蘋果 (AAPL) 2017 Q3 法說會逐字稿

Good day, everyone, and welcome to this Apple Inc. Third Quarter Fiscal Year 2017 Earnings Release Conference Call. Today's call is being recorded.

大家好，歡迎來到蘋果公司。2017財年第三季財報發布電話會議。今天的通話將會被錄音。

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

此時此刻，我謹將電話轉交給投資人關係資深總監南希‧帕克斯頓，請她致開幕詞並作介紹。請便，女士。

Thank you. Good afternoon, and thanks to everyone for joining us. 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。下午好，感謝各位的到來。今天首先發言的是蘋果執行長提姆·庫克；隨後是財務長盧卡·馬埃斯特里。之後，我們將開放電話會議，接受分析師的提問。

Please note that some of the information you'll hear during our discussion today will consist of forward-looking statements, including, without limitation, those regarding revenue, gross margin, operating expenses, other income and expense, taxes and future business outlook. Actual results or trends could differ materially from our forecast. For more information, please refer to the risk factors discussed in Apple's Form 10-K for 2016, 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.

請注意，您今天在討論中聽到的一些資訊將包含前瞻性陳述，包括但不限於有關收入、毛利率、營運費用、其他收入和支出、稅收和未來業務前景的陳述。實際結果或趨勢可能與我們的預測有重大差異。有關更多信息，請參閱蘋果公司 2016 年 10-K 表格、2017 財年前兩個季度的 10-Q 表格以及今天向美國證券交易委員會提交的 8-K 表格中討論的風險因素，以及相關的新聞稿。

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

蘋果公司不承擔更新任何前瞻性聲明或資訊的義務，這些聲明或資訊僅代表其各自發布之日的情況。

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

現在我把電話交給提姆，請他做開場白。

Thank you, Nancy, and good afternoon, and thanks, everyone, for joining us. 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. 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. 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.

謝謝你，南希，下午好，也謝謝各位的到來。今天，我們很自豪地宣布，我們第三財季的業績非常強勁，所有產品類別的銷售和收入均實現了成長。我們將詳細回顧我們的財務業績，我也想談談我們在 6 月全球開發者大會上發布的一些重大公告。這是我們有史以來最大、最成功的 WWDC，我們在硬體、軟體和服務方面推出的進步將幫助我們取悅客戶，並在今年秋季及未來很長一段時間內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. That's an increase of 7% over last year, so our growth rate has accelerated in 3 successive quarters this fiscal year. Gross margin was also at the high end of our guidance, and we generated a 17% increase in earnings per share.

本季總營收達到我們預期範圍的高端，為 454 億美元。這比去年增長了 7%，因此本財年我們的成長率已連續三個季度加快。毛利率也達到了我們預期的高端水平，每股收益成長了 17%。

iPhone results were impressive with especially strong demand at the high end of our lineup. 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. The combined iPhone 7 and 7 Plus family was up strong double digits year-over-year. One decade after the initial iPhone launch, we have now surpassed 1.2 billion cumulative iPhones sold.

iPhone 的銷售業績令人印象深刻，尤其是高階機型的需求非常強勁。iPhone 7 是我們最受歡迎的 iPhone，與去年 6 月季度的 6s Plus 相比，iPhone 7 Plus 的銷量大幅成長。iPhone 7 和 7 Plus 系列的銷量較去年同期成長了兩位數，增幅強勁。在 iPhone 首次發布十年後，我們累計售出的 iPhone 數量已超過 12 億部。

Services revenue hit an all-time quarterly record of $7.3 billion, representing 22% growth over last year. We continue to see great performance all around the world with double-digit growth in each of our geographic segments. 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.

服務收入創下季度歷史新高，達到 73 億美元，比去年同期成長 22%。我們在全球範圍內持續取得優異業績，各個地區均實現了兩位數的成長。在過去的 12 個月裡，我們的服務業務規模已經達到了財富 100 強公司的水平，我們比預期更快達到了這一里程碑。

We had very positive results for iPad, with broad-based growth in units, revenue and market share. iPad sales were up 15% year-over-year and grew across all of our geographic segments. 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.

iPad 的銷售業績非常積極，銷量、收入和市場份額均實現了全面成長。iPad 銷量年增 15%，並且在我們所有地區市場均實現成長。根據IDC對6月份季度平板電腦市場業績的最新估計，我們取得了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. Our iPad product lineup is stronger than ever. 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.

在中國和日本等市場，超過一半的 iPad 銷售都賣給了首次購買 iPad 的用戶。我們的iPad產品線比以往任何時候都更加強大。我們在三月推出的新款 iPad 具有極高的性價比和性能，而六月份推出的全新 10.5 英寸 iPad Pro 則配備了全球最先進的顯示屏，採用 ProMotion 技術，其性能甚至超過了大多數 PC 台式機。

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

iPad 是進行新穎而引人入勝的教學的完美工具，我們的 iPad 在美國教育市場的業績尤其強勁，銷量較去年同期成長 32%，超過 100 萬台。我們認為程式設計是一項所有學生都應該學習的基本技能。我們非常高興地看到，超過 120 萬各個年齡層的學生現在正在使用 iPad 和 Swift Playgrounds 學習程式設計基礎知識，而且美國各地超過 1000 所 K-12 學校計劃在今年秋季將 Apple 的 Everyone Can Code 納入他們的課程中。

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.

對於希望在快速發展的應用程式經濟領域追求職業發展的高中生和社區大學學生，我們推出了「使用 Swift 進行應用程式開發」課程，這是一門由蘋果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，旨在教授學生編寫程式碼和設計功能齊全的應用程序，從而獲得軟體開發和資訊技術領域的關鍵工作技能。

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. 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. 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.

現在我想談談蘋果電腦，它獲得了全球市場份額，並在中國大陸和日本創下了6月份季度的新銷售紀錄。儘管IDC最新預測全球PC市場銷售將萎縮4%，但得益於MacBook Pro和iMac的強勁表現，Mac營收年增7%。隨著我們在六月對幾乎所有 Mac 產品線進行更新，我們為返校季開了個好頭。

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 is having a positive impact on people's health and daily lives and motivating them to sit less and move more. With features like built-in GPS and waterproofing, Apple Watch Series 2 is the perfect companion for hiking, running and swimming.

蘋果手錶在六月的季度銷量成長超過 50%，並以絕對優勢成為全球銷量第一的智慧手錶。Apple Watch 對人們的健康和日常生活產生了積極影響，並激勵他們減少久坐，增加運動。Apple Watch Series 2 具有內建 GPS 和防水等功能，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. 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.

我們也看到消費者對 AirPods 表現出極大的熱情，根據 Creative Strategies 的調查，客戶滿意度高達 98%。我們已經提高了 AirPods 的產能，並正在努力盡快將產品交付給客戶，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. We launched a new investment in the future through our advanced manufacturing fund. 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. We believe this can lay the foundation for a new era of technology-driven manufacturing in the U.S.

我們在六月季度發布了一些重大公告，我想快速回顧一下。我們透過先進製造業基金啟動了一項面向未來的新投資。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發展創新生產能力，並在美國創造高技能就業機會。我們相信這可以為美國技術驅動型製造業的新時代奠定基礎。

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. 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.

該基金的首筆 2 億美元已承諾撥給康寧公司，用於支持研發、資本設備需求和最先進的玻璃加工。正如我們在 WWDC 上宣布的那樣，我們將迎來一個非常激動人心的秋季，iOS 11、macOS High Sierra 和 watchOS 4 都將取得驚人的進步。

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 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 將使 iPhone 比以往任何時候都更好，它擁有 Apple Pay 點對點支付、更智能更自然的 Siri、具有全屏效果的全新信息應用、更豐富更強大的地圖應用、增強的實況照片、回憶和人像模式效果等等。iOS 11 也將把 iPad 的使用體驗提升到一個全新的水平，其功能包括可自訂的 Dock 欄、多點觸控拖放、強大的全新多任務處理、更高效的 QuickType 以及強大的全新標記和掃描功能。

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. It's still early in the beta period, but it's clear that ARKit has captured the imagination of our developer community. We think ARKit will help the most creative minds in the industry tap into the latest computer vision technologies to build engaging content.

WWDC 上最令人興奮和最有前途的發布之一是 ARKit 的推出，這是一套供開發者創建擴增實境應用程式的新工具。雖然目前仍處於測試階段初期，但很明顯，ARKit 已經激發了我們開發者社群的想像。我們認為 ARKit 將幫助業內最具創造力的人才利用最新的電腦視覺技術來建立引人入勝的內容。

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

我們相信 AR 在教育、娛樂、互動遊戲、企業以及我們可能尚未想到的領域都具有廣泛的主流應用前景。如今，數億人正在使用 iPhone 和 iPad，iOS 11 發布後，iOS 將成為全球最大的擴增實境平台。

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. 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.

iOS 11 也透過 Core ML 將機器學習的強大功能帶給所有 Apple 開發者，從而實現空間偵測、物件追蹤和自然語言解釋等功能。Core ML 讓開發者將機器學習技術整合到他們的應用程式中，所有處理都在裝置端完成，從而尊重我們客戶的資料和隱私。

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. 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.

對於 Mac 用戶，我們已經提前體驗了即將發布的 macOS High Sierra 和功能強大的全新 iMac Pro 所帶來的沉浸式 3D 遊戲和虛擬實境體驗。我們為能夠製造業內最好的個人電腦而感到自豪，並且非常高興能在未來幾個月內推出更多創新產品。

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

今年秋季，Apple Watch 將搭載 watchOS 4，變得比以往任何時候都更加智能，其特色包括主動式 Siri 錶盤、個人化活動指導和全新的音樂體驗。watchOS 4 還引入了 GymKit，這是一個突破性的技術平台，可以將鍛鍊與有氧運動器材連接起來。

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. 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.

我們還預覽了 HomePod，這是一款突破性的家用無線揚聲器，可提供驚人的音質，並利用空間感知來感知其在房間中的位置並自動調節音訊。在 WWDC 大會上，參觀我們試聽室的客人都被 HomePod 的出色音質所震撼，這與市面上任何其他無線家用揚聲器都截然不同。

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. 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. 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.

HomePod 擁有深厚的音樂知識，旨在與您的 Apple Music 訂閱配合使用，幫助您欣賞已喜愛的音樂，並根據您的個人喜好發現精彩的新音樂。作為智慧家庭助手，HomePod 是發送訊息、設定計時器、獲取最新體育賽事和天氣資訊或控制智慧 HomeKit 設備的絕佳方式，只需讓 Siri 打開燈、關閉窗簾或啟動主題即可。我們迫不及待地想在接下來的幾個月裡推出所有這些強大的創新成果，而且我們可能還會在今年稍後與您分享其他一些成果。

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

現在，為了更詳細地介紹六月的季度業績，我想把電話交給盧卡。

Thank you, Tim. Good afternoon, everyone. 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. 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.

謝謝你，提姆。大家下午好。6 月季度的營收為 454 億美元，比去年同期成長 7%，比我們上半年財年的成長速度有所加快。儘管外匯波動（尤其是歐洲和中國的貨幣波動）對我們報告的表現造成了 200 個基點的負面影響，但我們仍然取得了這些成果。

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

我們整體業績表現非常強勁，所有產品類別和全球幾乎所有市場都實現了成長。我們在包括美國、加拿大、德國、西班牙、澳洲和韓國在內的許多已開發市場實現了兩位數的收入成長，而大中華區以外的新興市場比去年同期成長了 19%。

Gross margin was 38.5%, at the high end of our guidance range. Operating margin was 23.7% of revenue and net income was $8.7 billion. Diluted earnings per share were $1.67, up 17% over last year, and cash flow from operations was $8.4 billion.

毛利率為 38.5%，處於我們預期範圍的高端。營業利益率為收入的 23.7%，淨收入為 87 億美元。稀釋後每股收益為 1.67 美元，比去年增長 17%，經營活動產生的現金流為 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. 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%. We are very pleased with these iPhone results, especially considering the tough comparison to the June quarter last year when we launched iPhone SE.

本季度，我們售出了 4,100 萬部 iPhone，並將 iPhone 通路庫存減少了 330 萬部，使我們的通路庫存水準達到了 2.5 年來的最低水平，並且完全符合我們 5 至 7 週的目標庫存範圍。在我們追蹤的大多數市場中，iPhone 的銷量較去年同期成長，其中亞洲、拉丁美洲和中東的許多市場的銷量成長超過 25%。我們對 iPhone 的這些業績非常滿意，尤其是考慮到去年 6 月季度我們推出 iPhone SE 時的業績與去年同期相比非常艱難。

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. 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.

由於對 iPhone 7 Plus 的強勁需求，iPhone 的平均售價為 606 美元，高於一年前的 595 美元。與一年前的 Plus 機型相比，iPhone 7 Plus 在 iPhone 產品組合中所佔的比例更高。更強的產品組合對平均售價的影響被同比外匯匯率的負面影響以及通路庫存的減少部分抵消，而通路庫存的減少完全發生在產品組合的高端。

Customer interest and satisfaction with iPhone are very strong with both consumers and business users. 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. Among consumers planning to buy a smartphone, purchase intention for iPhone was nearly 3x the rate of our closest competitor. Among corporate smartphone buyers, iOS customer satisfaction was 94%. And of those planning to purchase smartphones in the September quarter, 78% plan to purchase an iPhone.

消費者和企業用戶對 iPhone 的興趣和滿意度都非常高。在美國，451 Research 的最新消費者資料顯示，iPhone 7 的顧客滿意度為 95%，iPhone 7 Plus 的顧客滿意度為 99%。在計劃購買智慧型手機的消費者中，購買 iPhone 的意願幾乎是我們最接近的競爭對手的 3 倍。在企業智慧型手機購買者中，iOS 用戶滿意度為 94%。在計劃於9月購買智慧型手機的人中，有78%的人計劃購買iPhone。

Turning to Services. We set an all-time quarterly record of $7.3 billion, up 22% year-over-year. The App Store was a major driver of this performance. 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.

轉到服務部分。我們創下了季度營收歷史新高，達到 73 億美元，年增 22%。App Store是推動這項績效的主要因素。根據 App Annie 的最新報告，App Store 仍然是顧客購物的首選目的地，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. 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.

來自 Apple Music 串流服務和 iCloud 儲存的收入也實現了強勁成長。在我們所有的服務產品中，付費訂閱用戶數量超過 1.85 億，光在過去 90 天內就增加了近 2,000 萬。

The reach, usage and functionality of Apple Pay continue to grow. 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. Apple Pay is, by far, the #1 NFC payment service on mobile devices, with nearly 90% of all transactions globally. 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.

Apple Pay 的覆蓋範圍、使用率和功能都在不斷增長。我們於 5 月在義大利推出了 Apple Pay，阿聯酋、丹麥、芬蘭和瑞典計劃在今年年底前上線。迄今為止，Apple Pay 是行動裝置上排名第一的 NFC 支付服務，在全球所有交易中佔據近 90% 的份額。國際市場的發展勢頭最為強勁，因為這些市場的行動支付基礎設施發展速度比美國更快。事實上，四分之三的 Apple Pay 交易都發生在美國境外。隨著今年秋季 iOS 11 的發布，我們在美國的用戶將能夠快速、輕鬆、安全地進行個人對個人的支付。

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

接下來，我想談談Mac電腦。由於採用新款 MacBook Pro 的出色表現，根據 IDC 的最新數據，我們實現了比去年 7% 的收入增長，並在全球 PC 市場份額中獲得了提升。根據 451 Research 的最新調查，Mac 的客戶滿意度非常高，達到 97%，而且我們的 Mac 活躍安裝量比一年前增加了兩位數。本季結束時，Mac 通路庫存仍保持在 4 到 5 週的目標範圍內，並且我們為即將迎來繁忙返校季的顧客準備了豐富的 Mac 產品線。

Turning to iPad. We sold 11.4 million units, up 15% over last year. 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. We exited the quarter within our 5- to 7-week target range for iPad channel inventory.

切換到iPad。我們賣出了1,140萬台，比去年成長了15%。我們很高興看到 iPad 在我們各個地區市場都實現了成長，尤其是在美國、日本、德國、法國和大中華區等主要市場，成長勢頭強勁，達到兩位數。本季末，iPad通路庫存量仍維持在5至7週的目標範圍內。

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. That's up from 46% share a year ago. And among tablets priced over $200, iPad's share was 89%. In addition, the most recent survey from 451 Research measured business and consumer satisfaction rates ranging from 95% to 99% across iPad models. And among those planning to buy tablets, purchase intent for iPad was over 70%.

NPD數據顯示，iPad在6月佔據了美國平板電腦市場55%​​的份額，其中銷量排名前10的平板電腦中有8款是iPad。這一比例高於一年前的46%。在售價超過 200 美元的平板電腦中，iPad 的市佔率為 89%。此外，451 Research 的最新調查顯示，iPad 各型號的商業和消費者滿意度在 95% 到 99% 之間。在計劃購買平板電腦的人群中，超過 70% 的人有購買 iPad 的意願。

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

我們的企業業務持續擴張，我們的客戶正在利用 iOS 和 iPad 改變工作方式。沃爾瑪將在全美 50 個州部署超過 19,000 台 iPad 用於員工培訓，預計今年底將有超過 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. 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.

企業對 iOS 11 和新款 iPad Pro 的初步反應非常熱烈。包括美國銀行、美敦力、Panera 在內的多家公司表示，他們將在各自組織的關鍵領域推廣 10.5 吋 iPad Pro。

We're also seeing real traction with our enterprise partners. Just last month, we unveiled the next set of technology enhancements in our partnership with Cisco. This new wave adds a whole new category of security features designed to help enterprises and employees defend against growing cyber threats. We believe this investment in our joint security solutions for iOS will make cyber insurance even more attainable for businesses.

我們也看到與企業合作夥伴的合作取得了真正的進展。就在上個月，我們發布了下一批與思科合作的技術增強方案。這一新浪潮帶來了一整類全新的安全功能，旨在幫助企業和員工抵禦日益增長的網路威脅。我們相信，這項對 iOS 聯合安全解決方案的投資將使企業更容易獲得網路保險。

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

自 3 月推出適用於 iOS 的 SAP 雲端平台 SDK 以來，SAP 取得了長足的進步，目前已有數百個全球合作機會正在醞釀中。SAP 也發表了 SuccessFactors Mobile，這是其首款針對人力資源的原生 iOS 應用，將支援全球 4,700 萬 iPhone 和 iPad 用戶，涵蓋多個產業。

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

我們與德勤的合作關係最近擴展到更多歐洲國家。我們正在幫助客戶利用 iOS 改變他們的業務，透過共同開發的程序，例如互聯商店（Connected Store），這是一個零售環境的快閃版本，展示了用於銷售和需求生成的 iOS 工具，以及為員工、商店管理和顧客量身定制的應用程序，確保他們的安全。

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

我們在教育領域的 iPad 銷售也取得了巨大的成功，年增 32%。繼 3 月推出新款 iPad 之後，我們更新了廣受歡迎的課堂應用程序，並不斷改進 iOS，使得在課堂上管理 iPad 變得更加容易。明尼蘇達州聖保羅公立學區正在更新其 1:1 計劃，向該學區的每位學生和教師配備超過 40,000 台 iPad。選擇 iPad 是因為它功能強大、經久耐用、易於使用、具有多媒體和輔助功能，以及擁有大量專為教育設計的 iOS 應用程式。

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米申學區最近購買了 19,000 台 iPad，擴展了於 2014 年開始的 1:1 計畫。這得歸功於 iPad 直覺的介面、卓越的可靠性和豐富的 iOS 教育工俱生態系統。

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

我們的零售店和網店本季生意非常火爆，總共接待了超過 3 億訪客。除了我們在杜拜購物中心開設的全新門市外，本季我們還在新加坡和台灣開設了第一家門市，使我們的門市總數擴大到 497 家。

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. 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.

5 月，我們推出了 Today at Apple 活動，在店內開展了從音樂、攝影到藝術和編程等各種新項目，本季我們的門市共舉辦了 87,000 場活動。正如 Tim 上個季度提到的那樣，我們已經進入了零售業的新篇章，為我們的客戶帶來了獨特而有益的體驗，並且在不久的將來還會推出一些令人驚嘆的新店。

Let me now turn to our cash position. We ended the quarter with $261.5 billion in cash plus marketable securities, a sequential increase of $4.7 billion. $246 billion of this cash, 94% of the total, was outside the United States. 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.

現在讓我來看看我們的現金狀況。本季末，我們持有現金及有價證券2615億美元，季增47億美元。這筆現金中有 2,460 億美元（佔總數的 94%）位於美國境外。本季我們償還了 35 億美元的債務，並發行了相當於 108 億美元的新歐元和美元計價債務，其中包括我們的第二筆綠色債券，使我們的定期債務達到 964 億美元，未償商業票據達到 120 億美元。

We also returned $11.7 billion to investors during the quarter. 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. We launched a new $3 billion ASR program, resulting in initial delivery and retirement of 15.6 million shares. And we retired 3.4 million shares upon the completion of our 10th ASR during the quarter. We have now completed $222.9 billion of our $300 billion capital return program, including $158.5 billion in share repurchases.

本季我們也向投資者返還了 117 億美元。我們支付了 34 億美元的股息及等價物，並透過公開市場交易花費 45 億美元回購了 3,040 萬股蘋果股票。我們啟動了一項新的 30 億美元的 ASR 計劃，目前已完成 1560 萬股的初步交付和退役。本季完成第 10 次年度股票贖回後，我們註銷了 340 萬股股票。我們目前已完成 3,000 億美元資本回報計畫中的 2,229 億美元，其中包括 1,585 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. We expect revenue to be between $49 billion and $52 billion. We expect gross margin to be between 37.5% and 38%. We expect OpEx to be between $6.7 billion and $6.8 billion. We expect OI&E to be about $500 million, and we expect the tax rate to be about 25.5%.

隨著我們進入九月的季度，我想回顧一下我們的展望，其中包括南希在電話會議開始時提到的那些前瞻性資訊。我們預計營收將在 490 億美元至 520 億美元之間。我們預計毛利率將在 37.5% 至 38% 之間。我們預計營運支出將在 67 億美元至 68 億美元之間。我們預計營運收入和支出約為 5 億美元，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.

今天，我們的董事會也宣布，將於 2017 年 8 月 17 日向截至 2017 年 8 月 14 日登記在冊的股東派發現金股息，每股普通股股息為 0.63 美元。

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

接下來，我想接受大家的提問。

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

謝謝你，盧卡。（操作說明）麗貝卡，請問第一個問題是什麼？

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

這個問題將由摩根士丹利的凱蒂·休伯蒂提出。

Luca, first question for you. Gross margin guidance is strong, but it did tick down from your June quarter guidance. And you also narrowed the range to 50 basis points. 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?

盧卡，第一個問題問你。毛利率預期強勁，但較您六月的季度預期略有下調。而且你們還將範圍縮小到了 50 個基點。我想請您解釋一下，導致業績連續下滑的原因是什麼？是什麼讓您確信您現在的表現比三個月前更有把握？

Katy, sequentially from 38.5% that we just reported, typically, we have product transition costs during the September quarter. That's the primary driver. This happens fairly regularly for us. We also have a more difficult memory pricing environment this year than a year ago. And we think that we're going to be able to partially offset this with a positive leverage. As you've seen, we've guided up sequentially in revenue. So those are the major puts and takes. 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. So we felt we could guide to a slightly narrowed range, which we've done occasionally in the past.

Katy，與我們剛剛報告的 38.5% 相比，通常情況下，我們在 9 月季度會有產品過渡成本。這是主要驅動因素。這種情況在我們這裡經常發生。今年的記憶體定價環境也比去年更加艱難。我們認為，透過積極的槓桿作用，我們可以部分抵消這種影響。正如您所看到的，我們的營收預期逐週上調。以上就是主要的買賣交易。就我們用於計算毛利率的範圍而言，我們對目前的避險計畫有相當清晰的了解，這使我們能夠減輕一些波動性。因此，我們覺得可以引導至一個略微縮小的範圍，我們過去也偶爾這樣做過。

And maybe a question for both Tim and Luca. 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. 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.

也許這個問題可以問提姆和盧卡。正如您在本次電話會議和 6 月的開發者大會上所概述的那樣，今年下半年出現了前所未有的大量產品，要么實現了量產，要么推出了新產品。鑑於您只正式提供季度指導，我想知道您是否可以提供一些定性評論，以幫助我們思考今年下半年的情況，以及所有這些新產品進入市場模式可能會如何影響收入季節性（與往年相比），或者可能會影響同時推出這麼多產品的相關成本。

Katy, as Luca mentioned, we did assume some transitional costs in our guidance for the quarter as is typically the case. And we're looking very much forward to the product rollouts.

凱蒂，正如盧卡所提到的那樣，我們在本季的業績預期中確實計入了一些過渡成本，這在通常情況下也是正常的。我們非常期待產品的上市。

We'll go to Shannon Cross with Cross Research.

我們將前往 Cross Research 的 Shannon Cross 處。

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

提姆，你能談談你在中國看到的景象嗎？我認為很明顯，智慧型手機的需求依然強勁，但產品組合可能會改變。我認為你們本季重新推出 iPhone 6 是為了在價格上更具競爭力。那麼，您能否談談隨著微信的發展以及其他一些發展趨勢，您如何看待這個市場的發展？

Yes. Thanks, Shannon. We were very encouraged by the results this quarter. We improved, as we thought we would, from the previous quarters a little more than I thought we would. If you look underneath the numbers, Mainland China was actually flat year-over-year during Q3. And in constant-currency terms, we were actually up 6% in Mainland China. And so we're very encouraged by that. iPad grew dramatically more than the market. The Mac grew much more than the market. iPhone was relatively flat year-on-year as the same sort of -- similar as the market was. And so we see all of those as very encouraging signs. On top of that, Services grew extremely strongly during the quarter. The -- Hong Kong continued to drag down the total Greater China segment. And -- but on a sequential basis, we're probably sort of at the trough of that, which is nice. 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. But what I -- what we see in the mainland is definitely much more encouraging. 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. And so that we felt very good about. 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. And I think that's more the case than the risk that a lot of folks have pointed out. And so I see Tencent as one of our biggest and best developers. They've done a great job of implementing a lot of iOS features in their apps. And we're looking forward to working with them even more to build even greater experiences for our mutual users in China.

是的。謝謝你，香農。本季業績令我們倍感鼓舞。正如我們預期的那樣，我們比上個季度有所進步，而且進步幅度比我預期的還要大一些。如果仔細分析這些數字，就會發現中國大陸第三季的經濟實際上與去年同期持平。以固定匯率計算，我們在中國大陸的實際成長率為 6%。因此，我們對此感到非常鼓舞。iPad 的成長速度遠遠超過了市場平均。Mac 的成長速度遠遠超過了市場的成長速度。與去年同期相比，iPhone 的銷售量相對持平，市場整體情況也類似。因此，我們認為這些都是非常令人鼓舞的跡象。此外，服務業務在本季也實現了極其強勁的成長。香港持續拖累大中華區整體表現。但從時間順序來看，我們可能已經處於低谷期，這很好。鑑於當地貨幣與美元掛鉤，從貨幣角度來看，再加上旅遊業的現狀，我真的不知道這個市場什麼時候才能恢復。但是，我們在大陸看到的情況無疑更令人鼓舞。值得注意的是，無論是本季還是本財年迄今為止，升級評級的人數都達到了歷史最高水準。所以，我們對此感到非常滿意。就微信而言，我的看法是，因為我們的份額——因為 iOS 在中國的市佔率遠未達到多數，而許多人使用 iOS，這使得用戶轉換平台的機會更大。我認為這比許多人指出的風險更合理。因此，我認為騰訊是我們最大、最好的開發商之一。他們在應用程式中很好地實現了許多 iOS 功能。我們期待與他們進行更深入的合作，為我們在中國的共同用戶打造更優質的體驗。

Great. 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? Just you brought in the iPhone SE. You've obviously had strength at the high end. I'm just trying to think about like what percent do you think have upgraded in the prior generation? Any color you can give us on that?

偉大的。那麼，您能否談談目前 iPhone 的裝機量構成呢？顯然，我們即將迎來 iPhone 的更新換代。你帶來的是iPhone SE。顯然，你擁有頂尖的實力。我只是想問，你覺得上一代產品中有多少比例的用戶進行了升級？你能給我們一些顏色方面的資訊嗎？

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. 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. We do think that based on the amount of rumors and the volume of them, that there's some pause in our current numbers. And so where that affects us in the short term, even though we had great results, it probably bodes well later on.

從絕對數量的角度來看，本財年的升級數量是我們所見過的最高水平，因此我們對此感到滿意。但是，如果從升級率而不是絕對數量的角度來看，這個比率與我們之前看到的 iPhone 類似，除了 iPhone 6，正如我們過去指出的那樣，它的升級率異常高。我們認為，根據謠言的數量和傳播範圍來看，我們目前的數字出現了一些停滯。因此，雖然短期內我們取得了不錯的成績，但這或許預示著未來會有好結果。

Steve Milunovich of UBS.

瑞銀集團的史蒂夫·米盧諾維奇。

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

我想知道您是否想就本季的調整發表任何意見。

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

當然。來自中國以外地區的用戶數量較去年同期成長，我們對此感到滿意。我們持續看到人們轉向 iOS，這有助於我們取得 Luca 先前宣布的成果，包括通路庫存減少。

Okay. And then a government question. First of all, the President suggested that you may build 3 big beautiful plants. I wonder if you'd comment on if that's a possibility, either directly or indirectly. 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.

好的。然後是一個關於政府的問題。首先，總統建議你們可以建造3座大型美麗的工廠。我想知道您能否就此可能性發表看法，無論是直接的還是間接的。在中國，我想我們都明白必須遵守規章制度，但您能否談談您與政府的工作關係，以及是否存在一些不能逾越的界線？

Sure. 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. There's -- we've created 2 million jobs in the U.S. and we're incredibly proud of that. 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. 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. The first category is app development, about 3/4 of the 2 million are app developers. 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. 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. And so we're excited about that because we think it could increase the diversity of the developer community and the quantity. 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. 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. Some significant portion of those are manufacturing-related, and so we've asked ourselves, what can we do to increase this? 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. And we've already deployed $200 million of that. And the first recipient is Corning in Kentucky and they'll be using that money to expand the plant to make very innovative glass. And we purchase that glass and essentially export it to the world with iPhones and iPads. We think there's more of these that we can do. 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. So we're very excited about that. 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. And we'll have some things that we'll say about that later in the year. And so that's what we're doing from a job growth point of view and we're very, very proud of that. If you -- now turning to China. Let me sort of comment on what I assumed is at the root of your question about this VPN kind of issue. Let me just address that head on. The central government in China, back in 2015, started tightening the regulations associated with VPN apps. And we have a number of those on our store. The -- essentially, as a requirement to -- for someone to operate a VPN, they have to have a license from the government there. 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. We understand that those same requirements are on other app stores, and as we checked through that, that is the case. Today, there's actually still hundreds of VPN apps on the App Store, including hundreds by developers that are outside China. And so there continues to be VPN apps available. We would obviously rather not remove the apps, but we -- like we do in other countries, we follow the law wherever we do business. 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. And so we believe in engaging with governments even when we disagree. 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. And I know that, that is a major focus there. And so that's sort of what we're seeing from that point of view. Some folks have tried to link it to the U.S. situation last year and they're very different. In the case of the U.S., the law in the U.S. supported us. It was very clear. In the case of China, the law is also very clear there. And like we would if the U.S. changed the law here, we'd have to abide by them in both cases. That doesn't mean that we don't state our point of view in the appropriate way; we always do that. And so hopefully, that's a little bit probably more than you wanted to know but I wanted to tell you.

當然。首先說說美國——我想就「我們正在採取什麼措施來增加就業機會」這個問題展開討論，我認為這才是問題的根源所在。我們在美國創造了 200 萬個就業機會，我們為此感到無比自豪。我們認為，美國有責任促進經濟活動，包括增加就業機會，因為蘋果只能在這裡誕生。因此，當我們審視這 200 萬人時，可以將其分為 3 個主要類別，我們正在針對每個類別採取行動，以進一步鞏固這一勢頭。第一類是應用程式開發，200 萬人中約有四分之三是應用程式開發人員。我們正在做大量工作，透過 Swift Playgrounds 為 K-12 年級學生提供課程，並透過「人人都能編程」計畫為 K-6 年級學生提供其他課程；對於 6 年級以上的學生，我們還提供「人人都能編程」計畫下的課程。就在幾個月前，我們宣布了一項新的課程，重點是社區學校、社區學院、專科院校和技術學院，面向那些在小學和中學階段沒有接觸過程式設計的學生。因此我們對此感到興奮，因為我們認為這可以增加開發者社群的多樣性和數量。我認為，總的來說，我們為開發者社群所做的一切，將是蘋果公司能夠做出的最大貢獻，因為這是全國成長最快的就業領域，而且我認為這種情況還會持續相當長一段時間。如果你看第二個方面，那就是——我們去年從美國供應商購買了價值約 500 億美元的商品和服務。其中相當一部分與製造業有關，因此我們一直在問自己，我們能做些什麼來增加這部分？您可能已經注意到，在本季初，大概是四月份，我們宣佈設立了一項先進製造業基金，我們最初將投入 10 億美元。我們已經投入了其中的2億美元。第一個獲得資助的是位於肯塔基州的康寧公司，他們將利用這筆資金擴建工廠，生產極具創新性的玻璃。我們購買這些玻璃，然後將其與 iPhone 和 iPad 一起出口到世界各地。我們認為我們還可以做更多這樣的事。我認為可能有好幾家工廠可以從一些投資中受益，從而發展壯大，甚至首次在美國開設分店。我們對此感到非常興奮。第三個方面是，儘管我們只有三分之一的收入來自美國，但我們大約三分之二的員工都在美國。今年晚些時候，我們會就此發表一些看法。所以，從就業成長的角度來看，我們正在這樣做，我們為此感到非常非常自豪。如果你——現在轉向中國。讓我就你提出的關於 VPN 問題的根本原因做一些評論。讓我直接回答這個問題。早在2015年，中國中央政府就開始收緊與VPN應用程式相關的監管。我們店裡有很多這樣的商品。從本質上講，營運 VPN 的必要條件是，必須獲得當地政府頒發的許可證。今年早些時候，他們開始加強執行該政策，政府要求我們從 App Store 中移除一些不符合這些新規定的 VPN 應用程式。我們了解到其他應用程式商店也有同樣的要求，而且我們核實後發現確實如此。如今，App Store 上仍有數百款 VPN 應用，其中數百款是由中國境外的開發者開發的。因此，VPN應用程式仍然層出不窮。我們當然不想刪除這些應用程序，但是——就像我們在其他國家一樣——無論在哪裡開展業務，我們都會遵守法律。我們堅信，參與市場並為客戶帶來利益，符合當地人民以及其他國家人民的最大利益。因此，即使我們意見相左，我們也相信應該與政府溝通。回到這個具體案例，我們希望隨著時間的推移，我們所看到的這些限制能夠放鬆，因為創新確實需要合作和溝通的自由。我知道，那是他們重點關注的領域。所以，從這個角度來看，情況大概就是這樣。有些人試圖將它與去年的美國情況聯繫起來，但兩者截然不同。就美國而言，美國的法律支持了我們。非常清楚。就中國而言，那裡的法律也非常明確。就像如果美國修改了這裡的法律，我們也必須遵守一樣。但這並不意味著我們沒有以適當的方式表達自己的觀點；我們一直都是這樣做的。所以，希望這些資訊比你想知道的要多一些，但我還是想告訴你。

We'll hear from Kulbinder Garcha with Credit Suisse.

我們將聽取瑞士信貸的庫爾賓德·加爾查的發言。

A question for Tim maybe on the iPhone installed base. At various points in the past, you've told us the rate at which that was growing. At the end of the first half, what is that up year-on-year? What rate is it growing? Could you give us some sense of that? 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. There's any new phones that you may or may not bring out and how carriers promote your products. But do you think this rate of upgrade is sustainable? Do you think it gets faster over time? How should we think about the major drivers as you foresee see for it?

或許可以問提姆一個關於iPhone用戶基數的問題。過去，你曾多次告訴我們這個數字的成長速度。上半年結束時，與去年同期相比成長了多少？它的成長速度是多少？能給我們簡單介紹一下嗎？至於長期的升級率，其中有許多變數，我明白，我想，你們基地的地域組成也改變了。你可能會推出或不會推出任何新款手機，以及電信商如何推廣你的產品。但你認為這種升級速度能夠持續嗎？你認為它的速度會隨著時間而加快嗎？我們該如何看待您預見的驅動因素？

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

我認為升級率取決於許多許多不同的因素，包括已安裝用戶群的規模、已安裝用戶群的年齡、當時的新產品、區域分銷情況以及世界各地不同市場的升級計劃。所以我認為這其中有很多因素，這不是一件簡單的事情，不能簡單地套用一個公式——或者一個變數或幾個變數的公式——在我看來。而且——但我認為總的來說，因為我們的裝機量再次實現了兩位數的強勁增長，而且有很多因素對我們來說非常有利。我們看到，除了升級換代者之外，還有首次購屋者群體——在某些國家，包括一些你可能認為沒有首次購屋者的國家，仍然有相當數量的首次購屋者。我認為在這三個領域，我們有很多機會。

Toni Sacconaghi with Bernstein.

東尼薩科納吉與伯恩斯坦。

I have one for Luca and one for Tim, please. Luca, typically, in the fiscal Q4, Apple builds considerable iPhone channel inventory like 2 million or 3 million units. You're starting from a very low point at the end of fiscal Q3 as you mentioned on the call with the drawdown. 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? Or is it likely to be significantly higher, given the very low starting point?

請給我一份給盧卡，一份給提姆。Luca，通常情況下，在第四財季，蘋果會建立相當可觀的 iPhone 通路庫存，例如 200 萬到 300 萬部。正如您在電話會議上提到的，由於資金回撤，您們的起點非常低，這是第三財季末的低谷。當我們思考您在第四財季對 iPhone 頻道庫存的指導意見中所體現的內容時，我們是否應該預期會出現某種正常的季節性成長？或者，考慮到起點非常低，它是否有可能高得多？

As you know, Toni, we do not guide on channel inventory. We've never done that. We are providing a fairly wide range from a revenue standpoint, so obviously, that also has an impact on potential channel inventory levels. One thing that I would tell you is that we feel very good about the performance of the business right now. We think that our Services business will continue to grow well. We've got a lot of momentum on iPad and Mac because we refreshed the lineups of those products. Watch and AirPods are doing incredibly well. We're getting a lot of positive customer feedback. And I think in general, even the performance in China, Tim has mentioned it, we think that the performance will continue to improve. So those are the drivers of our guidance range for the quarter.

東尼，你也知道，我們不提供通路庫存的指導。我們從未這樣做過。從收入角度來看，我們提供的產品範圍相當廣泛，因此，很顯然，這也會對潛在的通路庫存水準產生影響。我想告訴大家的是，我們對公司目前的業績非常滿意。我們認為我們的服務業務將繼續保持良好的成長動能。我們在 iPad 和 Mac 領域取得了很大的發展勢頭，因為我們更新了這些產品的產品線。Apple Watch 和 AirPods 的表現非常出色。我們收到了很多正面的客戶回饋。而且我認為總體而言，即使是在中國的表現，正如蒂姆所提到的那樣，我們認為表現也會繼續提高。以上就是我們本季業績指引範圍的驅動因素。

Okay. Tim, I was wondering if you could maybe talk a little bit about 2 things that you mentioned in public before. One is television, which you have described as an area of intense interest. 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. I know you're doing some original content creation and how that area is evolving and your thinking. And then recently, you talked about how Apple is focusing on autonomous systems for automobiles. And there's been press reports that Apple's been testing autonomous vehicles for potentially up to a year. 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.

好的。提姆，我想請你稍微談談你之前在公開場合提到的兩件事。其一是電視，你曾表示這是你非常感興趣的領域。但我認為這次電話會議上甚至沒有提到 Apple TV 的最新消息，所以也許您可以和我們談談您對內容方面的想法。我知道你正在進行一些原創內容創作，也了解這個領域的發展趨勢和你的想法。最近，您也談到了蘋果如何專注於汽車自動駕駛系統。有媒體報導稱，蘋果可能已經測試自動駕駛汽車長達一年之久。我想請您再詳細談談蘋果公司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. It's focused on Apple Music. Currently, we have some more that's launching in a week or so that will be made available on Apple Music. The objective of this is really twofold. 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. 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. And so we'll see how this area goes, but it's still an area of great interest. 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. We do have a large project going and are making a big investment in this. From our point of view, autonomy is sort of the mother of all AI projects. 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. And I don't want to go any further with that. But thank you for the question.

關於您問題的第一部分——原創內容，我們已經製作了一些原創內容。它專注於 Apple Music。目前，我們還有一些新歌將在大約一周後上線，屆時將在 Apple Music 上提供收聽。這樣做的目的其實有兩個面向。一是出於我們自身的學習目的，因為我們在影片創作領域還是個新手；二是為 Apple Music 的訂閱用戶提供一些獨家內容，並希望藉此擴大我們的訂閱用戶群。我們最近聘請了兩位非常優秀的人才，他們在創作《絕命毒師》和《王冠》等一流內容方面擁有豐富的經驗。所以我們將拭目以待，看看這個領域的發展情況，但它仍然是一個備受關注的領域。就自主系統而言，我們已經說過，我們非常注重從核心技術角度發展自主系統。我們確實有一個大型項目正在進行中，並且為此投入了大量資金。在我們看來，自主性可以說是所有人工智慧專案的根源。自動駕駛系統可以以多種方式使用，車輛只是其中之一，但它還有許多不同的應用領域。我不想再就此事做任何進一步的討論了。不過，謝謝你的提問。

That comes from Mike Olson with Piper Jaffray.

這是麥克·奧爾森和派珀·賈弗雷的報導。

I just have one question for Tim. 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? Will it be consumer iPhone and iPad applications, enterprise applications or I guess some combination of the 2? 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?

我只有一個問題想問提姆。這個問題可能很難用簡短的語言回答，但您認為開發者近期使用 ARKit 的主要應用領域會是什麼？會是面向消費者的 iPhone 和 iPad 應用程式、企業應用，還是兩者的某種組合？正如您所說，隨著蘋果成為全球最大的 AR 平台，這項技術將如何在未來幾季以最顯著的方式推向市場？

Mike, that is a great question. Since we -- and I could not be more excited about AR and what we're seeing with ARKit and the early going. 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. From entertainment to gaming, I've seen what I would call more small business solutions. I've seen consumer solutions. I've seen enterprise solutions. I think AR is big and profound. And this is one of those huge things that we'll look back at and marvel on the start of it. So I think that customers are going to see it in a variety of ways. 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. And it feels great to get this thing going at a level that can sort of get all of the developers behind it. So I couldn't be more excited about it.

麥克，這是一個很好的問題。因為我們——我本人——對 AR 以及 ARKit 和早期發展階段所展現出的能力感到無比興奮。至於它屬於哪個類別，只需看看網路上人們正在做的事情，就會發現它五花八門。從娛樂到遊戲，我看到了很多我稱之為小型企業解決方案的東西。我看過一些面向消費者的解決方案。我看過企業級解決方案。我認為擴增實境技術意義重大且影響深遠。而這是一件意義重大的事情，我們將來會回首往事，並為它的開端感到驚嘆。所以我認為顧客會以各種不同的方式看到它。企業領域有時需要更長的時間才能啟動，但我可以告訴你，那裡有很多令人興奮的地方，我認為我們也會開始看到一些應用。能夠讓這個專案發展到​​足以讓所有開發者都支持它的程度，這種感覺真是太棒了。所以我對此感到無比興奮。

We'll go to Amit Daryanani.

我們將去找阿米特·達裡亞納尼。

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. Could you just help us understand what's driving this? Is there a way to think about ARPU in the traditional manner within that Services business versus the installed base growing?

首先，我想說的是，關於你們的服務部門，你們的收入實際上加速下降了 400 個基點，比你們今年上半年的水平還要糟糕。您能否幫我們了解造成這種情況的原因？在服務業務中，能否以傳統方式考慮 ARPU（每位用戶平均收入），而不是考慮不斷增長的安裝基礎？

Amit, Luca. Our Services business is very broad. We got multiple categories in the Services business, so it's difficult to talk about ARPU in general. It doesn't make a lot of sense. The reason for the acceleration also here is multiple factors. 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. 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. It is happening for a variety of reasons. One of them, for example, is the fact that we are making it easier for customers to pay on the App Store. Outside the United States, in many markets, not every form of payment is accepted. We're making it easier all the time. We launched on Alipay, for example, in China during the December quarter. That has obviously helped a lot with the growth in the number of paid accounts. And we continue to bring more and more forms of payment in the App Store around the world. That's a big reason for that. 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. 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. Our iCloud storage business continues to grow very, very fast. So it's multiple services. The number of people transacting on our stores continues to grow. In terms of ARPU, and maybe I can make a comment on ARPU specifically related to the App Store. 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. People tend to spend more over time. Obviously, you have different spending profiles in different geographies around the world, but in general, you see that trend across the board.

阿米特，盧卡。我們的服務業務範圍非常廣泛。我們的服務業務包含多個類別，因此很難概括地談論 ARPU（每位用戶平均收入）。這不太合理。此次加速的原因也是由多種因素造成的。對我們來說，非常非常重要的一點是，作為我們服務類別中最大的應用程式商店，其付費帳戶數量正在不斷增長。與去年同期相比，在 App Store 上實際進行交易和付款的帳戶數量增長非常非常強勁。這種情況的發生有很多原因。例如，其中一項舉措是讓客戶更容易在 App Store 上付款。在美國以外的許多市場，並非所有支付方式都被接受。我們一直在努力讓一切變得更簡單。例如，我們在去年12月季度在中國透過支付寶推出了我們的產品。這顯然對付費帳戶數量的成長起到了很大的幫助。我們將繼續在全球 App Store 中引入越來越多的支付方式。這就是主要原因。付費帳戶數量增長的另一個原因是內容的品質和數量不斷提高，因此在應用程式商店中體驗遊戲、娛樂和其他應用程式的方式也更多了。我們還有其他業務，例如 Apple Music 串流服務，這項服務發展非常迅速，因為我們幾年前才開始推出，所以我們獲得了大量的新用戶。我們的 iCloud 儲存業務持續高速成長。所以它提供多種服務。在我們門市進行交易的人數持續成長。關於 ARPU（每位用戶平均收入），或許我可以就與 App Store 相關的 ARPU 發表一些看法。我們從長期追蹤這些客戶群中觀察到的情況是，當客戶進入 App Store 並開始消費時，我們發現不同世代客戶的消費模式非常相似。隨著時間的推移，人們往往會花更多的錢。顯然，世界各地不同地區的消費習慣各不相同，但總的來說，這種趨勢是普遍存在的。

Got it, that's really helpful. And if I could just follow up. 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. Your guide almost seems you're more excited about this iPhone launch versus historically if the sequential growth is better. 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?

明白了，這真的很有幫助。如果可以的話，我想跟進一下。關於 iPhone 方面，我想在部落格和零件供應商之間已經有很多討論，認為這次的發佈時間可能會與以往有所不同，可能會有所延遲。你的指南似乎讓你對這次 iPhone 發布感到格外興奮，而不是像以往那樣，如果連續增長情況更好的話。所以，除了我們不應該閱讀每一篇部落格、相信每一篇部落格之外，你認為這次產品發布或產品在整個週期內的供應情況與你以往看到的情況有何不同？

We have no comment on anything that's unannounced.

對於任何未公佈的事情，我們概不評論。

That'll come from Brian White with Drexel.

那將由德雷塞爾大學的布萊恩懷特帶來。

Tim, growth in the smartphone market is now crawling along at about a low single-digit percentage. 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. So as we look forward, maybe 3 to 4 years, do you think Apple can expand its unit market share? And if so, what will the drivers be? And my second question is just about India, general thoughts around India in the quarter.

提姆，智慧型手機市場目前的成長速度非常緩慢，只有個位數百分比左右。我知道iPhone本季年增約2%，而且看起來你們在2016年的市佔率（以銷量計）約為15%左右。展望未來三到四年，你認為蘋果能否擴大其市場佔有率？如果真是如此，那麼驅動因素會是什麼？我的第二個問題是關於印度的，關於本季印度的整體看法。

The answer to your first question is yes, I do think that we can grow both in units and market share. We don't predict those things. But yes, if you ask me what I think, that's what I think. And so what are the drivers? The installed base is growing. It's still growing very strongly. That will generate more upgrades over time. I feel good about our ability to convince people to switch. And where the developed markets, the first-time buyer rates are down other than places like Japan perhaps. The emerging markets, we haven't even got started yet really. 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. It was a record for us. So we see a lot of opportunity in these markets. We are investing in India. 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. 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. I see a lot of similarities where China was several years ago. And so I'm very, very bullish and very, very optimistic about India.

對於你的第一個問題，我的答案是肯定的，我認為我們可以在銷售和市場份額方面都實現成長。我們無法預測這些事情。但是，如果你問我怎麼想，那就是我的想法。那麼，驅動因素是什麼？用戶基數正在成長。它仍然保持著非常強勁的成長勢頭。隨著時間的推移，這將帶來更多升級。我對我們說服人們改變習慣的能力感到滿意。在已開發市場，除了日本等地之外，首次購屋者的比例都在下降。新興市場，我們甚至還沒真正開始。從收入角度來看，除中國以外的新興市場成長非常強勁，年成長約 18%。這對我們來說是一個紀錄。因此，我們看到了這些市場中蘊藏著許多機會。我們正在印度投資。正如你在第二點中提到的，我們已經啟動了一個應用程式加速中心，此外我們也正在與通路合作，並專注於擴大我們的市場推廣範圍。本季我們已經開始在那裡生產 iPhone SE，我們對目前的進展非常滿意，因此我們將全力投入那裡。我發現現在的情況與幾年前的中國有許多相似之處。因此，我對印度的前景非常非常看好，非常非常樂觀。

Thanks very much, Brian. 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 6376964. 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. Thanks again for joining us.

非常感謝，布萊恩。今天的電話會議錄音將在 iTunes Store 上以播客形式提供兩週，也可以在 apple.com/investor 上以網路直播形式提供，還可以透過電話收聽。電話重播號碼為 (888) 203-1112 或 (719) 457-0820。請輸入確認碼 6376964。這些回放影片大約在下午5點左右可以觀看。今天太平洋時間。媒體成員如有其他疑問，可致電 (408) 974-2414 聯絡 Kristin Huguet；金融分析師如有其他疑問，可致電 Joan Hoover 或聯絡我。瓊的電話號碼是 (408) 974-4570，我的電話號碼是 (408) 974-5420。再次感謝您的參與。

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

女士們、先生們，今天的演講到此結束。我們衷心感謝大家的參與。