蘋果 (AAPL) 2016 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to this Apple Incorporated first-quarter FY16 earnings release conference call.

各位女士、先生，大家好，歡迎參加蘋果公司2016財年第一季財報電話會議。

Today's call is being recorded.

今天的通話將會被錄音。

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

此時此刻，我謹將電話轉交給投資人關係資深總監南希‧帕克斯頓，請她致開幕詞並作介紹。請便，女士。

Thank you. Good afternoon and thanks for joining us.

謝謝。下午好，感謝各位的參與。

Before we begin, we want you to know that in addition to our press release and summary data schedule, we've published some supplemental material that we'll be referring to in our remarks today; and you can find a link to this supplemental material on our Investor Relations website, at Apple.com/Investor. And it's also included as an exhibit in the Form 8-K we filed with the SEC earlier today.

在開始之前，我們想告知各位，除了新聞稿和摘要數據時間表之外，我們還發布了一些補充材料，我們將在今天的發言中提及這些材料；您可以在我們的投資者關係網站 Apple.com/Investor 上找到這些補充材料的鏈接。而且，它也作為附件包含在我們今天早些時候向美國證券交易委員會提交的 8-K 表格中。

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

今天首先發言的是蘋果執行長庫克，隨後是財務長盧卡馬埃斯特里；之後，我們將開放電話會議，接受分析師的提問。

Please note that some of the information you'll hear during our discussion today will consist of forward-looking statements, including, without limitation, those regarding revenue, gross margin, operating expenses, other income and expense, taxes and future business outlook. Actual results or trends could differ materially from our forecasts.

請注意，您今天在討論中聽到的一些資訊將包含前瞻性陳述，包括但不限於有關收入、毛利率、營運費用、其他收入和支出、稅收和未來業務前景的陳述。實際結果或趨勢可能與我們的預測有重大差異。

For more information, please refer to the Risk Factors discussed in Apple's Form 10-K for 2015 and the Form 8-K filed with the SEC today that I mentioned earlier, along with today's press release. Apple assumes no obligation to update any forward-looking statements or information which speak as of their respective dates.

有關更多信息，請參閱我之前提到的蘋果公司 2015 年 10-K 表格和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，以及今天的新聞稿。蘋果公司不承擔更新任何前瞻性聲明或資訊的義務，這些聲明或資訊僅代表其各自發布之日的情況。

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

現在我把電話交給提姆，請他做開場白。

Thanks, Nancy, and good afternoon, everyone, and thank you very much for joining us.

謝謝南希，大家下午好，非常感謝各位的參與。

Today we are reporting Apple's strongest financial results ever. We generated all-time record quarterly revenue of $75.9 billion in the December quarter, in line with our expectations and up 2% over last year's blockbuster results.

今天，我們公佈了蘋果公司有史以來最強勁的財務業績。我們在 12 月季度創造了 759 億美元的季度營收歷史新高，符合我們的預期，比去年同期的亮眼業績成長了 2%。

This is a huge accomplishment for our Company, especially given the turbulent world around us. In constant currency, our growth rate would have been 8%. Our record revenue and continued strong operating performance also led to an all-time record quarterly net income of $18.4 billion.

這對公司來說是一項巨大的成就，尤其是在我們周圍世界局勢動盪的情況下。以固定匯率計算，我們的成長率將達到 8%。我們創紀錄的營收和持續強勁的經營業績也使我們季度淨收入創下歷史新高，達到 184 億美元。

We sold 74.8 million iPhones in the December quarter, an all-time high. To put that volume into perspective, it's an average of over 34,000 iPhones an hour, 24 hours a day, seven days a week for 13 straight weeks. It's almost 50% more than our Q1 volume just two years ago and more than four times our volume five years ago. 74.8 million iPhones is an incredible number, and it speaks to both the immense popularity of iPhone and the phenomenal execution of our teams to deliver a massive number of devices in such a short period of time.

我們在12月季售出了7,480萬部iPhone，創歷史新高。為了更直觀地理解這個數量，這意味著平均每小時有超過 34,000 部 iPhone 被盜，每天 24 小時，每週 7 天，連續 13 週。這比我們兩年前第一季的銷售量成長了近 50%，更是五年前銷售量的四倍多。7480萬部iPhone是一個驚人的數字，這不僅體現了iPhone的巨大受歡迎程度，也體現了我們團隊在如此短的時間內交付如此大量設備的卓越執行力。

Our results are particularly impressive, given the challenging global macroeconomic environment. We're seeing extreme conditions, unlike anything we've experienced before just about everywhere we look. Major markets, including Brazil, Russia, Japan, Canada, Southeast Asia, Australia, Turkey and the eurozone, have been impacted by slowing economic growth, falling commodity prices and weakening currencies. Since the end of FY14, for instance, the euro and British pound are down double digits, and major currencies such as the Canadian dollar, Australian dollar, Mexican peso, and Turkish lira have declined 20% or more. The Brazilian real is down more than 40% and the Russian ruble has declined more than 50%.

考慮到當前充滿挑戰的全球宏觀經濟環境，我們的成績尤其令人印象深刻。我們看到的極端情況，幾乎在我們所到之處都是前所未有的。巴西、俄羅斯、日本、加拿大、東南亞、澳洲、土耳其和歐元區等主要市場都受到了經濟成長放緩、大宗商品價格下跌和貨幣貶值的影響。例如，自 2014 財年末以來，歐元和英鎊均下跌了兩位數，而加元、澳元、墨西哥比索和土耳其里拉等主要貨幣下跌了 20% 或更多。巴西雷亞爾下跌超過 40%，俄羅斯盧布下跌超過 50%。

66% of Apple's revenue is now generated outside the United States, so foreign currency fluctuations have a very meaningful impact on our results. Page 1 of our supplemental material illustrates this point. $100 of Apple's non-US dollar revenue in Q4 of 2014 translated to only $85 last quarter due to the weakening currencies in our international markets.

蘋果公司 66% 的營收現在來自美國以外，因此外匯波動對我們的業績有著非常重要的影響。我們的補充資料第 1 頁說明了這一點。由於國際市場貨幣貶值，蘋果公司 2014 年第四季 100 美元的非美元收入，在上個季度僅相當於 85 美元。

As you can see, the movement has been dramatic. Last quarter alone, the currency impact has been very large. Page 2 of our supplemental material illustrates our Q1 revenue and growth rates expressed in constant currency. The 8% growth rate I spoke about earlier translates to $80.8 billion in constant currency revenue, which is $5 billion more than our reported revenue. For perspective, that difference is about the size of the annual revenue of a Fortune 500 company.

如你所見，這一變化非常劇烈。光是上個季度，匯率波動的影響就非常大。我們的補充資料第 2 頁以固定匯率表示了我們第一季的營收和成長率。我之前提到的 8% 的成長率，以固定匯率計算相當於 808 億美元的收入，比我們公佈的收入高出 50 億美元。從這個角度來看，這個差額大約相當於財富 500 強公司的年收入。

We know the conditions in China have been a source of concern for many investors. Last summer, while many companies were experiencing weakness in their China-based results, we were seeing just the opposite, with incredible momentum for iPhone, Mac and the App Store, in particular. In the December quarter, despite the turbulent environment, we produced our best results ever in Greater China, with revenue growing 14% over last year, 47% sequentially, and 17% year-over-year in constant currency. These great results were fueled by our highest ever quarterly iPhone sales and record App Store performance.

我們知道，中國目前的狀況一直令許多投資者感到擔憂。去年夏天，當許多公司在中國的業績疲軟時，我們看到的情況恰恰相反，iPhone、Mac 和 App Store 尤其取得了令人矚目的成長勢頭。儘管環境動盪，但在 12 月季度，我們在大中華區取得了有史以來最好的業績，收入同比增長 14%，環比增長 47%，按固定匯率計算同比增長 17%。這些優異的成績得益於我們有史以來最高的季度 iPhone 銷量和創紀錄的 App Store 表現。

Notwithstanding these record results, we began to see some signs of economic softness in Greater China earlier this month, most notably in Hong Kong. Beyond the short-term volatility, we remain very confident about the long-term potential of the China market and the large opportunities ahead of us and we are maintaining our investment plans.

儘管取得了這些創紀錄的成績，但本月初我們開始看到大中華區經濟出現一些疲軟跡象，尤其是在香港。撇開短期波動不談，我們對中國市場的長期潛力以及未來巨大的機會仍然充滿信心，我們將繼續執行我們的投資計劃。

Despite the economic challenges all over the world, Apple remains incredibly strong. We have a very satisfied and loyal customer base. We saw a greater number of switchers from Android to iPhone than ever in Q1, and we are very optimistic about our Business over the long term.

儘管全球經濟面臨諸多挑戰，蘋果公司依然保持著強勁的勢頭。我們擁有非常滿意且忠誠的客戶群。第一季度，我們看到從安卓系統轉向蘋果系統的用戶數量比以往任何時候都多，我們對公司的長期業務前景非常樂觀。

Innovation has always been the reason behind our success, and we remain committed to making the best products in the world and expanding the Apple experience to change our customer's lives in better and more meaningful ways. We've invested through economic uncertainty in the past and we've always come out stronger on the other side.

創新一直是我們的成功之道，我們將繼續致力於打造世界上最好的產品，並不斷拓展 Apple 體驗，以更美好、更有意義的方式改變客戶的生活。我們過去也曾在經濟不確定時期進行投資，而且最終都變得更強大。

In fact, some of the most important breakthrough products in Apple's history were born as a result of investing through the downturn. We've also seen these times as opportunities to invest in new markets, just as we're doing now in areas such as India and other emerging markets.

事實上，蘋果歷史上一些最重要的突破性產品正是在經濟低迷時期進行投資的成果。我們也把這段時期視為投資新市場的機會，就像我們現在在印度和其他新興市場所做的那樣。

Getting back to our record Q1 performance, let me give you some highlights of what we've accomplished since our last quarterly call together. We shipped the amazing new iPad Pro, which has been extremely well received by customers along with a new smart keyboard and revolutionary Apple pencil.

回到我們創紀錄的第一季業績，讓我來跟大家介紹一下自上次季度電話會議以來我們所取得的一些成就。我們推出了令人驚豔的新款 iPad Pro，這款產品受到了顧客的熱烈歡迎，同時推出的還有新款智慧鍵盤和革命性的 Apple Pencil。

We launched the all-new Apple TV with its own App Store, laying the foundation for the future of television. We had our best quarter by far for Apple TV sales and the number of apps developed for Apple TV is growing rapidly. Today there are over 3,600 apps delivering everything from games to entertainment to educational programming.

我們推出了全新的 Apple TV，並為其配備了專屬 App Store，為電視的未來奠定了基礎。Apple TV 的銷售額在本季創下歷史新高，為 Apple TV 開發的應用程式數量也在快速成長。如今，已有超過 3600 個應用程式提供從遊戲到娛樂再到教育節目等各種內容。

We expanded distribution of Apple Watch to almost 12,000 locations in 48 countries during the quarter. As we expected, we set a new quarterly record for Apple Watch sales, with especially strong sales in the month of December.

本季度，我們將 Apple Watch 的分銷範圍擴大到 48 個國家的近 12,000 個地點。正如我們預期的那樣，Apple Watch 的季度銷量創下新紀錄，尤其是在 12 月份，銷量表現強勁。

We released OS X El Capitan, refining the experience and improving performance for our Mac customers. We also updated the entire iMac family with stunning new retina displays and introduced a new line up of wireless accessories. We launched Apple Pay in Canada and Australia with American Express and announced plans to bring this amazingly convenient, private, and secure mobile payment experience to China, Hong Kong, Spain and Singapore in the coming year.

我們發布了 OS X El Capitan，為我們的 Mac 用戶改進了體驗並提高了效能。我們還為整個 iMac 系列配備了驚人的全新 Retina 顯示屏，並推出了一系列全新的無線配件。我們與美國運通在加拿大和澳洲推出了 Apple Pay，並宣布計劃在未來一年內將這種極其便捷、私密和安全的行動支付體驗帶到中國、香港、西班牙和新加坡。

Consumers have spent billions of dollars with Apple Pay. In the second half of 2015, we saw a significant acceleration in usage, with a growth rate 10 times higher than in the first half of the year. There are now over 5 million contactless payment ready locations in the countries where Apple Pay is live today and it's soon to be accepted at thousands of Exxon- and Mobil-branded stations across the US via their Speedpass Plus app. Finally, we also shared the incredible Apple Music experience with even more listeners, with over 10 million paying subscribers less than four months since customers began paying for the service.

消費者已透過 Apple Pay 消費了數十億美元。2015 年下半年，我們看到使用量顯著加速成長，成長率是上半年的 10 倍。目前，在 Apple Pay 已上線的國家/地區，已有超過 500 萬個地點支援非接觸式支付；不久之後，美國各地數千家埃克森美孚和美孚品牌的加油站也將透過 Speedpass Plus 應用程式接受 Apple Pay。最後，我們也與更多聽眾分享了精彩的 Apple Music 體驗，自用戶開始付費使用服務以來不到四個月，付費用戶就超過了 1,000 萬。

Our financial position has never been stronger. We had the mother of all balance sheets, with almost $216 billion in cash, which translates to nearly $39 per diluted share of Apple stock. We continue to invest confidently in our future and we also continue to return capital to our shareholders at a rapid pace.

我們的財務狀況從未如此穩健。我們擁有史上最龐大的資產負債表，現金近 2,160 億美元，相當於每股稀釋後的蘋果股票近 39 美元。我們將繼續對未來充滿信心地進行投資，並繼續快速地向股東返還資本。

Our investors have been asking for a while about the recurring nature of our Business. Especially during a period of economic uncertainty, we believe it is important to appreciate that a significant portion of Apple's revenue recurs over time.

我們的投資者一直詢問我們業務的持續經營性質。尤其是在經濟不確定時期，我們認為重要的是要認識到，蘋果公司的大部分收入會隨著時間的推移而持續產生。

First and foremost, our customer satisfaction and retention rates are second to none and provide us with a long lasting foundation. For example, recent consumer surveys by 451 Research, formerly known as Change Wave, measured an incredible 99% customer satisfaction rate for iPhone 6S and 6S Plus and an equally impressive 97% rate for the iPad Air 2. They also indicate that our iPhone loyalty rate is almost twice as strong as the next highest brand.

首先，我們的客戶滿意度和客戶留存率首屈一指，為我們提供了長久發展的基礎。例如，451 Research（前身為 Change Wave）最近的消費者調查顯示，iPhone 6S 和 6S Plus 的客戶滿意度高達 99%，iPad Air 2 的客戶滿意度也同樣令人印象深刻，達到了 97%。調查還表明，iPhone 的客戶忠誠度幾乎是第二品牌的兩倍。

In addition, a growing portion of our revenue is directly driven by our existing install base. Because our customers are very satisfied and engaged, they spend a lot of time on their devices and purchase apps, content and other services. They also are very likely to buy other Apple products or replace the one that they own. And because of the enduring value of the device, their replacing is likely higher to be given or sold to someone who will also love and use it often.

此外，我們越來越多的收入直接來自我們現有的用戶群。因為我們的客戶非常滿意且積極參與，所以他們會在設備上花費大量時間，並購買應用程式、內容和其他服務。他們也很可能會購買其他蘋果產品，或更換他們已經擁有的蘋果產品。而且由於該設備具有持久價值，因此將其贈送或出售給同樣會喜愛並經常使用它的人，其更換成本可能會更高。

So as a result, our installed base has been growing very fast and has recently reached a major milestone, crossing 1 billion active devices for the first time. This is an unbelievable asset for us. Because our installed base has grown quickly, we have also seen an acceleration in the growth of our services business, another large and important source of recurring revenues. Now that we have reached this milestone of 1 billion active devices, we thought this would be a great opportunity to share more information on what has become one of the largest service businesses in the world.

因此，我們的用戶基數成長非常迅速，最近達到了一個重要的里程碑，首次突破了 10 億活躍裝置大關。這對我們來說是一項無比寶貴的資產。由於我們的用戶基數成長迅速，我們的服務業務也隨之加速成長，這是另一個重要的經常性收入來源。現在我們已經達到了 10 億活躍設備的里程碑，我們認為這是一個絕佳的機會，可以分享更多關於我們已成為全球最大的服務業務之一的資訊。

So now, I'd like to turn the call to Luca, who will provide more insight into how our platform has grown, followed by details on our record quarterly results.

現在，我想把電話交給盧卡，他將更深入地介紹我們平台的發展情況，隨後詳細介紹我們創紀錄的季度業績。

Thank you, Tim, and good afternoon, everyone.

謝謝你，提姆，大家下午好。

Each quarter, we report results for our Services category, which includes revenue from iTunes, the App Store, Apple Care, iCloud, Apple Pay, licensing, and some other items. Today, we would like to highlight the major drivers of growth in this category, which we have summarized on page 3 of our supplemental material.

每個季度，我們都會公佈服務類別的業績，其中包括來自 iTunes、App Store、Apple Care、iCloud、Apple Pay、授權和其他一些項目的收入。今天，我們想重點介紹該類別的主要成長驅動因素，我們在補充資料的第 3 頁中對此進行了總結。

The vast majority of the services we provide to our customers, for instance, apps, movies and TV shows, are tied to our installed base of devices, rather than to current quarter sales. For some of these services, such as content, we recognize revenue based on transaction value. For some of the services, such as the App Store, we share a portion of the value of each transaction with the app developer and only recognize revenue on the portion that we keep.

例如，我們向客戶提供的絕大多數服務（如應用程式、電影和電視節目）都與我們已安裝的設備數量相關，而不是與當季銷售相關。對於某些服務（例如內容），我們根據交易價值確認收入。對於某些服務，例如 App Store，我們會與應用程式開發者分享每筆交易價值的一部分，並且只確認我們保留的部分收入。

To fully comprehend the scale of the services that we are delivering to our installed base and how fast this business is growing, we look at purchases in addition to revenue. When we aggregate the purchase value of services tied to our installed base during FY15, it adds up to more than $31 billion. That's an increase of 23% over FY14. In the recent December quarter, purchases of installed base services reached $8.9 billion, which is a growth rate of 24% year-over-year.

為了充分了解我們向現有客戶群提供的服務規模以及這項業務的成長速度，除了收入之外，我們還會專注於採購情況。當我們把 2015 財年與我們的已安裝用戶群相關的服務購買價值匯總起來時，總額超過 310 億美元。與 2014 財年相比，成長了 23%。在最近的 12 月季度，已安裝基礎服務的購買金額達到 89 億美元，年增 24%。

The size and growth of these services tied to our installed base compare favorably to other services companies you're familiar with. Our installed base services are also quite profitable, with gross margins that, on a purchase value basis, are similar to our company average.

與你所熟悉的其他服務公司相比，我們現有客戶群所對應的這些服務的規模和成長都相當可觀。我們的現有服務也相當有利可圖，以購買價值計算的毛利率與公司平均值相似。

Also, we're very excited by the scale and growth of our active installed base, as we indicate on page 4. We define an active device as one that has been engaged with our services within the past 90 days. Our active installed base has recently past 1 billion devices, with year-over-year growth of more than 25%.

此外，正如我們在第 4 頁所述，我們對活躍用戶群的規模和成長感到非常興奮。我們將活躍設備定義為在過去 90 天內使用過我們服務的設備。我們的活躍用戶數量最近已超過 10 億台，較去年同期成長超過 25%。

Apple is in a unique position of strength. We have world class scales in hardware, software and services all under one roof, which lets us innovate in ways that other companies can't. We have built a huge installed base around four platforms, iOS, Mac OS, Watch OS and TV OS. We have tremendously satisfied and loyal customers who are engaged with our services at a fast growing rate. All of this provides us with an unparalleled foundation for the future of Apple business.

蘋果公司擁有得天獨厚的優勢。我們在硬體、軟體和服務方面擁有世界一流的規模，所有這些都集中在一個屋簷下，這使我們能夠以其他公司無法做到的方式進行創新。我們圍繞著 iOS、Mac OS、Watch OS 和 TV OS 這四個平台建立了龐大的用戶群。我們擁有大量滿意且忠誠的客戶，他們對我們服務的參與度正以快速成長的速度提升。這一切都為蘋果未來的業務發展奠定了無與倫比的基礎。

Let me now turn to the details of our record breaking December quarter. As Tim said, revenue was $75.9 billion, an increase of $1.3 billion, or 2% year-over-year. Our growth was driven by all-time record iPhone sales, all-time record revenue from Services, the expanded availability of Apple Watch, and the successful launch of the new Apple TV.

現在讓我來詳細介紹一下我們創紀錄的十二月季度業績。正如提姆所說，營收為 759 億美元，比去年同期成長 13 億美元，成長 2%。我們的成長得益於 iPhone 銷量創歷史新高、服務收入創歷史新高、Apple Watch 的廣泛普及以及新款 Apple TV 的成功發布。

We achieved this record revenue performance despite a very large negative impact from the weakness of foreign currency. And in constant currency, our revenue growth rate was 8%. We once again achieved very impressive results in Greater China, with revenue growing 14% year-over-year and 47% sequentially to an all-time record of $18.4 billion. Emerging markets performance was strong overall, up 11% year-over-year and representing 34% of total company revenue for the quarter.

儘管受到外匯疲軟的巨大負面影響，我們仍然取得了創紀錄的營收業績。以固定匯率計算，我們的收入成長率為 8%。我們在大中華區再次取得了非常令人矚目的成績，營收年增 14%，季增 47%，創下 184 億美元的歷史新高。新興市場整體表現強勁，年增 11%，占公司本季總營收的 34%。

Company gross margin was 40.1%, up sequentially and better than our expectations, mainly due to favorable commodity costs and product mix. Operating margin was 31.9% of revenue and net income was $18.4 billion, a new all-time record. Diluted earnings per share was $3.28, a 7% year-over-year increase over our previous all-time record; and cash flow from operations was very strong, at $27.5 billion.

公司毛利率為 40.1%，環比成長，優於我們的預期，主要得益於有利的大宗商品成本和產品組合。營業利益率為收入的 31.9%，淨收入為 184 億美元，創歷史新高。稀釋後每股收益為 3.28 美元，比我們之前的歷史最高紀錄年增 7%；經營活動產生的現金流非常強勁，達到 275 億美元。

For details by product, I will start with iPhone. We sold 74.8 million iPhones in the quarter, an increase of 300,000 compared to last December quarter's sensational results. Total iPhone sales grew 76% in India and more than 45% in Korea, Middle East and Africa. Sales were also up 20% or more in many Western European countries and grew 18% in Mainland China. iPhone ASP was $691 compared to $687 in the year-ago quarter, in spite of a very unfavorable foreign exchange impact.

為了詳細介紹各個產品，我將從 iPhone 開始。本季我們售出了 7,480 萬部 iPhone，比去年 12 月季度的驚人業績增加了 30 萬部。iPhone 在印度的總銷量成長了 76%，在韓國、中東和非洲的總銷量成長了 45% 以上。在許多西歐國家，銷售額也成長了 20% 或更多，在中國大陸成長了 18%。儘管受到非常不利的匯率影響，iPhone 的平均售價仍為 691 美元，而去年同期為 687 美元。

We continue to see very strong interest in iPhone, not only with consumers but also with business users. Among corporate buyers planning to purchase smartphones in the March quarter, 451 Research found that 79% planned to purchase iPhones. That is the highest iPhone purchase intent in the eight-year history of the survey.

我們持續看到消費者對 iPhone 的濃厚興趣，不僅是一般消費者，企業用戶也是如此。451 Research 的一項調查發現，在計劃於 3 月季度購買智慧型手機的企業買家中，79% 的人計劃購買 iPhone。這是調查八年歷史上最高的iPhone購買意願。

We started the quarter below our channel inventory target range and, thanks to an extremely successful manufacturing ramp, we were able to exit the quarter slightly above the low end of our target range of five to seven weeks of iPhone channel inventory.

本季初，我們的通路庫存低於目標範圍；但由於生產爬坡非常成功，我們得以在本季末略高於目標範圍的下限（即五到七週的 iPhone 通路庫存）。

Next, I'd like to talk about the Mac. We sold 5.3 million Macs compared to 5.5 million last year, a decline of 4%. We continued our long running trend of PC market share gains, based on IDC's latest estimate of an 11% global market contraction, and we were especially happy with 27% year-over-year Mac sales growth in Mainland China. We ended the quarter within our four- to five-week target range for Mac channel inventory.

接下來，我想談談Mac電腦。我們售出了 530 萬台 Mac，而去年同期為 550 萬台，下降了 4%。根據IDC最新估計的全球PC市場萎縮11%，我們持續維持PC市場佔有率長期成長的趨勢，尤其令我們感到高興的是，中國大陸Mac銷量年增了27%。本季結束時，Mac 通路庫存仍保持在四到五週的目標範圍內。

Turning to iPad, we sold 16.1 million, compared to 21.4 million in the year-ago quarter, and we exited the quarter within our five- to seven-week target range of iPad channel inventory. In the segments of the tablet market where we compete, we continue to be highly successful. Recent data from NPD indicates that iPad has 85% share of the US market for tablets priced above $200; and the latest data published by IDC indicates that iPad accounts for 67% of the US commercial tablet market, comprising enterprise, government and education.

再來看 iPad，我們售出了 1,610 萬台，而去年同期為 2,140 萬台，且本季末 iPad 通路庫存量仍保持在五到七週的目標範圍內。在我們所競爭的平板電腦市場區隔領域，我們持續取得巨大成功。NPD 的最新數據顯示，iPad 在美國售價超過 200 美元的平板電腦市場中佔有 85% 的份額；IDC 最新發布的數據顯示，iPad 在美國商用平板電腦市場（包括企業、政府和教育領域）中佔有 67% 的份額。

iPad customer metrics are also extremely positive. In November, 451 Research measured a 97% consumer satisfaction rate for iPad Air 2; and among consumers planning to purchase a tablet within the next six months, 65% plan to purchase an iPad. Corporate buyers reported a 95% satisfaction rate for iPad and a March quarter purchase intent of 73%.

iPad 用戶指標也非常正面。11 月，451 Research 的一項調查顯示，iPad Air 2 的消費者滿意度為 97%；在計劃在未來六個月內購買平板電腦的消費者中，65% 的人計劃購買 iPad。企業買家對 iPad 的滿意度為 95%，3 月季度的購買意願為 73%。

Our enterprise initiatives continue to expand. IBM released 48 new IBM MobileFirst for iOS apps in the December quarter, and there are now over 100 apps in the IBM MobileFirst for iOS catalog for iPhone, iPad and Apple Watch. Our partnership with Cisco has gained significant momentum since we announced it at the end of August. Our engineering teams are on track to deliver exciting new capabilities that create a fast lane for iOS business users by optimizing Cisco networks for iOS devices and apps, integrate iPhone with Cisco enterprise environments, and provide unique collaboration opportunities on iPhone and iPad.

我們的企業計劃持續擴展​​。IBM 在 12 月季度發布了 48 款新的 IBM MobileFirst for iOS 應用，目前 IBM MobileFirst for iOS 目錄中已有超過 100 款適用於 iPhone、iPad 和 Apple Watch 的應用程式。自8月底宣布與思科建立合作關係以來，雙方的合作取得了顯著進展。我們的工程團隊正按計劃推出令人興奮的新功能，透過優化思科網路以適應 iOS 設備和應用程序，將 iPhone 與思科企業環境集成，並在 iPhone 和 iPad 上提供獨特的協作機會，為 iOS 商業用戶創造快速通道。

We are also continuing to grow our mobility partner program. We added more than 25 partners in the December quarter, bringing the total to over 90. One great example of our progress in the enterprise is Eli Lilly, who boosted sales productivity by equipping 15,000 field based personnel across the world with iPad. A leader in mobile technology, Lilly has eliminated laptops in the field and is upgrading its US field sales teams to iPad Pro.

我們也不斷拓展我們的出行合作夥伴計畫。我們在 12 月季度新增了 25 多個合作夥伴，使合作夥伴總數超過 90 個。企業進步的一個很好的例子是禮來公司，該公司為全球 15,000 名第一線員工配備了 iPad，從而提高了銷售效率。作為行動技術的領導者，禮來公司已取消了現場銷售人員使用筆記型電腦，並正在將其美國現場銷售團隊升級到 iPad Pro。

Turning to Services, we generated almost $6.1 billion in revenue, including $548 million we received from a patent infringement dispute. Excluding that amount, our services revenue was $5.5 billion, a new all-time record and an increase of 15% over last year, thanks in large part to strong growth from apps. Revenue from the App Store increased 27% and the number of transacting customers grew 18%, also setting an all-time record. Among our customers who purchased apps and content from our iTunes stores, the average amount spent per customer reached an all-time high in the December quarter.

再來看服務業務，我們創造了近 61 億美元的收入，其中包括我們從專利侵權糾紛中獲得的 5.48 億美元。除去該金額，我們的服務收入為 55 億美元，創歷史新高，比去年增長了 15%，這主要得益於應用程式的強勁增長。App Store 的營收成長了 27%，交易客戶數量增加了 18%，兩者皆創歷史新高。在我們從 iTunes 商店購買應用程式和內容的客戶中，每位客戶的平均消費金額在 12 月季度達到了歷史最高水準。

Revenue from other products grew strongly, up 62% over last year, thanks to the growing contribution from Apple Watch, as well as the successful launch of the new Apple TV, both of which established new all-time quarterly records. We expanded Apple Watch distribution significantly over the course of the quarter and we experienced especially strong results during the holiday buying season.

其他產品的收入強勁增長，比去年增長了 62%，這主要得益於 Apple Watch 的貢獻不斷增長，以及新款 Apple TV 的成功上市，這兩款產品都創下了新的季度銷售紀錄。本季我們大幅擴大了 Apple Watch 的分銷範圍，並在假期購物季取得了尤為強勁的業績。

Let me now turn to our cash position. We ended the quarter with $215.7 billion in cash plus marketable securities, a sequential increase of $10.1 billion. $200 billion of this cash, or 93% of the total, was outside the United States.

現在讓我來看看我們的現金狀況。本季末，我們持有現金及有價證券2,157億美元，較上季增加101億美元。這筆現金中有 2,000 億美元，即總額的 93%，位於美國境外。

We returned over $9 billion to investors during the quarter. We paid $3 billion in dividends and equivalents, and we spent $3 billion to repurchase 26 million Apple shares through open market transactions. We also launched our sixth accelerated share repurchase program, spending $3 billion and receiving an initial delivery of 20.4 million shares.

本季我們向投資者返還了超過90億美元。我們支付了 30 億美元的股息及等價物，並透過公開市場交易花了 30 億美元回購了 2,600 萬股蘋果股票。我們也啟動了第六次加速股票回購計劃，花費了 30 億美元，並收到了首批 2,040 萬股股票。

We have now completed over $153 billion of our $200 billion program, including $110 billion in share repurchases. As we have done in the past, we plan to provide an update on our capital return program when we report our second quarter results in April. We also plan to be very active in the US and international debt markets in 2016, in order to fund our capital return activities. Also today, our Board of Directors has declared a cash dividend of $0.52 per share of common stock payable on February 11, 2016, to shareholders of record as of February 8, 2016.

我們目前已完成 2,000 億美元計畫中的 1,530 億美元以上，其中包括 1,100 億美元的股票回購。正如我們過去所做的那樣，我們計劃在4月份公佈第二季業績時，對我們的資本回報計劃進行最新說明。我們也計劃在 2016 年積極參與美國和國際債務市場，為我們的資本回報活動提供資金。今天，我們的董事會也宣布，將於 2016 年 2 月 11 日向截至 2016 年 2 月 8 日登記在冊的股東派發現金股息，每股普通股股息為 0.52 美元。

As we move ahead into the March quarter, I'd like to review our outlook, which includes the types of forward-looking information that Nancy referred to at the beginning of the call. We expect revenue to be between $50 billion and $53 billion. We are providing a wider range for revenue than usual for the second quarter because of the volatility we are seeing in the economy and in the financial and currency markets.

隨著我們進入三月的季度，我想回顧一下我們的展望，其中包括南希在電話會議開始時提到的那些前瞻性資訊。我們預計營收將在500億美元至530億美元之間。由於經濟、金融和貨幣市場出現波動，我們第二季的營收預期範圍比平常更廣。

We expect gross margin to be between 39% and 39.5%. We believe these are extremely strong margins in light of the headwinds we face from foreign exchange and the sequential loss of leverage. We expect OpEx to be between $6 billion and $6.1 billion. We expect OI&E to be about $325 million, and we expect the tax rate to be about 25.5%.

我們預計毛利率將在 39% 至 39.5% 之間。考慮到外匯波動帶來的不利影響以及槓桿率的持續下降，我們認為這些利潤率非常強勁。我們預計營運支出將在 60 億美元至 61 億美元之間。我們預計營運收入和支出約為 3.25 億美元，稅率約為 25.5%。

As you know, we don't provide guidance beyond the current quarter and it's difficult for us to forecast economic and foreign exchange factors; however, at this point, we believe the March quarter faces the most difficult year-over-year compare relative to the rest of the year.

如您所知，我們不提供本季以後的業績指引，而且我們很難預測經濟和外匯因素；但是，就目前而言，我們認為與今年其他季度相比，3 月份的季度同比業績最為艱難。

With that, I'd like to open the call to questions.

接下來，我想接受大家的提問。

Thank you, Luca. And we ask that you limit yourself to one one-part question and one follow-up. May we have the first question, please?

謝謝你，盧卡。我們要求您只提一個包含所有部分的問題，並提出一個後續問題。請問第一個問題可以嗎？

(Operator Instructions)

（操作說明）

Your first question will come from Simona Jankowski with Goldman Sachs.

你的第一個問題將來自高盛的西蒙娜·揚科夫斯基。

Hello. Thank you very much. Just in terms of your March quarter guidance, it does imply a double digit decline at the midpoint. Maybe if you can just clarify, first of all, what FX headwind is embedded in that?

你好。非常感謝。單就您三月季度的業績指引而言，其中數值確實意味著兩位數的下滑。首先，您能否澄清一下，這其中包含哪些外匯逆風因素？

And then just going to the fundamental underpinning reasons for that, how much of it do you think has to do with international markets in terms of weakening demand and how much of that do you think is comps versus any other factors you might identify, such as a response to higher prices for the iPhone in certain overseas markets?

然後，我們來探討其根本原因，您認為其中有多少是因為國際市場需求疲軟造成的？又有多少是同店銷售狀況改變造成的？此外，您認為還有多少是其他因素造成的，例如某些海外市場 iPhone 價格上漲所導致的？

Thank you, Simona. Let me take this one. In constant currency, when you look at it for the March quarter, revenue would be down between 5% and 10%. So we are looking at a 400 basis point impact from foreign exchange for the March quarter.

謝謝你，西蒙娜。讓我來做這個吧。以固定匯率計算，3 月季度的營收將下降 5% 至 10%。因此，我們預計外匯波動將對三月季度業績產生 400 個基點的影響。

You talked about a number of issues that are, in fact, included in this guidance. In addition to lapping, of course, a very strong year ago quarter -- just remind you that revenue growth a year ago was up 27% -- there's a number of things that we're facing. The macroeconomic environment is weakening. When you think about all the -- particularly all the commodity-driven economies, Brazil and Russia and emerging markets, but also Canada, Australia in developed markets -- clearly, the economy is significantly weaker than a year ago. We talked about the unfavorable FX, which again is 400 basis points.

您談到的許多問題實際上都包含在本指南中。當然，除了要超越去年同期非常強勁的業績（提醒一下，去年同期營收成長了 27%）之外，我們還面臨著許多問題。宏觀經濟環境正在走弱。當你考慮到所有——特別是所有大宗商品驅動型經濟體，如巴西、俄羅斯和新興市場，以及已開發市場的加拿大、澳洲——很明顯，經濟比一年前明顯疲軟。我們討論了不利的匯率，匯率再次下跌了 400 個基點。

One of the things that we've done to respond to the foreign exchange situation has been to increase the price of some of our products in certain international markets. That has had the effect of protecting our margins, which you've seen have been very strong, both in the December quarter and in the guidance that we provide for the March quarter.

為因應外匯情勢，我們採取的措施之一是提高某些國際市場上部分產品的價格。這使得我們的利潤率得以維持，正如您所看到的，無論是在 12 月季度還是在我們為 3 月季度提供的業績指引中，我們的利潤率都非常強勁。

But inevitably over time, higher prices affect demand and so we are capturing that in our guidance. So I would say these are the major reasons and the drivers for the guidance on revenue.

但隨著時間的推移，價格上漲必然會影響需求，因此我們在業績指引中也考慮到了這一點。所以我認為，這些都是營收預期的主要原因和驅動因素。

Thank you.

謝謝。

Thank you, Simona. Could we have the next question, please?

謝謝你，西蒙娜。請問下一個問題可以嗎？

And next from Piper Jaffray, we'll hear from Gene Munster.

接下來，我們將聽到Piper Jaffray的發言，以及Gene Munster的發言。

Good afternoon. Tim, could you talk a little bit about the iPhone upgrade program and the theme of iPhone as a subscription? In particular, do you believe that this could have a measurable impact on the December quarter once we anniversary this? And then any thoughts on rolled outside the US when that program would.

午安.提姆，你能談談 iPhone 升級方案以及 iPhone 訂閱模式的主題嗎？具體來說，您認為在我們紀念這一事件週年之際，這會對12月季度產生可衡量的影響嗎？然後，當計畫擴展到美國境外時，大家有什麼想法？

And my follow-up question would be, I know you can't talk about new products, but any high level thoughts on the virtual reality theme. Do you think this is more of a geeky niche or something that could go mainstream?

我的後續問題是，我知道您不能談論新產品，但您對虛擬實境這個主題有什麼高層次的看法嗎？你認為這更像是極客小眾領域，還是有可能走向主流？

On your first question about iPhone, I think the most important thing, Gene, as you know for us, will always be the product and the experience. And so that's first and foremost. Secondly, I would say we were blown away by the level of Android switchers that we had last quarter. It was the highest ever by far. And so we see that as a huge opportunity.

關於你提出的第一個關於 iPhone 的問題，Gene，我認為最重要的，正如你所知，對我們來說，永遠是產品和體驗。所以，這是最重要的。其次，我想說，上個季度我們安卓用戶轉投安卓陣營的數量之多，著實讓我們大吃一驚。這是迄今為止最高的紀錄。因此，我們認為這是一個巨大的機會。

Thirdly, the markets, sort of the emerging markets broader than BRIC, but including all of emerging, when I look at our share in these markets and the LTE penetration, I see huge opportunities.

第三，就市場而言，尤其是比金磚國家更廣泛的新興市場，包括所有新興市場，當我審視我們在這些市場的份額和 LTE 普及率時，我看到了巨大的機會。

In terms of the upgrade program itself, I think over time, it will be meaningful as customers get into a different pattern. How much of that plays out in the Q1 of 2017 range is difficult to say. My own sense would be that the other items I've mentioned are probably more important, but I am optimistic about the upgrade program, as well.

就升級計劃本身而言，我認為隨著時間的推移，當客戶形成不同的消費模式時，它將變得有意義。2017 年第一季究竟有多少這樣的變化能夠實現，目前還很難說。我個人感覺，我提到的其他項目可能更重要，但我對升級計劃也感到樂觀。

And then virtual reality?

然後是虛擬實境呢？

In terms of virtual reality, no, I don't think it's a niche. I think it can be -- it's really cool and has some interesting applications.

就虛擬實境而言，不，我不認為它是一個小眾領域。我認為可以——它真的很酷，而且有一些有趣的用途。

Thank you, Gene.

謝謝你，吉恩。

Thank you.

謝謝。

Could we have the next question, please?

請問下一個問題可以嗎？

From Morgan Stanley, Katy Huberty.

來自摩根士丹利的 Katy Huberty。

Yes, thanks. I appreciate the macro comments as it relates to guidance, but can you talk a little bit about how you're thinking consumers might react from an ASP perspective? Do you expect consumers to move down the product line, given the macro environment?

好的，謝謝。我感謝您對指導意見的宏觀評論，但您能否從平均售價 (ASP) 的角度談談您認為消費者可能會如何反應？鑑於當前的宏觀環境，您認為消費者會轉向購買更高階的產品嗎？

And then also, how is channel inventory influencing guidance? Do you feel like channel inventory needs to come down, given the demand trends? And then I have a follow-up.

此外，通路庫存如何影響績效指引？鑑於當前的需求趨勢，您是否認為通路庫存需要減少？然後我還有一個後續問題。

Couple of points here, Katy. Our iPhone ASP was $691 during the December quarter. We couldn't be happier with the level of ASP that we generated in the December quarter.

凱蒂，這裡有幾點需要說明。我們在12月季度的iPhone平均售價為691美元。我們對12月份季度的平均售價水準非常滿意。

Keep in mind that the foreign exchange impact on that number was $49. So obviously, the mix of products was very strong. We had great reception for the new iPhones that we launched at the end of September.

請注意，該數字受外匯匯率影響為 49 美元。顯然，產品組合非常強大。我們在九月底推出的新款iPhone獲得了很好的市場反響。

Of course, we have a very strong mid tier this year in the portfolio, with 6 and 6 Plus. But overall, when you look at the outcome during the December quarter, it was very, very strong. So we feel very good about that and we feel that we have a very, very strong portfolio for iPhone.

當然，今年我們的產品組合中也有非常強大的中階產品，例如 6 和 6 Plus。但總體而言，從 12 月的業績來看，表現非常非常強勁。所以我們對此感到非常滿意，並認為我們擁有非常非常強大的 iPhone 產品組合。

On the question around channel inventory, we entered the quarter, the December quarter -- and we mentioned it back in October -- below our target range of five to seven weeks. We have built a bit of inventory during the course of the December quarter. But we have exited at the low end of the five to seven weeks, so we feel that we are in good shape there. And we've exited the quarter also on iPad and Mac well within the ranges that we want to have.

關於通路庫存問題，我們進入本季（12 月季度）時——我們在 10 月就提到過——庫存低於我們 5 到 7 週的目標範圍。我們在十二月季度期間累積了一些庫存。但我們已經提前結束了五到七週的預測期，所以我們覺得我們目前的情況不錯。而且，我們在 iPad 和 Mac 上的季度業績也完全達到了我們預期的目標範圍。

And then as a follow-up, back in October you guided FY16 CapEx up over 30%. What's driving that growth? Can you rank it between equipment purchases, data center and real estate? And given the slowdown that you started to see in December, are you still comfortable with that level of investment growth? Thanks.

然後，作為後續行動，您在 10 月預測 2016 財年資本支出將成長超過 30%。是什麼因素推動了這種成長？你能把它在設備採購、資料中心和房地產之間排個名嗎？鑑於 12 月開始出現的成長放緩趨勢，您仍然對目前的投資成長水準感到滿意嗎？謝謝。

Yes. So that is kind of the ranking, Katy. It starts always for us with our tooling and manufacturing process equipment, and that is up a bit year-over-year.

是的。凱蒂，這就是大致的排名。對我們來說，一切總是從我們的工具和製造流程設備開始，而這部分設備每年都在略有成長。

Then we've got data centers. And data centers is a growing expenditure for us, because, as we mentioned in our prepared remarks, our installed base of customers ands devices is growing, and is growing very significantly. And the data center capacity that we put in place is to provide the services that are tied to the installed base. So that type of expenditure goes together with the installed base.

然後我們還有數據中心。資料中心是我們日益增長的一項支出，因為正如我們在準備好的發言稿中提到的，我們的客戶和設備安裝量正在成長，而且成長非常顯著。我們部署的資料中心容量是為了提供與已安裝設備相關的服務。因此，這類支出與已安裝的基礎設施密切相關。

And then around facilities, you probably know that we are nearing completion of our new campus here in Cupertino, and so this is the year where we've got our peak requirements in terms of capital.

至於設施方面，您可能知道我們在庫比蒂諾的新校區即將完工，因此今年是我們資金需求的高峰年。

Thank you, Katy. Could we have the next question, please?

謝謝你，凱蒂。請問下一個問題可以嗎？

From Bernstein, we'll hear from Toni Sacconaghi.

我們將從伯恩斯坦那裡聽到托尼·薩科納吉的發言。

Yes. Thank you. I have a question, a follow-up, please. To start, just on iPhones, it looks like your guidance implies about a 15% to 20% unit decline in iPhones for fiscal Q2, which I think, unless you really see a change in demand profile in the second half, suggests that iPhone units will decline year-over-year for FY16.

是的。謝謝。我有一個問題，請問後續是什麼？首先，就 iPhone 而言，你們的預測似乎表明，第二財季 iPhone 的銷量將下降 15% 到 20%，我認為，除非你們真的看到下半年需求情況發生變化，否則這表明 2016 財年 iPhone 的銷量將同比下降。

And I'd like you to address that question, because the obvious follow-up questions are is that because you believe the smartphone market won't grow or because Apple may be reaching saturation in the market? Is that because Apple's replacement cycle accelerated last year and is decelerating this year and that's why we'll see a decline in units?

我想請您回答這個問題，因為接下來很可能會有人問，您是因為認為智慧型手機市場不會成長，還是因為蘋果可能已經接近市場飽和？這是因為蘋果的換代週期去年加快，今年放緩，所以我們才會看到銷售下降嗎？

Or is there something about Apple's ability to gain share in a market where the market is moving to much lower price points? But I'm wondering, and Tim, maybe you're best to answer it, if you can address what appears likely to be a decline in iPhone units and how we put that in the context of how we should think about that, given some healthy data around switchers that you highlighted.

或者說，蘋果公司在市場價格大幅下降的情況下，依然能夠獲得市場份額，這其中是否有什麼特別之處？但我很想知道，提姆，也許你最能回答這個問題，你能否談談iPhone銷量似乎可能會下降的問題，以及考慮到你強調的一些關於換機用戶的健康數據，我們應該如何看待這個問題。

Toni, we do think that iPhone units will decline in the quarter. We don't think that they will decline to the levels that you're talking about. We aren't projecting beyond the quarter, as Luca mentioned earlier; but at this point in time, we see that Q2 is the toughest compare.

Toni，我們認為本季iPhone銷量將會下降。我們認為它們不會下降到你所說的水平。正如盧卡之前提到的，我們不會對本季之後的情況進行預測；但就目前而言，我們認為第二季度是最難比較的。

We believe it's the toughest compare because of the year ago quarter also had catch up in it from Q1. If you recall, we were heavily supply constrained throughout the whole of Q1, and so some of that demand moved into Q2. Plus, we are in an environment now that is dramatically different from a macroeconomic point of view than last Q2, from a currency point of view, from the level of which we've had to adjust pricing in several of these markets, and the overall melees in virtually every country in the world. And so it's really all of those factors that play in there and it's difficult to sort out how much is due to which one.

我們認為這是最難比較的，因為去年同期也需要彌補第一季的缺口。如果你還記得的話，我們在整個第一季都面臨嚴重的供應限制，因此部分需求轉移到了第二季。此外，從宏觀經濟角度來看，我們現在所處的環境與去年第二季截然不同；從貨幣角度來看，我們不得不調整幾個市場的價格；而且，幾乎世界各國都出現了混亂局面。因此，實際上是所有這些因素共同作用的結果，很難弄清楚究竟是哪個因素造成的。

Right. Can you speak to any of the points around your expectation for the smartphone market or whether you think your replacement cycle has changed or whether your ability to gain share has changed?

正確的。您能否談談您對智慧型手機市場的預期，或者您認為您的產品更換週期是否發生了變化，或者您獲取市場份額的能力是否發生了變化？

The market itself, we don't spend a lot of time on predicting. Our view has always been that if we do -- if we make a great product and have a great experience, that we ought to be able to convince enough people to move over. And so as I look at maybe your broader umbrella point about a question on saturation, the metrics I see would strongly suggest otherwise.

我們不會花太多時間去預測市場本身。我們一直認為，如果我們能做出優秀的產品並提供良好的體驗，我們應該能夠說服足夠多的人遷移過來。因此，當我審視你關於飽和度問題的更廣泛的觀點時，我看到的指標卻強烈表明並非如此。

For example, almost half of the iPhones that we sold in China last quarter were to people who were buying their first iPhone. And certainly if you go outside of China into the other emerging markets, our share is much lower and the LTE penetration is so low -- in some cases, it's zero -- that it indicates to me that there's still a lot of people, a tremendous number of people in the world, that will buy smartphones and we ought to be able to win over our fair share of those.

例如，上個季度我們在中國售出的 iPhone 中，近一半是賣給了第一次購買 iPhone 的用戶。當然，如果你把目光投向中國以外的其他新興市場，你會發現我們的市場份額要低得多，LTE普及率也低得多——在某些情況下甚至為零——這對我來說表明，世界上仍然有很多人，數量龐大的人，會購買智慧型手機，我們應該能夠贏得其中應有的份額。

Okay. And I just have clarifications, I don't really have a follow-up question. Luca, you had talked about channel inventory increasing. It was 18.4 million for iPhone last quarter. Can you tell us how many more units you had this quarter?

好的。我只是想澄清一下，並沒有後續問題。Luca，你之前提到通路庫存增加的問題。上季iPhone的銷量為1840萬台。請問您本季新增了多少單位？

And then I'm not sure if I misheard you, but I think you said your total installed base grew 25% year-over-year. Can you confirm that? Because if Services grew at 13% and your installed base grew at 25%, it almost implies your penetration of your installed base, in terms of your ability to sell services, is going down.

然後，我不確定我是否聽錯了，但我想您說您的總裝機量比去年同期增長了 25%。能確認一下嗎？因為如果服務增加了 13%，而你的安裝基礎成長了 25%，這幾乎意味著，就你銷售服務的能力而言，你對安裝基礎的滲透率正在下降。

Maybe I'm going to start with Services, Toni. The reason why we added this -- I think it's page 3 of our supplemental material -- is to try and explain that a couple of steps. The first one is that of the services that we report, there's a portion, about 85% of all of the services that we report is directly tied to the installed base. There is a smaller portion of our services business that is not related to installed base and more related to when we sell a device. A perfect example would be an Apple Care agreement that you purchase at the time of the sale of the device.

東尼，或許我應該先從服務業開始。我們添加這一部分的原因——我認為它位於補充材料的第 3 頁——是為了嘗試解釋其中的幾個步驟。首先，在我們報告的服務中，大約 85% 的服務與已安裝的服務直接相關。我們服務業務中有一小部分與已安裝設備數量無關，而更與我們銷售設備有關。一個完美的例子就是你在購買裝置時同時購買的 AppleCare 服務協議。

And then we are showing that on that portion of installed base-driven services business, there is a part that is related to -- where we recognize revenue in terms of the full transaction value. And then there are transactions, like for example, App Store sales, where a portion of the transaction does not get recognized by Apple, but it goes to the developer.

然後我們表明，在已安裝基礎驅動的服務業務的這一部分中，有一部分與我們以全部交易價值確認收入有關。還有一些交易，例如 App Store 的銷售，其中一部分交易款項不會被蘋果公司確認，而是會支付給開發者。

So when you look at it from a purchase value standpoint, actually in the December quarter, we grew 24%, and for the FY15, we grew at 23%. So we are growing at very, very healthy levels. And to reconfirm the growth of the installed base, yes, it was over 25%.

所以從購買價值的角度來看，實際上在 12 月季度，我們成長了 24%，而 2015 財年，我們成長了 23%。所以，我們的成長速度非常非常健康。為了再次確認安裝基數的增長，是的，增長超過 25%。

To the question around the channel inventory for iPhone, we grew channel inventory by 3.3 million units during the course of the December quarter. Keep in mind, we started in acquisition where we were below our targeted range. We were significantly short at the beginning of the quarter.

關於 iPhone 通路庫存的問題，我們在 12 月季度期間增加了 330 萬部通路庫存。請記住，當我們最初進入收購階段時，收購規模低於我們的目標範圍。本季初，我們的資金嚴重短缺。

Thank you.

謝謝。

Thank you, Toni. Could we have the next question, please?

謝謝你，托尼。請問下一個問題可以嗎？

From Cross Research, Shannon Cross.

取自 Cross Research，Shannon Cross。

Thank you very much. I had a question about gross margin. Luca, you got gross margins of 39% to 39.5% in your guidance, and that includes hedging. So I'm curious about the puts or takes in there.

非常感謝。我有一個關於毛利率的問題。Luca，你的績效指引中毛利率為 39% 至 39.5%，其中也包含了避險。所以我很好奇這裡面有哪些買入或賣出的情況。

And then can you clarify if within the gross margin this quarter, that had the IP licensing contribution, as well? Any color you can give, both on this quarter's gross margin puts and takes, and then also the March quarter. And then I have a follow-up.

那麼，您能否澄清一下，本季的毛利中是否也包含了智慧財產權授權收入？請盡可能提供顏色訊息，包括本季毛利率的看跌和看漲情況，以及三月份的季度數據。然後我還有一個後續問題。

Yes. So Shannon, let me start with Q1. I think when you say IP licensing, you mean this patent dispute that was resolved. Yes, it was included in the gross margins. And it was worth 40 basis points in the 40.1% that we reported for Q1.

是的。香農，那我就先回答第一個問題吧。我想你說的智慧財產權許可，是指已經解決的那場專利糾紛。是的，它已計入毛利。這相當於我們第一季報告的 40.1% 成長率中的 40 個基點。

For the second quarter, the puts and takes are actually quite simple. From an FX standpoint, the negative impact on a sequential basis from the December quarter is 50 basis points.

第二季度，買賣操作其實相當簡單。從外匯角度來看，與 12 月季度相比，季比負面影響為 50 個基點。

Then of course, I would say by far the largest impact on margins for the quarter is the loss of leverage, because that's part of our seasonal pattern, which gets offset by a favorable commodity environment that we've seen for a number of quarters now. And in a way, it's the other side of the coin of the foreign exchange situation.

當然，我認為本季利潤率受到的最大影響是槓桿率的下降，因為這是我們季節性模式的一部分，而這種下降被我們已經連續幾個季度看到的有利的大宗商品環境所抵消。從某種意義上說，這是外匯情勢的另一面。

Okay. Thanks. And then Tim, can you talk a bit about -- and I apologize, I sort of lost my voice here -- can you talk a bit about leverage within the model? I know you said you want to invest while there's great opportunity in China and all of that. But given some of the pressures you're seeing, how do you think about where you spend that incremental SG&A dollar and that R&D dollar, and how should we think about it, given you're running $6 billion a quarter?

好的。謝謝。然後，提姆，你能談談——抱歉，我剛才有點失聲了——你能談談模型中的槓桿作用嗎？我知道你說過你想趁著中國市場機會多的時候投資等等。但考慮到你們面臨的一些壓力，你們是如何考慮將新增的銷售、管理及行政費用和研發費用用於何處的？考慮到你們每季經營 60 億美元的業務，我們該如何看待這個問題？

Yes, on the R&D, Shannon, we're continuing to invest without pause. We have some great things in the pipeline and we very much believe strongly in investing through downturns, such as the one that everyone is going through.

是的，香農，在研發方面，我們一直持續加大投入。我們有一些很棒的項目正在籌備中，我們堅信應該在經濟低迷時期進行投資，就像大家現在正在經歷的這種經濟低迷時期一樣。

In terms of SG&A, we obviously seek to throttle expenditures in SG&A to the business level, with the exception of where we're investing in new stores and, for example, our expansion plans in China have not changed. We are maintaining our investment profile and plans there. We are also continuing to invest in markets where we believe they are great places for Apple for the long term, like India, as an example of that one.

就銷售、一般及行政費用而言，我們顯然會努力將銷售、一般及行政費用控制在業務層面，但投資新店的情況除外，例如，我們在中國的擴張計劃沒有改變。我們將繼續維持在該地區的投資計劃和佈局。我們也持續投資我們認為對蘋果公司長期發展非常有利的市場，例如印度。

And finally, even in the markets where today, grantedly, it looks fairly bleak, from Russia and Brazil and some of the other economies that are very much tied to our oil-based economies. We do believe that this, too, shall pass and that these countries will be great places and we want to serve customers in there, and so we're not retrenching. That's not -- we don't believe in that. We are fortunately strong enough to continue investing, and we think it's in Apple's best long-term interest to do so.

最後，即使在今天看起來相當黯淡的市場中，例如俄羅斯、巴西以及其他一些與我們石油經濟聯繫非常緊密的經濟體。我們相信這一切終將過去，這些國家將會成為美好的地方，我們希望為那裡的客戶提供服務，所以我們不會縮減規模。不，我們不相信那種說法。幸運的是，我們實力雄厚，能夠繼續投資，我們認為這樣做符合蘋果公司的長遠利益。

Obviously, from a cost point of view, the downside of economic stress is that some asset prices get cheaper, commodity prices get cheaper, and that sort of thing. And so I think this is exactly the period that you want to invest and do so confidently.

顯然，從成本角度來看，經濟壓力帶來的不利影響是某些資產價格會下降，商品價格會下降等等。所以我認為現在正是您應該充滿信心地進行投資的時期。

Thank you.

謝謝。

Thank you, Shannon. Could we have the next question, please?

謝謝你，香農。請問下一個問題可以嗎？

We'll hear from Steve Milunovich with UBS.

我們將聽聽瑞銀集團的史蒂夫·米盧諾維奇的演講。

Steve, are you there?

史蒂夫，你在嗎？

Steve?

史蒂夫？

Let's go on to the next question, please.

請繼續下一個問題。

And we'll hear from Brian White with Drexel.

接下來我們將聽聽德雷塞爾大學的布萊恩懷特的演講。

Tim, could you talk a little bit about the next leg of growth in China? Obviously, Apple's done a phenomenal job there. But where do we see the next leg coming from?

提姆，你能談談中國下一階段的成長嗎？顯然，蘋果在這方面做得非常出色。但是，下一階段的列車會從哪裡來呢？

And also, you mentioned investing in India. Where do you see that over the next two to three years? I think there's 1 billion mobile subscribers there, almost the size of China. Thank you.

另外，您也提到了在印度投資。你認為未來兩到三年會發展成什麼樣子？我認為那裡有10億個行動用戶，幾乎和中國的人口規模一樣大。謝謝。

Brian, good question. In terms of China, the LTE penetration as of the end of last October, which is the last data I've got, was in the mid 20s. And so there's an enormous upgrade cycle there for people that are still running on 3G handsets.

布萊恩，問得好。就中國而言，截至去年十月底（這是我得到的最新數據），LTE普及率約20%。因此，對於仍在使用 3G 手機的用戶來說，存在著巨大的升級週期。

Also, I've talked about this before, but I think it's worth mentioning again, because it's easy to lose perspective with some of the things you read every day, is that the middle class in China was less than 50 million people in 2010, and by 2020, it's projected to be about half a billion. And so there's just an enormous number of people moving into the middle class. And we think this provides us a great opportunity to win over some of those customers into the Apple ecosystem.

另外，我以前也談到過這一點，但我認為值得再次提及，因為每天讀到的一些事情很容易讓人失去客觀視角，那就是，2010 年中國的中產階級人口不到 5000 萬，而到 2020 年，預計將達到約 5 億。因此，有大量的人正在躋身中產階級。我們認為這為我們提供了一個絕佳的機會，可以將其中一些客戶吸引到蘋果生態系統中。

And so I think the demographics are great. We're continuing to invest in retail stores. Angela and her team have been on this very aggressive rollout plan. We now have 28 stores in Greater China and we are on target to have 40 in the summertime of this year. And so we're continuing on distribution.

所以我認為人口結構非常好。我們將繼續投資零售門市。安吉拉和她的團隊一直都在積極推進這項推廣計畫。我們目前在大中華區擁有 28 家門市，並計劃在今年夏季達到 40 家的目標。因此，我們將繼續進行分銷。

Obviously, we've got product things in mind and are crafting our products and services with China heavily in mind. We remain very bullish on China and don't subscribe to the doom and gloom kind of predictions, frankly.

顯然，我們已經考慮到了產品方面的問題，並且在設計產品和服務時充分考慮了中國市場。坦白說，我們還是非常看好中國，並不認同那些悲觀又絕望的預測。

In India, India is also incredibly exciting. India's growth, as you know, is very good. It's quickly becoming the fastest growing BRIC country. It's the third largest smartphone market in the world, behind China and the United States.

印度也同樣令人興奮。如你所知，印度的經濟成長非常好。它正迅速成為金磚國家中成長最快的國家。它是全球第三大智慧型手機市場，僅次於中國和美國。

The population of India is incredibly young. The median age there is 27. I think of the China age being young, at 36, 37. And so 27 is unbelievable. Almost half the people in India are below 25. And so I see the demographics there also being incredibly great for a consumer brand and for people that really want the best products.

印度的人口結構非常年輕。那裡的年齡中位數是27歲。我認為中國的年齡還很年輕，36、37歲。所以27歲簡直難以置信。印度近一半的人口年齡在25歲以下。因此，我認為那裡的人口結構對於消費品牌和真正想要最好產品的人來說也是非常好的。

And as you know, we've been putting increasingly more energy in India. India revenue for us in Q1 was up 38%. We also had currency issues in India, as everybody else did. Constant currency growth was 48%. And so it's a very rapidly expanding country. And I think the government there is very interested economic reforms and so forth that I think all speak to a really good business environment for the future.

如您所知，我們一直在加大對印度的投入。我們第一季在印度的營收成長了 38%。和其他國家一樣，我們在印度也遇到了貨幣問題。以固定匯率計算，成長率為 48%。因此，這是一個發展非常迅速的國家。我認為那裡的政府對經濟改革等等都非常感興趣，我認為所有這些都預示著未來將有一個非常好的商業環境。

Okay. Great. Thank you.

好的。偉大的。謝謝。

Thank you, Brian. Could we have the next question, please?

謝謝你，布萊恩。請問下一個問題可以嗎？

We'll hear from Kulbinder Garcha with Credit Suisse.

我們將聽取瑞士信貸的庫爾賓德·加爾查的發言。

Thank you. My question's for Tim on the iPhone business. You talk a lot about the macroeconomic weakness weighing on units, but is some of the issue just that last year replacement got accelerated and this year it's kind of normalizing, and that's kind of a one-time headwind in terms of the unit growth that you see in that business. Is any of that going on, or is that not material, in your view?

謝謝。我的問題是關於Tim在iPhone業務方面的。你常談到宏觀經濟疲軟對銷量造成壓力，但部分原因是否在於去年的更新換代速度加快，而今年正在趨於正常化，這對於該行業的銷量增長而言，算是一種一次性的不利因素。這些事情有發生嗎？或者在你看來，這些都不重要？

And the other follow-up I had was that you've mentioned in recent calls, helpfully, the percent of the base, prior to when the 6 came out, that were now on the larger screen phones. Can you give us an update on what that number is? I think the last time it was in the low 30s. Thanks.

我還有另一個後續問題，您在最近的通話中提到，在 iPhone 6 發布之前，有多少百分比的用戶現在使用大螢幕手機，這很有幫助。您能告知我們這個數字的最新情況嗎？我記得上次氣溫在30華氏度左右。謝謝。

Last question first. The number of people who had an iPhone prior to the iPhone 6 and 6 Plus announcements -- and so this was in September of 2014 -- that have not yet upgraded to a 6, 6 Plus or 6s or 6s Plus is now 60%. So another way to think about that is 40% have, 60% have not.

最後一個問題先回答。在 iPhone 6 和 6 Plus 發布之前（也就是 2014 年 9 月），擁有 iPhone 的用戶中，目前有 60% 的人還沒有升級到 6、6 Plus、6s 或 6s Plus。換個角度想，就是 40% 的人有，60% 的人沒有。

In terms of your initial question about is there some of the compare issue that are people that ran out quickly to buy a 6 and 6 Plus and sort of accelerated? There is no doubt that we had an unbelievable year last year, and the Q2 was particularly really, really strong because of the pent-up demand that left from Q1 in addition to Q2. And so there's no doubt about that.

關於你最初的問題，即是否存在一些人急於購買 iPhone 6 和 iPhone 6 Plus，從而加速了價格上漲的情況？毫無疑問，我們去年取得了令人難以置信的成績，第二季度尤其強勁，因為第一季積壓的需求在第二季也釋放出來了。所以這點毋庸置疑。

However, I think you can tell from the numbers that Luca is talking about just on the currency side, and that's before thinking through the affect that price increases can sometimes have on the business over a period of time, it's clear that the economic piece is large.

不過，我認為從盧卡所說的數字中，僅就貨幣方面而言，你就能看出這一點。而且這還沒有考慮到價格上漲有時會在一段時間內對企業產生的影響，很明顯，經濟因素非常重要。

Thank you.

謝謝。

Thank you, Kulbinder. Could we have the next question, please?

謝謝你，庫賓德。請問下一個問題可以嗎？

And next we'll hear from Steve Milunovich with UBS. Mr. Milunovich, you may want to check your mute button.

接下來我們將聽聽瑞銀集團的史蒂夫·米盧諾維奇的演講。米盧諾維奇先生，您可能需要檢查一下您的靜音按鈕。

Steve, are you there?

史蒂夫，你在嗎？

Okay. Let's try the next question, please.

好的。請看下一題。

And we'll hear from Mark Moskowitz with Barclays.

接下來我們將聽取巴克萊銀行的馬克·莫斯科維茨的演講。

Yes. Thank you. Good afternoon. A question and a follow-up. As far as the question, Tim, I wanted to get a better sense from you in terms of what is the overarching message of introducing a little more details here around services. Is this really to just reinforce the power of the franchise or the platform at Apple in terms of to really navigate tougher macro times in terms of the higher level recurring revenue, or is it a stepping stone to much more in terms of Apple service, i.e. I think of all the stuff you do on the data center side. Could we eventually have seen, with the help of IBM and Cisco, that you eventually move more into the cloud services for the enterprise?

是的。謝謝。午安.一個問題和一個後續問題。關於這個問題，蒂姆，我想更了解一下，你在這裡介紹更多服務細節的整體訊息是什麼。這真的只是為了加強蘋果旗下品牌或平台的實力，以因應宏觀經濟情勢下更高的經常性收入嗎？還是說這是蘋果在服務領域邁向更大發展的墊腳石？我想到了你在資料中心方面所做的一切。我們最終是否可以看到，在 IBM 和 Cisco 的幫助下，企業最終會更轉向雲端服務？

So good question. We started breaking out Services, as you know, in the beginning of FY15. And as that business has grown and as it became clear to us that the investors and analysts wanted more visibility into that business, we've now elected to break it out and show the full size, scope, growth, and make comments on the profitability of it from a transparency point of view.

問得好。如您所知，我們從 2015 財年初開始將服務業務拆分出來。隨著該業務的成長，以及我們逐漸意識到投資者和分析師希望更多地了解該業務，我們現在決定將其拆分出來，展示其全部規模、範圍、增長情況，並從透明度的角度對其盈利能力發表評論。

I do think that the assets that we have in this area are huge, and I do think that it's probably something that the investment community would want to and should focus more on. In terms of our future plans, I wouldn't want to comment about any particular thing, but obviously, with breaking this out, we wouldn't be breaking it out if it wasn't an area that was very important to us in the future.

我認為我們在這一領域擁有的資產非常巨大，而且我認為這可能是投資界想要並且應該更加關注的領域。至於我們未來的計劃，我不想對任何具體的事情發表評論，但很顯然，如果我們不把這個領域放在心上，它對我們未來的發展就不是非常重要的，所以我們不會把它單獨拿出來討論。

Okay. Thank you. And I wanted to follow-up on the upgrade advance program dynamics. Can you talk a little more about what you're seeing in terms of in-store at the Apple Stores? Are you seeing any sort of dislocation in terms of folks who are moving to the upgrade or finance program, are they moving more toward Apple versus maybe the in-store percentage that used to be related to the carriers? In other words, are folks just going with Apple now, instead of the carriers, when they buy their phone, as part of these upgrade programs?

好的。謝謝。我想跟進升級預付款計畫的動態。能否再詳細談談您在蘋果專賣店內看到的情況？您是否觀察到，在升級或分期付款方面，人們的消費習慣發生了任何變化？他們是否更多地轉向蘋果產品，而不是像以前那樣傾向於選擇與運營商相關的店內折扣？換句話說，作為這些升級計劃的一部分，人們現在購買手機時是否都選擇蘋果而不是營運商？

Honestly, this has nothing to do with wanting to move customers from one person to another. This has to do with wanting to provide customers a very simple way to upgrade. Because we serve a significant number of customers in the Apple Store who want the iPhone when it's new and when it comes out, and so we've designed a program that made it simple and easy to do that. I have no idea over time how the percentage of the sales will vary between carriers and the Apple retail store, but that's not our overriding objective.

說實話，這跟想把客戶從一個人轉移到另一個人沒有任何關係。這是因為我們想為客戶提供一個非常簡單的升級方式。因為我們在蘋果商店服務了大量顧客，他們希望在新款 iPhone 上市時就買到，所以我們設計了一個程序，讓購買過程變得簡單輕鬆。我不知道隨著時間的推移，營運商和蘋果零售店之間的銷售百分比會如何變化，但這並不是我們最重要的目標。

Okay. Thank you. Good afternoon.

好的。謝謝。午安.

Thank you, Mark. We have time for one more question.

謝謝你，馬克。我們還有時間回答最後一個問題。

And your final question will come from Jim Suva with Citi.

最後一個問題將由花旗銀行的吉姆·蘇瓦提出。

Thank you very much. A question for Tim and then a detail follow-up for Luca. Tim, with the macro situation changing, a lot of CEOs view that and their strategy is very different go-to-market strategy. Some change the way they go to market. Some change their products.

非常感謝。先問提姆一個問題，再向盧卡提出更詳細的後續問題。提姆，隨著宏觀情勢的變化，許多CEO都看到了這一點，他們的市場進入策略也發生了很大的變化。有些人改變了他們的市場進入方式。有些人會改變他們的產品。

In the past, Apple's been very known in always having a premium product. With the slowdown in the macro FX and also GDP revision, is Apple's strategy go-to-market still always at premium product, or is there a need to go to more also a middle market or lower price point to attract more customers? Just because it seems like growing that installed base and services, as you pointed out, really economically could really help out Apple in the long term.

過去，蘋果一直以生產高端產品而聞名。隨著宏觀經濟成長放緩以及GDP預期下調，蘋果的市場策略是否仍堅持高階產品，還是需要進軍中階市場或更低的價格區間來吸引更多顧客？正如你所指出的，擴大用戶群和服務規模，從長遠來看，確實能為蘋果帶來經濟效益。

And then the financial question for Luca is on that patent litigation, Luca, when you gave guidance three months ago, did you have a view that that was coming in? And if so, was that included in the guidance or not, or was that post the quarter guidance? And I assume it's all one-time this quarter you recorded it, it's all gross margin, and we don't cause that to reoccur again going forward. Thank you very much.

那麼，盧卡面臨的財務問題是關於專利訴訟的。盧卡，三個月前你給指導意見時，你是否預料到會有這樣的結果？如果屬實，這是否包含在業績指引中，還是在季度業績指引發布之後才提出的？我假設這都是本季一次性的，都是毛利，我們以後不會再發生這種事。非常感謝。

Our strategy is always to make the best products. And that, for the smartphone market, that we are able to provide, though, several different price points for our customers. We have the premium part of our line is the 6s and the 6s Plus. We also have a mid price point, with the iPhone 6 and the iPhone 6 Plus. And we continue to offer the iPhone 5s in the market and it continues to do quite well. And so we offer all of those, and I don't see us deviating from that approach.

我們的策略始終是生產最好的產品。不過，對於智慧型手機市場，我們能夠為客戶提供幾種不同的價格點。我們產品線中的高階產品是 6s 和 6s Plus。我們還有中價位的產品，包括 iPhone 6 和 iPhone 6 Plus。我們繼續在市場上銷售 iPhone 5s，而且它的銷售仍然很好。因此，我們提供所有這些服務，而且我認為我們不會偏離這一做法。

We always want to offer somebody the -- we don't design to a certain price point. We design a great product and we make it priced at a great value. And today, we're able to offer all three of those different iPhone options.

我們始終希望為顧客提供——我們的設計並非以某個價格點為導向。我們設計出優質的產品，並以極具競爭力的價格出售。而今天，我們能夠提供這三種不同的 iPhone 選擇。

And Jim, on the patent question, yes, obviously this is a one-off item that affected the December quarter. As I said earlier, it's worth 40 basis points. So without it, our gross margin would have been 39.7%. It will not repeat going forward.

吉姆，關於專利問題，是的，這顯然是一次性事件，影響了 12 月的季度。正如我之前所說，它價值 40 個基點。因此，如果沒有它，我們的毛利率將為 39.7%。今後不會再發生類似的事情。

To your question around was it included in the guidance, yes, the probability of receiving the amount was incorporated in the development of the guidance range. If you remember, we guided to 39% to 40%, and that number was included within the range.

關於您提出的是否包含在指導意見中的問題，是的，收到該金額的機率已納入指導範圍的製定中。如果你還記得的話，我們當時給的指導價是 39% 到 40%，而這個數字也包含在預期範圍內。

Thank you very much, gentlemen.

非常感謝各位先生。

Thank you, Jim. A replay of today's call will be available for two weeks, podcast on the iTunes store, webcast on Apple.com/Investor, and via telephone. And the numbers for the telephone replay are 888-203-1112 or 719-457-0820 and please enter confirmation code 7349088. These replays will be available by approximately 5:00 PM Pacific Time today. And members of the press with additional questions can contact Kristin Huget at 408-974-2414. Financial analysts can contact Joan Hooper or me with additional questions. Joan is at 408-974-4570, and I'm at 408-974-5420. Thanks again for joining us.

謝謝你，吉姆。今天的電話會議錄音將保留兩週，可透過 iTunes 商店的播客、Apple.com/Investor 的網路直播以及電話收聽。電話重播號碼為 888-203-1112 或 719-457-0820，請輸入確認碼 7349088。這些比賽重播將於今天太平洋時間下午 5 點左右上線。如有其他疑問，媒體成員可致電 408-974-2414 聯絡 Kristin Huget。金融分析師如有其他疑問，可以聯絡 Joan Hooper 或我。瓊的電話號碼是 408-974-4570，我的電話號碼是 408-974-5420。再次感謝您的參與。

Ladies and gentlemen, that does conclude today's presentation. We do thank everyone for your participation.

女士們、先生們，今天的演講到此結束。我們衷心感謝大家的參與。