蘋果 (AAPL) 2018 Q1 法說會逐字稿

Good day, and welcome to this Apple Inc.

美好的一天，歡迎來到這家 Apple Inc.

First Quarter Fiscal Year 2018 Earnings Release Conference Call.

2018 財年第一季度收益發布電話會議。

Today's call is being recorded.

今天的電話正在錄音。

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

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

Please go ahead.

請繼續。

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。

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

在那之後，我們將打開分析師提問的電話。

Please note that some of the information you'll hear during our discussion today will consist of forward-looking statements, including, without limitation, those regarding revenue, gross margin, operating expenses, other income and expense, taxes, capital allocation 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、資本分配和未來業務的陳述外表。

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 statements or information which speak as of their respective dates.

Apple 不承擔更新任何前瞻性陳述或截至其各自日期的信息的義務。

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.

我想提醒您，我們今天報告的季度包括 13 週，而我們一年前報告的季度包括 14 週。

And 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。

Thanks, Nancy, and thank you, everyone, on the call, and welcome to everyone today.

謝謝，南希，謝謝大家，在電話中，歡迎大家今天。

Before we dive into the quarter, I'd like to take a moment to talk about a significant milestone we recently crossed.

在我們進入本季度之前，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.

Apple 的活躍安裝基礎在 1 月份達到了 13 億台設備，並且在我們所有的主要產品中都處於歷史最高水平。

1.3 billion devices represents an astonishing 30% growth in just 2 years.

13 億台設備在短短 2 年內實現了驚人的 30% 增長。

It speaks to the strength and reliability of our products and our ecosystem as well as the loyalty, satisfaction and engagement of our customers.

它體現了我們產品和生態系統的實力和可靠性，以及客戶的忠誠度、滿意度和參與度。

It's also fueling tremendous growth in our services business, which I'll talk about a little later in the call.

它還推動了我們服務業務的巨大增長，我稍後會在電話會議中談到這一點。

Turning to the December quarter.

轉到 12 月季度。

We're thrilled to report Apple's biggest quarter ever, which set new all-time records in both revenue and earnings.

我們很高興地報告蘋果有史以來最大的一個季度，它在收入和收益方面都創下了新的歷史記錄。

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.

我們創造了 883 億美元的收入，高於我們指導範圍的高端，並且比我們一年前創下的歷史記錄增長了近 100 億美元或 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.

這也是我們連續第五個季度加速收入增長，我們在全球的每個地理區域都實現了兩位數的增長。

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.

更值得注意的是，我們今天報告的季度為 13 週，而去年同期為 14 週。

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%.

當我們查看今年 12 月季度的每周平均收入與去年相比時，我們的增長率達到了驚人的 21%。

Our growth was broad-based and a key driver was iPhone, which generated its highest revenue ever.

我們的增長基礎廣泛，一個關鍵驅動因素是 iPhone，它創造了有史以來最高的收入。

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.

根據 Canalys 的數據，iPhone X 是 12 月季度全球最暢銷的智能手機，自推出以來，它一直是我們每週最暢銷的手機。

iPhone 8 and iPhone 8 Plus rounded out the top 3 iPhones in the quarter.

iPhone 8 和 iPhone 8 Plus 在本季度排名前三。

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.

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，推動蘋果總收入高於我們的指導範圍。

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.

我想花一點時間來認識到創造 iPhone X 所付出的巨大工作量。我們的團隊從工程和運營的角度進行了極其複雜的發布，執行了需要多年研發的出色產品提升，其中一個它引入了創新功能，例如無邊框 Super Retina 顯示屏和支持 Face ID 的 TrueDepth 攝像頭。

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.

我們的客戶喜歡這些新功能和新手勢，例如從底部向上滑動，這使得 iPhone 的使用更加直觀和愉快。

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.

我們的團隊今天將明天的技術交到客戶手中，為未來十年的智能手機設定了標準，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.

這是服務收入又一個非常強勁的季度，收入為 85 億美元，比去年增長 18%，我們正在努力實現到 2020 年將 2016 年服務收入翻一番的目標。

The number of paid subscriptions across our services offerings passed 240 million by the end of the December quarter.

截至 12 月季度末，我們服務產品的付費訂閱數量已超過 2.4 億。

That's an increase of 30 million in the last 90 days alone, which is the largest quarterly growth ever.

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長。

We had an all-time record quarter for the App Store, with our best holiday season ever.

我們的 App Store 季度創下歷史新高，這是我們有史以來最好的假日季。

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.

我們對增強現實感到非常興奮，現在客戶可以享受超過 2,000 款支持 ARKit 的應用程序，涵蓋 App Store 中的每個類別。

In December, when Pokémon Go released its new augmented reality features built with ARKit, it jumped to the top of the App Store charts.

去年 12 月，當 Pokémon Go 發布了使用 ARKit 構建的新增強現實功能時，它躍居 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.

上週在多倫多停留時，我遇到了從藝術欣賞到電子商務都在努力使用 ARKit 開發創意應用程序的開發人員，我對所見所聞印象深刻。

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.

在 ARKit 向公眾發布僅 4 個月後，我們就已經向全球開發者發布了 ARKit 1.5 測試版，反響非常好。

Augmented reality is going to revolutionize many of the experiences we have with mobile devices.

增強現實將徹底改變我們使用移動設備的許多體驗。

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.

借助 ARKit，我們為開發人員提供了市場上最先進的工具，為在最先進的硬件上運行的最先進的操作系統創建應用程序。

This is something only Apple can do.

這是只有蘋果才能做到的事情。

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.

除了 App Store，其他幾項服務的季度業績也創下歷史新高，包括 Apple Music、iCloud 和 Apple Pay，所有這些服務的活躍用戶和收入均出現增長。

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.

Apple Pay 在美國達到了一個重要的里程碑。由於商戶採用率同比增長 50%，它現在已被超過一半的美國零售店所接受，其中包括超過 2/3 的美國頂級零售店100 家零售商。

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.

現在可在 20 個市場使用，全球 Apple Pay 購買量同比增長了兩倍多，我們很高興在未來幾個月內將業務擴展到巴西。

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.

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看音樂會或在優勝美地國家公園購買紀念品。

In the U.S., we launched Apple Pay Cash in December, and it's off to a terrific start.

在美國，我們於 12 月推出了 Apple Pay Cash，開局不錯。

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.

數以百萬計的人已經在使用它與朋友和家人快速、輕鬆、安全地進行匯款和收款，以分攤賬單、還款或直接從 Messages 應用程序發送最後一分鐘的禮物。

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.

這是 Apple Watch 有史以來最好的一個季度，收入和銷量連續第四季度增長超過 50%，每個地理區域都實現了兩位數的強勁增長。

Sales of Apple Watch Series 3 models were also more than twice the volume of Series 2 a year ago.

Apple Watch Series 3 的銷量也是一年前 Series 2 的兩倍多。

Apple Watch is the most popular smartwatch in the world and gained market share during the quarter based on the latest estimates from IDC.

根據 IDC 的最新估計，Apple Watch 是全球最受歡迎的智能手錶，並在本季度獲得了市場份額。

It was the third consecutive quarter of growth for iPad revenue, thanks to the strength of both iPad and iPad Pro.

由於 iPad 和 iPad Pro 的強勁表現，這是 iPad 收入連續第三個季度增長。

Based on the latest data from IDC, we gained share in nearly every market we track with strong outperformance in emerging markets.

根據 IDC 的最新數據，我們在我們跟踪的幾乎每個市場中都獲得了份額，在新興市場表現強勁。

Worldwide, almost half of our iPad sales were the first-time tablet buyers or those switching to Apple.

在全球範圍內，我們幾乎一半的 iPad 銷售額是首次購買平板電腦或轉向 Apple 的人。

And that's true in some of our most developed markets, including Japan and France.

在我們一些最發達的市場，包括日本和法國，情況確實如此。

In China, new and switching users made up over 70% of all iPad sales.

在中國，新用戶和轉換用戶佔 iPad 總銷量的 70% 以上。

For Mac, we launched the all new iMac Pro in mid-December.

對於 Mac，我們在 12 月中旬推出了全新的 iMac Pro。

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.

這是一個全新的產品線，專為喜愛 iMac 一體式設計並需要工作站級性能的 Pro 用戶而設計。

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.

它是有史以來速度最快、功能最強大的 Mac，為模擬和實時 3D 渲染、沉浸式 VR 以及復雜的攝影、音頻和視頻項目提供了令人難以置信的計算能力。

Worldwide, 60% of our Mac sales were the first-time buyers and switchers.

在全球範圍內，我們 60% 的 Mac 銷售是首次購買者和切換者。

And in China, that number was almost 90%.

而在中國，這個數字幾乎達到了 90%。

We're looking forward to getting HomePod in customers' hands beginning next week.

我們期待從下週開始將 HomePod 送到客戶手中。

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.

HomePod 是一款創新的無線揚聲器，得益於 Apple 設計的先進硬件和軟件，無論在家中的任何位置都能提供令人驚嘆的音質。

Together with Apple Music, HomePod gives you instant access to one of the world's largest music catalogs.

與 Apple Music 一起，HomePod 讓您可以即時訪問世界上最大的音樂目錄之一。

And with the intelligence of Siri, it's a powerful assistant you control through natural voice interaction.

借助 Siri 的智能，它是您通過自然語音交互控制的強大助手。

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.

我們對在 HomePod 發布前體驗過 HomePod 的評論家的初步反應感到非常滿意，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.

我們相信 21 世紀的關鍵問題之一是教育。

And because of that, we've strengthened our commitment and investment into initiatives like Everyone Can Code.

正因為如此，我們加強了對“人人能編程”等計劃的承諾和投資。

To find the innovators of the future, we need to nurture the students of today.

要找到未來的創新者，我們需要培養今天的學生。

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.

我們的 App Development with Swift 課程在 iBooks 上免費提供，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.

它還在全國數十所社區學院教授，將實用技能交到今天的求職者手中。

I was in London 2 weeks ago as we announced that the program was expanding to more than 70 colleges and universities in Europe.

兩週前我在倫敦，因為我們宣布該計劃正在擴展到歐洲的 70 多所學院和大學。

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.

全球數百萬學生將有機會將 Swift 添加到他們的編碼詞彙中，並獲得對當今經濟至關重要的技能。

This is an exciting time at Apple.

這是蘋果公司激動人心的時刻。

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.

憑藉我們有史以來最好的產品和服務陣容，以及一系列展示商業如何成為世界造福力量的舉措，我們對我們的未來感到無比興奮。

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

現在有關 12 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。

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.

我們在 12 月季度的業務和財務表現非常出色，因為我們在收入、營業收入、淨收入和每股收益方面創造了新的歷史記錄。

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.

從收入開始，我們報告了創紀錄的 883 億美元，比去年創下的紀錄高出近 100 億美元或 13%。

It is our fifth consecutive quarter of accelerating revenue growth.

這是我們連續第五個季度加速收入增長。

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.

如您所知，一年前的 12 月季度為 14 週，而今年為 13 週，在我們評估今年業務的基本表現時，這一點很重要。

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.

當我們查看每周平均收入時，我們的增長率甚至更高，達到 21%，所有產品類別連續第三個季度實現增長。

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.

我們在全球範圍內的業績都非常出色，我們所有地理區域的收入都實現了兩位數的增長，並且在我們追踪的絕大多數市場（包括美國、西歐、日本、加拿大、澳大利亞和韓國）都創下了歷史季度記錄。以及中國大陸、拉丁美洲、中東、中東歐和印度。

In Greater China, we were very happy to generate double-digit revenue growth for the second quarter in a row.

在大中華區，我們很高興連續第二季度實現兩位數的收入增長。

And in emerging markets outside of Greater China, we saw 25% year-over-year growth.

在大中華區以外的新興市場，我們看到了 25% 的同比增長。

Gross margin was 38.4%, at the high end of our guidance range.

毛利率為 38.4%，處於我們指導範圍的高端。

Operating margin was 29.8% of revenue.

營業利潤率為收入的 29.8%。

Our net income was $20.1 billion, an all-time record and up $2.2 billion over last year.

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。

Diluted earnings per share were $3.89, also an all-time record, and cash flow from operations was very strong at $28.3 billion.

每股攤薄收益為 3.89 美元，也是歷史最高紀錄，運營現金流非常強勁，達到 283 億美元。

During the quarter, we sold 77.3 million iPhones, the highest number ever for a 13-week quarter.

在本季度，我們售出了 7730 萬部 iPhone，這是 13 周季度以來的最高數字。

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.

與去年 12 月季度相比，iPhone 每周平均銷量增長了 6%，儘管 iPhone X 錯峰推出，但全球每個地區的銷量都在增長。我們幾乎在我們追踪的每個市場都以兩位數的成績創造了 iPhone 收入的歷史記錄我們所有地理區域的增長。

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.

iPhone ASP 從一年前的 695 美元增加到 796 美元，這主要得益於 iPhone X 的推出以及 iPhone 8 和 8 Plus 的成功。

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.

我們在 5 至 7 週的 iPhone 渠道庫存目標範圍的低端退出了 12 月季度，與一年前的 12 月季度相比，渠道中的 iPhone 增加了不到 100 萬部，與我們平均每週的增長一致單位銷售。

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

對於消費者和企業用戶來說，客戶對 iPhone 的興趣和滿意度都非常非常高。

The latest data from 451 Research indicates U.S. customer satisfaction ratings of 96% or higher across iPhone models.

451 Research 的最新數據表明，美國 iPhone 機型的客戶滿意度為 96% 或更高。

In fact, combining iPhone 8, iPhone 8 Plus and iPhone X, consumers reported an amazing 99% satisfaction rating.

事實上，結合 iPhone 8、iPhone 8 Plus 和 iPhone X，消費者的滿意度達到了驚人的 99%。

And among business customers planning to purchase smartphones in the next quarter, 77% plan to purchase iPhone.

在計劃在下一季度購買智能手機的商業客戶中，77% 的人計劃購買 iPhone。

Our customers are also incredibly loyal, with Kantar's latest U.S. research reflecting a 96% iPhone loyalty rate, the highest ever measured.

我們的客戶也非常忠誠，Kantar 在美國的最新研究表明，iPhone 的忠誠度高達 96%，這是有史以來最高的。

Turning to services.

轉向服務。

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.

我們有一個非常棒的季度，收入為 85 億美元，同比增長 18%，每周平均收入增長 27%。

That is an acceleration to the 24% services growth run rate that we experienced in the September quarter.

這加快了我們在 9 月季度所經歷的 24% 的服務增長率。

The App Store set a new all-time revenue record.

App Store 創下了新的歷史收入記錄。

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.

商店的全新設計有了一個夢幻般的開端，每季度的商店訪客、交易賬戶和支付賬戶都達到了歷史新高。

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.

在 12 月 24 日開始的一周內，從 App Store 購買或下載應用程序的客戶數量在這 7 天的時間里花費超過 8.9 億美元，創下歷史新高，僅在元旦當天就購買了 3 億美元。

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.

根據 App Annie 的最新報告，App Store 繼續以非常大的優勢成為客戶購買的首選目的地，產生的收入幾乎是 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，付費訂閱量達到 2.4 億，比去年增長 58%，它們是服務收入整體強勁增長的主要貢獻者。

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.

正如 Tim 所說，這是 Apple Watch 有史以來最好的一個季度，加上 Beats 和 AirPods 的業績，我們可穿戴設備的總收入同比增長了近 70%。

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.

事實上，可穿戴設備是僅次於 iPhone 的第二大收入增長貢獻者，這對於一家僅在 3 年前起步的企業來說是令人印象深刻的。

In total, our other products category set a new all-time record, with quarterly revenue exceeding $5 billion for the first time.

總的來說，我們的其他產品類別創造了新的歷史記錄，季度收入首次超過 50 億美元。

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

接下來，我想談談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.

我們在 12 月季度售出了 510 萬台 Mac，這意味著每周平均銷售額同比增長 2%。

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.

Mac 在新興市場的表現尤為強勁，銷量同比增長 13%，在拉丁美洲、印度、土耳其以及中歐和東歐創下歷史新高。

On a worldwide basis, the active installed base of Macs was up double digits year-over-year to a new record.

在全球範圍內，Mac 的活躍安裝基數同比增長兩位數，創下新紀錄。

It was also another growth quarter for iPad.

這也是 iPad 的另一個增長季度。

We sold 13.2 million units, with average iPad sales per week up 8% over last year's December quarter.

我們售出了 1320 萬台，平均每週 iPad 銷量比去年 12 月季度增長 8%。

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.

iPad 銷量在拉丁美洲、中東、中東歐和印度等許多新興市場以及日本、澳大利亞和韓國等發達市場實現兩位數的強勁增長。

The active installed base of iPad has grown every quarter since its launch in 2010.

自 2010 年推出以來，iPad 的活躍安裝基數每季度都在增長。

And it reached a new all-time high in December, thanks to extremely high customer loyalty and large numbers of first-time iPad users.

由於極高的客戶忠誠度和大量首次使用 iPad 的用戶，它在 12 月達到了歷史新高。

NPD indicates that iPad had 46% share of the U.S. tablet market in the December quarter, up from 36% share a year ago.

NPD 表示，iPad 在 12 月季度在美國平板電腦市場的份額為 46%，高於一年前的 36%。

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.

451 Research 的最新調查發現，在計劃在 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。

Customer satisfaction is also very high, with businesses reporting a 99% satisfaction rating for iPad.

客戶滿意度也非常高，企業報告對 iPad 的滿意度為 99%。

We're seeing great traction in enterprise as businesses across industries and around the world standardize on iOS.

隨著各行各業和世界各地的企業在 iOS 上實現標準化，我們在企業中看到了巨大的吸引力。

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.

例如，歐洲領先的銀行之一 Intesa Sanpaolo 選擇 iOS 作為其在意大利的全部 70,000 名員工的移動標準。

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.

選擇 iOS 是因為它的安全性、用戶界面、可訪問性和可靠性，Intesa Sanpaolo 將部署本地應用程序，以提高員工在整個公司的客戶支持、人力資源和營銷方面的工作效率。

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.

北美最大的光學零售品牌之一 LensCrafters 將使用 7,000 多台 iPad Pro 以個性化和交互式體驗實現數字眼科檢查和數字光學測量。

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.

我們還推出了一項名為 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。

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.

Apple 和我們的渠道合作夥伴提供的資源將使企業 IT 和採購團隊能夠更有效地購買或租賃 Apple 產品，簡化 iPhone、iPad 和 Mac 的設置，並為員工提供無縫的入職體驗。

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.

我們上週在美國與 CDW 合作推出了該計劃，今年晚些時候我們將擴展到更多渠道和地區。

The December quarter was extremely busy for our retail and online stores, which welcomed 538 million visitors.

12 月季度，我們的零售和在線商店非常繁忙，迎來了 5.38 億訪客。

Traffic was particularly strong during the 4 weeks following the launch of iPhone X, up 46% over last year.

在 iPhone X 推出後的 4 週內，流量尤其強勁，比去年增長了 46%。

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.

在本季度，我們的商店在 Apple 舉辦了超過 200,000 場 Today at Apple 課程，涵蓋的主題包括攝影、音樂、遊戲和應用程序開發以及藝術和設計。

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.

就在上週末，我們在韓國首爾開設了第一家門店，我們期待幾週後在奧地利開設第一家門店。

These newest openings will mark the expansion of our retail store presence to 21 countries.

這些最新開業將標誌著我們的零售店業務擴展到 21 個國家/地區。

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 $285.1 billion in cash plus marketable securities, a sequential increase of $16.2 billion.

我們在本季度末擁有 2851 億美元的現金和有價證券，環比增加了 162 億美元。

$269 billion of this cash or 94% of the total was outside the United States.

這筆現金中有 2690 億美元或總額的 94% 在美國境外。

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.

我們在本季度發行了 70 億美元的債務，使我們達到 1100 億美元的定期債務和 120 億美元的未償商業票據，截至本季度末，總淨現金頭寸為 1630 億美元。

We also returned $14.5 billion to investors during the quarter.

我們還在本季度向投資者返還了 145 億美元。

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.

我們支付了 33 億美元的股息和等價物，並花費 51 億美元通過公開市場交易回購了 3020 萬股蘋果股票。

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.

我們啟動了一項新的 50 億美元的 ASR 計劃，首次交付和退役了 2360 萬股股票，並在本季度第 12 次 ASR 完成後退役了 380 萬股。

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.

我們現在已經完成了 3000 億美元的資本回報計劃中的 2480 億美元，其中包括針對我們宣布的 2100 億美元的回購計劃進行的 1760 億美元的股票回購，目前授權下剩餘 340 億美元。

Turning to taxes.

轉向稅收。

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.

由於美國最近頒布的立法，我們估計根據我們過去的累計海外收入向美國政府支付約 380 億美元的企業所得稅。

This amount is very similar to what we have been accruing on those earnings in our financial results through fiscal year 2017.

這一數額與我們在 2017 財年的財務業績中所累積的這些收入非常相似。

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%.

包括 380 億美元的付款，我們將在過去 10 年中為我們的國內和國外總收入支付超過 1100 億美元的企業所得稅，現金稅率約為 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.

我們 12 月季度 25.8% 的稅率接近我們 25.5% 的指導，因為新立法導致的美國法定稅率較低，被遞延稅款餘額的重新計量有效地抵消了。

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.

隨著我們進入第三季度，我想回顧一下我們的前景，其中包括南希在電話會議開始時提到的前瞻性信息類型。

We expect revenue to be between $60 billion and $62 billion.

我們預計收入將在 600 億美元至 620 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 $7.6 billion and $7.7 billion.

我們預計運營支出將在 76 億美元至 77 億美元之間。

We expect OI&E to be about $300 million, and we expect the tax rate to be about 15%.

我們預計 OI&E 約為 3 億美元，我們預計稅率約為 15%。

Tax reform will allow us to pursue a more optimal capital structure for our company.

稅收改革將使我們能夠為公司尋求更優化的資本結構。

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.

我們目前的淨現金頭寸為 1,630 億美元，鑑於獲得我們的外國現金增加了財務和運營靈活性，我們的目標是隨著時間的推移實現大約淨現金中性。

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.

我們將在報告第二財季業績時提供具體資本分配計劃的更新，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，我們的董事會已宣佈於 2018 年 2 月 15 日向截至 2018 年 2 月 12 日在冊的股東派發每股普通股 0.63 美元的現金股息。

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

有了這個，我想打開問題電話。

Thank you, Luca.

謝謝你，盧卡。

(Operator Instructions)

（操作員說明）

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.

Luca，想談一點——更多關於你對資本結構的評論。

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.

我知道你不想給我們任何關於你實際要返回什麼和時間的細節，但也許你可以談談你有多少現金——我猜，你認為你需要跑這生意。

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?

然後就持續的現金流而言，由於海外現金將不再受到阻礙，這是否會改變您的整體思維過程？

And then I have a follow-up.

然後我有一個跟進。

Sure, Shannon.

當然，香農。

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.

當然，多年來我們一直在談論稅收改革的重要性，因為我們認為這對美國經濟確實有益。

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.

當然，作為一家公司，這對我們意味著什麼，我們現在可以從獲得外國現金中獲得額外的靈活性。

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.

過去，我們一直在通過舉債來解決這個問題，因為現金在海外，大部分現金都在海外。

And so we are now in a position where we have $285 billion of cash.

因此，我們現在擁有 2850 億美元的現金。

We've got $122 billion of debt for a net cash of $163 billion.

我們有 1220 億美元的債務，淨現金為 1630 億美元。

And we have now the flexibility to deploy this capital.

我們現在可以靈活地部署這筆資金。

We will do that over time because the amount is very large.

我們會隨著時間的推移這樣做，因為數量非常大。

As I said earlier, we will be discussing capital allocation plans when we review our March quarter results.

正如我之前所說，我們將在審查 3 月份季度業績時討論資本分配計劃。

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.

當您查看我們過去幾年所做工作的記錄時，您已經有效地看到，我們基本上將大約 100% 的自由現金流返還給了我們的投資者。

And so that is the approach that we're going to be taking.

這就是我們將要採取的方法。

We're going to be very thoughtful and deliberate about it.

我們將對此進行深思熟慮和深思熟慮。

Obviously, we want to make the right decisions in the best interest of our long-term shareholders.

顯然，我們希望為我們的長期股東的最大利益做出正確的決定。

Great.

偉大的。

And then Tim, maybe could you talk a little bit more about what you're hearing from customers in terms of the iPhone demand?

然後蒂姆，也許你能多談談你從客戶那裡聽到的關於 iPhone 需求的情況嗎？

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?

你是如何考慮潛在衰減率的當你在 2017 年推出手機時，產品線這麼多？

Yes, thank you, Shannon, for the question.

是的，謝謝你，香農的問題。

The revenue growth from iPhone across all the geographic segments was in the double digits.

iPhone 在所有地理區域的收入增長均達到兩位數。

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.

而且我認為正如盧卡之前所說，當您將其更改為平均每週銷售量時，實際上是 22%，因此對於 iPhone 來說，這是一個出色的季度。

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.

iPhone X 是最受歡迎的，這一點尤其值得注意，因為我們直到 11 月初才開始發貨，並且受到了一段時間的限制。

The team did a great job of getting into supply-demand balance there in December.

該團隊在 12 月實現了供需平衡方面做得很好。

And -- but since the launch of iPhone X, it has been the most popular iPhone every week, every week since.

而且——但自從 iPhone X 推出以來，它一直是每週最受歡迎的 iPhone，之後的每一周。

And that is even through today -- actually, through January.

直到今天——實際上，直到一月份。

And so we feel fantastic about the results.

所以我們對結果感到非常滿意。

The most important thing for us isn't really the numbers though.

對我們來說，最重要的並不是數字。

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.

這是客戶滿意度，而客戶滿意度在 iPhone X 上簡直是超乎想像的。你想想作為 iPhone X 一部分的技術進步——我們從 Touch ID 到 Face ID。

Face ID has been incredibly well received.

Face ID 受到了難以置信的好評。

The wireless charging, the edge-to-edge Super Retina display and totally new gestures, the user experience is different.

無線充電、無邊框的超視網膜顯示屏和全新的手勢，用戶體驗不一樣。

And so it's great to get that kind of feedback.

所以很高興能得到這樣的反饋。

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.

現在，如果你看一下整個 iPhone 產品線，它觸及了我認為的問題的本質，我查看了 - 我回顧了頂級迷你市場。

I'll talk briefly about the top 4. In urban China and the U.S., the top 5 smartphones last quarter were all iPhones.

我將簡要談談前 4 名。在中國和美國的城市地區，上個季度前 5 名的智能手機都是 iPhone。

And in Japan and the U.K., 6 of the top 7 were iPhones.

在日本和英國，前 7 名中有 6 部是 iPhone。

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.

因此，在一個與智能手機市場一樣大的市場中，人們想要某種程度的選擇，他們正在決定購買哪些產品。

But we feel fantastic particularly as it pertains to iPhone X.

但我們感覺很棒，尤其是它與 iPhone X 相關。

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

接下來，我們將和摩根士丹利一起去 Katy Huberty。

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.

從如此大的收入基礎上增長兩位數本身就令人印象深刻，但如果我查看 3 月份季度的指導，它確實假設總收入的平均每週增長較慢，而且我認為，在我的數學上，當你比較 iPhone 出貨量時它到十二月季度。

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?

那麼，我們應該如何解讀平均每週增長的適度放緩，因為它與圍繞高價產品的需求衰減有關的最後一個問題？

Or any impact that you might be seeing from the lower-priced battery replacements or anything else in the market?

或者您可能會從低價電池更換或市場上的其他任何東西中看到任何影響？

Then I have a follow-up.

然後我有一個跟進。

Katy, I'll take the question.

凱蒂，我會回答這個問題。

We are guiding to $60 billion to $62 billion.

我們的目標是 600 億至 620 億美元。

It's strong double-digit growth, 13% to 17%.

這是強勁的兩位數增長，從 13% 到 17%。

In context, it's $7 billion to $9 billion above last year.

在上下文中，它比去年高出 70 億至 90 億美元。

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.

因此，當您正確看待事物時，加上我們在第一季度實現的 100 億美元的增長以及我們為第二季度指導的 70 億至 90 億美元，您所說的是 170 億至 190 億美元6個月的增長。

This is at the macro level.

這是宏觀層面的。

We typically don't go into this level of detail but I think it's important this quarter to give you additional color.

我們通常不會詳細介紹這一級別，但我認為本季度為您提供額外的顏色很重要。

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.

也許最重要的兩條信息是，我們相信 iPhone 收入將在 3 月季度與去年同期相比增長兩位數，而且重要的是，iPhone 銷售量同比增長實際上將加速3 月季度與 12 月季度相比。

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.

讓我解釋一下我們在提出我們的指南中嵌入的 iPhone 單元和 ASP 時考慮的因素。

Historically, because of the channel fill and the holiday season, our sell-in volume during the December quarter is generally higher than sell-through.

從歷史上看，由於渠道填充和假日季節，我們在 12 月季度的銷售量通常高於銷售量。

This year, the difference was further magnified because we shipped iPhone X in November rather than the September quarter.

今年，差異進一步擴大，因為我們在 11 月而不是 9 月季度發貨了 iPhone X。

We had a very successful product ramp.

我們有一個非常成功的產品斜坡。

We were able to reach supply-demand balance in December, which placed the entirety of our channel fill for iPhone X in Q1.

我們能夠在 12 月達到供需平衡，這使得我們在第一季度為 iPhone X 提供了全部渠道。

And this will have an effect on both units and ASP in Q2.

這將對第二季度的單位和平均售價產生影響。

Now for units, there is a second point to consider.

現在對於單位，還有第二點需要考慮。

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.

我們通常會在第二季度減少我們最新款 iPhone 的渠道庫存，因為它們在銷售的最初幾週內有非常大的需求，而第一季度的假日季節使需求更加複雜。

So we anticipate doing that in Q2 this year as well.

因此，我們預計今年第二季度也會這樣做。

For ASPs, there's also another element that we need to consider.

對於 ASP，我們還需要考慮另一個因素。

As you know, our newest products this year have higher ASPs than they had in the past.

如您所知，我們今年的最新產品的平均售價比過去更高。

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.

因此，隨著我們減少這些最新產品的庫存，第二季度 iPhone 的整體平均售價自然會比我們以往經歷的下降幅度更大。

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.

因此，總而言之，我們對 iPhone 的指導，我們實現了兩位數的同比增長和同比銷售增長的加速。

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.

對於公司的餘額，總體而言，我們預計將同比增長強勁的兩位數，尤其是在服務和可穿戴設備方面的表現非常強勁，就像我們在 12 月季度看到的那樣。

I hope this helps.

我希望這有幫助。

Yes, that's great color.

是的，這是很棒的顏色。

Just a follow-up on gross margin.

只是對毛利率的跟進。

Guidance for flat gross margin in March is pretty seasonal, but you do have the tailwind from currency.

3 月份毛利率持平的指導是相當季節性的，但你確實有來自貨幣的順風。

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.

因此，如果您可以評論一下您認為未來幾個季度如何流入模型，美元疲軟，以及您在不久的將來對組件成本的看法。

Yes, let me walk you through the sequential first.

是的，讓我先帶您了解順序。

So we're guiding about flat sequentially in spite of the loss of leverage, right?

因此，儘管失去了槓桿，我們還是按順序引導持平，對吧？

That is the largest element that we need to take into account because of our typical seasonality.

由於我們典型的季節性，這是我們需要考慮的最大因素。

And we expect to offset the seasonality impact with cost improvements and with mix.

我們希望通過成本改進和組合來抵消季節性影響。

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.

外彙在連續的基礎上相當低迷，因為如您所知，我們有一個對沖計劃，可以保護我們在短期內免受貨幣波動的影響。

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.

當然，從長期來看，如果美元持續走弱，那將是一個積極的因素，但這並不是你會看到的迅速轉化為毛利率順風的東西。

And so I think we need to keep that in mind.

所以我認為我們需要牢記這一點。

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.

我們還需要記住，我們繼續經歷艱難的內存定價環境，我們認為隨著我們進入本財年的下半年，這種環境將開始改善，但它仍然會對 3 月季度產生負面影響。

Mike Olson from Piper Jaffray has our next question.

Piper Jaffray 的 Mike Olson 提出了我們的下一個問題。

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.

我知道你不談論未來產品，這通常是關於未來產品問題的前言，我會試一試。

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?

當您從概念上考慮 iPhone X 風格設備的未來發展路徑時，是否有任何理由不會像我們在過去的 iPhone 升級中看到的那樣包含多個設備？

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.

換句話說，X 在最近推出的 iPhone 中是獨一無二的，因為它是一款獨特的設備，在有限的選項下可能會限制升級的射門。

How do you think about that going forward?

您如何看待未來的發展？

And then I have a follow-up.

然後我有一個跟進。

Mike, you did a good job of answering your question, I think, at the beginning that we don't really comment on future products.

邁克，你很好地回答了你的問題，我認為，一開始我們並沒有真正評論未來的產品。

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.

但我會告訴你，我們對 iPhone X 的接受感到非常興奮。正如我們在推出它時所說的那樣，我們正在為下一個十年做準備。

And that is how we look at it, and so that's the reason it's chock-full of incredible innovation.

這就是我們看待它的方式，這就是它充滿了令人難以置信的創新的原因。

And so you can bet that we're pulling that string.

所以你可以打賭，我們正在拉扯那根繩子。

All right.

好的。

And then how do you think about AR beyond iPhone?

那麼你如何看待 iPhone 之外的 AR 呢？

You've created the world's largest AR platform.

您已經創建了世界上最大的 AR 平台。

You got developers generating a wide variety of apps.

您讓開發人員生成了各種各樣的應用程序。

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?

我意識到現在還為時尚早，但您是否認為 Apple 會在未來幾年提供超越 iPhone 和 iPad 的更大的 AR 設備生態系統？

Or should investors focus on the opportunity within your existing device portfolio for at least the foreseeable future?

或者至少在可預見的未來，投資者是否應該關注您現有設備組合中的機會？

I see AR as being profound.

我認為 AR 是深刻的。

I think it's -- AR has the ability to amplify human performance instead of isolating humans.

我認為是——AR 有能力放大人類的表現，而不是孤立人類。

And so I am a huge, huge believer in AR.

所以我是 AR 的忠實信徒。

We put a lot of energy on AR.

我們在 AR 上投入了大量精力。

We're moving very fast.

我們的步伐非常快。

We've gone from ARKit 1.0 to 1.5 in just a matter of months.

我們在短短幾個月內就從 ARKit 1.0 升級到了 1.5。

I couldn't be happier with the rate and pace of the developer community, how fast they're developing new things.

我對開發者社區的速度和節奏感到非常滿意，他們開發新事物的速度有多快。

And I don't want to say what we may do, but I could not be happier with how things are going right now.

我不想說我們可以做什麼，但我對現在的情況感到非常高興。

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

接下來，我們將從伯恩斯坦前往 Toni Sacconaghi。

I have a question and a follow-up.

我有一個問題和後續行動。

You commented on how your installed base over the last couple of years has grown 30%.

您評論了過去幾年您的安裝基礎如何增長了 30%。

And iPhone is clearly the largest component of that.

iPhone 顯然是其中最大的組成部分。

And so iPhone installed base is probably growing close to that number, perhaps less, call it 20% or 25%.

因此，iPhone 的安裝基數可能正在接近這個數字，也許更少，稱之為 20% 或 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.

然而，如果我們看一下 18 財年的 iPhone 銷量增長，就像你的 17 財年和 16 財年的指導所暗示的那樣，它相對持平。

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.

因此，您的安裝基數高出 20% 以上，而單位增長相對平穩，這表明您的升級率正在下降或更換週期正在延長。

And I'm wondering whether you agree with that and whether investors should be worried about that.

我想知道你是否同意這一點，以及投資者是否應該擔心這一點。

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?

如果考慮到消費者對未來更換電池而不是升級的能力的提高認識，如果我可以添加另一個皺紋來可能得到你的回應，這難道不是投資者應該關注的問題嗎？它對未來升級率的影響？

And then, believe it or not, I have a follow-up.

然後，不管你信不信，我有一個後續行動。

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.

我認為這取決於投資者他們想關注什麼，所以我不想讓自己處於那種境地。

The way that I look at this, and I -- the numbers you quoted, I have a different view of them.

我看待這個的方式，以及你引用的數字，我對它們有不同的看法。

But generally, what we see with iPhone is the reliability of iPhone is fantastic.

但總的來說，我們在 iPhone 上看到的是 iPhone 的可靠性非常棒。

The second -- or the previously owned market has expanded in units over the years.

第二個 - 或以前擁有的市場多年來已經擴大了單位。

And you see, in many cases, carriers and retailers having very vibrant programs around trading an iPhone in.

你會看到，在許多情況下，運營商和零售商圍繞 iPhone 交易制定了非常活躍的計劃。

And because iPhone has the largest residual rate on it.

而且因為 iPhone 上的剩餘率最高。

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.

它充當了客戶購買新 iPhone 的緩沖劑，並最終與另一位客戶在其他地方擁有舊 iPhone 完全沒問題。

And so I view all of that to be incredibly positive.

所以我認為所有這些都是非常積極的。

It's more people on iPhones, the better.

使用 iPhone 的人越多越好。

I would like to point out that the -- every major product hit a high on the active installed base.

我想指出，每個主要產品的活躍安裝基數都很高。

And so that's iPads, it's Mac, and those are huge numbers as well.

這就是 iPad、Mac，而且這些數字也很大。

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.

正如我們一直說的那樣，有很大一部分——或絕大多數服務類型都映射到安裝基礎而不是季度銷售額。

And there's -- this quarter is no different on that.

還有 - 本季度在這方面沒有什麼不同。

Toni -- on the battery, Toni, we did not consider in any way, shape or form what it would do to upgrade rates.

Toni - 關於電池，Toni，我們沒有以任何方式考慮，塑造或形成它將做什麼來提升費率。

We did it because we thought it was the right thing to do for our customers.

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。

And I -- sitting here today, I don't know what effect it will have.

而我——今天坐在這裡，我不知道它會產生什麼影響。

And again, it's not -- was not in our thought process of deciding to do what we've done.

再說一次，它不是——不在我們決定做我們所做的事情的思考過程中。

Okay.

好的。

And just a follow-up, maybe I could clarify 2 little things.

只是跟進，也許我可以澄清兩件小事。

One, Luca, on tax rate, you've talked about 15% for Q2.

一，盧卡，關於稅率，你談到了第二季度的 15%。

Is that how we should think about the tax rate on an ongoing basis?

這就是我們應該如何持續考慮稅率的方式嗎？

And then just back to you on your response, Tim.

然後就回复你，蒂姆。

I guess, maybe you could just comment on whether you believe the upgrade rate has decreased over the last couple of years.

我想，也許您可以評論一下您是否認為過去幾年升級率有所下降。

Because again, just sort of mechanically, installed base is growing 20% and units are relatively flat over that period.

因為再一次，機械地，安裝基數增長了 20%，而單位在此期間相對持平。

Isn't that telling me the installed base is -- excuse me, upgrade rate is going down?

這不是告訴我安裝基礎是——對不起，升級率正在下降嗎？

Or am I not thinking about other considerations?

還是我沒有考慮其他考慮？

Toni, on the tax rate, I will make 2 comments.

托尼，關於稅率，我將發表 2 條評論。

First of all, the new tax law in the United States is complex.

首先，美國的新稅法很複雜。

And I think we, as many other companies, are really trying to absorb what this all means.

我認為我們和許多其他公司一樣，真的在努力吸收這一切的意義。

And I think we're going to be receiving, over the next few months, implementation guidance.

我認為我們將在接下來的幾個月內收到實施指南。

So we've taken some provisional estimates in coming up with our tax entries for the quarter.

因此，我們在提出本季度的稅收條目時進行了一些臨時估計。

And we will have to do that as we go forward here during the year.

我們將不得不這樣做，因為我們在這一年中前進。

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.

所以短期內可能會有點顛簸，因為我們完全了解法律並且實際上得到了全面的解釋。

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.

但我想說，對於本財年，我們為第二季度提供的指導應該大致是你應該看到的。

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.

隨著我們進入新的財政年度，很多事情都發生了變化，我們需要考慮到這一點，我們產品的地理組合等等。

So -- but I would say for the remainder of the year, it's what we're guiding to.

所以 - 但我會說，在今年剩下的時間裡，這就是我們的指導方針。

I think on the replacement cycle, Toni, the answers probably look different by geography.

我認為在更換週期中，托尼，答案可能因地理位置而異。

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.

在智能手機市場早期，有非常傳統的補貼的地區，你需要支付 199 美元、99 美元或其他費用，我認為可以準確地說這些類型的市場，更換週期可能更長.

Where that isn't the case, I'm not nearly as sure on that.

如果不是這種情況，我幾乎不確定。

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.

我要指出的是，這發生在前一段時間，所以目前很難實時掌握更換率，因為你顯然不是——你不知道你的產品的更換率'目前正在重新銷售。

You only know that in a historical sense.

你只知道在歷史意義上。

So it's not something that we overly fixate on.

所以這不是我們過分關注的事情。

That question comes from Laura Martin from Needham.

這個問題來自 Needham 的 Laura Martin。

I love the 1.3 billion devices you gave us, updating from 2 years ago.

我喜歡你給我們的 13 億台設備，從 2 年前開始更新。

And I love the on-ramp as you spread out the pricing.

我喜歡你攤開定價時的入口。

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?

您是否覺得我們在這 13 億中擁有的獨立用戶比 2016 年的獨立用戶還多？

Laura, I'm sorry.

勞拉，對不起。

I missed the first part of that.

我錯過了第一部分。

You broke up on the phone.

你在電話里分手了。

Okay.

好的。

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

所以我們有 13 億（聽不清）十億（聽不清）唯一用戶獲得的產品越來越少，所以我們在 13 億台設備中的唯一 [用戶] 比例高於

[Audio Gap]

[音頻間隙]

billion devices.

億台設備。

Is it a

是不是一個

Audio Gap

音頻間隙

Are they

他們是

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.

勞拉，你正在切入和切出，但我會按照我認為你的要求進行嘗試。

I think you're asking, are there more active users today than there were 2 years ago when we had 1 billion active devices?

我想你是在問，今天的活躍用戶是否比 2 年前我們擁有 10 億活躍設備時更多？

And the answer is absolutely.

答案是絕對的。

There are many, many, many more.

還有很多很多很多。

Yes, I was asking as a percent, the ownership.

是的，我問的是所有權的百分比。

It used to be 1.4 devices owned per person.

它曾經是每人擁有 1.4 台設備。

Do you think it's now 1.2 or 1.6?

你覺得現在是1.2還是1.6？

Well, that 1.4, I don't know where that came from.

嗯，那個1.4，我不知道從哪裡來的。

It did not come from Apple.

它不是來自蘋果。

And so that's one of those things that kind of flowed out there, and I want to divorce Apple from that number.

這就是其中一種流出來的東西，我想把蘋果從這個數字中分離出來。

We're not releasing a user number because we think that the proper way to look at it is to look at active devices.

我們沒有發布用戶編號，因為我們認為查看它的正確方法是查看活動設備。

It's also the one that is the most accurate for us to measure.

它也是我們測量最準確的一種。

And so that's our thinking behind that.

這就是我們背後的想法。

Okay.

好的。

Switchers in the quarter?

本季度的切換器？

You often give us switchers.

你經常給我們切換器。

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.

這個產品週期還處於早期階段，尤其是 iPhone X 僅在 11 月推出，我們認為此時我們沒有非常有意義的數據可以分享。

And so I'll punt that question until next time around.

所以我會在下一次之前提出這個問題。

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

接下來，我們將介紹瑞銀的 Steve Milunovich。

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.

蒂姆，你說過你不想告訴投資者該做什麼，但你首先提出的是安裝基礎的規模。

Later, you talked about the importance of customer satisfaction.

後來，您談到了客戶滿意度的重要性。

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?

鑑於這看起來不像單位增長的超級週期，您是否在推動我們關注安裝基礎的規模，這裡的年金機會？

And do you have confidence that you can monetize that installed base through additional hardware and services?

您是否有信心通過額外的硬件和服務從已安裝的基礎上獲利？

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.

我在投資者方面說的是，我認為每個投資者都必須審視自己的情況，並得出他們認為重要的事情。

What I think is important, I think the active devices are hugely important.

我認為重要的是，我認為有源設備非常重要。

And that's the reason that we released the number 2 years ago and the reason that we're releasing that again today.

這就是我們在 2 年前發布這個數字的原因，也是我們今天再次發布這個數字的原因。

That number speaks to the strength of the product, the loyalty of the customer, the strength of the ecosystem.

這個數字說明了產品的實力、客戶的忠誠度、生態系統的實力。

And so I -- we do put a lot of weight behind that, and it obviously also fuels the services business.

所以我 - 我們確實在這方面投入了很多力量，這顯然也推動了服務業務。

So I have long believed that a 90-day clock on unit sales is a very surface way to view Apple.

所以我一直認為，90 天的單位銷售時鐘是看待 Apple 的一種非常膚淺的方式。

I think that the far bigger thing is to look over a longer period of time.

我認為更大的事情是看更長的時間。

And customer satisfaction and engagement and number of active devices are all a part of that.

客戶滿意度和參與度以及有源設備的數量都是其中的一部分。

And could you address the positioning of HomePod?

你能談談 HomePod 的定位嗎？

What category is it in?

它屬於什麼類別？

Is it a music speaker?

是音樂音箱嗎？

Is it a home assistance?

是家庭援助嗎？

Since people seem to be trying to position it versus Amazon and Google's offerings.

因為人們似乎試圖將它與亞馬遜和谷歌的產品進行對比。

And is the target market primarily Apple Music users?

目標市場主要是 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.

HomePod 是一款令人難以置信的產品，它以非常小的外形提供令人難以置信的音頻體驗，並配備一個超級助手——Siri 中的數字助手，它對音樂了解很多，但也可以處理請求——比如關閉車庫門的家庭自動化，打開你的門，打開燈，打開壁爐，更換恆溫器，所有你想在家庭自動化上做的事情，因為你可以直接從家庭應用程序中完成並設置場景。

So you can say, "Hey, Siri.

所以你可以說，“嘿，Siri。

I'm reading." And your room will change to the things you would like happening in that particular room for when you read.

我正在閱讀。”當你閱讀時，你的房間會變成你希望在那個特定房間發生的事情。

Maybe it's a particular light, maybe it's a type of light, maybe it's the fireplace, so on and so forth.

也許是一種特殊的光，也許是一種光，也許是壁爐，等等。

It also -- obviously, you can also do things with HomePod like use it as a speakerphone.

它還 - 顯然，您還可以使用 HomePod 做一些事情，比如將它用作免提電話。

And so if you're talking to your parents or they're talking to their grandkids, it's unbelievable audio quality for speakerphone.

因此，如果您正在與您的父母交談，或者他們正在與他們的孫子孫女交談，那麼揚聲器的音頻質量將令人難以置信。

You can also have Siri call for you.

您還可以讓 Siri 為您呼叫。

You can have -- you can send messages, you can get an Uber car or a Lyft car.

你可以擁有——你可以發送消息，你可以得到一輛優步汽車或一輛 Lyft 汽車。

And so there's just a whole variety of things.

所以有各種各樣的東西。

And so I think the use cases on this, much like our phones, will be broad-based.

所以我認為這方面的用例，就像我們的手機一樣，將是廣泛的。

Some people will use it significantly for music and others may use it significantly for -- as a digital assistant.

有些人會將它大量用於音樂，而另一些人可能會將其大量用於——作為數字助理。

And I think the majority of people will likely use all of it and use all of the functionality of it.

而且我認為大多數人可能會使用它並使用它的所有功能。

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

我們的下一個問題將來自加拿大皇家銀行資本市場的 Amit Daryanani。

I have 2 questions as well.

我也有2個問題。

I guess, first one, could you just touch on what you're seeing in China in terms of underlying trends right now?

我想，第一個，你能談談你現在在中國看到的潛在趨勢嗎？

I think growth was up double-digit year-over-year but essentially in line with what you saw in September.

我認為增長同比增長了兩位數，但基本上與你在 9 月份看到的一致。

I would have thought it would have accelerated a little bit with iPhone X. Just the puts and takes in China will be great.

我原以為 iPhone X 會加速一點。只是在中國的看跌期權會很棒。

Yes, Amit, it's Tim.

是的，阿米特，是蒂姆。

It's a good question.

這是個好問題。

Keep in mind that this year had 13 weeks, last year had 14 weeks.

請記住，今年有 13 週，去年有 14 週。

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.

因此，即使我們記錄了大中華區類似的同比增長，如果你將報告更改為平均每週銷售額，這可能是一個更好的看待它的方式，實際上有一個非常好的加速.

And specifically, the numbers this quarter, as reported, are 11% increase for Greater China year-over-year.

具體而言，據報導，本季度大中華區的數據同比增長 11%。

But on an average weekly revenue basis, it was -- we were up 19%.

但在平均每週收入的基礎上，我們增長了 19%。

Also mainland China, we had an all-time record for revenue in mainland China.

同樣在中國大陸，我們在中國大陸的收入也創下歷史新高。

And of course, a key part of that was iPhone.

當然，其中一個關鍵部分是 iPhone。

And as I've mentioned before, Kantar reported that the top 5 selling smartphones in urban China were all iPhones.

正如我之前提到的，Kantar 報告稱，中國城市銷量前 5 名的智能手機都是 iPhone。

And so we could not be more pleased with how we're doing.

因此，我們對自己的表現感到非常滿意。

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.

如果你看一下另一個 - 我們顯然在本季度的 iPhone 份額有所增長，但我們在本季度的 iPad 和 Mac 份額也有所增長。

And our -- and wearables were extremely strong there in the quarter.

我們的 - 和可穿戴設備在本季度非常強勁。

And so everywhere I look, I feel really good about how we're doing in China.

所以無論我看到什麼，我都對我們在中國的表現感到非常滿意。

Got it.

知道了。

That's really helpful.

這真的很有幫助。

I guess, Luca, maybe a question for you.

我想，盧卡，也許是你的問題。

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?

當你談到隨著時間的推移有效地將蘋果的淨現金水平降低到 0 時，我認為這意味著這個數字從今天的 1630 億美元降到了 0 左右。我猜，“隨著時間的推移”對蘋果意味著什麼？

Is that 1 year, 3 years, 10 years?

那是1年，3年，10年嗎？

Just how do you define "over time"?

您如何定義“隨著時間的推移”？

And does this change your thoughts around M&A at all?

這會改變你對併購的看法嗎？

And is that one reason, you get that number from $163 billion to 0?

這就是一個原因，你把這個數字從 1630 億美元降到了 0 嗎？

Does it change your M&A thought process?

它會改變你的併購思維過程嗎？

Let me answer, Amit, starting with M&A.

讓我回答，阿米特，從併購開始。

Our thought process around M&A has always been the same, and it really doesn't change.

我們圍繞併購的思考過程一直都是一樣的，而且真的沒有改變。

We've been acquiring companies over the years.

多年來，我們一直在收購公司。

During -- in calendar 2017, we've acquired 19 companies.

在 2017 年日曆中，我們收購了 19 家公司。

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.

思考過程總是要獲得一些東西，使我們能夠加速我們的產品路線圖，填補我們產品組合中的空白，為客戶提供新的體驗。

So it's always the customer experience in mind, right, that we make acquisitions.

因此，我們進行收購時始終牢記客戶體驗。

We look at all sizes, and we will continue to do so.

我們會考慮各種規模，並將繼續這樣做。

We have plenty of financial flexibility, of course.

當然，我們有足夠的財務靈活性。

We had that even prior to tax reform.

我們甚至在稅制改革之前就已經做到了。

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.

正如我所說，我們將在報告 3 月季度時討論資本分配計劃，這將包括討論時間框架和步伐等。

And as I said, we'll try to be very thoughtful.

正如我所說，我們會盡量考慮周到。

As you said, $163 billion is a large amount, and there are even practical considerations around it.

正如你所說，1630億美元是一個很大的數目，甚至還有實際的考慮。

So we'll see.

所以我們拭目以待。

Just for clarity, let me add one thing.

為了清楚起見，讓我添加一件事。

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.

盧卡所說的不是現金等於 0。他是說現金和債務的數量相等，並且它們的平衡為 0，只是為了清楚起見。

Thank you, Amit.

謝謝你，阿米特。

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、apple.com/investor 上的網絡廣播和電話上播放 2 週。

And the numbers for the telephone replay are (888) 203-1112 or (719) 457-0820.

電話重播的號碼是 (888) 203-1112 或 (719) 457-0820。

And please enter confirmation code 4783460.

請輸入確認碼4783460。

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 Matt Blake or me with additional questions.

有其他問題的媒體成員可以聯繫 Kristin Huguet，電話是 (408) 974-2414，金融分析師可以聯繫 Matt Blake 或我提出其他問題。

Matt is at (408) 974-7406, and I'm at (408) 974-5420.

馬特的電話是 (408) 974-7406，我的電話是 (408) 974-5420。

And thanks again for joining us.

再次感謝您加入我們。

That does conclude our conference for today.

這確實結束了我們今天的會議。

Thank you for your participation.

感謝您的參與。