蘋果 (AAPL) 2016 Q2 法說會逐字稿

Good day, everyone, and welcome to the Apple, Incorporated second-quarter FY16 earnings release conference call. Today's call is being recorded. At this time, for opening remarks and introductions, I would like to turn the call over Nancy Paxton, Senior Director of Investor Relations. Please go ahead, ma'am.

大家好，歡迎參加蘋果2016財年第二季財報電話會議。今天的通話將會被錄音。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，由她來致開幕詞和介紹各位嘉賓。請便，女士。

Thank you. Good afternoon, and thanks to everyone for joining us today. Speaking first is Apple's CEO, Tim Cook, and he'll be followed by CFO, Luca Maestri. After that, we'll open the call to questions from analysts.

謝謝。下午好，感謝各位今天蒞臨。首先發言的是蘋果執行長庫克，接著是財務長盧卡·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 will consist of forward-looking statements, including without limitation, those regarding revenue, growth margins, operating expenses, other income and expense, taxes, future business outlook, and plans for capital return and debt issuance. Actual results or trends could differ materially from our forecast.

請注意，在我們的討論中，您將聽到一些前瞻性陳述，包括但不限於有關收入、成長利潤率、營運費用、其他收入和支出、稅收、未來業務前景以及資本回報和債務發行計劃的陳述。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 Apples Form 10-K for 2015, the Form 10-Q for the first quarter of FY16, and the Form 8-K filed with the SEC today, along with the Associated Press release. Apple assumes no obligation to update any forward-looking statements or information, which speak as of their respective date.

有關更多信息，請參閱蘋果公司 2015 年 10-K 表格、2016 財年第一季度 10-Q 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，以及美聯社的新聞稿。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。

In addition, today's comments will refer to a metric we describe as the purchase value of services tied to our installed base. This is a non-GAAP measure, and a reconciliation to the corresponding GAAP measure can be found on our investor relations website at Apple.com/investor. I'd now like to turn the call over to Tim for introductory remarks.

此外，今天的評論將提及一個我們稱為與我們已安裝用戶群相關的服務購買價值的指標。這是一個非GAAP指標，有關與對應GAAP指標的調節表，請造訪我們的投資者關係網站Apple.com/investor。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 for joining us. Today, we're reporting the results of a very busy and challenging quarter, and we're also announcing an update to our capital return program.

謝謝南希，大家下午好，謝謝各位的參與。今天，我們將報告一個非常繁忙且充滿挑戰的季度的業績，同時也將宣布對我們的資本回報計劃進行更新。

Revenue for the quarter was $50.6 billion, which was within our guidance range. Despite the pause in our growth, our results reflect excellent execution by our team in the face of ongoing macroeconomic headwinds in much of the world, and difficult year-over-year comparisons.

本季營收為506億美元，符合我們的預期範圍。儘管我們的成長有所停滯，但我們的業績反映了我們的團隊在面對世界大部分地區持續的宏觀經濟逆風以及艱難的同比比較的情況下，展現出的出色執行力。

We saw continued currency weakness in the vast majority of our international markets. In constant currency, our revenue declined by 9% from last year, 400 basis points less than the reported decline of 13%. For the first half of the fiscal year, our revenue in constant currency was up 1% year-on-year.

我們看到，絕大多數國際市場的貨幣持續疲軟。以固定匯率計算，我們的收入比去年下降了 9%，比報告的 13% 的降幅少了 400 個基點。本財年上半年，以固定匯率計算，我們的營收年增 1%。

Despite challenges, there were a number of encouraging signs during the quarter. Our installed base of over 1 billion active devices continued to grow strongly. We added a huge number of Android switchers and new-to-Mac customers, and we generated very strong growth from services.

儘管面臨挑戰，但本季也出現了一些令人鼓舞的跡象。我們超過10億台活躍設備的裝機量持續強勁成長。我們新增了大量從 Android 系統轉投 Mac 的用戶，服務業務也實現了非常強勁的成長。

We sold 51.2 million iPhones in the quarter, consistent with the range of our own expectations, but lower than the exceptional year-ago quarter, when we saw an acceleration in iPhone upgrades, and 40% iPhone sales growth over the previous year. To provide some additional color, iPhone sales come from three sources: Customers who upgrade from previous iPhone models, customers who switch from Android and other operating systems, and customers who purchase a smart phone for the first time.

本季我們售出了 5,120 萬部 iPhone，與我們自己的預期範圍一致，但低於去年同期的異常出色表現。去年同期，iPhone 升級換代速度加快，iPhone 銷量比前一年成長了 40%。為了更形象化說明，iPhone 的銷售來源有三：從以前的 iPhone 機型升級的顧客、從 Android 和其他作業系統轉而來的顧客，以及首次購買智慧型手機的顧客。

As we look at each of these three sources of iPhone sales, we see a business that is healthy and strong. First, from an upgrade perspective, during the first half of this year, the upgrade rate for the iPhone 6s cycle has been slightly higher than what we experienced in the iPhone 5s cycle two years ago, but it is lower than the accelerated upgrade rate we saw with iPhone 6, which as you know, was a big contributor to our phenomenal revenue growth a year ago. Most importantly, our customers are incredibly loyal. A recent Kantar survey of US smart phone purchasers indicated a 95% iPhone loyalty rate, the highest ever measured for any smart phone.

當我們審視 iPhone 的這三個銷售來源時，會發現這是一個健康且強勁的業務。首先，從升級的角度來看，今年上半年 iPhone 6s 的升級率略高於兩年前 iPhone 5s 的升級率，但低於 iPhone 6 的加速升級率。眾所周知，iPhone 6 的加速升級是我們一年前營收大幅成長的重要因素。最重要的是，我們的客戶非常忠誠。Kantar 最近對美國智慧型手機購買者進行的一項調查顯示，iPhone 的忠誠度高達 95%，這是迄今為止智慧型手機的最高忠誠度。

Second, we continued to see a very high level of customers switching to iPhone from Android and other operating systems. In fact, we added more switchers from Android and other platforms in the first half of this year than any other six-month period ever.

其次，我們持續看到大量用戶從安卓和其他作業系統轉向 iPhone。事實上，今年上半年我們新增的從 Android 和其他平台轉過來的用戶數量，比以往任何一個六個月期間都多。

And third, with only 42% smart phone penetration of the global handset market today, iPhone is still attracting millions of first-time smart phone buyers each quarter, especially from emerging markets. For example, in India, our iPhone sales were up 56% from a year ago.

第三，儘管目前智慧型手機在全球手機市場的滲透率僅為 42%，但 iPhone 每季仍吸引數百萬首次購買智慧型手機的用戶，尤其是在新興市場。例如，在印度，我們的 iPhone 銷量比去年同期成長了 56%。

Next, I'd like to talk about services, which was our second-largest revenue generating category during the quarter. Setting aside the amount we received from a patent settlement in the December quarter, the March quarter services revenue was our highest ever. Services revenue jumped 20% to $6 billion. App Store revenue was up 35% to beat last quarter's all-time record, and Apple Music continues to grow in popularity with over 13 million paying subscribers today. We feel really great about the early success of Apple's first subscription business, and our Music revenue has now hit an inflection point after many quarters of decline.

接下來，我想談談服務業，這是我們本季第二大收入來源類別。撇開我們在 12 月季度從專利和解中獲得的款項不談，3 月份季度的服務收入是我們有史以來最高的。服務收入成長20%，達到60億美元。App Store 營收成長 35%，打破了上一季的歷史紀錄；Apple Music 的受歡迎程度持續成長，目前付費用戶已超過 1,300 萬人。我們對蘋果首個訂閱業務的早期成功感到非常高興，而且在經歷了多個季度的下滑之後，我們的音樂收入現在已經達到了一個轉折點。

The services business is powered by our huge installed base of active device, which crossed 1 billion units earlier this year. As we discussed on this call in January, those 1 billion-plus active devices are a source of recurring revenue that is growing independent of the unit shipments we report every three months. In fact, the purchase value of services tied to our installed base was a record $9.9 billion in the March quarter, up 27% over last year, accelerating from the 24% growth rate we reported in the December quarter.

服務業務的動力源自於我們龐大的活躍設備裝置量，今年早些時候，該裝置量已突破 10 億台。正如我們在 1 月的電話會議上討論的那樣，這 10 億多台活躍設備是經常性收入的來源，其增長與我們每三個月報告的出貨量無關。事實上，與我們已安裝用戶群相關的服務購買價值在 3 月份季度創下 99 億美元的紀錄，比去年同期增長 27%，比我們在 12 月份季度報告的 24% 的增長率有所加快。

The reach of Apple Pay also continues to expand, following a very successful launch in China in the March quarter, and last week's roll-out in Singapore. Apple Pay is growing at a tremendous rate, with more than 5 times the transaction volume of a year ago, and 1 million new users per week. There are more than 10 million contactless ready locations in the countries where Apple Pay has launched today, including over 2.5 million locations now accepting Apple Pay in the United States, and more expansion of Apple Pay is coming soon.

繼今年 3 月在中國成功推出，以及上週在新加坡推出後，Apple Pay 的覆蓋範圍也不斷擴大。Apple Pay 的成長速度驚人，交易量是去年同期的 5 倍多，每週新增用戶達 100 萬。今天，Apple Pay 在已推出的國家/地區擁有超過 1000 萬個支援非接觸式支付的地點，其中包括美國超過 250 萬個接受 Apple Pay 的地點，而且 Apple Pay 的覆蓋範圍還將進一步擴大。

Turning to the Mac, we met our sell-in expectations, in addition to reducing channel inventory by about 100,000 unites. Overall, the Mac continues to attract a large percentage of new customers. In our latest survey of major markets, over half of buyers were new to the Mac, and in some countries, the percentage is extremely high, like in China, where over 80% of customers were purchasing a Mac for the first time. We're confident in our Mac business, and our ability to continue to innovate and gain share in that area.

再來看看 Mac，我們不僅達到了預期的銷售目標，還減少了通路庫存約 10 萬台。總體而言，Mac 仍然吸引著很大比例的新客戶。在我們最近對主要市場的調查中，超過一半的買家是第一次購買 Mac，在某些國家，這一比例非常高，例如在中國，超過 80% 的顧客是第一次購買 Mac。我們對我們的Mac業務充滿信心，也相信我們有能力繼續創新並擴大在該領域的市場份額。

Turning to the Apple Watch, unit sales met our expectations in the quarter. For some color on how we think about Apple Watch sales, we expected seasonality to be similar to the historical seasonality of iPod, which typically generated 40% or more of its annual unit sell-through in the December quarter.

蘋果手錶方面，本季銷售量符合我們的預期。為了更好地說明我們對 Apple Watch 銷售的看法，我們預計其季節性與 iPod 的歷史季節性類似，iPod 通常在 12 月季度實現其全年銷量的 40% 或更多。

We started shipping Apple Watch just one year ago, and it has quickly become the best-selling and most loved smart watch in the world. In fact, unit sales of Apple Watch during its first year exceeded sales of iPhone in its first year. Last month, we refreshed the lineup for the spring with new bands and a new starting price point, and the response from customers has been great.

我們光是一年前開始發售 Apple Watch，它就迅速成為全球最暢銷、最受歡迎的智慧手錶。事實上，Apple Watch上市第一年的銷售量超過了iPhone上市第一年的銷售量。上個月，我們更新了春季產品線，推出了新的錶帶和新的起價，顧客的反應非常好。

Apple Watch is an increasingly essential part of user's lives, from responding to messages, managing calendars and navigating with maps, to helping them be more fit. And in some cases, the heart rate sensor has even helped save lives. We're really excited about the first year with Apple Watch. We have learned a lot, and we believe it has an exciting future ahead.

從回覆訊息、管理日曆和使用地圖導航，到幫助用戶保持健康，Apple Watch 已成為用戶生活中越來越重要的一部分。在某些情況下，心率感測器甚至幫助挽救了生命。我們對Apple Watch的第一個年頭感到非常興奮。我們學到了很多，並且相信它擁有令人振奮的未來。

We announced some fantastic new products during the March quarter. iPhone SE became available on March 31, so none of its sales were reflected in our second-quarter results, but so far this quarter, we're seeing terrific customer response. iPhone SE is the most powerful four-inch phone ever, and it's a great option for customers all over the world who want a compact phone with advanced features, and a great price, without compromising performance. Demand has been very strong, and exceeds supply at this point, but we're working hard to get the iPhone SE into the hands of every customer who wants one, as quickly as possible. The addition of the iPhone SE in the iPhone lineup places us in a better strategic position to attract even more customers into our ecosystem.

我們在三月的季度中發布了一些非常棒的新產品。iPhone SE 於 3 月 31 日上市，因此其銷售量並未反映在我們的第二季業績中，但本季到目前為止，我們看到了非常好的客戶反應。iPhone SE 是有史以來功能最強大的四吋手機，對於世界各地想要一款功能先進、價格實惠且性能不打折扣的緊湊型手機的消費者來說，它是一個絕佳的選擇。目前需求非常強勁，已經超過了供應，但我們正在努力盡快將 iPhone SE 送到每位想要購買的客戶手中。iPhone SE 的加入，使我們在吸引更多客戶加入我們的生態系統方面，處於更有利的策略地位。

We also unveiled the stunning 9.7 inch iPad Pro, with cutting-edge performance and our most advanced display yet. The reviews of our new iPad Pros have been great, and we are hearing from customers of the features and capabilities in the new Pros make them both the ultimate upgrade for iPad owners, and a great PC replacement.

我們還發布了令人驚豔的 9.7 吋 iPad Pro，它擁有尖端的性能和我們迄今為止最先進的顯示器。我們新款 iPad Pro 的評價非常好，我們從客戶那裡了解到，新款 Pro 的功能和性能使其成為 iPad 用戶的終極升級之選，也是 PC 的絕佳替代品。

In the June quarter, we expect to see our best iPad revenue compare in over two years. iPad is the best-selling, best-reviewed and most used tablet on the market. Customers tell us that they love iPad for its unique mix of portability, capability, and versatility, with over 1 million iPad apps in the App Store to help them work, play, learn, and create.

我們預計在六月的季度中，iPad 的收入將達到兩年多來的最佳水平。iPad是市面上銷量最高、評價最好、使用最廣的平板電腦。顧客告訴我們，他們喜歡 iPad，因為它兼具便攜性、功能性和多功能性，App Store 中有超過 100 萬個 iPad 應用，可以幫助他們工作、娛樂、學習和創作。

We also announced Care Kit, a new software framework that developers can use to help people take a more active role in their health, by keeping track of their care plans, monitoring their symptoms and medication, and delivering the insights they need to make smart decisions about their health. We're very excited about the ways iPhone and Apple Watch are helping people lead healthier lives. We believe there's great promise here for the future, and we are very interested in where this can take us.

我們還發布了 Care Kit，這是一個新的軟體框架，開發人員可以使用它來幫助人們在自己的健康中發揮更積極的作用，透過追蹤他們的護理計劃、監測他們的症狀和藥物，並提供他們所需的見解，以便他們做出明智的健康決策。我們很高興看到 iPhone 和 Apple Watch 以各種方式幫助人們擁有更健康的生活方式。我們相信這裡蘊藏著巨大的未來潛力，我們非常關注它將帶我們走向何方。

As always, we are contributing to society beyond our products, promoting the use of renewable energy across our facilities and inside our supply chain, and developing cutting-edge technologies to revolutionize recycling in the materials we use. We are unwavering in our commitment to protect the security and privacy of our customers and their data, and we are actively promoting inclusion and equality across our business.

一如既往，我們不僅在產品方面為社會做出貢獻，還在我們的工廠和供應鏈中推廣再生能源的使用，並開發尖端技術來徹底改變我們所用材料的回收方式。我們始終堅定不移地致力於保護客戶及其資料的安全和隱私，並積極在整個業務中促進包容和平等。

As we continue through the June quarter, I'd like to remind you that we measure the health of customer demand based on sell-through. Despite ending Q2 within our channel inventory targets, in light of the macroeconomic environment we plan to lower our channel inventories in the June quarter. This will impact our reported revenue in Q3. Luca will provide more details on this in his commentary.

隨著我們繼續進入六月的季度，我想提醒大家，我們是根據銷售轉換率來衡量客戶需求的健康狀況的。儘管第二季末我們的通路庫存達到了目標，但鑑於宏觀經濟環境，我們計劃在6月的季度降低通路庫存。這將影響我們第三季公佈的收入。盧卡將在他的解說中提供更多細節。

But before turning over the call to him, I will summarize by saying that the future of Apple is very bright. Our product pipeline has amazing innovations in store. We are very excited about bringing together developers for our four major platforms at our worldwide developers conference in June.

但在將電話交給他之前，我總結一下，蘋果的未來非常光明。我們的產品線中蘊藏著許多令人驚嘆的創新產品。我們非常高興能在六月的全球開發者大會上，將我們四大平台的開發者們聚集在一起。

We are forging ahead with important investments in research and development, in our infrastructure, and in our supply chain. We've made 15 acquisitions in the last four quarters to accelerate our product and services roadmaps, and we are always on the lookout for companies with great technology, talent, and strategic fit.

我們正在大力投資研發、基礎設施和供應鏈。在過去的四個季度裡，我們完成了 15 項收購，以加速我們的產品和服務路線圖，我們一直在尋找擁有出色技術、人才和策略契合度的公司。

Creating value for shareholders by developing great products and services that enrich people's lives will always be our top priority, and the key factor driving our investments and capital allocation decisions. As our business continues to generate high levels of free cash flow, we are in the fortunate position to expand our capital return program again this year, as we have done each year since we started the program four years ago.

透過開發能夠豐富人們生活的優秀產品和服務來為股東創造價值，始終是我們的首要任務，也是我們投資和資本配置決策的關鍵驅動因素。由於我們的業務持續產生大量自由現金流，我們很幸運能夠像四年前啟動該計劃以來每年一樣，在今年再次擴大我們的資本回報計劃。

Today, we are announcing an extension of the timeframe of the program by four quarters through March of 2018, and we are expanding the total program size from $200 billion to $250 billion. Luca has more details on this announcement and our results for the March quarter. Luca?

今天，我們宣布將該計劃的期限延長四個季度，至 2018 年 3 月，並將該計劃的總規模從 2,000 億美元擴大到 2,500 億美元。Luca將帶來更多關於此次公告和我們三月季度業績的細節。盧卡？

Thank you, Tim, and good afternoon, everyone. Let me start with the March quarter results. Revenue for the quarter landed within our guidance range at $50.6 billion, compared to $58 billion in the year-ago quarter, a decline of 13%.

謝謝你，提姆，大家下午好。讓我先從三月的季度業績說起。本季營收達到預期範圍，為 506 億美元，而去年同期為 580 億美元，下降了 13%。

As we had expected, our comparisons to last year were influenced by the continued strength of the US dollar against foreign currencies. That being said, in constant currency, our revenue declined by 9%. On a geographic basis, in Asia, our revenue grew strongly in Japan, but it declined in greater China and the rest of Asia-Pacific.

正如我們預期的那樣，與去年相比，美元對外國貨幣持續走強對我們今年的業績產生了影響。也就是說，以固定匯率計算，我們的收入下降了 9%。從地理上看，在亞洲，我們在日本的營收成長強勁，但在大中華區和亞太其他地區則出現下滑。

However our business in these two regions is faring better than the numbers might suggest. We had significant channel inventory reductions and currency weakness, which affected our reported revenue for both of these segments. In mainland China, revenue was down 11%, and the decline was 7% in constant currency terms. Keep in mind that we were up against an extremely difficult year-ago compare, when our mainland China revenue grew 81%. We remain very optimistic about the China market over the long-term, and we are committed to investing there for the long run.

然而，我們在這兩個地區的業務表現比數字所顯示的要好。我們通路庫存大幅減少，加上貨幣疲軟，影響了這兩個業務部門的報告收入。在中國大陸，收入下降了 11%，以固定匯率計算下降了 7%。請記住，我們面臨的是一個極其艱難的同比數據，去年同期我們在中國大陸的收入成長了 81%。我們對中國市場的長期前景仍然非常樂觀，並致力於在中國進行長期投資。

Gross margin was 39.4%, near the high-end of our guidance range, thanks to strong cost performance. Operating margin was 27.7% of revenue, and net income was $10.5 billion. Diluted earnings per share were $1.90, and cash flow from operations was strong, at $11.6 billion.

由於成本控制出色，毛利率達到 39.4%，接近我們預期範圍的高端。營業利益率為收入的 27.7%，淨收入為 105 億美元。稀釋後每股收益為 1.90 美元，經營活動產生的現金流強勁，達到 116 億美元。

For details by product, I start with iPhone. We sold 51.2 million iPhones in the quarter, compared to 61.2 million in the year-ago quarter, a decline of 16%. It was a particularly challenging comparison to the record quarter a year ago, when iPhone 6 grew 40% as we entered last March quarter, and supply demand imbalance, which was recovered during the quarter.

具體到每款產品，我先從 iPhone 開始。本季我們售出了 5,120 萬部 iPhone，而去年同期為 6,120 萬部，下降了 16%。與去年同期創紀錄的季度相比，今年的業績尤其具有挑戰性。去年 3 月季度開始時，iPhone 6 的銷量成長了 40%，而且供需失衡的情況在本季得到了改善。

Also, this year we reduced channel inventory by 450,000 units, while we increased inventory by 1 million units a year ago. We have exited the quarter with in our five to seven-week target range for channel inventory. iPhone ASV was $642 compared to $659 in the year ago quarter, with weak international currencies and very popular mid-tier and entry offerings contributing to the difference year-over-year.

此外，今年我們減少了渠道庫存 45 萬件，而一年前我們增加了庫存 100 萬件。本季末，我們的通路庫存量仍處於五到七週的目標範圍內。iPhone 平均銷售價值為 642 美元，而去年同期為 659 美元，國際貨幣疲軟以及非常受歡迎的中階和入門級產品導致了同比差異。

iPhone's momentum in business markets continues to be very impressive. A recent survey by 451 Research, formerly known as ChangeWave, found that among US corporate buyers planning to purchase smart phones in the June quarter, 78% planned to purchase iPhones. That's the highest June quarter iPhone purchase intent ever measured by the survey and 5 points higher than a year ago.

iPhone 在商業市場的強勁勢頭依然令人矚目。451 Research（前身為 ChangeWave）最近的一項調查發現，在計劃於 6 月季度購買智慧型手機的美國企業買家中，78% 的人計劃購買 iPhone。這是調查有史以來測得的六月 iPhone 購買意願最高值，比去年同期高出 5 個百分點。

Turning to services, we generated $6 billion in revenue, an increase of 20% over the March quarter last year, thanks primarily to the continued strong performance of the App Store, with revenue growing 35% to a new all-time high. According to App Annie, the App Store generated 90% more global revenue than Google Play in the March quarter, up from a 75% lead in 2015. Among our customers who purchased apps and content from our iTunes Stores, the average amount spent per customer reached a new all-time record in the March quarter.

服務業務方面，我們創造了 60 億美元的收入，比去年同期成長了 20%，這主要得益於 App Store 的持續強勁表現，其收入成長了 35%，創歷史新高。根據 App Annie 的數據，App Store 在 3 月的季度全球營收比 Google Play 高出 90%，高於 2015 年的 75%。在從我們的 iTunes 商店購買應用程式和內容的客戶中，3 月份季度每位客戶的平均消費金額創下了歷史新高。

Next, I'd like to talk about the Mac. We sold 4 million Macs compared to 4.6 million last year, a decline of 12%. It was a challenging quarter for personal computer sales across the industry, but we believe we gained market share. Despite the overall market slowdown, we generated double-digit market growth in a number of markets, including Russia, Korea, Singapore, Taiwan, and the UAE.

接下來，我想談談Mac電腦。我們今年售出了 400 萬台 Mac，而去年同期為 460 萬台，下降了 12%。對於整個行業而言，本季個人電腦銷售面臨挑戰，但我們相信我們獲得了市場份額。儘管整體市場成長放緩，但我們在包括俄羅斯、韓國、新加坡、台灣和阿聯酋在內的多個市場實現了兩位數的市場成長。

Just last week, we updated the MacBook, our thinnest and lightest Mac, with the latest processors, faster graphics, fastest flash storage, and longer battery life. We think our customers are going to love this update. We ended the quarter within our four to five-week target range for Mac channel inventory.

就在上週，我們更新了 MacBook，這是我們最薄最輕的 Mac，配備了最新的處理器、更快的圖形處理能力、最快的快閃儲存速度和更長的電池續航力。我們相信我們的客戶會喜歡這次更新。本季結束時，Mac 通路庫存仍維持在四到五週的目標範圍內。

Turning to iPad, we sold 10.3 million compared to 12.6 million in the year ago quarter. We also reduced channel inventory by about 200,000 units, and we exited the quarter within our five to seven-week target range. In the same segments of the public market where we compete, we continue to be highly successful. Recent data from NPD indicates that iPad had 78% share of the US market for tablets priced above $200. And the latest data published by ABC indicates that iPad accounts for 72% of the US commercial tablet market, comprising business, government, and education.

再來看 iPad，我們售出了 1,030 萬台，而去年同期為 1,260 萬台。我們還減少了通路庫存約 20 萬件，而本季末的業績達到了我們設定的五到七週的目標範圍。在我們所競爭的公開市場區隔領域，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據了 78% 的份額。美國廣播公司 (ABC) 最新發布的數據顯示，iPad 占美國商用平板電腦市場 72% 的份額，該市場涵蓋商業、政府和教育領域。

iPad customer metrics are also extremely positive. In February, 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, 59% planned to purchase an iPad, more than 3 times the purchase intention rate of the next highest brand measured. Corporate buyers reported a 94% satisfaction rate for iPad, and a June quarter purchase intent of 71%.

iPad 用戶指標也非常正面。今年 2 月，451 Research 測得 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，59% 的人計劃購買 iPad，這一比例是排名第二的品牌購買意願的 3 倍多。企業買家對 iPad 的滿意度為 94%，6 月季度的購買意願為 71%。

Revenue from other products grew 30% over the last year, thanks to Apple Watch. We have expanded distribution to 60 countries, and introduced bands in beautiful new colors for spring, so customers can personalize their watches in more ways, with a range of colors, styles, and materials. Our customers are very happy with Apple Watch, with 451 Research measuring 94% customer satisfaction.

由於採用 Apple Watch，其他產品的收入在過去一年增長了 30%。我們已將分銷範圍擴大到 60 個國家，並推出了春季新款彩色錶帶，讓顧客可以透過各種顏色、款式和材質，以更多方式個性化他們的手錶。我們的客戶對 Apple Watch 非常滿意，451 Research 的調查顯示顧客滿意度高達 94%。

We're also making great progress with our enterprise initiatives. IBM now has engagements for more than 200 deployments of native iOS apps for large enterprise customers to accelerate mobile transformation. Our mobility partner program also continues to grow, with 108 partners across 20 countries.

我們在企業發展計畫方面也取得了巨大進展。IBM 目前已與 200 多家大型企業客戶簽訂了原生 iOS 應用程式部署合同，以加速其行動轉型。我們的旅遊合作夥伴計畫也不斷發展壯大，目前在 20 個國家擁有 108 個合作夥伴。

We see continued broad industry adoption of native iOS apps to transform how professionals do their work and serve their customers. For example, retail bankers are using iOS apps on iPads to greet and onboard customers, reduce queue times, and improve the customer experience. And in hospitals, using doctors and nurses are using iOS Apps on iPhone and iPad to share and communicate more effectively, so that they can spend more time with patients, and less time on administrative tasks.

我們看到，原生 iOS 應用程式在各行各業持續廣泛應用，這將改變專業人士的工作方式和服務客戶的方式。例如，零售銀行家正在使用 iPad 上的 iOS 應用程式來迎接和引導客戶，減少排隊時間，並改善客戶體驗。在醫院裡，醫生和護士們正在使用 iPhone 和 iPad 上的 iOS 應用程式來更有效地分享和溝通，這樣他們就可以花更多的時間陪伴病人，減少在行政任務上花費的時間。

Let me now turn to our cash positions. We ended the quarter with $232.9 billion in cash plus marketable securities, a sequential increase of $17.2 billion. $208.9 billion of this cash, or 90% of the total, was outside the United States.

現在讓我來看看我們的現金部位。本季末，我們持有現金及有價證券2,329億美元，較上季增加172億美元。這筆現金中有 2,089 億美元，即總額的 90%，位於美國境外。

We issued $15.5 billion in US dollar denominated notes during the quarter, including our first green bond tranche to fund initiatives such as renewable energy and environmental design projects. We exited the March quarter with $72 billion in term debt. We returned $10 billion to investors during the quarter, including $2.9 billion in dividends and equivalents, and $7 billion on purchases of 71.8 million Apple shares, to open market transactions.

本季我們發行了 155 億美元的美元債券，其中包括我們的第一筆綠色債券，用於資助再生能源和環境設計項目等計劃。截至三月季末，我們的長期債務為 720 億美元。本季我們向投資者返還了 100 億美元，其中包括 29 億美元的股息及等價物，以及透過公開市場交易購買 7,180 萬股蘋果股票所獲得的 70 億美元。

We have now completed over $163 billion of the current $200 billion capital return program, including $117 billion in share repurchases. As Tim mentioned, today we are announcing the latest update to our program, which we are increasing to a total of $250 billion. Once again, we are allocating the majority of the expansion of the program to share repurchases, given our strong confidence in Apple's future, and the value we see in our stock. The Board has increased the share repurchase authorization by $35 billion, raising it from the current $140 billion level to $175 billion. We will also continue to net share settle, less the employee restricted stock units.

我們目前已完成 2,000 億美元資本回報計畫中的 1,630 億美元以上，其中包括 1,170 億美元的股票回購。正如提姆所提到的，今天我們宣布對我們的計劃進行最新更新，我們將把計劃總額增加到 2500 億美元。鑑於我們對蘋果公司的未來充滿信心，以及我們認為蘋果股票具有價值，我們將再次把該計劃的大部分擴展資金用於股票回購。董事會已將股票回購授權額度增加 350 億美元，從目前的 1,400 億美元提高到 1,750 億美元。我們將繼續採用淨股份結算方式，扣除員工限制性股票單位。

We also know that the dividend is very important to many of our investors who value income, and we are raising it for the fourth time in less than four years. The quarterly dividend will grow from $0.52 per share to $0.57 per share, an increase of about 10%. This is effective with our next dividend, which the Board has declared today is payable on May 12, 2016, to shareholders of record as of May 9, 2016.

我們也知道，對於許多重視收入的投資者來說，股息非常重要，因此我們在不到四年的時間內第四次提高了股息。季度股息將從每股 0.52 美元增至每股 0.57 美元，增幅約 10%。該規定自我們下一筆股利起生效，董事會今天宣布，該股利將於 2016 年 5 月 12 日支付給截至 2016 年 5 月 9 日登記在冊的股東。

We continue to plan for annual dividend increases going forward. With $12 billion in annual dividend payments, we are proud to be one of the largest dividend payers in the world. In total, with this updated program, during the next eight quarters, we expect to return $87 billion to our investors, which represents about 15% of our market cap at the current stock price.

我們將繼續計劃在未來逐年提高股利。我們每年派發120億美元的股息，很自豪能成為全球最大的股息支付公司之一。總計，透過這項更新後的計劃，在接下來的八個季度裡，我們預計將向投資者返還 870 億美元，這相當於我們當前股價市值的約 15%。

As in the past, we expect to fund our capital return program with US cash, future US cash flow generation and borrowing from both domestic and international debt markets. We will continue to review capital allocation regularly, and solicit input on our program from a broad base of shareholders. This allows us to be thoughtful about the size, the mix, and the face of the program.

與過去一樣，我們預計將透過美國現金、未來美國現金流以及從國內和國際債務市場借款來為我們的資本回報計劃提供資金。我們將繼續定期審查資本配置情況，並向廣大股東徵求對我們計劃的意見。這使我們能夠認真考慮專案的規模、組合和麵貌。

As we move ahead into the June quarter, I'd like to review our outlook, which includes the types of forward-looking information that Nancy referred to at the beginning of the call. We expect revenue to be between $41 billion and $43 billion. The revenue guidance implies a year-over-year decline, as we lap an incredibly strong June quarter last year, when revenue grew 33%, due in part to accelerated iPhone upgrade purchases. This tough compare is compounded by the continued weak macro environment this year, and the strong US dollar, which affects our revenue growth in international markets.

隨著我們進入六月季度，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 410 億美元至 430 億美元之間。由於去年 6 月季度業績表現強勁，營收成長了 33%，部分原因是 iPhone 升級換代購買量加速成長，因此營收預期將年減。今年持續疲軟的宏觀環境和強勢的美元加劇了這一嚴峻的同比形勢，影響了我們在國際市場的營收成長。

Embedded in this guidance is a planned channel inventory reduction worth over $2 billion, as we have elected to be prudent about our channel inventory position, given the current macro environment. The guidance also reflects a range of possible scenarios related to how quickly we can get into supply-demand balance for iPhone SE. Due to these factors, our expected demand is greater than the revenue range implies.

該指導方針中包含一項價值超過 20 億美元的渠道庫存削減計劃，因為鑑於當前的宏觀環境，我們選擇謹慎對待我們的渠道庫存狀況。該指南還反映了與我們如何盡快實現 iPhone SE 供需平衡相關的各種可能情況。由於這些因素，我們預期的需求量大於收入範圍所反映的水準。

Sequentially, our guidance implies a revenue decline of 15% to 19%, which is comparable to the 17% sequential decline that we've averaged from the March to June quarter for the last three years, despite the anticipated channel inventory adjustments I just described. We expect seasonal sequential declines in iPhone and iPad sales, and a sequential increase in Mac sales. We also expect iPhone ASPs to decline sequentially as we get further from the launch of iPhone 6s and 6s Plus, and as iPhone SE enters the mix.

從環比來看，我們的預期意味著營收將下降 15% 至 19%，這與我們過去三年 3 月至 6 月季度平均 17% 的環比降幅相當，儘管我剛才描述了預期的通路庫存調整。我們預計 iPhone 和 iPad 的銷量將出現季節性環比下降，而 Mac 的銷量將出現環比增長。我們也預計，隨著 iPhone 6s 和 6s Plus 發佈時間的推移以及 iPhone SE 的加入，iPhone 的平均售價將逐週下降。

We know that our revenue guidance falls short of market estimates for the third quarter. We believe the difference counts primarily from three areas: First, the $2 billion plus channel inventory reduction I just mentioned. Second, the effect of the channel inventory reduction, and the launch of iPhone SE on iPhone ASPs, as well as the current constrained supply of iPhone SE. Third, different estimates for Mac, which we expect to grow sequentially at the rate similar to what we have experienced in the past June quarters.

我們知道，我們對第三季的營收預期低於市場預期。我們認為，這種差異主要體現在三個方面：首先，就是我剛才提到的超過 20 億美元的通路庫存減少。其次，通路庫存減少和 iPhone SE 的推出對 iPhone 平均售價的影響，以及目前 iPhone SE 供應受限的情況。第三，我們對 Mac 的預測有所不同，我們預計其成長速度將與過去 6 月季度的成長速度相似。

We expect gross margins to be between 37.5% and 38%. We expect continued cost improvements to be more than offset by the sequential loss of leverage from lower revenue, and a differing mix of products. We expect OpEx to be between $6 billion and $6.1 billion.

我們預計毛利率將在 37.5% 至 38% 之間。我們預期成本持續改善的幅度將被收入下降所導致的槓桿作用減弱以及產品組合變化所抵消。我們預計營運支出將在 60 億美元至 61 億美元之間。

We expect OI&E to be about $300 million. And we expect the tax rate to be about 25.5%. With that, I'd like to open the call to questions.

我們預計營運、投資和支出約為 3 億美元。我們預計稅率約為 25.5%。接下來，我想接受大家的提問。

Thank you, Luca.

謝謝你，盧卡。

(Caller Instructions)

（來電者指示）

Operator, may we have the first question, please?

接線生，請問第一個問題可以嗎？

(Operator Instructions)

（操作說明）

First, we hear from Simona Jankowski with Goldman Sachs.

首先，我們來聽聽高盛的西蒙娜‧揚科夫斯基怎麼說。

My first question was actually just a clarification, in terms of putting in context that $2 billion in channel inventory reduction. What was that last year, just to help us make the comparison on a year-over-year basis? The bigger question, Tim was, with the smart phone market now reaching a pretty mature growth base, how does Apple think of itself going forward? Is it a growth company, or is it a more mature tech company? And if it's still the former, how does that change how you think about M&A especially given the position you're in with your balance sheet strategically?

我的第一個問題其實只是一個澄清，目的是將 20 億美元的通路庫存削減放在更合適的背景下理解。為了方便我們進行年比比較，請問去年的數據是多少？提姆認為，更大的問題是，隨著智慧型手機市場發展到相當成熟的階段，蘋果如何看待自己的未來發展？它是成長型公司，還是更成熟的科技公司？如果仍然是前者，考慮到您目前的資產負債表策略狀況，這會如何改變您對併購的看法？

Simona, let me give you the data point on the sell through and then I'll let Tim answer the strategic question. We had a channel inventory reduction that was worth a bit less than $800 million a year ago.

Simona，我先提供你銷售狀況的數據，然後讓 Tim 回答策略問題。一年前，我們的通路庫存削減額略低於 8 億美元。

Simona, this is Tim. In terms of do I think the smart phone market is mature? I think that the market, as you know, is currently not growing. However, my view of that is that's an overhang of the macroeconomic environment in many different places in the world. We're very optimistic that this too shall pass, and that the market and particularly us will grow again.

西蒙娜，這是蒂姆。至於我認為智慧型手機市場是否成熟？正如您所知，我認為目前市場並沒有成長。然而，我認為這是世界許多地方宏觀經濟環境所帶來的不利影響。我們非常樂觀地認為，這一切終將過去，市場，尤其是我們自身，將會再次成長。

The reason that we're optimistic is we look at sort of the three places that iPhone sales come from, and from an upgrade point of view, as I mentioned in my comments, we compare favorably, slightly better than the upgrade cycle that we saw on the iPhone 5s. We are lower than the iPhone 6, but I think all of us know that was an extraordinary cycle, that accelerated upgrades from 2016 into 2015, and so that comparable will be tough for this year, but that's a transitory thing.

我們之所以樂觀，是因為我們檢視了 iPhone 銷售的三大來源，從升級的角度來看，正如我在評論中提到的，我們表現良好，比 iPhone 5s 的升級週期略好一些。我們目前的售價低於 iPhone 6，但我想我們都知道那是一個特殊的周期，2016 年到 2015 年的升級換代速度加快，因此今年很難與之相提並論，但這只是暫時的。

As we look at switchers, we're extremely excited that for the first half we have set a record from switchers from other platforms. The largest we've ever seen in any six month period before, so we've got traction there. And then on emerging markets, if you take a look at India, we grew by 56%, and we're placing increasing emphasis in these areas, where it's clear there will be disproportionate growth versus the more developed areas.

當我們審視用戶轉換情況時，我們非常高興地看到，上半年我們創下了從其他平台轉換用戶數量的紀錄。這是我們以往六個月內見過的最大增幅，所以我們在這方面取得了進展。再看看新興市場，以印度為例，我們成長了 56%，我們越來越重視這些地區，因為很明顯，這些地區的成長速度將遠超已開發地區。

The next thing is with the iPhone SE, we have seen our ability to attract even more customers into the platform, with incredible product that is at a new price point for us, with the latest technology. And so we're optimistic about attracting even more customers with that. We also look at our pipeline, and were very excited about what's in our pipeline. All of those things make me optimistic.

接下來是 iPhone SE，我們看到了我們有能力吸引更多客戶加入平台，這款產品價格實惠，技術先進，對我們來說是全新的。因此，我們樂觀地認為這將吸引更多顧客。我們也考察了我們的產品線，並對產品線中的內容感到非常興奮。所有這些都讓我感到樂觀。

Your other question was on M&A, and regardless of the first, we're always looking in the market about things that could complement things that we do today, become features in something we to, or allow us to accelerate entry into a category that we are excited about. As I have said before, our test is not on the size. We would definitely buy something larger than we have bought thus far. It's more about the strategic fit, and whether it's a great technology and great people. We continue to look, and we stay very active in the M&A market.

你的另一個問題是關於併購的，無論第一個問題是什麼，我們始終在市場上尋找可以補充我們目前所做的事情、成為我們正在做的事情的功能，或者能夠讓我們加速進入我們感興趣的類別的事情。正如我之前所說，我們的測試標準不是尺寸。我們肯定會買比目前為止買的更大的東西。更重要的是策略契合度，以及是否擁有優秀的技術和優秀的人才。我們將繼續尋找機會，並在併購市場保持非常活躍的狀態。

Thank you.

謝謝。

Thank you. Could we have the next question please?

謝謝。請問下一個問題可以嗎？

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

我們將從 Piper Jaffray 那裡聽到 Gene Munster 的發言。

Good afternoon. Tim, can you talk a little bit about the iPhone ASP trends, and specifically you mentioned that the SE is going to impact, but how are you thinking about the aspirational market share that's out there, and your actual market share, and using price to close that gap? Is it just the SE or could there be other iPhone models that will be discounted, to try to be more aggressive in emerging markets?

午安.Tim，可以談談 iPhone 的平均售價趨勢嗎？你特別提到 SE 會產生影響，那麼你如何看待理想的市場份額和實際市場份額，以及如何利用價格來縮小差距？是只有 SE 機型會打折，還是其他 iPhone 機型也會打折，以期在新興市場採取更積極的策略？

And one for Luca. Can you talk a little bit about the services segment, in terms of what piece of the services is driving growth, and maybe a little bit about the profitability on a net basis versus the growth basis that you have referred to in the past. Thanks.

還有一份給盧卡。您能否談談服務板塊的情況，例如哪些服務環節正在推動成長，以及您先前提到的淨獲利能力與成長能力之間的對比情況？謝謝。

I think the SE is attracting two types of customers. One is customers that wanted the latest technology, but wanted it in a more compact package. And we clearly see even more people than we thought in that category.

我認為SE吸引了兩種類型的客戶。其中一位客戶想要最新的技術，但又希望產品體積更小巧。而且我們發現，屬於這一類別的人數比我們預想的還要多。

Secondly, it's attracting people aspire to own an iPhone, but couldn't quite stretch to the entry price of the iPhone, and we've established a new entry. I think both of these markets are very, very important to us, and we are really excited about where it can take us. I do think that we will be really happy with the new to iPhone customers that we see from here, because of the early returns we've had. We are currently supply constrained, but we'll be able to work our way out of this at some point. But it's great to see the overwhelming demand for it. I will let Luca comment on the ASPs.

其次，它吸引了那些渴望擁有 iPhone 但又負擔不起 iPhone 入門價格的人，而我們則建立了一個新的入門級產品。我認為這兩個市場對我們來說都非常非常重要，我們對它們能帶給我們的未來充滿期待。我認為，鑑於我們目前獲得的早期回饋，我們會對未來新增的 iPhone 用戶數量感到非常滿意。我們目前面臨供應緊張的問題，但我們總有一天能夠克服這個困難。但看到市場對它的龐大需求，真是太好了。我會讓盧卡對ASPs發表評論。

On the ASPs, Gene we mentioned that we were going to be down sequentially, and this is really the combination of two factors. So when we go from the March quarter to the June quarter, is the fact that we are having the SE entering the mix, and that obviously is going to have a downward pressure on ASP, and also this channel inventory reduction that we have talked about, obviously the channel inventory reduction will come from higher-end models, and that is also affecting the sequential trend on ASPs.

關於 ASPs，Gene，我們提到我們會依序下降，這其實是兩個因素共同作用的結果。因此，從三月季度到六月季度，SE（特別版）的加入顯然會對平均售價（ASP）造成下行壓力，此外，我們之前提到的通路庫存減少，顯然會來自高端車型，這也影響了平均售價的環比趨勢。

The question on services, when we look at our services business, obviously growing very well across the board. The biggest element, and the part of the services business that is growing very well, we mentioned 35%, is the App Store. It's interesting for us that our music business, which had been declining for a number of quarters, now that we have both a download model and a streaming model, we have now hit an inflection point, and we believe that this would be the bottom, and we can start growing from there over time.

關於服務業的問題，當我們審視我們的服務業務時，很明顯，服務業整體成長勢頭良好。服務業務中成長最快的部分（我們提到了 35%）是 App Store。對我們來說，有趣的是，我們的音樂業務已經連續幾個季度下滑，但現在我們同時擁有了下載模式和串流媒體模式，我們已經達到了一個轉折點，我們相信這將是底部，我們可以從這裡開始逐步成長。

We have many other services businesses that are doing very well, we have an iCloud business that is growing very quickly. Faster than the App Store, from a much lower base but I think it's important for us as we continue to develop these businesses. Tim have talked about Apple Pay. It doesn't provide a meaningful financial contribution at this point, but as we look at the amount of transactions that go into Apple Pay right now, and we think ahead for the long-term, that could be an interesting business for us, as well.

我們還有許多其他服務業務發展良好，我們的 iCloud 業務成長非常迅速。雖然起步比 App Store 慢得多，但我認為這對我們繼續發展這些業務來說非常重要。提姆已經談到了Apple Pay。目前它還不能提供有意義的財務貢獻，但當我們審視 Apple Pay 目前的交易量，並展望未來時，這對我們來說也可能是一項有趣的業務。

From a profitability standpoint, we have mentioned last time that when you look at it on a gross basis, so in terms of purchase value of these services, the profitability of the business is similar to Company average. Of course, when you met out the amount that is paid to developers, and you look at it, in terms of what is reported in our P&L, obviously that business has a profitability that is higher than Company average. We don't get into the specifics of specific products or services, but it is very clear it is significantly higher than Company average.

從獲利能力的角度來看，我們上次提到過，如果以總額來看，也就是以這些服務的購買價值來看，該業務的獲利能力與公司平均水準相似。當然，當你計算出支付給開發商的金額，並結合我們損益表中的報告來看，顯然該業務的盈利能力高於公司平均水平。我們不打算深入探討具體產品或服務的具體細節，但很明顯，它遠高於公司平均水平。

Thank you.

謝謝。

Thanks, Gene. Could we have the next question please?

謝謝你，吉恩。請問下一個問題可以嗎？

Katy Huberty with Morgan Stanley.

Katy Huberty任職於摩根士丹利。

Yes, thank you. First for Luca. This is the worst gross margin guide in a year and a half or so, and over the last couple of quarters, you have talked about number of tailwinds including component cost, the lower accounting deferrals that went into effect in September. You just mentioned the services margins are above corporate average. So the question is, are some of those tailwinds winding down? Or is a significant guide down in gross margin for the June quarter entirely related to volume and the 5 SE? And then I have a follow-up for Tim.

是的，謝謝。首先是盧卡。這是近一年半以來最糟糕的毛利率預期，而在過去幾個季度裡，您談到了許多利好因素，包括零件成本下降，以及9月份生效的較低的會計遞延。您剛才提到服務業利潤率高於公司平均。所以問題是，這些順風是否正在減弱？或者說，6 月季度毛利率大幅下降是否完全與銷量和 5 SE 有關？然後我還有一個問題要問提姆。

Katy, clearly the commodity environment remains quite favorable, and we continue to expect cost improvements. The other dynamics that you have mentioned are still there, obviously what is different, and particularly as we look at it on a sequential basis coming out of the March quarter, we would have loss of leverage, and that obviously is going to have a negative impact on margins. The other factor that's important to keep in mind is this different mix of products.

凱蒂，顯然大宗商品市場環境依然相當有利，我們繼續預期成本會有所改善。您提到的其他動態仍然存在，顯然不同之處在於，特別是當我們從三月的季度開始按順序觀察時，我們會面臨槓桿率下降的問題，這顯然會對利潤率產生負面影響。另一個需要記住的重要因素是產品的不同組合。

Particularly when you look at iPhone, what I was mentioning to Gene earlier, I think we've got a couple of things that are affecting not only ASPs, but obviously, they also affects margins. And it's the fact that we have a channel inventory reduction at the top end of the range, and we've got the introduction of the iPhone SE at the entry level of the range. And so when you take into account those factors, those are the big elements that drive our guidance range right now.

特別是以 iPhone 為例，就像我之前跟 Gene 提到的那樣，我認為有幾個因素不僅影響平均售價，而且顯然也會影響利潤率。事實是，我們減少了高階產品的通路庫存，同時推出了入門級的 iPhone SE。因此，考慮到這些因素，這些就是目前影響我們指導範圍的主要因素。

Okay. Thank you. And that a question for Tim, appreciate the optimism around longer-term iPhone unit growth, but with developed market penetration in anywhere from 60% to 80%, the growth is going to have to come from new markets. You talked about India. Could you just spend a little bit more time on that market? What are some of the hurdles you have to overcome, for that to be a larger part of the business? When we expect Apple to have more distribution, and specifically your own stores in that country? Thanks.

好的。謝謝。這個問題應該要問提姆。我很欣賞他對iPhone長期銷售成長的樂觀態度，但考慮到iPhone在已開發市場的滲透率只有60%到80%，成長必須來自新市場。你談到了印度。您能否在那個市場上多花一點時間？要讓這項業務在公司中佔據更大的份額，您需要克服哪些障礙？我們預計蘋果何時會在該國擴大分銷管道，特別是開設自有零售店？謝謝。

Katy, in the short term, let me just make a couple of comments on the developed markets, just to make sure this is clear. If you look at our installed base of iPhone today versus two years ago, it's increased by 80%. When you think about upgrade cycles, upgrade cycles would have varying rates on it. As I talked about on the comments, the iPhone 6s rate, upgrade rate is slightly higher than the iPhone 5s, but lower than the iPhone 6.

凱蒂，短期內，我只想就發達市場做幾點說明，以確保這一點很清楚。如果將我們今天的 iPhone 裝置量與兩年前相比，會發現成長了 80%。當你考慮升級週期時，你會發現升級週期會有不同的速率。正如我在評論中提到的，iPhone 6s 的升級率略高於 iPhone 5s，但低於 iPhone 6。

But the other multiplier in that equation is obviously the size of the installed base. The net of the idea is that I think there's still really, really good business in the developed markets, so I wouldn't want to write those off. It's our job to come up with great products that people desire, and also to continue to attract over Android switchers. With our worldwide share there's still quite a bit of room in the developed markets, as well.

但這個等式中的另一個乘數顯然是已安裝用戶群的規模。總的來說，我認為已開發市場仍然有很多非常好的商機，所以我不想放棄這些市場。我們的工作是推出人們渴望的優秀產品，並持續吸引安卓用戶轉投安卓陣營。以我們目前的全球市佔率來看，已開發市場仍有很大的發展空間。

From an India point of view, if you look at India, and each country has a different story a bit, but the things that have held not only us back, perhaps, but some others as well, is that the LTE rollout with India just really begins this year. So we will begin to see some really good networks coming on in India. That will unleash the power and capability of the iPhone, in a way that an older network, 2.5G or even some 3G networks, would not do. The infrastructure is one key one, and the second one is building the channel out.

從印度的角度來看，每個國家的情況都略有不同，但阻礙我們以及其他一些國家發展的因素是，印度的 LTE 網路部署今年才真正開始。所以我們將開始看到印度出現一些非常優秀的電視網絡。這將釋放 iPhone 的全部潛能，而較舊的網路、2.5G 網路甚至某些 3G 網路都無法做到這一點。基礎設施是關鍵之一，其次是通路建設。

Unlike the US as an example, where the carriers in the US sell the vast majority of phones that are sold in the United States, in India, the carriers in general sell virtually no phones, and it is out in retail, and retail is many, many different small shops. We've been in the process. It's not something we just started in the last few weeks.

以美國為例，美國的營運商銷售了美國銷售的絕大多數手機，而印度的營運商通常幾乎不銷售手機，手機都是透過零售通路銷售的，而零售通路又由許多許多不同的小商店組成。我們一直在進行這項工作。這並不是我們最近幾週才開始做的事情。

We've been working in India now for a couple of years or more, but we've been working with great energy over the last 18 months or so, and I am encouraged by the results that we're beginning to see there, and believe there's a lot, lot more there. It is already the third largest smart phone market in the world, but because the smart phones that are working there are low-end, primarily because of the network and the economics, the market potential has not been as great there. I view India as where China was maybe 7 to 10 years ago from that point of view. I think there's a really great opportunity there.

我們在印度工作已經有兩年多的時間了，但在過去18個月左右的時間裡，我們投入了極大的熱情，我對我們在那裡開始看到的成果感到鼓舞，並且相信那裡還有很多很多潛力。它已經是世界第三大智慧型手機市場，但由於當地智慧型手機的定位較低（主要是由於網路和經濟因素），因此那裡的市場潛力並不大。從這個角度來看，我認為印度現在的情況可能等於7到10年前的中國。我認為那裡蘊藏著一個絕佳的機會。

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？

We will go to Toni Sacconaghi with Bernstein.

我們將和伯恩斯坦一起去拜訪托尼·薩科納吉。

I have one, and then a follow-up, as well. My sense is that you talked about adjusting for the changes in channel inventory, that you are guiding for relatively normal sequential growth. And I think if you do the math it's probably the same or perhaps a touch worse in terms of iPhone unit growth sequentially, relative to normal seasonality between fiscal Q2 and Q3. I guess the question is, given that you should be entering new markets and you should see pronounced elasticity from the SE device, why wouldn't we be seeing something that was dramatically above normal seasonal, in terms of iPhone revenues and units for this quarter?

我有一個問題，還有一個後續問題。我的感覺是，您談到了要根據渠道庫存的變化進行調整，並且您預計會實現相對正常的環比增長。我認為，如果你計算一下，就 iPhone 銷量環比增長而言，相對於第二財季和第三財季之間的正常季節性因素，情況可能相同，甚至可能略差一些。我想問的是，既然你應該進入新市場，而且你應該看到 SE 設備帶來明顯的彈性，那麼為什麼我們在本季度的 iPhone 收入和銷量方面沒有看到遠超正常季節性水平的情況呢？

Maybe you could push back on me, but I can't help thinking that when Apple introduced the iPad Mini in a similar move, to move down market, there was great growth for one quarter, and the iPad never grew again and margins and ASPs went down. It looks like you are introducing the SE, and at least on a sequential basis, you not calling for any uplift, even adjusting for channel inventory, and ASPs I presume will go down and certainly it's impacting gross margins as you've guided to. Could you respond to, A, why you're not seeing the elasticity, and B, is the analogy with the iPad mini completely misplaced?

或許你會反駁我的觀點，但我忍不住想到，蘋果當年推出 iPad Mini 也是為了進軍低端市場，結果第一個季度銷量大幅增長，但之後 iPad 的銷量再也沒有增長，利潤率和平均售價也隨之下降。看來您正在引入銷售增強型產品 (SE)，至少從季度來看，您並沒有要求任何提升，即使考慮到渠道庫存，我估計平均售價 (ASP) 將會下降，而且正如您所指出的，這肯定會影響毛利率。請您回答以下問題：A，為什麼您沒有看到彈性？ B，用 iPad mini 做類比是否完全不恰當？

Toni, it's Tim. Let me see if I can address your question. The channel inventory reduction that Luca referred to, the vast, vast majority of that is in iPhone. That would affect the unit compare that you maybe thinking about. The iPhone SE, we are thrilled with the response that we've seen on it.

東尼，我是提姆。讓我看看我能否回答您的問題。Luca提到的通路庫存減少，絕大部分都發生在iPhone上。那會影響你可能正在考慮的單位比較。我們對iPhone SE的市場反應感到非常興奮。

It is clear that there is a demand there, even much beyond what we thought, and so that is really why we have the constraint that we have. Do I think it will be like the iPad Mini? No, I don't think so. I don't see that.

很明顯，那裡存在需求，甚至遠遠超出了我們的預期，所以這才是我們面臨目前這種限制的真正原因。你覺得它會像 iPad Mini 那樣嗎？不，我不這麼認為。我沒看到這一點。

I think the tablet market in general, one of the challenges with the tablet market is that the replacement cycle is materially different than in the smart phone market. As you probably know, we haven't had an issue in customer satisfaction on the iPad. It is incredibly high, and we haven't had an issue with usage of the iPad. The usage is incredibly high.

我認為平板電腦市場面臨的挑戰之一是，平板電腦的更換週期與智慧型手機市場之間存在實質差異。您可能已經知道，我們在 iPad 的客戶滿意度方面一直沒有遇到問題。它非常高，但我們使用 iPad 並沒有遇到任何問題。使用率非常高。

But the consumer behavior there is you tend to hold on for very long period of time, before an upgrade. We continue to be very optimistic on the iPad business, and as I have said in my remarks, we believe we are going to have the best compare for iPad revenue this quarter that we have quite some time. We will report back in July on that one, but I think iPhone has a particularly different kind of cycle to it than the tablet market.

但那裡的消費者行為是，他們往往長時間持有舊產品，才會升級。我們對 iPad 業務依然非常樂觀，正如我在演講中所說，我們相信本季 iPad 收入將創下近年來的最高紀錄。我們將在 7 月對此進行匯報，但我認為 iPhone 的周期與平板電腦市場有著截然不同的規律。

Okay, and if I could follow-up, Tim. You alluded to replacement cycles and differences between the iPad and the iPhone. My sense was, when you were going through the iPhone 6 cycle, was that you had commented that the upgrade cycle was not materially different. I think your characterization was that it accelerated a bit in the US, but international had grown to be a bigger part of your business, and replacement cycles there were typically a little bit longer. I'm wondering if it was only a modest difference between the 5s and the 6, how big a difference are we really seeing in terms of replacement cycles across the last three generations, and maybe you could help us, if the replacement cycle was flat this year relative to what you saw last year, how different would your results have been this quarter in the first half?

好的，提姆，我能再問一個問題嗎？你提到了產品更換週期以及 iPad 和 iPhone 之間的差異。我的感覺是，在 iPhone 6 發布週期中，你曾評論升級週期並沒有實質的差異。我認為你的描述是，在美國，這種趨勢有所加速，但國際市場在你業務中所佔的比例越來越大，而國際市場的更新換代週期通常要長一些。我想知道，如果 5 代和 6 代之間的差異不大，那麼在過去三代車型的更換週期中，我們實際看到的差異有多大？也許您可以幫我們解答一下，如果今年的更換週期與去年持平，那麼您本季上半年的業績會有多大不同？

There's a lot there. Let me just say I don't recall saying the things that you said I said about the upgrade cycle, so let me get that out of the way. Now let me describe without the specific numbers, the iPhone 6s upgrade cycle that we have measured for the first half of this year, so the first six months of our fiscal year to be precise, is slightly better than the rate that we saw with the iPhone 5s two years ago, but it's lower than the iPhone 6. I don't mean just a hair lower, it's a lot lower.

那裡有很多東西。我先聲明一下，我不記得我說過你說的那些關於升級週期的話，所以先把這一點說清楚。現在，我拋開具體數字，描述一下我們今年上半年（準確地說是本財年的前六個月）的 iPhone 6s 升級週期。這個週期比兩年前 iPhone 5s 的升級週期略好，但比 iPhone 6 的升級週期還低。我指的不是略低一點，而是低很多。

Without giving you exact numbers, if we would have the same rate on 6s that we did 6, there would -- it will be time for a huge party. It would be a huge difference. The great news from my point of view is, I think we are strategically positioned very well, because we have announced the SE, we are attracting customers that we previously didn't attract. That's really great, and this tough compare eventually isn't the benchmark. The install base is up 80% over the last two years, and so all of those I think bode well, and the switcher comments I made earlier, I wouldn't underestimate that, because that's very important for us in every geography. Thanks for the question.

不透露具體數字，但如果 6 的匯率能和 6 的匯率一樣，那就——是時候開個盛大的派對了。這將產生巨大的影響。從我的角度來看，好消息是，我認為我們的策略定位非常有利，因為我們發布了 SE，我們正在吸引以前沒有吸引的客戶。這真的很好，而且這種艱難的比較最終並不是衡量標準。過去兩年，安裝基數增加了 80%，我認為所有這些都預示著好兆頭。至於我之前提到的用戶轉換問題，我不會低估，因為這對我們各個地區的用戶來說都非常重要。謝謝你的提問。

Thanks, Toni. Can we have the next question please?

謝謝你，托尼。請問下一個問題可以嗎？

From Cross Research Group, we'll hear from Shannon Cross.

我們將聽聽來自 Cross Research Group 的 Shannon Cross 的演講。

I have a couple of questions. One, Tim, can you talk a bit about what's going on in China? The greater China revenue I think was down 26%. You did talk about mainland China, but if you could talk about some of the trends you're seeing there, and how you think it's playing out, and maybe your thoughts on SE adoption within China as well.

我有幾個問題。提姆，你能談談中國現在的情況嗎？我認為大中華區的收入下降了26%。您確實談到了中國大陸，但如果您能談談您在那裡看到的一些趨勢，以及您認為這些趨勢將如何發展，還有您對中國搜尋引擎優化（SE）普及情況的看法，那就太好了。

Shannon, thanks for the question. If you take greater China, we include Taiwan, Hong Kong, and mainland China in the greater China segment that you see reported on your data sheet. The vast majority of the weakness in the greater China region sits in Hong Kong, and our perspective on that is, it's a combination of the Hong Kong dollar being pegged to the US dollar, and therefore it carries the burden of the strength of the US dollar, and that has driven tourism, international shopping and trading down significantly compared to what it was in the year ago.

香農，謝謝你的提問。如果您選擇大中華區，我們會將台灣、香港和中國大陸都納入您在資料表中看到的大中華區部分。大中華區的大部分疲軟都集中在香港，我們認為這是由於港幣與美元掛鉤，因此承受著美元強勢的壓力，這導致旅遊業、國際購物和貿易與一年前相比大幅下降。

If you look at mainland China, which is one that I am personally very focused on, we are down 11% in mainland China, on a reported basis. On a constant currency basis, we are only down 7%, and the way that we really look at the health or underlying demand is look at sell-through, and if you look at there, we were down 5%. Keep in mind that is down 5% on comp a year ago that was up 81%.

如果看看中國大陸，也就是我個人非常關注的地區，據報告顯示，我們在中國大陸的業務下降了 11%。以固定匯率計算，我們只下降了 7%，而我們真正衡量健康狀況或潛在需求的方式是看銷售情況，如果你看一下銷售情況，我們下降了 5%。請記住，這比一年前的同期水準下降了 5%，而一年前的同期水準成長了 81%。

As I back up from this and look at the larger picture, I think China is not weak, as has been talked about. I see China as -- may not have the wind at our backs that we once did, but it's a lot more stable than what I think is the common view of it. We remain really optimistic on China. We opened seven stores there during the quarter.

當我從這個角度退後一步，從更宏觀的角度來看待問題時，我認為中國並不像人們所說的那麼弱小。我認為中國——或許不像以前那樣順風順水，但它比人們普遍認為的要穩定得多。我們對中國依然保持著非常樂觀的態度。本季我們在那裡開設了七家門市。

We are now at 35. We will open 5 more this quarter to achieve 40, which we had talked about before. And the LTE adoption continues to rise there, but it's got a long way ahead of it. And so we continue to be really optimistic about it, and just would ask folks to look underneath the numbers at the details in them before concluding anything. Thanks for the question.

我們現在是35。本季我們將再開設 5 家門市，以達到先前討論過的 40 家門市的目標。LTE 在當地的普及率持續上升，但距離真正普及還有很長的路要走。因此，我們對此仍然非常樂觀，只是希望大家在得出任何結論之前，能夠仔細查看數字背後的細節。謝謝你的提問。

Thanks. My second question is with regard to OpEx leverage, or thinking about when I look at the revenue, your revenue is below our expectations but OpEx is pretty much in line. So how are you thinking about potential for leverage, cost containment, maybe when macro is bad and revenue is under pressure, and how are you juggling that versus the required investment you need to go forward?

謝謝。我的第二個問題是關於營運支出槓桿作用的，或者說，當我查看收入時，你們的收入低於我們的預期，但營運支出基本上符合預期。那麼，您是如何考慮利用槓桿效應、控製成本的呢？尤其是在宏觀經濟狀況不佳、收入面臨壓力的情況下，您又該如何權衡這些因素與未來發展所需的投資之間的平衡？

It is Luca. Of course, we think about it. We think about it a lot, and so when you look at our results, for example, our OpEx for the quarter, for the March quarter was up 10%, which is the lowest rate that you have seen in years. And when you look within OpEx, you actually see two different dynamics. You see continued significant investments in research and development, because we really believe that's the future of the Company.

是盧卡。當然，我們會考慮這個問題。我們對此進行了深入思考，因此，例如，當你查看我們的業績時，你會發現，本季（3 月季度）的營運支出成長了 10%，這是多年來的最低增速。當你深入了解營運支出時，你會發現實際上有兩種不同的動態。你會看到我們持續對研發進行大量投資，因為我們堅信這是公司的未來。

We continue to invest in initiatives and projects ahead of revenue. We had a much broader portfolio that we used to have. We do much more in-house technology development than we used to do a few years ago, which we think is a great investment for us to make. And so that parts we didn't need to protect, and we want to continue to invest in the business, right?

我們持續投資那些能夠帶來收入的計劃和項目。我們當時的投資組合比以前廣泛得多。我們現在投入更多精力進行內部技術研發，這比幾年前多得多，我們認為這是一項非常值得的投資。所以，我們不需要保護那些部分，而且我們希望繼續投資這項業務，對吧？

And then when you look at our SG&A portion of OpEx for the March quarter, it was actually down slightly. So obviously we think about it, and of course we look at our revenue trends, and we take measures accordingly. When you look at the guidance that we provided for the June quarter, that 10% year-over-year increase that I mentioned to you for the March quarter goes down to a range of 7% to 9% up, and again, the focus is on making investments in Road and continuing to run SG&A extremely tightly, and in a very disciplined way.

然後，當你查看我們三月季度的銷售、管理及行政費用（SG&A）營運支出部分時，你會發現它實際上略有下降。所以，我們當然會考慮這個問題，也會關注收入趨勢，並據此採取相應措施。當你查看我們為 6 月份季度提供的業績指引時，我之前提到的 3 月份季度同比增長 10% 的預期會降至同比增長 7% 至 9%。此外，我們的重點仍然是對道路建設進行投資，並繼續嚴格、有紀律地控制銷售、一般及行政費用。

As you know, our E2R, expense to revenue ratio, is around 10%. It's something that we are very proud of, it's a number that is incredibly competitive in our industry, and we want to continue to keep it that way. At the same time, we don't want to under-invest in the business.

如您所知，我們的 E2R（支出收入比）約為 10%。我們對此感到非常自豪，這個數字在我們行業中極具競爭力，我們希望繼續保持這種優勢。同時，我們也不想對這項業務投入不足。

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？

From UBS we hear from Steve Milunovich.

我們採訪了瑞銀集團的史蒂夫·米盧諾維奇。

Tim, I first wanted to ask you about services and how do you view services? You've obviously highlighted it the last two quarters. Do you view it going forward as a primary driver of earnings, or do you view it, and you mentioned platforms in terms of your operating systems, which I would agree with. In that scenario I would argue it's more a supporter of the ecosystem, and a supporter of the hardware margins over time, and therefore somewhat subservient to hardware. It's great that it's growing, but longer-term, I would view its role as more creating an ecosystem that supports the high margins on the hardware, as opposed to independently driving earnings. How do you think about it?

提姆，我首先想問你關於服務的問題，以及你如何看待服務？顯然，你在過去兩個季度都重點強調了這一點。您認為它未來會成為獲利的主要驅動力嗎？還是您像您提到的那樣，從作業系統的角度來看待它？我同意您的看法。在這種情況下，我認為它更像是生態系統的支持者，也是硬體利潤的長期支持者，因此在某種程度上是從屬於硬體的。它的發展壯大固然可喜，但從長遠來看，我認為它的作用更多在於創造一個支持硬體高利潤率的生態系統，而不是獨立地推動獲利。你對此有何看法？

The most important thing for us, Steve, is that we want to have a great customer experience, so overwhelmingly, the thing that drives us are to embark on services that help that, and become a part of the ecosystem. The reality is that in doing so, we have developed a very large and profitable business in the services area, and so we felt last quarter and working up to that, that we should pull back the curtain so that people could -- our investors could see the services business, both in terms of the scale of it, and the growth of it. As we said earlier, the purchase value of the installed base services grew by 27% during the quarter, which was an acceleration over the previous quarter, and the value of it hit -- was just shy of $10 billion. It's huge, and we felt it was important to spell that out.

史蒂夫，對我們來說最重要的是我們希望擁有良好的客戶體驗，因此，我們最大的動力是開展有助於實現這一目標的服務，並成為生態系統的一部分。事實上，透過這種方式，我們在服務領域發展出了非常龐大且盈利豐厚的業務，因此，在上個季度以及之前，我們覺得應該揭開帷幕，讓人們——我們的投資者——能夠看到服務業務的規模和增長情況。正如我們之前所說，本季已安裝基礎服務的購買價值成長了 27%，比上一季加快，價值接近 100 億美元。這事意義重大，我們覺得有必要把這一點說清楚。

Okay, and then going back to the upgrades of the installed base, you have clearly mentioned that you've pulled forward some demand, which makes sense, but there does seem to be a lengthening of the upgrade cycle, particularly in the US. AT&T and Verizon have talked about that. Investors I think perceive that maybe the marginal improvements on the phone might be less currently, and could be less going forward. At the same time, I think you just announced that you can get the upgrade program online, which I guess potentially could shorten it. Do you believe that upgrade cycles are currently lengthening, and can continue to do so?

好的，回到已安裝設備的升級問題，您已經明確提到您提前滿足了一些需求，這很有道理，但升級週期似乎確實在延長，尤其是在美國。AT&T和Verizon都討論過這個問題。我認為投資人意識到，目前手機的邊際改進可能不多，未來也可能更少。同時，我認為你們剛剛宣布可以在線獲取升級程序，我想這可能會縮短升級時間。你認為目前的升級週期正在延長，這種趨勢還會持續下去嗎？

What we've seen is that it depends on what you compare it to. If you compare to the 5s, what we are seeing is the upgrade rate today is slightly higher, or that there are more people upgrading, if you will, in a similar time period, in terms of a rate, than the 5s. But if you compare to 6, you would clearly arrive at the opposite conclusion. I think it depends on people's reference points, and we thought it very important in this call to be very clear and transparent about what we're seeing. I think in retrospect, you could look at it and say, maybe the appropriate measure is more to the 5s, and I think everybody intuitively thought that the upgrades were accelerated with the 6, and in retrospect, when you look at the periods, they clearly were.

我們看到的是，這取決於你把它和什麼做比較。如果與 5s 相比，我們看到的是，如今的升級率略高，或者說，在相似的時間段內，升級的人數比 5s 多。但如果你與 6 相比，你顯然會得出相反的結論。我認為這取決於人們的參考點，我們認為在這次通話中，非常重要的是要非常清晰、透明地說明我們所看到的情況。我覺得事後看來，或許更合適的衡量標準應該是 5s，而且我認為大家當時都直覺地認為 6 的升級速度更快了，事後看來，當你回顧這些時期時，很明顯確實如此。

Thank you.

謝謝。

Thanks, Steve. Could we have our next question, please?

謝謝你，史蒂夫。請問我們能否提出下一個問題？

We will go to Rod Hall with JPMorgan.

我們將和摩根大通一起去羅德·霍爾。

Yes, thanks for fitting me in. I wanted to start with a general, more general question. I guess, Tim, this one is aimed at you. As you think about where you thought things were going to head last quarter, when you reported to us, and how it's changed this quarter, obviously it's kind of a disappointing demand environment. Can you just help us understand what maybe the top two or three things are that have changed? And so as we walk away from this, we understand what the differences are, and what the direction of change is? Then I have a follow-up.

是的，謝謝你安排我過來。我想先提一個比較一般性的問題。提姆，我猜，這句話是說給你聽的。當你回想上個季度你向我們報告時對市場走向的預期，以及本季發生的變化時，很明顯，目前的需求環境令人失望。您能否幫我們總結一下，最重要的兩三件事是什麼？因此，當我們回顧這一切時，我們就能理解其中的區別，以及變革的方向。然後我還有一個後續問題。

I think you're probably indirectly asking about our trough comment, if you will, from last quarter. And when we made that, we did not contemplate or comprehend that we were going to make a $2 billion-plus reduction in channel inventory during this quarter. So if you factor that in and look at true customer demand, which is the way that we look at internally, I think you'll find a much more reasonable comparison.

我想你可能是在間接詢問我們上個季度的低潮評論。當時我們做出這個決定時，並沒有預料到或理解到，我們將在本季削減超過 20 億美元的通路庫存。所以，如果你把這一點考慮進去，看看真正的客戶需求（這也是我們內部看待問題的方式），我認為你會發現一個更合理的比較結果。

Okay, great. Thank you. And then for my follow-up, I wanted to ask you about the tax situation a little bit. Treasury obviously has made some rule changes, and I wonder, maybe if Luca, you could comment on what the impact to Apple from those is, if anything? and Tim, maybe more broadly how you see the tax situation for Apple looking forward? Thanks.

好的，太好了。謝謝。然後，作為後續問題，我想稍微了解一下稅務狀況。財政部顯然做出了一些規則變更，我想知道，盧卡，你能否評論一下這些變更對蘋果公司有何影響（如果有的話）？提姆，或許更廣泛地說，您如何看待蘋果未來的稅務狀況？謝謝。

Yes, Rod, these are new regulations, and we are in the processing of assessing them. Frankly from first read, we don't anticipate that they are going to have any material impact on our tax situation. Some of them relate to inversion transactions, obviously that's not an issue for us. Some of them are around internal debt financing, which is not something that we use, so we don't expect any issue there.

是的，羅德，這些都是新規，我們正在對其進行評估。坦白說，從初步了解來看，我們預計它們不會對我們的稅務狀況產生任何實質影響。其中一些與反向收購交易有關，顯然這對我們來說不是問題。其中一些與內部債務融資有關，而我們並未使用這種融資方式，所以我們預計不會有任何問題。

As you know, we are the largest US taxpayer by a wide margin, and we already pay full US tax on all the profits from the sales that we make in the United States, so we don't expect them to have any impact on us on tax reform. I will let Tim continue to provide more color, but we've been strong advocates for comprehensive corporate tax reform in this country. We continue to do that. We think a reform of the tax code would have significant benefits for the entire US economy, and we remain optimistic that we are going to get to a point where we can see that tax reform enacted. At that point in time, of course, we would have much more flexibility around optimizing our capital structure, and around providing more return of capital to our investors.

如您所知，我們是美國最大的納稅人，遙遙領先其他納稅人，而且我們已經就我們在美國銷售的所有利潤繳納了全額美國稅，因此我們預計稅制改革不會對我們產生任​​何影響。我會讓提姆繼續補充更多細節，但我們一直是這個國家全面企業稅制改革的堅定倡導者。我們會繼續這樣做。我們認為稅法改革將對整個美國經濟產生重大影響，我們仍然樂觀地認為，我們將能夠看到稅制改革得以實施。當然，到那時，我們在優化資本結構和為投資者提供更多資本回報方面將擁有更大的靈活性。

The only thing I would add, Rod, is I think there are a growing number of people in both parties that would like to see comprehensive reform, and so I'm optimistic that it will occur. It's just a matter of when and that's difficult to say. But I think most people do recognize that it is in the US's interest to do this.

羅德，我唯一要補充的是，我認為兩黨中越來越多的人希望看到全面改革，所以我樂觀地認為改革將會發生。只是時間問題，很難說。但我認為大多數人都意識到，這樣做符合美國的利益。

Great, thanks.

太好了，謝謝。

Thank you, Rod. A replay of today's call will be available for two weeks as a podcast on the iTunes Store, as 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 7495552. These replays will be available by approximately 5:00 PM Pacific time today.

謝謝你，羅德。今天的電話會議錄音將在兩週內以播客形式在 iTunes Store 上提供，也可以透過 Apple.com/investor 上的網路直播和電話收聽。電話重播號碼為 888-203-1112 或 719-457-0820，請輸入確認碼 7495552。這些比賽重播將於今天太平洋時間下午 5 點左右上線。

Members of the press with additional questions can contact Kristin Huguet at 408-974-2414, and financial analysts can contact Joan Hoover or me with additional questions. Joan is at 408-974-4570, and I am at 408-974-5420. Thanks again for joining us.

媒體成員如有其他疑問，可致電 408-974-2414 聯絡 Kristin Huguet；金融分析師如有其他疑問，可致電 Joan Hoover 或聯絡我。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。