蘋果 (AAPL) 2015 Q2 法說會逐字稿

Good day, everyone, and welcome to this Apple Incorporated second quarter FY15 earnings release conference call.

大家好，歡迎參加 Apple Incorporated 2015 財年第二季度財報電話會議。

Today's call is being recorded.

今天的電話正在錄音。

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

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

Please go ahead, ma'am.

請繼續，女士。

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

謝謝大家，下午好，感謝大家加入我們。

Speaking first today is Apple'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 will 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 expense, taxes, future business outlook and plans for dividends, share repurchases and public debt issuance.

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、其他收入費用、稅收、未來業務前景和股息計劃的陳述，股票回購和公共債務發行。

Actual results or trends could differ materially from our forecast.

實際結果或趨勢可能與我們的預測大相徑庭。

For more information please refer to the risk factors discussed in Apple's form 10-K for 2014, the form 10-Q for the first quarter of FY15, and the forms 8-K filed with the SEC today, along with the Associated Press releases.

有關更多信息，請參閱 Apple 2014 年的 10-K 表格、2015 財年第一季度的 10-Q 表格以及今天向 SEC 提交的 8-K 表格以及美聯社新聞稿中討論的風險因素。

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

Apple 不承擔更新任何前瞻性陳述或截至其各自日期的信息的義務。

I'd now like to turn the call over to Tim for introductory remarks.

我現在想把電話轉給蒂姆做介紹性發言。

Good afternoon, everyone, and thanks for joining us.

大家下午好，感謝您加入我們。

We have a lot of great news to talk about so I'll jump right in.

我們有很多好消息要談，所以我會馬上加入。

Today we are reporting our strongest March quarter ever with 27% revenue growth and 40% earnings per share growth year over year.

今天，我們報告了有史以來最強勁的 3 月季度，收入增長 27%，每股收益同比增長 40%。

We're seeing fantastic results for iPhone with revenue growth of 55% year on year and we're seeing a higher rate of switchers than we've experienced in previous iPhone cycles.

我們看到 iPhone 取得了驚人的業績，收入同比增長 55%，而且我們看到換機率高於我們在之前的 iPhone 週期中所經歷的。

The success of iPhone has been extremely strong in emerging markets where unit sales were up 63% year on year.

iPhone 在新興市場取得了巨大成功，銷量同比增長 63%。

The App Store had its best quarter ever with a record number of customers making purchases, driving a new record for revenue and 29% year-on-year growth.

App Store 創下了有史以來最好的季度，購買的客戶數量創歷史新高，收入創下新紀錄，同比增長 29%。

We also reached an all-time quarterly record of $5 billion in total services revenue.

我們的服務總收入也創下了 50 億美元的季度記錄。

We also continued to defy the trend of declining global PC sales with double-digit Mac unit growth in a market that IDC estimates contracted by 7%.

我們還繼續挑戰全球 PC 銷量下滑的趨勢，在 IDC 估計收縮 7% 的市場中，Mac 銷量實現兩位數增長。

We're now half way through FY15 and our year-to-date results have been simply staggering.

我們現在已經過了 2015 財年的一半，我們年初至今的業績簡直令人瞠目結舌。

We sold over 135 million iPhones, 34 million iPads and 10 million Macs in the first six months of the year.

今年前六個月，我們售出了超過 1.35 億部 iPhone、3400 萬部 iPad 和 1000 萬部 Mac。

Our revenue has grown by 28% to over $132 billion, net income has increased 36% to over $31 billion and EPS has grown by 44%.

我們的收入增長了 28% 至超過 1320 億美元，淨收入增長了 36% 至超過 310 億美元，每股收益增長了 44%。

We're making many strategic investments in Apple's future, in research and development, in our supply chain and in our infrastructure.

我們正在對 Apple 的未來、研發、供應鍊和基礎設施進行許多戰略投資。

And we've made 27 acquisitions in the last six quarters.

在過去六個季度中，我們進行了 27 次收購。

We're in the very fortunate position of generating more cash than we need to run our business and keep making these important investments.

我們處於非常幸運的位置，能夠產生比我們經營業務和繼續進行這些重要投資所需的更多的現金。

So today we're announcing another significant update to our capital return program, expanding its size to $200 billion through March of 2017 to reflect our strong confidence in what lies ahead for Apple.

因此，今天我們宣布對我們的資本回報計劃進行另一項重大更新，到 2017 年 3 月將其規模擴大到 2000 億美元，以反映我們對 Apple 未來發展的堅定信心。

Luca will go into this in more detail in a moment.

Luca 稍後將更詳細地介紹這一點。

We're also making great progress in many other areas.

我們還在許多其他領域取得了長足的進步。

The Apple ecosystem continues to expand in exciting ways.

Apple 生態系統繼續以令人興奮的方式擴展。

We're seeing great momentum with Apple Pay.

我們看到 Apple Pay 的發展勢頭強勁。

Discover announced today that its card members in the United States will be able to make contactless payments in participating stores through Apple Pay beginning this Fall.

Discover 今天宣布，從今年秋季開始，其在美國的卡會員將能夠通過 Apple Pay 在參與的商店進行非接觸式支付。

And last month we said that the number of locations accepting Apple Pay has tripled and we continue to see great progress with merchants.

上個月，我們表示接受 Apple Pay 的地點數量增加了兩倍，我們繼續看到商家取得了巨大進展。

Best Buy, which has been a long time strong partner of ours, has just announced that its now offering Apple Pay in App and later this year will offer Apple Pay in all of their US stores.

長期以來一直是我們強大合作夥伴的百思買剛剛宣布，它現在在 App 中提供 Apple Pay，今年晚些時候將在其所有美國商店提供 Apple Pay。

And merchants aren't the only ones jumping on board.

商家並不是唯一加入的人。

Earlier this month a leading healthcare payment network announced acceptance of Apple Pay for its clients.

本月早些時候，一家領先的醫療保健支付網絡宣佈為其客戶接受 Apple Pay。

So over 50 major hospitals across the country, including Stanford Healthcare and Aspen Valley, will accept Apple Pay this year for co-pays and bill payments at registration and check in.

因此，包括斯坦福醫療保健和阿斯彭谷在內的全國 50 多家主要醫院今年將在註冊和登記入住時接受 Apple Pay 支付共付額和賬單支付。

We're also incredibly inspired by the momentum we're seeing in health-related solutions.

我們也對我們在健康相關解決方案中看到的勢頭感到難以置信的鼓舞。

Since we released HealthKit with iOS 8 last September, over 1,000 apps had been developed to transform how people track, manage and interact with their health and they're now available on the App Store.

自去年 9 月我們在 iOS 8 中發布 HealthKit 以來，已經開發了 1,000 多個應用程序來改變人們跟踪、管理和與健康互動的方式，現在這些應用程序都可以在 App Store 上使用。

Just this past weekend, Cedar-Sinai in Los Angeles turned on the largest HealthKit integration to date giving more than 87,000 patients the ability to share their health and fitness data seamlessly with their My CS-Link app, which syncs with their electronic medical record.

就在上週末，洛杉磯的 Cedar-Sinai 開啟了迄今為止最大的 HealthKit 集成，使 87,000 多名患者能夠通過 My CS-Link 應用程序無縫分享他們的健康和健身數據，該應用程序與他們的電子病歷同步。

And last month, we announced ResearchKit, an open source software framework that helps doctors and scientists gather data from medical research participants more efficiently and accurately using iPhone applications.

上個月，我們發布了 ResearchKit，這是一個開源軟件框架，可幫助醫生和科學家使用 iPhone 應用程序更有效、更準確地從醫學研究參與者那裡收集數據。

The response so far has been simply amazing, far exceeding our expectations.

迄今為止的反應簡直令人驚嘆，遠遠超出我們的預期。

The first research apps developed using ResearchKit study asthma, breast cancer, cardiovascular disease, diabetes and Parkinson's disease and have enrolled over 60,000 iPhone users in just the first few weeks of being available on the App Store.

使用 ResearchKit 開發的首批研究應用程序研究哮喘、乳腺癌、心血管疾病、糖尿病和帕金森病，僅在 App Store 上架的前幾週就吸引了超過 60,000 名 iPhone 用戶。

Over 1,000 researchers had contacted us expressing interest in performing studies through ResearchKit.

超過 1,000 名研究人員與我們聯繫，表達了對通過 ResearchKit 進行研究的興趣。

We think these types of solutions have the potential to revolutionize medical studies in life changing ways and we're proud that Apple is helping make this possible.

我們認為這些類型的解決方案有可能以改變生活的方式徹底改變醫學研究，我們很自豪 Apple 正在幫助實現這一目標。

Last quarter we also announced a major economic investment in Europe where we will spend $2 billion to build data centers in Ireland and Denmark.

上個季度，我們還宣佈在歐洲進行重大經濟投資，我們將斥資 20 億美元在愛爾蘭和丹麥建立數據中心。

These will be our largest data centers in the world.

這些將是我們在世界上最大的數據中心。

Apple is now responsible for creating over 670,000 jobs across the European continent.

Apple 現在負責在歐洲大陸創造超過 670,000 個工作崗位。

Most of them have grown out of the success of the App Store, which has generated more than $7.5 billion for European developers since just 2008.

他們中的大多數都是從 App Store 的成功中成長起來的，自 2008 年以來，App Store 已經為歐洲開發者創造了超過 75 億美元的收入。

We feel great about the economic contribution we've been able to make in Europe.

我們對我們能夠在歐洲做出的經濟貢獻感到非常高興。

The two data centers we're building will run on 100% renewable energy from day one.

我們正在建設的兩個數據中心從第一天起就將使用 100% 可再生能源。

This is just part of the work we're doing to protect the environment and leave the world better than we found it.

這只是我們為保護環境和讓世界變得比我們發現的更好而所做的工作的一部分。

Today, 100% of Apple's US operations and 87% of global operations are powered by renewable energy.

如今，Apple 100% 的美國業務和 87% 的全球業務都使用可再生能源。

Just before Earth Day we announced our plan to move to renewables in China.

就在世界地球日之前，我們宣布了在中國轉向可再生能源的計劃。

We're undertaking a groundbreaking partnership with several companies to build a 40-megawatt solar farm in Sichuan Province that will generate far more than the amount of energy used by all of our offices and retail stores in China combined.

我們正在與幾家公司建立開創性的合作夥伴關係，在四川省建造一個 40 兆瓦的太陽能發電場，其發電量將遠遠超過我們在中國所有辦事處和零售店使用的能源總和。

We also announced an innovative new partnership with a conservation fund to permanently protect more than 36,000-acres of working forest in Maine and North Carolina to help offset the impact of our packaging has on the world supply of sustainable virgin fiber.

我們還宣布與保護基金建立創新的新合作夥伴關係，以永久保護緬因州和北卡羅來納州超過 36,000 英畝的工作森林，以幫助抵消我們的包裝對全球可持續原生纖維供應的影響。

Apple is deeply committed to these initiatives and will continue to make them a priority.

Apple 堅定地致力於這些舉措，並將繼續將其作為優先事項。

The June quarter is off to an exciting start with great new products and services.

六月季度以出色的新產品和服務開啟了激動人心的開端。

Three of them in particular are giving our customers a glimpse of the future and we are very happy with the reception that each of them is receiving.

特別是其中三個讓我們的客戶一睹未來，我們對他們每個人都收到的接待感到非常滿意。

First, the all new MacBook began shipping just over two weeks ago and we are very happy with the response we're getting from customers.

首先，全新 MacBook 在兩週前開始發貨，我們對客戶的反應非常滿意。

The new MacBook is our lightest, most compact Mac notebook ever and you really have to see it to believe it.

新款 MacBook 是我們有史以來最輕、最緊湊的 Mac 筆記本電腦，您必須親眼目睹才能相信它。

It features a stunning 12-inch retina display, a new force touch trackpad, all day battery life and a revolutionary new keyboard.

它具有令人驚嘆的 12 英寸視網膜顯示屏、新的力度觸控板、全天電池壽命和革命性的新鍵盤。

We believe, and I think most everyone agrees, this is the future of the notebook.

我們相信，而且我想大多數人都同意，這就是筆記本電腦的未來。

Second, is the new streaming service from HBO, which is available on Apple TV and iOS.

其次，是 HBO 的新流媒體服務，可在 Apple TV 和 iOS 上使用。

We teamed up with HBO last month to help launch HBO NOW, a standalone service that lets customers stream the content they love from HBO on the devises they love from Apple, all without requiring a subscription to cable.

上個月，我們與 HBO 合作推出了 HBO NOW，這是一項獨立服務，可讓客戶在他們喜愛的 Apple 設備上播放他們喜愛的 HBO 內容，而無需訂閱有線電視。

HBO NOW has been incredibly popular with Apple TV users since its debut and it has been one of the top downloaded Apps on the US app store as well.

HBO NOW 自首次亮相以來一直受到 Apple TV 用戶的極大歡迎，它也是美國應用商店中下載量最高的應用之一。

And third, of course, is Apple Watch.

第三，當然是 Apple Watch。

Its been really great to see the reaction of customers since their watches began arriving on Friday morning.

自從周五早上他們的手錶開始到貨以來，看到顧客的反應真是太好了。

All around the world we've seen the excitement on social networks as people start using their Apple Watch.

隨著人們開始使用 Apple Watch，我們在世界各地都看到了社交網絡上的興奮。

The response has been overwhelmingly positive.

反響非常積極。

Adding to the surprise and delight of Apple Watch are the more than 3,500 apps that are already available.

為 Apple Watch 增添驚喜和驚喜的是已經推出的 3,500 多個應用程序。

Our developer community has already seen the potential in this new category and puts some of their best thinking in to what wearable technology can do.

我們的開發者社區已經看到了這一新類別的潛力，並將他們的一些最佳想法投入到可穿戴技術的功能上。

We can't wait to see more of the inspiring apps developers dream up for Apple Watch as we head into our Worldwide Developer Conference six weeks from now.

六週後，我們將參加全球開發者大會，我們迫不及待地想看到更多開發者為 Apple Watch 打造的鼓舞人心的應用程序。

I'd like to thank all of those developers and our hundreds of millions of customers for their loyalty and support.

我要感謝所有這些開發人員和我們數億客戶的忠誠和支持。

I'd also like to thank all of the Apple employees around the world for their creativity, tireless effort and passion for delivering the very best products in the world.

我還要感謝世界各地的所有 Apple 員工，感謝他們的創造力、不懈的努力和對提供世界上最好產品的熱情。

With that, I'll turn the call over to Luca.

有了這個，我會把電話轉給盧卡。

Thank you, Tim.

謝謝你，蒂姆。

Good afternoon, everyone.

大家下午好。

As Tim mentioned, we just completed another outstanding quarter.

正如蒂姆所說，我們剛剛完成了另一個出色的季度。

Revenue for the March quarter was $58 billion, an increase of $12.4 billion, or 27% year over year.

3 月季度的收入為 580 億美元，同比增長 124 億美元，或 27%。

Growth was driven primarily by a very strong performance of iPhone and the continued strength of the App Store and Mac sales.

增長主要是由 iPhone 的強勁表現以及 App Store 和 Mac 銷售的持續強勁推動的。

We achieved these terrific results despite growing foreign exchange headwinds.

儘管外匯逆風越來越大，我們還是取得了這些了不起的成果。

Our performance was particularly impressive in our greater China and rest of Asia Pacific segments.

我們在大中華區和亞太其他地區的表現尤其令人印象深刻。

In greater China we established an all-time quarterly record for revenue which grew 71% year over year to $16.8 billion.

在大中華區，我們創下了季度收入的歷史記錄，同比增長 71%，達到 168 億美元。

Gross margin was 40.8%, ahead of our expectations, mainly due to stronger than expected iPhone results.

毛利率為 40.8%，高於我們的預期，主要是由於 iPhone 業績強於預期。

Operating margin was 31.5% of revenue and net income was $13.6 billion, a new Q2 record.

營業利潤率為收入的 31.5%，淨利潤為 136 億美元，創下第二季度的新紀錄。

Diluted earnings per share were $2.33, a 40% year-over-year increase and cash flow from operations was $19.1 billion, also a new March quarter record.

每股攤薄收益為 2.33 美元，同比增長 40%，運營現金流為 191 億美元，也是 3 月份季度的新紀錄。

For details by product, I will start with iPhone.

對於產品的詳細信息，我將從 iPhone 開始。

We sold 61.2 million iPhones in the quarter representing 40% year-over-year growth and demand for iPhone 6 and 6 Plus has remained incredibly strong.

我們在本季度售出了 6120 萬部 iPhone，同比增長 40%，而對 iPhone 6 和 6 Plus 的需求仍然非常強勁。

iPhone sales more than doubled in Korea, Singapore, Taiwan and Vietnam and they were up 80% or more in several other markets including Canada, Mexico, Germany and Turkey.

iPhone 在韓國、新加坡、台灣和越南的銷量翻了一番多，在加拿大、墨西哥、德國和土耳其等其他幾個市場增長了 80% 或更多。

The strong mix of iPhone 6 and 6 Plus, combined with the popularity of higher capacity offerings, led to iPhone [iSBs] of $659, an increase of $62 year over year despite the very significant foreign exchange headwinds I already mentioned.

iPhone 6 和 6 Plus 的強勁組合，加上大容量產品的流行，導致 iPhone [iSBs] 達到 659 美元，同比增長 62 美元，儘管我已經提到了非常重大的外匯逆風。

We increased iPhone channel inventory by 1 million units during the quarter, which allowed us to get into the low end of our target range of five to seven weeks of channel inventory.

我們在本季度將 iPhone 渠道庫存增加了 100 萬部，這使我們能夠進入 5 到 7 週渠道庫存目標範圍的低端。

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

接下來，我想談談Mac。

We sold 4.6 million Macs, representing 10% year-over-year growth, which is particularly impressive in the context of IDCs latest estimate of a 7% global PC market contraction.

我們售出了 460 萬台 Mac，同比增長 10%，這在 IDC 最新估計全球 PC 市場萎縮 7% 的背景下尤其令人印象深刻。

The growth was lead by portables and spurred by the updates to MacBook Air and MacBook Pro in March.

這一增長由便攜式設備引領，並受到 3 月份 MacBook Air 和 MacBook Pro 更新的推動。

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

我們在 Mac 渠道庫存的四到五週目標範圍內結束了本季度。

Turning to iPad, we sold 12.6 million compared to 16.4 million in the year ago quarter.

談到 iPad，我們售出了 1260 萬台，而去年同期為 1640 萬台。

iPad sell-through was 13.7 million as we reduced channel inventory by about 1.1 million units coming off the holiday quarter.

iPad 的銷售量為 1370 萬台，因為我們在假日季後將渠道庫存減少了約 110 萬台。

This left us within our five to seven week target range of iPad channel inventory.

這使我們處於 iPad 渠道庫存的五到七週目標範圍內。

We set a new March quarter record for iPad sales in Japan and an all-time record for iPad sales in China, but performance in other markets was more muted during the quarter.

我們在日本創造了 iPad 銷售的新 3 季度季度記錄和中國 iPad 銷售的歷史記錄，但其他市場在本季度的表現更為平淡。

iPad turns five years old this month and, in every year since its introduction, it has been the number one tablet in sales, in quantity and quality of tablet apps, in usage and, most importantly, in customer satisfaction.

iPad 本月迎來了 5 歲生日，自推出以來的每一年，它在平板電腦應用程序的數量和質量、使用率以及最重要的客戶滿意度方面一直是銷量第一的平板電腦。

And based on the latest data from NPD, iPad maintains a very strong leadership share in all of the price bands where we compete.

根據 NPD 的最新數據，iPad 在我們競爭的所有價格範圍內都保持著非常強大的領先地位。

iPad has also consistently been the number one tablet in enterprise.

iPad 也一直是企業中排名第一的平板電腦。

A recent change wave survey found that among corporate buyers planning to buy tablets in the next six months, 77% plan to purchase iPads.

最近的一項變革浪潮調查發現，在計劃在未來六個月內購買平板電腦的企業買家中，77% 的人計劃購買 iPad。

In fact, we are seeing very high interest from companies who want to use iPads to transform how work gets done.

事實上，我們看到希望使用 iPad 改變工作方式的公司非常感興趣。

The vast majority of the app opportunities that have been identified as part of the Apple and IBM partnership are specifically for iPad.

作為 Apple 和 IBM 合作夥伴關係的一部分，絕大多數應用機會都專門針對 iPad。

In addition to IBM, we're working closely with more than two dozen of the leading business software and solution providers, including Box, DocuSign, MicroStrategy, [Revel] and ServiceMax to bring a broad range of innovative mobile solutions to more customers on the iPad.

除了 IBM，我們還與超過兩打領先的商業軟件和解決方案提供商密切合作，包括 Box、DocuSign、MicroStrategy、[Revel] 和 ServiceMax，為更多客戶帶來廣泛的創新移動解決方案。平板電腦。

Turning to services, revenue grew to a new all-time record of $5 billion, an increase of 9% year over year.

在服務方面，收入增長至 50 億美元的歷史新高，同比增長 9%。

The growth was lead by the App Store, which remains incredibly popular with our customers around the world, with revenue up 29% in the March quarter.

增長由 App Store 引領，該應用商店在全球客戶中仍然非常受歡迎，3 月季度的收入增長了 29%。

According to App Annie, the App Store generated 70% more global revenue in the March quarter than Google Play, up from a 60% lead in the September quarter.

根據 App Annie 的數據，App Store 在 3 月季度的全球收入比 Google Play 高出 70%，高於 9 月季度的 60%。

Traffic to our retail and online stores was excellent with a 22% year-over-year increase in customer visits.

我們的零售和在線商店的客流量非常好，客戶訪問量同比增長 22%。

We're progressing well with our plans for retail store expansion in greater China where we added 6 new stores in the past quarter alone bringing us to 21 stores in 11 cities.

我們在大中華區的零售店擴張計劃進展順利，僅在上個季度我們就增加了 6 家新店，使我們在 11 個城市擁有 21 家店。

We're on track to add 40 stores open in greater China by the middle of next year.

到明年年中，我們有望在大中華區新增 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 $193.5 billion in cash plus marketable securities, a sequential increase of $15.6 billion.

我們在本季度末擁有 1935 億美元的現金和有價證券，環比增加了 156 億美元。

Over $171 billion of this cash was offshore.

這些現金中有超過 1710 億美元是在離岸的。

In the March quarter, we issued $6.5 billion US denominated notes and CHF1.3 billion Swiss franc denominated notes as we continue to diversify our global debt investor base.

在第三季度，我們發行了 65 億美元的美元計價票據和 13 億瑞士法郎計價的票據，因為我們繼續使我們的全球債務投資者基礎多樣化。

We now raised a total of $40 billion of term debt at very attractive rates.

我們現在以極具吸引力的利率籌集了總計 400 億美元的定期債務。

We spent $7 billion to repurchase 56.4 million Apple shares through open market transactions, paid $2.7 billion in dividends and equivalents and utilized about $100 million to net share settle vesting employee RSUs.

我們花費 70 億美元通過公開市場交易回購了 5640 萬股蘋果股票，支付了 27 億美元的股息和等價物，並使用了大約 1 億美元的淨股票結算歸屬員工 RSU。

We also retired an additional 13.3 million shares during the quarter with the conclusion of the accelerated share repurchase program we launched last August.

隨著我們去年 8 月推出的加速股票回購計劃的結束，我們在本季度還額外回購了 1330 萬股股票。

We have executed our capital return program aggressively and we now take an action on over $112 billion of our over $130 billion program, including $80 billion in share repurchases at an average price of $85.

我們積極執行資本回報計劃，現在我們對超過 1,300 億美元的計劃中的超過 1,120 億美元採取行動，其中包括以 85 美元的平均價格回購 800 億美元的股票。

As we said consistently, creating value for shareholders by developing great products that enrich peoples lives will always be our top priority and the key factor driving our investments and our capital allocation decisions.

正如我們一貫所說，通過開發豐富人們生活的優質產品為股東創造價值將始終是我們的首要任務，也是推動我們投資和資本配置決策的關鍵因素。

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

考慮到這一框架，Apple 的董事會和管理團隊將繼續定期審查資本配置，並徵求廣大股東對我們計劃的意見。

This process allows us to be thoughtful about the size, the mix and the pace of the program.

這個過程使我們能夠對項目的規模、組合和節奏進行深思熟慮。

We very much appreciate all of the input that many shareholders have provided us.

我們非常感謝許多股東為我們提供的所有投入。

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

我們繼續處於能夠向股東返還大量資本的幸運位置。

We first announced our capital return program three years ago with an initial size of $45 billion and we've increased it annually since then.

三年前，我們首次宣布了我們的資本回報計劃，初始規模為 450 億美元，此後每年都在增加。

Today we're announcing a third update to our program, expanding in size by the largest amount yet and extending its duration.

今天，我們宣布對我們的計劃進行第三次更新，擴大規模並延長其持續時間。

The existing program was set to conclude at the end of this calendar year and we're now extending the program by five quarters to the end of March 2017.

現有計劃原定於本日曆年年底結束，我們現在將該計劃延長五個季度，直至 2017 年 3 月結束。

Once again, with this update, we are allocating the maturity of the expansion of the program to share repurchases given our strong confidence in the future of Apple and the value we see in our stock.

鑑於我們對 Apple 的未來充滿信心以及我們在股票中看到的價值，我們再次通過此次更新將計劃擴展的期限分配給股票回購。

The Board has increased the share repurchase authorization by $50 billion, raising it from the current $90 billion to $140 billion.

董事會將股票回購授權增加了 500 億美元，從目前的 900 億美元提高到 1400 億美元。

We will also continue to net share settle vesting employee restricted stock units.

我們還將繼續以淨股份結算歸屬的員工限制性股票單位。

We also understand that the dividend is very important to many of our investors and we are raising it for the third time in less than three years.

我們也明白股息對我們的許多投資者來說非常重要，我們在不到三年的時間裡第三次提高股息。

The quarterly dividend will grow from $0.47 per share to $0.52 per share, an increase of 11%.

季度股息將從每股 0.47 美元增長至每股 0.52 美元，增幅為 11%。

This is effective with our next dividend, which the Board has declared today, and is payable on May 14, 2015, to shareholders of record as of May 11, 2015.

這對董事會今天宣布的下一次股息生效，將於 2015 年 5 月 14 日支付給截至 2015 年 5 月 11 日在冊的股東。

We believe this is a meaningful increase for the shareholders who value income and we continue to plan for annual dividend increases going forward.

我們相信這對於重視收入的股東來說是一個有意義的增長，我們將繼續計劃未來的年度股息增長。

With over $11 billion in annual dividend payments, we're proud to be one of the largest dividend payers in the world.

憑藉超過 110 億美元的年度股息支付，我們為成為世界上最大的股息支付者之一而感到自豪。

In total, the size of our revised capital return program will increase by over 50% from approximately $130 billion to $200 billion.

總的來說，我們修訂後的資本回報計劃的規模將增加 50% 以上，從大約 1300 億美元增加到 2000 億美元。

As we've done in the past, we expect to fund our capital return program with US cash, future US cash flow generation and borrowing from both domestic and international debt markets.

正如我們過去所做的那樣，我們希望用美國現金、未來的美國現金流產生以及從國內和國際債務市場借款來為我們的資本回報計劃提供資金。

And we plan to provide the next update on our program at about this time next year.

我們計劃在明年這個時候提供我們計劃的下一次更新。

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

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

We expect revenue to be between $46 billion and $48 billion compared to $37.4 billion in the year ago quarter.

我們預計收入將在 460 億美元至 480 億美元之間，而去年同期為 374 億美元。

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 $5.650 billion and $5.750 billion.

我們預計運營支出將在 56.5 億美元至 57.5 億美元之間。

We expect [OI&E] to be about $350 million and we expect the tax rate to be about 26.3%.

我們預計 [OI&E] 約為 3.5 億美元，我們預計稅率約為 26.3%。

With that let's open the call to questions.

有了這個，讓我們打開問題的電話。

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

謝謝您，我們要求您將自己限制在一個、一個部分問題和一個後續行動上。

Operator, may we have the first question please?

接線員，請問第一個問題好嗎？

(Operator Instructions)

（操作員說明）

Your first question comes from Bill Shope of Goldman Sachs.

您的第一個問題來自高盛的 Bill Shope。

Okay.

好的。

Thank you.

謝謝你。

When we look at the effect of currency on your gross profit, which I think was far less than anyone anticipated, have you been able to reduce some of the pressure by adjusting terms with your suppliers?

當我們看到貨幣對您的毛利潤的影響時，我認為這遠低於任何人的預期，您是否能夠通過調整與供應商的條款來減輕一些壓力？

Or is that something we should expect to see more of as you progress through the year?

或者，隨著你這一年的進步，我們應該期待看到更多的東西？

Bill let me answer the question.

比爾讓我回答這個問題。

Let me give you some numbers on the currency because I know it's a topic that is top of mind.

讓我給你一些關於貨幣的數字，因為我知道這是一個最重要的話題。

You're asking about gross margin.

你問的是毛利率。

And you know we look at this on a sequential basis.

你知道我們會按順序看待這個問題。

And I mentioned during the call in January that we were expecting FX to have a negative impact on a sequential basis of about 100 basis points after the effect of the hedges.

我在 1 月份的電話會議中提到，在對沖影響之後，我們預計外匯將連續產生約 100 個基點的負面影響。

And that is exactly what happened in our actual results.

這正是我們的實際結果中發生的情況。

So that was pretty much in line with what we were anticipating.

所以這與我們的預期非常一致。

Of course we expect this headwind to continue.

當然，我們預計這種逆風會持續下去。

And on a sequential basis, when we look into the June quarter, we expect to see another 40 basis points of negative impact from currency.

在連續的基礎上，當我們展望 6 月季度時，我們預計貨幣將再產生 40 個基點的負面影響。

We're dealing with these headwinds as -- they are part of business.

我們正在處理這些不利因素，因為它們是業務的一部分。

And so we're dealing with them in many ways.

因此，我們正在以多種方式與他們打交道。

We are looking at, in some cases, the potential to increase prices in certain markets.

在某些情況下，我們正在研究提高某些市場價格的潛力。

We're looking, of course, at our cost structures and we tried to remain as competitive as possible.

當然，我們正在關注我們的成本結構，並試圖盡可能保持競爭力。

So we feel very good about the gross margins that we've generated in the March quarter.

因此，我們對我們在 3 月季度產生的毛利率感到非常滿意。

And we feel very good about the guidance that we provided, given the severity of the impact.

鑑於影響的嚴重性，我們對我們提供的指導感到非常滿意。

Okay, great.

好，太棒了。

And then as a follow-up, obviously -- I guess one of the incremental tailwinds to gross margin continues to be the iPhone upset relative to expectations.

然後作為後續行動，顯然 - 我想毛利率的增量順風之一仍然是 iPhone 相對於預期的不安。

Could you give us a bit more color on the dynamics of the customer mix for the iPhone?

您能否為我們提供更多關於 iPhone 客戶組合動態的信息？

You'd mentioned you're very excited about the new iPhone rate so far.

你提到你對迄今為止的新 iPhone 價格感到非常興奮。

But if you could just give us a bit more color as we had last quarter on folks that are new to iPhone, Android switchers, versus replacement?

但是，如果您能像我們上個季度對 iPhone、Android 切換器和替換的新手所做的那樣，給我們更多的色彩？

Bill, saw -- we continue to see a higher rate of switchers than we have seen in previous cycles.

比爾，看到了——我們繼續看到比以前的周期更高的轉換率。

And so we are extremely excited about that.

所以我們對此感到非常興奮。

We also continue to see a reasonable percentage of first-time buyers, particularly in some of the emerging markets.

我們還繼續看到合理比例的首次購房者，特別是在一些新興市場。

And if you look at emerging markets in general -- I think Luca covered some of this -- the revenue from emerging markets just for the March quarter was up 58% year-on-year.

如果你從整體上看新興市場——我認為盧卡涵蓋了其中的一部分——新興市場的收入僅在 3 月季度就同比增長了 58%。

And so a big piece of what is driving that is iPhone.

因此，推動 iPhone 的很大一部分。

Obviously those results would have been higher without some of the FX headwinds that Luca mentioned earlier.

顯然，如果沒有 Luca 之前提到的一些外匯逆風，這些結果會更高。

Okay.

好的。

That's it for me.

對我來說就是這樣。

Thank you.

謝謝你。

Thanks, Bill.

謝謝，比爾。

Could we have the next question please?

請問下一個問題好嗎？

We'll hear from Katy Huberty with Morgan Stanley.

我們將聽取摩根士丹利的 Katy Huberty 的來信。

Yes, thank you.

是的，謝謝。

You've said in the past that the watch may take longer to ramp given the new category and new interface to customers.

您過去曾說過，鑑於新類別和新的客戶界面，手錶可能需要更長的時間才能升級。

Is that, in fact, playing out?

這真的是在玩嗎？

Is the watch ramping slower than past product categories?

手錶的發展速度是否比過去的產品類別慢？

And then I have a follow-up.

然後我有一個跟進。

Katy, when you use the word ramp, do you mean from a -- I assume you're talking about supply?

凱蒂，當你使用斜坡這個詞時，你的意思是從 - 我假設你在談論供應？

Yes.

是的。

Pre-orders and first week in sales and any other data points that you track in terms of interest versus, say, when the iPad launched in 2010?

與 2010 年 iPad 推出時相比，預購和第一周的銷售量以及您根據興趣跟踪的任何其他數據點？

Let me talk about supply and demand and sort of separate those two.

讓我談談供求關係，並將兩者分開。

Right now demand is greater than supply.

現在需求大於供給。

And so we are working hard to remedy that.

所以我們正在努力解決這個問題。

We've made progress over the last week or so and we're able to deliver more customers an Apple Watch over the weekend than we had initially anticipated.

我們在過去一周左右取得了進展，我們能夠在周末為更多客戶提供 Apple Watch，這超出了我們最初的預期。

We're going to keep doing that.

我們將繼續這樣做。

And so we've already sent some notes out today with moving other customers in verses what we had communicated to them previously.

因此，我們今天已經發送了一些筆記，並根據我們之前與他們溝通的內容來移動其他客戶。

So I'm generally happy that the -- that we're moving on with the ramp.

所以我總體上很高興 - 我們正在推進坡道。

It is a new product for us.

它對我們來說是一個新產品。

And with any kind of new product, you wind up taking some time to fully ramp.

對於任何類型的新產品，您最終都需要一些時間來全面提升。

Having said that, I think we're in a good position.

話雖如此，我認為我們處於一個很好的位置。

And by some time in late June, we currently anticipate being in a position that we could begin to sell the Apple Watch in additional countries.

到 6 月下旬的某個時候，我們目前預計可以開始在其他國家/地區銷售 Apple Watch。

And so that's our current plan.

這就是我們目前的計劃。

From a demand point of view, it's hard to gauge when you're -- you don't have product in stores and so forth.

從需求的角度來看，很難判斷你什麼時候——商店裡沒有產品等等。

And so we're filling orders completely online at the moment.

因此，我們目前完全在線填寫訂單。

The customer response from people that have gotten there's over the weekend have been overwhelmingly positive.

週末到達那裡的人的客戶反應非常積極。

And we're far ahead of where we expected to be from an application point of view.

從應用程序的角度來看，我們遠遠領先於我們預期的位置。

To give you a comparison, when we launch the iPhone we had about 500 apps that were ready.

為了給你一個比較，當我們推出 iPhone 時，我們準備好了大約 500 個應用程序。

When we launched iPad, we had about 1,000.

當我們推出 iPad 時，我們有大約 1,000 台。

And so our internal goal was to be able to beat the 1,000 level and we felt -- we thought it would be great if we were able to do that by a little bit.

所以我們的內部目標是能夠突破 1,000 水平，我們覺得——我們認為如果我們能夠做到這一點會很棒。

And as I've mentioned before, we now have over 3,500 apps in the App Store for the watch.

正如我之前提到的，我們現在在 App Store 中有超過 3,500 個用於手錶的應用程序。

And so we couldn't be happier about how things are going from that point of view.

因此，從這個角度來看，我們對事情的進展感到非常高興。

We are learning quickly about customer preferences between the different configurations.

我們正在快速了解不同配置之間的客戶偏好。

There's a much larger breadth of possibilities here for customers than in our other products.

與我們的其他產品相比，這里為客戶提供的可能性要廣得多。

And in some cases, we called that well and some cases we're making adjustments to get in line with demand.

在某些情況下，我們稱得很好，而在某些情況下，我們正在進行調整以符合需求。

But I'm really confident that this is something we really understand how to do and will do.

但我非常有信心，這是我們真正了解如何去做並且會去做的事情。

And so I'm really happy where we are currently and happy enough that we're looking forward to expanding into more countries in late June.

因此，我對我們目前所處的位置感到非常高興，並且非常高興我們期待在 6 月下旬擴展到更多國家/地區。

That's great.

那太棒了。

And then as a follow-up, research and development spend continues to track well ahead of revenue growth.

然後作為後續行動，研發支出繼續遠遠領先於收入增長。

And that has happened for many quarters now.

這已經發生了很多個季度。

Can you talk about what's driving that?

你能談談是什麼推動了這一點嗎？

Is there a broader set of projects that you're working on?

您是否正在從事更廣泛的項目？

Are you making bigger bets, entering bigger markets?

您是否正在下更大的賭注，進入更大的市場？

What's driving such a long period of elevated R&D spend?

是什麼推動瞭如此長時間的研發支出增加？

Katy, of course we said this several times now.

凱蒂，當然我們現在已經說過好幾次了。

We have -- when you look at our current product portfolio, it is much broader than it used to be.

我們有 - 當您查看我們當前的產品組合時，它比以前更廣泛。

We now develop two new iPhones over the year.

我們現在在一年中開發了兩款新 iPhone。

We were not doing that a few years ago.

幾年前我們沒有這樣做。

We developed two iPads.

我們開發了兩款 iPad。

And of course now we have the Apple Watch.

當然，現在我們有了 Apple Watch。

We also are developing some core foundational technologies, more in house now than we were in the past.

我們還在開發一些核心基礎技術，現在比過去更多。

And of course, we're also spending ahead of some of the products that we generate revenues in the future.

當然，我們也會在未來產生收入的一些產品之前進行支出。

So when you combine all these factors, that is the reason why you see these research and development increases year-over-year.

因此，當您將所有這些因素結合起來時，這就是您看到這些研究和開發逐年增加的原因。

Research and development is the core of the Company.

研發是公司的核心。

Innovation is the core of the Company.

創新是公司的核心。

And we're very proud of the fact that when you look, for example, at the last two quarters, the first half of 2015, our revenue growth has been higher than our OpEx growth.

我們非常自豪的是，例如，在過去兩個季度，即 2015 年上半年，我們的收入增長高於運營支出增長。

And when you look at our expense-to-revenue ratio, which for the first half of the year has been 8.2%, it's lower than it was a year ago and it's definitely something that we consider extremely competitive and we're very proud of.

當您查看我們的費用收入比時，今年上半年為 8.2%，低於一年前，這絕對是我們認為極具競爭力的事情，我們為此感到非常自豪.

Okay.

好的。

Thank you very much.

非常感謝你。

Thanks, Katy.

謝謝，凱蒂。

Can we have the next question please?

請問下一個問題可以嗎？

From Piper Jaffray, we'll hear from Gene Munster.

從 Piper Jaffray 那裡，我們將聽到 Gene Munster 的來信。

Good afternoon and congratulations.

下午好，祝賀你。

And, Tim, you mentioned there's more switchers versus previous cycles.

而且，蒂姆，您提到與以前的周期相比，切換器更多。

Any thoughts on what that would mean or could mean for market share over the next few quarters and kind of the sustainability of the six cycle?

關於這對未來幾個季度的市場份額意味著什麼或可能意味著什麼以及六個週期的可持續性有什麼想法？

And then second question for Luca, in terms of any thoughts on what the margin impact from the watch as that ramps over the next couple of years?

然後是盧卡的第二個問題，關於未來幾年手錶對利潤的影響有什麼想法？

Thanks.

謝謝。

Gene, if you look at the overall worldwide, we grew iPhone 40%.

Gene，如果你看一下全球的整體情況，我們的 iPhone 增長了 40%。

And IDC's estimate of the market for last quarter is 16%.

而IDC對上一季度市場的估計為16%。

So we grew 2.5 times.

所以我們增長了2.5倍。

And if you kind of look through at the different countries, in almost every country we grew at a multiple of the market.

如果你仔細看看不同的國家，我們幾乎在每個國家都以市場的倍數增長。

And as I've mentioned before, in emerging markets we did extremely well.

正如我之前提到的，在新興市場我們做得非常好。

And so I feel really good about where we are and you can hopefully tell with the strong guidance that we provided that we're very bullish on the current quarter as well.

因此，我對我們所處的位置感覺非常好，希望您可以通過我們提供的強有力的指導告訴我們，我們也非常看好當前季度。

And so I think things look very, very good.

所以我認為事情看起來非常非常好。

We're also pleased, in addition to the switcher number, that we're doing fairly well with first-time buyers, which is also a key metric for us.

除了切換台數量之外，我們也很高興我們在首次購買者方面做得相當好，這也是我們的一個關鍵指標。

And so it's tough to find something in the numbers not to like.

所以很難在數字中找到不喜歡的東西。

And, Gene, let me take your question on margins.

而且，吉恩，讓我把你的問題放在邊緣。

I'll talk about Q3 because you know this is the period that we provide guidance for.

我將談論第三季度，因為您知道這是我們提供指導的時期。

And when we guided to 38.5% to 39.5%, which is slightly down versus our performance in Q2, and this is driven by a number of things.

當我們引導至 38.5% 至 39.5% 時，這與我們在第二季度的表現相比略有下降，這是由許多因素驅動的。

First of all it's the loss of leverage from the sequential decline in revenue.

首先是收入連續下降導致的槓桿損失。

This is typical of our seasonality.

這是我們季節性的典型特徵。

There's a foreign exchange element and I mentioned before the negative impact on a sequential basis about 40 basis points.

有一個外匯因素，我之前提到過負面影響連續約 40 個基點。

And also we're launching the Apple Watch.

我們還將推出 Apple Watch。

Apple Watch is, not only a new product, but it's a brand new category with a lot of new features, a lot of new innovative technologies.

Apple Watch 不僅是一款新產品，它還是一個全新的品類，擁有許多新功能、許多新的創新技術。

And Apple Watch margins will be lower than the Company average.

Apple Watch 的利潤率將低於公司平均水平。

One maybe quick follow-up, Tim, in terms of the base of iPhones that have upgraded, I think you provided a number last quarter on that.

一個可能是快速跟進，蒂姆，就升級的 iPhone 的基礎而言，我認為你在上個季度提供了一個數字。

Is there any update to that metric?

該指標是否有任何更新？

Yes, sure.

是的，當然。

Our current estimate is that about 20% of the active install base has upgraded to a 6 or 6 Plus.

我們目前的估計是，大約 20% 的活躍安裝基礎已升級到 6 或 6 Plus。

And so as I look at that number, that suggests there's plenty of upgrade head room in addition to we want to keep inviting over as many switchers as we can.

因此，當我查看該數字時，這表明除了我們希望繼續邀請盡可能多的切換器之外，還有足夠的升級空間。

So between both of those and the first time buyers as well, it seems really, really good right now.

所以在這兩個和第一次購買者之間，現在看起來真的非常好。

Thank you.

謝謝你。

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？

And that will come from Toni Sacconaghi with Bernstein.

這將來自托尼·薩科納吉和伯恩斯坦。

Yes, thank you.

是的，謝謝。

I just wanted to revisit the watch.

我只是想重溫一下手錶。

Tim, I think you said when you were talking about your new products, you said we're, quote, very happy with the reception.

蒂姆，我想你在談論你的新產品時說過，你說我們對接待非常滿意。

And in response to a previous answer you said, relative to demand, it's hard to gauge with no product in the stores.

並且針對您之前所說的回答，相對於需求，很難衡量商店中沒有產品。

I would say relative to other product launches where your commentary around demand was characterized by superlative after superlative, that assessment feels very modest.

我想說，相對於其他產品發布，您對需求的評論以最高級為特徵，最高級，這種評估感覺非常溫和。

And part of the reason that I ask is, A, are we reading you right in terms of that?

我問的部分原因是，A，我們在這方面理解你的意思嗎？

But if we look at consensus, consensus is expecting that Apple will ship more watches in its first two quarters than it did iPads, despite, as you said, very limited distribution in terms of only selling through your stores.

但如果我們看一下共識，共識預計蘋果將在前兩個季度出貨比 iPad 更多的手錶，儘管正如你所說，僅通過你的商店銷售的分銷非常有限。

So I'm wondering if you can talk a little bit about putting those demand comments in context, given that they do seem different from how you've characterized product demand for other products.

所以我想知道你是否可以談談將這些需求評論放在上下文中，因為它們看起來確實與你描述其他產品的產品需求不同。

And how, if at all, we should think about the modeling demand in the context perhaps of the iPad, which was your most recent significant new category?

如果有的話，我們應該如何考慮 iPad 的背景下的建模需求，這是你最近的重要新品類？

And then I have a follow-up please.

然後我有一個後續請。

I'm thrilled with it, Toni.

我很興奮，托尼。

So I don't want you to read anything I'm saying any way other than that.

所以我不想讓你讀到我所說的任何東西。

So I'm not sure how to say that any clearer than that.

所以我不知道該怎麼說比這更清楚。

And in any situation, whether it's the watch or in the past on iPad or on iPhone, when demand is much greater than supply, it's difficult to gauge exactly what it is.

在任何情況下，無論是手錶還是過去在 iPad 或 iPhone 上，當需求遠大於供應時，很難準確判斷它是什麼。

And so, as you know, we don't make long term forecasts on here.

因此，如您所知，我們不會在這裡做出長期預測。

We maybe forecasts for the current quarter.

我們可能會預測當前季度。

And so I don't want to make any comment about the consensus numbers.

所以我不想對共識數字發表任何評論。

Honestly, I haven't even studied those.

老實說，我什至沒有研究過這些。

We've got enough to think about here.

我們有足夠的想法在這裡。

I feel really great about it.

我對此感覺非常好。

The customer response, literally from what I've seen, is close to 100% positive.

就我所見，客戶的反應幾乎是 100% 積極的。

And so it's hard to imagine it being better.

所以很難想像它會更好。

Okay.

好的。

And I was wondering if, Luca, you or Tim, you talked about the watch having lower margins in the third quarter, which is surprising, A, I think in the context of price points that many people thought were higher and; B, in the context of what luxury watches sell for; C, I think in terms of what estimated margins might be on accessories like your watch bands.

我想知道，盧卡、你或蒂姆，你是否談到手錶在第三季度的利潤率較低，這令人驚訝，A，我認為在許多人認為更高的價格點的背景下； B，在豪華手錶的銷售範圍內； C，我認為您的錶帶等配件的估計利潤可能是多少。

So I'm wondering if you believe that the watch is -- watch's gross margins are being burdened by lower volumes and start up costs and that you believe that as a category, watch margins will be in total -- including everything else that you sell with it -- will be on a sustained basis lower than the Company average?

所以我想知道你是否相信手錶是——手錶的毛利率受到銷量下降和啟動成本的影響，並且你認為作為一個類別，手錶的利潤將是總的——包括你銷售的所有其他東西與它 - 將持續低於公司平均水平？

Toni, we're not going to guide to or give projections of gross margins outside of the current quarter.

托尼，我們不會指導或預測當前季度以外的毛利率。

And so what we have right now, which is a situation that I don't -- is not surprising to us, we knew we would be here -- is that the watch gross margins for the current quarter that we've included in the guidance that Luca's provided in the aggregate are lower than the Company average.

所以我們現在所擁有的，這是我不知道的情況——對我們來說並不奇怪，我們知道我們會在這裡——是我們已經包含在當前季度的手錶毛利率Luca 提供的總體指導低於公司平均水平。

And so that, to us, is intuitive that they would be.

因此，對我們來說，它們會是直觀的。

And so I think we just have a -- we must be just looking at it through a different lens than you are.

所以我認為我們只是有一個 - 我們必須通過與你不同的鏡頭來看待它。

I guess the question is, is there anything unique about it being in its first quarter that it's providing that margin profile?

我想問題是，它在第一季度提供的保證金情況有什麼獨特之處嗎？

In the first quarter of any kind of product, you would always have learning and these sorts of things.

在任何一種產品的第一季度，你總會有學習和這些東西。

We've had this with every product we've ever done.

我們曾經做過的每一件產品都有這個。

And so, again, we're not guiding to what it will be over time.

因此，再一次，我們沒有指導隨著時間的推移會發生什麼。

We're talking about what it is now.

我們正在談論它現在是什麼。

But I would keep in mind that the functionality of the product that we're making is absolutely incredible -- the power of it.

但我要記住，我們正在製作的產品的功能絕對令人難以置信——它的力量。

And I'd also say -- I haven't even seen those but generally there's cost breakdowns that come out around our products that are much different than the reality.

我還要說——我什至沒有看到這些，但通常我們的產品出現的成本細目與實際情況大不相同。

I've never seen one that is anywhere close to being accurate.

我從來沒有見過任何接近準確的地方。

And so if that's the basis for your comment, I would -- I'd really dig on the data if I were you.

因此，如果這是您發表評論的基礎，我會 - 如果我是您，我真的會挖掘數據。

Thank you.

謝謝你。

Thanks, Toni.

謝謝，托尼。

Could we have the next question please?

請問下一個問題好嗎？

We'll go to Shannon Cross with Cross Research.

我們將與 Cross Research 一起前往 Shannon Cross。

Thank you very much.

非常感謝你。

Tim, can you talk a bit about what you're seeing in China with 70% year-over-year growth in greater China revenue and clearly very strong iPhone?

Tim，你能談談你在中國看到的情況嗎？大中華區收入同比增長 70%，而且 iPhone 顯然非常強勁？

And we can talk a bit about what consumers are saying, what the carriers are saying in terms of demand and opportunity -- just any color because clearly it's quite strong.

我們可以談談消費者所說的話，運營商在需求和機會方面所說的話 - 任何顏色都可以，因為它顯然非常強大。

Yes.

是的。

Thanks, Shannon.

謝謝，香農。

It was an incredible quarter.

這是一個令人難以置信的季度。

We were up 71% year-over-year.

我們同比增長 71%。

We set a record in China for revenues.

我們在中國創造了收入記錄。

We did that now in a quarter that included Chinese New Year.

我們現在在包括中國新年在內的一個季度做到了這一點。

And so we had the help of the strong holiday season, much like the US has a strong season in December, China's is obviously in the March quarter.

所以我們得到了旺季的幫助，就像美國在 12 月有旺季一樣，中國顯然是在 3 月這個季度。

iPhone led the way, was up over 70% year-on-year.

iPhone 一路領先，同比增長超過 70%。

And the current estimates from [Kantar] are that that would mean that we would gain more that 9 points of share on a year-over-year basis.

[Kantar] 目前的估計是，這意味著我們將獲得超過 9 個百分點的份額。

And so we -- by everything I can see, we did extremely well.

所以我們——據我所見，我們做得非常好。

The Mac also had a unbelievable quarter in China and I'm particularly very happy with this.

Mac 在中國也有一個令人難以置信的季度，我對此特別滿意。

The Mac unit sales were up 31%.

Mac 的銷量增長了 31%。

And like the rest of the world, or most of the rest of the world, IDC is projecting that PC sales in China contracted by 5% last quarter.

與世界其他地區或世界其他大部分地區一樣，IDC 預計中國的 PC 銷售額上個季度將收縮 5%。

And so, once again, bucking the tide.

所以，再一次，逆流而上。

Also in China, consistent with the Company but at a much different rate, the App Store had a record quarter and grew over 100% year-over-year.

同樣在中國，與公司一致，但速度不同，App Store 的季度創下歷史新高，同比增長超過 100%。

And so you can see the iPhone, the Mac and the App Store adding.

所以你可以看到 iPhone、Mac 和 App Store 的加入。

And with the iPad in the PRC, not in greater China but in the PRC, iPad had its best quarter ever, higher than all of the others and also grew in a market that contracted for the overall market.

iPad 在中國，不是在大中華區而是在中國，iPad 創下了有史以來最好的一個季度，高於所有其他季度，並且在整個市場收縮的市場中也實現了增長。

And so really and truly sort of everything you look at in China was extremely good.

所以你在中國看到的一切真的非常好。

We have been working significantly on expanding our ecosystem there.

我們一直在努力擴大我們在那裡的生態系統。

And so we added UnionPay as a payment option for customers.

因此，我們添加了銀聯作為客戶的支付選項。

We increased the iPhone point-of-sales to over 40,000 during the quarter.

我們在本季度將 iPhone 銷售點增加到 40,000 多個。

That's up about 9% year-on-year.

同比增長約 9%。

And more importantly than the total number, we are in many more cities than we were before.

比總數更重要的是，我們在比以前更多的城市。

We worked on significantly on our online store and our online store revenue was up over three times year-over-year.

我們在網上商店上進行了大量工作，我們的網上商店收入同比增長了三倍以上。

As you probably heard us say before, we've opened several stores in China recently.

正如您之前可能聽到我們所說的，我們最近在中國開設了幾家商店。

We're now at 21 in greater China and we're on track, still, to achieve 40 stores by the middle of next year.

我們現在在大中華區有 21 家門店，而且我們仍有望在明年年中之前達到 40 家門店。

The online store will also be expanding from around 319 cities to where they can hit two-day delivery to 365 cities.

該在線商店還將從大約 319 個城市擴展到可以在 365 個城市實現兩日送達的服務。

So adding about 50 new cities by the end of this quarter.

因此，到本季度末將增加約 50 個新城市。

And so the net is, we're adding, we're investing a lot across the board in our infrastructure, in our products, on partnering with different companies.

因此，我們補充說，我們在基礎設施、產品以及與不同公司的合作方面進行了大量投資。

The Chinese developers are coming on in significant numbers.

中國開發商正在大量湧現。

We've now made payments to developers in greater China of almost $5 billion, over half of which was in the last 12 months.

我們現在已經向大中華區的開發商支付了近 50 億美元，其中一半以上是在過去 12 個月內支付的。

And so you can see this enormous momentum building in the developer community there as well.

因此，您也可以在開發者社區中看到這種巨大的發展勢頭。

And so lots of positive things.

還有很多積極的事情。

And as I've said -- as you've probably heard me say before, I've never seen as many people coming into the middle class as they are in China.

正如我所說的——正如你之前可能聽過我所說的，我從未見過像中國這樣多的人進入中產階級。

And that's where the bulk of our sales are going.

這就是我們大部分銷售的去向。

And so we're really proud of the results there and continue to invest in the country.

因此，我們為那裡的成果感到非常自豪，並繼續在該國投資。

Okay, great.

好，太棒了。

That was helpful.

那很有幫助。

And then just a follow-up on the iPad side.

然後只是 iPad 方面的後續行動。

What do you think it's going to take to re-accelerate iPads?

你認為重新加速 iPad 需要什麼？

The sell-through was better than the sell in this quarter.

銷售情況好於本季度的銷售情況。

But are we seeing cannibalization from the iPhone 6 Plus and how are you sort of thinking about the IBM partnership as it relates to iPad?

但是我們是否看到了 iPhone 6 Plus 的蠶食？您如何看待與 iPad 相關的 IBM 合作關係？

Thanks.

謝謝。

Yes.

是的。

I think number one, we have to stop having the situations where we sell-through more than we sell in.

我認為第一，我們必須停止出現銷售量超過銷售量的情況。

So we have to where we don't have to have an inventory correction.

因此，我們必須在不需要進行庫存更正的地方進行。

That was over a million units.

那是超過一百萬台。

Two, have we had cannibalization?

二，我們有過自相殘殺嗎？

The answer is yes.

答案是肯定的。

We're clearly seeing cannibalization from iPhone and on the other side from the Mac.

我們清楚地看到了 iPhone 和 Mac 的蠶食。

And of course, as I've said before, we've never worried about that.

當然，正如我之前所說，我們從不擔心這一點。

It is what it is.

就是這樣。

That will play out and at some point it will stabilize.

這將發揮作用，並在某個時候穩定下來。

I'm not sure precisely when but I'm pretty confident that it will.

我不確定確切的時間，但我非常有信心它會。

The IBM partnership I think is in its early stages in terms of bearing fruit here but everything I see I like on it.

我認為與 IBM 的合作關係在這裡結出碩果還處於早期階段，但我所看到的一切我都喜歡。

I'm a big believer in the ability for iPad to play in a major way in enterprise.

我堅信 iPad 能夠在企業中發揮重要作用。

And so I'm looking forward to seeing that play out as we move forward.

因此，我期待在我們前進的過程中看到這一結果。

When you look at the underlying data, it makes you feel a lot better than the sales do.

當您查看基礎數據時，它會讓您感覺比銷售要好得多。

And so things like first-time buyer rates, the latest numbers from the US are somewhere around 40%.

因此，像首次購房者利率這樣的東西，來自美國的最新數據約為 40%。

And if you look at China, they're almost 70%.

如果你看看中國，他們幾乎是 70%。

And so these numbers are not numbers that you would get if the market were saturated.

因此，如果市場飽和，這些數字並不是你會得到的數字。

And so I continue to believe, even though I've seen different people write that, that I think that theory is not correct and do not see that.

所以我繼續相信，即使我看到不同的人這麼寫，我認為這個理論是不正確的，也看不到這一點。

We also see usage numbers that are off the charts -- so far above competition, it's not even in the same planet.

我們還看到了超出圖表的使用數字——到目前為止，它遠遠高於競爭對手，甚至不在同一個星球上。

And we see customer satisfaction at or near 100%.

我們看到客戶滿意度達到或接近 100%。

And so these kind of numbers, along with intent to buy numbers, everything looks fantastic -- the eCommerce numbers.

所以這些數字，連同購買數字的意圖，一切看起來都很棒——電子商務數字。

And so my belief is that as the inventory plays out, as we make some continued investments in our product pipeline, which we're doing, that we already had planned and have had planned for some time.

所以我的信念是，隨著庫存的耗盡，當我們對我們正在做的產品管道進行一些持續的投資時，我們已經計劃並且已經計劃了一段時間。

Between that, the inventory playing out, the enterprise starting to take over, I think, still, I believe the iPad is an extremely good business over the long term.

在此之間，庫存耗盡，企業開始接管，我認為，從長遠來看，我仍然相信 iPad 是一項非常好的業務。

When precisely it begins to grow again, I wouldn't want to predict, but I strongly believe that it will.

當它再次開始增長時，我不想預測，但我堅信它會。

Great.

偉大的。

Thank you very much.

非常感謝你。

Thank you, Shannon.

謝謝你，香農。

We'll take the next question please.

請回答下一個問題。

From UBS we'll go to Steve Milunovich.

從瑞銀，我們會去史蒂夫米盧諾維奇。

Thank you.

謝謝你。

Luca, could you comment a bit about the factors that went into your decision on the capital return program, particularly the share repurchase part?

Luca，您能否評論一下您決定資本回報計劃的因素，特別是股票回購部分？

For example, I would think you're pretty well done in terms of taking US cash down.

例如，我認為你在減少美國現金方面做得很好。

So you are dependent upon cash flow in the US as well as debt.

所以你依賴於美國的現金流和債務。

And regarding debt, do you have a debt-to-EBITDA ratio in mind that you don't want to go over?

關於債務，您是否有不想超過的債務與 EBITDA 比率？

Do you want to keep your AA rating?

你想保持你的AA評級嗎？

Is that important?

那很重要嗎？

Just other factors like capital spending needs -- just curious what your thinking was.

只是其他因素，如資本支出需求——只是好奇你的想法是什麼。

Yes, Steve.

是的，史蒂夫。

So the logic has not changed over the years.

所以這些年來邏輯沒有改變。

We look at our business plans.

我們看看我們的商業計劃。

We look at what we want to accomplish from a product perspective.

我們從產品的角度來看待我們想要完成的事情。

We look at the capital needs that we have to run the business and to grow the business.

我們著眼於經營業務和發展業務所需的資本需求。

And then we see that we are in this great position that we can return cash to shareholders.

然後我們看到我們處於可以向股東返還現金的有利位置。

We know Apple very well.

我們非常了解蘋果。

We are very excited by the level of customer response that we got from our current portfolio.

我們對從當前產品組合中獲得的客戶響應水平感到非常興奮。

We're super confident about the pipeline of products and services that we have.

我們對我們擁有的產品和服務管道非常有信心。

And therefore, we believe that there is great value in our stock.

因此，我們相信我們的股票有很大的價值。

And that is the reason why, again, this year, we are allocating the majority of the increase, which is the largest increase that we've ever done.

這就是為什麼今年我們再次分配大部分增長的原因，這是我們做過的最大的增長。

We are increasing the program by $70 billion, right?

我們正在將該計劃增加 700 億美元，對嗎？

And the vast majority of that we are locating to the share repurchase because, again, we believe there's great value in the stock.

我們將其中的絕大部分用於股票回購，因為我們再次相信股票具有很大的價值。

We also know and understand that we have several investors that value income and so that's important for us to increase the dividend.

我們也知道並理解我們有幾個重視收入的投資者，因此這對我們增加股息很重要。

And as we said in the past, we plan to continue to increase the dividend every year.

正如我們過去所說，我們計劃每年繼續增加股息。

And as we said in the past, we will come back at about this time next year and give you another update to the program because we will have better information and we will be able to be very thoughtful about the size and the mix and the pace of the program.

正如我們過去所說，我們將在明年這個時候回來，並為您提供該計劃的另一次更新，因為我們將獲得更好的信息，我們將能夠非常周到地考慮規模、組合和節奏的程序。

From a funding standpoint, of course we have a very strong balance sheet.

從資金的角度來看，我們當然擁有非常強大的資產負債表。

We do have some cash in the US.

我們在美國確實有一些現金。

We will continue to generate cash in the US but definitely a good portion of the program will be funded through debt.

我們將繼續在美國產生現金，但該計劃的很大一部分肯定將通過債務獲得資金。

We will raise debt both in the US and outside of the United States.

我們將在美國和美國以外籌集債務。

And of course we got a very, very strong balance sheet.

當然，我們有一個非常非常強大的資產負債表。

We've got a very open dialogue with the rating agencies.

我們與評級機構進行了非常開放的對話。

And so we feel we still have a lot of room for us to fund the program.

所以我們覺得我們仍然有很大的空間來資助這個項目。

So we, from a balance sheet standpoint, we feel very, very comfortable with the program that we've announced today.

因此，從資產負債表的角度來看，我們對今天宣布的計劃感到非常非常滿意。

Thank you.

謝謝你。

Thanks, Steve.

謝謝，史蒂夫。

Can we have the next question please?

請問下一個問題可以嗎？

Next we'll go to Kulbinder Garcha with Credit Suisse.

接下來，我們將與瑞士信貸一起前往 Kulbinder Garcha。

Thanks.

謝謝。

And my first question is for Tim.

我的第一個問題是提姆。

Tim, on the point you made about the 20% [app space] being on 6 and 6 Plus, are we right in interpreting the comments that that substantially lower number than at this point in previous cycles?

蒂姆，關於你關於 20% [應用程序空間] 位於 6 和 6 Plus 上的觀點，我們是否正確地解釋了這一數字遠低於前幾個週期的這一點的評論？

And that would, I guess, argue for just a longer period of growth as the opportunity to basically [upgrade].

我猜想，這將主張更長的增長期作為基本[升級]的機會。

And then also linked to that, just by the points you're making on reporting US iPhone users and features being higher, that number year-on-year that tends the first six months clearly growing significantly year-on-year, is that the right way of interpreting that comment?

然後還與此相關，僅通過您在報告美國 iPhone 用戶和功能更高時提出的觀點，前六個月的同比數字明顯同比顯著增長，是解釋該評論的正確方法？

And then I have a follow-up, Luca?

然後我有後續行動，盧卡？

I missed the second part of your question totally.

我完全錯過了你問題的第二部分。

Can you get a little closer to your phone?

你能離你的手機近一點嗎？

Oh.

哦。

Sorry, yes.

對不起，是的。

The second part of my question is the -- in the first six months of the 6 and 6 Plus, is the gross number of new users to Apple, whether it's new users or switches from Android, significantly growing year-on-year?

我的問題的第二部分是——在 6 和 6 Plus 的前六個月，Apple 的新用戶總數，無論是新用戶還是從 Android 切換的用戶，是否同比顯著增長？

I don't have the comparisons in front of me about the answer to either one of your questions.

我面前沒有關於你任何一個問題的答案的比較。

My understanding -- what you asked was is the 20% number that I'd mentioned in the question from Gene, how does it compare year-over-year?

我的理解——你問的是我在 Gene 的問題中提到的 20% 的數字，它與去年同期相比如何？

Is it a lot different?

有很大不同嗎？

I don't know the answer to that off the top of my head.

我不知道這個問題的答案。

As I look at the number, my point from bringing it up is that there's a lot of people that haven't upgraded to a 6 and 6 Plus.

當我查看這個數字時，我提出的觀點是有很多人還沒有升級到 6 和 6 Plus。

And so as I look at that, it screams that there's significant opportunity there and that's before thinking about switchers and first-time buyers.

所以當我看到這一點時，它尖叫著那裡有很大的機會，而且那是在考慮切換者和首次購買者之前。

Okay, great.

好，太棒了。

And then for Luca, just on the gross margin decline from the March quarter to the June, I understand the currency point.

然後對於盧卡來說，就毛利率從 3 月季度到 6 月的下降，我理解貨幣點。

I understand the iPhone a little bit bolder.

我對 iPhone 的理解更大膽一些。

I guess can you -- of the iPhone and the watch impact, can you help us -- is the decline equally attributed to both of those reasons or is there something different going on?

我想你能不能——關於 iPhone 和手錶的影響，你能幫助我們——下降是否同樣歸因於這兩個原因，還是發生了一些不同的事情？

Well let me tell you, so there are a number of reasons why our guidance for gross margins is lower than the actual for the second quarter.

好吧，讓我告訴你，我們的毛利率指引低於第二季度的實際水平有很多原因。

The first one is the loss of leverage because of the sequential decline in revenue.

第一個是由於收入連續下降而導致的槓桿損失。

We got the foreign exchange.

我們得到了外匯。

We got, as you said, a lower iPhone mix and we got the Apple Watch.

正如你所說，我們得到了較低的 iPhone 組合，我們得到了 Apple Watch。

I think we'll leave it at that and we're not going to get into more specifics, but those are the four reasons that drive the sequential decline.

我認為我們將把它留在那裡，我們不會進入更多細節，但這是導致連續下降的四個原因。

Thank you, Kulbinder.

謝謝你，庫爾賓德。

Can we have the next question please?

請問下一個問題可以嗎？

Next we'll go to Keith Bachman with Bank of Montreal.

接下來，我們將前往蒙特利爾銀行的 Keith Bachman。

Hi, Tim.

嗨，蒂姆。

This is for you.

這個給你。

You mentioned something in your past comment that you thought a lot of the iPhone sales were going into the middle class and China.

你在過去的評論中提到了一些事情，你認為很多 iPhone 的銷售都流向了中產階級和中國。

And I just wondering if you could elaborate on that and open it up, more broadly speaking, to the emerging geographies, if you have demographics that you could talk about for your iPhone, specifically, and where you think those phones are ending up.

我只是想知道你是否可以詳細說明這一點，並更廣泛地說，向新興地區開放，如果你有可以談論你的 iPhone 的人口統計數據，特別是你認為這些手機最終會在哪裡結束。

Because I think it does raise the questions as you look out over the next year or so, do you have the right price points for the demographic you're hitting?

因為我認為它確實會在你展望未來一年左右的時候提出問題，你是否有適合你所接觸的人群的價格點？

Here is what I would share with you, Keith, is that if you look in the emerging markets, our revenues were up 58% year-on-year.

基思，我想與你分享的是，如果你看看新興市場，我們的收入同比增長了 58%。

And this accounted for just slightly less than 40% of the Company's revenue.

而這僅占公司收入的不到 40%。

If you look at BRIC within the emerging markets, BRIC countries were up 64% year-over-year.

如果你看看新興市場中的金磚四國，金磚四國同比增長 64%。

And so as I look at that without having market research data on the demographics that you're asking, it's clear to me that it has to be coming from middle class because the upper income earners, there's only so many of those.

因此，當我在沒有關於您所詢問的人口統計數據的市場研究數據的情況下查看這一點時，我很清楚它必須來自中產階級，因為高收入者只有這麼多。

And you can't grow those kind of numbers without getting significantly into the middle class.

如果不進入中產階級，你就無法增加這些數字。

And so I think that that's where we are.

所以我認為這就是我們所處的位置。

I hope we're also beyond the middle class but I don't have the data to suggest that that's the case or not the case.

我希望我們也超越中產階級，但我沒有數據表明情況是否如此。

But it's clear to me that the middle class statement has to be true.

但我很清楚，中產階級的說法必須是真實的。

Okay.

好的。

Fair enough.

很公平。

My follow-up, Tim -- I'm going to stay with you for a second -- if you could -- it sounds like HBO NOW is off to -- it sounds like it's a great opportunity today and as you look out.

我的後續行動，蒂姆——我會和你呆一會兒——如果可以的話——聽起來 HBO NOW 已經開始了——聽起來今天是一個很好的機會，當你注意的時候。

If you could just speak more specifically how we should be thinking about Apple as a conduit for something like HBO NOW and other products.

如果您能更具體地談談我們應該如何將 Apple 視為 HBO NOW 和其他產品的渠道。

Is that, A, a meaningful revenue opportunity without getting specifics?

這是否是一個有意義的收入機會，但沒有具體說明？

And/or is it more about selling incremental devises or is it about expanding the revenue pie as you look at opportunities like HBO NOW?

和/或更多的是關於銷售增量設計，還是在你看到 HBO NOW 等機會時擴大收入蛋糕？

Well first of all, I think it's about giving the customers something they want and giving it to them in Apple's classic ease-of-use -- with Apple's classic ease-of-use and in the product environments and the user interface that they're used to working in -- in this particular case in Apple TV.

首先，我認為這是關於給客戶他們想要的東西，並以 Apple 的經典易用性為他們提供 - 使用 Apple 的經典易用性以及他們的產品環境和用戶界面重新習慣於工作——在 Apple TV 的這種特殊情況下。

And so I think HBO, in particular, has some incredibly great content.

所以我認為特別是 HBO 有一些非常棒的內容。

And so we're marrying their great content, our great product and ecosystem.

因此，我們將他們的精彩內容、我們出色的產品和生態系統結合在一起。

And it's clear from looking at the early returns, we've only been at this for a couple of weeks or so, that there's a lot of traction in there.

從早期的回報來看，很明顯，我們只在這幾個星期左右，那裡有很多牽引力。

And so where could it go?

那麼它可以去哪裡呢？

I don't want to speculate.

我不想推測。

But you can speculate probably as good as I can about where that can go.

但是你可以盡可能地推測它可以去哪裡。

I think we're on the early stages of just major, major changes in media that are going to be really great for consumers.

我認為我們正處於媒體的重大變革的早期階段，這些變革對消費者來說真的很棒。

And I think Apple can be a part of that.

我認為蘋果可以成為其中的一部分。

Okay.

好的。

Thanks, Tim.

謝謝，蒂姆。

Thank you, Keith.

謝謝你，基思。

A replay of today's call will be available for two weeks as a podcast on the iTunes store, as a webcast on www.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、www.apple.com/investor 上的網絡廣播和電話形式播放。

And the numbers for the telephone replay are 888-203-1112 or 719-457-0820 and please enter confirmation code 8627838.

電話重播號碼為888-203-1112或719-457-0820，請輸入確認碼8627838。

And 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 contact Josh Rosenstock at 408-974-2414.

有其他問題的媒體成員請致電 408-974-2414 聯繫 Josh Rosenstock。

Financial analysts can contact [Joan Looper] or me with additional questions.

如果有其他問題，財務分析師可以聯繫 [Joan Looper] 或我。

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

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

Thanks again for joining us.

再次感謝您加入我們。

Ladies and gentlemen, that does conclude today's presentation.

女士們，先生們，今天的演講到此結束。

We do thank everyone for your participation.

我們非常感謝大家的參與。