蘋果 (AAPL) 2017 Q3 法說會逐字稿

Good day, everyone, and welcome to this Apple Inc.

大家好，歡迎來到 Apple Inc.

Third Quarter Fiscal Year 2017 Earnings Release Conference Call.

2017 財年第三季度收益發布電話會議。

Today's call is being recorded.

今天的電話正在錄音。

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

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

Please go ahead, ma'am.

請繼續，女士。

Thank you.

謝謝你。

Good afternoon, and thanks to everyone for joining us.

下午好，感謝大家加入我們。

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

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。

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

在那之後，我們將打開分析師提問的電話。

Please note that some of the information you'll hear during our discussion today will consist of forward-looking statements, including, without limitation, those regarding revenue, gross margin, operating expenses, other income and expense, taxes and future business outlook.

請注意，您將在我們今天的討論中聽到的一些信息將包含前瞻性陳述，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, the Forms 10-Q for the first 2 quarters of fiscal 2017 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、2017 財年前兩個季度的 10-Q 表格和今天向美國證券交易委員會提交的 8-K 表格中討論的風險因素，以及相關媒體發布。

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

Apple 不承擔更新任何前瞻性聲明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, and thanks, everyone, for joining us.

謝謝你，南希，下午好，謝謝大家加入我們。

Today, we're proud to announce very strong results for our fiscal third quarter, with unit and revenue growth in all of our product categories.

今天，我們很自豪地宣布我們第三財季的強勁業績，我們所有產品類別的單位和收入都實現了增長。

We'll review our financial performance in detail, and I'd also like to talk about some of the major announcements we made in June at our Worldwide Developers Conference.

我們將詳細回顧我們的財務表現，我還想談談我們在 6 月份在全球開發者大會上發布的一些主要公告。

It was our biggest and best WWDC ever, and the advances we introduced across hardware, software and services will help us delight our customers and extend our competitive lead this fall and well into the future.

這是我們有史以來規模最大、最好的 WWDC，我們在硬件、軟件和服務方面引入的進步將幫助我們取悅客戶，並在今年秋天和未來擴大我們的競爭優勢。

For the quarter, total revenue was at the high end of our guidance range at $45.4 billion.

本季度，總收入處於我們指導範圍的高端，為 454 億美元。

That's an increase of 7% over last year, so our growth rate has accelerated in 3 successive quarters this fiscal year.

這比去年增長了 7%，因此我們的增長率在本財年連續 3 個季度都有所加快。

Gross margin was also at the high end of our guidance, and we generated a 17% increase in earnings per share.

毛利率也處於我們指導的高端，我們的每股收益增長了 17%。

iPhone results were impressive with especially strong demand at the high end of our lineup.

由於我們高端產品線的需求特別強勁，iPhone 的業績令人印象深刻。

iPhone 7 was our most popular iPhone and sales of iPhone 7 Plus were up dramatically compared to 6s Plus in the June quarter last year.

iPhone 7 是我們最受歡迎的 iPhone，iPhone 7 Plus 的銷量與去年 6 月當季的 6s Plus 相比大幅上升。

The combined iPhone 7 and 7 Plus family was up strong double digits year-over-year.

iPhone 7 和 7 Plus 系列的組合同比增長了兩位數。

One decade after the initial iPhone launch, we have now surpassed 1.2 billion cumulative iPhones sold.

在 iPhone 首次推出十年後，我們的 iPhone 累計銷量已超過 12 億部。

Services revenue hit an all-time quarterly record of $7.3 billion, representing 22% growth over last year.

服務收入創下 73 億美元的季度紀錄，比去年增長 22%。

We continue to see great performance all around the world with double-digit growth in each of our geographic segments.

我們繼續在世界各地看到出色的表現，在我們的每個地理區域都有兩位數的增長。

Over the last 12 months, our Services business has become the size of a Fortune 100 company, a milestone we've reached even sooner than we had expected.

在過去的 12 個月裡，我們的服務業務已達到財富 100 強公司的規模，我們比預期更快地達到了一個里程碑。

We had very positive results for iPad, with broad-based growth in units, revenue and market share.

我們在 iPad 方面取得了非常積極的成果，在單位、收入和市場份額方面都有廣泛的增長。

iPad sales were up 15% year-over-year and grew across all of our geographic segments.

iPad 銷售額同比增長 15%，並且在我們所有的地理區域都有增長。

We achieved our highest global market share in over 4 years based on IDC's latest estimate of tablet market results for the June quarter.

根據 IDC 對 6 月季度平板電腦市場結果的最新估計，我們實現了 4 年多來最高的全球市場份額。

And in markets like China and Japan, over half of iPads sold were to people buying their very first iPad.

在中國和日本等市場，售出的 iPad 中有一半以上是購買第一台 iPad 的人。

Our iPad product lineup is stronger than ever.

我們的 iPad 產品陣容比以往任何時候都更強大。

The new iPad we launched in March offers great value and performance, and the all-new 10.5-inch iPad Pro launched in June features the world's most advanced display with ProMotion technology and is more powerful than most PC desktops.

我們在 3 月推出的新款 iPad 提供了卓越的價值和性能，而 6 月推出的全新 10.5 英寸 iPad Pro 配備了採用 ProMotion 技術的世界上最先進的顯示屏，並且比大多數 PC 台式機更強大。

iPad is the perfect tool for teaching in new and compelling ways, and our iPad results were especially strong in the U.S. education market where sales were up 32% year-over-year to over 1 million units.

iPad 是一種以新穎且引人注目的方式進行教學的完美工具，我們的 iPad 在美國教育市場表現尤為強勁，銷售額同比增長 32% 至超過 100 萬台。

We believe that coding is an essential skill that all students should learn.

我們相信編碼是所有學生都應該學習的基本技能。

We're thrilled that over 1.2 million students of all ages are now using iPad and Swift Playgrounds to learn the fundamentals of coding, and over 1,000 K-12 schools across the United States plan to use Apple's Everyone Can Code in their curricula this fall.

我們很高興看到超過 120 萬各個年齡段的學生現在都在使用 iPad 和 Swift Playgrounds 來學習編程的基礎知識，而且全美超過 1,000 所 K-12 學校計劃在今年秋天在他們的課程中使用 Apple 的“人人能編程”。

And for high school and community college students who want to pursue careers in the fast-growing app economy, we announced App Development with Swift, an innovative full year curriculum designed by Apple engineers and educators and provided free to schools to teach students to code and design fully functional apps, gaining critical job skills in software development and information technology.

對於希望在快速增長的應用經濟中謀求職業的高中和社區大學生，我們推出了使用 Swift 進行應用開發，這是一門由 Apple 工程師和教育工作者設計的創新型全年課程，免費提供給學校，用於教授學生編碼和設計功能齊全的應用程序，獲得軟件開發和信息技術方面的關鍵工作技能。

I'd like to turn now to Mac, which gained global unit market share and reached new June quarter unit sales records in Mainland China and Japan.

我現在想談談 Mac，它獲得了全球單位市場份額，並在中國大陸和日本創下了新的 6 月季度單位銷售記錄。

Mac revenue grew 7% year-over-year, driven by the strength of the MacBook Pro and iMac despite IDC's latest estimate of a 4% unit contraction in the global PC market.

儘管 IDC 最新估計全球 PC 市場單位收縮 4%，但 Mac 收入同比增長 7%，這得益於 MacBook Pro 和 iMac 的強勁表現。

And with the refresh of almost our entire Mac lineup in June, we're off to a great start for the back-to-school season.

隨著 6 月份幾乎整個 Mac 產品線的更新，我們的返校季有了一個良好的開端。

Sales of Apple Watch were up over 50% in the June quarter, and it's the #1 selling smartwatch in the world by a very wide margin.

Apple Watch 的銷售額在 6 月季度增長了 50% 以上，它是全球銷量第一的智能手錶，幅度非常大。

Apple Watch is having a positive impact on people's health and daily lives and motivating them to sit less and move more.

Apple Watch 對人們的健康和日常生活產生了積極影響，激勵他們少坐多動。

With features like built-in GPS and waterproofing, Apple Watch Series 2 is the perfect companion for hiking, running and swimming.

Apple Watch Series 2 具有內置 GPS 和防水功能，是遠足、跑步和游泳的完美伴侶。

We're also seeing incredible enthusiasm for AirPods, with 98% customer satisfaction based on Creative Strategies' survey.

我們還看到對 AirPods 的極大熱情，根據 Creative Strategies 的調查，客戶滿意度達到 98%。

We have increased production capacity for AirPods and are working very hard to get them to customers as quickly as we can, but we are still not able to meet the strong level of demand.

我們已經增加了 AirPods 的生產能力，並正在努力盡快將它們送到客戶手中，但我們仍然無法滿足強勁的需求。

We made some big announcements during the June quarter that I'd like to quickly review.

我們在 6 月季度發布了一些重大公告，我想快速回顧一下。

We launched a new investment in the future through our advanced manufacturing fund.

我們通過我們的先進製造基金對未來進行了新的投資。

We've earmarked at least $1 billion for this program aimed at helping our manufacturing partners develop innovative production capabilities and create high skill jobs in the United States.

我們已為該計劃撥款至少 10 億美元，旨在幫助我們的製造合作夥伴開發創新的生產能力並在美國創造高技能工作崗位。

We believe this can lay the foundation for a new era of technology-driven manufacturing in the U.S.

我們相信這可以為美國技術驅動製造的新時代奠定基礎。

The first $200 million from the fund has been committed to Corning to support R&D, capital equipment needs and state-of-the-art glass processing.

該基金的第一筆 2 億美元用於支持康寧的研發、資本設備需求和最先進的玻璃加工。

And as we announced at WWDC, we have a very exciting fall ahead with stunning advances in iOS 11, macOS High Sierra and watchOS 4.

正如我們在 WWDC 上宣布的那樣，隨著 iOS 11、macOS High Sierra 和 watchOS 4 的驚人進步，我們將迎來令人興奮的未來。

iOS 11 will make iPhone better than ever with Apple Pay peer-to-peer payments, an even more intelligent and natural Siri, new expressive Messages with full-screen effects, richer and more powerful Maps, enhanced live photos, Memories and portrait mode effects and much, much more.

iOS 11 將通過 Apple Pay 點對點支付、更加智能和自然的 Siri、具有全屏效果的新的富有表現力的消息、更豐富、更強大的地圖、增強的實時照片、回憶和肖像模式效果，讓 iPhone 變得比以往更好還有很多很多。

iOS 11 will also take the iPad experience to a whole new level, with features such as a customizable dock, Multi-Touch drag-and-drop, powerful new multitasking, more efficient QuickType and great new markup and scanning capabilities.

iOS 11 還將把 iPad 體驗提升到一個全新的水平，其功能包括可自定義的 Dock、Multi-Touch 拖放、強大的新多任務處理、更高效的 QuickType 以及出色的新標記和掃描功能。

One of the most exciting and most promising announcements from WWDC was the introduction of ARKit, a new set of tools for developers to create augmented reality apps.

WWDC 最令人興奮和最有希望的公告之一是 ARKit 的推出，這是一組供開發人員創建增強現實應用程序的新工具。

It's still early in the beta period, but it's clear that ARKit has captured the imagination of our developer community.

現在仍處於測試階段的早期，但很明顯，ARKit 已經抓住了我們開發者社區的想像力。

We think ARKit will help the most creative minds in the industry tap into the latest computer vision technologies to build engaging content.

我們認為 ARKit 將幫助業內最具創造力的頭腦利用最新的計算機視覺技術來構建引人入勝的內容。

We believe AR has broad mainstream applicability across education, entertainment, interactive gaming, enterprise and categories we probably haven't even thought of.

我們相信 AR 在教育、娛樂、互動遊戲、企業和我們可能從未想過的類別中具有廣泛的主流適用性。

With hundreds of millions of people actively using iPhone and iPad today, iOS will become the world's biggest augmented reality platform as soon as iOS 11 ships.

今天有數億人在積極使用 iPhone 和 iPad，一旦 iOS 11 發布，iOS 將成為全球最大的增強現實平台。

With iOS 11, we're also bringing the power of machine learning to all Apple developers with Core ML, enabling capabilities like space detection, object tracking and natural language interpretation.

在 iOS 11 中，我們還通過 Core ML 為所有 Apple 開發人員帶來了機器學習的強大功能，實現了空間檢測、對象跟踪和自然語言解釋等功能。

Core ML lets developers incorporate machine learning technologies into their apps with all the processing done right on device so it respects our customers' data and privacy.

Core ML 允許開發人員將機器學習技術整合到他們的應用程序中，所有處理都直接在設備上完成，因此它尊重我們客戶的數據和隱私。

For Mac, we've provided a peek at the immersive gaming 3D and virtual reality experiences made possible with the upcoming release of macOS High Sierra and the amazingly powerful new iMac Pro.

對於 Mac，我們展示了即將發布的 macOS High Sierra 和功能強大的全新 iMac Pro 帶來的沉浸式遊戲 3D 和虛擬現實體驗。

We're proud to make the best personal computers in the industry and are very excited to deliver even more innovation in the months to come.

我們很自豪能夠製造出業內最好的個人電腦，並且很高興在未來幾個月內提供更多創新。

Apple Watch will become more intelligent than ever this fall with watchOS 4, featuring a proactive Siri watch face, personalized activity coaching and an entirely new music experience.

今年秋天，Apple Watch 將通過 watchOS 4 變得比以往任何時候都更加智能，它具有主動式 Siri 錶盤、個性化的活動指導和全新的音樂體驗。

watchOS 4 also introduces GymKit, a groundbreaking technology platform to connect workouts with cardio equipment.

watchOS 4 還引入了 GymKit，這是一個將鍛煉與有氧運動設備連接起來的突破性技術平台。

We also previewed HomePod, a breakthrough wireless speaker for the home that delivers amazing audio quality and uses spatial awareness to sense its location in the room and adjust the audio automatically.

我們還預覽了 HomePod，這是一款突破性的家用無線揚聲器，可提供令人驚嘆的音頻質量，並使用空間感知來感知其在房間中的位置並自動調整音頻。

Visitors to our listening room at WWDC were blown away by the HomePod's incredible sound, which is unlike any other wireless home speaker on the market.

WWDC 試聽室的參觀者被 HomePod 令人難以置信的聲音所震撼，這與市場上任何其他無線家用揚聲器不同。

With deep knowledge of music, HomePod is designed to work with your Apple Music subscription to help you enjoy the music you already love as well as to discover great new music based on your personal preferences.

憑藉對音樂的深入了解，HomePod 旨在與您的 Apple Music 訂閱一起使用，以幫助您享受您已經喜愛的音樂，並根據您的個人喜好發現很棒的新音樂。

As an intelligent home assistant, HomePod is a great way to send messages, set a timer, get updates on new sports and weather or control smart HomeKit devices by simply asking Siri to turn on the lights, close the shades or activate a theme.

作為智能家居助手，HomePod 是發送信息、設置定時器、獲取新運動和天氣更新或控制智能 HomeKit 設備的好方法，只需讓 Siri 開燈、關閉窗簾或激活主題即可。

We can't wait to deliver all of these powerful innovations in the months to come, and we might even have some others to share with you later in the year.

我們迫不及待地想在未來幾個月內提供所有這些強大的創新，我們甚至可能會在今年晚些時候與您分享其他一些創新。

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

現在有關 6 月季度業績的更多詳細信息，我想將電話轉給盧卡。

Thank you, Tim.

謝謝你，蒂姆。

Good afternoon, everyone.

大家下午好。

Revenue for the June quarter was $45.4 billion, up 7% over last year, an acceleration to the growth rate we recorded during the first half of our fiscal year.

六月季度的收入為 454 億美元，比去年增長 7%，加快了我們在本財年上半年記錄的增長率。

We achieved these results despite a 200 basis point negative impact from foreign exchange on a year-over-year basis as currency movements, especially in Europe and China, affected our reported results.

儘管由於貨幣變動（尤其是歐洲和中國的貨幣變動）影響了我們報告的業績，但我們實現了這些業績，儘管外匯匯率同比產生了 200 個基點的負面影響。

Our performance was very strong across the board, with growth in all our product categories and almost every market around the world.

我們的整體表現非常強勁，我們的所有產品類別和幾乎全球每個市場都有增長。

We achieved double-digit revenue growth in many developed markets, including the U.S., Canada, Germany, Spain, Australia and Korea, and emerging markets outside of Greater China grew 19% over a year ago.

我們在許多發達市場實現了兩位數的收入增長，包括美國、加拿大、德國、西班牙、澳大利亞和韓國，大中華區以外的新興市場比一年前增長了 19%。

Gross margin was 38.5%, at the high end of our guidance range.

毛利率為 38.5%，處於我們指導範圍的高端。

Operating margin was 23.7% of revenue and net income was $8.7 billion.

營業利潤率為收入的 23.7%，淨利潤為 87 億美元。

Diluted earnings per share were $1.67, up 17% over last year, and cash flow from operations was $8.4 billion.

每股攤薄收益為 1.67 美元，比去年增長 17%，運營現金流為 84 億美元。

During the quarter, we sold 41 million iPhones and reduced iPhone channel inventory by 3.3 million units, leaving us with our lowest level of channel inventory in 2.5 years and well within our 5- to 7-week target inventory range.

在本季度，我們售出了 4100 萬部 iPhone，並將 iPhone 渠道庫存減少了 330 萬部，使我們的渠道庫存處於 2.5 年來的最低水平，並且在我們 5 至 7 週的目標庫存範圍內。

iPhone sales were up year-over-year in most markets we track, with many markets in Asia, Latin America and the Middle East growing unit sales by more than 25%.

在我們跟踪的大多數市場中，iPhone 銷量同比增長，亞洲、拉丁美洲和中東的許多市場銷量增長超過 25%。

We are very pleased with these iPhone results, especially considering the tough comparison to the June quarter last year when we launched iPhone SE.

我們對 iPhone 的這些結果感到非常滿意，尤其是考慮到與去年 6 月季度我們推出 iPhone SE 的艱難對比。

iPhone ASP was $606, up from $595 a year ago, thanks to strong demand for iPhone 7 Plus, which represented a higher percentage of the iPhone mix compared to the Plus model a year ago.

iPhone ASP 為 606 美元，高於一年前的 595 美元，這得益於對 iPhone 7 Plus 的強勁需求，與一年前的 Plus 機型相比，iPhone 7 Plus 在 iPhone 組合中所佔的比例更高。

The impact of the stronger mix on ASP was partially offset by negative foreign exchange year-over-year and the reduction in channel inventory, which took place entirely at the high end of the portfolio.

強勁組合對 ASP 的影響被同比負匯率和渠道庫存減少部分抵消，這完全發生在投資組合的高端。

Customer interest and satisfaction with iPhone are very strong with both consumers and business users.

消費者和企業用戶對 iPhone 的興趣和滿意度都非常高。

In the U.S., the latest data from 451 Research on consumers indicates a 95% customer satisfaction rating for iPhone 7 and 99% for iPhone 7 Plus.

在美國，451 Research 的最新消費者數據顯示，iPhone 7 的客戶滿意度為 95%，iPhone 7 Plus 的客戶滿意度為 99%。

Among consumers planning to buy a smartphone, purchase intention for iPhone was nearly 3x the rate of our closest competitor.

在計劃購買智能手機的消費者中，iPhone 的購買意願幾乎是我們最接近的競爭對手的 3 倍。

Among corporate smartphone buyers, iOS customer satisfaction was 94%.

在企業智能手機購買者中，iOS 客戶滿意度為 94%。

And of those planning to purchase smartphones in the September quarter, 78% plan to purchase an iPhone.

在計劃在 9 月季度購買智能手機的人中，78% 的人計劃購買 iPhone。

Turning to Services.

轉向服務。

We set an all-time quarterly record of $7.3 billion, up 22% year-over-year.

我們創造了 73 億美元的歷史季度記錄，同比增長 22%。

The App Store was a major driver of this performance.

App Store 是這一表現的主要推動力。

And according to App Annie's latest report, it continues to be, by a wide margin, the preferred destination for customer purchases, generating nearly twice the revenue of Google Play.

根據 App Annie 的最新報告，它仍然是客戶購買的首選目的地，其收入幾乎是 Google Play 的兩倍。

Revenue from our Apple Music streaming service and from iCloud storage also grew very strongly.

我們的 Apple Music 流媒體服務和 iCloud 存儲的收入也增長非常強勁。

And across all our Services offerings, the number of paid subscriptions reached over 185 million, an increase of almost 20 million in the last 90 days alone.

在我們所有的服務產品中，付費訂閱數量超過 1.85 億，僅在過去 90 天內就增加了近 2000 萬。

The reach, usage and functionality of Apple Pay continue to grow.

Apple Pay 的覆蓋面、使用率和功能持續增長。

We launched Apple Pay in Italy in May, and the UAE, Denmark, Finland and Sweden are scheduled to go live before the end of this calendar year.

我們於 5 月在意大利推出了 Apple Pay，阿聯酋、丹麥、芬蘭和瑞典計劃在今年年底前上線。

Apple Pay is, by far, the #1 NFC payment service on mobile devices, with nearly 90% of all transactions globally.

到目前為止，Apple Pay 是移動設備上排名第一的 NFC 支付服務，佔全球所有交易的近 90%。

Momentum is strongest in international markets where the infrastructure for mobile payments has developed faster than in the U.S. In fact, 3 out of 4 Apple Pay transactions happen outside the U.S. And with the launch of iOS 11 this fall, our users in the U.S. will be able to make and receive person-to-person payments quickly, easily and securely.

國際市場的勢頭最為強勁，移動支付基礎設施的發展速度快於美國。事實上，四分之三的 Apple Pay 交易發生在美國境外。隨著今年秋天 iOS 11 的推出，我們在美國的用戶將能夠快速、輕鬆、安全地進行和接收個人對個人的付款。

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

接下來，我想談談Mac。

Thanks to great performance from the new MacBook Pro, we generated 7% revenue growth over last year and gained share in the global PC market based on the latest data from IDC.

得益於新款 MacBook Pro 的出色表現，根據 IDC 的最新數據，我們的收入比去年增長了 7%，並在全球 PC 市場上獲得了份額。

Customer satisfaction for Mac is very strong at 97% in the most recent survey from 451 Research, and our active installed base of Macs has grown double digits over a year ago.

在 451 Research 的最新調查中，Mac 的客戶滿意度非常高，達到 97%，而且我們活躍的 Mac 安裝基數比一年前增長了兩位數。

We ended the quarter within our 4- to 5-week target range for Mac channel inventory, and we have a great lineup of Macs for our customers heading into the busy back-to-school season.

我們在 Mac 渠道庫存的 4 到 5 週目標範圍內結束了本季度，我們為即將進入繁忙的返校季的客戶提供了豐富的 Mac 產品陣容。

Turning to iPad.

轉向 iPad。

We sold 11.4 million units, up 15% over last year.

我們售出了 1140 萬台，比去年增長了 15%。

We were happy to see iPad growth in each of our geographic segments, with strong double-digit increases in key markets such as the U.S., Japan, Germany, France and Greater China.

我們很高興看到 iPad 在我們每個地理區域的增長，在美國、日本、德國、法國和大中華區等主要市場實現了兩位數的強勁增長。

We exited the quarter within our 5- to 7-week target range for iPad channel inventory.

我們在 iPad 渠道庫存的 5 至 7 週目標範圍內退出了本季度。

NPD indicates that iPad had 55% share of the U.S. tablet market in the month of June, including 8 of the 10 best-selling tablets.

NPD 指出，iPad 在 6 月份佔據了美國平板電腦市場 55% 的份額，其中包括 10 款最暢銷平板電腦中的 8 款。

That's up from 46% share a year ago.

這一比例高於一年前的 46%。

And among tablets priced over $200, iPad's share was 89%.

在價格超過 200 美元的平板電腦中，iPad 的份額為 89%。

In addition, the most recent survey from 451 Research measured business and consumer satisfaction rates ranging from 95% to 99% across iPad models.

此外，451 Research 的最新調查測量了 iPad 型號的企業和消費者滿意度從 95% 到 99% 不等。

And among those planning to buy tablets, purchase intent for iPad was over 70%.

在計劃購買平板電腦的人群中，iPad 的購買意向超過 70%。

Our enterprise business continues to expand and our customers are transforming the way work gets done with iOS and iPad.

我們的企業業務不斷擴展，我們的客戶正在改變使用 iOS 和 iPad 完成工作的方式。

Walmart will be deploying more than 19,000 iPads for employee training across 50 states, with projections of over 225,000 associates trained on iPad by the end of the year.

沃爾瑪將在 50 個州部署超過 19,000 台 iPad 用於員工培訓，預計到今年年底將有超過 225,000 名員工接受 iPad 培訓。

The initial response from businesses to iOS 11 and the new iPad Pro has been amazing.

企業對 iOS 11 和新 iPad Pro 的最初反應令人驚嘆。

And companies, including Bank of America, Medtronic and Panera tell us that they will be rolling out the 10.5-inch iPad Pro throughout key areas of their organizations.

包括美國銀行、美敦力和 Panera 在內的公司告訴我們，他們將在其組織的關鍵領域推出 10.5 英寸 iPad Pro。

We're also seeing real traction with our enterprise partners.

我們也看到了與我們的企業合作夥伴的真正吸引力。

Just last month, we unveiled the next set of technology enhancements in our partnership with Cisco.

就在上個月，我們與思科合作推出了下一組技術增強功能。

This new wave adds a whole new category of security features designed to help enterprises and employees defend against growing cyber threats.

這一新浪潮增加了全新類別的安全功能，旨在幫助企業和員工抵禦日益增長的網絡威脅。

We believe this investment in our joint security solutions for iOS will make cyber insurance even more attainable for businesses.

我們相信，我們對 iOS 聯合安全解決方案的投資將使企業更容易獲得網絡保險。

SAP is making great strides since launching the SAP Cloud Platform SDK for iOS in March, with a pipeline of hundreds of global opportunities.

自 3 月推出適用於 iOS 的 SAP Cloud Platform SDK 以來，SAP 取得了長足的進步，擁有數百個全球機會。

SAP has also released SuccessFactors Mobile, its first native iOS app for human resources, which will support 47 million iPhone and iPad users worldwide across multiple industries.

SAP 還發布了 SuccessFactors Mobile，這是其首款用於人力資源的原生 iOS 應用程序，它將支持全球多個行業的 4700 萬 iPhone 和 iPad 用戶。

And our partnership with Deloitte has recently expanded to several more European countries.

我們與德勤的合作夥伴關係最近已擴展到更多的歐洲國家。

We're helping clients transform their businesses with iOS, with jointly developed programs such as the Connected Store, a pop-up version of a retail environment demonstrating iOS tools for sales and demand generation as well as tailored apps for safe associates, store management and customers.

我們通過聯合開發的程序幫助客戶通過 iOS 實現業務轉型，例如 Connected Store、零售環境的彈出式版本，展示用於銷售和需求生成的 iOS 工具以及為安全員工、商店管理和顧客。

We also had a tremendous quarter for iPad in education, up 32% year-over-year.

iPad 在教育方面的季度表現也非常出色，同比增長 32%。

Following the launch of our new iPad in March, an update to our popular Classroom app and continued enhancements to iOS that make managing iPads in the classroom even easier.

繼 3 月份推出新 iPad 之後，我們對廣受歡迎的 Classroom 應用程序進行了更新，並不斷改進 iOS，讓課堂中的 iPad 管理更加輕鬆。

The Saint Paul Public School district in Minnesota is renewing its 1:1 program by deploying over 40,000 iPads across every student and teacher in the district.

明尼蘇達州的聖保羅公立學區正在更新其 1:1 計劃，為該地區的每位學生和教師部署了 40,000 多台 iPad。

iPad was chosen because of its power and durability, ease of use, multimedia and accessibility features and the extensive Catalog of iOS apps designed specifically for education.

之所以選擇 iPad，是因為它的強大功能和耐用性、易用性、多媒體和輔助功能以及專為教育設計的廣泛的 iOS 應用程序目錄。

The Shawnee Mission School District outside Kansas City recently purchased 19,000 iPads, extending its 1:1 program started in 2014, thanks to iPad's intuitive interface, superior reliability and expansive ecosystem of iOS tools for education.

堪薩斯城郊外的肖尼教會學區最近購買了 19,000 台 iPad，這得益於 iPad 的直觀界面、卓越的可靠性和廣泛的 iOS 教育工俱生態系統，從而擴展了自 2014 年開始的 1:1 計劃。

It was a very busy quarter for our retail and online stores, which collectively welcomed over 300 million visitors.

對於我們的零售和在線商店來說，這是一個非常繁忙的季度，共接待了超過 3 億遊客。

In addition to our spectacular new store at the Dubai Mall, we opened our first stores in Singapore and in Taiwan during the quarter, expanding our total store footprint to 497 stores.

除了我們在迪拜購物中心的壯觀新店外，我們在本季度在新加坡和台灣開設了第一家店，將我們的總店面擴大到 497 家店。

In May, we kicked off Today at Apple, with new in-store programming from music to photography to art and coding and our stores collectively hosted 87,000 sessions during the quarter.

5 月，我們在 Apple 開始了 Today at Apple，推出了從音樂到攝影再到藝術和編碼的新店內節目，我們的商店在本季度共舉辦了 87,000 場會議。

As Tim mentioned last quarter, we have entered a new chapter in retail with unique and rewarding experience for our customers and some stunning new stores coming in the near future.

正如蒂姆上個季度提到的那樣，我們已經進入了零售業的新篇章，為我們的客戶提供了獨特而有益的體驗，並在不久的將來推出了一些令人驚嘆的新店。

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 $261.5 billion in cash plus marketable securities, a sequential increase of $4.7 billion.

我們在本季度結束時擁有 2615 億美元的現金和有價證券，環比增長 47 億美元。

$246 billion of this cash, 94% of the total, was outside the United States.

這筆現金中有 2460 億美元（佔總額的 94%）在美國境外。

We retired $3.5 billion of debt and issued the equivalent of $10.8 billion in new euro- and U.S. dollar-denominated debt during the quarter, including our second green bond, bringing us to $96.4 billion in term debt and $12 billion in commercial paper outstanding.

我們在本季度償還了 35 億美元的債務，並發行了相當於 108 億美元的以歐元和美元計價的新債務，包括我們的第二隻綠色債券，使我們的定期債務和未償商業票據達到 964 億美元。

We also returned $11.7 billion to investors during the quarter.

本季度我們還向投資者返還了 117 億美元。

We paid $3.4 billion in dividends and equivalents and spent $4.5 billion on repurchases of 30.4 million Apple shares through open market transactions.

我們支付了 34 億美元的股息和等價物，並花費 45 億美元通過公開市場交易回購了 3040 萬股蘋果股票。

We launched a new $3 billion ASR program, resulting in initial delivery and retirement of 15.6 million shares.

我們啟動了一項新的 30 億美元的 ASR 計劃，導致 1560 萬股的初始交付和退休。

And we retired 3.4 million shares upon the completion of our 10th ASR during the quarter.

我們在本季度完成第 10 次 ASR 後退市了 340 萬股。

We have now completed $222.9 billion of our $300 billion capital return program, including $158.5 billion in share repurchases.

我們現在已經完成了 3000 億美元的資本回報計劃中的 2229 億美元，其中包括 1585 億美元的股票回購。

As we move ahead into the September quarter, I'd like to review our outlook, which includes the types of forward-looking information that Nancy referred to at the beginning of the call.

隨著我們進入 9 月季度，我想回顧一下我們的前景，其中包括南希在電話會議開始時提到的前瞻性信息類型。

We expect revenue to be between $49 billion and $52 billion.

我們預計收入將在 490 億美元至 520 億美元之間。

We expect gross margin to be between 37.5% and 38%.

我們預計毛利率在 37.5% 至 38% 之間。

We expect OpEx to be between $6.7 billion and $6.8 billion.

我們預計運營支出將在 67 億美元至 68 億美元之間。

We expect OI&E to be about $500 million, and we expect the tax rate to be about 25.5%.

我們預計 OI&E 約為 5 億美元，我們預計稅率約為 25.5%。

Also today, our Board of Directors has declared a cash dividend of $0.63 per share of common stock payable on August 17, 2017, to shareholders of record as of August 14, 2017.

同樣在今天，我們的董事會宣佈於 2017 年 8 月 17 日向截至 2017 年 8 月 14 日在冊的股東派發每股普通股 0.63 美元的現金股息。

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

有了這個，我想打開問題電話。

Thank you, Luca.

謝謝你，盧卡。

(Operator Instructions) Rebecca, may we have the first question, please?

（操作員說明）麗貝卡，請問我們可以問第一個問題嗎？

And that question will come from Katy Huberty of Morgan Stanley.

這個問題將來自摩根士丹利的凱蒂休伯蒂。

Luca, first question for you.

盧卡，你的第一個問題。

Gross margin guidance is strong, but it did tick down from your June quarter guidance.

毛利率指導很強勁，但確實低於你 6 月季度的指導。

And you also narrowed the range to 50 basis points.

你還將範圍縮小到 50 個基點。

I wonder if you could just address, what is the driver of the sequential downtick, and what gives you confidence that you have more visibility than you did 3 months ago?

我想知道您是否可以直接解決，連續下降的驅動因素是什麼，以及是什麼讓您有信心比 3 個月前擁有更多的知名度？

Katy, sequentially from 38.5% that we just reported, typically, we have product transition costs during the September quarter.

凱蒂，從我們剛剛報告的 38.5% 開始，通常情況下，我們在 9 月季度有產品過渡成本。

That's the primary driver.

這是主要驅動力。

This happens fairly regularly for us.

這對我們來說經常發生。

We also have a more difficult memory pricing environment this year than a year ago.

今年我們的內存定價環境也比一年前更加艱難。

And we think that we're going to be able to partially offset this with a positive leverage.

我們認為我們將能夠通過積極的槓桿作用部分抵消這一點。

As you've seen, we've guided up sequentially in revenue.

如您所見，我們的收入按順序上升。

So those are the major puts and takes.

所以這些是主要的看跌期權。

In terms of the range that we use for gross margins, we have a fairly good understanding on where we are with our hedging program, and that allows us to mitigate some of the volatility there.

就我們用於毛利率的範圍而言，我們對我們的對沖計劃所處的位置有相當好的了解，這使我們能夠減輕那裡的一些波動性。

So we felt we could guide to a slightly narrowed range, which we've done occasionally in the past.

所以我們覺得我們可以引導到一個稍微縮小的範圍，我們過去偶爾會這樣做。

And maybe a question for both Tim and Luca.

也許蒂姆和盧卡都有問題。

As you outlined on this call and at the developer conference in June, there is an unprecedented number of products that either ramped to volume or launched in the back half of this year.

正如您在本次電話會議和 6 月份的開發者大會上所概述的那樣，今年下半年有數量空前的產品要么量產，要么推出。

So appreciating you only formally guide a quarter out, I wonder if there's any qualitative commentary you can provide to help us think about the back half of this calendar year and how all those new products that come into the model could impact either revenue seasonality versus past years or could impact just the costs associated with ramping that many products all at once.

所以感謝你只正式指導一個季度，我想知道你是否可以提供任何定性評論來幫助我們思考這個日曆年的後半部分，以及所有這些進入模型的新產品如何影響收入的季節性與過去年或可能僅影響與一次性增加這麼多產品相關的成本。

Katy, as Luca mentioned, we did assume some transitional costs in our guidance for the quarter as is typically the case.

凱蒂，正如盧卡所提到的，我們確實在本季度的指導中假設了一些過渡成本，這通常是這種情況。

And we're looking very much forward to the product rollouts.

我們非常期待產品的推出。

We'll go to Shannon Cross with Cross Research.

我們將與 Cross Research 一起前往 Shannon Cross。

Tim, could you talk a bit about what you're seeing in China?

蒂姆，你能談談你在中國看到的情況嗎？

I think obviously, there's -- continues to be strong demand for smartphones but perhaps mix shift, I think you brought back the iPhone 6 this quarter to be a bit more price aggressive.

我認為顯然，對智能手機的需求仍然強勁，但可能會發生混合變化，我認為你在本季度帶回了 iPhone 6，價格更具侵略性。

And then can you just talk a bit about how you see that market developing with the growth of WeChat and some of the other developments that are happening there?

然後你能談談你如何看待這個市場隨著微信的發展以及那裡正在發生的其他一些發展而發展嗎？

Yes.

是的。

Thanks, Shannon.

謝謝，香農。

We were very encouraged by the results this quarter.

我們對本季度的結果感到非常鼓舞。

We improved, as we thought we would, from the previous quarters a little more than I thought we would.

正如我們認為的那樣，我們比前幾個季度有所改進，比我想像的要多一點。

If you look underneath the numbers, Mainland China was actually flat year-over-year during Q3.

如果從數據下方看，中國大陸在第三季度實際上與去年同期持平。

And in constant-currency terms, we were actually up 6% in Mainland China.

以固定匯率計算，我們在中國大陸實際上上漲了 6%。

And so we're very encouraged by that.

所以我們對此感到非常鼓舞。

iPad grew dramatically more than the market.

iPad 的增長速度超過了市場。

The Mac grew much more than the market.

Mac 的增長遠遠超過市場。

iPhone was relatively flat year-on-year as the same sort of -- similar as the market was.

iPhone 與去年同期相比相對持平，與市場類似。

And so we see all of those as very encouraging signs.

所以我們認為所有這些都是非常令人鼓舞的跡象。

On top of that, Services grew extremely strongly during the quarter.

最重要的是，服務在本季度增長非常強勁。

The -- Hong Kong continued to drag down the total Greater China segment.

- 香港繼續拖累整個大中華區市場。

And -- but on a sequential basis, we're probably sort of at the trough of that, which is nice.

而且 - 但在連續的基礎上，我們可能有點處於低谷，這很好。

With the peg to the dollar there, from a currency point of view and tourism being what it is, I don't really know when that market will come back.

由於那裡與美元掛鉤，從貨幣的角度來看，旅遊業就是這樣，我真的不知道那個市場什麼時候會回來。

But what I -- what we see in the mainland is definitely much more encouraging.

但我——我們在大陸看到的情況肯定更令人鼓舞。

It's interesting to note that upgraders through -- both for the quarter and actually for the full fiscal year to date was our highest ever.

有趣的是，本季度以及迄今為止的整個財年的升級是我們有史以來的最高水平。

And so that we felt very good about.

讓我們感覺很好。

In terms of WeChat, the way that I look at this is because our share -- because iOS share is not nearly a majority of the market in China, the fact that a lot of people use that, it makes the switching opportunity even greater.

就微信而言，我看這個的方式是因為我們的份額——因為iOS份額在中國幾乎沒有佔據大部分市場，很多人都在使用它，這使得轉換機會更大。

And I think that's more the case than the risk that a lot of folks have pointed out.

我認為這比很多人指出的風險更重要。

And so I see Tencent as one of our biggest and best developers.

所以我認為騰訊是我們最大和最好的開發商之一。

They've done a great job of implementing a lot of iOS features in their apps.

他們在應用程序中實現了許多 iOS 功能方面做得非常出色。

And we're looking forward to working with them even more to build even greater experiences for our mutual users in China.

我們期待與他們開展更多合作，為我們在中國的共同用戶打造更好的體驗。

Great.

偉大的。

And then can you talk a bit about the composition of the installed base of iPhones at this point as obviously, we're getting close to a refresh?

然後你能談談此時 iPhone 安裝基礎的構成嗎？很明顯，我們正在接近更新？

Just you brought in the iPhone SE.

只是你帶來了 iPhone SE。

You've obviously had strength at the high end.

你顯然在高端有實力。

I'm just trying to think about like what percent do you think have upgraded in the prior generation?

我只是想想想你認為上一代升級的百分比是多少？

Any color you can give us on that?

你可以給我們任何顏色嗎？

The -- from an absolute quantity point of view, the upgrades for this fiscal year are the highest that we've seen and so we feel good about that.

- 從絕對數量的角度來看，本財年的升級是我們見過的最高的，所以我們對此感覺很好。

However, if you look at it from an upgrade rate point of view instead of the absolute number, the rate is similar to what we saw with the previous iPhones, except for iPhone 6, which as we've called out in the past, had an abnormally high upgrade rate.

但是，如果您從升級率而不是絕對數量的角度來看，這個升級率與我們在以前的 iPhone 上看到的相似，除了 iPhone 6，正如我們過去所說，它有異常高的升級率。

We do think that based on the amount of rumors and the volume of them, that there's some pause in our current numbers.

我們確實認為，根據謠言的數量和數量，我們目前的數字有些停頓。

And so where that affects us in the short term, even though we had great results, it probably bodes well later on.

因此，在短期內影響我們的地方，即使我們取得了很好的成果，但以後可能預示著好兆頭。

Steve Milunovich of UBS.

瑞銀的史蒂夫·米盧諾維奇。

I wonder if you wanted to make any comments about switching this quarter.

我想知道您是否想對本季度的轉換發表任何評論。

Sure.

當然。

Switching outside of China was up year-on-year and so we're happy with that.

在中國以外的轉會同比增長，因此我們對此感到高興。

We continue to see people moving over to iOS, and it helped with us making the results that Luca announced earlier, including the channel inventory reduction.

我們繼續看到人們轉向 iOS，它幫助我們實現了 Luca 早些時候宣布的結果，包括減少渠道庫存。

Okay.

好的。

And then a government question.

然後是政府問題。

First of all, the President suggested that you may build 3 big beautiful plants.

首先，總裁建議你可以建3個漂亮的大廠。

I wonder if you'd comment on if that's a possibility, either directly or indirectly.

我想知道你是否會直接或間接地評論這是否有可能。

And then in China, I think we all understand that you have to work within the regulations, but maybe you could comment a bit on how you feel your working relationship is with the government and if there's certain lines that you can't cross.

然後在中國，我想我們都明白你必須在規定範圍內工作，但也許你可以評論一下你覺得你與政府的工作關係如何，以及是否有某些界限是你不能跨越的。

Sure.

當然。

Starting with the U.S. -- and let me just take this question from what are we doing to increase jobs, which I think is probably where it's rooted.

從美國開始——讓我從我們為增加就業所做的工作中提出這個問題，我認為這可能是它的根源所在。

There's -- we've created 2 million jobs in the U.S. and we're incredibly proud of that.

有——我們在美國創造了 200 萬個工作崗位，我們為此感到無比自豪。

We do view that we have a responsibility in the U.S. to increase economic activity, including increasing jobs because Apple could have only been created here.

我們確實認為我們有責任在美國增加經濟活動，包括增加就業機會，因為蘋果只能在這裡創建。

And so as we look at that 2 million, there are 3 main categories of that, and we have actions going on in each of them to further build on that momentum.

因此，當我們查看這 200 萬時，其中有 3 個主要類別，我們在每個類別中都採取了行動，以進一步鞏固這一勢頭。

The first category is app development, about 3/4 of the 2 million are app developers.

第一類是應用程序開發，200 萬人中約有 3/4 是應用程序開發人員。

And we're doing an enormous amount of things to deliver curriculum to both K-12 with Swift Playgrounds and the K-6 area; other curriculum, as you proceed beyond Grade 6, under the Everyone Can Code area.

我們正在做大量的事情來為 K-12 和 Swift Playgrounds 和 K-6 區域提供課程；其他課程，當您超過 6 年級時，在“人人能編程”區域下。

And just a couple of months ago, we announced a new curriculum that's focused on community schools and community colleges, junior colleges, technical colleges for kids that did not have coding in their elementary and high school years.

就在幾個月前，我們宣布了一項新課程，該課程的重點是社區學校和社區學院、初級學院、技術學院，面向在小學和高中時期沒有編程的孩子。

And so we're excited about that because we think it could increase the diversity of the developer community and the quantity.

所以我們對此感到興奮，因為我們認為它可以增加開發者社區的多樣性和數量。

And I think this area, in general and all the things we do for the developer community, will be the largest contribution that Apple can make because this is the fastest-growing job segment in the country, and I think will be for quite some time.

而且我認為這個領域，總的來說，以及我們為開發者社區所做的所有事情，將是蘋果可以做出的最大貢獻，因為這是該國增長最快的工作領域，我認為這將是相當長的一段時間.

If you look at the second area, it's -- we have purchased or we purchased last year about $50 billion worth of goods and services from U.S.-based suppliers.

如果你看第二個領域，那就是——我們去年已經或我們從美國供應商那裡購買了價值約 500 億美元的商品和服務。

Some significant portion of those are manufacturing-related, and so we've asked ourselves, what can we do to increase this?

其中很大一部分與製造相關，所以我們問自己，我們能做些什麼來增加這一點？

And you may have seen that at the beginning of the quarter, sometime in April, I believe, we announced a fund, an advanced manufacturing fund that we're initially placing $1 billion in.

你可能已經看到，在本季度初，我相信在 4 月的某個時候，我們宣布了一個基金，一個先進製造基金，我們最初將投入 10 億美元。

And we've already deployed $200 million of that.

我們已經部署了其中的 2 億美元。

And the first recipient is Corning in Kentucky and they'll be using that money to expand the plant to make very innovative glass.

第一個接受者是肯塔基州的康寧，他們將用這筆錢擴建工廠，生產非常創新的玻璃。

And we purchase that glass and essentially export it to the world with iPhones and iPads.

我們購買了這種玻璃，然後通過 iPhone 和 iPad 將其出口到世界各地。

We think there's more of these that we can do.

我們認為我們可以做的還有更多。

I think there's probably several plants that can benefit from having some investment to grow or expand or even maybe set up shop in the U.S. for the first time.

我認為可能有幾家工廠可以從投資增長或擴張甚至可能首次在美國開店中受益。

So we're very excited about that.

所以我們對此感到非常興奮。

And then the third area is we have about 2/3 or so of our total employee base is in the U.S. despite only 1/3 of our revenues being here.

然後第三個領域是我們有大約 2/3 左右的總員工群在美國，儘管我們只有 1/3 的收入在這裡。

And we'll have some things that we'll say about that later in the year.

我們將在今年晚些時候談論一些事情。

And so that's what we're doing from a job growth point of view and we're very, very proud of that.

這就是我們從工作增長的角度所做的事情，我們為此感到非常非常自豪。

If you -- now turning to China.

如果你——現在轉向中國。

Let me sort of comment on what I assumed is at the root of your question about this VPN kind of issue.

讓我對我認為是您對此類 VPN 問題的根本問題的看法發表評論。

Let me just address that head on.

讓我直接解決這個問題。

The central government in China, back in 2015, started tightening the regulations associated with VPN apps.

早在 2015 年，中國中央政府就開始收緊與 VPN 應用相關的法規。

And we have a number of those on our store.

我們的商店裡有很多這樣的。

The -- essentially, as a requirement to -- for someone to operate a VPN, they have to have a license from the government there.

- 本質上，作為一個要求 - 對於某人操作 VPN，他們必須獲得當地政府的許可。

Earlier this year, they began a renewed effort to enforce that policy, and we were required by the government to remove some of the VPN apps from the App Store that don't meet these new regulations.

今年早些時候，他們開始重新努力執行該政策，政府要求我們從 App Store 中刪除一些不符合這些新規定的 VPN 應用程序。

We understand that those same requirements are on other app stores, and as we checked through that, that is the case.

我們知道，其他應用商店也有同樣的要求，正如我們檢查過的那樣，情況就是如此。

Today, there's actually still hundreds of VPN apps on the App Store, including hundreds by developers that are outside China.

今天，App Store 上實際上仍然有數百個 VPN 應用程序，其中包括數百個來自中國以外的開發者。

And so there continues to be VPN apps available.

因此，仍然有可用的 VPN 應用程序。

We would obviously rather not remove the apps, but we -- like we do in other countries, we follow the law wherever we do business.

我們顯然寧願不刪除這些應用程序，但我們 - 就像我們在其他國家所做的那樣，無論我們在哪裡開展業務，我們都遵守法律。

And we strongly believe that participating in markets and bringing benefits to customers is in the best interest of the folks there and in other countries as well.

我們堅信，參與市場並為客戶帶來利益符合當地人民和其他國家人民的最大利益。

And so we believe in engaging with governments even when we disagree.

因此，即使我們不同意，我們也相信與政府接觸。

And in this particular case, now back to commenting on this one, we're hopeful that over time, the restrictions that we're seeing are loosened because innovation really requires freedom to collaborate and communicate.

在這種特殊情況下，現在回到對此的評論，我們希望隨著時間的推移，我們看到的限制會放鬆，因為創新確實需要協作和交流的自由。

And I know that, that is a major focus there.

我知道，這是那裡的一個主要焦點。

And so that's sort of what we're seeing from that point of view.

這就是我們從那個角度看到的。

Some folks have tried to link it to the U.S. situation last year and they're very different.

有些人試圖將其與去年的美國情況聯繫起來，但情況卻大不相同。

In the case of the U.S., the law in the U.S. supported us.

就美國而言，美國的法律支持我們。

It was very clear.

非常清楚。

In the case of China, the law is also very clear there.

就中國而言，那裡的法律也很明確。

And like we would if the U.S. changed the law here, we'd have to abide by them in both cases.

就像如果美國在這裡改變法律一樣，我們在這兩種情況下都必須遵守它們。

That doesn't mean that we don't state our point of view in the appropriate way; we always do that.

這並不意味著我們沒有以適當的方式陳述我們的觀點；我們總是這樣做。

And so hopefully, that's a little bit probably more than you wanted to know but I wanted to tell you.

所以希望，這可能比你想知道的要多一點，但我想告訴你。

We'll hear from Kulbinder Garcha with Credit Suisse.

我們將收到來自瑞士信貸的 Kulbinder Garcha 的消息。

A question for Tim maybe on the iPhone installed base.

提姆的一個問題可能是關於 iPhone 的安裝基數。

At various points in the past, you've told us the rate at which that was growing.

在過去的不同時間點，您告訴我們增長的速度。

At the end of the first half, what is that up year-on-year?

上半年末，同比增長多少？

What rate is it growing?

它的增長速度是多少？

Could you give us some sense of that?

你能給我們一些感覺嗎？

And on upgrade rates over the longer term, there's lots of moving parts and I get that there's, I guess, geographic mix shift on your base.

就長期的升級率而言，有很多移動部件，我猜你的基地會發生地理混合變化。

There's any new phones that you may or may not bring out and how carriers promote your products.

您可能會或可能不會推出任何新手機，以及運營商如何推廣您的產品。

But do you think this rate of upgrade is sustainable?

但是您認為這種升級速度是否可持續？

Do you think it gets faster over time?

你認為隨著時間的推移它會變得更快嗎？

How should we think about the major drivers as you foresee see for it?

正如您所預見的那樣，我們應該如何考慮主要驅動因素？

I think the upgrade rate is a function of many, many different things, from the size of the installed base, the age of the installed base, the product that is new at the time, the regional distribution, the upgrade plans that are in various markets around the world.

我認為升級率是許多不同事物的函數，從安裝基數的大小、安裝基數的年齡、當時的新產品、區域分佈、各種升級計劃世界各地的市場。

And so I think there's many, many factors in that it's not a simple thing that you can apply a set formula to -- or one variable or a couple of variable formula, in my opinion.

所以我認為有很多很多因素，在我看來，你可以將一組公式應用於一個或一個變量或幾個變量公式並不是一件簡單的事情。

And -- but I think in general, because our installed base is -- was up strong double digit once again, there's a lot of factors that are very positive for us.

而且 - 但我認為總的來說，因為我們的安裝基礎 - 再次強勁兩位數，有很多因素對我們非常有利。

And between the upgraders and the switchers that we see and still -- the first-time buyer category is still out here, too, in several countries, including some that you may not think there is, there is still sizable base in some.

在我們看到的升級者和切換者之間 - 首次購買者類別仍然存在，在幾個國家，包括一些你可能不認為存在的國家，一些國家仍然有相當大的基礎。

Between those 3 areas, I think we have a lot of opportunity.

在這三個領域之間，我認為我們有很多機會。

Toni Sacconaghi with Bernstein.

托尼·薩科納吉與伯恩斯坦。

I have one for Luca and one for Tim, please.

請給我一份給盧卡，一份給蒂姆。

Luca, typically, in the fiscal Q4, Apple builds considerable iPhone channel inventory like 2 million or 3 million units.

盧卡，通常在第四財季，Apple 建立了可觀的 iPhone 渠道庫存，如 200 萬或 300 萬台。

You're starting from a very low point at the end of fiscal Q3 as you mentioned on the call with the drawdown.

正如您在縮編電話會議上提到的那樣，您從第三財季末的一個非常低的點開始。

As we think about what's embedded in your guidance for fiscal Q4 for channel inventory for iPhone, should we be expecting a sort of normal seasonal build?

當我們考慮您在第四財季 iPhone 渠道庫存指南中包含的內容時，我們是否應該期待一種正常的季節性構建？

Or is it likely to be significantly higher, given the very low starting point?

或者考慮到起點非常低，它可能會顯著更高？

As you know, Toni, we do not guide on channel inventory.

如您所知，Toni，我們不指導渠道庫存。

We've never done that.

我們從來沒有這樣做過。

We are providing a fairly wide range from a revenue standpoint, so obviously, that also has an impact on potential channel inventory levels.

從收入的角度來看，我們提供了相當廣泛的範圍，很明顯，這也會對潛在的渠道庫存水平產生影響。

One thing that I would tell you is that we feel very good about the performance of the business right now.

我要告訴你的一件事是，我們現在對業務的表現感覺非常好。

We think that our Services business will continue to grow well.

我們認為我們的服務業務將繼續良好增長。

We've got a lot of momentum on iPad and Mac because we refreshed the lineups of those products.

我們在 iPad 和 Mac 上獲得了很大的動力，因為我們更新了這些產品的陣容。

Watch and AirPods are doing incredibly well.

Watch 和 AirPods 的表現令人難以置信。

We're getting a lot of positive customer feedback.

我們收到了很多積極的客戶反饋。

And I think in general, even the performance in China, Tim has mentioned it, we think that the performance will continue to improve.

而且我認為總的來說，即使是在中國的表現，蒂姆也提到過，我們認為表現會繼續提高。

So those are the drivers of our guidance range for the quarter.

因此，這些是我們本季度指導範圍的驅動因素。

Okay.

好的。

Tim, I was wondering if you could maybe talk a little bit about 2 things that you mentioned in public before.

蒂姆，我想知道你是否可以談談你之前在公開場合提到的兩件事。

One is television, which you have described as an area of intense interest.

一個是電視，你曾將其描述為一個非常感興趣的領域。

But I don't even think there was an update on Apple TV on this call, so perhaps you can talk to us about how you're thinking about content.

但我什至認為這次電話會議上沒有關於 Apple TV 的更新，所以也許你可以和我們談談你對內容的看法。

I know you're doing some original content creation and how that area is evolving and your thinking.

我知道您正在創建一些原創內容，以及該領域是如何發展的以及您的想法。

And then recently, you talked about how Apple is focusing on autonomous systems for automobiles.

然後最近，您談到了 Apple 如何專注於汽車自主系統。

And there's been press reports that Apple's been testing autonomous vehicles for potentially up to a year.

有媒體報導稱，蘋果可能長達一年的時間都在測試自動駕駛汽車。

I was wondering if you could talk a little bit more about Apple's interest in autonomous vehicles and whether self-driving is really likely to be Apple's principal focus in the near to medium term.

我想知道你是否可以多談談蘋果對自動駕駛汽車的興趣，以及自動駕駛是否真的有可能成為蘋果在中短期內的主要關注點。

On the first part of your question about original content, we have done some original content.

關於你關於原創內容的問題的第一部分，我們做了一些原創內容。

It's focused on Apple Music.

它專注於Apple Music。

Currently, we have some more that's launching in a week or so that will be made available on Apple Music.

目前，我們將在一周左右推出更多內容，這些內容將在 Apple Music 上提供。

The objective of this is really twofold.

這樣做的目的實際上是雙重的。

The one is for our own learning, given that we're new in the video space in terms of creation; and two is to give the Apple Music subscribers some exclusive content and hopefully grow our subscriber base.

一個是為了我們自己的學習，因為我們在創作方面是視頻領域的新手；二是為 Apple Music 訂閱者提供一些獨家內容，並希望擴大我們的訂閱者基礎。

And we've recently hired 2 great folks with lots of experience in creating content like Breaking Bad and The Crown and some really top-notch content.

我們最近聘請了 2 位在創作《絕命毒師》和《王冠》等內容以及一些真正一流的內容方面擁有豐富經驗的優秀人才。

And so we'll see how this area goes, but it's still an area of great interest.

所以我們將看看這個領域的進展，但它仍然是一個非常有趣的領域。

In terms of autonomous systems, what we've said is that we are very focused on autonomous systems from a core technology point of view.

在自治系統方面，我們所說的是，從核心技術的角度來看，我們非常關注自治系統。

We do have a large project going and are making a big investment in this.

我們確實有一個大型項目正在進行，並且正在為此進行大量投資。

From our point of view, autonomy is sort of the mother of all AI projects.

從我們的角度來看，自治是所有人工智能項目之母。

And the autonomous systems can be used in a variety of ways, and a vehicle is only one, but there are many different areas of it.

並且自主系統可以以多種方式使用，車輛只是一種，但它有許多不同的領域。

And I don't want to go any further with that.

我不想更進一步。

But thank you for the question.

但謝謝你的問題。

That comes from Mike Olson with Piper Jaffray.

這來自 Mike Olson 和 Piper Jaffray。

I just have one question for Tim.

我只有一個問題要問蒂姆。

This may be a hard question to answer in a condensed way, but how would you describe what you expect the most near-term applications will be for developers to target using ARKit?

這可能是一個很難以簡潔的方式回答的問題，但是您如何描述您期望開發人員使用 ARKit 定位的最近期應用程序是什麼？

Will it be consumer iPhone and iPad applications, enterprise applications or I guess some combination of the 2?

是消費者 iPhone 和 iPad 應用程序、企業應用程序還是我猜兩者的某種組合？

And basically, how does this come to market in the most significant way in the next few quarters as Apple becomes the largest global platform for AR as you talked about?

基本上，隨著蘋果成為你所說的全球最大的 AR 平台，它如何在接下來的幾個季度以最重要的方式進入市場？

Mike, that is a great question.

邁克，這是一個很好的問題。

Since we -- and I could not be more excited about AR and what we're seeing with ARKit and the early going.

因為我們 - 我對 AR 以及我們在 ARKit 中看到的以及早期的發展感到非常興奮。

And to answer a question about what category it starts in, just take a look at what's already on the web in terms of what people are doing and it is all over the place.

要回答關於它從哪個類別開始的問題，只需看看網絡上已有的人們正在做什麼，它無處不在。

From entertainment to gaming, I've seen what I would call more small business solutions.

從娛樂到遊戲，我已經看到了我所說的更多小型企業解決方案。

I've seen consumer solutions.

我見過消費者解決方案。

I've seen enterprise solutions.

我見過企業解決方案。

I think AR is big and profound.

我認為 AR 是大而深遠的。

And this is one of those huge things that we'll look back at and marvel on the start of it.

這是我們將回顧並驚嘆於它的開始的那些巨大的事情之一。

So I think that customers are going to see it in a variety of ways.

所以我認為客戶會以多種方式看到它。

Enterprise, it takes a little longer sometimes to get going, but I can already tell you, there's lots of excitement in there, and I think we'll start to see some applications there as well.

企業，有時需要更長的時間才能開始，但我已經可以告訴你，那裡有很多令人興奮的地方，我想我們也會開始在那裡看到一些應用程序。

And it feels great to get this thing going at a level that can sort of get all of the developers behind it.

讓這件事發展到可以讓所有開發人員都支持它的水平感覺很棒。

So I couldn't be more excited about it.

所以我對此再興奮不過了。

We'll go to Amit Daryanani.

我們要去阿米特·達里亞納尼。

I guess to start off with, on your Services segment, your revenues actually, I think, accelerated by [400] basis points to worse than what you guys had in the first half this year.

我想首先，在你們的服務領域，你們的收入實際上加速了 [400] 個基點，比你們今年上半年的收入還要糟糕。

Could you just help us understand what's driving this?

你能不能幫助我們理解是什麼驅動了這一切？

Is there a way to think about ARPU in the traditional manner within that Services business versus the installed base growing?

有沒有辦法以傳統方式考慮服務業務中的 ARPU 與安裝基數的增長？

Amit, Luca.

阿米特，盧卡。

Our Services business is very broad.

我們的服務業務非常廣泛。

We got multiple categories in the Services business, so it's difficult to talk about ARPU in general.

我們在服務業務中有多個類別，因此一般很難談論 ARPU。

It doesn't make a lot of sense.

這沒有多大意義。

The reason for the acceleration also here is multiple factors.

這裡加速的原因也是多方面的。

One that is very, very important for us is the fact that the App Store, which is the largest of our Services categories, is seeing an increasingly larger amount of paying accounts.

對我們來說非常非常重要的一個事實是，作為我們最大的服務類別的 App Store 正在看到越來越多的付費賬戶。

On a year-over-year basis, the number of accounts that are actually transacting and paying on the App Store is growing very, very well.

與去年同期相比，實際在 App Store 上進行交易和支付的賬戶數量增長得非常非常好。

It is happening for a variety of reasons.

它的發生有多種原因。

One of them, for example, is the fact that we are making it easier for customers to pay on the App Store.

例如，其中之一是我們讓客戶更容易在 App Store 上付款。

Outside the United States, in many markets, not every form of payment is accepted.

在美國以外的許多市場中，並非每種付款方式都被接受。

We're making it easier all the time.

我們一直在讓它變得更容易。

We launched on Alipay, for example, in China during the December quarter.

例如，我們在 12 月季度在中國推出了支付寶。

That has obviously helped a lot with the growth in the number of paid accounts.

這顯然對付費賬戶數量的增長有很大幫助。

And we continue to bring more and more forms of payment in the App Store around the world.

我們繼續在世界各地的 App Store 中帶來越來越多的支付方式。

That's a big reason for that.

這是一個很大的原因。

The other reason why the number of paying accounts is growing is the fact that the quality and the quantity of content continues to improve, and so there's many more ways of experiencing games and entertainment and other apps on the store.

付費賬戶數量不斷增長的另一個原因是內容的質量和數量不斷提高，因此在商店中體驗遊戲、娛樂和其他應用程序的方式也越來越多。

We have other businesses like the Apple Music streaming service, which is growing very fast because we just started it a couple of years ago, so we are getting a lot of new subscribers there.

我們還有其他業務，比如 Apple Music 流媒體服務，因為我們幾年前才剛剛開始，所以發展非常迅速，所以我們在那裡獲得了很多新用戶。

Our iCloud storage business continues to grow very, very fast.

我們的 iCloud 存儲業務繼續非常非常快速地增長。

So it's multiple services.

所以它是多種服務。

The number of people transacting on our stores continues to grow.

在我們的商店進行交易的人數持續增長。

In terms of ARPU, and maybe I can make a comment on ARPU specifically related to the App Store.

關於ARPU，也許我可以對與App Store相關的ARPU發表評論。

What we're seeing and we've seen over a long period of time as we keep track of these cohorts of customers, we see that as customers get on the App Store and start spending on it, we see this profile, spending profile is very similar across generations of customers.

當我們跟踪這些客戶群時，我們所看到的以及我們在很長一段時間內看到的情況，我們看到隨著客戶進入 App Store 並開始在 App Store 上消費，我們看到這個配置文件，消費配置文件是幾代客戶之間非常相似。

People tend to spend more over time.

隨著時間的推移，人們往往會花費更多。

Obviously, you have different spending profiles in different geographies around the world, but in general, you see that trend across the board.

顯然，您在世界各地的不同地區有不同的支出概況，但總的來說，您會看到全面的趨勢。

Got it, that's really helpful.

明白了，真的很有幫助。

And if I could just follow up.

如果我能跟進。

On the iPhone side, there's been a large amount of discussion, I guess, in blogs and among your component suppliers that the timing this time may be somewhat different and delayed versus past.

在 iPhone 方面，我想，在博客和您的組件供應商之間已經有大量討論，這次的時間可能與過去有所不同並且有所延遲。

Your guide almost seems you're more excited about this iPhone launch versus historically if the sequential growth is better.

如果連續增長更好，您的指南幾乎似乎您對這次 iPhone 的發布比歷史上更興奮。

So I guess beyond the fact we probably shouldn't read every blog and believe every blog, what do you think is different with this product launch or product availability through the cycle versus what you've seen historically?

因此，我想除了我們可能不應該閱讀每個博客並相信每個博客這一事實之外，您認為該產品發布或產品在整個週期中的可用性與您在歷史上看到的有什麼不同？

We have no comment on anything that's unannounced.

我們不對任何未宣布的事情發表評論。

That'll come from Brian White with Drexel.

這將來自與 Drexel 的 Brian White。

Tim, growth in the smartphone market is now crawling along at about a low single-digit percentage.

蒂姆，智能手機市場的增長現在正以大約低個位數的百分比爬行。

I know iPhone grew about 2% year-over-year this quarter, and it looks like you had about a mid-teens market share in units in 2016.

我知道 iPhone 本季度同比增長約 2%，看起來你在 2016 年的單位市場份額約為 10 歲左右。

So as we look forward, maybe 3 to 4 years, do you think Apple can expand its unit market share?

所以我們期待，也許 3 到 4 年，你認為蘋果可以擴大其單位市場份額嗎？

And if so, what will the drivers be?

如果是這樣，驅動程序將是什麼？

And my second question is just about India, general thoughts around India in the quarter.

我的第二個問題是關於印度的，關於本季度印度的一般想法。

The answer to your first question is yes, I do think that we can grow both in units and market share.

你的第一個問題的答案是肯定的，我確實認為我們可以在單位和市場份額上都增長。

We don't predict those things.

我們不預測那些事情。

But yes, if you ask me what I think, that's what I think.

但是，是的，如果你問我是怎麼想的，我就是這麼想的。

And so what are the drivers?

那麼驅動因素是什麼？

The installed base is growing.

安裝基數正在增長。

It's still growing very strongly.

它仍在非常強勁地增長。

That will generate more upgrades over time.

隨著時間的推移，這將產生更多的升級。

I feel good about our ability to convince people to switch.

我對我們說服人們轉換的能力感到滿意。

And where the developed markets, the first-time buyer rates are down other than places like Japan perhaps.

在發達市場，首次購房者的價格可能比日本等地有所下降。

The emerging markets, we haven't even got started yet really.

新興市場，我們甚至還沒有真正開始。

And from a revenue point of view, we had very strong growth there on emerging markets ex China, we're up like 18% year-on-year.

從收入的角度來看，我們在中國以外的新興市場有非常強勁的增長，我們同比增長了 18%。

It was a record for us.

這對我們來說是一個記錄。

So we see a lot of opportunity in these markets.

因此，我們在這些市場中看到了很多機會。

We are investing in India.

我們正在印度投資。

As you mentioned in your second point, we've already launched an app accelerator center, that's on top of working with the channel and looking at expanding our go-to-market in general.

正如您在第二點中提到的，我們已經啟動了一個應用程序加速器中心，這是在與渠道合作並著眼於擴大我們的整體市場的基礎之上。

And we've began to produce the iPhone SE there during the quarter, and we're really happy with how that's going, and so we're bringing all of our energies to bear there.

我們在本季度開始在那裡生產 iPhone SE，我們對這種情況非常滿意，因此我們將全力以赴。

I see a lot of similarities where China was several years ago.

我看到中國在幾年前有很多相似之處。

And so I'm very, very bullish and very, very optimistic about India.

所以我非常非常看好印度，非常非常看好印度。

Thanks very much, Brian.

非常感謝，布賴恩。

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.

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。

And 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 6376964.

請輸入確認碼6376964。

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，電話是 (408) 974-2414，金融分析師可以聯繫 Joan Hoover 或我有其他問題。

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

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

Thanks again for joining us.

再次感謝您加入我們。

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。