蘋果 (AAPL) 2018 Q1 法說會逐字稿

Good day, and welcome to this Apple Inc. First Quarter Fiscal Year 2018 Earnings Release Conference Call. Today's call is being recorded.

您好，歡迎來到蘋果公司。2018財年第一季財報發布電話會議。今天的通話將會被錄音。

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

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。請繼續。

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

謝謝。下午好，感謝各位的到來。今天首先發言的是蘋果執行長提姆·庫克，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, capital allocation 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、資本配置和未來業務展望的陳述。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 statements or information which speak as of their respective dates. And I'd like to remind you that the quarter we're reporting today included 13 weeks whereas the quarter we reported a year ago included 14 weeks.

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。我想提醒各位，我們今天公佈的季度包括 13 週，而我們一年前公佈的季度包括 14 週。

And 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。

Thanks, Nancy, and thank you, everyone, on the call, and welcome to everyone today. Before we dive into the quarter, I'd like to take a moment to talk about a significant milestone we recently crossed.

謝謝南希，也謝謝所有參加電話會議的各位，歡迎大家今天到來。在深入探討本季之前，我想花點時間談談我們最近跨越的一個重要里程碑。

Apple's active installed base reached 1.3 billion devices in January and is at an all-time high for all of our major products. 1.3 billion devices represents an astonishing 30% growth in just 2 years. It speaks to the strength and reliability of our products and our ecosystem as well as the loyalty, satisfaction and engagement of our customers. It's also fueling tremendous growth in our services business, which I'll talk about a little later in the call.

1 月份，蘋果公司的活躍安裝量達到 13 億台，所有主要產品的活躍安裝量均創歷史新高。13億台設備意味著短短兩年內成長了驚人的30%。這體現了我們產品和生態系統的實力和可靠性，以及我們客戶的忠誠度、滿意度和參與度。這也推動了我們服務業務的巨大成長，稍後我會在電話會議中詳細談到這一點。

Turning to the December quarter. We're thrilled to report Apple's biggest quarter ever, which set new all-time records in both revenue and earnings. We generated revenue of $88.3 billion, which is above the high end of our guidance range, and it is up almost $10 billion or 13% over the previous all-time record we set a year ago.

接下來是十二月季度。我們很高興地宣布，蘋果迎來了有史以來業績最好的一個季度，營收和利潤都創下歷史新高。我們創造了 883 億美元的收入，高於我們預期範圍的上限，比一年前創下的歷史最高紀錄增長了近 100 億美元，增幅達 13%。

It's also our fifth consecutive quarter of accelerating revenue growth, with double-digit growth in each of our geographic segments around the world. What makes this even more remarkable is that the quarter we're reporting today was 13 weeks long while the year-ago quarter was 14 weeks. When we look at the average revenue per week in the December quarter this year compared to last year, our growth was a stunning 21%.

這也是我們連續第五個季度實現營收加速成長，全球各個地區均實現了兩位數的成長。更值得注意的是，我們今天報告的這個季度有 13 週，而去年同期有 14 週。當我們把今年 12 月季度的平均每週收入與去年同期進行比較時，我們的成長幅度驚人，達到了 21%。

Our growth was broad-based and a key driver was iPhone, which generated its highest revenue ever. iPhone X was the best-selling smartphone in the world in the December quarter according to Canalys, and it has been our top-selling phone every week since it launched. iPhone 8 and iPhone 8 Plus rounded out the top 3 iPhones in the quarter. In fact, revenue for our newly launched iPhones was the highest of any lineup in our history, driving total Apple revenue above our guidance range.

我們實現了全面成長，其中關鍵驅動力是 iPhone，它為我們帶來了有史以來最高的收入。根據 Canalys 的數據，iPhone X 在 12 月季度是全球最暢銷的智慧型手機，自上市以來，它一直是我們每週最暢銷的手機。iPhone 8 和 iPhone 8 Plus 位列本季 iPhone 銷售前三名。事實上，我們新推出的 iPhone 的收入是我們歷史上所有產品線中最高的，推動蘋果公司的總收入超過了我們的預期範圍。

I want to take a moment to recognize the tremendous amount of work that went into creating iPhone X. Our teams carried out an extremely complex launch from both an engineering and operations perspective, executing an outstanding product ramp that required years of research and development, one that introduced innovative features like an edge-to-edge Super Retina display and the TrueDepth camera, which enables Face ID. Our customers love these new features and the new gestures like simply swiping up from the bottom, which make using iPhone even more intuitive and enjoyable.

我想藉此機會感謝所有為打造 iPhone X 付出巨大努力的人們。我們的團隊從工程和營運角度都完成了極其複雜的發布工作，出色地實現了產品量產，這需要多年的研發投入，並引入了諸如全面屏超視網膜顯示屏和支持面容 ID 的原深感攝像頭等創新功能。我們的用戶非常喜歡這些新功能和新手勢，例如從底部向上滑動，這些都讓使用 iPhone 變得更加直覺和愉快。

Our team has put the technology of tomorrow in our customers' hands today, set the standard for the next decade of smartphones, and we are very proud of their achievements.

我們的團隊今天就將面向未來的技術帶到了客戶手中，為未來十年的智慧型手機樹立了標準，我們為他們的成就感到非常自豪。

It was another very strong quarter for services with revenue of $8.5 billion, up 18% over last year, and we're on pace to achieve our goal of doubling our 2016 services revenue by 2020. The number of paid subscriptions across our services offerings passed 240 million by the end of the December quarter. That's an increase of 30 million in the last 90 days alone, which is the largest quarterly growth ever.

服務業務又迎來了一個非常強勁的季度，收入達 85 億美元，比去年增長了 18%，我們預計在 2020 年實現服務收入比 2016 年翻一番的目標。截至 12 月季度末，我們各項服務的付費訂閱用戶數量已超過 2.4 億。僅在過去 90 天內就增加了 3000 萬，這是有史以​​來最大的季度增幅。

We had an all-time record quarter for the App Store, with our best holiday season ever. We're seeing great excitement around augmented reality with customers now enjoying over 2,000 ARKit-enabled apps spanning every category in the App Store. In December, when Pokémon Go released its new augmented reality features built with ARKit, it jumped to the top of the App Store charts.

App Store 的季度業績創歷史新高，假期季的業績也創歷史新高。我們看到用戶對擴增實境技術表現出極大的熱情，App Store 中已有超過 2000 款支援 ARKit 的應用，涵蓋各個類別。去年 12 月，當 Pokémon Go 發布使用 ARKit 建立的全新擴增實境功能時，它迅速躍居 App Store 排行榜榜首。

Last week on a stop in Toronto, I met developers who are hard at work on creative applications using ARKit from art appreciation to e-commerce, and I was very impressed with what I saw. Just 4 months after ARKit launched to the public, we've already released ARKit 1.5 in beta to developers around the world, and the response has been tremendous. Augmented reality is going to revolutionize many of the experiences we have with mobile devices. And with ARKit, we're giving developers the most advanced tools on the market to create apps for the most advanced operating system running on the most advanced hardware. This is something only Apple can do.

上週在多倫多停留期間，我遇到了一些開發者，他們正在努力開發使用 ARKit 的創意應用程序，涵蓋藝術欣賞到電子商務等領域，我所看到的東西給我留下了非常深刻的印象。ARKit 向公眾發布僅 4 個月後，我們便向世界各地的開發者發布了 ARKit 1.5 測試版，反應非常熱烈。擴增實境技術將徹底改變我們使用行動裝置的許多體驗。借助 ARKit，我們為開發者提供了市場上最先進的工具，讓他們能夠為運行在最先進的硬體上的最先進的作業系統創建應用程式。只有蘋果公司才能做到這一點。

In addition to the App Store, several other services had the biggest quarter ever, including Apple Music, iCloud and Apple Pay, all of which saw growth in both active users and revenue. Apple Pay has reached an important milestone in the U.S. As a result of 50% year-over-year growth in merchant adoption, it's now accepted at more than half of all American retail locations, which includes more than 2/3 of the country's top 100 retailers. Now available in 20 markets, global Apple Pay purchase volume more than tripled year-over-year, and we're delighted to be expanding to Brazil in the coming months.

除了 App Store 之外，其他幾項服務也創下了有史以來最高的季度業績，包括 Apple Music、iCloud 和 Apple Pay，這些服務的活躍用戶和收入都實現了成長。Apple Pay 在美國取得了重要的里程碑式進展。由於商家採用率年增 50%，目前美國超過一半的零售店都接受 Apple Pay，其中包括美國前 100 大零售商中的三分之二以上。Apple Pay 目前已在 20 個市場推出，全球購買量年增超過三倍，我們很高興在未來幾個月內將業務拓展到巴西。

Today, you can use Apple Pay to take a subway in Guangzhou, China, see a concert at London's Wembley Stadium or buy a souvenir in Yosemite National Park. In the U.S., we launched Apple Pay Cash in December, and it's off to a terrific start. Millions of people are already using it to send and receive money with friends and family quickly, easily and securely, to split a bill, pay someone back or send a last-minute gift right from the Messages app.

如今，您可以使用 Apple Pay 在中國廣州搭乘地鐵，在倫敦溫布利球場觀賞音樂會，或在優勝美地國家公園購買紀念品。在美國，我們在去年 12 月推出了 Apple Pay Cash，而且開局非常順利。數以百萬計的人已經在使用它與親朋好友快速、輕鬆、安全地收發款項，分攤賬單，償還他人款項，或直接從“信息”應用發送最後一刻的禮物。

It was our best quarter ever for the Apple Watch, with over 50% growth in revenue and units for the fourth quarter in a row and strong double-digit growth in every geographic segment. Sales of Apple Watch Series 3 models were also more than twice the volume of Series 2 a year ago. Apple Watch is the most popular smartwatch in the world and gained market share during the quarter based on the latest estimates from IDC.

這是 Apple Watch 有史以來業績最好的一個季度，營收和銷量連續第四個季度增長超過 50%，並且在每個地區都實現了強勁的兩位數增長。Apple Watch Series 3 的銷量也比一年前 Series 2 的銷量翻了一番還多。根據IDC的最新估計，Apple Watch是世界上最受歡迎的智慧手錶，並在本季度獲得了市場份額成長。

It was the third consecutive quarter of growth for iPad revenue, thanks to the strength of both iPad and iPad Pro. Based on the latest data from IDC, we gained share in nearly every market we track with strong outperformance in emerging markets. Worldwide, almost half of our iPad sales were the first-time tablet buyers or those switching to Apple. And that's true in some of our most developed markets, including Japan and France. In China, new and switching users made up over 70% of all iPad sales.

由於 iPad 和 iPad Pro 的強勁表​​現，iPad 收入連續第三個季度實現成長。根據IDC的最新數據，我們在我們追蹤的幾乎所有市場都獲得了份額，尤其是在新興市場表現強勁。在全球範圍內，我們近一半的 iPad 銷售來自首次購買平板電腦的用戶或轉而使用蘋果產品的用戶。在我們一些最發達的市場，包括日本和法國，情況也是如此。在中國，新用戶和轉購用戶佔 iPad 總銷量的 70% 以上。

For Mac, we launched the all new iMac Pro in mid-December. It's an entirely new product line designed for Pro users who love the all-in-one design of iMac and require workstation-class performance. It's the fastest, most powerful Mac ever, delivering incredible computational power for simulation and real-time 3D rendering, immersive VR and complex photography, audio and video projects. Worldwide, 60% of our Mac sales were the first-time buyers and switchers. And in China, that number was almost 90%.

對於 Mac 用戶，我們在 12 月中旬推出了全新的 iMac Pro。這是一個全新的產品線，專為喜歡 iMac 一體化設計且需要工作站級性能的專業用戶而設計。它是迄今為止速度最快、功能最強大的 Mac，為模擬和即時 3D 渲染、沉浸式 VR 以及複雜的攝影、音訊和視訊專案提供令人難以置信的運算能力。在全球範圍內，我們60%的Mac銷售來自首次購買者和轉購用戶。在中國，這個數字接近 90%。

We're looking forward to getting HomePod in customers' hands beginning next week. HomePod is an innovative wireless speaker, which delivers stunning audio quality wherever it's placed in the home, thanks to the advanced Apple-engineered hardware and software. Together with Apple Music, HomePod gives you instant access to one of the world's largest music catalogs. And with the intelligence of Siri, it's a powerful assistant you control through natural voice interaction. We're very happy with the initial response from reviewers who've experienced HomePod ahead of its launch, and we think our customers are going to love this new product.

我們期待從下週開始將 HomePod 送到客戶手中。HomePod 是一款創新的無線揚聲器，憑藉蘋果公司先進的硬體和軟體，無論放置在家中何處，都能提供驚人的音質。HomePod 與 Apple Music 搭配使用，可讓您即時存取全球最大的音樂庫之一。憑藉 Siri 的智能，它是一款功能強大的助手，您可以透過自然語音互動進行控制。我們對提前體驗 HomePod 的評測人員的初步回饋非常滿意，我們認為我們的客戶會喜歡這款新產品。

We believe one of the key issues of the 21st century is education. And because of that, we've strengthened our commitment and investment into initiatives like Everyone Can Code. To find the innovators of the future, we need to nurture the students of today. Our App Development with Swift curriculum, which is available free on iBooks, has been downloaded more than 1.2 million times worldwide, with almost half of those coming from here in the United States.

我們認為，21世紀的關鍵問題之一是教育。也因為如此，我們加大了對「人人都能編程」等項目的投入與支持。要找到未來的創新者，我們需要培養今天的學生。我們的《使用 Swift 進行應用程式開發》課程可在 iBooks 上免費獲取，全球下載量已超過 120 萬次，其中近一半來自美國。

It's also being taught in dozens of community colleges across the country, putting practical skills in the hands of today's jobseekers. I was in London 2 weeks ago as we announced that the program was expanding to more than 70 colleges and universities in Europe. Millions of students around the world will have the opportunity to add Swift to their coding vocabulary and gain skills that are essential for today's economy.

全國數十所社區大學也開設了這門課程，讓當今的求職者掌握實用技能。兩週前我在倫敦，當時我們宣布這個計畫將擴展到歐洲 70 多所學院和大學。全球數百萬學生將有機會將 Swift 添加到他們的程式設計詞彙表中，並獲得對當今經濟至關重要的技能。

This is an exciting time at Apple. And with the best lineup of products and services we've ever had and a set of initiatives that show how business can be a force for good in the world, we could not be more excited about our future.

對於蘋果公司來說，這是一個令人興奮的時刻。憑藉我們有史以來最好的產品和服務陣容，以及一系列展現商業如何成為世界向善力量的舉措，我們對未來感到無比興奮。

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

現在，為了更詳細地介紹十二月季度的業績，我想把電話交給盧卡。

Thank you, Tim. Good afternoon, everyone. Our business and financial performance in the December quarter were exceptional as we set new all-time records for revenue, operating income, net income and earnings per share.

謝謝你，提姆。大家下午好。我們在12月季度的業務和財務表現非常出色，收入、營業收入、淨收入和每股盈餘均創歷史新高。

Starting with revenue, we're reporting an all-time record, $88.3 billion, up nearly $10 billion or 13% over the prior record set last year. It is our fifth consecutive quarter of accelerating revenue growth. As you know, the December quarter a year ago spanned 14 weeks compared to 13 weeks this year, which is important to consider as we assess the underlying performance of our business this year.

先來看營收，我們創下了歷史新高，達到 883 億美元，比去年創下的前一個紀錄增長了近 100 億美元，增幅達 13%。這是我們連續第五個季度實現營收加速成長。如您所知，去年 12 月季度跨越了 14 週，而今年只有 13 週，這一點在我們評估今年業務的基本表現時需要考慮。

When we look at average revenue per week, our growth rate was even higher at 21%, with growth across all product categories for the third consecutive quarter. Our results were terrific all around the world, with double-digit revenue growth in all our geographic segments and all-time quarterly records in the vast majority of markets we track, including the U.S., Western Europe, Japan, Canada, Australia and Korea as well as Mainland China, Latin America, the Middle East, Central and Eastern Europe and India.

從每周平均收入來看，我們的成長率更高，達到 21%，所有產品類別連續第三個季度成長。我們在全球的業績都非常出色，所有地區都實現了兩位數的收入成長，在我們追蹤的絕大多數市場中，包括美國、西歐、日本、加拿大、澳洲和韓國，以及中國大陸、拉丁美洲、中東、中歐和東歐以及印度，都創下了季度歷史新高。

In Greater China, we were very happy to generate double-digit revenue growth for the second quarter in a row. And in emerging markets outside of Greater China, we saw 25% year-over-year growth.

在大中華區，我們非常高興地連續第二季實現了兩位數的營收成長。在大中華區以外的新興市場，我們看到了25%的年成長。

Gross margin was 38.4%, at the high end of our guidance range. Operating margin was 29.8% of revenue. Our net income was $20.1 billion, an all-time record and up $2.2 billion over last year. Diluted earnings per share were $3.89, also an all-time record, and cash flow from operations was very strong at $28.3 billion.

毛利率為 38.4%，處於我們預期範圍的高端。營業利益率為收入的29.8%。我們的淨收入為 201 億美元，創歷史新高，比去年增加了 22 億美元。稀釋後每股收益為 3.89 美元，也創歷史新高，經營活動產生的現金流非常強勁，達到 283 億美元。

During the quarter, we sold 77.3 million iPhones, the highest number ever for a 13-week quarter. Average weekly iPhone sales were up 6% compared to the December quarter last year, with growth in every region of the world despite the staggered launch of iPhone X. We established all-time iPhone revenue records in nearly every market we track with double-digit growth in all of our geographic segments.

本季我們售出了 7,730 萬支 iPhone，創下了 13 週季度以來的最高銷售紀錄。與去年同期相比，iPhone 平均每週銷量成長了 6%，儘管 iPhone X 的上市時間有所延遲，但全球所有地區的銷量均實現了成長。我們在幾乎所有追蹤的市場都創下了 iPhone 收入的歷史新高，所有地區市場都實現了兩位數的成長。

iPhone ASP increased to $796 from $695 a year ago, driven primarily by the launch of iPhone X and the success of iPhone 8 and 8 Plus. We exited the December quarter towards the lower end of our target range of 5 to 7 weeks of iPhone channel inventory, with less than 1 million more iPhones in the channel compared to the December quarter a year ago, in line with our growth in average weekly unit sales.

受 iPhone X 的發布以及 iPhone 8 和 8 Plus 的成功推動，iPhone 的平均售價從一年前的 695 美元上漲至 796 美元。12 月季度結束時，iPhone 通路庫存處於我們 5 至 7 週目標範圍的下限，通路中的 iPhone 數量比去年同期少了不到 100 萬部，這與我們平均每週銷量的增長相符。

Customer interest and satisfaction with iPhone are very, very strong for both consumers and business users. The latest data from 451 Research indicates U.S. customer satisfaction ratings of 96% or higher across iPhone models. In fact, combining iPhone 8, iPhone 8 Plus and iPhone X, consumers reported an amazing 99% satisfaction rating. And among business customers planning to purchase smartphones in the next quarter, 77% plan to purchase iPhone. Our customers are also incredibly loyal, with Kantar's latest U.S. research reflecting a 96% iPhone loyalty rate, the highest ever measured.

消費者和企業用戶對 iPhone 的興趣和滿意度都非常非常高。451 Research 的最新數據顯示，美國消費者對 iPhone 各型號的滿意度評分均達到 96% 或更高。事實上，iPhone 8、iPhone 8 Plus 和 iPhone X 三款手機的消費者滿意度高達 99%。在計劃於下一季購買智慧型手機的企業客戶中，77% 的人計劃購買 iPhone。我們的客戶也極為忠誠，Kantar 最新的美國調查顯示，iPhone 的忠誠度高達 96%，創歷史新高。

Turning to services. We had a terrific quarter with revenue of $8.5 billion, up 18% year-over-year and up 27% in terms of average revenue per week. That is an acceleration to the 24% services growth run rate that we experienced in the September quarter.

轉向服務業。我們本季業績非常出色，營收達到 85 億美元，年增 18%，以每周平均收入計算成長 27%。這比我們在9月季度經歷的24%的服務業成長速度更快。

The App Store set a new all-time revenue record. The store's all new design is off to a fantastic start, with quarterly store visitors, transacting accounts and paying accounts reaching new all-time highs. During the week beginning December 24, a record number of customers made purchases or downloaded apps from the App Store spending over $890 million in that 7-day period, followed by $300 million in purchases on New Year's Day alone. And according to App Annie's latest report, the App Store continues to be the preferred destination for customer purchases by a very wide margin, generating nearly twice the revenue of Google Play.

App Store創下了歷史新高的營收紀錄。該店全新設計一推出便取得了巨大成功，季度客流量、交易帳戶數和支付帳戶數均創歷史新高。在 12 月 24 日開始的一周內，App Store 的用戶購買或下載應用程式的數量創下歷史新高，7 天內消費超過 8.9 億美元，光是元旦就消費了 3 億美元。根據 App Annie 的最新報告，App Store 仍然是顧客購物的首選目的地，其收入幾乎是 Google Play 的兩倍。

Across all our services offerings, paid subscriptions reached 240 million, with growth of 58% over last year, and they were a major contributor to the overall strong growth in services revenue.

在我們所有的服務產品中，付費訂閱用戶達到 2.4 億，比去年成長了 58%，這對服務收入的整體強勁成長做出了重大貢獻。

As Tim mentioned, it was our best quarter ever for Apple Watch, and when we add the results from Beats and AirPods, our total revenue from wearables was up almost 70% year-over-year. In fact, wearables were the second largest contributor to revenue growth after iPhone, which is impressive for a business that started only 3 years ago. In total, our other products category set a new all-time record, with quarterly revenue exceeding $5 billion for the first time.

正如提姆所提到的，這是我們 Apple Watch 有史以來業績最好的一個季度，加上 Beats 和 AirPods 的業績，我們穿戴式裝置的總收入年增了近 70%。事實上，穿戴式裝置是繼 iPhone 之後營收成長的第二大貢獻者，對於一家僅成立 3 年的公司來說，這令人印象深刻。總體而言，我們的其他產品類別創下了歷史新高，季度收入首次超過 50 億美元。

Next, I'd like to talk about the Mac. We sold 5.1 million Macs during the December quarter, which translates to a 2% year-over-year increase in average sales per week. Mac performance was particularly strong in emerging markets, with unit sales up 13% year-over-year and with all-time records in Latin America, in India, Turkey and Central and Eastern Europe. On a worldwide basis, the active installed base of Macs was up double digits year-over-year to a new record.

接下來，我想談談Mac電腦。我們在 12 月季度售出了 510 萬台 Mac，這意味著平均每週銷量年增 2%。Mac 在新興市場的表現尤其強勁，銷量較去年同期成長 13%，並在拉丁美洲、印度、土耳其以及中歐和東歐創下歷史新高。從全球來看，Mac 的活躍裝置量年增兩位數，創下新紀錄。

It was also another growth quarter for iPad. We sold 13.2 million units, with average iPad sales per week up 8% over last year's December quarter. iPad sales grew strong double digits in many emerging markets, including Latin America, the Middle East, Central and Eastern Europe and India, as well as developed markets, including Japan, Australia and Korea. The active installed base of iPad has grown every quarter since its launch in 2010. And it reached a new all-time high in December, thanks to extremely high customer loyalty and large numbers of first-time iPad users.

iPad 也再次實現了成長。我們共售出 1,320 萬台 iPad，平均每週銷售量比去年 12 月季度成長 8%。iPad 在許多新興市場（包括拉丁美洲、中東、中歐和東歐以及印度）以及已開發市場（包括日本、澳洲和韓國）的銷量均實現了強勁的兩位數成長。自 2010 年推出以來，iPad 的活躍用戶數量每季都在增加。由於顧客忠誠度極高，以及大量 iPad 新用戶湧入，12 月 iPad 銷售量創下歷史新高。

NPD indicates that iPad had 46% share of the U.S. tablet market in the December quarter, up from 36% share a year ago. And the most recent surveys from 451 Research found that among customers planning to purchase tablets within 90 days, 72% of consumers and 68% of business users plan to purchase iPads. Customer satisfaction is also very high, with businesses reporting a 99% satisfaction rating for iPad.

NPD數據顯示，iPad在去年12月季度佔據了美國平板電腦市場46%的份額，高於去年同期的36%。451 Research 的最新調查發現，在計劃於 90 天內購買平板電腦的客戶中，72% 的消費者和 68% 的企業用戶計劃購買 iPad。顧客滿意度也非常高，企業對 iPad 的滿意度高達 99%。

We're seeing great traction in enterprise as businesses across industries and around the world standardize on iOS. For example, Intesa Sanpaolo, one of Europe's leading banks, has chosen iOS as the mobile standard for its entire 70,000 employee base in Italy. Choosing iOS for its security, user interface, accessibility and reliability, Intesa Sanpaolo will deploy native apps to improve employee productivity in customer support, human resources and marketing across the company.

我們看到，隨著各行各業、世界各地的企業紛紛採用 iOS 作為標準，企業用戶對 iOS 的需求正在快速成長。例如，歐洲領先的銀行之一 Intesa Sanpaolo 選擇 iOS 作為其在義大利的 70,000 名員工的行動標準。Intesa Sanpaolo 選擇 iOS 是因為其安全性、用戶介面、可訪問性和可靠性，該公司將部署原生應用程序，以提高公司客戶支援、人力資源和行銷部門員工的工作效率。

And LensCrafters, one of the largest optical retail brands in North America, will be using over 7,000 iPad Pros to enable digital eye exams and digital optical measurements in a personalized and interactive experience.

北美最大的眼鏡零售品牌之一 LensCrafters 將使用超過 7,000 台 iPad Pro，以提供個人化和互動式的數位化眼科檢查和數位化光學測量體驗。

We're also rolling out a new initiative called Apple at Work to help businesses implement employee choice programs more easily and offer Apple products company-wide. Resources from both Apple and our channel partners will enable enterprise IT and procurement teams to buy or lease Apple products more efficiently, streamline the setup of iPhone, iPad and Mac and deliver a seamless onboarding experience for employees. We launched the program with CDW in the U.S. last week, and we will be expanding to more channels and regions later this year.

我們還將推出一項名為「Apple at Work」的新計劃，以幫助企業更輕鬆地實施員工選擇計劃，並在全公司範圍內提供 Apple 產品。來自蘋果公司和我們通路合作夥伴的資源將使企業 IT 和採購團隊能夠更有效率地購買或租賃蘋果產品，簡化 iPhone、iPad 和 Mac 的設置，並為員工提供無縫的入職體驗。上週我們與 CDW 在美國推出了該計劃，今年稍後我們將擴展到更多管道和地區。

The December quarter was extremely busy for our retail and online stores, which welcomed 538 million visitors. Traffic was particularly strong during the 4 weeks following the launch of iPhone X, up 46% over last year. And across the quarter, our stores conducted over 200,000 Today at Apple sessions covering topics including photography, music, gaming and app development and art and design.

12 月季度，我們的零售店和網店生意非常火爆，共接待了 5.38 億訪客。iPhone X 發布後的 4 週內，流量尤其強勁，比去年同期成長了 46%。本季度，我們的門市舉辦了超過 20 萬場「Today at Apple」課程，涵蓋攝影、音樂、遊戲、應用程式開發以及藝術和設計等主題。

Just last weekend, we opened our first store in Seoul, Korea, and we're looking forward to opening our first store in Austria in a few weeks. These newest openings will mark the expansion of our retail store presence to 21 countries.

就在上週末，我們在韓國首爾開設了第一家門市，我們期待幾週後在奧地利開設第一家門市。這些最新開業的門市將標誌著我們的零售店業務擴展到 21 個國家。

Let me now turn to our cash position. We ended the quarter with $285.1 billion in cash plus marketable securities, a sequential increase of $16.2 billion. $269 billion of this cash or 94% of the total was outside the United States. We issued $7 billion in debt during the quarter, bringing us to $110 billion in term debt and $12 billion in commercial paper outstanding for a total net cash position of $163 billion at the end of the quarter.

現在讓我來看看我們的現金狀況。本季末，我們持有現金及有價證券2851億美元，季增162億美元。這筆現金中有 2,690 億美元（佔總數的 94%）位於美國境外。本季我們發行了 70 億美元的債務，使我們的未償定期債務達到 1,100 億美元，未償商業票據達到 120 億美元，季末淨現金部位總計 1,630 億美元。

We also returned $14.5 billion to investors during the quarter. We paid $3.3 billion in dividends and equivalents and spent $5.1 billion on repurchases of 30.2 million Apple shares through open market transactions. We launched a new $5 billion ASR program, resulting in initial delivery and retirement of 23.6 million shares, and we retired 3.8 million shares upon the completion of our 12th ASR during the quarter. We have now completed over $248 billion of our $300 billion capital return program, including $176 billion in share repurchases against our announced $210 billion buyback program with $34 billion remaining under our current authorization.

本季我們也向投資者返還了145億美元。我們支付了 33 億美元的股息及等價物，並透過公開市場交易花費 51 億美元回購了 3,020 萬股蘋果股票。我們啟動了一項新的 50 億美元的 ASR 計劃，實現了 2,360 萬股的初始交付和退役，並在本季度完成了第 12 期 ASR，退役了 380 萬股。我們目前已完成 3,000 億美元資本回報計畫中的 2,480 億美元，其中包括已宣布的 2,100 億美元股票回購計畫中的 1,760 億美元股票回購，目前授權範圍內還剩 340 億美元。

Turning to taxes. Due to the recently enacted legislation in the U.S., we estimate making a corporate income tax payment of approximately $38 billion to the U.S. government on our cumulative past foreign earnings. This amount is very similar to what we have been accruing on those earnings in our financial results through fiscal year 2017.

接下來談談稅務問題。由於美國最近頒布的法律，我們估計需要向美國政府繳納約 380 億美元的企業所得稅，這筆稅款將用於我們過去累積的海外收入。這個金額與我們在 2017 財政年度財務表現中對這些收益提列的金額非常相似。

Including the $38 billion payment, we will have paid over $110 billion of corporate income tax on our total domestic and foreign earnings during the last 10 years for a cash tax rate of about 26%. Our tax rate of 25.8% for the December quarter was close to our guidance of 25.5% as the lower U.S. statutory rate from the new legislation was effectively offset by the remeasurement of deferred tax balances.

加上這筆 380 億美元的款項，過去 10 年裡，我們已就國內外總收入繳納了超過 1,100 億美元的企業所得稅，現金稅率約為 26%。由於新立法帶來的美國法定稅率降低被遞延稅款餘額的重新計量有效抵消，我們 12 月季度的稅率為 25.8%，接近我們先前 25.5% 的預期。

As we move ahead into the March quarter, I'd like to review our outlook, which includes the types of forward-looking information that Nancy referred to at the beginning of the call. We expect revenue to be between $60 billion and $62 billion. We expect gross margin to be between 38% and 38.5%. We expect OpEx to be between $7.6 billion and $7.7 billion. We expect OI&E to be about $300 million, and we expect the tax rate to be about 15%.

隨著我們進入三月的季度，我想回顧一下我們的展望，其中包括南希在電話會議開始時提到的那些前瞻性資訊。我們預計營收將在600億美元至620億美元之間。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76億美元至77億美元之間。我們預計營運收入和支出約為 3 億美元，稅率約為 15%。

Tax reform will allow us to pursue a more optimal capital structure for our company. Our current net cash position is $163 billion, and given the increased financial and operational flexibility from the access to our foreign cash, we are targeting to become approximately net cash neutral over time. We will provide an update to our specific capital allocation plans when we report results for our second fiscal quarter, consistent with the timing of updates that we had provided in the past.

稅制改革將使我們能夠為公司尋求更優化的資本結構。我們目前的淨現金部位為 1,630 億美元，鑑於我們能夠獲得海外現金，財務和營運靈活性有所提高，我們的目標是隨著時間的推移，實現淨現金中立。當我們將於公佈第二財季業績時，提供具體資本配置計劃的最新信息，這與我們過去提供的更新時間一致。

Finally, today, our Board of Directors has declared a cash dividend of $0.63 per share of common stock payable on February 15, 2018, to shareholders of record as of February 12, 2018.

最後，今天，我們的董事會宣布派發每股普通股0.63美元的現金股息，將於2018年2月15日支付給截至2018年2月12日登記在冊的股東。

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

接下來，我想接受大家的提問。

Thank you, Luca. (Operator Instructions)

謝謝你，盧卡。（操作說明）

Our first question will come from Shannon Cross with Cross Research.

我們的第一個問題將來自 Cross Research 的 Shannon Cross。

Luca, wanted to talk a little bit about -- more about your comments on capital structure. I realize you don't want to give us any specifics about what you're actually going to return and the timing, but just maybe if you can talk about how much cash you -- I guess, you think you need to have to run the business. And then in terms of ongoing cash flow, since the overseas cash will no longer be encumbered, does that change sort of your thought process in general? And then I have a follow-up.

Luca，我想和你談談——更多關於你對資本結構的評論。我知道你不想透露你實際上要返還多少以及返還時間的具體細節，但或許你可以談談你——我想，你認為你需要多少現金來經營這項業務。那麼就持續現金流而言，由於海外現金不再受到限制，這是否會改變您整體的思考方式？然後我還有一個後續問題。

Sure, Shannon. Of course, we've been talking about the importance of tax reform over the years because we believe it's really beneficial to the U.S. economy. What it means to us as a company, of course, is that we have additional flexibility right now from the access to the foreign cash. And in the past, we've been addressing this issue by having to raise debt as the cash was overseas, the majority of the cash was overseas. And so we are now in a position where we have $285 billion of cash. We've got $122 billion of debt for a net cash of $163 billion. And we have now the flexibility to deploy this capital. We will do that over time because the amount is very large. As I said earlier, we will be discussing capital allocation plans when we review our March quarter results. And when you look at our track record of what we've done over the last several years, you've seen that effectively, we were returning to our investors essentially about 100% of our free cash flow. And so that is the approach that we're going to be taking. We're going to be very thoughtful and deliberate about it. Obviously, we want to make the right decisions in the best interest of our long-term shareholders.

當然可以，香農。當然，這些年來我們一直在談論稅制改革的重要性，因為我們相信它對美國經濟確實有益。當然，對我們公司而言，這意味著我們現在可以透過獲得外匯資金而擁有更大的靈活性。過去，我們一直透過舉債來解決這個問題，因為現金大部分都在海外。因此，我們現在擁有2850億美元的現金。我們負債1220億美元，淨現金1630億美元。現在我們有了靈活運用這筆資金的權力。由於金額非常龐大，我們將分階段進行。正如我之前所說，我們將在審查三月季度業績時討論資本配置計劃。回顧我們過去幾年的業績，你會發現，實際上，我們幾乎將 100% 的自由現金流返還給了投資者。所以，這就是我們將要採取的方法。我們會對此深思熟慮。顯然，我們希望做出符合長期股東最大利益的正確決策。

Great. And then Tim, maybe could you talk a little bit more about what you're hearing from customers in terms of the iPhone demand? How you're thinking about the potential decay rate, for a lack of a better term, with the high-end phones and the over $1,000 phones versus balancing that with now your ability to [shift] phones down below $400 because you'd expanded the product line so much when you launched your phones in 2017?

偉大的。提姆，你能再多談談你從客戶那裡聽到的關於 iPhone 需求的回饋嗎？您是如何考慮高階手機和售價超過 1000 美元的手機的潛在衰減率（暫且這麼說吧）與現在您有能力將手機價格降至 400 美元以下之間的平衡的呢？因為您在 2017 年推出手機時大幅擴展了產品線。

Yes, thank you, Shannon, for the question. The revenue growth from iPhone across all the geographic segments was in the double digits. And I think as Luca said earlier, when you change that to an average weekly sales basis, it's actually 22%, and so it was a stellar quarter for iPhone. The iPhone X was the most popular, and that's particularly noteworthy, given that we didn't start shipping until early November and were constrained for a while. The team did a great job of getting into supply-demand balance there in December. And -- but since the launch of iPhone X, it has been the most popular iPhone every week, every week since. And that is even through today -- actually, through January. And so we feel fantastic about the results. The most important thing for us isn't really the numbers though. It's customer satisfaction, and customer satisfaction is literally off the charts on iPhone X. You think about the advances in technology that were a part of the iPhone X from -- we went from Touch ID to Face ID. Face ID has been incredibly well received. The wireless charging, the edge-to-edge Super Retina display and totally new gestures, the user experience is different. And so it's great to get that kind of feedback. Now if you look at the sort of the overall iPhone line, which gets to the essence of the question I think, I looked -- I reviewed the top mini markets. I'll talk briefly about the top 4. In urban China and the U.S., the top 5 smartphones last quarter were all iPhones. And in Japan and the U.K., 6 of the top 7 were iPhones. And so in a market that is as large as the smartphone market is, people want some level of choice, and they're deciding which ones to buy. But we feel fantastic particularly as it pertains to iPhone X.

是的，謝謝你，香農，提出了這個問題。iPhone 在所有地區市場的營收成長均達到兩位數。正如盧卡之前所說，如果換算成平均每週的銷售額，實際上是成長了 22%，所以對於 iPhone 來說，這是一個非常出色的季度。iPhone X 是最受歡迎的，考慮到我們直到 11 月初才開始出貨，而且一度受到產能限制，這一點尤其值得注意。12月份，團隊在實現供需平衡方面做得非常出色。但是——自從 iPhone X 發布以來，它每週都是最受歡迎的 iPhone，從那時起每週都是如此。而且這種情況一直持續到今天——實際上，一直持續到一月份。因此，我們對結果感到非常滿意。對我們來說，最重要的其實並不是數字。關鍵在於顧客滿意度，而iPhone X的顧客滿意度簡直是爆表。想想iPhone X所包含的技術進度——我們從Touch ID升級到了Face ID。人臉辨識技術獲得了極大的好評。無線充電、全面螢幕超視網膜顯示器和全新的手勢操作，帶來截然不同的使用者體驗。所以能得到這樣的回饋真是太好了。現在，如果你看一下整個 iPhone 產品線，我認為這觸及了問題的本質，我查看了——我查看了頂級迷你市場。我將簡要介紹前四名。在中國和美國的城市地區，上季前五的智慧型手機都是 iPhone。在日本和英國，前 7 名的手機中有 6 部是 iPhone。因此，在智慧型手機市場這樣龐大的市場中，人們希望有一定的選擇權，他們會決定要購買哪一款手機。但我們對 iPhone X 的評價尤其高。

Next, we'll go to Katy Huberty with Morgan Stanley.

接下來，我們將連線摩根士丹利的凱蒂·休伯蒂。

Growing double digits off such a large revenue base is impressive in itself, but if I look at March quarter guidance, it does assume a slower average weekly growth in total revenue as well as, I think, on my math, iPhone shipments when you compare it to the December quarter. So just how should we read into a modest slowdown in average weekly growth as it relates to the last question around the decay of demand around the higher-priced products? Or any impact that you might be seeing from the lower-priced battery replacements or anything else in the market? Then I have a follow-up.

在如此龐大的收入基礎上實現兩位數增長本身就令人印象深刻，但如果我看一下 3 月份的季度預期，它確實假設總收入的平均每週增長速度會放緩，而且我認為，根據我的計算，與 12 月份的季度相比，iPhone 的出貨量也會放緩。那麼，我們該如何解讀平均每週成長率略微放緩與最後一個問題（即高價產品需求衰減）之間的關係呢？或者，您是否注意到市場上價格較低的電池替代品或其他任何產品對您造成了任何影響？然後我還有一個後續問題。

Katy, I'll take the question. We are guiding to $60 billion to $62 billion. It's strong double-digit growth, 13% to 17%. In context, it's $7 billion to $9 billion above last year. So when you put things in perspective and you add the $10 billion of growth that we had in the first quarter and the $7 billion to $9 billion that we're guiding to for the second quarter, you're talking about $17 billion to $19 billion of growth in 6 months. This is at the macro level. We typically don't go into this level of detail but I think it's important this quarter to give you additional color. And maybe the 2 most important messages are that we believe iPhone revenue will grow double digits as compared to last year during the March quarter, and also and importantly, that iPhone sell-through growth on a year-over-year basis will be actually accelerating during the March quarter as compared to the December quarter. Let me explain the factors that we took into consideration as we came up with our iPhone units and ASP that are embedded in our guidance. Historically, because of the channel fill and the holiday season, our sell-in volume during the December quarter is generally higher than sell-through. This year, the difference was further magnified because we shipped iPhone X in November rather than the September quarter. We had a very successful product ramp. We were able to reach supply-demand balance in December, which placed the entirety of our channel fill for iPhone X in Q1. And this will have an effect on both units and ASP in Q2. Now for units, there is a second point to consider. We typically reduce channel inventory for our newest iPhones in Q2 because they enjoy very large demand in the initial weeks of sales, which are compounded by the holiday season in Q1. So we anticipate doing that in Q2 this year as well. For ASPs, there's also another element that we need to consider. As you know, our newest products this year have higher ASPs than they had in the past. And so as a result, as we reduce inventories of these newest products, the overall ASPs for iPhone in Q2 will naturally decline sequentially by a higher percentage than we have experienced historically. So in summary, our guidance for iPhone, we got double-digit year-over-year growth and acceleration of sell-through growth on a year-over-year basis. For the balance of the company, in the aggregate, we expect to grow strong double digits year-over-year and particularly very strong performance in service and in wearables like we've seen during the December quarter. I hope this helps.

凱蒂，我來回答這個問題。我們預計金額將在600億美元至620億美元之間。這是強勁的兩位數成長，達到 13% 至 17%。從整體來看，這比去年同期高出 70 億至 90 億美元。所以，從整體來看，加上我們第一季 100 億美元的成長，以及我們預計第二季 70 億至 90 億美元的成長，6 個月內成長將達到 170 億至 190 億美元。這是從宏觀層面來看的。我們通常不會深入到這種程度，但我認為在本季度，向大家提供更多細節非常重要。或許最重要的兩個訊息是：我們認為 iPhone 的營收在 3 月季度將比去年同期實現兩位數成長；更重要的是，與 12 月季度相比，iPhone 的同比銷售成長實際上將在 3 月季度加速。讓我解釋一下我們在製定 iPhone 單元和 ASP 時所考慮的因素，這些因素都包含在我們的指導方針中。從歷史數據來看，由於通路補貨和假期季節的影響，我們在 12 月季度的進貨量通常高於出貨量。今年，由於我們是在 11 月而不是 9 月發貨 iPhone X，因此這種差異被進一步放大。我們的產品上市推廣非常成功。我們在 12 月實現了供需平衡，這使得我們 iPhone X 的所有通路供應都在第一季完成。這將對第二季的銷售和平均售價產生影響。現在，關於單位，還有第二點要考慮。我們通常會在第二季減少最新 iPhone 的通路庫存，因為它們在銷售的最初幾週需求量非常大，而第一季的假期季節又加劇了這種需求。因此，我們預計今年第二季也會這樣做。對ASP來說，我們還需要考慮另一個因素。如您所知，我們今年的新產品平均售價比以往更高。因此，隨著我們減少這些最新產品的庫存，第二季 iPhone 的整體平均售價自然會比以往經歷的下降幅度更大。總而言之，我們對 iPhone 的預期是，年成長兩位數，銷售額較去年同期成長加速。就公司其他業務而言，我們預計整體上將實現強勁的兩位數年增長，尤其是在服務和穿戴式裝置方面，我們將像去年12月季度那樣取得非常強勁的業績。希望這能幫到你。

Yes, that's great color. Just a follow-up on gross margin. Guidance for flat gross margin in March is pretty seasonal, but you do have the tailwind from currency. And so if you can just comment on how you think that flows into the model over the next couple of quarters, the weaker dollar, and what your outlook might be around component costs in the near future.

是的，這顏色真好看。關於毛利率，我再補充一點。預計 3 月毛利率將持平，這主要是季節性因素造成的，但匯率波動會帶來利多。所以，如果您能談談您認為美元走軟將如何影響未來幾季的模型，以及您對近期零件成本的展望，那就太好了。

Yes, let me walk you through the sequential first. So we're guiding about flat sequentially in spite of the loss of leverage, right? That is the largest element that we need to take into account because of our typical seasonality. And we expect to offset the seasonality impact with cost improvements and with mix. FX, on a sequential basis, is fairly muted because as you know, we got a hedging program that protects us from the volatility of currencies in the short term. Certainly, weaker dollar in the long term, if it holds, will be a positive, but it's not something that you're going to be seeing translate into gross margin tailwind quickly. And so I think we need to keep that in mind. We also need to keep in mind that we continue to experience a difficult memory pricing environment, which we think is going to start improving as we move into the second half of our fiscal year, but it still has a negative impact in the March quarter.

好的，讓我先按順序跟你講解一下。所以，儘管槓桿作用減弱，但我們預期業績將基本持平，對嗎？由於我們這裡典型的季節性特點，這是我們需要考慮的最大因素。我們預計透過成本改善和產品組合調整來抵消季節性影響。從週期來看，外匯市場波動相當平緩，因為如您所知，我們有一個對沖計劃，可以保護我們免受短期貨幣波動的影響。當然，從長遠來看，美元走弱如果能夠持續下去，肯定是件好事，但這並不會很快轉化為毛利率的利多。所以我覺得我們需要牢記這一點。我們還需要記住，我們仍然面臨著艱難的記憶體定價環境，我們認為隨著我們進入本財年的下半年，這種情況將會開始好轉，但這仍然會對三月份的季度產生負面影響。

Mike Olson from Piper Jaffray has our next question.

來自 Piper Jaffray 公司的 Mike Olson 將向我們提出下一個問題。

I know you don't talk about future products, which is often a preface to questions about future products, and I'll give it a shot. When you think conceptually about the path for iPhone X style devices going forward, is there any reason the road map wouldn't consist of multiple devices as we've seen with past iPhone upgrades? In other words, the X was unique amongst recent iPhone launches because it's a singular device, potentially limiting the shots on goal for upgrades given limited options. How do you think about that going forward? And then I have a follow-up.

我知道您不談論未來的產品，但這通常是人們詢問未來產品問題的先決條件，我來試著問一下。從概念上思考未來 iPhone X 型裝置的發展路徑，是否有任何理由認為其路線圖不會像以往的 iPhone 升級那樣包含多款裝置？換句話說，iPhone X 在近期發布的 iPhone 機型中獨樹一幟，因為它是一款單一設備，鑑於可選機型有限，升級的可能性可能不大。你對未來有何打算？然後我還有一個後續問題。

Mike, you did a good job of answering your question, I think, at the beginning that we don't really comment on future products. But I would tell you that we're thrilled with the reception of iPhone X. And as we said when we launched it, we were setting up the next decade. And that is how we look at it, and so that's the reason it's chock-full of incredible innovation. And so you can bet that we're pulling that string.

麥克，我認為你很好地回答了自己的問題，一開始我們就明確表示，我們不會對未來的產品發表評論。但我可以告訴大家，我們對iPhone X的市場反應感到非常興奮。正如我們在發佈時所說，我們是在為下一個十年奠定基礎。我們就是這樣看待它的，所以它充滿了令人難以置信的創新。所以你可以肯定，是我們在背後操縱的。

All right. And then how do you think about AR beyond iPhone? You've created the world's largest AR platform. You got developers generating a wide variety of apps. I realize it's still early days, but do you see Apple as a provider of a larger ecosystem of AR-enabled device beyond iPhone and iPad in the coming years? Or should investors focus on the opportunity within your existing device portfolio for at least the foreseeable future?

好的。那麼，除了 iPhone 之外，您如何看待 AR 技術？你創造了全球最大的AR平台。開發者們正在開發各種各樣的應用程式。我知道現在下結論還為時過早，但你認為在未來幾年裡，蘋果會成為iPhone和iPad之外，更廣泛的AR設備生態系統的提供者嗎？或者，投資者是否應該在可預見的未來將注意力集中在您現有設備產品組合中的機會上？

I see AR as being profound. I think it's -- AR has the ability to amplify human performance instead of isolating humans. And so I am a huge, huge believer in AR. We put a lot of energy on AR. We're moving very fast. We've gone from ARKit 1.0 to 1.5 in just a matter of months. I couldn't be happier with the rate and pace of the developer community, how fast they're developing new things. And I don't want to say what we may do, but I could not be happier with how things are going right now.

我認為擴增實境技術意義深遠。我認為－AR 有能力增強人類的表現，而不是孤立人類。所以，我非常非常相信擴增實境技術。我們在擴增實境（AR）方面投入了大量精力。我們進展非常迅速。短短幾個月內，我們就從 ARKit 1.0 升級到了 1.5。我對開發者社群的發展速度和節奏感到非常滿意，他們開發新產品的速度非常快。我不想透露我們可能會做什麼，但我對目前的情況非常滿意。

And next, we'll go to Toni Sacconaghi from Bernstein.

接下來，我們將連線伯恩斯坦的托尼·薩科納吉。

I have a question and a follow-up. You commented on how your installed base over the last couple of years has grown 30%. And iPhone is clearly the largest component of that. And so iPhone installed base is probably growing close to that number, perhaps less, call it 20% or 25%. Yet if we look at iPhone unit growth for fiscal '18, sort of what's implied with your guidance, fiscal '17 and fiscal '16, it's been relatively flat. So you have an installed base that's 20-plus percent higher and a unit growth that's relatively flat, which would suggest that your upgrade rate is going down or your replacement cycle is elongating. And I'm wondering whether you agree with that and whether investors should be worried about that. And maybe if I could just add one other wrinkle to potentially get your response on is given consumers' heightened awareness of their ability to replace batteries going forward as opposed to upgrade, isn't that also something that investors should potentially be concerned about in terms of its impact on upgrade rate going forward? And then, believe it or not, I have a follow-up.

我有一個問題和一個後續問題。您曾提到，過去幾年您的用戶基數成長了 30%。而iPhone顯然是其中最大的組成部分。因此，iPhone 的裝機量成長可能接近這個數字，甚至可能更低，大概在 20% 或 25% 左右。但是，如果我們看一下 2018 財年 iPhone 的銷售成長情況（這與你們的預測有些出入），以及 2017 財年和 2016 財年的數據，就會發現銷量成長相對平緩。因此，您的安裝基數增加了 20% 以上，而單元增長相對平穩，這表示您的升級率正在下降或更換週期正在延長。我想知道您是否同意這種觀點，以及投資者是否應該對此感到擔憂。或許我還可以再補充一點，以期得到您的回應：鑑於消費者越來越意識到他們未來可以更換電池而不是升級電池，投資者是否也應該關注這一點，因為這會對未來的升級率產生影響？然後，信不信由你，我還有後續。

I think it's up to investors as to what things they would like to focus on, so I don't want to put myself in a position of that. The way that I look at this, and I -- the numbers you quoted, I have a different view of them. But generally, what we see with iPhone is the reliability of iPhone is fantastic. The second -- or the previously owned market has expanded in units over the years. And you see, in many cases, carriers and retailers having very vibrant programs around trading an iPhone in. And because iPhone has the largest residual rate on it. It acts as a buffer for the customer to buy a new one, and it winds up with another customer somewhere else that is perfectly fine with having a previously owned iPhone. And so I view all of that to be incredibly positive. It's more people on iPhones, the better. I would like to point out that the -- every major product hit a high on the active installed base. And so that's iPads, it's Mac, and those are huge numbers as well. And so as we've always said, there's a large part of the -- or the vast majority of the services kind of are mapped to the installed base instead of the quarterly sales. And there's -- this quarter is no different on that. Toni -- on the battery, Toni, we did not consider in any way, shape or form what it would do to upgrade rates. We did it because we thought it was the right thing to do for our customers. And I -- sitting here today, I don't know what effect it will have. And again, it's not -- was not in our thought process of deciding to do what we've done.

我認為投資人有權決定他們想關注哪些方面，所以我不想讓自己陷入這種境地。我看待這件事的方式，以及你引用的那些數字，我有不同的看法。但總的來說，iPhone 的可靠性非常出色。第二個市場——或者說二手房市場——近年來規模不斷擴大。而且你會發現，在許多情況下，營運商和零售商都有非常活躍的 iPhone 以舊換新計劃。因為iPhone的殘值率最高。它起到緩衝作用，讓顧客有時間購買新機，最終這台二手 iPhone 會流落到其他地方的另一位顧客手中，而這位顧客也完全不介意擁有一部二手 iPhone。因此，我認為這一切都是非常積極的。使用 iPhone 的人越多越好。我想指出的是，每個主要產品的活躍用戶數都達到了很高的水平。所以，iPad 和 Mac 的銷售也都非常龐大。所以正如我們一直所說，很大一部分——或者說絕大多數服務都是根據已安裝的用戶群而不是季度銷售額來劃分的。本季的情況也並無不同。托尼——關於電池，托尼，我們完全沒有考慮過它會對費率上漲產生什麼影響。我們這樣做是因為我們認為這對我們的客戶來說是正確的做法。而我——今天坐在這裡，我不知道這會產生什麼影響。再說一遍，這並非——也並非我們決定做我們所做的事情時的考慮因素。

Okay. And just a follow-up, maybe I could clarify 2 little things. One, Luca, on tax rate, you've talked about 15% for Q2. Is that how we should think about the tax rate on an ongoing basis? And then just back to you on your response, Tim. I guess, maybe you could just comment on whether you believe the upgrade rate has decreased over the last couple of years. Because again, just sort of mechanically, installed base is growing 20% and units are relatively flat over that period. Isn't that telling me the installed base is -- excuse me, upgrade rate is going down? Or am I not thinking about other considerations?

好的。最後，我再補充兩點，或許可以澄清一下。盧卡，關於稅率，你之前說過第二季是 15%。我們應該一直這樣看待稅率嗎？提姆，現在就讓我來回答你的問題。我想，或許您可以談談您是否認為近幾年的升級率有所下降。因為從機械角度來看，裝置容量增加了 20%，而同期銷量卻相對持平。這豈不是說用戶基數——抱歉，升級率正在下降？還是我忽略了其他因素？

Toni, on the tax rate, I will make 2 comments. First of all, the new tax law in the United States is complex. And I think we, as many other companies, are really trying to absorb what this all means. And I think we're going to be receiving, over the next few months, implementation guidance. So we've taken some provisional estimates in coming up with our tax entries for the quarter. And we will have to do that as we go forward here during the year. So it may be a bit bumpy in the short term as we understand the law in full and it actually gets explained in full. But I would say that for the current fiscal year, the guidance that we provided for Q2 should be approximately what you should be seeing. As we get into a new fiscal year, so many things change, and we need to take that into account, the geographic mix of our products and so on. So -- but I would say for the remainder of the year, it's what we're guiding to.

東尼，關於稅率，我有兩點看法。首先，美國的新稅法很複雜。我認為，和許多其他公司一樣，我們也在努力理解這一切意味著什麼。我認為在接下來的幾個月裡，我們將收到實施指南。因此，我們在編製本季稅務報表時，採用了一些初步估算。在接下來的日子裡，我們必須這麼做。因此，在短期內可能會有些波折，因為我們需要完全理解法律，並且法律會得到充分的解釋。但我認為，就本財年而言，我們針對第二季提供的業績指引應該與你們實際看到的業績大致相符。隨著新財年的到來，很多事情都會發生變化，我們需要考慮到這些變化，例如我們產品的地理組合等等。所以——但我想說，在今年剩下的時間裡，這就是我們努力的方向。

I think on the replacement cycle, Toni, the answers probably look different by geography. In those geographies that had -- in the early days of the smartphone market, had very traditional subsidies where you paid the $199 out the door, $99 or whatever, I think it's accurate to say those types of markets, the replacement cycle is likely longer. Where that isn't the case, I'm not nearly as sure on that. I would point out that, that happened some time ago, and so it's very difficult currently to ever get a real-time handle on replacement rate because you're obviously not -- you don't know the replacement rate for the products you're currently selling. You only know that in a historical sense. So it's not something that we overly fixate on.

東尼，我認為在人員更替週期方面，答案可能會因地理而異。在智慧型手機市場早期，那些實行非常傳統的補貼政策的地區，例如你只需支付 199 美元、99 美元或其他價格就能買到手機，我認為可以準確地說，在這些類型的市場中，更換週期可能會更長。如果情況並非如此，我就不太確定了。我想指出的是，那是很久以前的事了，所以目前很難即時掌握更換率，因為你顯然不知道——你不知道你目前正在銷售的產品的更換率。你只能從歷史的角度去了解它。所以，我們不會過度關注這件事。

That question comes from Laura Martin from Needham.

這個問題來自尼德姆的勞拉·馬丁。

I love the 1.3 billion devices you gave us, updating from 2 years ago. And I love the on-ramp as you spread out the pricing. Do you get the sense that we have more unique users in that 1.3 billion than we had unique users back there in 2016?

我非常喜歡你們提供給我們的13億台設備，比兩年前更新換代後更完善。我喜歡你們逐步放寬價格的做法。您是否感覺到，我們目前這 13 億用戶中的獨立用戶數量比 2016 年的獨立用戶數量還要多？

Laura, I'm sorry. I missed the first part of that. You broke up on the phone.

勞拉，對不起。我錯過了前半部。你們在電話裡分手了。

Okay. So we have 1.3 billion (inaudible) billion (inaudible) unique users are getting fewer products so we have a higher percent of unique [users] in the 1.3 billion devices than more in the

好的。所以，我們有13億（聽不清楚）億（聽不清楚）獨立用戶，但他們獲得的產品卻更少，因此，在這13億台設備上，獨立用戶所佔的比例高於在其他設備上所佔的比例。

[Audio Gap]

[音頻間隙]

billion devices. Is it a

數十億台設備。它是

Audio Gap

音頻間隙

Are they

是嗎？

Audio Gap

音頻間隙

Laura, you're cutting in and out, but I'm going to take a swing at what I think you're asking. I think you're asking, are there more active users today than there were 2 years ago when we had 1 billion active devices? And the answer is absolutely. There are many, many, many more.

蘿拉，你說話斷斷續續的，但我還是想試著回答我理解你問的問題。我想你是在問，如今的活躍用戶數量是否比兩年前（當時我們有 10 億台活躍設備）更多？答案是肯定的。還有許許多多很多。

Yes, I was asking as a percent, the ownership. It used to be 1.4 devices owned per person. Do you think it's now 1.2 or 1.6?

是的，我問的是所有權的百分比。過去平均每人擁有1.4台設備。你認為現在是 1.2 還是 1.6？

Well, that 1.4, I don't know where that came from. It did not come from Apple. And so that's one of those things that kind of flowed out there, and I want to divorce Apple from that number. We're not releasing a user number because we think that the proper way to look at it is to look at active devices. It's also the one that is the most accurate for us to measure. And so that's our thinking behind that.

嗯，那個1.4，我不知道是從哪裡來的。它並非來自蘋果公司。所以，這件事就這麼自然而然地發生了，我想把蘋果和這個數字撇開關係。我們不公佈用戶數量，因為我們認為衡量用戶數量的正確方法是查看活躍設備數量。它也是我們測量起來最準確的方法。這就是我們這樣做的原因。

Okay. Switchers in the quarter? You often give us switchers.

好的。本季有哪些轉行者？你們經常提供我們轉換用戶。

It is so early on this product cycle, particularly with the iPhone X only starting in November that we do not feel we have data at this point that would be very meaningful to share. And so I'll punt that question until next time around.

目前產品週期還處於早期階段，特別是 iPhone X 要到 11 月才上市，因此我們認為目前還沒有足夠有意義的數據可以分享。所以，這個問題我先擱置到下次再問。

Next, we'll go to Steve Milunovich from UBS.

接下來，我們將連線瑞銀集團的史蒂夫·米盧諾維奇。

Tim, you said you don't want to tell investors what to do, but the first point you made was talking about the size of the installed base. Later, you talked about the importance of customer satisfaction. Given that this doesn't look like a super cycle in terms of unit growth, are you nudging us to focus on the size of the installed base, the annuity opportunity here? And do you have confidence that you can monetize that installed base through additional hardware and services?

提姆，你說過你不想告訴投資人該怎麼做，但你提出的第一點卻是關於已安裝用戶群的規模。後來，你談到了客戶滿意度的重要性。鑑於這看起來不像是銷量成長的超級週期，您是否在暗示我們應該關注已安裝基礎的規模，以及其中的年金機會？您是否有信心透過增加硬體和服務，將現有用戶群變現？

What I said on the investor part is I think every investor has to look at their own situation and conclude the things that they think are important. What I think is important, I think the active devices are hugely important. And that's the reason that we released the number 2 years ago and the reason that we're releasing that again today. That number speaks to the strength of the product, the loyalty of the customer, the strength of the ecosystem. And so I -- we do put a lot of weight behind that, and it obviously also fuels the services business. So I have long believed that a 90-day clock on unit sales is a very surface way to view Apple. I think that the far bigger thing is to look over a longer period of time. And customer satisfaction and engagement and number of active devices are all a part of that.

我作為投資者的觀點是，我認為每個投資者都必須審視自身情況，並得出他們認為重要的事情。我認為最重要的是，我認為主動式設備非常重要。這就是我們兩年前發布該號碼的原因，也是我們今天再次發布該號碼的原因。這個數字體現了產品的實力、顧客的忠誠度以及生態系統的強大。因此，我們非常重視這一點，而這顯然也推動了服務業的發展。因此，我一直認為，以90天的銷售量來衡量蘋果公司是一種非常膚淺的方式。我認為更重要的是要從更長的時間跨度來看待問題。客戶滿意度、參與度和活躍設備數量都是其中的組成部分。

And could you address the positioning of HomePod? What category is it in? Is it a music speaker? Is it a home assistance? Since people seem to be trying to position it versus Amazon and Google's offerings. And is the target market primarily Apple Music users?

能否談談HomePod的市場定位問題？它屬於哪一類？它是音樂揚聲器嗎？這是居家援助服務嗎？因為人們似乎試圖將其與亞馬遜和谷歌的產品進行比較。目標市場主要針對 Apple Music 用戶嗎？

HomePod is an incredible product that gives an unbelievable audio experience in a very small form factor with a super assistant -- digital assistant in Siri that knows an enormous amount about music but also can handle requests to -- like home automation to close your garage door, open your door, turn the light on, turn the fireplace on, change the thermostat, all of the things that you would like to do on home automation, that takes it further because you can do it right from the Home app and set up scenes. So you can say, "Hey, Siri. I'm reading." And your room will change to the things you would like happening in that particular room for when you read. Maybe it's a particular light, maybe it's a type of light, maybe it's the fireplace, so on and so forth. It also -- obviously, you can also do things with HomePod like use it as a speakerphone. And so if you're talking to your parents or they're talking to their grandkids, it's unbelievable audio quality for speakerphone. You can also have Siri call for you. You can have -- you can send messages, you can get an Uber car or a Lyft car. And so there's just a whole variety of things. And so I think the use cases on this, much like our phones, will be broad-based. Some people will use it significantly for music and others may use it significantly for -- as a digital assistant. And I think the majority of people will likely use all of it and use all of the functionality of it.

HomePod 是一款令人驚嘆的產品，它以非常小的體積提供了令人難以置信的音頻體驗，並配備了超級助手——Siri 數位助手，它不僅對音樂瞭如指掌，還能處理各種請求，例如家庭自動化，比如關閉車庫門、打開門、打開燈、打開壁爐、調節恆溫器等等，所有你想在家庭自動化方面做的事情，它都能做到。更進一步的是，你可以直接透過「家庭」應用程式來操作並設定場景。所以你可以說，「嘿，Siri。「我在看書。」然後你的房間就會變成你希望在閱讀時發生的那種景象。也許是某種特定的光線，也許是某種類型的光線，也許是壁爐，等等等等。當然，你也可以用 HomePod 做一些事情，例如把它當作免持電話使用。所以，如果你在和父母通話，或是他們和孫子孫女通話，免持通話的音質簡直令人難以置信。你也可以請 Siri 幫你打電話。你可以發送訊息，也可以叫 Uber 或 Lyft。所以，這裡麵包含了很多不同的東西。因此，我認為它的應用場景將和我們的手機一樣，非常廣泛。有些人會大量使用它來聽音樂，而有些人可能會大量使用它作為數位助理。而且我認為大多數人可能會使用所有這些功能。

Our next question will come from Amit Daryanani from RBC Capital Markets.

下一個問題將來自加拿大皇家銀行資本市場部的 Amit Daryanani。

I have 2 questions as well. I guess, first one, could you just touch on what you're seeing in China in terms of underlying trends right now? I think growth was up double-digit year-over-year but essentially in line with what you saw in September. I would have thought it would have accelerated a little bit with iPhone X. Just the puts and takes in China will be great.

我也有兩個問題。我想，第一個問題，您能否談談您目前在中國看到的潛在趨勢？我認為同比增長了兩位數，但基本上與9月份的情況一致。我原以為隨著iPhone X的發布，這種情況會有所改善。中國市場的供需關係將會非常活躍。

Yes, Amit, it's Tim. It's a good question. Keep in mind that this year had 13 weeks, last year had 14 weeks. And so even though we're recording a similar year-over-year growth for Greater China, if you change that reporting to an average weekly sales, which is probably a much better way to look at it, there was actually a really nice acceleration. And specifically, the numbers this quarter, as reported, are 11% increase for Greater China year-over-year. But on an average weekly revenue basis, it was -- we were up 19%. Also mainland China, we had an all-time record for revenue in mainland China. And of course, a key part of that was iPhone. And as I've mentioned before, Kantar reported that the top 5 selling smartphones in urban China were all iPhones. And so we could not be more pleased with how we're doing. And if you look at the other -- we obviously grew share on -- for iPhone in the quarter, but we also grew share in iPad and Mac during the quarter. And our -- and wearables were extremely strong there in the quarter. And so everywhere I look, I feel really good about how we're doing in China.

是的，阿米特，我是提姆。這是個好問題。請記住，今年有 13 週，去年有 14 週。因此，儘管我們在大中華區錄得了類似的同比增長，但如果你把報告方式改為平均每週銷售額（這可能是一種更好的觀察方式），實際上增長速度非常可觀。具體而言，據報道，本季大中華區年增 11%。但以平均每週收入計算，我們成長了 19%。此外，我們在中國大陸的收入也創下了歷史新高。當然，其中的關鍵因素之一就是 iPhone。正如我之前提到的，凱度報告顯示，中國城市地區銷售前 5 名的智慧型手機都是 iPhone。因此，我們對目前的表現非常滿意。如果你看看其他產品——顯然，我們在本季度提高了 iPhone 的市場份額，但我們在本季度也提高了 iPad 和 Mac 的市場份額。我們的穿戴式裝置在本季表現非常強勁。所以，無論從哪個角度來看，我都對我們在中國的發展感到非常滿意。

Got it. That's really helpful. I guess, Luca, maybe a question for you. When you talk about reducing your Apple's net cash levels to 0 effectively over time, I think that implies the number goes from $163 billion today to something like 0. I guess, what does "over time" mean for Apple? Is that 1 year, 3 years, 10 years? Just how do you define "over time"? And does this change your thoughts around M&A at all? And is that one reason, you get that number from $163 billion to 0? Does it change your M&A thought process?

知道了。這真的很有幫助。盧卡，我想問你一個問題。當你談到隨著時間的推移，蘋果公司的淨現金水準實際上會降至零時，我認為這意味著這個數字會從目前的 1,630 億美元降至接近 0 的水平。我想，對蘋果公司來說，「隨著時間的推移」究竟意味著什麼？是1年、3年還是10年？「隨著時間的推移」究竟如何定義？這是否會改變你對併購的看法？這就是導致金額從 1,630 億美元降至 0 的原因之一嗎？這會改變你對併購的思考方式嗎？

Let me answer, Amit, starting with M&A. Our thought process around M&A has always been the same, and it really doesn't change. We've been acquiring companies over the years. During -- in calendar 2017, we've acquired 19 companies. And the thought process is always to acquire something that allows us to either accelerate our product road maps, filling a gap in our portfolio, providing a new experience to customers. So it's always the customer experience in mind, right, that we make acquisitions. We look at all sizes, and we will continue to do so. We have plenty of financial flexibility, of course. We had that even prior to tax reform. And as I said, we will talk about capital allocation plans when we report the March quarter, and that will include talking about time frames and pace and so on. And as I said, we'll try to be very thoughtful. As you said, $163 billion is a large amount, and there are even practical considerations around it. So we'll see.

阿米特，讓我來回答你，先從併購說起。我們關於併購的思考過程一直都是一樣的，真的不會改變。這些年來，我們一直在收購公司。在 2017 年曆年中，我們收購了 19 家公司。我們的想法始終是獲取能夠加快產品路線圖、填補產品組合空白、為客戶提供全新體驗的資源。所以，我們在進行收購時，總是以客戶體驗為中心，對吧。我們會考慮各種尺寸，並將繼續這樣做。當然，我們擁有充足的財務彈性。即使在稅制改革之前，我們也存在這種情況。正如我所說，我們將在公佈三月季度業績時討論資本配置計劃，其中包括討論時間框架和進度等等。正如我所說，我們會盡量考慮周全。正如你所說，1630億美元是一筆巨款，而且其中還存在一些實際問題。我們拭目以待。

Just for clarity, let me add one thing. What Luca is saying is not cash equals 0. He's saying there's an equal amount of cash and debt, and that they balance to 0, just for clarity.

為了更清楚地說明情況，我再補充一點。盧卡的意思並不是現金等於零。他的意思是現金和債務的金額相等，並且兩者平衡為零，這樣解釋比較清楚。

Thank you, Amit. 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 4783460. 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 Matt Blake or me with additional questions. Matt is at (408) 974-7406, and I'm at (408) 974-5420. And thanks again for joining us.

謝謝你，阿米特。今天的電話會議錄音將在 Apple Podcast、apple.com/investor 網站以及透過電話提供，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 4783460。這些回放影片大約會在下午5點前提供。今天太平洋時間。媒體會員如有其他疑問，可致電 (408) 974-2414 聯絡 Kristin Huguet；金融分析師如有其他疑問，可致電 Matt Blake 或聯絡我。Matt 的電話號碼是 (408) 974-7406，我的電話號碼是 (408) 974-5420。再次感謝您的參與。

That does conclude our conference for today. Thank you for your participation.

今天的會議就到此結束。感謝您的參與。