蘋果 (AAPL) 2019 Q3 法說會逐字稿

Good day and welcome to the Apple Inc.

美好的一天，歡迎來到 Apple Inc.

Third Quarter Fiscal Year 2019 Earnings Conference Call.

2019 財年第三季度財報電話會議。

Today's call is being recorded.

今天的電話正在錄音。

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

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

Please go ahead.

請繼續。

Thank you.

謝謝你。

Good afternoon and thanks to everyone for joining us today.

下午好，感謝大家今天加入我們。

Speaking first is Apple's CEO, Tim Cook; and he'll be followed by CFO, Luca Maestri and after that, we'll open the call to questions from analysts.

首先發言的是蘋果公司的首席執行官蒂姆庫克；緊隨其後的是首席財務官 Luca Maestri，之後，我們將向分析師提問。

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

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、資本分配和未來業務前景的陳述.

Actual results or trends could differ materially from our forecast.

實際結果或趨勢可能與我們的預測大相徑庭。

For more information, please refer to the risk factors discussed in Apple's most recently filed periodic reports on Form 10-K and Form 10-Q and the Form 8-K filed with the SEC today, along with the associated press release.

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

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

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.

謝謝你，南希。

Good afternoon, and thanks to all of you for joining us today.

下午好，感謝大家今天加入我們。

We're thrilled to report a return to growth and a new June quarter revenue record of $53.8 billion.

我們很高興地報告恢復增長和新的 6 月季度收入記錄 538 億美元。

We saw significant improvement in year-over-year iPhone performance compared to last quarter, very strong performances for both Mac and iPad and absolutely blowout quarter for Wearables, where we had accelerating growth of well over 50% and a new high watermark for services where we set an all-time revenue record of $11.5 billion.

與上一季度相比，我們看到 iPhone 的性能同比有顯著改善，Mac 和 iPad 的表現非常強勁，而可穿戴設備的季度表現絕對井噴，我們的增長速度超過 50%，服務的新高水位線我們創造了 115 億美元的歷史收入記錄。

When you step back and consider Wearables and Services together, 2 areas where we have strategically invested in the last several years, they now approach the size of a Fortune 50 company.

當您退後一步，將可穿戴設備和服務放在一起考慮時，我們在過去幾年中戰略性投資的兩個領域，現在它們的規模已接近財富 50 強公司。

Geographically, we're happy with our performance across the board, including a return to growth in Mainland China.

從地域上看，我們對我們的整體表現感到滿意，包括在中國大陸恢復增長。

We accomplished these results despite strong headwinds from foreign exchange, which impacted our top line growth rate by 300 basis points compared to a year ago.

儘管外匯帶來了強勁的逆風，我們還是取得了這些成果，與一年前相比，這影響了我們的收入增長率 300 個基點。

That's equivalent to about $1.5 billion of revenue.

這相當於大約 15 億美元的收入。

Importantly, in constant currency, our revenue grew in all 5 of our geographic segments.

重要的是，以固定匯率計算，我們所有 5 個地理區域的收入均有所增長。

For iPhone, we generated $26 billion in revenue.

對於 iPhone，我們創造了 260 億美元的收入。

While this is down 12% from last year's June quarter, it is a significant improvement to the 17% year-over-year decline in Q2.

雖然這比去年 6 月季度下降了 12%，但與第二季度 17% 的同比下降相比，這是一個顯著改善。

We're encouraged by the results we're seeing from the initiatives that we spoke about in January, including strong customer response to our in-store, trade-in and financing programs.

我們對我們在一月份談到的舉措中看到的結果感到鼓舞，包括客戶對我們的店內、以舊換新和融資計劃的強烈反應。

In fact, iPhone in our retail and online stores returned to growth on a year-over-year basis in the month of June.

事實上，我們零售店和在線商店中的 iPhone 在 6 月份恢復了同比增長。

Our active installed base of iPhone reached a new all-time high and was up year-over-year in each of our top 20 markets, underscoring the quality of our products and the satisfaction and loyalty of iPhone customers around the world.

我們的 iPhone 活躍安裝基數達到了歷史新高，並且在我們的前 20 個市場中的每一個市場都同比增長，突顯了我們的產品質量以及全球 iPhone 客戶的滿意度和忠誠度。

Revenue, excluding iPhone, was up 17% from last year with growth across all categories.

不包括 iPhone 在內的收入比去年增長了 17%，所有類別均實現增長。

Starting with Services.

從服務開始。

We generated all-time record revenue of $11.5 billion.

我們創造了 115 億美元的創紀錄收入。

That's up 13% year-over-year, and if we exclude the $236 million favorable onetime item from the June quarter last year, Services growth was 15% or 18% in constant currency, which is consistent with our Q2 performance.

這同比增長 13%，如果我們從去年 6 月季度排除 2.36 億美元的有利一次性項目，服務增長為 15% 或 18%，與我們的第二季度業績一致。

Our strong Services performance was broad-based.

我們強大的服務業績基礎廣泛。

We set new all-time records for AppleCare, Music, cloud services and our App Store search ad business, and we achieved a new third quarter revenue record for the App Store.

我們為 AppleCare、音樂、雲服務和我們的 App Store 搜索廣告業務創造了新的歷史記錄，我們在 App Store 實現了新的第三季度收入記錄。

What's more, we had double-digit services revenue growth in all 5 of our geographic segments.

更重要的是，我們在所有 5 個地理區域的服務收入都實現了兩位數的增長。

We surpassed 420 million paid subscriptions to services across our platform, and we remain on track to double our fiscal year '16 services revenue in 2020.

我們整個平台的服務付費訂閱量已超過 4.2 億，我們仍有望在 2020 年將 16 財年的服務收入翻一番。

In May, we launched our all-new Apple TV app in over 100 countries, bringing together all the ways to watch TV in a single app across iPhone, iPad, Apple TV and select smart TVs.

5 月，我們在 100 多個國家/地區推出了全新的 Apple TV 應用程序，在 iPhone、iPad、Apple TV 和精選智能電視上的一個應用程序中匯集了所有觀看電視的方式。

Monthly viewers in the Apple TV app in the United States are up over 40% year-over-year.

美國 Apple TV 應用的月度觀眾同比增長超過 40%。

We've seen our success being driven here by several factors: First, the fact that we have been able to integrate content from over 150 leading content providers all in one place; second, the same ease of use and unmatched user interface that sets Apple apart in other categories sets us apart in TV as well; and third, we're benefiting from a broader secular move to over-the-top services.

我們已經看到，我們的成功是由以下幾個因素推動的：首先，我們能夠將來自 150 多家領先內容提供商的內容整合到一個地方；其次，讓 Apple 在其他類別中脫穎而出的易用性和無與倫比的用戶界面也讓我們在電視領域脫穎而出；第三，我們正在從更廣泛的長期轉向過度服務中受益。

We're engaging with this third trend in 5 ways: Our Apple TV hardware; Apple TV Channels, where customers can choose to pay only for the channels they want; our massive library of over 100,000 iTunes movies and TV shows; the App Store, where users can find their favorite streaming services; and later this year, our original programming service, Apple TV+.

我們以 5 種方式應對第三個趨勢：我們的 Apple TV 硬件； Apple TV 頻道，客戶可以選擇只為他們想要的頻道付費；我們擁有超過 100,000 部 iTunes 電影和電視節目的龐大圖書館； App Store，用戶可以在其中找到自己喜歡的流媒體服務；以及今年晚些時候，我們的原創節目服務 Apple TV+。

Apple Pay is now completing nearly 1 billion transactions per month, more than twice the volume of a year ago.

Apple Pay 現在每月完成近 10 億筆交易，是一年前的兩倍多。

Apple Pay launched in 17 countries in the June quarter, completing our coverage in the European Union and bringing us to a total of 47 markets currently.

Apple Pay 在 6 月季度在 17 個國家/地區推出，完成了我們在歐盟的覆蓋範圍，目前將我們帶到了總共 47 個市場。

Based on June quarter performance, Apple Pay is now adding more new users than PayPal and monthly transaction volume is growing 4x as fast.

根據 6 月季度的表現，Apple Pay 現在新增用戶數量超過 PayPal，月交易量增長速度是 4 倍。

In the United States, in addition to a successful integration into Portland's transit system in May, we're beginning the rollout of New York City transit and will launch in Chicago later this year.

在美國，除了在 5 月成功整合到波特蘭的交通系統之外，我們還開始推出紐約市的交通系統，並將於今年晚些時候在芝加哥推出。

In China, Apple Pay launched the payment card for DiDi, the world's largest ride-hailing provider.

在中國，Apple Pay 為全球最大的叫車服務提供商滴滴推出了支付卡。

As I've said before, transit integration is a major driver of a broader digital wallet adoption, and we're going to keep up this push to help users leave their wallet at home in more and more instances.

正如我之前所說，交通集成是更廣泛採用數字錢包的主要驅動力，我們將繼續推動這一推動，以幫助用戶在越來越多的情況下將錢包留在家中。

On a related note, thousands of Apple employees are using Apple Card every day in our beta test, and we plan to begin the rollout of Apple Card in August.

與此相關的是，每天有數千名 Apple 員工在我們的 beta 測試中使用 Apple Card，我們計劃在 8 月開始推出 Apple Card。

As I mentioned at the outset, it was another sensational quarter for Wearables with growth accelerating to well over 50%.

正如我在一開始提到的那樣，對於可穿戴設備來說，這是另一個轟動一時的季度，增長速度超過 50%。

We had great results for Apple Watch, which set a new June quarter revenue record and is reaching millions of new users.

Apple Watch 取得了不錯的成績，創下了新的 6 月季度收入記錄，並吸引了數百萬新用戶。

Over 75% of customers buying Apple Watch in the June quarter were buying their first Apple Watch.

在 6 月季度，超過 75% 的購買 Apple Watch 的客戶購買了他們的第一款 Apple Watch。

We continue to see phenomenal demand for AirPods.

我們繼續看到對 AirPods 的驚人需求。

And when you tally up the last 4 quarters, our Wearables business is now bigger than 60% of the companies in the Fortune 500.

當你統計過去 4 個季度時，我們的可穿戴設備業務現在超過了財富 500 強企業的 60%。

We had great performance from iPad with revenue of over $5 billion and growth driven by iPad Pro and by strong customer response to the new iPad mini and iPad Air.

我們在 iPad 方面表現出色，收入超過 50 億美元，增長受到 iPad Pro 和客戶對新款 iPad mini 和 iPad Air 的強烈反應的推動。

This was our third consecutive quarter of growth and with revenue up 15% year-to-date, we feel great about where we're headed with iPad.

這是我們連續第三個季度實現增長，今年迄今為止收入增長了 15%，我們對 iPad 的發展方向感到滿意。

With our current lineup of iPad, iPad mini, iPad Air and iPad Pro, we've got the perfect device for everyone from young learners to professionals.

憑藉我們目前的 iPad、iPad mini、iPad Air 和 iPad Pro 系列，我們為從年輕學習者到專業人士的每個人提供了完美的設備。

We were also very happy with double-digit revenue growth from Mac, fueled by a strong performance of Macbook Air and MacBook Pro.

Macbook Air 和 MacBook Pro 的強勁表現推動了 Mac 的兩位數收入增長，我們也非常高興。

Looking forward, there's an enormous amount to be excited about for Mac.

展望未來，Mac 有很多令人興奮的地方。

On the heels of our Mac mini and iMac updates earlier in the fiscal year, we brought significant updates to the bulk of our notebook lineup in the last couple of months.

在本財年早些時候更新了 Mac mini 和 iMac 之後，我們在過去幾個月中對大部分筆記本電腦產品線進行了重大更新。

We now have a $999 MacBook Air that is killer for college students, and for our Pro users who push the limits of what a Mac can do, we were thrilled to unveil the most powerful Mac ever, the new Mac Pro and the all-new Pro Display XDR, which will be available this fall.

我們現在有一台售價 999 美元的 MacBook Air，它是大學生的殺手鐧，對於我們的 Pro 用戶來說，他們將 Mac 的功能推向了極限，我們很高興地推出了有史以來最強大的 Mac、全新的 Mac Pro 和全新的Pro Display XDR，將於今年秋季上市。

They're designed for maximum performance, expansion and configurability and at breakthrough pricing, and they're the most powerful tools Apple has ever put in the hands of Pro customers.

它們旨在實現最高性能、擴展性和可配置性，並以突破性的價格，它們是 Apple 提供給 Pro 客戶手中的最強大的工具。

What's more, the Mac ecosystem as a whole is about to get a big boost.

更重要的是，整個 Mac 生態系統即將獲得巨大的推動。

At our recent Worldwide Developers Conference, we announced a game-changing tool to help developers easily adapt their iOS and iPadOS apps for the Mac.

在我們最近的全球開發者大會上，我們宣布了一款改變遊戲規則的工具，可幫助開發者輕鬆調整他們的 iOS 和 iPadOS 應用程序以適應 Mac。

I'll have a bit more to say on that in a moment.

稍後我會對此多說一些。

I'd like to provide some color on our performance in Greater China, where we saw significant improvement compared to the first half of fiscal 2019 and returned to growth in constant currency.

我想為我們在大中華區的表現提供一些色彩，與 2019 財年上半年相比，我們在大中華區看到了顯著改善，並恢復了固定匯率的增長。

We experienced noticeably better year-over-year comparisons for our iPhone business there than we saw in the last 2 quarters, and we had sequential improvement in the performance of every category.

與過去兩個季度相比，我們在那裡的 iPhone 業務經歷了明顯更好的同比比較，並且我們在每個類別的表現都有連續的改善。

The combined effects of government stimulus, consumer response to trade-in programs, financing offers and other sales initiatives and growing engagement with the broader Apple ecosystem had a positive effect.

政府刺激措施、消費者對以舊換新計劃的反應、融資優惠和其他銷售計劃以及與更廣泛的 Apple 生態系統的不斷接觸的綜合影響產生了積極影響。

We were especially pleased with the double-digit increase in Services driven by strong growth from the App Store in China.

我們對中國 App Store 強勁增長推動的服務實現兩位數增長感到特別高興。

Turning to the future.

轉向未來。

Last week, we announced an agreement with Intel to acquire the majority of its smartphone modem business.

上週，我們宣布與英特爾達成協議，收購其大部分智能手機調製解調器業務。

This is our second largest acquisition by dollars and our largest ever in terms of staff.

這是我們以美元計算的第二大收購，也是我們有史以來最大的員工收購。

We're looking forward to welcoming all of them to Apple.

我們期待著歡迎他們所有人加入 Apple。

We see this as a great opportunity to work with some of the leading talents in this field, to grow our portfolio of wireless technology patents to over 17,000, to expedite our development of our future products and to further our long-term strategy of owning and controlling the primary technologies behind the products that we make.

我們認為這是與該領域的一些領先人才合作的絕佳機會，可以將我們的無線技術專利組合增加到 17,000 多項，加快我們未來產品的開發，並推進我們擁有和控制我們製造的產品背後的主要技術。

We also had our best WWDC ever last month, packed with announcements of great new features coming this fall across our 4 software platforms, making them more powerful, more personal and more private.

上個月我們還舉辦了有史以來最好的 WWDC，其中包含了今年秋天將在我們的 4 個軟件平台上推出的重要新功能的公告，使它們更強大、更個性化和更私密。

For iPhone users, iOS 13 will take on a dramatic new look with dark mode, on delivering major updates to the apps you use every day, including Photos, Camera and Maps, iOS 13 offers great new ways to help you manage your privacy and security, including Sign-on with Apple, which uses Face ID or Touch ID to quickly sign into apps and websites without sharing your personal information.

對於 iPhone 用戶，iOS 13 將通過深色模式呈現出全新的外觀，為您每天使用的應用程序（包括照片、相機和地圖）提供重大更新，iOS 13 提供了幫助您管理隱私和安全的絕佳新方法，包括 Sign-on with Apple，它使用 Face ID 或 Touch ID 快速登錄應用程序和網站，而無需共享您的個人信息。

And improvements across the entire system will make iPhone even faster and more delightful to use than ever before.

整個系統的改進將使 iPhone 比以往任何時候都更快、更愉快。

For the first time, iPad is getting its own version of iOS called iPadOS, a strategic step forward that takes the iPad experience to a whole new level.

iPad 首次推出了自己的 iOS 版本，稱為 iPadOS，這是向前邁出的戰略性一步，將 iPad 體驗提升到了一個全新的水平。

The redesigned home screen, powerful new multitasking tools and deeper integration with Apple Pencil take productivity and creativity further, including using your iPad as an extended and interactive second monitor for your Mac.

重新設計的主屏幕、強大的全新多任務處理工具以及與 Apple Pencil 的更深入集成進一步提高了生產力和創造力，包括將 iPad 用作 Mac 的擴展和交互式第二顯示器。

For Apple TV, tvOS 13 will make the big-screen experience even more personal.

對於 Apple TV，tvOS 13 將使大屏幕體驗更加個性化。

With a redesigned home screen and multi-user support, everyone in the family can get a more engaging and tailored experience with their favorite TV shows, movies, sports and news, along with Apple Music, photos and videos in iCloud and an App Store with thousands of great games and apps.

通過重新設計的主屏幕和多用戶支持，家庭中的每個人都可以通過他們最喜愛的電視節目、電影、體育和新聞，以及 Apple Music、iCloud 和 App Store 中的照片和視頻，獲得更具吸引力和量身定制的體驗。數以千計的精彩遊戲和應用程序。

watchOS 6 is a major step forward in helping Apple Watch users stay healthy, active and connected.

watchOS 6 在幫助 Apple Watch 用戶保持健康、活躍和聯繫方面向前邁出了一大步。

Apple Watch now has a dedicated App Store that users can access directly from the device and new watch faces, Siri enhancements, and music and audio features make Apple Watch more useful than ever.

Apple Watch 現在有一個專用的 App Store，用戶可以直接從設備訪問，新的錶盤、Siri 增強功能以及音樂和音頻功能使 Apple Watch 比以往任何時候都更加有用。

And of course, we continue to innovate on Apple Watch's promise to be an intelligent guardian for your health.

當然，我們會繼續創新 Apple Watch 的承諾，即成為您健康的智能守護者。

watchOS 6 includes powerful new features like notifications that warn about high decibel noise to protect your hearing and cycle tracking to aid in women's health care decisions.

watchOS 6 包括強大的新功能，例如警告高分貝噪音以保護您的聽力和周期跟踪以幫助女性做出醫療保健決策的通知。

In the June quarter, we expanded the availability of the ECG app and regular rhythm notifications to 5 additional European countries and added Canada and Singapore just last week, making them available in 31 countries and regions around the world with more to come later this year.

在 6 月季度，我們將 ECG 應用程序和定期心律通知的可用性擴展到另外 5 個歐洲國家，並在上週增加了加拿大和新加坡，使其在全球 31 個國家和地區可用，今年晚些時候還會推出更多。

We're very proud of the muscle we've built in bringing regulated products like these to market.

我們為將此類受監管產品推向市場所建立的實力感到非常自豪。

This is an important competency that creates exciting opportunities for us moving forward.

這是一項重要的能力，為我們的前進創造了令人興奮的機會。

As I noted earlier, we believe macOS Catalina will be a breakthrough in the Mac ecosystem.

正如我之前提到的，我們相信 macOS Catalina 將成為 Mac 生態系統的一個突破口。

A new tool included in macOS Catalina called Mac Catalyst gives developers a major head start in bringing their iOS apps to the Mac.

macOS Catalina 中包含的一個名為 Mac Catalyst 的新工具為開發人員在將他們的 iOS 應用程序引入 Mac 方面取得了重要的先機。

Thousands of developers are already using it to bring their apps to the Mac ecosystem, and we expect to see a wave of popular apps arriving for the Mac as early as this fall.

成千上萬的開發者已經在使用它來將他們的應用程序引入 Mac 生態系統，我們預計最早在今年秋天就會看到一波流行的應用程序出現在 Mac 上。

Again, it's worth taking a step back and digesting the bigger picture here.

同樣，值得退後一步並在這裡消化更大的圖景。

These updates are the latest steps in a broader strategic effort to make the user experience across iOS, macOS, iPadOS, watchOS and tvOS more effortless and more intuitive.

這些更新是更廣泛的戰略努力的最新步驟，旨在使 iOS、macOS、iPadOS、watchOS 和 tvOS 的用戶體驗更輕鬆、更直觀。

Apple is alone in offering this kind of value and ecosystem to its customers, and these devices and their platforms are unmatched in their ease of use, their seamlessness and their privacy and security.

只有 Apple 才能為其客戶提供這種價值和生態系統，而這些設備及其平台在易用性、無縫性以及隱私和安全性方面無與倫比。

And while providing these things, we've created a dynamic environment where our developers benefit greatly from creating for and distributing on these platforms.

在提供這些東西的同時，我們創建了一個動態環境，我們的開發人員可以從為這些平台創建和分發這些平台中受益匪淺。

And our customers, of course, benefit greatly from access to all of this creativity and innovation.

當然，我們的客戶也會從所有這些創造力和創新中受益匪淺。

We also unveiled other exciting technologies to make it easier and faster for developers to create powerful new apps.

我們還推出了其他令人興奮的技術，使開發人員能夠更輕鬆、更快地創建強大的新應用程序。

Swift UI provides an intuitive new framework for building sophisticated user interfaces across our software platforms using simple, easy-to-use code.

Swift UI 提供了一個直觀的新框架，用於使用簡單易用的代碼在我們的軟件平台上構建複雜的用戶界面。

Core ML 3 supports the acceleration of more types of advanced real-time machine learning models and Create ML lets developers build machine learning models without writing code.

Core ML 3 支持更多類型的高級實時機器學習模型的加速，Create ML 讓開發人員無需編寫代碼即可構建機器學習模型。

We have the world's largest augmented reality-enabled platform and thousands of ARKit-enabled applications in the App Store.

我們在 App Store 中擁有世界上最大的支持增強現實的平台和數千個支持 ARKit 的應用程序。

Building on this strategy and our momentum in this area, we introduced 3 new AR-based technologies: ARKit 3 uses on-device, real-time machine learning to recognize the human form and integrates people seamlessly into AR experiences; Reality Kit is a new developer framework built from the ground up to provide all the tools and technologies required to make AR objects virtually lifelike; and Reality Composer brings AR content creation to tens of millions of developers who had no 3D experience.

基於這一戰略和我們在該領域的發展勢頭，我們推出了 3 項基於 AR 的新技術： ARKit 3 使用設備上的實時機器學習來識別人體形態並將人無縫集成到 AR 體驗中； Reality Kit 是一個全新的開發者框架，提供了使 AR 對像變得栩栩如生所需的所有工具和技術； Reality Composer 將 AR 內容創作帶給數千萬沒有 3D 經驗的開發者。

Our developers are already running with these new technologies, and we think our customers are going to love some of the apps that these creators have in store in the months ahead.

我們的開發人員已經在使用這些新技術，我們認為我們的客戶會喜歡這些開發人員在未來幾個月內推出的一些應用程序。

On so many fronts, there's an enormous amount to look forward to over the next few months, including the launch of new services like Apple Arcade, Apple TV+ and Apple Card.

在這麼多方面，未來幾個月有很多值得期待的事情，包括推出 Apple Arcade、Apple TV+ 和 Apple Card 等新服務。

And without giving too much away, we have several new products that we can't wait to share with you.

並且在不提供太多東西的情況下，我們有幾款新產品迫不及待地想與您分享。

Until then, thanks for joining us today, and for more details on the June quarter results, I'll turn the call over to Luca.

在那之前，感謝您今天加入我們，以及有關 6 月季度業績的更多詳細信息，我將把電話轉給盧卡。

Thank you, Tim.

謝謝你，蒂姆。

Good afternoon, everyone.

大家下午好。

We're happy to report a June quarter revenue record of $53.8 billion, up 1% year-over-year.

我們很高興地報告 6 月季度收入創紀錄的 538 億美元，同比增長 1%。

We returned to growth in spite of a difficult foreign exchange environment around the world, which impacted our year-over-year growth rate by 300 basis points.

儘管全球外匯環境困難，我們仍恢復增長，這對我們的同比增長率造成了 300 個基點的影響。

We set June quarter revenue records in the Americas, in Japan and the rest of Asia Pacific, and as Tim mentioned earlier, all our geographic segments grew in constant currency.

我們在美洲、日本和亞太其他地區創造了 6 月份季度收入記錄，正如 Tim 之前提到的，我們所有的地理區域都以固定貨幣增長。

Overall products revenue was $42.4 billion, down 2% year-over-year, which is significantly better than the 8% decline in products revenue that we experienced during the first half of the fiscal year.

整體產品收入為 424 億美元，同比下降 2%，明顯好於我們在本財年上半年經歷的產品收入下降 8%。

Product categories outside of iPhone grew 20% with strong results in Wearables, Mac and iPad.

iPhone 以外的產品類別增長 20%，可穿戴設備、Mac 和 iPad 表現強勁。

Services revenue grew 13% to a new all-time record of $11.5 billion.

服務收入增長 13%，達到 115 億美元的歷史新高。

Excluding the onetime item we highlighted a year ago in connection with the final resolution of various lawsuits, Services revenue growth was 15% and 18% in constant currency terms.

排除一年前我們強調的與各種訴訟的最終解決相關的一次性項目，服務收入增長分別為 15% 和 18%（按固定匯率計算）。

On a geographic basis, we saw marked improvement in our year-over-year comparisons from emerging markets relative to the first half of this fiscal year, particularly in the BRIC countries where year-over-year performance went from a 25% revenue decline in the first half to 3% growth in the June quarter.

從地域上看，與本財年上半年相比，我們與新興市場的同比比較明顯改善，特別是在金磚國家，收入同比下降 25%。上半年6月季度增長3%。

We set June quarter revenue records in several major developed markets, including the U.S., Canada, Germany, France, Japan, Australia and Korea.

我們在美國、加拿大、德國、法國、日本、澳大利亞和韓國等幾個主要發達市場創造了 6 月份季度收入記錄。

In emerging markets, we returned to growth in Mainland China, grew strong double digits in India and in Brazil, and we set new Q3 records in Thailand, Vietnam and the Philippines.

在新興市場，我們在中國大陸恢復增長，在印度和巴西實現兩位數的強勁增長，並在泰國、越南和菲律賓創造了新的第三季度記錄。

Company gross margin was 37.6%, flat sequentially and in line with our guidance.

公司毛利率為 37.6%，環比持平，符合我們的預期。

Products gross margin was 30.4%, down about 80 basis points sequentially due to seasonal loss of leverage and product mix, partially offset by favorable costs.

產品毛利率為 30.4%，環比下降約 80 個基點，原因是槓桿和產品組合的季節性損失，部分被有利的成本所抵消。

Services gross margin was 64.1%, up 30 basis points sequentially primarily due to a favorable mix.

服務毛利率為 64.1%，環比增長 30 個基點，主要是由於有利的組合。

Net income was $10 billion, diluted earnings per share were $2.18 and operating cash flow was $11.6 billion.

淨利潤為 100 億美元，每股攤薄收益為 2.18 美元，經營現金流為 116 億美元。

Let me get into more detail for each of our revenue categories.

讓我更詳細地了解我們的每個收入類別。

iPhone revenue was $26 billion, down 12% compared to a year ago.

iPhone 收入為 260 億美元，與一年前相比下降了 12%。

This was significantly better year-over-year performance than last quarter's 17% decline with sequential improvement in year-over-year comparisons in 15 of our top 20 markets.

與上一季度 17% 的降幅相比，這明顯好於上一季度的同比表現，在我們的前 20 個市場中的 15 個市場中，同比均有所改善。

Our active installed base of iPhone continued to grow to a new all-time high in each of our geographic segments.

我們的 iPhone 活躍安裝基數在我們的每個地理區域繼續增長到歷史新高。

And in the U.S., the latest survey of consumers from 451 Research indicates iPhone customer satisfaction of 99% for iPhone XR, iPhone XS and XS Max combined.

在美國，451 Research 對消費者的最新調查表明，iPhone XR、iPhone XS 和 XS Max 的 iPhone 客戶滿意度為 99%。

Among business buyers who plan to purchase smartphones in the September quarter, 83% plan to purchase iPhones.

在計劃在 9 月當季購買智能手機的商業買家中，83% 的人計劃購買 iPhone。

Turning to Services.

轉向服務。

We reached an all-time revenue record in spite of foreign exchange headwinds with double-digit growth from the App Store, Apple Music, cloud services and AppleCare and triple-digit growth from Apple Pay and our App Store search ad business.

儘管存在外匯逆風，我們仍創下歷史新高，App Store、Apple Music、雲服務和 AppleCare 實現兩位數增長，Apple Pay 和我們的 App Store 搜索廣告業務實現三位數增長。

All geographic segments had double-digit growth in Services revenue and set new June quarter records with all-time records in the Americas and rest of Asia Pacific.

所有地理區域的服務收入都實現了兩位數的增長，並在美洲和亞太其他地區創下了新的 6 月季度記錄。

In total, Services accounted for 21% of Apple revenue and 36% of gross margin dollars.

總體而言，服務佔蘋果收入的 21% 和毛利率的 36%。

Customer engagement in our ecosystem continues to grow.

客戶對我們生態系統的參與度持續增長。

The number of transacting accounts on our digital content stores reached a new all-time high in the June quarter, and the number of paid accounts grew strong double digits compared to last year.

我們數字內容商店的交易賬戶數量在 6 月季度創下歷史新高，付費賬戶數量與去年相比增長了兩位數。

We now have over 420 million paid subscriptions across the services on our platforms, and we are well on our way to our goal of surpassing the 500 million mark during 2020.

現在，我們平台上的服務有超過 4.2 億的付費訂閱，我們正在朝著 2020 年超過 5 億大關的目標邁進。

On the App Store, our growth accelerated sequentially.

在 App Store 上，我們的增長連續加速。

Our subscription business continues to grow strongly and is extremely diversified across many categories such as entertainment, lifestyle, photo and video and music.

我們的訂閱業務繼續強勁增長，並且在娛樂、生活方式、照片、視頻和音樂等許多類別中都極為多元化。

Third-party subscription revenue grew by over 40%, and across all third-party subscription apps, the largest accounted for only 0.25% of total Services revenue.

第三方訂閱收入增長超過 40%，在所有第三方訂閱應用中，最大的僅佔總服務收入的 0.25%。

Among our many Services records, it was our best quarter ever for AppleCare.

在我們的眾多服務記錄中，這是 AppleCare 有史以來最好的季度。

We are seeing an increase in service contract attach rates and our expanding distribution of AppleCare through our partners.

我們看到服務合同附加率有所提高，並且通過我們的合作夥伴擴大了 AppleCare 的分銷。

We also recently expanded our authorized service provider network, and nearly 1,000 Best Buy stores across the U.S. are now offering expert service and repairs for Apple's products.

我們最近還擴展了我們的授權服務提供商網絡，全美近 1,000 家百思買商店現在為 Apple 產品提供專家服務和維修。

This expansion provides customers with an even more convenient access to repairs using parts certified for safety, quality and reliability.

這種擴展使用經過安全、質量和可靠性認證的零件為客戶提供了更方便的維修途徑。

In addition to Apple retail stores, there are over 1,800 third-party Apple Authorized Service Providers in the U.S., which is 3x as many locations as 3 years ago.

除 Apple 零售店外，美國還有 1,800 多家第三方 Apple 授權服務提供商，是 3 年前的 3 倍。

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

接下來，我想談談Mac。

Revenue was $5.8 billion, up 11% compared to last year.

收入為 58 億美元，比去年增長 11%。

Mac revenue grew in 4 of our 5 geographic segments and set June quarter records in the U.S., Europe and Japan as our overall market performance significantly outpaced the global PC industry.

Mac 收入在我們 5 個地理區域中的 4 個增長，並在美國、歐洲和日本創造了 6 月季度記錄，因為我們的整體市場表現大大超過了全球 PC 行業。

Nearly half of the customers purchasing Macs during the quarter were new to Mac, with revenue growing in both developed and emerging markets and the active installed base of Macs again reached a new all-time high.

本季度購買 Mac 的客戶中有近一半是 Mac 新手，發達市場和新興市場的收入都在增長，Mac 的活躍安裝基數再次創下歷史新高。

We also had great results for iPad with $5 billion in revenue, up 8%.

iPad 也取得了不錯的成績，收入為 50 億美元，增長了 8%。

iPad revenue grew in all 5 of our geographic segments with a Q3 revenue record in Mainland China and double-digit growth in emerging markets.

iPad 收入在我們所有 5 個地理區域均實現增長，第三季度中國大陸收入創紀錄，新興市場實現兩位數增長。

In total, over half of the customers purchasing iPads during the June quarter were new to iPad, and the iPad active installed base also reached a new all-time high.

總體而言，在 6 月季度購買 iPad 的客戶中，超過一半是 iPad 新用戶，iPad 活躍安裝基數也創下歷史新高。

The most recent surveys from 451 Research measured a 94% customer satisfaction rating for iPad from consumers and among business customers who plan to purchase tablets in the September quarter, 75% plan to purchase iPads.

451 Research 的最新調查顯示，消費者對 iPad 的滿意度為 94%，在計劃在 9 月季度購買平板電腦的商業客戶中，75% 的人計劃購買 iPad。

Wearables, Home and Accessories revenue accelerated across all our geographic segments, growing 48% to over $5.5 billion and setting a June quarter record.

可穿戴設備、家居和配件的收入在我們所有的地理區域都加速增長，增長 48%，超過 55 億美元，創下 6 月季度的記錄。

This growth was fueled primarily by the strong performance of our Wearables business, which was up well over 50% and has become the size of a Fortune 200 company over the last 12 months.

這一增長主要得益於我們可穿戴業務的強勁表現，該業務增長了 50% 以上，在過去 12 個月中已達到財富 200 強公司的規模。

In addition, we generated double-digit revenue growth from AppleTV and accessories during the quarter.

此外，我們在本季度通過 AppleTV 和配件實現了兩位數的收入增長。

Our retail and online stores produced their best June quarter revenue ever with double-digit revenue growth across Apple Watch, iPad, Mac and accessories.

我們的零售店和在線商店創造了有史以來最好的 6 月季度收入，Apple Watch、iPad、Mac 和配件的收入實現了兩位數的增長。

Our trade-in program is showing great momentum with more than 5x the number of iPhones traded in compared to a year ago.

我們的以舊換新計劃顯示出強勁的勢頭，與一年前相比，iPhone 的交易數量增加了 5 倍以上。

We opened stunning new stores in the Carnegie Library in Washington, D.C. and the busy Xinyi District in Taipei as well as a beautiful new location in the Dallas Galleria.

我們在華盛頓特區的卡內基圖書館和台北繁忙的信義區開設了令人驚嘆的新店，並在達拉斯廣場開設了一個美麗的新地點。

We ended the quarter with 506 physical stores in 22 countries alongside our online store presence in 35 countries.

本季度末，我們在 22 個國家擁有 506 家實體店，同時我們在 35 個國家/地區開設了在線商店。

In the enterprise market, we're gaining traction with our strategy of transforming major industries by expanding our leading positions in key functional areas to grow our reach and modernize customer and employee experiences.

在企業市場中，我們通過擴大我們在關鍵職能領域的領先地位來擴大我們的影響力並實現客戶和員工體驗的現代化，從而推動我們轉變主要行業的戰略。

In the financial services industry, 90 of the largest 100 banks by asset size are deploying Apple products to improve efficiency and effectiveness across their organizations.

在金融服務行業，資產規模最大的 100 家銀行中有 90 家正在部署 Apple 產品，以提高整個組織的效率和效力。

iPhone and iPad are overwhelmingly the preferred mobile devices for bankers on the go.

iPhone 和 iPad 絕對是旅途中銀行家首選的移動設備。

For example, 60% of the biggest banks are supporting iPads for wealth managers.

例如，60% 的大型銀行都在支持財富管理人員使用 iPad。

In retail banking, 2/3 of top banks are deploying iPad for branch transformation and modernizing legacy interfaces with a unified iPad experience.

在零售銀行業務中，2/3 的頂級銀行正在部署 iPad 進行分支機構轉型，並通過統一的 iPad 體驗對傳統界面進行現代化改造。

One of the world's largest banks created an iPad suite that reduced customer on-boarding time from more than an hour to just 12 minutes.

世界上最大的銀行之一創建了一個 iPad 套件，將客戶的入職時間從一個多小時縮短到了 12 分鐘。

Bank branch employees are also using Apple Watch for communication and notifications and Apple TV for customer presentations from iPads using AirPlay.

銀行分行員工還使用 Apple Watch 進行通信和通知，並使用 Apple TV 通過 iPad 使用 AirPlay 進行客戶演示。

Financial institutions also tell us that they receive positive feedback from leveraging Apple solutions for direct customer engagement.

金融機構還告訴我們，他們從利用 Apple 解決方案直接與客戶互動中獲得了積極的反饋。

American Express, Crédit Suisse, Discover and TD Ameritrade have launched Apple Business Chat as a dynamic way to support and interact with customers.

美國運通、瑞士信貸、Discover 和 TD Ameritrade 已推出 Apple Business Chat，作為支持客戶並與客戶互動的動態方式。

The intuitive interface of messages on iOS enables rich communication between customers and contact center staff.

iOS 上直觀的消息界面使客戶和聯絡中心員工之間能夠進行豐富的溝通。

TD Ameritrade has also become the first brokerage in the world to enable immediate funding of accounts using Apple Pay, eliminating the 2 to 3 business days it used to take to fund accounts by wire transfer.

TD Ameritrade 還成為世界上第一家使用 Apple Pay 立即為賬戶注資的經紀公司，消除了過去通過電彙為賬戶注資所需的 2 到 3 個工作日。

Let me now turn to our cash position.

現在讓我談談我們的現金狀況。

We ended the quarter with almost $211 billion in cash plus marketable securities.

我們在本季度結束時擁有近 2110 億美元的現金和有價證券。

We retired $3 billion of term debt and reduced commercial paper by $2 billion during the quarter, leaving us with total debt of $108 billion.

我們在本季度償還了 30 億美元的定期債務，並將商業票據減少了 20 億美元，使我們的總債務達到 1080 億美元。

As a result, net cash was $102 billion at the end of the quarter, and we continue on our path to reaching a net cash neutral position over time.

因此，本季度末的淨現金為 1020 億美元，隨著時間的推移，我們將繼續朝著淨現金中性的方向前進。

We returned over $21 billion to shareholders during the quarter, including $17 billion through open market repurchases of almost 88 million Apple shares and $3.6 billion in dividends and equivalents.

我們在本季度向股東返還了超過 210 億美元，其中包括通過公開市場回購近 8800 萬股蘋果股票的 170 億美元以及 36 億美元的股息和等價物。

As we move ahead into the September quarter, I'd like to review our outlook, which includes the types of forward-looking information that Nancy referred to at the beginning of the call.

隨著我們進入 9 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。

We expect revenue to be between $61 billion and $64 billion.

我們預計收入將在 610 億美元至 640 億美元之間。

This guidance includes almost $1 billion of year-over-year negative impact from foreign exchange.

該指引包括近 10 億美元的外匯負面影響。

We expect gross margin to be between 37.5% and 38.5%.

我們預計毛利率在 37.5% 至 38.5% 之間。

We expect OpEx to be between $8.7 billion and $8.8 billion.

我們預計運營支出將在 87 億美元至 88 億美元之間。

We expect OI&E to be about $200 million, and we expect our tax rate to be about 16.5%.

我們預計 OI&E 約為 2 億美元，我們預計我們的稅率約為 16.5%。

Also today, our Board of Directors has declared a cash dividend of $0.77 per share of common stock payable on August 15, 2019, to shareholders of record as of August 12, 2019.

同樣在今天，我們的董事會宣佈於 2019 年 8 月 15 日向截至 2019 年 8 月 12 日在冊的股東派發每股普通股 0.77 美元的現金股息。

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

有了這個，我想打開問題電話。

Thank you, Luca.

謝謝你，盧卡。

(Operator Instructions) Operator, may we have the first question, please?

（操作員說明）操作員，請問第一個問題好嗎？

The first question will come from Amit Daryanani from Evercore.

第一個問題來自 Evercore 的 Amit Daryanani。

I guess 2 from me.

我猜我有2個。

First off, could you just talk about, when I think about the September quarter guide, it's implied, I think, up 16% or so sequentially.

首先，您能否談談，當我想到 9 月季度指南時，我認為它暗示了 16% 左右的環比增長。

Historically, at least in that guide has been in the 10%, low double-digit kind of range.

從歷史上看，至少在該指南中一直處於 10% 的低兩位數範圍內。

Just maybe help us understand what gives you the confidence for a better-than-seasonal guide in September either from a geo or product basis would be helpful.

或許可以幫助我們了解是什麼讓您有信心在 9 月份從地理或產品基礎上獲得優於季節性的指南會有所幫助。

Amit, it's Luca.

阿米特，是盧卡。

Of course, this is our best estimate of where we think we will land.

當然，這是我們認為我們將降落在哪裡的最佳估計。

Clearly, we expect to have continued strong growth from the non-iPhone categories.

顯然，我們預計非 iPhone 類別將繼續強勁增長。

We have great momentum in Wearables.

我們在可穿戴設備方面勢頭強勁。

We mentioned that we were up almost 50% in the June quarter or actually over 50% in the June quarter.

我們提到我們在 6 月季度增長了近 50%，或者在 6 月季度實際上增長了 50% 以上。

Our Services business, we set an all-time record in June.

我們的服務業務，我們在 6 月創下歷史新高。

And so these 2 categories have become really important and really large for us.

所以這兩個類別對我們來說變得非常重要和非常大。

And so as we continue to grow quickly, that is going to help us as we go through the year.

因此，隨著我們繼續快速增長，這將在我們度過這一年時為我們提供幫助。

Keep in mind that the guidance includes an estimated almost $1 billion of foreign exchange headwind for the quarter.

請記住，該指引包括本季度估計近 10 億美元的外匯逆風。

Fair enough.

很公平。

That's really helpful.

這真的很有幫助。

And I guess if I just follow up on China, impressed to see the continued recovery you guys are seeing there despite all the headlines that are out there.

我想如果我只是跟進中國，看到你們在那裡看到的持續復甦給我留下了深刻的印象，儘管那裡有所有的頭條新聞。

Just curious, what are the few things that are driving the success in China?

只是好奇，推動中國成功的因素是什麼？

And how sustainable do you think those changes are for Apple as you go forward?

在你前進的過程中，你認為這些變化對 Apple 的可持續性有多大？

Yes, Amit.

是的，阿米特。

It's Tim.

是蒂姆。

I apologize for my voice.

我為我的聲音道歉。

I'm suffering from an allergy.

我患有過敏症。

But what happened last quarter in China was, it's a confluence of things.

但上個季度在中國發生的事情是，它是各種事情的匯合。

The government stimulus, this came in terms of a VAT reduction, a very bold one.

政府的刺激措施，這是一項非常大膽的減稅措施。

We took some pricing action.

我們採取了一些定價行動。

We instituted our trade-in and financing programs in our retail stores and worked with certain channel partners on that as well.

我們在零售店制定了以舊換新和融資計劃，並與某些渠道合作夥伴進行了合作。

And we're seeing a growing engagement with the broader Apple ecosystem during the quarter.

在本季度，我們看到與更廣泛的 Apple 生態系統的互動越來越多。

And so when you look at it, each of our categories, iPhone, iPad, Mac, Wearables, Services, everything improved sequentially.

因此，當您查看它時，我們的每個類別，iPhone、iPad、Mac、可穿戴設備、服務，一切都在依次改進。

So we couldn't be happier with the results or the progress, I should say.

因此，我應該說，我們對結果或進展感到非常滿意。

I would point out, as I think I had mentioned in my comments, that we actually grew in constant currency for Greater China, and we grew in Mainland China on a reported basis.

我想指出，正如我在評論中提到的那樣，我們實際上在大中華區以固定貨幣增長，並且我們在中國大陸的報告基礎上增長。

So there's several things going on there that are quite positive.

所以那裡發生了幾件非常積極的事情。

The next question will come from Shannon Cross with Cross Research.

下一個問題將來自 Cross Research 的 Shannon Cross。

Can you talk a bit about what's going on within Services, some of the puts and takes?

你能談談服務內部發生的事情，一些投入和產出嗎？

I know Luca, you gave us some color in terms of the growth rates in that.

我知道盧卡，你給了我們一些關於增長率的信息。

But I'm just curious as -- and I know you won't talk about future products, but as you think about the opportunities, you think about what you've got now and in the future and then some of the -- what's been going on with China in that, is there something that could reaccelerate or -- again, the 18% on a constant currency basis is obviously quite strong.

但我只是好奇——而且我知道你不會談論未來的產品，但是當你考慮機會時，你會考慮你現在和未來所擁有的東西，然後是一些——什麼是在這方面與中國的關係，是否有可能重新加速，或者 - 再一次，按固定匯率計算的 18% 顯然相當強勁。

But how are you thinking about it?

但你是怎麼想的？

Yes.

是的。

I think it's important to start with that 18% in constant currencies, Shannon.

我認為從固定貨幣的 18% 開始很重要，Shannon。

Our reported results are on a normalized basis, removing the onetime item from last year, was 15%.

我們報告的結果是在標準化的基礎上，除去去年的一次性項目，為 15%。

Clearly, FX plays a role around the world, 300 basis points of FX impact during the June quarter.

顯然，外彙在全球範圍內發揮作用，6 月季度的外匯影響為 300 個基點。

In spite of that, it was an all-time record revenue.

儘管如此，這仍然是創紀錄的收入。

Our installed base continues to grow.

我們的安裝基礎繼續增長。

It's growing in every geography and it's growing across all our major product categories, and that is very, very important for the Services -- for the Services business.

它在每個地區都在增長，並且在我們所有的主要產品類別中都在增長，這對服務非常非常重要——對於服務業務。

I would say -- I'll give you a bit more color around 2 offsetting factors around this performance during the June quarter.

我想說 - 我會在 6 月季度圍繞這一表現的 2 個抵消因素給你更多的色彩。

On one side, the App Store, I mentioned in my prepared remarks that growth accelerated sequentially.

一方面，App Store，我在準備好的評論中提到增長連續加速。

We had double-digit growth on the App Store in every geography.

我們在每個地區的 App Store 都有兩位數的增長。

In China, we saw significant acceleration.

在中國，我們看到了顯著的加速。

As you know, we tend to monetize in China on the App Store through game titles, and the government has approved a few key game titles during the quarter that has helped our performance there.

如您所知，我們傾向於通過遊戲在 App Store 上在中國獲利，而政府在本季度批准了一些關鍵遊戲，這有助於我們在中國的表現。

On the other side, AppleCare.

另一方面，AppleCare。

I mentioned AppleCare was an all-time record in June, so a really strong performance.

我提到 AppleCare 在 6 月份創下了歷史新高，因此表現非常強勁。

But our growth has decelerated in AppleCare due to factors that we fully expected because we are comping this expansion of our coverage for AppleCare that we've had, we've had significant success during the last 18 to 24 months in really broadening our coverage of AppleCare around the world with some key partners, carriers and resellers.

但由於我們完全預期的因素，我們在 AppleCare 的增長已經放緩，因為我們正在擴大我們已經擁有的 AppleCare 覆蓋範圍，在過去 18 到 24 個月內，我們在真正擴大覆蓋範圍方面取得了重大成功AppleCare 與一些主要合作夥伴、運營商和經銷商在全球範圍內開展合作。

And obviously, as we go through the year, those comps become a bit more difficult.

很明顯，隨著我們度過這一年，這些比賽變得更加困難。

Having said all that, you know that we've given ourselves a couple of targets, and we feel very confident about reaching those targets.

說了這麼多，你知道我們給自己設定了幾個目標，我們對實現這些目標非常有信心。

The first one is that we wanted to double the size of the Services business from our fiscal '16 to 2020.

第一個是我們希望將服務業務的規模從 16 財年到 2020 財年翻一番。

We are on our way there.

我們在路上。

Paid subscriptions is another target.

付費訂閱是另一個目標。

It's important to us.

這對我們很重要。

It's an important way for us to monetize our ecosystem.

這是我們將生態系統貨幣化的重要方式。

We set a target of surpassing 0.5 billion paid subscriptions on the ecosystem during 2020.

我們設定了 2020 年生態系統付費訂閱量超過 5 億的目標。

We're already at 420 million now.

我們現在已經達到 4.2 億。

So we feel confident there.

所以我們在那裡有信心。

And of course, as you mentioned, we're very excited about the fact that we're going to be launching new services soon.

當然，正如您所提到的，我們對即將推出新服務這一事實感到非常興奮。

As Tim said, we're starting the rollout of Apple Card in August.

正如蒂姆所說，我們將於 8 月開始推出 Apple Card。

And there's 2 more very important services that we're going to be adding to our portfolio during the fall.

我們將在秋季將另外兩項非常重要的服務添加到我們的產品組合中。

One is Apple Arcade, which is our gaming subscription service, and of course, Apple TV+, which is our video streaming service.

一個是 Apple Arcade，這是我們的遊戲訂閱服務，當然還有 Apple TV+，這是我們的視頻流服務。

So obviously, these services will help us carry on with the momentum that we have in Services.

很明顯，這些服務將幫助我們繼續我們在服務方面的勢頭。

Great.

偉大的。

And this is probably for you too as well, Luca.

這可能也適合你，盧卡。

Can you talk about gross margin?

你能談談毛利率嗎？

The guidance was pretty solid.

指導非常紮實。

Obviously, there are various things that are at play here.

顯然，這裡有各種各樣的東西在起作用。

I know you mentioned the $1 billion worth of top line impact, I think, from currency next quarter.

我知道你提到了價值 10 億美元的收入影響，我認為，來自下個季度的貨幣。

But maybe if you can kind of talk about what went into your gross margin guidance?

但也許你可以談談你的毛利率指導是什麼？

Yes.

是的。

So of course, Shannon, as you've seen, our guidance for margin is 50 basis points higher than the guidance that we had given for June.

所以當然，香農，正如你所見，我們對保證金的指導比我們 6 月份給出的指導高出 50 個基點。

I would say on the positive, we expect to benefit from leverage, as you've seen from our revenue guidance, and from cost savings because, as you know, the commodity environment is fairly favorable right now.

我想說的是積極的一面，我們希望從槓桿中受益，正如您從我們的收入指導中看到的那樣，以及從成本節約中受益，因為如您所知，商品環境目前相當有利。

On the negative side, the headwind on gross margins on a year-over-year basis from foreign exchange is about 100 basis points.

不利的一面是，外匯對毛利率的同比阻力約為 100 個基點。

And so we need to keep that in mind, but we feel pretty good about the guidance we provided.

所以我們需要牢記這一點，但我們對我們提供的指導感覺很好。

Our next question will come from Katy Huberty with Morgan Stanley.

我們的下一個問題將來自摩根士丹利的 Katy Huberty。

I'd like to go back to the discussion around strength in China in the quarter and understand what linearity looked like.

我想回到本季度圍繞中國實力的討論，並了解線性是什麼樣的。

I asked because there was some industry data around the smartphone market in China that seemed to deteriorate in the month of June, the App Store data deteriorated a little bit in June.

我問是因為中國智能手機市場的一些行業數據在 6 月份似乎有所惡化，App Store 數據在 6 月份略有惡化。

And just curious if that's something you saw in the business, and if it at all informs your outlook around the pace of the China business as you go into September.

只是好奇這是否是您在業務中看到的，以及它是否能在您進入 9 月份時告知您對中國業務步伐的看法。

Katy, it's Tim.

凱蒂，是蒂姆。

We obviously took into account all of the information that we had in coming out with the guidance, including linearity across last quarter and how this quarter has started.

顯然，我們在發布指南時考慮了所有信息，包括上一季度的線性度以及本季度的開始情況。

And so we've obviously looked at that in quite much detail.

所以我們顯然已經非常詳細地研究了這一點。

And then just on the App Store, appreciate there's not a lot of detail out around exact timing and even some pricing of the new services.

然後就在 App Store 上，感謝關於新服務的確切時間甚至一些定價的詳細信息。

But how should we think about the new services that launched in March impacting the overall Services growth?

但是，我們應該如何看待 3 月份推出的新服務對整體服務增長的影響？

Does that start to benefit the model in the back half of this calendar year?

這是否會在今年下半年開始使該模型受益？

Or will the impact be more longer term in nature and really show up in 2020?

或者這種影響會在本質上更長期，並在 2020 年真正顯現出來？

Katy, let me just talk about the new services that we've announced in March and then also about the timing of how we get to revenue, right?

凱蒂，讓我談談我們在 3 月份宣布的新服務，然後談談我們如何獲得收入的時機，對吧？

We've announced Apple News+, and this is the service that is available for consumers right now.

我們已經發布了 Apple News+，這是目前可供消費者使用的服務。

We've announced our channel service, which has also become available a few weeks ago.

我們已經宣布了我們的頻道服務，該服務也在幾週前推出。

The other 3 services, the Card is launching in August, the gaming service and the video service are starting in the fall.

其他 3 項服務，即 Card 將於 8 月推出，遊戲服務和視頻服務將於秋季推出。

Keep in mind for all these services, there's a trial period upfront.

請記住，對於所有這些服務，都有一個試用期。

There's going to be different trial periods, we'll see what they look like.

會有不同的試用期，我們會看看它們是什麼樣子的。

So the road to monetization takes some time.

因此，貨幣化之路需要一些時間。

Obviously, all of them will add to our base and will help us with growth rates as we get into next year.

顯然，所有這些都將增加我們的基礎，並在我們進入明年時幫助我們提高增長率。

That question will come from Krish Sankar with Cowen and Company.

這個問題將來自與 Cowen and Company 的 Krish Sankar。

I have 2 of them.

我有 2 個。

First one, on the iPhone trade-in program, how effective was it and what percentage of iPhone sales came from the trade-ins?

第一個，關於 iPhone 以舊換新計劃，它的效果如何，iPhone 銷售的百分比來自以舊換新？

And are there any other geographies where you're left to roll it out?

還有其他地區可以讓您推出嗎？

And then I have a follow-up.

然後我有一個跟進。

It's Tim.

是蒂姆。

In retail, it was quite successful.

在零售方面，它相當成功。

We got going in a larger way during that quarter.

在那個季度，我們取得了更大的進展。

We were pretty much just ramping in the previous quarter.

我們在上一季度幾乎只是在增加。

And trade-in, as a percentage of their total sales, is significant and financing is a key element of it.

以舊換新佔總銷售額的百分比非常重要，而融資是其中的關鍵要素。

Those 2 things in the aggregate led retail -- the combination of retail and online, we -- to short form that as retail, are Apple Store, led to growth in June.

總體而言，這兩件事引領了零售業——零售和在線的結合，我們——簡稱零售，即 Apple Store，導致了 6 月份的增長。

And so we feel very, very good about our trajectory.

所以我們對自己的軌跡感覺非常非常好。

We are obviously taking those programs and advocating those more widely.

我們顯然正在接受這些計劃並更廣泛地倡導這些計劃。

And that is at different levels of implementation throughout different geographies because we're working with our carrier partners on those and retail partners.

這是在不同地區的不同實施水平，因為我們正在與我們的運營商合作夥伴和零售合作夥伴合作。

Got it, got it.

明白了，明白了。

That's very helpful, Tim.

這很有幫助，蒂姆。

And then a follow-up for you, a much longer-term question.

然後對您進行跟進，這是一個更長期的問題。

I understand we're in the very early innings of the Services growth story.

我知道我們正處於服務增長故事的早期階段。

Is there a way to think about it down the road that 3 or 5 years down the road, would the Services growth be focused or will it still be tethered to the hardware of the iPhone?

有沒有辦法考慮在未來 3 或 5 年後，服務的增長是否會集中在 iPhone 的硬件上？

Or do you think at some point down the road, Services would be independent by itself and not really tied to your hardware installed base?

或者您是否認為在未來的某個時候，服務本身會是獨立的，而不是真正與您的硬件安裝基礎綁定？

Well, there are elements today that are not necessarily tethered to iPhone, right?

好吧，今天有些元素不一定與 iPhone 綁定，對吧？

We have other products where people are both purchasing things, they're watching Apple TV.

我們還有其他產品，人們都在購買東西，他們正在看 Apple TV。

We offer Apple Music on Android, and so there's a series of things that are outside of that.

我們在 Android 上提供 Apple Music，因此還有一系列超出此範圍的內容。

And so we'll see what we do in the future.

因此，我們將看看我們將來會做什麼。

I don't want to really get into that.

我不想真正進入那個。

But more broadly, to answer your question about growth as we go forward, the way I see it is we have the strongest hardware portfolio ever.

但更廣泛地說，為了回答您關於我們前進的增長的問題，我認為我們擁有有史以來最強大的硬件產品組合。

We've got new products on the way.

我們正在開發新產品。

The pipeline is full of great new stuff, both on the product and services side.

在產品和服務方面，這條管道充滿了很棒的新東西。

We're very fortunate and work very hard to have loyal customers and to continue attracting an impressive number of switchers.

我們非常幸運並且非常努力地擁有忠實的客戶並繼續吸引大量的切換者。

The installed base is growing, hit a new record.

安裝基數不斷增長，創下新紀錄。

That's obviously good.

這顯然很好。

And it hit a new record across all geographies and across all categories.

它在所有地區和所有類別中都創下了新紀錄。

And so this is a really good thing.

所以這是一件非常好的事情。

And we've got the Wearables area that is doing extremely well.

我們的可穿戴設備領域做得非常好。

We stuck with that when others perhaps didn't and really put a lot of energy into this and a lot of R&D and are in a very good position today to keep playing out the what's next there.

當其他人可能沒有這樣做時，我們堅持了這一點，並且真的在這方面投入了很多精力和大量的研發，並且今天處於非常好的位置，可以繼續發揮下一步的作用。

At the same time, on the market side, we have emerging markets where we have low penetration.

同時，在市場方面，我們擁有滲透率較低的新興市場。

And in -- during the quarter, tactically, emerging markets had a bit of a rebound.

在本季度，從戰術上講，新興市場出現了一些反彈。

In fact, on a constant currency basis, we actually grew slightly in emerging markets.

事實上，按固定匯率計算，我們在新興市場實際上略有增長。

We still declined on a reported basis.

據報導，我們仍然拒絕了。

India bounced back.

印度反彈了。

During the quarter, we returned to growth there.

在本季度，我們在那裡恢復了增長。

We're very happy with that.

我們對此感到非常高興。

We grew in Brazil as well.

我們也在巴西成長。

We're also continuing to focus on the enterprise market.

我們還將繼續關注企業市場。

Luca mentioned some of this in his comments, and we think that continues to be a big opportunity for us.

盧卡在他的評論中提到了其中一些，我們認為這對我們來說仍然是一個巨大的機會。

And then we've got lots of what I would call core technology kinds of things like augmented reality, where we're placing big bets, and I think we have a big future in addition to the health kinds of things that may fall out of the Watch.

然後我們有很多我稱之為核心技術的東西，比如增強現實，我們在這方面下了很大的賭注，我認為除了健康方面的東西之外，我們還有很大的未來可能會落空手錶。

And so hopefully that kind of gives you a view over the total.

所以希望這能讓你對總數有所了解。

And so we're focusing on products and services and there will be some services that aren't hooked and some that are hooked not on current period sales are mostly -- very much services are rarely connected on that today or at least not a high percentage by any means.

所以我們專注於產品和服務，會有一些服務沒有被吸引，一些沒有被吸引到當前的銷售主要是 - 今天很少有服務連接到這個，或者至少不是很高以任何方式的百分比。

They're more correlated to the installed base, the active installed base and also the level of transacting customers that are there and the amount per customer, which relates also to the offering that we have.

它們與安裝基礎、活躍安裝基礎以及那裡的交易客戶水平和每位客戶的數量更相關，這也與我們擁有的產品有關。

Next, we'll go to Wamsi Mohan with Bank of America Merrill Lynch.

接下來，我們將與美銀美林一起前往 Wamsi Mohan。

Tim, the China trade situation remains sort of fluid over here and recently -- more recently, you asked for some tariff exceptions.

蒂姆，中國的貿易形勢在這里和最近仍然不穩定——最近，你要求一些關稅例外。

We're not granted those.

我們沒有被授予這些。

How are you thinking about the longer-term footprint for manufacturing?

您如何看待製造業的長期足跡？

And can you talk about any potential alternatives that you've looked at and considered in moving parts of production potentially out of China?

您能否談談您在將部分生產可能移出中國時所考慮和考慮的任何潛在替代方案？

And I have a follow-up.

我有一個後續行動。

Yes.

是的。

I know there's been a lot of speculation around the topic of different moves and so forth.

我知道圍繞不同動作等話題有很多猜測。

I wouldn't put a lot of stock into those, if I were you.

如果我是你，我不會在這些中投入大量股票。

The way that I view this is the vast majority of our products are kind of made everywhere.

在我看來，我們的絕大多數產品都是到處製造的。

There's a significant level of content from the United States and a lot from Japan to Korea to China and the European Union also contributes a fair amount.

有大量來自美國的內容，從日本到韓國再到中國和歐盟也貢獻了相當多的內容。

And so that's the nature of a global supply chain.

這就是全球供應鏈的本質。

I think -- largely, I think that will carry the day in the future as well.

我認為 - 在很大程度上，我認為這也將在未來進行。

In terms of the exclusions, we've been making the Mac Pro in the U.S. We want to continue to doing that.

在排除項方面，我們一直在美國製造 Mac Pro。我們希望繼續這樣做。

And so we're working and investing currently in capacity to do so because we want to continue to be here.

因此，我們目前正在努力並投資於這樣做的能力，因為我們希望繼續留在這裡。

And so that's what's behind the exclusions.

這就是排除項背後的原因。

And so we're explaining that and hope for a positive outcome.

因此，我們正在解釋這一點，並希望取得積極的成果。

And there's -- Luca, maybe for you, there's been some significant destocking of inventory in the first calendar half of this year in iPhone.

還有——盧卡，也許對你來說，今年上半年 iPhone 的庫存出現了一些顯著的去庫存化。

Can you comment about the broader channel inventory levels, where you are in your typical ranges, especially given the comment around June iPhone sales being quite strong?

您能否評論更廣泛的渠道庫存水平，您處於典型範圍內，特別是考慮到 6 月份 iPhone 銷售相當強勁的評論？

And do you expect anything atypical in channel inventory dynamics in the September quarter?

您是否預計 9 月季度的渠道庫存動態會出現任何非典型情況？

Yes, Wamsi.

是的，萬茜。

As you know, we're not getting into this topic very much, but I think I can give you some color here.

如你所知，我們並沒有深入探討這個話題，但我想我可以在這裡給你一些顏色。

You know that in general, we decreased our inventory during the March quarter and the June quarter.

您知道，總的來說，我們在 3 月季度和 6 月季度減少了庫存。

That has been traditionally what we've done.

傳統上，這就是我們所做的。

This year, we reduced channel inventory for iPhone slightly more than last year.

今年，我們減少了 iPhone 的渠道庫存，比去年略多。

And that is true in total, and it's true for Greater China as well.

總的來說是這樣，大中華區也是如此。

So we feel very good about our channel inventory ranges as we get into the September quarter.

因此，當我們進入 9 月季度時，我們對我們的渠道庫存範圍感覺非常好。

I hope that helps you with that.

我希望這可以幫助你。

Our next question comes from Jim Suva with Citigroup.

我們的下一個問題來自花旗集團的 Jim Suva。

The first question is probably for Tim and the second one for Luca, and I'll ask them at the same time so you can pick and choose whichever one you want to answer, first and second.

第一個問題可能是給蒂姆的，第二個是給盧卡的，我會同時問他們，這樣你就可以選擇你想回答的任何一個，第一和第二。

But the first question, Tim.

但第一個問題，蒂姆。

Regarding the installed base comment you've made, which is quite encouraging, but yet when you look at the iPhone revenue year-over-year, the past several quarters has been down.

關於您所做的安裝基數評論，這是非常令人鼓舞的，但是當您查看 iPhone 的收入同比時，過去幾個季度一直在下降。

Can you help us bridge the gap of how is the installed base growing?

您能幫助我們彌合安裝基礎如何增長的差距嗎？

Is it mostly because like secondary users are the new ones coming into the system as people are holding their phones longer?

主要是因為像次要用戶一樣，隨著人們持有手機的時間更長，新用戶也進入了系統？

And what does that user typically bring in with them or something rather unique relative to what we historically know?

那個用戶通常會帶來什麼，或者相對於我們歷史上所知的相當獨特的東西？

And then for Luca, you've been investing a lot, a lot, lot, lot and a lot of these services are now coming to pass, whether it be AppleCare, Apple cloud, all these Wearables, and soon Apple Pay and Arcade.

然後對於 Luca，你一直在投資很多，很多，很多，很多這些服務現在正在實現，無論是 AppleCare、Apple 雲、所有這些可穿戴設備，以及很快的 Apple Pay 和 Arcade。

Are we at a point where now, a lot of harvesting is going to happen?

我們是否正處於一個即將發生大量收穫的地步？

Or do you kind of continue these relatively same investments that you've been doing for the future strategy?

還是您會繼續為未來戰略所做的這些相對相同的投資？

Okay.

好的。

Jim, it's Tim.

吉姆，是蒂姆。

I'll start with your installed base question.

我將從您的安裝基礎問題開始。

Installed base is a function of upgrades and the time between those.

安裝基數是升級和升級之間時間的函數。

It's a function of the number of switchers coming into the iOS, macOS and so forth tents.

這是進入 iOS、macOS 等帳篷的切換器數量的函數。

It's a function of the robustness of the secondary market, which we think overwhelmingly hits incremental customer.

這是二級市場穩健性的一個功能，我們認為這對增量客戶具有壓倒性的影響。

And it's a function still in the emerging markets and somewhat developed markets, to a lesser degree, of people new that -- they're buying their first smartphone.

它仍然是新興市場和一些發達市場中的一項功能，在較小程度上，人們新 - 他們正在購買他們的第一部智能手機。

There are still quite a few people in the world in that category.

世界上還是有不少人屬於這一類的。

And so the reason that the installed base doesn't correlate to the 90-day clock is that what's happening underneath the numbers is switchers are still a very key piece of what's going on.

因此，安裝基數與 90 天時鐘不相關的原因是數字下方發生的事情是切換器仍然是正在發生的事情的一個非常關鍵的部分。

The secondary market is very key, and we're doing programs, et cetera, to try to increase that because we think we'd wind up hitting a customer that we don't hit in another way.

二級市場非常關鍵，我們正在做一些計劃，等等，試圖增加這一點，因為我們認為我們最終會吸引到一個我們不會以其他方式打到的客戶。

And the upgrades, where people are holding on to their device a bit longer than they were, they're staying in the ecosystem.

而升級，人們使用他們的設備的時間比以前長了一點，他們留在了生態系統中。

And then you have the people in the new category as well.

然後你也有新類別的人。

And so that's sort of the equation.

這就是等式。

I don't want to go into the specific numbers, but I think you can see readily, mathematically, how the installed base is growing in an environment where the iPhone revenue is declining within a 90-day kind of window.

我不想透露具體數字，但我認為你可以很容易地從數學上看出，在 iPhone 收入在 90 天之內下降的環境中，安裝基數是如何增長的。

And Jim, on OpEx, obviously, it's very important for us to continue to invest in the business, particularly on the R&D side because we always want to bring more innovation into the market.

Jim，在運營支出方面，顯然，繼續投資業務對我們來說非常重要，特別是在研發方面，因為我們總是希望將更多創新帶入市場。

We want to improve the user experience and differentiate our products and services in the marketplace.

我們希望改善用戶體驗並在市場上區分我們的產品和服務。

So we will continue to do that.

所以我們將繼續這樣做。

There are some types of investments, of course, that are very strategic for us and they will have long-term implications.

當然，有些類型的投資對我們來說非常具有戰略意義，並且會產生長期影響。

You've seen the announcement that we made around the Intel acquisition.

您已經看到了我們圍繞英特爾收購所做的公告。

Very important strategically for us.

對我們來說在戰略上非常重要。

It requires upfront investment, of course.

當然，這需要前期投資。

As you've seen from this quarter and also from the past, we will continue to run our SG&A portion of OpEx tightly.

正如您從本季度和過去看到的那樣，我們將繼續嚴格運行我們的運營支出的 SG&A 部分。

We will -- of course, we'll continue to invest in marketing and advertising.

我們將——當然，我們將繼續投資於營銷和廣告。

We talked about a lot of new services that we are launching during the fall and Apple Card the next month.

我們談到了我們在秋季推出的許多新服務以及下個月推出的 Apple Card。

Obviously, they will require the appropriate level of marketing and advertising as we launch them to the general public.

顯然，當我們向公眾推出它們時，它們將需要適當水平的營銷和廣告。

When you look in total at where we are in terms of our expense-to-revenue ratio for operating expenses, you know quite well that we are extremely competitive relative to other tech companies.

當您總體了解我們在運營費用的支出與收入比率方面所處的位置時，您很清楚我們相對於其他科技公司而言極具競爭力。

So we want to continue to be competitive and at the same time, we will not underinvest in the business.

因此，我們希望繼續保持競爭力，同時，我們不會在業務上投資不足。

The next question will come from Samik Chatterjee with JPMorgan.

下一個問題將來自摩根大通的 Samik Chatterjee。

I just wanted to start off with the announcement of the WWDC around the independent App Stores for the Watch and the iPads.

我只是想從針對 Watch 和 iPad 的獨立 App Store 宣布 WWDC 開始。

What level of interest have you seen from developers and how are they thinking about the ability to monetize services independently on those App Stores?

您從開發人員那裡看到了何種程度的興趣？他們如何考慮在這些 App Store 上獨立通過服務獲利的能力？

And how does it help you position Wearables more formally into the health and fitness category?

它如何幫助您將可穿戴設備更正式地定位到健康和健身類別？

We're seeing good interest across virtually everything that we announced at WWDC.

我們幾乎對我們在 WWDC 上宣布的所有內容都產生了濃厚的興趣。

I couldn't be happier with the developer tools around ARKit and AR in general that I went through earlier.

總的來說，我對我之前經歷過的圍繞 ARKit 和 AR 的開發人員工具感到非常滿意。

Lots of interest there.

那裡很感興趣。

Lots of interest from the watch App Store to the Catalyst that will be released with macOS Catalina, which allows developers quickly to port a iOS app to the Mac.

從手錶 App Store 到將與 macOS Catalina 一起發布的 Catalyst 引起了很多興趣，它允許開發人員快速將 iOS 應用程序移植到 Mac。

We think this is huge and so great for the user experience.

我們認為這是巨大的，對用戶體驗來說非常棒。

And so you look at all of these and all of the things that I talked about earlier and I couldn't be happier with the reception that we're getting and the work that is going on behind the scenes right now to ready -- for the developers readying their apps for the fall.

所以你看看我之前談到的所有這些和所有事情，我對我們得到的接待以及現在正在幕後進行的準備工作感到非常高興 - 為開發人員正在為秋季準備他們的應用程序。

Got it.

知道了。

If I can just follow up on the China market.

如果我能跟進中國市場。

One of the things that we're looking at is with these -- going into the new year into 2020, there'll be a lot of 5G phones launching in that market from the Android players.

我們正在關注的其中一件事是——進入 2020 年新的一年，Android 玩家將在該市場推出大量 5G 手機。

How you're thinking about the competitive landscape there as you enter next year?

當您進入明年時，您如何看待那裡的競爭格局？

We don't comment on future products.

我們不對未來的產品發表評論。

With respect to 5G, it's -- I think most people would tell you it's -- we're in sort of the extremely early, early innings of it and even more so on a global basis.

關於 5G，我想大多數人會告訴你，我們處於非常早期的早期階段，在全球範圍內更是如此。

So we couldn't be more proud of what our lineup is, and we're excited about the great pipeline of both hardware and software, and we won't trade our position for anyone's.

所以我們對我們的陣容感到無比自豪，我們對硬件和軟件的偉大管道感到興奮，我們不會為任何人交換我們的位置。

Thank you, Samik.

謝謝你，薩米克。

A replay of today's call will be available for 2 weeks on Apple Podcasts, as a webcast on apple.com/investor and via telephone and the numbers to the telephone replay are (888) 203-1112 or (719) 457-0820.

今天電話會議的重播將在 Apple Podcasts 上播放 2 週，作為 apple.com/investor 上的網絡廣播和通過電話播放，電話重播的號碼是 (888) 203-1112 或 (719) 457-0820。

Please enter confirmation code 3057347.

請輸入確認碼 3057347。

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

這些重播將在下午 5 點左右提供。

Pacific Time today.

今天太平洋時間。

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

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 Tejas Gala 或我有其他問題。

Tejas is at (669) 227-2402, and I'm at (408) 974-5420.

Tejas 的電話是 (669) 227-2402，我的電話是 (408) 974-5420。

Thanks again for joining us.

再次感謝您加入我們。

That does conclude our conference for today.

這確實結束了我們今天的會議。

Thank you for your participation.

感謝您的參與。