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 Apple Incorporated 2016 財年第四季度財報電話會議。

Today's call is being recorded.

今天的電話正在錄音。

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

目前，關於開場白和介紹，我想將電話轉給投資者關係高級總監 Nancy Paxton。

Please go ahead, ma'am.

請繼續，女士。

Thank you.

謝謝你。

Good afternoon, and thanks to everyone for joining us.

下午好，感謝大家加入我們。

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

今天首先發言的是蘋果公司首席執行官蒂姆庫克；緊隨其後的是首席財務官 Luca Maestri。

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

在那之後，我們將打開分析師提問的電話。

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

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。

Actual results or trends could differ materially from our forecasts.

實際結果或趨勢可能與我們的預測大相徑庭。

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

如需更多信息，請參閱 Apple 2015 年的 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，以及美聯社發布。

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

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。

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.

謝謝，南希。

Good afternoon, and thank you for joining us.

下午好，感謝您加入我們。

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.

我們正處於 Apple 非常繁忙的季節，本周星期四，我們將在 Apple 園區舉辦另一場活動。

All of us are excited, and we think our customers are going to love these latest innovations.

我們所有人都很興奮，我們認為我們的客戶會喜歡這些最新的創新。

Our results for the September quarter were very strong.

我們在 9 月季度的業績非常強勁。

We generated $46.9 billion in revenue in the quarter, toward the high end of our guidance range.

我們在本季度創造了 469 億美元的收入，接近我們指導範圍的高端。

Gross margin was 38%, at the very top of our range.

毛利率為 38%，處於我們範圍的最高水平。

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.

我們售出了 4550 萬部 iPhone，與我們 1 月份預測的過去兩個季度相比，業績同比持續改善。

IPhone sales were up year-over-year in 33 of our top 40 markets.

在我們排名前 40 的市場中，有 33 個市場的 iPhone 銷量同比增長。

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.

如您所知，iPhone 客戶是世界上最滿意和最忠誠的客戶，2016 財年從 Android 轉向 iPhone 的客戶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.

這是由於我們通過產品提供的卓越客戶體驗，這是其他公司無法比擬的。

We had a record-setting quarter for services with revenue growth accelerating to 24%, reaching $6.3 billion.

我們有一個創紀錄的季度服務收入增長加速至 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.

由於蘋果音樂越來越受歡迎，應用商店收入繼續飆升，而音樂收入增長了 22%。

In fact, JD Power recently announced that Apple music enjoys the highest customer satisfaction rating in the streaming music market.

事實上，JD Power 最近宣布，Apple Music 在流媒體音樂市場上享有最高的客戶滿意度。

Earlier this month, I visited Japan where Apple Pay went live yesterday.

本月早些時候，我訪問了昨天 Apple Pay 上線的日本。

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.

日本客戶已經習慣於在通勤、用餐和購物的地方進行非接觸式支付，因此我們預計 Apple Pay 會得到強烈反應並迅速採用。

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.

在全球範圍內，我們通過 Apple Pay 看到了非常強勁的交易量增長，Apple Pay 本月也在俄羅斯和新西蘭推出，未來幾個月還將登陸西班牙。

Apple Pay transactions were up nearly 500% year on year for the September quarter.

9 月當季，Apple Pay 交易量同比增長近 500%。

In fact, we completed more transactions in the month of September than we did across all of FY15.

事實上，我們在 9 月份完成的交易比我們在 2015 財年全年完成的交易還要多。

And, with Apple Pay support now built into Safari, hundreds of thousands of websites are bringing Apple Pay to their customers.

而且，由於現在 Safari 內置了 Apple Pay 支持，成千上萬的網站正在將 Apple Pay 帶給他們的客戶。

Our major partners tell us that Apple Pay shows the highest conversion rate of any digital wallet.

我們的主要合作夥伴告訴我們，Apple Pay 的轉換率是所有數字錢包中最高的。

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.

鑑於我們不斷增長的安裝基礎的無與倫比的參與度、滿意度和忠誠度，我們對服務業務的未來充滿信心。

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.

在過去四年中，我們的服務收入規模幾乎翻了一番，正如我們之前所說，我們預計它在 2017 財年將達到財富 100 強公司的規模。

As for our newest products, we're thrilled with the customer response to iPhone 7 and iPhone 7 plus.

至於我們的最新產品，我們對客戶對 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].

得益於定制設計的 Apple A10 Fusion [芯片]，這些是我們製造過的最好的 iPhone，具有突破性的攝像頭系統、身臨其境的立體聲揚聲器以及有史以來最好的 iPhone 性能和電池壽命。

They feature the brightest, most colorful iPhone displays to date and come in gorgeous new finishes.

它們採用迄今為止最亮、最多彩的 iPhone 顯示屏，並採用華麗的全新飾面。

Demand continues to outstrip supply, but we're working very hard to get them into customers' hands as quickly as possible.

需求繼續超過供應，但我們正在努力盡快將它們送到客戶手中。

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.

我們的 Apple Watch Series 2 也有了一個良好的開端，它是世界上最受歡迎的下一代智能手錶，配備了新功能，包括內置 GPS、防水、顯著更亮的顯示屏和強大的雙核處理器.

Individuals and businesses alike are recognizing the potential of Apple Watch to help people stay healthy, motivated, and connected.

個人和企業都認識到 Apple Watch 在幫助人們保持健康、積極性和聯繫方面的潛力。

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.

最近的一個例子是 Aetna，它宣布了一項新舉措，通過為個人客戶和選定的大型雇主補貼 Apple Watch，徹底改變其會員的健康體驗。

In addition, Aetna is also providing Apple Watch to nearly 50,000 of its own employees to encourage them to live a healthier day.

此外，Aetna 還為自己的近 50,000 名員工提供 Apple Watch，以鼓勵他們過上更健康的一天。

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.

我們剛剛推出了 iOS、Mac OS 和 Watch OS 的新版本，並且客戶喜歡許多很棒的新功能，包括 Mac 上的 Siri、Apple Watch 增強的健康和健身功能，以及令人愉悅的全新體驗方式iOS 上的照片具有我們稱之為記憶的功能。

We've made massive advances in messages, making them more expressive and fun than ever with powerful animations, invisible ink, and handwritten notes.

我們在消息方面取得了巨大進步，通過強大的動畫、隱形墨水和手寫筆記使它們比以往更具表現力和樂趣。

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.

我們在全新的 App Store 中看到了來自開發者的出色消息產品，而且我們的月度活躍用戶顯著增加。

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.

iOS 10 的一項重要新功能是家庭應用程序，它使家庭自動化易於設置和直觀使用。

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.

客戶可以通過他們最喜歡的 iOS 設備輕鬆設置和安全控制所有家居套件配件，從燈和相機到車庫門和空調。

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.

我們預計到今年年底將有超過 100 款兼容家用套件的產品上市，所有產品均經過 Apple 審核和批准，以幫助確保客戶在使用時的安全。

Our Apple stores are wonderful places to discover and learn about these great products for the connected home.

我們的 Apple Store 零售店是發現和了解這些適用於互聯家庭的優秀產品的絕佳場所。

With our latest operating systems, machine learning is making our products and services smarter, more intuitive, and even more personal.

借助我們最新的操作系統，機器學習使我們的產品和服務更智能、更直觀、更個性化。

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.

多年來，我們一直在使用這些技術來創造更好的用戶體驗，而且我們還通過研發和收購進行了大量投資。

Today, machine learning drives improvements in countless features across our products.

今天，機器學習推動了我們產品無數功能的改進。

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.

它啟用了 iOS 10 中的主動功能，這些功能可以就您可能想要使用的應用程序或您可能想要包含在電子郵件中的聯繫人提供建議。

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.

我們的相機和照片軟件使用先進的人臉識別來幫助您拍攝更好的照片以及物體和場景識別，從而使它們更容易分類和查找。

Machine learning makes the fitness features of Apple Watch more accurate and even helps extend battery life across our products.

機器學習使 Apple Watch 的健身功能更加準確，甚至有助於延長我們產品的電池續航時間。

Machine learning continually helps Siri get even smarter in areas such as understanding natural language.

機器學習不斷幫助 Siri 在理解自然語言等領域變得更加智能。

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.

我們通過向開發人員開放 Siri 來擴展 Siri，使其能夠以多種新方式工作，最近，通過在 Mac OS Sierra 中向 Mac 用戶提供 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.

僅在最初幾週，我們就已經看到開發人員利用 Siri 和語音 API 取得了巨大的發展勢頭，我們對它與 Siri 的互動感到非常滿意。

Looking ahead, we're seeing some very exciting developments in India.

展望未來，我們在印度看到了一些非常令人興奮的發展。

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.

Reliance Jio 正在印度推出首個全 IP 網絡，4G 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.

他們為新 iPhone 的購買者提供一年的免費服務，我們正在與他們合作以確保 iPhone 在他們的網絡上的出色性能。

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.

與去年相比，我們在印度的 iPhone 銷量在 2016 財年增長了 50% 以上，我們相信我們才剛剛開始抓住這個巨大且不斷增長的市場機會的表面。

We're also very happy with the progress of our enterprise market initiatives, which continue to expand.

我們也對我們的企業市場計劃的進展感到非常高興，這些計劃繼續擴大。

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.

就在上個月，我們宣布與德勤合作，通過最大限度地提高 iOS 平台的功能、易用性和安全性，幫助公司快速輕鬆地轉變工作方式。

Deloitte is creating a unique Apple practice with over 5,000 strategic advisors focused on helping businesses transform work in functions across the enterprise.

Deloitte 正在創建一個獨特的 Apple 實踐，擁有超過 5,000 名戰略顧問，專注於幫助企業轉變整個企業的職能工作。

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.

我們還合作開發 Enterprise Next，這是一項全新的德勤諮詢服務，旨在幫助 20 多個行業的客戶充分利用 iOS 生態系統，並通過快速原型設計快速開發定制解決方案。

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.

在我們結束又一個令人難以置信的一年之際，我要感謝我們才華橫溢的員工為製造世界上最好的產品而付出的辛勤工作和熱情，感謝我們令人驚嘆的開發人員社區的不懈創造力，以及我們出色的客戶和業務合作夥伴，以及股東的忠誠和支持。

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

現在，我將把它交給 Luca 來分享 9 月季度的更多細節。

Thank you, Tim.

謝謝你，蒂姆。

Good afternoon everyone.

大家下午好。

Revenue for the September quarter was $46.9 billion, towards the high end of our guidance range.

9 月季度的收入為 469 億美元，接近我們指導範圍的高端。

Our revenue grew very strong in many emerging markets including Russia, Turkey, the Middle East, Thailand, and Vietnam.

我們的收入在許多新興市場增長非常強勁，包括俄羅斯、土耳其、中東、泰國和越南。

We continue to see solid growth in Japan and in Latin America.

我們繼續看到日本和拉丁美洲的穩健增長。

Gross margin was 38%, at the top of our guidance range, thanks to favorable cost performance.

得益於良好的成本效益，毛利率為 38%，處於我們指導範圍的頂部。

Operating margin was 25.1% of revenue, and net income was $9 billion.

營業利潤率為收入的 25.1%，淨收入為 90 億美元。

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.

每股攤薄收益為 1.67 美元，運營現金流為 161 億美元，創下 9 月份季度的新紀錄。

For details by product, I will start with iPhone.

對於產品的詳細信息，我將從 iPhone 開始。

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.

由於 iPhone 7 和 iPhone 7 plus 的成功推出，以及對其他 iPhone 的持續強勁需求，我們在本季度售出了 4550 萬部 iPhone。

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.

包括本季度末在途的 270 萬部 iPhone，我們將 iPhone 渠道庫存增加了 250 萬部，並且我們在本季度退出時遠低於我們 5 至 7 週的渠道庫存目標範圍。

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.

我們在全球許多市場都經歷了強勁的 iPhone 增長，包括加拿大、拉丁美洲、西歐、中歐和東歐、中東、印度和南亞。

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.

本季度大中華區的 iPhone 銷量下降，但客戶對 iPhone 7 和 7 plus 的初步反應讓我們相信，我們在中國的 12 月季度業績同比將明顯好於 9 月季度業績，即使我們打破了一年前的歷史記錄。

Worldwide demand for iPhone 7 and 7 plus has significantly outpaced supply, particularly on iPhone 7 plus.

全球對 iPhone 7 和 7 plus 的需求明顯超過供應，尤其是在 iPhone 7 plus 上。

And, we're working very hard to get the new iPhones into the hands of our customers as quickly as possible.

而且，我們正在努力讓新 iPhone 盡快送到我們的客戶手中。

IPhone ASP increased to $619 in the September quarter which was above our expectations.

iPhone ASP 在 9 月季度增至 619 美元，高於我們的預期。

That's up from $595 in the June quarter when we launched iPhone SE, and we had a significant channel inventory reduction.

這比我們在 6 月季度推出 iPhone SE 時的 595 美元有所上漲，而且我們大幅減少了渠道庫存。

We expect iPhone ASP to increase markedly on a sequential basis to a level similar to our ASP in the December quarter last year.

我們預計 iPhone ASP 將連續顯著增長至與我們去年 12 月季度的 ASP 相似的水平。

Customer interest and satisfaction with iPhone remains extremely strong.

客戶對 iPhone 的興趣和滿意度仍然非常高。

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.

例如，在美國，451 Research 進行的最新調查發現，在計劃在 90 天內購買智能手機的消費者中，有 65% 的人計劃購買 iPhone，而當前的 iPhone 用戶的客戶滿意度為 97%。

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.

在企業智能手機購買者中，最新調查衡量了 95% 的 iPhone 客戶滿意度，並發現在計劃在 12 月季度購買智能手機的人中，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.

在服務方面，我們創造了創紀錄的 63 億美元收入，比一年前增長了 24%。

The App store growth rate has now accelerated for five consecutive quarters reaching 43% in the September quarter.

App Store 增長率現已連續五個季度加速，9 月季度達到 43%。

The App store remains the preferred destination for both customers and developers.

App Store 仍然是客戶和開發人員的首選目的地。

According to App Annie, we generated 100% more global revenue than Google Play in the September quarter.

根據 App Annie 的數據，我們在 9 月季度創造的全球收入比 Google Play 高出 100%。

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.

除了應用程序的出色表現外，我們還看到其他幾個服務類別的收入實現了兩位數的強勁增長，正如 Tim 所說，Apple Pay 交易量也急劇增長。

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

接下來，我想談談Mac。

We sold 4.9 million Macs, facing a difficult year-over-year compare, given the launch of new Macs in the spring of 2015.

鑑於 2015 年春季新 Mac 的推出，我們售出了 490 萬台 Mac，與去年同期相比面臨困難。

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.

儘管如此，我們的 Mac 安裝基數在 9 月季度末達到了歷史新高，我們很快就會與當前和未來的 Mac 用戶分享一些令人振奮的消息。

We ended the quarter below our four- to five-week target range for Mac channel inventory.

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。

Turning to iPad, revenue was flat compared to last year.

談到 iPad，收入與去年相比持平。

iPad ASP was $459, $26 higher than a year ago, with the increase driven by the new iPad Pro line.

iPad ASP 為 459 美元，比一年前高出 26 美元，這主要得益於新的 iPad Pro 系列。

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.

我們售出了 930 萬台 iPad，並將渠道庫存減少了約 80,000 台，本季度結束時低於我們 5 至 7 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.

在我們競爭的平板電腦市場細分市場份額和客戶指標方面，我們繼續取得巨大成功。

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.

NPD 的最新數據顯示，iPad 在 9 月季度在美國平板電腦市場的份額增加，在 200 美元以上的平板電腦中佔有 82% 的份額。

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.

8 月，451 Research 測量了 iPad mini 的消費者滿意度為 96%，iPad Air 的滿意度為 95%，iPad Pro 的滿意度為 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.

在計劃在未來六個月內購買平板電腦的美國消費者中，有 73% 的人計劃購買 iPad，是以 iPad Pro 衡量的下一個最高品牌的購買意願率的 8 倍以上，iPad Pro 再次成為計劃購買的首選。

Corporate buyers reported a 94% satisfaction rate for iPad and a purchase intent of 68% for the December quarter.

企業買家報告稱，12 月季度對 iPad 的滿意度為 94%，購買意向為 68%。

In the enterprise market, we're seeing some great examples of iPad and Mac deployment.

在企業市場中，我們看到了一些很好的 iPad 和 Mac 部署示例。

Our mobility partner program continues to grow stronger with over 120 partners around the world offering tailored solutions to businesses of all sizes.

我們的移動合作夥伴計劃不斷壯大，全球有 120 多個合作夥伴為各種規模的企業提供量身定制的解決方案。

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.

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一項全球協議，在全球 34,000 個殼牌地點實施 Revel 基於 iPad 的 POS 系統服務，包括在提供 Apple Pay 的國家/地區支持 Apple Pay。

IBM has just released new data on the great results of its Mac rollout.

IBM 剛剛發布了有關其 Mac 推出的巨大成果的新數據。

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.

隨著越來越多的員工選擇 Mac，除了 48,000 部 iPad 和 81,000 部 iPhone，現在整個組織擁有 90,000 多台 Mac。

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 報告稱，與 Mac 相比，PC 的管理成本是其三倍，支持電話數量是其兩倍，並且需要後續預約來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.

由於支持成本低得多，剩餘價值顯著增加，公司在 [四年] 生命週期內將 Mac 的總擁有成本與 PC 的總成本進行比較時，每台計算機可節省高達 535 美元。

Let me now turn to our cash position.

現在讓我談談我們的現金狀況。

We ended the quarter with $237.6 billion in cash plus marketable securities, a sequential increase of $6.1 billion.

截至本季度末，我們擁有 2376 億美元的現金和有價證券，環比增長 61 億美元。

$216 billion of this cash, or 91% of the total, was outside the United States.

這筆現金中有 2160 億美元（佔總額的 91%）在美國境外。

We issued $7 billion of debt in July, leaving us with $79 billion in term debt at the end of the quarter.

我們在 7 月份發行了 70 億美元的債務，到本季度末還剩下 790 億美元的定期債務。

We returned over $9 billion to investors during the September quarter as follows.

我們在 9 月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.

我們支付了 31 億美元的股息和等價物。

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.

我們斥資 30 億美元通過公開市場交易回購了 2860 萬股蘋果股票，並推出了價值 30 億美元的新 ASR，導致 2250 萬股股票首次交割和退市。

We also completed our seventh accelerated share repurchase program, retiring an additional 12.3 million shares.

我們還完成了第七次加速股票回購計劃，額外回購了 1230 萬股股票。

So, total buyback activity during the quarter reduced our share count by 1.5%.

因此，本季度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.

我們現在已經完成了目前 2500 億美元的資本回報計劃中的 1860 億美元，其中包括 1330 億美元的股票回購。

During the September quarter, we also completed four acquisitions and incurred $3.6 billion in capital expenditures.

在 9 月季度，我們還完成了四次收購，並產生了 36 億美元的資本支出。

Our total CapEx for the year was $12.8 billion.

我們今年的總資本支出為 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.

我們本季度的有效稅率為 26%，略高於我們指導的 25.5%，因為與我們最初的預期相比，收入的地域組合不同。

Our tax rate for the full fiscal year was 25.6%.

我們整個財政年度的稅率為 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.

隨著我們進入 12 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 $76 billion and $78 billion.

我們預計收入將在 760 億美元至 780 億美元之間。

This represents a return to growth over the all-time revenue record set in the December quarter a year ago.

這代表了一年前 12 月季度創下的歷史收入記錄的增長。

We expect gross margin to be between 38% and 38.5%.

我們預計毛利率在 38% 至 38.5% 之間。

We expect OpEx to be between $6.9 billion and $7 billion.

我們預計運營支出將在 69 億美元至 70 億美元之間。

We expect OI&E to be about $400 million, and we expect the tax rate to be about 26%.

我們預計 OI&E 約為 4 億美元，我們預計稅率約為 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.

此外，今天，我們的董事會已宣佈於 2016 年 11 月 10 日向截至 2016 年 11 月 7 日在冊的股東派發每股普通股 0.57 美元的現金股息。

With that, I'd like to open the call to questions.

有了這個，我想打開問題電話。

We ask that you limit yourself to one, one-part question and one follow-up.

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。

May we have the first question, please?

請問第一個問題好嗎？

(Operator Instructions)

（操作員說明）

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

首先，我們將聽取 Gene Munster 和 Piper Jaffray 的來信。

Good afternoon and congratulations.

下午好，祝賀你。

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?

蒂姆，現在我們已經使用 iPhone 7 一個月了，您是否看到任何可衡量的年度升級趨勢？

Second is, historically in terms of new product categories, you have always looked for you unique advantage before getting into a segment.

其次，從歷史上看，在新產品類別方面，您總是在進入細分市場之前尋找自己的獨特優勢。

And, I'm curious about the car.

而且，我對這輛車很好奇。

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?

那裡有很多謠言，您希望您如何看待蘋果可以在汽車領域增加的優勢？

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.

就 iPhone 7、Gene 等有升級計劃的運營商而言，我們從他們那裡得到的信息是需求非常旺盛。

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.

但是，從全球的角度來看，事實是絕大多數地方的需求都超過了供應，尤其是在 iPhone 7 Plus 上。

And so, it's -- we're in a situation at the moment, it's difficult in the early weeks to be able to differentiate.

所以，這是 - 我們目前處於一種情況，在最初的幾週內很難區分。

But, on an anecdotal basis, it's clear the upgrade programs are a win.

但是，在軼事的基礎上，很明顯升級程序是一個勝利。

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.

我不能談論謠言，但正如你所知，我們正在尋找可以改善不同產品集的體驗和客戶體驗的方法，並且我們一直在尋找新事物。

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.

一般來說，汽車空間是一個很明顯的領域，有很多技術要么可用，要么能夠徹底改變汽車體驗。

So, it's interesting from that point of view, but certainly nothing to announce today.

所以，從這個角度來看很有趣，但今天肯定沒有什麼要宣布的。

Just one quick follow-up in terms of the supply.

就供應而言，只需快速跟進。

Do you think we'll be at equilibrium by the end of the quarter, for iPhone supply?

你認為我們會在本季度末達到 iPhone 供應的平衡嗎？

It's hard to say.

很難說。

I believe that on iPhone 7, we will.

我相信在 iPhone 7 上，我們會的。

On iPhone 7 Plus, I'm not sure.

在 iPhone 7 Plus 上，我不確定。

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.

在這一點上我不會說是，因為這兩種產品的潛在需求看起來都非常強勁，尤其是在 iPhone 7 Plus 上，而不是我們在產品發佈時的預測。

Thank you.

謝謝你。

Thanks, Gene.

謝謝，吉恩。

Can we have the next question, please.

請問下一個問題可以嗎？

Katy Huberty with Morgan Stanley.

凱蒂休伯蒂與摩根士丹利。

Thanks.

謝謝。

Good afternoon.

下午好。

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.

盧卡，鑑於所有主要產品的運行都低於目標，您能否幫助我們了解額外一周的收入指導以及渠道庫存的任何重建中包含的內容。

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.

只是想知道當你調整這兩個因素時，你是否看到收入，特別是 iPhone 的同比增長更多的是售罄。

And then, I have a follow-up.

然後，我有一個跟進。

Sure.

當然。

Let me say a few things on the 14th week and revenue outlook for the December quarter.

讓我談談第 14 周和 12 月季度的收入展望。

Keep in mind that the December quarter a year ago for us was an all-time quarterly revenue record.

請記住，一年前的 12 月季度對我們來說是有史以來的季度收入記錄。

We think we can grow this year.

我們認為今年我們可以增長。

As Tim said, the interest from customers on iPhone 7 and 7 Plus is very strong.

正如 Tim 所說，客戶對 iPhone 7 和 7 Plus 的興趣非常濃厚。

The strength of our services business, you've seen we've grown 24% in September.

我們服務業務的實力，您已經看到我們在 9 月份增長了 24%。

We think we can continue to grow very well into the December quarter.

我們認為我們可以繼續很好地增長到 12 月季度。

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.

您提到了第 14 周和額外的幾天確實在本季度對我們有所幫助，但我認為重要的是要記住，還有其他因素會抵消這些額外的幾天。

As you know, the launch timing of the new iPhone is different this year.

如您所知，今年新 iPhone 的發佈時間有所不同。

We had the first nine days of sales this year hit Q4.

我們今年前 9 天的銷售達到了第四季度。

There were only two days last year.

去年只有兩天。

So, the cadence has moved more towards Q4 this year versus Q1 last year.

因此，與去年第一季度相比，今年第四季度的節奏更加接近。

As you know, we increased iPhone channel inventory by 3.3 million units in the first quarter of 2016.

如您所知，我們在 2016 年第一季度將 iPhone 渠道庫存增加了 330 萬部。

As Tim said, we are very supply-constrained on iPhone 7 Plus this year.

正如 Tim 所說，我們今年的 iPhone 7 Plus 供應非常有限。

We are simply more supply-constrained this year than we were a year ago.

今年我們的供應比一年前更加緊張。

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.

然後，請記住，還有幾件事會影響比較，即一年前我們因專利侵權獲得了 5.48 億美元的裁決，這顯然是一次性的，不會今年重複。

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.

此外，外匯環境仍然艱難，我們預計到 12 月季度，外匯同比將逆風約 6.5 億美元。

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，我希望這讓你有點感覺，當你考慮到所有這些因素時，我們相信這是對 12 月季度的一個很好的指導。

That's great color.

這顏色真好。

Thank you for that.

謝謝你。

Follow-up for Tim.

蒂姆的後續行動。

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.

在過去三年中，研發增長了一倍多，而銷售額增長了五分之一，我們應該讀到什麼。

Are R&D investments just less efficient than they were in the Company's history?

研發投資的效率是否低於公司歷史上的水平？

Or, should we think about that as incremental spend for products that haven't yet come to market?

或者，我們是否應該將其視為尚未上市產品的增量支出？

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.

顯然，目前處於開發階段但尚未進入市場的產品有一定數量的研發工作。

And so, that's a part of it.

所以，這是其中的一部分。

We feel really great about the things that we've got.

我們對我們所擁有的東西感覺非常好。

We've also put a lot of emphasis on our services business as well and on making the ecosystem even better.

我們也非常重視我們的服務業務以及讓生態系統變得更好。

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.

因此，我們非常 - 我們有信心對未來進行投資，這就是您看到研發支出增加的原因。

Thank you.

謝謝你。

Thank you, Katy.

謝謝你，凱蒂。

Could we have the next question, please.

請問下一個問題可以嗎？

From Cross Research, Shannon Cross.

來自 Cross Research，Shannon Cross。

Thank you very much.

非常感謝。

A couple of questions.

幾個問題。

The first, Tim, can you talk a bit more about China?

第一個，蒂姆，你能多談談中國嗎？

Just how you're thinking about it?

你是怎麼想的？

Where you're seeing pressure?

你在哪裡看到壓力？

I know you mentioned that you expect to see a significant rebound during the first quarter.

我知道您提到您希望在第一季度看到顯著反彈。

But, what are your customers telling you about the demand in China?

但是，您的客戶對中國的需求有何看法？

It's a good question, Shannon.

這是個好問題，香農。

So, to back up from our results for the quarter, the 90-day clock and look at the full year of 2016.

因此，為了支持我們本季度的業績，以 90 天的時鐘為例，看看 2016 年全年。

We were down 17% compared to the FY15 which was up 84% from the previous year.

與 2015 財年相比，我們下降了 17%，比上一年增長了 84%。

So, if you look at 2014 to 2016, the revenue grew 52%, and the CAGR was 23% which really are pretty good results.

所以，如果你看看 2014 年到 2016 年，收入增長了 52%，複合年增長率為 23%，這確實是相當不錯的結果。

Also, as you probably know, the FY16 performance was hurt by the devaluation of the currency which affected it about 3%.

此外，您可能知道，2016 財年的業績受到貨幣貶值的影響，影響了大約 3%。

So, the underlying business performance was 14% down.

因此，基礎業務表現下降了 14%。

And so, why was it down?

那麼，為什麼它倒下了？

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.

原因有很多，但我們認為最大的一個原因是，當你看一下 2015 年在中國發生的事情時，我們有大量的 iPhone 6 或 iPhone 6 Plus 的升級者湧入市場，並且升級率提高了大中華區的人數相對多於世界其他地區。

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.

因此，當 2016 財年的升級率恢復到更正常的升級率時，這類似於我們在 iPhone 5S 上看到的[作為一個點]，它必須進一步下降。

So, that's the main reason in our view that you see a difference.

因此，這是我們認為您看到差異的主要原因。

Now, that spun or created another issue for us because we didn't forecast that accurately.

現在，這給我們帶來了另一個問題，因為我們沒有準確地預測。

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.

因此，在去年第一季度，我們投入了過多的渠道庫存，並且在之後的幾個季度中一直在重置渠道庫存。

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.

所以，這兩個問題，真正的主要問題實際上是第一個問題，而第二個問題是它的症狀，在我們看來是主要問題。

Now, looking forward, the response to the iPhone 7 and 7 Plus has been very positive.

現在，展望未來，iPhone 7 和 7 Plus 的反應非常積極。

It's very hard to gauge demand, as you know, when you're selling everything you're making.

如您所知，當您出售您製造的所有產品時，很難衡量需求。

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.

因此，我們將在本季度了解更多信息，但我們有足夠的信心為您提供指導，我們將在本季度恢復增長，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.

而且，從更長期的角度來看，在 90 天的時鐘等等中，我們非常看好中國。

We continue to see a middle class that is booming there.

我們繼續看到那裡正在蓬勃發展的中產階級。

There might be some sort of a new normal in the economy, but a new normal there is still a good growth rate.

經濟可能會出現某種新常態，但新常態仍有良好的增長率。

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.

因此，隨著中產階級的數量——人們成長為中產階級，而 LTE 的採用率仍然相當低，大約 45%、50% 左右，那麼我認為我們繼續在那裡擁有一個非常好的機會。

And so, we continue to focus significantly in China.

因此，我們繼續將重點放在中國。

Great.

偉大的。

Thank you.

謝謝你。

And then, can you talk a bit about acquisitions.

然後，你能談談收購嗎？

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.

我的意思不是像你以正常節奏完成的較小的，但顯然至少本週在內容世界中宣布了一個相當大的。

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.

而且，特別是如果您找到一種方法，可以在下一屆政府中以低稅率將部分現金匯回國內。

So, just if you can give an overall view of how you think about acquisitions that might be a little bit larger than normal?

那麼，如果您能全面了解您對可能比正常情況稍大一點的收購的看法？

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.

我們對任何規模的具有戰略價值的收購持開放態度，我們可以為客戶提供更好的產品並進行更多創新。

And so, we look at a whole variety of companies, and based on that, we choose whether to move forward or not.

因此，我們研究了各種各樣的公司，並在此基礎上選擇是否繼續前進。

But, we're definitely open, and we definitely look.

但是，我們絕對是開放的，我們肯定會看的。

Thank you.

謝謝你。

Yes.

是的。

Thank you, Shannon.

謝謝你，香農。

Could we have the next question, please.

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。

Yes, thank you.

是的，謝謝。

I have a question and a follow-up, please.

我有一個問題和跟進，請。

I guess a cynic could say Apple is benefiting from an extra week this quarter and is benefiting from Samsung being in complete disarray.

我猜一個憤世嫉俗的人可能會說蘋果從本季度的額外一周中受益，並從三星完全混亂中受益。

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.

然而，根據您的指導，目前尚不清楚 iPhone 的銷量增長是否會超過或肯定不會超過您的指導所暗示的低個位數。

And, I appreciate some of the issues around channel inventory build and the timing of the launch.

而且，我很欣賞有關渠道庫存構建和發佈時間的一些問題。

But, if I just stand back from that and say you have terrific new products.

但是，如果我只是退後一步，說你有很棒的新產品。

Your major competitor is laying down.

你的主要競爭對手正在躺下。

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.

你有一個巨大的——你有一個額外的一周的顯著貢獻，可以說是 7% 或 8%，但 iPhone 的增長有點平淡。

What does that really say about how investors should think about iPhone on a sustained basis growing forward?

這對於投資者應該如何看待 iPhone 持續向前發展的真正意義是什麼？

And, is it reasonable to think that this is an ongoing, growing business for the Company?

而且，認為這對公司來說是一項持續的、不斷增長的業務是否合理？

Toni, let me take this one.

托尼，讓我拿走這個。

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.

我想你提到了一些在 12 月季度影響我們的事情，幾分鐘前我和凱蒂一起討論了這些事情。

You're right.

你是對的。

We've got an extra few days.

我們還有幾天的時間。

You know very well the launch timing is different.

你很清楚發射時間是不同的。

You know that we increased iPhone channel inventory by 3.3 million units a year ago.

你知道我們一年前增加了 330 萬台 iPhone 渠道庫存。

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.

我提到了兩個影響我們的問題，一個是一年前的一次性，你顯然需要從比較中排除，另一個是我們現在業務現實的外匯。

But, maybe the most important element of this is the fact that we are supply-constrained on 7 and 7 Plus.

但是，也許其中最重要的因素是我們在 7 和 7 Plus 上的供應受限。

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.

因此，當您談論其他競爭對手時，它現在與我們並不特別相關，因為我們正在銷售我們可以生產的所有東西。

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.

因此，當我們從整體上看待所有這些事情時，我們認為對於整個公司來說，當然，我們相信收入將會增長。

You know that we don't get into specific product from a unit standpoint giving guidance.

您知道，我們不會從提供指導的單位角度進入特定產品。

And so, we feel very confident about the trajectory for the Company and for iPhone going forward.

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.

蒂姆，如果我能問你一個，請。

You've talked in the past about television being an area of intense interest.

您過去曾談到電視是一個非常受關注的領域。

I was wondering if you could reaffirm that statement?

我想知道您是否可以重申該聲明？

Is that still the case?

還是這樣嗎？

And then, additionally, given what's happening with acquisitions, how broadly you think about the role of content?

然後，另外，考慮到收購的情況，你對內容的作用有多大的看法？

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?

Apple 已經開始在非常有限的範圍內創建一些自己的內容，您認為內容創建和所有權對 Apple 是否重要？

Or, whether Apple ultimately sees its place in the value chain as being more around ecosystem and distribution?

或者，Apple 是否最終將其在價值鏈中的位置更多地視為生態系統和分銷？

I would confirm that television has intense interest with me and many other people here.

我會確認電視對我和這裡的許多其他人有濃厚的興趣。

In terms of owning content and creating content, we have started with focusing on some original content as you point out.

在擁有內容和創建內容方面，正如您所指出的，我們已經開始關註一些原創內容。

We've got a few things going there that we talked about.

我們已經討論了一些事情。

And, I think it's a great opportunity for us, both from a creation point of view and an ownership point of view.

而且，我認為這對我們來說是一個很好的機會，無論是從創造的角度還是從所有權的角度來看。

And so, it is an area that we're focused on.

因此，這是我們關注的一個領域。

Thank you, Toni.

謝謝你，托尼。

Could we have the next question, please.

請問下一個問題可以嗎？

From Goldman Sachs, Simona Jankowski.

來自高盛，Simona Jankowski。

Thank you.

謝謝你。

I have a question for Luca, and then one for Tim as well.

我有一個問題要問盧卡，然後還有一個問題要問蒂姆。

Luca, I wanted to dig into the services business a bit more.

Luca，我想更深入地研究服務業務。

As you pointed out, it accelerated again to 24%.

正如你所指出的，它再次加速到 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?

這與安裝基數的增長速度相比如何，只是為了幫助我們將每個用戶的消費驅動與整個基數分開？

Simona, the installed base number is something that we talk about periodically.

Simona，安裝基數是我們定期談論的內容。

Last time we talked about it was in the January call.

上次我們談到它是在一月份的電話會議上。

It is growing.

它正在增長。

Our installed base is growing very well which is very important for us.

我們的安裝基礎增長得非常好，這對我們來說非常重要。

It's growing on all major products, and it's growing, of course, in total.

它在所有主要產品上都在增長，當然，總體上也在增長。

When you look at our services revenue, the growth of the services revenues has been accelerating during the course of the year.

當您查看我們的服務收入時，服務收入的增長在這一年中一直在加速。

During a period when, as you know, our revenue came down slightly.

如您所知，在一段時間內，我們的收入略有下降。

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.

因此，這在實踐中意味著，我們在使用我們服務的客戶中看到的是，實際上正在利用我們服務的人，隨著時間的推移，他們往往會在我們的服務上花費越來越多。

We've got customers who are very engaged with our products.

我們的客戶對我們的產品非常感興趣。

They're very loyal, and so you see this upward trajectory of our services business.

他們非常忠誠，因此您可以看到我們服務業務的上升軌跡。

It's not only with the App store but several categories that are growing very well for us.

不僅是 App Store，還有幾個類別對我們來說發展得非常好。

Tim mentioned Apple Music, but we've got other parts of the business that continue to do well.

Tim 提到了 Apple Music，但我們還有其他業務繼續表現良好。

Even as I said, during a period of time when our sales have come down a bit.

正如我所說，在我們的銷售額有所下降的一段時間內。

Thank you.

謝謝你。

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.

然後，蒂姆，我們已經看到人們越來越關注人工智能，無論是在智能手機（如穀歌的新 Pixel）中，還是在一些家庭助理（如亞馬遜 Echo）中。

And, you have obviously had Siri for a while as well.

而且，您顯然也使用過 Siri 一段時間了。

But, I just am curious how you think about balancing AI with your focus on privacy.

但是，我只是好奇您如何看待平衡 AI 與您對隱私的關注。

Also, how important it is to have a dedicated home assistant versus just having the phone as the home assistant?

此外，擁有一個專門的家庭助理與僅將電話作為家庭助理有多重要？

I think that, to answer your second question first, I think that most people would like an assistant with them all the time.

我認為，首先回答您的第二個問題，我認為大多數人都希望始終有一個助手陪伴他們。

And, we live in a mobile society.

而且，我們生活在一個移動的社會。

People are constantly moving from home to work and to other things that they may be doing.

人們不斷地從家裡搬到工作地點和他們可能正在做的其他事情上。

And so, the advantage of having an assistant on your phone is it's with you all the time.

因此，在您的手機上擁有助手的優勢在於它始終與您同在。

That doesn't say that there's not a nice market for a home one.

這並不是說沒有一個好的家庭市場。

I'm not making that point.

我不是在強調這一點。

I'm just saying on a balanced point of view I think the usage of one on the phone will likely be much greater.

我只是從平衡的角度說，我認為在手機上使用一個可能會更大。

In fact, you can just look at Siri today, and this is now accelerating with iOS 10 and the Mac.

事實上，你現在可以看看 Siri，現在 iOS 10 和 Mac 正在加速這一進程。

But, we've been getting 2 billion requests a week for Siri.

但是，我們每週收到 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.

因此，它非常大，據我們所知，我們交付的輔助設備可能比任何人都多。

Our focus is on this worldwide.

我們的重點是在全球範圍內。

And so, it's not only a US focus, but we want to deliver a great experience around the world and deliver globally.

因此，這不僅是美國的焦點，而且我們希望在全球範圍內提供出色的體驗並在全球範圍內提供。

So, we've put a lot of the energy into doing that.

所以，我們在這方面投入了很多精力。

In terms of the balance between privacy and AI, this is a long conversation.

在隱私和人工智能之間的平衡方面，這是一個漫長的對話。

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.

但是，在高層次上，我認為人們希望你相信你必須放棄隱私才能讓 AI 為你做某事，這是一種錯誤的權衡。

We don't buy that.

我們不買那個。

It may take a different kind of work.

它可能需要不同類型的工作。

It might take more thinking.

這可能需要更多的思考。

But, I don't think we should throw our privacy away.

但是，我認為我們不應該拋棄我們的隱私。

It's like the age-old argument about privacy versus security.

這就像關於隱私與安全的古老爭論。

We should have both.

我們應該兩者兼得。

It shouldn't be making a choice.

它不應該做出選擇。

And so, that at a high level is how we see it.

所以，這就是我們如何看待它的高層次。

Thank you.

謝謝你。

Thank you, Simona.

謝謝你，西蒙娜。

Could we have the next question, please.

請問下一個問題可以嗎？

We'll go to Steve Milunovich with UBS.

我們將與瑞銀一起去史蒂夫米盧諾維奇。

Thank you very much.

非常感謝。

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.

盧卡，我想問你關於總遞延收入的問題，6 月份減少了約 13 億美元，我認為 9 月份又減少了 4 億美元。

Those are rather large declines even given the fact that your units are coming down, and you had the accounting change back in September.

即使考慮到您的單位正在下降，而且您在 9 月份進行了會計變更，這些降幅也相當大。

Could you talk about some of the drivers of that, and what you might expect going forward?

您能否談談其中的一些驅動因素，以及您對未來的期望？

Steve, you mentioned by far the largest driver.

史蒂夫，你提到了迄今為止最大的司機。

The largest driver is the fact that we made the change, an accounting change to our ESPs exactly a year ago.

最大的驅動因素是我們做出了改變，就在一年前對我們的 ESP 進行了會計變更。

So, we are lapping the year where you see the effect.

因此，我們將在您看到效果的那一年進行研磨。

I think you're not going to see the same thing going forward.

我認為你不會看到同樣的事情發生。

And then, we tend to defer some revenue on some other categories like, for example, gift cards or some AppleCare.

然後，我們傾向於推遲一些其他類別的收入，例如禮品卡或一些 AppleCare。

But, in general, by far the largest element is the change in ESPs.

但是，總的來說，迄今為止最大的因素是 ESP 的變化。

I don't think you're going to see the same impact going forward.

我認為你不會在未來看到同樣的影響。

Okay.

好的。

Thank you.

謝謝你。

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.

然後蒂姆，一些投資者對蘋果近年來沒有獲得新的利潤池或推出具有財務價值的新產品感到不安。

The question is, A, does Apple today have a grand strategy for what you want to do?

問題是，A，今天的 Apple 是否有一個宏大的戰略來實現你想要做的事情？

I know you won't tell us what it is.

我知道你不會告訴我們它是什麼。

But, do you know what you want to do over the next three to maybe five years?

但是，你知道在接下來的三到五年內你想做什麼嗎？

Or, is it more a read the market and quickly react?

或者，它更像是閱讀市場並迅速做出反應？

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?

B，你有什麼感覺嗎，我們正處於一個技術和可以說我們稱之為下一個要完成的工作還沒有對齊的空白期？

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?

所以，也許在幾年後，我們會看到這一系列的新產品，它會有點符合人們想要做的，但還沒有完全到來？

We have the strongest pipeline that we've ever had, and we're really confident about the things in it.

我們擁有有史以來最強大的管道，我們對其中的東西非常有信心。

But, as usual, we're not going to talk about what's in it.

但是，像往常一樣，我們不會談論其中的內容。

But, in terms of your approach, I guess, to new products.

但是，就你的方法而言，我猜是新產品。

Do you have a strong sense of where technology is going?

你對技術的發展方向有強烈的感覺嗎？

Where you're going to play?

你要去哪裡玩？

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.

或者，您願意迅速做出反應是否仍然足夠懸而未決，可以說您的組織允許您為您所在公司的規模做些什麼。

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

我們對事情的走向有強烈的感覺，並且我們非常靈活地根據需要進行轉變。

Okay.

好的。

Thank you.

謝謝你。

Thanks, Steve.

謝謝，史蒂夫。

Can we are have the next question, please.

請問下一個問題可以嗎？

From Bank of America, Wamsi Mohan.

來自美國銀行，Wamsi Mohan。

Thank you.

謝謝你。

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.

所以，蒂姆和盧卡，你看到你可以將 iPhone 7 Plus 的 ASP 提高 20 美元，但你完全賣光了。

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.

因此，很明顯，這款設備在我們的生活中扮演著核心角色，以至於業主可能會將增加的成本視為獲得最佳設備的絕佳權衡。

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?

當您看到越來越多的功能被添加到 iPhone 中時，您是否從概念上預計您已經接近進一步提高 ASP 將對需求造成淨破壞的程度？

Or, do you see more room to raise ASPs over time as you add incremental features.

或者，隨著時間的推移，隨著您添加增量功能，您是否會看到更多提高 ASP 的空間。

And, I have a follow-up.

而且，我有後續行動。

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.

在 iPhone 7 Plus 中，我們在相機和整體照片體驗方面進行了大量創新，客戶顯然正在使用它，並且發現他們喜歡它。

So, we're getting an incredible amount of feedback there.

所以，我們在那裡得到了難以置信的反饋。

We also get incredible feedback on the iPhone 7.

我們還在 iPhone 7 上獲得了令人難以置信的反饋。

But, the mix that we projected on an iPhone 7 Plus is short of what the reality is.

但是，我們在 iPhone 7 Plus 上預測的組合與實際情況相去甚遠。

So, we are chasing supply there.

所以，我們正在那裡追逐供應。

In terms of the ASP, the way we think about it is we want to charge a fair price.

就 ASP 而言，我們的想法是我們要收取合理的價格。

And so, we don't want to charge more than that, and we think it's worth being fair.

因此，我們不想收取更多費用，而且我們認為這值得公平。

And so, that's how we look at it.

所以，這就是我們看待它的方式。

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.

如果我可以補充一下，Wamsi，請記住，在世界上許多國家/地區，現實情況是，由於外匯形勢，我們的客戶已經看到了一些顯著的價格上漲，對吧。

And, that's something that we need to keep in mind as well.

而且，這也是我們需要牢記的。

Great.

偉大的。

Thanks for the clarification.

感謝您的澄清。

And, Tim, this year, we saw carrier incentives come back to force, post the launch of the iPhone 7, 7 Plus.

而且，蒂姆，今年，我們看到運營商激勵措施在 iPhone 7、7 Plus 發布後重新生效。

Two years ago, there was a giant upgrade cycle from the iPhone 6, 6 Plus.

兩年前，iPhone 6、6 Plus 經歷了一次巨大的升級週期。

Do you think every couple of years we are likely to see carrier incentives come back into play given worries around customer churn?

考慮到對客戶流失的擔憂，您認為每隔幾年我們可能會看到運營商激勵措施重新發揮作用嗎？

Thereby, making the phone even more affordable?

因此，使手機更實惠？

Thanks.

謝謝。

We clearly saw that this year.

今年我們清楚地看到了這一點。

There's a lot of competition for customers in the US which I think is the market that you're talking about.

美國的客戶競爭非常激烈，我認為這就是你所說的市場。

Whether that will happen every two years, I don't know.

是否會每兩年發生一次，我不知道。

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.

但是，我懷疑任何時候有大量客戶的手機都在兩年的範圍內，這往往是一個最佳選擇，我想你可能會看到很多人試圖招募這些人顧客。

Thanks, Tim.

謝謝，蒂姆。

Thank you.

謝謝你。

Thank you.

謝謝你。

Can we have the next question, please.

請問下一個問題可以嗎？

Jim Suva with Citi.

吉姆蘇瓦與花旗。

Thank you very much.

非常感謝。

A strategy question for Tim and then more of a financial question for Luca.

蒂姆的戰略問題和盧卡的財務問題。

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.

蒂姆，你在準備好的評論中提到了一些關於印度的內容，我們一直在做很多工作來談論印度的機會。

And, we get a lot of pushback talking about disposable income metrics and lots of things like that, yet the population being so large.

而且，我們在談論可支配收入指標和許多類似的事情時遇到了很多阻力，但人口如此之多。

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.

你能談談嗎，你是否認為印度在某個時候可能會像中國一樣[大]機會，而且似乎法律規則阻止你進入很多。

But, it looks like that's changing.

但是，情況似乎正在改變。

Can you give us a little more clarity on India?

你能否讓我們更清楚地了解印度？

And then, Tim, for the clarification questions.

然後，蒂姆，澄清問題。

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?

是否可以公平地說，在第 14 週，我們應該考慮到 OpEx 的支出不成比例，因為我們不應該期望 OpEx 以如此高的速度增長？

Or, is it just kind of the rate of investing that you're going?

或者，這只是你要進行的投資速度嗎？

Thank you very much, gentlemen.

非常感謝，先生們。

Thanks for the question.

謝謝你的問題。

I'll let Luca talk about the OpEx piece of it.

我會讓 Luca 談談其中的 OpEx 部分。

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.

在印度，我認為不僅要看人均收入，這可能是你所關注的，而且要看在未來十年中已經或將要進入中產階級的人數。

And, the age of the population, if you look at India, almost 50% of the population is under 25.

而且，人口年齡，如果你看看印度，幾乎 50% 的人口在 25 歲以下。

So, you have a very, very young population.

所以，你有一個非常非常年輕的人口。

The smartphone has not done as well in India in general.

總的來說，智能手機在印度的表現並不好。

However, one of the key reasons for that is the infrastructure hasn't been there.

但是，造成這種情況的主要原因之一是基礎設施不存在。

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.

但是，今年或今年和明年，4G 方面的投資巨大，我們對此感到非常興奮，因為它確實需要一個與 iPhone 合作的優秀網絡才能為人們帶來如此美妙的體驗。

And so, I see a lot of the factors moving in the right direction there.

因此，我看到很多因素都朝著正確的方向發展。

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.

我還認為政府更關注基礎設施和創造就業機會，這太棒了，因為你真的需要基礎設施和技術來做到這一點。

Will it be as big as China?

它會像中國一樣大嗎？

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.

我認為很明顯，印度的人口將在未來的某個時候超過中國——可能在未來十年左右，也許會更少。

I think it will take longer for the GDP to rival it.

我認為GDP需要更長的時間才能與之匹敵。

But, that's not critical for us to have a great success there.

但是，這對我們在那裡取得巨大成功並不重要。

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.

事實是，那裡會有很多人和很多中產階級的人真的想要智能手機。

And, I think we can compete well for some percentage of those.

而且，我認為我們可以很好地競爭其中的一部分。

And, given our starting point, even though we've been growing a lot, there's a lot of headroom there in our mind.

而且，考慮到我們的出發點，即使我們已經成長了很多，但我們心中還有很多空間。

And so, we're working very hard to realize that opportunity.

因此，我們正在努力實現這一機會。

And, Jim, on OpEx, our approach to OpEx is quite clear and quite simple.

而且，Jim，關於 OpEx，我們的 OpEx 方法非常清晰且非常簡單。

We want to continue to invest in the business in all the areas where we think it's critical for us to invest.

我們希望繼續在我們認為對我們投資至關重要的所有領域進行業務投資。

So, you see that we make significant investments in R&D.

因此，您會看到我們在研發方面進行了大量投資。

You've seen the growth rates over the last couple of years.

您已經看到了過去幾年的增長率。

We are making important investments in data centers because we want to support our services business.

我們正在對數據中心進行重要投資，因為我們希望支持我們的服務業務。

We continue to open retail stores around the world.

我們繼續在世界各地開設零售店。

We continue to invest in marketing and advertising.

我們繼續投資於營銷和廣告。

At the same time, we want to continue to be efficient and lean.

同時，我們希望繼續保持高效和精益。

It's something that we've done very well over the years.

這是我們多年來做得很好的事情。

We want to continue to do that.

我們希望繼續這樣做。

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.

因此，您所看到的，例如，在 2016 財年，您已經看到研發投資增長了 25%，然後我們的 SG&A 費用基本持平。

This is kind of the approach that we want to take and continue to take going forward.

這是我們想要採取並繼續採取的一種方法。

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%.

如果你退後一步，看看我們對 12 月季度的隱含指導，我們的費用收入比為 9%。

This is extremely competitive in our industry, and I would I say in general.

這在我們的行業中極具競爭力，我會說一般。

So, we want to continue to have this balance.

因此，我們希望繼續保持這種平衡。

Make the right investments and remain efficient.

進行正確的投資並保持高效。

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

謝謝你，祝賀你，謝謝你的細節，先生們。

Thank you, Jim.

謝謝你，吉姆。

Can we have the next question, please.

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.

你好。

Thanks for the question.

謝謝你的問題。

I had one for Luca and then a follow-up for Tim.

我給盧卡做了一個，然後給蒂姆做了一個跟進。

So, Luca, I wanted to ask about the gross margin guidance?

所以，盧卡，我想問一下毛利率指導？

I think that the Street and we were expecting something a little bit higher, and I guess that's about 50 basis points lower.

我認為華爾街和我們的預期會更高一些，我猜這大約低了 50 個基點。

The Street -- it was 70 basis points lower.

華爾街——下跌了 70 個基點。

I'm just curious, do you think that people are mis-modeling that?

我只是好奇，你認為人們在錯誤地建模嗎？

Or, is there something going on with pricing or mix there that you could provide us more color on?

或者，是否有一些定價或混合在那裡你可以為我們提供更多顏色？

That's my first question.

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，讓我按順序給你一些細節，我也會按年給你一些細節，因為這可能是從去年 12 月季度的毛利率來看脫節的地方。

On a sequential basis, we're essentially guiding to some improvement in gross margins.

在連續的基礎上，我們基本上是在引導毛利率有所改善。

We had 38% both in the June quarter and in the September quarter.

我們在 6 月季度和 9 月季度都有 38%。

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.

我們將 12 月季度的指引略高，因為積極的一面是，我們將擁有更好的槓桿率，而且 12 月季度的組合往往會更好。

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.

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，我們在 9 月季度已經推出了一些產品，這將對我們的 12 月季度業績。

On a year-over-year basis, keep in mind that last year we did in Q1 we did 40%, around 40%, 41%.

與去年同期相比，請記住，去年我們在第一季度做了 40%、大約 40%、41%。

But, there's a couple of things that I think need to be considered before doing a year-over-year compare.

但是，在進行年度比較之前，我認為需要考慮幾件事。

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.

而且，事實上，去年我們獲得了 5.48 億美元的專利侵權獎，毛利率水平為 40 個基點。

And then, we've got the FX situation which I mentioned before which is worth another 60, 70 Bps.

然後，我們得到了我之前提到的 FX 情況，它值得另外 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.

因此，與去年同期相比，您只剩下不到 100 個基點的惡化，再次，我們的產品中有新的成本結構。

It is very, very important, I think, for investors to understand that what's happened during the last two years.

我認為，讓投資者了解過去兩年發生的事情是非常非常重要的。

During the last two years the US dollar has appreciated by 15% over the basket of currencies where we do business.

在過去兩年中，美元相對於我們開展業務的一攬子貨幣升值了 15%。

And, we are a Company that generates two-thirds of our revenues outside the United States.

而且，我們是一家在美國以外產生三分之二收入的公司。

15% appreciation of the US dollar.

美元升值15%。

So, on a year-over-year basis, just 2016 over 2015, was 340 Bps impact from foreign exchange.

因此，與 2015 年相比，僅 2016 年與 2015 年相比，受到外匯影響的影響為 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.

我們通過從定價行動到成本計劃再到我們的對沖計劃等一系列舉措，幾乎完全抵消了這一點。

But, at some point, the strong dollar becomes the new normal, and we need to work with that.

但是，在某些時候，強勢美元會成為新常態，我們需要與之合作。

And, I think over the years, we have made very good tradeoffs, and our gross margins have been quite stable over time.

而且，我認為這些年來，我們做出了很好的權衡，我們的毛利率隨著時間的推移相當穩定。

Okay.

好的。

Great.

偉大的。

Thanks, Luca.

謝謝，盧卡。

And then, Tim, I wanted to ask you, this question comes up once in a while.

然後，蒂姆，我想問你，這個問題偶爾會出現。

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.

但是，我只是想問你是否可以和我們談談股息問題雙方的論點。

Apple seems to be perpetually undervalued.

蘋果似乎永遠被低估了。

It's a very large Company.

這是一家非常大的公司。

It is getting harder and harder to grow.

成長越來越難。

Your payout ratio is significantly below the S&P 500.

您的派息率遠低於標準普爾 500 指數。

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.

我知道你不能告訴我們你的意圖是什麼，但如果你能幫助我們了解圍繞股息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.

我們每年都會審查資本回報率，現在我們已經建立了一個節奏，每年四月宣布我們對此的想法。

So, we have a robust discussion around the dividend and the buyback.

因此，我們圍繞股息和回購進行了激烈的討論。

We very much believe that Apple is very undervalued, and so we're investing with confidence in the Company that we know really well.

我們非常相信蘋果的價值被嚴重低估，因此我們對我們非常了解的公司充滿信心。

And so, that thinking has I think proven out over time, and I think been very good for our shareholders.

因此，我認為隨著時間的推移，這種想法得到了證明，我認為這對我們的股東非常有利。

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.

而且，除此之外，我們知道一些股東真的很喜歡股息和一些持續的收入，所以我們提供了一個我們認為很好的數額，並且每年都有良好的提高記錄。

And so, we'll be able to say more on that I'm sure in April of next year.

因此，我們將能夠在明年 4 月就這一點說得更多。

Thank you.

謝謝你。

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.

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。

The numbers for the telephone replay are 888-203-1112 or 719-457-0820.

電話重播的號碼是 888-203-1112 或 719-457-0820。

Use our confirmation code 2017273.

使用我們的確認碼 2017273。

These replays will be available by approximately 5 PM Pacific Time today.

這些重播將在太平洋時間今天下午 5 點左右提供。

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

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

Joan is at 408-974-4570, and I'm at 408-974-5420.

瓊的電話是 408-974-4570，我的電話是 408-974-5420。

Thanks again for joining us.

再次感謝您加入我們。

That does conclude today's presentation.

今天的演講到此結束。

We do thank everyone for your participation.

我們非常感謝大家的參與。