蘋果 (AAPL) 2015 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to this Apple Incorporated fourth-quarter FY15 earnings release conference call.

女士們，先生們，美好的一天，歡迎參加 Apple Incorporated 2015 財年第四季度財報電話會議。

Today's call is being recorded.

今天的電話正在錄音。

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

在這個開場白和介紹的時候，我想打電話給投資者關係高級總監 Nancy Paxton。

Please go ahead, ma'am.

請繼續，女士。

Thank you.

謝謝你。

Good afternoon, and thanks to everyone for joining us today.

下午好，感謝大家今天加入我們。

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

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 will hear during our discussion today will consist of forward-looking statements including, without limitation, those regarding revenues, gross margins, operating expenses, other income and expense, taxes and future business outlook.

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

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 Forms 10-Q for the first three quarters of FY15, and the Form 8-K filed with the SEC today, along with the associated press release.

有關更多信息，請參閱 Apple 2014 年的 10-K 表格、2015 財年前三個季度的 10-Q 表格以及今天向美國證券交易委員會提交的 8-K 表格中討論的風險因素，以及美聯社新聞發布。

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

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

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

我現在想把電話轉給蒂姆做介紹性發言。

Thanks, Nancy.

謝謝，南希。

Good afternoon, everyone, and thanks for joining us.

大家下午好，感謝您加入我們。

Today we are reporting a very strong finish to a record-breaking year, and I would like to reflect on some of the highlights.

今天，我們報告了破紀錄的一年的圓滿收官，我想回顧一下其中的一些亮點。

We completed our fiscal year in September, and we are proud to report revenue of $234 billion, an increase of 28% and $51 billion over 2014.

我們在 9 月完成了我們的財年，我們很自豪地報告收入 2340 億美元，比 2014 年增長 28% 和 510 億美元。

This is our largest absolute revenue growth ever.

這是我們有史以來最大的絕對收入增長。

To put that into some context, our growth in one year was greater than the full-year revenue of almost 90% of the companies in the Fortune 500.

從某種意義上說，我們一年的增長超過了財富 500 強中近 90% 公司的全年收入。

We made huge inroads into emerging markets, generating over $79 billion in revenue and growing 63% despite very strong headwinds from foreign exchange rates.

我們在新興市場取得了巨大的進展，創造了超過 790 億美元的收入並增長了 63%，儘管外匯匯率的阻力很大。

These results are made possible by Apple's commitment to innovation and creating the best products on Earth.

Apple 對創新和創造地球上最好產品的承諾使這些成果成為可能。

In the past 12 months, around the world we've sold over 300 million devices, including 231 million iPhones, 55 million iPads and 21 million Macs.

在過去的 12 個月裡，我們在全球售出了超過 3 億台設備，其中包括 2.31 億部 iPhone、5500 萬部 iPad 和 2100 萬部 Mac。

Setting new unit records and increasing our global market share for both iPhone and Mac.

為 iPhone 和 Mac 創造新的銷量記錄並增加我們的全球市場份額。

We crossed 100 billion cumulative downloads from the app store, and we added powerful new services to our ecosystem including Apple Pay in the United States and United Kingdom, Apple Music in over 100 countries and Apple News in the US.

我們在應用商店的累計下載量突破了 1000 億次，我們為我們的生態系統添加了強大的新服務，包括美國和英國的 Apple Pay、100 多個國家的 Apple Music 和美國的 Apple News。

We also entered an entirely new category with Apple Watch and we are in the very early innings of this promising new part of our business.

我們還通過 Apple Watch 進入了一個全新的類別，我們正處於我們業務這一充滿希望的新部分的早期階段。

We generated over $53 billion in net income and grew earnings per share by 43%.

我們創造了超過 530 億美元的淨收入，每股收益增長了 43%。

We returned almost $50 billion to shareholders through dividends and share repurchases while continuing to invest confidently in research and development, marketing and distribution, our retail and online stores, our supply chain and our infrastructure.

我們通過股息和股票回購向股東返還了近 500 億美元，同時繼續自信地投資於研發、營銷和分銷、我們的零售和在線商店、我們的供應鍊和我們的基礎設施。

We also completed 15 acquisitions to enhance and accelerate our road map for products and services.

我們還完成了 15 項收購，以增強和加快我們的產品和服務路線圖。

We accomplished all of these things while intensifying our efforts to protect the environment, to promote equality and human rights and to ensure the security and privacy we know our customers deserve.

我們完成了所有這些事情，同時加大力度保護環境、促進平等和人權，並確保我們知道客戶應得的安全和隱私。

We are ending the year on a high note with a record-breaking September quarter, including sales of 48 million iPhones, beating our expectations and up 22% year-over-year.

我們以創紀錄的 9 月季度結束了這一年，其中包括 4800 萬部 iPhone 的銷量，超出了我們的預期，同比增長 22%。

Momentum for iPhone 6 and iPhone 6 plus remain very strong across the quarter, and we established a new launch record for iPhone 6s and iPhone 6s plus near the end of the quarter.

iPhone 6 和 iPhone 6 plus 的勢頭在整個季度仍然非常強勁，我們在接近季度末的時候創造了 iPhone 6s 和 iPhone 6s plus 的新發布記錄。

We are seeing strong interest around the world, and we have been getting great feedback from customers who love the iPhone's new features including 3D Touch, Live Photos, the new iSight camera and the powerful new A9 processor in the iPhone 6s and 6s plus.

我們在全球範圍內看到了強烈的興趣，並且我們從喜歡 iPhone 的新功能（包括 3D Touch、Live Photos、新的 iSight 攝像頭和 iPhone 6s 和 6s plus 中強大的新 A9 處理器）的客戶那裡得到了很好的反饋。

We exited the quarter with demand for new iPhones exceeding supply, but we've made good progress with our manufacturing ramp in the initial weeks of October.

我們在本季度結束時對新 iPhone 的需求超過了供應，但在 10 月的最初幾週，我們的生產量增加了，取得了良好的進展。

We sold an all-time record 5.7 million Macs, continuing to defy the negative trend in the global personal computer market which IDC estimates contracted by 11%.

我們售出了創紀錄的 570 萬台 Mac，繼續無視全球個人電腦市場的負面趨勢，IDC 估計該市場萎縮了 11%。

The App Store set new all-time quarterly records for both the number of transacting customers and overall revenue.

App Store 的交易客戶數量和總收入都創下了新的季度記錄。

The strong performance of the App Store helped fuel $5.1 billion in services revenue, also an all-time record.

App Store 的強勁表現幫助推動了 51 億美元的服務收入，這也是歷史記錄。

Sales of Apple Watch were also up sequentially and were ahead of our expectations.

Apple Watch 的銷量也環比增長，超出了我們的預期。

This quarter we introduced beautiful new Apple Watch cases and bands, including New Gold and Rose Gold Aluminum Apple Watch sport models.

本季度我們推出了漂亮的新款 Apple Watch 錶殼和錶帶，包括新款金色和玫瑰金鋁製 Apple Watch 運動款。

We released Watch OS/2 in September, paving the way for a whole new class of native apps that are faster and can take advantage of the hardware capabilities of Apple Watch such as the microphone, speaker and the heart rate sensor.

我們在 9 月發布了 Watch OS/2，為全新的原生應用程序鋪平了道路，這些應用程序速度更快，可以利用 Apple Watch 的硬件功能，例如麥克風、揚聲器和心率傳感器。

Today, there are over 13,000 apps on the watch App Store, including over 1,300 native apps such as Facebook Messenger, MLB At Bat and Runkeeper, and the number is growing rapidly.

如今，Watch App Store 上有超過 13,000 個應用程序，其中包括 Facebook Messenger、MLB At Bat 和 Runkeeper 等 1,300 多個原生應用程序，並且數量還在快速增長。

Apple Watch has already had a tremendous effect on customers' health and fitness, and the stories we're hearing about its impact are truly inspirational.

Apple Watch 已經對顧客的健康和健身產生了巨大的影響，我們聽到的關於它的影響的故事真的很鼓舞人心。

I personally heard from people who credit Apple Watch with saving their lives, and customers are finding new applications all the time in their day-to-day activities.

我個人聽到有人說 Apple Watch 拯救了他們的生命，而且客戶在日常活動中一直在尋找新的應用程序。

Revenue and Greater China nearly doubled year-over-year, and we continue to focus and invest heavily there.

收入和大中華區同比幾乎翻了一番，我們將繼續專注並大力投資。

I just returned from a four-day visit to Hangzhou and Beijing where we announced major new initiatives to provide renewable energy for our supply chain.

我剛結束對杭州和北京為期四天的訪問，我們宣布了為我們的供應鏈提供可再生能源的重大新舉措。

I also visited our retail stores in China, which are among the busiest in the world.

我還參觀了我們在中國的零售店，它們是世界上最繁忙的零售店之一。

On Saturday we opened a new store, our 25th in greater China, to a very enthusiastic crowd, and we are on track to achieve our goal of 40 stores by the middle of next year.

週六，我們在大中華區開設了一家新店，這是我們在大中華區的第 25 家新店，吸引了非常熱情的人群，我們有望在明年年中實現 40 家門店的目標。

Yesterday we started taking orders for the all-new Apple TV, and it was a huge first day for this exciting new product.

昨天我們開始接受全新 Apple TV 的訂單，對於這款令人興奮的新產品來說，這是一個巨大的第一天。

We want to provide the same innovation in the living room that we've delivered in our iOS devices.

我們希望在客廳中提供與我們在 iOS 設備中提供的相同的創新。

People are already watching more TV through apps today, and we think apps represent the future of TV.

如今，人們已經通過應用程序觀看更多電視，我們認為應用程序代表了電視的未來。

We've built a new foundation around this vision with the new operating system called TV OS, innovative ways to connect with your screen and a smart use of Siri to search for what to watch.

我們通過名為 TV OS 的新操作系統、創新的屏幕連接方式以及智能使用 Siri 來搜索觀看內容，為這一願景奠定了新的基礎。

Next month we will begin shipping iPad Pro, the most powerful iPad we've ever made.

下個月，我們將開始發售 iPad Pro，這是我們製作過的最強大的 iPad。

iPad Pro will enable a new generation of apps for entertainment and productivity, design and illustration, engineering and medical, and much more.

iPad Pro 將為娛樂和生產力、設計和插圖、工程和醫療等領域提供新一代的應用程序。

And with the Apple pencil and smart keyboard, users can customize their experience, making iPad Pro an even more powerful tool for everyone from students to artists to business professionals.

借助 Apple Pencil 和智能鍵盤，用戶可以自定義他們的體驗，讓 iPad Pro 成為更強大的工具，適用於從學生到藝術家再到商務專業人士的所有人。

iOS 9 has hit the ground running, on track to be downloaded by more users than any software release in Apple's history with 61% of active iOS devices already running it less than six weeks after its September 16 release.

iOS 9 已經開始運行，其用戶下載量有望超過 Apple 歷史上任何一個軟件版本，在 9 月 16 日發布不到六週的時間內，61% 的活躍 iOS 設備已經在運行它。

In late September, we also launched OS X El Capitan, which has made the world's most advanced desktop operating system more refined and powerful than ever before.

9 月下旬，我們還推出了 OS X El Capitan，它讓世界上最先進的桌面操作系統比以往任何時候都更加精緻和強大。

Apple Music has set a completely new standard, redefining and combining the best ways to enjoy music in a single immersive app.

Apple Music 樹立了全新的標準，重新定義並結合了在單個沉浸式應用中欣賞音樂的最佳方式。

Over 15 million individual and family accounts are experiencing Apple music, including over 6.5 million paying customers.

超過 1500 萬個人和家庭帳戶正在體驗 Apple 音樂，其中包括超過 650 萬付費客戶。

We are thrilled to bring Apple Music to China beginning this quarter, along with iTunes movies and iBooks, and we are especially happy to offer such great new and diverse content to our large, highly engaged and rapidly growing customer base in China.

我們很高興從本季度開始將 Apple Music 以及 iTunes 電影和 iBooks 帶到中國，我們特別高興為我們在中國的龐大、高度參與和快速增長的客戶群提供如此出色的全新和多樣化的內容。

We are also looking forward to bringing Apple Music to the new Apple TV beginning this week.

我們也期待從本週開始將 Apple Music 引入新的 Apple TV。

Apple Pay is seeing double-digit growth in transaction month after month, and we continue to add major businesses including Starbucks, which will rollout Apple Pay support to all its US stores in 2016.

Apple Pay 的交易量逐月實現兩位數增長，我們繼續增加包括星巴克在內的主要業務，星巴克將於 2016 年在其所有美國商店推出 Apple Pay 支持。

Apple Pay now supports merchant rewards programs as well and popular retailers will be coming on line in the next few weeks.

Apple Pay 現在也支持商家獎勵計劃，熱門零售商將在未來幾週內上線。

We are thrilled to announce today that we are partnering with American Express to bring Apple Pay to eligible customers in key global markets, so even more people can experience the easy, secure and private way to pay.

今天我們很高興地宣布，我們正與美國運通合作，將 Apple Pay 帶給全球主要市場的合格客戶，讓更多人能夠體驗到簡單、安全和私密的支付方式。

Apple Pay will be available to eligible American Express customers in Australia and Canada this year and is expected to expand to Spain, Singapore and Hong Kong in 2016.

Apple Pay 將於今年面向澳大利亞和加拿大符合條件的美國運通客戶提供，預計 2016 年將擴展到西班牙、新加坡和香港。

The reach of our ecosystem continues to grow, and iOS is changing more and more aspects of our customers' lives in a very meaningful ways from their health to their homes to their cars.

我們的生態系統的範圍不斷擴大，iOS 正在以非常有意義的方式改變我們客戶生活的越來越多的方面，從他們的健康到他們的家再到他們的汽車。

In health, there are now more than 1,600 health kit enabled solutions that are helping us live a healthier day.

在健康方面，現在有超過 1,600 種支持健康套件的解決方案正在幫助我們過上更健康的一天。

In the home, there are over 50 brands working on home kit enabled accessories that can be privately and securely controlled from your iPad and iPhone and in the car, more than 50 automobile models have been announced with CarPlay support which provides a smarter, safer and more fun way to use iPhone in the car, and we will continue to work to make the iOS experience even more meaningful across more touch points of our daily lives.

在家裡，有 50 多個品牌致力於開發支持家庭套件的配件，這些配件可以通過 iPad 和 iPhone 進行私密和安全控制以更有趣的方式在汽車中使用 iPhone，我們將繼續努力使 iOS 體驗在我們日常生活的更多接觸點上變得更有意義。

The impact of ResearchKit also continues to build.

ResearchKit 的影響力也在不斷增強。

We recently announced new studies on autism, epilepsy and melanoma, adding to the important studies already underway on conditions from asthma to diabetes to Parkinson's disease.

我們最近宣布了關於自閉症、癲癇和黑色素瘤的新研究，增加了已經在從哮喘到糖尿病再到帕金森病等疾病的重要研究。

Our iOS news app is off to a great start.

我們的 iOS 新聞應用有了一個良好的開端。

Nearly 40 million people are reading Apple news, and we have been getting very positive feedback from the publishers.

近 4000 萬人正在閱讀 Apple 新聞，我們從出版商那裡得到了非常積極的反饋。

We have now signed more than 70 publishers representing hundreds of titles, and we are happy to announce that news just launched in the United Kingdom and Australia with partners such as the BBC, News Corp, the Telegraph, The Guardian, Financial Times, Daily Mail and the Australian Broadcasting Service.

我們現在已經與代表數百個標題的 70 多家出版商簽約，我們很高興地宣布，該新聞剛剛與 BBC、新聞集團、電訊報、衛報、金融時報、每日郵報等合作夥伴在英國和澳大利亞推出和澳大利亞廣播服務。

And finally, we are making great strides in the enterprise market, announcing a new strategic partnership with Cisco in September while furthering our progress with IBM and building our mobility partners program.

最後，我們在企業市場上取得了長足的進步，在 9 月宣布與思科建立新的戰略合作夥伴關係，同時進一步推進與 IBM 的合作並建立我們的移動合作夥伴計劃。

We estimate that enterprise markets accounted for about $25 billion in annual Apple revenue in the last 12 months, up 40% over the prior year, and they represent a major growth vector for the future.

我們估計，企業市場在過去 12 個月中佔 Apple 年收入約 250 億美元，比上一年增長 40%，它們代表了未來的主要增長點。

I would like to thank our talented and incredibly hard-working employees, our developers and our business partners around the world and of course, our very loyal customers for making 2015 Apple's most successful year yet.

我要感謝我們才華橫溢且非常勤奮的員工、我們的開發人員和我們在世界各地的業務合作夥伴，當然還有我們非常忠實的客戶，感謝他們讓 2015 年成為 Apple 迄今為止最成功的一年。

With that, I will turn the call over to Luca to go over the September quarter results in more detail.

有了這個，我將把電話轉給盧卡，以更詳細地了解 9 月份的季度業績。

Thank you, Tim, good afternoon, everyone.

謝謝蒂姆，大家下午好。

It is great to conclude our record FY15 with our strongest September quarter ever.

很高興以有史以來最強勁的 9 月季度結束我們創紀錄的 2015 財年。

Revenue for the quarter was $51.5 billion, an increase of $9.4 billion, or 22% year-over-year.

本季度收入為 515 億美元，同比增長 94 億美元，增幅為 22%。

Our growth was driven by the very strong performance of iPhone, the expanded availability of Apple Watch and all-time high services revenue and Mac sales.

我們的增長是由 iPhone 的強勁表現、Apple Watch 的擴大可用性以及歷史最高的服務收入和 Mac 銷售推動的。

We achieved these outstanding results despite severe and persisting weakness in foreign exchange rates around the world that affected all our geographic segments, and this makes our year-over-year growth rates even more remarkable.

儘管全球外匯匯率嚴重且持續疲軟影響了我們所有的地理區域，但我們仍取得了這些出色的成績，這使得我們的同比增長率更加顯著。

In constant currency, our growth during the fourth quarter would have been 800 basis points higher.

按固定匯率計算，我們在第四季度的增長將高出 800 個基點。

We once again reported very strong numbers in greater China, with revenue growing 99% year-over-year to $12.5 billion.

我們再次報告了大中華區的強勁數據，收入同比增長 99% 至 125 億美元。

Emerging markets performance was strong overall.

新興市場整體表現強勁。

Up 65% year-over-year and representing 31% of total Company revenue for the quarter.

同比增長 65%，佔本季度公司總收入的 31%。

Company gross margin was 39.9%, up sequentially, better than our expectations, mainly due to lower than expected costs.

公司毛利率為 39.9%，環比上升，好於我們的預期，主要是由於成本低於預期。

Operating margin was 28.4% of revenue, and net income was $11.1 billion, a new September quarter record.

營業利潤率為收入的 28.4%，淨收入為 111 億美元，創下 9 月季度的新紀錄。

Diluted earnings per share were $1.96, a 38% year-over-year increase, and cash flow from operations was $13.5 billion.

每股攤薄收益為 1.96 美元，同比增長 38%，運營現金流為 135 億美元。

Also a new fourth quarter record.

也是新的第四季度記錄。

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 48 million iPhones in the quarter, up 22% year-over-year with strong performance around the world throughout the quarter.

我們在本季度售出了 4800 萬部 iPhone，同比增長 22%，整個季度在全球範圍內表現強勁。

Total iPhone sales were up 120% in mainland China, grew over 35% in South Asia and increased by over 20% in several markets around the world including Germany and Italy.

iPhone 總銷量在中國大陸增長 120%，在南亞增長超過 35%，在包括德國和意大利在內的全球多個市場增長超過 20%。

iPhone ASP was $670, an increase of $67 year-over-year.

iPhone ASP 為 670 美元，同比增長 67 美元。

Thanks to more favorable mix and in spite of the very significant negative impact from foreign exchange that I referred to earlier.

多虧了更有利的組合，儘管我之前提到的外匯產生了非常顯著的負面影響。

We increased iPhone channel inventory by less than 2 million units in order to support our new product launch at the very end of September quarter.

我們將 iPhone 渠道庫存增加了不到 200 萬部，以支持我們在 9 月底季度末推出的新產品。

We exited the quarter with demand exceeding supply and channel inventory below our targeted range of five to seven weeks.

我們在本季度結束時需求超過供應，渠道庫存低於我們 5 到 7 週的目標範圍。

Next I would like to talk about the Mac.

接下來我想談談Mac。

We sold 5.7 million Macs, which is an all-time quarterly record and represents 3% year-over-year growth.

我們售出了 570 萬台 Mac，創下季度歷史新高，同比增長 3%。

We extended our very long running trend of PC market share gains based on IDCs latest estimate of an11% global market contraction.

根據 IDC 對全球市場萎縮 11% 的最新估計，我們擴展了 PC 市場份額增長的長期趨勢。

Mac growth was driven primarily by the great customer response to our new Mac Book and sales of Mac Book Pro also remains strong.

Mac 的增長主要是由於客戶對我們的新 Mac Book 的強烈反應，Mac Book Pro 的銷售也保持強勁。

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

我們在本季度結束時低於 Mac 渠道庫存的四到五週目標範圍。

Turning to iPad, we sold 9.9 million compared to 12.3 million in the year-ago quarter.

談到 iPad，我們售出了 990 萬台，而去年同期為 1230 萬台。

iPad sell-through was 10.4 million as we reduced channel inventory by about 500,000 units.

由於我們將渠道庫存減少了約 500,000 台，iPad 的銷售量為 1040 萬台。

We exited the quarter below our five to seven week target range of iPad channel inventory.

我們在本季度退出了 iPad 渠道庫存的五到七週目標範圍。

iPad customer metrics remain extremely positive.

iPad 客戶指標仍然非常積極。

In August, ChangeWave measured a 97% consumer satisfaction rate for iPad Air 2 and among consumers planning to purchase a tablet within 90 days, 70% plan to purchase an iPad.

8 月，ChangeWave 測量了 97% 的消費者對 iPad Air 2 的滿意度，在計劃在 90 天內購買平板電腦的消費者中，70% 的消費者計劃購買 iPad。

Corporate buyers reported a 95% satisfaction rate for iPad and a 90 day purchase intent of 73%.

企業買家對 iPad 的滿意度為 95%，90 天的購買意向為 73%。

In the segments of the tablet market where we competes, we continue to be very successful.

在我們競爭的平板電腦市場領域，我們繼續非常成功。

Recent data from NPD indicates that iPad has 73% share of the US market for tablets priced above $200, and the latest data published by IDC indicates that iPad has a 74% share of the US commercial tablet market.

NPD 近期數據顯示，iPad 在美國 200 美元以上平板電腦市場佔有 73% 的份額，而 IDC 公佈的最新數據顯示，iPad 在美國商用平板電腦市場佔有 74% 的份額。

As Tim mentioned, our enterprise initiatives continue to expand.

正如蒂姆所提到的，我們的企業計劃繼續擴大。

In September we announced a new strategic partner with Cisco to optimize their networks for iOS devices with the goal of providing iOS mobile users with great performance advantage over other mobile platforms.

9 月，我們宣布與思科建立新的戰略合作夥伴，以優化他們的 iOS 設備網絡，目標是為 iOS 移動用戶提供優於其他移動平台的性能優勢。

Also, during the September quarter IBM released new MobileFirst for iOS apps in healthcare, financial services, travel and transportation and industrial sectors, including new apps leveraging iOS 9 and Watch OS 2. There are now 55 apps in the IBM MobileFirst for iOS catalog, and the list of project signings is growing rapidly.

此外，在 9 月季度，IBM 在醫療保健、金融服務、旅行和運輸以及工業部門發布了新的 MobileFirst for iOS 應用程序，包括利用 iOS 9 和 Watch OS 2 的新應用程序。IBM MobileFirst for iOS 目錄中現在有 55 個應用程序，項目簽約名單也在快速增長。

Inside IBM, Macs are gaining tremendous traction.

在 IBM 內部，Mac 正在獲得巨大的吸引力。

There are currently over 30,000 Macs deployed within the Company with 1,900 more being added each week.

目前，公司內部部署了超過 30,000 台 Mac，每週還會增加 1,900 台。

IBM tells us that each Mac is saving $270 compared to a traditional PC thanks to much reduced support cost and better residual value.

IBM 告訴我們，與傳統 PC 相比，每台 Mac 可節省 270 美元，這要歸功於大大降低的支持成本和更好的剩餘價值。

This is a terrific example of the kind of opportunity our devices offer to improve user experience and create value in the enterprise world.

這是我們的設備為改善用戶體驗和在企業領域創造價值所提供的機會的一個極好的例子。

Our mobility partner program also continues to grow with more than 25 new partners added in the September quarter, bringing the total to over 65.

我們的移動合作夥伴計劃也繼續增長，在 9 月季度新增了超過 25 個新合作夥伴，使總數超過 65 個。

And we are already seeing some great success stories with this program.

我們已經看到了該計劃的一些成功案例。

We're also very excited about the potential of iPad Pro in the enterprise.

我們也對 iPad Pro 在企業中的潛力感到非常興奮。

For example, with the Bloomberg professional app, more than 325,000 financial professionals will be able to use iPad Pro to gain instant global access to finance and business news, market data and portfolio tracking and trading tools.

例如，借助 Bloomberg 專業應用程序，超過 325,000 名金融專業人士將能夠使用 iPad Pro 在全球範圍內即時訪問金融和商業新聞、市場數據以及投資組合跟踪和交易工具。

Turning to services, we generated $5.1 billion in revenue, a new all-time record and an increase of 10% over last year, mainly due to strong growth from apps.

在服務方面，我們創造了 51 億美元的收入，創下歷史新高，比去年增長 10%，主要是由於應用程序的強勁增長。

Revenue from the App Store increased 25% and the number of transacting customers grew 18%, also setting an all-time record.

App Store 收入增長 25%，交易客戶數量增長 18%，也創下歷史新高。

Services growth was particularly impressive in China where App Store revenue grew by 127% year-over-year.

中國的服務增長尤其令人印象深刻，App Store 收入同比增長 127%。

The momentum behind the App Store in China has been tremendous, with huge interest from developers and customers alike.

App Store 在中國的發展勢頭巨大，開發者和客戶都對此產生了極大的興趣。

Our developer program in China has grown dramatically in the last year with over 1 million members in our program today.

去年，我們在中國的開發者計劃發展迅速，如今我們的計劃成員已超過 100 萬。

Revenue from other products grew strongly, up 61% over last year, thanks to the growing contribution from Apple Watch.

由於 Apple Watch 的貢獻不斷增長，其他產品的收入增長強勁，比去年增長了 61%。

We expanded Apple Watch distribution significantly over the course of the quarter, and it was available at almost 5,000 locations in 32 countries by quarter end.

我們在本季度顯著擴大了 Apple Watch 的分銷範圍，截至本季度末，它已在 32 個國家/地區的近 5,000 個地點提供。

Our retail and online stores had a very busy quarter.

我們的零售和在線商店有一個非常繁忙的季度。

We opened seven new stores, including our first store in Belgium.

我們開了七家新店，包括我們在比利時的第一家店。

That brought us to a global store count of 463, of which 195 are in 15 countries outside the United States.

這使我們的全球門店數量達到 463 家，其中 195 家位於美國以外的 15 個國家/地區。

In FY16 we expect to open or replace between 40 and 50 stores, and we continue to place particular emphasis on greater China where we plan to have 40 stores opened by the middle of next year.

2016 財年，我們預計將開設或更換 40 至 50 家門店，我們將繼續特別重視大中華區，我們計劃在明年年中開設 40 家門店。

Customers have been very interested in the iPhone upgrade program offered in our US retail stores.

客戶對我們美國零售店提供的 iPhone 升級計劃非常感興趣。

The iPhone upgrade program gives customers purchasing a connected device an easy convenient way to get a new phone every year with low monthly payments to a third-party lender, along with the security and protection of AppleCare Plus.

iPhone 升級計劃為購買聯網設備的客戶提供了一種每年購買新手機的簡單便捷方式，而且每月向第三方貸方支付的費用較低，同時還享有 AppleCare Plus 的安全和保護。

After making 12 or more installment payments, customers can upgrade to a new iPhone.

在進行 12 次或更多分期付款後，客戶可以升級到新 iPhone。

Let me also quickly discuss three accounting matters.

讓我也快速討論三個會計事項。

First, relative to the iPhone upgrade program that I just mentioned, we would be reducing revenue at the time of sale for the costs associated with the program, and deferring the portion of revenue related to AppleCare, software upgrade rights and non-software services for each iPhone sold.

首先，相對於我剛才提到的 iPhone 升級計劃，我們將在銷售時減少與該計劃相關的成本的收入，並將與 AppleCare、軟件升級權利和非軟件服務相關的部分收入推遲到每售出一部 iPhone。

Second, in September, based on an analysis of market offerings, we reduced the estimated selling price of future software upgrade rights and nonsoftware services that we defer for each iOS device and Macs sold, the reduction is between $5 and $10 per unit.

其次，在 9 月，基於對市場產品的分析，我們降低了我們為每台銷售的 iOS 設備和 Mac 推遲的未來軟件升級權利和非軟件服務的估計售價，降幅在每台 5 美元到 10 美元之間。

Third, also in September, we lengthened the time period over which the deferred revenue associated to iPads will be recognized from two years to three years.

第三，同樣在 9 月，我們將確認與 iPad 相關的遞延收入的期限從兩年延長至三年。

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 $205.7 billion in cash plus marketable securities, a sequential increase of $2.8 billion.

我們在本季度末擁有 2057 億美元的現金和有價證券，環比增長 28 億美元。

$187 billion of this cash, or 91% for the total, was outside of the United States.

這筆現金中有 1870 億美元（佔總額的 91%）在美國境外。

In the September quarter we issued a total of $5.8 billion of term debt consisting of $1.25 billion of British pound-denominated notes, $2.25 billion of Australian dollar-denominated notes and $2 billion of euro-denominated notes.

在 9 月季度，我們共發行了 58 億美元的定期債務，其中包括 12.5 億美元的英鎊計價票據、22.5 億美元的澳元計價票據和 20 億美元的歐元計價票據。

This left us with $56 billion of term debt outstanding at the end of the quarter.

這使我們在本季度末有 560 億美元的未償定期債務。

We were very active in the market during the quarter end returned over $17 billion to our investors.

本季度末，我們在市場上非常活躍，為我們的投資者帶來了超過 170 億美元的回報。

We paid $3 billion in dividends and equivalents, and we spent $14 billion to repurchase almost 122 million Apple shares through open market transactions.

我們支付了 30 億美元的股息和等價物，並花費 140 億美元通過公開市場交易回購了近 1.22 億股蘋果股票。

We also completed our fifth accelerated share repurchase program in July and retired an additional 10 million shares of settlement.

我們還在 7 月完成了第五次加速股票回購計劃，並收回了額外的 1000 萬股結算股票。

We have now completed over $143 billion of our $200 billion program, including 104 billion share repurchases, of which 36 billion was repurchased in FY15 alone.

我們現在已經完成了 2,000 億美元計劃中的 1,430 億美元，其中包括 1,040 億次股票回購，其中僅在 2015 財年就回購了 360 億次。

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

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

We expect revenue to be between $75.5 billion and $77.5 billion compared to $74.6 billion in the year ago quarter.

我們預計收入將在 755 億美元至 775 億美元之間，而去年同期為 746 億美元。

We expect gross margin to be between 39% and 40%.

我們預計毛利率將在 39% 至 40% 之間。

We expect OpEx to be between $6.3 billion into $6.4 billion.

我們預計運營支出將在 63 億美元到 64 億美元之間。

We expect OI&E to be about $400 million, and we expect the tax rate to be about 26.2%.

我們預計 OI&E 約為 4 億美元，我們預計稅率約為 26.2%。

Also, today our Board of Directors has declared a cash dividend of $0.52 per share of common stock, payable on November 12, 2015 to shareholders of record as of November 9, 2015.

此外，今天我們的董事會宣布派發每股普通股 0.52 美元的現金股息，將於 2015 年 11 月 12 日支付給截至 2015 年 11 月 9 日登記在冊的股東。

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

有了這個，讓我們打開問題的電話。

Thank you, Luca.

謝謝你，盧卡。

And 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跟進。

May we have the first question please?

請問我們可以問第一個問題嗎？

(Operator Instructions)

（操作員說明）

Katy Huberty, Morgan Stanley.

凱蒂·休伯蒂，摩根士丹利。

Yes, thanks.

對了謝謝。

Good afternoon.

下午好。

In light of December quarter revenue guidance, firmly low single-digit revenue growth in what looks like increasingly tough comps heading into the March quarter, how you get comfortable that Apple isn't on the verge of ex-growth for the first time in a decade?

鑑於 12 月季度的收入指引，在進入 3 月季度看起來越來越艱難的情況下，收入增長極低的個位數，你如何對蘋果公司首次沒有處於增長的邊緣感到滿意十年？

And then I have a follow-up.

然後我有一個跟進。

Kate, it is Tim.

凱特，是蒂姆。

You have to consider the constant currency growth rates.

您必須考慮恆定的貨幣增長率。

And so if you do that, our guidance is actually 8% to 11%, because we have about a 700 basis point FX headwind in Q1.

因此，如果你這樣做，我們的指導實際上是 8% 到 11%，因為我們在第一季度有大約 700 個基點的外匯逆風。

The growth is actually quite good underneath that, and that is obviously a problem that everyone is struggling with.

在此之下，增長實際上相當不錯，這顯然是每個人都在努力解決的問題。

Zooming out to the more macro question about growth, here's what I see currently.

縮小到有關增長的更宏觀問題，這就是我目前所看到的。

We believe that iPhone will grow in Q1, and we base that on what we are seeing from a switcher point of view.

我們相信 iPhone 將在第一季度增長，我們基於我們從切換器的角度看到的情況。

We recorded the highest rate on record for Android switchers last quarter at 30%.

上個季度，我們記錄了 Android 切換器的最高比率，為 30%。

We also look at the number of people that have upgraded that were in the installed base prior to iPhone 6 and 6 plus.

我們還查看了在 iPhone 6 和 6 plus 之前的安裝基礎中已升級的人數。

And that number is in the low 30%s, so we feel like we have a very open field in front of us.

這個數字在 30% 的低位，所以我們覺得我們面前有一個非常開放的領域。

Our performance in emerging markets, although it is quite good and our revenue is good, our market share is low and the LTE penetration in these markets is quite low.

我們在新興市場的表現雖然相當好，收入也不錯，但我們的市場份額很低，LTE 在這些市場的滲透率也很低。

Also, if I zoom out and look at China, as I've said before, and just to make the point once again, is we see an enormous change in China over the next several years.

另外，如果我把鏡頭拉近看中國，就像我之前說過的那樣，為了再次說明這一點，我們是否會看到未來幾年中國發生了巨大的變化。

The latest study I've seen from McKenzie indicates if you look back five years, China's middle class had about 50 million people and it, if you look ahead five years, it will have 10 times that number in it.

我從麥肯齊看到的最新研究表明，如果你回顧五年，中國的中產階級大約有 5000 萬人，如果你展望五年，它將是這個數字的 10 倍。

And I feel like we are reasonably well positioned in China.

我覺得我們在中國的定位相當不錯。

I'm sure we can do better, but I think we are doing fairly well there.

我相信我們可以做得更好，但我認為我們在那裡做得相當好。

It is not the only market that we are working on, obviously.

顯然，這不是我們正在開發的唯一市場。

I was really impressed last quarter with our progress in Vietnam and Indonesia and India, among others.

上個季度，我們在越南、印度尼西亞和印度等地取得的進展給我留下了深刻的印象。

Also from the currencies point of view and the weak global economies, you don't overly focus on this.

同樣從貨幣和疲軟的全球經濟的角度來看，您也不必過分關注這一點。

My view is it is a transitional thing and we invest for the long term, so we are continuing to invest for Apple's future.

我的觀點是這是一個過渡性的東西，我們是長期投資的，所以我們會繼續為蘋果的未來投資。

In addition to those, Apple TV is off to a great start.

除此之外，Apple TV 也有了一個良好的開端。

Apple Watch is just getting going.

Apple Watch 剛剛起步。

The app store hit a new record again last quarter, and the growth seems to be really great there.

應用商店上個季度再次創下新紀錄，那裡的增長似乎非常好。

I'm really happy with the early days of Apple Music and the people moving from the free trial to the music business.

我對 Apple Music 的早期發展以及人們從免費試用轉向音樂業務感到非常滿意。

And finally, the enterprise business is not to be underestimated.

最後，企業業務不容小覷。

I doubt very many people knew that we had a $25 billion enterprise business that we've quietly built in not too many years.

我懷疑很多人都知道我們有一個價值 250 億美元的企業業務，而我們是在不久的將來悄悄建立起來的。

But our penetration is low, but we had significant actions going on to really deepen that.

但是我們的滲透率很低，但我們採取了重大行動來真正加深這一點。

Everywhere I look, I see significant opportunity.

我所到之處，都看到了重大機遇。

Long answer, but I thought you might be interested.

很長的答案，但我想你可能會感興趣。

No, I appreciate that.

不，我很感激。

Just as a follow-up on growth, if you look at large services companies, Facebook, Amazon, Google, they are all growing over 20%, and it is largely driven by activity of Apple users on iOS devices.

作為增長的後續，如果你看看大型服務公司，Facebook、亞馬遜、谷歌，它們的增長都超過了 20%，這主要是由蘋果用戶在 iOS 設備上的活動推動的。

Do you feel like there's more that Apple can do to participate in that services growth, or are you relegated to fundamentals that are tied to a device upgrade cycles?

您是否覺得 Apple 可以做更多的事情來參與該服務的增長，或者您是否被歸入與設備升級週期相關的基本面？

The App Store is growing over 20%, it grew 25% last quarter so we feel very good about that.

App Store 增長超過 20%，上個季度增長了 25%，所以我們對此感覺非常好。

That's become a sizable business.

這已成為一項規模龐大的業務。

I would also point out that some of these upgrade programs that are in the market, where they begin to look more like a subscription business in terms of the way they operate.

我還要指出，市場上有一些升級程序，就其運作方式而言，它們開始看起來更像是訂閱業務。

We think that in the aggregate, that they may reduce upgrade cycles.

我們認為總體而言，它們可能會減少升級週期。

And also the iPhone that has been sold to someone else it hits a price point that we are not hitting today largely, which could help further fuel the services revenue, which we did quite well on last quarter.

此外，已經賣給其他人的 iPhone 達到了我們今天基本上沒有達到的價格點，這可能有助於進一步推動服務收入，我們在上個季度做得很好。

Thank you very much.

非常感謝。

Thank you Katy, may we have the next question please?

謝謝凱蒂，請問下一個問題好嗎？

Piper Jaffray, Gene Munster.

派珀·杰弗裡，吉恩·芒斯特。

Good afternoon, and congratulations.

下午好，祝賀你。

Tim you just briefly touched on reducing the time between upgrades, but how do you think about the iPhone upgrade cycle compressing over the next few years?

蒂姆，您只是簡單地談到了縮短升級之間的時間，但您如何看待 iPhone 升級週期在未來幾年的壓縮？

Obviously the impact from carriers' changes in the iPhone upgrade program.

顯然是運營商改變iPhone升級方案的影響。

Can you talk a little bit about when that is going to be rolled out internationally?

你能談談什麼時候會在國際上推出嗎？

And then lastly, Luca, you mentioned some of the accounting changes related to the iPhone upgrade program.

最後，Luca，您提到了與 iPhone 升級計劃相關的一些會計變更。

Any sense in terms of what percentage of the plus -- the S upgrades were associated with the upgrade program?

就加成的百分比而言，S 升級與升級程序相關聯有什麼意義嗎？

Thanks.

謝謝。

Gene, in terms of the upgrade program, it is early, but here's what we believe our current view is.

Gene，就升級計劃而言，現在還為時過早，但這就是我們認為我們目前的看法。

We do think that the broader upgrade programs, so I'm not just talking about our program in retail, that is relatively small compared to our total iPhone sales in the Company.

我們確實認為更廣泛的升級計劃，所以我不僅僅是在談論我們在零售方面的計劃，與我們在公司的 iPhone 總銷量相比，這相對較小。

But the broader thing, obviously, is that many of the carriers are offering these plans.

但顯然，更廣泛的事情是許多運營商都在提供這些計劃。

And that if you look at them in the aggregate, we think that it would have a positive impact on replacement cycles.

而且，如果您總體來看它們，我們認為這將對更換週期產生積極影響。

We do like the fact that it creates a market for an iPhone at a different price point, as well, that is a better product than that customer may be currently buying, which will further help from ecosystem point of view, and that is not to be underestimated.

我們確實喜歡這樣一個事實，即它以不同的價位為 iPhone 創造了一個市場，這是一個比客戶目前可能購買的更好的產品，從生態系統的角度來看，這將進一步提供幫助，而不是被低估。

It also seems like that from a rollout point of view, there's -- you will see these plans offered in a significant way in the United States already.

從推出的角度來看，似乎還有——你會看到這些計劃已經在美國以一種重要的方式提供。

But in fact, these plans are being offered in some derivation in over a dozen countries in the world.

但事實上，這些計劃正在世界上十幾個國家以某種形式提供。

They are not as pervasive as they are in US, but it seems like we are on the front end of a fairly major trend in the industry.

它們不像在美國那樣普遍，但似乎我們處於該行業相當主要趨勢的前端。

From a financial perspective, Gene, the transaction on our iPhone upgrade program is a purchase, it is not a lease, and so we recognise our revenue up front.

從財務角度來看，Gene，我們 iPhone 升級計劃的交易是購買，而不是租賃，因此我們預先確認了我們的收入。

Of course, we deduct also upfront the cost associated with the program essentially to provide interest-free financing, and we need to estimate the fair value of the upgrade option for the customer.

當然，我們還預先扣除了與該計劃相關的成本，主要是為了提供無息融資，我們需要為客戶估計升級選項的公允價值。

But as Tim said, it is a popular program in our US store, but in the scheme of things, it's a small percentage of our worldwide iPhone sales.

但正如蒂姆所說，它是我們美國商店的一個受歡迎的程序，但從整體上看，它只占我們全球 iPhone 銷售額的一小部分。

And so it will have really a negligible impact, for example, on ASPs for the phone.

因此，它的影響實際上可以忽略不計，例如，對手機的 ASP 的影響。

Tim, if we put it all together, is this something that has more measurable impact on the business two, three quarters down the road?

蒂姆，如果我們把它們放在一起，這是否會對未來四分之三的業務產生更可衡量的影響？

Is that right way to generally think about it?

這是一般思考的正確方法嗎？

Yes, we think about it as being -- there were some clearly that were offered in the market prior to this cycle, but they became much more pervasive and much -- they were communicated, I think, much wider with the September announcements.

是的，我們認為它是——在這個週期之前，市場上明顯有一些，但它們變得更加普遍和更多——我認為，它們在 9 月的公告中得到了更廣泛的溝通。

And so I would expect to begin seeing this somewhere around a year from now.

所以我希望在大約一年後的某個地方開始看到這一點。

Thank you.

謝謝你。

Yes.

是的。

Thank you, Gene.

謝謝你，吉恩。

May 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, thank you.

是的，謝謝。

Tim, I appreciated the color that you provided on the drivers of iPhone growth in Q1.

蒂姆，我很欣賞你提供的關於第一季度 iPhone 增長驅動因素的顏色。

I think the investor concern is that Q1 will benefit, at least on a year-over-year basis, from three extra weeks of availability in China, and it will also benefit from more of those initial launch days that only two of them were in the September quarter and the remainder will be in the December quarter.

我認為投資者的擔憂是第一季度將受益於，至少在同比的基礎上，在中國增加三週的可用性，並且它還將受益於更多的初始發布日，其中只有兩個在九月季度，其餘的將在十二月季度。

The investor concern is, December is a structurally advantaged quarter in the sense of benefiting from both of those tailwinds on a year-over-year basis.

投資者擔心的是，12 月是一個結構上具有優勢的季度，從這兩種順風的角度來看，這兩種情況都比去年同期有所受益。

But if we look out beyond December, wouldn't that point to notably lower seasonal growth in the March quarter?

但是，如果我們展望 12 月以後，這是否表明 3 月季度的季節性增長會顯著下降？

And how do we think about the factors affecting unit growth beyond the December quarter?

我們如何看待影響 12 月季度之後單位增長的因素？

And then I have a follow-up please.

然後我有一個後續請。

We don't guide beyond the December, as you know, Toni.

如你所知，托尼，我們不會在 12 月之後進行指導。

I do think that the macro things I spoke about earlier, the upgrade programs, the Android switcher rate, the iPhone momentum in the merging markets and the LTE penetration in these markets, these trends are not one quarter things.

我確實認為我之前談到的宏觀問題、升級計劃、Android 切換率、合併市場中的 iPhone 勢頭以及 LTE 在這些市場中的普及率，這些趨勢都不是四分之一。

These are longer-term things, and so my same response applies.

這些都是長期的事情，所以我的回應同樣適用。

And where I think we will do quite good in iPhone, I do believe we will grow this quarter as we put in our guidance, that when you start with the number in the low 30%s in terms of the percentage of the installed base that's upgraded, that had a phone pre the iPhone 6 and 6 plus, that number is still likely to leave a lot of headroom beyond December.

我認為我們在 iPhone 方面會做得很好，我相信我們會在本季度實現增長，正如我們在指導中給出的那樣，當你從安裝基數百分比的低 30% 開始時升級後，在 iPhone 6 和 6 plus 之前有一部手機，這個數字在 12 月之後仍然可能留下很大的空間。

So, that's how I look at that.

所以，我就是這麼看的。

In terms of your first comment, you did not ask you to comment on that, but just to be clear, I would have -- our forecasting doesn't work like you articulated it.

關於您的第一條評論，您沒有要求您對此發表評論，但為了清楚起見，我會 - 我們的預測不像您所說的那樣有效。

I recognize that people can have their own models and so forth, but just to make it clear that I am not agreeing with your point.

我承認人們可以有自己的模型等等，但只是為了表明我不同意你的觀點。

Okay.

好的。

Then just on the follow-up, the reported gains from currency hedging in FY15 were significant, several billion-dollar contribution to the Company.

緊接著，2015 財年貨幣對沖的報告收益顯著，為公司貢獻了數十億美元。

And again, this is not an Apple specific issue, Luca, as you pointed out several times.

再說一遍，這不是 Apple 特有的問題，Luca，正如您多次指出的那樣。

But how do we think about this notion of currency hedges effectively rolling off and being replaced with hedges that are likely to have less of an impact?

但是，我們如何看待這種貨幣對沖的概念有效地滾動並被可能影響較小的對沖所取代？

How do we think about that impacting the P&L on a go forward basis, perhaps starting with Q1, but then qualitatively or directionally over the course of the year?

我們如何看待這對未來損益的影響，也許從第一季度開始，然後在一年中的定性或方向上？

And what are some of the kinds of things that you've undertaken or are planning to undertake that can mitigate some of those concerns?

您已經採取或計劃採取哪些措施可以減輕這些擔憂？

Yes, I think Toni, it's a very good point.

是的，我認為托尼，這是一個很好的觀點。

What's going to happen in practice is we've got this portfolio of hedge contracts that, over time, provides protection to our margins and to our results.

在實踐中將會發生的事情是，我們擁有這個套期保值合約組合，隨著時間的推移，它可以保護我們的利潤和結果。

But that protection diminishes as we go through the year, and so we should expect that.

但是隨著我們一年的過去，這種保護會減少，所以我們應該期待這一點。

That over time during the course of FY16, that protection will come off, assuming that the dollar stays at current levels.

隨著時間的推移，在 2016 財年期間，假設美元保持在當前水平，這種保護將會消失。

Keep in mind that there are some currencies around the world where we cannot economically hedge, so those currencies are a bit excluded from what we are talking about right now.

請記住，世界上有些貨幣我們無法在經濟上對沖，所以這些貨幣有點被排除在我們現在談論的範圍之外。

I think, my conclusion is that, the guidance that we are proving for the first quarter, that 39% to 40%, it is actually an incredible level of guidance, given the foreign exchange headwinds that we are dealing with.

我認為，我的結論是，考慮到我們正在應對的外匯逆風，我們為第一季度提供的 39% 到 40% 的指導實際上是一個令人難以置信的指導水平。

How do we deal with them?

我們如何處理它們？

We will continue to hedge, so our program continues on an ongoing basis, and we will continue to provide some level of protection to foreign exchange movements.

我們將繼續對沖，因此我們的計劃將持續進行，我們將繼續為外匯波動提供一定程度的保護。

In some cases, we have realigned prices.

在某些情況下，我們會重新調整價格。

Particularly when we launched new products, we tend to do that in a number of countries where the foreign exchange moves are being particularly extreme.

特別是當我們推出新產品時，我們傾向於在一些外匯波動特別劇烈的國家這樣做。

So, we tend to recover that through pricing.

因此，我們傾向於通過定價來恢復這一點。

Finally, of course we are putting in place a number of cost initiatives that will allow us to deal with the foreign exchange situation.

最後，當然，我們正在實施一些成本舉措，使我們能夠應對外匯情況。

So overall, we feel very strong guidance for the first quarter and beyond the first quarter, as you know, we are not guiding, so we will see over the course of the year.

所以總的來說，我們對第一季度和第一季度之後的指導非常強烈，正如你所知，我們不是指導，所以我們將在一年中看到。

Thanks, Toni.

謝謝，托尼。

Can we have the next question please?

請問下一個問題可以嗎？

Shannon Cross, Cross Research.

香農交叉，交叉研究。

Thank you very much.

非常感謝。

Tim, I wanted to go back to commentary on the enterprise business.

蒂姆，我想回到對企業業務的評論。

$25 billion, I think you said was up 40% year-over-year.

250 億美元，我想你說的是同比增長 40%。

I know you had a relatively small sales force internally and obviously, you're utilizing the joint ventures.

我知道你們內部的銷售隊伍相對較小，很明顯，你們正在利用合資企業。

But as you noted, you see it is an important driver of growth.

但正如您所指出的，您看到它是增長的重要驅動力。

So, how do you attack that market going forward?

那麼，您將如何攻擊該市場？

Will there be changes, is this something you need to shift or focus product in a little bit of a different direction to make sure you can adequately attack it?

會有變化嗎，你是否需要將產品轉移或集中在一個不同的方向上，以確保你可以充分攻擊它？

Just in general, how are you thinking about it?

總的來說，你是怎麼想的？

From a product point of view, we've actually been continuing to change and improve iOS for some time.

從產品的角度來看，我們實際上一直在持續改變和改進 iOS 一段時間。

With every release there ar more enterprise features, and so I would describe it as a continuation of that cadence, perhaps with a little more intensity.

每個版本都有更多的企業功能，因此我將其描述為這種節奏的延續，也許會更加強烈。

From a go-to-market point of view, we will be working with -- or are working with IBM, with Cisco.

從進入市場的角度來看，我們將與 IBM 和 Cisco 合作——或者正在與 IBM 合作。

We are already working with 75 ability partners that are principally in the US, but that is expanding quickly to international, as well.

我們已經與主要在美國的 75 個能力合作夥伴合作，但也正在迅速擴展到國際。

So, many of these companies have, in some cases, very large sales forces and in many cases, a reasonable size sales force.

因此，這些公司中的許多公司在某些情況下擁有非常龐大的銷售隊伍，在許多情況下，擁有合理規模的銷售隊伍。

And in addition to a direct sales force, there is a huge worldwide indirect channel that many customers buy from and count on buying some services from.

除了直接銷售人員之外，還有一個巨大的全球間接渠道，許多客戶從中購買並依賴購買一些服務。

So, I do not envision Apple having a large enterprise sales force.

所以，我不認為蘋果擁有龐大的企業銷售隊伍。

We will clearly make -- continue adding some people more on the engineering side, but I don't envision having a large direct sales force.

我們顯然會在工程方面繼續增加一些人，但我不認為有一個龐大的直銷隊伍。

Okay, great, thank you.

好的，太好了，謝謝。

And then can you give us some more color on China, 120% year-over-year growth in iPhone.

然後你能否給我們一些關於中國的更多信息，iPhone 同比增長 120%。

But can you talk in general about what you are seeing in the marketplace and perhaps where you think you are in terms of penetration from a smartphone standpoint, especially with say, China Mobile, which has a substantial opportunity to grow, given the LTE penetration?

但是，您能否大致談談您在市場上看到的情況，以及您認為從智能手機的滲透率來看，尤其是中國移動，鑑於 LTE 的滲透率，它有很大的增長機會？

Yes, if you look at China, we grew from an iPhone point of view, Greater China, we grew 87%; the market grew 4%.

是的，如果你看中國，從 iPhone 的角度來看，我們增長了，大中華區增長了 87%；市場增長 4%。

If you take iPhone out of the market number so the market ex- iPhone actually contracted slightly.

如果您將 iPhone 排除在市場數量之外，那麼前 iPhone 的市場實際上略有收縮。

So we have been able to grow without the market growing.

因此，我們能夠在沒有市場增長的情況下實現增長。

iPhone 6 was the number one selling smartphone in mainland China last quarter and iPhone 6 plus was number three.

iPhone 6 是上一季度中國大陸智能手機銷量第一，iPhone 6 plus 排名第三。

So, we did fairly well.

所以，我們做得相當不錯。

The economic question, which I know there's been a lots of attention on, frankly, if I were to shut off my web and shut off the TV and just look at how many customers are coming in our stores regardless of whether they are buying, how many people are coming online and in addition to looking at our sales trends, I would not know there was -- there was any economic issue at all in China.

經濟問題，坦率地說，我知道已經引起了很多關注很多人都上網了，除了查看我們的銷售趨勢之外，我不知道有——中國根本沒有任何經濟問題。

I don't know how unusual we are with that.

我不知道我們有多麼不尋常。

I think that there's a misunderstanding, probably particularly in the Western world about China's economy, which contributes to the confusion.

我認為這是一種誤解，尤其是西方世界對中國經濟的誤解，這導致了混亂。

That said, I don't think it is going as fast as it was, but I also don't think that Apple's results are largely dependent on minor changes in growth.

也就是說，我認為它的發展速度沒有以前那麼快，但我也不認為蘋果的業績在很大程度上取決於增長的微小變化。

I think it is much more of contributing -- I think other things contribute to that much more.

我認為這更多的是貢獻——我認為其他事情對此貢獻更大。

That doesn't say we will never have a problem there because of the economy.

這並不是說我們永遠不會因為經濟問題在那裡出現問題。

I'm not saying that.

我不是這麼說的。

I'm not dumb enough to think that.

我還沒有傻到這麼想。

But I just think that the area that it is currently operating within, it is hard to tell a difference at the consumer level for us.

但我只是認為，它目前在其中運營的領域，對於我們來說很難在消費者層面上區分。

You really can't tell the difference if you look at it our daily and weekly numbers.

如果您查看我們的每日和每週數字，您真的無法區分。

So, we're very bullish on it.

所以，我們非常看好它。

And I would point out that we are investing in China not for next quarter or the quarter after or the quarter after, we are investing for the decades ahead.

我要指出的是，我們在中國投資不是為了下個季度、下個季度或下個季度，我們投資的是未來幾十年。

And as we look at it, our own view is that China will be Apple's top market in the world.

在我們看來，我們自己的看法是，中國將成為蘋果在全球的最大市場。

And that's not just for sales, that's also the developer community is growing faster than in any other country in the world.

這不僅僅是為了銷售，開發者社區的發展速度也比世界上任何其他國家都快。

So, the ecosystem there is very, very strong.

所以，那裡的生態系統非常非常強大。

I was very impressed with the number of the developers I met last week and of course, the customers in stores are enthusiastically contagious.

上週我遇到的開發商數量給我留下了深刻的印象，當然，商店裡的顧客也很有感染力。

Thank you, Shannon.

謝謝你，香農。

Can we have next question please?

請問下一個問題可以嗎？

Steve Milunovich, UBS.

瑞銀的史蒂夫·米盧諾維奇。

Thank you.

謝謝你。

Tim, I wanted to talk about the two sources of your iPhone demand, selling to current customers and selling to new customers.

蒂姆，我想談談你的 iPhone 需求的兩個來源，向現有客戶銷售和向新客戶銷售。

In terms of selling to current customers, you indicated about one-third of the base has moved to the 6 line.

在向現有客戶銷售方面，您表示約有三分之一的基地已移至 6 號線。

As much as people talk about that being huge upgrade cycle and what does the 6s as have incrementally, 33% is not that big a number, I would've thought it would be bigger than that.

儘管人們談論這是一個巨大的升級週期以及 6s 的增量，但 33% 並不是一個大數字，我認為它會比這更大。

Does this suggest that there maybe more of a consistency to upgrading then the Street perceives?

這是否表明昇級的一致性可能比華爾街認為的要高？

Then on the other side, in terms of new customers, just wanted clarity on the switcher number.

另一方面，就新客戶而言，只是希望明確切換台號碼。

Are you saying 30% of iPhone shipments in the quarter went to android switchers to iOS?

你是說本季度 30% 的 iPhone 出貨量是從安卓切換到 iOS 的嗎？

And do you believe the could actually have more new customers to Apple and FY16 then you had in FY15?

您是否認為與 FY15 相比，Apple 和 FY16 的新客戶實際上會更多？

There's a lot there, let me start with android switcher.

那裡有很多，讓我從android切換器開始。

What this means is that for customers who purchased an iPhone last quarter and replaced a smartphone, that 30% of those switched from an android device.

這意味著，對於上個季度購買 iPhone 並更換智能手機的客戶來說，其中 30% 的客戶是從 Android 設備轉換過來的。

So, there would have been some switchers on top of that from other operating systems, but obviously, android is the largest one by far.

因此，在其他操作系統之上會有一些切換器，但顯然，android 是迄今為止最大的切換器。

That's what that means, and that number is the largest that we have ever recorded since we began measuring it three or so years ago.

這就是這個意思，這個數字是自三年左右開始測量以來我們所記錄的最大數字。

So, it is a huge number, we are very proud of that number.

所以，這是一個巨大的數字，我們為這個數字感到非常自豪。

In terms of 2016 versus 2015, new customers.

2016 年與 2015 年相比，新客戶。

It is hard to predict.

很難預測。

I'm very happy with how we're doing, we're doing better than we've ever been doing.

我對我們的表現非常滿意，我們做得比以往任何時候都好。

People I know there is a fixation on the upgrade rate.

我認識的人對升級率很感興趣。

When I look at the upgrade rate, Steve, what I see is I feel good that it is a low number because that low number means that there's 69% of the people that are out there prior to the iPhone 6 and 6 plus that have not bothered to upgrade just yet.

當我查看升級率時，史蒂夫，我覺得這是一個低數字我感覺很好，因為這個低數字意味著有 69% 的人在 iPhone 6 和 6 plus 之前沒有懶得升級了。

That's a large number.

這是一個很大的數字。

I see that as an opportunity.

我認為這是一個機會。

Do I think it has anything -- does it link to consistency?

我認為它有什麼——它與一致性有關嗎？

I think part of it is, and I believe that the iPhone upgrade plans that are out there, as I mentioned before, it seems to me only the future will tell if this is true are not.

我認為部分原因是，我相信那裡的 iPhone 升級計劃，正如我之前提到的，在我看來，只有未來才能證明這是不是真的。

But it seems to me it is going to act as a catalyst to accelerate some of those upgrades.

但在我看來，它將成為加速其中一些升級的催化劑。

I think that's not something that we are going to see this quarter or next quarter, but it seems like it is going to happen beginning a year from now or so.

我認為這不是我們本季度或下季度會看到的事情，但似乎從現在開始一年左右就會發生這種情況。

Begins to be -- you've seen the plans, they look more and act more like the subscription than they do like a purchase.

開始 - 你已經看到了這些計劃，它們看起來更像訂閱而不是購買。

That's great for the customer because many of them want to upgrade on a frequent basis and they can do this very, very simply.

這對客戶來說非常好，因為他們中的許多人都希望經常升級，而且他們可以非常非常簡單地做到這一點。

In terms of new, I don't know whether we will have more new or not, I can tell you that that's always our objective.

在新方面，我不知道我們是否會有更多新的，我可以告訴你，這一直是我們的目標。

We want to add a lot more people to the ecosystem.

我們希望為生態系統增加更多的人。

And certainly, if you look in the emerging markets, even -- nobody's asking me about iPad on the call, but if you look at iPad as just an example, in China, 68% of the people that purchased an iPad, it was the first tablet they've owned, and 40% of those had never owned any Apple product.

當然，如果你看看新興市場，甚至——沒有人在電話會議上問我關於 iPad 的問題，但如果你把 iPad 當作一個例子，在中國，68% 的人購買了 iPad，這是他們擁有的第一台平板電腦，其中 40% 的人從未擁有過任何蘋果產品。

Just to go through one product with one set of numbers, I don't want to go through bunch of numbers because it is competitive data that I don't want to share, but these are things that we are very focused on and the first time buyer number is surprisingly strong.

只是通過一組數字來查看一個產品，我不想通過一堆數字，因為這是我不想分享的競爭數據，但這些是我們非常關注的事情，也是第一個時間買家數量驚人的強大。

Keep in mind that we have a good history of once people buy one Apple product, they have a great experience, they begin to look at other Apple products.

請記住，我們有很好的歷史，一旦人們購買了一種 Apple 產品，他們就會有很好的體驗，他們會開始關注其他 Apple 產品。

Of course, we make sure that all work well together.

當然，我們會確保所有的工作都能很好地協同工作。

Thank you, Steve, have next question please?

謝謝你，史蒂夫，請問有下一個問題嗎？

Goldman Sachs, Simona Jankowski.

高盛，西蒙娜·揚科夫斯基。

Hello, thank you very much.

您好，非常感謝。

Just as a follow-up to that last question and to put that in context, roughly what percent of the iPhone shipments come from shipments to the installed base versus from new user shipments?

作為對最後一個問題的跟進並結合上下文，iPhone 出貨量中大約有百分之多少來自安裝基數的出貨量與新用戶出貨量？

I don't know the answer to your question.

我不知道你的問題的答案。

Okay, and then just a follow-up, as Luca mentioned, you've had to make adjustments to the pricing in various regions, given the currency moves we've had.

好的，然後只是跟進，正如盧卡所提到的，鑑於我們的貨幣變動，您必須對各個地區的定價進行調整。

What has been the response in terms of demand, both in terms of units and revenues in some of these regions like Japan or India, parts of Europe where the local prices have to go up?

在一些地區，如日本或印度，以及當地價格必須上漲的歐洲部分地區，在單位和收入方面的需求反應如何？

Simona, we've made a number of price changes during the course of FY15.

西蒙娜，我們在 2015 財年進行了多次價格調整。

What we have seen in a number of these markets, we have seen that iPhone sales have been very resilient, and that is shown in our growth rates.

我們在這些市場中看到的情況是，我們看到 iPhone 的銷售非常有彈性，這在我們的增長率中得到了體現。

Most recently we have adjusted some prices around the world for the launch of the iPhone 6s and 6s plus.

最近，我們為 iPhone 6s 和 6s plus 的發布調整了全球的一些價格。

We feel very positive about the sales trends around the world.

我們對世界各地的銷售趨勢感到非常樂觀。

It is bit early to tell, because the phones have been out there just for four weeks, so it is a bit early to tell there.

現在說還為時過早，因為這些手機才上市四個星期，所以現在說還為時過早。

Obviously, when we increase prices around the world, it is normal to see some impact on sales rates, but so far, we have been very encouraged by the response.

顯然，當我們在全球範圍內提高價格時，看到對銷售率的一些影響是正常的，但到目前為止，我們的反應非常鼓舞人心。

Let me go back to your question, and this is an not exactly what you are asking, but it will give you, I think, some color.

讓我回到你的問題，這並不完全是你要問的，但我認為它會給你一些顏色。

Is the reason I can't answer this is we do not look at it in the aggregate, we actually look at the detail, because it's much more important to us to look at by iPhone model, by country, what percentage going to a first iPhone buyer.

我無法回答這個問題的原因是我們沒有從整體上看，我們實際上是在看細節，因為對我們來說更重要的是按 iPhone 型號、國家/地區查看第一名的百分比iPhone 買家。

Somebody that's never owned an iPhone before.

以前從未擁有過 iPhone 的人。

If you look at China as the example, it is over 50% of people that bought a 6 and a 6 plus were buying their first iPhone.

如果以中國為例，購買 6 和 6 plus 的人中有超過 50% 是在購買他們的第一部 iPhone。

As you move down the line, that number goes up.

當你向下移動時，這個數字會上升。

So a 5s, generally speaking, is higher in most countries.

因此，一般而言，5s 在大多數國家/地區都較高。

So, that gives you a feel for a very important market and where the numbers are.

因此，這讓您對一個非常重要的市場以及數字所在的位置有所了解。

Thank you very much.

非常感謝。

Thank you, Simona, can we have the next question please?

謝謝你，Simona，我們可以問下一個問題嗎？

Amit Daryanani, RBC Capital Markets.

Amit Daryanani，加拿大皇家銀行資本市場。

Thanks a lot.

非常感謝。

Good afternoon.

下午好。

Two questions from me is all.

我的兩個問題就是全部。

Could you talk about the gross margin dynamics as you go from September to December.

您能否談談從 9 月到 12 月的毛利率動態。

The midpoint implies down 40 basis points.

中點意味著下跌 40 個基點。

I think the last five years, that's only happened once when gross margins have gone down in fiscal Q1.

我認為在過去五年中，這種情況只在第一財季毛利率下降時發生過一次。

Could you talk about what the FX dynamic, or what about other headwinds that you think would imply gross margin being down in December?

您能否談談外匯動態，或者您認為意味著 12 月毛利率下降的其他不利因素？

Amit, let me give you the puts and takes for margin for the December quarter.

阿米特，讓我告訴你 12 月季度的保證金看跌期權。

On the positive side, of course, as you've mentioned, that we would have positive leverage from the higher seasonal volumes.

當然，正如您所提到的，積極的一面是，我們將從較高的季節性交易量中獲得積極的影響。

Also, what we have seen over the last several quarters is a commodity environment that has been quite favorable, and we expect it to remain favorable during the December quarter.

此外，我們在過去幾個季度看到的是相當有利的商品環境，我們預計 12 月季度仍將保持有利。

On the other hand, of course, we are launching a lot of new products.

另一方面，當然，我們正在推出很多新產品。

We've launched some in September.

我們在 9 月推出了一些。

We're launching some now.

我們現在正在推出一些。

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

每次我們推出新產品時，我們都會讓它們變得更好。

We add features and new technology, and these products, when we launch then, tend to have higher cost structures than the products that they replace.

我們添加了功能和新技術，當我們推出這些產品時，它們的成本結構往往比它們替代的產品更高。

We have a very good track record over time to reduce those cost structures, but every time we introduce a new product, there is a headwind at the beginning of this cycle for gross margin.

隨著時間的推移，我們在降低這些成本結構方面有著非常好的記錄，但是每次我們推出新產品時，在這個週期的開始都會遇到毛利率的逆風。

But what is different from a year ago, very significantly, is the foreign exchange impact that we have mentioned before.

但與一年前不同，非常顯著的是我們之前提到的外匯影響。

It remains a very significant headwind.

它仍然是一個非常重要的逆風。

As I mentioned earlier to Toni, I believe, we are dealing with that through combination of hedging, price realignments, cost initiatives.

正如我之前對托尼提到的，我相信，我們正在通過對沖、價格調整和成本舉措的結合來解決這個問題。

But on a net basis, foreign exchange we will clearly be a sequential headwind.

但在淨額基礎上，外匯我們顯然將是一個連續的逆風。

Got it.

知道了。

And then Tim, when you talk about seeing iPhone growth in fiscal Q1, I'm curious, is that statement more reflective of iPhone units or iPhone revenues?

然後蒂姆，當你談到在第一財季看到 iPhone 的增長時，我很好奇，這種說法是否更能反映 iPhone 的銷量或 iPhone 的收入？

Because I think ASPs could help you get growth, even if units are not there.

因為我認為 ASP 可以幫助您實現增長，即使單位不存在。

And then would you expect to exit within the five- to seven-week optimal inventory range in fiscal Q1?

然後你會期望在第一財季的五到七週的最佳庫存範圍內退出嗎？

I don't know about where we will exit.

我不知道我們會從哪裡退出。

We make that call late in the quarter as we see what the demand is, because we are actually trying to position the inventory for the following quarter instead of the current quarter.

當我們看到需求是什麼時，我們會在本季度末發出這個電話，因為我們實際上是在嘗試為下一季度而不是當前季度定位庫存。

It is very difficult to predict.

很難預測。

What was your other question?

你的另一個問題是什麼？

I was curious, your statement on iPhone growth in fiscal Q1, is that --

我很好奇，你關於第一財季 iPhone 增長的說法是——

Is a revenue?

是收入嗎？

I was making a revenue statement, but units are also yes, we expect units to be up, as well.

我正在製作收入報表，但單位也是肯定的，我們預計單位也會增加。

Thank you.

謝謝你。

Thank you, Amit, could we have the next but please?

謝謝你，阿米特，我們可以有下一個嗎？

JPMorgan, Rod Hall.

摩根大通，羅德霍爾。

Thanks for taking my question.

感謝您提出我的問題。

I just wanted to ask Tim if you can comment on the mix between iPhone 6 and iPhone 6s, and whether the mix of demand is any different than what you say, for instance, at the iPhone 5, 5s point, whether there's more demand for the iPhone 6?

我只是想問蒂姆你是否可以評論一下 iPhone 6 和 iPhone 6s 之間的組合，以及需求組合是否與你所說的不同，例如，在 iPhone 5、5s 點，是否有更多的需求iPhone 6？

I know you highlighted that the iPhone 6 is a number one phone in China, for example, and then I have a follow-up.

例如，我知道您強調 iPhone 6 是中國第一款手機，然後我進行了跟進。

The statement I made in China was about Q4 and the 6s was only available in China for two days last quarter.

我在中國做的聲明是關於第四季度的，而 6s 上個季度在中國祇上市了兩天。

The iPhone 6s it is the most popular iPhone that we currently sell.

iPhone 6s 它是我們目前銷售的最受歡迎的 iPhone。

In terms of, has there been a change?

方面，有沒有變化？

If you look at iPhone 6 today and add iPhone 6 plus and compare that to last year's 5s, we are doing better at that price point than we were previously.

如果你看看今天的 iPhone 6，再加上 iPhone 6 plus 並與去年的 5s 進行比較，我們在這個價位上的表現比以前更好。

Okay, thank you.

好的謝謝你。

Then the follow-up for you would be on the upgrade program.

那麼你的後續行動將是升級程序。

I wonder, can you envision a time ever, maybe in the US or elsewhere, where you would not have to come into an Apple Store to activate it or to take advantage of the upgrade?

我想知道，你能想像有一個時間，也許是在美國或其他地方，你不必進入 Apple Store 來激活它或利用升級嗎？

You might be able to do that somewhere else?

您也許可以在其他地方做到這一點？

Can you talk about --

你能談談——

That's really good question.

這真是個好問題。

We actually solved that problem back in 2007, but then quickly had to change it in order to scale in a major way.

實際上，我們早在 2007 年就解決了這個問題，但很快就不得不對其進行更改以實現大規模擴展。

That is something that we would always -- it is always in our mind that one day, from a customer experience point of view, we would like to make things as easy as possible for the customer.

這就是我們永遠要做的事情——總有一天，從客戶體驗的角度來看，我們想讓客戶的事情變得盡可能簡單。

And to some degree, you can already do that with buying online.

在某種程度上，您已經可以通過在線購買來做到這一點。

But there are many different plans and so forth that people buy that they have to come in for.

但是有許多不同的計劃等等，人們購買他們必須參加。

Yes, over time we would love to have that automated, working with our partners with service providers.

是的，隨著時間的推移，我們希望與我們的合作夥伴和服務提供商一起實現自動化。

Great.

偉大的。

Thank you very much.

非常感謝。

Thank you, Rod.

謝謝你，羅德。

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

今天電話會議的重播將在 iTunes Store 上播放播客、Apple.com/investor 上的網絡直播和通過電話播放。

And the numbers for the telephone replay our (888)203-1112 or 719 457-0820.

電話號碼重播我們的 (888)203-1112 或 719 457-0820。

Please enter confirmation code 795707.

請輸入確認碼 795707。

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

這些重播將在太平洋時間今天下午 5 點左右提供。

Members in the press with additional questions can contact Kristin Huguet at 408-974-2414.

有其他問題的媒體成員可以撥打 408-974-2414 聯繫 Kristin Huguet。

Financial analysts can contact Joan Hoover or me with additional questions; Joan is at 408-974-4570 and I'm at 408-974-5420.

金融分析師可以聯繫 Joan Hoover 或我有其他問題；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。