蘋果 (AAPL) 2015 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to this Apple Incorporated First Quarter FY15 Earnings Release Conference Call.

女士們，先生們，美好的一天，歡迎參加 Apple 公司 2015 財年第一季度財報電話會議。

Today's call is being recorded.

今天的電話正在錄音。

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

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, ma'am.

請繼續，女士。

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's CEO Tim Cook, and he'll be followed by CFO Luca Maestri.

今天首先發言的是蘋果公司的首席執行官蒂姆庫克，隨後是首席財務官盧卡梅斯特里。

After that we'll open the call to questions from analysts.

之後，我們將打開分析師提問的電話。

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 2014, 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 2014 年 10-K 表格和今天向 SEC 提交的 8-K 表格以及相關新聞稿中討論的風險因素。

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

Apple 不承擔更新任何前瞻性陳述或信息的義務，這些陳述或信息截至其各自日期。

I'd also like to remind you that as we indicated in our last quarterly call, we're now including the results of our retail stores in the geographic segments where the stores are located.

我還想提醒您，正如我們在上一個季度電話會議中指出的那樣，我們現在將零售店的結果包括在商店所在的地理區域中。

Retail is no longer classified as an operating segment.

零售不再被歸類為經營分部。

We've also updated our product summary reporting, and we're now reflecting five categories of results: iPhone, iPad, Mac, Services, and Other Products.

我們還更新了產品摘要報告，現在我們反映了五類結果：iPhone、iPad、Mac、服務和其他產品。

We've prepared schedules showing re-classifications of historical operating segment and product results for each of the last 12 quarters to conform to these new groupings, and they are available now on our website at Apple.com/investor.

我們已經準備了時間表，顯示過去 12 個季度中每個季度的歷史運營部門和產品結果的重新分類，以符合這些新的分組，現在可以在我們的網站 Apple.com/investor 上找到它們。

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 thank you for joining us.

大家下午好，感謝您加入我們。

Today we're reporting an historic quarter, and I'm incredibly proud of everyone who contributed to the amazing results you're about to hear.

今天我們報告了一個歷史性的季度，我為每個為您即將聽到的驚人結果做出貢獻的人感到無比自豪。

Interest in Apple products is at an all-time high, with over 0.5 billion customer visits to our physical and online stores during the quarter.

對 Apple 產品的興趣空前高漲，本季度有超過 5 億客戶訪問我們的實體店和在線商店。

Demand for iPhone has been staggering, shattering our high expectation, with sales of over 74 million units, driven by the unprecedented popularity of iPhone 6 and iPhone 6 Plus.

在 iPhone 6 和 iPhone 6 Plus 空前流行的推動下，對 iPhone 的需求一直是驚人的，打破了我們的高預期，銷量超過 7400 萬部。

This volume is hard to comprehend.

這本書很難理解。

On average, we sold over 34,000 iPhones every hour, 24 hours a day, every day of the quarter.

平均而言，我們在本季度的每一天、每天 24 小時、每小時售出超過 34,000 部 iPhone。

The execution by all of our teams to achieve these results was spectacular.

我們所有團隊為取得這些成果所付出的努力是驚人的。

By the end of the quarter, our new iPhones were available in 130 countries around the world, making this our fastest and most successful roll-out ever.

到本季度末，我們的新 iPhone 已在全球 130 個國家/地區上市，這是我們有史以來最快、最成功的推出。

Additionally, the App Store and the Mac each set new records for quarterly revenues.

此外，App Store 和 Mac 的季度收入均創下新紀錄。

Mac units were up 14% to 5.5 million, while the rest of the PC market continued to decline.

Mac 銷量增長 14% 至 550 萬台，而其他 PC 市場繼續下滑。

App Store revenues were up a remarkable 41%.

App Store 收入增長了驚人的 41%。

Demand was strong around the world.

全球需求強勁。

Fleury estimated that Apple products accounted for over half of all mobile device activations globally from the 19th to the 25th of December.

Fleury 估計，從 12 月 19 日到 25 日，蘋果產品佔全球所有移動設備激活的一半以上。

It was truly a momentous quarter for iOS.

對於 iOS 來說，這確實是一個重要的季度。

On November 22 we shipped our 1 billionth iOS device.

11 月 22 日，我們出貨了第 10 億台 iOS 設備。

It was a space gray 64-gigabye iPhone 6 Plus, which we've saved here at Apple.

那是一部深空灰色的 64GB iPhone 6 Plus，我們在 Apple 保存了它。

One billion devices is an almost unfathomable milestone, and we are all incredibly proud to be a part of it.

十億台設備是一個幾乎深不可測的里程碑，我們都為能成為其中的一員而感到無比自豪。

Apple's mission is to make the greatest products on earth and to enrich the lives of others.

Apple 的使命是製造地球上最棒的產品並豐富他人的生活。

Through the success of iOS, we have provided hundreds of millions of people with powerful personal technology that is simple and fun to use.

通過 iOS 的成功，我們為數億人提供了簡單有趣的強大個人技術。

Our customers are using Apple products to transform education, discover new ideas for business, and express their creativity in ways that no one could have imagined when we sold the first iPhone less than eight years ago.

我們的客戶正在使用 Apple 產品來改變教育方式，發現新的商業理念，並以八年前我們銷售第一部 iPhone 時無法想像的方式表達他們的創造力。

It's amazing to watch, and it reminds us that people and great ideas are the reason we make the things we make.

觀看令人驚嘆，它提醒我們，人和偉大的想法是我們製造產品的原因。

Our strong overall performance in the December quarter resulted in total Company revenue of $74.6 billion, and earnings of $18 billion.

我們在 12 月季度的整體表現強勁，公司總收入為 746 億美元，盈利為 180 億美元。

Both of these numbers are all-time records for us, with revenues up 30% and earnings up 38% over last year.

這兩個數字對我們來說都是歷史記錄，與去年相比，收入增長了 30%，收益增長了 38%。

Due to our very large capital return activities, earnings per share were up even more, at 48% to $3.06, also an all-time quarterly record.

由於我們的資本回報活動非常龐大，每股收益增長幅度更大，達到 48% 至 3.06 美元，也是歷史季度記錄。

Our results would have been even stronger absent fierce foreign exchange volatility.

如果沒有劇烈的外匯波動，我們的結果會更加強勁。

We've also made great progress on a number of very exciting new initiatives to further strengthen our ecosystem.

我們還在一些非常令人興奮的新舉措上取得了巨大進展，以進一步加強我們的生態系統。

We've been blown away by the reaction to Swift, our new programming language.

對我們的新編程語言 Swift 的反應讓我們大吃一驚。

Inventing a new programming language is something very few companies can do, and we believe it will have a profound effect on our ecosystem.

很少有公司能夠發明一種新的編程語言，我們相信這將對我們的生態系統產生深遠的影響。

Swift became available in September as part of the X code tools, and in the first month those tools were downloaded over 11 million times.

Swift 作為 X 代碼工具的一部分於 9 月推出，在第一個月，這些工具的下載量超過 1100 萬次。

A recent report from Red Mog showed that Swift has had unprecedented growth, and is quickly climbing the list of the most popular programming languages.

Red Mog 最近的一份報告顯示，Swift 取得了前所未有的增長，並且正在迅速攀升至最流行的編程語言列表。

We've seen many of our developers choosing Swift as they build significant new projects, and we are seeing fantastic work with Swift going on in education.

我們已經看到我們的許多開發人員在構建重要的新項目時選擇了 Swift，並且我們看到了 Swift 在教育領域的出色工作。

Very recently, Stanford University released their developing iOS 8 Apps with Swift course which was posted to iTunes University, making this amazing resource available to everyone in the world.

最近，斯坦福大學發布了他們開發的 iOS 8 Apps with Swift 課程，該課程已發佈到 iTunes 大學，讓全世界的每個人都可以使用這個驚人的資源。

There has also been incredible interest in HealthKit, with over 600 developers now integrating it into their app.

HealthKit 也引起了極大的興趣，現在有 600 多名開發人員將其集成到他們的應用程序中。

Consumers can now choose to securely share their health and wellness metrics with these apps, and this has led to some great new and innovative experiences in fitness and wellness, food and nutrition, and health care.

消費者現在可以選擇與這些應用程序安全地共享他們的健康和保健指標，這為健身和保健、食品和營養以及醫療保健帶來了一些全新的創新體驗。

For example, with apps such as American Well, users can securely share data such as blood pressure, weight, or activity directly with physicians.

例如，使用 American Well 等應用程序，用戶可以直接與醫生安全地共享血壓、體重或活動等數據。

Leading hospitals such as Duke Medicine, Stanford Children's and Penn Medicine are integrating data from HealthKit into their electronic medical records so that physicians can reach out to patients proactively when they see a problem that needs attention.

Duke Medicine、Stanford Children's 和 Penn Medicine 等領先醫院正在將 HealthKit 中的數據整合到他們的電子病歷中，以便醫生在看到需要關注的問題時主動聯繫患者。

With HealthKit and the iOS Health app, we believe we're just at the beginning of amazing new health and wellness solutions for our customers.

借助 HealthKit 和 iOS Health 應用程序，我們相信我們剛剛開始為我們的客戶提供令人驚嘆的全新健康和保健解決方案。

Our extensions of iOS in the home with HomeKit and in the car with CarPlay are also continuing to progress.

我們在家中使用 HomeKit 和在汽車中使用 CarPlay 的 iOS 擴展也在繼續取得進展。

And this year we are looking forward to amazing HomeKit-enabled products from several companies, and CarPlay-enabled vehicles from over 30 automotive brands.

今年，我們期待多家公司推出令人驚嘆的支持 HomeKit 的產品，以及來自 30 多個汽車品牌的支持 CarPlay 的汽車。

Also, as you know, we introduced two new categories in the fall, and we're making great progress on both of them.

此外，如您所知，我們在秋季推出了兩個新類別，我們在這兩個方面都取得了長足的進步。

Apple Pay is off to a very strong start, and the feedback that we are getting from both individuals and institutions is extremely positive.

Apple Pay 的開端非常強勁，我們從個人和機構獲得的反饋都非常積極。

Today about 750 banks and credit unions have signed on to bring Apple Pay to their customers, and in just three months after launch, Apple Pay makes up more than $2 out of $3 spent on purchases using contact-less payment across the three major US card networks.

今天，大約 750 家銀行和信用合作社已經簽約為他們的客戶提供 Apple Pay，在推出後的短短三個月內，Apple Pay 占美國三大卡使用非接觸式支付的 3 美元中的 2 美元以上網絡。

In merchants who already accept Apple Pay, the rates are even higher.

在已經接受 Apple Pay 的商家中，費率甚至更高。

Panera Bread tells us Apple Pay represents nearly 80% of their mobile payment transactions.

Panera Bread 告訴我們，Apple Pay 佔其移動支付交易的近 80%。

Since the launch of Apple Pay, Whole Foods market has seen mobile payments increase by more than 400%.

自 Apple Pay 推出以來，Whole Foods 市場的移動支付增長了 400% 以上。

You can use Apple Pay up and down Main Street, to pick up a prescription at Walgreen's or Duane Reade, get office or school supplies at Office Depot and Staples, and shop for groceries at national and regional stores from coast to coast, including BI-LO, Harvey's, Save Mart, Wegman's Food Markets, Whole Foods, and Winn Dixie, among others.

您可以在 Main Street 上下使用 Apple Pay，在 Walgreen's 或 Duane Reade 取藥，在 Office Depot 和 Staples 購買辦公或學習用品，在全國和地區商店購買雜貨，包括 BI- LO、Harvey's、Save Mart、Wegman's Food Markets、Whole Foods 和 Winn Dixie 等。

More merchants are excited to bring Apple Pay to their customers, and adoption is strong.

越來越多的商家很高興將 Apple Pay 帶給他們的客戶，並且採用率很高。

Just today, USA Technologies announced they made Apple Pay available at about 200,000 places where everyday payments happen, including vending machines in businesses, airports, and schools, commercial laundry machines in colleges, universities, and laundromats, and parking meters and payment kiosks in lots across the country.

就在今天，USA Technologies 宣布他們在大約 200,000 個進行日常支付的地方提供 Apple Pay，包括企業、機場和學校的自動售貨機，大學、大學和自助洗衣店的商用洗衣機，以及停車場的收費表和支付亭全國各地。

Point-of-sale suppliers tell us they are seeing unprecedented demand from merchants, and all of our partners and customers simply love this new service.

銷售點供應商告訴我們，他們看到了商家前所未有的需求，我們所有的合作夥伴和客戶都非常喜歡這項新服務。

With all of this momentum in the early days, we are more convinced than ever that 2015 will be the year of Apple Pay.

憑藉早期的所有這些勢頭，我們比以往任何時候都更加確信 2015 年將是 Apple Pay 的一年。

Development for Apple Watch is right on schedule, and we expect to begin shipping in April.

Apple Watch 的開發正按計劃進行，我們預計將於 4 月開始發貨。

Developers are hard at work on apps, notifications, and information summaries that we call glances, all designed specifically for the watch's user interface.

開發人員正在努力開發應用程序、通知和信息摘要，我們稱之為一瞥，所有這些都是專門為手錶的用戶界面設計的。

The creativity and software innovation going on around Apple Watch is incredibly exciting, and we can't wait for our customers to experience them when Apple Watch becomes available.

Apple Watch 周圍的創意和軟件創新令人難以置信，我們迫不及待地希望我們的客戶在 Apple Watch 上市時體驗它們。

We're also making great progress in our partnership with IBM, and our collaboration is winning over new customers.

我們與 IBM 的合作也取得了很大進展，我們的合作正在贏得新客戶。

In December, we delivered the first 10 mobile firsts for iOS apps for banking, retail, insurance, financial services, telecommunications, governments and airlines, making iPhone and iPad even more productive for enterprises by providing app and cloud services with IBM's big data and analytics capabilities.

12 月，我們為銀行、零售、保險、金融服務、電信、政府和航空公司的 iOS 應用程序交付了前 10 個移動第一，通過使用 IBM 的大數據和分析提供應用程序和雲服務，使 iPhone 和 iPad 對企業的生產力更高能力。

Another 12 apps will be released this quarter, including three new industries: health care, energy and utilities, and industrial products.

本季度還將發布另外 12 個應用程序，包括三個新行業：醫療保健、能源和公用事業以及工業產品。

This will bring us to a total of 22 apps, and we're on track to have over 100 by the end of 2015.

這將使我們總共有 22 個應用程序，我們有望在 2015 年底之前擁有超過 100 個。

In just over a month, more than a dozen enterprise customers have signed on as foundation clients to transform their companies with iPhone, iPad, and IBM Mobile First solutions, including Miami-Dade County, the seventh-largest county in the United States by population; and American Eagle Outfitters, which operates more than 1,000 retail stores and ships to over 80 countries worldwide.

在短短一個多月內，十多家企業客戶已簽約成為基礎客戶，使用 iPhone、iPad 和 IBM Mobile First 解決方案改造他們的公司，其中包括美國人口第七大縣邁阿密戴德縣;和 American Eagle Outfitters，經營著 1,000 多家零售店，向全球 80 多個國家/地區發貨。

The list of new customers is expanding rapidly.

新客戶的名單正在迅速擴大。

IBM is engaged with more than 130 additional companies looking to empower their employees with Mobile First for iOS solutions, and the list keeps growing.

IBM 與另外 130 多家公司合作，希望通過 Mobile First for iOS 解決方案為員工提供支持，而且這個名單還在不斷增加。

We couldn't be more pleased with this partnership.

我們對這種夥伴關係非常滿意。

In addition to all these initiatives, we have a robust product and services pipeline that we are very excited about, and we look forward to sharing more about them with you throughout the year.

除了所有這些舉措之外，我們還有一個強大的產品和服務渠道，我們對此感到非常興奮，我們期待在全年與您分享更多關於它們的信息。

In addition to the contributions we make to humanity through our products, we made great progress on important projects during the quarter, including ConnectED and Product Red.

除了通過我們的產品為人類做出的貢獻外，我們在本季度的重要項目上也取得了很大進展，包括 ConnectED 和 Product Red。

With ConnectED, we're focused on making a difference for students in communities who need it the most.

通過 ConnectED，我們專注於為社區中最需要它的學生帶來改變。

We recently chose 114 schools across 29 states to receive an Apple ConnectED grant.

我們最近選擇了 29 個州的 114 所學校來獲得 Apple ConnectED 資助。

Despite their economic challenges, all of these schools share a vision of what their students' lives would be like with Apple technology, and we're proud to help them bring that to life.

儘管面臨經濟挑戰，但所有這些學校都對使用 Apple 技術的學生的生活有著共同的願景，我們很自豪能夠幫助他們實現這一願景。

In December, we undertook our largest-ever initiative to help Product Red achieve the goal of an AIDS-free generation.

12 月，我們開展了有史以來規模最大的舉措，幫助 Product Red 實現無艾滋病一代的目標。

To commemorate worlds AIDS day, we worked with some of our developer partners to create and donate the proceeds from 25 special apps.

為紀念世界艾滋病日，我們與一些開發合作夥伴合作，創建並捐贈了 25 個特殊應用程序的收益。

And we also contributed a portion of sales at our retail and online stores on two of the year's busiest shopping days.

我們還在一年中最繁忙的兩個購物日貢獻了我們零售店和在線商店的部分銷售額。

As a result, Apple's donation set a new record.

結果，蘋果的捐款創下了新紀錄。

Delivering the results we're reporting today reflects months and years of focus and determination from teams across Apple, as well as our amazing developers and business partners.

交付我們今天報告的結果反映了 Apple 各個團隊以及我們出色的開發人員和業務合作夥伴數月乃至數年的專注和決心。

I'd like to thank all of them for their commitment and performance, and I'd also like to thank our incredible customers for their ongoing loyalty and enthusiasm.

我要感謝他們所有人的承諾和表現，我還要感謝我們令人難以置信的客戶一直以來的忠誠和熱情。

With that, I'd like to turn the call over to Luca to discuss our December 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 12 月的季度業績。

Thank you Tim, and good afternoon everyone.

謝謝蒂姆，大家下午好。

In the December quarter we generated all-time record revenue of $74.6 billion, an increase of $17 billion, or 30% year-over-year.

在 12 月季度，我們創造了 746 億美元的創紀錄收入，同比增長 170 億美元，即 30%。

We achieved this exceptional performance despite significant foreign exchange headwinds from many currencies.

儘管許多貨幣面臨巨大的外匯逆風，我們仍取得了這一非凡的業績。

Our growth was broad-based across the world, with revenue from developed countries up 20%, and revenue from emerging countries up 58%.

我們在全球範圍內實現了廣泛的增長，來自發達國家的收入增長了 20%，來自新興國家的收入增長了 58%。

The performance of our greater China segment was particularly impressive, with revenue up 70%.

我們大中華區的表現尤其令人印象深刻，收入增長了 70%。

Sales were well ahead of our expectations in a number of areas.

在許多領域，銷售額都遠超我們的預期。

The unprecedented demand for iPhone 6 and 6 Plus, combined with our tremendously successful production ramp, allowed us to build and ship several million more iPhones than we had expected when we provided guidance back in October.

對 iPhone 6 和 6 Plus 的空前需求，再加上我們非常成功的產量提升，使我們能夠製造和出貨數百萬部 iPhone，比我們在 10 月份提供指導時的預期要多。

Also Mac revenue and services revenue reached all-time highs.

Mac 收入和服務收入也創下歷史新高。

Gross margin was 39.9%, above our guidance range, and operating margin was $24.2 billion, representing 32.5% of revenue, and our highest operating margin percentage in 10 quarters.

毛利率為 39.9%，高於我們的指導範圍，營業利潤率為 242 億美元，佔收入的 32.5%，是我們 10 個季度以來最高的營業利潤率百分比。

Net income was $18 billion, surpassing our previous all-time record by almost $5 billion.

淨收入為 180 億美元，比我們之前的歷史記錄高出近 50 億美元。

This translated to diluted earnings per share of $3.06, a 48% year-over-year increase.

這轉化為每股攤薄收益 3.06 美元，同比增長 48%。

Cash flow from operations was exceptional at $33.7 billion, also a new all-time record.

運營現金流非常出色，達到 337 億美元，也創下了歷史新高。

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 74.5 million iPhones, an increase of 23.4 million over last year, representing 46% growth.

我們售出了 7450 萬部 iPhone，比去年增加了 2340 萬部，增長了 46%。

IPhone sales grew strongly in both developed and emerging markets.

iPhone 銷量在發達市場和新興市場均強勁增長。

Among many great results around the world, unit sales were up 44% in the US, and up 97% in the BRIC countries.

在全球眾多優秀業績中，美國的銷量增長了 44%，金磚國家的銷量增長了 97%。

Sales doubled year-over-year in China, our second largest iPhone market, as well as in Brazil and in Singapore.

在我們的第二大 iPhone 市場中國以及巴西和新加坡，銷售額同比翻了一番。

Thanks to the popularity of iPhone 6 Plus and the increased value customers saw in our highest-storage capacity offerings, iPhone ASPs were $687, an increase of $50 over the year-ago quarter.

由於 iPhone 6 Plus 的流行以及客戶在我們最高存儲容量產品中看到的價值增加，iPhone ASP 為 687 美元，比去年同期增加了 50 美元。

This led to iPhone revenue growth of 57% year-over-year, with quarterly sales exceeding $50 billion for the first time ever.

這導致 iPhone 收入同比增長 57%，季度銷售額首次超過 500 億美元。

We had a 200,000-unit decline in iPhone channel inventory during December quarter this year, compared to an increase of about one million iPhones during the year-ago period, and we were not able to reach supply/demand balance until this month.

今年 12 月季度，我們的 iPhone 渠道庫存下降了 200,000 部，而去年同期增加了約 100 萬部 iPhone，直到本月我們才能達到供需平衡。

This left us below our target range of five to seven weeks of channel inventory on a look-forward basis.

這使我們低於我們預期的五到七週渠道庫存的目標範圍。

We're now working with about 375 carriers, representing 72% of the world's mobile phone subscriber base, and we have over 210,000 points of sale for iPhone across the globe.

我們現在與大約 375 家運營商合作，佔全球手機用戶群的 72%，我們在全球擁有超過 210,000 個 iPhone 銷售點。

Our customers love their iPhones.

我們的客戶喜歡他們的 iPhone。

A December ChangeWave survey measured a 97% customer satisfaction rating for iPhone.

12 月的 ChangeWave 調查測量了 97% 的 iPhone 客戶滿意度。

A study published by Chitika Insights last month indicated that iPhone accounts for 53% of North American smartphone web traffic, almost twice the level of the next-closest brand.

Chitika Insights 上個月發布的一項研究表明，iPhone 佔北美智能手機網絡流量的 53%，幾乎是第二位品牌的兩倍。

In the corporate market, ChangeWave found that among IT buyers planning to purchase smartphones in the March quarter this year, 77% intend to purchase iPhones.

在企業市場，ChangeWave 發現，在今年第三季度計劃購買智能手機的 IT 買家中，有 77% 的人打算購買 iPhone。

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 700,000 units over last year, a 14% growth rate.

我們售出了 550 萬台 Mac，比去年增加了近 70 萬台，增長率為 14%。

Thanks to the popularity of our stunning new iMac with Retina 5K Display, Mac ASPs increased by $58 sequentially, driving all-time record revenue for Mac of $6.9 billion.

由於我們令人驚嘆的配備 Retina 5K 顯示屏的全新 iMac 大受歡迎，Mac ASP 連續增長 58 美元，為 Mac 帶來了 69 億美元的創紀錄收入。

We achieved double-digit year-over-year unit growth in both desktops and portables.

我們在台式機和便攜式設備方面實現了兩位數的同比增長。

These results are truly remarkable, given the contraction in the global PC market, which IDC estimates declined by 3% in the quarter.

鑑於全球 PC 市場萎縮，IDC 估計該季度下降了 3%，這些結果確實非常顯著。

We have now gained market share for 34 of the last 35 quarters.

我們現在已經在過去 35 個季度中的 34 個季度獲得了市場份額。

We ended the quarter with Mac channel inventory slightly below our four-to-five week target range.

我們在本季度末的 Mac 渠道庫存略低於我們的四到五週目標範圍。

Turning to iPad, we sold 21.4 million units, compared to 26 million in the December quarter last year.

談到 iPad，我們售出了 2140 萬台，而去年 12 月當季為 2600 萬台。

Given the introduction of new iPads in October, we increased iPad channel inventory by 1.1 million units during the quarter, compared to an increase of about 2.1 million in the December quarter last year.

鑑於 10 月份推出新 iPad，我們在本季度增加了 110 萬台 iPad 渠道庫存，而去年 12 月季度增加了約 210 萬台。

This left us within our five-to-seven week target range of channel inventory on a look-forward basis.

這使我們在前瞻的基礎上處於我們 5 到 7 週的渠道庫存目標範圍內。

Customer experience and usage data for iPad continue to be excellent.

iPad 的客戶體驗和使用數據仍然非常出色。

In a November survey, ChangeWave measured a 98% customer satisfaction rate for iPad Air, and also found that among people planning to purchase a tablet within 90 days, 60% planned to purchase an iPad.

在 11 月的一項調查中，ChangeWave 測量了 98% 的 iPad Air 客戶滿意度，還發現在計劃在 90 天內購買平板電腦的人中，有 60% 的人計劃購買 iPad。

Among businesses planning to purchase tablets, the intent was even stronger at 78%.

在計劃購買平板電腦的企業中，購買意向更為強烈，為 78%。

Chitika Insights' most recent report indicated that iPad users in North America generate over 70% of tablet-based web traffic, more than six times the web traffic of the next-closest competitor.

Chitika Insights 的最新報告表明，北美的 iPad 用戶產生了超過 70% 的平板電腦網絡流量，是緊隨其後的競爭對手網絡流量的六倍多。

Custora's latest e-commerce report indicates that iPad accounts for 82% of all US e-commerce transactions from tablets.

Custora 最新的電子商務報告顯示，iPad 占美國平板電腦電子商務交易的 82%。

All these results are consistent with usage data from the holiday shopping season.

所有這些結果都與假日購物季的使用數據一致。

IBM's digital analytics benchmark service found that iOS devices accounted for more than twice the online traffic, and almost four times the e-commerce sales on Android devices during November and December.

IBM 的數字分析基準服務發現，在 11 月和 12 月期間，iOS 設備佔在線流量的兩倍多，幾乎是 Android 設備電子商務銷售額的四倍。

The Apple ecosystem continues to thrive.

Apple 生態系統繼續蓬勃發展。

Combining all of our services, revenue grew to $4.8 billion in the December quarter, a new all-time high, and an increase of 9% year-over-year.

結合我們所有的服務，12 月季度的收入增長至 48 億美元，創下歷史新高，同比增長 9%。

This record performance was driven primarily by the tremendous momentum of the App Store, with revenue growing 41% in the December quarter.

這一創紀錄的業績主要是由 App Store 的強勁勢頭推動的，12 月季度的收入增長了 41%。

Our iOS developers have earned over $25 billion from the App Store to date, and we're thrilled with their success.

迄今為止，我們的 iOS 開發人員已從 App Store 獲得超過 250 億美元的收入，我們為他們的成功感到興奮。

Total sales of media and software from iTunes were $2.6 billion, compared to $2.4 billion in the year-ago quarter.

iTunes 的媒體和軟件總銷售額為 26 億美元，而去年同期為 24 億美元。

Our direct channel performance was also outstanding.

我們的直銷渠道表現也很出色。

We welcomed more visitors than ever before, and generated record revenue in both our physical and online stores.

我們迎來了比以往任何時候都多的訪客，並在我們的實體店和在線商店創造了創紀錄的收入。

We opened 10 new retail stores during the quarter, bringing us to a total of 447, 182 of which are outside the United States.

我們在本季度開設了 10 家新零售店，總數達到 447 家，其中 182 家在美國以外。

We've opened two new stores this month in greater China, and we're on track to have 40 stores in greater China by mid-2016.

本月我們在大中華區開設了兩家新店，到 2016 年年中，我們有望在大中華區開設 40 家門店。

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 $178 billion in cash plus marketable securities, a sequential increase of $22.7 billion.

我們在本季度末擁有 1,780 億美元的現金和有價證券，環比增長 227 億美元。

We completed our first international debt offering, issuing 2.8 billion euro-denominated notes at very attractive interest rates, and greatly diversifying our debt investor base.

我們完成了首次國際債務發行，以極具吸引力的利率發行了 28 億歐元計價票據，極大地豐富了我們的債務投資者基礎。

We spent $5 billion to repurchase 46 million Apple shares through open-market transactions, paid $2.8 billion in dividends and equivalents, and utilized over $500 million to net share settle vesting employee RSUs.

我們花費 50 億美元通過公開市場交易回購了 4600 萬股 Apple 股票，支付了 28 億美元的股息和等價物，並使用了超過 5 億美元的淨股票結算歸屬員工 RSU。

We also retired an additional 8 million shares in connection with our accelerated share repurchase programs.

我們還與我們的加速股票回購計劃相關的額外 800 萬股股票退市。

We have now taken action on almost $103 billion of our $130-billion capital return program, including $73 billion in share repurchases, with four quarters remaining to its completion.

我們現在已經對 1300 億美元的資本回報計劃中的近 1030 億美元採取了行動，其中包括 730 億美元的股票回購，還有四個季度完成。

In the last 12 months alone, we have returned over $57 billion to our investors.

僅在過去 12 個月中，我們就向投資者返還了超過 570 億美元。

We review our capital return program on an ongoing basis.

我們會持續審查我們的資本回報計劃。

We continue to solicit feedback from a broad base of investors, and we're on track to announce an update to the program in April, when we report our second-quarter results.

我們繼續徵求廣大投資者的反饋意見，我們有望在 4 月報告第二季度業績時宣布對該計劃的更新。

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

隨著我們進入第三季度，我想回顧一下我們的前景，其中包括南希在電話會議開始時提到的前瞻性信息類型。

We expect revenue to be between $52 billion and $55 billion, compared to $45.6 billion in the year-ago quarter.

我們預計收入將在 520 億美元至 550 億美元之間，而去年同期為 456 億美元。

This represents a very significant revenue increase, despite growing foreign exchange headwinds from the continued strengthening of the US dollar against most currencies.

儘管美元兌大多數貨幣持續走強帶來的外匯逆風越來越大，但這代表了非常顯著的收入增長。

We expect gross margin to be between 38.5% and 39.5%.

我們預計毛利率在 38.5% 至 39.5% 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 $350 million.

我們預計 OI&E 約為 3.5 億美元。

And we expect the tax rate to be about 26.3%.

我們預計稅率約為 26.3%。

Also, today our Board has declared a dividend of $0.47 per common share payable on February 12, 2015, to shareholders of record as of February 9, 2015.

此外，今天我們的董事會已宣佈於 2015 年 2 月 12 日向截至 2015 年 2 月 9 日在冊的股東派發每股普通股 0.47 美元的股息。

With that, let's open the call to questions.

有了這個，讓我們打開問題的電話。

We ask that you limit yourself to one one-part question, one follow-up.

我們要求您將自己限制在一個單獨的問題，一個跟進。

Operator, may we have the first question, please?

接線員，請問第一個問題好嗎？

(Operator Instructions)

（操作員說明）

First we'll hear from Shannon Cross with Cross Research.

首先，我們將收到來自 Cross Research 的 Shannon Cross 的消息。

Thank you very much, and nice iPhone numbers.

非常感謝您，以及不錯的 iPhone 號碼。

Can you talk a bit, Luca, about currency -- how you're thinking about it, what it did this quarter, what it does to gross margin, what it's going to do during the year, because that's clearly a big topic of conversation?

盧卡，你能談談貨幣 - 你是怎麼想的，它本季度做了什麼，它對毛利率有什麼影響，今年它將做什麼，因為這顯然是一個很大的話題?

Yes, Shannon, I'll do that.

是的，香農，我會這樣做的。

I'll talk about Q1.

我會談談Q1。

I'll talk about what we're looking for Q2, and possibly even further, right?

我會談談我們在第二季度尋找什麼，甚至可能更進一步，對吧？

Obviously what we've seen during Q1 has been unprecedented movements in currencies.

顯然，我們在第一季度看到的是前所未有的貨幣波動。

I would say during the course of the quarter the biggest impact came from the Japanese yen, the Russian ruble, but also from euro, Australian dollar, Canadian dollar.

我想說，在本季度中，最大的影響來自日元、俄羅斯盧布，還有歐元、澳元、加元。

Our revenue growth during Q1 would have been 4 percentage points higher on a constant-currency basis.

按固定匯率計算，我們第一季度的收入增長將高出 4 個百分點。

On a profitability standpoint, our hedging program partially mitigated the impact from the volatility in currencies.

從盈利的角度來看，我們的對沖計劃部分減輕了貨幣波動的影響。

As we look forward, and we look into particularly the March quarter, the foreign exchange headwinds will be stronger in Q2 than they were in Q1 for two main reasons.

正如我們展望的那樣，我們特別關注 3 月季度，第二季度的外匯逆風將比第一季度更強，主要原因有兩個。

The first one is the fact that the US dollar has continued to appreciate against foreign currencies during the last few weeks.

第一個是過去幾周美元兌外幣持續升值的事實。

The other one is the fact that our existing hedges expire.

另一個是我們現有的對沖到期的事實。

They get replaced by new contracts at current levels, and therefore the protection that is provided to us by our hedging program diminishes over time.

它們被當前水平的新合約所取代，因此我們的對沖計劃為我們提供的保護會隨著時間的推移而減少。

What that means to us going forward for the March quarter is that revenue growth on a year-over-year basis in constant currency would be 5 points higher than what we are guiding to if it wasn't for the FX movements.

這對我們在 3 月季度的未來意味著什麼，如果沒有外匯變動，收入同比增長將比我們所指導的高 5 個百分點。

In terms of gross margins, and you know that we look at gross margins on a sequential basis, the gross margin percentage after the offset that we're getting from the hedging program will be impacted by over 100 basis points.

就毛利率而言，您知道我們按順序查看毛利率，我們從對沖計劃中獲得的抵消後的毛利率百分比將受到超過 100 個基點的影響。

Now having said that, we have factored the impact that I just described into the guidance that we provided to you.

話雖如此，我們已將我剛才描述的影響納入我們提供給您的指導中。

That's where we are right now.

這就是我們現在所處的位置。

Of course, as you look further out, we do not provide guidance past the March quarter.

當然，當您進一步觀察時，我們不會在 3 月季度之後提供指導。

But it goes without saying that at current levels, again, those headwinds will continue to become stronger for the reason I explained earlier, that our hedges continue to expire, they get replaced by new hedging contracts at current levels, and there is the impact that we would see during the course of the year.

但毋庸置疑，在目前的水平上，這些不利因素將繼續變得更強，原因我之前解釋過，我們的對沖將繼續到期，它們會被當前水平的新對沖合約所取代，並且產生的影響是我們將在這一年中看到。

It goes without saying, strong US dollar has a negative impact on our international business.

毋庸置疑，強勢美元對我們的國際業務產生了負面影響。

Having said all that, we have provided what we believe is very strong guidance for the March quarter.

說了這麼多，我們已經為 3 月季度提供了我們認為非常強有力的指導。

We remain very confident about the portfolio of products and services that we have in the market today, and we remain very confident in the pipeline of products and services that we have.

我們對我們今天在市場上擁有的產品和服務組合仍然非常有信心，我們對我們擁有的產品和服務的管道仍然非常有信心。

Great.

偉大的。

As a follow-up to that, can you talk a little bit about pricing power?

作為後續行動，你能談談定價能力嗎？

Basically as you think about currency and euro movements, and then the contracts you have with the carriers, can you talk about maybe the opportunities to raise prices?

基本上，當您考慮貨幣和歐元的走勢，以及您與運營商的合同時，您能談談提高價格的機會嗎？

I know it's something that a lot of companies are balancing right now.

我知道這是很多公司現在正在平衡的事情。

I think as you know, we prefer to adjust local pricing at the time of new product launches.

我想如您所知，我們更願意在新產品發佈時調整本地定價。

That would be obviously our preference.

這顯然是我們的偏好。

That's what we do in normal times.

這就是我們平時所做的事情。

When currencies move as much as they have in places like Russia, for example, sometimes we need to take mid-cycle action to realign pricing.

例如，當貨幣在俄羅斯等地的波動幅度如此之大時，有時我們需要採取中期行動來重新調整定價。

We'll see what happens.

我們會看看會發生什麼。

As you know, currency markets tend to be very volatile, so we just want to understand a bit better what is happening.

如您所知，貨幣市場往往非常不穩定，因此我們只想更好地了解正在發生的事情。

Thank you.

謝謝你。

Thank you, Shannon.

謝謝你，香農。

Could we have the next question, please?

請問下一個問題好嗎？

From UBS we'll hear from Steve Milunovich.

從瑞銀，我們將聽到史蒂夫米盧諾維奇的消息。

Thank you.

謝謝你。

I wonder if you could address the mix of the iPhone 6 line.

我想知道你是否可以解決 iPhone 6 系列的混合問題。

Specifically, how did the 6 Plus do?

具體來說，6 Plus 是怎麼做的？

I don't know if you can give us a sense of relative to total units, maybe geographic skew, and also availability.

我不知道您是否可以讓我們了解相對於總單位，也許是地理偏差以及可用性。

Are you caught up on the 6 Plus?

你追上 6 Plus 了嗎？

Steve, it's Tim.

史蒂夫，是蒂姆。

We don't report out the precise mix, but what I can tell you is that iPhone 6 was the most popular iPhone last quarter.

我們沒有報告確切的組合，但我可以告訴你的是，iPhone 6 是上個季度最受歡迎的 iPhone。

Obviously to sell 74.5 million, they were really all popular, and all did well.

明明能賣到7450萬，真的都是爆紅，都做的不錯。

There is clearly a geographic preference difference, where some geos would skew much higher on their preference to iPhone 6 Plus than other geos.

顯然存在地域偏好差異，一些地域對 iPhone 6 Plus 的偏好會比其他地域高得多。

It's something that is not consistent around the world.

這是世界各地不一致的事情。

Both did incredibly well, and we're really proud of them, along with the iPhone 5S and C, as well, which continues to be in the lineup.

兩者都做得非常好，我們為它們感到非常自豪，還有 iPhone 5S 和 C，它們將繼續出現在產品陣容中。

Okay.

好的。

Could you update us in terms of the sell-through relative to the reported numbers for the phone and the pad, and your previous plans to increase by roughly a week of channel inventory?

您能否向我們介紹與報告的手機和平板電腦相關的銷售情況，以及您之前計劃增加大約一周的渠道庫存？

From an iPhone point of view, as I think Luca covered, our channel inventory decreased from the beginning of the quarter by 200,000 units.

從 iPhone 的角度來看，正如我認為 Luca 所涵蓋的那樣，我們的渠道庫存比本季度初減少了 200,000 台。

That left us outside of our target range -- on the low -- outside the low end of the range, to be specific.

具體來說，這使我們超出了目標範圍 - 在低端 - 在範圍的低端之外。

We -- just recently we became in supply/demand balance on the 6 and 6 Plus in January.

我們——就在最近，我們在一月份的 6 和 6 Plus 上實現了供需平衡。

We were not able to reach a balanced state during our fiscal Q1.

在我們的第一財季，我們無法達到平衡狀態。

On iPad, we increased channel inventory by 1.1 million units from beginning of the quarter to end of the quarter.

在 iPad 上，我們從季初到季末增加了 110 萬台的渠道庫存。

That compares to the previous year when we increased to 2.1.

相比之下，上一年我們增加到 2.1。

Obviously that inventory was required because of all the new products that we announced on iPad with the iPad Air 2 and the iPad Mini 3 in the October time frame during the quarter.

顯然，由於我們在本季度的 10 月時間框架內發布了 iPad Air 2 和 iPad Mini 3 的所有新產品，因此需要庫存。

At the end of the quarter we were within the target range of channel inventory on iPad.

在本季度末，我們在 iPad 上的渠道庫存目標範圍內。

In terms of growing channel inventory, in particular on iPhone where we're outside of it, we wouldn't expect to see a large step function increase.

就不斷增長的渠道庫存而言，特別是在我們不在其之外的 iPhone 上，我們預計不會看到大幅的階躍函數增加。

We would expect it to occur more gradually over time than sort of an all-at-once type of thing.

我們預計它會隨著時間的推移逐漸發生，而不是一次性發生。

But we don't guide to channel inventory specifically, as you know.

但如您所知，我們不會專門針對渠道庫存進行指導。

Thank you, Steve.

謝謝你，史蒂夫。

Could we have the next question, please?

請問下一個問題好嗎？

From Morgan Stanley we'll go to Katy Huberty.

從摩根士丹利，我們將前往 Katy Huberty。

Yes, thank you.

是的，謝謝。

Not to dilute the fantastic performance in December, but can you talk a little bit about how you think about the sustainability of this very strong iPhone demand into 2015, particularly given that most carriers had access to that product during the quarter.

不要沖淡 12 月的出色表現，但您能否談談您如何看待 2015 年這種非常強勁的 iPhone 需求的可持續性，特別是考慮到大多數運營商在本季度都可以使用該產品。

Then I have a follow-up on margin.

然後我對保證金進行了跟進。

Yes.

是的。

Sure Katy, it's Tim.

當然，凱蒂，是蒂姆。

You can see from the March guidance that we've given that we're incredibly bullish about iPhone going forward.

您可以從 3 月份的指導中看到，我們非常看好 iPhone 的未來發展。

We believe that it's the best smartphone in the world.

我們相信它是世界上最好的智能手機。

Our customers are telling us that, the market is telling us that.

我們的客戶告訴我們，市場也在告訴我們。

We're doing well in virtually every corner of the world, and so we're very bullish that it does have legs.

我們幾乎在世界的每個角落都做得很好，所以我們非常看好它確實有腿。

I would point out that only a small fraction of the installed base is upgraded.

我要指出的是，只有一小部分已安裝的基礎得到了升級。

There's a lot more people within the installed base.

安裝基礎中有更多的人。

But I would also point out that we had the highest number of customers new to iPhone last quarter than in any other prior launch; and also that the current iPhone lineup experienced the highest Android-switcher rate in any of the last three launches, in any of the three previous years.

但我還要指出，上個季度我們的 iPhone 新客戶數量比之前任何其他產品都多。並且當前的 iPhone 產品線在過去三年中的任何一次發布中經歷了最高的 Android 切換率。

We didn't look back to the other years, so I don't know about those.

我們沒有回顧過去的歲月，所以我不知道那些。

We see that we're appealing to new customers, both new to smartphone and new to iPhone, and people switching.

我們看到我們正在吸引新客戶，包括智能手機新客戶和 iPhone 新客戶，以及人們正在轉換的客戶。

We're very bullish on the product, and getting great feedback about the quality of the products we're shipping.

我們非常看好該產品，並獲得了有關我們運送的產品質量的良好反饋。

We're very bullish.

我們非常看好。

The emerging markets, which has been a source of great questions over time, the growth was absolutely stunning in Brazil and mainland China, more than doubling year over year, which is a 3X to 4X what those markets were doing according to IDC.

隨著時間的推移，新興市場一直是一大問題的根源，巴西和中國大陸的增長絕對驚人，同比增長超過一倍，根據 IDC 的數據，這是這些市場的 3 到 4 倍。

We entered the quarter with quite a bit of momentum.

我們以相當大的勢頭進入了這個季度。

Good.

好的。

Luca, as you know, you typically enjoy component cost-downs and yield improvements as you move through a product cycle.

Luca，如您所知，您通常會在產品週期中享受組件成本下降和良率提升。

Is there anything other than currency that keeps you from potentially walking the gross margins higher over the course of the year?

除了貨幣之外，還有什麼可以阻止您在一年中提高毛利率？

Thank you.

謝謝你。

Hi, Katy.

嗨，凱蒂。

You're right, I mean on both fronts.

你是對的，我的意思是在兩個方面。

We certainly expect more favorable costs in the March quarter than we've seen in the December quarter.

我們當然預計 3 月季度的成本會比 12 月季度更有利。

It goes with our product cycle.

它與我們的產品週期一致。

The foreign exchange headwinds, as I was explaining to Shannon, they will be on a sequential basis a headwind of more than 100 basis points.

正如我向香農解釋的那樣，外匯逆風將連續出現超過 100 個基點的逆風。

If you were to exclude that foreign exchange impact, we would actually be guiding to sequential increase in margins.

如果你要排除這種外匯影響，我們實際上會指導利潤率的連續增長。

The other element that is there, and it's very seasonal, it's always there, is the loss of leverage that we got from Q1 into Q2.

存在的另一個因素，它是非常季節性的，它總是存在的，是我們從第一季度到第二季度的槓桿損失。

When you look at our revenue guidance, we are guiding to a sequential decline between 26% and 30%, so you obviously have that loss of leverage.

當您查看我們的收入指導時，我們的指導是連續下降 26% 到 30%，因此您顯然會失去槓桿作用。

Without a doubt, the biggest headwind that we've got right now is foreign exchange.

毫無疑問，我們現在遇到的最大阻力是外匯。

Having said all that, guiding 38.5% to 39.5%, we feel frankly very good about where we are right now in the cycle.

說了這麼多，引導 38.5% 到 39.5%，坦率地說，我們對我們現在在周期中的位置感到非常滿意。

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？

We'll go to Benjamin Reitzes, Barclays.

我們會去巴克萊銀行的 Benjamin Reitzes。

Thanks a lot, appreciate it.

非常感謝，不勝感激。

Tim, obviously a lot of good questions about the great iPhone number, but I wanted to ask you about the Apple Watch -- shipping in April, a month or two later than I think you said originally, obviously probably not that big a deal.

蒂姆，顯然有很多關於偉大的 iPhone 號碼的好問題，但我想問你關於 Apple Watch 的問題——4 月發貨，比我認為你最初所說的晚一兩個月，顯然可能沒什麼大不了的。

What's going on with that product in a little more detail in terms of the timing and your excitement for it?

就時間安排和您對它的興奮而言，該產品的詳細情況如何？

Maybe a little more color on other apps that could be available at launch?

也許在發佈時可以使用的其他應用程序上多一點顏色？

Any expectations you have for it would be great.

你對它的任何期望都會很棒。

Thanks a lot.

非常感謝。

My expectations are very high on it.

我對它的期望很高。

I'm using it every day and love it, and I can't live without it.

我每天都在使用它並且喜歡它，沒有它我就活不下去。

I see that we're making great progress on the development of it.

我看到我們在開發它方面取得了很大進展。

The number of developers that are writing apps for it are impressive, and we're seeing some incredible innovation coming out there.

為其編寫應用程序的開發人員數量令人印象深刻，我們看到了一些令人難以置信的創新。

Just to clarify, what we have been saying was early 2015.

澄清一下，我們所說的是 2015 年初。

We sort of look at the year and think of early as the first four months, mid as the next four months, and late's the final four months.

我們有點看一年，最早是前四個月，中期是接下來的四個月，後期是最後四個月。

To us, it's within the range.

對我們來說，它在範圍內。

It's basically when we thought.

基本上是我們想的時候。

Most importantly, we're going to be thrilled to start shipping it, because we've got a lot of customers that are wanting to get one.

最重要的是，我們會很高興開始發貨，因為我們有很多客戶想要購買它。

Okay, great.

好，太棒了。

Thanks, Tim.

謝謝，蒂姆。

To follow-up in terms of China, how do you feel the momentum there is in terms of sustainability and versus some of the local competition, and as you navigate that market specifically going forward?

就中國而言，您如何看待在可持續性方面的勢頭以及與一些本地競爭相比，以及在您特別引導該市場前進時？

Thanks.

謝謝。

The local competition was obviously there this quarter, and has been there for many quarters before.

本季度顯然有本地競爭，並且之前已經有很多個季度了。

The local competition isn't new.

本地競爭並不新鮮。

I think we did really well there.

我認為我們在那裡做得很好。

I'm very proud of how we're doing.

我為我們的表現感到非常自豪。

I was there right after the launch in October, and the excitement around the iPhone 6 and 6 Plus were absolutely phenomenal.

我在 10 月發布後就到了那裡，圍繞 iPhone 6 和 6 Plus 的興奮絕對是驚人的。

You can see that in the results with mainland China being up 100% year on year despite not having a full quarter of sales since we launched in the second half of October.

您可以在結果中看到，儘管自 10 月下半月推出以來，中國大陸沒有一個完整的季度銷售額，但同比增長 100%。

You can tell that we're a big believer in China with looking at our investment.

從我們的投資來看，你可以看出我們是中國的忠實信徒。

We're growing the number of stores.

我們正在增加商店的數量。

We'll hit 20 soon, and we're doubling that by mid-2016, as Angela said earlier, and Luca said in his prepared comments, as well.

正如安吉拉早些時候所說，盧卡在他準備好的評論中也說過，我們很快就會達到 20 人，到 2016 年中期我們將翻一番。

We're also growing the channel there.

我們還在那裡發展渠道。

Our online store has expanded to over 350 cities now.

我們的在線商店現已擴展到 350 多個城市。

In fact, our online revenues in China last quarter were more than the sum of the previous five years.

事實上，我們上個季度在中國的在線收入超過了前五年的總和。

It's an incredible market.

這是一個不可思議的市場。

I think people love Apple products, and we are going to do our best to serve the market.

我認為人們喜歡 Apple 產品，我們將盡最大努力為市場服務。

Thanks.

謝謝。

Thank you, Ben.

謝謝你，本。

Could we have the next question, please?

請問下一個問題好嗎？

From Bernstein we'll hear from Toni Sacconaghi.

從伯恩斯坦我們會聽到托尼薩科納吉。

Yes, thank you.

是的，謝謝。

I was wondering if you could comment on your revenue guidance.

我想知道您是否可以評論您的收入指導。

Luca, as you mentioned the range is down 26% to 30% sequentially.

盧卡，正如你提到的，該範圍連續下降了 26% 到 30%。

I think if you look back over the last three or four Q1 to Q2s, revenues decline more in the 15% to 20% range.

我認為，如果你回顧過去三四個第一季度到第二季度，收入下降幅度更大，幅度在 15% 到 20% 之間。

As you noted, your iPhone channel inventory is below your target range as well, so if anything, that might be going up.

正如您所指出的，您的 iPhone 渠道庫存也低於您的目標範圍，所以如果有的話，這可能會上升。

I'm wondering if you could just discuss a little bit what factors are contributing to this deeper-than-normal decline this quarter, particularly given your ongoing enthusiasm for the phone.

我想知道你是否可以稍微討論一下是什麼因素導致了本季度比正常情況更嚴重的下降，特別是考慮到你對手機的持續熱情。

Yes, Toni, thanks for the question.

是的，托尼，謝謝你的問題。

It is a -- first of all, it's a 20% year-over-year growth.

這是一個 - 首先，這是一個 20% 的同比增長。

We're guiding at the top end of the range, so we obviously feel good about a 20% growth.

我們正在指導範圍的高端，所以我們顯然對 20% 的增長感到滿意。

As we look at it on a sequential basis, there's a couple of things I think it's important to point out.

當我們按順序查看它時，我認為有幾件事需要指出。

I mentioned the foreign exchange headwinds.

我提到了外匯逆風。

They are there.

他們在那裡。

We need to deal with them.

我們需要對付他們。

But they obviously are a negative to revenue.

但它們顯然對收入不利。

Those are headwinds that we have this year and were not there a year ago.

這些是我們今年遇到的不利因素，而一年前還沒有。

That's one factor.

這是一個因素。

We've also said the manufacturing ramp that we've had this year in the December quarter has been the fastest that we've ever had.

我們還表示，我們今年在 12 月季度實現的製造增長是我們有史以來最快的。

That's also a factor that impacts the sequential compare.

這也是影響順序比較的一個因素。

Then there's a couple of specific events that happened last year in the March quarter which are not going to repeat this year.

然後是去年三月季度發生的一些具體事件，今年不會重演。

One of them is the fact that last year in January we launched China Mobile and we had the subsequent channel fill for China Mobile that of course is not going to repeat this year.

其中之一是去年 1 月我們推出了中國移動，隨後我們為中國移動進行了渠道填充，這當然不會在今年重複。

We also had a very strong quarter in Japan in the March quarter a year ago, which was driven by very significant carrier promotional activities and a pull-forward of sales into the March quarter in anticipation of a consumption tax increase that took place on April 1. Again, that is not going to repeat.

一年前的第三季度，我們在日本也有一個非常強勁的季度，這是由於非常重要的運營商促銷活動以及由於預期 4 月 1 日發生的消費稅上調而將銷售額提前到 3 月季度. 再說一遍，那不再贅述了。

When you take those factors into account, I think that explains the sequential decline that we see this year.

當你考慮到這些因素時，我認為這可以解釋我們今年看到的連續下降。

Again, I want to point out to the 20% year-over-year growth.

再次，我想指出 20% 的同比增長。

Okay, thank you.

好的謝謝你。

Luca, just to confirm, sequentially my math is saying it's about a 2-point incremental revenue headwind.

盧卡，只是為了確認，我的數學順序是說這是一個 2 點的增量收入逆風。

Is that the right way to think about it?

這是正確的思考方式嗎？

From FX?

來自外匯？

Yes, currency, FX sequentially.

是的，貨幣、外匯依次排列。

Correct.

正確的。

Okay.

好的。

Tim, I was wondering if I could have my -- direct my follow-up to you, which is the iPad.

蒂姆，我想知道我是否可以將我的後續行動指導給你，那就是 iPad。

You've spoken on prior calls about your enthusiasm for the product on a go-forward basis.

您在之前的電話中談到了您對產品的熱情。

Over the last year it's down double digits from a unit perspective and ASP has also been declining.

從單位角度來看，去年它下降了兩位數，而平均售價也在下降。

I was wondering if you could comment on whether your bullishness about the iPad persists?

我想知道您是否可以評論一下您對 iPad 的樂觀情緒是否持續存在？

Is it really -- do you believe it's a replacement cycle that we will ultimately see that will start to drive growth, or is there really innovation and product that is both necessary and forthcoming that's going to drive that growth?

真的嗎？您是否認為這是一個我們最終將開始推動增長的更新周期，還是真的有必要且即將推出的創新和產品將推動這種增長？

Toni, I am still very optimistic and bullish on iPad over the long run, as I've indicated before.

Toni，從長遠來看，我仍然非常樂觀和看好 iPad，正如我之前所指出的那樣。

When you measure it in these 90-day clips as we do, in the short run I don't think you're going to see a miraculous change in the -- or an improvement in the year over year.

當你像我們一樣在這些 90 天的剪輯中衡量它時，在短期內，我認為你不會看到奇蹟般的變化——或者一年比一年的改善。

But here's what I see when I look at it, and the reason that I'm so optimistic.

但這就是我看到它時所看到的，以及我如此樂觀的原因。

I see that the first-time buyer rates are very high.

我看到首次購房者的比率非常高。

By very high, I mean that if you look in some of the developed markets like the US, Japan, the UK, you would find that 50% of the people are buying an iPad for the first time.

非常高，我的意思是如果你看看美國、日本、英國等一些發達市場，你會發現 50% 的人是第一次購買 iPad。

If you look in China, it's over 70%.

如果你看看中國，它超過了70%。

When you have that kind of first-time buyer rates, you don't have a saturated market.

當您擁有這種首次購房者價格時，您就沒有飽和的市場。

When I look at the customer sat on iPad, it's literally off the charts -- in some cases 100%, which is unheard of in surveys to get these kind of customer sat ratings.

當我查看坐在 iPad 上的客戶時，它確實超出了圖表 - 在某些情況下是 100%，這在獲得此類客戶坐在評級的調查中是聞所未聞的。

When I look at the usage, the usage is six times our nearest competitor.

當我查看使用情況時，使用量是我們最接近的競爭對手的六倍。

The usage as measured in web browsing is like 71% of total tablets, as I think Luca covered earlier.

正如我認為 Luca 之前介紹的那樣，在網頁瀏覽中測量的使用量占平板電腦總數的 71%。

Also, the commerce taking place across the iPad is enormous.

此外，在 iPad 上進行的商業活動是巨大的。

Essentially, over 80% of the commerce on tablets are taking place on iPad.

基本上，平板電腦上超過 80% 的交易都是在 iPad 上進行的。

When I back up and look at all of these, I believe that over the long arc of time that the iPad is a great business.

當我回顧所有這些時，我相信在很長一段時間內，iPad 是一項偉大的業務。

I also have visibility, obviously, to what's in the pipeline, and feel very good about that.

很明顯，我對即將進行的內容也有了解，並且對此感覺非常好。

That said, I'm not projecting, to be clear with everyone, I'm not projecting something very different next quarter or the next.

也就是說，我不是在預測，為了讓每個人都清楚，我不會在下個季度或下一個季度預測一些非常不同的東西。

I'm thinking over the long run.

我在考慮長遠。

In terms of what I think is going on, I think what you said is absolutely true that the upgrade cycle is longer.

就我認為的情況而言，我認為你所說的升級週期更長是絕對正確的。

It's longer than an iPhone, probably between an iPhone and a PC.

它比 iPhone 還要長，可能介於 iPhone 和 PC 之間。

We haven't been in the business long enough to say that with certainty, but that's what we think.

我們從事這項業務的時間還不夠長，無法肯定地說出這一點，但這就是我們的想法。

There is probably some level of cannibalization that's going on with the Mac on one side and the phone on the other.

一方面是Mac，另一方面是手機，可能存在某種程度的自相殘殺。

You probably have a little bit of that, that is shaking out.

你可能有一點，那就是顫抖。

How much, very hard to tell in the early going, particularly since we just shipped the new phones a few months ago.

多少錢，在早期很難說清楚，特別是因為我們幾個月前剛剛發貨了新手機。

I think there's some things like that that are going on.

我認為有一些類似的事情正在發生。

On the other side, I think the partnership with IBM and the work that we have going on in the enterprise is profound.

另一方面，我認為與 IBM 的合作以及我們在企業中所做的工作意義重大。

I think we're really going to change the way people work.

我認為我們真的會改變人們的工作方式。

I'm really excited about the apps that are coming out and how fast the partnership is getting up and running.

我對即將推出的應用程序以及合作夥伴關係的啟動和運行速度感到非常興奮。

I think that can move the dial there.

我認為這可以將錶盤移到那裡。

I'm not predicting the 90-day clips and so forth, but over the long arc of time, I really believe that iPad is a great space, a great product, and with also coupled with the product innovation we've got, I think there's a very bright future for it.

我不是在預測 90 天的剪輯等等，但在很長一段時間內，我真的相信 iPad 是一個很棒的空間，一個很棒的產品，再加上我們所擁有的產品創新，我認為它有一個非常光明的未來。

Thank you.

謝謝你。

Thank you, Toni.

謝謝你，托尼。

Could we have the next question, please?

請問下一個問題好嗎？

We'll go to Gene Munster with Piper Jaffray.

我們將與 Piper Jaffray 一起去 Gene Munster。

Good afternoon and congratulations.

下午好，祝賀你。

A couple questions for Tim.

提姆有幾個問題。

First, any updates on Apple TV, or your broader vision in the living room?

首先，Apple TV 的任何更新，或者您在客廳的更廣闊視野？

Second, a high-level question about Apple Pay.

其次，關於 Apple Pay 的高級問題。

You've outlined some of the successes at point of sale.

您已經概述了銷售點的一些成功案例。

Can you talk a little about if N App is important, or how important that is, and potentially how the product could evolve over time?

你能談談 N App 是否重要，或者它有多重要，以及隨著時間的推移產品可能如何發展？

Could you see this becoming more consumer to consumer, more a broader payment platform?

你能看到這變得更加消費者對消費者，更廣泛的支付平台嗎？

Thank you.

謝謝你。

Yes.

是的。

Gene, on Apple TV, we had a solid quarter with the existing product.

Gene，在 Apple TV 上，我們在現有產品上取得了穩定的季度業績。

We've sold over 25 million Apple TVs now.

我們現在已經售出了超過 2500 萬台 Apple TV。

At the sake of repeating myself, it's something that we continue to look at and work on, and find a way that we can make an even greater contribution than what we're doing.

為了重複我自己，這是我們繼續關注和努力的事情，並找到一種我們可以做出比我們正在做的事情更大的貢獻的方法。

On Apple Pay, both the contact-less payment and the N App are both important.

在 Apple Pay 上，非接觸式支付和 N App 都很重要。

I think they're both huge opportunities.

我認為它們都是巨大的機會。

I think they'll play out differently in different geographic regions as to which one is larger than the other, and likely the mix of those things will change over time, as more and more commerce flows across apps and so forth.

我認為它們會在不同的地理區域以不同的方式發揮作用，即哪個比另一個更大，並且隨著越來越多的商業流跨應用程序等等，這些東西的組合可能會隨著時間的推移而改變。

In terms of how it evolves, I think we're in the first inning on it.

就它的發展方式而言，我認為我們處於第一局。

We haven't even completed the first inning yet.

我們甚至還沒有完成第一局。

There's tons of things on our road map of adding functionality to it.

在我們為其添加功能的路線圖上有很多東西。

We're obviously -- we're just in the US right now, so there's tons of countries to go to.

我們顯然 - 我們現在只是在美國，所以有很多國家可以去。

There's not a day that goes by that I don't get notes from many businesses outside the US wanting Apple Pay, banks and merchants.

每天我都收到來自美國以外許多想要 Apple Pay 的企業、銀行和商家的通知。

Of course, we still have a lot of merchants left in the US.

當然，我們仍然有很多商人留在美國。

But I have to tell you that given that we launched in October, I'm actually unbelievably shocked, positively shocked, at how many merchants were able to implement Apple Pay in the heart of their holiday season, because generally most people sort of lock down and don't do very much.

但我必須告訴你，鑑於我們是在 10 月推出的，我實際上非常震驚，非常震驚，有多少商家能夠在假期期間實施 Apple Pay，因為通常大多數人都處於鎖定狀態並且不要做太多。

We were able to get this in a lot of different merchants, and I give them a lot of credit for that.

我們能夠在很多不同的商家那裡得到這個，我為此給予了他們很大的信任。

But I think we're just on the front end.

但我認為我們只是在前端。

I think this is the year of Apple Pay.

我認為這是 Apple Pay 的一年。

Some of the things you mentioned and others are all things that we're looking at, and in many cases working on, in terms of where it can take us.

你提到的一些事情和其他事情都是我們正在研究的事情，並且在許多情況下正在努力，就它可以帶我們去哪里而言。

Thank you.

謝謝你。

Thanks, Gene.

謝謝，吉恩。

Thank you, Gene.

謝謝你，吉恩。

Can we have the next question, please?

請問下一個問題可以嗎？

From JPMorgan we'll go to Rod Hall.

從摩根大通，我們將前往羅德霍爾。

Hello.

你好。

Thanks for taking my question.

感謝您提出我的問題。

I wanted to start off, Tim, you talked about the small number of the user base who have upgraded to iPhone 6 or 6 Plus.

我想開始，蒂姆，你談到了少數升級到 iPhone 6 或 6 Plus 的用戶群。

I wonder if you could give us a little more color on that?

我想知道你是否可以給我們更多的顏色？

Maybe even go as far as quantifying how many of the base you think have upgraded?

甚至可以量化您認為已經升級的基礎數量？

Also, talk a little about the pattern of upgrades.

另外，談談升級的模式。

Are they all tending to be older iPhones, or is there a good spread?

它們都是老款 iPhone，還是普及率高？

Can you give us any further color on that?

你能給我們更多的顏色嗎？

Thanks.

謝謝。

It's a small fraction.

這是一小部分。

It's a number that's in the mid-teens, or barely in the teens.

這是一個十幾歲的數字，或者幾乎是十幾歲的數字。

When I look at that, I say that there's an enormous amount left.

當我看到那個時，我說還有大量的剩餘。

Given there are a fair amount of Android units out there, there's also an enormous amount of Android customers that could switch.

鑑於那裡有相當數量的 Android 設備，也有大量的 Android 客戶可以轉換。

I'd also remind you that there's a lot of people that have not yet bought a smartphone.

我還要提醒你，還有很多人還沒有購買智能手機。

I know it doesn't feel like that when you're sitting in the United States, but from a worldwide point of view, there's still lots of them.

我知道當你坐在美國時不會有這種感覺，但從全球的角度來看，仍然有很多。

I see all three of those groups there, and I'm very excited about all of them, and serving all of them.

我在那裡看到了所有這三個團體，我對他們所有人都感到非常興奮，並為他們所有人服務。

Okay, great.

好，太棒了。

Thank you.

謝謝你。

My follow-up I'd like to direct at Luca.

我的後續行動我想直接針對盧卡。

Luca, I wonder, could you talk a little about the duration of the hedge contracts, and the renewal pattern that we should expect to see this year?

盧卡，我想知道，你能談談對沖合約的期限，以及我們今年應該看到的續約模式嗎？

Remind us what your typical renewal pattern is, and will you be accelerating that this year, given all the currency movements?

提醒我們您的典型更新模式是什麼，考慮到所有貨幣走勢，您今年會加速嗎？

Yes, Rob.

是的，羅伯。

Typically, we have a pretty active hedging program, so we're in the market almost every day.

通常，我們有一個非常活躍的對沖計劃，所以我們幾乎每天都在市場上。

But we tend to hedge 3 to 12 months out.

但我們傾向於對沖 3 到 12 個月。

There are cases where maybe we tend to go a bit longer if we feel that we have a strong conviction about certain currencies.

在某些情況下，如果我們覺得我們對某些貨幣有堅定的信念，我們可能會走得更久。

Otherwise, again, the typical period is 3 to 12 months.

否則，同樣，典型的時期是 3 到 12 個月。

As hedges roll off, we replace them with new hedges.

隨著對沖滾落，我們用新的對沖替換它們。

We take into account the exposures that we have around the world, take into account our most recent forecasts, and we hedge accordingly.

我們考慮到我們在世界各地的風險敞口，考慮到我們最近的預測，並相應地進行對沖。

We feel very good about our hedging position and the decisions that we've made, particularly during the summer, when we felt that maybe we needed to hedge a bit more than we have done historically.

我們對我們的對沖頭寸和我們所做的決定感覺非常好，特別是在夏天，當時我們覺得我們可能需要比以往更多的對沖。

It's probably worth pointing out, too, that there's some markets where we can't economically hedge.

同樣值得指出的是，有些市場我們無法在經濟上對沖。

Yes.

是的。

There are some exposures where the cost of hedgings is prohibitive or financial instruments are not there to hedge.

在某些風險敞口中，對沖成本過高或金融工具無法對沖。

In those cases, of course, that's where you get the full impact of the volatility.

當然，在這些情況下，這就是您獲得波動性的全部影響的地方。

Great.

偉大的。

Okay, thank you very much.

好的，非常感謝。

Thanks, Rod.

謝謝，羅德。

Could we have the next question, please?

請問下一個問題好嗎？

From RBC Capital Markets we'll go to Amit Daryanani.

從加拿大皇家銀行資本市場，我們將前往 Amit Daryanani。

Thanks.

謝謝。

I just had two questions, one maybe just on the gross margin side.

我只有兩個問題，一個可能只是毛利率方面的問題。

I want to understand the 100 basis points of headwind that you're talking about in the March quarter, is that -- there's still some protection on the hedges, or is that a raw number with no hedges in place?

我想了解您在 3 月季度所談論的 100 個基點的逆風，是 - 對沖仍有一些保護，還是沒有對沖到位的原始數字？

That's correct, it's a good clarification.

這是正確的，這是一個很好的澄清。

I was talking about the net impact after the hedges.

我說的是對沖後的淨影響。

The impact without hedges would be higher.

沒有對沖的影響會更大。

Again, this is sequentially, right, because on a year-over-year basis actually the impact is larger, given the fact that currencies have moved during the last 12 months.

同樣，這是按順序排列的，正確的，因為考慮到貨幣在過去 12 個月中發生了變化，實際上影響實際上比去年同期更大。

But the 100 basis points that I quoted includes the mitigating impact of the hedging program.

但我引用的 100 個基點包括對沖計劃的緩解影響。

Got it.

知道了。

When you think about the iPad and you talked about the IBM partnership where you're seeing some traction, could you talk about what sort of penetration do you think iPad has on the enterprise side right now?

當您想到 iPad 並談到與 IBM 的合作夥伴關係時，您看到了一些牽引力，您能否談談您認為 iPad 目前在企業方面具有什麼樣的滲透率？

How do you see that improve over the next few quarters as you roll out more of the Mobile First modules with IBM?

隨著 IBM 推出更多 Mobile First 模塊，您如何看待未來幾個季度的改進？

We think -- well, we know -- that if you look at the Fortune 500 as an example, we're in essentially all of the Fortune 500 companies.

我們認為——好吧，我們知道——如果你以財富 500 強為例，我們基本上是所有財富 500 強公司的成員。

The issue is not that, and it's not a market share number, because our market share is extremely high.

問題不在於這個，也不是市場份額數字，因為我們的市場份額非常高。

The issue is that enterprises generally speaking are only deploying iPads to a small percentage of their workforce.

問題在於，一般而言，企業只為一小部分員工部署 iPad。

The real opportunity is to bring mobility into the enterprises and change how people work.

真正的機會是將流動性帶入企業並改變人們的工作方式。

In order to do that, you obviously need apps that are written to specific jobs, not just apps that are general productivity apps like word processors and spreadsheets and presentation tools, et cetera.

為了做到這一點，您顯然需要針對特定工作編寫的應用程序，而不僅僅是像文字處理器、電子表格和演示工具等一般生產力應用程序的應用程序。

That's one of the things that working with IBM provides us, is both that and the knowledge of the verticals, which they bring a significant amount of knowledge on all of the verticals that I mentioned earlier.

這是與 IBM 合作為我們提供的一件事，既是這些，也是垂直領域的知識，它們帶來了我之前提到的所有垂直領域的大量知識。

Where can we take that to?

我們可以把它帶到哪裡？

I think if we can really change the way people work, I think the opportunity is enormous.

我認為如果我們真的能改變人們的工作方式，我認為機會是巨大的。

We're not hanging numbers out there to be measured on at this point.

在這一點上，我們不會把數字掛在那裡進行衡量。

But we don't do a lot of big partnerships, as you probably know.

但您可能知道，我們並沒有建立很多大型合作夥伴關係。

When we do one, it is significant and it's because we really believe in it.

當我們這樣做時，它很重要，因為我們真的相信它。

We really believe in this one, and what it can do for customers.

我們真的相信這一點，以及它可以為客戶做些什麼。

Thank you, Amit.

謝謝你，阿米特。

Can we have the next question, please?

請問下一個問題可以嗎？

From Deutsche Bank we'll hear from Sherri Scribner.

從德意志銀行我們會聽到雪莉斯克里布納的消息。

Hi, thank you.

嗨，謝謝你。

Luca, I was hoping you could give us some detail on your expectations for operating expenses going forward.

盧卡，我希望你能給我們一些關於你對未來運營費用的期望的細節。

I know you've been investing pretty significantly in new products, but wanted to see how we should think about those trending over the next couple quarters?

我知道您一直在對新產品進行大量投資，但想看看我們應該如何看待未來幾個季度的趨勢？

Thanks.

謝謝。

Sherri, as you know, we provide guidance just for the upcoming quarter.

雪莉，如你所知，我們只為即將到來的季度提供指導。

From what you've seen from our guidance for the March quarter, we're guiding to a growth in OpEx on a year-over-year basis that is similar to what we've experienced during the course of the December quarter.

從您從我們對 3 月季度的指導中看到的情況來看，我們正在指導運營支出的同比增長，這與我們在 12 月季度的經歷相似。

We obviously feel good about the business during the December quarter.

我們顯然對 12 月季度的業務感覺良好。

Our revenue exceeded in terms of growth our growth in operating expenses.

我們的收入增長超過了運營費用的增長。

There's going to be quarters where the opposite is going to happen.

將會有相反的情況發生。

Our expense-to-revenue ratio during the December quarter was 7.4%.

我們在 12 月季度的費用收入比為 7.4%。

It was the lowest that we've had in two years.

這是我們兩年來最低的。

It's among the lowest ratios that we've ever had.

這是我們有史以來最低的比率之一。

But obviously we're investing in the business, and we will never under-invest in the business.

但顯然我們正在對業務進行投資，而且我們永遠不會對業務投資不足。

The majority of the increase will continue to come from R&D, given the fact that we've expanded our product portfolio, and we're making investments all the time ahead of the revenue that will be generated in the future.

鑑於我們已經擴大了產品組合，並且我們一直在進行投資，而不是未來將產生的收入，因此大部分增長將繼續來自研發。

We also expect to continue to invest in marketing and advertising.

我們還期望繼續投資於營銷和廣告。

We are expanding distribution all over the world.

我們正在全球範圍內擴大分銷。

We're taking our brand to more places, and we continue to open new retail stores around the world.

我們正在將我們的品牌帶到更多地方，並繼續在世界各地開設新的零售店。

The idea for us is to continue to invest in the business, making the right trade-offs, and the results from the December quarter give us very good confidence for the future.

我們的想法是繼續投資業務，做出正確的權衡，12 月季度的結果讓我們對未來充滿信心。

Thank you.

謝謝你。

Thank you, Sherri.

謝謝你，雪莉。

Could we have the next question, please?

請問下一個問題好嗎？

We'll go to Bill Shope with Goldman Sachs.

我們將和高盛一起去 Bill Shope。

Okay, thank you.

好的謝謝你。

I wanted to follow up on your previous comments on the iPhone and the customer composition for the quarter.

我想跟進你之前對 iPhone 和本季度客戶構成的評論。

Considering the iPhone 6 Plus brought you into an entirely new segment of the smartphone market, can you give us a bit more color on the customer composition for this device specifically?

考慮到 iPhone 6 Plus 將您帶入了智能手機市場的全新細分市場，您能否具體介紹一下這款設備的客戶構成？

You mentioned the differences in geographic adoption, but how about on the Android switcher comments you made earlier, and first-time adopters relative to the traditional iPhone 6 and your other iPhone models in the past?

您提到了地理採用的差異，但是您之前發表的 Android 切換器評論，以及相對於傳統 iPhone 6 和您過去其他 iPhone 型號的首次採用者如何？

Related to that, what do you think this tells you about your ASP and unit opportunity for growth in 2015?

與此相關，您認為這告訴您 2015 年您的 ASP 和單位增長機會是什麼？

Bill, at this point in the -- just shortly after the quarter, we don't have all of our research in from all the people that bought last quarter yet.

比爾，就在本季度之後不久的這一點上，我們還沒有從上一季度購買的所有人那裡獲得所有研究。

But in the aggregate, as I've mentioned before, we saw more new customers to iPhone than we had ever seen before.

但總的來說，正如我之前提到的，我們看到的 iPhone 新客戶比以往任何時候都多。

We had a higher rate of Android switchers than we had in the three previous launches.

與前三個發布相比，我們的 Android 切換器率更高。

It's not that we had more in the fourth, and I don't know what those numbers are.

並不是說我們在第四節有更多，我不知道這些數字是多少。

It wasn't something we were looking at.

這不是我們在看的東西。

Between the switchers and the people that are just new to smartphones and selected an iPhone, and our upgrades, which we're very happy with but represent a small fraction of our installed base, we feel really great about what's in front of us.

在切換者和剛接觸智能手機並選擇了 iPhone 的人之間，以及我們的升級（我們非常滿意但只占我們安裝基礎的一小部分）之間，我們對擺在我們面前的東西感覺非常好。

Makes sense.

說得通。

Then a follow-up on your Apple Pay commentary.

然後跟進您的 Apple Pay 評論。

When we look at the opportunity outside of the US, are there unique hurdles we should consider as we think about the timing of the roll-outs in Europe and Asia, or is it really just about pulling the partnerships together?

當我們看到美國以外的機會時，在考慮在歐洲和亞洲推出的時機時，是否有我們應該考慮的獨特障礙，還是真的只是將合作夥伴關係拉到一起？

Each is a different implementation.

每個都是不同的實現。

In some ways there's a different set of carriers in every country, there's a different set of banks in a lot of the countries.

在某些方面，每個國家都有不同的運營商，很多國家都有不同的銀行。

Some of the processes with the merchants are different.

與商家的某些流程有所不同。

It's an area where there's quite a bit of difference country to country to country.

這是一個國家與國家之間存在相當大差異的地區。

There's clearly heavy lifting involved to scale.

顯然，規模化涉及繁重的工作。

However, it's not something that scares us, or that's preventing us from viewing it as a big opportunity.

然而，這並不是讓我們害怕的事情，或者這會阻止我們將其視為一個巨大的機會。

Okay, thank you.

好的謝謝你。

Thank you, Bill.

謝謝你，比爾。

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

今天電話會議的重播將在兩週內以 iTunes 商店的播客、Apple.com/investor 的網絡廣播和電話形式播放。

The numbers for the telephone replay are (888) 203-1112, or (719) 457-0820, and please enter confirmation code 8259681.

重播電話號碼為（888）203-1112或（719）457-0820，請輸入確認碼8259681。

These replays will be available by approximately 5 p.m.

這些重播將在下午 5 點左右提供。

Pacific time today.

今天太平洋時間。

Members of the press with additional questions can contact Kristen Huget at (408) 974-2414.

有其他問題的媒體成員可以致電 (408) 974-2414 聯繫 Kristen Huget。

Financial analysts can contact Joan Hoover or me with addition questions.

金融分析師可以聯繫 Joan Hoover 或我提出其他問題。

Joan's at (408) 974-4570, and I'm at (408) 974-5420.

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

Thanks again for joining us.

再次感謝您加入我們。

That does conclude today's presentation.

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。