蘋果 (AAPL) 2016 Q4 法說會逐字稿

Good day, everyone, and welcome to this Apple Incorporated fourth-quarter FY16 earnings release conference call.

大家好，歡迎參加蘋果2016財年第四季財報電話會議。

Today's call is being recorded.

今天的通話將會被錄音。

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

此時此刻，我謹將電話轉交給投資人關係資深總監南希‧帕克斯頓，請她致開幕詞並作介紹。請便，女士。

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

謝謝。下午好，感謝各位的到來。今天首先發言的是蘋果執行長提姆·庫克；隨後是財務長盧卡·馬埃斯特里。之後，我們將開放電話會議，接受分析師的提問。

Please note that some of the information you'll hear during our discussion today will consist of forward-looking statements including, without limitation, those regarding revenue, gross margin, operating expenses, other income and expense, taxes, and future business outlook. Actual results or trends could differ materially from our forecasts. For more information, please refer to the risk factors discussed in Apple's Form 10-K for 2015, the Forms 10-Q for the first three 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將包含前瞻性陳述，包括但不限於有關收入、毛利率、營運費用、其他收入和支出、稅收和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。有關更多信息，請參閱蘋果公司 2015 年 10-K 表格、2016 財年前三個季度的 10-Q 表格以及今天向美國證券交易委員會提交的 8-K 表格中討論的風險因素，以及相關的新聞稿。蘋果公司不承擔更新任何前瞻性聲明或資訊的義務，這些聲明或資訊僅代表其各自發布之日的情況。

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. We're in the middle of a very busy season for Apple, and on Thursday of this week, we're holding another event here on the Apple campus. All of us are excited, and we think our customers are going to love these latest innovations.

謝謝你，南希。下午好，感謝各位的參與。目前正值蘋果公司的繁忙季節，本週四，我們將在蘋果園區舉辦另一場活動。我們都非常興奮，相信我們的客戶也會喜歡這些最新的創新成果。

Our results for the September quarter were very strong. We generated $46.9 billion in revenue in the quarter, toward the high end of our guidance range. Gross margin was 38%, at the very top of our range.

我們九月季度的業績非常強勁。本季我們實現了 469 億美元的收入，接近我們預期範圍的高端。毛利率為 38%，處於我們產品範圍的最高水準。

We sold 45.5 million iPhones, reflecting continued improvement in year-over-year performance compared to the last two quarters as we forecasted in January. IPhone sales were up year-over-year in 33 of our top 40 markets. As you know, iPhone customers are the most satisfied and loyal customers in the world and FY16 saw more customers switch from Android to iPhone than ever before.

我們售出了 4,550 萬部 iPhone，與前兩個季度相比，年比業績持續改善，正如我們在 1 月份預測的那樣。在我們前 40 名的市場中，有 33 個市場的 iPhone 銷量較去年同期成長。眾所周知，iPhone 用戶是世界上最滿意、最忠誠的用戶，2016 財年從 Android 轉投 iPhone 的用戶數量比以往任何時候都多。

This is due to the superior customer experience we deliver with our products, and it's something no other Company can match. We had a record-setting quarter for services with revenue growth accelerating to 24%, reaching $6.3 billion.

這是因為我們的產品能提供卓越的客戶體驗，這是其他任何公司都無法比擬的。我們服務業務迎來了一個創紀錄的季度，營收成長加速至 24%，達到 63 億美元。

App store revenue continued to skyrocket while music revenue grew by 22% thanks to the growing popularity of Apple music. In fact, JD Power recently announced that Apple music enjoys the highest customer satisfaction rating in the streaming music market.

由於 Apple Music 越來越受歡迎，App Store 的收入持續飆升，音樂收入也成長了 22%。事實上，JD Power 最近宣布，Apple Music 在串流音樂市場中享有最高的客戶滿意度。

Earlier this month, I visited Japan where Apple Pay went live yesterday. Japanese customers are already in the habit of making contactless payments where they commute, dine, and shop, so we expect a strong response and rapid adoption of Apple Pay. Around the world, we're seeing very strong growth in transaction volume through Apple Pay, which also launched in Russia and New Zealand this month and is coming to Spain in the next few months.

本月初，我去了日本，Apple Pay昨天在日本正式上線。日本消費者已經習慣在通勤、用餐和購物時使用非接觸式支付，因此我們預計 Apple Pay 將獲得強烈的反響和快速的普及。在全球範圍內，我們看到透過 Apple Pay 進行的交易量實現了非常強勁的成長。 Apple Pay 本月已在俄羅斯和紐西蘭推出，並將於未來幾個月內登陸西班牙。

Apple Pay transactions were up nearly 500% year on year for the September quarter. In fact, we completed more transactions in the month of September than we did across all of FY15.

9 月季度，Apple Pay 的交易量較去年同期成長近 500%。事實上，我們9月完成的交易量比2015財年全年完成的交易量還要多。

And, with Apple Pay support now built into Safari, hundreds of thousands of websites are bringing Apple Pay to their customers. Our major partners tell us that Apple Pay shows the highest conversion rate of any digital wallet.

而且，隨著 Safari 內建了對 Apple Pay 的支持，成千上萬的網站正在為他們的用戶提供 Apple Pay 服務。我們的主要合作夥伴告訴我們，Apple Pay 的轉換率在所有數位錢包中最高。

We remain very confident about the future of our services business, given the unmatched level of engagement, satisfaction, and loyalty of our growing installed base. We have almost doubled the size of our services revenue in the last four years, and as we've said before, we expect it to be the size of a Fortune 100 Company in FY17. As for our newest products, we're thrilled with the customer response to iPhone 7 and iPhone 7 plus.

鑑於我們不斷成長的客戶群擁有無與倫比的參與度、滿意度和忠誠度，我們對服務業務的未來仍然充滿信心。在過去的四年裡，我們的服務收入幾乎翻了一番，正如我們之前所說，我們預計到 2017 財年，我們的服務收入將達到財富 100 強公司的規模。至於我們最新的產品，我們對顧客對 iPhone 7 和 iPhone 7 Plus 的反應感到非常興奮。

These are the best iPhones we've ever made, with breakthrough camera systems, immersive stereo speakers, and the best iPhone performance and battery life ever, thanks to the custom design Apple A10 Fusion [chip]. They feature the brightest, most colorful iPhone displays to date and come in gorgeous new finishes. Demand continues to outstrip supply, but we're working very hard to get them into customers' hands as quickly as possible.

這些是我們迄今為止製造的最好的 iPhone，擁有突破性的相機系統、沉浸式立體聲揚聲器，以及有史以來最好的 iPhone 性能和電池續航時間，這要歸功於定制設計的 Apple A10 Fusion [晶片]。它們擁有迄今為止最明亮、色彩最絢麗的 iPhone 顯示屏，並採用華麗的全新外觀設計。需求持續超過供應，但我們正在努力盡快將產品送到客戶手中。

We're also off to a great start with Apple Watch Series 2, the next generation of the world's most popular smart watch, packed with new features including built-in GPS, water resistance, a dramatically brighter display, and a powerful dual core processor. Individuals and businesses alike are recognizing the potential of Apple Watch to help people stay healthy, motivated, and connected.

蘋果手錶 Series 2 也取得了良好的開端，它是全球最受歡迎的智慧手錶的下一代產品，擁有許多新功能，包括內建 GPS、防水功能、亮度大幅提升的顯示器以及強大的雙核心處理器。個人和企業都認識到 Apple Watch 在幫助人們保持健康、積極向上和與外界保持聯繫方面的潛力。

One recent example is Aetna which has announced a new initiative to revolutionize its members' health experience by subsidizing Apple Watch for individual customers and select large employers. In addition, Aetna is also providing Apple Watch to nearly 50,000 of its own employees to encourage them to live a healthier day.

最近的一個例子是安泰保險公司，該公司宣布了一項新舉措，透過為個人客戶和部分大型雇主補貼 Apple Watch，來徹底改變其會員的健康體驗。此外，安泰保險公司也向近 5 萬名員工提供 Apple Watch，以鼓勵他們養成更健康的生活方式。

We've just rolled out new versions of iOS, Mac OS, and Watch OS, and customers are loving the many great new features including Siri on the Mac, enhanced health and fitness capabilities for Apple Watch, and a delightful new way to experience your photos on iOS with a feature we call memories. We've made massive advances in messages, making them more expressive and fun than ever with powerful animations, invisible ink, and handwritten notes. We're seeing great offerings from developers in the all-new App store for messages, and there has been a marked increase in our monthly active users.

我們剛剛推出了新版本的 iOS、Mac OS 和 Watch OS，用戶們非常喜歡其中的許多新功能，包括 Mac 上的 Siri、Apple Watch 增強的健康和健身功能，以及透過我們稱之為「回憶」的功能，在 iOS 上體驗照片的全新方式。我們在訊息傳遞方面取得了巨大進步，借助強大的動畫、隱形墨水和手寫筆記，訊息傳遞比以往任何時候都更具表現力和趣味性。我們看到開發者在全新的訊息應用程式商店中提供了許多優秀的應用，而且我們的每月活躍用戶數量也顯著增加。

One of the great new features of iOS 10 is the home app which is making home automation easy to set up and intuitive to use. Customers can easily set up and securely control all their home kit accessories from lights and cameras to garage doors and air conditioners all from their favorite iOS devices. We expect over 100 home kit compatible products to be on the market by the end of this year, all reviewed and approved by Apple, to help ensure customers' security when using them.

iOS 10 的一大亮點是家庭應用，它讓家庭自動化設定變得簡單直覺。用戶可以透過自己喜愛的 iOS 裝置輕鬆設定並安全地控制所有家庭套件配件，包括燈具、攝影機、車庫門和空調等。我們預計到今年年底，將有超過 100 款與 HomeKit 相容的產品上市，所有這些產品都經過蘋果公司的審核和批准，以幫助確保客戶在使用它們時的安全。

Our Apple stores are wonderful places to discover and learn about these great products for the connected home. With our latest operating systems, machine learning is making our products and services smarter, more intuitive, and even more personal. We've been using these technologies for years to create better user experiences, and we've also been investing heavily, both through R&D and acquisitions.

我們的蘋果專賣店是探索和了解這些智慧家庭優秀產品的絕佳場所。借助我們最新的作業系統，機器學習正在使我們的產品和服務更聰明、更直覺、更個人化。多年來，我們一直利用這些技術來創造更好的用戶體驗，我們也透過研發和收購進行了大量投資。

Today, machine learning drives improvements in countless features across our products. It enables the proactive features in iOS 10 which offer suggestions on which app you might want to use or which contacts you might want to include in an e-mail. Our camera and photo software uses advanced face recognition to help you take better pictures and object and scene recognition to make them easier to sort and find.

如今，機器學習正在推動我們產品中無數功能的改進。它啟用了 iOS 10 中的主動功能，該功能會就您可能想要使用的應用程式或您可能想要在電子郵件中包含的聯絡人提供建議。我們的相機和照片軟體採用先進的人臉辨識技術，幫助您拍攝更好的照片；同時也具備物件和場景辨識功能，讓照片更容易分類和找到。

Machine learning makes the fitness features of Apple Watch more accurate and even helps extend battery life across our products. Machine learning continually helps Siri get even smarter in areas such as understanding natural language. We've extended Siri to work in many new ways by opening it to developers, and most recently, by making Siri available to Mac users in Mac OS Sierra.

機器學習讓 Apple Watch 的健身功能更加精準，甚至有助於延長我們產品的電池續航力。機器學習不斷幫助 Siri 在理解自然語言等領域變得更加聰明。我們透過向開發者開放 Siri，擴展了 Siri 的功能，使其能夠以多種新方式運作；最近，我們在 Mac OS Sierra 中向 Mac 用戶開放了 Siri。

We're already seeing great momentum in just the first few weeks from developers leveraging the Siri and speech APIs, and we're very happy with the engagement it's driving with Siri. Looking ahead, we're seeing some very exciting developments in India. Reliance Jio is rolling out a first-of-its-kind, all-IP network in India with 4G coverage in 18,000 cities and 200,000 villages across the country.

短短幾週內，我們就看到了開發者利用 Siri 和語音 API 的巨大勢頭，我們對 Siri 帶來的用戶參與度非常滿意。展望未來，我們看到印度出現了一些非常令人振奮的發展。Reliance Jio 正在印度推出首個全 IP 網絡，4G 網路覆蓋全國 18,000 個城市和 200,000 個村莊。

They're offering a free year of service to purchasers of new iPhones, and we're partnering with them to ensure great iPhone performance on their network. Our iPhone sales in India were up over 50% in FY16 compared to the prior year, and we believe we're just beginning to scratch the surface of this large and growing market opportunity.

他們為購買新款 iPhone 的用戶提供一年的免費服務，我們與他們合作，以確保 iPhone 在他們的網路上擁有出色的效能。2016 財年，我們在印度的 iPhone 銷量比上一年增長了 50% 以上，我們相信我們才剛開始挖掘這個龐大且不斷增長的市場機會的冰山一角。

We're also very happy with the progress of our enterprise market initiatives, which continue to expand. Just last month, we announced a partnership with Deloitte to help companies quickly and easily transform the way they work by maximizing the power, ease of use, and security of the iOS platform. Deloitte is creating a unique Apple practice with over 5,000 strategic advisors focused on helping businesses transform work in functions across the enterprise.

我們對企業市場拓展計畫的進展也感到非常滿意，這些計畫正在不斷擴大。就在上個月，我們宣布與德勤建立合作關係，旨在透過最大限度地發揮 iOS 平台的強大功能、易用性和安全性，幫助企業快速輕鬆地改變其工作方式。德勤正在打造一個獨特的蘋果業務團隊，擁有超過 5000 名策略顧問，專注於幫助企業轉變各個職能部門的工作方式。

We're also collaborating on the development of Enterprise Next, a new Deloitte consulting service designed to help clients across more than 20 industries take full advantage of the iOS ecosystem and quickly develop custom solutions through rapid prototyping. As we close the books on another incredible year, I'd like to thank our talented employees for their hard work and passion for making the best products in the world, our amazing developer community for their relentless creativity, and our wonderful customers, business partners, and shareholders for their loyalty and support.

我們也正在合作開發 Enterprise Next，這是德勤的一項新諮詢服務，旨在幫助 20 多個行業的客戶充分利用 iOS 生態系統，並透過快速原型製作快速開發客製化解決方案。又一個精彩的年份即將結束，在此，我要感謝我們才華橫溢的員工，感謝他們為打造世界上最好的產品所付出的辛勤努力和滿腔熱情；感謝我們傑出的開發者社區，感謝他們孜孜不倦的創造力；感謝我們優秀的客戶、商業夥伴和股東，感謝他們的忠誠和支持。

Now, I'll hand it over to Luca to share more details on the September quarter.

現在，我將把麥克風交給盧卡，讓他分享更多關於九月季度的詳細資訊。

Thank you, Tim. Good afternoon everyone.

謝謝你，提姆。各位下午好。

Revenue for the September quarter was $46.9 billion, towards the high end of our guidance range. Our revenue grew very strong in many emerging markets including Russia, Turkey, the Middle East, Thailand, and Vietnam. We continue to see solid growth in Japan and in Latin America.

9 月季度營收為 469 億美元，接近我們預期範圍的高端。我們在包括俄羅斯、土耳其、中東、泰國和越南在內的許多新興市場的營收成長非常強勁。我們持續看到日本和拉丁美洲市場保持穩健成長。

Gross margin was 38%, at the top of our guidance range, thanks to favorable cost performance. Operating margin was 25.1% of revenue, and net income was $9 billion. Diluted earnings per share were $1.67, and cash flow from operations was $16.1 billion which is a new record for the September quarter.

由於成本控制良好，毛利率達到 38%，在我們預期範圍的上限。營業利益率為收入的 25.1%，淨收入為 90 億美元。稀釋後每股收益為 1.67 美元，經營活動產生的現金流為 161 億美元，創下 9 月季度新紀錄。

For details by product, I will start with iPhone. We sold 45.5 million iPhones in the quarter, thanks to the very successful launch of iPhone 7 and iPhone 7 plus, and continued strong demand for other iPhones. Including 2.7 million iPhones that were in transit at the end of the quarter, we increased iPhone channel inventory by 2.5 million units, and we exited the quarter well below our five- to seven-week target range of channel inventory.

為了詳細介紹各個產品，我將從 iPhone 開始。本季我們售出了 4,550 萬支 iPhone，這得益於 iPhone 7 和 iPhone 7 Plus 的非常成功的上市，以及其他 iPhone 機型的持續強勁需求。包括本季末在途的 270 萬部 iPhone 在內，我們增加了 iPhone 頻道庫存 250 萬部，本季末的通路庫存遠低於我們設定的五到七週的目標範圍。

We experienced strong iPhone growth in many markets around the world, including Canada, Latin America, Western Europe, Central and Eastern Europe, the Middle East, India, and South Asia. IPhone sales in Greater China declined during the quarter, but the initial customer response to iPhone 7 and 7 plus gives us confidence that our December quarter performance in China will be significantly better on a year-over-year basis than our September-quarter results, even as we lap the all-time record period from a year ago.

我們在世界各地許多市場都實現了 iPhone 的強勁成長，包括加拿大、拉丁美洲、西歐、中歐和東歐、中東、印度和南亞。雖然本季大中華區的 iPhone 銷量有所下降，但消費者對 iPhone 7 和 7 Plus 的初步反響讓我們相信，即使我們打破了去年同期的歷史最高紀錄，我們 12 月季度在中國的業績也將比 9 月季度好得多。

Worldwide demand for iPhone 7 and 7 plus has significantly outpaced supply, particularly on iPhone 7 plus. And, we're working very hard to get the new iPhones into the hands of our customers as quickly as possible.

全球對 iPhone 7 和 7 Plus 的需求遠遠超過了供應，尤其是 iPhone 7 Plus。我們正在全力以赴，爭取盡快將新款 iPhone 送到客戶手中。

IPhone ASP increased to $619 in the September quarter which was above our expectations. That's up from $595 in the June quarter when we launched iPhone SE, and we had a significant channel inventory reduction. We expect iPhone ASP to increase markedly on a sequential basis to a level similar to our ASP in the December quarter last year.

iPhone 9 月季度平均售價上漲至 619 美元，超出我們的預期。這比我們6月推出iPhone SE時的595美元有所上漲，而且我們的通路庫存也大幅減少了。我們預計 iPhone 的平均售價將較上季顯著成長，達到與去年 12 月季度平均售價類似的水平。

Customer interest and satisfaction with iPhone remains extremely strong. In the US, for instance, the latest survey fielded by 451 Research found that among consumers planning to purchase a smartphone within 90 days, 65% plan to purchase iPhone, with the current iPhone owners reporting a 97% customer satisfaction rating. Among corporate smartphone buyers, the latest survey measures a 95% iPhone customer satisfaction rating and found that of those planning to purchase smartphones in the December quarter, 79% plan to purchase iPhone.

消費者對iPhone的興趣和滿意度依然非常高。例如，在美國，451 Research 最新進行的一項調查發現，在計劃於 90 天內購買智慧型手機的消費者中，65% 的人計劃購買 iPhone，而目前的 iPhone 用戶報告的客戶滿意度為 97%。最新調查顯示，企業智慧型手機買家對 iPhone 的滿意度高達 95%，並且在計劃於 12 月季度購買智慧型手機的人群中，79% 的人計劃購買 iPhone。

Turning to services, we generated an all-time record $6.3 billion in revenue with an increase of 24% over a year ago. The App store growth rate has now accelerated for five consecutive quarters reaching 43% in the September quarter. The App store remains the preferred destination for both customers and developers.

服務方面，我們創造了歷史新高，營收達 63 億美元，比去年同期成長了 24%。App Store 的成長率已連續五季加速成長，9 月的季度成長率達到 43%。App Store 仍然是用戶和開發者的首選平台。

According to App Annie, we generated 100% more global revenue than Google Play in the September quarter. In addition to the great performance from Apps, we saw strong, double-digit revenue growth in several other service categories, and Apple Pay transaction volume has grown dramatically as Tim mentioned. Next, I'd like to talk about the Mac.

根據 App Annie 的數據，我們在 9 月的季度全球營收比 Google Play 高出 100%。除了應用程式的出色表現外，我們還看到其他幾個服務類別的收入實現了強勁的兩位數增長，正如蒂姆提到的那樣，Apple Pay 的交易量也大幅增長。接下來，我想談談Mac電腦。

We sold 4.9 million Macs, facing a difficult year-over-year compare, given the launch of new Macs in the spring of 2015. Despite this, our Mac installed base reached a new all-time high at the end of the September quarter, and we'll have some exciting news to share with current and future Mac owners very soon. We ended the quarter below our four- to five-week target range for Mac channel inventory.

我們售出了 490 萬台 Mac，由於 2015 年春季推出了新款 Mac，較去年同期銷售量較低。儘管如此，我們在 9 月底的季度末 Mac 安裝量達到了歷史新高，我們很快就會與現有和未來的 Mac 用戶分享一些令人興奮的消息。本季末，Mac 通路庫存量低於我們設定的四到五週目標範圍。

Turning to iPad, revenue was flat compared to last year. iPad ASP was $459, $26 higher than a year ago, with the increase driven by the new iPad Pro line. We sold 9.3 million iPads, and we reduced channel inventory by about 80,000 units, exiting the quarter below our five- to seven-week target range.

iPad 方面，營收與去年持平。iPad 平均售價為 459 美元，比一年前上漲了 26 美元，上漲主要受新款 iPad Pro 系列的推動。我們售出了 930 萬台 iPad，並將通路庫存減少了約 8 萬台，本季末的庫存低於我們五到七週的目標範圍。

We continue to be highly successful both in terms of market share and customer metrics in the segments of the tablet market where we compete. Recent data from NPD indicates that iPad gained share in the US tablet market in the September quarter and had 82% share of tablets priced above $200. And, in August, 451 Research measured a 96% consumer satisfaction rate for iPad mini, 95% rate for iPad Air, and a 93% rate for iPad Pro.

在我們所競爭的平板電腦市場區隔領域，我們在市場佔有率和客戶指標方面都持續取得了巨大成功。NPD 的最新數據顯示，iPad 在 9 月的季度中在美國平板電腦市場獲得了更大的份額，在售價超過 200 美元的平板電腦中佔據了 82% 的份額。8 月份，451 Research 的調查顯示，iPad mini 的消費者滿意度為 96%，iPad Air 為 95%，iPad Pro 為 93%。

Among US consumers planning to purchase a tablet within the next six months, 73% plan to purchase an iPad, more than eight times the purchase intention rate of the next highest brand measured with iPad Pro once again the top choice for planned purchases. Corporate buyers reported a 94% satisfaction rate for iPad and a purchase intent of 68% for the December quarter.

在美國計劃在未來六個月內購買平板電腦的消費者中，73% 的人計劃購買 iPad，這一比例是排名第二的品牌購買意願的八倍多，iPad Pro 再次成為計劃購買的首選。企業買家對 iPad 的滿意度為 94%，12 月的購買意願為 68%。

In the enterprise market, we're seeing some great examples of iPad and Mac deployment. Our mobility partner program continues to grow stronger with over 120 partners around the world offering tailored solutions to businesses of all sizes. Revel Systems, a leading iPad point-of-sale solution partner, recently announced a global agreement with Shell retail to implement Revel's iPad-based, POS system services at 34,000 Shell locations worldwide including support for Apple Pay in countries where Apple Pay is available.

在企業市場，我們看到了一些 iPad 和 Mac 部署的絕佳案例。我們的行動旅遊合作夥伴計畫持續壯大，目前在全球擁有超過 120 家合作夥伴，為各種規模的企業提供量身訂製的解決方案。領先的 iPad 銷售點解決方案合作夥伴 Revel Systems 最近宣布與殼牌零售達成全球協議，將在全球 34,000 個殼牌門市實施 Revel 基於 iPad 的 POS 系統服務，包括在 Apple Pay 可用國家/地區支援 Apple Pay。

IBM has just released new data on the great results of its Mac rollout. With more employees choosing Mac than ever before, there are now more than 90,000 Macs across the organization in addition to 48,000 iPads and 81,000 iPhones. IBM reports that PCs are three times the cost to manage, drive twice the number of support calls, and are five times more likely to require a follow-up appointment to resolve an issue than Macs.

IBM剛剛發布了有關其Mac產品推廣取得巨大成功的最新數據。選擇 Mac 的員工比以往任何時候都多，目前整個組織擁有超過 90,000 台 Mac，此外還有 48,000 台 iPad 和 81,000 台 iPhone。IBM 報告稱，PC 的管理成本是 Mac 的三倍，支援電話數量是 Mac 的兩倍，而且需要後續預約才能解決問題的可能性是 Mac 的五倍。

Thanks to much lower support cost and significantly higher residual value, the Company is saving as much as $535 per computer when comparing the total cost of Mac ownership to a PC over a [four]-year life cycle. Let me now turn to our cash position. We ended the quarter with $237.6 billion in cash plus marketable securities, a sequential increase of $6.1 billion.

由於支援成本低得多，殘值也高得多，與 PC 相比，Mac 在四年生命週期內的總擁有成本可節省每台電腦高達 535 美元。現在讓我來看看我們的現金狀況。本季末，我們持有現金及有價證券2,376億美元，較上季增加61億美元。

$216 billion of this cash, or 91% of the total, was outside the United States. We issued $7 billion of debt in July, leaving us with $79 billion in term debt at the end of the quarter. We returned over $9 billion to investors during the September quarter as follows.

這筆現金中有 2,160 億美元，即總額的 91%，位於美國境外。我們在7月發行了70億美元的債券，使得本季末我們的定期債務總額達到790億美元。我們在9月份的季度向投資者返還了超過90億美元，具體如下。

We paid $3.1 billion in dividends and equivalents. We spent $3 billion on repurchases of 28.6 million Apple shares through open-market transactions, and we launched a new $3 billion ASR resulting in initial delivery and retirement of 22.5 million shares. We also completed our seventh accelerated share repurchase program, retiring an additional 12.3 million shares. So, total buyback activity during the quarter reduced our share count by 1.5%.

我們支付了31億美元的股利及等價物。我們透過公開市場交易花費 30 億美元回購了 2,860 萬股蘋果股票，並啟動了一項新的 30 億美元的 ASR 計劃，最終完成了 2,250 萬股的初始交付和註銷。我們也完成了第七次加速股票回購計劃，額外回購了 1,230 萬股股票。因此，本季的總回購活動使我們的股票數量減少了 1.5%。

We have now completed $186 billion of our current $250 billion capital return program including $133 billion in share repurchases. During the September quarter, we also completed four acquisitions and incurred $3.6 billion in capital expenditures. Our total CapEx for the year was $12.8 billion.

我們目前已完成 2,500 億美元資本回報計畫中的 1,860 億美元，其中包括 1,330 億美元的股票回購。在9月的季度中，我們也完成了四項收購，並產生了36億美元的資本支出。我們全年的資本支出總額為 128 億美元。

Our effective tax rate for the quarter was 26%, slightly higher than the 25.5% we guided to because of a different geographic mix of earnings relative to our original expectations. Our tax rate for the full fiscal year was 25.6%.

本季實際稅率為 26%，略高於我們先前預期的 25.5%，原因是獲利的地域組成與我們最初的預期有所不同。本財政年度我們的稅率為 25.6%。

As we move ahead into the December quarter, I'd like to review our outlook which includes the types of forward-looking information that Nancy referred to at the beginning of the call. We expect revenue to be between $76 billion and $78 billion. This represents a return to growth over the all-time revenue record set in the December quarter a year ago.

隨著我們進入 12 月季度，我想回顧一下我們的展望，其中包括 Nancy 在電話會議開始時提到的那些前瞻性資訊。我們預計營收將在760億美元至780億美元之間。這標誌著公司營收恢復成長，超過了去年12月季度創下的歷史最高營收紀錄。

We expect gross margin to be between 38% and 38.5%. We expect OpEx to be between $6.9 billion and $7 billion. We expect OI&E to be about $400 million, and we expect the tax rate to be about 26%.

我們預計毛利率將在 38% 至 38.5% 之間。我們預計營運支出將在 69 億美元至 70 億美元之間。我們預計營運收入和支出約為 4 億美元，稅率約為 26%。

Also, today, our Board of Directors has declared a cash dividend of $0.57 per share of common stock payable on November 10, 2016, to shareholders of record as of November 7, 2016. With that, I'd like to open the call to questions.

此外，今天，我們的董事會宣布派發每股普通股0.57美元的現金股息，將於2016年11月10日支付給截至2016年11月7日登記在冊的股東。接下來，我想接受大家的提問。

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

我們要求您只提一個問題（一個包含所有部分的問題）和一個後續問題。請問第一個問題可以嗎？

(Operator Instructions)

（操作說明）

First we'll hear from Gene Munster with Piper Jaffray.

首先我們將聽到吉恩·芒斯特和派珀·傑弗瑞的演講。

Good afternoon and congratulations. Tim, now that we're a month in the iPhone 7, are you seeing anything measurable in terms of the growing trend of annual upgrades? Second is, historically in terms of new product categories, you have always looked for you unique advantage before getting into a segment. And, I'm curious about the car. There are a lot of rumors out there and would like your perspective on how you think about an advantage that Apple could add in the auto space?

下午好，恭喜！提姆，iPhone 7 發布已經一個月了，你有沒有看到年度升級趨勢有任何可衡量的變化？其次，從歷史上看，在進入某個細分市場之前，你總是會尋找自己的獨特優勢。我對這輛車很好奇。市面上有很多傳言，我想聽聽您對蘋果公司可能在汽車領域帶來的優勢有何看法？

In terms of iPhone 7, Gene, the carriers that had upgrade plans, the information that we have from them is that the demand is very robust. But, from a worldwide point of view, the truth is that demand is outstripping supply in the vast majority of places, particularly on the iPhone 7 Plus. And so, it's -- we're in a situation at the moment, it's difficult in the early weeks to be able to differentiate. But, on an anecdotal basis, it's clear the upgrade programs are a win.

就 iPhone 7 而言，Gene，我們從那些提供升級計畫的營運商那裡得到的資訊是，需求非常強勁。但從全球來看，事實是絕大多數地方的需求都超過了供應，尤其是 iPhone 7 Plus。所以，目前的情況是——在最初幾週內很難做出區分。但從一些零星的例子來看，升級計畫顯然是成功的。

I can't speak about rumors, but as you know, we look for ways that we can improve the experience and the customers' experience on different sets of products, and we're always looking at new things. The car space, in general, is an area that it's clear that there's a lot of technologies that will either become available or will be able to revolutionize the car experience. So, it's interesting from that point of view, but certainly nothing to announce today.

我無法對傳言置評，但正如您所知，我們一直在尋找方法來改善不同產品系列的用戶體驗和客戶體驗，並且我們一直在探索新的事物。總的來說，汽車領域顯然有很多技術將會問世，或者能夠徹底改變汽車體驗。所以，從這個角度來看，這很有意思，但今天肯定沒有什麼值得宣布的。

Just one quick follow-up in terms of the supply. Do you think we'll be at equilibrium by the end of the quarter, for iPhone supply?

關於供應方面，還有一個小問題需要補充。你認為到本季末，iPhone 的供應量會達到平衡嗎？

It's hard to say. I believe that on iPhone 7, we will. On iPhone 7 Plus, I'm not sure. I wouldn't say yes at this point because the underlying demand looks extremely strong on both products, but particularly on the iPhone 7 Plus versus our forecast going into the product launch.

很難說。我相信在 iPhone 7 上，我們會實現這一點。我不確定iPhone 7 Plus的情況。目前我不會給出肯定的答案，因為兩款產品的潛在需求看起來都非常強勁，尤其是 iPhone 7 Plus，與我們在產品發布前的預測相比，需求更是強勁。

Thank you.

謝謝。

Thanks, Gene. Can we have the next question, please.

謝謝你，吉恩。請問下一個問題可以嗎？

Katy Huberty with Morgan Stanley.

Katy Huberty任職於摩根士丹利。

Thanks. Good afternoon. Luca, can you help us understand what's embedded in revenue guidance for the extra week as well as any rebuilding of channel inventory, given all the major products are running below target. Just trying to get at whether you see revenue, and in particular, iPhone growth year on year on more of a sell-out basis when you adjust for those two factors. And then, I have a follow-up.

謝謝。午安.Luca，鑑於所有主要產品的銷售都低於目標，你能否幫助我們理解額外一周的收入預期以及渠道庫存重建的具體內容？我只是想了解，在調整了這兩個因素之後，您是否看到收入，特別是 iPhone 的年增長率，以銷售為基礎。然後，我還有一個後續問題。

Sure. Let me say a few things on the 14th week and revenue outlook for the December quarter. Keep in mind that the December quarter a year ago for us was an all-time quarterly revenue record.

當然。我想就第 14 週的情況以及 12 月季度的收入展望談幾點看法。請記住，去年12月季度是我們公司有史以來季度收入的最高紀錄。

We think we can grow this year. As Tim said, the interest from customers on iPhone 7 and 7 Plus is very strong. The strength of our services business, you've seen we've grown 24% in September. We think we can continue to grow very well into the December quarter.

我們認為今年可以實現成長。正如提姆所說，消費者對 iPhone 7 和 7 Plus 的興趣非常濃厚。正如您所看到的，我們的服務業務實力強勁，9 月成長了 24%。我們認為，在十二月這個季度，我們能夠繼續保持良好的成長勢頭。

You mentioned the 14th week and the few extra days do help us this quarter, but I think it's important to keep in mind that there are other factors that go and offset these extra few days. As you know, the launch timing of the new iPhone is different this year. We had the first nine days of sales this year hit Q4. There were only two days last year. So, the cadence has moved more towards Q4 this year versus Q1 last year. As you know, we increased iPhone channel inventory by 3.3 million units in the first quarter of 2016.

你提到了第 14 週，多出來的幾天確實對我們本季有所幫助，但我認為重要的是要記住，還有其他因素會抵消這多出來的幾天。如您所知，今年新款 iPhone 的發佈時間有所不同。今年前九天的銷售額達到了第四季水準。去年只有兩天。因此，今年的節奏更多地提前到了第四季度，而去年則提前到了第一季。如您所知，我們在 2016 年第一季將 iPhone 頻道庫存增加了 330 萬部。

As Tim said, we are very supply-constrained on iPhone 7 Plus this year. We are simply more supply-constrained this year than we were a year ago. And then, keep in mind there were a couple of things that affected compare as well, which is the fact that a year ago we had an award for a patent infringement of $548 million which is obviously a one-off item that is not going to repeat this year. And, also, the foreign exchange environment remains difficult, and we expect FX to be about $650 million headwind on a year-over-year basis into the December quarter.

正如蒂姆所說，今年iPhone 7 Plus的供應非常緊張。今年我們的供應比去年更緊張。此外，還要記住，還有幾件事也影響了比較結果，例如一年前我們獲得了一筆 5.48 億美元的專利侵權賠償金，這顯然是一次性事件，今年不會再發生了。此外，外匯環境仍然嚴峻，我們預計到 12 月季度，外匯因素將比去年同期造成約 6.5 億美元的不利影響。

So, I hope that gives you a bit of a sense that when you take into account all these factors, we believe that this is a good guidance for the December quarter.

所以，我希望這能讓您大致明白，考慮到所有這些因素，我們認為這是對12月季度的良好指引。

That's great color. Thank you for that. Follow-up for Tim. What should we read into the fact that R&D has more than doubled over the past three years, while sales growth was one-fifth of that. Are R&D investments just less efficient than they were in the Company's history? Or, should we think about that as incremental spend for products that haven't yet come to market?

顏色真好看。謝謝。提姆的後續情況。過去三年研發投入翻了一番多，而銷售成長卻只有研發投入的五分之一，我們該如何解讀這一事實？公司目前的研發投資效率是否不如以往？或者，我們應該把這看作是尚未上市產品的增量支出嗎？

There's clearly some amount of R&D that are on products that today are in the development phase that have not reached the market. And so, that's a part of it.

顯然，目前有一些研發工作正在進行，這些產品仍處於開發階段，尚未上市。所以，這是其中的一部分。

We feel really great about the things that we've got. We've also put a lot of emphasis on our services business as well and on making the ecosystem even better. And so, we're very much -- we're confidently investing in the future, and that's the reason you see the R&D spend increasing.

我們對我們所擁有的一切感到非常滿意。我們也非常重視服務業務，並致力於讓生態系統變得更好。因此，我們非常有信心投資未來，這也是研發支出不斷增加的原因。

Thank you.

謝謝。

Thank you, Katy. Could we have the next question, please.

謝謝你，凱蒂。請問下一個問題可以嗎？

From Cross Research, Shannon Cross.

取自 Cross Research，Shannon Cross。

Thank you very much. A couple of questions. The first, Tim, can you talk a bit more about China? Just how you're thinking about it? Where you're seeing pressure? I know you mentioned that you expect to see a significant rebound during the first quarter. But, what are your customers telling you about the demand in China?

非常感謝。幾個問題。提姆，你能否再多談談中國？你是怎麼想的？你在哪裡看到壓力？我知道你提到過預計第一季會大幅反彈。但是，您的客戶對您在中國的需求有何評價？

It's a good question, Shannon. So, to back up from our results for the quarter, the 90-day clock and look at the full year of 2016. We were down 17% compared to the FY15 which was up 84% from the previous year. So, if you look at 2014 to 2016, the revenue grew 52%, and the CAGR was 23% which really are pretty good results.

香農，你問得好。所以，讓我們回顧一下本季的業績，回顧一下過去 90 天的情況，看看 2016 年全年的情況。與 2015 財年相比，我們下降了 17%，而 2015 財年比上一年增長了 84%。因此，從 2014 年到 2016 年來看，營收成長了 52%，複合年增長率為 23%，這確實是相當不錯的成績。

Also, as you probably know, the FY16 performance was hurt by the devaluation of the currency which affected it about 3%. So, the underlying business performance was 14% down. And so, why was it down? There's lots of reasons, but the largest one in our view is that when you look at what happened in 2015 in China, we had a surge of upgraders that came into the market for the iPhone 6 or iPhone 6 Plus, and the upgrade rate increased relatively more in Greater China than elsewhere around the world.

另外，您可能也知道，2016 財年的表現受到了貨幣貶值的影響，貶值幅度約為 3%。因此，基礎業務表現下降了 14%。那麼，它為什麼會宕機呢？原因有很多，但我們認為最大的原因是，回顧 2015 年中國的情況，當時湧入了大量升級換代用戶，他們購買 iPhone 6 或 iPhone 6 Plus，而且大中華區的升級率增長速度比世界其他地區都要快。

And so, when that upgrade rate in FY16 returned to a more normal upgrade rate, which would be akin to what we saw with the iPhone 5S [as a point], it had further to fall. So, that's the main reason in our view that you see a difference.

因此，當 2016 財年的升級率恢復到更正常的升級率時（類似 iPhone 5S 的情況），價格還有進一步下降的空間。所以，我們認為這就是造成差異的主要原因。

Now, that spun or created another issue for us because we didn't forecast that accurately. So, in Q1 of last year, we put in too much channel inventory and had been resetting the channel inventory over the few quarters that came beyond it or came after it. So, those two issues, which really the main one is really the first one and the second one was a symptom of it, are in our views the main issue.

現在，這又為我們帶來了另一個問題，因為我們沒有準確預測到這一點。因此，在去年第一季度，我們投入了過多的通路庫存，並在接下來的幾季中不斷調整通路庫存。所以，我們認為這兩個問題才是主要問題，其中第一個問題才是真正的主要問題，第二個問題是第一個問題的徵兆。

Now, looking forward, the response to the iPhone 7 and 7 Plus has been very positive. It's very hard to gauge demand, as you know, when you're selling everything you're making. And so, we'll find out more through the quarter, but we're confident enough to give you guidance that we're returning to growth this quarter which obviously feels very good for us.

展望未來，iPhone 7 和 7 Plus 的市場反應非常正面。如你所知，當你把所有生產出來的東西都賣出去時，就很難衡量需求。因此，我們將在本季度了解更多情況，但我們有足夠的信心向您預測，本季我們將恢復成長，這對我們來說顯然感覺非常好。

And, from a longer term point of view, out of the 90-day clocks and so forth, we are very bullish on China. We continue to see a middle class that is booming there. There might be some sort of a new normal in the economy, but a new normal there is still a good growth rate. And so, with the number of middle class -- people growing into the middle class and the LTE adoption rate being still fairly low, around 45%, 50% or so, then I think we continue to have a really good opportunity there. And so, we continue to focus significantly in China.

從長遠來看，拋開 90 天的短期週期等因素，我們非常看好中國。我們看到那裡的中產階級正在蓬勃發展。經濟領域或許會出現某種新常態，但這種新常態仍然意味著良好的成長率。因此，隨著中產階級人數的增加——越來越多的人步入中產階級，而 LTE 的普及率仍然相當低，大約在 45% 到 50% 左右，我認為我們仍然擁有非常好的機會。因此，我們將繼續把重點放在中國市場。

Great. Thank you. And then, can you talk a bit about acquisitions. I don't mean like the smaller ones that you've done at a normal cadence, but there was clearly a fairly large one announced at least this week in the content world. And, especially if you find a way to have [cash] repatriation of some of the cash at a low tax rate possibly with the next administration. So, just if you can give an overall view of how you think about acquisitions that might be a little bit larger than normal?

偉大的。謝謝。那麼，您能否談談收購方面的問題？我指的不是像你正常節奏下發布的那些規模較小的消息，而是至少在本週內容領域明顯宣布了一項相當大的消息。尤其是如果你能找到辦法，讓部分現金以較低的稅率匯回國內，或許還能在下一屆政府任期內實現。那麼，您能否大致談談您對規模可能比正常情況稍大的收購的看法？

We're open to acquisitions of any size that are of strategic value where we can deliver better products to our customers and innovate more. And so, we look at a whole variety of companies, and based on that, we choose whether to move forward or not. But, we're definitely open, and we definitely look.

我們樂於接受任何規模的策略性收購，透過這些收購，我們可以為客戶提供更好的產品，並進行更多創新。因此，我們會考察各種各樣的公司，並根據考察結果來決定是否繼續前進。但是，我們絕對持開放態度，也一定會認真考慮。

Thank you.

謝謝。

Yes.

是的。

Thank you, Shannon. Could we have the next question, please.

謝謝你，香農。請問下一個問題可以嗎？

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. I have a question and a follow-up, please. I guess a cynic could say Apple is benefiting from an extra week this quarter and is benefiting from Samsung being in complete disarray. And yet, from your guidance, it's unclear that iPhone unit growth will be up or certainly not up more than low single digits implied from your guidance. And, I appreciate some of the issues around channel inventory build and the timing of the launch.

是的，謝謝。我有一個問題和一個後續問題，請問如何解決？我猜憤世嫉俗的人可能會說，蘋果公司受益於本季多出的一周時間，也受益於三星的徹底混亂。然而，根據您的預測，iPhone 的銷售成長是否會上升尚不明確，或至少不會超過您預測中暗示的個位數成長。而且，我也理解大家對通路庫存建置和發佈時間安排方面存在的一些問題。

But, if I just stand back from that and say you have terrific new products. Your major competitor is laying down. You have an enormous -- you have a significant contribution from an extra week, arguably, 7% or 8%, and yet the iPhone growth is sort of flattish. What does that really say about how investors should think about iPhone on a sustained basis growing forward? And, is it reasonable to think that this is an ongoing, growing business for the Company?

但是，如果我拋開這些不談，簡單地說你們的新產品非常棒。你的主要競爭對手已經敗下陣來。額外一週的貢獻巨大——可以說有 7% 或 8% 的貢獻，然而 iPhone 的成長卻有些平緩。這究竟說明了投資人該如何看待iPhone未來的持續成長？那麼，認為這對公司來說是一項持續成長的業務，這種想法是否合理呢？

Toni, let me take this one. I think you mentioned a number of the things that are affecting us in the December quarter, and I went through them with Katy just a few minutes ago.

東尼，這個交給我吧。我想你提到了一些在十二月季度影響我們的因素，我幾分鐘前也和凱蒂討論過這些因素。

You're right. We've got an extra few days. You know very well the launch timing is different. You know that we increased iPhone channel inventory by 3.3 million units a year ago. I mentioned two issues that affect us, the one-timer from a year ago that you obviously need to exclude from the compare and the FX that is the reality of our business right now.

你說得對。我們還有幾天時間。你很清楚，發射時間是不一樣的。你知道，一年前我們增加了 330 萬部 iPhone 通路庫存。我提到了兩個影響我們的問題，一個是一年前的一次性事件，顯然需要從比較中排除，另一個是外匯波動，這是我們目前業務的現實。

But, maybe the most important element of this is the fact that we are supply-constrained on 7 and 7 Plus. And so, when you talk about other competitors, it's not particularly relevant to us right now because we are selling everything that we can produce. And so, when we look at all these things in its totality, we think that for the total Company, of course, we believe that revenue is going to grow. You know that we don't get into specific product from a unit standpoint giving guidance. And so, we feel very confident about the trajectory for the Company and for iPhone going forward.

但或許其中最重要的因素是，7 和 7 Plus 的供應受到限制。所以，當你們談論其他競爭對手時，這對我們來說並不特別重要，因為我們正在銷售我們能夠生產的所有產品。因此，當我們綜合考慮所有這些因素時，我們認為，就整個公司而言，當然，我們相信收入將會成長。你知道我們不會從具體產品的角度提供指導。因此，我們對公司和 iPhone 未來的發展軌跡充滿信心。

Tim, if I could ask you one, please. You've talked in the past about television being an area of intense interest. I was wondering if you could reaffirm that statement? Is that still the case?

提姆，我可以問你一個問題嗎？你之前曾說過，電視是你非常感興趣的領域。我想請您再確認一下這個說法？現在情況仍然如此嗎？

And then, additionally, given what's happening with acquisitions, how broadly you think about the role of content? Apple has started creating on a very limited scale some of its own content, and whether you think content creation and ownership is important to Apple? Or, whether Apple ultimately sees its place in the value chain as being more around ecosystem and distribution?

此外，考慮到收購的現狀，您對內容的作用有何看法？蘋果公司已經開始小規模地製作一些自己的內容，你認為內容創作和所有權對蘋果公司來說重要嗎？或者，蘋果最終是否認為自己在價值鏈中的位置更圍繞著生態系統和分銷管道？

I would confirm that television has intense interest with me and many other people here. In terms of owning content and creating content, we have started with focusing on some original content as you point out. We've got a few things going there that we talked about. And, I think it's a great opportunity for us, both from a creation point of view and an ownership point of view. And so, it is an area that we're focused on.

我可以證實，我和這裡許多其他人一樣，對電視有著濃厚的興趣。在內容擁有和內容創作方面，正如您所指出的，我們已經開始專注於一些原創內容。我們在那兒有一些事情正在籌備中，我們也討論過這些事。而且，我認為這對我們來說是一個絕佳的機會，無論從創造的角度來看，還是從所有權的角度來看。所以，這是我們重點關注的領域。

Thank you, Toni. Could we have the next question, please.

謝謝你，托尼。請問下一個問題可以嗎？

From Goldman Sachs, Simona Jankowski.

來自高盛的西蒙娜·揚科夫斯基。

Thank you. I have a question for Luca, and then one for Tim as well. Luca, I wanted to dig into the services business a bit more. As you pointed out, it accelerated again to 24%. How does that compare to the pace of growth of the installed base, just to help us decouple how much of it is consumption-driven on a per-user basis versus the base as a whole?

謝謝。我有一個問題想問盧卡，還有一個問題想問提姆。盧卡，我想更深入地了解服務業。正如你所指出的，它再次加速成長至 24%。為了幫助我們區分其中有多少是按用戶計算的消費驅動增長，又有多少是按整體用戶計算的消費驅動增長，那麼這與已安裝用戶群的增長速度相比如何呢？

Simona, the installed base number is something that we talk about periodically. Last time we talked about it was in the January call. It is growing. Our installed base is growing very well which is very important for us. It's growing on all major products, and it's growing, of course, in total.

Simona，使用者基數是我們定期討論的話題。我們上次討論這個問題是在一月的電話會議上。它正在發展壯大。我們的用戶基數成長非常順利，這對我們來說非常重要。所有主要產品的成長率都在成長，當然，整體成長率也在成長。

When you look at our services revenue, the growth of the services revenues has been accelerating during the course of the year. During a period when, as you know, our revenue came down slightly. So, what that means in practice is that what we are seeing with our customers that consume our services is that the people that are actually taking advantage of our services, over time, they tend to spend more and more on our services.

從我們的服務收入來看，服務收入的成長在今年一直在加速。如您所知，在此期間，我們的收入略有下降。因此，實際意義在於，我們看到，使用我們服務的客戶，隨著時間的推移，往往會在我們的服務上花費越來越多的錢。

We've got customers who are very engaged with our products. They're very loyal, and so you see this upward trajectory of our services business. It's not only with the App store but several categories that are growing very well for us. Tim mentioned Apple Music, but we've got other parts of the business that continue to do well. Even as I said, during a period of time when our sales have come down a bit.

我們有很多客戶對我們的產品非常感興趣。他們非常忠誠，所以你會看到我們的服務業務呈現上升趨勢。不只 App Store，我們還有好幾個品類都發展得非常好。蒂姆提到了 Apple Music，但我們公司的其他業務也持續發展良好。正如我所說，在我們銷售額有所下降的這段時間。

Thank you. And then, Tim, we've seen an increasing focus on artificial intelligence both in smartphones like the new Pixel from Google, but also in some of the home assistants like the Amazon Echo. And, you have obviously had Siri for a while as well. But, I just am curious how you think about balancing AI with your focus on privacy. Also, how important it is to have a dedicated home assistant versus just having the phone as the home assistant?

謝謝。提姆，我們看到，無論是像Google新 Pixel 這樣的智慧型手機，還是像亞馬遜 Echo 這樣的智慧家庭助手，都越來越關注人工智慧。顯然，你使用 Siri 也有一段時間了。但我很好奇您是如何看待在人工智慧和隱私保護之間取得平衡的。另外，擁有一台專用的家庭助手與僅使用手機作為家庭助手相比，哪個更重要？

I think that, to answer your second question first, I think that most people would like an assistant with them all the time. And, we live in a mobile society. People are constantly moving from home to work and to other things that they may be doing. And so, the advantage of having an assistant on your phone is it's with you all the time. That doesn't say that there's not a nice market for a home one. I'm not making that point.

我覺得，先回答你的第二個問題，我認為大多數人都希望身邊一直有助手。而且，我們生活在一個流動性很強的社會。人們不斷地在家庭、工作場所和其他活動之間奔波。因此，手機上擁有助手的好處是它總是伴你左右。但這並不代表家用產品沒有不錯的市場。我並不是想表達這個觀點。

I'm just saying on a balanced point of view I think the usage of one on the phone will likely be much greater. In fact, you can just look at Siri today, and this is now accelerating with iOS 10 and the Mac. But, we've been getting 2 billion requests a week for Siri.

我只是說，從平衡的角度來看，我認為在手機上使用這種設備的可能性會更大。事實上，你現在就可以看看 Siri，而隨著 iOS 10 和 Mac 的推出，這一趨勢正在加速發展。但是，我們每週都會收到 20 億次 Siri 請求。

And so, it's very large, and to the best of our knowledge, we've shipped more assisted, enabled devices than probably anyone out there. Our focus is on this worldwide. And so, it's not only a US focus, but we want to deliver a great experience around the world and deliver globally. So, we've put a lot of the energy into doing that.

因此，我們的規模非常龐大，據我們所知，我們出貨的輔助設備數量可能比市面上任何其他公司都多。我們的關注點是全球性的。因此，這不僅是我們美國的關注點，我們還希望在全球範圍內提供卓越的體驗。所以，我們投入了大量精力去做這件事。

In terms of the balance between privacy and AI, this is a long conversation. But, at a high level, I think it's a false tradeoff that people would like you to believe that you have to give up privacy in order to have AI do something for you. We don't buy that. It may take a different kind of work. It might take more thinking. But, I don't think we should throw our privacy away.

關於隱私與人工智慧之間的平衡，這是一個值得深入探討的議題。但從宏觀層面來看，我認為人們想讓你相信你必須放棄隱私才能讓人工智慧為你做事，這是一種錯誤的權衡。我們不認同這種說法。這可能需要採取不同的工作方式。可能需要更多思考。但是，我認為我們不應該放棄隱私。

It's like the age-old argument about privacy versus security. We should have both. It shouldn't be making a choice. And so, that at a high level is how we see it.

這就像是關於隱私與安全之間由來已久的爭論一樣。我們應該兩者兼備。它不應該做出選擇。所以，從宏觀層面來說，這就是我們看待這個問題的方式。

Thank you.

謝謝。

Thank you, Simona. Could we have the next question, please.

謝謝你，西蒙娜。請問下一個問題可以嗎？

We'll go to Steve Milunovich with UBS.

我們將採訪瑞銀集團的史蒂夫·米盧諾維奇。

Thank you very much. Luca, I wanted to ask you about the total deferred revenue, which was down about $1.3 billion in June, and down I think another $400 million in September. Those are rather large declines even given the fact that your units are coming down, and you had the accounting change back in September. Could you talk about some of the drivers of that, and what you might expect going forward?

非常感謝。盧卡，我想問你關於遞延總收入的問題，6 月下降了約 13 億美元，我認為 9 月又下降了 4 億美元。即使考慮到你們的銷量正在下降，而且你們在九月進行了會計變更，這些降幅仍然相當大。您能否談談造成這種情況的一些原因，以及您對未來有何預期？

Steve, you mentioned by far the largest driver. The largest driver is the fact that we made the change, an accounting change to our ESPs exactly a year ago. So, we are lapping the year where you see the effect. I think you're not going to see the same thing going forward.

史蒂夫，你提到了迄今為止最大的驅動因素。最大的驅動因素是我們一年前對我們的電子郵件服務提供者 (ESP) 進行了會計變更。所以，我們即將迎來能夠顯現這種效果的一年。我認為以後不會再出現同樣的情況了。

And then, we tend to defer some revenue on some other categories like, for example, gift cards or some AppleCare. But, in general, by far the largest element is the change in ESPs. I don't think you're going to see the same impact going forward.

然後，我們往往會將部分收入從其他類別中扣除，例如禮品卡或 AppleCare 服務。但總的來說，最大的變化因素是ESP的變化。我認為未來不會再出現同樣的後果了。

Okay. Thank you. And then Tim, some investors are antsy that Apple has not acquired new profit pools or introduced a financially material new product in recent years. The question is, A, does Apple today have a grand strategy for what you want to do? I know you won't tell us what it is. But, do you know what you want to do over the next three to maybe five years? Or, is it more a read the market and quickly react?

好的。謝謝。提姆，一些投資者感到焦慮，因為蘋果近年來沒有獲得新的利潤來源，也沒有推出具有重大財務意義的新產品。問題是，A，蘋果公司目前是否有一個宏偉的策略來實現你想要的目標？我知道你不會告訴我們那是什麼。但是，你知道未來三到五年你想做什麼嗎？或者，這更像是一種洞察市場並迅速做出反應的方式？

B, do you have any sense, we're kind of in a gap period where the technology and arguably what we've called the next job to be done haven't yet aligned? So, maybe in a couple years, we will see this flurry of new products, and it will sort of match what people want to do but it's not quite here yet?

B，你有沒有意識到，我們現在正處於一個過渡期，技術和我們所說的下一個要完成的工作還沒有完全契合？所以，也許過幾年，我們會看到大量新產品湧現，某種程度上會符合人們的需求，但現在還沒有完全實現？

We have the strongest pipeline that we've ever had, and we're really confident about the things in it. But, as usual, we're not going to talk about what's in it.

我們擁有有史以來最強大的產品線，我們對其中的產品非常有信心。但是，和往常一樣，我們不會討論裡面的內容。

But, in terms of your approach, I guess, to new products. Do you have a strong sense of where technology is going? Where you're going to play? Or, is it still enough up in the air that you're willing to react fairly quickly which arguably your organization allows you to do for the size of the Company you are.

但是，就你們對待新產品的態度而言，我想…您對科技發展方向有敏銳的洞察力嗎？你要去哪裡比賽？或者，目前情況仍不明朗，以至於您願意迅速做出反應？考慮到貴公司的規模，貴公司或許也允許您這麼做。

We have a strong sense of where things go, and we're very agile to shift as we need to.

我們對事物的發展方向有著敏銳的洞察力，並且能夠根據需要靈活調整。

Okay. Thank you.

好的。謝謝。

Thanks, Steve. Can we are have the next question, please.

謝謝你，史蒂夫。請問可以問下一個問題嗎？

From Bank of America, Wamsi Mohan.

來自美國銀行的 Wamsi Mohan。

Thank you. So, Tim and Luca, you saw that you could raise the ASP on the iPhone 7 Plus by $20, and you're completely sold out. So, clearly this device plays a central role in our lives, so much that owners probably look at that incremental cost as a great tradeoff to get the best device out there.

謝謝。所以，提姆和盧卡，你們發現可以將 iPhone 7 Plus 的平均售價提高 20 美元，而且全部都售罄。所以很明顯，這款設備在我們的生活中扮演著核心角色，以至於用戶可能會認為增加的成本是獲得市面上最好的設備的絕佳權衡。

As you see more and more features being added into iPhones, do you conceptually expect that you're anywhere close to the point where raising ASPs further would be net-disruptive to demand? Or, do you see more room to raise ASPs over time as you add incremental features. And, I have a follow-up.

隨著 iPhone 的功能越來越多，您認為目前的情況是否已經接近這樣一個臨界點：進一步提高平均售價會對市場需求產生負面影響？或者，隨著功能的逐步增加，您是否認為平均售價還有提升空間？我還有一個後續問題。

With the iPhone 7 Plus, we've put an incredible amount of innovation into the camera and the overall photo experience, and customers are obviously using that and have discovered that they love it. So, we're getting an incredible amount of feedback there. We also get incredible feedback on the iPhone 7.

在 iPhone 7 Plus 上，我們為相機和整體拍照體驗注入了大量的創新，而用戶顯然也正在使用這些創新功能，並且發現他們非常喜歡。所以，我們收到了大量的回饋。我們也收到了關於 iPhone 7 的大量好評。

But, the mix that we projected on an iPhone 7 Plus is short of what the reality is. So, we are chasing supply there. In terms of the ASP, the way we think about it is we want to charge a fair price. And so, we don't want to charge more than that, and we think it's worth being fair. And so, that's how we look at it.

但是，我們在 iPhone 7 Plus 上展示的音質與實際情況並不相符。所以，我們正在那裡追逐供應。就平均售價而言，我們的想法是，我們希望收取合理的價格。所以，我們不想收取超過這個價格，我們認為公平定價是值得的。所以，我們就是這樣看待這個問題的。

If I can add, Wamsi, keep in mind that in a lot of countries around the world the reality is that our customers have seen some significant price increases because of the FX situation, right. And, that's something that we need to keep in mind as well.

Wamsi，我還要補充一點，請記住，由於匯率波動，世界許多國家的消費者都面臨著價格大幅上漲的現實，對吧？這一點我們也需要牢記在心。

Great. Thanks for the clarification. And, Tim, this year, we saw carrier incentives come back to force, post the launch of the iPhone 7, 7 Plus. Two years ago, there was a giant upgrade cycle from the iPhone 6, 6 Plus.

偉大的。謝謝你的解釋。提姆，今年，隨著 iPhone 7 和 7 Plus 的發布，我們看到營運商的激勵措施再次發揮作用。兩年前，iPhone 6 和 6 Plus 經歷了大規模的升級。

Do you think every couple of years we are likely to see carrier incentives come back into play given worries around customer churn? Thereby, making the phone even more affordable? Thanks.

鑑於對客戶流失的擔憂，您認為我們是否可能每隔幾年就會看到營運商再次推出激勵措施？這樣一來，手機的價格就更實惠了？謝謝。

We clearly saw that this year. There's a lot of competition for customers in the US which I think is the market that you're talking about. Whether that will happen every two years, I don't know. But, I suspect that any time there are large numbers of customers that have a phone that's in that two-year kind of range that it tends to be a sweet spot, and I think you probably will see a lot of people trying to recruit those customers.

今年我們已經清楚地看到了這一點。美國市場競爭非常激烈，我想你指的就是這個市場。我不知道這種情況是否會每兩年發生一次。但我認為，當有大量客戶擁有使用年限在兩年左右的手機時，這往往是一個絕佳的時機，我認為你可能會看到很多人試圖招攬這些客戶。

Thanks, Tim.

謝謝你，提姆。

Thank you.

謝謝。

Thank you. Can we have the next question, please.

謝謝。請問下一個問題可以嗎？

Jim Suva with Citi.

吉姆·蘇瓦，花旗銀行。

Thank you very much. A strategy question for Tim and then more of a financial question for Luca. Tim, you had mentioned in your prepared comments a little bit about India, and we've been doing a lot of work talking about the opportunities in India. And, we get a lot of pushback talking about disposable income metrics and lots of things like that, yet the population being so large.

非常感謝。蒂姆面臨一個策略性問題，而盧卡則面臨一個財務方面的問題。提姆，你在事先準備好的演講稿中稍微提到了印度，而我們一直在努力探討印度的機會。而且，我們在談論可支配收入指標以及類似的事情時，經常會遇到很多阻力，然而人口數量卻如此龐大。

Can you talk a little about, do you see that India could at some point be as [big] of an opportunity as China, and it appears that the legal rules have prevented you from going in a lot. But, it looks like that's changing. Can you give us a little more clarity on India?

您能否談談您認為印度在未來某個時候是否會像中國一樣具有巨大的發展機會？似乎法律規則阻礙了您進入印度市場。但是，這種情況似乎正在改變。能再詳細解釋一下印度的情況嗎？

And then, Tim, for the clarification questions. Is it fair to say that the OpEx has a disproportionate more expense side with the 14th week that we should think of maybe as we go forward, that we shouldn't expect the OpEx to be chugging along at that high rate? Or, is it just kind of the rate of investing that you're going? Thank you very much, gentlemen.

然後，提姆，回答一些需要澄清的問題。可以說，營運支出在第 14 週出現了不成比例的額外支出，我們或許應該考慮到這一點，我們不應該期望營運支出一直保持如此高的速度嗎？或者，這只是你目前的投資速度？非常感謝各位先生。

Thanks for the question. I'll let Luca talk about the OpEx piece of it. On India, I think it's important to look not only at per-capita income, which may be what you're looking at, but sort of look at the number of people that are or will move into the middle class over the next decade. And, the age of the population, if you look at India, almost 50% of the population is under 25. So, you have a very, very young population. The smartphone has not done as well in India in general.

謝謝你的提問。關於營運支出方面的內容，就讓盧卡來談談吧。關於印度，我認為重要的不僅是人均收入（這可能是你正在關注的），還要看看未來十年有多少人已經或將要進入中產階級。而且，從人口年齡結構來看，以印度為例，幾乎 50% 的人口年齡在 25 歲以下。所以，你們的人口非常非常年輕。整體而言，智慧型手機在印度的發展並不順利。

However, one of the key reasons for that is the infrastructure hasn't been there. But, this year, or this year and next year, there are enormous investments going in on 4G, and we couldn't be more excited about that because it really takes a great network working with iPhones to produce that great experience for people.

然而，造成這種情況的關鍵原因之一是基礎設施尚未到位。但是，今年，或者說今年和明年，4G 將獲得巨額投資，我們對此感到無比興奮，因為要為人們帶來如此出色的體驗，確實需要一個強大的網絡與 iPhone 協同工作。

And so, I see a lot of the factors moving in the right direction there. I also think the government is much more focused on the infrastructure and on creating jobs, which is fantastic, because you really need the infrastructure and the technology to do that.

因此，我認為很多因素都在朝著正確的方向發展。我也認為政府更注重基礎建設和創造就業機會，這非常好，因為要做到這一點，確實需要基礎設施和技術。

Will it be as big as China? I think it's clear that the population of India will exceed China sometime in the -- probably the next decade or so, maybe less than that. I think it will take longer for the GDP to rival it.

它會像中國一樣大嗎？我認為很明顯，印度人口將在某個時候超過中國——可能是在未來十年左右，也可能更短。我認為GDP需要更長時間才能趕上它。

But, that's not critical for us to have a great success there. The truth is, there's going to be a lot of people there and a lot of people in the middle class that will really want a smartphone. And, I think we can compete well for some percentage of those. And, given our starting point, even though we've been growing a lot, there's a lot of headroom there in our mind. And so, we're working very hard to realize that opportunity.

但是，這對於我們在那裡取得巨大成功來說並非至關重要。事實上，那裡會有很多人，而且很多中產階級人士都會非常想要一部智慧型手機。而且，我認為我們可以在部分市佔率上與競爭對手展開激烈競爭。而且，考慮到我們的起點，儘管我們發展迅速，但我們仍然認為還有很大的提升空間。因此，我們正在努力抓住這個機會。

And, Jim, on OpEx, our approach to OpEx is quite clear and quite simple. We want to continue to invest in the business in all the areas where we think it's critical for us to invest.

吉姆，關於營運支出，我們採取的營運支出方法非常清晰簡單。我們希望繼續在我們認為至關重要的所有領域投資業務。

So, you see that we make significant investments in R&D. You've seen the growth rates over the last couple of years. We are making important investments in data centers because we want to support our services business. We continue to open retail stores around the world. We continue to invest in marketing and advertising.

所以，您可以看到我們在研發方面投入了大量資金。過去幾年的成長率你們都看到了。我們正在對資料中心進行重大投資，因為我們想為我們的服務業務提供支援。我們持續在全球各地開設零售店。我們將繼續加大對行銷和廣告的投入。

At the same time, we want to continue to be efficient and lean. It's something that we've done very well over the years. We want to continue to do that. So, what you've seen, for example, in FY16, you've seen investments in R&D growing at 25% and then our SG&A expenses to be about flat. This is kind of the approach that we want to take and continue to take going forward.

同時，我們希望繼續保持高效精簡。多年來，我們在這方面做得非常出色。我們希望繼續這樣做。例如，在 2016 財年，研發投資成長了 25%，而銷售、一般及行政費用則基本持平。這正是我們希望採取並將繼續採取的方式。

If you step back for a second and you look at our implied guidance for the December quarter, we've got an expense-to-revenue ratio of 9%. This is extremely competitive in our industry, and I would I say in general. So, we want to continue to have this balance. Make the right investments and remain efficient.

如果退後一步，看看我們對 12 月季度的隱含預期，我們的支出收入比為 9%。在我們這個行業，甚至整個產業，競爭都非常激烈。所以，我們希望繼續保持這種平衡。做出正確的投資，保持高效率。

Thank you and congratulations, and thanks for the details, gentlemen.

謝謝，恭喜！也感謝各位提供的詳細資訊。

Thank you, Jim. Can we have the next question, please.

謝謝你，吉姆。請問下一個問題可以嗎？

We'll go to Rod Hall with JPMorgan.

我們將和摩根大通一起去羅德·霍爾。

Hi. Thanks for the question. I had one for Luca and then a follow-up for Tim. So, Luca, I wanted to ask about the gross margin guidance? I think that the Street and we were expecting something a little bit higher, and I guess that's about 50 basis points lower. The Street -- it was 70 basis points lower. I'm just curious, do you think that people are mis-modeling that? Or, is there something going on with pricing or mix there that you could provide us more color on? That's my first question.

你好。謝謝你的提問。我給盧卡發了一份，然後又給蒂姆發了一份後續郵件。盧卡，我想問毛利率預期？我認為華爾街和我們都預期會更高一些，而實際結果比預期低了大約 50 個基點。華爾街方面－下跌了70個基點。我只是好奇，你認為人們是否對這種模式有誤解？或者，定價或產品組合方面是否有其他情況需要您提供更多資訊？這是我的第一個問題。

Rod, let me give you some details both on a sequential basis, and I'll give you also something on a year-over-year basis because maybe that's where the disconnect comes from looking at last year's gross margins in the December quarter.

羅德，讓我按季度給你一些細節，我還會以同比給你一些細節，因為也許這就是你從去年12月季度的毛利率中看出差異的地方。

On a sequential basis, we're essentially guiding to some improvement in gross margins. We had 38% both in the June quarter and in the September quarter. We're guiding slightly higher for the December quarter because on the positive we're going to have, of course, better leverage and the mix in the December quarter tends to be better. But, we need to keep into account the fact that these positives are going to be partially offset by the cost structures of the new products that we are launching now, and we launched already a few during the September quarter and that will have an impact on our December-quarter results.

從季度環比來看，我們預計毛利率將有所改善。我們在6月份季度和9月份季度的佔比均為38%。我們對 12 月季度的業績預期略有上調，因為有利的一面是，我們當然會擁有更好的槓桿率，而且 12 月季度的業務組合往往會更好。但是，我們需要考慮到，這些積極因素將被我們現在推出的新產品的成本結構部分抵消，而且我們在9月份的季度中已經推出了一些新產品，這將對我們12月份的季度業績產生影響。

On a year-over-year basis, keep in mind that last year we did in Q1 we did 40%, around 40%, 41%. But, there's a couple of things that I think need to be considered before doing a year-over-year compare. And, it's a fact that last year we had this award for a patent infringement of $548 million that is at the gross margin level is 40 Bps.

與去年同期相比，請記住，去年第一季我們的業績為 40%、40% 或 41%。但是，在進行同比比較之前，我認為有幾件事需要考慮。事實上，去年我們因專利侵權獲得了 5.48 億美元的賠償，毛利率為 40 個基點。

And then, we've got the FX situation which I mentioned before which is worth another 60, 70 Bps. And so, you're left with less than 100 basis points deterioration on a year-over-year basis where, again, we have the reality of new cost structures into our products.

然後，還有我之前提到的外匯市場狀況，這又會帶來 60、70 個基點的影響。因此，與去年同期相比，惡化幅度不到 100 個基點，而這再次反映了我們產品中新的成本結構的現實。

It is very, very important, I think, for investors to understand that what's happened during the last two years. During the last two years the US dollar has appreciated by 15% over the basket of currencies where we do business. And, we are a Company that generates two-thirds of our revenues outside the United States. 15% appreciation of the US dollar. So, on a year-over-year basis, just 2016 over 2015, was 340 Bps impact from foreign exchange.

我認為，投資人非常非常需要了解過去兩年發生的事情。過去兩年，美元兌我們開展業務的一籃子貨幣升值了 15%。而且，我們公司三分之二的收入都來自美國以外地區。美元升值15%。因此，光是 2016 年與 2015 年相比，外匯影響就達到了 340 個基點。

This is something that we have offset almost entirely through a number of initiatives going from pricing actions to cost initiatives to our hedging program. But, at some point, the strong dollar becomes the new normal, and we need to work with that. And, I think over the years, we have made very good tradeoffs, and our gross margins have been quite stable over time.

我們透過一系列舉措，從定價措施到成本控制措施再到避險計劃，幾乎完全抵消了這一影響。但是，在某種程度上，強勢美元會成為新的常態，我們需要適應這種情況。而且，我認為這些年來，我們做出了非常好的權衡，我們的毛利率也相當穩定。

Okay. Great. Thanks, Luca. And then, Tim, I wanted to ask you, this question comes up once in a while. But, I just wanted to ask you if you could talk to us a little bit about the arguments on both sides of the dividend question.

好的。偉大的。謝謝你，盧卡。然後，提姆，我想問你一個問題，這個問題時不時會被問到。但是，我只是想請您和我們談談關於股息問題的正反雙方的論點。

Apple seems to be perpetually undervalued. It's a very large Company. It is getting harder and harder to grow. Your payout ratio is significantly below the S&P 500. I know you can't tell us what your intentions are here, but if you could help us understand how that thinking around the dividend works it would be great.

蘋果似乎一直被低估。這是一家規模非常大的公司。發展越來越難了。您的股利率遠低於標普500指數。我知道您不能告訴我們您的意圖，但如果您能幫助我們理解您圍繞分紅的想法是如何運作的，那就太好了。

We review the capital return annually, and we've established a cadence now to announce our thinking on that every April. So, we have a robust discussion around the dividend and the buyback.

我們每年都會對資本回報進行審查，並且我們已經建立了一個慣例，即每年四月公佈我們對此的看法。所以，我們圍繞著股利和股票回購展開了深入的討論。

We very much believe that Apple is very undervalued, and so we're investing with confidence in the Company that we know really well. And so, that thinking has I think proven out over time, and I think been very good for our shareholders. And, in addition to that, we know that some shareholders really like a dividend and some ongoing income, and so we provided an amount that we think is a good amount and have a good track record of raising it annually. And so, we'll be able to say more on that I'm sure in April of next year.

我們堅信蘋果公司被嚴重低估，因此我們對這家我們非常了解的公司充滿信心，並對其進行投資。因此，我認為這種想法隨著時間的推移而得到了證明，我認為這對我們的股東來說非常有利。此外，我們也知道有些股東非常喜歡分紅和持續的收入，因此我們提供了一個我們認為合適的金額，並且我們有良好的逐年提高分紅的記錄。所以，我相信明年四月我們就能就此發表更多評論了。

Thank you.

謝謝。

A replay of today's call will be available for two weeks as a podcast on the iTunes store, as a webcast on www.apple.com/investor, and by telephone. The numbers for the telephone replay are 888-203-1112 or 719-457-0820. Use our confirmation code 2017273. These replays will be available by approximately 5 PM Pacific Time today. Members of the press with additional questions can contact Kristin Huguet at 408-974-2414, and financial analysts can contact Joan Hoover or me with additional questions. Joan is at 408-974-4570, and I'm at 408-974-5420. Thanks again for joining us.

今天的電話會議錄音將在兩週內以播客形式在 iTunes 商店提供，也可以透過網路直播在 www.apple.com/investor 上收聽，也可以透過電話收聽。電話重播號碼為 888-203-1112 或 719-457-0820。請使用我們的確認碼 2017273。這些比賽重播將於今天太平洋時間下午5點左右上線。媒體成員如有其他疑問，可致電 408-974-2414 聯絡 Kristin Huguet；金融分析師如有其他疑問，可致電 Joan Hoover 或聯絡我。瓊的電話號碼是 408-974-4570，我的電話號碼是 408-974-5420。再次感謝您的參與。

That does conclude today's presentation. We do thank everyone for your participation.

今天的演講到此結束。我們衷心感謝大家的參與。