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.

各位好，歡迎參加蘋果公司2018財年第二季財報電話會議。本次電話會議正在錄音。現在，我將把電話交給投資者關係高級總監南希·帕克斯頓女士，請她致開幕詞並進行介紹。帕克斯頓女士，請開始吧。

(technical difficulty)

（技術難題）

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

接下來是財務長盧卡·馬埃斯特里。之後，我們將開放分析師提問環節。

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，您今天在討論中聽到的一些資訊包含前瞻性陳述，包括但不限於有關收入、毛利率、營運費用、其他收入和支出、稅收、資本配置、股票回購、股息和未來業務展望的陳述。實際結果或趨勢可能與我們的預測有重大差異。更多信息，請參閱蘋果公司最近向美國證券交易委員會 (SEC) 提交的 10-K 表格和 10-Q 表格定期報告以及今天提交的 8-K 表格中討論的風險因素，以及相關的新聞稿。蘋果公司不承擔更新任何前瞻性陳述或資訊的義務，這些陳述或資訊僅代表其各自發布之日的情況。

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

現在我把電話交給提姆，請他做開場白。

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.

謝謝南希，也歡迎各位的到來。我們今天非常榮幸地宣布本季業績，三月的營收和利潤都創下新紀錄。

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611億美元的營收，較去年同期成長16%，實現了連續第六個季度營收加速成長。我們的業績全面提升，其中iPhone營收成長14%，服務業務成長31%，穿戴式裝置業務成長近50%。我們在所有地區市場均實現了成長，其中大中華區和日本的營收增幅超過20%。

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 第二季度的出色表現為上半年輝煌的業績畫上了圓滿的句號，iPhone 營收達到 1000 億美元，較去年同期增長 120 億美元，創下上半年營收新紀錄，並實現了三年來最高的上半年增長率。根據 IDC 最新發布的全球智慧型手機市場預測，iPhone 在本季市場佔有率有所成長。與去年 12 月上市後的情況一樣，今年 3 月季度，iPhone X 的銷量每週都超過其他任何一款 iPhone。自 2014 年 iPhone 6 和 6 Plus 發布以來，這是 iPhone 產品線首次出現頂級機型同時也是最暢銷機型的情況。

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.

第二季度是我們服務業務有史以來表現最好的季度，而且成長勢頭依然強勁。營收首度突破90億美元大關，比去年同期成長超過20億美元。 App Store、Apple Music、iCloud、Apple Pay等業務的營收皆創歷史新高，這充分體現了我們龐大的活躍裝置用戶群以及客戶忠誠度和參與度的重要性。

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.

所有服務的付費訂閱用戶總數超過 2.7 億，比去年同期成長超過 1 億，光是過去 90 天就成長了 3,000 萬，推動了服務收入的整體成長。 Apple Pay 持續保持強勁成長勢頭，活躍用戶數量較去年同期成長超過一倍，交易量較去年同期成長三倍。我們認為，Apple Pay 在主要公共交通系統中的普及是推動通勤者採用該服務的關鍵因素。今年 3 月，我們在北京和上海推出了支援 Apple Pay 的快速交通服務，這兩個城市分別是全球第二和第三大公共交通系統。 Apple Pay 已成為東京最成功的行動交通支付系統，而東京的公共交通系統是全球最繁忙的。隨著 4 月在巴西的推出，Apple Pay 目前已覆蓋 21 個市場，我們預計挪威、波蘭和烏克蘭將在未來幾個月內陸續推出該服務。

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.

對於我們的穿戴式裝置業務而言，這又是一個出色的季度，該業務包括 Apple Watch、Beats 和 AirPods，總收入較去年同期成長近 50%。回顧過去四個季度的收入，我們的穿戴式裝置業務規模如今已堪比財富 300 強公司。

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 又迎來了一個輝煌的季度，營收年增兩位數，創下三月季度新紀錄。數百萬用戶使用 Apple Watch 來保持活力、健康和互聯，使其成為全球最暢銷的智慧手錶。本季度，我們在中國大陸、香港和泰國推出了 Series 3 蜂窩網路版的營運商支持，更多市場即將跟進。

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，watchOS 4.2 帶來了比以往更多的功能。例如，除了追蹤運動和心率之外，滑雪者和單板滑雪者還可以記錄滑行軌跡、查看垂直下降高度、計算速度，並將數據直接上傳到 Apple Watch 的「健身記錄」應用程式中。

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都能看到它們的身影：健身房、咖啡館，凡是人們用蘋果設備聽音樂的地方都能看到它們的身影。這款產品一推出就大獲成功，我們正努力滿足市場龐大的需求。

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.

我們在二月開始發售 HomePod，它以其同尺寸同等級產品中最佳的音質而廣受認可。 HomePod 是一款突破性的揚聲器，能夠帶來驚豔的音質，我們相信它將改變人們在家中聆聽音樂的方式。目前，HomePod 已在美國、英國和澳洲上市，我們期待為 HomePod 添加更多新功能，並儘快將其推廣到全球更多市場。

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.

三月份，我們發布了教育界的新產品，其中包括為最受歡迎的 iPad 更新了 Apple Pencil 支援。它能幫助學生更有效率地進行創作，從學習程式設計、繪製草圖、記錄手寫筆記到截圖編輯，無所不能。新款 iPad 配備絢麗的 Retina 顯示器、先進的晶片以及增強的攝影機和感測器，旨在支援新一代應用程序，為課堂帶來沉浸式增強現實體驗。

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.

除了我們廣受好評的「人人都能編程」計畫之外，我們還推出了「人人都能創作」計畫。這是一套全新的免費課程，旨在讓教師能夠輕鬆愉快地將繪畫、音樂、電影製作或攝影融入任何學科的現有課程計劃中。我們堅信教育是實現公平的基石，無論是透過我們的程式設計課程、無與倫比的擴增實境平台，還是兩者共同激發出的創造力，我們都為能夠借助蘋果科技幫助世界各地的學生開拓學習新領域而感到自豪。

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.

今年三月，我們還發布了 iOS 11.3，這是一個重大更新，帶來了全新的沉浸式擴增實境體驗，用戶可以在「健康」應用程式中存取個人健康記錄等等。現在，應用不僅可以提供桌椅等實體物體的擴增實境體驗，還可以利用垂直的牆壁和門，並能更精確地映射不規則形狀的表面。而這一切的實現，都得益於 ARKit 的更新，而就在六個月前，我們剛剛推出了全球最大的擴增實境平台。

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.

此外，iOS 11.3 還為近 40 個醫療系統（涵蓋數百家醫院和診所）的患者提供了一項新功能：他們可以將來自多個來源的醫療記錄整合到 iPhone 上，並在一個地方查看所有記錄。這些資料經過加密，並使用使用者的 iPhone 密碼進行保護。這有助於使用者更了解自己的健康史，與醫生和家人進行更深入的溝通，並為未來的醫療保健決策提供基礎。

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.

秉承我們一貫的長期策略，隱私是我們教育和個人健康相關措施的關鍵要素。我們致力於打造全球最佳產品和體驗，同時竭力保護用戶隱私，因為我們堅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.

我們的環保措施近期取得了重要里程碑式的進展。我們遍佈全球43個國家的所有設施現已實現100%使用清潔能源。我們與世界各地的社區合作，共同建造清潔能源設施。目前，蘋果公司已有25個再生能源項目投入運營，另有15個項目正在興建中。我們也積極推動供應鏈使用清潔能源。截至上個月，已有23家供應商承諾100%使用再生能源。

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.

2018財年已過半，我們營收接近1,500億美元，所有地區業務均有兩位數成長。前六個月，我們獲利近340億美元，對蘋果的未來充滿信心。我們擁有史上最強大的產品和服務儲備。我們擁有龐大的活躍設備用戶群，且所有產品的用戶數量都持續成長。此外，我們擁有業界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迅猛成長。我們的資產負債表和現金流狀況良好，這使我們能夠對產品路線圖進行大量投資，同時也能為股東帶來可觀的回報。

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.

近期企業稅制改革使我們能夠更有效地利用全球資金。在美國，我們預計未來五年對經濟的直接投資將超過3,500億美元，其中包括300億美元的資本支出，並預計在此期間為美國創造超過2萬個就業機會。我們正在縮小美國新園區的選址範圍，並期待在今年稍後分享更多相關資訊。

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.

今天，我們將按照年度慣例，發布資本回報計劃的最新進展。稅制改革使我們能夠更有效率地執行該計劃，包括股票回購和向數千萬直接或間接持有蘋果股票的投資者（包括大型退休基金和擁有退休帳戶的個人）支付股息。

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.

鑑於我們對蘋果未來充滿信心，今天我們宣布對資本回報計畫進行重大調整。董事會已批准一項新的1000億美元股票回購授權，並將季度股息提高16%，該調整將於本月稍後派發的下一期​​股息生效。

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?

盧卡將詳細介紹我們的項目，並更深入地探討本季的表現。現在我把電話交給他。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，提姆。大家下午好。我們非常高興地宣布，我們三月季度的財務表現創下歷史新高，營收成長16%，每股收益成長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.

首先來看營收。我們實現了611億美元的營收，創下3月季度營收新高。所有地區的營收均實現成長，在我們追蹤的大多數國家/地區都創下了第二季新紀錄。新興市場表現尤為強勁，營收成長了20%。我們尤其欣喜地看到，大中華區年增21%，這是該區域近10個季度以來的最高增速。

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.

我們第二季在美洲、歐洲和日本的營收均創下歷史新高。毛利率為38.3%，與上一季基本持平，這主要得益於我們透過成本控制和業務結構向服務業的轉型抵消了季節性槓桿效應的下降。營業利益率為營收的26%。淨利為138億美元，較去年同期成長28億美元，創下3月季度新高。稀釋後每股收益為2.73美元，年增30%，創下第二季新高。經營活動產生的現金流非常強勁，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 營收年增 14%，平均售價從去年同期的 655 美元增至 728 美元，主要得益於 iPhone X、iPhone 8 和 iPhone 8 Plus 的出色表現。本季度，我們共售出 5,220 萬部 iPhone，較去年同期成長 3%。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，iPhone 銷量均實現了兩位數成長。

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.

從客戶需求角度來看，我們的實際表現甚至優於已公佈的業績，因為我們減少了180萬部iPhone通路庫存，比去年同期減少了60萬部。我們最終將iPhone渠道庫存維持在5至7週的目標範圍內，結束了3月份的季度。

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最新發表的美國消費者調查顯示，所有iPhone機型的顧客滿意度高達95%，而iPhone 8、8 Plus和iPhone X的綜合客戶滿意度更是高達99%。此外，在計劃於6月季度購買智慧型手機的企業買家中，有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.

再來看看服務業務。我們剛經歷了一個輝煌的季度，營收達到創紀錄的92億美元，比去年同期成長超過20億美元，增幅高達31%，是四年前3月份季度服務業務營收的兩倍。我們的服務業務在全球正以驚人的速度成長，五大區域市場的營收年增均超過25%。 App Store在3月季度創下了歷史新高，Apple Music的營收和付費用戶數也都創下新紀錄，目前付費用戶已突破4,000萬人。

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 儲存收入年增超過 50%，創歷史新高；AppleCare 營收成長創五季以來新高，刷新了三月份季度營收紀錄。我們的其他產品類別也創下了三月季度收入新紀錄，接近 40 億美元。我們於二月開始出貨 HomePod，Apple Watch 和 AirPods 的銷量在三月季度均創下新高。所有穿戴式裝置和家居產品合計貢獻了其他產品類別總成長的 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電腦。 Mac電腦在三月的季度營收創下新紀錄，其中包括美洲和大中華區的新紀錄。我們共售出410萬台Mac電腦，在包括拉丁美洲、中東和非洲、中歐和東歐以及印度在內的許多新興市場實現了同比增長。我們很高興看到Mac電腦的活躍用戶數量實現了兩位數的成長，並創下歷史新高，其中近60%的三月季度購買量來自Mac電腦的新用戶。

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銷售量和營收連續第四個季度成長。我們共售出910萬台iPad，其中約一半的購買者是iPad新用戶。成長在日本、拉丁美洲、中東和非洲以及中歐和東歐地區尤為強勁，這些市場的iPad銷量與去年同期相比均實現了兩位數成長。根據IDC的最新估計，我們在全球平板電腦市佔率有所提升，iPad的活躍用戶數也創下歷史新高。 NPD數據顯示，iPad在今年3月季度佔據了美國平板電腦市場53%的份額，高於去年同期的40%。 451 Research的最新客戶調查顯示，iPad用戶滿意度高達95%。在計劃於6月季度購買平板電腦的企業客戶中，73%的客戶計劃購買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.

我們在企業市場持續取得長足進展。今年二月，我們與思科、怡安和安聯共同發布了企業為新的網路風險管理解決方案。這項業界首創的綜合方案整合了蘋果和思科最安全的網路安全技術、怡安提供的網路彈性評估服務以及安聯提供的增強型網路保險選項。企業現在能夠更好地管理和保護自身免受勒索軟體和其他惡意軟體威脅的網路風險。我們非常高興保險業的領導者們認可蘋果產品卓越的安全性。

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.

今年三月，我們與 IBM 聯合發布了兩項新服務，旨在為應用程式帶來更動態、更聰明的洞察。 IBM Watson 的 Core ML 服務和 IBM Cloud Developer Console for Apple 將協助開發者更輕鬆地建立原生 iOS 應用，將機器學習、人工智慧和雲端服務融為一體。

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，包括西達賽奈醫療中心、梅奧診所和HCA醫療集團在內的多家領先醫療機構都在使用iPhone，並藉助iOS應用程式來支援臨床工作流程、溝通和醫療服務。事實上，HCA醫療集團近期宣布，計劃在未來三年內在所有醫院部署10萬部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.

我們的零售店和線上商店業績表現出色，三月季度營收創歷史新高。 iPhone 的強勁表​​現以及 AirPods 和 HomePod 的上市，帶動了年增速。我們的零售店舉辦了超過 25 萬場備受歡迎的「Today at Apple」課程，重點講解了程式設計和應用程式設計。

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全新的門市，這是我們在這兩個國家的首家門市。三週前，我們在東京開設了最新門市，使我們在全球的門市總數達到502家。

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。本季末，我們持有現金及有價證券共2672億美元，未償付的定期債務為1,100億美元，商業票據為120億美元，淨現金部位為1,450億美元。本季度，我們向投資者返還了近270億美元。我們支付了32億美元的股利及等價物，並透過公開市場交易斥資235億美元回購了1.37億股蘋果股票。此外，本季我們也完成了第13次年度股票贖回計畫（ASR），註銷了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.

我們目前已完成3,000億美元資本回報計畫中的2,750億美元，其中包括2,000億美元的股票回購，而我們的累計回購計畫總額為2,100億美元。我們將在6月份的季度內完成剩餘的2,100億美元回購計劃，比原計劃提前了整整三個季度。

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，我們對現金流的首要考量始終未變。我們希望維持足夠的現金儲備，以支持日常營運、投資未來，並保持靈活性，從而有效應對發展過程中遇到的各種策略機會。

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90天前所說，12月生效的新稅法賦予我們更大的財務和營運彈性，使我們能夠更方便地利用全球現金流。這使我們能夠更有效率地投資美國市場以實現成長，同時也為我們建立更優化的資本結構提供了機會。正如我們在2月份所說，我們的目標是最終實現淨現金流基本持平。

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.

鑑於我們對蘋果未來充滿信心，並看好公司股票的價值，董事會已批准一項新的1000億美元股票回購計劃，我們將於6月份季度開始執行。考慮到此次授權規模空前，我們希望在股票回購過程中採取格外謹慎和靈活的策略。我們的目標是有效率、快速地執行該計劃。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.

我們決定在不到六年的時間內第六次提高股利。眾所周知，對於重視收益的投資人而言，股利至關重要。季度股息將從每股0.63美元增至0.73美元，增幅達16%。此次股利調整自下一筆股利起生效，董事會已於今日宣布將於2018年5月17日支付給截至2018年5月14日登記在冊的股東。

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.

我們每年派發超過130億美元的股息，名列全球股息支付最高的公司之列，我們為此感到自豪。我們將繼續規劃未來逐年提高股利。我們將持續定期審查資本配置，並充分考慮業務需求、投資機會和財務前景。同時，我們也將繼續廣泛徵求股東對股利計畫的意見。這種方式將使我們能夠靈活且審慎地調整股利計畫的規模、組合和進度。我們預計將在大約12個月後發布最新的資本配置計畫。

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展望，其中包括南希在電話會議開始時提到的那些前瞻性資訊。我們預計營收將在515億美元至535億美元之間。我們預計毛利率將在38%至38.5%之間。我們預計營運支出將在77億美元至78億美元之間。我們預計營業收入和支出約為4億美元，預計稅率約為14.5%。

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

接下來，我想接受大家的提問。

Thank you, Luca. (Operator Instructions)

謝謝你，盧卡。 （操作說明）

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

（操作說明）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.

我想問您對iPhone及其市場定位的看法。距離iPhone X發布還有幾個季度，考慮到其1000美元的定價，銷量顯然不錯，但市場上有很多關於這個價格能否持續以及您在整體產品線中如何考慮這一定價策略的問題。所以，如果您能談談您從客戶那裡聽到的回饋，那就太好了。之後我還有一個後續問題。

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，我是提姆。正如盧卡之前提到的，我們的iPhone營收年增了14%，這主要得益於iPhone X帶來的個位數銷售成長和平均售價成長。我認為我們的iPhone產品線表明，在智慧型手機市場如此龐大的市場中，存在著各種各樣的客戶，因此我們將繼續提供不同的iPhone機型，以滿足不同用戶的需求。具體到iPhone X，我認為有必要再次強調一下我在開場白中提到的一點：在3月份的季度中，iPhone X的銷量每週都超過了其他任何一款iPhone，就像它在12月份發布後一樣。此外，自從我們在2014年推出iPhone 6和6 Plus時將產品線拆分以來，這是我們首次遇到頂級iPhone機型同時也是最受歡迎的機型的情況。所以，就像盧卡提到的那位顧客一樣，99%的人都說iPhone X是一款備受喜愛的產品，我覺得這就像一支球隊贏得了超級盃一樣。也許你希望他們能再贏幾分，但他們已經是超級盃冠軍了。我們就是這麼覺得的。我對這款產品感到無比自豪。

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?

那麼，盧卡，你能談談營運資金，特別是庫存嗎？庫存環比增長相當顯著。是什麼原因導致的？你如何看待——我的意思是，這顯然是現金用途之一。那麼，你如何看待未來的庫存以及整體營運資金狀況？

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，你知道我們一直以來都透過營運資金產生大量現金。我們的現金週轉週期為負，而且我們計劃繼續保持這種狀況。我們的庫存水準有所上升，但這只是暫時的。鑑於當前的市場狀況，我們決定進行一些採購，這種情況會隨著時間的推移而緩解。

So that was essentially component purchases?

所以這基本上就是零件採購？

Correct.

正確的。

From Morgan Stanley, Katy Huberty.

來自摩根士丹利的 Katy Huberty。

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，本季服務業務的成長加速確實是一大亮點。您能否談談推動這一成長的最大因素是什麼，是產品還是地區？您認為我們能否持續維持30%以上的成長？另外，我還有一個後續問題。

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.

我是提姆。 ——服務業務成長了31%。我們創下了92億美元的歷史新高，這是我們首次突破90億美元大關。更令人振奮的是，這並非單一地區或單一服務的成長。如果你仔細觀察，你會發現每個地區的最低​​成長率也達到了25%。也就是說，每個地區都表現出色，從App Store到Apple Music，再到iCloud、Apple Pay等等，我們都創下了新的紀錄。此外，如果你看一下訂閱用戶數量，正如我在評論中提到的，付費訂閱用戶數量同比增長超過1億，到本季度末已超過2.7億。因此，無論從服務類型或地理區域來看，成長都非常廣泛。這正是我們所期待的。展望未來，我們顯然已經對 Luca 之前提供的指導做出了假設；就長期而言，正如我們之前所討論的，我們正朝著 2020 年服務收入比 2016 年翻一番的目標穩步前進。

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?

看起來與中國的貿易戰威脅並沒有減緩蘋果的業務成長。事實上，成長反而加速了。但最近幾週，您在業務中是否觀察到任何跡象表明貿易戰正在影響需求？蘋果公司是否採取了任何措施來預防未來可能出現的關稅風險？

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。我認為中美之間存在著一種不可避免的互惠關係：中國只有美國成功才能成功，美國祇有中國成功才能成功，世界只有中美雙贏才能成功。因此，我認為有很多因素將兩國緊密聯繫在一起。而且，我對此非常樂觀。歷史表明，擁抱開放和多元化的國家比封閉的國家發展得更好。所以我堅信，中美兩國攜手合作，不僅能夠共同獲益，還能把蛋糕做大，而不僅僅是重新分配。這就是我們關注的重點，我對此持樂觀態度——雖然我無法預測未來所有細節，但我相信隨著時間的推移，這種觀點最終會得到認可。

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

下一個問題將由派珀·傑弗瑞的麥克·奧爾森提出。

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.

關於服務方面的問題，我很好奇服務收入的下一個成長動力是什麼？您認為音樂和支付的持續滲透會是未來最大的成長點嗎？或者，擴增實境技術何時才能成為服務的重要組成部分？最後，我還有一個後續問題。

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.

嗨，麥克，我是提姆。 ——再說一遍，服務業務的優勢在於它包含多種服務，而這些服務都在穩定成長。我認為另一個好消息是，由於我們的活躍用戶基數——上個季度我們宣布已超過13億美元——達到瞭如此高的水平。今年，我們不會每個季度都公佈這個數字，但顯然我們又成長了。而且，我們的年成長率達到了兩位數。因此，鑑於用戶基數的這種變化，以及我們現有的服務和正在開發的其​​他服務，我認為這對我們來說是一個巨大的機遇，我對我們目前的發展方向感到非常滿意。

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?

撇開潛在的關稅問題不談，蘋果目前在中國市場的發展動能如何？您提到這是十個季度以來最強勁的同比增長。我想，是什麼因素推動了這項成長？是iPhone X本身，還是其他因素促成了這一成長？

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.

問得好。 iPhone X 上個季度是中國最暢銷的智慧型手機，所以它在中國的表現非常出色。要達到你們數據表上顯示的 21% 的成長率，肯定有好幾個因素在起作用。其中成長最快的是其他產品類別，例如我們在中國的穿戴式裝置業務，以及我們剛才提到的服務業務。 iPhone 本身要達到 21% 的成長率，顯然必須表現得非常出色，而且我們在 Mac 的市佔率也有所提升。所以，其實有很多因素在共同作用。更廣泛地說，就 iPhone 而言，iPhone 在中國銷量排名前三。雖然 iPhone X 排名第一，但我們有多款機型都名列前茅。

From RBC Capital Markets, Amit Daryanani.

來自加拿大皇家銀行資本市場的 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。第一個問題，想簡單談談毛利率的動態。如果我看一下六月的業績指引，年比來看，銷售額應該會達到兩位數成長，但毛利率上限仍然持平，中間值可能下降了20個基點。您能否解釋一下，是什麼原因導致六月的毛利率年比沒有明顯改善？

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，我是盧卡，阿米特。我們通常會以環比來觀察毛利率的變化，而我們預計環比毛利率將基本持平。年比來看，這對我們的業務影響不大，但總的來說，我認為今年的成本環境更加嚴峻。特別是，我們仍在努力應對記憶體價格波動帶來的約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?

明白了。提姆，如果可以的話，我想再問一個問題。你一直以來都非常積極地談到需要更好的隱私保護和更完善的監管。你能否幫我們了解一下蘋果是如何保護消費者資料的？以及，這場關於資料保護的持續爭論最終如何對蘋果產生正面影響？

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.

我們透過加密來保護您的訊息，並將大部分或相當一部分資訊保存在裝置上，以便用戶完全掌控這些資訊。此外，我們收集的資訊總量也遠低於其他公司，因為我們的商業模式是這樣的：如果我們能說服您購買 iPhone 或 iPad，我們就能賺到一些錢。您不是我們的產品，這就是我們看待這個問題的方式。至於利益方面，我們並不這樣看待。我們認為隱私是一項基本人權，而且對使用者來說，理解各種使用者協議等等條款會非常複雜。我們一直認為，我們的部分職責是盡可能簡化使用者的操作，並為他們提供一定程度的隱私和安全保障。這就是我們對隱私的看法。

We'll go to Steve Milunovich with UBS.

我們將採訪瑞銀集團的史蒂夫·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?

盧卡，你能再詳細談談資本配置嗎？ 16%的股息成長率相對於你原本可以做到的來說比較低。所以你真的認為目前的股價有吸引力嗎？你說過會快速執行股票回購計畫。你能給我們一個1000億美元的回購時間表嗎？你覺得在實現淨現金為零的情況下，債務規模會是多少？

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。我們先來說說股息。我們將股利提高16%。這是自2012年8月重新派發股利以來最大的一次增幅。因此，我們認為這對所有重視收益的投資者來說都是意義重大的。當然，在進行資本配置決策時，我們也會考慮併購活動的機會，而我們一直在進行併購活動。但在股利和股票回購之間，我們認為，出於各種原因，我們認為股票價值巨大。我們認為股票被低估了，因此我們傾向於股票回購。股息是資本回報中非常重要的組成部分，因為我們每年將透過股息向投資者返還超過130億美元。但鑑於目前的股票估值，我們認為我們將繼續主要進行股票回購。這次我們不設定回購計畫的結束日期，因為回購規模非常龐大。因此，我們將努力執行這項計劃。正如您從過去五年的業績中所看到的，我們將以非常快的速度推進。但我們也希望有效率地完成這項工作。我們希望確保在適當的時機回購股票。基於此，我們在三月的季度中完成了235億美元的股票回購。我們將在每個季度末向您報告我們的進度。 12個月後，我們將對整個計劃進行全面更新。因此，您可以每90天了解一次我們的進展。

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?

提姆，你能談談你的醫療保健業務嗎？你只是在長期銷售手錶嗎？還是你考慮得更廣一些？有沒有涉及服務方面？你現在為員工做了一些事。這些服務有可能拓展到其他領域嗎？你如何看待這方面的機會？

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.

我們從非常宏觀的角度來思考這個問題，這一點從我們與 ResearchKit 和 CareKit 的合作，以及我之前提到的健康記錄項目中就能看出。這些專案都源自於我們深入參與 Apple Watch 的開發，可以說我們在這方面發揮了主導作用。此外，我們目前仍在進行一項心臟研究。我不想透露太多細節，但這是一個我們非常感興趣的領域，我們相信我們能夠做出重大貢獻。因此，這是我們的一項重要策略方向。

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

我們將和布萊恩懷特以及莫內斯、克雷斯皮一起去。

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，提姆，我認為——中國市場的數據實際上非常驚人，這已經是連續第三個季度實現成長了。我認為之前有很多擔憂，主要是關於蘋果在中國的發展，也可能有些誤解。那麼，您認為未來幾年蘋果在中國大陸和大中華區的發展動力是什麼？另外，您能否也為我們介紹一下您在印度市場的最新情況？

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，問得好。我先從印度說起，然後再詳細談談中國。在印度，我們上半年創下了新的紀錄。所以我們繼續在印度投入大量精力，並努力——我們的長期目標是透過零售等各領域的各種舉措，全面拓展印度市場。我們正在朝著這些目標努力。印度是一個巨大的市場，而且很明顯，正如我們在其他國家看到的那樣，隨著時間的推移，許多人將會步入中產階級。我仍然認為中國是一個充滿活力的國家，無論從市場角度或從應用開發者角度來看，都蘊藏著巨大的機會。中國有近200萬應用程式開發者，他們為iOS和App Store開發應用，他們的創意和創新能力令人驚嘆。因此，我們對中國市場是一個整體，而不僅僅是一個市場。在市場方面，正如我之前提到的，iPhone X是本季最暢銷的智慧型手機。我們在本季也獲得了市場佔有率的成長。我看到一些零星的評論說市場整體情況不佳。我認為，在任何形式的90天週期內，很多事情都可能發生，但我個人對中國市場的看法是，它是一個非常好的市場。我們當然著眼於遠超90天的長遠發展，並且對那裡的機會和環境非常看好。我認為，對我們來說，中國市場不只iPhone。 Mac的市佔率也在成長。 Apple Watch也開始獲得一些市場佔有率。服務業務表現極為優異。因此，中國市場有多個利好因素，我對我們本季的業績非常滿意。

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

接下來我們將聽取美國銀行美林證券的 Wamsi Mohan 的演講。

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.

提姆，你能否談談高階iPhone的需求價格彈性，看看是否符合你的預期？在最大化毛利成長方面，你更傾向於銷量成長還是平均售價成長？另外，我還有一個問題想問盧卡。

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.

我們的定價是基於產品所提供的價值。 iPhone X 是市面上最具創新性的產品，正如我之前多次提到的，它融合了眾多先進技術，真正為未來十年智慧型手機的發展奠定了基礎。這就是我們的定價策略。令我們有些意外的是，自發布以來，iPhone X 每週的銷量都位居榜首，這本身就是一個強有力的證明。它在中國也排名第一，這同樣是一個強而有力的證明。顯然，如果這些技術能夠應用到更低的價格區間，那麼市場需求可能會進一步成長。但我們始終堅持以合理的價格來衡量產品的價值，我認為我們做到了這一點。

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，儘管你們公司受到了大宗商品價格上漲帶來的不利影響（你已經量化了這些影響），而且坦白說，外匯對沖也限制了許多其他公司所享受到的部分外匯上漲收益，但你們的毛利率依然非常強勁。那麼，身為客戶，你預期這些不利因素何時會轉為有利因素？如果真的轉為有利因素，你會考慮將部分收益再投資於定價嗎？還是應該考慮將這些收益直接轉化為利潤？

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.

好的，Wamsi，我想先談談我們目前的處境。你說得對，我們多年來一直能夠應對艱難的外匯環境。如你所知，由於我們有對沖計劃，儘管美元近幾個月來略有走弱（儘管上周美元匯率又開始反彈），但我們的對沖計劃可以雙向發揮作用。另外，在記憶體方面，我們認為NAND快閃記憶體很快就會迎來轉機。 DRAM方面，我們也認為已經接近峰值，可能在今年底。這應該能帶來一定程度的穩定性。正如我今年稍早所說，我認為我們目前面臨的成本環境更加嚴峻。希望這最終能對我們有利。同時，我很難預測未來會發生什麼，因為每個產品週期都不一樣，而且你也知道，我們不提供本季之後的業績指引。有些因素我們非常了解，並且在整個週期內都能有效管理，例如，我們能夠全年有效控制的成本結構。但也有一些因素並非完全由我們掌控，例如外匯波動。此外，我們向客戶銷售的產品和服務組合也會影響整體毛利率。我們總是以最大化毛利率為首要目標，這也是我們在定價決策等方面所採取的策略。

From Citi, we'll hear from Jim Suva.

我們將聽聽花旗銀行的吉姆·蘇瓦的發言。

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?

我會同時問兩個問題，一個問提姆，一個問盧卡。提姆，從策略角度來說，我們和投資者交流時，他們經常說：「哦，iPhone市場已經飽和了，成長空間不大。」然而，我們分析後發現，像印度這樣的新興市場仍然有成長潛力。你認為，隨著時間的推移，這些市場能否達到比你們在一些發展中國家更高的市場份額，或者說市場份額更加穩定？你能談談你們正在為此做哪些努力嗎？盧卡，我的問題是關於毛利率的。考慮到蘋果服務業務的成功和對利潤率的提升，如果零件價格開始趨於穩定，我們是否應該開始關注毛利率的潛在成長空間？

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，謝謝你的提問。關於智慧型手機市場，我先簡單談談智慧型手機市場，然後再說iPhone。就整個市場而言，如果我們回顧去年的數據（這是我們掌握的最新市場數據），當時全球功能手機的銷量仍然達到了5億支。其中許多都銷往了新興市場，雖然不是全部，但確實佔了很大一部分。我們仍然相信，隨著時間的推移，所有售出的手機最終都會變成智慧型手機。因此，在我們看來，功能手機銷量如此之高，蘊藏著巨大的商機。就iPhone本身而言，儘管我們每年的銷量相當可觀，但與整個智慧型手機市場相比，我們的全球市場份額仍然很低。所以，我們的任務是說服目前使用其他類型手機的用戶更換手機，同時也要重視現有iPhone用戶，確保他們下次購買手機時，還是會選擇iPhone。正如你可能已經猜到的，我們在這方面投入了大量精力。我確實認為印度——印度是全球第三大智慧型手機市場。顯然，那裡蘊藏著巨大的機遇，而且我們在該市場整體上佔據了非常大的份額。因此，我們投入了大量精力，並與當地業者緊密合作。他們正在對LTE網路進行巨額投資，自從我們開始大力投入以來，由於他們的領導作用等等，基礎設施已經取得了長足的進步。所以我認為──我不認同市場已經飽和的觀點。無論從市場角度還是——當然從iPhone的角度來看，我都不這麼認為。我認為智慧型手機市場可以說是消費品公司史上最好的市場。這就是我對它的看法。這是一個非常棒的市場，我們非常高興能成為其中的一份子。

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，關於毛利率方面，我想我會重複我之前說過的話，但你說得對。我們的服務業務，我之前也說過，能夠提升公司利潤率，所以隨著我們服務業務的成長，這應該會帶來積極的推動作用。同時，在我們現有的服務組合中，不同服務的獲利能力也各不相同，因此我們也需要考慮我們將要銷售的服務組合。從宏觀層面來看，由於我們公司約三分之二的業務位於美國以外，美元疲軟對我們的毛利率有利。而美元強勢，就像過去四年那樣，對公司來說一直是個不利因素。我們試圖透過對沖計劃來穩定美元匯率。總的來說，當我們審視產品創新流程時，通常情況下，當我們推出新產品時，該產品的成本結構往往高於其替代產品。因此，每次推出新產品時，我們都需要解決這個問題。我們一直以來都有良好的業績記錄，能夠逐步降低成本結構。所以我們需要平衡所有這些不同的因素。我認為，過去幾年我們在管理這些不同的變數方面做得非常出色，並實現了我們認為對投資者非常有利的毛利率水準。當然，我們計劃繼續以這種方式進行管理，但我很難預測未來6個月或12個月的毛利率會是多少。

Thank you.

謝謝。

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.

今天電話會議的錄音回放將在 Apple Podcast、apple.com/investor 網站以及透過電話提供，有效期為兩週。電話回放號碼為 (888) 203-1112 或 (719) 457-0820，請輸入確認碼 5253762。重播將於太平洋時間今天下午 5 點左右上線。

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.

媒體朋友如有其他疑問，可致電 (408) 974-2414 聯絡 Kristin Huguet。金融分析師如有其他疑問，可致電 (408) 974-7406 聯絡 Matt Blake 或我本人。我的電話是 (408) 974-5420。再次感謝您的參與。

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

女士們、先生們，今天的報告到此結束。感謝大家的參與，現在可以斷開連結了。