蘋果 (AAPL) 2015 Q3 法說會逐字稿

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

大家好，歡迎參加 Apple Incorporated 2015 財年第三季度財報電話會議。

Today's call is being recorded.

今天的電話正在錄音。

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

在此進行開幕致辭和介紹時，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。

Good afternoon, and thanks to everyone for joining us.

下午好，感謝大家加入我們。

Speaking first today is Apple CEO, Tim Cook, and he'll be followed by CFO, Luca Maestri.

今天首先發言的是蘋果公司首席執行官蒂姆庫克，隨後是首席財務官盧卡梅斯特里。

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

在那之後，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 business outlook.

請注意，您在我們今天的討論中聽到的一些信息將包括前瞻性陳述，包括但不限於有關收入、毛利率、運營費用、其他收入和費用、稅收和未來業務前景的陳述。

Actual results or trends could differ materially from our forecast.

實際結果或趨勢可能與我們的預測大相徑庭。

For more information, please refer to the risk factors discussed in Apple's Form 10-K for 2014, the Form 10-Q for the first two quarters of FY15, 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 年的 10-K 表格、2015 財年前兩個季度的 10-Q 表格以及今天向美國證券交易委員會提交的 8-K 表格以及相關新聞稿中討論的風險因素.

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

Apple 不承擔更新截至各自日期的任何前瞻性陳述或信息的義務。

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。

Thanks, Nancy.

謝謝，南希。

Good afternoon, everyone.

大家下午好。

Thanks for joining us.

感謝您加入我們。

It's been a busy and exciting quarter, and I'm delighted to talk to you about the highlights.

這是一個忙碌而令人興奮的季度，我很高興與您討論亮點。

Today, we're proud to report record June quarter results with revenues of $49.6 billion and earnings of $10.7 billion.

今天，我們很自豪地報告了創紀錄的 6 月季度業績，收入為 496 億美元，收益為 107 億美元。

Our year-over-year growth rate in the fiscal third quarter accelerated over the first half of FY15.

我們在第三財季的同比增長率在 2015 財年上半年有所加快。

Revenues were up 33%, our fastest growth rate in over three years, and earnings per share were up 45%.

收入增長了 33%，是我們三年來最快的增長速度，每股收益增長了 45%。

We achieved these incredibly strong results, despite reducing channel inventories across our product lines by over 1 million units and despite the challenging FX environment.

儘管我們產品線的渠道庫存減少了超過 100 萬件，而且外匯環境充滿挑戰，但我們還是取得了這些令人難以置信的強勁業績。

Revenue exceeded the high end of our guidance by $1.6 billion, as we topped our internal expectations for sales of iPhone, iPad, Mac, and Apple Watch.

由於我們對 iPhone、iPad、Mac 和 Apple Watch 的銷售超出了我們的內部預期，因此收入超出了我們指導的上限 16 億美元。

We had another stellar quarter for iPhone, establishing a new June quarter record.

iPhone 又迎來了一個出色的季度，創造了新的 6 月季度記錄。

iPhone unit sales grew 35%, which is almost three times the rate of growth of the smart phone market overall, and we gained share in all of our geographic segments.

iPhone 的銷量增長了 35%，幾乎是智能手機市場整體增長率的三倍，我們在所有地理區域都獲得了份額。

iPhone revenue grew even more strongly, up 59%, but strong iPhone results were broad-based in both developed and emerging markets, and we experienced the highest switcher rate from Android that we've ever measured.

iPhone 收入增長更為強勁，增長了 59%，但強勁的 iPhone 業績在發達市場和新興市場都有廣泛的基礎，我們經歷了有史以來最高的 Android 切換率。

Most importantly, iPhone customer metrics are tremendous.

最重要的是，iPhone 客戶指標是巨大的。

ChangeWave's most recent survey of US customers found that iPhone has the highest customer satisfaction rate of any smart phone brand by a wide margin, and that among iPhone owners planning to purchase a new phone, 86% plan to purchase another iPhone.

ChangeWave 最近對美國客戶的調查發現，iPhone 的客戶滿意度在所有智能手機品牌中遙遙領先，在計劃購買新手機的 iPhone 用戶中，有 86% 的人計劃購買另一部 iPhone。

That compares to 50% repurchase intent for the next highest brand measured.

相比之下，衡量的下一個最高品牌的回購意向為 50%。

We also had a tremendous record quarter for Mac, continuing to defy the industry trend with unit growth of 9% in a market that IDC estimates contracted by 12%.

我們還為 Mac 創造了一個創紀錄的季度，在 IDC 估計收縮 12% 的市場中以 9% 的單位增長繼續挑戰行業趨勢。

Growth was fueled by great response to our new Mac book, and we are working hard to catch up with customer demand.

對我們的新 Mac 書的巨大反響推動了增長，我們正在努力趕上客戶的需求。

We generated over $5 billion in services revenue setting a new, all-time record.

我們創造了超過 50 億美元的服務收入，創下了新的歷史記錄。

Within services, the App Store produced its best quarter ever with revenue growing 24%.

在服務方面，App Store 創造了有史以來最好的季度，收入增長了 24%。

Our results from greater China were outstanding with revenue growth of 112% and iPhone unit growth of 87%.

我們在大中華區的業績非常出色，收入增長 112%，iPhone 銷量增長 87%。

This is particularly impressive given IDC's estimate of only 5% growth for the greater China smart phone market.

鑑於 IDC 估計大中華區智能手機市場僅增長 5%，這尤其令人印象深刻。

We also achieved our highest ever PC market share in the segment with Mac sales growing 33% over last year.

我們還實現了該領域有史以來最高的 PC 市場份額，Mac 銷量比去年增長了 33%。

And, our ecosystem in China continues to grow at a very fast pace with App Store revenue more than doubling in the quarter.

而且，我們在中國的生態系統繼續以非常快的速度增長，App Store 收入在本季度翻了一番以上。

Luca will go into more detail on our product and financial results in a moment.

Luca 稍後將詳細介紹我們的產品和財務業績。

A major highlight of the past quarter for all of us here at Apple was the launch of Apple Watch in April.

對我們所有人來說，上個季度的一個主要亮點是 4 月份 Apple Watch 的推出。

As you know, we've been very excited to get this revolutionary product to customers.

如您所知，我們很高興能將這款革命性的產品帶給客戶。

We started taking pre-orders in nine countries on April 10 and demand immediately exceeded supply by a wide margin.

我們於 4 月 10 日開始在九個國家接受預訂，需求立即大大超過供應。

To prioritize those first orders and to deliver the best experience for our customers, we delayed the availability of Apple Watch in our own retail stores until mid-June.

為了優先處理這些第一批訂單並為我們的客戶提供最佳體驗，我們將 Apple Watch 在我們自己的零售店的供應推遲到 6 月中旬。

We made huge progress with the production ramp across the quarter, and near the end of the quarter expanded into six additional countries.

我們在整個季度的產量增加方面取得了巨大進展，並在本季度末擴展到另外六個國家。

And in just the past few days we've been able to catch up with demand, enabling us to expand Apple Watch availability to a total of 19 countries currently with 3 more countries to be added at the end of this month.

在過去的幾天裡，我們已經趕上了需求，使我們能夠將 Apple Watch 的可用性擴展到目前總共 19 個國家/地區，本月底將增加 3 個國家/地區。

The feedback from Apple Watch customers is incredibly positive, and we've been very happy with customer satisfaction and usage statistics.

Apple Watch 客戶的反饋非常積極，我們對客戶滿意度和使用統計數據感到非常滿意。

Market research from Wristly measured a 97% customer satisfaction rate for Apple Watch, and we hear from people every day about the impact it's having on their health, their daily routines, and how they communicate.

Wristly 的市場研究測量了 Apple Watch 的 97% 的客戶滿意度，我們每天都從人們那裡聽到它對他們的健康、日常生活和溝通方式的影響。

Our own market research shows that 94% of Apple Watch owners wear and use it regularly, if not every day.

我們自己的市場研究表明，94% 的 Apple Watch 用戶會定期佩戴和使用，即使不是每天。

Messaging and activity features are among the most popular, and social networking apps, including Twitter, WeChat, and LINE are seeing the most usage among third-party apps.

消息和活動功能是最受歡迎的功能之一，包括 Twitter、微信和 LINE 在內的社交網絡應用程序在第三方應用程序中的使用率最高。

We believe that the possibilities for Apple Watch are enormous, and that has been reinforced in just the first few weeks since it became available to customers.

我們相信 Apple Watch 的可能性是巨大的，並且在它向客戶提供後的最初幾週內就得到了加強。

For example, doctors and researchers at leading hospitals in the US and Europe are already putting Apple Watch to work in improving patient's lives.

例如，美國和歐洲領先醫院的醫生和研究人員已經在使用 Apple Watch 來改善患者的生活。

Nebraska Medicine, the latest hospital to adopt Apple Watch, has rolled out new apps that facilitate communication between patients and doctors and provide quick access to important chart and dosage information.

Nebraska Medicine 是最新一家採用 Apple Watch 的醫院，它推出了新的應用程序，以促進患者和醫生之間的溝通，並提供對重要圖表和劑量信息的快速訪問。

Ochsner Health System of Louisiana is using Apple Watch with hypertension patients to gather important information like daily activity and blood pressure level.

路易斯安那州的 Ochsner Health System 正在使用 Apple Watch 與高血壓患者一起收集日常活動和血壓水平等重要信息。

And, leading cancer centers like London King's College Hospital are incorporating Apple Watch into trials for ongoing care and monitoring of cancer patients.

而且，倫敦國王學院醫院等領先的癌症中心正在將 Apple Watch 納入試驗，以對癌症患者進行持續護理和監測。

Great Apple Watch solutions go well beyond healthcare.

出色的 Apple Watch 解決方案遠遠超出醫療保健領域。

Users are tracking their fitness, getting breaking news alerts, following their investments, connecting with friends, and living a healthier day.

用戶正在跟踪他們的健康狀況、獲取突發新聞警報、跟踪他們的投資、與朋友聯繫並過上更健康的一天。

The user experience for Apple Pay and Siri is nothing short of incredible, and customers are enjoying countless other features through the over 8,500 third-party apps available for Apple Watch.

Apple Pay 和 Siri 的用戶體驗簡直令人難以置信，客戶可以通過 Apple Watch 的 8,500 多個第三方應用程序享受無數其他功能。

This is just the beginning of what this new platform can deliver.

這只是這個新平台可以提供的開始。

With Apple Watch OS 2, developers now have the ability to build richer and more powerful native apps for Apple Watch taking advantage of the heart rate sensor, the digital crown, accelerometer, and more, ushering in a whole new class of apps designed specifically for the wrist.

借助 Apple Watch OS 2，開發人員現在能夠利用心率傳感器、數字表冠、加速度計等功能為 Apple Watch 構建更豐富、更強大的原生應用程序，從而推出專為手腕。

It's a rare and special privilege to launch a new platform with such promise and potential, and I know I speak for everyone at Apple when I say that we can't wait to see what our developers and customers do with it.

推出一個具有如此前景和潛力的新平台是一種難得的特殊特權，我知道當我說我們迫不及待地想看看我們的開發人員和客戶如何使用它時，我代表了 Apple 的每個人。

We hosted a fantastic developers conference in June with thousands of attendees from 70 countries coming together with Apple engineers to share in the excitement of our three operating systems -- OS X, iOS, and Watch OS.

我們在 6 月舉辦了一場精彩紛呈的開發者大會，來自 70 個國家/地區的數千名與會者與 Apple 工程師齊聚一堂，分享我們三個操作系統（OS X、iOS 和 Watch OS）的激動人心。

We have been working hard to make our products even more intelligent, more powerful, and more meaningful in all aspects of our customers' lives, while adding new continuity features to make the experience across our devices more seamless than ever and preserving the security and privacy that our customers deserve.

我們一直在努力使我們的產品在客戶生活的各個方面更加智能、更強大和更有意義，同時添加新的連續性功能，使我們的設備之間的體驗比以往任何時候都更加無縫，並保護安全和隱私我們的客戶應得的。

Public betas of OS X El Capitan and iOS 9 are available now, and customer versions of all three updated OSs are on schedule and will be delivered in the fall.

OS X El Capitan 和 iOS 9 的公開測試版現已推出，所有三個更新操作系統的客戶版本都按計劃進行，並將於秋季交付。

We are very excited about our news app coming to iPhone and iPad with iOS 9. We believe it will be the best news reading experience on any mobile device, combining a beautiful magazine layout with real-time customized digital media content.

我們很高興我們的新聞應用程序將在 iOS 9 上登陸 iPhone 和 iPad。我們相信它將是任何移動設備上最好的新聞閱讀體驗，將精美的雜誌佈局與實時定制的數字媒體內容相結合。

News will follow over 1 million topics and pull relevant stories based on the user's specific interests without compromising their privacy.

新聞將關注超過 100 萬個主題，並根據用戶的特定興趣提取相關故事，而不會損害他們的隱私。

We've already signed 25 leading publishers representing more than 75 of the world's most influential news, sports, business, and magazine titles including: CNN, New York Times, the Financial Times, ESPN, Bloomberg Business, Conde Nast, Hearst, Reuters, Time Inc., and the Daily Telegraph.

我們已經與 25 家領先的出版商簽約，代表超過 75 種世界上最有影響力的新聞、體育、商業和雜誌，包括：CNN、紐約時報、金融時報、ESPN、彭博商業、康泰納仕、赫斯特、路透社、時代公司和每日電訊報。

The September quarter is off to an exciting start.

九月季度迎來了激動人心的開端。

We're thrilled by the response to Apple Music, which launched in over 100 countries on June 30.

我們對 6 月 30 日在 100 多個國家/地區推出的 Apple Music 的反響感到非常興奮。

Apple Music is a single immersive app that combines the best ways to enjoy music all in one place.

Apple Music 是一款身臨其境的應用程序，它結合了在一個地方享受音樂的最佳方式。

It's an incredible streaming music service, a pioneering worldwide live radio station broadcasting 24 hours a day, and a great place for music fans to connect with their favorite artist.

這是一個令人難以置信的流媒體音樂服務，一個開創性的全球直播電台，每天 24 小時廣播，是音樂迷與他們最喜歡的藝術家聯繫的好地方。

Customers and reviewers love the human curation features of Apple Music and the way it's helping people discover new music.

客戶和評論者喜歡 Apple Music 的人工精選功能以及它幫助人們發現新音樂的方式。

Millions and millions of customers are already experiencing the new service using the three-month trial period, and the numbers are growing substantially every day.

數以百萬計的客戶已經在使用三個月的試用期體驗新服務，而且這一數字每天都在大幅增長。

Over 15,000 artists have signed up to post on Connect where we are already seeing great original content, including a world premiere video by Drake.

超過 15,000 位藝術家已經註冊在 Connect 上發布，我們已經在其中看到了很棒的原創內容，包括 Drake 的全球首映視頻。

Millions of listeners around the world are tuning into Beats One, the first-of-its-kind worldwide radio station featuring some of the most talented and passionate music lovers on the planet.

全球數以百萬計的聽眾正在收聽 Beats One，這是全球首個廣播電台，匯集了地球上一些最有才華和最熱情的音樂愛好者。

This all adds up to a renewed sense of excitement around music, which we love and expect to continue as Apple Music gets traction with customers.

這一切都讓人們對音樂產生了一種新的興奮感，隨著 Apple Music 受到客戶的歡迎，我們喜歡並期待這種興奮感繼續下去。

Last week, we launched Apple Pay in the UK, bringing customers our easy, secure, and private way to pay.

上週，我們在英國推出了 Apple Pay，為客戶帶來了我們輕鬆、安全和私密的支付方式。

On day one, we had an incredible roster of over 0.25 million locations and major credit and debit cards for many of the UK's most established banks supporting Apple Pay.

在第一天，我們為許多支持 Apple Pay 的英國最知名的銀行提供了超過 25 萬個地點和主要信用卡和借記卡的令人難以置信的名冊。

Customers are using Apple Pay to ride the London Underground as well as the Overground system of transports for London, and we hope this will be a model for other public transportation systems around the world.

客戶正在使用 Apple Pay 乘坐倫敦地鐵和倫敦的地上交通系統，我們希望這將成為全球其他公共交通系統的典範。

In the US, we've seen fantastic support from merchants of all sizes.

在美國，我們得到了各種規模商家的大力支持。

We're excited to see this momentum continue with the new Square Reader coming this fall.

我們很高興看到今年秋天推出的新 Square Reader 會繼續保持這種勢頭。

It will bring Apple Pay to even more neighborhood businesses where you pay every day, from your corner coffee shop to your local farmers market, bolstering the 80,000 small and medium-sized businesses we're already adding every month.

它將把 Apple Pay 帶到更多您每天支付的社區企業，從街角的咖啡店到當地的農貿市場，支持我們每個月已經增加的 80,000 家中小型企業。

American Express will add Apple Pay support for its robust portfolio of corporate cards next month, offering businesses and their employees a new way to make easy and secure payments.

美國運通將在下個月為其強大的公司卡組合增加 Apple Pay 支持，為企業及其員工提供一種輕鬆、安全支付的新方式。

And as we head into the school year, 700 universities and colleges across the US will accept Apple Pay such as Auburn University, the University of California-Irvine, Colorado State University, the University of Kentucky, and the University of Oklahoma, among many others.

隨著我們進入學年，全美 700 所大學和學院將接受 Apple Pay，例如奧本大學、加州大學歐文分校、科羅拉多州立大學、肯塔基大學和俄克拉荷馬大學等.

We're on track for Apple Pay acceptance at over 1.5 million US locations by the end of 2015.

到 2015 年底，我們有望在超過 150 萬個美國地點接受 Apple Pay。

I'd like to thank our customers, developers, business partners, and employees for another record-breaking quarter.

我要感謝我們的客戶、開發人員、業務合作夥伴和員工又一個創紀錄的季度。

We're very hard at work on our exciting pipeline of new hardware, software, and services, and we're continuing to expand our global reach into new markets.

我們正在努力開發令人興奮的新硬件、軟件和服務管道，並且我們將繼續將我們的全球影響力擴展到新市場。

We're passionately committed to leaving the world better than we found it.

我們熱情地致力於讓世界變得比我們發現的更好。

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 to everyone.

大家下午好。

As we have done for the first half of our FY15, we are reporting another record quarter today.

正如我們在 2015 財年上半年所做的那樣，我們今天報告了另一個創紀錄的季度。

Revenue for the June quarter was $49.6 billion, an increase of $12.2 billion, or 33% year over year.

6 月當季收入為 496 億美元，同比增長 122 億美元，增幅為 33%。

Our growth was driven by the tremendous performance of iPhone, the introduction of Apple Watch, and the continued strength of Mac and App Store sales.

iPhone 的出色表現、Apple Watch 的推出以及 Mac 和 App Store 銷售的持續強勁推動了我們的增長。

We achieved these great results in the context of a very challenging foreign exchange environment around the world and a reduction in channel inventory of over 1 million units across all product lines, which makes our growth performance even more remarkable.

我們在全球外匯環境極具挑戰的背景下取得了這些佳績，全產品線的渠道庫存減少超過100萬台，使我們的增長業績更加顯著。

As Tim mentioned, our results were especially impressive in greater China where revenue more than doubled year over year to over $13 billion.

正如蒂姆所說，我們在大中華區的業績尤其令人印象深刻，其收入同比增長一倍以上，超過 130 億美元。

Emerging markets overall grew 79% to almost $18 billion and represented 35% of our total Company revenue.

新興市場總體增長 79%，達到近 180 億美元，占公司總收入的 35%。

Company gross margin was 39.7%, better than our expectations mainly due to strong iPhone sales.

公司毛利率為 39.7%，好於我們的預期，主要是由於 iPhone 銷售強勁。

Operating margin was 28.4% of revenue, and net income was $10.7 billion, a new June quarter record.

營業利潤率為收入的 28.4%，淨利潤為 107 億美元，創下 6 月季度的新紀錄。

Diluted earnings per share were $1.85, a 45% year-over-year increase.

每股攤薄收益為 1.85 美元，同比增長 45%。

And, cash flow from operations was $15 billion, also a new third-quarter record.

而且，運營現金流為 150 億美元，也是第三季度的新紀錄。

For details by product, I'll start with iPhone.

對於產品的詳細信息，我將從 iPhone 開始。

We sold 47.5 million iPhones in the quarter, representing 35% year-over-year growth and demand for iPhone 6 and 6 Plus has continued to be terrific all around the world.

我們在本季度售出了 4750 萬部 iPhone，同比增長 35%，全球對 iPhone 6 和 6 Plus 的需求持續強勁。

iPhone sales more than doubled in Germany, Korea, Malaysia, and Vietnam; were up over 85% in greater China and in India; and increased more than 45% in several countries, including Italy, Spain, the Netherlands, and Turkey.

iPhone 在德國、韓國、馬來西亞和越南的銷量翻了一番多；在大中華區和印度增長了 85% 以上；在包括意大利、西班牙、荷蘭和土耳其在內的幾個國家增長了 45% 以上。

The strong mix of iPhone 6 and 6 Plus lead to an iPhone ASP of $660, an increase of $99 year-over-year, despite the significant negative foreign exchange impact I referred to earlier.

iPhone 6 和 6 Plus 的強勁組合導致 iPhone ASP 達到 660 美元，同比增長 99 美元，儘管我之前提到了顯著的負面外匯影響。

We reduced iPhone channel inventory by about 600,000 units during the quarter, which left us at the low end of our target range of five to seven weeks of channel inventory.

我們在本季度將 iPhone 渠道庫存減少了約 600,000 部，這使我們處於 5 至 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 4.8 million Macs, representing 9% year-over-year growth.

我們售出了 480 萬台 Mac，同比增長 9%。

As we have done for several years in a row, we continued to gain significant market share based on IDC's latest estimate of a 12% global PC market contraction.

正如我們連續幾年所做的那樣，根據 IDC 對全球 PC 市場萎縮 12% 的最新估計，我們繼續獲得可觀的市場份額。

Mac growth was driven by portables, and we are delighted with the very strong customer reception of our new MacBook.

Mac 的增長是由便攜式設備推動的，我們很高興我們的新款 MacBook 獲得了非常強勁的客戶歡迎。

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

我們在本季度末略低於 Mac 渠道庫存的四到五週目標範圍。

Turning to iPad, we sold 10.9 million compared to 13.3 million in the year-ago quarter.

談到 iPad，我們售出了 1090 萬台，而去年同期為 1330 萬台。

iPad sell-through was 11.2 million as we reduced channel inventory by about 300,000 units.

由於我們將渠道庫存減少了約 300,000 台，iPad 的銷售量為 1120 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。

iPad customer metrics continue to be extremely positive.

iPad 客戶指標繼續非常積極。

ChangeWave recently measured a 97% customer satisfaction rate for iPad Air 2. And, among consumers planning to purchase a tablet within 90 days, over half plan to purchase an iPad.

ChangeWave 最近測量了 iPad Air 2 的客戶滿意度為 97%。而且，在計劃在 90 天內購買平板電腦的消費者中，超過一半的人計劃購買 iPad。

For corporate buyers, the purchase intent was even stronger at over 70%.

對於企業買家來說，購買意向甚至更高，超過 70%。

We do not participate in the low end of the tablet market, but we are extremely successful where we do complete.

我們不參與平板電腦市場的低端市場，但我們在完成的地方非常成功。

NPD recently indicated that iPad has 76% share of the US market for tablets priced above $200.

NPD 最近表示，iPad 在美國 200 美元以上的平板電腦市場佔有 76% 的份額。

We're very excited about the advances in the iPad experience coming in iOS 9 in the fall, including the slide over and split view features for easier multitasking, picture in picture for FaceTime and video, and enhanced quick type for composing text even faster.

我們對秋季 iOS 9 中的 iPad 體驗的進步感到非常興奮，包括用於更輕鬆地進行多任務處理的滑動和拆分視圖功能、用於 FaceTime 和視頻的畫中畫以及用於更快地編寫文本的增強型快速輸入。

We're also seeing great momentum in the enterprise market.

我們也看到了企業市場的強勁勢頭。

For instance, riding on the success of iPad use by its pilots, United Airlines has not only renewed its iPad program with more than 10,000 iPad Air 2s, but it has also made a strategic decision to provide iPhones to over 20,000 flight attendants.

例如，憑藉其飛行員使用 iPad 的成功，美國聯合航空公司不僅更新了其 iPad 計劃，推出了 10,000 多台 iPad Air 2，而且還做出了為 20,000 多名空乘人員提供 iPhone 的戰略決策。

In the near future, United plans to introduce new apps to transform the customer experience and improve integration with flight operations.

在不久的將來，美聯航計劃推出新的應用程序來改變客戶體驗並改善與航班運營的整合。

We're also very happy with the progress of our IBM partnership.

我們也對我們與 IBM 合作夥伴關係的進展感到非常高興。

IBM released 13 new MobileFirst for iOS apps in the June quarter, including new apps in retail, banking, and healthcare, as well as new horizontal apps for HR and sales.

IBM 在 6 月季度發布了 13 個新的 MobileFirst for iOS 應用程序，包括零售、銀行和醫療保健領域的新應用程序，以及用於人力資源和銷售的新橫向應用程序。

There are now 35 apps in IBM's MobileFirst for iOS catalog that connect users to big data and analytics right on their iPads or iPhones.

IBM MobileFirst for iOS 目錄中現在有 35 個應用程序，可將用戶連接到他們的 iPad 或 iPhone 上的大數據和分析。

We expect a total of 100 apps to be available by the end of 2015.

我們預計到 2015 年底將有 100 個應用程序可用。

Active customer engagements have also grown to over 500, and recent notable customer wins include Air Canada, National Grid in the UK, and Banorte in Mexico.

活躍的客戶參與度也已增長到 500 多個，最近獲得的顯著客戶包括加拿大航空、英國國家電網和墨西哥的 Banorte。

In April, Apple, IBM, and Japan Post announced a joint initiative to deliver iPads with IBM-developed apps and analytics to connect Japanese senior citizens with services, healthcare, community, and family.

今年 4 月，Apple、IBM 和日本郵政宣布了一項聯合計劃，旨在提供帶有 IBM 開發的應用程序和分析功能的 iPad，以將日本老年人與服務、醫療保健、社區和家庭聯繫起來。

Japan Post hopes to reach 4 million to 5 million Japanese customers with these solutions by 2020.

日本郵政希望到 2020 年通過這些解決方案覆蓋 400 至 500 萬日本客戶。

Since announcing this initiative less than three months ago, we're already seeing strong interest from other countries looking for innovative ways to support an aging population.

自從不到三個月前宣布這項倡議以來，我們已經看到其他國家對尋求創新方法來支持人口老齡化的強烈興趣。

Importantly, we also continue to work closely with leading business software and solution providers to help businesses of all sizes transform work with iPad and iPhone.

重要的是，我們還將繼續與領先的商業軟件和解決方案提供商密切合作，幫助各種規模的企業轉變使用 iPad 和 iPhone 的工作方式。

The number of these mobility partners has expanded rapidly to over 40.

這些移動合作夥伴的數量已迅速擴大到 40 多個。

They're developing new and differentiated solutions on iOS across many industries and attracting very significant customer interest.

他們在 iOS 上為許多行業開發新的差異化解決方案，並吸引了非常重要的客戶興趣。

Turning to services.

轉向服務。

We generated over $5 billion in revenue, a new all-time record and an increase of 12% over last year, thanks primarily to strong growth from apps.

我們創造了超過 50 億美元的收入，創下歷史新高，比去年增長了 12%，這主要歸功於應用程序的強勁增長。

Revenue from the App Store increased 24%, and the number of transacting customers grew 19%, also setting an all-time record.

App Store 收入增長 24%，交易客戶數量增長 19%，也創下歷史新高。

Services growth was particularly strong in China where App Store revenue more than doubled year over year.

服務增長在中國尤為強勁，App Store 收入同比增長一倍以上。

China-based developers have created 250,000 apps for our China App Store, and the response from our customers has been tremendous.

中國的開發者已經為我們的中國應用商店創建了 250,000 個應用程序，我們的客戶反響非常好。

The revenue from other products grew sharply, up 49% over last year.

其他產品收入大幅增長，同比增長49%。

The contribution from Apple Watch accounted for well over 100% of the growth of the category and more than offset the decline of iPod and accessory sales.

Apple Watch 的貢獻佔該品類增長的 100% 以上，遠遠抵消了 iPod 和配件銷售的下降。

As we said in the past, we do not plan to disclose Apple Watch metrics because we don't intend to provide insight that could help our competitors.

正如我們過去所說，我們不打算披露 Apple Watch 指標，因為我們不打算提供可以幫助我們競爭對手的洞察力。

Our retail and online stores had a very busy quarter with customer visits up 49% year over year, driven especially by the very strong interest in Apple Watch.

我們的零售和在線商店的季度非常繁忙，客戶訪問量同比增長 49%，尤其是由於對 Apple Watch 的濃厚興趣。

Thanks to our very popular Apple Store app, mobile traffic to our online stores during the quarter equaled desktop traffic for the first time ever.

由於我們非常受歡迎的 Apple Store 應用程序，本季度我們在線商店的移動流量首次與桌面流量相等。

We opened three new stores: our second store in Brazil, our sixth store in Manhattan, and our 22nd store in greater China.

我們開設了三家新店：我們在巴西的第二家店、我們在曼哈頓的第六家店和我們在大中華區的第 22 家店。

That brought us to a global store count of 456, of which 190 are outside the United States, and we're on track to have 40 stores open in greater China by the middle of next year.

這使我們的全球門店數量達到 456 家，其中 190 家在美國以外，我們有望在明年年中在大中華區開設 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 $202.8 billion in cash plus marketable securities, a sequential increase of $9.3 billion.

我們在本季度末擁有 2028 億美元的現金和有價證券，環比增長 93 億美元。

$181 billion of this cash, or 89% of the total, was offshore.

這筆現金中有 1810 億美元，即總額的 89%，來自海外。

In the June quarter, we issued a total of $10 billion of term debt, consisting of $8 billion US dollar-denominated notes and JPY250 billion yen-denominated notes as we continue to diversify our global debt investor base.

在 6 月季度，我們共發行了 100 億美元的定期債務，其中包括 80 億美元的美元票據和 2500 億日元的票據，因為我們繼續使我們的全球債務投資者基礎多樣化。

This left us with $50 billion of term debt outstanding at the end of the quarter.

這使我們在本季度末有 500 億美元的未償定期債務。

During the quarter, we turned over $13 billion to our investors.

在本季度，我們向投資者提供了 130 億美元。

We paid $3.1 billion in dividends and equivalents, and we spent $4 billion to repurchase 31.2 million Apple shares through open market transactions.

我們支付了 31 億美元的股息和等價物，我們花費 40 億美元通過公開市場交易回購了 3120 萬股蘋果股票。

We also launched a $6 billion accelerated share repurchase program in May and received an initial delivery of 38.3 million shares.

我們還在 5 月份啟動了 60 億美元的加速股票回購計劃，並收到了 3830 萬股的初始交割。

The purchase period for the new ASR will end in or before November of 2015.

新 ASR 的購買期將在 2015 年 11 月或之前結束。

We have continued to execute our capital return program at a fast pace, and we've now taken action on over $126 billion of our $200 billion program, including $90 billion in share repurchases.

我們繼續快速執行我們的資本回報計劃，現在我們已經對我們 2000 億美元計劃中的超過 1260 億美元採取了行動，其中包括 900 億美元的股票回購。

The weighted average price for all open market purchases and completed ASR programs to date is $86.

迄今為止，所有公開市場採購和已完成的 ASR 計劃的加權平均價格為 86 美元。

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

現在，隨著我們進入 9 月季度，我想回顧一下我們的前景，其中包括南希在電話會議開始時提到的前瞻性信息類型。

We expect revenue to be between $49 billion and $51 billion compared to $42.1 billion in the year-ago quarter.

我們預計收入將在 490 億美元至 510 億美元之間，而去年同期為 421 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 $5.85 billion and $5.95 billion.

我們預計運營支出將在 58.5 億美元至 59.5 億美元之間。

We expect OI&E to be about $400 million, and we expect the tax rate to be about 26.3%.

我們預計 OI&E 約為 4 億美元，我們預計稅率約為 26.3%。

Also, today our Board of Directors has declared a cash dividend of $0.52 per share of common stock payable on August 13, 2015, to shareholders of record as of August 10, 2015.

此外，今天我們的董事會已宣佈於 2015 年 8 月 13 日向截至 2015 年 8 月 10 日在冊的股東派發每股普通股 0.52 美元的現金股息。

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 and one follow-up.

我們要求您將自己限制在一個單獨的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）

Katy Huberty, Morgan Stanley.

凱蒂·休伯蒂，摩根士丹利。

Thanks.

謝謝。

Good afternoon.

下午好。

While the year-on-year iPhone growth was very attractive, the sequential unit decline in the June quarter was worse than the past two years.

雖然 iPhone 的同比增長非常有吸引力，但 6 月季度的銷量環比下降比過去兩年更差。

Why do you think that was?

你認為那是為什麼？

In particular, why drain channel inventory when iPhone 6 is selling so well?

尤其是 iPhone 6 賣得這麼好，為什麼要抽空渠道庫存？

And then, I have a follow-up.

然後，我有一個跟進。

Katy, it's Tim.

凱蒂，是蒂姆。

As Luca mentioned, the channel inventory did go down by 600,000.

正如盧卡所說，渠道庫存確實減少了 600,000 個。

We sold more units than we thought we would, and so that was a part of that.

我們售出的單位比我們想像的要多，這就是其中的一部分。

The other part of it is that we always run with just the amount of inventory that we think we need, and so to the degree that sales are distributed in the countries with -- disproportionately with shorter supply chains or the standard deviation demand is less, we would always choose to have less.

另一部分是我們總是只使用我們認為我們需要的庫存量，因此銷售分佈在與供應鏈較短或標準差需求較小的國家不成比例，我們總是選擇少吃。

And so, in this particular quarter, we were able to end basically right at the bottom end of our range.

因此，在這個特定的季度，我們基本上能夠在我們範圍的底部結束。

And we view that as a good thing, not a bad thing.

我們認為這是一件好事，而不是一件壞事。

Obviously, the revenues could have been much higher if we would have expanded the channel, but if you don't need to do that, that's not how we think about the business.

顯然，如果我們擴大渠道，收入可能會更高，但如果你不需要這樣做，那不是我們對業務的看法。

We run the business for the long-term, not the 90-day clock.

我們經營業務是長期的，而不是 90 天的時鐘。

In terms of what's going on with iPhone, the 35% growth is almost three times the market, and if you look at it at a little narrower regional level, Western Europe grew 30% versus a market of 7%.

就 iPhone 的情況而言，35% 的增長幾乎是市場的 3 倍，如果你從狹隘的區域層面來看，西歐增長了 30%，而市場增長了 7%。

So, 4 times market, and Japan grew over 5 times market.

因此，4 倍市場，日本增長超過 5 倍市場。

We doubled in Korea versus a market that was shrinking, and India, we grew at 93%.

我們在韓國增長了一倍，而在印度，我們的市場正在萎縮，增長了 93%。

This is on top of the greater China numbers that we've already covered that grew 87% during the quarter against a market of 5%.

這是在我們已經涵蓋的大中華區數據的基礎上，該數據在本季度增長了 87%，而市場增長了 5%。

And so, we did exceptionally well I think in any way that you look at it.

所以，無論你怎麼看，我們都做得非常好。

In terms of our -- the percentage of customers that have upgraded to a 6 and 6 Plus versus -- that were -- that have not upgraded, it's 73%.

就我們而言 - 已升級到 6 和 6 Plus 的客戶與 - 未升級的客戶百分比為 73%。

Or, meaning that 27% of the install base of customers prior to the launch of 6 and 6 Plus have now upgraded.

或者，這意味著在 6 和 6 Plus 推出之前，27% 的客戶安裝基礎現在已經升級。

And so, we view that as a very bullish sign on the future that there's a lot of headroom left for upgraders.

因此，我們認為這是一個非常看好未來的跡象，即為升級者留下了很大的空間。

We also are incredibly happy to see the highest Android switcher rate that we've observed.

我們也非常高興看到我們觀察到的最高 Android 切換率。

And so, from our point of view, the iPhone is doing outstanding.

因此，從我們的角度來看，iPhone 表現出色。

So, Tim, just to extend that conversation to the longer-term, as I'm sure you're aware, you're lapping some pretty significant comps as it relates to the upgrades that you are talking about as well as significant growth in China.

所以，蒂姆，只是為了將對話擴展到長期，我相信你知道，你正在研究一些非常重要的組合，因為它與你正在談論的升級以及顯著增長有關中國。

What is the framework that you use to convince yourselves that iPhone units can continue to grow over the longer term?

你用什麼框架來說服自己 iPhone 單位可以在長期內繼續增長？

Katy, we purposely just give guidance for the current quarter, and we have done that.

凱蒂，我們故意只為當前季度提供指導，我們已經做到了。

Obviously, the kind of numbers that we have indicated growth in the revenue means that iPhone would have another stellar quarter and so we're very confident that this quarter is going to be great.

顯然，我們所表明的收入增長的數字意味著 iPhone 將有另一個出色的季度，因此我們非常有信心本季度會很棒。

How the future looks, we'll take it one quarter at a time.

未來的樣子，我們一次只看一個季度。

But, as I back up from it and look at it more from a macro point of view, the things that make me very bullish is the 27% number I just quoted, the fact that we are seeing the highest Android switcher rate; the customer satisfaction that we have on the iPhone versus the competition, it's a huge margin; the loyalty rate that we have versus competition, an enormous gap there.

但是，當我從中備份並從宏觀角度更多地看待它時，讓我非常看好的是我剛剛引用的 27% 的數字，我們看到 Android 切換率最高的事實；我們在 iPhone 上的客戶滿意度與競爭對手相比，這是一個巨大的利潤；我們與競爭對手的忠誠度，存在巨大差距。

I also look at the first-time iPhone buyers, and we're still seeing very, very large numbers in the countries that you would want to see those in, like China and Russia and Brazil and so forth.

我還查看了 iPhone 的首次購買者，我們仍然在您希望看到的國家/地區看到非常非常多的數量，例如中國、俄羅斯和巴西等。

I also see a market that over a five-year horizon, if you look at the IDC numbers, is projected to grow from 1.3 million in 2014 to over 1.9 -- this is billion, rather -- billion in 2019.

我還看到一個市場，如果你看一下 IDC 的數據，在五年內，預計將從 2014 年的 130 萬增長到 2019 年的超過 1.9——這是十億，而不是——十億。

So, it's an incredible market.

所以，這是一個不可思議的市場。

I think everybody is going to own a smart phone, and I think we've proven that we can compete for a fair number of those, as you can see from our results.

我認為每個人都將擁有一部智能手機，而且我認為我們已經證明我們可以競爭相當數量的智能手機，正如您從我們的結果中看到的那樣。

Great.

偉大的。

Thank you very much.

非常感謝。

Thank you, Katy.

謝謝你，凱蒂。

Bill Shope, Goldman Sachs.

比爾·肖普，高盛。

Thank you.

謝謝你。

Could you walk us through the key factors behind your gross margin range for the September quarter?

您能否向我們介紹一下您在 9 月季度的毛利率範圍背後的關鍵因素？

And, in particular, how we should think about the sequential ForEx impact this quarter and the impact of a potential product transition cost?

尤其是，我們應該如何考慮本季度對外彙的連續影響以及潛在產品過渡成本的影響？

Bill, it's Luca.

比爾，是盧卡。

So, we are guiding to 38.5% to 39.5%.

因此，我們將引導至 38.5% 至 39.5%。

Just keep in mind, last year in Q4 our gross margin declined by 140 basis points sequentially, so this year we are expecting a sequential decline of 20 -- 220 basis points.

請記住，去年第四季度我們的毛利率環比下降了 140 個基點，因此今年我們預計環比下降 20 - 220 個基點。

I would point to three main factors for the decline.

我會指出下降的三個主要因素。

First of all, to your point around foreign exchange, it continues to be a challenging environment given the strengthening of the US dollar.

首先，就您在外匯方面的觀點而言，鑑於美元走強，這仍然是一個充滿挑戰的環境。

In our case, the impact on margin after the hedges is going to be about 30 basis points for Q4.

在我們的案例中，對沖後對第四季度保證金的影響將約為 30 個基點。

Also, I want to point to a different mix, which is typical of our seasonality as we enter the back-to-school season during Q4.

另外，我想指出一個不同的組合，這是我們在第四季度進入返校季節時典型的季節性。

Thirdly, the transition cost that you've mentioned as we prepare for a busy fall.

第三，當我們為繁忙的秋季做準備時，您提到的過渡成本。

And so, those are the three factors that will have an impact on gross margin sequentially.

因此，這三個因素將依次影響毛利率。

I would point that, in general, costs continue to be -- particularly commodity costs continue to be favorable and so that would be a partial offset to the factors that I mentioned.

我要指出，總的來說，成本繼續 - 特別是商品成本繼續有利，因此這將部分抵消我提到的因素。

Okay.

好的。

Thanks.

謝謝。

Could you give us a bit more color on the mix dynamics for the iPhone in the June quarter, and how this compares to prior generations and your expectations?

您能否為我們提供更多關於 6 月季度 iPhone 混合動態的信息，以及與前幾代產品和您的預期相比如何？

Obviously, there continues to be an upward bias helping the ASPs, as you mentioned, but could you give us a bit more detail on what exactly you're seeing here?

顯然，正如您所提到的，對 ASP 的幫助仍然存在向上的偏見，但是您能否向我們提供更多關於您在這裡看到的具體內容的詳細信息？

Particularly, I think it's interesting in the context of a continued tilt towards the emerging regions, obviously.

特別是，我認為在繼續向新興地區傾斜的背景下很有趣，顯然。

Yes.

是的。

So, as we mentioned, the ASP for iPhone was up $99, 18% increase year over year.

因此，正如我們所提到的，iPhone 的 ASP 上漲了 99 美元，同比增長 18%。

And, this is really driven by the mix.

而且，這實際上是由混合驅動的。

By the fact that we've added iPhone 6 Plus to a new price point.

事實上，我們將 iPhone 6 Plus 添加到了新的價格點。

And, in general, iPhone 6 and 6 Plus are doing extremely well as a percentage of the portfolio.

而且，總的來說，iPhone 6 和 6 Plus 在產品組合中的表現非常好。

Keep in mind that this $99 was partially offset by $24 of unfavorable foreign exchange, so the number would have been even better.

請記住，這 99 美元被 24 美元的不利外匯部分抵消，所以這個數字會更好。

So, yes, clearly 6 and 6 Plus, and I think we've talked about it in prior calls.

所以，是的，顯然是 6 和 6 Plus，我認為我們在之前的電話會議中已經討論過它。

The 6 Plus is doing particularly well in the markets that you would expect: greater China, other Asian markets.

6 Plus 在您所期望的市場表現尤為出色：大中華區和其他亞洲市場。

Those are markets where our growth rates are particularly strong and the 6 Plus, because of the screen size, is doing extremely well.

在這些市場中，我們的增長率特別強勁，而 6 Plus 由於屏幕尺寸的原因，表現非常出色。

All right.

好的。

Thank you.

謝謝你。

Next question, please.

下一個問題，請。

Gene Munster, Piper Jaffray.

吉恩·芒斯特，派珀·杰弗瑞。

Good afternoon.

下午好。

Luca, you talked a little bit about gross margins in the previous question, but could you talk about how we should think about the trends in the gross margin?

Luca，您在上一個問題中談到了毛利率，但您能否談談我們應該如何看待毛利率的趨勢？

In other words, should the margin trends that we've seen in other cycles continue into next year?

換句話說，我們在其他週期中看到的利潤率趨勢是否應該持續到明年？

And then, a follow up or another question for Tim here.

然後，在此向 Tim 提出後續問題或其他問題。

The Watch has been under a lot of interest from investors and some may have wanted a little bit more.

Watch一直受到投資者的極大興趣，有些人可能想要更多。

You outlined some of the opportunities and some of the progress you've had, but any thoughts that you would have for investors who may say that the category is just not taking off as fast as they would have hoped?

您概述了一些機會和您已經取得的一些進展，但是對於可能會說該類別沒有像他們希望的那樣迅速起飛的投資者，您有什麼想法嗎？

Gene, let me start with gross margin.

吉恩，讓我從毛利率開始。

As Tim said before, obviously, we guide to the current quarter.

正如蒂姆之前所說，顯然，我們指導當前季度。

As we look at it at a macro level, I think every cycle is different for a variety of reasons.

當我們在宏觀層面上看待它時，我認為每個週期都是不同的，原因有很多。

There are also things that are not necessarily within our control.

還有一些事情不一定在我們的控制範圍內。

For example, currency markets can be very different one year to the next.

例如，貨幣市場一年到一年可能會大不相同。

We know that the next year is going to present an additional challenge given where the dollar has moved.

我們知道，鑑於美元的走勢，明年將面臨額外的挑戰。

Commodity markets may be very different from one year to the other.

商品市場可能在一年與另一年之間大不相同。

There are things that remain relatively similar as we launch new products, for example, we innovate the products.

當我們推出新產品時，有些事情仍然相對相似，例如，我們對產品進行創新。

We want to make them better all the time, and that typically requires additional cost.

我們希望一直讓它們變得更好，而這通常需要額外的成本。

And so, the cost structures of our products -- new products tend to be higher than the products they replace.

因此，我們產品的成本結構——新產品往往高於它們替代的產品。

Having said that, as you know we've got a very good track record to reduce those cost structures over the lifecycle of the products.

話雖如此，如您所知，我們在降低產品生命週期內的成本結構方面有著非常好的記錄。

I think this should give you a bit of color.

我認為這應該給你一點顏色。

Of course, maybe the one thing that I want to point out, again, as we get into the following year is that, of course, currency will be an issue.

當然，也許我想再次指出的一件事是，隨著我們進入下一年，貨幣當然會成為一個問題。

Thank you.

謝謝你。

Gene, this is Tim.

吉恩，這是蒂姆。

Let me talk about the Watch some.

讓我談談Watch。

As you know, we made a decision back in September, quite several months ago, not to disclose the shipments on the Watch.

如您所知，我們早在幾個月前的 9 月就做出了不透露 Watch 出貨量的決定。

That was not a matter of not being transparent.

這不是不透明的問題。

It was a matter of not giving our competition insight.

這是一個不給我們競爭洞察力的問題。

It's a product that we've worked really hard on.

這是我們非常努力的產品。

However, let me give you some color to avoid reaching a wrong conclusion.

但是，讓我給你一些顏色以避免得出錯誤的結論。

If you look at the other products category and looked at the revenue in this category, it would not be an accurate thing to just look at the sequential change or the year-over-year change and assume that were the total Watch revenue, because the aggregate balance of that category, both sequentially and year over year, is shrinking.

如果您查看其他產品類別並查看該類別中的收入，那麼僅查看順序變化或同比變化並假設這是總手錶收入是不准確的，因為該類別的總餘額，無論是環比還是同比，都在縮小。

Obviously, iPod is a part of that, but there are other things in there, accessories and so forth, that are shrinking.

顯然，iPod 是其中的一部分，但其中還有其他東西，配件等等，它們正在縮小。

Secondly, to provide a bit more color, sales of the Watch did exceed our expectations, and they did so despite supply still trailing demand at the end of the quarter.

其次，為了提供更多顏色，手錶的銷量確實超出了我們的預期，儘管在本季度末供應仍然落後於需求，但他們還是做到了。

To give you a little additional insight, through the end of the quarter, in fact, the Apple Watch sell-through was higher than the comparable launch periods of the original iPhone or the original iPad.

為了讓您進一步了解，到本季度末，Apple Watch 的銷售量實際上高於原始 iPhone 或原始 iPad 的可比發布期。

And we were able to do that with having only 680 points of sale.

我們能夠做到這一點，只有 680 個銷售點。

As you probably know, as I had reviewed earlier, the online sales were so great at the beginning, we were not able to feed inventory to our stores until mid-June.

您可能知道，正如我之前評論的那樣，一開始在線銷售非常好，我們直到 6 月中旬才能將庫存供應到我們的商店。

And so, those points of sale pretty much -- the overwhelming majority of the low number of sales, were not there until the last two weeks of the quarter.

因此，這些銷售點幾乎 - 絕大多數銷售數量很少，直到本季度的最後兩週才出現。

And so, as I look at all of these things, we feel really great about how we did.

因此，當我看到所有這些事情時，我們對自己的表現感到非常棒。

Now, our objective [for the quarter] wasn't primarily sales.

現在，我們[本季度]的目標主要不是銷售。

Beyond the very good news on sales, we are more excited about how the product is positioned for the long-term, because we're starting a new category.

除了銷售方面的好消息外，我們對產品的長期定位感到更加興奮，因為我們正在開始一個新的類別。

As I back up and look at this, with 8,500 apps, we've already announced the next operating system, Watch OS 2. It will bring native apps, which are going to be killer, to the Watch.

當我備份並查看這一點時，我們已經發布了下一個操作系統 Watch OS 2，它有 8,500 個應用程序。它將為 Watch 帶來本機應用程序，這些應用程序將成為殺手。

Even though the store layout was delayed, we've learned a lot about the buying experience.

儘管商店佈局被推遲了，我們還是學到了很多關於購買體驗的知識。

Based on that experience, we're now planning to expand our channel before the holiday, because we are convinced that the Watch is going to be one of the top gifts of the holiday season.

基於這一經驗，我們現在計劃在假期前擴大我們的渠道，因為我們堅信手錶將成為假期的頂級禮物之一。

Now, most importantly of all of this, is the customer sat is off the charts, because we've constantly seen, if you can get the customer satisfaction off the charts, you can wind up doing fairly well over time.

現在，最重要的是，客戶坐在圖表之外，因為我們經常看到，如果您可以讓客戶滿意度超出圖表，隨著時間的推移，您最終會做得相當好。

We've also learned a lot about managing quite an assortment and so forth.

我們還學到了很多關於管理相當多的分類等等。

So, I back up and look at this and I feel fantastic about what the team has done and delivered.

所以，我備份並看看這個，我對團隊所做的和交付的東西感覺很棒。

I know I never go anywhere without the Watch and it's not because I'm the CEO of Apple.

我知道如果沒有手錶，我永遠不會去任何地方，這不是因為我是 Apple 的首席執行官。

I'm that attached to it.

我是如此依戀它。

I get lots of notes from a lot of people that feel the same way.

我從很多有同樣感受的人那裡得到了很多筆記。

That's how I look at the Watch.

這就是我看待手錶的方式。

Thanks, Gene.

謝謝，吉恩。

Could we have the next question, please?

請問下一個問題好嗎？

Toni Sacconaghi, Bernstein.

托尼·薩科納吉，伯恩斯坦。

Yes.

是的。

Thank you.

謝謝你。

Luca, I think in your prepared remarks you talked a little bit about your market share of iPad in the US above $200 being 78%.

Luca，我認為在你準備好的發言中，你談到了 iPad 在美國 200 美元以上的市場份額為 78%。

I'm wondering, if you think about the iPhone and your market share in the premium category, how do you think about it?

我想知道，如果您考慮 iPhone 和您在高端類別中的市場份額，您如何看待它？

I've seen market data that says you have 60% market share for phones above $300 or you have actually 90% market share for phones above $600.

我看到市場數據顯示，300 美元以上的手機擁有 60% 的市場份額，或者 600 美元以上的手機實際上擁有 90% 的市場份額。

I'm wondering if, Tim or Luca, you could maybe talk about how you think about your market share where you play, given that your ASP is comfortably above $600.

我想知道，蒂姆或盧卡，你是否可以談談你如何看待你所在的市場份額，因為你的平均售價很容易超過 600 美元。

What do you think your market share is above $500 or $600 in smart phones and how do we think about that market share going forward?

您認為您的智能手機市場份額在 500 美元或 600 美元以上，我們如何看待未來的市場份額？

Toni, it's Tim.

托尼，是蒂姆。

We look at it a bit differently than you do.

我們對它的看法與您有所不同。

We look at it as our job is to grow our products, regardless of the price, which means that we need to convince, in some cases, people to move from one price band to the other.

我們將其視為我們的工作是發展我們的產品，無論價格如何，這意味著在某些情況下，我們需要說服人們從一個價格區間轉移到另一個價格區間。

And, that we think that if we do a great job with the product that people will be willing to spend more because they get so much more out of it.

而且，我們認為，如果我們在產品上做得很好，人們會願意花更多的錢，因為他們能從中得到更多。

I think you can look at the results on the iPhone and see that in action.

我認為您可以查看 iPhone 上的結果並查看實際效果。

We grew 87% in China.

我們在中國增長了 87%。

We grew 90%-plus in India.

我們在印度增長了 90% 以上。

Emerging markets are growing 65%.

新興市場增長了 65%。

These numbers are unbelievable, and they are done in an environment where it's not the best of conditions.

這些數字令人難以置信，而且它們是在不是最佳條件的環境中完成的。

That's how we look at it.

這就是我們看待它的方式。

We don't do the [MBA] analysis of there's only X people buying in a price band, and therefore, we can only get X minus Y percent.

我們不進行 [MBA] 分析，即在一個價格範圍內只有 X 人購買，因此，我們只能得到 X 減去 Y 百分比。

That's not the way we have ever looked at it.

這不是我們曾經看待它的方式。

If we did, we wouldn't be shipping any products.

如果我們這樣做了，我們就不會運送任何產品。

Tim, I'm asking in part because you talked about the highest-ever Android switcher.

蒂姆，我之所以這麼問，部分原因是你談到了有史以來最高的 Android 切換器。

I'm wondering, if indeed, your goal of expanding the category is happening or whether you are taking share and how you measure the relative contribution of each of those in your success.

我想知道，如果確實，您擴大類別的目標正在實現，或者您是否正在分享，以及您如何衡量每個人對您成功的相對貢獻。

So is the strength and the dramatically above-market growth because you are taking share in that high-end category?

那麼，由於您在該高端類別中佔有一席之地，因此實力和顯著高於市場的增長是否如此？

And, how far along are you there?

而且，你在那裡有多遠？

Or, can you point to proof points that you've actually expanded the size of the market for products of your price point?

或者，您能否指出您實際上已經擴大了您的價位產品的市場規模的證據？

I think there's no doubt; if you look at it, we are expanding the market size in those areas.

我認為毫無疑問；如果你看一下，我們正在擴大這些領域的市場規模。

It's also true that there's some people that are switching from comparable price points to the iPhone, and that's great, too.

確實有些人正在從可比較的價格點轉向 iPhone，這也很棒。

But, I think the answer is that both of those things are happening and it is key that we do both, not just one.

但是，我認為答案是這兩件事都在發生，關鍵是我們兩者都做，而不僅僅是一個。

Okay.

好的。

And then, if I could just ask you to comment on how you think about replacement cycles with the current iPhone 6 cycle?

然後，如果我可以請您評論一下您如何看待當前 iPhone 6 週期的更換週期？

When you look at replacement cycles over the last three quarters, are they similar to what you saw one and two years ago when you think about replacement?

當您查看過去三個季度的更換週期時，它們是否與您在一兩年前考慮更換時看到的相似？

And, one of the things that also struck me was I think you cited market research having repurchase intention of 86% versus your competitors at 50%.

而且，讓我印象深刻的一件事是，我認為您引用的市場研究的回購意向為 86%，而您的競爭對手為 50%。

Quite frankly, the 86% sounds low to me.

坦率地說，86% 對我來說聽起來很低。

Is that actually consistent with what you see in the marketplace?

這實際上與您在市場上看到的一致嗎？

About 86% of iPhone buyers, ultimately, buy another iPhone?

大約 86% 的 iPhone 購買者最終會購買另一部 iPhone？

Perhaps you can just help us think about replacement cycle and how that's changed and the percentage number and how that jives with reality.

也許您可以幫助我們考慮更換週期以及它是如何變化的、百分比數字以及它是如何與現實相吻合的。

86% also seems low to me, but I was quoting a third-party source and not our own data.

86% 對我來說似乎也很低，但我引用的是第三方來源而不是我們自己的數據。

Our own data would look better than that, but the numbers are only comparable if I quote the third-party source for both, and so that's what I'm doing.

我們自己的數據看起來會比這更好，但只有在我引用第三方來源的情況下，這些數字才有可比性，這就是我正在做的事情。

On the upgrade cycle, what we are seeing; it's not remarkably different.

在升級週期中，我們看到了什麼；這並沒有顯著的不同。

However, there's a number of plans that people begin signing up for in the last year that could change it.

但是，人們在去年開始註冊的一些計劃可能會改變它。

These are upgrade-any-time kind of plans.

這些是隨時升級的計劃。

They may be one-year leases that could actually help the upgrade rate.

它們可能是一年的租約，實際上可以幫助提高升級率。

I think it will be interesting to see how that plays out over the next horizon.

我認為看看它在下一個地平線上的表現會很有趣。

But, generally speaking, I see positive vectors there, not negative.

但是，一般來說，我在那裡看到正向量，而不是負向量。

In the aggregate.

在聚集。

Thank you, Toni.

謝謝你，托尼。

Could we have the next question, please?

請問下一個問題好嗎？

Jim Suva, Citi.

花旗銀行的吉姆蘇瓦。

Thank you very much.

非常感謝。

As you look at -- many of your products have been absolutely fantastic, and in different phases in their life they've seen tremendous high growth, whether it's iPad, iPhone, iPod.

正如你所看到的——你的許多產品都非常棒，在他們生命的不同階段，它們都經歷了巨大的高速增長，無論是 iPad、iPhone 還是 iPod。

And iPhone looks like it's facing some very challenging comps here in the next few quarters.

iPhone 看起來在接下來的幾個季度將面臨一些非常具有挑戰性的競爭。

Does this make you shift even more strategic focus into broadening the reliance on a couple products?

這是否會使您將更多的戰略重點轉移到擴大對幾種產品的依賴上？

Such as you've mentioned Apple radio; there's a lot more content on the Apple Watch and apps, and then also Apple Pay.

比如你提到的蘋果收音機； Apple Watch 和應用程序上還有更多內容，還有 Apple Pay。

Are you increasingly focusing on hiring in these [non-hardware things]?

您是否越來越關注這些 [非硬件] 方面的招聘？

Or, are these more peripheral activities and the focus is right now on the phone?

或者，這些更多的外圍活動是不是現在的重點是手機？

Well, we think the -- Jim, it's Tim.

好吧，我們認為——吉姆，是蒂姆。

We think the phone has a lot of legs to it; many, many, many years.

我們認為手機有很多優勢。很多很多很多年。

There's tons of innovation left at the phone.

手機上還有很多創新。

I think we are in the early innings of it, not in the late innings.

我認為我們處於早期階段，而不是後期階段。

And I think the market rate of growth over the long haul will also be impressive, and so I think there will be multiple winners here.

而且我認為長期的市場增長率也將令人印象深刻，因此我認為這裡會有多個贏家。

So that's how I see it.

所以我就是這麼看的。

In terms of the other things that we're doing, we have some great capability and great teams in Apple, and so we can do more than one thing.

至於我們正在做的其他事情，我們在 Apple 擁有一些強大的能力和強大的團隊，因此我們可以做的不止一件事。

And so, we have other things that we're working on as well.

因此，我們還有其他事情正在做。

But at the aggregate level we still remain very focused, because if you look at our size versus the number of projects we have going, it's much smaller compared to most.

但在總體層面上，我們仍然非常專注，因為如果你看看我們的規模與我們正在進行的項目數量，它與大多數相比要小得多。

But, that's how we do things, and that's how we get the level of quality that we want out of each one of those.

但是，這就是我們做事的方式，這就是我們如何從每一項中獲得我們想要的質量水平。

And so, the other things that you named, whether it be Apple Music or Apple Pay, both of these are very important to us.

所以，你提到的其他東西，無論是 Apple Music 還是 Apple Pay，這兩者對我們來說都非常重要。

And things that you didn't mention: the Mac continues to perform very well.

還有您沒有提到的事情：Mac 繼續表現出色。

I'm still bullish on iPad.

我仍然看好 iPad。

We've gotten -- with iOS 9, there is some incredible productivity enhancements coming in with split view and slide over and picture-in-picture.

我們已經得到了——在 iOS 9 中，有一些令人難以置信的生產力增強，包括拆分視圖、滑動和畫中畫。

These things are incredible features.

這些東西是令人難以置信的功能。

The enterprise business is clearly picking up, and more and more companies are either contracting for or writing apps themselves.

企業業務明顯好轉，越來越多的公司要么簽約，要么自己編寫應用程序。

And, I believe that the iPad consumer upgrade cycle will eventually occur, because as we look at the usage statistics on iPad, it remains unbelievably great.

而且，我相信 iPad 消費者升級週期最終會發生，因為當我們查看 iPad 上的使用統計數據時，它仍然非常棒。

The next closest usage of the next competitor, we are 6 times greater.

下一個競爭對手的下一個最接近的用法，我們是 6 倍。

And so, these are extraordinary numbers.

因此，這些都是非凡的數字。

It's not like people have forgotten iPad or anything.

人們並沒有忘記 iPad 或其他任何東西。

It's a fantastic product.

這是一個很棒的產品。

So I see a lot of runway.

所以我看到了很多跑道。

And as I look geographically, where we have been doing really good in the emerging markets, our share is still not high in any of them and so there is a lot of headroom there as well, as there is in most developed markets as well.

從地理上看，我們在新興市場做得非常好，我們在其中的任何一個市場中的份額仍然不高，因此那裡也有很大的空間，就像在大多數發達市場一樣。

And so, I look around and I see opportunity left and right.

所以，我環顧四周，我看到了左右兩邊的機會。

That's what we're focused on.

這就是我們所關注的。

Great.

偉大的。

Thank you so much.

太感謝了。

Thanks, Jim.

謝謝，吉姆。

Could we have the next question, please?

請問下一個問題好嗎？

Steve Milunovich, UBS.

瑞銀的史蒂夫·米盧諾維奇。

Thank you.

謝謝你。

Tim, there's some concern about what's going on in China with the stock market and economically.

蒂姆，有人擔心中國股市和經濟的情況。

How do you think that plays out for Apple?

你認為這對蘋果有什麼影響？

On one hand, you've got more stores, broader distribution; the 4G infrastructure is playing out.

一方面，你有更多的商店，更廣泛的分佈； 4G 基礎設施正在發揮作用。

On the other hand, the economy might be weakening.

另一方面，經濟可能正在走弱。

Is a phone a discretionary purchase or not?

手機是不是可以隨意購買？

How do you think about going forward in China?

您如何看待在中國的發展？

It's a very good question.

這是一個很好的問題。

We remain extremely bullish on China and we're continuing to invest.

我們仍然非常看好中國並繼續投資。

Nothing that's happened has changed our fundamental view that China will be Apple's largest market at some point in the future.

所發生的一切都沒有改變我們的基本觀點，即中國將在未來某個時候成為蘋果最大的市場。

It's true, as you point out, that the equity markets have been -- have recently been volatile.

正如你所指出的，股市確實——最近一直在波動。

This could create some speed bumps in the near term.

這可能會在短期內造成一些減速帶。

But to put it in context, which I think is important, despite that volatility in the Chinese market, they're still up 90% over the last year and they're up 20% year to date.

但在我認為很重要的背景下，儘管中國市場波動很大，但它們仍比去年上漲了 90%，今年迄今上漲了 20%。

And so these kind of numbers are numbers I think all of us would love.

所以這些數字是我認為我們所有人都會喜歡的數字。

Also, the stock market participation among Chinese household is fairly narrow and the stock ownership is very concentrated in a few people who put what appears to be a smaller portion of their wealth in the market than we buy.

此外，中國家庭的股票市場參與度相當有限，股票所有權非常集中在少數人手中，他們將似乎比我們購買的財富更少的部分投入市場。

And so I think, generally, this has been -- or at least as we see it, maybe it's not true for other businesses -- that this worry is probably overstated.

所以我認為，總的來說，這種擔憂可能被誇大了——或者至少在我們看來，對於其他企業來說可能不是這樣。

So we're not changing anything.

所以我們沒有改變任何東西。

We have our pedal to the metal on getting to 40 stores mid next year.

明年年中，我們將全力以赴去 40 家商店。

As we had talked about before, we are continuing to expand the indirect channel as well.

正如我們之前所說，我們也在繼續擴大間接渠道。

As you point out, and I think this is a major point that many people miss, the LTE penetration in China is only at 12%.

正如你所指出的，我認為這是很多人忽略的一個重點，中國的 LTE 普及率僅為 12%。

China doesn't possess the level of fiber that some other countries do, and so in order to get great video performance, et cetera, raising that penetration is really great.

中國不具備其他一些國家所具備的光纖水平，因此為了獲得出色的視頻性能等，提高滲透率確實很棒。

I think that really plays to an incredible smart phone future there.

我認為這確實對那裡令人難以置信的智能手機未來發揮了作用。

Also, and I can't underestimate -- I can't overstate this: the rise of the middle-class there is continuing and it is transforming China.

此外，我不能低估——我不能誇大這一點：那裡的中產階級正在繼續崛起，它正在改變中國。

I saw a recent study from McKinsey that's projecting the upper middle class to grow from 14% to 54% of households over the 10-year period from 2012 to 2022, so we are within that period at this moment.

我看到麥肯錫最近的一項研究預測，從 2012 年到 2022 年的 10 年間，中上階層家庭的比例將從 14% 增長到 54%，所以我們目前處於那個時期。

And you can see -- for all of us that travel there so much -- with every trip you can see this occurring.

你可以看到——對於我們所有經常去那裡旅行的人來說——每次旅行你都可以看到這種情況發生。

And so I think we would be foolish to change our plans.

所以我認為改變我們的計劃是愚蠢的。

I think China is a fantastic geography with an incredible, unprecedented level of opportunity there and we're going to be there.

我認為中國是一個奇妙的地理環境，那裡有難以置信的、前所未有的機會，我們將在那裡。

I also wanted to ask, can you give us any more detail on the switching rate?

我還想問一下，你能不能給我們提供更多關於轉換率的細節？

How much is it up?

漲了多少？

And, I notice in your advertising there's the shift to the: if it's not an iPhone, it's not an iPhone.

而且，我注意到在你的廣告中有一個轉變：如果它不是 iPhone，它就不是 iPhone。

And I assume that while you're not as involved as Jobs was, you're approving these ads, so it seems like you're really focused on market share gain right now.

而且我假設雖然你不像喬布斯那樣參與其中，但你正在批准這些廣告，所以看起來你現在真的專注於市場份額的增加。

I'm very familiar with the ads.

我對廣告非常熟悉。

In certain geographies, the way that we win is to get switchers.

在某些地區，我們獲勝的方式是獲得切換者。

In other geographies, the way that we win is to get people to buy their first smart phone.

在其他地區，我們獲勝的方式是讓人們購買他們的第一部智能手機。

In other geographies, the way that we win is to get people to upgrade from their current iPhone.

在其他地區，我們獲勝的方式是讓人們從他們當前的 iPhone 升級。

All of those are very important for us.

所有這些對我們來說都非常重要。

In many geographies, it's two of those, or in some geographies, it's all three of those.

在許多地區，它是其中的兩個，或者在某些地區，它是所有三個。

And so all of those are important.

所以所有這些都很重要。

We are very focused on growing iPhone around the world, not just in one geography, and getting our message out there through ads is one way to do that.

我們非常專注於在全球範圍內發展 iPhone，而不僅僅是在一個地區，通過廣告傳達我們的信息是實現這一目標的一種方式。

Thank you.

謝謝你。

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？

Shannon Cross, Cross Research.

香農交叉，交叉研究。

Thank you very much.

非常感謝。

I wanted to talk about FX, but not necessarily from a direct impact.

我想談談 FX，但不一定是直接影響。

What are you seeing in terms of demand as you've raised prices in various geographies?

隨著您在不同地區提高價格，您對需求有何看法？

And, how are you thinking about it as you go into the next iPhone cycle in terms of having to normalize the pricing for what some of the currencies have done over the past year?

而且，當您進入下一個 iPhone 週期時，您如何考慮必須對過去一年中某些貨幣所做的定價進行正常化？

Yes, Shannon.

是的，香農。

Obviously, FX has been a significant hit in many ways, of course.

顯然，外彙在許多方面都受到了重大影響，當然。

It reduces our growth rates.

它降低了我們的增長率。

We would be 800 basis points higher this quarter from the 33% that we've reported if it wasn't for the movement in currencies around the world.

如果不是因為全球貨幣的波動，本季度我們將比我們報告的 33% 高出 800 個基點。

Really, when you look around the world, if you exclude China, essentially every single currency has weakened against the dollar.

真的，當你環顧世界時，如果你排除中國，基本上每一種貨幣都對美元貶值。

We are pretty careful and thoughtful about where we increase prices and when and by how much [during] mid cycle, because it's not something that we particularly like to do.

我們非常謹慎和深思熟慮地考慮我們在周期中期提高價格的時間和幅度，因為這不是我們特別喜歡做的事情。

We've had circumstances around the world this year where, frankly, we didn't have many options because the currency movement was so large, and so we've had to reprice.

今年我們在世界各地都遇到過這樣的情況，坦率地說，我們沒有太多選擇，因為貨幣波動太大，所以我們不得不重新定價。

I have to say that it's been remarkable.

我不得不說這是了不起的。

Look, in the long run, a strong US dollar is not a positive for our international business.

看，從長遠來看，強勢美元對我們的國際業務不利。

It's normal to see a drop in demand when prices go up.

當價格上漲時，需求下降是正常的。

That goes without saying.

那不用說了。

It has been remarkable so far to see that.

到目前為止，看到這一點非常了不起。

We did take prices in a few markets, but remarkable to see how resilient iPhone sales have been because we have increased -- in spite of these price increases, we have increased sales and we have increased market share in all our geographies around the world without exception.

我們確實在一些市場上定價了，但令人驚訝的是，iPhone 的銷售有多麼有彈性，因為我們增加了——儘管價格上漲了，但我們的銷售額增加了，我們在全球所有地區的市場份額都增加了例外。

Great.

偉大的。

And then, can you talk a bit about linearity during the quarter on a geographic basis?

然後，您能談談本季度在地理上的線性度嗎？

Somewhat going back to the China question.

有點回到中國的問題。

Did you see it slow down toward the end of the quarter or was it solid through it?

您是否看到它在本季度末放緩，或者它是否穩定？

And just any other color you can give geographically with Europe and some of the other macro events that are going on.

以及您可以在歐洲和正在發生的其他一些宏觀事件中提供的任何其他顏色。

Shannon, it's Tim.

香農，是蒂姆。

Maybe the best way to talk about this is at the product level.

也許談論這個的最好方式是在產品層面。

On the Watch, our June sales were higher than April or May.

在 Watch 上，我們 6 月的銷售額高於 4 月或 5 月。

I realize that's very different than what some of the -- is being written, but June sales were the highest.

我意識到這與正在編寫的某些內容非常不同，但 6 月份的銷售額是最高的。

And so, the Watch had a more of a back-ended kind of skewing.

因此，Watch 更像是一種後端傾斜。

The phone itself followed what I would call a normal seasonal kind of pattern.

手機本身遵循我所說的正常季節性模式。

If you look at the -- it sounds like you're honing in on the greater China results themselves.

如果你看一下 - 聽起來你正在磨練大中華區的結果。

There's no obvious impact for last quarter in the greater China numbers.

大中華區的數據對上個季度沒有明顯影響。

Obviously, with the aggregate or the consolidated number being 112%, it's hard to find a lot of bad things in the numbers.

顯然，總和或合併的數字為 112%，很難在數字中找到很多不好的東西。

Thank you, Shannon.

謝謝你，香農。

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通過 iTunes Store 上的播客、www.Apple.com/investor 上的網絡廣播和電話播放。

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

電話重播的號碼是 888-203-1112 或 719-457-0820。

Please enter confirmation code 9957771.

請輸入確認碼9957771。

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

這些重播將在太平洋時間今天下午 5:00 左右提供。

Members of the press with additional questions can contact Kristin Huguet at 408-974-2414, and financial analysts can contact Joan Hoover or me with additional questions.

媒體成員有其他問題可以聯繫 Kristin Huguet，電話是 408-974-2414，金融分析師可以聯繫 Joan Hoover 或我有其他問題。

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。