蘋果 (AAPL) 2017 Q2 法說會逐字稿

Good day, everyone, and welcome to this Apple Inc. Second Quarter Fiscal Year 2017 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，歡迎來到 Apple Inc.2017 財年第二季度收益發布電話會議。今天的電話正在錄音。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。請繼續，女士。

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

謝謝你。下午好，感謝大家加入我們。今天首先發言的是蘋果公司的首席執行官蒂姆庫克；緊隨其後的是首席財務官 Luca Maestri。在那之後，我們將打開分析師提問的電話。

Please note that some of the information you'll hear during our discussion today will consist of forward-looking statements, including, without limitation, those regarding revenue, gross margin, operating expenses, other income and expense, taxes, future business outlook and plans for capital return and debt issuance. 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, the Form 10-Q for the first quarter of fiscal 2017 and the Form 8-K filed with the SEC today along with the associated press release. Apple assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates.

請注意，您將在我們今天的討論中聽到的一些信息將包含前瞻性陳述，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、未來業務前景和計劃的陳述用於資本回報和債務發行。實際結果或趨勢可能與我們的預測大相徑庭。如需更多信息，請參閱 Apple 2016 年 10-K 表格、2017 財年第一季度 10-Q 表格以及今天向美國證券交易委員會提交的 8-K 表格以及相關新聞稿中討論的風險因素。Apple 不承擔更新任何前瞻性陳述或信息的義務，這些陳述或信息截至其各自日期。

I'd now like to turn the call over to Tim for introductory remarks.

我現在想把電話轉給蒂姆做介紹性發言。

Thanks, Nancy. Good afternoon, and thank you for joining us. Today, we are reporting strong March quarter results with accelerating revenue growth and earnings per share up 10% over last year. We feel great about this performance.

謝謝，南希。下午好，感謝您加入我們。今天，我們報告了強勁的 3 月份季度業績，收入增長加速，每股收益比去年增長 10%。我們對這次演出感覺很好。

Revenue was $52.9 billion, near the high end of our guidance range. Global revenue was up 5% year-on-year with growth accelerating from our December quarter performance. That's despite a $1 billion year-over-year revenue headwind from foreign exchange in the March quarter and a larger iPhone channel inventory reduction this year versus last year.

收入為 529 億美元，接近我們指導範圍的高端。全球收入同比增長 5%，增速較 12 月季度業績有所加快。儘管 3 月季度的外匯收入同比減少了 10 億美元，而且今年 iPhone 渠道庫存比去年下降幅度更大。

iPhone sales were in line with our expectations, and we're thrilled to see the continued strong demand for iPhone 7 Plus with its beautiful large display and dual camera systems. Our active installed base of iPhones grew by double digits year-over-year, and based on the latest data from IDC, we gained market share in nearly every country we track.

iPhone 的銷量符合我們的預期，我們很高興看到對 iPhone 7 Plus 的持續強勁需求，因為它擁有漂亮的大顯示屏和雙攝像頭系統。我們的 iPhone 活躍安裝基數同比增長兩位數，根據 IDC 的最新數據，我們幾乎在我們跟踪的每個國家/地區都獲得了市場份額。

Late in the quarter, we released the stunning (PRODUCT)RED Special Edition versions of iPhone 7 and 7 Plus in recognition of 10 years of our partnership with (RED). This relationship has given our customers an unprecedented way to contribute to the Global Fund and bring the world a step closer to an AIDS-free generation. We've seen wonderful customer response to these eye-popping new iPhones.

本季度末，我們發布了令人驚嘆的 (PRODUCT)RED 特別版 iPhone 7 和 7 Plus，以表彰我們與 (RED) 長達 10 年的合作關係。這種關係為我們的客戶提供了一種前所未有的方式來為全球基金捐款，並使世界更接近無艾滋病的一代。我們已經看到客戶對這些令人瞠目結舌的新 iPhone 的反應非常好。

For the second quarter in a row, our Services revenue topped $7 billion, and it's well on the way to being the size of a Fortune 100 company. We're very happy to see the deep level of customer engagement with the Apple ecosystem across all of our services.

連續第二個季度，我們的服務收入超過 70 億美元，並且正朝著財富 100 強公司的規模邁進。我們很高興看到客戶在我們所有服務中與 Apple 生態系統的深度互動。

App Store momentum is terrific with revenue growing 40% year-over-year to an all-time quarterly record. The number of developers offering apps for sale on our store was up 26% over last year, and we're thrilled to see their success. We also saw double-digit revenue growth from Apple Music subscriptions and iCloud storage and overall, very strong growth in the total number of paid subscriptions for our own services and the third-party content we offer on our stores. Paid subscriptions now exceed 165 million.

App Store 勢頭強勁，收入同比增長 40%，創下季度歷史新高。在我們的商店中出售應用程序的開發者數量比去年增加了 26%，我們很高興看到他們的成功。我們還看到 Apple Music 訂閱和 iCloud 存儲帶來兩位數的收入增長，總體而言，我們自己的服務和我們在商店提供的第三方內容的付費訂閱總數增長非常強勁。付費訂閱現在超過 1.65 億。

Apple Pay is experiencing phenomenal traction. With the launch of Taiwan and Ireland in the March quarter, Apple Pay is now live in 15 markets with more than 20 million contactless-ready locations, including more than 4.5 million locations accepting Apple Pay in the U.S. alone. We're seeing strong growing usage as points of acceptance expand with transaction volume up 450% over the last 12 months.

Apple Pay 正經歷著驚人的吸引力。隨著第三季度台灣和愛爾蘭的推出，Apple Pay 現已在 15 個市場上線，擁有超過 2000 萬個非接觸式就緒地點，其中僅在美國就有超過 450 萬個接受 Apple Pay 的地點。隨著接受點的擴大，過去 12 個月的交易量增長了 450%，我們看到使用量的強勁增長。

In the U.K., for example, points of acceptance have grown by 44% in the last year, while monthly Apple Pay transactions have grown by nearly 300%. In Japan, where Apple Pay launched last October, more than 0.5 million transit users are completing 20 million Apple Pay transactions per month. And we're always excited to see our partners bring their customers new ways to use Apple Pay. You can now even send a Starbucks gift card via iMessage with just a touch.

例如，在英國，接受點在去年增長了 44%，而每月的 Apple Pay 交易量增長了近 300%。在去年 10 月推出 Apple Pay 的日本，超過 50 萬公交用戶每月完成 2000 萬筆 Apple Pay 交易。我們總是很高興看到我們的合作夥伴為他們的客戶帶來使用 Apple Pay 的新方式。您現在甚至可以通過 iMessage 發送星巴克禮品卡，只需輕輕一按。

We're seeing great momentum from our powerful advances in Messages. In fact, at one point during the Super Bowl in February, customers were sending 380,000 messages per second, more than double the previous year. A few weeks ago, we introduced Clips, a new app that's another great example of how we're continually making our products even more engaging, and it's off to a great start. With Clips, it's fun and easy to combine video, photos and music on an iPhone or an iPad into great-looking expressive videos with great visual effects and titles just using your voice, then share your Clips with friends through the Messages app or on social media.

我們從 Messages 的強大進步中看到了巨大的動力。事實上，在 2 月的超級碗比賽期間，客戶每秒發送 380,000 條消息，是前一年的兩倍多。幾週前，我們推出了 Clips，這是一個新的應用程序，它是我們如何不斷地讓我們的產品更具吸引力的另一個很好的例子，它有了一個良好的開端。使用可立拍，只需使用語音即可輕鬆輕鬆地將 iPhone 或 iPad 上的視頻、照片和音樂組合成具有出色視覺效果和標題的極具表現力的視頻，然後通過“信息”應用或在社交媒體上與朋友分享您的可立拍媒體。

We had great Mac results during the quarter. Revenue grew 14% to a new March quarter record and gained market share, thanks to strong demand for our new MacBook Pros. Our Mac business has generated over $25 billion of revenue over the past 4 quarters. We're investing aggressively in its future, and we are very excited about the innovation we can bring to the platform.

我們在本季度取得了出色的 Mac 業績。由於對我們新款 MacBook Pro 的強勁需求，收入增長了 14%，創下 3 月季度的新紀錄並獲得了市場份額。我們的 Mac 業務在過去 4 個季度創造了超過 250 億美元的收入。我們正在積極投資於它的未來，我們對可以為該平台帶來的創新感到非常興奮。

We also updated our most popular-sized iPad with a brighter Retina display and best-in-class performance at its most affordable price ever, and customer response to date has been very strong. iPad results were ahead of our expectation, and we believe we gained share during the March quarter in a number of major markets, including the U.S., Japan and Australia. iPad remains the world's most popular tablet, and it's the primary computing device for millions of customers across the globe.

我們還以最實惠的價格更新了我們最受歡迎的 iPad，配備了更亮的 Retina 顯示屏和一流的性能，迄今為止，客戶的反應非常強烈。iPad 的業績超出了我們的預期，我們相信我們在 3 月季度在包括美國、日本和澳大利亞在內的多個主要市場獲得了份額。iPad 仍然是世界上最受歡迎的平板電腦，也是全球數百萬客戶的主要計算設備。

Building on the momentum from the holiday quarter, Apple Watch sales nearly doubled year-over-year. Apple Watch is the best-selling and most loved smartwatch in the world, and we hear wonderful stories from our customers about its impact on their fitness and health.

憑藉假日季的強勁勢頭，Apple Watch 的銷量同比幾乎翻了一番。Apple Watch 是世界上最暢銷和最受歡迎的智能手錶，我們從客戶那裡聽到了關於它對健康和健康的影響的精彩故事。

We're also seeing great response to AirPods with a 98% customer satisfaction rating based on a recent Creative Strategies survey. Demand for AirPods significantly exceed supply, and growth in Beats products has also been very strong. In fact, when we combine Apple Watch, AirPods and Beats headphones, our revenue from wearable products in the last 4 quarters was the size of a Fortune 500 company.

根據最近的 Creative Strategies 調查，我們還看到 AirPods 獲得了 98% 的客戶滿意度。AirPods 的需求明顯超過供應，Beats 產品的增長也非常強勁。事實上，當我們結合 Apple Watch、AirPods 和 Beats 耳機時，我們在過去 4 個季度的可穿戴產品收入是一家財富 500 強公司的規模。

In Greater China, we were very pleased to see strong double-digit revenue growth from both Mac and Services during the March quarter. We also had great results from our retail stores in Mainland China, with total store revenue up 27% over last year and comp store revenue up 7%. These results contributed to our improving performance in Greater China.

在大中華區，我們很高興看到 Mac 和服務在 3 月季度實現了兩位數的強勁收入增長。我們在中國大陸的零售店也取得了不錯的成績，總店面收入比去年增長 27%，綜合店面收入增長 7%。這些結果有助於我們改善在大中華區的表現。

Through the first 2 quarters of fiscal 2017, our year-over-year comparisons improved significantly over the last 2 quarters of fiscal 2016. First half revenue was down 13% year-over-year, about 1/3 of which was attributable to FX. That's in contrast to a 32% revenue decline in the second half of last year. Our March quarter results were in line with our expectations and similar to the year-over-year performance we experienced in the December quarter. We continue to be very enthusiastic about our opportunity in China.

在 2017 財年的前兩個季度，我們的同比比較比 2016 財年的最後兩個季度有了顯著改善。上半年收入同比下降 13%，其中約 1/3 歸因於外匯。這與去年下半年收入下降 32% 形成鮮明對比。我們 3 月季度的業績符合我們的預期，並且與我們在 12 月季度的同比表現相似。我們繼續對我們在中國的機會充滿熱情。

We set a new March quarter record for India, where revenue grew by strong double digits. We continue to strengthen our local presence across the entire ecosystem, and we're very optimistic about our future in this remarkable country, with its very large, young and tech-savvy population, fast-growing economy and improving 4G network infrastructure.

我們為印度創造了新的 3 月季度記錄，該地區的收入實現了兩位數的強勁增長。我們將繼續加強我們在整個生態系統中的本地影響力，我們對這個非凡的國家的未來非常樂觀，這裡擁有龐大、年輕且精通技術的人口、快速增長的經濟和不斷改進的 4G 網絡基礎設施。

Apple Retail is entering an exciting chapter with new experiences for customers and breathtaking new store designs. With the opening of our newest store in Dubai this past weekend, we now have 495 retail locations worldwide. The new Apple Dubai Mall is a truly international store with employees who collectively speak 45 languages and are already welcoming customers from around the world.

Apple 零售店正在進入激動人心的篇章，為客戶帶來全新體驗和令人驚嘆的全新商店設計。隨著我們上週末在迪拜開設的最新門店，我們現在在全球擁有 495 家零售店。新的 Apple Dubai Mall 是一家真正的國際化商店，員工會說 45 種語言，並且已經歡迎來自世界各地的顧客。

As Luca will discuss in a moment, today, we're also providing an update to our capital return program. Given our strong confidence in our future, we're increasing the program size by $50 billion, bringing the total to $300 billion, and we're extending the time frame through March of 2019. We're adding to our share repurchase authorization and increasing our dividend for the fifth time in less than 5 years.

正如盧卡稍後將討論的那樣，今天，我們還提供了我們的資本回報計劃的更新。鑑於我們對未來充滿信心，我們將計劃規模增加 500 億美元，使總額達到 3000 億美元，並將時間框架延長至 2019 年 3 月。我們正在增加我們的股票回購授權，並在不到 5 年內第五次增加我們的股息。

We're very excited about our upcoming Worldwide Developers Conference taking place in San Jose next month. The conference is significantly oversubscribed, and we'll be welcoming thousands of attendees. We look forward to helping them learn about breakthrough technologies across all 4 of our software platforms: iOS, macOS, watchOS and tvOS, that enable developers to create incredible experiences for every aspect of customers' lives and improve the way they manage their homes, cars, health and more.

我們對即將於下個月在聖何塞舉行的全球開發者大會感到非常興奮。此次會議的訂閱人數明顯超額，我們將歡迎成千上萬的與會者。我們期待幫助他們了解我們所有 4 個軟件平台的突破性技術：iOS、macOS、watchOS 和 tvOS，使開發人員能夠為客戶生活的各個方面創造令人難以置信的體驗，並改善他們管理家庭、汽車的方式，健康等等。

I'm very proud to mention that we recently released our 10th annual Environmental Responsibility Report reflecting our amazing progress. In 2016, 96% of the electricity used at Apple's global facilities came from renewable sources of energy, reducing our carbon emissions by nearly 585,000 metric tons. We're now 100% renewable in 24 countries, including all of Apple's data centers. There's much more work to be done, but we're committed to leaving the world better than we found it.

我很自豪地提到，我們最近發布了第 10 份年度環境責任報告，反映了我們驚人的進步。2016 年，Apple 全球工廠 96% 的用電量來自可再生能源，使我們的碳排放量減少了近 585,000 公噸。我們現在在 24 個國家/地區實現 100% 可再生能源，包括 Apple 的所有數據中心。還有很多工作要做，但我們致力於讓世界變得比我們發現的更好。

Closer to home, we're excited about moving into our new corporate headquarters, Apple Park, our new center for innovation. The main building on Apple Park is designed to house 13,000 employees under one roof in an environment that fosters even greater collaboration among our incredibly talented teams.

言歸正傳，我們很高興能搬入新的公司總部 Apple Park，這是我們新的創新中心。Apple Park 的主樓旨在將 13,000 名員工安置在一個屋簷下，其環境可以促進我們才華橫溢的團隊之間的更大協作。

We have many more ongoing investments in the United States economy since Apple is a company that could only have been created in America. Through our innovative products and the success of our business, we're incredibly proud to support more than 2 million jobs in all 50 states, and we expect to create even more. Last fiscal year, we spent more than $50 billion in the United States with American suppliers, developers and partners, and we continue to invest confidently in our future.

由於蘋果公司是一家只能在美國創建的公司，因此我們對美國經濟進行了更多的持續投資。通過我們的創新產品和我們業務的成功，我們為在所有 50 個州支持超過 200 萬個工作崗位而感到無比自豪，我們期望創造更多。上一財年，我們在美國與美國供應商、開發商和合作夥伴一起花費了超過 500 億美元，我們繼續對我們的未來充滿信心地進行投資。

Now for more details on the March quarter results, I'd like to turn the call over to Luca.

現在，有關 3 月季度業績的更多詳細信息，我想將電話轉給盧卡。

Thank you, Tim. Good afternoon, everyone. Revenue for the March quarter was $52.9 billion, and we achieved double-digit growth in the U.S., Canada, Australia, Germany, The Netherlands, Turkey, Russia and Mexico. Our growth rates were even higher, over 20%, in many other markets, including Brazil, Scandinavia, the Middle East, Central and Eastern Europe, India, Korea and Thailand.

謝謝你，蒂姆。大家下午好。3 月季度的收入為 529 億美元，我們在美國、加拿大、澳大利亞、德國、荷蘭、土耳其、俄羅斯和墨西哥實現了兩位數的增長。在包括巴西、斯堪的納維亞半島、中東、中歐和東歐、印度、韓國和泰國在內的許多其他市場，我們的增長率甚至更高，超過 20%。

Gross margin was 38.9%, at the high end of our guidance range. That's a sequential increase from 38.5% in the December quarter, which is particularly impressive given the seasonal loss of leverage, sequential foreign exchange headwinds of 100 basis points and cost pressures on certain commodities. Operating margin was 26.7% of revenue, and net income was $11 billion. Diluted earnings per share were $2.10, an increase of 10% over last year, and cash flow from operations was strong at $12.5 billion.

毛利率為 38.9%，處於我們指導範圍的高端。這比 12 月季度的 38.5% 連續增長，考慮到槓桿的季節性損失、連續 100 個基點的外匯逆風以及某些商品的成本壓力，這一數字尤其令人印象深刻。營業利潤率為收入的 26.7%，淨收入為 110 億美元。每股攤薄收益為 2.10 美元，比去年增長 10%，運營現金流強勁，達到 125 億美元。

For details by product, I'll start with iPhone. We sold 50.8 million iPhones, and we reduced iPhone channel inventory by 1.2 million units in the quarter compared to a reduction of about 450,000 a year ago. So our iPhone performance was slightly better than last year on a sell-through basis.

對於產品的詳細信息，我將從 iPhone 開始。我們售出了 5080 萬部 iPhone，本季度我們將 iPhone 渠道庫存減少了 120 萬部，而一年前減少了約 45 萬部。因此，我們的 iPhone 在銷售量基礎上的表現略好於去年。

We had very solid iPhone growth in 4 of our 5 operating segments and experienced especially strong results in Western Europe, the Middle East and our Rest of Asia Pacific segment, all areas of the world where iPhone sales were up double digits. iPhone ASP was $655, up from $642 a year ago, thanks to a strong mix of iPhone 7 Plus and in spite of unfavorable foreign exchange rates. We exited the March quarter within our 5- to 7-week target channel inventory range.

我們在 5 個運營部門中的 4 個部門的 iPhone 增長非常穩健，在西歐、中東和亞太地區其他地區的業績尤為強勁，這些地區的 iPhone 銷量均增長了兩位數。iPhone ASP 為 655 美元，高於一年前的 642 美元，這要歸功於 iPhone 7 Plus 的強勁組合以及不利的外匯匯率。我們在 5 到 7 週的目標渠道庫存範圍內退出了 3 月季度。

Customer interest and satisfaction with iPhone are very strong not only with consumers, but also with business users. In the U.S., the latest data from 451 Research on consumers indicates a 96% customer satisfaction rating among iPhone 7 owners and 98% for iPhone 7 Plus. Among corporate smartphone buyers, iPhone customer satisfaction was 95%, and of those planning to purchase smartphones in the June quarter, 79% plan to purchase iPhone.

客戶對 iPhone 的興趣和滿意度非常高，不僅消費者如此，企業用戶也如此。在美國，來自 451 Research 的最新消費者數據顯示，iPhone 7 用戶的客戶滿意度為 96%，iPhone 7 Plus 的用戶滿意度為 98%。在企業智能手機購買者中，iPhone 客戶滿意度為 95%，而在 6 月當季計劃購買智能手機的企業中，79% 計劃購買 iPhone。

Turning to Services. We generated $7 billion in revenue, an increase of 18% year-over-year and our best results ever for a 13-week quarter. We're very happy with this strong level of growth, especially given the tough compare to last year as the busy week between Christmas and New Year's fell within the March fiscal quarter a year ago but was included in the December fiscal quarter this year. As we said last quarter, our goal is to double the size of our Services business by 2020.

轉向服務。我們創造了 70 億美元的收入，同比增長 18%，這是 13 周季度以來的最佳業績。我們對這種強勁的增長水平感到非常高興，特別是考慮到與去年相比的艱難，因為聖誕節和新年之間的繁忙一周屬於一年前的 3 月財政季度，但已包含在今年 12 月的財政季度。正如我們上個季度所說，我們的目標是到 2020 年將我們的服務業務規模翻一番。

The App Store established a new all-time revenue record and grew 40% year-over-year. We continue to see growth in average revenue per paying account as well as the number of paying accounts across our content stores during the quarter. In fact, the quarterly increase in the number of paying accounts was the largest that we've ever experienced. And according to App Annie's latest report, the App Store continues to be the preferred destination for customer purchases, generating twice the revenue of Google Play during the March quarter.

App Store 創造了新的歷史收入記錄，同比增長 40%。我們繼續看到本季度每個付費賬戶的平均收入以及我們內容商店的付費賬戶數量增長。事實上，支付賬戶數量的季度增長是我們經歷過的最大的。根據 App Annie 的最新報告，App Store 仍然是客戶購買的首選目的地，在 3 月季度產生的收入是 Google Play 的兩倍。

Next, I'd like to talk about the Mac. Revenue was up 14% year-over-year and set a new March quarter record. We sold 4.2 million Macs, up 4% over last year compared to 0 growth in the PC market according to IDC's latest forecast. Demand for MacBook Pro was very strong, helping to drive overall portables growth of 10%, twice the growth of the portables market. We ended the quarter at the low end of our 4- to 5-week target range for Mac channel inventory.

接下來，我想談談Mac。收入同比增長 14%，並創下 3 月份季度的新紀錄。根據 IDC 的最新預測，我們售出了 420 萬台 Mac，比去年增長 4%，而 PC 市場的增長率為 0。對 MacBook Pro 的需求非常強勁，有助於推動整體便攜設備增長 10%，是便攜設備市場增長的兩倍。我們在本季度結束時處於 Mac 渠道庫存 4 至 5 週目標範圍的低端。

Turning to iPad, we sold 8.9 million units, which was ahead of our expectations despite supply constraints throughout the quarter. We are very pleased to see iPad growth in the U.S. during the March quarter and revenue growth worldwide for our 9.7-inch and larger iPads over the last 4 quarters. iPad channel inventory was essentially flat from the beginning to the end of the quarter, and we exited just below our 5- to 7-week target range.

談到 iPad，我們售出了 890 萬台，儘管整個季度供應受限，但仍超出了我們的預期。我們很高興看到 iPad 在 3 月份季度在美國的增長以及過去 4 個季度我們 9.7 英寸及更大尺寸 iPad 的全球收入增長。從本季度開始到結束，iPad 渠道庫存基本持平，我們退出了 5 到 7 週的目標範圍。

iPad remains very successful in the segment of the tablet market where we compete. Recent data from NPD indicates that iPad had 81% share of the U.S. market for tablets priced above $200. And in February, 451 Research measured consumer satisfaction rates for iPad that ranged from 95% for the 9.7-inch iPad Pro to 100% for the 12.9-inch version. Among U.S. consumers planning to purchase a tablet within the next 6 months, purchase intention for iPad was 69%. Corporate buyers reported a 96% satisfaction rate and a purchase intent of 68% for the June quarter.

iPad 在我們競爭的平板電腦市場領域仍然非常成功。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 81% 的份額。2 月，451 Research 測量了消費者對 iPad 的滿意度，從 9.7 英寸 iPad Pro 的 95% 到 12.9 英寸版本的 100% 不等。在計劃在未來 6 個月內購買平板電腦的美國消費者中，iPad 的購買意向為 69%。企業買家報告稱，6 月季度的滿意度為 96%，購買意向為 68%。

All our products continue to be extremely popular and drive mobile transformation in the enterprise market. We set a new enterprise revenue record for the March quarter, and we expect this momentum to continue for the remainder of the year.

我們所有的產品都繼續非常受歡迎，並推動企業市場的移動轉型。我們在 3 月季度創造了新的企業收入記錄，我們預計這一勢頭將在今年剩餘時間內持續下去。

Recently, Volkswagen selected iPhone as their corporate standard smartphone. So 620,000 employees around the world had the opportunity to enjoy the best-in-class mobile experience that iPhone offers. And Capital One has reimagined the customer banking experience by empowering their associates with Mac and Apple Watch and over 40 native iOS applications now running on nearly 30,000 iPhones and iPads.

最近，大眾汽車選擇 iPhone 作為他們的企業標準智能手機。因此，全球 620,000 名員工有機會享受 iPhone 提供的一流移動體驗。Capital One 通過為員工提供 Mac 和 Apple Watch 以及目前在近 30,000 部 iPhone 和 iPad 上運行的 40 多種原生 iOS 應用程序，重新構想了客戶銀行體驗。

We're also seeing strong momentum with our enterprise partners who are helping us deliver long-lasting innovation and differentiation for iOS versus competing platforms. The Deloitte partnership is off to a great start with more than 115 customer opportunities in the pipeline across 15 different industries. SAP released the SAP cloud platform, SDK for iOS, at the end of March, and over 3 million SAP developers now have an even better means to develop powerful iOS-native apps for the enterprise.

我們還看到與我們的企業合作夥伴合作的強勁勢頭，他們正在幫助我們為 iOS 與競爭平台提供持久的創新和差異化。與德勤的合作有了一個良好的開端，在 15 個不同行業的管道中擁有超過 115 個客戶機會。SAP 於 3 月底發布了 SAP 雲平台 SDK for iOS，超過 300 萬 SAP 開發人員現在有了更好的方式為企業開發強大的 iOS 原生應用程序。

The partnership with Cisco enables optimized performance of iOS devices over their networks and is generating a large and growing pipeline of sales opportunities across multiple verticals, including health care and financial services. And our partnership with IBM continues to drive greater productivity and innovation with IBM MobileFirst for iOS apps now in more than 3,300 client engagements. And with its Mobile at Scale offering, IBM recently closed an agreement to deploy 11,000 iOS devices at Santander Bank to drive digital transformation.

與思科的合作可優化 iOS 設備在其網絡上的性能，並在多個垂直領域產生大量且不斷增長的銷售機會，包括醫療保健和金融服務。我們與 IBM 的合作夥伴關係通過 IBM MobileFirst for iOS 應用程序繼續推動更高的生產力和創新，目前已有 3,300 多個客戶參與。憑藉其 Mobile at Scale 產品，IBM 最近達成了一項協議，將在桑坦德銀行部署 11,000 台 iOS 設備，以推動數字化轉型。

Our retail and online stores produced great results with strong revenue growth in all our geographic segments and 18% growth overall. Visitors to our retail and online stores were up 16% over last year, and we added 4 new stores during the March quarter. And with the opening of our store in Dubai last week, we're now at 495 stores in 18 countries.

我們的零售和在線商店取得了不錯的成績，在我們所有的地理區域實現了強勁的收入增長，整體增長了 18%。我們的零售和在線商店的訪客比去年增長了 16%，我們在 3 月季度增加了 4 家新商店。隨著上週我們在迪拜的門店開業，我們現在在 18 個國家/地區擁有 495 家門店。

Let me now turn to our cash position. We ended the quarter with $256.8 billion in cash plus marketable securities, a sequential increase of $10.8 billion. $239.6 billion of this cash or 93% of the total was outside the United States. We issued $11 billion in debt during the quarter, bringing us to $88.5 billion in term debt and $10 billion in commercial paper outstanding.

現在讓我談談我們的現金狀況。截至本季度末，我們擁有 2568 億美元的現金和有價證券，環比增長 108 億美元。這筆現金中有 2396 億美元或總額的 93% 在美國境外。我們在本季度發行了 110 億美元的債務，使我們達到 885 億美元的定期債務和 100 億美元的未償商業票據。

We returned over $10 billion to investors during the quarter. We paid $3 billion in dividends and equivalents, and we spent $4 billion on repurchases of 31.1 million Apple shares through open market transactions. We also launched a new $3 billion ASR, resulting in initial delivery and retirement of 17.5 million shares. And we retired 6.3 million shares upon the completion of our ninth accelerated share repurchase program in February. All these activities contributed to a net diluted share count reduction of 66.3 million shares in the quarter. We have now completed $211.2 billion of our $250 billion capital return program, including $151 billion in share repurchases.

我們在本季度向投資者返還了超過 100 億美元。我們支付了 30 億美元的股息和等價物，我們花費 40 億美元通過公開市場交易回購了 3110 萬股蘋果股票。我們還推出了一項價值 30 億美元的新 ASR，導致 1,750 萬股首次交割和退市。我們在 2 月份完成了第九次加速股票回購計劃後，退還了 630 萬股股票。所有這些活動導致本季度淨稀釋股數減少 6630 萬股。我們現在已經完成了 2500 億美元的資本回報計劃中的 2112 億美元，其中包括 1510 億美元的股票回購。

As Tim mentioned, today, we're announcing an update to our program, which we're extending by 4 quarters through March of 2019 and increasing in size to a total of $300 billion. Once again, given our strong confidence in Apple's future and the value we see in our stock, we're allocating the majority of the program expansion to share repurchases.

正如蒂姆所提到的，今天，我們宣布對我們的計劃進行更新，到 2019 年 3 月我們將其延長 4 個季度，並將規模增加到 3000 億美元。再一次，鑑於我們對 Apple 未來的強烈信心以及我們在股票中看到的價值，我們將大部分計劃擴展分配給股票回購。

Our board has increased the share repurchase authorization by $35 billion, raising it from the current $175 billion level to $210 billion. We will also continue to net share settle vesting employees' restricted stock units.

我們的董事會已將股票回購授權增加了 350 億美元，從目前的 1750 億美元增加到 2100 億美元。我們還將繼續對歸屬員工的限制性股票單位進行淨股份結算。

In addition, we're raising our dividend for the fifth time in less than 5 years. As we know, this is very important to many of our investors who value income. The quarterly dividend will grow from $0.57 to $0.63 per share, an increase of 10.5%. This is effective with our next dividend, which the board has declared today, payable on May 18, 2017, to shareholders of record as of May 15, 2017.

此外，我們將在不到 5 年內第五次提高股息。正如我們所知，這對我們許多重視收入的投資者來說非常重要。季度股息將從每股 0.57 美元增長至 0.63 美元，增幅為 10.5%。這對董事會今天宣布的下一次股息有效，將於 2017 年 5 月 18 日支付給截至 2017 年 5 月 15 日在冊的股東。

With over $12 billion in annual dividend payments, we're proud to be one of the largest dividend payers in the world, and we continue to plan for annual dividend increases going forward. In total, with this updated program, during the next 8 quarters, we expect to return $89 billion to our investors, which represents about 12% of our market cap at the current stock price.

憑藉超過 120 億美元的年度股息支付，我們為成為世界上最大的股息支付者之一而感到自豪，我們將繼續計劃未來的年度股息增長。總的來說，通過這個更新的計劃，在接下來的 8 個季度中，我們預計將向我們的投資者返還 890 億美元，這大約占我們當前股價市值的 12%。

We expect to continue to fund our capital return program with current U.S. cash, future U.S. cash generation and borrowing from both domestic and international debt markets. We will continue to review capital allocation regularly, taking into account the needs of our business, investment opportunities and our financial outlook. We will also continue to solicit input on our program from a broad base of shareholders. This approach will allow us to be flexible and thoughtful about the size, the mix and the pace of our program.

我們預計將繼續用當前的美國現金、未來的美國現金產生以及從國內和國際債務市場借款來為我們的資本回報計劃提供資金。我們將繼續定期檢討資本分配，同時考慮到我們的業務需求、投資機會和我們的財務前景。我們還將繼續徵求廣大股東對我們計劃的意見。這種方法將使我們能夠靈活和周到地考慮我們項目的規模、組合和節奏。

As we move ahead into the June quarter, I'd like to review our outlook, which includes the types of forward-looking information that Nancy referred to at the beginning of the call. We expect revenue to be between $43.5 billion and $45.5 billion. We expect gross margin to be between 37.5% and 38.5%. We expect OpEx to be between $6.6 billion and $6.7 billion. We expect OI&E to be about $450 million, and we expect the tax rate to be about 25.5%.

隨著我們進入六月季度，我想回顧一下我們的前景，其中包括南希在電話會議開始時提到的前瞻性信息類型。我們預計收入將在 435 億美元至 455 億美元之間。我們預計毛利率在 37.5% 至 38.5% 之間。我們預計運營支出將在 66 億美元至 67 億美元之間。我們預計 OI&E 約為 4.5 億美元，我們預計稅率約為 25.5%。

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

有了這個，我想打開問題電話。

Thank you, Luca. (Operator Instructions) Rebecca, may we have the first question, please?

謝謝你，盧卡。（操作員說明）麗貝卡，請問我們可以問第一個問題嗎？

(Operator Instructions) First, we'll hear from Katy Huberty with Morgan Stanley.

（操作員說明）首先，我們將聽取摩根士丹利的 Katy Huberty 的來信。

My first question is for Luca around gross margin. How were you able to expand gross margin sequentially and guide rather seasonally for the June quarter in light of what's going on in the memory market? And maybe if you can comment, in particular, whether the holdback of payments to Qualcomm is benefiting you at all on gross margins year-on-year, and also whether your contracts around commodity prices is likely to hit gross margins by more in the back half of this calendar year.

我的第一個問題是關於毛利率的盧卡。鑑於內存市場正在發生的事情，您如何能夠按季擴大毛利率並在 6 月季度進行相當季節性的指導？如果您可以特別評論一下，推遲向高通付款是否會使您的毛利率同比受益，以及您圍繞商品價格的合同是否可能會進一步影響毛利率這個日曆年的一半。

Thank you, Katy, a lot of questions. Let me take one by one. Let me start with our performance for the March quarter, which we were very happy with. As you said, we were up 40 basis points sequentially, and this is in spite of the fact, as you know, that we lose leverage as we go from the December quarter to the March quarter. The foreign exchange headwind on a sequential basis was 100 basis points. Obviously, that was also a negative. And as you said, we started to experience some level of cost pressure on the memory side, particularly on NAND and DRAM. To offset that and actually do better than that, we had very good cost performance on other commodities. And the fact that our Services mix increases as we go through the year, that is, of course, also helping given the profile of our gross margin for Services. So that answers the question around Q2.

謝謝你，凱蒂，很多問題。讓我一一道來。讓我從我們對 3 月季度的表現開始，我們對此感到非常滿意。正如您所說，我們連續上漲了 40 個基點，儘管您知道，從 12 月季度到 3 月季度，我們失去了槓桿作用。外匯逆風連續100個基點。顯然，這也是負面的。正如你所說，我們開始在內存方面遇到一定程度的成本壓力，特別是在 NAND 和 DRAM 方面。為了抵消這一點並實際上做得更好，我們在其他商品上的性價比非常好。隨著我們一年的過去，我們的服務組合增加的事實，當然，這也有助於我們的服務毛利率的概況。這樣就回答了 Q2 周圍的問題。

As we move into the June quarter, as you know, we tend to have some level of gross margin compression as we go from the March quarter to the June quarter. Again, the majority of that comes from the sequential loss of leverage. We also have a different mix of products as we move into the June quarter. And the cost pressures on memory will remain. We expect to offset partially these impacts with other cost efficiencies and again, with a mix shift towards Services. Yet, the impact on NAND and DRAM will continue to be there, and we expect it to be there. You know we don't guide past the June quarter, but we expect it to be there for the time being.

如您所知，隨著我們進入 6 月季度，從 3 月季度到 6 月季度，我們往往會出現一定程度的毛利率壓縮。同樣，其中大部分來自槓桿的連續損失。隨著我們進入六月季度，我們也有不同的產品組合。內存的成本壓力仍將存在。我們希望通過其他成本效率以及向服務的混合轉變來部分抵消這些影響。然而，對 NAND 和 DRAM 的影響將繼續存在，我們預計它會存在。您知道我們不會在 6 月季度之後進行指導，但我們預計它會暫時存在。

On Qualcomm, I just want to make it very, very clear that we are accruing. We do not expect to be paying more than what we are accruing right now. So we didn't get any benefit in our P&L, in our margins during the March quarter, and we're not getting any benefit during the June quarter either.

關於高通，我只想非常非常清楚地說明我們正在積累。我們預計支付的金額不會超過我們現在應計的金額。因此，我們在 3 月季度的損益表和利潤率中沒有得到任何好處，在 6 月季度我們也沒有得到任何好處。

And just a follow-up for Tim. As you noted in your remarks, the iPhone 7 Plus demand it's selling incredibly well, and this is a product that was pretty severely supply constrained in the December quarter. And I just wonder whether there are any lessons learned as you go forward into future product launches around how you manage the timing of announcing a product when there's supply constraints and how you might work with the supply chain differently around ramping some of these components that have particular difficulties around the yields early on.

只是蒂姆的後續行動。正如您在講話中指出的那樣，iPhone 7 Plus 要求它的銷量非常好，這是一款在 12 月季度供應嚴重受限的產品。我只是想知道，在你未來的產品發布過程中，是否有任何經驗教訓，包括在供應限制的情況下如何管理髮布產品的時間，以及如何以不同的方式與供應鏈合作，圍繞增加其中一些組件早期圍繞收益率的特別困難。

Yes. Katy, one of the things that we did not get right was the mix between the iPhone 7 and the iPhone 7 Plus. There was -- wound up the demand was much stronger to the 7 Plus than we had predicted. And so it took us a little while to adjust all the way back through the supply chain and to bring iPhone 7 Plus into balance, which occurred in this early -- this past quarter. What did we learn from it? Every time we go through a launch, we learn something. And you can bet that we're brushing up our models, and we'll apply everything we learned to the next time.

是的。凱蒂，我們沒有做對的一件事是 iPhone 7 和 iPhone 7 Plus 之間的混合。最終，對 7 Plus 的需求比我們預期的要強得多。因此，我們花了一些時間來調整整個供應鏈並讓 iPhone 7 Plus 達到平衡，這發生在上個季度的早期。我們從中學到了什麼？每次我們進行發佈時，我們都會學到一些東西。你可以打賭，我們正在更新我們的模型，我們將把我們學到的所有東西應用到下一次。

We'll go to Shannon Cross with Cross Research.

我們將與 Cross Research 一起前往 Shannon Cross。

Tim, can you talk a bit about what's going on in China and give us some more color, especially as you're going through the year? And then obviously, you won't talk about the next product launch. But just are there any shifts in demand with Greater China down 14%? Was it all iPhone or mix? Anything you can provide, and then I have a follow-up.

蒂姆，你能否談談中國正在發生的事情，並給我們更多的色彩，尤其是在你度過這一年的時候？然後很明顯，你不會談論下一個產品發布。但隨著大中華區下降 14%，需求是否有任何變化？都是 iPhone 還是混合的？你能提供什麼，然後我會跟進。

Yes. Thanks for the question, Shannon. We saw in Q2 the -- a performance that, combined with Q1 and that formed the first half of the year, was much better than what we experienced in the second half of last year. And if you look at what was driving that, iPhone 7 Plus, we sold the highest number of Plus models in the first half than ever before compared to 6s Plus or compared to the 6 Plus. We -- also the Mac business did extremely well. The Mac revenue growth was up 20% in China, and we had extremely strong Services growth during the quarter in China. As I've mentioned in the -- in my comments, our retail and online stores did well overall, and in China they grew by 21%, which is an acceleration from what we had seen in the previous quarter.

是的。謝謝你的問題，香農。我們在第二季度看到 - 結合第一季度和上半年的表現，比我們去年下半年經歷的要好得多。如果你看看 iPhone 7 Plus 的驅動因素，與 6s Plus 或 6 Plus 相比，我們上半年銷售的 Plus 機型數量最多。我們——Mac 業務也做得非常好。Mac 在中國的收入增長了 20%，我們在本季度在中國的服務增長非常強勁。正如我在評論中提到的那樣，我們的零售和在線商店整體表現良好，在中國增長了 21%，這比我們在上一季度看到的情況有所加速。

And traffic, which, for us, is incredibly important in the retail stores because we do a lot more than sell, traffic was up 27% year-on-year. And now 7 of our top 10 highest traffic stores in the world are in Greater China. And so that's the set of things that sort of went in our direction, so to speak.

對我們來說，客流量在零售店中非常重要，因為我們做的不僅僅是銷售，客流量同比增長了 27%。現在，我們在全球客流量最高的 10 家門店中有 7 家位於大中華區。可以這麼說，這就是朝著我們的方向發展的一系列事情。

On the flip side, currency devalued by 5%, and so that's not an insignificant headwind. And our performance continued to be weak in Hong Kong, which has been hit a bit harder as the tourism market continues to slump. Also where the iPhone 7 Plus did well, we didn't perform as well on some of the previous generation iPhones. And so that's sort of the set of things on the plus and minus side. We did perform about where I thought we would. In fact, I thought it would be similar to the previous quarter and it was. What I now believe is that we'll improve a bit more during this current quarter, not back to growth but improve -- but make more progress. And we continue to believe that there's an enormous opportunity there. And in the scheme of things, our business is pretty large there.

另一方面，貨幣貶值了 5%，所以這不是一個微不足道的逆風。我們在香港的表現繼續疲弱，隨著旅遊市場持續低迷，香港受到的打擊更大。在 iPhone 7 Plus 表現出色的地方，我們在一些上一代 iPhone 上的表現也不盡如人意。這就是正面和負面的一系列事情。我們確實在我認為我們會的地方進行了表演。事實上，我認為它會與上一季度相似，並且確實如此。我現在相信的是，我們將在本季度取得更多進步，而不是恢復增長，而是改善——但取得更多進展。我們仍然相信那裡有巨大的機會。在事情的計劃中，我們的業務在那里相當大。

And then just -- I don't know if Luca wants to take this or -- but thoughts on cash usage, you increased your program, but you still have, I think, $160 billion of net cash and obviously continue to generate cash. So I'm curious as to -- given some of the commentary that's come out of the administration, which I think most companies were expecting some sort of return, how do you generally think about what you need to run the business from a cash perspective, how you think about the balance sheet from a, I don't know, strength perspective, just as we look forward to what hopefully will come through?

然後只是 - 我不知道盧卡是否願意接受這個，或者 - 但考慮到現金使用，你增加了你的計劃，但我認為你仍然擁有 1600 億美元的淨現金，並且顯然會繼續產生現金。所以我很好奇 - 鑑於政府發表的一些評論，我認為大多數公司都期待某種回報，你通常如何從現金的角度考慮你需要什麼來經營業務，你如何看待資產負債表，我不知道，從實力的角度來看，就像我們期待會發生什麼一樣？

Well, Shannon, you know how we run our capital return program. We've been pretty consistent during the last 5 years. Essentially for the last 5 years, the way we've run the company is essentially to return our free cash flow to our investors. That's what we've done with the program until now, and the expansion of the program that we've announced today goes in the same direction, right? We know how much we need to invest in the business. We will never under-invest in the business. We're in a very fortunate position that we generate cash beyond the needs that we have. And given the current capital structure that we have, we decided that until now we return about 100% of the free cash flow to investors. It's difficult for us to speculate about what might or might not happen. The program that we're announcing today reflects the current tax legislation in this country. And there's a lot that still needs to happen there, and we'll see. Obviously, we will reassess our situation if things change.

好吧，香農，你知道我們是如何運行我們的資本回報計劃的。在過去的 5 年裡，我們一直非常穩定。基本上在過去的 5 年裡，我們經營公司的方式基本上是將我們的自由現金流返還給我們的投資者。這就是我們迄今為止對該計劃所做的事情，我們今天宣布的計劃的擴展也朝著相同的方向發展，對吧？我們知道我們需要在業務上投資多少。我們絕不會在業務上投資不足。我們處於非常幸運的位置，我們產生的現金超出了我們的需求。鑑於我們目前的資本結構，我們決定直到現在我們將大約 100% 的自由現金流返還給投資者。我們很難推測會發生什麼或不會發生什麼。我們今天宣布的計劃反映了該國當前的稅收立法。還有很多事情需要在那裡發生，我們拭目以待。顯然，如果情況發生變化，我們將重新評估我們的情況。

From JPMorgan, Rod Hall.

來自摩根大通，羅德霍爾。

I wanted to start off just going back to the 165 million subscriptions and ask Tim or Luca if you could comment on the unique number of users there. And I think you had made a comment, Tim, in your prepared remarks that the average revenue per user is up, or maybe that was you, Luca. But if you guys could just talk about any more color around that average revenue per user, it would be interesting to us. And then I have one follow-up to that.

我想從 1.65 億訂閱開始，問問 Tim 或 Luca 是否可以評論那裡的獨特用戶數量。蒂姆，我認為你在準備好的評論中發表了評論，即每個用戶的平均收入增加了，或者可能是你，盧卡。但是，如果你們可以圍繞每位用戶的平均收入談論更多的顏色，那對我們來說會很有趣。然後我有一個後續行動。

Yes. I'll take it, Rod. We don't disclose into this number of subscriptions. Of course, we're just giving you the total count of subscriptions that are out there. Of course, there are several customers that subscribe to more than one of our services. There is some level of overlap, but the total number of subscribers is very, very large, obviously less than 165 million. But it's very good for us to see the breadth of subscriptions that we offer and that customers are interested in. It's a large number.

是的。我會接受的，羅德。我們不會透露訂閱數量。當然，我們只是給您提供的訂閱總數。當然，有幾個客戶訂閱了不止一項我們的服務。有一定程度的重疊，但用戶總數非常非常大，顯然不到 1.65 億。但很高興看到我們提供的訂閱範圍廣且客戶感興趣。這是一個很大的數字。

And if you remember, we quoted the same number a quarter ago, and we talked about 150 million. So when you think about a sequential increase of 15 million subscriptions from the December quarter to the March quarter, it really gives you a sense for the momentum that we have on our content stores, right? It's quite impressive to add 15 million subscriptions in 90 days. On -- as we look at the dynamics that are happening on our content stores and particularly on the App Store, which is the largest, we see fairly consistently 2 things. We see that the number of paying accounts is growing a lot. And I mentioned the increase in number of paying accounts that we've had during these last 90 days is the largest that we've ever had. So there's a very large number of people coming into the ecosystem, experiencing the ecosystem, which is obviously improving all the time in quality and quantity, and then start paying and transacting on the -- on our stores. And that number is growing very, very strongly, strong double digits.

如果你還記得，我們在一個季度前引用了相同的數字，我們談到了 1.5 億。因此，當您考慮從 12 月季度到 3 月季度連續增加 1500 萬訂閱量時，您會真正感受到我們內容商店的發展勢頭，對吧？在 90 天內增加了 1500 萬訂閱，這是相當令人印象深刻的。開——當我們查看內容商店，尤其是最大的 App Store 上發生的動態時，我們相當一致地看到兩件事。我們看到支付賬戶的數量正在大幅增長。我提到在過去 90 天內我們擁有的支付賬戶數量的增加是我們有史以來最大的。因此，有大量的人進入生態系統，體驗生態系統，這顯然在質量和數量上一直在提高，然後開始在我們的商店上支付和交易。而且這個數字正在非常非常強勁地增長兩位數。

What we're also seeing, as we look at the people that start paying on our stores, we see a pretty common trend over time, and we keep track of that across cohorts of customers, that as people come into the ecosystem and start paying on the ecosystem, we see a spending profile that is very similar around the world. People start at a certain level, and then they tend to spend more over time. And so obviously, the combination of people spending more over time and adding more people that are now actually spending on the stores contributes to this 40% growth that Tim mentioned for the App Store on a year-over-year basis.

我們還看到，當我們觀察開始在我們的商店付款的人時，隨著時間的推移，我們看到了一個相當普遍的趨勢，並且我們會在客戶群中跟踪這一趨勢，當人們進入生態系統並開始付款時在生態系統中，我們看到世界各地的支出情況非常相似。人們從某個水平開始，然後隨著時間的推移他們傾向於花費更多。很明顯，隨著時間的推移，人們在商店中花費更多，而現在實際在商店中消費的人數增加，這共同促成了 Tim 提到的 App Store 同比增長 40%。

And then I had a follow-up for Tim. Tim, I wanted to just ask -- the Services revenue keeps growing, and of course, the profit contribution from that is growing. And we've also, at the same time, I think, seen you maybe a little more aggressive than Apple has been historically in pricing certain key technologies, let's call them, that maybe you want to penetrate the market with. And I just wonder if you could just comment a little bit on your strategy there in terms of the usage of that extra profit contribution from that Services business, how you intend to apply it to the rest of the business.

然後我對蒂姆進行了跟進。蒂姆，我只想問——服務收入不斷增長，當然，由此帶來的利潤貢獻也在增長。同時，我認為，在某些關鍵技術的定價方面，我們可能比蘋果公司歷來更具侵略性，我們稱之為它們，也許你想用這些技術打入市場。我只是想知道您是否可以就您在該服務業務的額外利潤貢獻的使用情況以及您打算如何將其應用於其他業務的策略發表一些評論。

Rod, the way that we think about pricing is we come up with a price that we think is a good value for the product that we're delivering, and we do that on the hardware side as well as on the Services side. And so that's how we think about it. We're really not thinking about taking profits from one to subsidize the other or vice versa.

羅德，我們考慮定價的方式是我們提出一個我們認為對我們交付的產品來說物有所值的價格，我們在硬件方面以及服務方面都這樣做。這就是我們的想法。我們真的沒有考慮從一個人身上獲利來補貼另一個人，反之亦然。

From UBS, Steve Milunovich.

來自瑞銀，史蒂夫米盧諾維奇。

Tim, could you comment on the opportunity in wearables? The Watch, some people consider disappointing. It had what seems to be a very good quarter, and ironically, the competition almost seems to be fading in that part of the market right now. The AirPods, of course, are doing well. Do you see wearables, a, expanding over time into a broader product line; and b, increasingly being independent of the iPhone longer term?

蒂姆，你能評論一下可穿戴設備的機會嗎？手錶，有些人認為令人失望。它有一個看起來非常好的季度，具有諷刺意味的是，現在該市場的競爭似乎正在消退。當然，AirPods 表現不錯。您是否看到可穿戴設備，a，隨著時間的推移擴展到更廣泛的產品線？ b，從長遠來看越來越獨立於 iPhone？

Thanks for the question. We have seen the Watch as a really key product category for us since before we launched it. And we took our time to get it right, and we've made it even better with the Series 2 offering. And we're really proud of the growth of the business. The Watch units more than doubled in 6 of our top 10 markets, which is phenomenal growth, particularly in a non-holiday quarter. And so we couldn't be more satisfied with it. When -- as some people are doing, when you begin to combine that -- combine the Watch revenues with the revenues for AirPods, this was the first -- as you know, this is the first full quarter of shipments for AirPods, but it's still very much in the ramping mode. And we're not coming close to satisfying the demand.

謝謝你的問題。自從我們推出手錶以來，我們就已經將手錶視為我們真正的關鍵產品類別。我們花時間把它做好，並且我們通過 Series 2 產品使它變得更好。我們真的為業務的增長感到自豪。在我們排名前 10 的市場中，有 6 個市場的 Watch 銷量增加了一倍以上，這是驚人的增長，尤其是在非節假日的季度。所以我們對此再滿意不過了。當 - 正如一些人所做的那樣，當你開始將其結合起來 - 將 Watch 的收入與 AirPods 的收入結合起來，這是第一個 - 如你所知，這是 AirPods 出貨量的第一個完整季度，但它是仍然非常處於斜坡模式。而且我們還沒有接近滿足需求。

And then add the Beats products that our -- a group of our customers really enjoy as well and look on the trailing 12 months. So this is not a forecast. That business was well into the Fortune 500. And so as I look at that, that's pretty fast to come that far. The Watch hasn't been out very long, and AirPods have been out there for 3, 4 months. And so we feel really great about it.

然後添加我們的一組客戶也非常喜歡的 Beats 產品，並查看過去 12 個月的情況。所以這不是預測。那家企業很好地進入了財富 500 強。因此，當我看到這一點時，到那麼遠的速度非常快。Watch面世時間不長，AirPods面世3、4個月了。所以我們對此感覺非常好。

Where does it go? I wouldn't want to comment on that, but we do have a really great pipeline here. And I think in terms of competition falling out and so forth, it's -- the watch area is really hard. It, in essence, from an engineering point of view, is similar to a phone in terms of the intricacies and so forth. And so it's not -- I'm not very surprised that some people are falling out of it. But we're very committed to it and believe that -- it's already a big business and believe over time it will be even larger.

它去哪兒了？我不想對此發表評論，但我們確實有一個非常棒的管道。而且我認為就競爭失敗等而言，手錶領域真的很難。從本質上講，從工程的角度來看，它在復雜性等方麵類似於電話。所以它不是 - 我對有些人退出它並不感到驚訝。但我們非常致力於它並相信 - 它已經是一項大業務，並且相信隨著時間的推移它會變得更大。

And then there was a -- you mentioned a 451 Research survey. They did have a couple of findings that were kind of interesting. One is a 9-year low in iPhone purchase intent, and that might just be where you are in the cycle. And the other was a declining retention rate in the U.S. toward 80%. Any comment on either of those and whether you're concerned?

然後有一個——你提到了一項 451 Research 調查。他們確實有一些有趣的發現。一個是 iPhone 購買意向的 9 年低點，這可能就是你在這個週期中的位置。另一個是美國的保留率下降到 80%。對其中任何一個有任何評論以及您是否擔心？

I only glanced at it, and so I haven't had time to study it. But in general, what we are seeing, we're seeing what we believe to be a pause in purchases on iPhone, which we believe are due to the earlier and much more frequent reports about future iPhones. And so that part is clearly going on, and it could be what's behind the data. I don't know, but we are seeing that in full transparency.

我只是看了一眼，所以我沒有時間研究它。但總的來說，我們所看到的，我們認為在 iPhone 上的購買暫停，我們認為這是由於有關未來 iPhone 的更早和更頻繁的報導。所以這部分顯然正在進行中，它可能是數據背後的原因。我不知道，但我們看到的是完全透明的。

From Bernstein, we'll go to Toni Sacconaghi.

從伯恩斯坦出發，我們將前往托尼·薩科納吉。

I have 2 as well. First, Tim, I'm wondering if you can comment on your recent decision and the rationale for withholding royalty payments to Qualcomm. And really specifically, I wonder what you believe is the risk that Qualcomm could have a detrimental response such as withholding modem chip sales or potentially even getting an injunction on iPhones in select geographies around the world. And I'd like to understand your perspective on whether either of those are real risks to any degree and why would Apple potentially take on those risks just in advance of what will arguably be your most significant and largest product launch in history.

我也有2個。首先，蒂姆，我想知道您能否評論一下您最近的決定以及扣留高通專利費的理由。更具體地說，我想知道你認為高通可能會做出不利反應的風險，例如暫停調製解調器芯片的銷售，甚至可能在全球特定地區獲得對 iPhone 的禁令。我想了解您對其中任何一個是否在任何程度上都是真正的風險的看法，以及為什麼 Apple 可能會在您歷史上最重要和最大的產品發布之前承擔這些風險。

The -- anyone that has a standards-essential patent has a responsibility to offer it to everyone that would like it under what is -- are called FRAND terms. FRAND stands for fair, reasonable and nondiscriminatory terms. That's both the price and the business terms. Qualcomm has not made such an offer to Apple, and so I don't believe that a -- I don't believe anyone's going to decide to enjoin the iPhone based on that. I think that there's plenty of case law around that subject. But we shall see.

——任何擁有標準必要專利的人都有責任將其提供給任何想要它的人——被稱為 FRAND 條款。FRAND 代表公平、合理和非歧視性條款。這是價格和商業條款。高通公司沒有向蘋果公司提出這樣的提議，所以我不相信——我不相信任何人會因此決定禁止 iPhone。我認為圍繞這個主題有很多判例法。但我們會看到的。

In terms of why we're withholding royalties, you can't pay something when there's a dispute about the amount. You don't know how much to pay. And so they think we owe some amount. We think we owe a different amount. And there hasn't been a meeting of the minds there, and so at this point, we need the courts to decide that unless we are able to, over time, settle between us on some amount. But right now we're depending upon the courts to do that, and so that is the thinking.

至於我們扣留版稅的原因，當金額存在爭議時，您不能支付任何費用。你不知道要付多少錢。所以他們認為我們欠了一些錢。我們認為我們欠的金額不同。那裡還沒有舉行思想會議，所以在這一點上，我們需要法院做出決定，除非我們能夠隨著時間的推移在我們之間達成某種程度的和解。但現在我們依靠法院來做到這一點，這就是我們的想法。

The reason that we're pursuing this is that Qualcomm's trying to charge Apple a percentage of the total iPhone value, and they do some really great work around standards-essential patents, but it's one small part of what an iPhone is. It's not -- it has nothing to do with the display or the Touch ID or a gazillion other innovations that Apple has done. And so we don't think that's right. And so we're taking a principled stand on it, and we strongly believe we're in the right. And I'm sure they believe that they are, and that's what courts are for. And we'll let it go with that.

我們追求這一點的原因是高通試圖向蘋果收取 iPhone 總價值的一定比例，他們在標準必要專利方面做了一些非常好的工作，但這只是 iPhone 的一小部分。它不是——它與顯示器、Touch ID 或蘋果所做的大量其他創新無關。所以我們認為這是不對的。因此，我們對此採取了有原則的立場，我們堅信我們是對的。我相信他們相信他們是，這就是法院的目的。我們會放手的。

I was wondering if you -- if I could just follow up a little bit on iPhone demand. If I try and adjust for the drawdown in inventory and the extra week last quarter, I think sequentially, iPhones declined about 27% if I make those adjustments. And that's actually quite a bit lower than the normal seasonality we would see from Q1 to Q2, which is typically closer to 20%. I understand your comments around China, but your comparison was 40 points easier this quarter relative to last quarter, and the growth rate improved only marginally, I think, when you adjust for the extra week.

我想知道你是否——如果我能跟進一下 iPhone 的需求。如果我嘗試調整庫存下降和上個季度的額外一周，我認為如果我進行這些調整，iPhone 將連續下降約 27%。這實際上比我們從第一季度到第二季度看到的正常季節性要低很多，通常接近 20%。我理解你對中國的評論，但你本季度的比較比上一季度輕鬆了 40 個百分點，而且我認為，當你調整額外的一周時，增長率僅略有改善。

So -- and then you made a final comment around a pause on iPhones. So I'm wondering if you could maybe elaborate on was the below sequential, at least by my calculation, growth rate in Q2 attributable to a pause. And can you characterize what you think upgrade rates are doing, perhaps broadly by geography, to help us better understand what might be happening or whether there are competitive dynamics that also are at play here that, again, might be contributing to that pause and that sequential decline that I referenced?

所以——然後你就暫停 iPhone 發表了最後的評論。因此，我想知道您是否可以詳細說明以下順序，至少根據我的計算，第二季度的增長率歸因於暫停。您能否描述一下您認為升級率正在做的事情，或許可以大致按地理位置來描述，以幫助我們更好地了解可能發生的事情，或者這裡是否存在競爭動態，這可能再次導致這種停頓，並且我提到的連續下降？

A lot of questions there. Let me give you some color as I see it. In this quarter, we reduced channel inventory by 1.2 million units. And so if you look on a year-over-year basis, which is primarily what we look at from a unit point of view because it would have the seasonality embedded in that, we grew sell-through on a year-over-year basis. Last quarter, I'm sure other folks remember, was a 14-week quarter, and so you sort of have to adjust the rates last quarter to get at what the underlying sell-through growth was. And so I think that when you do that, you're going to find that, actually, the year-over-year performance is similar between the quarters.

那裡有很多問題。讓我給你一些我看到的顏色。在本季度，我們將渠道庫存減少了 120 萬台。因此，如果您按年來看，這主要是我們從單位的角度來看的，因為它會嵌入季節性，我們的銷售量同比增長.上個季度，我相信其他人記得，是一個為期 14 週的季度，所以你必須調整上個季度的利率，以獲得潛在的銷售增長。所以我認為當你這樣做時，你會發現，實際上，季度之間的同比表現是相似的。

In terms of upgraders, we saw the largest absolute number of upgraders ever in any 6-month period in the first half of this year, first half of this fiscal year to be precise. And we saw the largest absolute number of switchers outside of Greater China in the same period that we've ever seen. And so in 4 of the 5 operating segments, as I think Luca mentioned in his comments, we had very good growth, and it was really propelled by the demand for iPhone 7 Plus, which is growing incredibly fast around the world. And so that's kind of the color I would add there, and hopefully, some of that are -- is useful for you.

在升級者方面，今年上半年，準確地說是本財年上半年，我們看到了任何 6 個月內升級者的絕對數量最多。在我們所見過的同一時期，我們看到了大中華區以外最大的絕對數量的切換者。因此，正如我認為 Luca 在他的評論中提到的那樣，在 5 個運營部門中的 4 個中，我們的增長非常好，這確實受到了對 iPhone 7 Plus 需求的推動，iPhone 7 Plus 的需求在全球範圍內增長得非常快。這就是我要添加的那種顏色，希望其中的一些——對你有用。

We'll go to Simona Jankowski with Goldman Sachs.

我們將與高盛一起前往 Simona Jankowski。

Had a question for Luca first. Last year, you had a 4-million-unit channel inventory reduction for the iPhone in the June quarter. So just curious what you're expecting for this year just so we have an apple-to-apple comparison as we think about your guidance.

先問盧卡一個問題。去年，您在 6 月季度減少了 400 萬台 iPhone 的渠道庫存。因此，只是好奇您對今年的期望，以便我們在考慮您的指導時進行蘋果對蘋果的比較。

As you know, Simona, we do not provide guidance around units and around channel inventory reduction, but our goal is always to have the right amount of weeks of inventory in the channel. And if you look at our history over the last several years, we have fairly consistently reduced channel inventory in the June quarter, so I think it's a fair expectation to have.

如您所知，Simona，我們不提供有關單位和渠道庫存減少的指導，但我們的目標始終是在渠道中擁有適當數量的庫存週數。如果你看看我們過去幾年的歷史，我們在六月季度相當一致地減少了渠道庫存，所以我認為這是一個合理的期望。

And then just for Tim. Tim, you've been excited about the India market for some time and have made strides in establishing a retail, manufacturing and R&D presence there. So just curious as you look at that market and the rollout of 4G there, is it reasonable for us to assume that Apple can sell something on the order of 10 million to 20 million iPhones there next year and then grow from there?

然後只為蒂姆。蒂姆，你對印度市場感到興奮已經有一段時間了，並且在在那裡建立零售、製造和研發機構方面取得了長足的進步。所以，當你看看那個市場和那裡推出的 4G 時，只是好奇，我們是否有理由假設蘋果明年可以在那裡銷售 1000 萬到 2000 萬部 iPhone，然後從那裡增長？

We make it a point not to forecast by geo. We just provide a current quarter forecast. But as hopefully you've seen, as we began to give you more information about India, we've been investing quite a bit. We have a ton of energy going into the country on a number of fronts. And it is the third-largest smartphone market in the world today behind the -- China and the United States. And so we believe, particularly now that a -- the 4G infrastructure is going in the country and it's continuing to be expanded, there is a huge opportunity for Apple there. And so that's -- that and the demographics of the country is why we're putting so much energy there.

我們強調不要按地理位置進行預測。我們只提供當前季度的預測。但正如您所見，隨著我們開始向您提供有關印度的更多信息，我們一直在進行大量投資。我們有大量的精力在許多方面進入這個國家。它是當今世界第三大智能手機市場，僅次於中國和美國。所以我們相信，特別是現在 4G 基礎設施正在該國發展，並且還在繼續擴大，蘋果在那裡有巨大的機會。所以這就是 - 這個國家的人口統計是我們在那裡投入如此多精力的原因。

Jim Suva with Citigroup.

花旗集團的吉姆·蘇瓦。

Congratulations on returning to growth consistently. That's great. I believe, Tim, in your prepared comments, you mentioned India was growing double digit, which is great. But I believe if we look at geographic information, India is really underpenetrated from an Apple reception perceptive, but yet they have LTE. You have the iPhone SE, your lower-priced iPhone. Do you think that, say, this next 12, 18 months is going to be a turning point? Or is it more you need to work with the government to have Apple-owned stores or production there? Or what's it really going to take to get India going along because we think it's just truly a great opportunity?

祝賀您持續恢復增長。那太棒了。我相信，蒂姆，在你準備好的評論中，你提到印度正在以兩位數的速度增長，這很棒。但我相信，如果我們看一下地理信息，印度確實沒有從蘋果的接收感知中滲透，但他們有 LTE。你有 iPhone SE，你的低價 iPhone。你認為，比如說，接下來的 12、18 個月會是一個轉折點嗎？還是你需要更多地與政府合作才能在那裡擁有 Apple 擁有的商店或生產？或者，要讓印度繼續前進，因為我們認為這確實是一個很好的機會，真正需要什麼？

Well, we think it's a great opportunity too, and so we're bringing all the things that we've brought to bear in other markets that we've eventually done well in. And that's from channel to stores to our ecosystem and so forth. Phil was just over there opening a developer center last quarter. And so there's a -- there are a ton of things going on there. And we agree that we are underpenetrated there. Our growth rates are good, really good in -- by most people's expectations. Maybe not mine as much. And so we're putting a lot of energy in it, just like we have in other geos that eventually wound up producing more and more. And so I'm very excited about it. The 4G network investment really began rolling in, in a significant way toward the last quarter of last year, as you know, and -- but they are moving fast. They're moving at a speed that I have not seen in any other country in the world once they were started. And it is truly impressive.

好吧，我們認為這也是一個很好的機會，所以我們將把我們帶來的所有東西帶到我們最終做得很好的其他市場。這是從渠道到商店再到我們的生態系統等等。菲爾上個季度剛剛在那裡開設了一個開發者中心。所以有一個 - 那裡發生了很多事情。我們同意我們在那裡的滲透不足。我們的增長率很好，非常好——符合大多數人的預期。也許不是我的那麼多。因此，我們在其中投入了大量精力，就像我們在其他地區所做的那樣，最終產出越來越多。所以我對此感到非常興奮。如您所知，4G 網絡投資真正開始滾滾而來，在去年最後一個季度以顯著的方式進行，而且——但它們正在快速發展。它們以我在世界上任何其他國家都沒有見過的速度移動。它確實令人印象深刻。

A replay of today's call will be available for 2 weeks as a podcast on the iTunes Store, as a webcast on apple.com/investor and via telephone. And the numbers for the telephone replay are (888) 203-1112 or (719) 457-0820. Please enter confirmation code 3540172. And these replays will be available by approximately 5 p.m. Pacific Time today. Members of the press with additional questions can contact Kristin Huguet at (408) 974-2414, and financial analysts can contact Joan Hoover or me with additional questions. Joan is at (408) 974-4570, and I'm at (408) 974-5420. And thank you again for joining us.

今天電話會議的重播將在 2 週內以 iTunes Store 上的播客、apple.com/investor 上的網絡廣播和電話形式提供。電話重播的號碼是 (888) 203-1112 或 (719) 457-0820。請輸入確認碼 3540172。這些重播將在下午 5 點左右提供。今天太平洋時間。媒體成員有其他問題可以聯繫 Kristin Huguet，電話是 (408) 974-2414，金融分析師可以聯繫 Joan Hoover 或我有其他問題。瓊的電話是 (408) 974-4570，我的電話是 (408) 974-5420。再次感謝您加入我們。

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

女士們，先生們，今天的演講到此結束。我們非常感謝大家的參與。