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.

大家好，歡迎參加 Apple, Incorporated 2016 財年第二季度財報電話會議。

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 Nancy Paxton, Senior Director of Investor Relations.

在這個時候，關於開場白和介紹，我想把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 to everyone for joining us today.

下午好，感謝大家今天加入我們。

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

首先發言的是蘋果公司的首席執行官蒂姆庫克，隨後是首席財務官盧卡梅斯特里。

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

在那之後，我們將打開分析師提問的電話。

Please note that some of the information you'll hear during our discussion 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.

請注意，您在我們討論期間聽到的一些信息將包括前瞻性陳述，包括但不限於有關收入、增長利潤率、運營費用、其他收入和費用、稅收、未來業務前景和計劃的陳述。資本回報和債務發行。

Actual results or trends could differ materially from our forecast.

實際結果或趨勢可能與我們的預測大相徑庭。

For more information, please refer to the risk factors discussed in 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.

如需更多信息，請參閱 Apples 2015 年 10-K 表格、2016 財年第一季度的 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，以及美聯社新聞稿.

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

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

In addition, today's comments will refer to a metric we describe as the purchase value of services tied to our installed base.

此外，今天的評論將參考我們描述為與我們的安裝基礎相關的服務的購買價值的指標。

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.

這是一項非 GAAP 衡量標準，可在我們的投資者關係網站 Apple.com/investor 上找到與相應 GAAP 衡量標準的對賬。

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 for joining us.

謝謝，南希，大家下午好，感謝您加入我們。

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.

今天，我們報告了一個非常繁忙和充滿挑戰的季度的結果，我們還宣布更新我們的資本回報計劃。

Revenue for the quarter was $50.6 billion, which was within our guidance range.

本季度收入為 506 億美元，在我們的指導範圍內。

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.

儘管我們的增長暫停，但我們的結果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年度比較時出色的執行力。

We saw continued currency weakness in the vast majority of our international markets.

我們看到絕大多數國際市場的貨幣持續疲軟。

In constant currency, our revenue declined by 9% from last year, 400 basis points less than the reported decline of 13%.

按固定匯率計算，我們的收入比去年下降了 9%，比報告的 13% 的下降幅度減少了 400 個基點。

For the first half of the fiscal year, our revenue in constant currency was up 1% year-on-year.

本財年上半年，我們按固定匯率計算的收入同比增長 1%。

Despite challenges, there were a number of encouraging signs during the quarter.

儘管面臨挑戰，但本季度出現了許多令人鼓舞的跡象。

Our installed base of over 1 billion active devices continued to grow strongly.

我們超過 10 億台有源設備的安裝基數繼續強勁增長。

We added a huge number of Android switchers and new-to-Mac customers, and we generated very strong growth from services.

我們增加了大量的 Android 切換器和 Mac 新客戶，我們從服務中獲得了非常強勁的增長。

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.

我們在本季度售出了 5120 萬部 iPhone，與我們自己的預期範圍一致，但低於去年同期的特殊季度，當時我們看到 iPhone 升級加速，iPhone 銷量比去年增長 40%。

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.

為了提供一些額外的顏色，iPhone 的銷售來自三個來源：從以前的 iPhone 機型升級的客戶、從 Android 和其他操作系統切換的客戶以及首次購買智能手機的客戶。

As we look at each of these three sources of iPhone sales, we see a business that is healthy and strong.

當我們查看這三個 iPhone 銷售來源中的每一個時，我們看到了一個健康而強大的業務。

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.

首先，從升級的角度來看，今年上半年，iPhone 6s 週期的升級速度比我們兩年前 iPhone 5s 週期的升級速度略高，但低於我們的加速升級速度。正如您所知，iPhone 6 對我們一年前的驚人收入增長做出了重大貢獻。

Most importantly, our customers are incredibly loyal.

最重要的是，我們的客戶非常忠誠。

A recent Kantar survey of US smart phone purchasers indicated a 95% iPhone loyalty rate, the highest ever measured for any smart phone.

Kantar 最近對美國智能手機購買者進行的一項調查顯示，iPhone 的忠誠度為 95%，這是有史以來所有智能手機中的最高值。

Second, we continued to see a very high level of customers switching to iPhone from Android and other operating systems.

其次，我們繼續看到大量客戶從 Android 和其他操作系統轉向 iPhone。

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.

事實上，我們在今年上半年添加的來自 Android 和其他平台的切換器比以往任何其他六個月都多。

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.

第三，當今全球手機市場的智能手機普及率僅為 42%，iPhone 仍每季度吸引數百萬首次智能手機購買者，尤其是來自新興市場的購買者。

For example, in India, our iPhone sales were up 56% from a year ago.

例如，在印度，我們的 iPhone 銷量比一年前增長了 56%。

Next, I'd like to talk about services, which was our second-largest revenue generating category during the quarter.

接下來，我想談談服務，這是我們本季度第二大創收類別。

Setting aside the amount we received from a patent settlement in the December quarter, the March quarter services revenue was our highest ever.

撇開我們在 12 月季度從專利和解中獲得的金額不談，3 月季度的服務收入是我們有史以來最高的。

Services revenue jumped 20% to $6 billion.

服務收入增長 20% 至 60 億美元。

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.

App Store 收入增長了 35%，打破了上個季度的歷史記錄，Apple Music 的受歡迎程度繼續增長，如今擁有超過 1300 萬付費用戶。

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.

我們對 Apple 首個訂閱業務的早期成功感到非常高興，我們的音樂收入在經歷了多個季度的下滑後，現在已經達到了一個拐點。

The services business is powered by our huge installed base of active device, which crossed 1 billion units earlier this year.

服務業務由我們龐大的有源設備安裝基礎提供支持，今年早些時候超過 10 億台。

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.

正如我們在一月份的電話會議上所討論的那樣，這 10 億多台有源設備是經常性收入的來源，該收入的增長與我們每三個月報告的單位出貨量無關。

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.

事實上，與我們的安裝基礎相關的服務購買價值在 3 月季度達到創紀錄的 99 億美元，比去年同期增長 27%，高於我們在 12 月季度報告的 24% 的增長率。

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 的覆蓋範圍也在繼續擴大，繼 3 月季度在中國非常成功地推出，並於上週在新加坡推出。

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.

Apple Pay 正以驚人的速度增長，交易量是一年前的 5 倍多，每週新增 100 萬用戶。

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.

今天推出 Apple Pay 的國家/地區有超過 1000 萬個非接觸式就緒地點，其中包括美國現在接受 Apple Pay 的超過 250 萬個地點，Apple Pay 的更多擴展即將到來。

Turning to the Mac, we met our sell-in expectations, in addition to reducing channel inventory by about 100,000 unites.

談到 Mac，我們實現了銷售預期，此外還減少了約 100,000 台的渠道庫存。

Overall, the Mac continues to attract a large percentage of new customers.

總體而言，Mac 繼續吸引大量新客戶。

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.

在我們對主要市場的最新調查中，超過一半的買家是 Mac 的新手，在一些國家，這一比例非常高，比如在中國，超過 80% 的客戶是第一次購買 Mac。

We're confident in our Mac business, and our ability to continue to innovate and gain share in that area.

我們對我們的 Mac 業務以及我們在該領域繼續創新和獲得份額的能力充滿信心。

Turning to the Apple Watch, unit sales met our expectations in the quarter.

談到 Apple Watch，本季度的銷量達到了我們的預期。

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.

對於我們如何看待 Apple Watch 銷售的一些顏色，我們預計季節性與 iPod 的歷史季節性相似，iPod 通常在 12 月季度產生其年度銷量的 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.

一年前，我們開始發售 Apple Watch，它已迅速成為世界上最暢銷和最受歡迎的智能手錶。

In fact, unit sales of Apple Watch during its first year exceeded sales of iPhone in its first year.

事實上，Apple Watch 在第一年的銷量超過了 iPhone 在第一年的銷量。

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.

上個月，我們更新了春季的陣容，推出了新的樂隊和新的起價點，客戶的反應非常好。

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.

Apple Watch 已成為用戶生活中越來越重要的一部分，從回复消息、管理日曆和使用地圖導航到幫助他們更健康。

And in some cases, the heart rate sensor has even helped save lives.

在某些情況下，心率傳感器甚至有助於挽救生命。

We're really excited about the first year with Apple Watch.

我們對 Apple Watch 的第一年感到非常興奮。

We have learned a lot, and we believe it has an exciting future ahead.

我們學到了很多，我們相信它有一個令人興奮的未來。

We announced some fantastic new products during the March quarter.

我們在 3 月季度發布了一些出色的新產品。

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 於 3 月 31 日上市，因此我們的第二季度業績沒有反映它的銷售情況，但本季度到目前為止，我們看到客戶的反應非常好。

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.

iPhone SE 是迄今為止功能最強大的 4 英寸手機，對於想要一款功能先進、價格實惠且性能不受影響的緊湊型手機的全球客戶來說，它是一個絕佳的選擇。

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.

需求一直非常強勁，目前供不應求，但我們正在努力盡快將 iPhone SE 送到每一位想要的客戶手中。

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.

iPhone 系列中 iPhone SE 的加入使我們處於更好的戰略地位，可以吸引更多客戶進入我們的生態系統。

We also unveiled the stunning 9.7 inch iPad Pro, with cutting-edge performance and our most advanced display yet.

我們還推出了令人驚嘆的 9.7 英寸 iPad Pro，它具有一流的性能和我們迄今為止最先進的顯示屏。

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.

對我們的新 iPad Pro 的評價非常好，我們從客戶那裡聽到了新 Pro 的特性和功能，這使它們既是 iPad 用戶的終極升級，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.

在 6 月季度，我們預計將看到兩年多以來最好的 iPad 收入。

iPad is the best-selling, best-reviewed and most used tablet on the market.

iPad 是市場上最暢銷、最受好評和最常用的平板電腦。

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.

客戶告訴我們，他們喜歡 iPad，因為它獨特地融合了便攜性、功能和多功能性，App Store 中有超過 100 萬款 iPad 應用程序可幫助他們工作、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.

我們還發布了 Care Kit，這是一個新的軟件框架，開發人員可以使用它來幫助人們在他們的健康中發揮更積極的作用，通過跟踪他們的護理計劃、監測他們的症狀和藥物，並提供他們做出明智決策所需的洞察力關於他們的健康。

We're very excited about the ways iPhone and Apple Watch are helping people lead healthier lives.

我們對 iPhone 和 Apple Watch 幫助人們過上更健康生活的方式感到非常興奮。

We believe there's great promise here for the future, and we are very interested in where this can take us.

我們相信這裡對未來充滿希望，我們對這可以把我們帶到哪裡非常感興趣。

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.

一如既往，我們在產品之外為社會做出貢獻，在我們的設施和供應鏈內部促進可再生能源的使用，並開發尖端技術以徹底改變我們使用的材料的回收利用。

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.

我們堅定不移地致力於保護客戶及其數據的安全和隱私，並且我們正在積極促進整個業務的包容性和平等。

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.

隨著我們持續到 6 月季度，我想提醒您，我們根據銷售量來衡量客戶需求的健康狀況。

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.

儘管在我們的渠道庫存目標內結束了第二季度，但鑑於宏觀經濟環境，我們計劃在 6 月季度降低我們的渠道庫存。

This will impact our reported revenue in Q3.

這將影響我們在第三季度報告的收入。

Luca will provide more details on this in his commentary.

盧卡將在他的評論中提供更多細節。

But before turning over the call to him, I will summarize by saying that the future of Apple is very bright.

但在把電話轉給他之前，我先總結一下，蘋果的未來是非常光明的。

Our product pipeline has amazing innovations in store.

我們的產品線有驚人的創新。

We are very excited about bringing together developers for our four major platforms at our worldwide developers conference in June.

我們很高興能在 6 月的全球開發者大會上召集我們四大平台的開發者。

We are forging ahead with important investments in research and development, in our infrastructure, and in our supply chain.

我們正在大力投資研發、基礎設施和供應鏈。

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.

我們在過去四個季度進行了 15 次收購，以加快我們的產品和服務路線圖，我們一直在尋找具有出色技術、人才和戰略契合度的公司。

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.

通過開發豐富人們生活的優質產品和服務為股東創造價值始終是我們的首要任務，也是推動我們投資和資本配置決策的關鍵因素。

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.

隨著我們的業務繼續產生高水平的自由現金流，我們有幸在今年再次擴大我們的資本回報計劃，就像我們自四年前啟動該計劃以來每年所做的那樣。

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.

今天，我們宣布將該計劃的時間範圍延長四個季度，直至 2018 年 3 月，我們將計劃總規模從 2000 億美元擴大到 2500 億美元。

Luca has more details on this announcement and our results for the March quarter.

盧卡有更多關於此公告的詳細信息以及我們在 3 月季度的業績。

Luca?

盧卡？

Thank you, Tim, and good afternoon, everyone.

謝謝蒂姆，大家下午好。

Let me start with the March quarter results.

讓我從三月份的季度業績開始。

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%.

本季度收入在我們的指導範圍內為 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.

正如我們預期的那樣，我們與去年的比較受到美元兌外幣持續走強的影響。

That being said, in constant currency, our revenue declined by 9%.

話雖如此，以固定匯率計算，我們的收入下降了 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.

從地域來看，在亞洲，我們在日本的收入增長強勁，但在大中華區和亞太地區其他地區則有所下降。

However our business in these two regions is faring better than the numbers might suggest.

然而，我們在這兩個地區的業務表現比數字可能暗示的要好。

We had significant channel inventory reductions and currency weakness, which affected our reported revenue for both of these segments.

我們有顯著的渠道庫存減少和貨幣疲軟，這影響了我們報告的這兩個部門的收入。

In mainland China, revenue was down 11%, and the decline was 7% in constant currency terms.

在中國大陸，收入下降 11%，按固定匯率計算下降 7%。

Keep in mind that we were up against an extremely difficult year-ago compare, when our mainland China revenue grew 81%.

請記住，與去年同期相比，我們遇到了極其困難的情況，當時我們在中國大陸的收入增長了 81%。

We remain very optimistic about the China market over the long-term, and we are committed to investing there for the long run.

長期來看，我們對中國市場仍然非常樂觀，我們致力於長期投資。

Gross margin was 39.4%, near the high-end of our guidance range, thanks to strong cost performance.

得益於強勁的性價比，毛利率為 39.4%，接近我們指導範圍的高端。

Operating margin was 27.7% of revenue, and net income was $10.5 billion.

營業利潤率為收入的 27.7%，淨利潤為 105 億美元。

Diluted earnings per share were $1.90, and cash flow from operations was strong, at $11.6 billion.

每股攤薄收益為 1.90 美元，運營現金流強勁，為 116 億美元。

For details by product, I start with iPhone.

對於產品的詳細信息，我從 iPhone 開始。

We sold 51.2 million iPhones in the quarter, compared to 61.2 million in the year-ago quarter, a decline of 16%.

我們在本季度售出了 5120 萬部 iPhone，而去年同期為 6120 萬部，下降了 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.

與一年前創紀錄的季度相比，這是一個特別具有挑戰性的季度，當我們進入去年 3 月的季度時，iPhone 6 增長了 40%，而供需失衡在本季度得到了恢復。

Also, this year we reduced channel inventory by 450,000 units, while we increased inventory by 1 million units a year ago.

此外，今年我們減少了 450,000 台的渠道庫存，而我們一年前增加了 100 萬台的庫存。

We have exited the quarter with in our five to seven-week target range for channel inventory.

我們已經在我們的五到七週渠道庫存目標範圍內退出了本季度。

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.

iPhone ASV 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端和入門級產品導致了同比差異。

iPhone's momentum in business markets continues to be very impressive.

iPhone 在商業市場上的勢頭依然令人印象深刻。

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.

451 Research（前身為 ChangeWave）最近的一項調查發現，在計劃在 6 月季度購買智能手機的美國企業買家中，有 78% 的人計劃購買 iPhone。

That's the highest June quarter iPhone purchase intent ever measured by the survey and 5 points higher than a year ago.

這是該調查所衡量的最高 6 月季度 iPhone 購買意向，比一年前高出 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.

在服務方面，我們創造了 60 億美元的收入，比去年第三季度增長了 20%，這主要歸功於 App Store 的持續強勁表現，收入增長了 35%，創下歷史新高。

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.

根據 App Annie 的數據，App Store 在 3 月季度的全球收入比 Google Play 高出 90%，高於 2015 年 75% 的領先優勢。

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.

在我們從 iTunes 商店購買應用程序和內容的客戶中，每位客戶的平均花費在 3 月季度創下了新的歷史記錄。

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

接下來，我想談談Mac。

We sold 4 million Macs compared to 4.6 million last year, a decline of 12%.

我們售出了 400 萬台 Mac，而去年為 460 萬台，下降了 12%。

It was a challenging quarter for personal computer sales across the industry, but we believe we gained market share.

對於整個行業的個人電腦銷售來說，這是一個充滿挑戰的季度，但我們相信我們獲得了市場份額。

Despite the overall market slowdown, we generated double-digit market growth in a number of markets, including Russia, Korea, Singapore, Taiwan, and the UAE.

儘管整體市場放緩，但我們在俄羅斯、韓國、新加坡、台灣和阿聯酋等多個市場實現了兩位數的市場增長。

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.

就在上週，我們更新了 MacBook，我們最輕薄的 Mac，配備了最新的處理器、更快的圖形、最快的閃存和更長的電池壽命。

We think our customers are going to love this update.

我們認為我們的客戶會喜歡這個更新。

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 10.3 million compared to 12.6 million in the year ago quarter.

談到 iPad，我們售出了 1030 萬台，而去年同期為 1260 萬台。

We also reduced channel inventory by about 200,000 units, and we exited the quarter within our five to seven-week target range.

我們還將渠道庫存減少了約 200,000 台，並且我們在五到七週的目標範圍內退出了本季度。

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

在我們競爭的公共市場的同一領域，我們繼續取得巨大成功。

Recent data from NPD indicates that iPad had 78% share of the US market for tablets priced above $200.

NPD 的最新數據表明，iPad 在美國售價超過 200 美元的平板電腦市場中佔有 78% 的份額。

And the latest data published by ABC indicates that iPad accounts for 72% of the US commercial tablet market, comprising business, government, and education.

而美國廣播公司公佈的最新數據表明，iPad 佔據了美國商用平板電腦市場 72% 的份額，包括商業、政府和教育。

iPad customer metrics are also extremely positive.

iPad 客戶指標也非常積極。

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.

2 月，451 Research 測算消費者對 iPad Air 2 的滿意度為 97%，在未來六個月內計劃購買平板電腦的消費者中，有 59% 的消費者計劃購買 iPad，是下一個購買意向率的 3 倍以上最高品牌衡量。

Corporate buyers reported a 94% satisfaction rate for iPad, and a June quarter purchase intent of 71%.

企業買家對 iPad 的滿意度為 94%，6 月季度的購買意向為 71%。

Revenue from other products grew 30% over the last year, thanks to Apple Watch.

得益於 Apple Watch，其他產品的收入在去年增長了 30%。

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.

我們已將分銷擴展到 60 個國家，並為春季推出了漂亮的新顏色錶帶，因此客戶可以通過多種顏色、款式和材料以更多方式個性化他們的手錶。

Our customers are very happy with Apple Watch, with 451 Research measuring 94% customer satisfaction.

我們的客戶對 Apple Watch 非常滿意，451 Research 的客戶滿意度為 94%。

We're also making great progress with our enterprise initiatives.

我們的企業計劃也取得了很大進展。

IBM now has engagements for more than 200 deployments of native iOS apps for large enterprise customers to accelerate mobile transformation.

IBM 現在已經為大型企業客戶部署了 200 多個原生 iOS 應用程序，以加速移動轉型。

Our mobility partner program also continues to grow, with 108 partners across 20 countries.

我們的移動合作夥伴計劃也在繼續增長，在 20 個國家/地區擁有 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.

我們看到業界繼續廣泛採用原生 iOS 應用程序來改變專業人士的工作方式和服務客戶的方式。

For example, retail bankers are using iOS apps on iPads to greet and onboard customers, reduce queue times, and improve the customer experience.

例如，零售銀行家正在 iPad 上使用 iOS 應用程序來迎接和引導客戶、減少排隊時間並改善客戶體驗。

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.

而在醫院，醫生和護士正在使用 iPhone 和 iPad 上的 iOS 應用程序來更有效地進行共享和交流，這樣他們就可以花更多的時間與患者相處，而減少管理任務的時間。

Let me now turn to our cash positions.

現在讓我談談我們的現金頭寸。

We ended the quarter with $232.9 billion in cash plus marketable securities, a sequential increase of $17.2 billion.

截至本季度末，我們擁有 2329 億美元的現金和有價證券，環比增長 172 億美元。

$208.9 billion of this cash, or 90% of the total, was outside the United States.

這筆現金中有 2089 億美元（佔總額的 90%）在美國境外。

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.

我們在本季度發行了 155 億美元的美元計價票據，包括我們為可再生能源和環境設計項目等計劃提供資金的第一批綠色債券。

We exited the March quarter with $72 billion in term debt.

我們以 720 億美元的定期債務退出了 3 月季度。

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.

我們在本季度向投資者返還了 100 億美元，其中包括 29 億美元的股息和等價物，以及購買 7180 萬股蘋果股票的 70 億美元，用於公開市場交易。

We have now completed over $163 billion of the current $200 billion capital return program, including $117 billion in share repurchases.

我們現在已經完成了當前 2000 億美元的資本回報計劃中的 1630 億美元，其中包括 1170 億美元的股票回購。

As Tim mentioned, today we are announcing the latest update to our program, which we are increasing to a total of $250 billion.

正如蒂姆所提到的，今天我們宣布對我們的計劃進行最新更新，我們的計劃總額將增加到 2500 億美元。

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.

鑑於我們對 Apple 的未來充滿信心，以及我們在股票中看到的價值，我們再次將該計劃的大部分擴展分配給股票回購。

The Board has increased the share repurchase authorization by $35 billion, raising it from the current $140 billion level to $175 billion.

董事會已將股票回購授權增加了 350 億美元，從目前的 1400 億美元增加到 1750 億美元。

We will also continue to net share settle, less the employee restricted stock units.

我們還將繼續以淨額結算，減去員工限制性股票個股。

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.

我們也知道，股息對我們許多重視收入的投資者來說非常重要，我們在不到四年的時間裡第四次提高股息。

The quarterly dividend will grow from $0.52 per share to $0.57 per share, an increase of about 10%.

季度股息將從每股 0.52 美元增長至每股 0.57 美元，增幅約為 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.

這對我們的下一次股息生效，董事會今天宣布將於 2016 年 5 月 12 日向截至 2016 年 5 月 9 日在冊的股東支付。

We continue to plan for annual dividend increases going forward.

我們繼續計劃未來的年度股息增加。

With $12 billion in annual dividend payments, we are proud to be one of the largest dividend payers in the world.

憑藉每年 120 億美元的股息支付，我們為成為世界上最大的股息支付者之一而感到自豪。

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.

總的來說，通過這個更新的計劃，在接下來的八個季度中，我們預計將向我們的投資者返還 870 億美元，這大約占我們當前股價市值的 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.

與過去一樣，我們希望通過美國現金、未來的美國現金流產生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。

We will continue to review capital allocation regularly, and solicit input on our program from a broad base of shareholders.

我們將繼續定期審查資本分配，並徵求廣大股東對我們計劃的意見。

This allows us to be thoughtful about the size, the mix, and the face of the program.

這使我們能夠對程序的大小、組合和外觀進行深思熟慮。

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.

隨著我們進入六月季度，我想回顧一下我們的前景，其中包括南希在電話會議開始時提到的前瞻性信息類型。

We expect revenue to be between $41 billion and $43 billion.

我們預計收入將在 410 億美元至 430 億美元之間。

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.

收入指引意味著同比下降，因為我們在去年 6 月季度經歷了令人難以置信的強勁季度，當時收入增長了 33%，部分原因是 iPhone 升級購買速度加快。

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.

今年宏觀環境持續疲軟以及美元走強影響了我們在國際市場的收入增長，這加劇了這種艱難的比較。

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.

鑑於當前的宏觀環境，我們已選擇謹慎對待我們的渠道庫存狀況，因此本指南中包含計劃中的渠道庫存削減計劃，價值超過 20 億美元。

The guidance also reflects a range of possible scenarios related to how quickly we can get into supply-demand balance for iPhone SE.

該指南還反映了一系列可能的情景，這些情景與我們能夠以多快的速度實現 iPhone SE 的供需平衡。

Due to these factors, our expected demand is greater than the revenue range implies.

由於這些因素，我們的預期需求大於收入範圍所暗示的。

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.

因此，我們的指導意味著收入將下降 15% 至 19%，這與我們過去三年 3 月至 6 月季度平均下降 17% 的水平相當，儘管我剛剛描述了預期的渠道庫存調整.

We expect seasonal sequential declines in iPhone and iPad sales, and a sequential increase in Mac sales.

我們預計 iPhone 和 iPad 銷量將出現季節性環比下降，而 Mac 銷量將出現環比增長。

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.

隨著 iPhone 6s 和 6s Plus 的推出以及 iPhone SE 的加入，我們還預計 iPhone 的 ASP 將依次下降。

We know that our revenue guidance falls short of market estimates for the third quarter.

我們知道我們的收入指引低於第三季度的市場預期。

We believe the difference counts primarily from three areas: First, the $2 billion plus channel inventory reduction I just mentioned.

我們認為差異主要來自三個方面：首先，我剛才提到的 20 億美元加上渠道庫存減少。

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.

其次，渠道庫存減少、iPhone SE 上市對 iPhone ASP 的影響，以及目前 iPhone SE 的供應受限。

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.

第三，對 Mac 的不同估計，我們預計其將按與過去 6 月季度相似的速度連續增長。

We expect gross margins to be between 37.5% and 38%.

我們預計毛利率將在 37.5% 至 38% 之間。

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.

我們預計持續的成本改善將被收入下降和產品組合不同導致的槓桿連續損失所抵消。

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 $300 million.

我們預計 OI&E 約為 3 億美元。

And we expect the tax rate to be about 25.5%.

我們預計稅率約為 25.5%。

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。

(Caller Instructions)

（來電說明）

Operator, may we have the first question, please?

接線員，請問第一個問題好嗎？

(Operator Instructions)

（操作員說明）

First, we hear from Simona Jankowski with Goldman Sachs.

首先，我們從高盛的 Simona Jankowski 那裡聽到。

My first question was actually just a clarification, in terms of putting in context that $2 billion in channel inventory reduction.

我的第一個問題實際上只是在說明 20 億美元的渠道庫存減少方面。

What was that last year, just to help us make the comparison on a year-over-year basis?

去年是什麼，只是為了幫助我們進行逐年比較？

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?

蒂姆提出的更大問題是，隨著智能手機市場現在達到相當成熟的增長基礎，蘋果如何看待自己的未來發展？

Is it a growth company, or is it a more mature tech company?

它是一家成長型公司，還是一家更成熟的科技公司？

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?

如果仍然是前者，這將如何改變您對併購的看法，尤其是考慮到您在資產負債表中的戰略地位？

Simona, let me give you the data point on the sell through and then I'll let Tim answer the strategic question.

西蒙娜，讓我給你銷售數據點，然後讓蒂姆回答戰略問題。

We had a channel inventory reduction that was worth a bit less than $800 million a year ago.

一年前，我們的渠道庫存減少了不到 8 億美元。

Simona, this is Tim.

西蒙娜，這是蒂姆。

In terms of do I think the smart phone market is mature?

我認為智能手機市場是否成熟？

I think that the market, as you know, is currently not growing.

如你所知，我認為市場目前沒有增長。

However, my view of that is that's an overhang of the macroeconomic environment in many different places in the world.

然而，我的觀點是，這是世界上許多不同地方宏觀經濟環境的突出部分。

We're very optimistic that this too shall pass, and that the market and particularly us will grow again.

我們非常樂觀地認為這也將過去，市場，尤其是我們將再次增長。

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.

我們之所以樂觀，是因為我們看看 iPhone 銷售的三個來源，從升級的角度來看，正如我在評論中提到的，我們比較有利，比我們看到的升級週期略好在 iPhone 5s 上。

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.

我們比 iPhone 6 還低，但我想我們都知道這是一個非凡的周期，從 2016 年到 2015 年加速升級，因此今年的可比性將是艱難的，但那是短暫的。

As we look at switchers, we're extremely excited that for the first half we have set a record from switchers from other platforms.

當我們看到切換台時，我們非常高興上半年我們創造了其他平台切換台的記錄。

The largest we've ever seen in any six month period before, so we've got traction there.

我們在任何六個月內見過的最大的，所以我們在那裡得到了牽引力。

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.

然後在新興市場，如果你看看印度，我們增長了 56%，我們越來越重視這些領域，很明顯，與更發達的地區相比，這些領域的增長將不成比例。

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.

接下來是 iPhone SE，我們已經看到了我們吸引更多客戶進入該平台的能力，其令人難以置信的產品對我們來說是一個新的價格點，採用了最新的技術。

And so we're optimistic about attracting even more customers with that.

因此，我們對以此吸引更多客戶持樂觀態度。

We also look at our pipeline, and were very excited about what's in our pipeline.

我們還查看了我們的管道，並對我們的管道中的內容感到非常興奮。

All of those things make me optimistic.

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.

你的另一個問題是關於併購的，不管第一個問題是什麼，我們一直在市場上尋找可以補充我們今天所做的事情，成為我們要做的事情的特徵，或者讓我們加速進入我們的類別的東西很興奮。

As I have said before, our test is not on the size.

正如我之前所說，我們的測試不是在大小上。

We would definitely buy something larger than we have bought thus far.

我們肯定會買比我們迄今為止買的更大的東西。

It's more about the strategic fit, and whether it's a great technology and great people.

它更多的是關於戰略契合，以及它是否是一項偉大的技術和偉大的人。

We continue to look, and we stay very active in the M&A market.

我們繼續關注，我們在併購市場上保持非常活躍。

Thank you.

謝謝你。

Thank you.

謝謝你。

Could we have the next question please?

請問下一個問題好嗎？

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

從 Piper Jaffray 那裡，我們將聽到 Gene Munster 的來信。

Good afternoon.

下午好。

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?

蒂姆，你能否談談 iPhone ASP 趨勢，特別是你提到 SE 會產生影響，但你如何看待那裡的理想市場份額，以及你的實際市場份額，以及使用價格縮小差距？

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?

僅僅是 SE 還是其他 iPhone 機型會打折，試圖在新興市場更具侵略性？

And one for Luca.

還有一個給盧卡。

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.

您能否談談服務領域，哪些服務正在推動增長，以及您過去提到的淨盈利能力與增長基礎之間的關係。

Thanks.

謝謝。

I think the SE is attracting two types of customers.

我認為 SE 吸引了兩種類型的客戶。

One is customers that wanted the latest technology, but wanted it in a more compact package.

一種是需要最新技術但又希望採用更緊湊封裝的客戶。

And we clearly see even more people than we thought in that category.

在該類別中，我們清楚地看到比我們想像的更多的人。

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.

其次，它吸引了人們渴望擁有一部 iPhone，但不能完全延伸到 iPhone 的入門價格，我們已經建立了一個新的入口。

I think both of these markets are very, very important to us, and we are really excited about where it can take us.

我認為這兩個市場對我們來說都非常非常重要，我們對它可以帶我們去哪裡感到非常興奮。

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.

我確實認為我們會對從這裡看到的新 iPhone 客戶感到非常滿意，因為我們已經獲得了早期的回報。

We are currently supply constrained, but we'll be able to work our way out of this at some point.

我們目前供應有限，但我們將能夠在某個時候解決這個問題。

But it's great to see the overwhelming demand for it.

但很高興看到對它的壓倒性需求。

I will let Luca comment on the ASPs.

我會讓 Luca 對 ASP 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.

在 ASP 上，我們提到 Gene 我們將依次下降，這實際上是兩個因素的結合。

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.

因此，當我們從 3 月季度到 6 月季度時，事實上我們正在讓 SE 進入組合，這顯然會對 ASP 產生下行壓力，以及我們已經談到的渠道庫存減少，顯然渠道庫存的減少將來自高端車型，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.

關於服務的問題，當我們審視我們的服務業務時，顯然全面發展得非常好。

The biggest element, and the part of the services business that is growing very well, we mentioned 35%, is the App Store.

最大的元素，也是服務業務增長非常好的部分，我們提到了 35%，是 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.

有趣的是，我們的音樂業務已經連續幾個季度下滑，現在我們既有下載模式，也有流媒體模式，現在我們已經達到了一個拐點，我們相信這將是底部，隨著時間的推移，我們可以從那裡開始成長。

We have many other services businesses that are doing very well, we have an iCloud business that is growing very quickly.

我們有許多其他服務業務做得很好，我們的 iCloud 業務增長非常快。

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.

比 App Store 更快，基數低得多，但我認為這對我們來說很重要，因為我們會繼續發展這些業務。

Tim have talked about Apple Pay.

蒂姆談到了 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.

在這一點上，它並沒有提供有意義的財務貢獻，但是當我們看到現在進入 Apple Pay 的交易量時，我們會從長遠來看，這對我們來說可能是一項有趣的業務，因為出色地。

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.

從盈利能力的角度來看，我們上次提到，當你從總體上看時，就這些服務的購買價值而言，業務的盈利能力與公司平均水平相近。

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.

當然，當您計算出支付給開發人員的金額時，根據我們的損益表中報告的內容來看，顯然該業務的盈利能力高於公司平均水平。

We don't get into the specifics of specific products or services, but it is very clear it is significantly higher than Company average.

我們沒有深入了解具體產品或服務的細節，但很明顯它明顯高於公司平均水平。

Thank you.

謝謝你。

Thanks, Gene.

謝謝，吉恩。

Could we have the next question please?

請問下一個問題好嗎？

Katy Huberty with Morgan Stanley.

凱蒂休伯蒂與摩根士丹利。

Yes, thank you.

是的，謝謝。

First for Luca.

首先是盧卡。

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.

這是一年半以來最差的毛利率指南，在過去的幾個季度中，您談到了包括零部件成本在內的不利因素，以及 9 月生效的較低的會計延期。

You just mentioned the services margins are above corporate average.

您剛才提到服務利潤率高於公司平均水平。

So the question is, are some of those tailwinds winding down?

所以問題是，其中一些順風正在減弱嗎？

Or is a significant guide down in gross margin for the June quarter entirely related to volume and the 5 SE?

還是 6 月季度毛利率的顯著下降與銷量和 5 SE 完全相關？

And then I have a follow-up for Tim.

然後我對蒂姆進行了跟進。

Katy, clearly the commodity environment remains quite favorable, and we continue to expect cost improvements.

凱蒂，顯然商品環境仍然相當有利，我們繼續期待成本改善。

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.

你提到的其他動態仍然存在，顯然有什麼不同，特別是當我們從 3 月季度開始按順序觀察時，我們會失去槓桿，這顯然會產生負面影響對利潤率的影響。

The other factor that's important to keep in mind is this different mix of products.

另一個需要牢記的重要因素是這種不同的產品組合。

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.

特別是當你看 iPhone 時，我之前向 Gene 提到過，我認為我們有幾件事不僅會影響 ASP，而且很明顯，它們也會影響利潤率。

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.

事實上，我們在該系列的高端減少了渠道庫存，並且我們在該系列的入門級推出了 iPhone SE。

And so when you take into account those factors, those are the big elements that drive our guidance range right now.

因此，當您考慮到這些因素時，這些因素就是目前推動我們指導範圍的重要因素。

Okay.

好的。

Thank you.

謝謝你。

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.

對於蒂姆來說，這是一個問題，他欣賞 iPhone 長期銷量增長的樂觀情緒，但隨著發達市場滲透率在 60% 到 80% 之間，增長將不得不來自新市場。

You talked about India.

你談到了印度。

Could you just spend a little bit more time on that market?

你能在那個市場上多花一點時間嗎？

What are some of the hurdles you have to overcome, for that to be a larger part of the business?

您必須克服哪些障礙才能成為業務的更大一部分？

When we expect Apple to have more distribution, and specifically your own stores in that country?

我們什麼時候期望蘋果有更多的分銷渠道，特別是你在那個國家的自己的商店？

Thanks.

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.

凱蒂，在短期內，讓我對發達市場發表一些評論，以確保這一點很清楚。

If you look at our installed base of iPhone today versus two years ago, it's increased by 80%.

如果你看看我們今天的 iPhone 安裝基數與兩年前相比，增加了 80%。

When you think about upgrade cycles, upgrade cycles would have varying rates on it.

當您考慮升級週期時，升級週期會有不同的速率。

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.

正如我在評論中談到的，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.

但該等式中的另一個乘數顯然是安裝基數的大小。

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.

這個想法的核心是，我認為發達市場仍然有非常非常好的業務，所以我不想把它們註銷。

It's our job to come up with great products that people desire, and also to continue to attract over Android switchers.

我們的工作是提供人們渴望的優秀產品，並繼續吸引 Android 切換器。

With our worldwide share there's still quite a bit of room in the developed markets, as well.

憑藉我們在全球的份額，在發達市場上仍有相當大的空間。

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.

從印度的角度來看，如果你看看印度，每個國家都有不同的故事，但阻礙我們前進的可能不僅是我們，還有其他一些人，那就是在印度推出 LTE今年才真正開始。

So we will begin to see some really good networks coming on in India.

因此，我們將開始看到一些非常好的網絡在印度出現。

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.

這將釋放 iPhone 的力量和能力，而舊網絡、2.5G 甚至某些 3G 網絡則無法做到這一點。

The infrastructure is one key one, and the second one is building the channel out.

基礎設施是一個關鍵，第二個是建立渠道。

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.

與以美國為例，美國的運營商銷售在美國銷售的絕大多數手機，而在印度，運營商一般幾乎不銷售手機，而且是零售，零售很多，許多不同的小商店。

We've been in the process.

我們一直在這個過程中。

It's not something we just started in the last few weeks.

這不是我們在過去幾週才開始的事情。

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.

我們現在已經在印度工作了幾年或更長時間，但在過去 18 個月左右的時間裡，我們一直在努力工作，我對我們開始在那裡看到的結果感到鼓舞，並且相信那裡還有很多很多。

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.

它已經是世界第三大智能手機市場，但由於那裡的智能手機是低端的，主要是因為網絡和經濟，那裡的市場潛力並沒有那麼大。

I view India as where China was maybe 7 to 10 years ago from that point of view.

從這個角度來看，我認為印度可能是 7 到 10 年前的中國。

I think there's a really great opportunity there.

我認為那裡有一個非常好的機會。

Thank you, Katy.

謝謝你，凱蒂。

Could we have the next question please?

請問下一個問題好嗎？

We will go to Toni Sacconaghi with Bernstein.

我們將和伯恩斯坦一起去托尼薩科納吉。

I have one, and then a follow-up, as well.

我有一個，然後還有一個跟進。

My sense is that you talked about adjusting for the changes in channel inventory, that you are guiding for relatively normal sequential growth.

我的感覺是你談到了調整渠道庫存的變化，你正在指導相對正常的連續增長。

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.

而且我認為，如果您進行數學計算，相對於第二季度和第三季度之間的正常季節性，iPhone 單位的連續增長可能是相同的，或者可能會更糟。

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?

我想問題是，鑑於您應該進入新市場並且您應該看到 SE 設備具有明顯的彈性，為什麼我們不會看到本季度 iPhone 收入和單位數顯著高於正常季節性的東西?

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.

也許你可以反駁我，但我不禁想到，當蘋果以類似的方式推出 iPad Mini 以降低市場時，一個季度有很大的增長，而 iPad 再也沒有增長，利潤率和 ASP下樓。

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.

看起來您正在引入 SE，並且至少在連續的基礎上，您不要求任何提升，甚至調整渠道庫存，並且我認為 ASP 會下降，而且它肯定會影響您所指導的毛利率。

Could you respond to, A, why you're not seeing the elasticity, and B, is the analogy with the iPad mini completely misplaced?

你能回答一下，A，為什麼你沒有看到彈性，B，與 iPad mini 的類比完全放錯了嗎？

Toni, it's Tim.

托尼，是蒂姆。

Let me see if I can address your question.

讓我看看能不能解決你的問題。

The channel inventory reduction that Luca referred to, the vast, vast majority of that is in iPhone.

Luca 提到的渠道庫存減少，其中絕大多數是在 iPhone 上。

That would affect the unit compare that you maybe thinking about.

這會影響您可能考慮的單位比較。

The iPhone SE, we are thrilled with the response that we've seen on it.

iPhone SE，我們對我們在它上面看到的反應感到非常興奮。

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.

很明顯，那裡有需求，甚至遠遠超出了我們的想像，所以這就是為什麼我們有我們所擁有的約束。

Do I think it will be like the iPad Mini?

我認為它會像 iPad Mini 一樣嗎？

No, I don't think so.

不，我不這麼認為。

I don't see that.

我不這麼認為。

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.

我認為平板電腦市場總體而言，平板電腦市場面臨的挑戰之一是更換週期與智能手機市場大不相同。

As you probably know, we haven't had an issue in customer satisfaction on the iPad.

您可能知道，我們在 iPad 上的客戶滿意度方面沒有問題。

It is incredibly high, and we haven't had an issue with usage of the iPad.

它非常高，而且我們在使用 iPad 時沒有遇到任何問題。

The usage is incredibly high.

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.

但是在升級之前，您的消費行為往往會保持很長時間。

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.

我們繼續對 iPad 業務非常樂觀，正如我在講話中所說，我們相信本季度我們將在相當長的一段時間內對 iPad 收入進行最好的比較。

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.

我們將在 7 月份對此進行報告，但我認為 iPhone 的周期與平板電腦市場特別不同。

Okay, and if I could follow-up, Tim.

好的，如果我可以跟進，蒂姆。

You alluded to replacement cycles and differences between the iPad and the iPhone.

您提到了 iPad 和 iPhone 之間的更換週期和差異。

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.

我的感覺是，當您經歷 iPhone 6 週期時，您曾評論說升級週期沒有本質上的不同。

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.

我認為你的特點是它在美國加速了一點，但國際已經發展成為你業務的一個更大的部分，而且更換週期通常會更長一些。

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?

我想知道 5s 和 6 之間是否只是一個適度的差異，在過去三代的更換週期方面我們真正看到的差異有多大，如果更換週期平穩，也許你可以幫助我們今年與您去年看到的情況相比，您在本季度上半年的業績會有多大不同？

There's a lot there.

那裡有很多。

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.

讓我說我不記得說過我所說的關於升級週期的事情，所以讓我把它排除在外。

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.

現在讓我在沒有具體數字的情況下描述一下，我們測量的今年上半年的 iPhone 6s 升級週期，所以準確地說，我們財政年度的前六個月，比我們看到的速度略好兩年前的 iPhone 5s，不過比 iPhone 6 還低。我不是說只是低了一根頭髮，是低了很多。

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.

在不給你確切數字的情況下，如果我們在 6s 上的利率與在 6s 上的利率相同，那麼將會 - 是時候舉辦一場盛大的派對了。

It would be a huge difference.

這將是一個巨大的差異。

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.

從我的角度來看，好消息是，我認為我們的戰略定位非常好，因為我們已經宣布了 SE，我們正在吸引我們以前沒有吸引到的客戶。

That's really great, and this tough compare eventually isn't the benchmark.

這真是太棒了，這個艱難的比較最終不是基準。

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.

安裝基數在過去兩年中增長了 80%，所以我認為所有這些都是好兆頭，而且我之前發表的切換評論，我不會低估這一點，因為這對我們在每個地區都非常重要。

Thanks for the question.

謝謝你的問題。

Thanks, Toni.

謝謝，托尼。

Can we have the next question please?

請問下一個問題可以嗎？

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

來自 Cross Research Group，我們將聽到 Shannon Cross 的消息。

I have a couple of questions.

我有一些問題。

One, Tim, can you talk a bit about what's going on in China?

一，蒂姆，你能談談中國正在發生的事情嗎？

The greater China revenue I think was down 26%.

我認為大中華區的收入下降了 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.

你確實談到了中國大陸，但如果你能談談你在那裡看到的一些趨勢，以及你認為它的發展方式，也許還有你對中國採用 SE 的看法。

Shannon, thanks for the question.

香農，謝謝你的提問。

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.

如果您選擇大中華區，我們將台灣、香港和中國大陸納入您在數據表中報告的大中華區部分。

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.

大中華區絕大多數的弱點在香港，我們的看法是，這是港元與美元掛鉤的組合，因此背負了美國強勢的包袱。美元，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.

如果你看看我個人非常關注的中國大陸，據報導，我們在中國大陸下降了 11%。

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%.

在固定貨幣基礎上，我們只下跌了 7%，而我們真正看待健康狀況或潛在需求的方式是看賣出，如果你看那裡，我們下跌了 5%。

Keep in mind that is down 5% on comp a year ago that was up 81%.

請記住，與一年前的 81% 相比下降了 5%。

As I back up from this and look at the larger picture, I think China is not weak, as has been talked about.

當我從這一點回過頭來審視更大的圖景時，我認為中國並不像之前所說的那樣軟弱。

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.

我認為中國——可能不像我們曾經那樣逆風而行，但它比我認為的普遍看法要穩定得多。

We remain really optimistic on China.

我們對中國仍然非常樂觀。

We opened seven stores there during the quarter.

本季度我們在那裡開了七家店。

We are now at 35.

我們現在35歲。

We will open 5 more this quarter to achieve 40, which we had talked about before.

本季度我們將再開 5 家，達到 40 家，這是我們之前談到的。

And the LTE adoption continues to rise there, but it's got a long way ahead of it.

那裡的 LTE 採用率繼續上升，但距離它還有很長的路要走。

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.

因此，我們繼續對此持樂觀態度，只是會要求人們在得出任何結論之前先看看數字下面的細節。

Thanks for the question.

謝謝你的問題。

Thanks.

謝謝。

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.

我的第二個問題是關於 OpEx 槓桿，或者考慮一下當我查看收入時，您的收入低於我們的預期，但 OpEx 幾乎符合預期。

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?

那麼，您如何考慮槓桿率、成本控制的潛力，也許是在宏觀經濟形勢不佳且收入面臨壓力的情況下，以及您如何在這與前進所需的投資之間進行權衡？

It is Luca.

是盧卡。

Of course, we think about it.

當然，我們會考慮。

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.

我們考慮了很多，因此當您查看我們的結果時，例如，我們在本季度的運營支出在 3 月季度增長了 10%，這是您多年來看到的最低增長率。

And when you look within OpEx, you actually see two different dynamics.

當您查看運營支出時，您實際上會看到兩種不同的動態。

You see continued significant investments in research and development, because we really believe that's the future of the Company.

您會看到對研發的持續重大投資，因為我們堅信這是公司的未來。

We continue to invest in initiatives and projects ahead of revenue.

我們繼續在收入之前投資於計劃和項目。

We had a much broader portfolio that we used to have.

我們擁有比過去更廣泛的產品組合。

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.

與幾年前相比，我們進行了更多的內部技術開發，我們認為這對我們來說是一筆巨大的投資。

And so that parts we didn't need to protect, and we want to continue to invest in the business, right?

所以我們不需要保護的部分，我們想繼續投資業務，對吧？

And then when you look at our SG&A portion of OpEx for the March quarter, it was actually down slightly.

然後，當您查看我們 3 月季度運營支出的 SG&A 部分時，它實際上略有下降。

So obviously we think about it, and of course we look at our revenue trends, and we take measures accordingly.

因此，顯然我們會考慮它，當然我們會查看我們的收入趨勢，並採取相應的措施。

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.

當您查看我們為 6 月季度提供的指導時，我向您提到的 3 月季度同比增長 10% 下降到 7% 至 9% 的範圍內，再次強調正在對 Road 進行投資，並繼續以非常嚴格的方式運行 SG&A。

As you know, our E2R, expense to revenue ratio, is around 10%.

如您所知，我們的 E2R（費用收入比）約為 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.

這是我們非常自豪的事情，這是一個在我們的行業中極具競爭力的數字，我們希望繼續保持這種狀態。

At the same time, we don't want to under-invest in the business.

同時，我們不想在業務上投資不足。

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？

From UBS we hear from Steve Milunovich.

從瑞銀我們聽到史蒂夫米盧諾維奇的消息。

Tim, I first wanted to ask you about services and how do you view services?

蒂姆，我首先想問你關於服務的問題，你如何看待服務？

You've obviously highlighted it the last two quarters.

你顯然在過去兩個季度強調了這一點。

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.

您是否將其視為收入的主要驅動力，或者您是否認為它，並且您在操作系統方面提到了平台，我同意這一點。

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.

在那種情況下，我認為它更像是生態系統的支持者，並且隨著時間的推移硬件利潤的支持者，因此在某種程度上屈從於硬件。

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.

它的增長很好，但從長遠來看，我認為它的作用更多是創建一個支持硬件高利潤的生態系統，而不是獨立推動收益。

How do you think about it?

你怎麼看？

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.

史蒂夫，對我們來說，最重要的是我們希望擁有出色的客戶體驗，因此，壓倒性地推動我們的事情是著手提供有助於實現這一目標的服務，並成為生態系統的一部分。

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.

現實情況是，在這樣做的過程中，我們在服務領域開發了一項非常龐大且有利可圖的業務，因此我們認為上個季度並為此努力，我們應該拉開帷幕，這樣人們就可以——我們的投資者可以看看服務業務，無論是規模還是增長。

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.

正如我們之前所說，本季度已安裝基礎服務的購買價值增長了 27%，這比上一季度有所加速，其價值僅接近 100 億美元。

It's huge, and we felt it was important to spell that out.

它很大，我們覺得把它說清楚很重要。

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.

好的，然後回到已安裝基礎的升級，您已經明確提到您已經拉動了一些需求，這是有道理的，但升級週期似乎確實在延長，尤其是在美國。

AT&T and Verizon have talked about that.

AT&T 和 Verizon 已經討論過這個問題。

Investors I think perceive that maybe the marginal improvements on the phone might be less currently, and could be less going forward.

我認為投資者認為，目前手機上的邊際改進可能會更少，而且未來可能會更少。

At the same time, I think you just announced that you can get the upgrade program online, which I guess potentially could shorten it.

同時，我認為您剛剛宣布可以在線獲取升級程序，我想這可能會縮短它。

Do you believe that upgrade cycles are currently lengthening, and can continue to do so?

您是否認為升級週期目前正在延長，並且可以繼續這樣做？

What we've seen is that it depends on what you compare it to.

我們所看到的是，這取決於您將其與什麼進行比較。

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.

如果你和5s相比，我們看到的是今天的升級率略高，或者如果你願意的話，在類似的時間段內升級的人比5s要多。

But if you compare to 6, you would clearly arrive at the opposite conclusion.

但是如果你與 6 進行比較，你顯然會得出相反的結論。

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.

我認為這取決於人們的參考點，我們認為在這次電話會議中，非常清楚和透明地了解我們所看到的內容非常重要。

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.

我想回想起來，你可以看看它，然後說，也許更合適的衡量標準是 5s，我想每個人都直覺地認為升級是用 6 加速的，回想起來，當你看這些時期時，他們顯然是。

Thank you.

謝謝你。

Thanks, Steve.

謝謝，史蒂夫。

Could we have our next question, please?

請問下一個問題好嗎？

We will go to Rod Hall with JPMorgan.

我們將和摩根大通一起去羅德廳。

Yes, thanks for fitting me in.

是的，謝謝你讓我適應。

I wanted to start with a general, more general question.

我想從一個普遍的、更普遍的問題開始。

I guess, Tim, this one is aimed at you.

我猜，蒂姆，這個是針對你的。

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.

當您考慮上個季度您認為事情將走向何方時，當您向我們報告時，以及本季度的變化情況，顯然這是一個令人失望的需求環境。

Can you just help us understand what maybe the top two or three things are that have changed?

您能否幫助我們了解最重要的兩三件事發生了哪些變化？

And so as we walk away from this, we understand what the differences are, and what the direction of change is?

因此，當我們擺脫這一點時，我們會了解差異是什麼，變化的方向是什麼？

Then I have a follow-up.

然後我有一個跟進。

I think you're probably indirectly asking about our trough comment, if you will, from last quarter.

我認為您可能是在間接詢問我們從上個季度開始的低谷評論，如果您願意的話。

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.

當我們這樣做時，我們沒有考慮或理解我們將在本季度減少 20 億美元以上的渠道庫存。

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.

因此，如果您考慮到這一點並查看真正的客戶需求，這是我們內部看待的方式，我認為您會找到一個更合理的比較。

Okay, great.

好，太棒了。

Thank you.

謝謝你。

And then for my follow-up, I wanted to ask you about the tax situation a little bit.

然後為了我的後續行動，我想問你一些關於稅收情況的問題。

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?

財政部顯然已經對規則進行了一些更改，我想知道，如果盧卡，你可以評論一下這些對蘋果的影響是什麼，如果有的話？

and Tim, maybe more broadly how you see the tax situation for Apple looking forward?

和蒂姆，也許更廣泛地說，你如何看待蘋果未來的稅收情況？

Thanks.

謝謝。

Yes, Rod, these are new regulations, and we are in the processing of assessing them.

是的，羅德，這些是新規定，我們正在評估它們。

Frankly from first read, we don't anticipate that they are going to have any material impact on our tax situation.

坦率地說，從第一次閱讀開始，我們預計它們不會對我們的稅收狀況產生任何重大影響。

Some of them relate to inversion transactions, obviously that's not an issue for us.

其中一些與反轉交易有關，顯然這對我們來說不是問題。

Some of them are around internal debt financing, which is not something that we use, so we don't expect any issue there.

其中一些是圍繞內部債務融資，這不是我們使用的東西，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.

如您所知，我們在很大程度上是美國最大的納稅人，我們已經為我們在美國的所有銷售利潤繳納了全額美國稅，因此我們預計它們不會對我們產生任何影響關於稅制改革。

I will let Tim continue to provide more color, but we've been strong advocates for comprehensive corporate tax reform in this country.

我會讓蒂姆繼續提供更多的色彩，但我們一直是這個國家全面公司稅改革的堅定倡導者。

We continue to do that.

我們繼續這樣做。

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.

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，我們將達到可以看到稅改實施的地步。

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.

當然，到那時，我們將在優化資本結構以及為投資者提供更多資本回報方面擁有更大的靈活性。

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.

羅德，我唯一要補充的是，我認為兩黨中有越來越多的人希望看到全面改革，所以我對它會發生持樂觀態度。

It's just a matter of when and that's difficult to say.

這只是時間問題，很難說。

But I think most people do recognize that it is in the US's interest to do this.

但我認為大多數人確實認識到這樣做符合美國的利益。

Great, thanks.

太謝謝了。

Thank you, Rod.

謝謝你，羅德。

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.

今天電話會議的重播將在兩週內通過 iTunes Store 上的播客、Apple.com/investor 上的網絡直播和電話形式提供。

And the numbers for the telephone replay are 888-203-1112, or 719-457-0820, and please enter confirmation code 7495552.

電話重播號碼為888-203-1112或719-457-0820，請輸入確認碼7495552。

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

這些重播將在今天太平洋時間下午 5:00 左右提供。

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

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

Joan is at 408-974-4570, and I am 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。