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.

女士們，先生們，美好的一天，歡迎參加 Apple Incorporated 2016 財年第一季度財報電話會議。

Today's call is being recorded.

今天的電話正在錄音。

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

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

Please go ahead, ma'am.

請繼續，女士。

Thank you.

謝謝你。

Good afternoon and thanks for joining us.

下午好，感謝您加入我們。

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.

在我們開始之前，我們希望您知道，除了我們的新聞稿和匯總數據時間表之外，我們還發布了一些補充材料，我們將在今天的評論中提到這些材料；您可以在我們的投資者關係網站 Apple.com/Investor 上找到此補充材料的鏈接。

And it's also included as an exhibit in the Form 8-K we filed with the SEC earlier today.

它也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首席執行官蒂姆庫克，隨後是首席財務官盧卡梅斯特里；之後，我們將向分析師提問。

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.

請注意，您將在我們今天的討論中聽到的一些信息將包含前瞻性陳述，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 forecasts.

實際結果或趨勢可能與我們的預測大相徑庭。

For more information, please refer to the Risk Factors discussed in Apple's Form 10-K for 2015 and the Form 8-K filed with the SEC today that I mentioned earlier, along with today's press release.

有關更多信息，請參閱我之前提到的 Apple 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。

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

Apple 不承擔更新任何前瞻性陳述或截至其各自日期的信息的義務。

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

我現在想把電話轉給蒂姆做介紹性發言。

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

謝謝，南希，大家下午好，非常感謝您加入我們。

Today we are reporting Apple's strongest financial results ever.

今天，我們將報告 Apple 有史以來最強勁的財務業績。

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.

我們在 12 月季度創造了創紀錄的 759 億美元季度收入，符合我們的預期，比去年的重磅業績增長了 2%。

This is a huge accomplishment for our Company, especially given the turbulent world around us.

這對我們公司來說是一項巨大的成就，尤其是考慮到我們周圍動蕩的世界。

In constant currency, our growth rate would have been 8%.

按固定匯率計算，我們的增長率為 8%。

Our record revenue and continued strong operating performance also led to an all-time record quarterly net income of $18.4 billion.

我們創紀錄的收入和持續強勁的經營業績也帶來了創紀錄的季度淨收入 184 億美元。

We sold 74.8 million iPhones in the December quarter, an all-time high.

我們在 12 月季度售出了 7480 萬部 iPhone，創歷史新高。

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.

從這個數量來看，連續 13 週每週 7 天、每天 24 小時、平均每小時超過 34,000 部 iPhone。

It's almost 50% more than our Q1 volume just two years ago and more than four times our volume five years ago.

這比我們兩年前的第一季度銷量增加了近 50%，是五年前的四倍多。

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.

7480 萬部 iPhone 是一個令人難以置信的數字，它既說明了 iPhone 的廣受歡迎，也說明了我們團隊在如此短的時間內交付大量設備的出色執行力。

Our results are particularly impressive, given the challenging global macroeconomic environment.

鑑於充滿挑戰的全球宏觀經濟環境，我們的結果尤其令人印象深刻。

We're seeing extreme conditions, unlike anything we've experienced before just about everywhere we look.

我們正在看到極端情況，這與我們之前所經歷的任何情況都不同。

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.

包括巴西、俄羅斯、日本、加拿大、東南亞、澳大利亞、土耳其和歐元區在內的主要市場受到經濟增長放緩、商品價格下跌和貨幣疲軟的影響。

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.

例如，自 FY14 年底以來，歐元和英鎊下跌了兩位數，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。

The Brazilian real is down more than 40% and the Russian ruble has declined more than 50%.

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.

蘋果現在 66% 的收入來自美國以外的地區，因此外匯波動對我們的業績產生了非常有意義的影響。

Page 1 of our supplemental material illustrates this point.

我們補充材料的第 1 頁說明了這一點。

$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.

由於國際市場貨幣疲軟，蘋果在 2014 年第四季度的非美元收入中的 100 美元在上個季度僅轉化為 85 美元。

As you can see, the movement has been dramatic.

正如你所看到的，這場運動是戲劇性的。

Last quarter alone, the currency impact has been very large.

僅上個季度，貨幣影響就非常大。

Page 2 of our supplemental material illustrates our Q1 revenue and growth rates expressed in constant currency.

我們補充材料的第 2 頁說明了我們以固定貨幣表示的第一季度收入和增長率。

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.

我之前談到的 8% 的增長率轉化為 808 億美元的固定貨幣收入，比我們報告的收入多 50 億美元。

For perspective, that difference is about the size of the annual revenue of a Fortune 500 company.

從角度來看，這種差異大約相當於一家財富 500 強公司的年收入規模。

We know the conditions in China have been a source of concern for many investors.

我們知道中國的情況一直是許多投資者擔憂的根源。

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.

去年夏天，雖然許多公司在中國的業績表現疲軟，但我們看到的恰恰相反，尤其是 iPhone、Mac 和 App Store 的勢頭令人難以置信。

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.

在 12 月季度，儘管環境動盪，但我們在大中華區取得了有史以來最好的業績，按固定匯率計算，收入同比增長 14%，環比增長 47%，同比增長 17%。

These great results were fueled by our highest ever quarterly iPhone sales and record App Store performance.

這些出色的業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 業績。

Notwithstanding these record results, we began to see some signs of economic softness in Greater China earlier this month, most notably in Hong Kong.

儘管取得了這些創紀錄的業績，但本月早些時候，我們開始看到大中華區經濟出現疲軟跡象，尤其是在香港。

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.

除了短期波動之外，我們對中國市場的長期潛力和我們面前的巨大機遇仍然充滿信心，我們正在維持我們的投資計劃。

Despite the economic challenges all over the world, Apple remains incredibly strong.

儘管世界各地都面臨經濟挑戰，但蘋果仍然非常強大。

We have a very satisfied and loyal customer base.

我們有一個非常滿意和忠誠的客戶群。

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.

在第一季度，我們看到從 Android 切換到 iPhone 的人數比以往任何時候都多，我們對我們的長期業務非常樂觀。

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.

創新一直是我們成功的原因，我們仍然致力於製造世界上最好的產品並擴展 Apple 體驗，以更好、更有意義的方式改變我們客戶的生活。

We've invested through economic uncertainty in the past and we've always come out stronger on the other side.

過去，我們在經濟不確定性中進行了投資，而另一方面，我們總是表現得更強大。

In fact, some of the most important breakthrough products in Apple's history were born as a result of investing through the downturn.

事實上，蘋果歷史上一些最重要的突破性產品都是在低迷時期投資的結果。

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.

我們也將這些時間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等地區所做的那樣。

Getting back to our record Q1 performance, let me give you some highlights of what we've accomplished since our last quarterly call together.

回到我們創紀錄的第一季度業績，讓我向您介紹自上次季度電話會議以來我們所取得的成就。

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.

我們發布了令人驚嘆的全新 iPad Pro，它連同全新的智能鍵盤和革命性的 Apple Pencil 深受客戶好評。

We launched the all-new Apple TV with its own App Store, laying the foundation for the future of television.

我們推出了帶有自己 App Store 的全新 Apple TV，為電視的未來奠定了基礎。

We had our best quarter by far for Apple TV sales and the number of apps developed for Apple TV is growing rapidly.

我們在 Apple TV 銷售方面取得了迄今為止最好的季度，為 Apple TV 開發的應用程序數量正在迅速增長。

Today there are over 3,600 apps delivering everything from games to entertainment to educational programming.

今天有超過 3,600 個應用程序提供從遊戲到娛樂到教育節目的所有內容。

We expanded distribution of Apple Watch to almost 12,000 locations in 48 countries during the quarter.

本季度，我們將 Apple Watch 的分銷範圍擴大到 48 個國家/地區的近 12,000 個地點。

As we expected, we set a new quarterly record for Apple Watch sales, with especially strong sales in the month of December.

正如我們預期的那樣，我們創造了 Apple Watch 銷售的新季度記錄，12 月份的銷售尤其強勁。

We released OS X El Capitan, refining the experience and improving performance for our Mac customers.

我們發布了 OS X El Capitan，為我們的 Mac 客戶改進了體驗並提高了性能。

We also updated the entire iMac family with stunning new retina displays and introduced a new line up of wireless accessories.

我們還為整個 iMac 系列更新了令人驚嘆的全新 Retina 顯示屏，並推出了新的無線配件系列。

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.

我們與美國運通一起在加拿大和澳大利亞推出了 Apple Pay，並宣布計劃在來年將這種極其方便、私密和安全的移動支付體驗帶到中國大陸、香港、西班牙和新加坡。

Consumers have spent billions of dollars with Apple Pay.

消費者已經在 Apple Pay 上花費了數十億美元。

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.

2015 年下半年，我們看到使用量顯著加速，增長率是上半年的 10 倍。

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.

現在，Apple Pay 所在的國家/地區有超過 500 萬個非接觸式支付就緒地點，並且很快就會通過他們的 Speedpass Plus 應用程序在美國數千個埃克森和美孚品牌的車站接受。

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.

最後，我們還與更多的聽眾分享了令人難以置信的 Apple Music 體驗，自從客戶開始為這項服務付費後不到四個月，就有超過 1000 萬付費用戶。

Our financial position has never been stronger.

我們的財務狀況從未如此強大。

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.

我們擁有所有資產負債表之母，擁有近 2160 億美元的現金，相當於每股攤薄後的蘋果股票近 39 美元。

We continue to invest confidently in our future and we also continue to return capital to our shareholders at a rapid pace.

我們將繼續對未來充滿信心地進行投資，我們還將繼續快速向股東返還資本。

Our investors have been asking for a while about the recurring nature of our Business.

我們的投資者一直在詢問我們業務的經常性性質。

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.

尤其是在經濟不確定的時期，我們認為重要的是要認識到蘋果收入的很大一部分會隨著時間的推移而重複出現。

First and foremost, our customer satisfaction and retention rates are second to none and provide us with a long lasting foundation.

首先，我們的客戶滿意度和保留率是首屈一指的，為我們提供了持久的基礎。

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.

例如，451 Research（前身為 Change Wave）最近進行的消費者調查顯示，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，高達 97%。它們還表明我們對 iPhone 的忠誠度率幾乎是第二高品牌的兩倍。

In addition, a growing portion of our revenue is directly driven by our existing install base.

此外，我們收入的增長部分直接由我們現有的安裝基礎驅動。

Because our customers are very satisfied and engaged, they spend a lot of time on their devices and purchase apps, content and other services.

由於我們的客戶非常滿意和參與，他們在設備上花費大量時間併購買應用程序、內容和其他服務。

They also are very likely to buy other Apple products or replace the one that they own.

他們也很可能會購買其他 Apple 產品或更換他們擁有的產品。

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.

並且由於該設備的持久價值，它們的更換可能會更高地贈送或出售給也會喜歡並經常使用它的人。

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.

因此，我們的安裝基礎一直在快速增長，最近達到了一個重要的里程碑，首次超過 10 億台活躍設備。

This is an unbelievable asset for us.

這對我們來說是一筆難以置信的財富。

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.

由於我們的安裝基礎快速增長，我們的服務業務也加速增長，這是另一個重要的經常性收入來源。

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.

既然我們已經達到了 10 億活躍設備的里程碑，我們認為這將是一個很好的機會，可以分享更多關於什麼已成為世界上最大的服務業務之一的信息。

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.

所以現在，我想把電話轉給盧卡，他將提供更多關於我們平台如何發展的見解，然後是我們創紀錄的季度業績的詳細信息。

Thank you, Tim, and good afternoon, everyone.

謝謝蒂姆，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.

每個季度，我們都會報告服務類別的結果，其中包括來自 iTunes、App Store、Apple Care、iCloud、Apple Pay、許可和其他一些項目的收入。

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.

今天，我們想強調這一類別的主要增長動力，我們已在補充材料的第 3 頁進行了總結。

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.

我們向客戶提供的絕大多數服務，例如應用程序、電影和電視節目，都與我們的設備安裝基礎相關，而不是與當前季度的銷售額相關。

For some of these services, such as content, we recognize revenue based on transaction value.

對於其中一些服務，例如內容，我們根據交易價值確認收入。

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.

對於某些服務，例如 App Store，我們與應用程序開發人員分享每筆交易的部分價值，並且僅對我們保留的部分確認收入。

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.

為了全面了解我們為安裝基礎提供的服務的規模以及該業務的增長速度，我們除了收入之外還考慮了購買。

When we aggregate the purchase value of services tied to our installed base during FY15, it adds up to more than $31 billion.

當我們在 2015 財年匯總與我們的安裝基礎相關的服務的購買價值時，總計超過 310 億美元。

That's an increase of 23% over FY14.

這比 FY14 增加了 23%。

In the recent December quarter, purchases of installed base services reached $8.9 billion, which is a growth rate of 24% year-over-year.

在最近的 12 月季度，已安裝基礎服務的購買量達到 89 億美元，同比增長 24%。

The size and growth of these services tied to our installed base compare favorably to other services companies you're familiar with.

與您熟悉的其他服務公司相比，與我們的安裝基礎相關的這些服務的規模和增長情況要好得多。

Our installed base services are also quite profitable, with gross margins that, on a purchase value basis, are similar to our company average.

我們安裝的基礎服務也非常有利可圖，毛利率在購買價值的基礎上與我們公司的平均水平相似。

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.

此外，正如我們在第 4 頁所指出的那樣，我們對活躍安裝基礎的規模和增長感到非常興奮。我們將活躍設備定義為在過去 90 天內使用我們的服務的設備。

Our active installed base has recently past 1 billion devices, with year-over-year growth of more than 25%.

我們的活躍安裝基礎最近超過 10 億台設備，同比增長超過 25%。

Apple is in a unique position of strength.

蘋果處於獨特的實力地位。

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.

我們在硬件、軟件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，這讓我們能夠以其他公司無法做到的方式進行創新。

We have built a huge installed base around four platforms, iOS, Mac OS, Watch OS and TV OS.

我們圍繞四個平台（iOS、Mac OS、Watch OS 和 TV OS）建立了龐大的安裝基礎。

We have tremendously satisfied and loyal customers who are engaged with our services at a fast growing rate.

我們擁有非常滿意和忠誠的客戶，他們以快速增長的速度參與我們的服務。

All of this provides us with an unparalleled foundation for the future of Apple business.

所有這些都為我們未來的 Apple 業務奠定了無與倫比的基礎。

Let me now turn to the details of our record breaking December quarter.

現在讓我談談我們創紀錄的 12 月季度的細節。

As Tim said, revenue was $75.9 billion, an increase of $1.3 billion, or 2% year-over-year.

正如蒂姆所說，收入為 759 億美元，同比增長 13 億美元，即 2%。

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.

我們的增長得益於創紀錄的 iPhone 銷量、創紀錄的服務收入、Apple Watch 的擴大可用性以及新 Apple TV 的成功推出。

We achieved this record revenue performance despite a very large negative impact from the weakness of foreign currency.

儘管外匯疲軟帶來了非常大的負面影響，但我們仍實現了創紀錄的收入表現。

And in constant currency, our revenue growth rate was 8%.

以固定匯率計算，我們的收入增長率為 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.

我們在大中華區再次取得了令人矚目的成績，收入同比增長 14%，環比增長 47%，達到 184 億美元的歷史新高。

Emerging markets performance was strong overall, up 11% year-over-year and representing 34% of total company revenue for the quarter.

新興市場整體表現強勁，同比增長 11%，佔該季度公司總收入的 34%。

Company gross margin was 40.1%, up sequentially and better than our expectations, mainly due to favorable commodity costs and product mix.

公司毛利率為 40.1%，環比上升，好於我們的預期，主要是由於有利的商品成本和產品組合。

Operating margin was 31.9% of revenue and net income was $18.4 billion, a new all-time record.

營業利潤率為收入的 31.9%，淨利潤為 184 億美元，創歷史新高。

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.

每股攤薄收益為 3.28 美元，比我們之前的歷史記錄同比增長 7%；運營現金流非常強勁，為 275 億美元。

For details by product, I will start with iPhone.

對於產品的詳細信息，我將從 iPhone 開始。

We sold 74.8 million iPhones in the quarter, an increase of 300,000 compared to last December quarter's sensational results.

我們在本季度售出了 7480 萬部 iPhone，與去年 12 月季度的驚人業績相比增加了 30 萬部。

Total iPhone sales grew 76% in India and more than 45% in Korea, Middle East and Africa.

iPhone 在印度的總銷量增長了 76%，在韓國、中東和非洲增長了 45% 以上。

Sales were also up 20% or more in many Western European countries and grew 18% in Mainland China.

許多西歐國家的銷售額也增長了 20% 或更多，中國大陸的銷售額增長了 18%。

iPhone ASP was $691 compared to $687 in the year-ago quarter, in spite of a very unfavorable foreign exchange impact.

儘管受到非常不利的外匯影響，iPhone ASP 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.

我們繼續看到人們對 iPhone 的濃厚興趣，不僅是消費者，還有商業用戶。

Among corporate buyers planning to purchase smartphones in the March quarter, 451 Research found that 79% planned to purchase iPhones.

在計劃在第三季度購買智能手機的企業買家中，451 Research 發現 79% 的人計劃購買 iPhone。

That is the highest iPhone purchase intent in the eight-year history of the survey.

這是該調查八年來最高的 iPhone 購買意向。

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.

我們在本季度開始時低於我們的渠道庫存目標範圍，並且由於非常成功的製造增長，我們能夠在略高於我們目標範圍的低端（5 到 7 週的 iPhone 渠道庫存）退出本季度。

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

接下來，我想談談Mac。

We sold 5.3 million Macs compared to 5.5 million last year, a decline of 4%.

我們售出了 530 萬台 Mac，而去年為 550 萬台，下降了 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.

根據 IDC 對全球市場萎縮 11% 的最新估計，我們延續了 PC 市場份額增長的長期趨勢，我們對中國大陸 Mac 銷售同比增長 27% 感到特別高興。

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

我們在 Mac 渠道庫存的四到五週目標範圍內結束了本季度。

Turning to iPad, we sold 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.

談到 iPad，我們售出了 1610 萬台，而去年同期為 2140 萬台，並且我們在 iPad 渠道庫存的 5 到 7 週目標範圍內退出了本季度。

In the segments of the tablet market where we compete, we continue to be highly successful.

在我們競爭的平板電腦市場領域，我們繼續取得巨大成功。

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.

NPD 最近的數據表明，iPad 在美國 200 美元以上的平板電腦市場佔有 85% 的份額；而IDC公佈的最新數據顯示，iPad佔據了美國商用平板市場67%的份額，包括企業、政府和教育。

iPad customer metrics are also extremely positive.

iPad 客戶指標也非常積極。

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.

11 月，451 Research 測得消費者對 iPad Air 2 的滿意度為 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。

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

企業買家報告稱，iPad 的滿意度為 95%，3 月季度的購買意向為 73%。

Our enterprise initiatives continue to expand.

我們的企業計劃繼續擴大。

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.

IBM 在 12 月季度發布了 48 款新的 IBM MobileFirst for iOS 應用程序，現在 IBM MobileFirst for iOS 目錄中有超過 100 款適用於 iPhone、iPad 和 Apple Watch 的應用程序。

Our partnership with Cisco has gained significant momentum since we announced it at the end of August.

自 8 月底宣布與思科合作以來，我們與思科的合作勢頭強勁。

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.

我們的工程團隊正在按計劃提供令人興奮的新功能，通過優化適用於 iOS 設備和應用程序的思科網絡，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，從而為 iOS 企業用戶創造一條快速通道。

We are also continuing to grow our mobility partner program.

我們還在繼續發展我們的移動合作夥伴計劃。

We added more than 25 partners in the December quarter, bringing the total to over 90.

我們在 12 月季度增加了超過 25 個合作夥伴，使總數達到 90 多個。

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.

我們在企業中取得進步的一個很好的例子是禮來公司，他通過為全球 15,000 名現場人員配備 iPad 來提高銷售效率。

A leader in mobile technology, Lilly has eliminated laptops in the field and is upgrading its US field sales teams to iPad Pro.

作為移動技術領域的領導者，禮來公司已經淘汰了該領域的筆記本電腦，並將其美國現場銷售團隊升級為 iPad Pro。

Turning to Services, we generated almost $6.1 billion in revenue, including $548 million we received from a patent infringement dispute.

談到服務，我們創造了近 61 億美元的收入，其中包括從專利侵權糾紛中獲得的 5.48 億美元。

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.

不包括該金額，我們的服務收入為 55 億美元，創下歷史新高，比去年增長 15%，這在很大程度上要歸功於應用程序的強勁增長。

Revenue from the App Store increased 27% and the number of transacting customers grew 18%, also setting an all-time record.

App Store 收入增長 27%，交易客戶數量增長 18%，也創下歷史新高。

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.

在我們從 iTunes 商店購買應用程序和內容的客戶中，每位客戶的平均支出在 12 月季度達到了歷史最高水平。

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.

其他產品的收入增長強勁，比去年增長 62%，這要歸功於 Apple Watch 的貢獻不斷增長，以及新的 Apple TV 的成功推出，兩者都創造了新的季度記錄。

We expanded Apple Watch distribution significantly over the course of the quarter and we experienced especially strong results during the holiday buying season.

我們在本季度顯著擴大了 Apple Watch 的分銷範圍，並且在假日購物季取得了特別強勁的業績。

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 $215.7 billion in cash plus marketable securities, a sequential increase of $10.1 billion.

我們在本季度末擁有 2157 億美元的現金和有價證券，環比增長 101 億美元。

$200 billion of this cash, or 93% of the total, was outside the United States.

這筆現金中有 2000 億美元（佔總額的 93%）在美國境外。

We returned over $9 billion to investors during the quarter.

我們在本季度向投資者返還了超過 90 億美元。

We paid $3 billion in dividends and equivalents, and we spent $3 billion to repurchase 26 million Apple shares through open market transactions.

我們支付了 30 億美元的股息和等價物，我們花費 30 億美元通過公開市場交易回購了 2600 萬股蘋果股票。

We also launched our sixth accelerated share repurchase program, spending $3 billion and receiving an initial delivery of 20.4 million shares.

我們還啟動了第六次加速股票回購計劃，斥資 30 億美元，首次交付 2040 萬股。

We have now completed over $153 billion of our $200 billion program, including $110 billion in share repurchases.

我們現在已經完成了 2000 億美元計劃中的 1530 億美元，其中包括 1100 億美元的股票回購。

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.

正如我們過去所做的那樣，我們計劃在 4 月份報告第二季度業績時提供資本回報計劃的最新信息。

We also plan to be very active in the US and international debt markets in 2016, in order to fund our capital return activities.

我們還計劃在 2016 年非常活躍於美國和國際債務市場，為我們的資本回報活動提供資金。

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.

同樣在今天，我們的董事會已宣佈於 2016 年 2 月 11 日向截至 2016 年 2 月 8 日在冊的股東派發每股普通股 0.52 美元的現金股息。

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

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

We expect revenue to be between $50 billion and $53 billion.

我們預計收入將在 500 億美元至 530 億美元之間。

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.

由於我們在經濟以及金融和貨幣市場中看到的波動性，我們為第二季度提供了比往常更廣泛的收入範圍。

We expect gross margin to be between 39% and 39.5%.

我們預計毛利率在 39% 至 39.5% 之間。

We believe these are extremely strong margins in light of the headwinds we face from foreign exchange and the sequential loss of leverage.

鑑於我們面臨的外匯逆風和槓桿的連續損失，我們認為這些利潤率非常高。

We expect OpEx to be between $6 billion and $6.1 billion.

我們預計運營支出將在 60 億美元至 61 億美元之間。

We expect OI&E to be about $325 million, and we expect the tax rate to be about 25.5%.

我們預計 OI&E 約為 3.25 億美元，我們預計稅率約為 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，我們不提供超出本季度的指引，我們很難預測經濟和外匯因素；然而，在這一點上，我們認為與今年其他時間相比，3 月季度面臨最困難的同比增長。

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

有了這個，我想打開問題電話。

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後續行動上。

May we have the first question, please?

請問第一個問題好嗎？

(Operator Instructions)

（操作員說明）

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

您的第一個問題將來自高盛的 Simona Jankowski。

Hello.

你好。

Thank you very much.

非常感謝。

Just in terms of your March quarter guidance, it does imply a double digit decline at the midpoint.

僅就您的 3 月季度指導而言，它確實意味著中點出現兩位數的下降。

Maybe if you can just clarify, first of all, what FX headwind is embedded in that?

也許如果你能澄清一下，首先，其中嵌入了什麼外匯逆風？

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?

然後只談基本的支撐原因，您認為在需求疲軟方面與國際市場有多大關係，您認為其中有多少是與您可能確定的任何其他因素相比的補償，例如對某些海外市場 iPhone 價格上漲的反應？

Thank you, Simona.

謝謝你，西蒙娜。

Let me take this one.

讓我拿這個。

In constant currency, when you look at it for the March quarter, revenue would be down between 5% and 10%.

以固定匯率計算，當您查看 3 月季度的收入時，收入將下降 5% 至 10%。

So we are looking at a 400 basis point impact from foreign exchange for the March quarter.

因此，我們正在研究 3 月季度外匯對 400 個基點的影響。

You talked about a number of issues that are, in fact, included in this guidance.

您談到了一些實際上包含在本指南中的問題。

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.

當然，除了去年同期非常強勁的季度之外——只是提醒你，一年前的收入增長了 27%——我們還面臨著許多事情。

The macroeconomic environment is weakening.

宏觀經濟環境正在減弱。

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.

當你考慮所有因素時——尤其是所有以商品為導向的經濟體，巴西、俄羅斯和新興市場，以及發達市場的加拿大、澳大利亞——顯然，經濟比一年前明顯疲軟。

We talked about the unfavorable FX, which again is 400 basis points.

我們談到了不利的外匯，同樣是 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.

我們為應對外匯形勢所做的其中一件事是提高我們某些產品在某些國際市場上的價格。

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.

這起到了保護我們的利潤率的作用，你已經看到，無論是在 12 月季度還是在我們為 3 月季度提供的指導中，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.

但隨著時間的推移，價格上漲不可避免地會影響需求，因此我們在指導中抓住了這一點。

So I would say these are the major reasons and the drivers for the guidance on revenue.

所以我想說這些是收入指導的主要原因和驅動因素。

Thank you.

謝謝你。

Thank you, Simona.

謝謝你，西蒙娜。

Could we have the next question, please?

請問下一個問題好嗎？

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

接下來是 Piper Jaffray 的發言，我們將聽取 Gene Munster 的發言。

Good afternoon.

下午好。

Tim, could you talk a little bit about the iPhone upgrade program and the theme of iPhone as a subscription?

Tim，你能談談 iPhone 升級計劃和 iPhone 作為訂閱的主題嗎？

In particular, do you believe that this could have a measurable impact on the December quarter once we anniversary this?

特別是，您是否認為一旦我們週年紀念，這會對 12 月季度產生可衡量的影響？

And then any thoughts on rolled outside the US when that program would.

然後任何關於該計劃何時在美國之外推出的想法。

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.

我的後續問題是，我知道你不能談論新產品，而是關於虛擬現實主題的任何高級想法。

Do you think this is more of a geeky niche or something that could go mainstream?

你認為這更像是一個令人討厭的利基市場還是可以成為主流的東西？

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.

關於你關於 iPhone 的第一個問題，我認為最重要的是，正如你所知，Gene 永遠是產品和體驗。

And so that's first and foremost.

所以這是首要的。

Secondly, I would say we were blown away by the level of Android switchers that we had last quarter.

其次，我想說我們被上個季度的 Android 切換器水平所震撼。

It was the highest ever by far.

這是迄今為止最高的。

And so we see that as a huge opportunity.

所以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，市場，比金磚四國更廣泛的新興市場，但包括所有新興市場，當我查看我們在這些市場中的份額和 LTE 滲透率時，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.

就升級計劃本身而言，我認為隨著時間的推移，隨著客戶進入不同的模式，這將是有意義的。

How much of that plays out in the Q1 of 2017 range is difficult to say.

很難說在 2017 年第一季度會發生多少。

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.

我自己的感覺是我提到的其他項目可能更重要，但我也對升級計劃持樂觀態度。

And then virtual reality?

然後是虛擬現實？

In terms of virtual reality, no, I don't think it's a niche.

就虛擬現實而言，不，我不認為這是一個利基市場。

I think it can be -- it's really cool and has some interesting applications.

我認為它可以——它真的很酷，並且有一些有趣的應用程序。

Thank you, Gene.

謝謝你，吉恩。

Thank you.

謝謝你。

Could we have the next question, please?

請問下一個問題好嗎？

From Morgan Stanley, Katy Huberty.

來自摩根士丹利，凱蒂休伯蒂。

Yes, thanks.

對了謝謝。

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?

我很欣賞與指導相關的宏觀評論，但您能否談談您認為消費者可能會如何從 ASP 的角度做出反應？

Do you expect consumers to move down the product line, given the macro environment?

鑑於宏觀環境，您是否預計消費者會降低產品線？

And then also, how is channel inventory influencing guidance?

然後，渠道庫存如何影響指導？

Do you feel like channel inventory needs to come down, given the demand trends?

鑑於需求趨勢，您是否覺得渠道庫存需要下降？

And then I have a follow-up.

然後我有一個跟進。

Couple of points here, Katy.

這裡有幾點，凱蒂。

Our iPhone ASP was $691 during the December quarter.

我們的 iPhone ASP 在 12 月季度為 691 美元。

We couldn't be happier with the level of ASP that we generated in the December quarter.

我們對 12 月季度產生的 ASP 水平感到非常滿意。

Keep in mind that the foreign exchange impact on that number was $49.

請記住，外匯對這個數字的影響是 49 美元。

So obviously, the mix of products was very strong.

很明顯，產品組合非常強大。

We had great reception for the new iPhones that we launched at the end of September.

我們在 9 月底推出的新款 iPhone 受到了熱烈歡迎。

Of course, we have a very strong mid tier this year in the portfolio, with 6 and 6 Plus.

當然，我們今年的產品組合中有一個非常強大的中端產品，包括 6 和 6 Plus。

But overall, when you look at the outcome during the December quarter, it was very, very strong.

但總體而言，當您查看 12 月季度的結果時，它非常非常強勁。

So we feel very good about that and we feel that we have a very, very strong portfolio for iPhone.

所以我們對此感覺非常好，我們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.

關於渠道庫存的問題，我們進入了這個季度，即 12 月的季度——我們在 10 月提到過——低於我們 5 到 7 週的目標範圍。

We have built a bit of inventory during the course of the December quarter.

我們在 12 月季度期間建立了一些庫存。

But we have exited at the low end of the five to seven weeks, so we feel that we are in good shape there.

但我們已經在五到七週的低端退出，所以我們覺得我們在那裡狀態良好。

And we've exited the quarter also on iPad and Mac well within the ranges that we want to have.

我們已經在 iPad 和 Mac 上退出了本季度，並且在我們想要的範圍內。

And then as a follow-up, back in October you guided FY16 CapEx up over 30%.

然後作為後續行動，早在 10 月，您引導 FY16 資本支出增長了 30% 以上。

What's driving that growth?

是什麼推動了這種增長？

Can you rank it between equipment purchases, data center and real estate?

你能在設備採購、數據中心和房地產之間進行排名嗎？

And given the slowdown that you started to see in December, are you still comfortable with that level of investment growth?

鑑於您在 12 月開始看到的放緩，您是否仍然對這種投資增長水平感到滿意？

Thanks.

謝謝。

Yes.

是的。

So that is kind of the ranking, Katy.

這就是排名，凱蒂。

It starts always for us with our tooling and manufacturing process equipment, and that is up a bit year-over-year.

它總是從我們的工具和製造工藝設備開始，而且每年都在增加。

Then we've got data centers.

然後我們有了數據中心。

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.

數據中心對我們來說是一項不斷增長的支出，因為正如我們在準備好的評論中提到的那樣，我們的客戶和設備安裝基礎正在增長，而且增長非常顯著。

And the data center capacity that we put in place is to provide the services that are tied to the installed base.

我們部署的數據中心容量是為了提供與安裝基礎相關的服務。

So that type of expenditure goes together with the installed base.

因此，這種類型的支出與安裝基數一起出現。

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.

然後在設施方面，你可能知道我們在庫比蒂諾的新校區即將完工，所以今年我們在資本方面的需求達到頂峰。

Thank you, Katy.

謝謝你，凱蒂。

Could we have the next question, please?

請問下一個問題好嗎？

From Bernstein, we'll hear from Toni Sacconaghi.

從伯恩斯坦，我們將聽到托尼薩科納吉的消息。

Yes.

是的。

Thank you.

謝謝你。

I have a question, a follow-up, please.

我有一個問題，請跟進。

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.

首先，僅在 iPhone 上，您的指導似乎暗示第二財季 iPhone 的銷量將下降 15% 至 20%，我認為，除非您真的看到下半年需求狀況發生變化，否則 iPhone 銷量將下降2016 財年將同比下降。

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?

我想讓你回答這個問題，因為顯而易見的後續問題是，因為你認為智能手機市場不會增長，還是因為蘋果可能在市場上達到飽和？

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?

是不是因為蘋果的更換週期在去年加速，而今年卻在減速，這就是為什麼我們會看到銷量下降的原因？

Or is there something about Apple's ability to gain share in a market where the market is moving to much lower price points?

還是說蘋果有能力在市場轉向低得多的價格點的市場中獲得份額？

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.

但我想知道，蒂姆，也許你最好回答這個問題，如果你能解決 iPhone 銷量可能下降的問題，以及我們如何將其置於我們應該如何考慮的背景下，考慮到一些您突出顯示的切換台周圍的健康數據。

Toni, we do think that iPhone units will decline in the quarter.

Toni，我們確實認為 iPhone 銷量將在本季度下降。

We don't think that they will decline to the levels that you're talking about.

我們認為它們不會下降到您所說的水平。

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.

正如 Luca 之前提到的，我們不會在本季度之後進行預測；但在這個時間點，我們看到第二季度是最艱難的比較。

We believe it's the toughest compare because of the year ago quarter also had catch up in it from Q1.

我們認為這是最艱難的比較，因為一年前的季度也從第一季度開始追趕。

If you recall, we were heavily supply constrained throughout the whole of Q1, and so some of that demand moved into Q2.

如果您還記得，我們在整個第一季度都受到嚴重的供應限制，因此其中一些需求進入了第二季度。

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.

另外，從宏觀經濟的角度來看，我們現在所處的環境與去年第二季度相比，從貨幣的角度來看，我們不得不調整其中幾個市場的定價水平，以及整體幾乎在世界上每個國家都有混戰。

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.

因此，實際上所有這些因素都在其中發揮作用，很難弄清楚有多少是由於哪個因素造成的。

Right.

正確的。

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?

您能否談談您對智能手機市場的期望，或者您是否認為您的更換週期已經改變，或者您獲得份額的能力是否已經改變？

The market itself, we don't spend a lot of time on predicting.

市場本身，我們不會花很多時間在預測上。

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.

我們的觀點一直是，如果我們做到了——如果我們做出了偉大的產品並擁有豐富的體驗，我們應該能夠說服足夠多的人搬家。

And so as I look at maybe your broader umbrella point about a question on saturation, the metrics I see would strongly suggest otherwise.

因此，當我查看您關於飽和度問題的更廣泛的概括性觀點時，我看到的指標會強烈暗示其他情況。

For example, almost half of the iPhones that we sold in China last quarter were to people who were buying their first iPhone.

例如，我們上個季度在中國銷售的 iPhone 中幾乎有一半是面向首次購買 iPhone 的人。

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.

當然，如果你走出中國，進入其他新興市場，我們的份額要低得多，而且 LTE 普及率也很低——在某些情況下，它是零——這表明我仍然有很多人，一個世界上有大量的人會購買智能手機，我們應該能夠贏得其中的公平份額。

Okay.

好的。

And I just have clarifications, I don't really have a follow-up question.

我只是澄清一下，我真的沒有後續問題。

Luca, you had talked about channel inventory increasing.

Luca，您曾談到渠道庫存增加。

It was 18.4 million for iPhone last quarter.

上個季度 iPhone 的銷量為 1840 萬部。

Can you tell us how many more units you had this quarter?

你能告訴我們這個季度你還有多少單位嗎？

And then I'm not sure if I misheard you, but I think you said your total installed base grew 25% year-over-year.

然後我不確定我是否聽錯了，但我想你說你的總安裝基數同比增長了 25%。

Can you confirm that?

你能證實嗎？

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.

因為如果服務增長了 13%，而您的安裝基數增長了 25%，這幾乎意味著您的安裝基數的滲透率（就您銷售服務的能力而言）正在下降。

Maybe I'm going to start with Services, Toni.

也許我要從服務開始，托尼。

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.

我們添加這個的原因——我認為這是我們補充材料的第 3 頁——是為了嘗試解釋幾個步驟。

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.

第一個是我們報告的服務，在我們報告的所有服務中，有一部分，大約 85% 與安裝基礎直接相關。

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.

我們的服務業務中有一小部分與安裝基礎無關，而與我們銷售設備的時間有關。

A perfect example would be an Apple Care agreement that you purchase at the time of the sale of the device.

一個完美的例子是您在銷售設備時購買的 Apple Care 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.

然後我們展示了在已安裝基礎驅動的服務業務的那一部分中，有一部分與 - 我們根據全部交易價值確認收入。

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.

還有一些交易，例如 App Store 銷售，其中一部分交易沒有得到 Apple 的認可，但它屬於開發者。

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%.

因此，從購買價值的角度來看，實際上在 12 月季度，我們增長了 24%，而在 2015 財年，我們增長了 23%。

So we are growing at very, very healthy levels.

所以我們正在以非常非常健康的水平成長。

And to reconfirm the growth of the installed base, yes, it was over 25%.

為了再次確認安裝基數的增長，是的，超過了 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.

關於 iPhone 的渠道庫存問題，我們在 12 月季度期間增加了 330 萬台的渠道庫存。

Keep in mind, we started in acquisition where we were below our targeted range.

請記住，我們從低於目標範圍的收購開始。

We were significantly short at the beginning of the quarter.

我們在本季度初顯著做空。

Thank you.

謝謝你。

Thank you, Toni.

謝謝你，托尼。

Could we have the next question, please?

請問下一個問題好嗎？

From Cross Research, Shannon Cross.

來自 Cross Research，Shannon Cross。

Thank you very much.

非常感謝。

I had a question about gross margin.

我有一個關於毛利率的問題。

Luca, you got gross margins of 39% to 39.5% in your guidance, and that includes hedging.

盧卡，你的指導毛利率為 39% 到 39.5%，其中包括對沖。

So I'm curious about the puts or takes in there.

所以我很好奇那裡的看跌期權。

And then can you clarify if within the gross margin this quarter, that had the IP licensing contribution, as well?

然後你能否澄清一下本季度的毛利率是否也有 IP 許可貢獻？

Any color you can give, both on this quarter's gross margin puts and takes, and then also the March quarter.

您可以給出的任何顏色，無論是在本季度的毛利率看跌期權還是在 3 月季度。

And then I have a follow-up.

然後我有一個跟進。

Yes.

是的。

So Shannon, let me start with Q1.

所以香農，讓我從第一季度開始。

I think when you say IP licensing, you mean this patent dispute that was resolved.

我想當你說知識產權許可時，你的意思是這個專利糾紛已經解決了。

Yes, it was included in the gross margins.

是的，它包含在毛利率中。

And it was worth 40 basis points in the 40.1% that we reported for Q1.

在我們第一季度報告的 40.1% 中，它價值 40 個基點。

For the second quarter, the puts and takes are actually quite simple.

對於第二季度，看跌期權實際上非常簡單。

From an FX standpoint, the negative impact on a sequential basis from the December quarter is 50 basis points.

從外彙的角度來看，12 月季度的連續負面影響為 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.

然後，當然，我會說，到目前為止，對本季度利潤率的最大影響是槓桿率的損失，因為這是我們季節性模式的一部分，這被我們在幾個季度以來看到的有利商品環境所抵消.

And in a way, it's the other side of the coin of the foreign exchange situation.

在某種程度上，這是外匯情況的另一面。

Okay.

好的。

Thanks.

謝謝。

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?

然後蒂姆，你能談談——我很抱歉，我在這裡有點失聲——你能談談模型中的槓桿作用嗎？

I know you said you want to invest while there's great opportunity in China and all of that.

我知道你說過你想在中國有很好的機會時投資。

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?

但考慮到您所看到的一些壓力，您如何看待增加的 SG&A 美元和研髮美元，以及我們應該如何考慮，因為您每季度運行 60 億美元？

Yes, on the R&D, Shannon, we're continuing to invest without pause.

是的，在研發方面，Shannon，我們將繼續不停地投資。

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.

我們有一些偉大的事情正在籌備中，我們非常相信在低迷時期進行投資，例如每個人都在經歷的低迷時期。

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.

在SG&A方面，我們顯然尋求將SG&A的支出限制在業務層面，除了我們在新店投資的地方，例如我們在中國的擴張計劃沒有改變。

We are maintaining our investment profile and plans there.

我們正在那里維持我們的投資概況和計劃。

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.

我們還將繼續投資於我們認為對蘋果來說是長期發展的好地方的市場，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.

最後，即使在當今市場，俄羅斯和巴西以及與我們以石油為基礎的經濟體密切相關的其他一些經濟體，理所當然地看起來相當黯淡。

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.

我們確實相信這也將過去，這些國家將成為很棒的地方，我們希望為那裡的客戶提供服務，因此我們不會裁員。

That's not -- we don't believe in that.

那不是——我們不相信這一點。

We are fortunately strong enough to continue investing, and we think it's in Apple's best long-term interest to do so.

幸運的是，我們足夠強大，可以繼續投資，我們認為這樣做符合蘋果的最佳長期利益。

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.

顯然，從成本的角度來看，經濟壓力的負面影響是一些資產價格變得更便宜，商品價格變得更便宜，諸如此類。

And so I think this is exactly the period that you want to invest and do so confidently.

所以我認為這正是你想要投資並自信地投資的時期。

Thank you.

謝謝你。

Thank you, Shannon.

謝謝你，香農。

Could we have the next question, please?

請問下一個問題好嗎？

We'll hear from Steve Milunovich with UBS.

我們將聽取瑞銀的 Steve Milunovich 的來信。

Steve, are you there?

史蒂夫，你在嗎？

Steve?

史蒂夫?

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

請讓我們繼續下一個問題。

And we'll hear from Brian White with Drexel.

我們將聽取 Brian White 和 Drexel 的消息。

Tim, could you talk a little bit about the next leg of growth in China?

蒂姆，你能談談中國的下一步發展嗎？

Obviously, Apple's done a phenomenal job there.

顯然，Apple 在這方面做得非常出色。

But where do we see the next leg coming from?

但是我們從哪裡看到下一條腿呢？

And also, you mentioned investing in India.

此外，您提到在印度投資。

Where do you see that over the next two to three years?

在接下來的兩到三年裡，您認為在哪裡？

I think there's 1 billion mobile subscribers there, almost the size of China.

我認為那裡有 10 億移動用戶，幾乎相當於中國的規模。

Thank you.

謝謝你。

Brian, good question.

布賴恩，好問題。

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.

就中國而言，截至去年 10 月底的 LTE 普及率，這是我得到的最後一個數據，是在 20 年代中期。

And so there's an enormous upgrade cycle there for people that are still running on 3G handsets.

因此，對於仍在使用 3G 手機的人們來說，存在一個巨大的升級週期。

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.

還有，這個我以前也講過，但是我覺得還是值得再提一下，因為你每天讀到的一些東西很容易讓人迷失方向，就是2010年中國的中產階級還不到5000萬人，到 2020 年，預計將達到 10 億左右。

And so there's just an enormous number of people moving into the middle class.

所以只有大量的人進入中產階級。

And we think this provides us a great opportunity to win over some of those customers into the Apple ecosystem.

我們認為這為我們提供了一個很好的機會，可以將其中一些客戶吸引到 Apple 生態系統中。

And so I think the demographics are great.

所以我認為人口統計數據很棒。

We're continuing to invest in retail stores.

我們將繼續投資零售店。

Angela and her team have been on this very aggressive rollout plan.

安吉拉和她的團隊一直在製定這個非常激進的推出計劃。

We now have 28 stores in Greater China and we are on target to have 40 in the summertime of this year.

我們現在在大中華區擁有 28 家門店，我們的目標是在今年夏季達到 40 家。

And so we're continuing on distribution.

因此，我們將繼續分發。

Obviously, we've got product things in mind and are crafting our products and services with China heavily in mind.

顯然，我們考慮到了產品方面的問題，並且在設計我們的產品和服務時非常重視中國。

We remain very bullish on China and don't subscribe to the doom and gloom kind of predictions, frankly.

坦率地說，我們仍然非常看好中國，並且不贊同厄運和悲觀的預測。

In India, India is also incredibly exciting.

在印度，印度也非常令人興奮。

India's growth, as you know, is very good.

如你所知，印度的增長非常好。

It's quickly becoming the fastest growing BRIC country.

它正在迅速成為發展最快的金磚國家。

It's the third largest smartphone market in the world, behind China and the United States.

它是世界第三大智能手機市場，僅次於中國和美國。

The population of India is incredibly young.

印度的人口非常年輕。

The median age there is 27.

那裡的平均年齡是 27 歲。

I think of the China age being young, at 36, 37.

我認為中國的年齡很年輕，36歲、37歲。

And so 27 is unbelievable.

所以27是難以置信的。

Almost half the people in India are below 25.

印度幾乎有一半的人年齡在 25 歲以下。

And so I see the demographics there also being incredibly great for a consumer brand and for people that really want the best products.

所以我看到那裡的人口統計數據對於消費者品牌和真正想要最好產品的人來說也非常棒。

And as you know, we've been putting increasingly more energy in India.

如你所知，我們在印度投入了越來越多的精力。

India revenue for us in Q1 was up 38%.

我們在第一季度的印度收入增長了 38%。

We also had currency issues in India, as everybody else did.

我們在印度也遇到了貨幣問題，就像其他人一樣。

Constant currency growth was 48%.

固定貨幣增長率為 48%。

And so it's a very rapidly expanding country.

所以它是一個發展非常迅速的國家。

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.

而且我認為那裡的政府對經濟改革等非常感興趣，我認為所有這些都說明了未來非常好的商業環境。

Okay.

好的。

Great.

偉大的。

Thank you.

謝謝你。

Thank you, Brian.

謝謝你，布賴恩。

Could we have the next question, please?

請問下一個問題好嗎？

We'll hear from Kulbinder Garcha with Credit Suisse.

我們將收到來自瑞士信貸的 Kulbinder Garcha 的消息。

Thank you.

謝謝你。

My question's for Tim on the iPhone business.

我的問題是關於 iPhone 業務的 Tim。

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.

您經常談論對單位造成壓力的宏觀經濟疲軟，但問題只是去年更換速度加快，而今年它正在正常化，就單位增長而言，這是一次性的逆風看到那個業務。

Is any of that going on, or is that not material, in your view?

在您看來，這些是否正在發生，或者這不是重要的？

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.

我得到的另一個後續行動是，你在最近的電話中提到，有用的是，在 6 出來之前，現在在大屏幕手機上的基礎百分比。

Can you give us an update on what that number is?

你能告訴我們這個數字是多少嗎？

I think the last time it was in the low 30s.

我認為最後一次是在 30 多歲的時候。

Thanks.

謝謝。

Last question first.

先說最後一個問題。

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%.

在 iPhone 6 和 6 Plus 發布之前擁有 iPhone 的人數 - 所以這是在 2014 年 9 月 - 尚未升級到 6、6 Plus 或 6s 或 6s Plus 的人數現在是 60%。

So another way to think about that is 40% have, 60% have not.

所以另一種思考方式是 40% 有，60% 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?

就您最初的問題而言，是否存在一些比較問題，即人們很快就購買了 6 和 6 Plus 並加速了？

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.

毫無疑問，去年我們度過了令人難以置信的一年，第二季度特別非常非常強勁，因為除了第二季度之外，第一季度還有被壓抑的需求。

And so there's no doubt about that.

所以這是毫無疑問的。

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.

但是，我認為您可以從盧卡談論的貨幣方面的數字看出，並且在考慮價格上漲有時會對一段時間內的業務產生影響之前，很明顯經濟部分是大的。

Thank you.

謝謝你。

Thank you, Kulbinder.

謝謝你，庫爾賓德。

Could we have the next question, please?

請問下一個問題好嗎？

And next we'll hear from Steve Milunovich with UBS.

接下來我們將聽取瑞銀的史蒂夫米盧諾維奇的消息。

Mr. Milunovich, you may want to check your mute button.

Milunovich 先生，您可能需要檢查一下靜音按鈕。

Steve, are you there?

史蒂夫，你在嗎？

Okay.

好的。

Let's try the next question, please.

請讓我們嘗試下一個問題。

And we'll hear from Mark Moskowitz with Barclays.

我們將聽取巴克萊銀行的馬克·莫斯科維茨的意見。

Yes.

是的。

Thank you.

謝謝你。

Good afternoon.

下午好。

A question and a follow-up.

一個問題和一個跟進。

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.

至於問題，蒂姆，我想從你那裡更好地了解在此處圍繞服務引入更多細節的總體信息是什麼。

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.

這真的只是為了加強蘋果的特許經營權或平台的力量，以真正度過更艱難的宏觀時期，從而獲得更高水平的經常性收入，還是在蘋果服務方面，它是邁向更多的墊腳石，即

I think of all the stuff you do on the data center side.

我想到了您在數據中心方面所做的所有事情。

Could we eventually have seen, with the help of IBM and Cisco, that you eventually move more into the cloud services for the enterprise?

在 IBM 和 Cisco 的幫助下，我們最終能否看到您最終更多地轉向企業的雲服務？

So good question.

這麼好的問題。

We started breaking out Services, as you know, in the beginning of FY15.

如您所知，我們在 2015 財年初開始推出服務。

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.

隨著該業務的增長以及我們清楚投資者和分析師希望對該業務有更多的了解，我們現在選擇將其拆分並展示其全部規模、範圍、增長，並對盈利能力發表評論從透明度的角度來看。

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.

我確實認為我們在這個領域擁有的資產是巨大的，而且我確實認為這可能是投資界想要並且應該更加關注的事情。

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.

就我們未來的計劃而言，我不想評論任何特定的事情，但很明顯，通過打破這一點，如果它不是一個對我們來說非常重要的領域，我們就不會打破它。未來。

Okay.

好的。

Thank you.

謝謝你。

And I wanted to follow-up on the upgrade advance program dynamics.

我想跟進升級推進程序的動態。

Can you talk a little more about what you're seeing in terms of in-store at the Apple Stores?

你能多談談你在 Apple Stores 店內看到的情況嗎？

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?

您是否看到正在轉向升級或財務計劃的人有任何類型的錯位，他們是否更多地轉向蘋果，而不是過去與運營商相關的店內百分比？

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?

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只是選擇蘋果而不是運營商？

Honestly, this has nothing to do with wanting to move customers from one person to another.

老實說，這與希望將客戶從一個人轉移到另一個人無關。

This has to do with wanting to provide customers a very simple way to upgrade.

這與希望為客戶提供一種非常簡單的升級方式有關。

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.

因為我們為 Apple Store 中的大量客戶提供服務，這些客戶無論何時都想要新的 iPhone，因此我們設計了一個程序，讓這件事變得簡單易行。

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.

我不知道隨著時間的推移，運營商和 Apple 零售店之間的銷售額百分比會如何變化，但這不是我們的首要目標。

Okay.

好的。

Thank you.

謝謝你。

Good afternoon.

下午好。

Thank you, Mark.

謝謝你，馬克。

We have time for one more question.

我們有時間再問一個問題。

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

您的最後一個問題將來自花旗銀行的 Jim Suva。

Thank you very much.

非常感謝。

A question for Tim and then a detail follow-up for Luca.

提一個問題，然後是盧卡的詳細跟進。

Tim, with the macro situation changing, a lot of CEOs view that and their strategy is very different go-to-market strategy.

蒂姆，隨著宏觀形勢的變化，很多 CEO 都認為，他們的戰略與上市戰略大相徑庭。

Some change the way they go to market.

有些改變了他們進入市場的方式。

Some change their products.

有些人改變他們的產品。

In the past, Apple's been very known in always having a premium product.

過去，蘋果一直以擁有優質產品而聞名。

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?

隨著宏觀外彙的放緩以及 GDP 的修正，蘋果的市場戰略是否仍然始終以優質產品為基礎，還是需要更多地進入中間市場或更低的價格點以吸引更多客戶？

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.

正如你所指出的，僅僅因為它似乎增加了安裝基礎和服務，從長遠來看，真正從經濟上真正幫助蘋果。

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?

然後盧卡的財務問題是關於專利訴訟，盧卡，當你在三個月前給出指導時，你是否認為那會到來？

And if so, was that included in the guidance or not, or was that post the quarter guidance?

如果是這樣，那是否包含在指南中，或者是否在季度指南中發布？

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.

而且我認為這只是本季度你記錄的一次，都是毛利率，我們不會讓這種情況再次發生。

Thank you very much.

非常感謝。

Our strategy is always to make the best products.

我們的戰略始終是製造最好的產品。

And that, for the smartphone market, that we are able to provide, though, several different price points for our customers.

而且，對於智能手機市場，我們能夠為我們的客戶提供幾個不同的價格點。

We have the premium part of our line is the 6s and the 6s Plus.

我們的產品線中最優質的部分是 6s 和 6s Plus。

We also have a mid price point, with the iPhone 6 and the iPhone 6 Plus.

我們也有中等價位的 iPhone 6 和 iPhone 6 Plus。

And we continue to offer the iPhone 5s in the market and it continues to do quite well.

我們繼續在市場上提供 iPhone 5s，而且它的表現仍然很好。

And so we offer all of those, and I don't see us deviating from that approach.

所以我們提供所有這些，我認為我們不會偏離這種方法。

We always want to offer somebody the -- we don't design to a certain price point.

我們總是想為某人提供——我們不會設計到某個價位。

We design a great product and we make it priced at a great value.

我們設計了一個偉大的產品，我們讓它的價格很有價值。

And today, we're able to offer all three of those different iPhone options.

而今天，我們能夠提供所有這三種不同的 iPhone 選項。

And Jim, on the patent question, yes, obviously this is a one-off item that affected the December quarter.

吉姆，在專利問題上，是的，顯然這是影響 12 月季度的一次性項目。

As I said earlier, it's worth 40 basis points.

正如我之前所說，它值 40 個基點。

So without it, our gross margin would have been 39.7%.

因此，如果沒有它，我們的毛利率將是 39.7%。

It will not repeat going forward.

以後不會重複了。

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.

對於您的問題，它是否包含在指南中，是的，收到金額的概率已包含在指南範圍的開發中。

If you remember, we guided to 39% to 40%, and that number was included within the range.

如果您還記得，我們引導到 39% 到 40%，並且該數字包含在該範圍內。

Thank you very much, gentlemen.

非常感謝，先生們。

Thank you, Jim.

謝謝你，吉姆。

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.

今天電話會議的重播將在兩週內通過 iTunes 商店的播客、Apple.com/Investor 的網絡廣播和電話播放。

And the numbers for the telephone replay are 888-203-1112 or 719-457-0820 and please enter confirmation code 7349088.

電話重播號碼為888-203-1112或719-457-0820，請輸入確認碼7349088。

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

這些重播將在太平洋時間今天下午 5:00 左右提供。

And members of the press with additional questions can contact Kristin Huget at 408-974-2414.

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

Financial analysts can contact Joan Hooper or me with additional questions.

金融分析師可以聯繫瓊胡珀或我有其他問題。

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

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

Thanks again for joining us.

再次感謝您加入我們。

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

女士們，先生們，今天的演講到此結束。

We do thank everyone for your participation.

我們非常感謝大家的參與。