蘋果 (AAPL) 2017 Q4 法說會逐字稿

Good day, everyone, and welcome today's Apple Inc. Fourth Quarter Fiscal Year 2017 Earnings Release Conference Call. Today's call is being recorded. At this time, for opening remarks and introductions, I would like to turn the call over to Nancy Paxton, Senior Director of Investor Relations. Please go ahead, ma'am.

大家好，歡迎收看今天的蘋果節目。2017財年第四季財報發布電話會議。今天的通話將會被錄音。此時此刻，我謹將電話轉交給投資人關係資深總監南希‧帕克斯頓，請她致開幕詞並作介紹。請便，女士。

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

謝謝。下午好，感謝各位的到來。今天首先發言的是蘋果執行長提姆·庫克，接著是財務長盧卡·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 most recently filed periodic reports on Form 10-K and Form 10-Q 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，請參閱蘋果公司最近提交的 10-K 表格和 10-Q 表格定期報告以及今天提交給美國證券交易委員會的 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。

Good afternoon, and thanks to everyone for joining us. As we closed the books in 2017, I have to say I couldn't be more excited about Apple's future. This was our biggest year ever in most parts of the world with all-time record revenue in the United States, Western Europe, Japan, Korea, the Middle East, Africa, Central and Eastern Europe and Asia.

下午好，感謝各位的到來。2017 年即將結束，我必須說，我對蘋果的未來感到無比興奮。在世界大部分地區，這是我們有史以來業績最好的一年，在美國、西歐、日本、韓國、中東、非洲、中歐和東歐以及亞洲，收入均創歷史新高。

We had particularly strong finish this year, generating our highest September quarter revenue ever as year-over-year growth accelerated for the fourth consecutive quarter. Revenue was $52.6 billion, above the high end of our guidance range and up 12% over last year.

今年我們取得了特別強勁的收官表現，實現了有史以來最高的 9 月季度收入，同比增長率連續第四個季度加速增長。營收達 526 億美元，高於我們預期範圍的上限，比去年增長 12%。

We generated revenue growth across all of our product categories and showed all-time record results for our Services business. As we expected, we returned to growth in Greater China with unit growth and market share gains for iPhone, iPad and Mac. In fact, it was an all-time record quarter for Mac sales in mainland China as well as an all-time high for Services revenue.

我們所有產品類別的營收均實現成長，服務業務更是創下歷史新高。正如我們預期的那樣，我們在大中華區恢復了成長，iPhone、iPad 和 Mac 的銷量和市場份額均有所增長。事實上，這是中國大陸Mac銷售有史以來最高的季度，也是服務收入有史以來最高的季度。

And revenue from emerging markets outside of Greater China was up 40% with great momentum in India, where revenue doubled year-over-year. We also had great results in enterprise and education with double-digit growth in worldwide customer purchases of iPad and Mac in both markets. Gross margin for the September quarter was at the high end of our guidance range, and thanks to exceptional work by our teams, we generated record fourth quarter earnings per share of $2.07, up 24% from a year ago.

除大中華區以外的新興市場收入成長了 40%，其中印度市場成長勢頭強勁，營收年增了一倍。我們在企業和教育領域也取得了巨大成功，iPad 和 Mac 的全球客戶購買量在這兩個市場都實現了兩位數的成長。9 月季度的毛利率達到了我們預期範圍的高端，由於我們團隊的出色工作，我們實現了創紀錄的第四季度每股收益 2.07 美元，比去年同期增長了 24%。

iPhone sales exceeded our expectations. In the last 1.5 week of September, we began shipping iPhone 8 and iPhone 8 Plus to customers in more than 50 countries. They instantly became our 2 most popular iPhone models and have been every week since then.

iPhone銷量超出預期。9 月最後一周半，我們開始向 50 多個國家的客戶運送 iPhone 8 和 iPhone 8 Plus。它們迅速成為我們最受歡迎的兩款 iPhone 機型，並且從那時起每週都是如此。

As we speak, the launch of iPhone X is now underway as stores open across Australia and Asia. iPhone X is packed with innovative new technologies that chart our path for the next decade. Technologies like the TrueDepth camera system, Super Retina display and A11 Bionic chip with neural engine, which has been in development for years with a focus on deep machine learning.

目前，iPhone X 的上市工作正在進行中，澳洲和亞洲各地的門市已經陸續開幕。iPhone X 搭載了許多創新技術，為我們未來十年的發展指明了方向。TrueDepth 攝影機系統、超視網膜顯示器和 A11 仿生晶片等技術，以及搭載神經網路引擎的晶片，經過多年研發，專注於深度機器學習。

iPhone X enables totally new experiences, like unlocking your iPhone with Face ID, taking photos with studio-quality lighting effects or playing immersive augmented reality games. We can't wait for people to experience our vision of the future. Orders have already been very strong and we're working to get iPhone X into customers' hands as quickly as possible.

iPhone X 帶來了全新的體驗，例如使用 Face ID 解鎖 iPhone、拍攝具有影棚級光效的照片或暢玩沉浸式擴增實境遊戲。我們迫不及待地想讓人們體驗我們對未來的願景。訂單量已經非常強勁，我們正在努力盡快將 iPhone X 送到客戶手中。

Turning to Services. Revenue reached an all-time quarterly record of $8.5 billion in the September quarter. A few quarters ago, we established a goal of doubling our fiscal 2016 Services revenue of $24 billion by the year 2020, and we are well on our way to meeting that goal.

轉到服務部分。9 月季度營收達到歷史新高，為 85 億美元。幾個季度前，我們制定了一個目標，即到 2020 年將 2016 財年服務收入的 240 億美元翻一番，我們正朝著實現這一目標穩步前進。

In fiscal 2017, we reached $30 billion, making our Services business already the size of a Fortune 100 company. We're also delighted to report our second consecutive quarter of double-digit unit growth for iPad. Customers have responded very positively to the new iPad lineup. And with the launch of iOS 11, the iPad experience has become more powerful than ever with great new features for getting things done, like the new dock, files app, drag-and-drop, multitasking and more power than most PC notebooks.

2017 財年，我們的營收達到 300 億美元，使我們的服務業務規模達到財富 100 強公司的水平。我們也欣喜地宣布，iPad銷售連續第二季實現兩位數成長。消費者對新款 iPad 系列的反應非常正面。隨著 iOS 11 的發布，iPad 的體驗比以往任何時候都更加強大，新增了許多實用功能，例如新的 Dock 欄、檔案應用程式、拖放功能、多工處理，以及比大多數 PC 筆記型電腦更強大的效能。

The launch of iOS 11 also made iOS the world's largest platform for augmented reality. There are already over 1,000 apps with powerful AR features in our App Store today, with developers creating amazing new experiences in virtually every category of apps aimed at consumers, students and [business]users alike. Put simply, we believe AR is going to change the way we use technology forever.

iOS 11 的發布也使 iOS 成為全球最大的擴增實境平台。目前，我們的應用程式商店中已有超過 1000 個具有強大 AR 功能的應用，開發者們正在為幾乎所有面向消費者、學生和（商業）用戶的應用程式類別創造令人驚嘆的全新體驗。簡而言之，我們相信擴增實境技術將永遠改變我們使用科技的方式。

We're already seeing things that will transform the way you work, play, connect and learn. For example, there are AR apps that let you interact with virtual models of everything you can imagine, from the human body to the solar system. And of course, you experience them like they're really there. Instantly, education becomes much more powerful when every subject comes to life in 3D. And imagine shopping, when you can place an object in your living room before you make a purchase, or attending live sporting events when you can see the stats on the field. AR is going to change everything.

我們已經看到一些事情將改變你的工作、娛樂、社交和學習方式。例如，有一些 AR 應用可以讓你與你能想像到的一切事物的虛擬模型進行互動，從人體到太陽系。當然，你會感覺它們就像真的存在一樣。當所有學科都以 3D 形式生動呈現時，教育的效力瞬間大大增強。想像一下，購物時可以在購買前將商品放在客廳裡查看效果，或者觀看現場體育賽事時可以看到場上的統計數據。AR技術將會改變一切。

iOS 11 is also allowing developers to integrate machine learning models into their apps with Core ML. Pinterest is already using Core ML to deliver fast and powerful visual search. PadMapper uses Core ML to provide intelligent features that make it easy to find or rent your apartment. And VisualDx is even pioneering new health diagnostics with Core ML, automating [scanned] image analysis to assist dermatologists with their diagnosis. These are just a few examples. There's so much more to come.

iOS 11 還允許開發者使用 Core ML 將機器學習模型整合到他們的應用程式中。Pinterest 已經在使用 Core ML 提供快速且強大的視覺搜尋功能。PadMapper 使用 Core ML 提供智慧功能，讓您輕鬆找到或租到公寓。VisualDx 甚至利用 Core ML 開創了新的健康診斷方法，實現了掃描影像分析的自動化，從而幫助皮膚科醫生進行診斷。以上僅列舉幾個例子。未來還有更多精彩內容。

Next, I'd like to talk about the Mac, which had its best year ever, with the highest annual Mac revenue in Apple's history. It was also the best September quarter ever with Mac revenue growth of 25% driven by the notebook refreshes we launched in June and a strong back-to-school season.

接下來，我想談談 Mac，它迎來了有史以來最好的一年，創下了蘋果公司歷史上最高的年度 Mac 收入紀錄。這也是有史以來業績最好的九月季度，Mac 營收成長了 25%，這主要得益於我們在 6 月推出的筆記型電腦更新換代產品以及強勁的返校季銷售。

The Mac experience has become even better since the September launch of macOS High Sierra with new technologies to make Mac more reliable, capable and responsive and lay the foundation for future innovation.

自 9 月 macOS High Sierra 發布以來，Mac 的使用體驗變得更好了，新技術使 Mac 更可靠、更強大、更響應迅速，並為未來的創新奠定了基礎。

Moving on now to Apple Watch. With unit growth of over 50% for the third consecutive quarter, it continues to be the best selling and most loved smartwatch in the world. We began shipping Apple Watch Series 3 just 6 weeks ago and customers love the new freedom of cellular. The ability to go for a run with just your Apple Watch or go for a quick errand without your phone while staying connected is a game changer.

接下來我們來看看Apple Watch。連續第三個季度銷量成長超過 50%，繼續保持全球最暢銷、最受歡迎的智慧手錶地位。我們六週前才開始販售 Apple Watch Series 3，顧客都很喜歡蜂巢網路帶來的全新自由。只需佩戴 Apple Watch 即可跑步，或無需攜帶手機即可快速辦事，同時還能保持聯繫，這徹底改變了遊戲規則。

Now more than ever, Apple Watch is the ultimate device for healthy life and is already making a big difference in our customers' lives. We're very excited about the upcoming launch of the Apple Heart Study, which will use data from Apple Watch to identify irregular heart rhythms and notify users when unusual patterns are detected.

如今，Apple Watch 比以往任何時候都更能成為健康生活的終極設備，並且已經為我們的客戶的生活帶來了巨大的改變。我們非常高興即將推出 Apple 心臟研究，該研究將利用 Apple Watch 的數據來識別不規則心律，並在檢測到異常模式時通知用戶。

Earlier this week, we introduced watchOS 4.1, bringing 40 million songs to your wrist through Apple Music. The combination of music streaming on Apple Watch and AirPods is truly a magical experience for people on-the-go. We're thrilled with the momentum of these products. In fact, our entire wearables business was up 75% year-over-year in the fourth quarter and, in fiscal 2017, already generated the annual revenue of a Fortune 400 company.

本週早些時候，我們推出了 watchOS 4.1，透過 Apple Music 將 4000 萬首歌曲帶到您的手腕上。對於經常外出的人來說，Apple Watch 和 AirPods 的音樂串流播放功能組合起來，真是一種神奇的體驗。我們對這些產品的發展勢頭感到非常興奮。事實上，我們整個穿戴式裝置業務在第四季度同比增長了 75%，並且在 2017 財年已經創造了財富 400 強公司的年收入。

Late in the September quarter, we also launched Apple TV 4K, delivering a stunning cinematic experience at home. So now users around the world can watch movies and shows in 4K HDR quality and stream live sports and news on the Apple TV app. There's already a great selection of 4K HDR titles available through iTunes and other popular video services with many more movies and shows on the way.

9 月下旬，我們也推出了 Apple TV 4K，為家庭用戶帶來驚人的戲院級體驗。現在，世界各地的用戶都可以在 Apple TV 應用程式上觀看 4K HDR 畫質的電影和電視節目，以及直播體育賽事和新聞。目前，iTunes 和其他熱門視訊服務平台上已經有許多 4K HDR 影片可供選擇，而且還有更多電影和影集即將上線。

We're also very excited about the opening of Apple Michigan Avenue 2 weeks ago on Chicago's riverfront. This is the first store that brings together our complete vision for the future of Apple retail, providing a welcoming place for everyone to experience our products, services and inspiring educational programs right in the heart of their city.

我們也對兩週前在芝加哥河畔開業的 Apple Michigan Avenue 感到非常興奮。這是第一家將我們對未來 Apple 零售的完整願景融合在一起的商店，它將為每個人提供一個溫馨的場所，讓他們在城市的中心體驗我們的產品、服務和鼓舞人心的教育項目。

In addition to our very popular Today at Apple programming, which is available in all Apple stores around the world offering daily sessions in photography, music creation, art and design, coding and entrepreneurship, Apple Michigan Avenue is partnering with local nonprofits and creative organizations to make an ongoing positive impact in that community.

除了我們非常受歡迎的「Today at Apple」課程（課程在全球所有 Apple Store 都有提供，每日涵蓋攝影、音樂創作、藝術與設計、編程和創業等領域）之外，Apple Michigan Avenue 還與當地的非營利組織和創意機構合作，為該社區帶來持續的積極影響。

Also this quarter, we expanded our free app development with Swift curriculum to more than 30 community colleges across the country. We're very excited about this initiative and we're thrilled by the momentum we're seeing. The schools we've launched with this summer are just the beginning. Community colleges have a powerful reach into communities where education is the great equalizer, and the colleges adopting our curriculum this academic year are providing opportunity to millions of students to build apps that will prepare them for careers in software development and information technology and much more. We're incredibly enthusiastic about what our teams have accomplished this year and all the amazing products in our lineup.

本季度，我們還將免費的 Swift 應用開發課程擴展到了全國 30 多所社區大學。我們對這項計劃感到非常興奮，並且對目前取得的進展勢頭感到興奮不已。今年夏天我們推出的這些學校只是個開始。社區大學對社區有著強大的影響力，教育是實現公平的重要途徑。本學年採用我們課程的學院為數百萬學生提供了開發應用程式的機會，這將為他們從事軟體開發、資訊科技等職業做好準備。我們對團隊今年的成就以及我們產品線中所有令人驚嘆的產品感到無比興奮。

As we approach the holiday season, we expect it to be our biggest quarter ever. I'd like to thank all of our teams, our partners and our customers for their passion, commitment and loyalty. You've helped us make 2017 a sensational year.

隨著假期臨近，我們預計這將是我們有史以來業績最好的季度。我要感謝我們所有的團隊、合作夥伴和客戶，感謝他們的熱情、奉獻和忠誠。你們幫助我們成就了精彩的2017年。

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

現在，為了更詳細地介紹九月的季度業績，我想把電話交給盧卡。

Thank you, Tim. Good afternoon, everyone.

謝謝你，提姆。大家下午好。

Revenue for the September quarter was a record $52.6 billion, up 12% over last year, and it has been a -- great to see our growth rate accelerate in every quarter of fiscal 2017.

9 月季度的營收創下 526 億美元的紀錄，比去年同期成長了 12%，很高興看到我們在 2017 財年的每個季度成長率都在加速。

Our terrific performance this quarter was very broad-based with revenue growth in all our product categories for the second quarter in a row and new September quarter revenue records in the Americas, in Europe and in the rest of Asia Pacific segments. We grew double digits in the U.S., Canada, Germany, France, Italy, Spain, Korea and several other developed markets.

本季我們取得了非常出色的業績，各產品類別的營收連續第二季實現成長，美洲、歐洲和亞太其他地區在9月份的季度營收均創下新紀錄。我們在美國、加拿大、德國、法國、義大利、西班牙、韓國和其他幾個已開發市場實現了兩位數的成長。

We were especially happy to return to growth in Greater China, where revenue was up 12% from a year ago; and with our momentum in India, where revenue doubled year-over-year. We grew more than 30% in Mexico, the Middle East, Turkey and Central and Eastern Europe. These results helped fuel overall growth over the 20% from emerging markets.

我們尤其高興的是，大中華區恢復了成長，營收比去年同期成長了 12%；我們在印度也保持了成長勢頭，營收年增了一倍。我們在墨西哥、中東、土耳其以及中歐和東歐地區的業務成長超過 30%。這些成果推動了新興市場整體成長超過 20%。

Gross margin was 37.9% at the high end of our guidance range. Operating margin was 25% of revenue and net income was $10.7 billion. Diluted earnings per share were $2.07, up 24% over last year to a new September quarter record, and cash flow from operations was strong at $15.7 billion.

毛利率為 37.9%，處於我們預期範圍的高端。營業利益率為收入的 25%，淨收入為 107 億美元。稀釋後每股收益為 2.07 美元，比去年同期成長 24%，創下 9 月季度新紀錄；經營活動產生的現金流強勁，達到 157 億美元。

During the quarter, we sold 46.7 million iPhones, up 3% over last year. We were very pleased to see double-digit iPhone growth in many emerging markets, including mainland China, the Middle East, Central and Eastern Europe, India and Mexico. We gained share, not only in those markets, but also in Canada, Germany, France, Italy, Spain, Sweden and Singapore, based on the latest estimates from IDC.

本季度，我們售出了 4,670 萬部 iPhone，比去年同期成長了 3%。我們非常高興地看到 iPhone 在許多新興市場實現了兩位數的成長，包括中國大陸、中東、中歐和東歐、印度和墨西哥。根據IDC的最新估計，我們不僅在那些市場，而且在加拿大、德國、法國、義大利、西班牙、瑞典和新加坡也獲得了市場份額。

iPhone channel inventory increased by 1.3 million units sequentially to support the launch of iPhone 8 and 8 Plus, significantly less than the increase in the September quarter a year ago. Customer interest and satisfaction with iPhone are very strong with both consumers and business users.

為支援 iPhone 8 和 8 Plus 的上市，iPhone 通路庫存較上季增加了 130 萬部，遠低於去年同期（9 月季度）的增幅。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 customer satisfaction rating of 97% or higher across all iPhone models. Among consumers planning to buy a smartphone in the next 90 days, purchase intention for iPhone was 69%, more than 5x the rate of the closest competitor with a loyalty rate for current iPhone owners of 95% compared to 53% for the next highest brand.

在美國，451 Research 的最新消費者數據顯示，所有 iPhone 機型的客戶滿意度達到 97% 或更高。在計劃於未來 90 天內購買智慧型手機的消費者中，購買 iPhone 的意願為 69%，是其最接近的競爭對手的 5 倍多；iPhone 現有用戶的忠誠度為 95%，而排名第二的品牌的忠誠度為 53%。

For corporate smartphone buyers, iOS customer satisfaction was 95%. And of those planning to purchase smartphones in the December quarter, 80% plan to purchase iPhone. That is the highest score for iPhone in the history of the survey.

對於企業智慧型手機買家而言，iOS 用戶滿意度為 95%。在計劃於 12 月季度購買智慧型手機的人群中，80% 的人計劃購買 iPhone。這是iPhone在該調查史上獲得的最高分。

Turning to Services. We set an all-time quarterly record of $8.5 billion, up 34% year-over-year. Our results included a favorable onetime revenue adjustment of $640 million. On a run-rate basis, excluding this adjustment, services growth of 24% was terrific and the highest that we have experienced this year.

轉到服務部分。我們創下了季度營收歷史新高，達到 85 億美元，年增 34%。我們的業績包括一次性有利的收入調整 6.4 億美元。不考慮這項調整，以運行率計算，服務業成長了 24%，這是非常可觀的，也是我們今年經歷的最高成長率。

The App Store set a new all-time record. And according to App Annie's latest report, it continues to be the preferred destination for customer purchases by a wide and growing margin, generating nearly twice the revenue of Google Play. We're getting great response to the App Store's new design in iOS 11 from both customers and developers. We're seeing increases in the frequency of customer visits, the amount of time they spend in the store and the number of apps they download.

App Store 創下了歷史新高。根據 App Annie 的最新報告，App Store 仍然是顧客購物的首選目的地，其優勢越來越大，收入幾乎是 Google Play 的兩倍。iOS 11 中 App Store 的新設計受到了用戶和開發者的一致好評。我們看到顧客到店次數、在店內停留時間以及下載的應用程式數量都在增加。

The success of Apple Music also continues to build, and we're seeing our highest conversion rates from customers trying the service. Revenue grew strongly once again in the September quarter and that number of paid subscribers was up over 75% year-over-year. We also saw great performance from our iCloud business, with very strong double-digit growth in both monthly average users and revenue.

Apple Music 的成功勢頭持續強勁，我們看到試用該服務的用戶轉換率達到了最高水準。9 月季度營收再次強勁成長，付費用戶數量較去年同期成長超過 75%。我們的 iCloud 業務也表現出色，每月平均用戶數和收入均實現了兩位數的強勁成長。

Across all of our services offerings, the number of paid subscriptions reached over 210 million at the end of September quarter, an increase of 25 million in the last 90 days.

截至 9 月底，我們所有服務的付費訂閱用戶數量超過 2.1 億，在過去 90 天內增加了 2,500 萬。

Apple Pay expanded to Denmark, Finland, Sweden and the UAE last month and continues to grow rapidly. Over the past year, active users have more than doubled and annual transactions are up 330%. In the U.S., 70% of leading groceries chains are now accepting Apple Pay with the recent launch of Safeway. And over 5 million U.S. merchant locations will be Apple Pay enabled by the end of this year.

Apple Pay 上個月擴展到了丹麥、芬蘭、瑞典和阿聯酋，並且仍在快速成長。過去一年，活躍用戶數量增加了一倍多，年度交易量增加了 330%。在美國，隨著 Safeway 最近推出 Apple Pay，70% 的領先連鎖超市現在都接受 Apple Pay。今年底，美國將有超過 500 萬家商家支援 Apple Pay。

Next, I'd like to talk about the Mac, which for fiscal '17 set a new all-time revenue record of $25.8 billion. We sold 5.4 million Macs during the September quarter, up 10% over last year, and gained significant market share as the global market contracted by 1% based on IDC's latest estimate. This performance was fueled primarily by great demand for MacBook Pro, and Mac revenue grew 25% to a new September quarter record. We had outstanding results all around the world with each of our geographic segments growing Mac revenue by 20% or more. We are also very happy with the success of Mac in the education market, where customer purchases grew double digits year-over-year.

接下來，我想談談Mac電腦，它在2017財年創下了258億美元的新營收紀錄。我們在9月的季度中售出了540萬台Mac電腦，比去年同期成長了10%，並且在全球市場根據IDC最新估計萎縮1%的情況下，獲得了顯著的市場份額。這項業績主要得益於市場對 MacBook Pro 的強勁需求，Mac 的營收成長了 25%，創下了 9 月季度的新紀錄。我們在全球範圍內都取得了優異的成績，每個地區的Mac收入都增加了20%或更多。我們也對 Mac 在教育市場的成功感到非常高興，該市場的客戶購買量比去年同期增長了兩位數。

It was also another great quarter for iPad. We sold 10.3 million units, up 11% over last year with strong demand for both iPad and iPad Pro, and revenue grew 14%. It was great to see iPad unit and revenue growth in all of our geographic segments and particularly strong results in emerging markets, including Greater China, where iPad unit sales were up 25% year-over-year; and India, which grew 39%.

對iPad來說，這又是一個非常棒的季度。我們共售出 1,030 萬台，比去年成長 11%，iPad 和 iPad Pro 的需求都很強勁，營收成長了 14%。很高興看到 iPad 在我們所有地區市場的銷售和收入均有所增長，尤其是在新興市場，包括大中華區（iPad 銷量同比增長 25%）和印度（同比增長 39%），業績表現尤為強勁。

NPD indicates that iPad has 54% share of the U.S. tablet market in the September quarter, including 7 of the 10 best-selling tablets. That's up from 47% share a year ago. Also, the most recent surveys from 451 Research measured customer satisfaction rates of 97% across iPad models. And among people planning to buy tablets, purchase intent for iPad was over 70% for both consumers and businesses.

NPD 數據顯示，iPad 在 9 月的季度中佔據了美國平板電腦市場 54% 的份額，其中包括銷量最高的 10 款平板電腦中的 7 款。這一比例高於一年前的47%。此外，451 Research 的最新調查顯示，iPad 各型號的客戶滿意度高達 97%。在計畫購買平板電腦的人群中，無論是消費者或企業，對 iPad 的購買意願都超過 70%。

We're seeing great momentum with our enterprise initiatives. During the September quarter, we announced a new partnership with Accenture, who is creating a dedicated iOS practice in select locations around the world. Experts from Apple are co-locating with this team, and together they'll be launching new tools and services that help enterprise clients transform how they engage with customers using iPhone and iPad. Examples include services to build new customer experiences and to facilitate iOS integration with enterprise systems, to help businesses take greater advantage of data from Internet of Things platforms and to enable the smooth transfer of existing legacy applications and data to modern iOS apps.

我們的企業計畫進展順利。在九月的季度中，我們宣布與埃森哲建立新的合作夥伴關係，埃森哲正在全球部分地區創建專門的 iOS 業務部門。蘋果公司的專家將與團隊共同辦公，他們將共同推出新的工具和服務，幫助企業客戶改變他們使用 iPhone 和 iPad 與客戶互動的方式。例如，提供建立全新客戶體驗和促進 iOS 與企業系統整合的服務，幫助企業更好地利用物聯網平台的數據，並實現現有傳統應用程式和數據向現代 iOS 應用的平穩遷移。

And last month, we announced a partnership with GE to reinvent the way industrial companies work by bringing GE's industrial IoT platform to iOS. The Predix SDK for iOS will enable developers to build native apps to drive industrial operations with more efficiency and speed than ever before. GE is also standardizing on iPhone and iPad for its global workforce of more than 330,000 employees; and working with Apple, GE is developing iOS apps for both its internal and external audiences to bring predictive data and analytics to workers across a broad range of industries.

上個月，我們宣布與通用電氣 (GE) 建立合作夥伴關係，透過將 GE 的工業物聯網平台引入 iOS，徹底改變工業公司的工作方式。Predix iOS SDK 將使開發者能夠建立原生應用程序，從而以前所未有的效率和速度推動工業運作。通用電氣正在為其全球超過 33 萬名員工推行 iPhone 和 iPad 的標準化辦公設備；並且，通用電氣正與蘋果合作，為其內部和外部用戶開發 iOS 應用，以便為各行各業的員工提供預測數據和分析。

Beyond our iOS devices, we're also seeing great traction for Mac in the enterprise market with all-time record customer purchases in fiscal year 2017. The September quarter was very strong for our retail and online stores, which welcome 418 million visitors. Traffic was particularly heavy during the week of our new product announcements, up 19% over last year. Retail ran a very successful back-to-school promotion in the Americas, Europe, China and Singapore, with sales for Mac and iPad Pro up strong double digits compared to last year's program.

除了 iOS 裝置之外，我們也看到 Mac 在企業市場取得了巨大的成功，2017 財年的顧客購買量創歷史新高。9 月份季度，我們的零售和線上商店業績非常強勁，接待了 4.18 億訪客。在我們發布新產品的那一周，流量尤其大，比去年同期成長了 19%。零售商在美洲、歐洲、中國和新加坡成功開展了返校促銷活動，Mac 和 iPad Pro 的銷量與去年同期相比實現了兩位數的強勁增長。

And around the world, our stores conducted over 200,000 Today at Apple sessions during the quarter. Let me now turn to our cash position.

本季度，我們在全球的門市舉辦了超過 20 萬場「Today at Apple」活動。現在讓我來看看我們的現金狀況。

We ended the quarter with $268.9 billion in cash plus marketable securities, a sequential increase of $7.4 billion. $252.3 billion of this cash, 94% of the total, was outside the United States. We issued $7 billion in new Canadian and U.S. dollar-denominated debt during the quarter, bringing us to $104 billion in term debt and $12 billion in commercial paper outstanding. We also returned $11 billion to investors during the quarter, and we paid $3.3 billion in dividends and equivalents and spent $4.5 billion on repurchases of 29.1 million Apple shares through open-market transactions. We also launched a new $3 billion ASR program, resulting in initial delivery and retirement of 15.1 million shares, and we retire 4.5 million shares upon the completion of our 11th ASR during the quarter. We have now completed almost $234 billion of our $300 billion capital return program, including $166 billion in share repurchases.

本季末，我們持有現金及有價證券2689億美元，季增74億美元。這筆現金中有 2,523 億美元（佔總數的 94%）位於美國境外。本季我們發行了 70 億美元的新加幣和美元計價債務，使我們的未償定期債務達到 1,040 億美元，未償商業票據達到 120 億美元。本季度，我們也向投資者返還了 110 億美元，支付了 33 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 2,910 萬股蘋果股票。我們還啟動了一項新的 30 億美元 ASR 計劃，已完成 1510 萬股的初始交付和退役，並在本季度完成第 11 期 ASR 後退役了 450 萬股。我們目前已完成 3,000 億美元資本回報計畫中的近 2,340 億美元，其中包括 1,660 億美元的股票回購。

As we move ahead into December 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 12 月季度，我想回顧一下我們的展望，其中包括 Nancy 在電話會議開始時提到的那些前瞻性資訊。

As a reminder, the December quarter in fiscal '17 spans 14 weeks, whereas the December quarter this year will include the usual 13 weeks. We expect revenue to be between $84 billion and $87 billion. We expect gross margin to be between 38% and 38.5%. We expect OpEx to be between $7,650,000,000 and $7,750,000,000. We expect OI&E to be about $600 million, and we expect the tax rate to be about 25.5%.

提醒一下，2017 財年的 12 月季度跨越 14 週，而今年的 12 月季度將包括通常的 13 週。我們預計營收將在 840 億美元至 870 億美元之間。我們預計毛利率將在 38% 至 38.5% 之間。我們預計營運支出將在 76.5 億美元至 77.5 億美元之間。我們預計營運收入和支出約為 6 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 November 16, 2017 to shareholders of record as of November 13, 2017.

今天，我們的董事會也宣布，將於 2017 年 11 月 16 日向截至 2017 年 11 月 13 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。

(Operator Instructions) May we have the first question, please.

（操作說明）請問第一個問題是什麼？

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

（操作員說明）首先，我們將聽取摩根士丹利的凱蒂·休伯蒂的發言。

Luca, when do you expect to catch up with iPhone X demand? And given it's likely to be not in the December quarter, should we think about March as a better-than-seasonal revenue quarter because of that iPhone X ramp? And then, I have a follow-up.

Luca，你預計什麼時候才能趕上 iPhone X 的需求？鑑於iPhone X的銷售成長不太可能發生在12月季度，我們是否應該認為3月份的營收季度會比往年同期更好？然後，我還有一個後續問題。

I'll take that, Katy. It's Tim. The ramp for iPhone X is going well, especially considering that iPhone X is the most advanced iPhone we've ever created and it has lots of new technologies in it. And so we're really happy that we're able to increase week-by-week what we're outputting, and we're going to get as many of them as possible to the customers as soon as possible. And so it's -- I can't predict at this point when that balance will happen. We -- and on -- in terms of March, we obviously don't give -- we don't give guidance beyond the current quarter.

我接受，凱蒂。是蒂姆。iPhone X 的上市推廣進展順利，尤其考慮到 iPhone X 是我們迄今為止打造的最先進的 iPhone，它融合了許多新技術。因此，我們非常高興能夠每週增加產量，我們將盡快把盡可能多的產品送到客戶手中。所以，目前我無法預測這種平衡何時才能實現。至於三月之後的情況，我們顯然不會給出——我們不會給出本季之後的業績指引。

Okay. And in China, growth returned to strong double digits, 12% up. You've talked historically about that region being more sensitive than others to form factor changes and the new iPhone X form factor was not available in September. And so, should we assume that growth in that region only accelerates from here as that new product gets pushed into the market?

好的。在中國，經濟成長恢復到兩位數，增幅達 12%。你之前說過，該地區對產品外形變化比其他地區更敏感，而新款 iPhone X 的外形在 9 月還沒有上市。那麼，我們是否可以假設，隨著新產品進入市場，該地區的成長只會從此加速？

Let me talk a little bit about Q4 in China to give you a little bit of color on the results. The -- we increased market share for iPhone, Mac and iPad during the quarter. We hit all-time revenue records for services and for Mac in the -- for the PRC during the quarter. We had very strong iPad revenue growth. We had double-digit unit growth in iPhone, and both the upgraders and Android switchers were both up on a year-over-year basis during the quarter. And so, the results were broad based. They were pretty much across the board, as I indicated. The other thing that happened is that the decline that we've been experiencing in Hong Kong moderated. And so it's still down year-over-year, but less so than it was. And part of that is the compare is an easier compare. And then, finally, in terms of another headwind that is a little less than it was, currency has been affecting us more significantly last quarter in China. It affected us 1 percentage point. And so the sum of all that, I feel great about the results. We don't obviously provide geographic-specific guidance, but you can see from our overall guidance, we think we're going to have a really strong quarter.

讓我簡單談談中國第四季的情況，以便讓大家對結果有更清晰的了解。本季度，我們提高了 iPhone、Mac 和 iPad 的市佔率。本季度，我們在中國大陸的服務和 Mac 產品收入均創歷史新高。我們的iPad收入成長非常強勁。iPhone 銷量實現了兩位數的成長，本季升級用戶和 Android 用戶數量均較去年同期成長。因此，結果是普遍適用的。正如我之前所說，他們的情況幾乎完全一致。另一件事是，香港經濟持續下滑的趨勢有所緩和。因此，同比仍然下降，但降幅比之前要小。部分原因是，這種比較比較容易進行。最後，還有一點不利因素，雖然比之前略有減弱，那就是匯率在上個季度對我們在中國的影響更為顯著。它對我們造成了1個百分點的影響。綜上所述，我對結果非常滿意。我們顯然不會提供針對特定地區的業績指引，但從我們的整體業績指引可以看出，我們認為本季業績將非常強勁。

From Piper Jaffray, Mike Olson.

來自 Piper Jaffray，Mike Olson。

Is there any information you can provide on how iPhone X preorders compare to what you saw with iPhone 8 preorders? And then, I have a follow-up as well.

您能否提供一些信息，說明 iPhone X 的預購情況與 iPhone 8 的預購情況有何不同？然後，我還有一個後續問題。

Michael, we never go through mix. But I would share with you that the iPhone X orders are very strong for both direct customers and for our channel partners, which as you know, are lots of carrier throughout the world. And we couldn't be more excited to get underway. And I think as of a few minutes ago, the first sales started in Australia. And I'm told we had several hundred people waiting at the store in Sydney and I'm getting similar reports from across that region.

邁克爾，我們從來不混音。但我想告訴大家的是，iPhone X 的訂單量非常強勁，無論是直接客戶還是我們的通路合作夥伴（如您所知，我們的通路合作夥伴遍布世界各地，包括許多業者）的訂單量都很高。我們無比激動，迫不及待地想要開始了。我想就在幾分鐘前，澳洲的首批銷售已經開始了。據我了解，雪梨的門市外有數百人排隊等候，而且我從該地區其他地方也得到了類似的報告。

And we're excited about augmented reality. And from your perspective and maybe from our perspective on the outside looking in, how do we gauge the success of AR? And what are some of the applications of the technology that you're most excited about today?

我們對擴增實境技術感到非常興奮。從你的角度來看，或許從我們這些局外人的角度來看，我們該如何衡量 AR 的成功？那麼，您目前最看好這項技術的哪些應用呢？

Yes, it's a great question. The reason I'm so excited about AR is I view that it amplifies human performance instead of isolates humans. And so, as you know, it's the mix of the virtual and the physical world. And so it should be a help for humanity, not an isolation kind of thing for humanity. As I go through different countries, as I've been traveling lately and looking at things, some things in the market, other things that are coming, the very cool thing is they're all over the place. I see things that the consumer's going to love because it's going to change shopping. I see things that consumers will love on the gaming side and the entertainment side. I see business-related AR apps as well that are going to be great for productivity and between small and large business. And I see apps that makes me want to go back to K-12 again and repeat my schooling because I think it changes the game in the classroom a lot. And so the real beauty here is that it's mainstream. And of course, Apple is the only company that could have brought this, because it requires both hardware and software integration and it requires sort of making a lot of -- or giving the operating system update to many people at once. And we -- and the software team worked really hard to make that go back several versions of iPhone so that we sort of have hundreds of millions of enabled devices overnight. And so there's 1,000-plus in the App Store right now. I think this is very much like in 2008, when we fired the gun in the overall App Store. And so, that's what it feels like to me, and I think it will just get bigger from here.

是的，這是一個很好的問題。我之所以對擴增實境技術如此興奮，是因為我認為它能增強人類的表現，而不是孤立人類。所以，正如你所知，它是虛擬世界和現實世界的結合。因此，它應該對人類有所幫助，而不是使人類孤立起來。最近我一直在旅行，拜訪不同的國家，觀察各種事物，包括市場上的一些商品和即將推出的商品，最酷的是它們無處不在。我認為消費者會喜歡這些東西，因為它們將改變購物方式。我認為在遊戲和娛樂方面，有很多消費者會喜歡的東西。我還看到一些與商業相關的 AR 應用，它們將極大地提高生產力，並適用於小型和大型企業。我看到一些應用程序，讓我很想回到中小學重新學習，因為我認為它極大地改變了課堂教學的格局。所以，真正的妙處在於它是主流。當然，只有蘋果公司才能做到這一點，因為它需要硬體和軟體的集成，而且需要一次性向很多人推送作業系統更新。我們和軟體團隊付出了巨大的努力，使之可以追溯到幾個版本的 iPhone，這樣一夜之間我們就擁有了數億台啟用該功能的設備。所以現在 App Store 裡有 1000 多款應用程式。我認為這很像 2008 年，當時我們向整個 App Store 開了個「槍」。所以，這就是我的感受，而且我認為它只會越來越大。

From Cross Research, Shannon Cross.

取自 Cross Research，Shannon Cross。

A couple questions. The first, Tim, can you talk a bit about how you're thinking in terms of the lineup? You go from $340 -- and this is for iPhone. You go from $349 to above $1,000, and it appears that you probably sold a fair amount of the lower end, perhaps that was just some of the switchers in China and maybe drove some of the growth in China in terms of market share. But how are you sort of thinking about what went into the guidance for the December quarter? Are you seeing really strong demand at the low end? And obviously, expected benefit from the X at the high-end. I'm just trying to understand, because you have such a broader lineup than you've had in prior years.

我有幾個問題。提姆，首先，你能談談你對陣容的看法嗎？起價 340 美元——而且這還是 iPhone 的價格。價格從 349 美元漲到 1000 美元以上，看起來你可能賣出了相當一部分低端產品，也許只是中國的一些轉售者，這或許推動了中國市場份額的增長。那麼，您是如何看待制定12月季度業績指引的呢？低端市場需求真的非常強勁嗎？顯然，高階 X 機種也帶來了預期效益。我只是想了解一下，因為你們今年的陣容比往年要強大得多。

Yes, in terms of what we saw in Q4, you can probably tell from the ASP, we had good success, I would say, through the different iPhones. And we've tried hard to have an iPhone that is as affordable as possible for people that really want an iPhone that may have a more limited budget, and we've got some iPhones that are really great for that market. And then, we've got 3 new iPhones, and people will look at these and decide which one they want. And so we -- this is the first time we've ever been in the position that we've had 3 new iPhones at once like this at the top end of the line. And it's the first time we've had a staggered launch. And so, we're going to see what happens. But we've put our absolutely best thinking that we have here in the guidance that Luca presented. And you can tell from that, that we're bullish.

是的，就我們第四季所看到的而言，從平均售價（ASP）來看，我認為我們透過不同的 iPhone 機型取得了不錯的成功。我們一直努力打造價格盡可能親民的 iPhone，以滿足那些預算有限但又渴望擁有 iPhone 的人們的需求，我們推出了一些非常適合該市場的 iPhone 機型。然後，我們推出了 3 款新的 iPhone，人們會看看這些手機，然後決定自己想要哪一款。因此，這是我們第一次同時推出三款頂級新 iPhone。這也是我們第一次採取分階段發布的方式。所以，我們將拭​​目以待。但是，我們已經把我們所能想到的最好的建議都融入了盧卡提出的指導方針中。由此可見，我們非常看好這家公司。

Great. And then, in terms of services, $8.5 billion, up 34%. Can you talk about some of the portions of that, that outperformed? How sustainable? You mentioned China in terms of significant growth in services. But I'm just curious, it's a pretty remarkable number, so I'm curious what the drivers were.

偉大的。然後，就服務業而言，收入為 85 億美元，成長了 34%。能談談其中哪些部分錶現優異嗎？可持續性如何？您提到了中國服務業的顯著成長。但我很好奇，這個數字相當驚人，所以我想知道背後的驅動因素是什麼。

Yes, Shannon, it's Luca. As I mentioned in the prepared remarks, there was a $640 million adjustment. There was a one-off change. And it's important to call it out because, of course, it's a one-off. And so, the underlying growth rate for services in the quarter was fantastic, was 24%, the highest growth rate that we've had for services during fiscal '17. So the business is going incredibly well. I would highlight maybe 3 of these businesses within services. The App Store set a new all-time record. It's growing incredibly well. The number of paying accounts continues to grow very strongly, and that's very, very important to us for the App Store business. Apple Music was up -- subscriptions were up 75% year-over-year. We're getting the highest conversion rates that we've had since the launch of the service. And so we turned the corner in music. You remember that a few years ago, we were actually declining in music; now with the streaming service in addition to the download business, the business is growing again. And that really helps the growth rate for the entire Services business. iCloud is a service that continues to grow very strong double digits, and that's also helping. So we already become the size of a Fortune 100 company. We set a goal for ourselves to double what we did in fiscal '16 and the trajectory is actually quite positive.

是的，香農，是盧卡。正如我在準備好的演講稿中提到的，有 6.4 億美元的調整。發生了一次性變動。而且，指出這一點很重要，因為這當然只是個例。因此，本季服務業的潛在成長率非常出色，達到了 24%，這是我們在 2017 財年服務業所取得的最高成長率。所以公司業務發展得非常順利。在服務業中，我可能會重點介紹其中的三家企業。App Store 創下了歷史新高。它長得喜人。付費帳戶數量持續強勁成長，這對我們的 App Store 業務來說非常非常重要。Apple Music 的訂閱量較去年同期成長了 75%。我們獲得了自服務推出以來最高的轉換率。於是，音樂領域迎來了轉捩點。你還記得幾年前，我們的音樂產業實際上處於衰退期；現在，隨著串流媒體服務以及下載業務的興起，音樂產業又開始成長了。這確實有助於提高整個服務業務的成長率。iCloud 服務持續維持兩位數的強勁成長，這也起到了一定的幫助作用。所以我們已經達到了世界500強公司的規模。我們為自己設定了一個目標，比 2016 財年業績翻一番，而目前的進展實際上相當樂觀。

Steve Milunovich with UBS.

瑞銀集團的史蒂夫·米盧諾維奇。

I wanted to try to push a little bit more on the mix. Could you comment whether the 8 Plus outsold the 8 in the quarter? There seems to be some data that suggests that. And the 451 Research survey that you're alluding to also finds that over the next 90 days, those buying an iPhone, 43% are planning on buying the X. Could you comment upon your expectations in terms of the mix going forward? And if you won't do that, perhaps you could comment a bit about you're thinking in terms of pushing price elasticity. I think a couple of years ago, no one would have imagined selling a phone at this price. And obviously, you're pretty confident that you can do it.

我想在混音方面再做些嘗試。請問iPhone 8 Plus在本季銷量是否超過了iPhone 8？似乎有一些數據表明了這一點。您提到的451 Research調查也發現，在未來90天內，購買iPhone的用戶中，有43%計劃購買iPhone X。您能否談談您對未來市場格局的預期？如果你不願意這樣做，或許你可以談談你對提高價格彈性的看法。我想幾年前，沒人會想到會以這樣的價格賣手機。顯然，你對自己能做到這件事很有信心。

Obviously, I'm not going to talk about mix. It's not something that we've done in the past. If you look at the 8 and 8 Plus, when we launched them, they instantly became our top 2 selling products. If you look at 8 Plus in particular, to provide a little color there, 8 Plus for that -- for the period of time that we can measure to date, has gotten off to the fastest start of any Plus model. That, for us, was a bit of a surprise, and it's a positive surprise, obviously. And so we'll see what happens next. As I've mentioned before, we've never had 3 products, and it's only today that the first customers can certainly look at all 3 of those. And I'm sure there's been some people that wanted to do that before deciding even which one. And so we'll see what happens there. But in terms of price elasticity, I think it's important to remember that a large number of people pay for the phone by month. And so if you were to go out on the -- just the U.S., since that tends to be more the focus of this call. If you look at the U.S. carriers, I think you would find -- you could buy an iPhone X for $33 a month. And so if you think about that, that's a few coffees a week. It's less than a coffee a day at one of these nice coffee places. The other thing to keep in mind is that many people are now trading in their current iPhone on the next iPhone. And the residual value for iPhone tends to be the highest in the industry and many people pick up $300, $350 or so for their iPhone. And so that even reduces the monthly payment less. And then, obviously some carriers also have promotional things going on. And so I do think it's important to try to place it in that context. In terms of the way we price, we price to the sort of the value that we're providing. We're not trying to charge the highest price we could get or anything like that. We're just trying to price it for what we're delivering. And iPhone X has a lot of great new technologies in there that are leading the industry, and it is a fabulous product and we can't wait for people to start getting it in their hands.

顯然，我不會談論混音。我們以前從未這樣做過。如果你看看 iPhone 8 和 iPhone 8 Plus，它們一上市就立刻成為我們銷售最好的兩款產品。特別是以 iPhone 8 Plus 為例，就目前我們能夠衡量的這段時間而言，iPhone 8 Plus 是所有 Plus 機種中起步最快的。對我們來說，這有點出乎意料，而且顯然是個好驚喜。所以，接下來會發生什麼，我們拭目以待。正如我之前提到的，我們從來沒有 3 款產品，而今天，第一批顧客才真正有機會看到這 3 款產品。我相信肯定有人在決定選擇哪一個之前就想這麼做了。所以，我們拭目以待。但就價格彈性而言，我認為重要的是要記住，很多人是按月支付手機費用的。因此，如果您要外出——僅限美國，因為這往往是本次通話的重點。如果你看看美國的營運商，你會發現——你每月只需 33 美元就能買到一部 iPhone X。所以仔細想想，那可是每週好幾杯咖啡啊。這還不到在這些不錯的咖啡館裡一天喝杯咖啡的錢。另一點要注意的是，現在很多人都會用他們目前的 iPhone 換購下一代 iPhone。而且 iPhone 的殘值往往是業界最高的，很多人能以 300 到 350 美元左右的價格賣掉他們的 iPhone。這樣一來，每月還款額的減少幅度就更小了。當然，有些業者也會推出促銷活動。所以我認為，把它放在那個背景下看待是很重要的。在定價方面，我們的定價是根據我們提供的價值來定的。我們並不是想收取最高價格之類的。我們只是想根據我們提供的服務來定價。iPhone X 搭載了許多引領產業的全新技術，是一款非常棒的產品，我們迫不及待地想讓大家體驗到它。

And then, I wanted to ask. The Street historically has been a little skeptical about continued innovation, and you suggested there is more to grow. Historically, you weren't first to large screens. You weren't first to OLED. Now, though, you're leading in AR. You're leading with Face ID, which [the all-in a year ago, as some of your guys had suggested, was kind of very reminiscent of the aggressive Apple. Is it possible going forward that you could accelerate share gains from Android because you're now in a stronger competitive position?

然後，我想問。華爾街歷來對持續創新持懷疑態度，而你則認為還有更大的發展空間。從歷史上看，你並不是第一個進入大螢幕時代的人。你並非第一個推出OLED技術的人。不過，現在你們在擴增實境領域處於領先地位。你們以 Face ID 為先導，這（正如你們一些人一年前所建議的那樣）讓人想起蘋果公司咄咄逼人的做法。鑑於您目前處於更強大的競爭地位，未來是否有可能加快從 Android 平台獲取市場份額？

I think, Steve, we've been in a competitive position. And so, I probably -- maybe have a different view than you do or the folks that you're quoting. There's always doubting Thomases out there. I've been hearing those for the 20 years I've been here and suspect I'll hear about them until I retire. And so, I don't really listen to that too much. There's lots of fantastic people here and they're doing unbelievable things. And yes, I view AR as profound. Not today, not the apps that you'll see on the App Store today, but what it will be, what it can be, I think its profound and I think Apple is in a really unique position to lead in this area.

我認為，史蒂夫，我們一直處於競爭優勢地位。所以，我可能──或許──和你或你引用的那些人的觀點不同。總會有人心存懷疑。我在這裡的這 20 年裡一直聽到這些話，我估計直到退休都會一直聽到這些話。所以，我不太聽那些。這裡有很多非常優秀的人，他們正在做著令人難以置信的事情。是的，我認為擴增實境技術意義深遠。不是今天，不是你今天在 App Store 上看到的那些應用，而是它未來的樣子，它能變成什麼樣，我認為這意義深遠，而且我認為蘋果在這個領域處於非常獨特的領導地位。

We'll go to Toni Sacconaghi with Bernstein.

我們將和伯恩斯坦一起去托尼·薩科納吉那裡。

Just following up a little bit on that question, Tim. You talked a bit about providing a lot of value and that Apple sets its prices according to value. And I think, given the uniqueness of the product you have with the iPhone X in particular, that makes a lot of sense. I guess, the question is, given the uniqueness of the value that you have in the marketplace, why shouldn't we -- should we or why shouldn't we expect gross margins to improve this cycle versus previous ones? And perhaps, you can talk a little bit about how you think about pricing in the context of gross margin. And I have a follow-up, please.

提姆，我再補充一點關於你剛才的問題。你剛才提到要提供很多價值，而且蘋果公司是根據價值來定價的。我認為，考慮到 iPhone X 的獨特性，這很有道理。我想，問題是，鑑於您在市場上的獨特價值，為什麼我們不應該——或者說，為什麼我們不應該期望本輪週期的毛利率比以往週期有所提高？或許，您可以談談您是如何從毛利率的角度來考慮定價的。我還有一個後續問題。

Toni, I'll take that one. When -- you said, we price our products for the value that we deliver. We also said that every time we launch new products, the cost structures of the new products tend to be higher than the products that they replace. It's inevitable. We are adding new technologies, new features. And therefore, the cost structures go up. We have a very good track record of taking those cost structures and, over the life cycle of the product, we are able to bring them down. There are a lot of elements in the gross margin line that we have good control over and we -- there are also elements that we don't control. Take for example, foreign exchange, which has been a significant headwind for the company for the last 3 years now. Also, the mix of products that we sell into the market tends to change over time. And that also has an impact on the overall gross margin for the company. There are situations where the commodities markets are in good shape. There are situations where commodity markets can be a bit out of balance. We have a case right now around memory pricing, which is a headwind for the time being. So there's many puts and takes. The fact that our Services business is growing should be a positive because our services margins tend to be accretive to company margin. So there's many puts and takes that we tend to think about maximizing gross margin dollars. And -- because we think that's the most important thing for investors at the end of the day. When we look at our track record over years, I think we found a good balance between unit growth and gross margins and revenue, and we will continue to do that as we go forward.

東尼，我選那個。正如你所說，我們根據產品所提供的價值來定價。我們也說過，每次推出新產品時，新產品的成本結構往往高於被取代的產品。這是不可避免的。我們正在增加新技術、新功能。因此，成本結構上升。我們在降低成本結構方面有著非常好的記錄，並且在產品的生命週期內，我們能夠降低這些成本結構。毛利率中有很多因素我們可以很好地控制，但也有一些因素是我們無法控制的。以外匯為例，外匯在過去三年一直是公司面臨的一大不利因素。此外，我們投放市場的產品組合也會隨著時間推移而改變。這也會對公司的整體毛利率產生影響。有些情況下，大宗商品市場狀況良好。有些情況下，大宗商品市場可能會出現一些失衡。目前我們面臨的問題是記憶體價格，這在短期內對我們構成不利因素。所以有很多投入和收穫。我們的服務業務不斷成長，這應該是一件好事，因為我們的服務利潤率往往會提高公司利潤率。因此，我們傾向於考慮如何最大化毛利率，有很多買賣策略需要考慮。而且──因為我們認為，歸根究底，這對投資人來說才是最重要的。回顧我們多年的業績，我認為我們在單位成長、毛利率和收入之間找到了良好的平衡，我們將繼續這樣做，並朝著這個方向前進。

Okay. And then, I wanted to revisit this notion of supply and demand. And I realize it's very early and you can't make predictions. I think, a common investor question is the iPhone X was made available for sale; it quickly had pushed out availability levels to unprecedented levels versus history. And so I think the really significant question is, is that initial pushout really a function of uniquely strong demand versus history? Or is that pushout in availability really a function of much weaker supply versus history? So it would be really helpful. You have in the past commented on first 24-hour orders for which there were 4 million-plus for the iPhone 6 and 6 Plus. You have, very often on this call, talked about targeting when you think you could reach supply-demand balance. So it'd be really helpful if you could provide some context in terms of what you know either about initial orders or about the supplies versus history that can help investors try and better understand the little data points that they're seeing in terms of availability of the device.

好的。然後，我想重新探討一下供需關係這個概念。我知道現在還為時過早，不能做出預測。我認為，投資人普遍關心的問題是，iPhone X 上市後，其供應量迅速達到了前所未有的水平。因此，我認為真正重要的問題是，最初的推動力是否真的是由於異常強勁的需求而非歷史經驗所致？或者說，供應量的減少實際上是由於供應量比以往大幅下降造成的？所以這會很有幫助。您之前曾評論過 iPhone 6 和 6 Plus 上市 24 小時內的訂單量超過 400 萬部的情況。在先前的通話中，您多次談到何時才能達到供需平衡。因此，如果您能提供一些關於初始訂單或供應情況與歷史數據的背景信息，這將非常有幫助，可以幫助投資者更好地理解他們看到的關於設備可用性的零散數據點。

That truth is, we don't know. We've put our best estimate into the guidance. And you can see from the guidance that we're very bullish. And so, we feel really great about our -- about the product lineup. We're -- just sold the first units minutes ago. And so we'll see how things go. Until you get all of them out there, where customers have the ability to demo and so forth, I think it's -- I think any kind of mix discussion is very much estimating. And so we put our best estimates in but granted, we've never done this before. So there's no comparison here, with either the 3 iPhones nor the staggered launch. And so, we're going to learn something.

事實是，我們並不知道。我們已將最佳估算納入指導意見中。從我們的指引可以看出，我們非常看好這個前景。所以，我們對我們的產品陣容感到非常滿意。我們——幾分鐘前剛剛售出了第一批產品。所以，我們拭目以待。直到所有產品都面世，讓客戶能夠進行演示等等，我認為——我認為任何形式的混合討論都很大程度上是估算。因此，我們做出了最好的估算，但可以肯定的是，我們以前從未做過這件事。所以，無論是與三款 iPhone 的發布，或是分階段的發布方式，都無法進行比較。所以，我們將要學習一些東西。

We go to Jim Suva with Citigroup.

我們和花旗集團一起去吉姆·蘇瓦。

And I'll ask my original question and follow-up at the same time because they're slightly different topics. But you had mentioned great success in India, I believe, Tim. In your prepared comments, you mentioned, I think, India had doubled year-over-year. Based upon market analysis, it looks like Apple is still just a relatively small sliver of the pie there. So Tim, what would it take to be even more successful in India? Is it a manufacturing footprint there with your partners? Is it more physical stores? Is it lower price points? Is it the bandwidth that has now caught up to many other countries? Or how should we think about that? And then, the follow-up question is on the AR/VR, when will it really show up in your income statement? Are you hoping more for hardware sales or services to the apps or where the excitement will then be monetized within Apple?

我會同時提出我最初的問題和後續問題，因為它們是略有不同的主題。但我記得你曾提到你在印度取得了巨大的成功，提姆。我記得您在事先準備好的發言稿中提到，印度的人口比去年同期增加了一倍。根據市場分析，蘋果目前在該市場所佔份額仍然相對較小。提姆，要在印度取得更大的成功，需要做些什麼？你們和合作夥伴在那裡有生產基地嗎？是實體店更多嗎？價格更低嗎？是頻寬趕上其他許多國家了嗎？我們該如何看待這個問題？那麼，後續問題就是AR/VR技術何時才能真正體現在你的損益表中呢？你更希望看到硬體銷售成長，還是希望看到應用程式服務成長，或是希望看到蘋果公司內部如何將這種成長動能轉化為實際收益？

In terms of India, many of the things that you mentioned are correct. Growing a market like India is a result of all of those things and doing them all well. And so, it's analogous to the many years that we put into China. It's building stores. It's building channels. It's building markets. It's building the developer ecosystem. It's having the right product lineup for the market. And I feel like we're making good progress there and are gaining understanding of the market, but we still have a long way to go. I don't -- which I sort of see as an opportunity instead of a problem. And I do feel great about the growth rate. And so, that's India. I think it's all of those things. As you know, we -- as I've said, I think we talked about before, we started manufacturing the iPhone SE there 6, 9 months ago. So -- and the majority of iPhone SEs that we sold in the domestic market last quarter were manufactured there. And so we also have that going and are hoping that, that winds up saving some amount of money over time and avoiding some of the compounding of taxes, et cetera. The bandwidth issue has also been an issue, but as you point out, it is being addressed. And between the large carriers there with Bharti and now Jio investing the way they are, the service in India is materially better than it was just 12 months ago. So there's been a sea change there in a short period of time. So I feel good about all that, but we have a long way to go. In terms of the monetization question on AR/VR, we tend to focus first and foremost on customer experience. And so we're all about making sure the experience is great. And we think that if we get the experience right, that revenues and profits will be a result of getting that right. And so we're much -- we're very much focused on the experience right now.

就印度而言，你提到的很多事情都是正確的。像印度這樣的市場要發展壯大，需要所有這些因素共同作用，並且要把所有這些因素都做好。因此，這與我們多年來在中國投入的精力類似。它正在建造商店。它正在建立頻道。它正在建立市場。它正在建立開發者生態系統。關鍵在於擁有適合市場需求的產品陣容。我覺得我們在這方面取得了不錯的進展，對市場也有了更深入的了解，但我們還有很長的路要走。我不這麼認為──我倒覺得這反而是個機會，而不是個問題。我對目前的成長率感到非常滿意。這就是印度。我認為以上所有因素都成立。正如您所知，我們——正如我之前所說，我想我們之前也討論過，我們大約在6到9個月前開始在那裡生產iPhone SE。所以——上個季度我們在國內市場銷售的大部分 iPhone SE 都是在那裡生產的。因此，我們也採取了這種做法，希望隨著時間的推移，最終能夠節省一些資金，並避免一些稅收的複利效應等等。頻寬問題也一直是個問題，但正如你所指出的，這個問題正在解決。再加上 Bharti 和現在的 Jio 等大型營運商的大力投資，印度的網路服務比 12 個月前有了顯著改善。所以，在很短的時間內，那裡發生了翻天覆地的變化。所以我對這一切感到滿意，但我們還有很長的路要走。就 AR/VR 的獲利模式而言，我們首先關注的是客戶體驗。因此，我們致力於確保用戶體驗良好。我們認為，如果我們能把使用者體驗做好，那麼收入和利潤自然也會跟著來。所以我們現在非常注重體驗。

That will come from Amit Daryanani with RBC Capital Markets.

這將是來自加拿大皇家銀行資本市場的 Amit Daryanani 的演講。

I have 2 as well. I guess, maybe to start with on gross margins. Luca, year-over-year, revenues are going to be up high single-digits at the midpoint, gross margins will be down a little. Could you just talk about what other puts and takes on that. And are yield and efficiencies broadly much more severe this time versus what you've seen historically?

我也有兩個。我想，或許應該先從毛利率著手。Luca，與去年同期相比，營收中位數將達到較高的個位數成長，毛利率將略有下降。您能否談談其他人對此的看法和觀點？與以往相比，這次的產量和效率是否普遍下降得更厲害？

Yes, Amit. So we're guiding 38% to 38.5%. That's up 35 bps sequentially. Obviously, we're getting the leverage from the larger volumes. As I mentioned, I think, to Toni, we have higher cost structures every time we launch new products. So that is going to be the offset. And I mentioned, particularly the impact from the memory pricing environment, which is a headwind at this point. Just to size it for you, the impact of memory on our gross margin is 40 bps sequentially and 110 bps on a year-over-year basis. So they are meaningful impacts. And I think that is what, I think, probably you're referring to.

是的，阿米特。因此，我們預期成長率為 38% 至 38.5%。這比上一輪上漲了35個基點。顯然，我們利用了更大的交易量來獲得優勢。正如我之前提到的，我認為，對東尼來說，我們每次推出新產品都會面臨更高的成本結構。所以這就是偏移量。我還特別提到了記憶體價格環境的影響，這在目前是一個不利因素。為了讓你們更直觀地了解影響程度，記憶體對我們毛利率的影響是環比下降 40 個基點，比去年同期下降 110 個基點。所以它們產生了有意義的影響。我想，這可能就是你所指的。

Got it. That's really helpful. And I guess, if I could just follow up on the services line. You just talked about it a fair amount earlier, but even if I exclude the onetime gain, it looks like the back half of '17 accelerated by 500 basis points in fiscal '17 versus the first half of '17. Qualitatively or quantitatively, is there a way to think about how much of this is from expanding the installed base, which is 1 of the 3 things you mentioned, I think, versus more dollar per iOS device that you're seeing?

知道了。這真的很有幫助。我想，如果我能跟進一下服務熱線就好了。您剛才已經談了很多，但即使我排除一次性收益，看起來 2017 年下半年的增速比 2017 年上半年快了 500 個基點。從定性或定量的角度來看，有沒有辦法判斷這其中有多少是由於擴大用戶基數（我認為這是你提到的三件事之一）造成的，又有多少是由於每台 iOS 設備的價格上漲造成的？

Yes, I think it's both. As I mentioned, particularly on the App Store, which is very important to us, the number of paying accounts has grown a lot. It's grown a lot because, as you said, the installed base has grown, but also because we have made a number of changes that have made it easier for our customers around the world to participate on the App Store and be able to transact on the Apps Store. We are accepting, for example, more forms of payment today than we were 12 months ago or even 6 months ago. So that's been very important. We also see that there is a typical spending curve for our customers when they start transacting on the store. They start at a certain level and they tend, over time, to get more familiar with the store and they start to spend more. We're also now very recently made some changes, as you probably have seen, to the design of the App Store. And I was mentioning during the prepared remarks that these changes have been received very favorably. And so, people now are spending more time on the store, they download more apps and then, over time, translates into monetization. But we also have other businesses that are growing very, very fast and actually accelerating. I mentioned Music; I mentioned iCloud. And so it all adds up. And as you correctly point out, our growth rate is accelerating.

是的，我認為兩者都是。正如我之前提到的，尤其是在對我們來說非常重要的 App Store 上，付費帳戶的數量增長了很多。正如你所說，它成長了很多，因為安裝用戶群成長了，但也因為我們進行了一些改變，讓世界各地的客戶更容易參與 App Store 並能夠在 App Store 上進行交易。例如，我們現在接受的付款方式比 12 個月前甚至 6 個月前都要多。所以這一點非常重要。我們也發現，當顧客開始在商店進行交易時，他們的消費曲線呈現出典型的規律。他們從一定的消費水平開始，隨著時間的推移，他們往往會對商店越來越熟悉，然後開始消費更多。正如您可能已經看到的，我們最近也對 App Store 的設計進行了一些更改。我在事先準備好的演講稿中提到，這些變化受到了非常正面的評價。因此，人們現在在應用程式商店花費的時間更多，下載的應用程式也更多，隨著時間的推移，這些都會轉化為收益。但我們也有其他業務發展非常非常快，而且實際上正在加速成長。我提到了音樂；我提到了iCloud。所以，這一切都說得通了。正如您所指出的，我們的成長速度正在加快。

From Drexel, we'll hear from Brian White.

我們將從德雷塞爾大學聽到布萊恩懷特的發言。

Yes, Tim, wondering if we take a look at mainland China and we think about iPhone 8 and iPhone 8 Plus, they've been on sale for a while now. What has been the -- just general response to those 2 new iPhones? And also, preorders around the iPhone X in mainland China.

是的，提姆，我在想，如果我們看看中國大陸，再想想 iPhone 8 和 iPhone 8 Plus，它們已經上市已經有一段時間了。大家對這兩款新iPhone的整體反應如何？此外，中國大陸地區 iPhone X 的預購情況也已開始。

Brian, I hate to repeat this, but we don't really disclose mix. We view it as competitive information that we want to hold tightly ourselves. In terms of the way the preorder process works in China in the channel, so not in our direct channel, but in the broader carrier channel and channel, they generally take indications of interest versus something that I would label a preorder. And so, I would hesitate to even quote a number for fear it could be misconstrued. And we'll find out what the demand and where the supply and demand meets sometime in the future. I don't know when yet. But we're really excited to get going to find out.

布萊恩，我很不想重複這件事，但我們確實不會公開混音比例。我們認為這是具有競爭意義的訊息，需要嚴格保密。就中國通路的預購流程而言（不是在我們自己的直銷管道，而是在更廣泛的營運商管道），他們通常會接受意向表示，而不是我所說的預購。因此，我甚至不敢輕易引用某個數字，以免被誤解。未來某個時候，我們會發現需求是什麼，以及供需在哪裡達到平衡。我還不清楚具體時間。但我們真的很興奮，迫不及待地想要一探究竟。

And Tim, it's interesting that sales grew 16% sequentially. If you look at the past 5 years, sales were up 7% in the September quarter. So that's an average. Yet you didn't have all your iPhones in the market. So if you had to -- what would you attribute that to? It's a pretty big disconnect, 16% versus an average of 7%.

提姆，銷售額環比成長 16%，這很有意思。如果回顧過去 5 年，9 月季度的銷售額成長了 7%。這是平均值。然而，你並沒有把市面上所有的iPhone都賣光。所以如果非要說的話──你會把原因歸結於什麼？這是一個相當大的差距，16% 對 7% 的平均值。

Our emerging market performance during the quarter was very strong. Not -- and if you take China out, it's even stronger. But you can see the -- that China rebounded. And as I've indicated before, the China rebound was broad-based across the products. And so we just had a phenomenal quarter on iPad, on the Mac, on Services, on Apple Watch, on iPhone. I mean, we're literally, we're firing on all cylinders. And so that's what -- that and our new products give us great confidence headed into this holiday season that this is going to be the best holiday season yet.

本季我們在新興市場的表現非常強勁。不——而且如果把中國排除在外，它甚至更強大。但你可以看到——中國經濟已經反彈了。正如我之前指出的，中國市場的復甦是全方位的，涵蓋了所有產品。因此，我們在 iPad、Mac、服務、Apple Watch 和 iPhone 上都取得了非常出色的季度業績。我的意思是，我們現在真的火力全開。所以，正是這些因素，再加上我們的新產品，讓我們對即將到來的假期季節充滿信心，相信這將是有史以來最好的假期季節。

Thank you, Brian. A replay of today's call will be available for 2 weeks on Apple podcast 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, and please enter confirmation code 2484260. 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. Thank you again for joining us.

謝謝你，布萊恩。今天的電話會議錄音將在 Apple Podcast、apple.com/investor 網站的網路直播以及電話收聽管道上提供，有效期為兩週。電話重播號碼為 (888) 203-1112 或 (719) 457-0820，請輸入確認碼 2484260。這些回放影片大約會在下午5點前提供。今天是太平洋時間。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。