

It's difficult to answer exactly, but let me back up and give you some data maybe that will help frame the topic some.

很難準確回答，但讓我備份並給你一些數據，也許這將有助於構建主題。

If you look at some of our top countries, and how they did in midyear of selling a customer the first iPhone they'd ever bought, what you would see is that in countries like China, over 80% of people that we were selling the 4s to were buying their first iPhone ever.

如果你看看我們的一些頂級國家，以及他們如何在年中向客戶銷售他們購買的第一部 iPhone，你會發現在中國這樣的國家，超過 80% 的人是我們銷售的4s 正在購買他們的第一部 iPhone。

In the US, it was over 60%.

在美國，這一比例超過了 60%。

And so those kind of give you some goalposts of large countries in terms of first time ownership, our entry-level.

因此，就首次擁有權而言，我們的入門級為您提供了一些大國的目標。

As you step across and look at the 5s, which was at that time the top in phone, in China still almost half the people were buying the first iPhone ever, buying a 5s and about a quarter of the US population buying a 5s were buying the first one.

當你走過去看看 5s，這是當時手機中的佼佼者，在中國，仍然有近一半的人在購買有史以來第一款 iPhone，購買 5s，大約四分之一的購買 5s 的美國人正在購買第一個。

So that kind of gives you some goalposts.

所以那種給你一些球門柱。

And so the way I look at those numbers are that on a forward basis, what I would expect but obviously we don't give guidance on this kind of stuff is that I still see a fairly large opportunity in people buying their first iPhone ever.

所以我看待這些數字的方式是，在前瞻性的基礎上，我所期望的，但顯然我們沒有就這類事情提供指導，我仍然看到人們購買他們的第一部 iPhone 的機會相當大。

And I think with these products that we just announced with 6 and 6 Plus, that opportunity increases not decreases.

而且我認為對於我們剛剛發布的 6 和 6 Plus 的這些產品，機會增加而不是減少。

I also believe that the upgrade market for people that were waiting for a 6, for iPhone 6 or 6 Plus as we can see from our order backlog, that number is huge.

我還相信，從我們的訂單積壓中可以看出，對於等待 iPhone 6 或 iPhone 6 Plus 的人來說，這個數字是巨大的。

And so I would expect that to go on for some period of time because you have people that time out of contracts at a different time.

因此，我預計這種情況會持續一段時間，因為您的合同到期時間不同。

Not everybody does that at launch time.

不是每個人在發佈時都會這樣做。

And so I see both the first-time buyer being a great opportunity and the upgrade or some of the first-time buyers are people that are people that have never owned a smartphone before and some of them are switchers from Android.

因此，我認為首次購買者是一個很好的機會，升級或一些首次購買者是以前從未擁有過智能手機的人，其中一些人是 Android 的轉換者。

And so right now, everything all of those look very good to us, but we're in the early going and we're selling everything we're making.

所以現在，所有這些對我們來說看起來都很好，但我們還處於起步階段，我們正在出售我們正在製作的所有東西。

So it's going to take some period of time before we have a better handle on what those numbers will look like in steady-state.

因此，我們需要一段時間才能更好地處理這些數字在穩定狀態下的樣子。

But I've never felt so great after a launch before.

但在發布之前，我從未感覺如此出色。

Maybe that's the best way to summarize it of all.

也許這是總結它的最佳方式。

Thank you.

謝謝你。

Steve Milunovich, UBS.

瑞銀的史蒂夫·米盧諾維奇。

Is there more color you can give us on the mix of 6 and 6 Plus particularly to the degree that you see it in order book?

對於 6 和 6 Plus 的組合，您是否可以為我們提供更多顏色，尤其是您在訂單簿中看到的顏色？

Our work suggests it's maybe 2.5 to 1; 6 to 6 Plus in the US.

我們的工作表明它可能是 2.5 比 1；在美國 6 到 6 Plus。

But it maybe that geographically it's quite different Asia maybe going for the bigger screen.

但也許在地理上它完全不同，亞洲可能會選擇更大的屏幕。

Is there any color you can give us?

有什麼顏色可以給我們嗎？

Steve, there's not a lot of color that I can give that I feel is terribly accurate because as I said before we're selling everything we're making and so essentially what our current sellthrough looks like is our current supply.

史蒂夫，我不能給出很多我覺得非常準確的顏色，因為正如我之前所說，我們正在銷售我們正在製作的所有東西，所以基本上我們目前的銷售情況就是我們目前的供應。

And so in the long arc of time once there's enough supply to meet demand, that mix might look differently.

因此，在很長一段時間內，一旦有足夠的供應來滿足需求，這種組合可能看起來會有所不同。

It is clear -- or at least I think that we will see a difference by geography in terms of preference.

很清楚——或者至少我認為我們會在偏好方面看到地理上的差異。

And we thought that going into the launch.

我們認為這會進入發布階段。

And there's no data that we've received to date that would suggest that, that's not the case.

迄今為止，我們沒有收到任何數據表明情況並非如此。

And so that's about all I can say at this point.

這就是我在這一點上所能說的。

Okay.

好的。

And then regarding the strength in Mac and the weakness in iPad I guess what's the message from the market that you take away from that?

然後關於 Mac 的強項和 iPad 的弱點，我猜你從市場中得到了什麼信息？

And does that perhaps at all affect your view of doing a convertible type product which in the past has not been Apple's approach?

這是否會影響您對過去並非蘋果公司做法的可轉換類型產品的看法？

You tend to like do very focused products but it might be that there's something in between that could be quite successful.

您往往喜歡做非常專注的產品，但可能是介於兩者之間的某些東西可能會非常成功。

Let me comment on both the Mac and the iPad.

讓我評論一下 Mac 和 iPad。

On the Mac it was just an absolutely blow away quarter.

在 Mac 上，這只是一個絕對令人震驚的季度。

Our best ever.

我們有史以來最好的。

It will result in our highest market share since 1995.

這將導致我們自 1995 年以來的最高市場份額。

It's just absolutely stunning.

這真是太棒了。

The back-to-school season voted and the Mac won and carried the day.

返校季投票通過，Mac 獲勝並取得了勝利。

And we're really proud of that.

我們為此感到非常自豪。

I'm proud of the Mac team.

我為 Mac 團隊感到自豪。

It's clear that all the work that we've put into our notebooks on the hardware and the software side is resonating with our customers.

很明顯，我們在筆記本電腦的硬件和軟件方面所做的所有工作都引起了客戶的共鳴。

And I think if you went out to college campuses about now, you would see a lot of new Mac notebooks there based on the sales.

而且我認為，如果你現在去大學校園，你會根據銷售情況看到很多新的 Mac 筆記本電腦。

And so that feels fantastic.

所以感覺很棒。

Being up 21% in that markets that's shrinking, it doesn't get better than that.

在萎縮的市場中上漲 21%，沒有比這更好的了。

For iPad, I'd take a step back on iPad.

對於 iPad，我會在 iPad 上退後一步。

I know that there's a lot of negative commentary in the markets on this, but I have a little different perspective on it.

我知道市場對此有很多負面評論，但我對此有一些不同的看法。

Here's my simple perspective.

這是我的簡單觀點。

If you look at instead of looking at this thing each 90 days, if you back up and look at it we've sold 237 million in just over four years.

如果你不是每 90 天看一次這個東西，如果你回頭看看它，我們在短短四年內就賣出了 2.37 億美元。

That's about twice the number of iPhones that we sold over the first four years of iPhone.

這大約是我們在 iPhone 前四年銷售的 iPhone 數量的兩倍。

If you look at the last 12 months of iPad, we sold 68 million.

如果您查看過去 12 個月的 iPad，我們售出了 6800 萬台。

And FY13 we sold 71 million.

2013 財年我們賣出了 7100 萬美元。

So we were down but we were down 4% on sell in and the sellthrough was a bit better than the negative 4% because we took down channel inventory some.

所以我們下降了，但我們的銷售量下降了 4%，並且由於我們減少了一些渠道庫存，因此銷售量比負的 4% 好一點。

And so to me I view it as a speed bump, not a huge issue.

所以對我來說，我認為這是一個減速帶，而不是一個大問題。

That said, we want to grow.

也就是說，我們想要成長。

We don't like negative numbers on these things.

我們不喜歡這些事情上的負數。

And so looking further in the data, I know that there's a popular view that the market is saturated, but we don't see that.

因此，進一步查看數據，我知道有一種流行的觀點認為市場已經飽和，但我們沒有看到這一點。

I can't speak to other people, but I do look at our data deeply.

我無法與其他人交談，但我確實深入研究了我們的數據。

And in the last market research data we have is in the June quarter.

在我們掌握的最後一個市場研究數據中，是在六月季度。

Let me give you some of the real data that we've got.

讓我給你一些我們得到的真實數據。

If you look at our top six revenue countries, in the country that's sold the lowest percentage of iPads to people who had never bought an iPad before, that number is 50%.

如果你看一下我們收入最高的六個國家，在向從未購買過 iPad 的人銷售 iPad 比例最低的國家中，這個數字是 50%。

And the range goes from 50% to over 70%.

範圍從 50% 到 70% 以上。

And so when I look at first time buyer rates in that area, saturated -- that's not a saturated market.

因此，當我查看該地區的首次購房者利率時，飽和 - 這不是一個飽和的市場。

You never have first-time buyer rates at 50% and 70%.

您永遠不會有 50% 和 70% 的首次購買率。

What you do see is that people hold onto their iPad longer than they do a phone.

你所看到的是，人們拿著 iPad 的時間比拿著手機的時間長。

And because we've only been in this business four years, we don't really know what the upgrade cycle will be for people.

而且因為我們只從事這項業務四年，我們真的不知道升級週期對人們來說會是怎樣的。

And so that's a difficult thing to call.

所以這是一件很難的事情。

What we do know is that people always respond to do -- for us doing great products and we feel really great about what we introduced last week.

我們所知道的是，人們總是會回應做——因為我們做偉大的產品，我們對上週推出的產品感覺非常好。

We also know that the deeper the apps go in the enterprise, the more it opens up avenues in enterprise.

我們還知道，應用程序在企業中的應用越深入，它在企業中開闢的途徑就越多。

And that's a key part of the IBM partnership and what I think customers will get out of that, which is more important than us selling, is changing the way people work.

這是 IBM 合作夥伴關係的關鍵部分，我認為客戶將從中得到什麼，這比我們銷售更重要，正在改變人們的工作方式。

And so I see catalysts going forward.

所以我看到了前進的催化劑。

There are obvious cannibalization things that are occurring.

有明顯的自相殘殺的事情正在發生。

I'm sure that some people looked at a Mac and an iPad and decided on a Mac.

我敢肯定，有些人看了 Mac 和 iPad 並決定使用 Mac。

I don't have research to demonstrate that but I'm sure of that just looking at the numbers.

我沒有研究來證明這一點，但我確信僅看數字即可。

And I'm fine with that, by the way.

順便說一句，我對此很好。

I'm sure that some people will look at an iPad and an iPhone and decide just to get an iPhone and I'm fine with that as well.

我敢肯定，有些人會看 iPad 和 iPhone，然後決定只買 iPhone，我也很滿意。

But over the long arc of time, my own judgment is that iPad has a great future.

但在很長一段時間內，我自己的判斷是 iPad 有一個美好的未來。

How the individual 90 day clicks work out, I don't know.

我不知道個人 90 天的點擊次數是如何產生的。

But I'm very bullish on where we can take iPad over time and so we're continuing to invest in the product pipeline.

但我非常看好隨著時間的推移我們可以將 iPad 帶到何處，因此我們將繼續投資於產品管道。

We're continuing to invest in distribution.

我們將繼續投資於分銷。

If you look at how we did in emerging markets, like BRIC countries as an example we were up 20% for the full year of 2014.

如果你看看我們在新興市場的表現，例如金磚四國，我們在 2014 年全年增長了 20%。

And so these numbers are impressive and obviously the BRIC countries are growing as a percentage of our total as is developing markets.

因此，這些數字令人印象深刻，顯然金磚四國在我們總數中的比例正在增長，發展中市場也在增長。

And so it looks a bit different geography to geography.

所以它看起來與地理有點不同。

And so that's a long answer to your question.

所以這是對你問題的一個很長的答案。

But I thought it was important for you to at least hear my perspective and you can judge it as you will.

但我認為至少聽聽我的觀點對你來說很重要，你可以隨意判斷。

Thanks.

謝謝。

Ben Reitzes, Barclays.

Ben Reitzes，巴克萊銀行。

Tim, I was wondering what we were to make out of your new segments with the Apple Watch being in the other category.

蒂姆，我想知道我們要從你的新細分市場中得到什麼，而 Apple Watch 屬於另一個類別。

We were just a little surprised to hear that because it seems like such a substantial new category.

聽到這個消息我們有點驚訝，因為它似乎是一個如此重要的新類別。

And you could sell maybe even tens of millions of units.

你甚至可以賣出數千萬台。

So by putting it lumped in the other with iPods and a lot of other things, does that say something about your expectations for that product or do you think that you'll just break it out after a little while?

因此，將它與 iPod 和許多其他東西混為一談，這是否說明了您對該產品的期望，或者您認為您會在一段時間後將其打破？

It says nothing about our expectation for the product.

它沒有說明我們對產品的期望。

We didn't form those categories based on expectations.

我們沒有根據期望形成這些類別。

We looked at current revenue, today revenue.

我們查看了當前收入，今天的收入。

And decided that we would lump everything that wasn't a Mac, an iPad, or an iPhone or a service in one kind of category.

並決定將所有不是 Mac、iPad、iPhone 或服務的東西歸為一類。

In the future, we might decide something different.

將來，我們可能會做出不同的決定。

But for now, in Q1 we're not shipping any Apple Watches.

但就目前而言，在第一季度，我們不會發貨任何 Apple Watch。

And so it seems appropriate to start it that way.

因此，以這種方式開始似乎是合適的。

It also -- to be also straight, is -- I'm not very anxious in reporting a lot of numbers on Apple Watch, because of the -- and giving a lot of detail on it because our competitors are looking for it.

它還 - 坦率地說，是 - 我並不急於報告 Apple Watch 上的大量數據，因為 - 並且提供了很多細節，因為我們的競爭對手正在尋找它。

And so aggregating it is helpful from that point of view as well.

因此，從這個角度來看，匯總它也很有幫助。

Okay.

好的。

Got it.

知道了。

And then with regard to my next question is you put out a lot of products and we obviously everybody gives you a lot of credit for the great, new product lineup that we have but everybody talks about what's next.

然後關於我的下一個問題，你們推出了很多產品，我們顯然每個人都對我們擁有的偉大的新產品陣容給予了很多讚譽，但每個人都在談論接下來會發生什麼。

You said in an interview recently on TV that you were working on products that people didn't even speculate on yet and that's pretty hard with Apple considering how many people watch your Company and write about it.

你最近在電視上接受采訪時說，你正在開發人們甚至還沒有推測出來的產品，考慮到有多少人觀看你的公司並寫下你的公司，這對蘋果來說是相當困難的。

So I was just wondering if you could elaborate on that may be in terms of your excitement around new products and what did you mean by that comment and how do you feel about the future in light of that comment you made?

所以我只是想知道您是否可以詳細說明這可能是您對新產品的興奮程度，您的評論是什麼意思，您對未來的看法如何？

Thanks a lot.

非常感謝。

I'm incredibly optimistic about the future.

我對未來非常樂觀。

We've already announced two new categories in the last 60 days or so or less than 60 days with Apple Pay.

在過去 60 天左右或不到 60 天的時間裡，我們已經通過 Apple Pay 宣布了兩個新類別。

And Apple Watch, start shipping the watch early next year.

還有 Apple Watch，明年年初開始發貨。

And obviously, we're working on other things as well.

顯然，我們也在做其他事情。

And to the degree that I can keep that in the cone of silence, I'm going to do it.

只要我能把它保持在沉默的錐體中，我就會去做。

And so I'm not sure what to say.

所以我不知道該說什麼。

I'm not going to give any hints or anything.

我不會給出任何提示或任何東西。

We look at a lot of different things and we're fortunate to have a lot of creative people here that want to change the world and have a lot of great ideas.

我們研究了很多不同的東西，我們很幸運在這裡有很多有創造力的人想要改變世界並有很多偉大的想法。

All right.

好的。

Thanks, Tim.

謝謝，蒂姆。

Gene Munster, Piper Jaffray.

吉恩·芒斯特，派珀·杰弗瑞。

Follow-up to Ben's question in terms of the last year you had high expectations in terms of new product categories and the iPhone 6 launch but there are some investors and think about Apple as a products cycle story so Tim I'd be interested in how you think about the story broadly in 2015 and kind of exciting things to be focused on as an investor and then I have a follow-up to Luca.

關於去年 Ben 的問題的後續行動，您對新產品類別和 iPhone 6 的發布抱有很高的期望，但有一些投資者認為 Apple 是一個產品週期故事，所以 Tim 我會對如何你會廣泛地考慮 2015 年的故事，以及作為投資者關注的令人興奮的事情，然後我對 Luca 進行了跟進。

Well, for Apple, as an investor, I would hope that people would look at what we've done and what we've delivered and the power and strength of the product line that we've announced.

好吧，對於蘋果公司，作為投資者，我希望人們會關注我們所做的工作和交付的工作，以及我們宣布的產品線的力量和實力。

And maybe more importantly than all the stuff that you see, is to look at the skills within this Company.

也許比你看到的所有東西更重要的是看看這家公司的技能。

And the fact that I think it's the only Company on the planet that has the ability to integrate hardware and software and services at a world-class level.

事實上，我認為它是地球上唯一一家有能力在世界級水平上集成硬件、軟件和服務的公司。

And that in itself allows Apple to play in so many different areas.

而這本身就允許蘋果在許多不同的領域發揮作用。

And so the challenge becomes one of deciding which ones to say no to and which ones to say yes to and one of focus, not ones of do we have any great ideas?

因此，挑戰變成了決定對哪些說不，對哪些說是，以及一個重點，而不是我們有什麼好主意嗎？

We always have more ideas than we have resources to deal with.

我們的想法總是比我們擁有的資源要多。

And so I would look at that.

所以我會看看那個。

I would look at what we talked about last week.

我會看看我們上週談論的內容。

Things like continuity.

諸如連續性之類的事情。

And if you use your imagination and think about where that goes, there's no other Company that can do this.

而且，如果您發揮想像力並思考其發展方向，那麼沒有其他公司可以做到這一點。

Apple is the only one.

蘋果是唯一的。

And I think this becomes so incredibly important moving forward for customers living in an environment where they're using multiple devices.

我認為這對於生活在使用多種設備的環境中的客戶來說變得非常重要。

And so I would look at the skills, the capabilities, the passion of the Company and the creative engine has never been stronger.

因此，我會關注公司的技能、能力、激情和創意引擎從未如此強大。

And I think you can see that from the Apple Watch.

我認為你可以從 Apple Watch 中看到這一點。

You can see that with Apple Pay.

您可以通過 Apple Pay 看到這一點。

Apple Pay is classic Apple, taking something that is incredibly old, outdated, kluge, everybody's focused on everything except for the customer and putting the customer at the center of the experience.

Apple Pay 是經典的 Apple，採用令人難以置信的陳舊、過時、笨拙的東西，每個人都專注於除了客戶之外的一切，並將客戶置於體驗的中心。

And making something very elegant.

並製作出非常優雅的東西。

So I would look at those things.

所以我會看那些東西。

And when I look at those things, I would as an investor, I feel great.

當我看到這些東西時，作為一名投資者，我會感覺很棒。

As a personal investor, I feel great.

作為個人投資者，我感覺很好。

That's helpful.

這很有幫助。

And a follow-up for Luca, you mentioned that you have typical transition costs that involve in new products you're rolling out.

盧卡的後續行動，你提到你有典型的過渡成本，涉及你推出的新產品。

Do those costs start to ease in the March quarter and would that presumably have a positive impact on gross margins in March versus December?

這些成本是否在 3 月季度開始下降，這可能會對 3 月和 12 月的毛利率產生積極影響嗎？

Yes.

是的。

And you know pretty much what our product cadence is and what it's been in the past.

而且您幾乎知道我們的產品節奏是什麼以及過去是什麼。

And you know that the holiday season is a period where we have significant product events.

而且您知道假日季節是我們舉辦重大產品活動的時期。

And we're not providing any guidance for the March quarter.

而且我們沒有為 3 月季度提供任何指導。

And also keep in mind, Gene, if you are trying to extrapolate the gross margins into the future, there are so many factors that affect gross margin over time.

還要記住，吉恩，如果你想將毛利率外推到未來，隨著時間的推移，有很多因素會影響毛利率。

It's not only transition costs but it's product mix, it's foreign exchange, it's commodity markets.

不僅是過渡成本，還有產品組合、外彙和商品市場。

Okay.

好的。

Great.

偉大的。

Thanks.

謝謝。

Congratulations.

恭喜。

Keith Bachman, Bank of Montreal.

蒙特利爾銀行的基思·巴赫曼。

Tim, I was wondering if you could characterize China a little bit.

蒂姆，我想知道你能不能稍微描述一下中國。

The numbers I understand weren't as good as the rest of the Company this quarter but presumably that was all the delay of the iPhone.

據我所知，本季度的數據不如公司其他部門好，但大概這就是 iPhone 的延遲。

So I'm really asking if you talk about the last few weeks and more importantly as you look at December quarter in particular related to some of the political backdrop including the carriers have been mandated not to spend the same level of subsidies.

因此，我真的在問您是否談論過去幾週，更重要的是，當您查看 12 月季度時，特別是與一些政治背景有關，包括運營商被要求不花費相同水平的補貼。

Do you see any of that impacting your opportunities for Apple broadly speaking but more specifically for iPhones as it relates to subsidy levels?

從廣義上講，您是否認為這會影響您對 Apple 的機會，尤其是與補貼水平相關的 iPhone？

That's a good question.

這是個好問題。

Keith, as you said if you look at greater China, Q4 of 2014 compared to Q4 of 2013 the obvious difference is that we launched the 5s in Q4 of 2013 and this year we didn't have a new product launch.

基思，正如你所說，如果你看看大中華區，2014 年第四季度與 2013 年第四季度相比，明顯的區別是我們在 2013 年第四季度推出了 5s，而今年我們沒有推出新產品。

We're launching in this quarter in Q1 of 2015.

我們將於 2015 年第一季度在本季度推出。

Yes.

是的。

The second thing that's not as apparent probably but is somewhat related to that is that last year we increased our channel inventory by $1.3 million.

第二件可能不太明顯但與此相關的事情是，去年我們將渠道庫存增加了 130 萬美元。

This year we actually decreased it slightly.

今年我們實際上略微減少了它。

And so you have a compounded effect of no launch and a huge change in channel inventory on a year-over-year basis.

因此，您會產生沒有發布和渠道庫存同比發生巨大變化的複合效應。

So the way that I assess the strength of a market is I look at unit sellthrough.

因此，我評估市場實力的方式是查看單位銷售量。

And to share with you what it was in greater China, iPhone unit sellthrough -- despite no launch, in Q4, was up 32% year-over-year.

為了與您分享大中華區的情況，iPhone 的銷量——儘管沒有推出，但在第四季度同比增長了 32%。

The market was projected by IDC to only grow 13%.

IDC 預計該市場僅增長 13%。

So we feel incredibly great about that.

所以我們對此感覺非常棒。

Macs were up 54% year-over-year.

Mac 同比增長 54%。

And that's against the IDC's estimate of a market contraction in China of 7%.

這與 IDC 對中國市場萎縮 7% 的估計相反。

And so those are our two stalwarts that were really driving results.

因此，這兩位是我們真正推動成果的堅定支持者。

And so the underlying results look totally different than the reported results because of the channel inventory kind of differences.

因此，由於渠道庫存的差異，基本結果看起來與報告的結果完全不同。

The App Store in China is also doing great.

中國的 App Store 也做得很好。

The growth there is phenomenal.

那裡的增長是驚人的。

iPad contracted some during the quarter but for the full year, we did grow.

iPad 在本季度收縮了一些，但在全年，我們確實增長了。

We were up 9% year-over-year for the full year.

我們全年同比增長 9%。

And so I see lots of positives.

所以我看到了很多積極的一面。

As you know, China's on the early stages of their huge 4G rollout.

如您所知，中國正處於大規模 4G 部署的早期階段。

Yes.

是的。

And this weekend this past weekend we launched it with China Mobile, China Unicom and China Telecom.

本週末，我們與中國移動、中國聯通和中國電信合作推出了它。

This is the first time we've launched a new iPhone with all three carriers and we've done it at the early stages of the 4G rollout.

這是我們第一次與所有三個運營商一起推出新 iPhone，而且我們在 4G 推出的早期階段就已經做到了。

And so I'm incredibly bullish over it.

所以我非常看好它。

In terms of subsidies, there are regulatory pressures on subsidies.

在補貼方面，補貼存在監管壓力。

We've seen that.

我們已經看到了。

However, only 20% of the iPhones that we've been selling in China have had a traditional subsidy applied to it.

然而，我們在中國銷售的 iPhone 中只有 20% 獲得了傳統補貼。

And so the vast majority don't.

所以絕大多數人沒有。

And so will it make a difference with that 20%?

那麼這 20% 會有所不同嗎？

I don't know yet.

我還不知道。

Intuitively, you would think it would.

直覺上，你會認為它會。

But it's at least a percentage of a 20% instead of a percentage of 100%.

但它至少是 20% 的百分比，而不是 100% 的百分比。

And so when I look at China, I see an enormous market where there are more people graduating into the middle class than any nation on earth in history.

因此，當我看到中國時，我看到了一個巨大的市場，其中畢業進入中產階級的人數比歷史上任何一個國家都多。

And just an incredible market where people want the latest technology and products that we're providing.

這只是一個令人難以置信的市場，人們想要我們提供的最新技術和產品。

And so we're investing like crazy in the market.

所以我們在市場上瘋狂投資。

We're more than doubling our stores.

我們的商店增加了一倍多。

We've got 15 in Greater China today.

我們今天在大中華區有 15 個。

We're going to be close to 40 in the next couple of years.

在接下來的幾年中，我們將接近 40 人。

We've expanded our online store to cover now 315 cities in China.

我們已經將我們的在線商店擴大到現在覆蓋中國 315 個城市。

The revenue results for Q4 were more than double the previous year.

第四季度的收入結果是上一年的兩倍多。

The App Store is growing.

App Store 正在增長。

Chinese developers have now created 150,000 apps of the apps on the App Store.

中國開發者現在已經在 App Store 上創建了 150,000 個應用程序。

And so I see lots of very, very positive vectors there.

所以我在那裡看到了很多非常非常積極的向量。

And I couldn't be more excited.

我再興奮不過了。

Okay.

好的。

And then as my follow-up if I could, Tim, you mentioned before on a previous comment on iPad where you saw I think 50% to 70% in the top six countries were new buyers.

然後，如果可以的話，蒂姆，作為我的後續行動，你之前在 iPad 上的評論中提到過，你看到我認為前六個國家中 50% 到 70% 是新買家。

And related to a previous question, wondered if you could give that same range.

與之前的問題有關，想知道您是否可以給出相同的範圍。

I understand it's probably a pretty wide range for iPhones.

我知道這對於 iPhone 來說可能是一個相當廣泛的範圍。

And that was to the June quarter I think.

那是我認為的六月季度。

And broadly speaking, how does that number change at least your guess as you look out over the next couple quarters given the launch of the 6 and the 6 Plus?

從廣義上講，鑑於 6 和 6 Plus 的推出，當您展望接下來的幾個季度時，這個數字至少會如何改變您的猜測？

For iPhone I really have it by model.

對於 iPhone，我真的有它的型號。

From the June quarter.

從六月季度開始。

And as I've mentioned before, the highest percentage is the 4s buyer in China over 80% of the people were buying their first iPhone.

正如我之前提到的，最高比例的是中國 4s 買家，超過 80% 的人購買了他們的第一部 iPhone。

And for a 5s in China, 50% were.

而對於中國的 5s，50% 是。

And so I think what that says -- those numbers are so high, 80%, that I think a great -- my gut tells me a great percentage of 6 and 6 Plus buyers will eventually -- a great percentage of those will be new to iPhone.

所以我認為這說明了什麼——這些數字是如此之高，80%，我認為這很好——我的直覺告訴我，很大一部分 6 和 6 Plus 買家最終會——其中很大一部分將是新的到 iPhone。

That's what I would predict.

這就是我所預測的。

Okay.

好的。

That's it for me, guys.

對我來說就是這樣，伙計們。

Thank you.

謝謝你。

A replay of today's call will be available for two weeks as a podcast on the iTunes Store as a webcast on Apple.com/investor, and via telephone and the numbers for the telephone replay are (888)203-1112 or (719)457-0820.

今天電話會議的重播將在兩週內作為播客在 iTunes Store 上作為網絡廣播在 Apple.com/investor 上播放，並通過電話進行，電話重播的號碼是 (888)203-1112 或 (719)457 -0820。

And please enter confirmation code 1997837.

請輸入確認碼1997837。

And these replays will be available by approximately 5PM 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 can contact Kristen Fugate.

媒體成員可以聯繫 Kristen Fugate。

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

如果有其他問題，金融分析師可以聯繫 Joan Hoover 或我。

Thanks again for joining us.

再次感謝您加入我們。

And 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。