蘋果 (AAPL) 2017 Q4 法說會逐字稿

Good day, everyone, and welcome today's Apple Inc.

大家好，歡迎今天的 Apple Inc.

Fourth Quarter Fiscal Year 2017 Earnings Release Conference Call.

2017 財年第四季度財報電話會議。

Today's call is being recorded.

今天的電話正在錄音。

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

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

Please go ahead, ma'am.

請繼續，女士。

Thank you.

謝謝你。

Good afternoon, and thanks to everyone for joining us.

下午好，感謝大家加入我們。

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

今天首先發言的是蘋果公司的首席執行官蒂姆庫克，隨後是首席財務官盧卡梅斯特里。

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

在那之後，我們將向分析師提問。

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

請注意，您將在我們今天的討論中聽到的一些信息將包含前瞻性陳述，包括但不限於有關收入、毛利率、運營費用、其他收入和費用、稅收和未來業務前景的陳述。

Actual results or trends could differ materially from our forecast.

實際結果或趨勢可能與我們的預測大相徑庭。

For more information, please refer to the risk factors discussed in Apple's 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.

有關更多信息，請參閱 Apple 最近提交的有關 10-K 表格和 10-Q 表格的定期報告以及今天向 SEC 提交的 8-K 表格以及相關新聞稿中討論的風險因素。

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

Apple 不承擔更新任何前瞻性聲明或信息的義務，這些聲明或信息截至其各自日期。

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

我現在想把電話轉給蒂姆做介紹性發言。

Good afternoon, and thanks to everyone for joining us.

下午好，感謝大家加入我們。

As we closed the books in 2017, I have to say I couldn't be more excited about Apple's future.

當我們在 2017 年關閉書籍時，我不得不說我對 Apple 的未來感到無比興奮。

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.

這是我們在世界大部分地區有史以來最大的一年，在美國、西歐、日本、韓國、中東、非洲、中歐和東歐以及亞洲的收入創下歷史新高。

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.

我們今年的業績特別強勁，創造了有史以來最高的 9 月季度收入，因為同比增長連續第四個季度加速。

Revenue was $52.6 billion, above the high end of our guidance range and up 12% over last year.

收入為 526 億美元，高於我們指導範圍的高端，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.

我們在所有產品類別中都實現了收入增長，並為我們的服務業務創造了創紀錄的業績。

As we expected, we returned to growth in Greater China with unit growth and market share gains for iPhone, iPad and Mac.

正如我們預期的那樣，我們在大中華區恢復了增長，iPhone、iPad 和 Mac 的單位增長和市場份額增加。

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.

事實上，這是中國大陸 Mac 銷量創歷史新高的季度，服務收入也創歷史新高。

And revenue from emerging markets outside of Greater China was up 40% with great momentum in India, where revenue doubled year-over-year.

來自大中華區以外新興市場的收入增長了 40%，印度增長勢頭強勁，收入同比翻了一番。

We also had great results in enterprise and education with double-digit growth in worldwide customer purchases of iPad and Mac in both markets.

我們在企業和教育領域也取得了不錯的成績，全球客戶在這兩個市場的 iPad 和 Mac 購買量均實現了兩位數的增長。

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.

9 月季度的毛利率處於我們指導範圍的高端，由於我們團隊的出色工作，我們創造了創紀錄的第四季度每股收益 2.07 美元，比去年同期增長 24%。

iPhone sales exceeded our expectations.

iPhone 的銷量超出了我們的預期。

In the last 1.5 week of September, we began shipping iPhone 8 and iPhone 8 Plus to customers in more than 50 countries.

在 9 月的最後 1.5 週，我們開始向 50 多個國家/地區的客戶發貨 iPhone 8 和 iPhone 8 Plus。

They instantly became our 2 most popular iPhone models and have been every week since then.

它們立即成為我們最受歡迎的 2 款 iPhone 機型，從那時起每週都會出現。

As we speak, the launch of iPhone X is now underway as stores open across Australia and Asia.

正如我們所說，隨著商店在澳大利亞和亞洲的開張，iPhone X 的發布正在進行中。

iPhone X is packed with innovative new technologies that chart our path for the next decade.

iPhone X 充滿了創新的新技術，為我們未來十年的發展指明了方向。

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.

TrueDepth 相機系統、Super Retina 顯示屏和帶有神經引擎的 A11 仿生芯片等技術已經開發多年，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.

iPhone X 帶來全新體驗，例如使用面容 ID 解鎖您的 iPhone、使用工作室品質的燈光效果拍照或玩身臨其境的增強現實遊戲。

We can't wait for people to experience our vision of the future.

我們迫不及待地想讓人們體驗我們對未來的願景。

Orders have already been very strong and we're working to get iPhone X into customers' hands as quickly as possible.

訂單已經非常強勁，我們正在努力盡快將 iPhone X 送到客戶手中。

Turning to Services.

轉向服務。

Revenue reached an all-time quarterly record of $8.5 billion in the September quarter.

9 月份季度的收入達到了 85 億美元的歷史季度記錄。

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.

幾個季度前，我們制定了一個目標，即到 2020 年將 2016 財年的服務收入翻一番，達到 240 億美元，我們正在朝著實現這一目標邁進。

In fiscal 2017, we reached $30 billion, making our Services business already the size of a Fortune 100 company.

在 2017 財年，我們達到了 300 億美元，使我們的服務業務的規模已經達到了財富 100 強公司的規模。

We're also delighted to report our second consecutive quarter of double-digit unit growth for iPad.

我們也很高興地報告 iPad 連續第二個季度實現兩位數的單位增長。

Customers have responded very positively to the new iPad lineup.

客戶對新的 iPad 產品線反應非常積極。

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.

隨著 iOS 11 的推出，iPad 體驗變得比以往任何時候都更加強大，擁有出色的完成任務的新功能，例如新的底座、文件應用程序、拖放、多任務處理以及比大多數 PC 筆記本電腦更強大的功能。

The launch of iOS 11 also made iOS the world's largest platform for augmented reality.

iOS 11 的推出也讓 iOS 成為全球最大的增強現實平台。

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.

今天，我們的 App Store 中已經有超過 1,000 款具有強大 AR 功能的應用程序，開發人員在幾乎所有類別的應用程序中都為消費者、學生和 [企業] 用戶創造了驚人的新體驗。

Put simply, we believe AR is going to change the way we use technology forever.

簡而言之，我們相信 AR 將永遠改變我們使用技術的方式。

We're already seeing things that will transform the way you work, play, connect and learn.

我們已經看到將改變您的工作、娛樂、聯繫和學習方式的事物。

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.

例如，有一些 AR 應用程序可以讓你與你能想像到的一切的虛擬模型進行交互，從人體到太陽系。

And of course, you experience them like they're really there.

當然，你體驗它們就像它們真的在那裡一樣。

Instantly, education becomes much more powerful when every subject comes to life in 3D.

立即，當每個主題都以 3D 形式出現時，教育變得更加強大。

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.

想像一下購物，當您可以在購買之前將物品放在客廳中時，或者當您可以看到現場的統計數據時參加現場體育賽事。

AR is going to change everything.

AR 將改變一切。

iOS 11 is also allowing developers to integrate machine learning models into their apps with Core ML.

iOS 11 還允許開發人員使用 Core ML 將機器學習模型集成到他們的應用程序中。

Pinterest is already using Core ML to deliver fast and powerful visual search.

Pinterest 已經在使用 Core ML 來提供快速而強大的視覺搜索。

PadMapper uses Core ML to provide intelligent features that make it easy to find or rent your apartment.

PadMapper 使用 Core ML 提供智能功能，讓您可以輕鬆找到或租用您的公寓。

And VisualDx is even pioneering new health diagnostics with Core ML, automating [scanned] image analysis to assist dermatologists with their diagnosis.

VisualDx 甚至通過 Core ML 開創了新的健康診斷，自動進行 [掃描] 圖像分析，以幫助皮膚科醫生進行診斷。

These are just a few examples.

這些只是幾個例子。

There's so much more to come.

還有很多事情要做。

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.

接下來，我想談談Mac，它是有史以來最好的一年，也是蘋果歷史上Mac年收入最高的一年。

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.

這也是有史以來最好的 9 月季度，Mac 收入增長了 25%，這得益於我們在 6 月推出的筆記本電腦更新和強勁的返校季。

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 月推出 macOS High Sierra 以來，Mac 體驗變得更加出色，採用新技術使 Mac 更加可靠、功能強大和響應迅速，並為未來的創新奠定了基礎。

Moving on now to Apple Watch.

現在轉到 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.

憑藉連續第三個季度超過 50% 的銷量增長，它繼續成為全球最暢銷和最受喜愛的智能手錶。

We began shipping Apple Watch Series 3 just 6 weeks ago and customers love the new freedom of cellular.

我們僅在 6 週前開始發售 Apple Watch Series 3，客戶喜歡蜂窩網絡帶來的新自由。

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.

只帶 Apple Watch 跑步或不帶手機快速跑腿，同時保持連接狀態的能力改變了遊戲規則。

Now more than ever, Apple Watch is the ultimate device for healthy life and is already making a big difference in our customers' lives.

現在，Apple Watch 比以往任何時候都更加成為健康生活的終極設備，並且已經對我們客戶的生活產生了重大影響。

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.

我們對即將推出的 Apple Heart Study 感到非常興奮，該研究將使用來自 Apple Watch 的數據來識別不規則的心律，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.

本週早些時候，我們推出了 watchOS 4.1，通過 Apple Music 將 4000 萬首歌曲帶到您的手腕上。

The combination of music streaming on Apple Watch and AirPods is truly a magical experience for people on-the-go.

Apple Watch 和 AirPods 上的音樂串流相結合，對於忙碌的人們來說確實是一種神奇的體驗。

We're thrilled with the momentum of these products.

我們對這些產品的發展勢頭感到興奮。

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.

事實上，我們整個可穿戴設備業務在第四季度同比增長 75%，並且在 2017 財年，已經產生了財富 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.

在 9 月季度末，我們還推出了 Apple TV 4K，在家中提供令人驚嘆的影院體驗。

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.

因此，現在世界各地的用戶都可以觀看 4K HDR 質量的電影和節目，並在 Apple TV 應用程序上直播體育賽事和新聞。

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.

通過 iTunes 和其他流行的視頻服務已經有大量 4K HDR 影片可供選擇，還有更多電影和節目正在製作中。

We're also very excited about the opening of Apple Michigan Avenue 2 weeks ago on Chicago's riverfront.

我們也對兩週前在芝加哥河濱開設的 Apple Michigan Avenue 感到非常興奮。

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.

這是第一家匯集了我們對 Apple 零售業未來的完整願景的商店，為每個人提供了一個在城市中心體驗我們的產品、服務和鼓舞人心的教育計劃的好地方。

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 節目外，該節目在全球所有 Apple 商店都提供，每天提供攝影、音樂創作、藝術和設計、編碼和創業課程，Apple Michigan Avenue 還與當地的非營利組織和創意組織合作，對該社區產生持續的積極影響。

Also this quarter, we expanded our free app development with Swift curriculum to more than 30 community colleges across the country.

同樣在本季度，我們將使用 Swift 課程的免費應用程序開發擴展到全國 30 多所社區學院。

We're very excited about this initiative and we're thrilled by the momentum we're seeing.

我們對這一舉措感到非常興奮，我們對我們所看到的勢頭感到興奮。

The schools we've launched with this summer are just the beginning.

我們今年夏天推出的學校僅僅是個開始。

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.

社區學院在教育是偉大的均衡器的社區中擁有強大的影響力，本學年採用我們課程的學院為數百萬學生提供了構建應用程序的機會，這些應用程序將為他們在軟件開發和信息技術等領域的職業生涯做好準備。

We're incredibly enthusiastic about what our teams have accomplished this year and all the amazing products in our lineup.

我們對我們的團隊今年所取得的成就以及我們陣容中所有令人驚嘆的產品充滿熱情。

As we approach the holiday season, we expect it to be our biggest quarter ever.

隨著假期的臨近，我們預計這將是我們有史以來最大的季度。

I'd like to thank all of our teams, our partners and our customers for their passion, commitment and loyalty.

我要感謝我們所有的團隊、合作夥伴和客戶的熱情、承諾和忠誠。

You've helped us make 2017 a sensational year.

您幫助我們使 2017 年成為轟動的一年。

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

現在有關 9 月季度業績的更多詳細信息，我想將電話轉給盧卡。

Thank you, Tim.

謝謝你，蒂姆。

Good afternoon, everyone.

大家下午好。

Revenue for the 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 月季度的收入達到創紀錄的 526 億美元，比去年增長 12%，很高興看到我們的增長率在 2017 財年的每個季度都在加速。

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.

我們本季度的出色表現非常廣泛，我們所有產品類別的收入連續第二季度增長，美洲、歐洲和亞太地區其他地區的新 9 月季度收入記錄。

We grew double digits in the U.S., Canada, Germany, France, Italy, Spain, Korea and several other developed markets.

我們在美國、加拿大、德國、法國、意大利、西班牙、韓國和其他幾個發達市場實現了兩位數的增長。

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.

我們特別高興在大中華區恢復增長，收入同比增長 12%；憑藉我們在印度的發展勢頭，印度的收入同比翻了一番。

We grew more than 30% in Mexico, the Middle East, Turkey and Central and Eastern Europe.

我們在墨西哥、中東、土耳其以及中歐和東歐的增長超過 30%。

These results helped fuel overall growth over the 20% from emerging markets.

這些結果幫助推動了新興市場超過 20% 的整體增長。

Gross margin was 37.9% at the high end of our guidance range.

在我們指導範圍的高端，毛利率為 37.9%。

Operating margin was 25% of revenue and net income was $10.7 billion.

營業利潤率為收入的 25%，淨收入為 107 億美元。

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.

每股攤薄收益為 2.07 美元，比去年同期增長 24%，創下 9 月季度的新紀錄，運營現金流強勁，達到 157 億美元。

During the quarter, we sold 46.7 million iPhones, up 3% over last year.

本季度，我們售出了 4670 萬部 iPhone，比去年增長 3%。

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.

我們很高興看到 iPhone 在許多新興市場實現兩位數的增長，包括中國大陸、中東、中歐和東歐、印度和墨西哥。

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.

根據 IDC 的最新估計，我們不僅在這些市場上獲得了份額，而且在加拿大、德國、法國、意大利、西班牙、瑞典和新加坡也獲得了份額。

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.

iPhone 渠道庫存環比增加 130 萬部，以支持 iPhone 8 和 8 Plus 的推出，顯著低於去年 9 月季度的增幅。

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

消費者和企業用戶對 iPhone 的興趣和滿意度都非常高。

In the U.S., the latest data from 451 Research on consumers indicates a customer satisfaction rating of 97% or higher across all iPhone models.

在美國，來自 451 Research 的最新消費者數據表明，所有 iPhone 機型的客戶滿意度都達到了 97% 或更高。

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.

在計劃在未來 90 天內購買智能手機的消費者中，iPhone 的購買意願為 69%，是最接近的競爭對手的 5 倍以上，當前 iPhone 用戶的忠誠度為 95%，而排名第二的品牌為 53% .

For corporate smartphone buyers, iOS customer satisfaction was 95%.

對於企業智能手機購買者，iOS 客戶滿意度為 95%。

And of those planning to purchase smartphones in the December quarter, 80% plan to purchase iPhone.

在計劃在 12 月季度購買智能手機的人中，80% 的人計劃購買 iPhone。

That is the highest score for iPhone in the history of the survey.

這是 iPhone 在調查歷史上的最高得分。

Turning to Services.

轉向服務。

We set an all-time quarterly record of $8.5 billion, up 34% year-over-year.

我們創造了 85 億美元的歷史季度記錄，同比增長 34%。

Our results included a favorable onetime revenue adjustment of $640 million.

我們的結果包括有利的一次性收入調整 6.4 億美元。

On a run-rate basis, excluding this adjustment, services growth of 24% was terrific and the highest that we have experienced this year.

在運行率的基礎上，不包括這次調整，24% 的服務增長非常好，是我們今年所經歷的最高水平。

The App Store set a new all-time record.

App Store 創下了新的歷史記錄。

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.

根據 App Annie 的最新報告，它仍然是客戶購買的首選目的地，而且利潤率不斷增長，幾乎是 Google Play 收入的兩倍。

We're getting great response to the App Store's new design in iOS 11 from both customers and developers.

客戶和開發人員對 iOS 11 中 App Store 的新設計的反應非常好。

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.

我們看到客戶訪問頻率、他們在商店中花費的時間以及他們下載的應用程序數量都在增加。

The success of Apple Music also continues to build, and we're seeing our highest conversion rates from customers trying the service.

Apple Music 的成功也在繼續發展，我們看到客戶嘗試該服務的轉化率最高。

Revenue grew strongly once again in the September quarter and that number of paid subscribers was up over 75% year-over-year.

收入在 9 月季度再次強勁增長，付費用戶數量同比增長超過 75%。

We also saw great performance from our iCloud business, with very strong double-digit growth in both monthly average users and revenue.

我們還看到了 iCloud 業務的出色表現，月平均用戶和收入均實現了兩位數的強勁增長。

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.

在我們所有的服務產品中，截至 9 月季度末，付費訂閱數量超過 2.1 億，在過去 90 天內增加了 2500 萬。

Apple Pay expanded to Denmark, Finland, Sweden and the UAE last month and continues to grow rapidly.

Apple Pay 上個月擴展到丹麥、芬蘭、瑞典和阿聯酋，並繼續快速增長。

Over the past year, active users have more than doubled and annual transactions are up 330%.

在過去的一年裡，活躍用戶增加了一倍多，年交易量增長了 330%。

In the U.S., 70% of leading groceries chains are now accepting Apple Pay with the recent launch of Safeway.

在美國，隨著最近推出的 Safeway，70% 的領先雜貨連鎖店現在接受 Apple Pay。

And over 5 million U.S. merchant locations will be Apple Pay enabled by the end of this year.

到今年年底，將有超過 500 萬個美國商戶使用 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.

接下來，我想談談 Mac，它在 17 財年創下了 258 億美元的新的歷史收入記錄。

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.

根據 IDC 的最新估計，我們在 9 月季度售出了 540 萬台 Mac，比去年增長了 10%，並且隨著全球市場萎縮 1%，我們獲得了可觀的市場份額。

This performance was fueled primarily by great demand for MacBook Pro, and Mac revenue grew 25% to a new September quarter record.

這一表現主要得益於對 MacBook Pro 的巨大需求，Mac 收入增長了 25%，創下 9 月季度的新紀錄。

We had outstanding results all around the world with each of our geographic segments growing Mac revenue by 20% or more.

我們在世界各地都取得了出色的成績，我們每個地理區域的 Mac 收入都增長了 20% 或更多。

We are also very happy with the success of Mac in the education market, where customer purchases grew double digits year-over-year.

我們也對 Mac 在教育市場取得的成功感到非常高興，客戶購買量同比增長兩位數。

It was also another great quarter for iPad.

對於 iPad 來說，這也是另一個很棒的季度。

We sold 10.3 million units, up 11% over last year with strong demand for both iPad and iPad Pro, and revenue grew 14%.

由於對 iPad 和 iPad Pro 的強勁需求，我們售出了 1030 萬台，比去年增長了 11%，收入增長了 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%.

很高興看到我們所有地理區域的 iPad 銷量和收入都有增長，尤其是在新興市場（包括大中華區）的強勁業績，iPad 銷量同比增長 25%；印度增長了 39%。

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.

NPD 指出，iPad 在 9 月季度佔據美國平板電腦市場 54% 的份額，其中包括 10 款最暢銷平板電腦中的 7 款。

That's up from 47% share a year ago.

這一比例高於一年前的 47%。

Also, the most recent surveys from 451 Research measured customer satisfaction rates of 97% across iPad models.

此外，451 Research 的最新調查顯示，iPad 機型的客戶滿意度為 97%。

And among people planning to buy tablets, purchase intent for iPad was over 70% for both consumers and businesses.

在計劃購買平板電腦的人群中，消費者和企業對 iPad 的購買意向均超過 70%。

We're seeing great momentum with our enterprise initiatives.

我們的企業計劃勢頭強勁。

During the September quarter, we announced a new partnership with Accenture, who is creating a dedicated iOS practice in select locations around the world.

在 9 月季度，我們宣布與埃森哲建立新的合作夥伴關係，埃森哲正在世界各地的特定地點創建專門的 iOS 實踐。

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.

來自 Apple 的專家與這個團隊共同工作，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。

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.

示例包括構建新客戶體驗和促進 iOS 與企業系統集成的服務，幫助企業更好地利用來自物聯網平台的數據，以及將現有的遺留應用程序和數據順利傳輸到現代 iOS 應用程序。

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.

上個月，我們宣布與 GE 建立合作夥伴關係，通過將 GE 的工業物聯網平台引入 iOS 來重塑工業公司的工作方式。

The Predix SDK for iOS will enable developers to build native apps to drive industrial operations with more efficiency and speed than ever before.

適用於 iOS 的 Predix SDK 將使開發人員能夠構建原生應用程序，以比以往更高的效率和速度推動工業運營。

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.

GE 還在為其全球超過 330,000 名員工的 iPhone 和 iPad 進行標準化；通過與 Apple 合作，GE 正在為其內部和外部受眾開發 iOS 應用程序，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.

除了我們的 iOS 設備，我們還看到了 Mac 在企業市場上的巨大吸引力，2017 財年的客戶購買量創歷史新高。

The September quarter was very strong for our retail and online stores, which welcome 418 million visitors.

我們的零售和在線商店在 9 月季度表現強勁，迎來 4.18 億訪客。

Traffic was particularly heavy during the week of our new product announcements, up 19% over last year.

在我們發布新產品的那一周，客流量特別大，比去年增長了 19%。

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.

零售在美洲、歐洲、中國和新加坡開展了非常成功的返校促銷活動，與去年的計劃相比，Mac 和 iPad Pro 的銷售額增長了兩位數。

And around the world, our stores conducted over 200,000 Today at Apple sessions during the quarter.

在全球範圍內，我們的商店在本季度舉辦了超過 200,000 場 Today at Apple 會議。

Let me now turn to our cash position.

現在讓我談談我們的現金狀況。

We ended the quarter with $268.9 billion in cash plus marketable securities, a sequential increase of $7.4 billion.

截至本季度末，我們擁有 2689 億美元的現金和有價證券，環比增長 74 億美元。

$252.3 billion of this cash, 94% of the total, was outside the United States.

這筆現金中有 2523 億美元（佔總額的 94%）在美國境外。

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.

我們在本季度發行了 70 億美元的新加元和美元計價債務，使我們的定期債務達到 1040 億美元，未償商業票據達到 120 億美元。

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.

本季度我們還向投資者返還了 110 億美元，支付了 33 億美元的股息和等價物，並通過公開市場交易斥資 45 億美元回購了 2910 萬股蘋果股票。

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.

我們還啟動了一項新的 30 億美元的 ASR 計劃，導致 1510 萬股的初始交付和退役，我們在本季度第 11 次 ASR 完成後退役 450 萬股。

We have now completed almost $234 billion of our $300 billion capital return program, including $166 billion in share repurchases.

我們現在已經完成了 3000 億美元資本回報計劃中的近 2340 億美元，其中包括 1660 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前景，其中包括南希在電話會議開始時提到的前瞻性信息類型。

As a reminder, the December quarter in fiscal '17 spans 14 weeks, whereas the December quarter this year will include the usual 13 weeks.

提醒一下，17 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。

We expect revenue to be between $84 billion and $87 billion.

我們預計收入將在 840 億美元至 870 億美元之間。

We expect gross margin to be between 38% and 38.5%.

我們預計毛利率在 38% 至 38.5% 之間。

We expect OpEx to be between $7,650,000,000 and $7,750,000,000.

我們預計 OpEx 將在 7,650,000,000 美元到 7,750,000,000 美元之間。

We expect OI&E to be about $600 million, and we expect the tax rate to be about 25.5%.

我們預計 OI&E 約為 6 億美元，我們預計稅率約為 25.5%。

Also today, our Board of Directors has declared a cash dividend of $0.63 per share of common stock payable on November 16, 2017 to shareholders of record as of November 13, 2017.

同樣在今天，我們的董事會宣佈於 2017 年 11 月 16 日向截至 2017 年 11 月 13 日在冊的股東派發每股普通股 0.63 美元的現金股息。

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

有了這個，我想打開問題電話。

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

（操作員說明）請問第一個問題。

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

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

Luca, when do you expect to catch up with iPhone X demand?

Luca，你預計什麼時候能趕上 iPhone X 的需求？

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?

鑑於可能不在 12 月季度，我們是否應該將 3 月視為一個優於季節性收入的季度，因為 iPhone X 的銷量增長？

And then, I have a follow-up.

然後，我有一個跟進。

I'll take that, Katy.

我會接受的，凱蒂。

It's Tim.

是蒂姆。

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.

iPhone X 的發展進展順利，特別是考慮到 iPhone X 是我們所創造的最先進的 iPhone，並且其中包含許多新技術。

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.

所以我們真的很高興我們能夠逐週增加我們的輸出，我們將盡快將盡可能多的產品提供給客戶。

And so it's -- I can't predict at this point when that balance will happen.

所以它 - 我現在無法預測這種平衡何時會發生。

We -- and on -- in terms of March, we obviously don't give -- we don't give guidance beyond the current quarter.

我們 - 並且繼續 - 就三月份而言，我們顯然不提供 - 我們不會在當前季度之後提供指導。

Okay.

好的。

And in China, growth returned to strong double digits, 12% up.

在中國，增長恢復到強勁的兩位數，增長了 12%。

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.

你曾經說過該地區比其他地區對外形變化更敏感，而新的 iPhone X 外形在 9 月份還沒有上市。

And so, should we assume that growth in that region only accelerates from here as that new product gets pushed into the market?

那麼，我們是否應該假設該地區的增長只會隨著新產品推向市場而加速？

Let me talk a little bit about Q4 in China to give you a little bit of color on the results.

讓我稍微談談中國第四季度的情況，讓您對結果有所了解。

The -- we increased market share for iPhone, Mac and iPad during the quarter.

- 我們在本季度增加了 iPhone、Mac 和 iPad 的市場份額。

We hit all-time revenue records for services and for Mac in the -- for the PRC during the quarter.

我們在本季度中國的服務和 Mac 的收入創下歷史新高。

We had very strong iPad revenue growth.

我們的 iPad 收入增長非常強勁。

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.

我們在 iPhone 上實現了兩位數的單位增長，並且在本季度升級器和 Android 切換器都同比增長。

And so, the results were broad based.

因此，結果是廣泛的。

They were pretty much across the board, as I indicated.

正如我所指出的，他們幾乎是全面的。

The other thing that happened is that the decline that we've been experiencing in Hong Kong moderated.

發生的另一件事是，我們在香港經歷的衰退有所緩和。

And so it's still down year-over-year, but less so than it was.

所以它仍然同比下降，但比以前少了。

And part of that is the compare is an easier compare.

其中一部分是比較更容易比較。

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.

然後，最後，就另一個比以前小一些的逆風而言，貨幣上個季度在中國對我們的影響更為顯著。

It affected us 1 percentage point.

它影響了我們 1 個百分點。

And so the sum of all that, I feel great about the results.

總而言之，我對結果感覺很好。

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.

我們顯然沒有提供特定於地理區域的指導，但你可以從我們的整體指導中看到，我們認為我們將有一個非常強勁的季度。

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?

您是否可以提供任何有關 iPhone X 預購與 iPhone 8 預購相比的信息？

And then, I have a follow-up as well.

然後，我也有後續行動。

Michael, we never go through mix.

邁克爾，我們從不混音。

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.

但我要與你分享的是，iPhone X 的訂單對於直接客戶和我們的渠道合作夥伴來說都非常強勁，正如你所知，它們是世界各地的許多運營商。

And we couldn't be more excited to get underway.

我們對開始工作感到非常興奮。

And I think as of a few minutes ago, the first sales started in Australia.

而且我認為就在幾分鐘前，第一筆銷售在澳大利亞開始了。

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.

有人告訴我，我們有數百人在悉尼的商店等候，我從該地區收到了類似的報告。

And we're excited about augmented reality.

我們對增強現實感到興奮。

And from your perspective and maybe from our perspective on the outside looking in, how do we gauge the success of AR?

從你的角度，也許從我們從外部的角度來看，我們如何衡量 AR 的成功？

And what are some of the applications of the technology that you're most excited about today?

您今天最興奮的技術應用有哪些？

Yes, it's a great question.

是的，這是一個很好的問題。

The reason I'm so excited about AR is I view that it amplifies human performance instead of isolates humans.

我對 AR 如此興奮的原因是我認為它可以放大人類的表現，而不是孤立人類。

And so, as you know, it's the mix of the virtual and the physical world.

因此，如您所知，它是虛擬世界和物理世界的混合體。

And so it should be a help for humanity, not an isolation kind of thing for humanity.

所以它應該是對人類的幫助，而不是對人類的孤立。

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.

當我經過不同的國家時，因為我最近一直在旅行並觀察一些東西，市場上的一些東西，其他即將到來的東西，非常酷的是它們到處都是。

I see things that the consumer's going to love because it's going to change shopping.

我看到了消費者會喜歡的東西，因為它會改變購物方式。

I see things that consumers will love on the gaming side and the entertainment side.

我在遊戲和娛樂方面看到了消費者會喜歡的東西。

I see business-related AR apps as well that are going to be great for productivity and between small and large business.

我也看到了與業務相關的 AR 應用程序，它們對於提高生產力以及在小型和大型企業之間都非常有用。

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.

我看到一些應用程序讓我想再次回到 K-12 並重複我的學業，因為我認為它極大地改變了課堂上的遊戲。

And so the real beauty here is that it's mainstream.

所以這裡真正的美在於它是主流。

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.

當然，Apple 是唯一一家能夠帶來這一點的公司，因為它需要硬件和軟件的集成，而且它需要做很多事情——或者一次將操作系統更新給很多人。

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.

我們——以及軟件團隊非常努力地讓它回到幾個版本的 iPhone 上，以便我們在一夜之間擁有數億台啟用的設備。

And so there's 1,000-plus in the App Store right now.

所以現在 App Store 中有 1,000 多個。

I think this is very much like in 2008, when we fired the gun in the overall App Store.

我認為這很像 2008 年，當時我們在整個 App Store 中開槍。

And so, that's what it feels like to me, and I think it will just get bigger from here.

所以，這就是我的感覺，我認為它會從這裡變得更大。

From Cross Research, Shannon Cross.

來自 Cross Research，Shannon Cross。

A couple questions.

幾個問題。

The first, Tim, can you talk a bit about how you're thinking in terms of the lineup?

第一個，蒂姆，你能談談你對陣容的看法嗎？

You go from $340 -- and this is for iPhone.

你從 340 美元起——這是為 iPhone 準備的。

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.

你從 349 美元漲到 1000 美元以上，看起來你可能賣出了相當數量的低端產品，也許這只是中國的一些切換器，可能推動了中國市場份額的一些增長。

But how are you sort of thinking about what went into the guidance for the December quarter?

但是，您如何看待 12 月季度的指導內容？

Are you seeing really strong demand at the low end?

您是否看到低端市場的需求真的很強勁？

And obviously, expected benefit from the X at the high-end.

顯然，高端 X 的預期收益。

I'm just trying to understand, because you have such a broader lineup than you've had in prior years.

我只是想了解一下，因為你的陣容比往年更廣泛。

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.

是的，就我們在第四季度看到的情況而言，您可能可以從 ASP 中看出，我們通過不同的 iPhone 取得了很好的成功。

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.

我們努力為那些真正想要預算有限的 iPhone 的人們提供盡可能實惠的 iPhone，而且我們有一些非常適合該市場的 iPhone。

And then, we've got 3 new iPhones, and people will look at these and decide which one they want.

然後，我們有了 3 款新 iPhone，人們會查看這些並決定他們想要哪一款。

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.

所以我們 - 這是我們第一次處於這樣的位置，我們在生產線的頂端同時擁有 3 部新 iPhone。

And it's the first time we've had a staggered launch.

這是我們第一次交錯發射。

And so, we're going to see what happens.

因此，我們將看看會發生什麼。

But we've put our absolutely best thinking that we have here in the guidance that Luca presented.

但是，我們已經將我們在這裡擁有的絕對最好的想法放在了盧卡提出的指導中。

And you can tell from that, that we're bullish.

你可以從中看出，我們是看漲的。

Great.

偉大的。

And then, in terms of services, $8.5 billion, up 34%.

然後，在服務方面，85 億美元，增長 34%。

Can you talk about some of the portions of that, that outperformed?

你能談談其中一些表現出色的部分嗎？

How sustainable?

可持續性如何？

You mentioned China in terms of significant growth in services.

您提到中國服務業的顯著增長。

But I'm just curious, it's a pretty remarkable number, so I'm curious what the drivers were.

但我只是好奇，這是一個非常了不起的數字，所以我很好奇司機是什麼。

Yes, Shannon, it's Luca.

是的，香農，是盧卡。

As I mentioned in the prepared remarks, there was a $640 million adjustment.

正如我在準備好的評論中提到的，有 6.4 億美元的調整。

There was a one-off change.

發生了一次性的變化。

And it's important to call it out because, of course, it's a one-off.

說出來很重要，因為當然，這是一次性的。

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.

因此，本季度服務的基本增長率非常驚人，為 24%，這是我們在 17 財年服務的最高增長率。

So the business is going incredibly well.

所以生意發展得非常好。

I would highlight maybe 3 of these businesses within services.

我會在服務中強調其中的 3 個業務。

The App Store set a new all-time record.

App Store 創下了新的歷史記錄。

It's growing incredibly well.

它生長得非常好。

The number of paying accounts continues to grow very strongly, and that's very, very important to us for the App Store business.

付費賬戶的數量繼續強勁增長，這對我們 App Store 業務來說非常非常重要。

Apple Music was up -- subscriptions were up 75% year-over-year.

Apple Music 上漲——訂閱量同比增長 75%。

We're getting the highest conversion rates that we've had since the launch of the service.

自該服務推出以來，我們獲得了最高的轉化率。

And so we turned the corner in music.

所以我們在音樂方面轉了個彎。

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.

你還記得幾年前，我們實際上在音樂上走下坡路；現在有了流媒體服務，除了下載業務，業務又在增長。

And that really helps the growth rate for the entire Services business.

這確實有助於整個服務業務的增長率。

iCloud is a service that continues to grow very strong double digits, and that's also helping.

iCloud 是一項持續增長非常強勁的兩位數的服務，這也很有幫助。

So we already become the size of a Fortune 100 company.

因此，我們已經成為財富 100 強公司的規模。

We set a goal for ourselves to double what we did in fiscal '16 and the trajectory is actually quite positive.

我們為自己設定了一個目標，將我們在 16 財年所做的工作翻一番，而且軌跡實際上是非常積極的。

Steve Milunovich with UBS.

瑞銀的史蒂夫·米盧諾維奇。

I wanted to try to push a little bit more on the mix.

我想嘗試在混音上多加一點。

Could you comment whether the 8 Plus outsold the 8 in the quarter?

您能否評論一下 8 Plus 在本季度的銷量是否超過了 8？

There seems to be some data that suggests that.

似乎有一些數據表明了這一點。

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?

你提到的 451 Research 調查還發現，在接下來的 90 天內，那些購買 iPhone 的人中有 43% 計劃購買 X。你能否評論一下你對未來組合的預期？

And if you won't do that, perhaps you could comment a bit about you're thinking in terms of pushing price elasticity.

如果你不這樣做，也許你可以評論一下你在推動價格彈性方面的想法。

I think a couple of years ago, no one would have imagined selling a phone at this price.

我想幾年前，沒有人會想到以這個價格出售手機。

And obviously, you're pretty confident that you can do it.

顯然，你很有信心你能做到。

Obviously, I'm not going to talk about mix.

顯然，我不會談論混合。

It's not something that we've done in the past.

這不是我們過去做過的事情。

If you look at the 8 and 8 Plus, when we launched them, they instantly became our top 2 selling products.

如果你看看 8 和 8 Plus，當我們推出它們時，它們立即成為我們最暢銷的 2 款產品。

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.

如果你特別看一下 8 Plus，為了在那裡提供一點顏色，8 Plus ——在我們迄今為止可以測量的時間段內，它已經成為所有 Plus 型號中最快的開始。

That, for us, was a bit of a surprise, and it's a positive surprise, obviously.

對我們來說，這有點令人驚訝，顯然，這是一個積極的驚喜。

And so we'll see what happens next.

所以我們會看看接下來會發生什麼。

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.

正如我之前提到的，我們從未有過 3 種產品，直到今天，第一批客戶才能肯定看到所有 3 種產品。

And I'm sure there's been some people that wanted to do that before deciding even which one.

而且我敢肯定，在決定選擇哪一個之前，有些人想要這樣做。

And so we'll see what happens there.

所以我們會看看那裡會發生什麼。

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.

但就價格彈性而言，我認為重要的是要記住很多人按月為手機付費。

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.

因此，如果你要去 - 只是美國，因為這往往是這次電話會議的重點。

If you look at the U.S. carriers, I think you would find -- you could buy an iPhone X for $33 a month.

如果你看看美國的運營商，我想你會發現——你可以以每月 33 美元的價格購買一部 iPhone X。

And so if you think about that, that's a few coffees a week.

因此，如果您考慮一下，那就是每週喝幾杯咖啡。

It's less than a coffee a day at one of these nice coffee places.

在這些不錯的咖啡店之一，每天喝不到一杯咖啡。

The other thing to keep in mind is that many people are now trading in their current iPhone on the next iPhone.

要記住的另一件事是，許多人現在正在用他們當前的 iPhone 換取下一代 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.

iPhone 的剩餘價值往往是業內最高的，許多人為他們的 iPhone 買了 300 美元、350 美元左右。

And so that even reduces the monthly payment less.

這樣甚至減少了每月的付款。

And then, obviously some carriers also have promotional things going on.

然後，顯然一些運營商也有促銷活動。

And so I do think it's important to try to place it in that context.

因此，我確實認為嘗試將其置於這種背景下很重要。

In terms of the way we price, we price to the sort of the value that we're providing.

就我們定價的方式而言，我們根據我們提供的價值進行定價。

We're not trying to charge the highest price we could get or anything like that.

我們並沒有試圖收取我們可以獲得的最高價格或類似的價格。

We're just trying to price it for what we're delivering.

我們只是想為我們提供的東西定價。

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.

iPhone X 擁有許多引領行業的偉大新技術，它是一款了不起的產品，我們迫不及待地想讓人們開始使用它。

And then, I wanted to ask.

然後，我想問。

The Street historically has been a little skeptical about continued innovation, and you suggested there is more to grow.

從歷史上看，華爾街一直對持續創新持懷疑態度，您建議還有更多的發展空間。

Historically, you weren't first to large screens.

從歷史上看，您並不是第一個使用大屏幕的人。

You weren't first to OLED.

你不是第一個使用 OLED 的。

Now, though, you're leading in AR.

不過，現在你在 AR 領域處於領先地位。

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.

你在 Face ID 方面處於領先地位，[正如你們的一些人所建議的，一年前的全押，有點讓人想起咄咄逼人的蘋果公司。

Is it possible going forward that you could accelerate share gains from Android because you're now in a stronger competitive position?

是否有可能因為您現在處於更強大的競爭地位而加速從 Android 中獲得的份額？

I think, Steve, we've been in a competitive position.

我認為，史蒂夫，我們一直處於競爭地位。

And so, I probably -- maybe have a different view than you do or the folks that you're quoting.

因此，我可能 - 可能與您或您所引用的人的觀點不同。

There's always doubting Thomases out there.

總有人懷疑托馬斯。

I've been hearing those for the 20 years I've been here and suspect I'll hear about them until I retire.

在這裡的 20 年裡，我一直在聽到這些，並懷疑我會在退休之前聽到它們。

And so, I don't really listen to that too much.

所以，我並沒有真正聽太多。

There's lots of fantastic people here and they're doing unbelievable things.

這裡有很多很棒的人，他們正在做令人難以置信的事情。

And yes, I view AR as profound.

是的，我認為 AR 是深刻的。

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.

不是今天，不是你今天在 App Store 上看到的應用程序，而是它將是什麼，它可能是什麼，我認為它意義深遠，而且我認為蘋果在這一領域處於領先地位非常獨特。

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。

Just following up a little bit on that question, Tim.

蒂姆，就這個問題稍微跟進一下。

You talked a bit about providing a lot of value and that Apple sets its prices according to value.

你談到了提供很多價值，蘋果根據價值設定價格。

And I think, given the uniqueness of the product you have with the iPhone X in particular, that makes a lot of sense.

而且我認為，考慮到 iPhone X 產品的獨特性，這很有意義。

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?

我想，問題是，鑑於您在市場上所擁有的價值的獨特性，我們為什麼不應該——我們應該或者為什麼我們不應該期望毛利率與以前的周期相比能夠改善這個週期？

And perhaps, you can talk a little bit about how you think about pricing in the context of gross margin.

也許，你可以談談你如何看待毛利率背景下的定價。

And I have a follow-up, please.

我有一個跟進，拜託。

Toni, I'll take that one.

托尼，我要那個。

When -- you said, we price our products for the value that we deliver.

什麼時候 - 你說，我們為我們提供的價值定價我們的產品。

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.

我們還說過，每次我們推出新產品時，新產品的成本結構往往會高於它們所替代的產品。

It's inevitable.

這是不可避免的。

We are adding new technologies, new features.

我們正在添加新技術、新功能。

And therefore, the cost structures go up.

因此，成本結構上升。

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.

我們在採用這些成本結構方面有著非常好的記錄，並且在產品的整個生命週期中，我們能夠降低它們。

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.

毛利率線中有很多元素我們可以很好地控制，而且我們 - 還有一些我們無法控制的元素。

Take for example, foreign exchange, which has been a significant headwind for the company for the last 3 years now.

以外彙為例，在過去 3 年裡，這一直是公司的一大阻力。

Also, the mix of products that we sell into the market tends to change over time.

此外，我們向市場銷售的產品組合往往會隨著時間而改變。

And that also has an impact on the overall gross margin for the company.

這也對公司的整體毛利率產生影響。

There are situations where the commodities markets are in good shape.

在某些情況下，大宗商品市場狀況良好。

There are situations where commodity markets can be a bit out of balance.

在某些情況下，商品市場可能會有些失衡。

We have a case right now around memory pricing, which is a headwind for the time being.

我們現在有一個關於內存定價的案例，這暫時是一個逆風。

So there's many puts and takes.

所以有很多看跌期權。

The fact that our Services business is growing should be a positive because our services margins tend to be accretive to company margin.

我們的服務業務正在增長這一事實應該是積極的，因為我們的服務利潤往往會增加公司利潤。

So there's many puts and takes that we tend to think about maximizing gross margin dollars.

因此，我們傾向於考慮最大化毛利率的許多看跌期權。

And -- because we think that's the most important thing for investors at the end of the day.

而且 - 因為我們認為這對投資者來說是最重要的事情。

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.

當我們回顧我們多年來的業績記錄時，我認為我們在單位增長與毛利率和收入之間找到了很好的平衡，我們將在前進的過程中繼續這樣做。

Okay.

好的。

And then, I wanted to revisit this notion of supply and demand.

然後，我想重新審視這個供需概念。

And I realize it's very early and you can't make predictions.

而且我意識到現在還為時過早，你無法做出預測。

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.

我認為，一個常見的投資者問題是 iPhone X 已經發售；與歷史相比，它很快將可用性水平推到了前所未有的水平。

And so I think the really significant question is, is that initial pushout really a function of uniquely strong demand versus history?

所以我認為真正重要的問題是，最初的推出是否真的是獨特的強勁需求與歷史的函數？

Or is that pushout in availability really a function of much weaker supply versus history?

或者，可用性的推出真的是供應量相對於歷史低得多的函數？

So it would be really helpful.

所以這真的很有幫助。

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.

您過去曾評論過 iPhone 6 和 6 Plus 的前 24 小時訂單超過 400 萬。

You have, very often on this call, talked about targeting when you think you could reach supply-demand balance.

在這次電話會議上，你經常談到目標，當你認為你可以達到供需平衡時。

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.

因此，如果您可以提供一些關於您對初始訂單或供應與歷史的了解的背景信息，這將非常有幫助，這可以幫助投資者嘗試並更好地理解他們在可用性方面看到的小數據點的設備。

That truth is, we don't know.

事實是，我們不知道。

We've put our best estimate into the guidance.

我們已將我們的最佳估計納入指導。

And you can see from the guidance that we're very bullish.

你可以從指導中看到我們非常看好。

And so, we feel really great about our -- about the product lineup.

因此，我們對我們的產品陣容感覺非常好。

We're -- just sold the first units minutes ago.

我們 - 幾分鐘前剛剛售出第一批。

And so we'll see how things go.

所以我們會看看事情進展如何。

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.

直到你把它們全部拿出來，客戶有能力進行演示等等，我認為這是 - 我認為任何類型的混合討論都是非常估計的。

And so we put our best estimates in but granted, we've never done this before.

所以我們做出了最好的估計，但我們之前從未這樣做過。

So there's no comparison here, with either the 3 iPhones nor the staggered launch.

所以這裡沒有可比性，無論是 3 款 iPhone 還是交錯發布。

And so, we're going to learn something.

所以，我們要學習一些東西。

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.

我會同時問我最初的問題和後續問題，因為它們的主題略有不同。

But you had mentioned great success in India, I believe, Tim.

但是你提到了在印度的巨大成功，我相信，蒂姆。

In your prepared comments, you mentioned, I think, India had doubled year-over-year.

在您準備好的評論中，您提到，我認為印度同比增長了一倍。

Based upon market analysis, it looks like Apple is still just a relatively small sliver of the pie there.

根據市場分析，蘋果似乎仍然只是其中的一小部分。

So Tim, what would it take to be even more successful in India?

那麼蒂姆，怎樣才能在印度取得更大的成功呢？

Is it a manufacturing footprint there with your partners?

與您的合作夥伴一起進行製造嗎？

Is it more physical stores?

實體店多嗎？

Is it lower price points?

是更低的價格點嗎？

Is it the bandwidth that has now caught up to many other countries?

是現在已經趕上了許多其他國家的帶寬嗎？

Or how should we think about that?

或者我們應該怎麼想？

And then, the follow-up question is on the AR/VR, when will it really show up in your income statement?

然後，接下來的問題是關於 AR/VR，它什麼時候會真正出現在您的損益表中？

Are you hoping more for hardware sales or services to the apps or where the excitement will then be monetized within Apple?

您是否希望更多的硬件銷售或應用程序服務，或者蘋果內部的興奮將在哪裡貨幣化？

In terms of India, many of the things that you mentioned are correct.

就印度而言，你提到的許多事情都是正確的。

Growing a market like India is a result of all of those things and doing them all well.

發展像印度這樣的市場是所有這些事情的結果，並且做得很好。

And so, it's analogous to the many years that we put into China.

因此，這類似於我們在中國投入的多年。

It's building stores.

它正在建造商店。

It's building channels.

它正在建立渠道。

It's building markets.

它正在建立市場。

It's building the developer ecosystem.

它正在構建開發者生態系統。

It's having the right product lineup for the market.

它擁有適合市場的產品陣容。

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.

我覺得我們在這方面取得了很好的進展，並且正在了解市場，但我們還有很長的路要走。

I don't -- which I sort of see as an opportunity instead of a problem.

我不——我認為這是一個機會而不是一個問題。

And I do feel great about the growth rate.

我確實對增長率感到非常滿意。

And so, that's India.

所以，這就是印度。

I think it's all of those things.

我認為這就是所有這些事情。

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.

如你所知，我們 - 正如我所說的，我想我們之前談到過，我們在 6、9 個月前開始在那裡生產 iPhone SE。

So -- and the majority of iPhone SEs that we sold in the domestic market last quarter were manufactured there.

所以——我們上個季度在國內市場銷售的大部分 iPhone SE 都是在那裡生產的。

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.

所以我們也有這樣的想法，並希望隨著時間的推移最終節省一些錢，並避免一些稅收的複合，等等。

The bandwidth issue has also been an issue, but as you point out, it is being addressed.

帶寬問題也是一個問題，但正如您所指出的，它正在得到解決。

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.

在 Bharti 的大型運營商和現在 Jio 的投資方式之間，印度的服務比 12 個月前要好得多。

So there's been a sea change there in a short period of time.

因此，那裡在短時間內發生了翻天覆地的變化。

So I feel good about all that, but we have a long way to go.

所以我對這一切感覺很好，但我們還有很長的路要走。

In terms of the monetization question on AR/VR, we tend to focus first and foremost on customer experience.

在 AR/VR 的貨幣化問題方面，我們傾向於首先關注客戶體驗。

And so we're all about making sure the experience is great.

所以我們都在確保體驗很棒。

And we think that if we get the experience right, that revenues and profits will be a result of getting that right.

我們認為，如果我們獲得正確的體驗，收入和利潤將是正確的結果。

And so we're much -- we're very much focused on the experience right now.

所以我們非常 - 我們現在非常專注於體驗。

That will come from Amit Daryanani with RBC Capital Markets.

這將來自 RBC Capital Markets 的 Amit Daryanani。

I have 2 as well.

我也有2個。

I guess, maybe to start with on gross margins.

我想，也許從毛利率開始。

Luca, year-over-year, revenues are going to be up high single-digits at the midpoint, gross margins will be down a little.

盧卡，年復一年，收入將在中點以高個位數增長，毛利率將略有下降。

Could you just talk about what other puts and takes on that.

您能否談談其他人對此的看法。

And are yield and efficiencies broadly much more severe this time versus what you've seen historically?

與以往的情況相比，這次的產量和效率是否更嚴重？

Yes, Amit.

是的，阿米特。

So we're guiding 38% to 38.5%.

所以我們指導 38% 到 38.5%。

That's up 35 bps sequentially.

這連續增加了 35 個基點。

Obviously, we're getting the leverage from the larger volumes.

顯然，我們正在從更大的交易量中獲得槓桿作用。

As I mentioned, I think, to Toni, we have higher cost structures every time we launch new products.

正如我所提到的，我認為，對於 Toni，我們每次推出新產品時都有更高的成本結構。

So that is going to be the offset.

所以這將是偏移量。

And I mentioned, particularly the impact from the memory pricing environment, which is a headwind at this point.

我提到了，特別是內存定價環境的影響，這是目前的逆風。

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.

只是為了為您確定大小，內存對我們毛利率的影響是連續 40 個基點，同比增長 110 個基點。

So they are meaningful impacts.

所以它們是有意義的影響。

And I think that is what, I think, probably you're referring to.

我認為這就是你所指的。

Got it.

知道了。

That's really helpful.

這真的很有幫助。

And I guess, if I could just follow up on the services line.

我想，如果我可以跟進服務熱線。

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.

您之前剛剛談到了相當多的問題，但即使我排除了一次性收益，看起來 17 年下半年與 17 年上半年相比，在 17 財年中加速了 500 個基點。

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?

定性或定量地，有沒有辦法考慮其中有多少來自擴大安裝基礎，我認為這是你提到的三件事中的一件，而不是你看到的每台 iOS 設備更多的美元？

Yes, I think it's both.

是的，我認為兩者兼而有之。

As I mentioned, particularly on the App Store, which is very important to us, the number of paying accounts has grown a lot.

正如我所提到的，特別是在對我們非常重要的 App Store 上，付費賬戶的數量已經增長了很多。

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.

正如您所說，它增長了很多，因為安裝基數已經增長，還因為我們進行了許多更改，使我們世界各地的客戶更容易參與 App Store 並能夠在應用商店。

We are accepting, for example, more forms of payment today than we were 12 months ago or even 6 months ago.

例如，我們今天接受的付款方式比 12 個月前甚至 6 個月前要多。

So that's been very important.

所以這非常重要。

We also see that there is a typical spending curve for our customers when they start transacting on the store.

我們還看到，當客戶開始在商店進行交易時，他們有一條典型的消費曲線。

They start at a certain level and they tend, over time, to get more familiar with the store and they start to spend more.

他們從一定的水平開始，隨著時間的推移，他們傾向於對商店更加熟悉，他們開始花更多的錢。

We're also now very recently made some changes, as you probably have seen, to the design of the App Store.

正如您可能已經看到的那樣，我們最近也對 App Store 的設計進行了一些更改。

And I was mentioning during the prepared remarks that these changes have been received very favorably.

我在準備好的評論中提到，這些變化非常受歡迎。

And so, people now are spending more time on the store, they download more apps and then, over time, translates into monetization.

因此，人們現在在商店上花費更多時間，下載更多應用程序，然後隨著時間的推移轉化為貨幣化。

But we also have other businesses that are growing very, very fast and actually accelerating.

但我們也有其他業務增長非常非常快並且實際上正在加速。

I mentioned Music; I mentioned iCloud.

我提到了音樂；我提到了 iCloud。

And so it all adds up.

所以這一切都加起來了。

And as you correctly point out, our growth rate is accelerating.

正如您正確指出的那樣，我們的增長率正在加快。

From Drexel, we'll hear from Brian White.

從德雷克塞爾，我們將聽到布賴恩懷特的消息。

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.

是的，蒂姆，想知道如果我們看看中國大陸，我們會想到 iPhone 8 和 iPhone 8 Plus，它們已經發售了一段時間了。

What has been the -- just general response to those 2 new iPhones?

對這兩款新 iPhone 的普遍反應是什麼？

And also, preorders around the iPhone X in mainland China.

此外，中國大陸地區的 iPhone X 也有預購。

Brian, I hate to repeat this, but we don't really disclose mix.

布賴恩，我不想重複這一點，但我們並沒有真正透露混音。

We view it as competitive information that we want to hold tightly ourselves.

我們將其視為我們希望自己牢牢掌握的競爭信息。

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.

就中國的預購流程在渠道中的運作方式而言，不是在我們的直接渠道中，而是在更廣泛的運營商渠道和渠道中，他們通常會表示感興趣，而不是我會標記為預購的東西。

And so, I would hesitate to even quote a number for fear it could be misconstrued.

因此，我什至會猶豫引用一個數字，因為擔心它可能會被誤解。

And we'll find out what the demand and where the supply and demand meets sometime in the future.

我們將在未來某個時候找出需求以及供需在哪裡滿足。

I don't know when yet.

我還不知道什麼時候。

But we're really excited to get going to find out.

但我們真的很高興能找到答案。

And Tim, it's interesting that sales grew 16% sequentially.

蒂姆，有趣的是銷售額連續增長了 16%。

If you look at the past 5 years, sales were up 7% in the September quarter.

如果回顧過去 5 年，9 月份季度的銷售額增長了 7%。

So that's an average.

所以這是一個平均值。

Yet you didn't have all your iPhones in the market.

然而，市場上並沒有你所有的 iPhone。

So if you had to -- what would you attribute that to?

所以如果你必須——你會把它歸因於什麼？

It's a pretty big disconnect, 16% versus an average of 7%.

這是一個相當大的脫節，16% 與平均 7%。

Our emerging market performance during the quarter was very strong.

我們在本季度的新興市場表現非常強勁。

Not -- and if you take China out, it's even stronger.

不是——如果你把中國趕出去，它會更強大。

But you can see the -- that China rebounded.

但你可以看到——中國反彈了。

And as I've indicated before, the China rebound was broad-based across the products.

正如我之前所指出的，中國的反彈是廣泛的產品。

And so we just had a phenomenal quarter on iPad, on the Mac, on Services, on Apple Watch, on iPhone.

所以我們剛剛在 iPad、Mac、服務、Apple Watch 和 iPhone 上度過了一個非凡的季度。

I mean, we're literally, we're firing on all cylinders.

我的意思是，從字面上看，我們正在全力以赴。

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.

就是這樣——我們的新產品讓我們對進入這個假期充滿信心，相信這將是迄今為止最好的假期。

Thank you, Brian.

謝謝你，布賴恩。

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.

今天電話會議的重播將在 Apple 播客上以網絡廣播的形式在 apple.com/investor 和電話上播放 2 週。

And the numbers for the telephone replay are (888) 203-1112 or (719) 457-0820, and please enter confirmation code 2484260.

電話重播號碼為（888）203-1112或（719）457-0820，請輸入確認碼2484260。

These replays will be available by approximately 5 p.m.

這些重播將在下午 5 點左右提供。

Pacific Time today.

今天太平洋時間。

Members of the press with additional questions can contact Kristin Huguet at (408) 974-2414, and financial analysts can contact Joan Hoover or me with additional questions.

媒體成員有其他問題可以聯繫 Kristin Huguet，電話是 (408) 974-2414，金融分析師可以聯繫 Joan Hoover 或我有其他問題。

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

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

Thank you again for joining us.

再次感謝您加入我們。

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

女士們，先生們，今天的演講到此結束。

We do thank everyone for your participation.

我們非常感謝大家的參與。