蘋果 (AAPL) 2017 Q1 法說會逐字稿

Good day, everyone, and welcome to this Apple Incorporated first quarter FY17 earnings release conference call. Today's call is being recorded. At this time, for opening remarks and introductions, I would like to turn the call over to Nancy Paxton, Senior Director of Investor Relations. Please go ahead, ma'am.

大家好，歡迎參加蘋果2017財年第一季財報電話會議。今天的通話將會被錄音。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 today. Speaking first is Apple CEO Tim Cook and he will be followed by CFO Luca Maestri, and after that we'll open the call to questions from analysts.

謝謝。下午好，感謝各位今天蒞臨。首先發言的是蘋果執行長庫克，隨後是財務長盧卡馬埃斯特里，之後我們將開放電話會議，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 forecast. For more information please refer to the Risk Factors discussed in Apple's Form 10-K for 2016 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 2016 年 10-K 表格和今天向美國證券交易委員會提交的 8-K 表格中討論的風險因素，以及相關的新聞稿。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。

Thank you, Nancy, and good afternoon, everyone. Thanks very much for joining us.

謝謝你，南希，大家下午好。非常感謝您的參與。

I'm very happy to share with you the outstanding results of Apple's December quarter. We generated the highest quarterly revenue in Apple's history, along with all-time unit and revenue records for iPhone and Apple Watch, all-time revenue records for Services and Mac, and all-time revenue records for four out of our five geographic segments. The strong performance of our business also produced all-time record earnings per share. Revenue in the quarter was $78.4 billion which was above the top of our guidance range.

我非常高興與大家分享蘋果公司十二月季度的出色業績。我們創造了蘋果公司歷史上最高的季度收入，iPhone 和 Apple Watch 的銷售和收入均創歷史新高，服務和 Mac 的收入也創歷史新高，五個地理區域中的四個區域的收入也創歷史新高。我們業務的強勁表現也帶來了有史以來最高的每股盈餘。本季營收為784億美元，高於我們預期範圍的上限。

iPhone had a tremendous quarter thanks to exceptional demand that beat our own internal expectations. While iPhone 7 is our most popular model, we saw especially strong demand for iPhone 7 Plus, which was a higher portion of the new product mix than we've ever seen with Plus models in the past. Demand for iPhone 7 Plus exceeded supply throughout the quarter, and we came into supply/demand balance in January. iPhone 7 Plus has earned rave reviews for its advanced new features, especially the dual camera system which produces stunning portraits and high quality zoom. This is a uniquely Apple feature that is surprising and delighting our users. Both iPhone 7 and iPhone 7 Plus are empowering our customers to be more productive, more engaged, and more expressive than ever by integrating hardware, software, and services to create experiences that only Apple can deliver.

由於市場需求異常強勁，超出了我們內部的預期，iPhone 本季取得了巨大的成功。雖然 iPhone 7 是我們最受歡迎的機型，但我們發現 iPhone 7 Plus 的需求尤其強勁，其在新產品組合中所佔的比例比以往任何 Plus 機型都要高。本季 iPhone 7 Plus 的需求一直超過供應，我們在 1 月實現了供需平衡。iPhone 7 Plus 因其先進的新功能而廣受好評，尤其是雙鏡頭系統，可拍攝出驚人的人像照片和高品質的變焦照片。這是蘋果獨有的功能，它為我們的用戶帶來了驚喜和愉悅。iPhone 7 和 iPhone 7 Plus 透過整合硬體、軟體和服務，打造只有 Apple 才能提供的體驗，從而賦予我們的客戶前所未有的能力，讓他們能夠更有效率、更投入、更善於表達。

It was our best quarter ever for Services with almost $7.2 billion in revenue. App Store customers broke all-time records during the holiday quarter, including $3 billion in purchases in December alone, making it the App Store's single best month ever. Our innovative and vibrant developer community has created over 2.2 million apps for doing almost anything that you can imagine. Apple's developer community has now earned over $60 billion, including over $20 billion in 2016 alone. Revenue from our Music business grew for the third quarter in a row, and our AppleCare and iCloud storage services had all-time record results.

這是我們服務業務有史以來最好的季度，收入接近 72 億美元。App Store 用戶在假期季節打破了歷史紀錄，光是 12 月的購買就達到了 30 億美元，成為 App Store 有史以來最好的一個月。我們充滿活力和創新精神的開發者社群已經創建了超過 220 萬個應用程序，幾乎可以實現您能想像到的任​​何功能。蘋果開發者社群至今已賺取超過 600 億美元，光是 2016 年就超過 200 億美元。我們的音樂業務收入連續第三個季度成長，AppleCare 和 iCloud 儲存服務也創下了歷史新高。

Apple Pay continued its strong momentum, with the number of users more than tripling over the past year, and hundreds of millions of transactions and billions of dollars in purchases in the December quarter alone. Transaction volume was up over 500% year-over-year as we expanded to four new countries including Japan, Russia, New Zealand, and Spain, bringing us into a total of 13 markets. Apple Pay on the web is delivering our partners great results. Nearly 2 million small businesses are accepting invoice payments with Apple Pay through Intuit QuickBooks online, FreshBooks, and other billing partners. And beginning this quarter, Comcast customers can pay their monthly bill in a single touch with Apple Pay.

Apple Pay 繼續保持強勁成長勢頭，過去一年用戶數量成長了兩倍多，僅在 12 月季度就完成了數億筆交易和數十億美元的消費。隨著我們拓展到日本、俄羅斯、紐西蘭和西班牙這四個新國家，交易量年增超過 500%，使我們進入的市場總數達到 13 個。Apple Pay 的網頁版為我們的合作夥伴帶來了顯著的成效。近 200 萬家小型企業正在透過 Intuit QuickBooks Online、FreshBooks 和其他帳單合作夥伴使用 Apple Pay 接受發票付款。從本季開始，康卡斯特用戶可以使用 Apple Pay 一鍵支付每月帳單。

Services are becoming a larger part of our business and we expect the revenues to be the size of a Fortune 100 company this year. Our Services offerings are now driving over 150 million paid customer subscriptions. This includes our own Services and third party content that we offer on our stores. We feel great about this momentum and our goal is to double the size of our Services business in the next four years.

服務業務在我們公司中所佔比例越來越大，我們預計今年的收入將達到財富 100 強公司的水平。我們的服務產品目前已吸引了超過 1.5 億名付費用戶訂閱。這包括我們自己的服務和我們在商店中提供的第三方內容。我們對目前的成長動能感到非常滿意，我們的目標是在未來四年內將服務業務的規模擴大一倍。

The Mac not only returned to growth but generated its highest quarterly revenue ever. Our latest data shows that most Mac customers are buying their first Mac, with the vast majority of them coming from a Windows PC. The new MacBook Touch with Touch Bar is an outstanding example of the innovation made possible by integrating world class hardware and software. We were supply constrained for the new MacBook Pro throughout the December quarter and are just now coming into supply/demand balance.

Mac 不僅恢復了成長勢頭，而且創造了有史以來最高的季度營收。我們最新的數據顯示，大多數 Mac 用戶都是第一次購買 Mac，其中絕大多數用戶之前使用的是 Windows PC。新款配備觸控列的 MacBook Touch 是世界一流硬體和軟體融合所帶來的創新成果的傑出典範。在整個 12 月季度，新款 MacBook Pro 的供應都受到限制，現在才剛達到供需平衡。

It was also our best quarter ever for Apple Watch, both units and revenues, with holiday demand so strong that we couldn't make enough. Apple Watch is the best selling smart watch in the world, and also the most logged, with the highest customer satisfaction in its category by a wide margin. Apple Watch is the ultimate device for a healthy life and it's the gold standard for smart watches. We couldn't be more excited about Apple Watch.

這也是 Apple Watch 有史以來銷售和收入最好的一個季度，假期需求非常強勁，以至於我們供不應求。Apple Watch 是全球最暢銷的智慧手錶，也是登入最多的智慧手錶，在同類產品中擁有最高的客戶滿意度，遙遙領先。Apple Watch 是健康生活的終極設備，也是智慧手錶的黃金標準。我們對Apple Watch感到無比興奮。

We're also thrilled with the response to AirPods. Customers love the magical experience AirPods are delivering and if you haven't tried them yet, you'll be delighted when you do. They're far ahead of anything else on the market today and we're working hard to catch up with the incredible demand.

我們對AirPods的市場反應也感到非常興奮。顧客都非常喜歡 AirPods 帶來的神奇體驗，如果你還沒試過，相信你試過之後一定會感到驚喜。它們目前遙遙領先於市場上的任何其他產品，我們正在努力滿足龐大的市場需求。

With AirPods off to a fantastic start, a strong full first year for Apple Watch, and Beats headphones offering a great wireless experience using the Apple-designed W1 chip, we now have a rich line up of wearable products. Their design, elegance, and ease-of-use make us very excited about the huge growth potential for wearables going forward.

AirPods 開局驚艷，Apple Watch 上市第一年表現強勁，Beats 耳機採用 Apple 設計的 W1 晶片，提供出色的無線體驗，我們現在擁有豐富的可穿戴產品陣容。它們的設計、優雅的外觀和易用性讓我們對穿戴式裝置未來巨大的成長潛力感到非常興奮。

Our ecosystem is broadening to more and more of the areas where people spend their time: at the gym, on the go, in the home, and on the job. For example, every major auto maker is committed to supporting CarPlay with over 200 different models announced, including five of the Top 10 selling models in the United States. There are well over a million people using CarPlay now and this continues to grow rapidly.

我們的生態系統正在擴展到人們花費時間的越來越多的領域：健身房、旅途中、家中和工作場所。例如，各大汽車製造商都致力於支援 CarPlay，已宣布推出 200 多款不同車型，其中包括美國十大暢銷車型中的五款。目前已有超過一百萬人使用 CarPlay，而且這一數字還在快速成長。

And we are leading the industry by being the first to integrate home automation into a major platform with iOS 10. With Siri and the new Home app in iOS 10, everywhere you go you can easily and securely control all of your home accessories with your iPhone, iPad, or your Apple Watch. The number of HomeKit compatible accessories continues to grow rapidly, with many exciting solutions announced just this month, including video cameras, motion detectors, and sensors for doors, windows, and even water leaks. Perhaps even more importantly, we are unmatched when it comes to securing your home with HomeKit-enabled door locks, garage doors, and alarm systems.

我們引領產業潮流，率先將智慧家庭整合到 iOS 10 等主流平台中。透過 Siri 和 iOS 10 中的全新「家庭」應用，無論您身在何處，都可以透過 iPhone、iPad 或 Apple Watch 輕鬆安全地控制所有家居配件。支援 HomeKit 的配件數量持續快速成長，光是本月就發布了許多令人興奮的解決方案，包括攝影機、運動偵測器以及門窗甚至漏水感測器。更重要的是，我們在利用支援 HomeKit 的門鎖、車庫門和警報系統來保護您的家方面，是無與倫比的。

I'm personally using HomeKit accessories and the Home app to integrate iOS into my home routine. Now when I say good morning to Siri, my house lights come on and my coffee starts brewing. When I go to the living room to relax in the evening, I use Siri to adjust the lighting and turn on the fireplace. And when I leave the house, a simple tap on my iPhone turns the lights off, adjusts the thermostat down, and locks the doors. When I return to my house in the evening, as I near my home the house prepares itself for my arrival automatically, by using a simple geofence. This level of home automation was unimaginable just a few years ago, and it's here today with iOS and HomeKit.

我個人使用 HomeKit 配件和家庭應用程式將 iOS 裝置整合到我的家庭生活中。現在，當我跟 Siri 說早安時，我家裡的燈就會亮起，咖啡也會開始煮。晚上我到客廳放鬆的時候，會用 Siri 調整燈光，打開壁爐。當我離開家時，只需在我的 iPhone 上輕輕一點，燈就會關掉，恆溫器溫度就會調低，門也會鎖上。晚上我回家時，當我靠近家時，房子會利用簡單的地理圍欄自動做好迎接我的準備。幾年前，這種程度的家庭自動化是不可想像的，而如今，隨著 iOS 和 HomeKit 的發展，它已經成為現實。

We're making great progress in the enterprise market alongside our major partners. The combination of iOS and Cisco Technology is giving companies everywhere the opportunity to vastly improve the user experience for their mobile employees. With enhanced networking performance, up to eight times faster roaming, better reliability for apps, and native voice experience, we're excited about how much more productive the workforce will be with these great capabilities. In fact, the total number of joint customer opportunities has grown over 70% since last quarter.

我們與主要合作夥伴一起，在企業市場取得了巨大進展。iOS 與思科技術的結合，為世界各地的公司提供了大幅改善其行動員工使用者體驗的機會。憑藉著增強的網路效能、高達八倍的漫遊速度、更高的應用程式可靠性和原生語音體驗，我們非常高興這些強大的功能將大大提高員工的工作效率。事實上，自上一季以來，聯合客戶機會總數增加了 70% 以上。

Enterprises are using IBM's new Mobile at Scale design and development model to deploy multiple iOS apps with speed and efficiency. For example, Finnair is transforming aircraft maintenance, and Cemex is revamping activity from attracting new clients to invoicing to after sale support. And later this spring, SAP will be rolling out its SDK for iOS, providing its community of more than 2.5 million developers the tools to build powerful native iOS apps that leverage the SAP HANA Cloud Platform. We're delighted with how these partnerships are making it even easier for enterprise customers to transform how work gets done with iOS.

企業正在使用 IBM 的全新 Mobile at Scale 設計和開發模型，以快速且有效率的方式部署多個 iOS 應用程式。例如，芬蘭航空正在改革飛機維修，而 Cemex 正在改進從吸引新客戶到開票再到售後支援等各項業務。今年春季晚些時候，SAP 將推出其 iOS SDK，為其超過 250 萬開發者社群提供建立功能強大的原生 iOS 應用程式的工具，這些應用程式將利用 SAP HANA 雲端平台。我們很高興看到這些合作關係讓企業客戶更輕鬆地利用 iOS 改變工作方式。

As we reflect on a record breaking December quarter, I'd like to thank our developers, our business partners, and our employees for their incredible contributions and commitment. And I'd like to thank all of our customers around the world for their excitement and loyalty which ultimately drives these results.

回顧創紀錄的十二月季度，我要感謝我們的開發人員、業務合作夥伴和員工，感謝他們的巨大貢獻和奉獻。我還要感謝世界各地的所有客戶，感謝他們的熱情和忠誠，而正是這種熱情和忠誠最終促成了這些成果。

Now I'd like to turn it over to Luca to talk about the quarter in more detail.

現在我想把麥克風交給盧卡，讓他更詳細地談談本季的狀況。

Thank you, Tim. Good afternoon, everyone.

謝謝你，提姆。大家下午好。

Revenue for the December quarter was $78.4 billion, the highest quarterly revenue in the history of Apple and above our guidance range. As Tim mentioned the strength of our results was very broad based, as we set new revenue records for iPhone, for Services, for Mac, and for Apple Watch. We also established new all-time revenue records in most developed and emerging markets, with strong growth rates in many countries, including the US, Japan, Canada, France, Australia, Brazil, India, Turkey, and Russia. We accomplished all this despite a very challenging foreign exchange environment due to the continued strength of the US dollar.

12 月季度營收為 784 億美元，創下蘋果公司歷史上最高的季度營收，並超出了我們先前的預期範圍。正如提姆所提到的，我們的業績非常強勁，涵蓋範圍很廣，我們在 iPhone、服務、Mac 和 Apple Watch 方面都創下了新的營收紀錄。我們在大多數已開發市場和新興市場都創下了新的收入紀錄，並在美國、日本、加拿大、法國、澳洲、巴西、印度、土耳其和俄羅斯等許多國家實現了強勁的成長率。儘管美元持續強勢，外匯環境極具挑戰性，但我們仍然取得了所有這些成就。

As we had expected, our year-over-year performance in Greater China improved significantly relative to the September quarter. Total Greater China segment revenue was down 12%, but revenue from Mainland China was even with the all-time record results from a year ago, and grew in constant currency terms. In all other geographic segments we generated all-time quarterly record results.

正如我們預期的那樣，我們在大中華區的同比業績較9月份季度有了顯著改善。大中華區總營收下降了 12%，但中國大陸的營收與去年同期創下的歷史最高紀錄持平，按固定匯率計算還實現了成長。在其他所有地區，我們都取得了季度業績歷史新高。

We had the benefit of a 14th week during the quarter this year, but this was offset by four factors. First, this year we grew channel inventory significantly less than a year ago. Second, iPhone 7 launched earlier in the September quarter, compared to the iPhone 6's launch the previous year, creating a more difficult comparison for the December quarter this year.

今年季度我們多了 14 週，但這被四個因素抵消了。首先，今年我們的通路庫存成長遠低於去年同期。其次，iPhone 7 在 9 月季度早些時候發布，而 iPhone 6 是在去年同期發布的，這使得今年 12 月季度的比較更加困難。

Third, the stronger US dollar affected total revenue growth this year by 100 basis points. And fourth, our year-ago revenue included the benefit of a one-off $548 million patent infringement payment. Also, strong customer interest left us in supply/demand imbalance for several of our products throughout the quarter this year.

第三，美元走強使今年的總營收成長下降了 100 個基點。第四，我們去年的收入包含了一筆5.48億美元的一次性專利侵權賠償。此外，由於顧客的強烈需求，今年本季我們多種產品都出現了供需失衡的情況。

Gross margin was 38.5% at the high end of our guidance range, operating margin was 29.8% of revenue, and net income was $17.9 billion. Diluted earnings per share were $3.36, a new all-time record, and cash flow from operations was $27.1 billion.

毛利率達到預期範圍的上限 38.5%，營業利益率為收入的 29.8%，淨收入為 179 億美元。稀釋後每股收益為 3.36 美元，創歷史新高；經營活動產生的現金流為 271 億美元。

We had a terrific quarter for iPhone as we sold 78.3 million units, a new all-time record and an increase of 5% over last year. Customer demand was even higher than our reported results, as iPhone unit sell-through was up 8%. We saw double digit iPhone growth in the US, in Canada, Western Europe, Japan, and Australia, and even stronger growth in many emerging markets including Brazil, Turkey, Russia, Central and Eastern Europe, and Vietnam. iPhone ASP increased to $695 in the December quarter, from $619 in the September quarter, driven by the very strong product mix and the amazing success of iPhone 7 Plus.

iPhone 本季表現出色，銷量達 7,830 萬部，創歷史新高，比去年同期成長 5%。客戶需求甚至高於我們公佈的業績，iPhone 的銷量成長了 8%。我們在美國、加拿大、西歐、日本和澳洲看到了 iPhone 兩位數的成長，在包括巴西、土耳其、俄羅斯、中歐和東歐以及越南在內的許多新興市場，成長甚至更為強勁。受強勁的產品組合和 iPhone 7 Plus 的驚人成功推動，iPhone 的平均售價從 9 月季度的 619 美元上漲至 12 月季度的 695 美元。

Despite stronger demand than last year, we added only 1.2 million units of iPhone channel inventory across the quarter, significantly less than the increase of 3.3 million units a year ago. And we exited the quarter near the low end of our five to seven week target channel inventory range.

儘管需求比去年強勁，但我們本季僅增加了 120 萬台 iPhone 通路庫存，遠低於去年同期的 330 萬台。本季末，我們的通路庫存量接近五到七週目標範圍的下限。

Customer interest and satisfaction with iPhone are exceptional, not only with consumers but also with business users. In the US for instance, the latest data from 451 Research on consumers indicates a 97% customer satisfaction rating among all iPhone owners, and a 99% satisfaction rating for owners of iPhone 7 Plus. Among corporate smartphone buyers, the iPhone customer satisfaction rating was 94%, and of those planning to purchase smartphones in the March quarter, 78% plan to purchase an iPhone.

消費者對 iPhone 的興趣和滿意度非常高，不僅消費者如此，企業用戶也是如此。例如，在美國，451 Research 的最新消費者數據顯示，所有 iPhone 用戶的客戶滿意度為 97%，iPhone 7 Plus 用戶的客戶滿意度為 99%。在企業智慧型手機購買者中，iPhone 的客戶滿意度為 94%；在計劃於 3 月季度購買智慧型手機的人群中，78% 的人計劃購買 iPhone。

Turning to Services, we generated an all-time record $7.2 billion in revenue, an increase of 18% year-over-year. Our run rate growth was actually higher when taking into account two discrete items. On one hand, the 14th week added to Services revenue this December quarter. On the other hand, that benefit was more than offset by the comparison to the one-off $548 million patent infringement payment included in Services revenue a year ago.

服務業務方面，我們創造了歷史最高收入 72 億美元，年增 18%。如果將兩個獨立因素考慮在內，我們的運行率成長率實際上更高。一方面，第 14 週為本季（12 月）的服務收入做出了貢獻。另一方面，與一年前計入服務收入的一次性 5.48 億美元專利侵權賠償金相比，這一收益被完全抵消了。

The App Store continued its impressive run, breaking all previous revenue records. Year-over-year App Store revenue growth was 43% through the first 13 weeks of the quarter. It's great to see that both average revenue per paying account and the number of paying accounts grew strongly during the quarter. And according to App Annie's latest report, App Store revenue continues to outpace the industry overall, with more than double the revenue of Google Play in calendar 2016.

App Store 繼續保持強勁的成長勢頭，打破了之前的所有收入記錄。本季前 13 週，App Store 的營收年增了 43%。令人欣喜的是，本季每個付費帳戶的平均收入和付費帳戶數量均實現了強勁增長。根據 App Annie 的最新報告，App Store 的收入持續超過整個行業的平均水平，2016 年的收入是 Google Play 的兩倍多。

Next, I'd like to talk about the Mac. We sold 5.4 million Macs and generated our highest ever quarterly Mac revenue. We were very happy to report double digit unit growth in several countries, including Japan, Mainland China, India, the Netherlands, and Sweden, as well as in the US education market. We ended the quarter at the low end of our four to five week target range for Mac channel inventory.

接下來，我想談談Mac電腦。我們售出了 540 萬台 Mac 電腦，並實現了 Mac 電腦有史以來最高的季度收入。我們非常高興地宣布，包括日本、中國大陸、印度、荷蘭和瑞典在內的多個國家以及美國教育市場，銷售量都實現了兩位數成長。本季末，Mac 通路庫存量處於我們四到五週目標範圍的低端。

Turning to iPad. We sold 13.1 million units which was ahead of our expectations, and we posted double digit growth in both Mainland China and in India, as we've expanded distribution channels in those countries, and we continue to attract a very high percentage of first time tablet buyers. We also reduced channel inventory by about 700,000 units, as opposed to an increase of 900,000 units last year, and we exited the quarter near the low end of our five to seven week target range.

切換到iPad。我們售出了 1310 萬台，超出預期，在中國大陸和印度均實現了兩位數的增長，因為我們擴大了這些國家的銷售管道，並且我們繼續吸引著很高比例的首次平板電腦購買者。我們還減少了渠道庫存約 70 萬件，而去年同期則增加了 90 萬件。本季末，我們的庫存量接近五到七週目標範圍的下限。

IPad is incredibly successful in the segments of the tablet market where we compete, both in terms of market share and customer metrics. Recent data from NPD indicates that iPad had 85% share of the US market for tablets priced above $200. And in November, 451 Research measured a 94% consumer satisfaction rate for iPad Mini and 97% rate for iPad Air and 96% for iPad Pro. Among US consumers planning to purchase a tablet within the next six months, purchase intention for iPad is more than four times higher than any other brand measured, with iPad Pro once again the top choice for planned purchases.

iPad 在我們所競爭的平板電腦市場區隔領域取得了巨大的成功，無論是在市場佔有率還是客戶指標方面。NPD 的最新數據顯示，iPad 在美國售價超過 200 美元的平板電腦市場中佔據了 85% 的份額。11 月，451 Research 的調查顯示，iPad Mini 的消費者滿意度為 94%，iPad Air 為 97%，iPad Pro 為 96%。在美國計劃未來六個月內購買平板電腦的消費者中，iPad 的購買意願比其他任何品牌都高出四倍以上，而 iPad Pro 再次成為計劃購買的首選。

Corporate buyers supported a 96% satisfaction rate and a purchase intent of 66% for the March quarter. In fact, businesses of all sizes are choosing iPad and iPhone to help them reimagine their everyday activities. We're seeing strong momentum in sectors such as retail where iOS solutions are being deployed for everything from product development to logistics to point of sale. Companies like Toys R Us, Coach, and Kate Spade are using iOS and our mobility partner solutions to dramatically transform their customer and employee experiences.

3 月季度，企業買家滿意度達 96%，購買意願達 66%。事實上，各種規模的企業都在選擇 iPad 和 iPhone 來幫助他們重新構想日常業務活動。我們看到零售等產業發展勢頭強勁，iOS 解決方案正被應用於從產品開發到物流再到銷售點的各個環節。像 Toys R Us、Coach 和 Kate Spade 這樣的公司正在使用 iOS 和我們的行動合作夥伴解決方案，以徹底改變其客戶和員工體驗。

Our retail stores experienced strong double digit growth in visitors and revenue in the December quarter, and we continued to expand our global presence, with plans to open our first store in Singapore and our second store in Dubai soon. We're continually updating our stores and adding new exciting outreach programs to educate kids on our products, entertain the community with fresh live music, teach future Swift developers to code, and empower entrepreneurs to start, grow, and evolve their businesses.

在 12 月季度，我們的零售店客流量和收入均實現了強勁的兩位數成長，我們繼續擴大全球業務，並計劃很快在新加坡開設第一家門市，在杜拜開設第二家門市。我們不斷更新我們的商店，並增加令人興奮的新推廣計劃，以教育孩子們了解我們的產品，用新鮮的現場音樂娛樂社區，教導未來的 Swift 開發人員編寫程式碼，並幫助企業家創辦、發展和壯大他們的業務。

Let me now turn to our cash position. We ended the quarter with $246.1 billion in cash plus marketable securities, a sequential increase of $8.5 billion. $230.2 billion of this cash or 94% of the total was outside the United States. We also had $77.1 billion in term debt and $10.5 billion in commercial paper outstanding at quarter end.

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2,461億美元，較上季增加85億美元。這筆現金中有 2,302 億美元（佔總數的 94%）位於美國境外。截至季末，我們還有771億美元的定期債務和105億美元的未償商業票據。

We returned almost $15 billion to investors during a very busy December quarter for our capital return activities. We paid $3.1 billion in dividends and equivalents. We spent $5 billion on repurchases of 44.3 million Apple shares through open market transactions, and we launched a new $6 billion ASR, resulting in an initial delivery and retirement of 44.8 million shares. We also completed our eighth accelerated share repurchase program, adding an additional 4.4 million shares. This lead to a net diluted share count reduction of 65.3 million shares during the quarter.

在資本回報活動非常繁忙的12月季度，我們向投資者返還了近150億美元。我們支付了31億美元的股利及等價物。我們花費 50 億美元透過公開市場交易回購了 4,430 萬股蘋果股票，並啟動了一項新的 60 億美元的 ASR 計劃，最終交付並註銷了 4,480 萬股股票。我們也完成了第八次加速股票回購計劃，額外增加了 440 萬股。這導致本季淨稀釋股份數量減少了 6,530 萬股。

We've now completed $201 billion of our current $250 billion capital return program, including $144 billion in share repurchases, and we plan to provide investors with our annual update on the capital return program in the spring.

我們目前已完成 2,500 億美元資本回報計畫中的 2,010 億美元，其中包括 1,440 億美元的股票回購，我們計劃在春季向投資者提供年度資本回報計畫更新報告。

Our effective tax rate for the quarter was 26% as expected, and as we move ahead into the March 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.

本季實際稅率如預期為 26%，隨著我們進入三月的季度，我想回顧一下我們的展望，其中包括南希在電話會議開始時提到的那些前瞻性資訊。

We expect revenue to be between $51.5 billion and $53.5 billion. This guidance range includes a $1.2 billion year-over-year headwind from foreign exchange. We expect gross margin to be between 38% and 39%. This guidance range includes an 80 basis point sequential headwind from foreign exchange.

我們預計營收將在 515 億美元至 535 億美元之間。此預期範圍包含了因外匯波動而導致的年比12億美元的不利影響。我們預計毛利率將在 38% 至 39% 之間。此指引範圍包含了外匯市場帶來的 80 個基點的季比不利影響。

We expect OpEx to be between $6.5 billion and $6.6 billion. We expect OI&E to be about $400 million, and we expect the tax rate to be about 26%. Also today our Board of Directors has declared a cash dividend of $0.57 per share of common stock, payable on February 16, 2017 to shareholders of record as of February 13, 2017.

我們預計營運支出將在 65 億美元至 66 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%。今天，我們的董事會也宣布派發每股普通股0.57美元的現金股息，將於2017年2月16日支付給截至2017年2月13日登記在冊的股東。

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

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. Operator, may we have the first question please?

我們要求您只提一個包含所有部分的問題，並提出一個後續問題。接線員，請問第一個問題是？

(Operator Instructions)

（操作說明）

Katy Huberty, Morgan Stanley.

Katy Huberty，摩根士丹利。

Yes, thank you. First, Luca, what are the factors that caused you to widen the gross margin guidance for the March quarter, and what are the one or two factors that put you at the low end versus the tailwinds that might put you at the high end of that range? Then I have a follow-up, thank you.

是的，謝謝。首先，Luca，是什麼因素導致你擴大了三月季度的毛利率預期？又有哪些一、兩個因素導致你的預期處於下限，而哪些利好因素可能會使你的預期達到上限？我還有一個後續問題，謝謝。

Sure, Katy, well if you look back at our history, 100 basis points range for gross margin is not unusual. Clearly during a period when foreign exchange is very volatile we think it's more prudent to broaden the range, to broaden the range a bit. I've mentioned that we expect, assuming that rates don't move too much, we expect foreign exchange to be a major negative as we move from the December to the March quarter. You know that the dollar appreciated significantly towards the end of the December quarter, and so we got 80 basis points of sequential headwind from foreign exchange.

當然，凱蒂，如果你回顧我們的歷史，毛利率在 100 個基點的範圍內波動並不罕見。顯然，在外匯市場波動劇烈的時期，我們認為更謹慎的做法是擴大範圍，稍微擴大一下範圍。我之前提到過，假設利率不會有太大波動，我們預計從 12 月季度到 3 月季度，外匯波動將是一個主要的不利因素。你知道美元在 12 月季度末大幅升值，因此我們受到了外匯市場 80 個基點的環比不利影響。

We also have the sequential loss of leverage which is typical of our seasonality, but we expect to offset these two impacts with cost efficiencies and also with our mix of products and services. So obviously if the dollar is a little less strong than it is today, we could do a bit better on gross margins. Obviously we continue to work very hard on our cost efficiency, so we'll see where we land.

我們也面臨著季節性因素導致的槓桿率連續下降的問題，但我們預計可以透過提高成本效益以及調整產品和服務組合來抵消這兩種影響。顯然，如果美元匯率比現在略微走弱一些，我們的毛利率可能會更高一些。顯然，我們會繼續努力提高成本效益，看看最終結果如何。

Thank you. And Tim, there's a reasonable probability that you may get access to the $200 billion plus of cash that's been locked overseas. So I think it would be helpful to just get an update on your views around potentially larger M&A and some of the areas of interest that you've noted in the past, like owning more original content to penetrate more of the TV opportunity that the company has long talked about addressing. Thank you.

謝謝。提姆，你很有可能獲得被鎖定在海外的超過 2000 億美元的現金。所以我認為，了解您對潛在的更大規模併購以及您過去提到的一些感興趣領域（例如擁有更多原創內容以滲透公司長期以來一直談論要解決的電視機遇）的最新看法，將會很有幫助。謝謝。

Yes, Katy, I am optimistic given what I'm hearing that there would likely be some sort of tax reform this year, and it does seem like there's people in both parties that would favor a repatriation as a part of that. So I think that's very good for the country and good for Apple. What we would do with it, let's wait and see exactly what it is, but as I've said before we are always looking at acquisitions. We acquired 15-20 companies per year for the last four years, and we look for companies of all sizes, and there's not a size that we would not do based on just the size of it. It's more about the strategic value of it.

是的，凱蒂，我樂觀地認為今年可能會進行某種形式的稅收改革，而且似乎兩黨中都有人贊成將稅收返還作為改革的一部分。所以我認為這對國家和蘋果公司來說都是非常好的事。至於我們會如何處理它，讓我們拭目以待，但正如我之前所說，我們一直在尋找收購機會。過去四年，我們每年收購 15-20 家公司，我們尋找各種規模的公司，我們不會因為公司規模小就拒絕收購。更重要的是它的戰略價值。

In terms of original content, we put our toe in the water, we have put our toe in the water with doing some original content for Apple Music, and that will be rolling out through the year. We are learning from that and we'll go from there. The way that we participate in the sort of the changes that are going on in the media industry that I fully expect to accelerate from sort of the cable bundle beginning to break down is one, we started the new Apple TV a year ago, and we're pleased with how that platform has come along. We had more things planned for but it's come a long way in a year and it gives us a clear platform to build off of.

在原創內容方面，我們已經試水，開始為 Apple Music 製作一些原創內容，這些內容將在今年陸續推出。我們正在從中吸取教訓，並將以此為指導繼續前進。我們參與媒體產業正在發生的變革的方式之一是，隨著有線電視套餐開始瓦解，這種變革勢必會加速。一年前，我們推出了新的 Apple TV，我們對平台的發展感到滿意。我們原本計劃做更多的事情，但一年來已經取得了長足的進步，這為我們未來的發展奠定了清晰的平台。

Two, embedded in the 150 million paid subscriptions that I mentioned in my opening comments, there are a number of third party services that are a part of that where we participate economically in some of that by offering our platform and selling and distributing. And then thirdly, we are obviously with our toe in the water we're learning a lot about the original content business and thinking about ways that we could play in that. Thanks for the question.

第二，在我開場白中提到的 1.5 億付費訂閱中，包含許多第三方服務，我們透過提供我們的平台、銷售和分發服務，以經濟方式參與其中。第三，我們顯然還在試水，我們正在學習很多關於原創內容業務的知識，並思考我們可以如何參與其中。謝謝你的提問。

Thanks, Katy. Could we have the next question please?

謝謝你，凱蒂。請問下一個問題可以嗎？

Amit Daryanani, RBC Capital Markets.

Amit Daryanani，加拿大皇家銀行資本市場部。

Thanks a lot, good afternoon, guys. First question, really appreciate the information you guys are providing around your Services business which was up 18% year-over-year. Could you just talk about how much of that do you think is growth in your install base versus increased monetization on a per iOS [device] spaces? It's weird to think about those in two separate terms.

非常感謝，各位下午好。第一個問題，非常感謝你們提供的有關服務業務的信息，該業務同比增長了 18%。您能否談談您認為其中有多少是用戶基數的成長，又有多少是 iOS 裝置單次銷售收入的成長？把它們分成兩個獨立的術語來思考，感覺很奇怪。

I think you're absolutely right, Amit. We look at it, those are the two key elements for us. And what is particularly interesting to us is to see that the number of people that are transacting on our stores is increasing strong double digits, and we're also seeing that the ARPU per paying customer is increasing double digits, right? So it's a combination of the two, obviously the quality and the quantity of content that we make available in our Services improves all the time. And we also see that as people getting to the platform and start transacting on the platform, and we keep track of their behavior over time, we actually see that they tend to spend more and more over time. And that's why we are excited about the future of the Services business and that's why as Tim said, we have a goal that it's already become a very large business. It's going to be a Fortune 100 company this year, but we have a goal to double it over the next four years.

阿米特，我覺得你說得完全正確。我們仔細研究後發現，這兩點對我們來說至關重要。我們特別感興趣的是，在我們商店進行交易的人數以兩位數的速度強勁增長，而且我們還看到，每個付費客戶的平均每用戶收入（ARPU）也以兩位數的速度增長，對吧？所以，這顯然是兩者的結合，我們在服務中提供的內容的品質和數量都在不斷提高。我們還發現，隨著人們進入平台並開始在平台上進行交易，我們持續追蹤他們的行為，實際上發現他們往往會隨著時間的推移而花費越來越多的錢。這就是為什麼我們對服務業務的未來感到興奮，也是為什麼正如提姆所說，我們的目標是讓它成為一個非常龐大的業務。今年它將成為財富 100 強公司，但我們的目標是在未來四年內將其規模擴大一倍。

Perfect. If I could just switch gears on a follow-up. There's been a fair amount of discussions around your market share in China and what's happening over there. Your numbers actually look fairly impressive in Greater China, China specifically. So could you talk about what are the demand trends you're seeing there on the ground, and how do you see that transpire through the year?

完美的。如果我能換個話題繼續討論就好了。關於貴公司在中國的市場佔有率以及中國市場的發展狀況，已經有許多討論。你們在大中華區，特別是中國大陸的數據看起來相當不錯。那麼，您能否談談您在當地觀察到的需求趨勢，以及您認為這些趨勢在今年會如何發展？

I'll take this one. If you look at how we did in the quarter, as I think Luca shared, our Greater China revenue was down 12% and about four points of that was currency related. So it's an eight-point decline in constant currency. And then within Greater China if you look at the PRC, our revenue was flat year-over-year, and that was against the all-time record quarter. And if you look at that on a constant currency basis it was actually up six. So it's a significantly better performance on sort of every way you look at it, versus what we had experienced the prior three quarters.

我選這個。正如盧卡所說，如果我們回顧本季的業績，就會發現我們在大中華區的收入下降了 12%，其中約有 4 個百分點與匯率有關。所以以固定匯率計算，下降了8個百分點。然後，在大中華區，如果你看看中國大陸，我們的收入與去年同期持平，而去年同期卻是歷史最高季度。如果以固定匯率計算，實際上上漲了 6%。所以無論從哪個角度來看，這都比前三個季度的表現好得多。

Underneath that, what we've seen is that iPhone 7 was the best selling smartphone in China during the quarter, according to Kantar. Singles Day which is a huge day in China as you know, we were the most popular US brand on Alibaba. We set a new record for Services in China as the company did. And Mac revenue was up double digit year-over-year. iPad units were also up double digit in Mainland China which was obviously different than the trend that we saw in the balance of the world. We also saw 50% of our iPhone sales in China were to switchers and first time buyers, which is a very high number that we're pleased with. And then obviously our total install base continues to grow there in the strong double digits.

除此之外，根據凱度（Kantar）的數據，我們看到iPhone 7是本季中國最暢銷的智慧型手機。如你所知，雙十一是中國的一大盛事，而我們則是阿里巴巴上最受歡迎的美國品牌。我們和公司一樣，在中國的服務業務也創下了新的紀錄。Mac 的營收年增了兩位數。iPad 在中國大陸的銷量也實現了兩位數的成長，這顯然與我們在世界其他地區看到的趨勢不同。我們還發現，在中國，iPhone 銷量中有 50% 來自轉投其他品牌的用戶和首次購買者，這是一個非常高的數字，我們對此感到滿意。顯然，我們在那裡的總安裝量繼續以兩位數的強勁速度成長。

That said, the challenges that are there, one, the currency has devalued 6% year-over-year, and two, Hong Kong remains a very, very difficult market. And so I look at it and I'm encouraged with the significant improvement, but we're not without challenges there and I wouldn't want to imply that, although I do like many, many things that I've seen and how broad-based the pluses were across our product line.

儘管如此，目前仍存在一些挑戰，一是人民幣同比貶值了 6%，二是香港市場仍然非常非常困難。因此，我審視了它，並對取得的顯著進步感到鼓舞，但我們並非沒有挑戰，我不想暗示這一點，儘管我確實喜歡我看到的很多方面，以及我們產品線中廣泛存在的優勢。

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

謝謝你，阿米特。請問下一個問題可以嗎？

Shannon Cross, Cross Research.

Shannon Cross，Cross Research。

Thank you very much for taking my question. Can you talk a bit more about the Services business? And what I'm trying to figure out is I think the number was you're going to be doubling within the next four years, or at least that's your expectation. So what gets you there? Maybe if you talk about geographies and how penetrated you are in certain geographies? And then as you grow your Services business, is there anything we should keep in mind from a margin perspective? Would these be lower-margin services or similar, just so we can think about the trajectory and the contribution to bottom line?

非常感謝您回答我的問題。能再詳細談談服務業務嗎？我正在努力弄清楚的是，我認為你們的預期是，在未來四年內，你們的業績將會翻倍。那麼，什麼才能讓你達到目標呢？或許你可以談談地理，以及在某些地區的滲透程度？隨著您服務業務的成長，從利潤率的角度來看，我們應該注意些什麼？這些服務是否屬於低利潤服務或類似服務？這樣我們就可以考慮其發展軌跡以及對最終利潤的貢獻。

Yes, Shannon, I'll take it. Obviously within the Services business we have a number of categories. The App Store is the one that is driving significant growth right now. I said in my opening comments that we grew 43%, 13 weeks, over 13 weeks we grew own more for the quarter, right? And what we like about the App Store is that it's truly a global platform, so we are seeing significant growth not only in the developed markets where you expect to see a lot of transaction volume, but we see great growth in places like China for example.

是的，香農，我收下。顯然，在服務業內部，我們有很多類別。目前，App Store 是推動應用程式商店實現顯著成長的主要力量。我在開場白中說過，我們成長了 43%，13 週內，我們本季的成長超過了 13 週，對吧？我們喜歡 App Store 的一點是，它是一個真正的全球平台，因此我們不僅在交易量預計會很大的發達市場看到了顯著增長，而且在中國等地也看到了巨大的增長。

And we know that there are parts of the world where we can do better. We can grow, for example, our developer community in a number of emerging markets. And so as we look, as I was explaining earlier, as we look at the number of people that transact growing double digits, we see the amount spent per paid account growing so well, we think that the App Store is going to be a significant driver of growth.

我們知道，世界上有些地方我們可以做得更好。例如，我們可以在一些新興市場發展我們的開發者社群。因此，正如我之前解釋的那樣，當我們看到交易人數以兩位數增長，每個付費帳戶的消費金額也增長得如此之好時，我們認為 App Store 將成為增長的重要驅動力。

On the music front, we are the market leader in digital music and obviously now by having the combination of the download business with the streaming service, which we didn't have until recently, we've been able to bring our music business back to growth, we've grown over the last three quarters, and we feel very good about that.

在音樂方面，我們是數位音樂市場的領導者，而且顯然，現在透過將下載業務與串流媒體服務相結合（這是我們最近才有的），我們已經能夠使我們的音樂業務重回成長軌道，在過去的三個季度裡，我們實現了成長，對此我們感到非常滿意。

Tim has talked about original content. We've had very good success with exclusives, so we know that it's another business that we can grow. Our iCloud storage business is growing very quickly, and so that is a business that also at the geographic level we can continue to grow significantly. Our AppleCare business is growing very well.

蒂姆談到了原創內容。我們在獨家銷售方面取得了非常好的成功，所以我們知道這是我們可以發展的另一個業務。我們的 iCloud 儲存業務成長非常迅速，因此，從地理層面來看，這項業務也可以繼續顯著成長。我們的AppleCare業務發展勢頭良好。

A lot of it comes from the fact that our install base of devices around the world continues to grow very well, from double digits and as we've explained in the past, the vast majority of the service that we provide is not driven by what we sell during the last 90 days. It's much more driven by the install base and that gives us a tail wind.

這很大程度上源於我們在全球範圍內的設備安裝基礎持續良好成長，從兩位數成長到更高水準。正如我們過去解釋的那樣，我們提供的絕大部分服務並非由我們在過去 90 天內的銷售情況所驅動。這主要受用戶基數的影響，這給我們帶來了順風。

We're also opening up several new markets because we're accepting new forms of payment and therefore it's easier for, particularly for international customers to take advantage of our services.

由於我們接受新的支付方式，我們也開拓了幾個新市場，因此，特別是對於國際客戶而言，使用我們的服務變得更加容易。

You were asking about the margin profile. We said it many times, in aggregate, our Services business tends to have margins that are above company averages. They are accretive so they help us quite a bit from a margin standpoint. Within the Services business, we have very different margin profiles also because as you know we account for some of these services in different ways. In some cases we transact on a buy-sell basis, in other cases we perform as agents, for example, to our developers, right? And that drives different margin percentages.

您問的是邊際率情況。我們曾多次說過，整體而言，我們的服務業務利潤率往往高於公司平均水準。它們具有增值作用，因此從利潤率的角度來看，它們對我們幫助很大。在服務業務方面，我們的利潤率結構也大相徑庭，因為正如您所知，我們對其中一些服務的會計處理方式有所不同。在某些情況下我們以買賣的方式進行交易，而有些情況下我們則作為代理人，例如，為我們的開發商提供服務，對嗎？這會導致不同的利潤率。

Thank you. And then my follow-up is in terms of elasticity of demand and some of the moves from a currency perspective. I think in the past there was some concern in some of the emerging markets that you were basically not able to -- you weren't getting the volumes because you had to raise ASPs given currency, but you talked a lot about the emerging markets actually doing pretty well this quarter. So I'm just curious, you raised the price on the iPhone 7 Plus, and what are you seeing and what are your customers saying in terms of willingness to pay up?

謝謝。接下來，我將從需求彈性和貨幣角度分析一些相關走勢。我認為過去一些新興市場存在一些擔憂，認為由於匯率原因，你不得不提高平均售價，導致銷量無法達到預期，但你多次提到新興市場本季實際上表現相當不錯。所以我很好奇，你們提高了 iPhone 7 Plus 的價格，你們觀察到了什麼情況，你們的顧客對提高價格的意願有何回饋？

Well Shannon, I was looking back since June of 2014, so we're talking about two and a half years ago, the dollar has strengthened 25% against the basket of currencies where we do business. And so obviously it is a difficult situation for us. I mentioned that foreign exchange is a significant headwind for us, both at the revenue level and at the gross margin level.

香農，我回顧了自 2014 年 6 月以來的情況，也就是兩年半前，美元兌我們開展業務的一籃子貨幣已經升值了 25%。所以很顯然，這對我們來說是一個艱難的處境。我曾提到，外匯波動對我們來說是一個很大的不利因素，無論是在收入層面還是在毛利率層面都是如此。

In emerging markets, it's incredible. The level of interest for our products continues to be phenomenal. The brand continues to be very aspirational. There's more and more people that can afford our products around the world. The middle class is growing in places like China, India, Brazil, but certainly strong dollar doesn't help us and therefore when we make pricing decisions, we need to be very careful. We always want to find the optimal balance between units, revenue, and margin, and it becomes more difficult as the dollar appreciates.

在新興市場，這簡直令人難以置信。消費者對我們產品的關注度依然非常高。該品牌依然極具吸引力。世界各地越來越多的人能夠負擔得起我們的產品。在中國、印度、巴西等地，中產階級正在壯大，但強勢美元肯定對我們不利，因此我們在製定定價決策時需要非常謹慎。我們一直希望在銷售、收入和利潤之間找到最佳平衡點，但隨著美元升值，這變得越來越困難。

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？

Brian White, Drexel.

布萊恩懷特，德雷塞爾大學。

Yes, Luca, I'm wondering if you could talk a little bit about gross margins. Sales obviously beat the high end of your revenue range, it looks like gross margins was dead down the middle. Can you talk about the puts and takes in gross margins in the quarter please?

是的，盧卡，我想請你談談毛利率。銷售額顯然超過了收入預期的上限，而毛利率似乎正好處於中間水平。請問您能談談本季毛利率的變動情況嗎？

Sure. We were actually at the high end of the range for gross margins. We had guided 38 to 38.5, and we came in at 38.5 exactly. And really, the slight improvement over the mid point of the guidance range was due to the fact that our revenue was ahead of our expectations. And so we got a bit more leverage out of the increased revenue levels. We feel very good about the gross margins for the quarter. Again keep in mind the strong dollar that doesn't help us on that front.

當然。實際上，我們的毛利率處於較高水準。我們預計到達時間為 38 到 38.5，而我們實際到達的時間正好是 38.5。事實上，業績略高於預期範圍中點，是因為我們的收入超出了預期。因此，我們從不斷增長的收入水準中獲得了更大的優勢。我們對本季的毛利率非常滿意。再次提醒大家，強勢美元對我們不利。

Okay. And Tim, I didn't hear much mention about India. How did India perform with the iPhone, and how should we think about it for 2017 especially with the 4G network going up?

好的。提姆，我沒怎麼聽到有人提起印度。印度在 iPhone 方面的表現如何？隨著 4G 網路的普及，我們該如何看待 2017 年印度的 iPhone 市場前景？

That's a really good question. Despite the demonetization move in India that created lots of economic pressure there last quarter, despite that, we had all-time record revenue results. And so we were very happy about that. The demonetization impact has not worked its way through yet. It's still definitely having some overhang, but I think in the longer term it's a great move and I feel really good about how we're doing there. We are in discussions on a number of things including retail stores, and fully intend to invest significantly in the country and believe it's a great place to be.

這真是個好問題。儘管印度上季實施的廢鈔令給當地經濟帶來了巨大壓力，但即便如此，我們的營收仍創下了歷史新高。所以，我們對此感到非常高興。廢鈔令的影響尚未完全顯現。雖然目前肯定還存在一些問題，但我認為從長遠來看，這是一個很棒的舉措，我對我們在這方面取得的進展感到非常滿意。我們正在就包括零售商店在內的許多事項進行討論，並完全打算在該國進行大量投資，我們認為這是一個很棒的地方。

Thank you, Brian. Could we have the next question please?\

謝謝你，布萊恩。請問下一個問題可以嗎？

Simona Jankowski, Goldman Sachs.

西蒙娜·揚科斯基，高盛。

Hi, thank you. I wanted to dig in a little bit more into the iPhone upside in the quarter, with record revenues in every region except for Greater China. I think it touched on the percent of switchers in China, but can you give a little more color on the split of upgrades and switchers in some of the other regions, and overall as well?

您好，謝謝。我想更深入地探討本季 iPhone 的成長情況，除了大中華區以外，iPhone 在所有地區的收入都創下了歷史新高。我認為報告中已經提到了中國地區的換卡用戶比例，但您能否更詳細地介紹一下其他地區以及總體地區的升級用戶和換卡用戶的比例？

Yes, Simona, it's Tim. We did have an exceptional quarter with iPhone, and that was with the back drop of not predicting the demand very well in the iPhone 7 Plus and therefore being in constraint on it through the quarter. If you look at the absolute number of upgraders, it was the highest that we've seen in any quarter. And if you look at the switcher number, it's the highest that we've seen in any quarter. If you look at the upgrade rate, it's similar to last year. However, I think the big asterisk, and I share all this with you for transparency's sake, but I would tell you that the way we look at this is, in a quarter where you have a supply constraint, it's difficult to draw too many conclusions from it, but I wanted to share that with you anyway so you have the back drop.

是的，西蒙娜，我是提姆。我們在 iPhone 方面確實取得了非凡的季度業績，但這是在我們對 iPhone 7 Plus 的需求預測不準，因此整個季度都受到供應限制的情況下取得的。如果只看升級用戶的絕對數量，這是我們見過的任何一個季度中最高的。如果你看一下轉換用戶的數量，你會發現這是我們見過的任何一個季度中最高的。從升級率來看，與去年類似。不過，我認為需要特別說明的是，為了確保透明度，我才把這些都告訴你們。我想說的是，我們看待這個問題的方式是，在一個供應受限的季度裡，很難從中得出太多結論，但我還是想把這些告訴你們，讓你們了解一下背景。

Thank you. And then just one follow-up on China specifically. As your comps get easier this year, I was curious if you think you're going to be returning to growth in that region? And then just to give us the context I know you talked about the 6% constant currency increase in revenue in Mainland China, but curious if you strip out the double digit increase in iPad and MacBook and potentially the mix shift to the 7 Plus, curious what underlying iPhone units did in Mainland China?

謝謝。然後，就中國問題再補充一點。今年你們的比較門檻降低了，我想知道你們是否認為該地區的業績會恢復成長？為了提供一些背景信息，我知道您提到了中國大陸地區按固定匯率計算的收入增長了 6%，但我很好奇，如果剔除 iPad 和 MacBook 兩位數的增長以及可能出現的 iPhone 7 Plus 的銷量變化，中國大陸地區的 iPhone 銷量究竟是多少？

That's a big question. I don't have the answer in front of me. If you look at 7 Plus, it was the most popular Plus model that we've ever had. It set a unit record, so that I can share. In terms of how are we going to do, we don't provide guidance at the segment level, but sitting here today for Q2 I wouldn't expect the year-over-year performance to be dramatically different than the year-over-year performance in Q1. The real comp really begins in the following quarter to a more significant degree, and we'll have to see how that plays out as we get closer to it.

這是一個大問題。我手頭上沒有答案。如果你看看 7 Plus，它是我們有史以來最受歡迎的 Plus 機型。它創下了單位紀錄，所以我可以分享一下。至於我們將如何表現，我們不提供分部層面的指導，但就目前來看第二季度，我預計同比業績不會與第一季同比業績有太大差異。真正的比較將在下一季開始，而且影響將更加顯著，我們得看看隨著季度臨近，情況會如何發展。

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

謝謝你，西蒙娜。請問下一個問題可以嗎？

Toni Sacconaghi, Bernstein.

Toni Sacconaghi，Bernstein。

Yes, thank you. I just wanted to better understand the upgrade rate dynamics. So I think iPhone units on a sell-through basis were up about 8%. You had an extra week which gave you about 8%. I understand there were differences of the timing of the launch. So making all those adjustments it looks like iPhone units were probably up low single digits. But Luca, you alluded to the fact your install base is growing double digits. So that would suggest to me that the upgrade rate, the upgrade percentage is actually declining. And more specifically, I'd just like your broader perspective on how investors should think about upgrade rates. It looked like they peaked in the iPhone 6 cycle, and it looks like they've been extending, going lower, replacement cycles have been extending over the last couple of years. I think some of the US carriers alluded to that as well.

是的，謝謝。我只是想更了解升級率的動態變化。所以我認為 iPhone 的銷量以成交量計算增加了約 8%。你多了一週時間，大約獲得了 8% 的收益。我知道發佈時間上存在一些差異。經過這些調整，iPhone 的銷售量似乎只有個位數。但盧卡，你曾暗示過你的用戶基數正在以兩位數的速度成長。所以這在我看來表明，升級率，也就是升級百分比，實際上是在下降。更具體地說，我想聽聽您對投資者應該如何看待升級率的更廣泛看法。看起來 iPhone 6 的換機週期達到了頂峰，而且在過去的幾年裡，換機週期似乎一直在延長，價格也在下降。我認為一些美國航空公司也暗示過這一點。

So I'm wondering if you could step back and just talk a little bit more broadly about how investors should think about -- or what the trajectory's been over the last two years, and how investors should think going forward? Do you believe there are opportunities for that upgrade rate to improve, or replacement cycles to accelerate going forward? And what are some of the considerations we should think about?

所以我想請您退一步，更廣泛地談談投資人應該如何看待——或者說，過去兩年來的發展軌跡是怎樣的，以及投資人未來該如何看待？您認為未來升級率是否有提升空間，或是更換週期是否有可能加快？那麼，我們該考慮哪些因素呢？

Well it's a good question. A number of points that I want to make, starting with the growth in the install base of iPhones. Yes, it's growing strong double digits and that's very good for us for a number of reasons, including the fact that it's a big driver for our Services business.

這確實是個好問題。我想提出幾點看法，首先是iPhone用戶群的成長。是的，它正以兩位數的強勁速度成長，這對我們來說非常有利，原因有很多，其中之一是它是我們服務業務的重要驅動力。

When we look at it geographically, I think we see different developments. For example, we felt very, very good about the unit growth that we had in many markets around the world. You've been quoting an overall total company growth rate, but when we look at it on a country specific level, there were a lot of countries, I would say the majority of the countries, where iPhone units grew strong double digits, starting here in the United States where, for example, the fact that annual upgrade programs are becoming more and more popular is proving to be a positive for us.

從地理角度來看，我認為我們會看到不同的發展趨勢。例如，我們對在全球許多市場取得的銷售成長感到非常滿意。您一直引用的是公司整體的成長率，但如果我們按國家/地區來看，許多國家（我認為是大多數國家）的 iPhone 銷量都實現了強勁的兩位數增長，首先是美國，例如，年度升級計劃越來越受歡迎，這對我們來說是一個利好消息。

Same happened in a number of countries around the world starting with Canada and Australia, but also many places in Western Europe as well. Japan grew double digits in terms of units. So I think geographically, we are seeing very, very good performance, and the point that I think I need to make when you think about upgrade rates, clearly this issue of the strong dollar doesn't help us. Could we sell significantly more or significantly faster from an upgrade cycle standpoint in places outside the United States where we've had, we've been forced to increase prices by up to 20%, 30%, 40% in certain countries? When you think about the impact that this is having on local demand, obviously, that doesn't help us. But overall, I would say as Tim said, when we look at the upgrade rate for -- and we look at it from the standpoint of the new phones, the new generation of phones, the upgrade rate, the percentage of people that have upgraded to the new phone has been very similar to what we've seen last year. The 6 cycle was certainly a phenomenal cycle. There was pent-up demand for the larger screen phones. And certainly as we look ahead, we have a role to play. The more we're able to innovate with new generations of products, clearly that plays a role in the upgrade rate.

類似的事情在世界各地許多國家發生，最早是加拿大和澳大利亞，西歐許多地方也出現了這種情況。日本汽車銷量實現了兩位數成長。所以我認為從地理上看，我們的業績非常非常好，而我認為需要指出的是，在考慮升級率時，強勢美元顯然對我們不利。從升級週期的角度來看，在美國以外的地區，我們能否銷售更多產品或加快銷售速度？在某些國家，我們不得不將價格提高 20%、30%、40%。考慮到這對當地需求的影響，顯然，這對我們沒有幫助。但總的來說，正如蒂姆所說，當我們從新手機、新一代手機的角度來看升級率時，升級率，也就是升級到新手機的人數百分比，與我們去年看到的情況非常相似。第 6 個週期無疑是一個非凡的週期。市場對大螢幕手機的需求一直很旺盛。展望未來，我們當然也肩負著重要的責任。我們越能透過新一代產品進行創新，這顯然就越能提高產品的升級率。

Okay, thank you. Tim, I have a question for you. Back in April 2012, you said on one of these earnings calls that, I've always hated litigation and I continue to hate it, and I highly prefer to settle versus battle. Yet you recently decided to initiate a lawsuit against Qualcomm. I'm wondering if you can comment on the ostensible change or departure from this viewpoint, and what would be a successful end result of this litigation, and whether you can confirm whether there's any potential gross margin risk in the future as a result of this litigation?

好的，謝謝。提姆，我有個問題想問你。早在 2012 年 4 月，你在一次財報電話會議上說過：“我一直很討厭訴訟，現在仍然很討厭，我更喜歡和解而不是打官司。”然而，你最近卻決定對高通公司提起訴訟。我想請您就這種表面上的變化或偏離這一觀點發表評論，這場訴訟的成功最終結果是什麼，以及您能否確認這場訴訟是否會在未來造成任何潛在的毛利率風險？

I feel the same way I did in April of 2012. I don't like litigation and view it as a last resort. And so you should take from our filing that we viewed it as we didn't see another way forward. They were insisting on charging royalties for technologies that they had nothing to do with. And so we were in a situation where the more we innovated with unique features like Touch ID or advanced displays or cameras, just to name a few, the more money Qualcomm would collect for no reason, and the more expensive it would be therefore for us to innovate. And so it's somewhat like buying a sofa, and you charge somebody a different price depending upon the price of the house that it goes into. From our point of view, this doesn't make sense and we don't believe it will pass muster in the courts.

我的感覺和2012年4月一樣。我不喜歡訴訟，把它視為最後的手段。因此，你應該從我們的文件中了解到，我們認為沒有其他出路。他們堅持要對與他們毫無關係的技術收取專利費。因此，我們面臨的情況是，我們越是創新，推出像 Touch ID、先進顯示器或攝影機等獨特功能（僅舉幾例），高通公司就會無緣無故地收取越多的錢，因此我們進行創新的成本也會越高。所以這有點像是買沙發，根據沙發所在的房子的價格，你要向買家收取不同的價格。在我們看來，這毫無道理，我們認為它經不起法庭的檢驗。

In addition to that, as a part of their increasingly radical steps they were taking to try to hold up that model, they withheld a billion dollars in payments that they owed us. And so we felt like we had no choice was the net of it. In terms of where it goes, we'll see. I don't like litigation and so if there's another way, then that would be great. But at this point, I don't see it. I fully expect at this point in time that it will take some time, but in the end, I think common sense will prevail and the courts will see it for what it is. And so that's the way I see it. Thanks for your question.

除此之外，作為他們為維護這一模式而採取的日益激進的措施的一部分，他們扣留了欠我們的十億美元款項。因此，我們感覺自己別無選擇，這就是最終的結果。至於它會走向何方，我們拭目以待。我不喜歡訴訟，所以如果有其他方法，那就太好了。但就目前而言，我還沒有看到這一點。目前來看，我完全預料到這需要一些時間，但最終，我認為常識會佔上風，法院也會看清事情的真相。這就是我的看法。謝謝你的提問。

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

謝謝你，托尼。請問下一個問題可以嗎？

Steve Milunovich, UBS.

瑞銀集團的史蒂夫·米盧諾維奇。

Thank you. First I wanted to ask about the iPad. It looked like it was about to turn possibly even positive, and you said it was above your plan, but I think it was pretty well below the street's expectations. And the ASP deteriorated pretty significantly, I don't know if it's a mix shift. But maybe you can talk about the iPad and what you see going forward?

謝謝。首先我想問一下關於iPad的問題。看起來情況似乎要好轉了，甚至可能會好轉，你說這超出了你的計劃，但我認為它遠低於市場預期。平均售價大幅下降，我不知道這是否是產品組合變化導致的。不過，或許您可以談談 iPad 以及您對它未來發展的看法？

The iPad, Steve, we had a 1.6 million unit swing on channel inventory between the years. In the year ago quarter, we increased by 900. In this quarter we decreased by 700. On top of that, and from an ASP point of view, in the year ago quarter we launched the iPad Pro 13 Edge. That would be the iPad with obviously the highest price on it. We would have done the channel fill plus the launch of the product, and so that would have bolstered the ASPs in that particular quarter. In addition to all of that, we did under call the number of iPads that would be in demand for the quarter, and that compounded a shortage issue that we had with one of our suppliers. And so all in all, there was quite a few things going on there.

史蒂夫，iPad 這兩年間，我們的通路庫存波動了 160 萬台。去年同期，我們增加了900人。本季我們減少了700人。除此之外，從平均售價 (ASP) 的角度來看，去年同期我們推出了 iPad Pro 13 Edge。那顯然是價格最高的iPad。我們本來可以完成通路填充和產品發布，這樣就能提高該季度的平均售價。除此之外，我們也低估了本季 iPad 的需求量，這加劇了我們與其中一家供應商之間的供貨短缺問題。總而言之，那裡發生了很多事情。

If I sort of zoom out of the 90 day clock and look at it, we've got some exciting things coming on iPad. I still feel very optimistic about where we can take the product. When we look at the number of people buying iPads for the first time, which is a good thing to look at from a point of view of whether things are reaching penetration point or not, the numbers indicate that it's not close to that kind of thing. The customer sat numbers are through the roof. Literally the customer sat for the iPad Pro is 99%. It's stunning. And so I see a lot of good things and hope for better results, but we are still currently in this shortage issue now, and I'm not projecting to get out of that totally during the quarter. And so it will damper this quarter somewhat. But again, beyond the 90 day clock, I'm very bullish on iPad.

如果我把目光從90天的時間框架上拉遠，我們會在iPad上推出一些令人興奮的新功能。我對這款產品的未來發展方向仍然非常樂觀。當我們觀察首次購買 iPad 的人數時（從判斷產品是否達到滲透率的角度來看，這是一個值得關注的指標），數據顯示，iPad 的普及程度還遠未達到滲透率。客戶滿意度極高。顧客對 iPad Pro 的滿意度高達 99%。太驚艷了。因此，我看到了很多好的事情，也希望取得更好的結果，但我們目前仍然面臨短缺問題，我預計本季內無法完全擺脫這個問題。因此，這將在一定程度上抑製本季的業績。但話說回來，過了90天之後，我對iPad的前景非常看好。

Okay, that's great, thank you. And then, Tim, investors tend to think of the iPhone as mature and technology improvement is incremental, yet I believe you think there's plenty of runway left in terms of appealing new features. Do you think there are future enhancements coming that will be viewed by material by users, and particularly changes beyond foreign factor, beyond the way the phone looks? Are there functional things coming over time that you think could surprise people?

好的，太好了，謝謝。提姆，投資人往往認為 iPhone 已經成熟，技術改進只是漸進式的，但我相信你認為在吸引人的新功能方面，iPhone 還有很大的發展空間。您認為未來是否會有用戶能夠看到的改進，特別是除了手機外觀之外的其他因素方面的變化？隨著時間推移，有哪些功能性的變化可能會讓人們感到驚喜？

I think the smartphone is still in the early innings of the game. I think there's lots more to do. I think its become -- every year it becomes more important to people's lives, and there's more things people are doing with it. I talked a little bit about home automation, but I could have talked about health, I could have talked more about CarPlay, the use of it in the enterprise is growing significantly. And so when I look at all of these things, usage going up, app developers still innovating, we've got some exciting things in the pipeline, I feel really, really good about it. So this is one -- we think different about a bunch of things, so maybe this is just one more.

我認為智慧型手機仍處於發展初期。我認為還有很多事情要做。我認為它變得越來越重要，每年它對人們的生活變得越來越重要，人們用它來做的事情也越來越多。我稍微談了一下家庭自動化，但我還可以談談健康，我還可以多談談 CarPlay，它在企業中的應用正在顯著增長。所以當我看到所有這些事情，使用量不斷上升，應用程式開發人員仍在不斷創新，我們還有一些令人興奮的事情正在籌備中，我對此感到非常非常滿意。所以這是其中之一——我們對很多事情的看法都不同，所以這可能只是另一個不同之處。

Thank you, Steve. A replay of today's call will be available for two weeks as a podcast on the iTunes Store, the webcast on Apple.com/investor, and via telephone. The numbers for the telephone replay are 888-203-1112 or 719-457-0820. Please enter confirmation code 3378275. And these replays will be available by approximately 5 p.m. Pacific Time today.

謝謝你，史蒂夫。今天的電話會議錄音將在兩週內以播客形式在 iTunes Store 上提供，也可以透過 Apple.com/investor 上的網路直播和電話收聽。電話重播號碼為 888-203-1112 或 719-457-0820。請輸入確認碼 3378275。這些回放影片大約在下午5點左右可以觀看。今天是太平洋時間。

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.

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。

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

女士們、先生們，今天的演講到此結束。我們衷心感謝大家的參與。