蘋果 (AAPL) 2018 Q2 法說會逐字稿

Good day, everyone, and welcome to the Apple Inc. Second Quarter Fiscal Year 2018 Earnings Release Conference Call. Today's call is being recorded. At this time, for opening remarks and introductions, I would like to turn the call over to Nancy Paxton, Senior Director of Investor Relations. Please go ahead, ma'am.

大家好，歡迎參加 Apple Inc. 2018 財年第二季度財報電話會議。今天的電話正在錄音。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。請繼續，女士。

(technical difficulty)

（技術難度）

and he'll be followed by CFO, Luca Maestri. After that, we'll open the call to questions from analysts.

緊隨其後的是首席財務官 Luca Maestri。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 revenues, gross margins, operating expenses, other income and expense, taxes, capital allocation, share repurchases, dividends 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. Apple assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates.

請注意，您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、股票回購的陳述，股息和未來的業務前景。實際結果或趨勢可能與我們的預測大相徑庭。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 不承擔更新任何前瞻性陳述或信息的義務，這些陳述或信息截至其各自日期。

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

我現在想把電話轉給蒂姆做介紹性發言。

Thank you, Nancy, and to everyone joining us, welcome. We're proud to announce the results of a very successful quarter today, setting new March quarter records for both revenue and earnings.

謝謝你，南希，歡迎加入我們的每一個人。我們很自豪地宣布今天一個非常成功的季度的結果，創造了新的 3 月季度收入和收益記錄。

We generated $61.1 billion of revenue. That's up 16% from last year, making it our sixth consecutive quarter of accelerating revenue growth. Our performance was broad based with iPhone revenue up 14%, Services up 31% and Wearables up almost 50%. We grew in each of our geographic segments, and in Greater China and Japan, revenue was up more than 20%.

我們創造了 611 億美元的收入。這比去年增長了 16%，這是我們連續第六個季度加速收入增長。我們的業績基礎廣泛，iPhone 收入增長 14%，服務增長 31%，可穿戴設備增長近 50%。我們在每個地理區域都實現了增長，在大中華區和日本，收入增長了 20% 以上。

iPhone's second quarter performance capped a tremendous fiscal first half with $100 billion in iPhone revenue, an increase of $12 billion over last year, setting a new first half record and achieving our highest first half growth rate in 3 years. iPhone gained share during the quarter based on IDC's latest estimates for the global smartphone market. And customers chose iPhone X more than any other iPhone each week in the March quarter just as they did following its launch in the December quarter. Since we split the line with the launch of iPhone 6 and 6 Plus in 2014, this is the first cycle in which the top of the line iPhone model has also been the most popular.

iPhone 的第二季度業績以 1000 億美元的 iPhone 收入為上半年的巨大業績畫上了句號，比去年增加了 120 億美元，創下了上半年的新紀錄，並實現了 3 年來最高的上半年增長率。根據 IDC 對全球智能手機市場的最新估計，iPhone 在本季度獲得了份額。客戶在 3 月季度每週選擇 iPhone X 的次數超過任何其他 iPhone，就像他們在 12 月季度推出後一樣。自從我們在 2014 年隨著 iPhone 6 和 6 Plus 的推出而分道揚鑣以來，這是第一個頂級 iPhone 機型也是最受歡迎的周期。

Q2 was our best quarter ever for Services, and momentum there continues to be incredibly strong. Revenue topped $9 billion for the first time, up more than $2 billion over last year's March quarter. We had all-time record revenue from the App Store, from Apple Music, from iCloud, from Apple Pay and more, all of which are a powerful illustration of the importance of our huge active installed base of devices and the loyalty and engagement of our customers.

第二季度是我們有史以來最好的服務季度，而且勢頭仍然非常強勁。收入首次超過 90 億美元，比去年第三季度增加超過 20 億美元。我們從 App Store、Apple Music、iCloud、Apple Pay 等獲得了創紀錄的收入，所有這些都有力地說明了我們龐大的活躍設備安裝基礎以及我們的忠誠度和參與度的重要性。顧客。

Across all our services, paid subscriptions surpassed 270 million, up over 100 million from a year ago and up 30 million in the last 90 days alone, contributing to the overall increase in Services revenue. Apple Pay continues its strong growth with active users more than doubling and transactions tripling year-over-year. We believe the availability of Apple Pay at major transit systems have been a key driver of adoption among commuters. And in March, we launched Express Transit with Apple Pay in Beijing and Shanghai, the second and third largest transit systems in the world. Apple Pay is already the most successful mobile transit payment system in Tokyo, which has the busiest transit system of all. With the launch of Brazil in April, Apple Pay is now available in 21 markets, and we expect Norway, Poland and Ukraine to launch in the next several months.

在我們所有的服務中，付費訂閱量超過 2.7 億，比一年前增加了 1 億多，僅在過去 90 天內就增加了 3000 萬，為服務收入的整體增長做出了貢獻。 Apple Pay 繼續強勁增長，活躍用戶翻了一番以上，交易量同比增長了兩倍。我們認為，Apple Pay 在主要交通系統中的可用性一直是通勤者採用 Apple Pay 的關鍵驅動力。 3 月，我們在北京和上海推出了使用 Apple Pay 的 Express Transit，這是全球第二和第三大交通系統。 Apple Pay 已經是東京最成功的移動交通支付系統，擁有最繁忙的交通系統。隨著 4 月巴西的推出，Apple Pay 現已在 21 個市場推出，我們預計挪威、波蘭和烏克蘭將在未來幾個月推出。

This was another outstanding quarter for our Wearables business, which includes Apple Watch, Beats and AirPods with combined revenue of almost 50% year-over-year. Looking at its revenue over the last 4 quarters, our Wearables business is now the size of a Fortune 300 company.

對於我們的可穿戴設備業務來說，這是另一個出色的季度，其中包括 Apple Watch、Beats 和 AirPods，總收入同比增長近 50%。從過去 4 個季度的收入來看，我們的可穿戴設備業務現在已達到財富 300 強公司的規模。

Apple Watch had another great quarter with revenue growing by strong double digits year-over-year to a new March quarter record. Millions of customers are using Apple Watch to help them stay active, healthy and connected, and they have made it the top-selling watch in the world. We launched carrier support for Series 3 with cellular in mainland China, Hong Kong and Thailand during the quarter with more markets on the way.

Apple Watch 又迎來了一個出色的季度，收入同比增長兩位數，創下 3 月季度的新紀錄。數以百萬計的客戶正在使用 Apple Watch 來幫助他們保持活躍、健康和保持聯繫，他們已使其成為全球最暢銷的手錶。本季度，我們在中國大陸、香港和泰國推出了對 Series 3 蜂窩網絡的運營商支持，更多市場即將推出。

And now with watchOS 4.2, there are more features than ever before. For example, in addition to tracking your workouts and heart rate, skiers and snowboarders can record runs, see vertical descent and calculate speed as well as contribute data directly to the Apple Watch Activity app.

現在有了 watchOS 4.2，功能比以往任何時候都多。例如，除了跟踪您的鍛煉和心率之外，滑雪者和單板滑雪者還可以記錄跑步、查看垂直下降和計算速度以及將數據直接提供給 Apple Watch Activity 應用程序。

AirPods are incredibly popular, and we're seeing them in more and more places: in the gym, in coffee shops, wherever people are enjoying music on their Apple devices. This product is a runaway hit, and we're working hard to meet the incredible demand.

AirPods 非常受歡迎，我們在越來越多的地方看到它們：健身房、咖啡店，以及人們在 Apple 設備上欣賞音樂的任何地方。該產品大受歡迎，我們正在努力滿足令人難以置信的需求。

We started shipping HomePod in February, and it's widely recognized as having the best audio quality for its size and class. HomePod is a breakthrough speaker that delivers amazing sound, and we believe it will change the way people listen to music at home. It's currently available in the United States, the United Kingdom and Australia, and we're looking forward to adding new features to HomePod and introducing it to more markets around the world soon.

我們於 2 月開始發售 HomePod，它被廣泛認為在其尺寸和級別上具有最佳音頻質量。 HomePod 是一款突破性的揚聲器，可提供令人驚嘆的音效，我們相信它將改變人們在家聽音樂的方式。它目前在美國、英國和澳大利亞上市，我們期待為 HomePod 添加新功能，並很快將其引入全球更多市場。

In March, we announced new products for the education community, including updating our most popular iPad with support for Apple Pencil. It empowers students to be even more creative and productive from learning to code to sketching ideas and jotting down handwritten notes to making up screenshots -- marking up screenshots. And the new iPad's gorgeous Retina display, advanced chip and enhanced cameras and sensors are designed to support the next generation of apps for immersive augmented reality experiences in the classroom.

3 月，我們發布了面向教育社區的新產品，包括更新我們最受歡迎的 iPad，支持 Apple Pencil。它使學生能夠從學習編碼到草繪想法和記下手寫筆記到製作屏幕截圖（標記屏幕截圖）變得更有創造力和生產力。新 iPad 華麗的 Retina 顯示屏、先進的芯片以及增強的攝像頭和傳感器旨在支持下一代應用程序，在課堂上提供身臨其境的增強現實體驗。

In addition to our successful Everyone Can Code initiative, we've launched Everyone Can Create. It's a new free curriculum that makes it fun and easy for teachers to integrate drawing, music, filmmaking or photography into their existing lesson plans for any subject. We believe education is the great equalizer, and whether it's through our coding programs, our unrivaled augmented reality platform or the creativity both can unleash, we're proud to help students everywhere reach new frontiers of learning with Apple technology.

除了我們成功的“人人能編程”計劃之外，我們還推出了“人人能創造”。這是一個新的免費課程，讓教師可以輕鬆輕鬆地將繪畫、音樂、電影製作或攝影整合到他們現有的任何科目的課程計劃中。我們相信教育是偉大的均衡器，無論是通過我們的編碼程序、我們無與倫比的增強現實平台還是兩者都可以釋放的創造力，我們很自豪能夠幫助世界各地的學生利用 Apple 技術達到學習的新領域。

In March, we also released iOS 11.3, a major update, offering new immersive augmented reality experiences, access to personal health records in the Health app and more. Apps can now deliver AR experiences that use vertical walls and doors in addition to tables and chairs and can make more accurately mapped irregular shaped surfaces. The update to ARKit that made this possible came just 6 months after we launched the world's largest AR platform.

3 月，我們還發布了重大更新 iOS 11.3，提供了全新的沉浸式增強現實體驗、在“健康”應用中訪問個人健康記錄等。除了桌椅之外，應用程序現在可以提供使用垂直牆壁和門的 AR 體驗，並且可以更準確地映射不規則形狀的表面。在我們推出世界上最大的 AR 平台僅 6 個月後，ARKit 的更新就讓這一切成為可能。

Also in iOS 11.3, patients in nearly 40 health systems representing hundreds of hospitals and clinics can now consolidate their medical records from multiple sources and view them all in one place right from their iPhone. This data is encrypted and protected with the user's iPhone passcode, and it can help them better understand their health history, have informed conversations with doctors and family members and make future health care decisions.

同樣在 iOS 11.3 中，代表數百家醫院和診所的近 40 個醫療系統中的患者現在可以從多個來源整合他們的醫療記錄，並直接通過他們的 iPhone 在一個地方查看它們。這些數據使用用戶的 iPhone 密碼進行加密和保護，它可以幫助他們更好地了解自己的健康史，與醫生和家人進行知情對話，並做出未來的醫療保健決定。

Consistent with our long-term focus, privacy is a key element of these initiatives for education and personal health. We're relentless about making the best products and experiences in the world while fiercely protecting our users' privacy because we believe privacy is a fundamental human right.

與我們的長期關注點一致，隱私是這些教育和個人健康舉措的關鍵要素。我們堅持不懈地打造世界上最好的產品和體驗，同時大力保護用戶的隱私，因為我們相信隱私是一項基本人權。

Our environmental initiatives recently passed an important milestone. All of our global facilities across 43 countries are now powered with 100% clean energy. We work with communities around the world to build clean power sources. Apple now has 25 renewable energy projects operational and 15 more under construction. We're also driving our supply chain to use clean energy. As of last month, 23 of our suppliers are committed to operating on 100% renewable energy.

我們的環保舉措最近通過了一個重要的里程碑。我們在 43 個國家/地區的所有全球設施現在都使用 100% 清潔能源。我們與世界各地的社區合作建立清潔能源。 Apple 目前有 25 個可再生能源項目正在運營，還有 15 個正在建設中。我們還推動我們的供應鏈使用清潔能源。截至上個月，我們的 23 家供應商承諾使用 100% 可再生能源運營。

We're now halfway through our fiscal 2018 with nearly $150 billion in revenues and double-digit growth in all of our geographic segments. We generated almost $34 billion in earnings in 6 months, and we're very bullish on Apple's future. We have the best pipeline of products and services we've ever had. We have a huge installed base of active devices that is growing across all products, and we have the highest customer loyalty and satisfaction in the industry.

現在，我們的 2018 財年已經過半，收入接近 1500 億美元，所有地理區域均實現兩位數增長。我們在 6 個月內創造了近 340 億美元的收入，我們非常看好蘋果的未來。我們擁有有史以來最好的產品和服務渠道。我們擁有龐大的有源設備安裝基礎，並且在所有產品中都在增長，我們擁有業內最高的客戶忠誠度和滿意度。

Our Services business is growing dramatically. Our balance sheet and our cash flow generation are strong, and that allows us to invest significantly in our product road map and still return a very meaningful amount of capital to our shareholders.

我們的服務業務正在急劇增長。我們的資產負債表和產生的現金流強勁，這使我們能夠對產品路線圖進行大量投資，並且仍然向股東返還非常可觀的資本。

Recent corporate tax reform enables us to deploy our global cash more efficiently. In the United States, we expect our direct investment in the economy to exceed $350 billion over the next 5 years, including $30 billion in capital expenditures, and we expect to create over 20,000 U.S. jobs at Apple over that time frame. We're narrowing the site selection for a new U.S. campus, and we look forward to sharing more information on that later this year.

最近的公司稅改革使我們能夠更有效地部署我們的全球現金。在美國，我們預計未來 5 年我們對經濟的直接投資將超過 3500 億美元，其中包括 300 億美元的資本支出，我們預計在此期間將在美國創造超過 20,000 個就業機會。我們正在縮小美國新校區的選址範圍，我們期待在今年晚些時候分享更多相關信息。

Consistent with our annual cadence, today, we're providing an update on our capital return program. Tax reform makes it possible for us to execute our program more efficiently, both through share repurchases and payment of dividend to the tens of millions of investors who own Apple stock either directly or indirectly from large pension funds to individuals with retirement accounts.

根據我們的年度節奏，今天，我們將提供有關我們的資本回報計劃的最新信息。稅收改革使我們能夠更有效地執行我們的計劃，無論是通過股票回購還是向直接或間接持有 Apple 股票的數千萬投資者支付股息，從大型養老基金到擁有退休賬戶的個人。

So today, given our strong confidence in Apple's future, we're announcing a significant update to our capital return program. Our Board of Directors has approved a new $100 billion share repurchase authorization as well as a 16% increase in our quarterly dividend effective with our next dividend payable later this month.

所以今天，鑑於我們對 Apple 的未來充滿信心，我們宣布對我們的資本回報計劃進行重大更新。我們的董事會已批准一項新的 1000 億美元股票回購授權，並將季度股息增加 16%，下一次股息將於本月晚些時候支付。

Luca will provide more details about our program as well as a more in-depth discussion of the quarter's results. So I'll now turn the call over to him. Luca?

Luca 將提供有關我們計劃的更多詳細信息以及對本季度業績的更深入討論。所以我現在把電話轉給他。盧卡？

Thank you, Tim. Good afternoon, everyone. We're very pleased to report record financial results for our March quarter with revenue growth of 16%, EPS up 30%.

謝謝你，蒂姆。大家下午好。我們非常高興地報告 3 月份季度創紀錄的財務業績，收入增長 16%，每股收益增長 30%。

Starting with revenue. We generated $61.1 billion, our highest ever for a March quarter. Revenue grew in all of our geographic segments, setting new Q2 records in most countries we track. Performance was very strong in emerging markets where revenue was up 20%, and we were especially pleased to see 21% year-over-year growth in Greater China, our strongest growth rate from that segment in 10 quarters.

從收入開始。我們創造了 611 億美元，這是 3 月份季度以來的最高水平。我們所有地理區域的收入都在增長，在我們跟踪的大多數國家/地區創造了新的第二季度記錄。新興市場的表現非常強勁，收入增長了 20%，我們特別高興地看到大中華區同比增長 21%，這是 10 個季度以來我們在該領域的最高增長率。

We also set Q2 revenue records in the Americas, in Europe and in Japan. Gross margin was 38.3%, essentially flat sequentially as we offset the seasonal loss of leverage with cost improvements and a shift in mix towards services. Operating margin was 26% of revenue. Net income was $13.8 billion, up $2.8 billion over last year and a March quarter record. Diluted earnings per share were $2.73, up 30% to a new record for Q2, and cash flow from operations was very strong at $15.1 billion.

我們還在美洲、歐洲和日本創造了第二季度的收入記錄。毛利率為 38.3%，環比基本持平，因為我們通過成本改善和向服務組合的轉變抵消了槓桿的季節性損失。營業利潤率為收入的 26%。淨收入為 138 億美元，比去年增加 28 億美元，創下 3 月份季度記錄。攤薄後每股收益為 2.73 美元，增長 30% 至第二季度的新紀錄，運營現金流非常強勁，達到 151 億美元。

iPhone revenue grew 14% year-over-year with iPhone ASP increasing to $728 from $655 a year ago, driven primarily by the performance of iPhone X, iPhone 8 and iPhone 8 Plus. During the quarter, we sold 52.2 million iPhones, up 3% over last year, and we grew iPhone units by double digits in several markets, including Japan, Canada, Switzerland, Turkey, Central and Eastern Europe, Mexico and Vietnam.

iPhone 收入同比增長 14%，iPhone ASP 從一年前的 655 美元增至 728 美元，這主要得益於 iPhone X、iPhone 8 和 iPhone 8 Plus 的性能。本季度，我們售出了 5220 萬部 iPhone，比去年增長 3%，我們在日本、加拿大、瑞士、土耳其、中歐和東歐、墨西哥和越南等多個市場實現了兩位數的 iPhone 銷量增長。

Our performance from a customer demand standpoint was even stronger than our reported results as we reduced iPhone channel inventory by 1.8 million units, 600,000 units more than the March quarter reduction last year. We exited the March quarter within our target range of 5 to 7 weeks of iPhone channel inventory.

從客戶需求的角度來看，我們的表現甚至比我們報告的結果還要強，因為我們將 iPhone 渠道庫存減少了 180 萬部，比去年 3 月季度的減少量增加了 60 萬部。我們在 5 至 7 週的 iPhone 渠道庫存目標範圍內退出了 3 月季度。

Our customers are extremely happy with their iPhones. The latest survey of U.S. consumers from 451 Research indicates that across all iPhone models, the customer satisfaction rating was 95%, and combining iPhone 8, 8 Plus and iPhone X, customer satisfaction was even higher at 99%. And among business buyers who plan to purchase smartphones in the June quarter, 78% plan to purchase iPhones.

我們的客戶對他們的 iPhone 非常滿意。 451 Research 對美國消費者的最新調查表明，在所有 iPhone 機型中，客戶滿意度為 95%，而結合 iPhone 8、8 Plus 和 iPhone X，客戶滿意度甚至更高，達到 99%。在計劃在六月季度購買智能手機的商業買家中，78% 的人計劃購買 iPhone。

Turning to Services. We had a sensational quarter with all-time record revenue of $9.2 billion, and that's up more than $2 billion from last year, an increase of 31% and double the Services revenue we generated in the March quarter just 4 years ago. Our Services business is growing at a very fast pace all around the world with revenue up more than 25% year-over-year in each of our 5 geographic segments. The App Store set a new all-time revenue record in the March quarter, and Apple Music reached a new record for both revenue and paid subscribers, which have now passed 40 million.

轉向服務。我們的季度收入達到了創紀錄的 92 億美元，比去年增加了 20 億美元以上，增長了 31%，是 4 年前我們在 3 月季度產生的服務收入的兩倍。我們的服務業務在全球範圍內以非常快的速度增長，我們 5 個地理區域中的每一個區域的收入都同比增長超過 25%。 App Store 在 3 月季度創下了新的歷史收入記錄，Apple Music 的收入和付費訂戶均創下了新紀錄，現已超過 4000 萬。

iCloud storage revenue was up by over 50% year-over-year to a new all-time record, and AppleCare revenue grew at its highest rate in 5 quarters, setting a new March quarter record. Our other product category also set a new record for the March quarter with revenue of almost $4 billion. We began shipping HomePod in February, and unit sales of both Apple Watch and AirPods reached a new high for the March quarter. When we combine all our wearables and home products, they accounted for over 90% of the total growth in the other products category.

iCloud 存儲收入同比增長超過 50%，創下歷史新高，AppleCare 收入以 5 個季度以來的最高速度增長，創下 3 月季度新紀錄。我們的其他產品類別也創下了 3 月季度的新紀錄，收入接近 40 億美元。我們在 2 月開始發貨 HomePod，Apple Watch 和 AirPods 的銷量在 3 月季度均創下新高。當我們將所有可穿戴設備和家居產品結合起來時，它們佔其他產品類別總增長的 90% 以上。

Next, I'd like to talk about the Mac, which set a new March quarter revenue record, including new records in both the Americas and Greater China. We sold 4.1 million Macs, generating year-over-year growth in many emerging markets, including Latin America, the Middle East and Africa, Central and Eastern Europe and India. We were happy to see double-digit growth in our active installed base of Macs to a new all-time high with almost 60% of March quarter purchases coming from customers who are new to Mac.

接下來，我想談談 Mac，它創造了新的 3 月季度收入記錄，包括在美洲和大中華區的新記錄。我們售出了 410 萬台 Mac，在許多新興市場實現了同比增長，包括拉丁美洲、中東和非洲、中歐和東歐以及印度。我們很高興看到我們活躍的 Mac 安裝基數實現了兩位數的增長，達到了歷史新高，3 月份季度近 60% 的購買來自 Mac 新用戶。

iPad grew both units and revenue for the fourth consecutive quarter. We sold 9.1 million iPads, and about half of purchases were by customers new to iPad. Growth was particularly strong in Japan, in Latin America, Middle East and Africa and Central and Eastern Europe, all markets where iPad sales were up double digits compared to a year ago. We gained share of the global tablet market based on the latest estimates from IDC, and our active installed base of iPads reached an all-time high. NPD indicates that iPad has 53% of the U.S. tablet market in the March quarter, up from 40% share a year ago. And the most recent customer survey from 451 Research measured iPad customer satisfaction ratings of 95%. And among business customers who plan to purchase tablets in the June quarter, 73% plan to purchase iPads.

iPad 連續第四個季度實現銷量和收入雙增長。我們售出了 910 萬台 iPad，其中大約一半是 iPad 新用戶購買的。日本、拉丁美洲、中東和非洲以及中歐和東歐的增長尤為強勁，所有這些市場的 iPad 銷量都比一年前增長了兩位數。根據 IDC 的最新估計，我們獲得了全球平板電腦市場的份額，我們的 iPad 活躍安裝基數達到了歷史最高水平。 NPD 指出，iPad 在第三季度佔據了美國平板電腦市場 53% 的份額，高於一年前的 40%。 451 Research 的最新客戶調查顯示，iPad 客戶滿意度為 95%。在計劃在六月季度購買平板電腦的商業客戶中，73% 計劃購買 iPad。

We continue to make great strides in the enterprise market. In February, we announced a new cyber risk management solution for businesses with Cisco, Aon and Allianz. This combined approach is an industry first that integrates the most secure technology from Apple and Cisco, cyber resilience evaluation services from Aon and options for enhanced cyber insurance coverage from Allianz. Organizations will now be able to better manage and protect themselves from cyber risks associated with ransomware and other malware-related threats. We are thrilled that insurance industry leaders recognize that Apple products provide superior security.

我們繼續在企業市場取得長足進步。 2 月，我們與 Cisco、Aon 和 Allianz 合作推出了新的網絡風險管理解決方案。這種組合方法是業界首創，它集成了來自 Apple 和 Cisco 的最安全技術、來自 Aon 的網絡彈性評估服務以及來自 Allianz 的增強網絡保險覆蓋範圍的選項。組織現在將能夠更好地管理和保護自己免受與勒索軟件和其他惡意軟件相關威脅相關的網絡風險。我們很高興保險行業的領導者認識到 Apple 產品提供了卓越的安全性。

In March, we announced 2 new services with IBM to bring more dynamic and intelligent insights into apps. IBM Watson services for Core ML and IBM Cloud Developer Console for Apple will enable developers to more easily build native iOS apps that bring together machine learning with artificial intelligence and cloud services.

3 月，我們宣布與 IBM 合作推出 2 項新服務，為應用帶來更多動態和智能的洞察。針對 Core ML 的 IBM Watson 服務和針對 Apple 的 IBM Cloud Developer Console 將使開發人員能夠更輕鬆地構建原生 iOS 應用程序，將機器學習與人工智能和雲服務結合在一起。

In health care, iPhones are being used across leading health systems, including Cedars-Sinai, the Mayo Clinic and HCA Healthcare with iOS apps to support clinical workflows, communications and care delivery. In fact, HCA Healthcare recently announced they plan to deploy 100,000 iPhones across their hospital sites within the next 3 years.

在醫療保健領域，iPhone 被用於領先的醫療保健系統，包括 Cedars-Sinai、Mayo Clinic 和 HCA Healthcare 以及 iOS 應用程序，以支持臨床工作流程、溝通和護理交付。事實上，HCA Healthcare 最近宣布，他們計劃在未來 3 年內在其醫院站點部署 100,000 部 iPhone。

We had great performance from our retail and online stores, which produced their highest March quarter revenue ever. Year-over-year growth was led by iPhone as well as strong performance from AirPods and introduction of HomePod. Our stores hosted more than 250,000 of our very popular Today at Apple sessions with a particular emphasis on coding and app design.

我們的零售和在線商店表現出色，創造了有史以來最高的 3 月季度收入。 iPhone 以及 AirPods 的強勁表現和 HomePod 的推出引領了同比增長。我們的商店舉辦了超過 250,000 場非常受歡迎的 Today at Apple 課程，特別強調編碼和應用程序設計。

During the quarter, we opened beautiful new stores in South Korea and in Austria, our first in both countries. And 3 weeks ago, we opened our newest store in Tokyo, bringing us to 502 stores across the world today.

本季度，我們在韓國和奧地利開設了漂亮的新店，這是我們在這兩個國家的第一家。 3 週前，我們在東京開設了最新的門店，如今我們在全球擁有 502 家門店。

Let me now turn to our cash position. We ended the quarter with $267.2 billion in cash plus marketable securities, and we had $110 billion in term debt and $12 billion in commercial paper outstanding for a net cash position of $145 billion. We returned nearly $27 billion to investors during the quarter. We paid $3.2 billion in dividends and equivalents and spent $23.5 billion on repurchases of 137 million Apple shares through open market transactions. We also retired 5.7 million shares upon the completion of our 13 ASR during the quarter.

現在讓我談談我們的現金狀況。截至本季度末，我們擁有 2672 億美元的現金和有價證券，我們有 1100 億美元的定期債務和 120 億美元的未償商業票據，淨現金頭寸為 1450 億美元。我們在本季度向投資者返還了近 270 億美元。我們支付了 32 億美元的股息和等價物，並花費 235 億美元通過公開市場交易回購了 1.37 億股蘋果股票。在本季度完成 13 次 ASR 後，我們還退還了 570 萬股股票。

We have now completed over $275 billion of our current $300 billion capital return program, including $200 billion in share repurchases against our cumulative $210 billion buyback program. We will complete the $210 billion program during the June quarter, 3 full quarters sooner than initially planned.

我們現在已經完成了目前 3000 億美元的資本回報計劃中的 2750 億美元，其中包括針對我們累計 2100 億美元的回購計劃進行的 2000 億美元的股票回購。我們將在 6 月季度完成 2100 億美元的計劃，比最初計劃提前 3 個完整季度。

The biggest priorities for our cash have not changed over the years. We want to maintain the cash we need to fund our day-to-day operations, to invest in our future and to provide flexibility so that we can respond effectively to the strategic opportunities we encounter along the way.

多年來，我們現金的最大優先事項沒有改變。我們希望保留為日常運營提供資金所需的現金，投資於我們的未來並提供靈活性，以便我們能夠有效地應對我們在此過程中遇到的戰略機遇。

As we said 90 days ago, the new tax legislation enacted in December gives us increased financial and operational flexibility from the access to our global cash. It allows us to invest for growth in the United States more efficiently, and it also provides us the opportunity to work towards a more optimal capital structure. As we said in February, our goal is to become approximately net cash neutral over time.

正如我們在 90 天前所說的那樣，12 月頒布的新稅法使我們獲得了全球現金的更大財務和運營靈活性。它使我們能夠更有效地投資於美國的增長，也為我們提供了努力實現更優化資本結構的機會。正如我們在 2 月份所說，我們的目標是隨著時間的推移大致保持淨現金中性。

Given our strong confidence in Apple's future and the value that we see in our stock, our board has authorized a new $100 billion share repurchase program, which we will start executing during the June quarter. Considering the unprecedented size of this new authorization, we want to be particularly thoughtful and flexible in our approach to repurchasing shares. Our intention is to execute our program efficiently and at a fast pace. As in the past, we will provide regular updates on our capital return activities at the end of every quarter.

鑑於我們對 Apple 的未來充滿信心以及我們看到的股票價值，我們的董事會已授權一項新的 1000 億美元股票回購計劃，我們將在 6 月季度開始執行該計劃。考慮到這項新授權的規模空前，我們希望在回購股票的方法上特別周到和靈活。我們的目的是高效、快速地執行我們的程序。與以往一樣，我們將在每個季度末定期更新我們的資本回報活動。

We're also raising our dividend for the sixth time in less than 6 years. As we know, it is very important to our investors' who value income. The quarterly dividend will grow from $0.63 to $0.73 per share, an increase of 16%. This is effective with our next dividend, which the board has declared today payable on May 17, 2018, to shareholders of record as of May 14, 2018.

我們還在不到 6 年的時間裡第六次提高股息。眾所周知，對於我們的投資者來說，重視收益是非常重要的。季度股息將從每股 0.63 美元增長至 0.73 美元，增幅為 16%。這對我們的下一次股息有效，董事會今天宣布將於 2018 年 5 月 17 日支付給截至 2018 年 5 月 14 日在冊的股東。

With over $13 billion in annual dividend payments, we are proud to be among the largest dividend payers in the world, and we continue to plan for annual dividend increases going forward. We will continue to review our capital allocation regularly, taking into account the needs of our business, our investment opportunities and our financial outlook. We will also continue to solicit input on our program from a broad base of shareholders. This approach will allow us to be flexible and thoughtful about the size, the mix and the pace of our program. We expect to provide a new update to our capital allocation plans approximately 12 months from now.

憑藉超過 130 億美元的年度股息支付，我們很自豪能夠成為世界上最大的股息支付者之一，並且我們將繼續計劃未來的年度股息增長。我們將繼續定期檢討我們的資本分配，考慮到我們的業務需求、我們的投資機會和我們的財務前景。我們還將繼續徵求廣大股東對我們計劃的意見。這種方法將使我們能夠靈活和周到地考慮我們項目的規模、組合和節奏。我們預計將在大約 12 個月後對我們的資本分配計劃進行更新。

As we move ahead into the June 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 $51.5 billion and $53.5 billion. We expect gross margin to be between 38% and 38.5%. We expect OpEx to be between $7.7 billion and $7.8 billion. We expect OI&E to be about $400 million, and we expect our tax rate to be about 14.5%.

隨著我們進入六月季度，我想回顧一下我們的前景，其中包括南希在電話會議開始時提到的前瞻性信息類型。我們預計收入將在 515 億美元至 535 億美元之間。我們預計毛利率在 38% 至 38.5% 之間。我們預計運營支出將在 77 億美元至 78 億美元之間。我們預計 OI&E 約為 4 億美元，我們預計我們的稅率約為 14.5%。

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. (Operator Instructions)

謝謝你，盧卡。 （操作員說明）

(Operator Instructions) Your first question will come from Shannon Cross of Cross Research.

（操作員說明）您的第一個問題將來自 Cross Research 的 Shannon Cross。

I wanted to ask about your thoughts on sort of iPhone and positioning. Now that we're a couple of quarters out from the launch of the iPhone X, given the $1,000 price point, it's clearly selling, but there's been a lot of questions in the market about sustainability of that price point and how you're thinking about it as you go look out sort of holistically across your lineup. So if you could talk a bit about what you're hearing from your customers on that and then I have a follow-up.

我想問一下你對 iPhone 類型和定位的看法。現在我們距離 iPhone X 的發布還有幾個季度，考慮到 1000 美元的價格點，它顯然很暢銷，但市場上存在很多關於這個價格點的可持續性以及你的想法的問題關於它，你去看看你的陣容中的整體情況。因此，如果您可以談談您從客戶那裡聽到的內容，然後我會進行跟進。

Sure. Shannon, it's Tim. As Luca mentioned earlier, our revenues are up 14% year-over-year on iPhone, and that's a combination of single-digit unit growth and ASP growth that is mainly driven by iPhone X. I think that our iPhone line shows that there's a variety of different customers in a market that is as large as the smartphone market, and so we're going to continue to provide different iPhones to -- for folks to meet their needs. On iPhone X specifically, I think it's important to maybe emphasize again one of the things I mentioned in my opening comments that customers chose iPhone X more than any other iPhone each and every week in the March quarter just as they did following the -- following its launch in the December quarter. Also, since we split the line with the launch of iPhone 6 and 6 Plus back in 2014, this is the first cycle that we've ever had where the top of the line iPhone model has also been the most popular. And so with the customer sat that Luca referenced as well, the 99%, the iPhone X is a beloved product, and so it's -- I think that it's one of those things where like a team wins the Super Bowl. Maybe you want them to win by a few more points, but it's a Super Bowl winner. And that's how we feel about it. I could not be prouder of the product.

當然。香農，是蒂姆。正如 Luca 之前提到的，我們的 iPhone 收入同比增長 14%，這是單位數增長和主要由 iPhone X 推動的 ASP 增長的結合。我認為我們的 iPhone 產品線表明存在在與智能手機市場一樣大的市場中，有各種不同的客戶，因此我們將繼續提供不同的 iPhone，以滿足人們的需求。特別是在 iPhone X 上，我認為可能再次強調我在開場評論中提到的一件事很重要，即在 3 月季度，客戶每週都選擇 iPhone X 比任何其他 iPhone 都多，就像他們在以下情況之後所做的那樣——它於 12 月季度推出。此外，自從我們在 2014 年推出 iPhone 6 和 6 Plus 後將產品線分開，這是我們有史以來的第一個週期，其中頂級 iPhone 型號也是最受歡迎的。因此，Luca 也提到了 99% 的客戶坐席，iPhone X 是一款深受喜愛的產品，所以它是——我認為這是像一支球隊贏得超級碗的事情之一。也許您希望他們多贏幾分，但這是超級碗冠軍。這就是我們的感受。我對這個產品感到無比自豪。

And then, Luca, can you talk about working capital, specifically inventory, which went up pretty significantly quarter-over-quarter? What's driving that? And how are you thinking about -- I mean, it's one of the uses of cash obviously. So how are you thinking about inventory and maybe working capital in general as you're going forward?

然後，盧卡，你能談談營運資金，特別是庫存，它環比增長相當顯著嗎？是什麼驅動了它？你怎麼想 - 我的意思是，這顯然是現金的用途之一。那麼，在您前進的過程中，您如何看待庫存以及一般的營運資金？

Yes. Shannon, you know that we've always generated a significant amount of cash through working capital. We've got a negative cash conversion cycle, and we plan to continue to have that. Our inventory level has gone up. It's just a temporary event. We have decided to make some purchasing decision given current market conditions, and that should unwind over time.

是的。香農，你知道我們一直通過營運資金產生大量現金。我們有一個負的現金轉換週期，我們計劃繼續這樣做。我們的庫存水平上升了。這只是一個臨時事件。鑑於當前的市場狀況，我們已決定做出一些購買決定，並且隨著時間的推移應該會放鬆。

So that was essentially component purchases?

所以這本質上是組件採購？

Correct.

正確的。

From Morgan Stanley, Katy Huberty.

來自摩根士丹利，凱蒂休伯蒂。

The Services growth acceleration is really the highlight this quarter in my mind. Can you talk about what the biggest driver is, whether it be products or regions that drove the acceleration? And do you think that we can continue to see growth north of 30%? Then, I have a follow-up.

在我看來，服務增長加速確實是本季度的亮點。你能談談最大的驅動力是什麼，無論是推動加速的產品還是地區？您認為我們可以繼續看到 30% 以上的增長嗎？然後，我有一個跟進。

It's Tim. The -- Services grew 31%. We hit an all-time record at $9.2 billion, first time we cleared $9 billion. The great news about it is it's not a single geo or a single service. If you look at it, each of the geos, the minimum was at 25%. So each of the geos were -- had -- did extremely well, and we set records from the App Store to the Apple Music, to iCloud, to Apple Pay and more. And underneath that, if you look at the subscriptions, the number of subscriptions, I think I mentioned this in my comments, paid subscriptions have moved up over 100 million on a year-over-year basis to over 270 million by the end of the quarter. And so it's very broad based in terms of type of service and geographic region. It's sort of exactly what we would like to see. In terms of forecasting moving forward, we've obviously made assumption for our guidance that Luca provided earlier, and in terms of longer term, we're on target to our 2020 goal of doubling the Services revenue of '16 as we had talked about previously.

是蒂姆。服務業增長了 31%。我們創下了 92 億美元的歷史記錄，這是我們首次清算 90 億美元。關於它的好消息是它不是單一的地理位置或單一的服務。如果您看一下，每個地理區域的最小值為 25%。因此，每個地理位置都 - 曾經 - 做得非常好，我們創造了從 App Store 到 Apple Music、iCloud、Apple Pay 等等的記錄。在此之下，如果您查看訂閱量，訂閱數量，我想我在評論中提到了這一點，付費訂閱量同比增長超過 1 億，到年底超過 2.7 億四分之一。因此，它在服務類型和地理區域方面非常廣泛。這正是我們希望看到的。就未來的預測而言，我們顯然已經對盧卡早些時候提供的指導做出了假設，就長期而言，我們的目標是實現我們在 2020 年將 16 年的服務收入翻一番的目標，正如我們所說的那樣之前。

And it doesn't look like the threat of a trade war with China slowed down that business. In fact, growth accelerated. But anything anecdotally that you see in the business in recent weeks that would suggest that, that is having an impact on demand? And any actions that Apple is taking as a company to preempt any risk of tariffs going forward?

而且看起來與中國的貿易戰威脅並沒有減緩該業務。事實上，增長加速了。但是，您最近幾週在業務中看到的任何軼事表明，這對需求產生了影響？蘋果作為一家公司正在採取什麼行動來預防未來的關稅風險？

Yes. I think my own view is that China and the U.S. have this unavoidable mutuality where China only wins if the U.S. wins and the U.S. only wins if China wins, and the world only wins if China and the U.S. win. And so I think there's lots of things that bind the countries together. And I'm actually very optimistic. I think history shows us that countries that embrace openness and diversity do much, much better than the ones that are closed. And so I'm a big believer that the 2 countries together can both win and grow the pie, not just allocate it differently. And so that's our focus, and I'm optimistic that -- I don't know every play by play that will happen, but over time, I think that view will prevail.

是的。我認為我個人的觀點是，中美之間有這種不可避免的相互性，只有美國贏了中國才能贏，只有中國贏了美國才會贏，只有中美贏了世界才會贏。所以我認為有很多東西將這些國家聯繫在一起。我實際上非常樂觀。我認為歷史告訴我們，擁抱開放和多樣性的國家比那些封閉的國家做得好得多。因此，我堅信這兩個國家可以共同贏得併擴大蛋糕，而不僅僅是分配不同的蛋糕。所以這是我們的重點，我很樂觀——我不知道每一場比賽都會發生，但隨著時間的推移，我認為這種觀點會佔上風。

The next question will come from Mike Olson with Piper Jaffray.

下一個問題將來自 Mike Olson 和 Piper Jaffray。

Just following on the Services question. I'd be curious what the next drivers of Services revenue are? Will it be continued penetration of Music and Pay that you see as kind of the largest future categories of incremental growth? Or maybe when could augmented reality become a material part of Services? And then I have a follow-up.

只需關注服務問題。我很好奇服務收入的下一個驅動因素是什麼？您認為音樂和付費的持續滲透會是未來最大的增量增長類別嗎？或者也許增強現實何時可以成為服務的重要組成部分？然後我有一個跟進。

Well, Mike, it's Tim. The -- again, the great thing about Services is there are several services that make up the total that are growing nicely. And I think the other good news is that because our active installed base has -- is at such a level at -- last quarter, we said that we had exceeded $1.3 billion. This year, we're -- we're not going to release this number every quarter, but we've obviously grown again. And it's growing at a double-digit number on a year-over-year basis. And so with that kind of change in the installed base and with the services that we have now and others that we are working on, I think that this is just a huge opportunity for us and feel very good about the track that we're on.

好吧，邁克，是蒂姆。 - 再次，關於服務的偉大之處在於，有幾個服務構成了總體增長良好的服務。我認為另一個好消息是，由於我們活躍的安裝基礎在上個季度處於這樣的水平，我們說我們已經超過了 13 億美元。今年，我們 - 我們不會每個季度都發布這個數字，但我們顯然已經再次增長。它正在以每年兩位數的速度增長。因此，隨著安裝基礎的這種變化以及我們現在擁有的服務以及我們正在開發的其他服務，我認為這對我們來說只是一個巨大的機會，並且對我們正在走的軌道感覺非常好.

And then any potential tariff issues aside, what's working for Apple in China right now? You talked about it being the strongest year-over-year growth in 10 quarters. I guess, what's driving that? Is it iPhone X specifically or something else that's behind that improvement?

拋開任何潛在的關稅問題不談，蘋果現在在中國有什麼作用？您談到這是 10 個季度以來最強勁的同比增長。我想，是什麼驅動了它？是 iPhone X 還是其他改進背後的東西？

A good question. IPhone X was the most popular smartphone in all of China last quarter. And so iPhone X has done well there. In order to hit a number like 21% on the growth that you see on your data sheet there, there has to be several things working well. And the things that have huge growth rates there are the other products category, which is our Wearables business in China and the Services business, which you and I just spoke about. The iPhone obviously had to do extremely well to get a 21% number, and we gained share in the market for the Mac as well. And so there's actually several vectors there that are working well for us. We also -- more broadly on the iPhone, the iPhone was the top 3 selling phones in China. And so it's iPhone X was #1, but we had several in the top.

一個好問題。 iPhone X 是上個季度全中國最受歡迎的智能手機。所以 iPhone X 在這方面做得很好。為了達到您在數據表上看到的 21% 的增長，必須有幾件事運作良好。其他產品類別的增長率很高，這是我們在中國的可穿戴設備業務和服務業務，你和我剛才談到了。 iPhone 顯然必須做得非常好才能獲得 21% 的數字，我們也為 Mac 贏得了市場份額。所以實際上有幾個向量對我們很有效。我們還 - 更廣泛地說，在 iPhone 上，iPhone 是中國銷量排名前三的手機。所以它的 iPhone X 是第一，但我們有幾個在頂部。

From RBC Capital Markets, Amit Daryanani.

來自加拿大皇家銀行資本市場，Amit Daryanani。

Two questions from me as well. I guess, first one, just touching on the gross margin dynamics. If I look at the guidance for June on a year-over-year basis, I think sales are up double digit, but gross margins are still flat at the high end, maybe down 20 basis points at the midpoint. Can you just talk about what's driving the lack of leverage on the gross margin basis on a year-over-year basis for June?

我也有兩個問題。我想，第一個，只是觸及毛利率動態。如果我查看 6 月份的同比指引，我認為銷售額增長了兩位數，但毛利率在高端仍然持平，可能在中點下降 20 個基點。您能否談談導致 6 月份毛利率同比下降的原因是什麼？

Yes. Amit, it's Luca. We tend to look at the -- our gross margin dynamics on a sequential basis, and essentially, we're guiding to about flat on a sequential basis. On a year-over-year basis, it's less relevant for our business, but in general, I would say that this year we are seeing a more difficult cost environment. Particularly, we're still dealing with about 70 basis points of the impact from the memory pricing environment that we're working through.

是的。阿米特，是盧卡。我們傾向於按順序查看我們的毛利率動態，從本質上講，我們正在引導按順序基本持平。與去年同期相比，它與我們的業務相關性較低，但總的來說，我會說今年我們看到了更加困難的成本環境。特別是，我們仍在處理我們正在處理的內存定價環境帶來的大約 70 個基點的影響。

Got it. And if I could just follow up, Tim, you've been fairly vocal, I think, talking about the need for better privacy protection and well-crafted regulation over time. Could you just maybe help us understand how does Apple protect consumer data? And how does this ongoing debate around data protection translate into a positive for Apple over time?

知道了。如果我可以跟進，蒂姆，我認為你一直在直言不諱地談論隨著時間的推移需要更好的隱私保護和精心設計的監管。您能否幫助我們了解 Apple 如何保護消費者數據？隨著時間的推移，圍繞數據保護的持續辯論如何轉化為對 Apple 的積極影響？

We protect it by encrypting it, and we keep the bulk of information or a significant amount of information on the device so that the user is in control of it. We also collect much less overall than others do because our -- if you look at our model, if we can convince you to buy an iPhone or an iPad, we'll make a little bit of money. You're not our product, and so that's how we look at that. In terms of benefit, we don't really view it like that. We view that privacy is a fundamental human right and that it's an extremely complex situation if you're a user to understand a lot of the user agreements and so forth. And we've always viewed that part of our role was to sort of make things as simple as possible for the user and provide them a level of privacy and security. And so that's how we'd look at it.

我們通過對其進行加密來保護它，並將大量信息或大量信息保留在設備上，以便用戶控制它。我們收集的整體數量也比其他人少得多，因為我們的——如果你看看我們的模型，如果我們能說服你購買 iPhone 或 iPad，我們會賺一點錢。你不是我們的產品，所以我們就是這麼看待的。就利益而言，我們並不真正這樣看待它。我們認為隱私是一項基本人權，如果您是用戶，需要了解很多用戶協議等內容，這是一個極其複雜的情況。我們一直認為，我們的部分職責是讓用戶的事情盡可能簡單，並為他們提供一定程度的隱私和安全。這就是我們看待它的方式。

We'll go to Steve Milunovich with UBS.

我們將與瑞銀一起去史蒂夫米盧諾維奇。

Luca, could you talk a bit more about the capital allocation? The dividend increase of 16% was relatively low relative to what you could have done. So are you really thinking the stock price is attractive here? And you said you would execute the buyback at a fast pace. Can you give us any time frame of that $100 billion? And how much debt do you think about in terms of net cash 0?

Luca，你能多談談資本配置嗎？相對於你可以做的事情，16% 的股息增長相對較低。那麼你真的認為這裡的股價很有吸引力嗎？你說你會快速執行回購。你能告訴我們這 1000 億美元的任何時間框架嗎？就淨現金 0 而言，您認為有多少債務？

Yes. Let's start with the dividend. We're increasing it by 16%. This is the largest increase that we've done since we've reintroduced the dividend back in August of 2012. So we think it's a very meaningful increase for all the investors that value income. Obviously, when we come down to capital allocation decisions, we obviously also keep in mind that -- the opportunity for us to do some M&A activities, which we do in an ongoing basis. But when it comes down between dividends and buyback, our view is that for a variety of reasons, the -- we see a lot of value in the stock. We believe the stock is undervalued, and so we have a bias towards the buyback. So the dividend is a very large component of capital return because we're going to be returning more than $13 billion a year to investors through dividends. But we believe that given where we are with the valuation of the stock, we think that we continue to do the buyback primarily. We are not giving an end date to the program this time because the amount is very, very large. And so we will -- we would try to execute it. As you've seen from our track record during the last 5 years, we will do that at a very fast pace. But we also want to do it efficiently. We want to make sure that we buy back the stock at the right time. And so with that in mind, we have done $23.5 billion of repurchases during the March quarter. We will give you an update to our activities at the end of every quarter. And then 12 months from now we will actually talk about an update to the entire program. So you will be able to keep track of our progress every 90 days.

是的。讓我們從股息開始。我們將其提高了 16%。這是我們自 2012 年 8 月重新引入股息以來所做的最大增幅。因此，我們認為這對所有重視收入的投資者來說都是非常有意義的增長。顯然，當我們做出資本分配決策時，我們顯然也牢記 - 我們有機會進行一些併購活動，我們會持續進行這些活動。但是當它在股息和回購之間下降時，我們的觀點是，由於各種原因，我們看到了股票的很多價值。我們認為該股被低估，因此我們傾向於回購。因此，股息是資本回報的一個非常大的組成部分，因為我們每年將通過股息向投資者返還超過 130 億美元。但我們認為，考慮到我們對股票的估值，我們認為我們將繼續主要進行回購。這次我們沒有給出該計劃的結束日期，因為金額非常非常大。所以我們會 - 我們會嘗試執行它。正如您從我們過去 5 年的業績記錄中看到的那樣，我們將以非常快的速度做到這一點。但我們也想有效地做到這一點。我們要確保在正確的時間回購股票。因此，考慮到這一點，我們在 3 月季度進行了 235 億美元的回購。我們將在每個季度末向您更新我們的活動。然後 12 個月後，我們將真正討論對整個程序的更新。因此，您將能夠每 90 天跟踪一次我們的進度。

And Tim, could you talk a bit about your health care opportunity? Is it merely selling watches over time? Or do you think more broadly about? Is there a services play? You're doing some things for your employees. Could that potentially broaden out? How do you think about the opportunity there?

還有蒂姆，你能談談你的醫療保健機會嗎？它只是隨著時間的推移出售手錶嗎？還是你想得更廣泛？有服務遊戲嗎？你正在為你的員工做一些事情。這可能會擴大嗎？您如何看待那裡的機會？

We think about it very broadly, and you can tell that a bit by some of the things that we've had going with ResearchKit and CareKit and most recently, the health records that I had referenced in my initial comments. And those all came out of getting significantly engaged in the Apple Watch and sort of pulling the strings so to speak. And we also have a Heart Study that is going on currently. And so I don't want to give too much away, but it's an area of great interest where we think we can make a big difference. And so it's a major strategic thrust of ours.

我們對此進行了非常廣泛的考慮，您可以通過我們在 ResearchKit 和 CareKit 中所做的一些事情以及最近我在最初評論中引用的健康記錄來說明這一點。所有這些都來自於對 Apple Watch 的大力參與，並且可以說是在拉線。我們目前正在進行一項心臟研究。所以我不想放棄太多，但這是一個非常有趣的領域，我們認為我們可以做出很大的改變。因此，這是我們的主要戰略重點。

We'll go to Brian White with Monness, Crespi.

我們將和克雷斯皮的蒙內斯一起去布萊恩懷特。

Yes. Tim, I think there's -- China numbers were actually phenomenal in the quarter and third consecutive quarter of growth. I think there's been a lot of concerns, just Apple in China and maybe misinformation out there. But what do you see as the drivers for Apple in both Mainland China and Greater China over the next few years? And also, if you could just give us an update on what you're seeing in India.

是的。蒂姆，我認為中國的數字在本季度和連續第三個季度的增長中實際上是驚人的。我認為有很多擔憂，只有蘋果在中國，也許還有錯誤信息。但您認為未來幾年蘋果在中國大陸和大中華區的驅動力是什麼？而且，如果你能告訴我們你在印度看到的最新情況。

Yes, good question. Let me start with India, and then I'll talk more about China. India, we set a new first half record. So we continue to put great energy there and try to -- our objective over time is to go in there with all of our different initiatives from retail and everything else. And so we're working toward those things. It's a huge market, and it's clear that many people will be moving into the middle class over time as we've seen in other countries. China, I continue to believe is a phenomenal country with lots of opportunity from a market point of view but also lots of opportunity from an app developer point of view. We have almost 2 million application developers in China that are writing apps for iOS and the App Store, and they're doing unbelievably creative work and innovative work. And so we sort of -- we look at China holistically, not only as a market. On the market side, we've seen iPhone X, as I had mentioned before, as being the top-selling smartphone during the quarter. We gained share during the quarter. And I read some notes here and there about the market itself not being good. I think on -- in any kind of -- on a 90-day clock, lots of different things can happen, but my own personal view of China is that it's a great market. And I would -- I'm -- we are certainly looking far beyond 90 days and feel very bullish on the opportunity and the environment there. I would say that the market for us is more than iPhone. The Mac gained share there as well. The Watch is getting some traction there. Services is doing extremely well. And so it has several catalysts, and I'm very pleased with the results that we were able to show during the quarter.

是的，好問題。讓我先從印度開始，然後再談中國。印度，我們創造了新的上半年記錄。因此，我們繼續在那裡投入巨大的精力並嘗試——隨著時間的推移，我們的目標是通過零售和其他所有不同的舉措進入那裡。所以我們正在朝著這些方向努力。這是一個巨大的市場，很明顯，隨著時間的推移，許多人將進入中產階級，正如我們在其他國家看到的那樣。我仍然相信中國是一個非凡的國家，從市場的角度來看有很多機會，但從應用程序開發人員的角度來看也有很多機會。我們在中國有近 200 萬應用程序開發人員正在為 iOS 和 App Store 編寫應用程序，他們正在做令人難以置信的創造性工作和創新工作。所以我們有點——我們從整體上看待中國，而不僅僅是一個市場。在市場方面，正如我之前提到的，我們已經看到 iPhone X 是本季度最暢銷的智能手機。我們在本季度獲得了份額。我在這里和那裡讀到一些關於市場本身不好的筆記。我認為——以任何方式——以 90 天為周期，可能會發生很多不同的事情，但我個人對中國的看法是，它是一個偉大的市場。而且我會 - 我是 - 我們肯定會遠遠超過 90 天，並且對那裡的機會和環境感到非常樂觀。我會說我們的市場不僅僅是 iPhone。 Mac 也在那裡獲得了份額。手錶在那裡獲得了一些牽引力。服務做得非常好。所以它有幾個催化劑，我對我們在本季度能夠展示的結果感到非常滿意。

Next we'll hear from Wamsi Mohan with Bank of America Merrill Lynch.

接下來，我們將聽取美銀美林公司的 Wamsi Mohan 的來信。

Tim, can you comment on the price elasticity of demand at the high end for iPhones, if that was in line with your expectations? Do you have a preference for unit growth versus ASP growth when it comes to maximizing the gross profit dollar growth? And I have a follow-up for Luca, please.

蒂姆，如果這符合您的預期，您能否評論一下高端 iPhone 的需求價格彈性？在最大化毛利潤美元增長方面，您是否更傾向於單位增長而不是 ASP 增長？我有一個盧卡的後續行動，拜託。

We price for the value that we're delivering. And iPhone X is the most innovative product on the market, and as I've said a few times, we have -- they're sort of jam-packed with technologies that really set up the smartphone for the next decade. And so that's how we priced it. We were surprised somewhat that through all of this period of time that the iPhone X winds up at the most selling -- most popular for every week of the time since the launch, and so that's, I think, a powerful point. And it's #1 in China, which is another powerful point. And so obviously, at some point, if those technologies move to lower price points and that -- there's probably more unit demand. But the way we think about it is trying to price a reasonable price for the value that we deliver, and I feel that we did that.

我們為我們提供的價值定價。 iPhone X 是市場上最具創新性的產品，正如我多次說過的那樣，我們擁有——它們擠滿了真正為未來十年打造智能手機的技術。這就是我們定價的方式。我們有些驚訝的是，在這段時間裡，iPhone X 的銷量最高——自發布以來的每個星期都最受歡迎，所以我認為這是一個強有力的觀點。它在中國排名第一，這是另一個優勢。很明顯，在某些時候，如果這些技術轉向更低的價格點，那麼 - 可能會有更多的單位需求。但是我們考慮它的方式是試圖為我們提供的價值定價一個合理的價格，我覺得我們做到了。

And Luca, your gross margins have been very robust despite the headwinds that you absorbed on commodities, which you quantified, and frankly, also from the FX hedges that are limiting some of the FX upside that a lot of other companies are seeing. So as you -- one, when do you expect these to turn into tailwinds? And when they do turn into tailwinds, do you -- would you consider reinvesting some of those into pricing? Or would you -- like should we think about you flowing those through to the bottom line?

盧卡，儘管您在商品上吸收了不利因素，但您的毛利率一直非常強勁，坦率地說，還有來自外匯對沖限制了許多其他公司看到的一些外匯上行空間。所以作為你——一，你預計這些會在什麼時候變成順風？當它們確實變成順風時，你會考慮將其中的一些再投資到定價中嗎？或者你會 - 像我們應該考慮你將這些流向底線嗎？

Well, Wamsi, I think let me start with where we are right now. I think you're right. I think we've been able to navigate a difficult foreign exchange environment for a number of years. And now as you know, because we have this hedging program, as the dollar has weakened a bit in recent months, although during the last week, it actually started to turn the other way again, we've got the hedging program that works both ways. And also on the memory front, we feel that for NAND, we're going to be turning the corner very soon. For DRAM, we also think that we are near the peak, possibly at the end of this year. And so that should provide some level of stability. As I said earlier this year, I think we are experiencing in total a more difficult cost environment. And so hopefully, that can turn into a positive for us. At the same time, it's very difficult for me to give you an indication of what is going to happen in the future because every product cycle is different, and as you know, we don't provide guidance past the current quarter. There are some elements that we understand quite well and we tend to manage well over the course of the cycle, for example, our cost structures that we are able to manage during -- throughout the year. But there are also elements that are not entirely under our control like foreign exchange. And the mix of products and services that we sell to our customers also has an impact on the overall gross margin. Our primary consideration is always around maximizing gross margin dollars, and that is the approach that we take around, for example, pricing decisions.

好吧，Wamsi，我想讓我從我們現在所處的位置開始。我覺得你是對的。我認為多年來我們已經能夠駕馭困難的外匯環境。現在你知道，因為我們有這個套期保值計劃，因為最近幾個月美元有點走弱，儘管在上週，它實際上又開始轉向相反的方向，我們有一個套期保值計劃同時適用方法。而且在內存方面，我們認為對於 NAND，我們很快就會出現轉機。對於DRAM，我們也認為我們已經接近峰值，可能在今年年底。所以這應該提供一定程度的穩定性。正如我今年早些時候所說，我認為我們總體上正在經歷一個更加困難的成本環境。所以希望這對我們來說是積極的。同時，我很難告訴你未來會發生什麼，因為每個產品週期都是不同的，而且如你所知，我們不會在當前季度之後提供指導。我們非常了解一些要素，並且我們傾向於在整個週期中很好地管理，例如，我們能夠在全年管理的成本結構。但也有一些因素並不完全在我們的控制之下，比如外匯。我們向客戶銷售的產品和服務組合也會對整體毛利率產生影響。我們的首要考慮始終是最大化毛利率，這就是我們採取的方法，例如定價決策。

From Citi, we'll hear from Jim Suva.

從花旗，我們會聽到吉姆蘇瓦的消息。

And I'll ask actually both my questions at the same time, one for Tim and one for Luca. Tim, strategically, when we talk to investors, they often say, "Oh, iPhone market is saturated. There's not much room for growth." Yet when we do our analysis, we kind of still see emerging markets like India and all those still a growth. When you think about India and those markets, do you kind of believe that some of those markets could get to much higher or a more normalized market share that you have in some of the developing countries over time? And can you talk a little bit about some of those efforts you may be doing? And then, Luca, the question for you is about the gross margin. When we think about if component prices start to stabilize, seeing how Apple Services have been so successful and accretive to margins, should we start to look for some potential margin -- gross margin upside, again, should components stabilize?

實際上我會同時問我兩個問題，一個是給蒂姆的，一個是給盧卡的。蒂姆，從戰略上講，當我們與投資者交談時，他們經常說，“哦，iPhone 市場已經飽和。增長空間不大。”然而，當我們進行分析時，我們仍然看到印度等新興市場以及所有這些市場仍在增長。當你想到印度和那些市場時，你是否相信隨著時間的推移，其中一些市場會達到你在一些發展中國家擁有的更高或更正常的市場份額？你能談談你可能正在做的一些努力嗎？然後，盧卡，你的問題是毛利率。當我們考慮組件價格是否開始穩定時，看到 Apple 服務如何如此成功並增加利潤時，我們是否應該開始尋找一些潛在的利潤——毛利率再次上升，組件是否應該穩定？

Yes. Jim, thanks for the question. In terms of the -- let me address the smartphone market a bit, and then I'll mention iPhone. In terms of the market in general, if you look at last year, which was the last data point we have on the full market, was -- there were still 0.5 billion feature phones sold in the world. Now many of those were sold into emerging markets, not all of them but many of them, and we still believe that, over time, every phone sold will be a smartphone. And so it seems to us that with that many feature phones being sold, that's a pretty big opportunity. In terms of the iPhone itself, even though we sell quite a few phones across the course of a year, our market share globally is low compared to the -- our sales are low compared to the full market of smartphones. And so the -- our task is to convince people that currently -- or have another type of phone to switch while really taking care of people that have an iPhone so that they choose, when they elect to buy another phone, that they buy another iPhone. And so we spend quite a bit of time on that as you might guess. I do think that India -- India is the third largest smartphone market in the world. There's obviously huge opportunities there for us, and we have extremely large share in that market overall. And so we're putting a lot of energy there and working with the carriers in that market. And they're investing enormously on the LTE networks, and the infrastructure has come quite a way since we began to put a lot of energy in there because of their leadership and so forth. And so I do think -- I don't buy the view that the market's saturated. I don't see that from a market point of view or -- and certainly not from an iPhone point of view. I think the smartphone market is sort of like the best market for a consumer product company in the history of the world. And so that's how I feel about it. It's a terrific market, and we're very happy to be a part of it.

是的。吉姆，謝謝你的問題。就--讓我談談智能手機市場，然後我會提到iPhone。就整體市場而言，如果你看一下去年，這是我們在整個市場上獲得的最後一個數據點，世界上仍然售出 5 億部功能手機。現在，其中許多都被賣到了新興市場，不是全部，而是很多，我們仍然相信，隨著時間的推移，每部售出的手機都將成為智能手機。因此，在我們看來，銷售這麼多功能手機，這是一個非常大的機會。就 iPhone 本身而言，儘管我們在一年中銷售了很多手機，但我們的全球市場份額與智能手機相比較低——與整個智能手機市場相比，我們的銷量較低。所以 - 我們的任務是說服人們目前 - 或者有另一種類型的手機可以切換，同時真正照顧擁有 iPhone 的人，以便他們在選擇購買另一部手機時選擇購買另一部蘋果手機。因此，正如您可能猜到的那樣，我們在這方面花費了相當多的時間。我確實認為印度——印度是世界第三大智能手機市場。對我們來說顯然有巨大的機會，我們在整個市場中佔有非常大的份額。因此，我們在那裡投入了大量精力，並與該市場的運營商合作。他們在 LTE 網絡上進行了巨額投資，自從我們開始在其中投入大量精力以來，由於他們的領導力等等，基礎設施已經取得了長足的進步。所以我確實認為——我不相信市場已經飽和的觀點。我不認為從市場的角度來看，或者——當然也不是從 iPhone 的角度來看。我認為智能手機市場有點像世界歷史上消費品公司的最佳市場。這就是我的感受。這是一個了不起的市場，我們很高興成為其中的一部分。

Jim, on the gross margin side, I think I'll repeat what I said earlier, but we -- you're right. Our Services business, and I've said it in the past, is accretive to company margins, and so as we're able to grow the Services business, that should provide a positive, a tailwind. At the same time, within the Services portfolio that we have, we have services that have different levels of profitability, so we also need to take into account the mix of services that we're going to be selling. At a macro level, because about 2/3 of our company is outside the United States, a weak dollar is a positive for our gross margins. A strong dollar, as it's been during the last 4 years, has been a bit of a headwind for the company. We try to make it more stable through the hedging program. And in general, when we look at our process to innovate our products, typically, when we launch a new product, that product tends to have a higher cost structure than the product it replaces. And so that is something that we need to work through every time we launch a new product, and we have a pretty good track record and history of taking those cost structures down over time. So we need to balance all these different elements. I think we've done a pretty remarkable job during the last several years at managing all these different variables and coming up with a level of gross margins that we think is really good for investors. And certainly, it is our plan to continue to manage them that way, but it's very difficult for me to give you a prediction of where gross margins are going to be 6 months or 12 months from now.

吉姆，在毛利率方面，我想我會重複我之前所說的，但我們 - 你是對的。我們的服務業務，我過去說過，可以增加公司的利潤，因此，當我們能夠發展服務業務時，這應該會提供積極的順風。同時，在我們擁有的服務組合中，我們的服務具有不同的盈利水平，因此我們還需要考慮我們將要銷售的服務組合。在宏觀層面，由於我們公司大約 2/3 的業務在美國以外，因此美元疲軟對我們的毛利率有利。美元走強，就像過去 4 年一樣，對公司來說有點逆風。我們試圖通過對沖計劃使其更加穩定。總的來說，當我們審視我們的產品創新過程時，通常，當我們推出新產品時，該產品的成本結構往往比它所取代的產品高。因此，這是我們每次推出新產品時都需要解決的問題，而且隨著時間的推移，我們有很好的記錄和降低這些成本結構的歷史。所以我們需要平衡所有這些不同的元素。我認為在過去幾年中，我們在管理所有這些不同的變量並得出我們認為對投資者非常有利的毛利率水平方面做得非常出色。當然，我們計劃繼續以這種方式管理它們，但我很難預測從現在起 6 個月或 12 個月的毛利率在哪裡。

Thank you.

謝謝你。

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 5253762. These replays will be available by approximately 5 p.m. Pacific Time today.

今天電話會議的重播將在 Apple 播客上以網絡廣播的形式在 apple.com/investor 和電話上播放 2 週。重播電話號碼為 (888) 203-1112 或 (719) 457-0820，請輸入確認碼 5253762。這些重播將在下午 5 點左右提供。今天太平洋時間。

Members of the press with additional questions can contact Kristin Huguet at (408) 974-2414. Financial analysts can contact Matt Blake or me with additional questions. Matt is at (408) 974-7406, and I'm at (408) 974-5420. Thanks again for joining us.

有其他問題的媒體成員可以致電 (408) 974-2414 聯繫 Kristin Huguet。金融分析師可以聯繫馬特布萊克或我有其他問題。馬特的電話是 (408) 974-7406，我的電話是 (408) 974-5420。再次感謝您加入我們。

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

女士們，先生們，今天的演講到此結束。我們感謝大家的參與，您現在可以斷開連接。