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.

大家好，歡迎參加 Apple Incorporated 2017 財年第一季度財報電話會議。

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 today.

下午好，感謝大家今天加入我們。

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.

首先發言的是蘋果首席執行官蒂姆庫克，隨後是首席財務官盧卡梅斯特里，之後我們將向分析師提問。

Please note that some of the information you'll hear during our discussion today will consist of forward-looking statements including, without 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 forecast.

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 2016 and the Form 8-K filed with the SEC today, along with the associated press release.

有關更多信息，請參閱 Apple 2016 年 10-K 表格和今天向 SEC 提交的 8-K 表格中討論的風險因素，以及相關的新聞稿。

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。

Thank you, Nancy, and good afternoon, everyone.

謝謝你，南希，大家下午好。

Thanks very much for joining us.

非常感謝您加入我們。

I'm very happy to share with you the outstanding results of Apple's December quarter.

我很高興與您分享 Apple 12 月季度的出色業績。

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.

我們創造了 Apple 歷史上最高的季度收入，以及 iPhone 和 Apple Watch 的歷史單位和收入記錄、服務和 Mac 的歷史收入記錄，以及我們五個地理區域中的四個的歷史收入記錄。

The strong performance of our business also produced all-time record earnings per share.

我們業務的強勁表現也創造了創紀錄的每股收益。

Revenue in the quarter was $78.4 billion which was above the top of our guidance range.

本季度收入為 784 億美元，高於我們指導範圍的上限。

iPhone had a tremendous quarter thanks to exceptional demand that beat our own internal expectations.

由於超出了我們自己內部預期的超常需求，iPhone 實現了一個巨大的季度。

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.

雖然 iPhone 7 是我們最受歡迎的機型，但我們看到對 iPhone 7 Plus 的需求尤其強勁，這是新產品組合中比我們過去見過的 Plus 機型更高的一部分。

Demand for iPhone 7 Plus exceeded supply throughout the quarter, and we came into supply/demand balance in January.

整個季度對 iPhone 7 Plus 的需求超過了供應，我們在 1 月份實現了供需平衡。

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.

iPhone 7 Plus 憑藉其先進的新功能贏得了好評如潮，尤其是雙攝像頭系統可產生令人驚嘆的人像和高質量變焦。

This is a uniquely Apple feature that is surprising and delighting our users.

這是一項獨特的 Apple 功能，令我們的用戶感到驚訝和高興。

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.

iPhone 7 和 iPhone 7 Plus 通過集成硬件、軟件和服務來創造只有 Apple 才能提供的體驗，讓我們的客戶比以往任何時候都更有效率、更投入和更有表現力。

It was our best quarter ever for Services with almost $7.2 billion in revenue.

這是我們有史以來最好的服務季度，收入近 72 億美元。

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.

App Store 客戶在假日季度打破了歷史記錄，僅在 12 月就創下了 30 億美元的購買量，成為 App Store 有史以來最好的一個月。

Our innovative and vibrant developer community has created over 2.2 million apps for doing almost anything that you can imagine.

我們創新且充滿活力的開發者社區創建了超過 220 萬個應用程序，幾乎可以做任何您能想像到的事情。

Apple's developer community has now earned over $60 billion, including over $20 billion in 2016 alone.

Apple 的開發者社區現已賺取超過 600 億美元，其中僅 2016 年就超過 200 億美元。

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.

我們的音樂業務收入連續第三季度增長，我們的 AppleCare 和 iCloud 存儲服務創下歷史新高。

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.

Apple Pay 繼續保持強勁勢頭，用戶數量在過去一年中增長了兩倍多，僅在 12 月一個季度就有數億筆交易和數十億美元的購買。

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.

隨著我們擴展到包括日本、俄羅斯、新西蘭和西班牙在內的四個新國家，交易量同比增長超過 500%，使我們進入總共 13 個市場。

Apple Pay on the web is delivering our partners great results.

網絡上的 Apple Pay 正在為我們的合作夥伴帶來出色的成果。

Nearly 2 million small businesses are accepting invoice payments with Apple Pay through Intuit QuickBooks online, FreshBooks, and other billing partners.

近 200 萬家小型企業正在通過 Intuit QuickBooks online、FreshBooks 和其他計費合作夥伴使用 Apple Pay 接受發票付款。

And beginning this quarter, Comcast customers can pay their monthly bill in a single touch with Apple Pay.

從本季度開始，康卡斯特客戶可以通過 Apple Pay 一次性支付每月賬單。

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.

服務正在成為我們業務的重要組成部分，我們預計今年的收入將達到財富 100 強公司的規模。

Our Services offerings are now driving over 150 million paid customer subscriptions.

我們的服務產品現在推動了超過 1.5 億的付費客戶訂閱。

This includes our own Services and third party content that we offer on our stores.

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。

We feel great about this momentum and our goal is to double the size of our Services business in the next four years.

我們對這種勢頭感到非常滿意，我們的目標是在未來四年內將我們的服務業務規模擴大一倍。

The Mac not only returned to growth but generated its highest quarterly revenue ever.

Mac 不僅恢復了增長，而且創造了有史以來最高的季度收入。

Our latest data shows that most Mac customers are buying their first Mac, with the vast majority of them coming from a Windows PC.

我們的最新數據顯示，大多數 Mac 客戶正在購買他們的第一台 Mac，其中絕大多數來自 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.

配備觸控欄的全新 MacBook Touch 是通過集成世界一流的硬件和軟件實現創新的傑出範例。

We were supply constrained for the new MacBook Pro throughout the December quarter and are just now coming into supply/demand balance.

在整個 12 季度，我們的新款 MacBook Pro 的供應都受到了限制，現在才剛剛進入供需平衡狀態。

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.

對於 Apple Watch 而言，這也是我們有史以來最好的季度，無論是銷量還是收入，假期需求如此強勁，以至於我們賺不到錢。

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 是世界上最暢銷的智能手錶，也是記錄最多的智能手錶，在同類產品中擁有最高的客戶滿意度。

Apple Watch is the ultimate device for a healthy life and it's the gold standard for smart watches.

Apple Watch 是健康生活的終極設備，也是智能手錶的黃金標準。

We couldn't be more excited about Apple Watch.

我們對 Apple Watch 感到無比興奮。

We're also thrilled with the response to AirPods.

我們對 AirPods 的反響也很興奮。

Customers love the magical experience AirPods are delivering and if you haven't tried them yet, you'll be delighted when you do.

客戶喜歡 AirPods 帶來的神奇體驗，如果您還沒有嘗試過，那麼您會很高興。

They're far ahead of anything else on the market today and we're working hard to catch up with the incredible demand.

它們遠遠領先於當今市場上的任何其他產品，我們正在努力趕上令人難以置信的需求。

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.

AirPods 開局良好，Apple Watch 首年表現強勁，Beats 耳機使用 Apple 設計的 W1 芯片提供出色的無線體驗，我們現在擁有豐富的可穿戴產品系列。

Their design, elegance, and ease-of-use make us very excited about the huge growth potential for wearables going forward.

它們的設計、優雅和易用性讓我們對可穿戴設備未來的巨大增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.

我們的生態系統正在擴展到越來越多的人們消磨時間的領域：健身房、旅途中、家中和工作中。

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.

例如，每家主要汽車製造商都致力於支持 CarPlay，推出了 200 多種不同的車型，其中包括美國銷量最高的 10 款車型中的 5 款。

There are well over a million people using CarPlay now and this continues to grow rapidly.

現在有超過 100 萬人在使用 CarPlay，而且這一數字還在繼續快速增長。

And we are leading the industry by being the first to integrate home automation into a major platform with iOS 10.

我們率先通過 iOS 10 將家庭自動化集成到主要平台，從而引領行業。

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.

借助 Siri 和 iOS 10 中的全新家庭應用程序，無論您走到哪裡，都可以使用 iPhone、iPad 或 Apple Watch 輕鬆安全地控制所有家居配件。

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.

與 HomeKit 兼容的配件數量繼續快速增長，本月剛剛發布了許多令人興奮的解決方案，包括攝像機、運動檢測器以及用於門窗甚至漏水的傳感器。

Perhaps even more importantly, we are unmatched when it comes to securing your home with HomeKit-enabled door locks, garage doors, and alarm systems.

也許更重要的是，在使用支持 HomeKit 的門鎖、車庫門和警報系統保護您的家方面，我們是無與倫比的。

I'm personally using HomeKit accessories and the Home app to integrate iOS into my home routine.

我個人使用 HomeKit 配件和 Home 應用程序將 iOS 集成到我的家庭日常活動中。

Now when I say good morning to Siri, my house lights come on and my coffee starts brewing.

現在，當我對 Siri 說早安時，我家的燈亮了，我的咖啡開始煮了。

When I go to the living room to relax in the evening, I use Siri to adjust the lighting and turn on the fireplace.

晚上去客廳放鬆的時候，我用 Siri 調節燈光，打開壁爐。

And when I leave the house, a simple tap on my iPhone turns the lights off, adjusts the thermostat down, and locks the doors.

當我離開家時，只需輕按一下我的 iPhone，就可以關燈、調低恆溫器並鎖上門。

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.

當我晚上回到家時，當我離家很近時，房子會自動為我的到來做好準備，使用一個簡單的地理圍欄。

This level of home automation was unimaginable just a few years ago, and it's here today with iOS and HomeKit.

就在幾年前，這種水平的家庭自動化是難以想像的，而今天，iOS 和 HomeKit 已經出現了。

We're making great progress in the enterprise market alongside our major partners.

我們與主要合作夥伴一起在企業市場取得了長足的進步。

The combination of iOS and Cisco Technology is giving companies everywhere the opportunity to vastly improve the user experience for their mobile employees.

iOS 和思科技術的結合讓世界各地的公司都有機會極大地改善移動員工的用戶體驗。

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.

憑藉增強的網絡性能、高達 8 倍的漫遊速度、更好的應用程序可靠性和原生語音體驗，我們對這些強大功能將大大提高員工的工作效率感到興奮。

In fact, the total number of joint customer opportunities has grown over 70% since last quarter.

事實上，自上個季度以來，聯合客戶機會的總數已經增長了 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.

企業正在使用 IBM 全新的 Mobile at Scale 設計和開發模型來快速高效地部署多個 iOS 應用程序。

For example, Finnair is transforming aircraft maintenance, and Cemex is revamping activity from attracting new clients to invoicing to after sale support.

例如，芬蘭航空正在改變飛機維護，而 Cemex 正在改造從吸引新客戶到開發票再到售後支持的活動。

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.

今年春天晚些時候，SAP 將推出適用於 iOS 的 SDK，為其超過 250 萬開發人員社區提供工具，以構建利用 SAP HANA 雲平台的強大的原生 iOS 應用程序。

We're delighted with how these partnerships are making it even easier for enterprise customers to transform how work gets done with iOS.

我們很高興這些合作夥伴關係如何讓企業客戶更輕鬆地改變使用 iOS 完成工作的方式。

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.

當我們回顧創紀錄的 12 月季度時，我要感謝我們的開發人員、我們的業務合作夥伴和我們的員工，他們做出了令人難以置信的貢獻和承諾。

And I'd like to thank all of our customers around the world for their excitement and loyalty which ultimately drives these results.

我要感謝我們在世界各地的所有客戶，他們的興奮和忠誠最終推動了這些結果。

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

現在我想把它交給盧卡來更詳細地討論這個季度。

Thank you, Tim.

謝謝你，蒂姆。

Good afternoon, everyone.

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.

12 月季度的收入為 784 億美元，是蘋果歷史上最高的季度收入，高於我們的指導範圍。

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.

正如蒂姆所說，我們的業績基礎非常廣泛，因為我們為 iPhone、服務、Mac 和 Apple Watch 創造了新的收入記錄。

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.

我們還在大多數發達市場和新興市場創造了新的歷史收入記錄，在包括美國、日本、加拿大、法國、澳大利亞、巴西、印度、土耳其和俄羅斯在內的許多國家實現了強勁的增長。

We accomplished all this despite a very challenging foreign exchange environment due to the continued strength of the US dollar.

儘管由於美元持續走強，外匯環境非常具有挑戰性，我們還是完成了這一切。

As we had expected, our year-over-year performance in Greater China improved significantly relative to the September quarter.

正如我們所預期的那樣，我們在大中華區的同比表現相對於 9 月季度有了顯著改善。

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.

大中華區總收入下降 12%，但來自中國大陸的收入與一年前的歷史記錄持平，並按固定匯率計算增長。

In all other geographic segments we generated all-time quarterly record results.

在所有其他地理區域，我們創造了歷史性季度記錄結果。

We had the benefit of a 14th week during the quarter this year, but this was offset by four factors.

我們在今年這個季度獲得了第 14 週的收益，但這被四個因素所抵消。

First, this year we grew channel inventory significantly less than a year ago.

首先，今年我們的渠道庫存增長明顯少於一年前。

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.

其次，與去年 iPhone 6 的發佈時間相比，iPhone 7 在 9 月季度的發佈時間較早，這使得與今年 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.

第三，美元走強影響今年總收入增長100個基點。

And fourth, our year-ago revenue included the benefit of a one-off $548 million patent infringement payment.

第四，我們一年前的收入包括一次性 5.48 億美元的專利侵權費用。

Also, strong customer interest left us in supply/demand imbalance for several of our products throughout the quarter this year.

此外，強烈的客戶興趣使我們在今年整個季度中的幾種產品的供需失衡。

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.

在我們指導範圍的高端，毛利率為 38.5%，營業利潤率為收入的 29.8%，淨收入為 179 億美元。

Diluted earnings per share were $3.36, a new all-time record, and cash flow from operations was $27.1 billion.

每股攤薄收益為 3.36 美元，創歷史新高，運營現金流為 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.

我們在 iPhone 上度過了一個非常棒的季度，我們售出了 7830 萬部，創下歷史新高，比去年增長了 5%。

Customer demand was even higher than our reported results, as iPhone unit sell-through was up 8%.

客戶需求甚至高於我們報告的結果，因為 iPhone 的銷量增長了 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.

我們在美國、加拿大、西歐、日本和澳大利亞看到了兩位數的 iPhone 增長，在巴西、土耳其、俄羅斯、中歐和東歐以及越南等許多新興市場甚至出現了更強勁的增長。

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 ASP 在 12 月季度從 9 月季度的 619 美元增加到 695 美元，這得益於非常強大的產品組合和 iPhone 7 Plus 的驚人成功。

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.

儘管需求比去年更強勁，但我們在本季度僅增加了 120 萬部 iPhone 渠道庫存，遠低於一年前增加的 330 萬部。

And we exited the quarter near the low end of our five to seven week target channel inventory range.

我們在接近五到七週目標渠道庫存範圍的低端時退出了本季度。

Customer interest and satisfaction with iPhone are exceptional, not only with consumers but also with business users.

客戶對 iPhone 的興趣和滿意度非常高，不僅對消費者如此，對企業用戶也是如此。

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.

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%，而 iPhone 7 Plus 用戶的滿意度為 99%。

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.

在企業智能手機購買者中，iPhone 客戶滿意度為 94%，而在第三季度計劃購買智能手機的消費者中，有 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.

談到服務，我們創造了創紀錄的 72 億美元收入，同比增長 18%。

Our run rate growth was actually higher when taking into account two discrete items.

考慮到兩個離散項目時，我們的運行率增長實際上更高。

On one hand, the 14th week added to Services revenue this December quarter.

一方面，第 14 週增加了今年 12 月季度的服務收入。

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.

另一方面，與一年前包含在服務收入中的一次性 5.48 億美元的專利侵權付款相比，這一收益被抵消了。

The App Store continued its impressive run, breaking all previous revenue records.

App Store 繼續其令人印象深刻的運行，打破了之前的所有收入記錄。

Year-over-year App Store revenue growth was 43% through the first 13 weeks of the quarter.

本季度前 13 週，App Store 收入同比增長 43%。

It's great to see that both average revenue per paying account and the number of paying accounts grew strongly during the quarter.

很高興看到每個支付賬戶的平均收入和支付賬戶的數量在本季度都強勁增長。

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.

根據 App Annie 的最新報告，App Store 的收入繼續超過整個行業，在 2016 年是 Google Play 收入的兩倍多。

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

接下來，我想談談Mac。

We sold 5.4 million Macs and generated our highest ever quarterly Mac revenue.

我們售出了 540 萬台 Mac，並創造了有史以來最高的季度 Mac 收入。

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.

我們很高興地報告了幾個國家的兩位數單位增長，包括日本、中國大陸、印度、荷蘭和瑞典，以及美國教育市場。

We ended the quarter at the low end of our four to five week target range for Mac channel inventory.

我們在本季度結束時處於 Mac 渠道庫存的四到五週目標範圍的低端。

Turning to iPad.

轉向 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.

我們售出了 1310 萬台，超出了我們的預期，我們在中國大陸和印度都實現了兩位數的增長，因為我們在這些國家/地區擴大了分銷渠道，並且我們繼續吸引很高比例的首次使用平板電腦買家。

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.

我們還將渠道庫存減少了約 700,000 單位，而去年增加了 900,000 單位，並且我們在接近五至七週目標範圍的低端時退出了本季度。

IPad is incredibly successful in the segments of the tablet market where we compete, both in terms of market share and customer metrics.

iPad 在我們競爭的平板電腦市場領域取得了令人難以置信的成功，無論是在市場份額還是客戶指標方面。

Recent data from NPD indicates that iPad had 85% share of the US market for tablets priced above $200.

NPD 的最新數據表明，iPad 在美國售價超過 200 美元的平板電腦市場中佔有 85% 的份額。

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.

11 月，451 Research 測量了 iPad Mini 的消費者滿意度為 94%，iPad Air 為 97%，iPad Pro 為 96%。

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.

在計劃在未來六個月內購買平板電腦的美國消費者中，iPad 的購買意願是任何其他品牌的四倍以上，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.

企業買家支持 96% 的滿意率和 66% 的 3 月季度購買意向。

In fact, businesses of all sizes are choosing iPad and iPhone to help them reimagine their everyday activities.

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活動。

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.

我們看到零售等行業發展勢頭強勁，從產品開發到物流再到銷售點，iOS 解決方案正被部署到各個領域。

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.

Toys R Us、Coach 和 Kate Spade 等公司正在使用 iOS 和我們的移動合作夥伴解決方案來顯著改變他們的客戶和員工體驗。

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.

我們的零售店在 12 月季度的訪客人數和收入實現了兩位數的強勁增長，我們繼續擴大我們的全球業務，計劃很快在新加坡開設第一家店，在迪拜開設第二家店。

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.

我們不斷更新我們的商店並添加新的令人興奮的外展計劃，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，教未來的 Swift 開發人員編碼，並讓企業家能夠開始、發展和發展他們的業務。

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 $246.1 billion in cash plus marketable securities, a sequential increase of $8.5 billion.

我們在本季度末擁有 2461 億美元的現金和有價證券，環比增長 85 億美元。

$230.2 billion of this cash or 94% of the total was outside the United States.

這筆現金中有 2302 億美元或總額的 94% 在美國境外。

We also had $77.1 billion in term debt and $10.5 billion in commercial paper outstanding at quarter end.

在季度末，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.

在非常繁忙的 12 月季度，我們為資本回報活動向投資者返還了近 150 億美元。

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 $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.

我們斥資 50 億美元通過公開市場交易回購了 4430 萬股蘋果股票，並推出了價值 60 億美元的新 ASR，首次交割和退役了 4480 萬股股票。

We also completed our eighth accelerated share repurchase program, adding an additional 4.4 million shares.

我們還完成了第八次加速股票回購計劃，增加了 440 萬股。

This lead to a net diluted share count reduction of 65.3 million shares during the quarter.

這導致本季度淨稀釋後的股票數量減少了 6530 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.

我們現在已經完成了當前 2500 億美元的資本回報計劃中的 2010 億美元，其中包括 1440 億美元的股票回購，我們計劃在春季向投資者提供資本回報計劃的年度更新。

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.

我們本季度的有效稅率為 26%，符合預期，隨著我們進入第三季度，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 $51.5 billion and $53.5 billion.

我們預計收入將在 515 億美元至 535 億美元之間。

This guidance range includes a $1.2 billion year-over-year headwind from foreign exchange.

這一指導範圍包括來自外彙的 12 億美元的同比逆風。

We expect gross margin to be between 38% and 39%.

我們預計毛利率將在 38% 至 39% 之間。

This guidance range includes an 80 basis point sequential headwind from foreign exchange.

該指導範圍包括來自外彙的 80 個基點的連續逆風。

We expect OpEx to be between $6.5 billion and $6.6 billion.

我們預計運營支出將在 65 億美元至 66 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 February 16, 2017 to shareholders of record as of February 13, 2017.

同樣在今天，我們的董事會宣布派發每股普通股 0.57 美元的現金股息，將於 2017 年 2 月 16 日支付給截至 2017 年 2 月 13 日在冊的股東。

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。

Operator, may we have the first question please?

接線員，請問第一個問題好嗎？

(Operator Instructions)

（操作員說明）

Katy Huberty, Morgan Stanley.

凱蒂·休伯蒂，摩根士丹利。

Yes, thank you.

是的，謝謝。

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?

首先，盧卡，是什麼因素導致你擴大了 3 月季度的毛利率指導，是什麼一兩個因素讓你處於低端，而順風可能讓你處於高端範圍？

Then I have a follow-up, thank you.

那我有後續了，謝謝。

Sure, Katy, well if you look back at our history, 100 basis points range for gross margin is not unusual.

當然，凱蒂，如果你回顧我們的歷史，100 個基點的毛利率範圍並不罕見。

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.

顯然，在外匯非常波動的時期，我們認為擴大範圍更為謹慎，稍微擴大範圍。

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.

我已經提到，我們預計，假設利率不會變動太多，我們預計外匯將是一個主要的負面因素，因為我們從 12 月到 3 月季度。

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.

你知道美元在 12 月季度末大幅升值，因此我們從外匯中獲得了 80 個基點的連續逆風。

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.

我們也有槓桿的連續損失，這是我們季節性的典型特徵，但我們希望通過成本效率以及我們的產品和服務組合來抵消這兩種影響。

So obviously if the dollar is a little less strong than it is today, we could do a bit better on gross margins.

所以很明顯，如果美元比現在弱一點，我們可以在毛利率上做得更好。

Obviously we continue to work very hard on our cost efficiency, so we'll see where we land.

顯然，我們將繼續努力提高成本效率，所以我們會看到我們的目標。

Thank you.

謝謝你。

And Tim, there's a reasonable probability that you may get access to the $200 billion plus of cash that's been locked overseas.

還有蒂姆，你很有可能獲得被鎖定在海外的超過 2000 億美元的現金。

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.

因此，我認為更新您對潛在更大併購的看法以及您過去注意到的一些感興趣領域的看法會很有幫助，例如擁有更多原創內容以利用該公司更多的電視機會長期以來一直在談論尋址。

Thank you.

謝謝你。

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.

是的，凱蒂，我很樂觀，因為我聽說今年可能會進行某種稅收改革，而且似乎雙方都有人讚成將遣返作為其中的一部分。

So I think that's very good for the country and good for Apple.

所以我認為這對國家非常有利，對蘋果也有好處。

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.

我們會用它做什麼，讓我們拭目以待，看看它到底是什麼，但正如我之前所說，我們一直在關注收購。

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.

在過去的四年裡，我們每年收購 15-20 家公司，我們尋找各種規模的公司，沒有一個規模是我們不會僅僅基於它的規模來做的。

It's more about the strategic value of it.

更多的是關於它的戰略價值。

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.

在原創內容方面，我們將腳趾放在水中，我們已經將腳趾放在水中，為 Apple Music 製作了一些原創內容，並將在全年推出。

We are learning from that and we'll go from there.

我們正在從中學習，我們將從那裡開始。

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.

我們參與媒體行業正在發生的那種變化的方式是，我完全期望從有線捆綁開始分解的那種加速是一種方式，我們在一年前推出了新的 Apple TV，我們'對該平台的發展方式感到滿意。

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.

我們計劃了更多的事情，但它在一年中取得了長足的進步，它為我們提供了一個清晰的平台來構建。

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.

第二，嵌入在我在開場評論中提到的 1.5 億付費訂閱中，有許多第三方服務是我們通過提供我們的平台以及銷售和分發經濟地參與其中的一部分。

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.

第三，我們顯然是在涉足水里，我們正在學習很多關於原創內容業務的知識，並思考我們可以在其中發揮作用的方式。

Thanks for the question.

謝謝你的問題。

Thanks, Katy.

謝謝，凱蒂。

Could we have the next question please?

請問下一個問題好嗎？

Amit Daryanani, RBC Capital Markets.

Amit Daryanani，加拿大皇家銀行資本市場。

Thanks a lot, good afternoon, guys.

非常感謝，大家下午好。

First question, really appreciate the information you guys are providing around your Services business which was up 18% year-over-year.

第一個問題，非常感謝你們提供的有關服務業務的信息，同比增長 18%。

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?

您能否談談您認為安裝基數的增長與每個 iOS [設備] 空間的貨幣化增加有多大關係？

It's weird to think about those in two separate terms.

用兩個不同的術語來考慮這些是很奇怪的。

I think you're absolutely right, Amit.

我認為你是絕對正確的，阿米特。

We look at it, those are the two key elements for us.

我們看著它，這對我們來說是兩個關鍵要素。

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?

對我們來說特別有趣的是看到在我們商店進行交易的人數正在以兩位數的速度增長，我們還看到每位付費客戶的 ARPU 也在以兩位數的速度增長，對吧？

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.

所以這是兩者的結合，顯然我們在服務中提供的內容的質量和數量一直在提高。

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.

我們還看到，隨著人們進入平台並開始在平台上進行交易，並且隨著時間的推移我們會跟踪他們的行為，我們實際上看到他們隨著時間的推移會花費越來越多的錢。

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.

這就是為什麼我們對服務業務的未來感到興奮，這就是為什麼正如蒂姆所說，我們的目標是它已經成為一個非常大的業務。

It's going to be a Fortune 100 company this year, but we have a goal to double it over the next four years.

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翻一番。

Perfect.

完美的。

If I could just switch gears on a follow-up.

如果我能在後續行動中換個檔次。

There's been a fair amount of discussions around your market share in China and what's happening over there.

關於你們在中國的市場份額以及那裡正在發生的事情，已經進行了大量的討論。

Your numbers actually look fairly impressive in Greater China, China specifically.

在大中華區，尤其是中國，您的數字實際上看起來相當可觀。

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?

那麼，您能否談談您在當地看到的需求趨勢是什麼？您如何看待這一年的變化？

I'll take this one.

我要這個。

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.

如果你看看我們在本季度的表現，正如我認為盧卡所分享的那樣，我們的大中華區收入下降了 12%，其中約 4 個百分點與貨幣有關。

So it's an eight-point decline in constant currency.

因此，固定匯率下跌了 8 個百分點。

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.

然後在大中華區，如果你看看中國，我們的收入與去年同期持平，這與歷史最高的季度相比。

And if you look at that on a constant currency basis it was actually up six.

如果你以固定貨幣計算，它實際上上漲了六倍。

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.

因此，與我們前三個季度的經歷相比，它在各種方面的表現都要好得多。

Underneath that, what we've seen is that iPhone 7 was the best selling smartphone in China during the quarter, according to Kantar.

Kantar 表示，在此之下，我們看到 iPhone 7 是本季度中國最暢銷的智能手機。

Singles Day which is a huge day in China as you know, we were the most popular US brand on Alibaba.

如您所知，光棍節在中國是一個重要的日子，我們是阿里巴巴上最受歡迎的美國品牌。

We set a new record for Services in China as the company did.

我們和公司一樣在中國創造了服務的新紀錄。

And Mac revenue was up double digit year-over-year.

Mac 收入同比增長兩位數。

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.

iPad 在中國大陸的銷量也出現了兩位數的增長，這與我們在世界平衡中看到的趨勢明顯不同。

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.

我們還看到，我們在中國的 iPhone 銷售額中有 50% 是面向轉換用戶和首次購買者的，這是一個非常高的數字，我們對此感到滿意。

And then obviously our total install base continues to grow there in the strong double digits.

然後顯然我們的總安裝基數繼續以強勁的兩位數增長。

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.

也就是說，存在的挑戰，第一，貨幣同比貶值 6%，第二，香港仍然是一個非常非常困難的市場。

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.

所以我看著它，我對顯著的改進感到鼓舞，但我們並非沒有挑戰，我不想暗示這一點，儘管我確實喜歡我見過的很多很多東西，以及它的廣泛性-基於我們的產品線的優勢。

Thank you, Amit.

謝謝你，阿米特。

Can we have the next question please?

請問下一個問題可以嗎？

Shannon Cross, Cross Research.

香農交叉，交叉研究。

Thank you very much for taking my question.

非常感謝您提出我的問題。

Can you talk a bit more about the Services business?

您能多談談服務業務嗎？

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.

我想弄清楚的是，我認為這個數字是你將在未來四年內翻一番，或者至少這是你的預期。

So what gets you there?

那麼是什麼讓你到達那裡？

Maybe if you talk about geographies and how penetrated you are in certain geographies?

也許如果您談論地理以及您在某些地理中的滲透程度如何？

And then as you grow your Services business, is there anything we should keep in mind from a margin perspective?

然後，隨著您的服務業務的發展，從利潤率的角度來看，我們應該牢記什麼？

Would these be lower-margin services or similar, just so we can think about the trajectory and the contribution to bottom line?

這些是利潤率較低的服務還是類似的服務，以便我們可以考慮軌跡和對底線的貢獻？

Yes, Shannon, I'll take it.

是的，香農，我會接受的。

Obviously within the Services business we have a number of categories.

顯然，在服務業務中，我們有許多類別。

The App Store is the one that is driving significant growth right now.

App Store 是目前推動顯著增長的一個。

I said in my opening comments that we grew 43%, 13 weeks, over 13 weeks we grew own more for the quarter, right?

我在開場評論中說，我們增長了 43%，13 週，超過 13 週，我們在本季度增長了更多，對吧？

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.

我們喜歡 App Store 的地方在於它是一個真正的全球平台，因此我們不僅在您期望看到大量交易量的發達市場看到顯著增長，而且在中國等地也看到了巨大增長.

And we know that there are parts of the world where we can do better.

我們知道世界上有些地方我們可以做得更好。

We can grow, for example, our developer community in a number of emerging markets.

例如，我們可以在一些新興市場發展我們的開發者社區。

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.

正如我之前解釋的那樣，當我們看到交易人數增長兩位數時，我們看到每個付費賬戶的支出增長如此之快，我們認為 App Store 將成為一個重要的增長的驅動力。

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，我們是數字音樂的市場領導者，顯然現在通過將下載業務與流媒體服務相結合，我們直到最近才擁有，我們已經能夠將我們的音樂業務帶回增長，我們在過去三個季度都在增長，我們對此感覺非常好。

Tim has talked about original content.

蒂姆談到了原創內容。

We've had very good success with exclusives, so we know that it's another business that we can grow.

我們在獨家經營方面取得了非常好的成功，因此我們知道這是我們可以發展的另一項業務。

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.

我們的 iCloud 存儲業務增長非常迅速，因此在地理層面上我們也可以繼續顯著增長。

Our AppleCare business is growing very well.

我們的 AppleCare 業務發展良好。

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.

其中很大一部分原因是我們在世界各地的設備安裝基數繼續以兩位數的速度增長得非常好，正如我們過去所解釋的那樣，我們提供的絕大多數服務並不是由什麼驅動的我們在過去 90 天內出售。

It's much more driven by the install base and that gives us a tail wind.

它更多地是由安裝基礎驅動的，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.

我們還開闢了幾個新市場，因為我們正在接受新的支付方式，因此更容易，特別是國際客戶可以利用我們的服務。

You were asking about the margin profile.

你問的是保證金概況。

We said it many times, in aggregate, our Services business tends to have margins that are above company averages.

我們多次說過，總的來說，我們的服務業務的利潤率往往高於公司平均水平。

They are accretive so they help us quite a bit from a margin standpoint.

它們是增值的，所以從利潤的角度來看，它們對我們有很大幫助。

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.

在服務業務中，我們的保證金狀況也大不相同，因為如您所知，我們以不同的方式解釋其中一些服務。

In some cases we transact on a buy-sell basis, in other cases we perform as agents, for example, to our developers, right?

在某些情況下，我們以買賣為基礎進行交易，在其他情況下，我們作為代理人，例如對我們的開發商，對吧？

And that drives different margin percentages.

這推動了不同的利潤率百分比。

Thank you.

謝謝你。

And then my follow-up is in terms of elasticity of demand and some of the moves from a currency perspective.

然後我的後續行動是關於需求彈性和從貨幣角度來看的一些變動。

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.

我認為過去在一些新興市場存在一些你基本上無法做到的擔憂——你沒有得到交易量，因為你必須提高 ASP 給定貨幣，但你實際上談論了很多新興市場本季度表現不錯。

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?

所以我很好奇，你提高了 iPhone 7 Plus 的價格，你看到了什麼，你的客戶對支付意願有什麼看法？

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.

香農，我從 2014 年 6 月開始回顧，所以我們談論的是兩年半前，美元兌我們開展業務的一攬子貨幣上漲了 25%。

And so obviously it is a difficult situation for us.

顯然，這對我們來說是一個困難的局面。

I mentioned that foreign exchange is a significant headwind for us, both at the revenue level and at the gross margin level.

我提到外匯對我們來說是一個重大的逆風，無論是在收入層面還是在毛利率層面。

In emerging markets, it's incredible.

在新興市場，這是不可思議的。

The level of interest for our products continues to be phenomenal.

對我們產品的關注程度仍然非常驚人。

The brand continues to be very aspirational.

該品牌仍然非常有抱負。

There's more and more people that can afford our products around the world.

世界各地有越來越多的人買得起我們的產品。

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.

中國、印度、巴西等地的中產階級正在增長，但強勢美元肯定對我們沒有幫助，因此當我們做出定價決策時，我們需要非常小心。

We always want to find the optimal balance between units, revenue, and margin, and it becomes more difficult as the dollar appreciates.

我們總是希望在單位、收入和利潤率之間找到最佳平衡，而隨著美元升值，這變得更加困難。

Thank you, Shannon.

謝謝你，香農。

Could we have the next question please?

請問下一個問題好嗎？

Brian White, Drexel.

布賴恩懷特，德雷克塞爾。

Yes, Luca, I'm wondering if you could talk a little bit about gross margins.

是的，盧卡，我想知道你能否談談毛利率。

Sales obviously beat the high end of your revenue range, it looks like gross margins was dead down the middle.

銷售額顯然超過了您收入範圍的高端，看起來毛利率在中間已經死了。

Can you talk about the puts and takes in gross margins in the quarter please?

你能談談本季度的看跌期權和毛利率嗎？

Sure.

當然。

We were actually at the high end of the range for gross margins.

我們實際上處於毛利率範圍的高端。

We had guided 38 to 38.5, and we came in at 38.5 exactly.

我們已經引導 38 到 38.5，我們正好在 38.5 進入。

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.

實際上，比指導範圍中點略有改善是由於我們的收入超出了我們的預期。

And so we got a bit more leverage out of the increased revenue levels.

因此，我們從增加的收入水平中獲得了更多的影響力。

We feel very good about the gross margins for the quarter.

我們對本季度的毛利率感到非常滿意。

Again keep in mind the strong dollar that doesn't help us on that front.

再次記住強勢美元在這方面對我們沒有幫助。

Okay.

好的。

And Tim, I didn't hear much mention about India.

還有蒂姆，我沒有聽到太多關於印度的提及。

How did India perform with the iPhone, and how should we think about it for 2017 especially with the 4G network going up?

印度在 iPhone 上的表現如何，我們應該如何看待 2017 年的情況，尤其是隨著 4G 網絡的發展？

That's a really good question.

這是一個非常好的問題。

Despite the demonetization move in India that created lots of economic pressure there last quarter, despite that, we had all-time record revenue results.

儘管印度的非貨幣化舉措在上個季度造成了巨大的經濟壓力，儘管如此，我們仍取得了創紀錄的收入結果。

And so we were very happy about that.

所以我們對此感到非常高興。

The demonetization impact has not worked its way through yet.

去貨幣化的影響尚未發揮作用。

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.

它仍然肯定有一些懸而未決，但我認為從長遠來看這是一個很好的舉措，我對我們在那裡的表現感覺非常好。

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.

我們正在討論包括零售店在內的許多事情，並完全打算在該國進行大量投資，並相信這是一個很棒的地方。

Thank you, Brian.

謝謝你，布賴恩。

Could we have the next question please?\

請問下一個問題可以嗎？\

Simona Jankowski, Goldman Sachs.

西蒙娜·揚科夫斯基，高盛。

Hi, thank you.

嗨，謝謝你。

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.

我想在本季度進一步挖掘 iPhone 的優勢，除大中華區外，每個地區的收入都創紀錄。

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?

我認為它觸及了中國切換台的百分比，但你能否就其他一些地區的升級和切換台的劃分提供更多的顏色，以及整體情況？

Yes, Simona, it's Tim.

是的，西蒙娜，是蒂姆。

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.

我們確實在 iPhone 上度過了一個特殊的季度，這是因為未能很好地預測 iPhone 7 Plus 的需求，因此整個季度都受到限制。

If you look at the absolute number of upgraders, it was the highest that we've seen in any quarter.

如果您查看升級者的絕對數量，這是我們在任何季度看到的最高數量。

And if you look at the switcher number, it's the highest that we've seen in any quarter.

如果您查看切換台數量，它是我們在任何季度中看到的最高數量。

If you look at the upgrade rate, it's similar to last year.

如果你看升級率，它與去年相似。

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.

但是，我認為是大星號，為了透明起見，我與你分享所有這些，但我會告訴你，我們看待這個的方式是，在你有供應限制的季度，很難得出太多結論從中，但無論如何我想與你分享，所以你有背景。

Thank you.

謝謝你。

And then just one follow-up on China specifically.

然後只是針對中國的一項後續行動。

As your comps get easier this year, I was curious if you think you're going to be returning to growth in that region?

隨著今年你的比賽變得更容易，我很好奇你是否認為你會在那個地區恢復增長？

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?

然後只是為了給我們提供背景信息，我知道你談到了中國大陸 6% 的固定貨幣收入增長，但很好奇你是否排除了 iPad 和 MacBook 的兩位數增長以及可能向 7 Plus 的混合轉變，很好奇底層 iPhone 設備在中國大陸做了哪些工作？

That's a big question.

這是個大問題。

I don't have the answer in front of me.

我面前沒有答案。

If you look at 7 Plus, it was the most popular Plus model that we've ever had.

如果您查看 7 Plus，它是我們曾經擁有的最受歡迎的 Plus 型號。

It set a unit record, so that I can share.

它創造了一個單位記錄，讓我可以分享。

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.

就我們將如何做而言，我們不會在細分市場層面提供指導，但今天坐在這裡的第二季度，我不認為同比表現與同比有顯著差異第一季度的表現。

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.

真正的比賽真正開始於下個季度，而且在很大程度上，我們將不得不看看隨著我們越來越接近它會如何發揮作用。

Thank you, Simona.

謝謝你，西蒙娜。

Can we have the next question please?

請問下一個問題可以嗎？

Toni Sacconaghi, Bernstein.

托尼·薩科納吉，伯恩斯坦。

Yes, thank you.

是的，謝謝。

I just wanted to better understand the upgrade rate dynamics.

我只是想更好地了解升級率動態。

So I think iPhone units on a sell-through basis were up about 8%.

因此，我認為 iPhone 銷量增長了約 8%。

You had an extra week which gave you about 8%.

你有一個額外的一周，給了你大約 8%。

I understand there were differences of the timing of the launch.

我了解發佈時間存在差異。

So making all those adjustments it looks like iPhone units were probably up low single digits.

因此，在進行所有這些調整後，iPhone 的銷量可能會出現低個位數。

But Luca, you alluded to the fact your install base is growing double digits.

但是盧卡，你提到你的安裝基數正在增長兩位數。

So that would suggest to me that the upgrade rate, the upgrade percentage is actually declining.

所以這對我來說意味著升級率，升級百分比實際上正在下降。

And more specifically, I'd just like your broader perspective on how investors should think about upgrade rates.

更具體地說，我希望您能更廣泛地了解投資者應該如何考慮升級率。

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.

看起來它們在 iPhone 6 週期中達到了頂峰，而且看起來它們一直在延長，降低，更換週期在過去幾年中一直在延長。

I think some of the US carriers alluded to that as well.

我認為一些美國航空公司也提到了這一點。

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?

所以我想知道你是否可以退後一步，更廣泛地談談投資者應該如何思考——或者過去兩年的軌跡是什麼，以及投資者應該如何思考未來？

Do you believe there are opportunities for that upgrade rate to improve, or replacement cycles to accelerate going forward?

您是否認為升級率有機會提高，或者更換週期會加快？

And what are some of the considerations we should think about?

我們應該考慮哪些因素？

Well it's a good question.

嗯，這是一個很好的問題。

A number of points that I want to make, starting with the growth in the install base of iPhones.

我想說幾點，從 iPhone 安裝基數的增長開始。

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.

是的，它正在以兩位數的速度增長，這對我們來說非常有利，原因有很多，包括它是我們服務業務的一大推動力。

When we look at it geographically, I think we see different developments.

當我們從地理上看時，我認為我們看到了不同的發展。

For example, we felt very, very good about the unit growth that we had in many markets around the world.

例如，我們對全球許多市場的單位增長感到非常非常好。

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.

您一直在引用公司的總體增長率，但是當我們從特定國家/地區來看時，有很多國家，我會說大多數國家，iPhone 銷量增長強勁兩位數，從這裡開始例如，在美國，年度升級計劃越來越受歡迎這一事實證明對我們來說是積極的。

Same happened in a number of countries around the world starting with Canada and Australia, but also many places in Western Europe as well.

從加拿大和澳大利亞開始，世界上許多國家也發生了同樣的情況，西歐的許多地方也發生了同樣的情況。

Japan grew double digits in terms of units.

日本在單位方面增長了兩位數。

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.

所以我認為從地理上看，我們看到了非常非常好的表現，當你考慮升級率時，我認為我需要指出的一點是，很明顯，美元走強這個問題對我們沒有幫助。

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?

從升級週期的角度來看，我們能否在美國以外的地方銷售更多或更快的產品，在某些國家，我們被迫將價格提高多達 20%、30%、40%？

When you think about the impact that this is having on local demand, obviously, that doesn't help us.

當您考慮這對當地需求的影響時，顯然，這對我們沒有幫助。

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.

但總的來說，正如蒂姆所說，當我們查看升級率時，我們會從新手機、新一代手機、升級率、已升級用戶的百分比來看新手機與我們去年看到的非常相似。

The 6 cycle was certainly a phenomenal cycle.

6 週期當然是一個現象級的周期。

There was pent-up demand for the larger screen phones.

對大屏幕手機的需求被壓抑。

And certainly as we look ahead, we have a role to play.

當然，當我們展望未來時，我們可以發揮作用。

The more we're able to innovate with new generations of products, clearly that plays a role in the upgrade rate.

我們對新一代產品的創新能力越強，顯然這對升級速度有影響。

Okay, thank you.

好的謝謝你。

Tim, I have a question for you.

蒂姆，我有一個問題要問你。

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.

早在 2012 年 4 月，您在其中一次財報電話會議上說，我一直討厭訴訟，而且我仍然討厭它，而且我非常喜歡和解而不是戰鬥。

Yet you recently decided to initiate a lawsuit against Qualcomm.

然而，您最近決定對高通提起訴訟。

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?

我想知道您是否可以評論表面上的變化或偏離這一觀點，以及該訴訟的成功最終結果是什麼，以及您是否可以確認未來是否存在任何潛在的毛利率風險訴訟？

I feel the same way I did in April of 2012.

我的感覺和我在 2012 年 4 月所做的一樣。

I don't like litigation and view it as a last resort.

我不喜歡訴訟並將其視為最後的手段。

And so you should take from our filing that we viewed it as we didn't see another way forward.

因此，您應該從我們的文件中了解到，我們認為它是因為我們沒有看到其他前進方式。

They were insisting on charging royalties for technologies that they had nothing to do with.

他們堅持對與他們無關的技術收取版稅。

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.

因此，我們處於這樣一種情況，即我們對 Touch ID 或高級顯示器或攝像頭等獨特功能進行的創新越多，僅舉幾例，高通就會無緣無故地收取更多的錢，因此對我們來說就越貴去創新。

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.

所以這有點像買一張沙發，你根據它進入的房子的價格向某人收取不同的價格。

From our point of view, this doesn't make sense and we don't believe it will pass muster in the courts.

從我們的角度來看，這沒有意義，我們不相信它會在法庭上通過。

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.

除此之外，作為他們為試圖維持這種模式而採取的越來越激進的步驟的一部分，他們扣留了他們欠我們的 10 億美元的款項。

And so we felt like we had no choice was the net of it.

所以我們覺得我們別無選擇是它的網。

In terms of where it goes, we'll see.

至於它的去向，我們拭目以待。

I don't like litigation and so if there's another way, then that would be great.

我不喜歡訴訟，所以如果有其他方式，那就太好了。

But at this point, I don't see it.

但在這一點上，我看不到它。

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.

我完全預計此時這將需要一些時間，但最終，我認為常識將佔上風，法院將看到它的本質。

And so that's the way I see it.

這就是我的看法。

Thanks for your question.

謝謝你的問題。

Thank you, Toni.

謝謝你，托尼。

Can we have the next question please?

請問下一個問題可以嗎？

Steve Milunovich, UBS.

瑞銀的史蒂夫·米盧諾維奇。

Thank you.

謝謝你。

First I wanted to ask about the iPad.

首先我想問一下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.

看起來它即將轉為積極，你說這超出了你的計劃，但我認為它遠低於街道的預期。

And the ASP deteriorated pretty significantly, I don't know if it's a mix shift.

而且平均售價大幅下降，我不知道這是否是混合轉變。

But maybe you can talk about the iPad and what you see going forward?

但也許你可以談談 iPad 以及你對未來的看法？

The iPad, Steve, we had a 1.6 million unit swing on channel inventory between the years.

iPad，史蒂夫，這些年來我們的渠道庫存波動了 160 萬台。

In the year ago quarter, we increased by 900.

在去年同期，我們增加了 900 個。

In this quarter we decreased by 700.

在本季度，我們減少了 700 個。

On top of that, and from an ASP point of view, in the year ago quarter we launched the iPad Pro 13 Edge.

最重要的是，從 ASP 的角度來看，去年這個季度我們推出了 iPad Pro 13 Edge。

That would be the iPad with obviously the highest price on it.

那將是顯然價格最高的 iPad。

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.

我們將完成渠道填充和產品發布，這樣就可以提高該特定季度的 ASP。

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.

除此之外，我們確實低估了本季度需要的 iPad 數量，這加劇了我們與供應商之一的短缺問題。

And so all in all, there was quite a few things going on there.

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.

如果我把 90 天的時鐘拉遠一點，看看它，我們會在 iPad 上看到一些令人興奮的東西。

I still feel very optimistic about where we can take the product.

我仍然對我們可以將產品帶到哪裡感到非常樂觀。

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.

當我們看第一次購買iPad的人數時，從事物是否達到滲透點的角度來看這是一件好事，數字表明它並不接近那種事情.

The customer sat numbers are through the roof.

客戶坐的數字是通過屋頂。

Literally the customer sat for the iPad Pro is 99%.

從字面上看，iPad Pro 的客戶佔 99%。

It's stunning.

這是驚人的。

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.

因此，我看到了很多好事，並希望取得更好的結果，但我們目前仍處於短缺問題中，我不打算在本季度完全擺脫這一問題。

And so it will damper this quarter somewhat.

因此，這將在一定程度上抑製本季度。

But again, beyond the 90 day clock, I'm very bullish on iPad.

但同樣，在 90 天之後，我非常看好 iPad。

Okay, that's great, thank you.

好的，太好了，謝謝。

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.

然後，蒂姆，投資者傾向於認為 iPhone 已經成熟，技術改進是漸進式的，但我相信你認為在吸引人的新功能方面還有很多空間。

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?

你認為未來會有哪些增強功能會被用戶看到，尤其是超越外來因素、超越手機外觀的變化？

Are there functional things coming over time that you think could surprise people?

您認為隨著時間的推移會出現哪些功能性的東西會讓人們大吃一驚？

I think the smartphone is still in the early innings of the game.

我認為智能手機仍處於遊戲的早期階段。

I think there's lots more to do.

我認為還有很多事情要做。

I think its become -- every year it becomes more important to people's lives, and there's more things people are doing with it.

我認為它變得 - 每年它對人們的生活變得更加重要，人們正在用它做更多的事情。

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.

我談了一點家庭自動化，但我本可以談健康，我本可以談更多 CarPlay，它在企業中的使用正在顯著增長。

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.

因此，當我看到所有這些事情時，使用率在上升，應用程序開發人員仍在創新，我們有一些令人興奮的事情正在籌備中，我對此感覺非常非常好。

So this is one -- we think different about a bunch of things, so maybe this is just one more.

所以這是一個——我們對一堆事情的看法不同，所以也許這只是一個。

Thank you, Steve.

謝謝你，史蒂夫。

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.

今天電話會議的重播將在兩週內通過 iTunes Store 上的播客、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。

Please enter confirmation code 3378275.

請輸入確認碼3378275。

And these replays will be available by approximately 5 p.m.

這些重播將在下午 5 點左右提供。

Pacific Time today.

今天太平洋時間。

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.

媒體成員有其他問題可以聯繫 Kristin Huguet 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。

Ladies and gentlemen, that does conclude today's presentation.

女士們，先生們，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。