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.

今天是個好日子。歡迎參加 Apple Incorporated 2016 財年第三季度財報電話會議。今天的電話正在錄音。在此進行開幕致辭和介紹時，我想將電話轉給投資者關係高級總監 Nancy Paxton。請繼續，女士。

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.

謝謝你。下午好，感謝大家加入我們。今天首先發言的是蘋果公司首席執行官蒂姆庫克，隨後是首席財務官盧卡梅斯特里，之後我們將向分析師提問。

Please note that some of the information you'll hear during our discussion today will consist of forward-looking statements including without 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，您將在我們今天的討論中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、毛利率、運營費用、其他收入和費用、稅收和未來業務前景的陳述。實際結果或趨勢可能與我們的預測大相徑庭。有關更多信息，請參閱 Apple 2015 年 10K 表格、2016 財年前兩個季度的 10-Q 表格以及今天與美聯社新聞稿一起提交給 SEC 的 8-K 表格中討論的風險因素。 Apple 不承擔更新任何前瞻性陳述或截至其各自日期的信息的義務。

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，今天的評論將參考我們描述為與安裝基礎相關的購買量的指標。這是一項非 GAAP 衡量標準，可在我們的投資者關係網站 www.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. 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，感謝您加入我們。今天，我們很高興地報告第三季度業績，反映了比我們僅 90 天前預期的更為強勁的客戶需求和業務績效，其中包括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.

424 億美元的收入接近我們指導範圍的高端，38% 的毛利率處於我們指導範圍的頂端。我們實現了這些結果，同時將渠道庫存減少了約 36 億美元，大大超過了我們預期的 20 億美元的庫存減少。因此，我們的銷售量明顯大於我們的銷售量。

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佔渠道庫存減少的絕大部分。 iPhone 銷量同比僅下降 8%，與 3 月份季度相比，改善幅度甚至超過了我們的預期，我們預計 9 月份季度的銷量對比將進一步改善。我們對我們的渠道庫存水平感覺良好，並相信他們在未來幾個月為我們定位良好。

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.

我們在全球範圍內非常成功地推出了 iPhone SE，並且整個季度的需求都被剝奪了。當我們進入 9 月季度時，我們帶來了額外的產能並能夠實現供需平衡。在發布會上，我們表示將 iPhone SE 添加到 iPhone 產品線讓我們能夠更好地滿足喜愛四英寸手機的客戶的需求，並吸引更多客戶進入我們的生態系統。在這兩種情況下，該策略都有效。

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.

我們的初始銷售數據告訴我們，iPhone SE 在發達市場和新興市場都很受歡迎，iPhone SE 銷售給 iPhone 新用戶的百分比高於我們在其他 iPhone 上市前幾週看到的情況在過去的幾年裡。總體而言，我們在 6 月季度增加了數百萬首次購買智能手機的買家，而切換台在我們衡量的季度 iPhone 銷量中所佔的比例最高。從絕對值來看，我們今年迄今為止對切換器的 iPhone 銷量是我們在任何九個月期間看到的最大的，我們的 iPhone 活躍安裝基數同比增長兩位數。

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.

我們看到我們的服務業務取得了巨大的業績，增長了 19%，達到 60 億美元的季度記錄。增長基礎廣泛，App Store 收入增長 37% 至歷史新高，此外音樂、iCloud 和 Apple 服務也強勁增長。在過去 12 個月中，我們的服務收入同比增長近 40 億美元，達到 231 億美元，我們預計明年將達到財富 100 強公司的規模。我們在本季度的大部分出色服務表現都是由我們活躍的設備安裝基礎推動的，與安裝基礎相關的購買量為 103 億美元，同比增長 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.

得益於 9.7 英寸 iPad pro 的推出，我們在 10 個季度中獲得了最好的 iPad，收入增長了 7%。我們很自豪擁有世界上最令人興奮的平板電腦和配件陣容以及極高的客戶滿意度和參與度。

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，大約 50% 的 iPad Pro 購買是為了工作而購買的。 iPad Pro 是現有 iPad 用戶的終極升級，也是從 PC 筆記本電腦切換的客戶的終極替代設備。

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 繼續成為全球最暢銷的智能手錶，而就在本月，JD Power 在所有智能手錶中的客戶滿意度排名中名列前茅。隨著 watch OS3 今年秋季的推出，客戶將能夠通過增強的用戶界面、顯著改進的性能以及包括活動共享在內的全新健身和健康功能來更新他們的 Apple Watch。我們剛剛開始使用 Apple Watch，我們期待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.

就個人而言，在過去的一個季度中，我訪問了中國和印度，我對我們在這些國家的增長前景感到非常鼓舞。我們對大中華區的長期機遇仍然非常樂觀，我們將繼續在那裡投資。

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.

我們在本季度開設了第 41 家大中華區零售店，我們還向滴滴出行投資了 10 億美元。切換台和首次購買智能手機的用戶在我們本季度的 iPhone 銷量中佔據最大份額，僅去年一年，我們在中國的 iPhone 安裝基數就增長了 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.

根據中國移動的數據，其網絡上的 iPhone 數量超過任何其他品牌，iPhone 用戶在客戶忠誠度、數據使用量和 ARPU 方面均排名第一。到目前為止，我們全球渠道庫存減少的最大部分是在大中華區，因此我們在那裡的基礎業務比我們的結果所暗示的要強。

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.

由於年初以來經濟環境放緩，我們在大中華區面臨一些挑戰。這反映在消費者信心和零售支出上，自去年 8 月以來，人民幣兌美元已貶值 7%。香港的旅遊和零售業務也繼續受到港元相對其他亞洲貨幣走強的重大影響。

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%.

將這種背景與去年的艱難比較相結合，去年收入增長了 112% 並且今年渠道庫存減少，我們報告 6 月季度的收入下降。但是，為了正確看待事情，當我們回顧過去幾年在這一領域取得的成就時，它們確實非常了不起。在本財年的前三個季度，我們在大中華區的總收入接近 400 億美元，比兩年前的同期增長了 55%，而 iPhone 銷量增長了 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.

印度現在是我們增長最快的市場之一。在本財年的前三個季度，我們在印度的 iPhone 銷量同比增長了 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.

我們剛剛宣布推出首個設計和開發加速器，以支持印度開發者為 iOS 開發創新應用程序，並且我們在海得拉巴開設了新辦事處以加速地圖開發。我們期待著在印度開設零售店，我們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，我們對客戶對我們上個月在全球開發者大會上預覽的軟件和服務的反應感到非常興奮。這是我們有史以來最大的 WWDC，我們第一次為我們的開發者應用程序、iOS、Mac OS、watch OS 和 TV OS 提供了四個創新的 Apple 平台。事實上，iOS 10 將是 iOS 有史以來最大的版本。

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.

所有四個平台的發展勢頭都顯示出 Apple 與客戶在一天中以及無論他們走到哪裡都享有的牢固關係。無論是在家中、車裡、工作中，還是介於兩者之間的任何地方，Apple 生態系統都在蓬勃發展，我們今年秋季發布的新操作系統將把這些出色的體驗提升到一個新的水平。

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.

客戶現在可以期待通過自己的 App Store 以更具表現力的方式與 Messages 進行交流，允許用戶創建和共享內容、付款、添加貼紙等 - 所有這些都無需留下消息，這是目前最大的消息服務之一世界。客戶還可以期待 Siri 扮演更廣泛、更智能的角色，它將與 App Store 中您最喜歡的應用程序一起使用，因此您可以要求 Siri 使用您最喜歡的拼車應用程序預訂行程或通過 Square 向某人匯款。

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.

還有重新設計精美的音樂、地圖和新聞應用程序；基於我們的戰略，HomeKit、CarPlay 和健康應用程序的顯著增強，為用戶在生活的各個方面提供無縫體驗。 Mac OS Sierra 還進行了重大更新，其中包含 Siri 和 Apple pay 等新功能，使 Mac 比以往任何時候都更智能、更有用，甚至在所有 Apple 設備上都具有更強大的連續性功能。隨著我們通過先進的人工智能繼續豐富我們的產品的悠久歷史，這些體驗變得更加強大和直觀。

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.

我們將 AI 工作重點放在最能增強客戶體驗的功能上。例如，機器學習使 Siri 能夠理解單詞及其背後的意圖。

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 可以更好地理解甚至預測您想要什麼，然後對請求做出正確的響應。為了讓 Siri 成為更智能的助手，我們向開發者開放了這項服務，今年秋天，Siri 將在我們的整個產品線中提供。

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.

我們還在我們的產品和服務中以許多其他方式使用機器學習，包括推薦歌曲、應用程序和新聞。機器學習正在改善照片中的面部和圖像識別，在輸入消息和郵件時預測單詞選擇，並在地圖中提供上下文感知以獲得更好的方向。

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甚至使他們能夠識別使用模式並延長自己的電池壽命，最重要的是，我們在提供這些智能服務的同時保護用戶的隱私。大多數 AI 處理髮生在設備上，而不是發送到雲端。而且，從今年秋天開始，我們將使用稱為差異隱私的複雜技術，增強我們提供我們夢寐以求和客戶喜愛的服務的能力，同時又不損害客戶對我們的個人隱私的期望。

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.

今年秋天，我們還將 Apple Pay 引入 safari，以便用戶在參與網站購物時輕鬆進行安全且私密的購買。今天，全球數以千萬計的用戶在商店和 App 中享受 Apple Pay，據估計，上個月月活躍用戶同比增長超過 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，在美國，四分之三的非接觸式支付是使用 Apple Pay 進行的。這真太了不起了。目前可使用 Apple Pay 的國家/地區有超過 1100 萬個非接觸式就緒地點，其中包括美國目前接受 Apple Pay 的 300 萬個地點。

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、瑞士和香港的推出，Apple Pay 現已進入 9 個市場，其中包括我們前 10 名中的 6 個。美國以外地區的採用率呈爆炸式增長，目前超過一半的交易量來自非美國市場。

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.

隨著我們最新的操作系統版本的發布，Apple 設備之間無與倫比的連續性將變得更加強大。例如，Mac OS Sierra 將感知其他設備並使用安全協議進行通信。

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.

使用經過驗證的 Apple Watch，我可以在打開 Mac 時自動解鎖，而無需輸入密碼。使用通用剪貼板，我可以在我的 iOS 設備和我的 Mac 之間複製和粘貼文本、圖像甚至視頻，並且我可以從另一台 Mac、iOS 設備甚至 PC 自動訪問我的 Mac 桌面和文檔文件夾中的文件。像這樣的創新是只有 Apple 才能做到的事情。

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.

我們的管道中有令人難以置信的產品陣容，我非常看好我們的長期機會。現在，我想把它交給 Luca，以便在 6 月季度與您分享更多細節。

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.

謝謝你，蒂姆。大家下午好。六月季度的收入為 424 億美元，接近我們指導範圍的高端，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我們在本季度初的預期。正如 Tim 所說，我們將整體渠道庫存減少了大約 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.

從地域來看，我們在日本的收入強勁增長，創下 6 月季度的新紀錄，我們在俄羅斯、巴西、土耳其、印度和加拿大等其他一些重要市場也實現了健康增長。毛利率為 38%，處於我們指導範圍的頂部。營業利潤率為收入的 23.9%，淨利潤為 78 億美元。每股攤薄收益為 1.42 美元，運營現金流強勁，為 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.

對於產品的詳細信息，我將從 iPhone 開始。我們在本季度售出了 4040 萬部 iPhone。與一年前的約 50 萬件相比，我們還將渠道庫存減少了超過 400 萬件，因此銷售額下降了 8%。我們在接近我們 5 到 7 週渠道庫存目標範圍的低端時退出了本季度。

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.

隨著我們新的入門級 iPhone SE 的推出以及超過 400 萬部高端 iPhone 的渠道減少，導致 iPhone ASP 低於平常的 595 美元。因此，我們預計本季度的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.

我們在許多市場經歷了強勁的 iPhone 增長，在俄羅斯的銷量同比增長超過一倍，在包括日本、土耳其、巴西、印度、加拿大和瑞典在內的許多其他主要國家實現了兩位數的增長。 iPhone 在商業市場上繼續表現出強勁的勢頭。

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，在計劃在 9 月季度購買智能手機的美國企業買家中，有 75% 的人計劃購買 iPhone。這是該調查衡量的 9 月份季度有史以來最高的企業購買意願。

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.

在服務方面，我們創造了 60 億美元的收入，比去年 6 月季度增長 19%。我們為在 iTunes 商店進行交易的客戶創造了新記錄，在我們購買應用程序和內容的客戶中，每位客戶的平均花費是我們測量過的最高的。

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.

應用商店增速現已連續四個季度加快，第三季度達到 37%。 App Store 絕對是客戶和開發人員的首選目的地。根據 App Annie 的數據，我們在 6 月季度的全球收入比 Google Play 多 100%，擴大了我們在 3 月季度的領先優勢。由於我們財政年度前九個月的持續增長，服務占我們總收入的比例從一年前的 8% 增加到今年的 11%，這代表了我們盈利能力的更高比例。

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。我們售出了 430 萬台 Mac，而去年為 480 萬台。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，IDC 估計全球將收縮 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，與去年同期相比，當我們推出新的 Mac Book Pro 和新的 iMac 時，我們面臨著非常困難的局面。儘管存在這些挑戰，Mac 仍繼續獲得高比例的新客戶，我們的 Mac 安裝基數在 6 月季度末已增長至歷史新高。我們在本季度結束時低於 Mac 渠道庫存的四到五週目標範圍。

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.

現在，轉向 iPad，收入增長了 7%。 iPad ASP 為 490 美元，而去年同期為 415 美元，增長受到 iPad Pro 的推動，我們售出了 1000 萬台 iPad，而去年同期為 1090 萬台。我們還將渠道庫存減少了約 500,000 件，並在我們的五到七週目標範圍內退出了本季度。

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

在我們競爭的平板電腦市場領域，我們在市場份額和客戶指標方面繼續取得巨大成功。 MPD 的最新數據表明，iPad 在 6 月季度在整個美國平板電腦市場中獲得了份額，並且在價格高於 200 美元的平板電腦中佔有 84% 的份額。 5 月，451 Research 測得消費者對 iPad mini 的滿意度為 96%，對 iPad Air 的滿意度為 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.

在計劃在未來六個月內購買平板電腦的美國消費者中，有 63% 的人計劃購買 iPad，幾乎是計劃購買首選 iPad Pro 的第二高品牌購買意願率的四倍。企業買家報告稱，9 月份季度對 iPad 的滿意度為 94%，購買意向為 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.

最近一個採用 iPad 業務的例子是俄羅斯最大的銀行 Bear Bank，該銀行在去年購買的 10,000 多台 iPad 中增加了 22,000 台 iPad，以在整個組織內部署企業移動解決方案，並使其顧問能夠以更具吸引力和更有效的方式為客戶提供服務。更廣泛地說，我們在企業計劃方面取得了巨大進展，我們看到了強勁的增長機會。

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.

5 月，我們宣布與 SAP 建立全球戰略合作夥伴關係，以使用原生 iOS 應用程序重新構想業務流程。 SAP 是全球最大的企業軟件提供商，在其 300,000 名全球客戶中擁有超過 1.3 億潛在用戶。事實上，據估計，全球 76% 的業務交易涉及 SAP 系統。我們 [與 liliver] 和 SDK 合作，為 SAP 環境和 iOS Academy 快速跟踪 iOS 項目，使全球 250 萬 SAP 開發人員能夠構建出色的原生 IOS 應用程序和行業特定應用程序組合，以加速移動轉型企業。

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夥伴關係的前三個解決方案。 [Tuda] 將顯著提高運行在 Cisco 網絡上的 iOS 流量的網絡性能，並將通過將 iPhone Wi-Fi 呼叫集成到 Cisco Spark 中將桌面電話帶入 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。我們在本季度末擁有 2,315 億美元的現金和有價證券，環比減少 14 億美元。這筆現金中有 2148 億美元（佔總額的 93%）在美國境外。我們在台灣和澳大利亞共發行了 24 億美元的債務，同時還清了 25 億美元的美國債務，使我們在本季度末有 720 億美元的定期債務，與上一季度基本持平。

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.

我們在 6 月季度向投資者總共返還了超過 130 億美元，具體如下。我們支付了 32 億美元的股息和等價物。我們斥資 40 億美元回購了 4120 萬股蘋果股票以進行公開市場交易，我們推出了一項新的 60 億美元的 ASR，導致首次交付和退役 4820 萬股股票。我們還完成了第六次加速股票回購計劃，額外回購了 870 萬股股票。

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.

目前，我們已經完成了近 1770 億美元的 2500 億美元資本回報計劃，其中包括 1270 億美元的股票回購。本季度，我們還斥資 10 億美元對滴滴出行在中國的少數股權投資，完成了三項收購，並產生了 42 億美元的資本支出。隨著我們進入 9 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 $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.

我們預計收入將在 455 億美元至 475 億美元之間。我們預計毛利率在 37.5% 至 38% 之間。我們預計運營支出將在 60.5 億美元至 61.5 億美元之間。我們預計 OI&E 約為 3.5 億美元，我們預計稅率約為 25.5%。同樣在今天，我們的董事會已宣佈於 2016 年 8 月 11 日向截至 2016 年 8 月 8 日在冊的股東派發每股普通股 0.57 美元的現金股息。至此，我想開始提問。

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?

謝謝你，露西亞。我們要求您將自己限制在一個單獨的問題和一個後續行動上。接線員，請問第一個問題好嗎？

(Operator Instructions)

（操作員說明）

Your first question comes from Shannon Cross with Cross Research.

您的第一個問題來自 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。蒂姆，你能談談你對投資的看法嗎？你本季度投資了滴滴。

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，隨著時間的推移，您會繼續進行收購。我們剛剛看到——您投資購買了一些拼車卡拉 OK。我只是好奇，當您查看整體資本配置時，您如何考慮將投資資金用於更多收購或潛在股權的立場？

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，我們顯然在業務本身上投入了大量資金來支持我們產品的研發和生產，這是我們資金的主要來源。然而，我們一直在外部尋找優秀的人才和優秀的知識產權，我們平均每三到四個星期左右就收購公司。我們繼續這樣做，我們認為我們在那裡做出了一些非常好的選擇。

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，這是一項不尋常的投資，正如你所知，我們在這方面做很多事情的歷史並不長。但是，我們以前做過一些。我們在早期投資了 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，所以這不是第一家。從滴滴的角度來看，我們認為這是一項巨大的金融投資。第二，我們認為隨著時間的推移，公司可以一起做一些戰略性的事情。

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，我們認為我們會學到很多關於中國市場業務的知識，甚至超出我們目前所知道的，而滴滴在那裡擁有一支令人難以置信的團隊。這就是我們這樣做的理由。我們會做更多的投資嗎？

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，但這不是您會從我們這裡看到的全部內容，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?

太好了謝謝。然後，就像盧卡的後續行動一樣。如果你能談談毛利率在 37% 到 38% 之間的指導。我們如何考慮商品定價和新產品的組合，就像您如何引導毛利率一樣？

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

是的，香農。讓我糾正你，但它是 37.5% 到 38%。

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

哦對不起。我把它寫下來了，但我說錯了。

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

對於 9 月季度。所以，從本質上講，我們正在引導 GM 持平，依次略微下降。

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.

從積極的方面來看，我們將擁有槓桿作用，因為我們正在引導收入的連續增長，並且我們預計在進入 9 月季度時會有積極的組合。這種積極因素或多或少被我們所說的產品過渡成本所抵消，這對我們來說是一年中這個時候的典型。

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

Shannon 在大宗商品方面和 9 月季度，我們認為 NAND 基本處於平衡狀態，而 DRAM 和 LCD 以及其他主要大宗商品仍處於供過於求的狀態。因此，我們預計整體商品價格至少會以歷史速度下降

Thank you Shannon. Next question, please?

謝謝香農。請問下一個問題？

From UBS, we'll hear from Steve Milunovich.

從瑞銀，我們將聽到史蒂夫米盧諾維奇的消息。

Great. Thank you very much.

偉大的。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 月份的收入指導，環比增長約 10%，這顯然處於歷史高端。那麼，您能告訴我們關於新 iPhone 機型的時間安排嗎？這會影響這個嗎？您提到 451 正在尋找對手機的商業興趣，但他們對消費者的調查實際上發現了自 2008 年以來未來三個月的最低購買預期。

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?

您已經看到運營商的升級數量非常低，因此看起來它仍然是一個非常艱難的需求環境。那麼，九月季度的力量來自哪裡？

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，我們不會涉及產品或產品轉換。然而，我們從上個季度學到的東西，我們確實看到了一些令人鼓舞的跡象。盧卡談到了我們在本季度看到兩位數增長的國家數量，從日本到巴西再到印度。

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.

有些數字甚至比俄羅斯還要強。因此，我們從這個角度看到了許多國家的強烈信號。我們也對我們看到的切換率感到非常滿意。

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.

我們有記錄以來的最高記錄，以及過去九個月的切換者數量或我們曾經擁有的最高絕對數量。因此，當我們看到這一點時，我們會看到我們其他產品和服務中發生的事情，我們認為服務將繼續快速增長。我們已經對我們認為我們會進入的地方做出了最好的估計，那就是 455 億美元到 475 億美元。

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.

好吧，夠公平的。作為後續，我想問你關於你的平台策略。您將這四種操作系統本質上稱為我同意的平台。而且，這對我來說很有趣，因為 Apple 對你的產品的垂直整合有這樣的控制權，而你卻能夠以某種方式掌握平台所需的開放性。

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，正如您所指出的，我認為這反映在 WWDC 中。在消息傳遞方面開放 API 等，您在那里為應用程序與消息傳遞和反機器人論點提出了案例。

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?

只是好奇是這樣的——我是否根據您對業務的看法大致正確地描述了這一點？並且，您如何在內部管理這個垂直整合的硬件的封閉視圖，而這個非常開放的平台在外部創造價值？

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.

好吧，我們認為要擁有一個出色的平台，您必須擁有一個真正健康的生態系統，因此我們為開發者社區以及開發者在 iOS 上比其他應用程序賺更多的錢這一事實感到非常自豪。我們認為用戶的最佳體驗包括應用程序，因此我們希望盡我們所能繼續構建它。

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.

我們現在在應用商店中擁有超過 200 萬個應用，並且這些天更加專注於發現和其他事情，以便為服務帶來更多出色的應用，因為那裡有很多。所以，這就是我們正在做的事情。電視和——你沒有提到 CarPlay，但這些都試圖為我們的用戶提供無縫體驗，讓他們在生活中所做的所有不同事情上都能享受到無縫體驗。

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.

因此，這就是 CarPlay 的基本原理。這就是我們為什麼要在房屋上進行巨額投資的理由。製造——真正以非常簡單和優雅的方式將家庭自動化帶入人們的生活。

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 的原因，也是我們在客廳裡所做的事情的原因。所有這些都是關於用戶體驗和讓人們的日常生活更美好的事情。

Thank you.

謝謝你。

Thank you, Steve. Next question, please?

謝謝你，史蒂夫。請問下一個問題？

We'll go to Katy Huberty with Morgan Stanley.

我們將和摩根士丹利一起去 Katy Huberty。

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.

謝謝你。盧卡，因為它與毛利率有關，今天的指導與您在過去五年中提供的 9 月和 6 月毛利率指導非常相似。而且，您在回答香農的問題時所經歷的差異與您在 9 月的任何一個季度看到的動態非常相似，但這次還有一個額外的因素是您沒有 400 萬美元的高 ASP，高就像您在 6 月季度所做的那樣，9 月的保證金庫存會耗盡。

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，我想我只是反擊並問為什麼毛利率指導不會更好？是蒂姆所說的更平衡的 NAND 環境嗎？或者，是否有其他因素影響指導？

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.

好吧，凱蒂，我已經廣泛地討論了這些元素。當然，有一定程度的積極影響，對吧。例如，我們在產品組合方面的每個週期都略有不同，因此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.

當我們退後一秒時，我們需要記住的另一件事是，現在我們已經經歷了美元走強的幾個週期。如您所知，我們使用對沖計劃，在短期內獲得外匯波動的保護，當這些對沖隨著時間的推移而滾動時，我們最終會用即期匯率的新對沖合約取代它們。

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.

因此，例如，與 2014 年 9 月相比，美元兌國際貨幣平均升值約 15%。我認為我們需要接受，現在我們生活在美元走強的環境中。我們在成本方面、定價方面採取了很多行動，顯然還有對沖。但是，我們需要處理這種情況，這就是我們現在所處的位置。

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.

我認為，考慮到新的外匯環境，我們認為 37.5% 到 38% 說明了我們在成本方面為實現這一目標所做的所有工作。當我查看外匯時，只是為了讓您了解與去年同期相比，這對我們的利潤率產生了近 300 個基點的影響。

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。謝謝你。蒂姆，你能談談你對 iPhone 安裝基數的升級率在下個季度或明年的預期嗎？

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，美國運營商報告的升級率非常低，不一定是 iPhone，而是整個安裝基礎。媒體只討論在您的下一個 iPhone 週期中進行適度的技術升級。

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.

因此，這些數據點會讓投資者相信升級率會很低。但是，好奇你是否有不同的看法？謝謝你。

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。撇開這一點不談，我們在升級率上看到的過去式或現在式是 iPhone 6s 的升級率與 5s 非常相似。而且，我想回想起來也許這是一件可以預見的事情，儘管我們一開始並沒有預測到。

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.

花了一點時間才意識到這一點。 iPhone 6 明顯高於這個數字，因此它可能會加速本應在今年之前進行的升級。所以，未來會怎樣，我們會看到，但我對未來非常樂觀，因為我看到了很多積極的跡象。

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.

我看到一個安裝基礎變得非常大。我看到了有史以來最高的切換率。我看到以 iPhone 為主導的智能手機本身對人們的生活變得更加重要和重要。

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.

它變得至關重要，所有的事情都將在秋天到來。我們宣布的你可以在 iOS 10 上看到的東西希望你現在正在運行 Beta 版和其他東西使它變得更加有用，人工智能甚至使它變得越來越重要。隨著手機越來越成為您的助手，它是您離不開它的手機之一。

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，我將所有這些事情視為非常積極的向量。我也很喜歡我在 iPhone SE 上看到的東西，它為我們以前沒有接觸到的客戶打開了大門，並可能說服一些想要更小尺寸但想繼續使用 iPhone 的人進行升級.因此，他們正在等待 iPhone SE。

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

我看到了很多積極的事情，所以我是這麼看的。

Thank you, Katy. Next question please?

謝謝你，凱蒂。請問下一個問題？

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。

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。您評論了本季度的大量庫存下降——收入方面為 36 億美元。因此，實際銷售額為 460 億美元。超過 400 萬部 iPhone，表明 iPhone 銷售額為 4500 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指導時，我實際上有一個與前一個問題相反的問題，即真實的銷售率似乎比第三季度的正常季節性更好。可能來自 SE 的一些貢獻和彈性。當我查看第四季度時，您似乎在指導 iPhone 銷量持平或可能下降？

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，公司總收入僅略高於和低於我們在第四季度看到的那種季節性。所以，我想我的問題是，您是否預計第四財季渠道庫存會下降？或者，我對銷售率的推論是否不正確？

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，考慮到您在回答之前的問題時所說的業務勢頭以及您在準備好的評論中表達的希望，蒂姆。實際上，我很驚訝該指導在頂線上並沒有更強。

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.

托尼，讓我來。從你對 6 月季度的評論開始，我只想指出，當我們談論 36 億美元的渠道庫存削減時，這與 iPhone 並不完全相關。 iPhone 是其中的絕大部分，但我們也確實減少了所有其他產品的渠道庫存。因此，這可能會導致您對剛剛表達的數學得出不同的結論。

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.

在 9 月季度，當我查看我們預期的 iPhone 銷量環比增長時，我想說的是，即使您談到了銷售調整，它仍然與我們的預期基本一致過去見過。如您所知，我們不為渠道庫存提供指導，但總的來說，重要的是要記住，如果我們環顧世界，我們確實會看到很多積極的跡象。

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，全球許多地方的宏觀經濟環境正在放緩，這需要在我們的指導中加以考慮。

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，我確實了解 36 億美元，但你說超過 400 萬部 iPhone 被提取了。我將其添加到 4040 萬美元中，這意味著在銷售基礎上接近 4500 萬美元，這就是我觀察的基礎。我想知道我們是否可以，如果我可以指導蒂姆。

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 是如何拉長的，並且它與您在 5s 中看到的相似。我認為，蘋果更大的長期擔憂之一是更換週期可能會隨著時間的推移在結構上延長，特別是隨著您的客戶群變得不那麼富裕和更加國際化。所以，我想我的問題是你有一個機制，即 Apple 升級程序，它可以將更換週期排除在外，讓人們購買手機作為服務。

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?

我歡迎任何關於該程序如何做的評論？然後，更廣泛地說，Apple 是否正在考慮如何不僅銷售 iPhone，還銷售其更多產品，以按月訂閱的方式，或許以更加捆綁的方式，這樣你就可以為現在主要是交易收入模式？

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 需求由升級器、切換器和智能手機新手組成。因此，如果您以相反的順序看一下智能手機的新產品，12 月底全球智能手機的普及率是 42%。所以，那裡有相當多的空間。

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.

的確，其中很多都在新興市場，但我們已經做到了——我們在幾個新興市場取得了合理的商業成功。所以，我們不會進入那些沒有經驗的人，儘管我們會謙虛地進入他們。

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.

在切換台方面，我們真的很喜歡我們所看到的，我們認為從用戶的角度來看，隨著智能手機本身對人們的日常生活越來越重要，這也是我之前談到的一部分。以更大的方式將其帶入家中，在汽車和工作中等等的一部分。

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所購買的東西，以及蘋果最擅長的事情，那就是提供這種殺手級的體驗。我認為，融入他們生活的殺手級用戶體驗變得更加重要，而且我認為這確實對我們有利。

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.

我還認為人工智能技術的部署是我們將擅長的事情，因為我們專注於用戶體驗，所以我喜歡這樣。從升級的角度來看，我認為有利有弊。一個優點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.

其中一些程序，例如您提到的我們已經完成的程序，每年都會替換 iPhone。還有一些運營商也有類似的計劃，他們也每年更換或更換 iPhone。其他人有 18 個月的時鐘。

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.

有些有 24 個月的時鐘，甚至有些有 30 個月的時鐘。所以，那裡有各種時間表。到今天為止，參加這些計劃的人顯然比以往任何時候都多，因為他們去年才開始並真正開始大規模開展，兩年前以較小的方式開展。我們將在今年秋天看到更多這樣的人。

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.

不利的一面是智能手機與服務本身的分叉有一個優點和一個缺點。補貼，缺乏補貼——這更像是一種美國現象，而不是世界其他地區。有些人可能會感到震驚，因為我們習慣於為他們的智能手機支付 199 美元，他們回來後為服務支付的費用更少，但他們為智能手機支付的費用更高。

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.

這有很多優點和缺點。但是，總的來說，當我為 Apple 考慮這一點時——這並不是對行業本身的聲明——但對於 Apple，我非常樂觀。

Thank you, Toni. Next question please?

謝謝你，托尼。請問下一個問題？

From Goldman Sachs, Simona Jankowski.

來自高盛，Simona Jankowski。

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.

謝謝你。蒂姆，正如你提到的，你在本季度前往中國。雖然您聽起來對中國感到鼓舞並強調了滴滴的投資，但蘋果的一些關鍵服務，如 iBooks 和 iTunes，仍然被禁止的電影，而且一些本地供應商似乎正在獲得份額。

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，您能給我們說說您對市場的看法嗎？您對恢復這些服務並重新獲得份額的期望是什麼？

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，對於書籍和電影，我們目前已經關閉了您提到的這些商店。在某些情況下，這兩家商店在我們運營的幾個月裡，也就是幾個月，收入不到 100 萬美元。因此，這不是與收入相關的問題。

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，這是我們希望為客戶提供的服務。因此，我們正在與相應的政府機構密切合作，我們希望再次向那裡的客戶提供書籍和電影。我們會看看情況如何，但我們對此持樂觀態度。

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

而且，就更廣泛地重新獲得市場份額而言？

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.

我認為我們一直都有——如果你看一下隨著時間的推移我們的份額，我們在中國的份額往往會在發布窗口期間達到頂峰。那裡有一個更高的高點和一個更低的低點。這兩者之間有更大的區別。

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.

我們必須做的和我們正在做的就是瘋狂地創新，為我們的客戶提供最好的智能手機。而且，如果我們在這方面做得非常好，我們會的，那麼我相信我們會做得很好。

Thank you. Next question, please?

謝謝你。請問下一個問題？

Gene Munster with Piper Jaffrey.

吉恩·芒斯特與派珀·杰弗裡。

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，蒂姆，你提供了一些關於 Apple Pay 的不錯的數據點。你能提醒我們這是一項最終以任何可衡量的方式影響服務線的業務嗎？或者，Apple Pay 通常是關於銷售 iPhone 的嗎？

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.

而且，另外一點是，當你退後一步，看看增強現實主題對整個口袋妖怪現象的證明點。它如何影響你對未來的看法？我假設你考慮一下。

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

我很好奇當你看到這一切時你的想法是什麼？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，在 Apple Pay 方面，Apple Pay 的收入屬於服務項目。增長是天文數字，但基數很小。因此，就今天而言，Apple Pay 非常適合我們的客戶，讓他們能夠以一種非常簡單、私密和安全的方式進行支付。

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 AR 和 Pokemon 現象而言，那裡發生的事情令人難以置信。我認為這證明了創新應用程序和整個生態系統所發生的事情，以及作為開發人員能夠按下按鈕並在全球範圍內提供他們的產品的力量。由於需求對他們的服務器等方面的壓力，這個特定的開發人員已經選擇不去全球。

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.

但是，我相信他們會隨著時間的推移。正如您所指出的，它也確實表明 AR 可以非常棒，我們已經並將繼續在這方面進行大量投資。從長遠來看，我們高度重視 AR。

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.

我們認為這對客戶來說是一件好事，也是一個巨大的商業機會，因此我們正在投資，而首要的事情是確保我們的產品與其他開發者的產品（如口袋妖怪）很好地配合使用。這就是你現在看到這麼多 iPhone 在野外追逐口袋妖怪的原因。

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

你會說長期計算會轉向 AR 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.

我知道有些人想將其稱為新的計算機平台，我們拭目以待。這個行業有一種趨勢，即把一切新事物稱為下一個計算機平台。然而，話雖如此，我認為 AR 可以是巨大的。因此，我們將看看它是否是下一個平台，但無論如何，它都會是巨大的。

Thank you.

謝謝你。

Thanks, Gene. Next question, please?

謝謝，吉恩。請問下一個問題？

We'll go to Mark Moskowitz with Barclays.

我們將和巴克萊一起去馬克莫斯科維茨。

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。下午好。只是想跟進，蒂姆，如果我能與研發增長速度有關的話。

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?

很明顯，在過去的幾年裡有很多動力，但我們只是想弄清楚其中有多少是專門用於現有產品和服務的，而下一步是什麼？而且，您能否告訴我們投資者何時應該從研發的角度考慮回報給他們的投資回報率？而且，由此推論，這是否真的僅限於目前的產品和服務？

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，我們是否可以看到更多的雲服務設備隨著時間的推移而發展，你在企業中做的事情越來越多，只是給了 SAP、Cisco 和 IBM 的核心芯片？然後，我對 Luca 的跟進是圍繞 iPhone 的 ASP。

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?

我們不斷收到很多關於 SE 的問題，即它對核心 iPhone 特許經營權的自相殘殺程度如何？您是否看到那裡的 ASP 壓力有所緩和？

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.

在研發增長方面，我們確實繼續在研發上進行大量投資。同比增長率仍然很大，盧卡可以分享確切的增長率，但我認為最近一個季度的研發處於 [20 年代中期]。公司的餘額，從同比的角度來看，我們的管理更加持平。

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.

處於研發階段的產品——對於目前尚未發貨的產品和服務或當前正在發貨的產品和服務的衍生品，有相當多的投資。因此，我不想談論它的確切拆分，但您可以查看增長率並得出結論，我們正在做很多超出當前產品的事情。

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

馬克，關於 ASP 問題。第三季度談了 595 美元。同比下降 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.

請記住，這 65 美元中約有 20 美元是外匯。因此，在本季度，我們從渠道庫存中沒有 SE 單元開始，因此我們必須至少進行部分渠道 [銷售]，這顯然會對 ASP 產生影響。然後，另一個因素是我們已經減少了超過 400 萬單位的高端渠道庫存。

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.

因此，這兩件事的結合顯然對 ASP 產生了影響。但是，我認為正如我所說或蒂姆在準備好的評論中所說，我們確實預計 iPhone ASP 會隨著我們進入 9 月季度而連續提高，因為我剛才提到的這兩個因素。我不打算重複了。

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.

當然，在自相殘殺方面，我們的經驗有限，因為這款手機上市僅幾週時間。但是，當我們查看我們對 iPhone SE 的調查數據時，正如 Tim 所說，我們相信 SE 完全符合預期，我們看到 iPhone 新用戶的比例更高，這顯然非常重要在我們將新人帶入 iOS 生態系統時向我們推薦。而且，我們看到真正喜歡四英寸手機因素的以前的 iPhone 用戶比例更高。

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.

我們還沒有看到 iPhone 6s 或 6s plus 被蠶食的明確證據。當然，總會有某種程度的自相殘殺，但真正對我們來說更重要的是讓更多人進入 iOS 生態系統的更大機會。

Thanks, Mark. Next question, please?

謝謝，馬克。請問下一個問題？

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

來自瑞士信貸，我們將聽到來自 Kulbinder Garcha 的消息。

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

謝謝。只是幾個問題。 Luca，我想澄清關於 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.

在上個季度，您似乎很清楚這是公司毛利率的負面驅動因素。所以，我知道還有其他驅動因素進入 9 月季度，但需要明確的是，您未銷售的 400 萬左右單位已耗盡渠道庫存，這些也是相對較高的毛利率.這只是一個澄清。

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 Tim，在服務方面。我猜在過去的三四個季度裡，隨著 Apple 越來越大聲地說話，我只想想想你對電視市場的一些評論，以及它在 60 年代和 70 年代仍然是怎樣的，並且經驗沒有沒變。我知道你已經推出了 Apple TV 盒子，但就推動實際的視頻點播服務而言，這是 Apple 想要自己做的事情嗎？

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.

你想合作嗎？你甚至可以構建內容嗎？您如何看待這是一個實際的商業機會，而不是蘋果盒子，我們出售一些設備，但就規模而言，這對整個公司來說意義不大。鑑於您擁有的安裝基礎和用戶，我只是好奇嗎？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.

關於您關於 iPhone ASP 的問題，我不確定我是否理解正確。但顯然，iPhone SE 對 iPhone ASP 產生了下行影響，當然，因為它位於該範圍的低端。從毛利率來看，對公司毛利率有輕微攤薄，但影響不是特別大。

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 10 月推出的 Apple TV 和 TV OS 以及隨後的 OS 版本以及今年秋天即將發布的內容 - 可以將其視為我們認為隨著時間的推移會成為更廣泛業務的基礎。

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，我不想比這更精確，但你不應該看看今天有什麼，然後認為我們已經做了我們想做的事。我們已經建立了一個可以做更大事情的基礎。

Okay, thank you.

好的謝謝你。

Thank you for the question.

感謝你的提問。

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.

謝謝你，庫爾賓德。今天電話會議的重播將在兩週內通過 iTunes 商店的播客、www.Apple.com/investor 上的網絡廣播和電話播放。電話重播的號碼是 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.

這些重播將在太平洋時間今天下午 5 點左右提供，如有其他問題，媒體成員可以致電 408-974-2414 聯繫 Kristin Huguet。如果有其他問題，金融分析師可以聯繫 Joan Hoover 或我。瓊的電話是 408-974-4570，我的電話是 408-974-5420。再次感謝您加入我們。

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

女士們，先生們，今天的演講到此結束。我們非常感謝大家的參與。