蘋果 (AAPL) 2016 Q3 法說會逐字稿

Good day, everyone. Welcome to this Apple Incorporated third-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 to Nancy Paxton, Senior Director of Investor Relations. Please go ahead, ma'am.

大家好。歡迎參加蘋果2016財年第三季財報電話會議。本次會議正在錄音。現在，我將把電話交給投資者關係高級總監南希·帕克斯頓女士，請她致開幕詞並進行介紹。帕克斯頓女士，請開始吧。

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

謝謝。下午好，感謝各位參加本次電話會議。今天首先發言的是蘋果執行長庫克，隨後是財務長盧卡馬埃斯特里，之後我們將開放分析師提問環節。

Please note that some of the information you'll hear during our discussion today will consist of forward-looking statements including without limitations those regarding revenues, gross margins, operating expenses, other income and expense, taxes and future business outlook. Actual results or trends could differ materially from our forecast. For more information, please refer to the Risk Factors discussed in Apple's Form 10K for 2015, the Forms 10-Q for the first two quarters 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 dates.

請注意，您今天在討論中聽到的一些資訊包含前瞻性陳述，包括但不限於有關收入、毛利率、營運費用、其他收入和支出、稅收以及未來業務展望的陳述。實際結果或趨勢可能與我們的預測有重大差異。更多信息，請參閱蘋果公司2015年10-K表格、2016財年前兩個季度的10-Q表格以及今天提交給美國證券交易委員會（SEC）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陳述或資訊的義務，這些陳述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 installed base related purchases. This is a non-GAAP measure and a reconciliation to the corresponding GAAP measure can be found on our Investor Relations website at www.Apple.com/investor.

此外，今天的發言將提及我們稱為「已安裝用戶群相關購買量」的指標。這是一個非GAAP指標，您可以在我們的投資者關係網站www.Apple.com/investor上找到其與對應GAAP指標的調節表。

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

現在我把電話交給提姆，請他做開場白。

Thanks, Nancy. Good afternoon, and thank you for joining us. Today, we're pleased to report third-quarter results that reflect stronger customer demand and business performance than we anticipated just 90 days ago and includes several encouraging signs.

謝謝，南希。下午好，感謝您參加今天的節目。今天，我們很高興地公佈第三季業績，業績反映出客戶需求和業務表現都強於我們90天前的預期，並包含一些令人鼓舞的跡象。

Revenue of $42.4 billion was near the high end of our guidance range and gross margin of 38% was at the top of our guidance range. We achieved these results while reducing channel inventory by about $3.6 billion, significantly more than the $2 billion inventory reduction we had expected. So, our sell-through was markedly greater than our sell-in.

營收達 424 億美元，接近我們預期範圍的上限；毛利率為 38%，也達到了預期範圍的上限。我們在實現這些業績的同時，通路庫存減少了約 36 億美元，遠超過我們預期的 20 億美元。因此，我們的售出量明顯高於售入量。

iPhone accounted for the vast majority of the channel inventory reduction. iPhone unit sell-through was down just 8% year on year, an even greater improvement over the March quarter than we predicted, and we expect the September quarter sell-through comparison to improve further. We feel good about our channel inventory levels and believe they position us well for the months ahead.

iPhone 佔通路庫存減少的絕大部分。 iPhone 的銷量年減 8%，比我們預期的 3 月季度改善幅度更大，我們預計 9 月季度的銷量將比去年同期下降將進一步改善。我們對目前的通路庫存水準感到滿意，並相信這為我們未來幾個月的發展奠定了良好的基礎。

We had a very successful global launch of iPhone SE and demand out stripped supply throughout the quarter. We brought on additional capacity and were able to achieve supply-demand balance as we entered the September quarter. At its launch, we said that the addition of the iPhone SE to the iPhone lineup placed us in a better position to meet the needs of customers who love a four-inch phone and to attract even more customers into our ecosystem. In both cases, that strategy is working.

iPhone SE 的全球發布非常成功，整個季度供不應求。我們增加了產能，並在進入九月季度時實現了供需平衡。在發表會上，我們曾表示，iPhone SE 的加入將使我們更有能力滿足喜愛四吋手機的用戶的需求，並吸引更多用戶加入我們的生態系統。事實證明，這項策略在這兩方面都取得了成功。

Our initial sales data tells us that the iPhone SE is popular in both developed and emerging markets and the percentage of iPhone SE sales going to customers who are new to iPhone is greater than we've seen in the first weeks of availability for other iPhones launched in the last several years. Overall, we added millions of first-time Smartphone buyers in the June quarter and switchers accounted for the highest percentage of quarterly iPhone sales we've ever measured. In absolute terms, our year-to-date iPhone sales to switchers are the greatest we've seen in any nine-month period, and our active installed base of iPhones is up strong double digits year-over-year.

我們的初步銷售數據顯示，iPhone SE 在已開發市場和新興市場都廣受歡迎，新用戶購買 iPhone SE 的比例高於過去幾年其他 iPhone 上市初期幾週的銷售量。整體而言，我們在 6 月的季度新增了數百萬智慧型手機新用戶，而這些新用戶佔季度 iPhone 銷量的比例也創下了我們以往統計的最高紀錄。從絕對值來看，今年迄今為止新用戶購買 iPhone 的銷量也達到了九個月以來的最高水平，而且 iPhone 的活躍用戶數量也實現了強勁的兩位數同比增長。

We saw tremendous performance from our services businesses which grew 19% to a June quarter record of $6 billion. The growth was broad-based with App store revenue up 37% to a new all-time high, in addition to strong increases in music, iCloud, and Apple care. In the last 12 months, our services revenue is up almost $4 billion year on year to $23.1 billion, and we expect it to be the size of a Fortune 100 Company next year. Most of our terrific services performance during the quarter was fueled by our active installed base of devices with installed base related purchases of $10.3 billion accelerating to 29% growth year on year.

我們的服務業務表現卓越，年增19%，創下6月份季度營收60億美元的新紀錄。成長涵蓋廣泛，App Store營收成長37%，創歷史新高，此外，音樂、iCloud和Apple Care的營收也強勁成長。過去12個月，我們的服務收入年增近40億美元，達到231億美元，我們預計明年將達到財富100強企業的規模。本季服務業務的優異表現主要得益於我們龐大的活躍設備用戶群，與這些用戶群相關的購買額達到103億美元，較去年同期成長29%。

We had our best iPad compare in 10 quarters with revenue growing 7% thanks to the rollout of the 9.7-inch iPad pro. We're proud to have the most exciting lineup of tablets and accessories in the world and exceptionally high customer satisfaction and engagement.

由於9.7吋iPad Pro的推出，我們的iPad銷量實現了10個季度以來的最佳成長，營收成長了7%。我們擁有全球最令人興奮的平板電腦和配件產品線，並擁有極高的客戶滿意度和參與度，我們為此感到自豪。

Our surveys also show that about 50% of iPad Pro purchases are buying them for work. IPad Pro is the ultimate upgrade for existing iPad users and the ultimate replacement device for customers switching from PC notebooks.

我們的調查還顯示，約有 50% 的 iPad Pro 購買者是為了工作。 iPad Pro 是現有 iPad 用戶的理想升級之選，也是從 PC 筆記型電腦轉投 iPad 的用戶的理想替代裝置。

Apple Watch continues to be the best-selling smart watch in the world, and just this month, JD Power ranked it highest in customer satisfaction among all smart watches. With watch OS3 coming this fall, customers will be able to update their Apple watches with an enhanced user interface, significantly improved performance, and all-new fitness and health capabilities including activity sharing. We're just getting started with the Apple Watch, and we look forward to even more exciting announcements in this space.

Apple Watch 持續蟬聯全球最暢銷智慧手錶，就在本月，JD Power 將其評為所有智慧手錶中客戶滿意度最高的產品。隨著 watchOS 3 將於今年秋季發布，用戶將能夠更新 Apple Watch，獲得更佳的用戶介面、顯著提升的性能以及全新的健身和健康功能，包括活動共享。 Apple Watch 的發展才剛開始，我們期待未來在這個領域發布更多令人興奮的消息。

On a personal note, during the past quarter, I visited China and India, and I am very encouraged about our growth prospects in those countries. We remain very optimistic about the long-term opportunities in Greater China, and we continue to invest there.

就我個人而言，上個季度我訪問了中國和印度，我對我們在這些國家的成長前景感到非常鼓舞。我們對大中華區的長期發展機會依然充滿信心，並將繼續增加在該地區的投資。

We opened our 41st Greater China retail store during the quarter, and we also made a $1 billion investment in Didi Chuxing. Switchers and first-time Smartphone buyers represented the lion's share of our iPhone sales in the quarter, and our installed base of iPhones in China has grown by 34% over the last year alone.

本季度，我們在大中華區開設了第41家零售店，並對滴滴出行投資了10億美元。本季度，iPhone銷售量主要來自轉投其他品牌的用戶和首次購買智慧型手機的用戶，而光是去年，我們在中國市場的iPhone裝置量就成長了34%。

According to China Mobile, there are more iPhones on their network than any other brand with iPhone users ranking first in terms of customer loyalty, data usage, and ARPU. By far, the largest portion of our global channel inventory reduction was in Greater China, so our underlying business there is stronger than our results imply.

據中國移動稱，其網路上的iPhone用戶數量超過其他任何品牌，iPhone用戶在客戶忠誠度、數據使用量和ARPU（每位用戶平均收入）方面均位居榜首。迄今為止，我們全球通路庫存削減的最大部分發生在大中華區，因此我們在該地區的實際業務狀況比業績所顯示的更為強勁。

We faced some challenges in Greater China as the economic environment has slowed down since the beginning of the year. This is reflected in consumer confidence and retail spending and the Chinese yuan has depreciated by 7% relative to the US dollar since August of last year. Hong Kong's tourism and retail businesses also continue to be significantly impacted by the stronger Hong Kong dollar relative to other Asian currencies.

今年以來，大中華區經濟環境放緩，我們面臨一些挑戰。這反映在消費者信心和零售支出上，自去年8月以來，人民幣對美元已貶值7%。港幣對其他亞洲貨幣走強也持續對香港的旅遊和零售業造成顯著影響。

Combining this backdrop with a tough comparison to last year, when revenue grew 112% and the channel inventory reduction this year, we're reporting a decline in revenue in the June quarter. But, to keep things in perspective, when we look back on our accomplishments in this segment over the last couple of years, they are truly remarkable. In the first three quarters of this fiscal year, our total revenue from Greater China was almost $40 billion, up 55% from the same time frame just two years ago while iPhone units were up 47%.

鑑於去年同期營收成長112%，加上今年通路庫存減少，我們公佈的6月季度營收出現下滑。但回顧過去幾年我們在該領域的成就，我們仍能客觀地看待這種情況。本財年前三個季度，大中華區總營收接近400億美元，較兩年前同期成長55%，iPhone銷量也成長了47%。

India is now one of our fastest growing markets. In the first three quarters of this fiscal year, our iPhone sales in India were up 51% year on year.

印度現在是我們成長最快的市場之一。在本財年的前三個季度，我們在印度的iPhone銷量年增了51%。

We just announced a first-of-its-kind design and development accelerator to support Indian developers creating innovative applications for iOS, and we opened a new office in Hyderabad to accelerate Maps development. We're looking forward to opening retail stores in India down the road, and we see huge potential for that vibrant country.

我們剛宣布推出首個此類設計與開發加速器，旨在支援印度開發者為 iOS 平台打造創新應用程式；同時，我們在海德拉巴開設了新辦事處，以加速地圖開發。我們期待未來在印度開設零售店，並看到了這個充滿活力的國家的巨大潛力。

As we look forward to the fall, we are thrilled by customers' response to the software and services we previewed at our worldwide developers' conference last month. This was our biggest WWDC ever, and for the first time, we have four innovative Apple platforms for our developers Apps, iOS, Mac OS, watch OS, and TV OS. In fact, iOS 10 will be the biggest release ever for iOS.

展望秋季，我們很高興地看到客戶對我們上個月在全球開發者大會上預覽的軟體和服務給予了正面回饋。這是我們迄今為止規模最大的一次 WWDC，我們首次為開發者提供了四大創新的 Apple 平台：App、iOS、macOS、watchOS 和 TVOS。事實上，iOS 10 將是 iOS 系統有史以來最重要的版本。

The momentum of all four platforms shows the strong relationship Apple enjoys with customers throughout their day and wherever they go. Whether it's at home, in their car, at work, or everywhere in between, the Apple ecosystem is thriving and growing and, our new OS releases this fall will take these great experiences to a new level.

四大平台的強勁發展勢頭表明，無論用戶身處何地，蘋果都能與他們建立牢固的聯繫。無論是在家、在車上、在工作場所，或是其他任何地方，蘋果生態系統都在蓬勃發展。今年秋季發布的新作業系統將把這些卓越的使用者體驗提升到一個新的高度。

Customers can look forward to more expressive ways to communicate with Messages now with its own App store allowing users to create and share content, make payments, add stickers and more -- all without leaving messages which is now one of the largest messaging services in the world. Customers can also look forward to a broader and more intelligent role for Siri, which will work with your favorite Apps from the App store so you can ask Siri to book a ride with your favorite ride-sharing App or send money to someone with Square.

用戶現在可以體驗到更豐富多彩的「資訊」溝通方式，它擁有自己的應用程式商店，用戶可以創建和分享內容、進行支付、添加貼紙等等——所有操作都無需留言。 「資訊」目前是全球最大的即時通訊服務之一。此外，用戶還可以期待 Siri 發揮更廣泛、更聰明的作用，它將與應用程式商店中您喜愛的應用程式協同工作，例如，您可以讓 Siri 透過您喜愛的叫車應用程式預訂車輛，或透過 Square 向他人轉帳。

There's also beautifully redesigned Apps for music, maps, and news; significant enhancements to HomeKit, CarPlay, and the health App building on our strategy to give users a seamless experience in all aspects of their lives. There's also a major update with Mac OS Sierra with new features like Siri and Apple pay that make the Mac smarter and more helpful than ever and even a stronger continuity features across all of the Apple devices. These experiences become more powerful and intuitive as we continue our long history of enriching our products through advanced artificial intelligence.

此外，音樂、地圖和新聞應用程式也經過了精美的重新設計；HomeKit、CarPlay 和健康應用也得到了顯著增強，這進一步體現了我們致力於為用戶打造無縫生活體驗的策略。 macOS Sierra 也帶來了重大更新，新增的 Siri 和 Apple Pay 等功能讓 Mac 比以往任何時候都更加智慧、更加實用，並且所有 Apple 裝置之間的「連續互通」功能也更加強大。隨著我們不斷透過先進的人工智慧技術豐富產品，這些體驗將變得更加強大、更加直覺。

We have focused our AI efforts on the features that best enhance the customer experience. For example, machine learning enables Siri to understand words as well as the intent behind them.

我們已將人工智慧的研發重點放在能夠最大程度提升客戶體驗的功能。例如，機器學習使 Siri 能夠理解單字及其背後的意圖。

That means Siri does a better job understanding and even predicting what you want, then delivering the right responses to requests. To make Siri an even smarter assistant, we're opening the service to developers, and this fall, Siri will be available across our entire product line.

這意味著 Siri 能更理解甚至預測你的需求，並給予適當的回應。為了讓 Siri 成為更聰明的助手，我們將向開發者開放這項服務，今年秋季，Siri 將應用於我們全線產品。

We're also using machine learning in many other ways across our products and services including recommending songs, Apps, and news. Machine learning is improving facial and image recognition at photos, predicting word choice while typing in messages and mail, and providing context awareness in maps for better directions.

我們也在其他許多產品和服務中運用機器學習技術，包括歌曲推薦、應用推薦和新聞推薦。機器學習技術能夠提升照片中的人臉和影像辨識能力，預測使用者在資訊和郵件中輸入的詞語，並在地圖中提供上下文感知功能，從而提供更準確的路線指引。

Deep learning within our products even enables them to recognize usage patterns and improve their own battery life and, most importantly, we deliver these intelligent services while protecting users' privacy. Most of the AI processing takes place on the device rather than being sent to the cloud. And, starting this fall, we'll be using sophisticated technology called differential privacy, enhancing our ability to deliver the kinds of services we dream of and customers love without compromising on the individual privacy our customers have come to expect from us.

我們產品中的深度學習技術甚至可以識別使用者的使用模式，從而延長電池續航力。更重要的是，我們在提供這些智慧服務的同時，也始終保護使用者的隱私。大部分人工智慧處理都在裝置端完成，無需上傳到雲端。此外，從今年秋季開始，我們將採用名為差分隱私的先進技術，進一步提升我們提供理想服務的能力，讓用戶能夠享受他們喜愛的服務，同時又不損害用戶一直以來所期望的個人隱私。

This fall, we'll also bring Apple pay to safari so users can easily make secure and private purchases when shopping on participating websites. Tens of millions of users around the world are enjoying Apple pay today at stores and in App with estimated monthly active users up more than 450% year on year last month.

今年秋季，我們也將把 Apple Pay 引入 Safari 瀏覽器，讓用戶在參與活動的網站購物時能夠輕鬆安全地進行私密支付。目前，全球數千萬用戶已在實體店和 App 內使用 Apple Pay，上個月的月活躍用戶數較去年同期成長超過 450%。

Leading financial partners tell us that three out of four contactless payments in the US are made with Apple Pay. This is amazing. There are more than 11 million contactless ready locations in the countries where Apple Pay is available today including 3 million locations now accepting Apple pay in the United States.

領先的金融合作夥伴告訴我們，美國四分之三的非接觸式支付都是透過 Apple Pay 完成的。這令人驚嘆。目前，Apple Pay 已覆蓋全球超過 1,100 萬個支援非接觸式支付的商戶，其中包括美國已有的 300 萬個接受 Apple Pay 的商家。

With the launch of France, Switzerland, and Hong Kong this month, Apple Pay is now live in 9 markets including 6 of our top 10. Adoption outside the US has been explosive with over half of transaction volume now coming from non-US markets.

隨著本月法國、瑞士和香港的上線，Apple Pay 目前已在 9 個市場推出，其中包括我們前十名的市場中的 6 個。在美國以外的市場，Apple Pay 的普及速度驚人，目前超過一半的交易量來自美國以外的市場。

With our latest OS releases, the unparalleled continuity across Apple devices will become even more powerful. For example, Mac OS Sierra will sense other devices and use secure protocols to communicate.

借助我們最新的作業系統版本，蘋果設備之間無與倫比的無縫連接將變得更加強大。例如，macOS Sierra 可以感知其他裝置並使用安全協定進行通訊。

With an authenticated Apple Watch, I can auto-unlock my Mac when I open it without typing a password. With universal clipboard, I can copy and paste text, images, and even video between my iOS devices and my Mac, and I can automatically access the files on my Mac desktop and documents folder from another Mac, iOS device, or even a PC. Innovations like these are the kinds of things that only Apple can do.

有了經過認證的 Apple Watch，我打開 Mac 時無需輸入密碼即可自動解鎖。借助通用剪貼板，我可以在 iOS 設備和 Mac 之間複製貼上文字、圖像甚至視頻，還可以從另一台 Mac、iOS 設備甚至 PC 自動訪問 Mac 桌面和文稿資料夾中的文件。只有 Apple 才能做到這些創新。

We have an incredible lineup of products in our pipeline, and I'm very bullish about our long-term opportunity. Now, I'd like to hand it over to Luca to share more details with you on the June quarter.

我們目前有一系列非常優秀的產品正在研發中，我對我們的長期發展前景非常樂觀。現在，我想把麥克風交給盧卡，讓他為大家詳細介紹六月的季度業績。

Thank you, Tim. Good afternoon, everyone. Revenue for the June quarter was $42.4 billion, near the high end of our guidance range compared to $49.6 billion in the year-ago quarter. Customer demand for our products and services was stronger than we had anticipated at the beginning of the quarter. As Tim mentioned, we reduced overall channel inventories by roughly $3.6 billion.

謝謝蒂姆。大家下午好。 6 月季度的營收為 424 億美元，接近我們先前預期範圍的高端，而去年同期為 496 億美元。客戶對我們產品和服務的需求強於季度初的預期。正如提姆所提到的，我們整體通路庫存減少了約 36 億美元。

On a geographic basis, our revenue grew strongly in Japan to a new June quarter record, and we experienced healthy growth in a number of other important markets including Russia, Brazil, Turkey, India, and Canada. Gross margin was 38% at the top of our guidance range. Operating margin was 23.9% of revenue, and net income was $7.8 billion. Diluted earnings per share were $1.42, and cash flow from operations was strong at $10.6 billion.

從地理來看，我們在日本的營收強勁成長，創下六月季度新紀錄；在俄羅斯、巴西、土耳其、印度和加拿大等其他重要市場也實現了穩健成長。毛利率達到38%，處於我們預期範圍的上限。營業利益率為23.9%，淨利為78億美元。稀釋後每股盈餘為1.42美元，經營活動產生的現金流強勁，達106億美元。

For details by product, I will start with the iPhone. We sold 40.4 million iPhones in the quarter. We also reduced channel inventory by over 4 million units compared to about 0.5 million units a year ago, so sell-through was down by 8%. We exited the quarter near the low end of our five-to-seven-week target range for channel inventory.

為了詳細說明各產品的情況，我先從iPhone說起。本季我們售出了4,040萬部iPhone。與去年同期約50萬部相比，我們的通路庫存減少了400多萬部，因此售罄率下降了8%。本季末，我們的通路庫存接近五到七週目標範圍的下限。

The rollout of our new entry-level iPhone SE concurrent with the channel reduction of more than 4 million higher end iPhones resulted in a lower than usual iPhone ASP of $595. Therefore, we expect ASPs to improve this quarter.

由於我們同時推出了新款入門級 iPhone SE，並且高階 iPhone 的通路供應量減少了 400 多萬部，導致 iPhone 的平均售價低於往常，為 595 美元。因此，我們預計本季平均售價將有所改善。

We experienced strong iPhone growth in many markets with sales in Russia more than doubling year over year and double-digit growth in many other key countries including Japan, Turkey, Brazil, India, Canada, and Sweden. iPhone continues to show great momentum in business markets.

我們在許多市場都實現了iPhone的強勁成長，其中俄羅斯的銷量年增超過一倍，包括日本、土耳其、巴西、印度、加拿大和瑞典在內的許多其他主要國家也實現了兩位數的成長。 iPhone在企業市場持續保持強勁的成長動能。

A recent survey by 451 Research found that among US corporate buyers planning to purchase smartphones in the September quarter, 75% plan to purchase iPhones. This is the highest corporate purchase intent ever measured by the survey for the September quarter.

451 Research 最近的一項調查發現，在美國計劃在 9 月季度購買智慧型手機的企業買家中，75% 的人計劃購買 iPhone。這是該調查歷年來 9 月季度企業採購意願的最高值。

Turning to services, we generated $6 billion in revenue, an increase of 19% over the June quarter last year. We set a new record for customers transacting on our iTunes stores, and among our customers who purchase Apps and content, the average amount spent per customer was the highest that we've ever measured.

服務業務方面，我們實現了 60 億美元的收入，比去年同期成長了 19%。 iTunes 商店的交易量創下新紀錄，購買應用程式和內容的用戶中，人均消費額也達到了歷史最高水準。

The App stores growth rate has now accelerated for four consecutive quarters reaching 37% in Q3. The App store is overwhelmingly the preferred destination for both customers and developers. According to App Annie, we generated 100% more global revenue than Google Play in the June quarter widening our lead from the March quarter. Because of this continued growth for the first nine months of our fiscal year, services increased from 8% of our total revenue a year ago to 11% this year and, it represents an even higher percentage of our profitability.

應用程式商店的成長率已連續四個季度加速，第三季達到 37%。 App Store 已成為使用者和開發者的首選平台。根據 App Annie 數據顯示，我們在 6 月的季度全球營收比 Google Play 高出 100%，進一步擴大了領先優勢。由於本財年前九個月的持續成長，服務收入佔總收入的比例從去年同期的 8% 增長至今年的 11%，並且在盈利中所佔比例更高。

Next, I'd like to talk about the Mac. We sold 4.3 million Macs compared to 4.8 million last year. It was a challenging quarter for personal computer sales across the industry with IDC estimating a 4% global contraction.

接下來，我想談談Mac電腦。我們今年賣出了430萬台Mac，而去年同期為480萬台。對於整個個人電腦產業來說，這是一個充滿挑戰的季度，IDC預計全球個人電腦銷售將萎縮4%。

In addition to the overall market slowdown, we faced a very difficult compare to the year-ago quarter when we introduced a new Mac Book Pro and new iMac. Despite these challenges, Mac continues to gain a high percentage of new customers, and our Mac installed base has grown to a new, all-time high at the end of the June quarter. We ended the quarter below our four-to-five-week target range for Mac channel inventory.

除了整體市場放緩之外，我們還面臨著與去年同期相比的巨大挑戰，當時我們推出了新款MacBook Pro和新款iMac。儘管面臨這些挑戰，Mac的新客戶佔比依然很高，截至6月底，Mac的裝置量創下歷史新高。本季末，Mac通路庫存低於我們設定的四到五週的目標範圍。

Now, turning to iPad, revenue grew 7%. iPad ASP was $490 compared to $415 in the year-ago quarter with increase driven by iPad Pro, and we sold 10 million iPads compared to 10.9 million in the year-ago quarter. We also reduced channel inventory by about 500,000 units and exited the quarter within our five-to-seven-week target range.

接下來看看iPad，營收成長了7%。 iPad平均售價490美元，高於去年同期的415美元，成長主要得益於iPad Pro的銷售量。我們賣出了1,000萬台iPad，低於去年同期的1,090萬台。此外，我們還減少了約50萬台通路庫存，並在本季末達到了我們設定的五到七週的目標範圍。

In the segments of the tablet market where we compete, we continue to be highly successful, both in terms of market share and customer metrics. Recent data from MPD indicates that iPad gained share in the overall US tablet market in the June quarter and has 84% share of tablets priced above $200. And, in May, 451 Research measured a 96% consumer satisfaction rate for iPad mini and a 95% rate for iPad Air.

在我們所競爭的平板電腦細分市場中，無論從市場份額或客戶指標來看，我們都持續取得巨大成功。 MPD的最新數據顯示，iPad在6月的季度中，在美國平板電腦市場整體份額有所增長，在售價超過200美元的平板電腦市場中，iPad的份額更是高達84%。此外，451 Research在5月的調查中，iPad mini的消費者滿意度為96%，iPad Air的消費者滿意度為95%。

Among US consumers planning to purchase a tablet within the next six months, 63% plan to purchase an iPad, almost four times the purchase intention rate of the next highest brand measured with iPad Pro the top choice for planned purchases. Corporate buyers reported a 94% satisfaction rate for iPad and a purchase intent of 71% for the September quarter.

在美國計劃未來六個月內購買平板電腦的消費者中，63%的人計劃購買iPad，這一比例幾乎是排名第二的品牌購買意願的四倍，而iPad Pro則是消費者計劃購買的首選。企業買家對iPad的滿意度高達94%，9月季度的購買意願為71%。

One recent example of iPad business adoption is Bear Bank, Russia's largest bank which is adding 22,000 iPads to more than 10,000 purchased last year to deploy corporate mobility solutions across the organization and enable its consultants to serve customers in a more engaging and more efficient way. More broadly, we are making great progress with our Enterprise initiatives, and we see strong growth opportunities ahead of us.

最近，俄羅斯最大的銀行貝爾銀行(Bear Bank)就是一個很好的例子，它正在企業中廣泛採用iPad。該銀行去年已購入超過1萬台iPad，今年又新增了2.2萬台，旨在為整個機構部署行動辦公室解決方案，並使其顧問能夠以更具吸引力、更有效率的方式服務客戶。更廣泛地說，我們在企業級計劃方面取得了顯著進展，並看到了未來強勁的成長機會。

In May, we announced a global strategic partnership with SAP to reimagine business processes with native iOS Apps. SAP is the world's largest Enterprise software provider with more than 130 million potential users among its 300,000 global customers. In fact, it's estimated that 76% of global business transactions touch an SAP system. Our partnership [with liliver] and SDK to fast-track iOS projects for SAP environments and iOS Academy to enable the 2.5 million SAP developers around the world to build great, native IOS Apps and a portfolio of industry-specific Apps to accelerate mobile transformation in the Enterprise.

今年五月，我們宣布與 SAP 建立全球策略合作夥伴關係，旨在透過原生 iOS 應用程式重塑業務流程。 SAP 是全球最大的企業軟體供應商，擁有超過 1.3 億潛在用戶，全球客戶達 30 萬。事實上，據估計，全球 76% 的商業交易都與 SAP 系統相關。我們與 liliver 的合作以及 SDK 將加速 SAP 環境下的 iOS 專案開發，並透過 iOS Academy 賦能全球 250 萬 SAP 開發人員，協助他們建立卓越的原生 iOS 應用程式以及一系列產業專屬應用，從而加速企業行動轉型。

Last month, we announced the first three solutions from our fiscal partnership. [Tuda] will dramatically improve the network performance of iOS traffic running on Cisco networks and one that will bring the desk phone to the 21st Century by integrating iPhone Wi-Fi calling into Cisco Spark.

上個月，我們宣布了財政合作中的首批三項解決方案。 [Tuda] 將顯著提昇在思科網路上運行的 iOS 流量的網路效能，另一個解決方案則透過將 iPhone Wi-Fi 通話功能整合到思科 Spark 中，將桌上型電話邁入 21 世紀。

Let me now turn to our cash position. We ended the quarter with $231.5 billion in cash plus marketable securities, a sequential decrease of $1.4 billion. $214.8 billion of this cash, or 93% of the total, was outside the United States. We issued a total $2.4 billion of debt in Taiwan and in Australia while retiring $2.5 billion in US debt leaving us with $72 billion in term debt at the end of the quarter, essentially unchanged from last quarter.

現在讓我談談我們的現金狀況。本季末，我們持有現金及有價證券共2,315億美元，季減14億美元。其中2,148億美元現金（佔總數的93%）位於美國境外。我們在台灣和澳洲發行了總計24億美元的債券，同時償還了25億美元的美國債券，因此本季末我們的定期債務餘額為720億美元，與上季基本持平。

We returned a total of over $13 billion to investors during the June quarter as follows. We paid $3.2 billion in dividends and equivalent. We spent $4 billion on repurchases of 41.2 million Apple shares to open market transactions, and we launched a new $6 billion ASR resulting in initial delivery and retirement of 48.2 million shares. We also completed our sixth accelerated share repurchase program retiring an additional 8.7 million shares.

在6月份的季度中，我們向投資者返還了總計超過130億美元的資金，具體如下：我們支付了32億美元的股息及等價物；我們斥資40億美元通過公開市場交易回購了4120萬股蘋果股票；我們啟動了一項新的60億美元加速股票回購計劃，首次交付併購買了第4820個股票計劃加速股票。

We've now completed almost $177 billion of our current $250 billion capital return program including $127 billion in share repurchases. During the quarter we also spent $1 billion on a minority investment in Didi Chuxing in China, completed three acquisitions, and incurred $4.2 billion in Capital Expenditures. As we move ahead into the September 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.

我們目前已完成2,500億美元資本回報計畫中的近1,770億美元，其中包括1,270億美元的股票回購。本季度，我們也斥資10億美元對中國滴滴出行進行了少數股權投資，完成了三項收購，並產生了42億美元的資本支出。展望9月的季度，我想回顧一下我們的展望，其中包括南希在電話會議開始時提到的那些前瞻性資訊。

We expect revenue to be between $45.5 billion and $47.5 billion. We expect gross margin to be between 37.5% and 38%. We expect OpEx to be between $6.05 billion and $6.15 billion. We expect OI&E to be about $350 million, and we expect the tax rate to be about 25.5%. Also today, our Board of Directors has declared a cash dividend of $0.57 per share of common stock payable on August 11, 2016 to shareholders of record as of August 8, 2016. With that, I'd like to open the call to questions.

我們預計營收將在455億美元至475億美元之間。毛利率預計在37.5%至38%之間。營運支出預計在60.5億美元至61.5億美元之間。營業收入和支出預計約為3.5億美元，稅率預計約為25.5%。此外，董事會今天宣布派發每股0.57美元的現金股息，將於2016年8月11日支付給截至2016年8月8日登記在冊的股東。接下來，我將開放問答環節。

Thank you, Lucia. We ask that you limit yourself to one, one-part question and one follow-up. Operator, may we have the first question, please?

謝謝，露西亞。請您每次只提一個問題，且問題必須包含所有部分，並可提出一個後續問題。接線生，請問您第一個問題可以嗎？

(Operator Instructions)

（操作說明）

Your first question comes from Shannon Cross with Cross Research.

你的第一個問題來自 Cross Research 的 Shannon Cross。

Thank you very much for the question. Tim, can you talk a little bit about your thoughts on investments? You made the Didi investment this quarter.

非常感謝您的提問。提姆，您能談談您對投資的看法嗎？您本季投資了滴滴出行。

Obviously you continue to make acquisitions over time. We just saw -- you invested in buying some of the carpool karaoke. I'm just curious as to how you're thinking about where you're putting your investment dollars for more of an acquisition or a potential equity stake standpoint as you look at overall capital allocation?

顯然，你們一直在進行收購。我們剛才看到，你們投資收購了共乘卡拉OK的部分股份。我很好奇，在整體資本配置方面，你們是如何考慮將投資資金用於收購或潛在的股權投資的？

Shannon, we obviously invest a ton of capital in our business itself to support research and development and the production of our products and that's the main source of our capital. However, we're constantly looking on the outside for great talent and great intellectual property, and we have been buying companies on average every three to four weeks or so. We continue to do that, and we think we've made some really great choices there.

香農，我們當然會投入大量資金用於公司本身的研發和產品生產，這是我們主要的資金來源。然而，我們也一直在外部尋找優秀人才和智慧財產權，平均每三到四周就會收購一家公司。我們會繼續這樣做，而且我們認為我們在這方面做出了一些非常明智的選擇。

In terms of the investment in Didi, it was a unusual investment in that as you know, we don't have a long history of doing a lot of these. But, we have done some before. We invested in ARM in the early days.

就對滴滴的投資而言，這是一項不同尋常的投資，因為正如您所知，我們並沒有進行過很多此類投資。但是，我們之前也做過一些投資。例如，我們早期就投資過ARM。

We invested in Akamai and a few other companies so it wasn't the first. From a Didi point of view, we see that as one, a great financial investment. Two, we think that there's some strategic things that the Companies can do together over time.

我們投資了Akamai和其他幾家公司，所以這並非我們首次投資。從滴滴的角度來看，我們認為這首先是一項非常成功的財務投資。其次，我們認為隨著時間的推移，兩家公司可以進行一些策略合作。

And, three, we think that we'll learn a lot about the business in the Chinese market even beyond what we currently know, and Didi has an incredible team there. That's the rationale for why we did that. Would we do more investments?

第三，我們認為，透過投資中國市場，我們將對業務有更深入的了解，甚至超越我們目前的認知，而且滴滴在中國擁有一支非常優秀的團隊。這就是我們投資的原因。我們會進行更多投資嗎？

Yes, but it's not something that you'll see a whole string of from us, but we will constantly look for things that are smart to do.

是的，但你不會看到我們接連不斷地這樣做，但我們會不斷尋找明智的做法。

Great, thank you. And then, just as a follow-up for Luca. If you could talk a little bit about the gross margin puts and takes for guidance at 37% to 38%. How are we thinking about commodity pricing and mix of the new products and that just as you look to how you guided gross margin?

好的，謝謝。接下來，我想問盧卡一個問題。您能否談談毛利率預期在37%到38%之間的利弊？您是如何看待大宗商品定價和新產品組合的？以及您是如何看待毛利率預期的？

Yes, Shannon. Let me correct you, but it's 37.5% to 38%.

是的，香農。讓我糾正一下，應該是37.5%到38%。

Oh, sorry. I had that written down, but I said the wrong thing.

哦，對不起。我明明寫下來了，結果說錯了。

For the September quarter. So, it's essentially, we are guiding GM flat to slightly down sequentially.

就9月份的季度而言，我們基本上預計通用汽車的業績將與上一季持平或略有下降。

On the positive side, we are going to have leverage because we are guiding to a sequential increase in revenue, and we expect to have positive mix as we get into the September quarter. This positive is being offset more or less by what we call product transition costs which are typical of this time of the year for us.

積極的一面是，由於我們預計營收將環比增長，並且預計進入9月份季度後產品組合將呈現積極態勢，因此我們將擁有一定的槓桿作用。然而，這個利好因素或多或少會被我們稱為產品過渡成本的部分抵消，這些成本對我們來說是每年這個時候的典型情況。

Shannon, on the commodity side and for the September quarter, we see NAND being pretty much in balance while DRAM and LCDs and other major commodities remain in an oversupply situation. And so, overall commodity prices we expect to decline at, at least historical rates

香農，就大宗商品而言，我們預計9月份季度NAND快閃記憶體的供需基本平衡，而DRAM、LCD和其他主要大宗商品仍處於供過於求的狀態。因此，我們預期整體大宗商品價格至少會以歷史速度下降。

Thank you Shannon. Next question, please?

謝謝你，香農。請問下一個問題？

From UBS, we'll hear from Steve Milunovich.

我們將聽聽瑞銀集團的史蒂夫·米盧諾維奇的演講。

Great. Thank you very much.

太好了，非常感謝。

Regarding your revenue guidance for September, it's up about 10% sequentially which is clearly at the high end historically. So, what can you tell us about the timing of the new iPhone model? Is that affecting this? You mentioned the 451 is finding business interest in phones, but their survey on consumers actually finds the lowest level of expectation for purchases in the next three months since 2008.

關於您9月的營收預期，季增約10%，這顯然處於歷史高位。那麼，您能否透露一下新款iPhone的發佈時間？這是否會影響營收預期？您提到451調查顯示企業對手機市場表現出濃厚的興趣，但他們的消費者調查卻顯示，消費者對未來三個月手機購買的預期是自2008年以來最低的。

You've seen the upgrade numbers from the carriers are quite low so it seems like it's still a very tough demand environment. So, where is the strength coming from in the September quarter?

你已經看到營運商的升等數據相當低，所以目前的需求環境依然非常嚴峻。那麼，9月季度的成長動力來自哪裡呢？

Steve, we aren't going to get into products or product transitions. However, we've taken what we've learned from last quarter, and we did see a number of encouraging signs. Luca talked about the number of countries that we saw double-digit growth in during the quarter from Japan to Brazil to India.

史蒂夫，我們不打算深入討論產品或產品轉型。不過，我們已經吸取了上個季度的經驗教訓，並且確實看到了一些令人鼓舞的跡象。盧卡提到，從日本到巴西再到印度，我們上個季度在許多國家都實現了兩位數的成長。

Some even stronger numbers than that in Russia. So, there's a number of countries that we saw strong signals from that perspective. We also are very happy with the switcher rate that we saw.

俄羅斯的一些數據甚至比這還要強勁。因此，從這個角度來看，我們看到許多國家都發出了強烈的訊號。我們對看到的轉換率也感到非常滿意。

Our highest ever recorded, and the number of switchers through the nine months or the highest absolute numbers that we've ever had. And so, when we look at that and then we look at the things going on in our other products and services, and we think services will continue to grow very briskly. We've made our best estimate of where we think we'll come in, and that's $45.5 billion to $47.5 billion.

我們創下了歷史新高，過去九個月的轉換用戶數量也達到了史上最高絕對值。因此，當我們審視這些數據，並結合我們其他產品和服務的發展時，我們認為服務業務將繼續保持強勁成長。我們已對未來的營收做出最佳預測，預計在 455 億美元至 475 億美元之間。

Okay, fair enough. As a follow-up, I wanted to ask you about your platform strategy. You talk about the four operating systems essentially as platforms which I agree with. And, it's just interesting to me because Apple has such control over the vertical integration of your products, and yet you've somehow been able to grasp the openness that's required for platforms.

好的，沒問題。接下來，我想問你們的平台策略。你們把四大作業系統都看成是平台，我同意這種說法。我覺得很有趣的是，蘋果對產品的垂直整合控制得如此嚴密，而你們卻能做到平台所需的開放性。

And, I think that's reflected in WWDC as you pointed out. Opening up APIs and so forth on messaging, and you made the case there for Apps versus messaging and the anti-bot argument.

而且，我認為這一點在WWDC上也有所體現，正如你所指出的。 WWDC開放了訊息傳遞的API等等，你也在會中闡述了應用與訊息傳遞的差異以及反機器人論點。

Just curious is that the way -- am I characterizing this roughly correctly in term of how you think about the business? And, how are you managing that internally in terms of having this vertically integrated somewhat closed view of the hardware and yet this pretty open platform where the value is created externally?

我只是好奇，我這樣描述你們的業務思路是否大致正確？另外，你們內部是如何管理這種垂直整合、硬體部分相對封閉，但同時又擁有一個相當開放的平台（價值由外部創造）的模式的？

Well, we think to have a great platform you have to have a really healthy ecosystem, and so we're really proud of the developer community and the fact that developers are earning a lot more money in writing for iOS than other apps. We think that the best experience for users include apps, and so we want to do everything that we can do to continue building that.

我們認為，要打造一個優秀的平台，就必須擁有一個真正健康的生態系統。因此，我們為開發者社群感到非常自豪，也為開發者透過為 iOS 開發應用程式獲得的收入遠高於其他應用程式而感到欣慰。我們相信，最佳的使用者體驗離不開應用，所以我們會盡我們所能，繼續建立這樣的生態系統。

We now have over 2 million apps in the app store and are more focused these days on discovery and other things to bring more great apps to the service because there's so many out there. So, that's what we're doing. The TV and the -- you didn't mention CarPlay, but these are trying to provide our users a seamless experience across all of the different things that they do in their lives.

現在我們的應用程式商店裡已經有超過200萬個應用程式了，最近我們更注重應用程式發現和其他方面，希望能為我們的服務帶來更多優質應用，因為市面上的應用實在太多了。這就是我們正在努力的方向。電視和——你沒提到CarPlay——這些功能都是為了給用戶提供無縫體驗，讓他們在生活中各種不同的活動中都能享受到同樣的便利。

And so, that's the rationale for CarPlay. It's the rationale for why we're putting huge investment in the home. Making -- really bringing home automation to life for people in a very simple and elegant way.

所以，這就是CarPlay存在的理由。這也是我們為何在智慧家庭領域投入大量資金的原因。我們致力於以一種非常簡單優雅的方式，真正將智慧家庭帶給人們。

It's the reason for Apple TV and what we are doing in the living room. All these things together are all about user experience and making people's daily lives better.

這就是Apple TV存在的意義，也是我們在客廳裡所做的事。所有這些都是為了提升使用者體驗，讓人們的日常生活更美好。

Thank you.

謝謝。

Thank you, Steve. Next question, please?

謝謝你，史蒂夫。下一個問題好嗎？

We'll go to Katy Huberty with Morgan Stanley.

我們將聯繫摩根士丹利的凱蒂·休伯蒂。

Thank you. Luca, as it relates to gross margin, the guidance today is very similar to what you've provided over the last five years in terms of gross margin guidance in September versus June. And, the variances that you walked through in response to Shannon's questions are very similar to the dynamics that you see in any September quarter, but there's an added factor this time around which is you don't have the $4 million of high ASP, high margin inventory drain in September like you did in the June quarter.

謝謝。盧卡，關於毛利率，你今天給的指引與過去五年9月和6月的毛利率指引非常相似。你之前回答香農問題時提到的差異，也與往年9月季度的實際情況非常相似。但這次還有一個額外的因素，就是9月不像6月季那樣，有400萬美元的高平均售價、高利潤率庫存需要消耗。

So, I guess I'd just pushback and ask why gross margin guidance wouldn't be even better? Is it the more balanced NAND environment that Tim spoke to? Or, is there something else impacting the guidance?

所以，我想我會反問，為什麼毛利率預期不會更好？是因為蒂姆提到的NAND快閃記憶體市場環境比較平衡嗎？還是有其他因素影響了預期？

Well, Katy, I've talked about these elements at a broad level. Of course, there are degrees of positive impact, right. We, for example, on the mix front every cycle is slightly different on our product mix, and so that clearly has an impact on gross margin.

凱蒂，我之前已經從宏觀層面談到了這些因素。當然，正面影響的程度也各不相同，對吧？例如，在產品組合方面，每個週期我們的產品組合都會略有不同，這顯然會對毛利率產生影響。

The other thing that we need to keep in mind as we step back for a second and now we have gone through a couple of cycles where the US dollar has strengthened. As you know, we work with our hedging program where we get protection from FX fluctuations in the short term, when these hedges roll off over time, we end up replacing them with new hedging contracts at the spot rate.

還有一點要我們記住，現在美元已經經歷了幾個週期的走強。如您所知，我們透過對沖策略來規避短期外匯波動風險。隨著這些對沖合約到期，我們會以即期匯率簽訂新的避險合約來取代它們。

And so, versus September of 2014, for example, the US dollar is now strengthened on average against international currencies by about 15%. I think we need to accept and now we are living in this stronger US dollar environment. We've taken a lot of actions on the cost side, on the pricing side, and obviously with hedges. But, we need to deal with the situation, and that's where we are right now.

例如，與2014年9月相比，美元兌國際貨幣平均升值了約15%。我認為我們必須接受這個現實，我們現在正處於美元走強的環境。我們已經在成本、定價以及對沖方面採取了許多措施。但是，我們需要應對這種情況，這就是我們目前的處境。

We feel that 37.5% to 38% given the new FX environment, I think, says a lot about all the work that we've done on the cost side to get there. Just to give you a sense on a year-over-year basis when I look at foreign exchange, that has an impact of almost 300 basis points on our margins.

考慮到新的外匯環境，我們認為37.5%到38%的利潤率充分反映了我們在成本控制方面所做的努力。為了讓您更直觀地了解同比外匯波動的影響，我們利潤率下降了近300個基點。

Okay. Thank you. Tim, can you speak to how you envision the upgrade rate of the iPhone installed base to play out over the next quarter or the next year?

好的，謝謝。提姆，您能否談談您預計未來一個季度或一年內iPhone用戶群的升級率會如何變化？

Somebody mentioned that US carriers have reported really weak upgrade rates, not necessarily for iPhone but across their installed base. The press is discussing only modest technology upgrades in your next iPhone cycle.

有人提到，美國營運商的升級率非常低，這不僅指iPhone，而是所有機型的升級率都較低。媒體報導也指出，下一代iPhone的技術升級幅度可能不大。

So, those data points would lead investors to believe that the upgrade rate will be low. But, curious if you have a different view? Thank you.

所以，這些數據點會讓投資人認為升級率會很低。不過，我很想知道您是否有不同的看法？謝謝。

I don't want to talk about new phones that aren't announced. And so that aside, what we have seen in the past tense or current tense on the upgrade rate is that the iPhone upgrade rate for the 6s is very similar to the 5s. And, I guess in retrospect maybe that was a predictable thing although we didn't predict it at the beginning.

我不想談論尚未發布的新手機。所以，撇開這些不談，就過去和現在的升級率來看，iPhone 6s 的升級率與 5s 非常相似。我想，現在回想起來，這或許是可以預見的，儘管我們一開始並沒有預料到。

It took a little time to realize that. The iPhone 6 was significantly higher than that, and so it likely accelerated upgrades that would have been in the current year ahead of those. And so, what the future holds we'll see, but I'm very optimistic about the future because I see so many signs that are positive.

我花了一段時間才意識到這一點。 iPhone 6 的價格遠高於此，因此它很可能提前了原本應該在當年推出的升級換代產品。所以，未來會怎樣，我們拭目以待，但我對未來非常樂觀，因為我看到了許多正面的跡象。

I see an installed base that has gotten incredibly large. I see a switcher rate that is the highest ever. I see the Smartphone itself, lead by iPhone, becoming even more instrumental and important to peoples lives.

我看到智慧型手機的裝機量已經非常龐大。我看到用戶轉換率達到了歷史最高水準。我看到智慧型手機本身，尤其是iPhone，在人們的生活中變得越來越重要。

It's becoming essential, and all of the things that are coming both in the fall. The things that we've announced that you can see with iOS 10 hopefully you're running by now with the beta and other things make it even more instrumental and AI even makes it more and more. As the phone becomes more and more your assistant, it's one of those that you aren't going to leave without it.

它變得越來越重要，秋季即將推出的所有功能，包括我們已經宣布的iOS 10新功能（希望您現在已經在使用測試版了），以及其他一些功能，都將使它變得更加重要，而人工智慧更使其發揮越來越重要的作用。隨著手機越來越成為您的助手，它將成為您出門必備的設備之一。

And so, I see all of those things as vectors that are incredibly positive. I also really like what I've seen with the iPhone SE, and the fact that it's opening the door to customers that we weren't reaching before and likely convincing some people to upgrade that wanted a smaller form factor but wanted to stay with iPhone. And so, they were waiting for the iPhone SE.

因此，我認為所有這些因素都是非常積極的。我也很喜歡iPhone SE的表現，它為我們打開了通往之前未曾觸及的客戶群的大門，並且很可能說服了一些想要更小尺寸手機但又想繼續使用iPhone的用戶升級換代。他們一直在等待iPhone SE的發布。

I see lots of positive things so that's how I look at it.

我看到了很多正面的方面，所以我是這麼看待這件事的。

Thank you, Katy. Next question please?

謝謝你，凱蒂。下一個問題好嗎？

We'll go to Toni Sacconaghi with Bernstein.

我們將和伯恩斯坦一起去托尼·薩科納吉那裡。

Yes, thank you. You commented about the significant inventory drawdown in the quarter -- $3.6 billion on the revenue side. So, sell-through was $46 billion effectively. Over 4 million iPhones, suggesting that sell-through iPhone sales were $45 million.

是的，謝謝。您提到本季庫存大幅下降－營收方面減少了36億美元。因此，實際銷售額為460億美元。 iPhone銷量超過400萬部，這意味著iPhone的實際銷售額為4,500萬美元。

When I look to your guidance for Q4, I actually have the opposite question of a previous question which is in light of the true sell-through rate which seems to reflect better than normal seasonality in Q3. Likely some contribution and elasticity from the SE. When I look at Q4, it looks like you're guiding for iPhone unit on a sell-through basis to be flat or potentially down?

當我查看您對第四季度的業績指引時，我其實有一個與之前問題相反的問題，即考慮到實際售罄率，第三季度的季節性波動似乎比往常要好得多。這可能與銷售彈性有關。但從第四季來看，您似乎預測iPhone的銷量（以售罄率計算）將持平甚至可能下降？

And, for total Company revenues to be only fractionally up and below the kind of seasonality we see in Q4. So, I guess my question is are you expecting any drawdowns in channel inventory in fiscal Q4? Or, are my inferences around sell-through rate incorrect?

而且，公司總收入預計只會略微增長，低於我們通常在第四季度看到的季節性波動水平。所以，我想問的是，您是否預期第四財季通路庫存會出現任何下降？或者，我對銷售率的推論是否錯誤？

Or, given the business momentum that you spoke about in response to an earlier question and the hopefulness that you expressed in your prepared remarks, Tim. I'm actually surprised the guidance isn't a bit stronger on the top line.

或者，鑑於您在回答之前的問題時提到的業務增長勢頭，以及您在準備好的發言稿中表達的樂觀態度，蒂姆，我其實很驚訝營收方面的預期沒有更強一些。

Toni, let me take it. Starting with your comments on the June quarter, just want to point out that when we talk about a $3.6 billion channel inventory reduction, that is not entirely related to iPhone. IPhone is the vast majority of that, but we did reduce channel inventory on all other products as well. So, that probably leads you to different conclusions to the math that you just expressed.

東尼，讓我來回答。首先，關於你對六月季度業績的評論，我想指出的是，我們所說的36億美元的通路庫存削減，並非完全與iPhone有關。 iPhone的確佔了絕大部分，但我們也削減了所有其他產品的通路庫存。所以，這或許會讓你對你剛才提到的數據得出不同的結論。

On the September quarter when I look at the sequential increase for iPhone units that we are expecting, I would say that it is even with the sell-through adjustment that you've talked about, it's still pretty much in line with what we've seen in the past. As you know, we do not provide guidance for channel inventory, but I would say in general, it's important to keep in mind that if we look around the world, we do see a lot of positive signs.

就9月季度的iPhone銷售量環比成長預期而言，即使考慮到您提到的銷售調整，也基本上符合我們以往的預期。如您所知，我們不提供通路庫存方面的指引，但總的來說，值得注意的是，放眼全球，我們看到了許多正面的跡象。

But, we also know that the macroeconomic environment is slowing down in a number of places around the world, and that needs to be taken into account in our guidance.

但是，我們也知道，世界各地許多地方的宏觀經濟環境正在放緩，這一點需要在我們的指導下加以考慮。

Luca, I did understand the $3.6 billion, but you said over 4 million iPhones were drawn down. I added that to the $40.4 million so that would suggest close to $45 million on a sell-through basis, so that was the basis for my observation. I was wondering if we could, if I could direct one at Tim.

盧卡，我理解你說的36億美元，但你說iPhone的銷售量超過400萬部。我把這個數字加到4040萬美元上，這樣算下來，實際銷售額接近4500萬美元，這就是我得出這個結論的依據。我想問，我能不能直接問提姆這個問題。

You talked about the upgrade cycle and how it is elongated relative to the iPhone 6, and that it's similar to what you saw with the 5s. My belief is that one of the bigger longer term concerns for Apple is that the replacement cycle could just structurally elongate over time particularly as your installed base of customers becomes less affluent and more international. So, I guess my question is you have a mechanism which is the Apple upgrade program which takes replacement cycle out of the equation and puts people on buying the phone as a service.

您談到了升級週期，以及它相對於 iPhone 6 的延長，並提到這與 5s 的情況類似。我認為，蘋果公司面臨的一個更長期的擔憂是，隨著使用者群體經濟狀況的惡化和國際化程度的加深，更換週期可能會持續延長。所以，我想問的是，蘋果的升級計畫是否提供了一種機制，可以消除更換週期的限制，讓用戶以服務的形式購買手機。

I'd welcome any comments on how that program is doing? And then, just more broadly, is Apple thinking about ways to sell not only the iPhone, but more of its products on a monthly-type subscription basis perhaps in a more bundled fashion so that you can add more predictability to what is now largely a transactional revenue model?

我非常希望聽到大家對這個專案進度的任何評論。另外，更廣泛地說，蘋果是否正在考慮以類似月度訂閱的方式銷售其更多產品（不僅僅是iPhone），或許可以採用更捆綁的方式，從而提高目前主要以交易為主的收入模式的可預測性？

The iPhone demand is made up, as you know, of upgraders, switchers, and new to Smartphone. And so, if you take it in the reverse order for a minute and look at the new to Smartphone, the penetration around -- Smartphone penetration right now around the world at the end of December was 42%. So, there is quite a bit of room there.

如您所知，iPhone 的需求由升級用戶、轉投用戶和智慧型手機新用戶組成。因此，如果我們反過來看一下智慧型手機新用戶，就會發現，截至去年 12 月底，全球智慧型手機普及率約為 42%。所以，這方面還有很大的成長空間。

It is true that a lot of those are in emerging markets, but we have done -- we've had reasonable business success in several emerging markets. So, we don't enter into those with no experience although we will enter into them humbly.

確實，許多專案都在新興市場，但我們在幾個新興市場都取得了相當不錯的商業成功。所以，我們不會在毫無經驗的情況下貿然進入這些市場，儘管我們會以謙遜的態度進入。

On the switcher side, we really like what we're seeing, and we think that from a user point of view, as the Smartphone itself becomes more and more essential to people's daily lives which is a part of what I had talked about before. A part of bringing it into the home in a bigger way and in the car and at work and so forth.

從使用者角度來看，我們對目前的情況非常滿意。我們認為，從使用者的角度來看，智慧型手機在人們的日常生活中變得越來越重要，而這正是我之前提到的。智慧型手機正以更廣泛的方式融入家庭、汽車、工作場所等等。

We think people will put more and more focus on what they're buying, and the thing that Apple does best which is provide this killer experience. A killer user experience that's integrated across their lives, I think, becomes more important, and I think that really plays to our advantage.

我們認為人們會越來越關注他們購買的產品，而蘋果最擅長的就是提供卓越的使用者體驗。我認為，將卓越的使用者體驗融入人們的生活中變得越來越重要，而這正是對我們有利。

I also think that the deployment of AI technology is something that we will excel at because of our focus on user experience and so I like that. From an upgrade point of view, there are pluses and minuses as I see it. A plus is that more and more people have already joined upgrade programs.

我也認為，由於我們注重使用者體驗，我們在人工智慧技術的部署方面會表現出色，所以我很看好這一點。從升級的角度來看，有利有弊。好處是越來越多的人已經加入了升級計劃。

Some of these programs like the one that you referenced that we've done replaces the iPhone every year. There are also carriers that have similar kind of plans where they also replace or change out the iPhone every year. Others have an 18-month clock.

我們之前做過的一些項目，例如您提到的那個，每年都會更換一部iPhone。有些業者也有類似的計劃，也是每年更換一部iPhone。還有一些計劃的更換週期是18個月。

Some have a 24-month clock, and there are even some that have a 30-month clock So, there's various time schedules there. As of today, there are obviously a lot more people on those programs than ever before because they just started and really got underway in a big way last year, in a smaller way two years ago. We'll see more of those this coming fall.

有些計畫為期24個月，甚至有些計畫為期30個月，所以時間安排各不相同。目前，這些計畫的參與人數顯然比以往任何時候都多，因為它們去年才剛啟動並大規模開展，而兩年前雖然規模較小，但已經初見成效。今年秋季，我們會看到更多這樣的計畫。

The minus side is that the bifurcation of the Smartphone from the service itself has a plus and a minus into it. The subsidy, the lack of that -- and this is more of a US phenomenon than the rest of the world. Some of that can be a shock for people that we're used to paying $199 for their Smartphone and they come back in and pay less for the service but they pay more for their Smartphone.

缺點在於，智慧型手機與服務本身的分離有利有弊。補貼的有無－這種情況在美國比在世界其他地區更為普遍。對於那些習慣花199美元購買智慧型手機的人來說，這可能會讓他們感到震驚，因為他們現在支付的服務費用更低，但智慧型手機本身的價格卻更高。

There's lots of pluses and minuses on this. But, overall, as I look at this for Apple -- and this is not a statement on the industry itself -- but for Apple, I'm very optimistic.

這件事有利有弊。但總的來說，就蘋果公司而言——這並非是對整個產業的看法——而是就蘋果而言，我非常樂觀。

Thank you, Toni. Next question please?

謝謝你，托尼。下一個問題？

From Goldman Sachs, Simona Jankowski.

來自高盛的西蒙娜·揚科夫斯基。

Thank you. Tim, as you mentioned, you traveled to China during the quarter. While you certainly sound encouraged on China and highlighted the Didi investment, there are some of the key services for Apple like iBooks and iTunes, movies that are still banned, and some of the local vendors appear to be gaining share.

謝謝。提姆，正如你所說，你本季去了中國。雖然你對中國市場充滿信心，並重點提到了滴滴的投資，但蘋果的一些關鍵服務，例如iBooks和iTunes，以及一些電影仍然被禁，而且一些本土商家似乎正在搶佔市場份額。

So, can you just give us your perspective on the market? Your expectations around getting those services back up and also regaining share?

那麼，您能否談談您對市場的看法？您對恢復這些服務以及重新奪回市場佔有率有何預期？

Yes, for books and movies, we currently have those stores off as you mentioned. To put this in some context, those two stores for the months that we have been operational, which is several months, the revenue was less than $1 million. And so, it's not a revenue-related issue.

是的，正如您所說，目前我們暫停了圖書和電影的門市營運。需要說明的是，這兩家店在過去幾個月的營運中，總收入不足100萬美元。因此，這不是收入方面的問題。

From our point of view, this is a service we want to provide our customers. So, we are working very closely with the appropriate government agencies, and we hope to make books and movies available again to our customers there. We'll see how that goes, but we're optimistic there.

從我們的角度來看，這是我們想要為客戶提供的服務。因此，我們正與相關政府機構密切合作，希望能再次為當地客戶提供書籍和影片。讓我們拭目以待，但我們對此持樂觀態度。

And, in terms of just regaining share in the market more broadly?

那麼，就更廣泛而言，重新奪回市佔率而言呢？

I think we've always had a -- if you look at our share over time, our share in China tends to peak during launch windows. There's a higher high and a lower low there. There's a bigger difference between those two.

我認為我們一直以來都存在一個問題——如果你觀察我們歷年的市場份額，你會發現我們在中國的市場份額往往在產品上市窗口期達到高峰。那裡有一個較高的峰值和一個較低的谷值，兩者之間的差異也比較大。

What we have to do and what we are doing is innovating like crazy and delivering the best Smartphone to our customers there. And, if we do a really great job of that, which we will, then I'm confident that we'll do well.

我們必須做的，也是我們正在做的，就是瘋狂創新，為我們的客戶提供最好的智慧型手機。如果我們能出色地完成這項工作（而我們肯定能做到），那麼我相信我們會成功。

Thank you. Next question, please?

謝謝。請問下一個問題？

Gene Munster with Piper Jaffrey.

吉恩·芒斯特和派珀·傑弗裡。

Good afternoon, Tim, you gave some nice data points around Apple Pay. Can you remind us is this a business that ultimately impacts the services line in any measurable way? Or, is Apple Pay generally about selling iPhones?

下午好，提姆，你提供了一些關於Apple Pay的好數據。你能提醒我們一下，這項業務最終是否會對服務線產生任何可衡量的影響嗎？或者說，Apple Pay的本質還是為了銷售iPhone？

And, separately is that, when you just take a step back and look at the proof point that augmented reality theme has had with this whole Pokemon phenomenon. How does it impact how you think about the future? I assume you think about it.

此外，當我們退後一步，審視擴增實境技術在寶可夢現像中扮演的重要角色時，它會如何影響你對未來的看法？我想你一定會思考這個問題。

I'm curious what goes on in your mind when you see all of that? Thanks.

我很好奇你看到這一切時在想什麼？謝謝。

Yes, on the Apple pay side, the revenues from Apple pay are in the services line. The growth is astronomical, but the base is very small. So, for today, Apple pay is very much about a great feature for our customers so that they can pay in a very simple, private, and secure way.

是的，Apple Pay 的收入屬於服務類收入。雖然成長迅猛，但用戶基數很小。因此，目前 Apple Pay 的主要角色是為我們的客戶提供一項便利、私密且安全的支付功能。

In terms of AR and the Pokemon phenomenon, it's incredible what has happened there. I think it's a testament to what happens with innovative Apps and the whole ecosystem and the power of being a developer being able to press a button, so to speak, and offer their product around the world. This certain developer has elected not to go worldwide yet because of the pressure on their servers, et cetera, because of the demand.

就擴增實境（AR）和寶可夢現象而言，那裡發生的一切令人難以置信。我認為這證明了創新應用程式及其整個生態系統的潛力，以及開發者只需輕輕一點，就能將產品推向全球的強大力量。這位開發者目前選擇暫時不進行全球推廣，原因可能是伺服器壓力過大，以及需求過大導致的資源緊張等問題。

But, I'm sure that they will over time. It also does show, as you point out, that AR can be really great, and we have been and continue to invest a lot in this. We are high on AR for the long run.

但我相信隨著時間的推移，他們肯定會這麼做。正如你所指出的，這也顯示AR技術潛力巨大，我們過去和現在都在這方面投入了大量資金。我們對AR技術的長期發展前景非常看好。

We think there's great things for customers and a great commercial opportunity, and so we're investing and the number one thing is to make sure our products work well with other developers' kind of products like Pokemon. That's the reason you see so many of the iPhones out in the wild right now chasing Pokemon.

我們認為這對用戶來說意義重大，也蘊藏著巨大的商業機遇，因此我們正在進行投資。首要任務是確保我們的產品能夠與其他開發者的產品（例如寶可夢）良好相容。這就是為什麼你現在會看到很多iPhone手機都在追逐寶可夢的原因。

Would you say there's going to be a computing shift to AR longer term?

您認為從長遠來看，運算領域會向擴增實境（AR）轉型嗎？

I know there's people that want to call it a new computer platform, and we will see. There's a tendency in this industry to call everything new the next computer platform. However, that said, I think AR can be huge. So, we'll see whether it's the next platform, but regardless, it will be huge.

我知道有人想把它稱為新的電腦平台，我們拭目以待。這個行業似乎有一種傾向，把所有新事物都稱為下一個電腦平台。不過話說回來，我認為AR潛力巨大。所以，它是否會成為下一個平台，我們拭目以待，但無論如何，它都必將大放異彩。

Thank you.

謝謝。

Thanks, Gene. Next question, please?

謝謝，吉恩。下一個問題好嗎？

We'll go to Mark Moskowitz with Barclays.

我們將聯繫巴克萊銀行的馬克·莫斯科維茨。

Yes, thank you. Good afternoon. Just want to follow-up, Tim, if I could related to the R&D pace of growth.

是的，謝謝。午安.提姆，我只是想跟進一下，能否談談研發成長速度的問題？

Clearly, a lot of momentum there over the last couple of years, but we're just trying to figure out how much of that is dedicated to existing products and services versus what's next? And, can you give us a sense in terms of when investors should think about the ROI coming back to them from the R&D perspective? And, corollary to that, does that -- is it really restricted just to products and services currently?

顯然，過去幾年這方面發展勢頭強勁，但我們正在努力弄清楚其中有多少投入現有產品和服務，又有多少投入未來發展？您能否就投資者何時應該考慮研發投資回報的問題給予一些建議？另外，目前這是否真的僅限於產品和服務？

Or, can we see more of a cloud services apparatus evolve over time where you do more and more in the Enterprise just given the core chips with SAP and Cisco and IBM? And then, my follow-up for Luca is around ASPs for the iPhone.

或者，我們會看到雲端服務體系隨著時間的推移而不斷發展，在企業中，僅憑 SAP、思科和 IBM 的核心晶片就能完成越來越多的工作？接下來，我想問 Luca 的是關於 iPhone 應用服務供應商 (ASP) 的問題。

We keep getting a lot of questions around SE in terms of how cannibalistic could it be to the core iPhone franchise? Are you seeing any moderation in terms of the ASP pressures there?

我們不斷收到關於SE的問題，例如它會對iPhone核心產品線造成多大的蠶食？您認為這是否會緩解平均售價的壓力？

On the R&D growth, we do continue to invest significantly in R&D. The growth rates are still large on a year-over-year basis and Luca can share the exact ones, but I think the recent quarter was in the [mid-20s] for R&D. The balance of the Company, we're managing more flattish from a year-over-year point of view.

關於研發成長，我們確實繼續在研發方面投入大量資金。年比來看，研發成長率仍然很高，盧卡可以分享具體數字，但我認為最近一個季度的研發成長率在20%左右。至於公司的其他業務，從年比角度來看，成長則較為平穩。

The products that are in R&D -- there is quite a bit of investment in there for products and services that are not currently shipping or derivations of what is currently shipping. And so, I don't want to talk about the exact split of it, but you can look at the growth rate and conclude that there's a lot of stuff that we're doing beyond the current products.

研發階段的產品－我們在這方面投入了相當多的資金，用於開發目前尚未上市的產品和服務，或是現有產品的衍生產品。因此，我不想透露具體的投資比例，但你可以看看成長率，你會發現我們在現有產品之外還有很多其他方面的工作要做。

Mark, on the ASP question. Talked about $595 in Q3. It's down $65 on a year-over-year basis.

馬克，關於平均售價的問題。第三季提到595美元。年比下降了65美元。

Keep in mind about $20 of that $65 is foreign exchange. So, during the quarter, we had this combination of starting with no SE units in channel inventory so we had to do at least a partial channel [sale] that obviously had an impact on ASPs. And then, the other element was the fact that we've reduced more than 4 million units of channel inventory on the high end.

請注意，這 65 美元中​​約有 20 美元是外匯差價。因此，本季我們面臨兩方面因素：一方面，通路庫存中沒有 SE 型號，所以我們必須進行部分通路銷售，這顯然對平均售價 (ASP) 產生了影響；另一方面，我們減少了高端通路超過 400 萬台的庫存。

So, the combination of these two things, obviously, had an impact on ASPs. But, I think as I said or Tim said during the prepared remarks, we do expect iPhone ASP to improve sequentially as we move into the September quarter because these two factors that I just mentioned. I'm not going to repeat.

所以，很顯然，這兩件事結合起來對平均售價產生了影響。但是，正如我或蒂姆在事先準備好的發言稿中所說，我們預計隨著進入九月季度，iPhone 的平均售價會環比改善，因為我剛才提到的這兩個因素。我就不重複了。

On cannibalization, of course, we've got limited experience because the phone has been in the market just for a few weeks. But, when we look at our survey data on iPhone SE, as Tim was saying, we believe that the SE is doing exactly what it was intended which is we are seeing a higher rate of new-to-iPhone customers which is obviously very important to us as we bring new people into the iOS ecosystem. And, we see a higher rate of previous iPhone owners that really prefer the four-inch phone factor.

關於產品蠶食效應，我們當然經驗有限，因為這款手機上市才幾週。但是，正如蒂姆所說，當我們查看關於 iPhone SE 的調查數據時，我們認為 SE 完全達到了預期目標，即吸引了更多新 iPhone 用戶，這對我們來說至關重要，因為我們正在將新用戶引入 iOS 生態系統。此外，我們也看到更多老 iPhone 用戶更喜歡四英寸的螢幕。

We have not seen clear evidence of cannibalization from iPhone 6s or 6s plus. Of course, there's always going to be some level of cannibalization, but really to us what is much more relevant is the much bigger opportunity to bring more people into the iOS ecosystem.

我們尚未看到iPhone 6s或6s Plus出現明顯的市場蠶食現象。當然，市場蠶食總是難免的，但對我們而言，更重要的是iOS生態系統帶來的更大發展機會。

Thanks, Mark. Next question, please?

謝謝，馬克。下一個問題？

From Credit Suisse, we'll hear from Kulbinder Garcha.

我們將聽聽來自瑞士信貸的庫賓德·加爾查的發言。

Thanks. Just a couple of questions. Luca, I want to clarify that last point on ASPs and iPhone?

謝謝。我還有幾個問題。 Luca，我想確認一下關於ASP和iPhone的最後一點？

In the last quarter, it seemed that you were quite clear that was a negative driver to the gross margin of the Company. So, I understand there is other drivers going into the September quarter, but just to be clear, the 4 million or so units that you didn't sell-through that were depleted out of channel inventory, those are relatively high gross margin as well. That's just a clarification.

上個季度，您似乎非常明確地指出，這是影響公司毛利率的負面因素。我知道九月的季度還有其他影響因素，但為了澄清一下，您未能售出的約400萬件產品（這些產品已從渠道庫存中清空）的毛利率也相對較高。這只是一個說明。

And then, for Tim, on the services side. As Apple has spoken more and more loudly I guess over the last three or four quarters, I just think about some of the comments you've made about the TV market and how its still been in the '60s and '70s and the experience hasn't changed. I understand you have the Apple TV box out, but in terms of driving actual video-on-demand services, is that something that Apple wants to do themselves?

然後，對於蒂姆來說，關於服務方面。過去三、四個季度，蘋果的發言越來越頻繁，這讓我想起了你之前對電視市場的一些評論，你說電視市場仍然停留在上世紀六七十年代，用戶體驗沒有改變。我知道你們推出了 Apple TV 機上盒，但就實際的視訊點播服務而言，蘋果是否打算自己做呢？

Do you want to partner? Could you even build content? How do you think about that as an actual business opportunity as opposed to here is an Apple box and we sell some units, but it's not that meaningful to the overall Company in terms of size. I'm just curious given the installed base and users you have? Many thanks.

你們有合作意向嗎？你們可以一起製作內容嗎？你們如何看待這方面的合作，將其視為一個真正的商業機會，而不是僅僅銷售蘋果產品，但就公司整體規模而言意義不大？我只是好奇，畢竟你們的裝機量和用戶數都很大。非常感謝。

On your question on iPhone ASP, I'm not sure if I understood it correctly. But clearly, the iPhone SE has a downward impact on iPhone ASP, of course, because it comes at the low end of the range. From a gross margin perspective, it is slightly dilutive to Company margins, but the impact is not particularly large.

關於您提出的iPhone平均售價（ASP）問題，我不太確定我是否理解正確。但很顯然，iPhone SE的推出會對iPhone的平均售價產生下行影響，因為它定位在產品線的低端。從毛利率的角度來看，它會略微稀釋公司利潤率，但影響並不大。

Okay.

好的。

On the Apple TV question. The introduction of Apple TV and TV OS in last October and the subsequent OS releases and what's coming out this fall -- think of that as building the foundation for what we believe can be a broader business over time.

關於 Apple TV 的問題。去年十月推出的 Apple TV 和 TV OS，以及隨後的作業系統更新和今年秋季即將推出的產品——可以將其視為我們未來拓展業務的基礎。

So, I don't want to be more precise than that, but you shouldn't look at what's there today and think we've done what we want to do. We've built a foundation that we can do something bigger off of.

所以，我不想說得更具體，但你們不應該只看到今天的成就就認為我們已經完成了想做的事情。我們已經打下了基礎，可以以此為基礎做更大的事。

Okay, thank you.

好的，謝謝。

Thank you for the question.

謝謝你的提問。

Thank you, Kulbinder. A replay of today's call will be available for two weeks as a podcast on the iTunes store, the Webcast on www.Apple.com/investor, and via telephone. The numbers for the telephone replay are 888-203-1112 or 719-457-0820. Please enter confirmation code 4944387.

謝謝庫爾賓德。今天電話會議的錄音將在兩週內以播客形式在 iTunes 商店提供，也可在 www.Apple.com/investor 網站上透過網路直播收聽，或撥打電話收聽。電話錄音的號碼是 888-203-1112 或 719-457-0820。請輸入確認碼 4944387。

These replays will be available by approximately 5.00 PM Pacific Time today, and members of the press with additional questions can contact Kristin Huguet at 408-974-2414. Financial analysts can contact Joan Hoover or me with additional questions. Joan is at 408-974-4570, and I'm at 408-974-5420. Thanks again for joining us.

這些重播將於今天太平洋時間下午5點左右上線。媒體朋友如有其他疑問，可致電408-974-2414聯絡Kristin Huguet。金融分析師如有其他疑問，可聯絡Joan Hoover或我本人。 Joan的電話是408-974-4570，我的電話是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，今天的報告就到此結束了。感謝大家的參與。