Apple Inc. (NASDAQ:AAPL) F4Q 2013 Earnings Conference Call October 28, 2013 5:00 PM ET

苹果公司（NASDAQ：AAPL）2013 财年第四季度收益电话会议 2013 年 10 月 28 日 下午 5:00 美东时间

Executives 高管

Tim Cook - CEO 蒂姆·库克 - 首席执行官

Peter Oppenheimer - SVP, CFO

彼得·奥本海默 - 高级副总裁，首席财务官

Luca Maestri - Vice President and Corporate Controller

卢卡·马埃斯特里 - 副总裁兼公司控制器

Nancy Paxton - Senior Director, Investor Relations

南希·帕克斯顿 - 高级董事，投资者关系

Analysts 分析师

Katy Huberty – Morgan Stanley & Co. LLC

凯蒂·哈伯蒂 - 摩根士丹利证券有限公司

Bill Shope - Goldman Sachs

比尔·肖普 - 高盛

Antonio Sacconaghi - Sanford C. Bernstein

安东尼奥·萨科纳吉 - 桑福德 C.伯恩斯坦

Ben Reitzes - Barclays Capital

本·赖茨 - 巴克莱资本

Gene Munster - Piper Jaffray

基因·蒙斯特 - 派普杰弗雷

Shannon Cross - Cross Research

香农·克罗斯 - 克罗斯研究

Steve Milunovich - UBS Securities

史蒂夫·米卢诺维奇 - 瑞银证券

Mark Moskowitz - JPMorgan

马克·莫斯科维茨 - 摩根大通

Chris Whitmore - Deutsche Bank

克里斯·惠特莫尔 - 德意志银行

Operator 操作员

Please standby, we are about to begin. Good day, everyone, and welcome to this Apple Incorporated Fourth Quarter Fiscal Year 2013 Earnings Release Conference Call. Today’s call is being recorded. At this time for opening remarks and introductions, I’d like to turn the call over to Nancy Paxton, Senior Director of Investor Relations. Please go ahead.

请稍候，我们即将开始。大家好，欢迎参加苹果公司 2013 财年第四季度收益发布电话会议。今天的通话正在录音。现在，我想请投资者关系高级总监南希·帕克斯顿发表开场致辞和介绍。请开始。

Nancy Paxton 南希·帕克斯顿

Thank you. Good afternoon, and thanks to everyone for joining us. Speaking first today are Apple’s CEO, Tim Cook; and CFO, Peter Oppenheimer and they will be joined by Vice President and Corporate Controller, Luca Maestri for Q&A session with analysts.

谢谢。下午好，感谢大家的参与。今天首先发言的是苹果的首席执行官蒂姆·库克和首席财务官彼得·奥本海默，他们将与副总裁兼公司控制器卢卡·马埃斯特里一起参加与分析师的问答环节。

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 margins, operating expenses, other income and expense, stock-based compensation expense, taxes and future products. Actual results or trends could differ materially from our forecast.

请注意，今天我们讨论中听到的一些信息将包括前瞻性声明，包括但不限于有关收入、毛利率、营业费用、其他收入和支出、股票补偿费用、税收和未来产品的声明。实际结果或趋势可能与我们的预测有实质性差异。

For more information, please refer to the risk factors discussed in Apple’s Form 10-K for 2012, the Form 10-Q for the first three quarters of 2013 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.

有关更多信息，请参阅苹果 2012 年的 10-K 表格中讨论的风险因素，2013 年前三个季度的 10-Q 表格以及今天与美国证券交易委员会提交的 8-K 表格以及相关新闻发布。苹果不承担更新任何前瞻性声明或信息的义务，这些声明或信息截至其各自日期。

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

我现在想把电话交给蒂姆·库克发表开场白。

Tim Cook 蒂姆·库克

Thanks, Nancy. Good afternoon, everyone and thank you very much for joining us. We are eager to share with you the results of the final quarter of Apple’s fiscal 2013 with a strong finish to an amazing year and Peter will provide details about the September quarter shortly.

谢谢，南希。大家下午好，非常感谢大家的参与。我们急切地与大家分享苹果 2013 财年第四季度的结果，这是一个令人惊叹的一年的强劲收官，彼得将很快提供有关 9 月季度的详细信息。

But first I’m happy to tell you that Apple’s business is stronger than ever. We are in a unique position of having world class hardware, software and service skills under one road, which enables us to provide an unparallel user experience to 100s of millions of customers. And working with our vibrant developer community, we’ve built a large and thriving ecosystem.

但首先我很高兴地告诉你，苹果的业务比以往任何时候都更强大。我们处于一个独特的位置，拥有世界一流的硬件、软件和服务技能，这使我们能够为数亿客户提供无与伦比的用户体验。通过与充满活力的开发者社区合作，我们建立了一个庞大而繁荣的生态系统。

We are winning with our products in all the ways that are most important to us, in customer satisfaction, in product usage and in customer loyalty. Our relentless focus on providing innovation that enhances our customer’s lives is evident in extraordinary list of products that we’ve launched in just the last couple of months.

我们在所有对我们最重要的方面，包括客户满意度、产品使用和客户忠诚度方面，都凭借我们的产品取得了胜利。我们不懈地专注于提供能够改善客户生活的创新，这一点在我们在过去几个月中推出的一系列产品中得到了体现。

From the colorful iPhone 5c and forward thinking iPhone 5s to the powerful new iMac, MacBook Pro and Mac Pro to the stunning iPad Mini with Retina display and the dramatically thinner, lighter and more powerful iPad Air.

从色彩丰富的 iPhone 5c 和前瞻性的 iPhone 5s 到功能强大的新 iMac、MacBook Pro 和 Mac Pro，再到配备 Retina 显示屏的惊艳 iPad Mini，以及更加轻薄、更加强大的 iPad Air。

Thanks to a deep collaboration between our design and engineering teams. We also launched iOS 7 with a stunning new redesign, powerful new features and a great new service called iTunes Radio. We introduced OS X Mavericks bringing new core technologies for breakthrough power efficiency and performance to our Mac and we introduced next generation iLife and iWork apps for iOS and OS X. And we’re making all of this incredible software free because we want our customers to have access to the greatest new features. All of these are products that only Apple could have delivered and most companies would be proud to just have one of them.

由于我们设计和工程团队之间的深度合作，我们还推出了具有令人惊叹的全新设计、强大新功能和名为 iTunes Radio 的出色新服务的 iOS 7。我们推出了 OS X Mavericks，为我们的 Mac 带来了突破性的能效和性能核心技术，并为 iOS 和 OS X 推出了下一代 iLife 和 iWork 应用程序。我们将所有这些令人难以置信的软件都免费提供，因为我们希望我们的客户能够使用最新的最佳功能。所有这些产品都是只有苹果才能提供的，大多数公司只能为其中的一个感到自豪。

Looking back, we’re very pleased with Apple’s many accomplishments during fiscal 2013. Our customers had an incredible response to our product line up, buying a 150 million iPhone, 71 million iPads and 16 million Macs across the fiscal year.

回顾过去，我们对苹果在 2013 财年取得的许多成就感到非常满意。我们的客户对我们的产品线作出了令人难以置信的回应，在整个财年内购买了 1.5 亿部 iPhone、7100 万部 iPad 和 1600 万台 Mac。

We expanded the breadth and depth of our ecosystem and we generated over $16 billion revenue from iTunes software and services. We also welcomed almost 400 million visitors to our retail stores and opened or remodeled 49 new stores and for the second year in a row we produced over $50 million in revenue per store.

我们扩大了生态系统的广度和深度，从 iTunes 软件和服务中创造了超过 160 亿美元的收入。我们还迎接了近 4 亿名访客到我们的零售店，并开设或翻新了 49 家新店，连续第二年我们每家店的收入超过 5000 万美元。

We generated record total company revenue of $171 billion, earnings of $37 billion and operating cash flow of $54 billion. We paid over $8 billion in capital expenditures to both to our supply chain, expand our infrastructure and increased our retail footprint. We also completed 15 strategic acquisitions. That’s an average of one acquisition every three to four weeks.

我们创造了创纪录的公司总收入为 1710 亿美元，盈利为 370 亿美元，经营现金流为 540 亿美元。我们支付了超过 80 亿美元的资本支出，用于扩展供应链、扩大基础设施和增加零售业务。我们还完成了 15 笔战略收购。这意味着平均每三到四周完成一笔收购。

We more than doubled the size of our capital return program to a $100 billion, including the largest share repurchase authorization in history and we become one of the largest dividend payers in the world.

我们将我们的资本回报计划扩大了一倍以上，达到了 1000 亿美元，其中包括有史以来最大规模的股票回购授权，我们成为了世界上最大的股息支付者之一。

In fact, we returned over $36 billion to shareholders to dividend and share repurchases in the last five quarters alone. We remain firmly committed to our objective of delivering attractive returns to shareholders through both our business performance and a return of capital. We review our capital program regularly and our orders engaged in the discussion of capital allocation on an ongoing basis.

事实上，仅在过去五个季度中，我们就通过股息和股份回购向股东返还了超过 360 亿美元。我们坚定地致力于通过业绩和资本回报为股东提供有吸引力的回报。我们定期审查资本计划，并持续参与资本配置讨论。

We have solicited feedback on our capital return program from shareholders in the past. We greatly appreciated their suggestions and we will actively seek their input again this year. As we’ve in the past, the Board and the Management team will consider a wide range of issues and be thoughtful and deliberate and we will announce any changes to our current program in the first part of the new calendar year.

我们过去已经征求股东对我们资本回报计划的反馈。我们非常感谢他们的建议，今年我们将积极寻求他们的意见。与以往一样，董事会和管理团队将考虑各种问题，并且会慎重考虑，我们将在新的日历年的第一部分宣布对我们当前计划的任何更改。

We are off to a great start in fiscal year ’14. We continue to be very confident in Apple’s future and we see significant opportunities ahead of us and both current product categories and new ones. We are participating in large and growing markets. Today smartphone penetration of the global handset market is only a little over 50%.

我们在 2014 财年有了一个很好的开端。我们对苹果的未来充满信心，看到我们面前有重大机遇，无论是在当前产品类别还是新产品类别。我们参与了庞大且不断增长的市场。如今，全球手机市场的智能手机渗透率仅略高于 50%。

The smartphone category is expected to grow significantly in the next few years from about 1 billion units per year this year to over 1.7 billion in 2017. And the tablet market is growing at an even faster way from about 225 billion units this year to over 400 million in 2017. We are continuing to invest in R&D and distribution, we’re expanding our geographic coverage and we’re building upon a phenomenal, but still very young retail store presence.

智能手机类别预计在未来几年内将显著增长，从今年的约 10 亿部增长到 2017 年的超过 17 亿部。平板电脑市场增长速度更快，从今年的约 2.25 亿部增长到 2017 年的超过 4 亿部。我们将继续投资于研发和分销，扩大地理覆盖范围，并建立在卓越但仍然非常年轻的零售店铺基础上。

We are also proud to be a force for good in the world beyond our products, whether its improving working conditions of the environment, standing up for human rights, helping eliminate AIDS or reinventing education, Apple is making substantial contributions to society.

我们也为成为世界上的一股善力而感到自豪，无论是改善工作条件、环境，捍卫人权，帮助消除艾滋病，还是重塑教育，苹果都在为社会做出重大贡献。

I would like to thank all of our customers and our long-term shareholders for their loyalty and I’d also like to thank Apple’s many talented employees who have worked tirelessly to bring us this far and who are passionately focused on making great products that enrich people’s lives.

我想感谢所有我们的客户和长期股东对我们的忠诚，我也想感谢苹果众多才华横溢的员工，他们不知疲倦地工作，让我们走到今天这一步，并且热情致力于打造出能够丰富人们生活的优秀产品。

I’d now turn the call over to Peter to discuss the details of the most recent quarter. Peter?

我现在将电话转给彼得，讨论最近一个季度的细节。彼得？

Peter Oppenheimer 彼得·奥本海默

Thank you, Tim. 谢谢你，蒂姆。

We are pleased to report the results of the final quarter of Apple’s fiscal year ’13 with record four quarter iPhone sales, driving our highest September quarter revenue ever.

我们很高兴地报告苹果财年'13 的最后一个季度的结果，创下了有史以来最高的九月季度收入，四个季度 iPhone 销量创纪录。

Revenue for the quarter was $37.5 billion, up $1.5 billion or 4% from the year-ago quarter, and slightly above the high end of the guidance range. Gross margin was 37% at the high end of our guidance range, and operating margin was $10 billion, representing 26.8% of revenue. Net income was $7.5 billion translating to diluted earnings per share of $8.26.

本季度收入为 375 亿美元，比去年同期增加 15 亿美元，增长 4%，略高于指导范围的高端。毛利率为 37%，处于我们指导范围的高端，运营利润为 100 亿美元，占收入的 26.8%。净收入为 75 亿美元，每股摊薄收益为 8.26 美元。

As for the details of the quarter, I would like to begin with iPhone. We sold 33.8 million iPhones compared to 26.9 million in the year-ago quarter, an increase of 6.9 million or 26% and a new September quarter record. iPhone sales were ahead of our expectations and grew stronger year-over-year in each of our geographic segments.

至于本季度的细节，我想从 iPhone 开始。与去年同期的 2690 万部相比，我们卖出了 3380 万部 iPhone，增加了 690 万部或 26%，创下了新的 9 月季度销售记录。iPhone 销量超出了我们的预期，在我们的各地理区段中，同比增长更为强劲。

We were particularly pleased with growth in a number of developing markets with unit sales up sharply year-over-year in Latin America, the Middle East, Russia and India. We were also very happy to add NTT Docomo to our carrier line up in Japan, a country where demand to iPhone has been especially strong.

我们特别高兴看到在拉丁美洲、中东、俄罗斯和印度等多个发展中市场，单位销量同比大幅增长。我们也非常高兴将 NTT DoCoMo 加入到我们在日本的运营商阵容中，日本是 iPhone 需求特别强劲的国家。

iPhone sales remain very robust in the U.S with comScore estimating that Apple was the leading smartphone manufacture with a 40.7% smartphone subscribership for the three months ending in August. And among North American customers polled by ChangeWave late last month, we plan to purchase the smartphone with a 90 days, 63% indicated they plan to purchase an iPhone.

iPhone 在美国的销售仍然非常强劲，comScore 估计，苹果是领先的智能手机制造商，截至 8 月底的三个月内，智能手机用户占比为 40.7%。上个月末由 ChangeWave 对北美客户进行的调查显示，计划在 90 天内购买智能手机的客户中，63%表示他们计划购买 iPhone。

We exited the quarter with about 14.3 million total iPhones in channel inventory, which represented a sequential increase of 3.3 million from the June quarter and placed us at the low end of our target range of 4 to 6 weeks of iPhone channel inventory on a look forward basis.

我们在本季度结束时的渠道库存中大约有 1430 万部 iPhone，这比六月季度增加了 330 万部，使我们的 iPhone 渠道库存处于目标范围的低端，目标范围为 4 至 6 周。

Customers are loving their iPhones. Based on the most recently published research, ChangeWave measured a 96% customer satisfaction rate among iPhone users and Kantar measured a 92% customer loyalty rate, significantly higher than the competition. And we believe that a great customer experience translates to much higher usage. In fact, Experian reported that iPhone users spend an average of 53% more time each day on their phone than android phone users.

客户们喜爱他们的 iPhone。根据最近发布的研究，ChangeWave 测得 iPhone 用户的 96%满意度，Kantar 测得 92%的客户忠诚度，远高于竞争对手。我们相信出色的客户体验会带来更高的使用率。事实上，Experian 报告称，iPhone 用户每天在手机上花费的平均时间比安卓手机用户多 53%。

iPhone continues to be a key productivity tool for organizations around the world aided by apps from the app store as well as those custom built for internal use. In fact, nearly 35,000 companies representing millions of employees worldwide are building custom apps that address specific workflow improvements with their iPhones and iPad users.

iPhone 继续成为全球组织的关键生产力工具，得益于应用商店中的应用以及为内部使用定制的应用。事实上，全球近 35,000 家公司代表数百万员工正在开发定制应用，以满足其 iPhone 和 iPad 用户的特定工作流程改进需求。

In the U.S., over 14,000 employees of Johnson Controls are using iPhones for work. The company has created in-house apps that have enhanced field technician service delivery and customer communications. In China, AVIC International, a unit of Aviation Industry Corporation of China has equipped 27,000 employees with iPhones to access internally developed apps for office, administrative documentation, approval processes in key business intelligent systems.

在美国，约有 14,000 名庄逊控制公司的员工正在使用 iPhone 进行工作。该公司开发了内部应用程序，提升了现场技术人员的服务交付和客户沟通。在中国，中国航空工业集团公司的子公司中航国际已经为 27,000 名员工配备了 iPhone，以便访问内部开发的应用程序，用于办公、行政文档、审批流程以及关键业务智能系统。

Turning to iPad, we sold 14.1 million iPads during the quarter compared to 14 million in the year-ago quarter. iPad sales exceeded our expectations in the September quarter as we approach our new product introductions. We experienced robust year-over-year sales growth in Japan, Russia, the Middle East and we were pleased with strong back-to-school demand for iPad in the U.S. and Canada. iPad sell-through was roughly equal to sell-in, so we exited the quarter with about 4.1 million units of iPad channel inventory within our target range of four to six weeks on a look-back basis.

转向 iPad，与去年同期相比，我们在本季度销售了 1410 万台 iPad，而去年同期为 1400 万台。在 9 月季度，iPad 销量超出了我们的预期，因为我们即将推出新产品。我们在日本、俄罗斯、中东地区经历了强劲的年度销售增长，并对美国和加拿大 iPad 迎来的强劲返校需求感到满意。iPad 的销售量大致等同于进货量，因此我们在本季度结束时的 iPad 渠道库存约为 410 万台，处于我们的目标范围内，即回顾基础上的四到六周。

Interest in iPad remains incredibly strong. In an August survey by ChangeWave, consumers who intend to purchase tablets within 90 days, 55% indicated they find the purchase of iPads more than four times the rate of the next most popular alternative. And of those who already own iPads, the survey measured a 99% customer satisfaction rate. The momentum of iOS devices in enterprise also remains incredibly strong.

对 iPad 的兴趣仍然非常强烈。根据 ChangeWave 在八月进行的一项调查，打算在 90 天内购买平板电脑的消费者中，55%的人表示他们购买 iPad 的速度是下一个最受欢迎替代品的四倍以上。而那些已经拥有 iPad 的人中，调查显示有 99%的客户满意度。iOS 设备在企业中的势头也依然非常强劲。

In its latest Mobility Index Report, Good Technology indicated that the iOS platform accounted for 95% of enterprise mobile app activations and 72% of all mobile device activations in the September quarter while iPad accounted for 90% of total tablet activations. Companies around the world are using iPads with custom apps to reinvent their legacy business processes; improving efficiencies across organizations and job sections.

在其最新的移动性指数报告中，Good Technology 表示 iOS 平台占企业移动应用激活的 95%，占 9 月季度所有移动设备激活的 72%，而 iPad 占总平板电脑激活的 90%。全球各地的公司正在使用带有定制应用程序的 iPad 来重新塑造其传统业务流程；提高组织和工作部门的效率。

For example, direct store delivery reps at Dr Pepper Snapple Group uses iPads to facilitate communications and streamline the product delivery process. East Japan Railway personnel use iPad Minis to stay informed about schedule changes and access conductor manual. And Swedish manufacturer SKS uses a custom iPad app to calculate the life of their ball bearing products saving 10 to 15 minutes per calculation for every engineer several times per day.

例如，百事可乐斯纳普尔集团的直接店铺交付代表使用 iPad 来促进沟通并简化产品交付流程。东日本铁路人员使用 iPad Mini 了解时间表变更并访问列车员手册。瑞典制造商 SKS 使用定制 iPad 应用程序来计算其滚珠轴承产品的寿命，每天为每位工程师节省 10 到 15 分钟的计算时间。

Schools around the world continue to adopt iPad to transform teaching and learning in the classroom. In the U.K. the number of iPads sold to K-12 schools has more than doubled year-over-year and in Latin America; over 70,000 iPads are being used by systemic learner students [ph] across 800 schools to improve their learning experience.

世界各地的学校继续采用 iPad 来改变课堂教学和学习。在英国，K-12 学校销售的 iPad 数量同比增长超过一倍，在拉丁美洲，超过 70,000 台 iPad 被 800 所学校的系统学习者使用，以提高他们的学习体验。

Here in the U.S., school districts continue to rollout large iPad initiatives to students. The Coachella Valley School District in California is currently distributing over 19,000 iPads to its entire student body. In South Carolina every one of the Horry County School District's 10,000 middle school students will receive an iPad this year. These broad deployments are in part driven by the great educational content available on iPad and we're pleased to report that iBooks textbooks are now available across the U.S., U.K. and Australian national high school curricula.

在美国，学区继续向学生推出大规模的 iPad 计划。加利福尼亚州的科切拉谷学区目前正在向其整个学生群体分发超过 19,000 台 iPad。南卡罗来纳州的霍里县学区的每一个 1 万名初中生今年都将收到一台 iPad。这些广泛的部署在一定程度上受到 iPad 上可用的出色教育内容的推动，我们很高兴地报告，iBooks 教科书现在已经在美国、英国和澳大利亚的国家高中课程中可用。

Last week we were thrilled to introduce new iPads featuring the A7 chip with 64-bit desktop-class architecture, ultrafast wireless and expanded LTE connectivity. The new iPad Air features a beautiful retina display in an elegant unit body design that is 20% thinner and 28% lighter than the fourth generation iPad and the iPad Mini with retina display packs all the pixels of the iPad Air into its stunning 7.9 inch display and runs over 475,000 iPad apps available in the app store.

上周，我们很高兴地推出了新的 iPad，配备了 A7 芯片，具有 64 位桌面级架构，超快的无线连接和扩展的 LTE 连接。新的 iPad Air 采用了美丽的 Retina 显示屏，设计上采用了优雅的一体化机身设计，比第四代 iPad 轻薄 20％，重量轻 28％，而配备 Retina 显示屏的 iPad Mini 将 iPad Air 的所有像素都装进了其惊艳的 7.9 英寸显示屏中，并可运行超过 475,000 款 iPad 应用程序，这些应用程序都可以在应用商店中获得。

Turning to Mac, sales with 4.6 million Macs were above our expectations, which is a 7% decline from the year-ago quarter. IDC estimates that the global personal computer market contracted by 10% during the September quarter indicating that Macs continues to gain share just as they have with 29 of the last 30 quarters. We were especially pleased with strong year-over-year growth in sales of MacBook Air which we updated in June. In late September we updated iMac with fourth generation Intel quad-core processors, new graphics, next generation Wi-Fi and faster PCIe flash storage options.

转向 Mac，销售额为 460 万台 Mac，超出了我们的预期，与去年同期相比下降了 7%。IDC 估计，全球个人电脑市场在 9 月季度收缩了 10%，表明 Mac 继续获得份额，就像在过去 30 个季度中的 29 个季度一样。我们对 MacBook Air 销售额的强劲同比增长感到特别满意，我们在 6 月更新了该产品。在 9 月底，我们更新了 iMac，配备第四代英特尔四核处理器、新图形、下一代 Wi-Fi 和更快的 PCIe 闪存存储选项。

Last week we launched new versions of MacBook Pro with retina display featuring fourth generation Intel core processors, faster graphics, long rate battery life and a more affordable price. Also last week we launched Mavericks, the 10th major release of OS X with more than 200 new features. Mavericks brings iBooks and Maps to the Mac, includes the new version Safari, enhances multi-display support, introduces Finder Tabs and Tags and delivers core technologies for breakthrough power efficiency and performance and is now free. We ended the quarter with Mac channel inventory that was just below our four to five week target range.

上周，我们推出了配备第四代英特尔核心处理器、更快图形、更长续航时间和更实惠价格的 MacBook Pro 新版本，配备视网膜显示屏。同样在上周，我们推出了 Mavericks，这是 OS X 的第十个主要版本，拥有超过 200 个新功能。Mavericks 将 iBooks 和 Maps 带到了 Mac，包括新版本 Safari，增强了多显示器支持，引入了 Finder 选项卡和标签，并提供了突破性的功耗效率和性能核心技术，现在免费。我们以低于四到五周目标范围的 Mac 渠道库存结束了本季度。

We continue to be very pleased with the growth of iTunes software and services in the strength of the Apple ecosystem. Our iTunes Stores generated record billings of $4.4 billion in the September quarter thanks to continued strong growth in sales of apps. The quarter's iTunes billings translated quarterly iTunes revenue $2.4 billion, up 15% from the year-ago quarter. The strong iTunes sales combined with other software and service revenue resulted in total quarterly revenue 4.3 billion from iTunes software and services, an increase of 22% year-over-year.

我们对 iTunes 软件和服务在苹果生态系统的实力中的增长非常满意。由于应用销售持续强劲增长，我们的 iTunes 商店在 9 月季度创下了 44 亿美元的历史记录。该季度的 iTunes 账单转化为季度 iTunes 收入 24 亿美元，比去年同期增长了 15%。强劲的 iTunes 销售与其他软件和服务收入相结合，使得 iTunes 软件和服务的季度总收入达到 43 亿美元，同比增长 22%。

Cumulative app downloads have reached 60 billion and our app developers have now earned 13 billion from sales to the App Store, half of which they've earned in the last year. We had a tremendously successful launch of iOS 7 last month with hundreds of millions of downloads in the first few days alone, making it the fastest software upgrade ever. Last week we reported nearly two-thirds of iOS devices were already running iOS 7; that's significantly higher than the percentage of users running the latest versions of other mobile operating systems. This rapid transition to the latest version of iOS not only means that more customers are having the most advanced experience possible but it also enables developers to offer their latest app innovations to hundreds of billions of users in a single software release.

累计应用下载量已达到 600 亿，我们的应用开发者目前已从 App Store 销售中赚取了 130 亿，其中一半是在过去一年中赚取的。上个月我们成功推出了 iOS 7，仅在头几天就有数亿次下载，成为有史以来最快的软件升级。上周我们报告称，将近三分之二的 iOS 设备已经在运行 iOS 7；这比其他移动操作系统最新版本的用户比例高得多。对最新版本 iOS 的快速过渡不仅意味着更多客户可以获得最先进的体验，还使开发者能够在单个软件发布中向数百亿用户提供他们最新的应用创新。

iOS offers something now for everyone with its great new design and features such as control center, AirDrop and iTunes Radio. In fact the number of unique listeners who have tried iTunes Radio is now 20 million and growing. iOS 7 also includes significant features that make iPhones and iPads more secure in users to manage in corporate environments, offering new ways to configure and deploy devices at scale.

iOS 现在为每个人提供了全新的设计和功能，如控制中心、AirDrop 和 iTunes Radio。事实上，尝试过 iTunes Radio 的独立听众数量现在已经达到 2000 万，并且还在增长。iOS 7 还包括一些重要功能，使 iPhone 和 iPad 在企业环境中更加安全，为用户提供了新的配置和大规模部署设备的方式。

New device management capabilities include control sharing of documents and attachments, App Store license management, wireless managed app setup and streamline mobile device management and enrollment. In terms of security, iOS 7 offers enterprise single sign-on, default third party app data protection and per app VPNs automatically connect stored corporate apps to the network without the need for users to change complicated settings.

新设备管理功能包括控制共享文档和附件、应用商店许可证管理、无线托管应用设置以及简化移动设备管理和注册。在安全方面，iOS 7 提供企业单一登录、默认第三方应用数据保护以及每个应用程序 VPN 自动连接存储的企业应用程序到网络，无需用户更改复杂设置。

I'd now like to turn to the Apple retail stores. The revenue for the quarter was 4.5 billion, up 6% from the year-ago quarter. The stores produced very strong iPhone sales with unit growth of 36% per store per week compared to the September quarter last year. W completed the remodels of two stores and opened eight new stores during the quarter ending with a total of 416 stores including 162 outside the United States. We are projecting a total of approximately 30 new store openings in fiscal year '14, about two-thirds of which will be outside U.S.

我现在想谈谈苹果零售店。本季度的收入为 45 亿美元，比去年同期增长了 6%。这些店铺的 iPhone 销售非常强劲，每家店每周的销量增长了 36%，与去年 9 月季度相比。我们完成了两家店铺的翻新，并在本季度开设了八家新店，截至目前共有 416 家店铺，其中包括 162 家位于美国以外的店铺。我们预计在 2014 财年将新开约 30 家店铺，其中约三分之二将位于美国以外。

We also plan to remodel about 20 stores over the course of fiscal year '14. With an average of 411 stores opened in the September quarter, average revenue per store was 10.9 million compared to 11.2 million in the year-ago quarter. Retail segment income was 709 million. We hosted 99 million visitors to stores during the quarter which translates to 18,500 visitors per store per week. Operating expenses were 3.8 billion and included 467 million in stock-based compensation expense. OI&E was 113 million and the tax rate for the quarter was 25.9%.

我们还计划在财政年度'14 期间对大约 20 家商店进行改造。9 月季度平均开设了 411 家商店，每家商店的平均收入为 1090 万美元，而去年同期为 1120 万美元。零售业务部门收入为 7.09 亿美元。在本季度，我们接待了 9900 万名访客，平均每家商店每周有 18500 名访客。运营费用为 38 亿美元，其中包括 4.67 亿美元的股票补偿费用。其他收入和支出为 1.13 亿美元，本季度税率为 25.9%。

Turning to our cash, we ended the quarter with 146.8 billion in cash plus short term and long term marketable securities, a sequential increase of $100 million from the June quarter. Our domestic cash was 35.5 billion at the end of the September quarter, a sequential decline of 5.2 billion largely attributable to our share repurchase activity. $111.3 billion or 76% of our total cash was offshore at the end of the September quarter, and cash flow from operations was $9.9 billion.

转向我们的现金，我们在本季度结束时拥有 1468 亿美元的现金加上短期和长期可变证券，与六月季度相比增加了 1 亿美元。我们在九月季度结束时的国内现金为 355 亿美元，较上一季度下降了 52 亿美元，主要归因于我们的股份回购活动。在九月季度结束时，我们总现金的 1113 亿美元或 76%是海外的，运营现金流为 99 亿美元。

We paid $2.8 billion in dividends in the quarter and we executed an additional $5 billion in repurchases up 10.4 million shares of Apple stock during the quarter. This brings us to a cumulative total of $36 billion in payments for dividends and share repurchases over the last five quarters of which share buybacks were $23 billion. This has resulted in cumulative retirement of almost 47 million shares and represents 5% of the total shares outstanding prior to the launch of our repurchase program. More than 44 million of these shares have been retired in the past two quarters alone.

我们在本季度支付了 28 亿美元的股息，并在本季度执行了另外 50 亿美元的回购，回购了 1040 万股苹果股票。这使我们在过去五个季度中的股息和股票回购累计总额达到 360 亿美元，其中股票回购金额为 230 亿美元。这导致了近 4700 万股的累计退市，占我们回购计划启动前总股本的 5%。在过去的两个季度中，已有超过 4400 万股被退市。

Finally given that our capital return program must be funded from domestic cash, and as a result of our payments to date, the cash that we can net domestically and return to shareholders to stop accumulating. In fact we give return to shareholders who invested essentially all of the increase in available net cash generated since the beginning of our capital return program in 2012. Our Board of Directors has declared a dividend of $3.05 for common share payable on November 14, 2013 to shareholders of record as in the close of this on November 11, 2013.

最终，鉴于我们的资本回报计划必须从国内现金资金支持，以及由于我们迄今为止的支付，我们可以在国内净现金并返还给股东以停止积累的现金。事实上，我们向投资者返还了自 2012 年我们的资本回报计划开始以来产生的可用净现金增加的几乎全部。我们的董事会已宣布每股普通股派息 3.05 美元，将于 2013 年 11 月 14 日支付给截至 2013 年 11 月 11 日收盘时的股东。

Now, as we move ahead into the December quarter, I would like to review our outlook which includes the types of forward-looking information that Nancy referred to in the beginning of the call. First, I was to explain a bit about revenue deferrals. We believe that our software and services play a tremendous role in delivering an overall experience that our customers have come to know and love. Over the last few years we have added significantly to the offering that we provide our customers a no incremental charge from operating system upgrade rights to non-software services such as Siri and iCloud.

现在，随着我们进入十二月季度，我想回顾一下我们的展望，其中包括南希在通话开始时提到的前瞻性信息类型。首先，我想解释一下收入递延的情况。我们相信，我们的软件和服务在提供客户已经熟悉和喜爱的整体体验方面发挥了巨大作用。在过去几年中，我们已经大幅增加了我们向客户提供的服务，从操作系统升级权利到像 Siri 和 iCloud 这样的非软件服务，而且没有额外收费。

So, iLife and iWork has become as essential for the user experience as mail, messages and calendar. So we’re now making iPhoto, iMovie, Pages, Numbers and Keynotes available as free downloads to customers who purchase new iOS devices and we’re also making Mavericks and future OS X upgrades as well as iLife and iWork free to our Mac customers. As a result of the traditional rights and features we are deferring a greater portion of the sale of each iOS device in Mac sold. We anticipate that the additional deferral per device sold coupled with our sequentially greater unit volume expectations in the December quarter will result in about a $900 million sequential increase in the net amount of revenue deferred for software upgrade rights and non-software services.

因此，iLife 和 iWork 已经成为用户体验中与邮件、消息和日历一样重要的部分。因此，我们现在将 iPhoto、iMovie、Pages、Numbers 和 Keynotes 作为免费下载提供给购买新 iOS 设备的客户，我们还将 Mavericks 和未来的 OS X 升级以及 iLife 和 iWork 免费提供给我们的 Mac 客户。由于传统权利和功能，我们将推迟每台 iOS 设备和 Mac 销售中更大比例的销售额。我们预计，每台设备销售额的额外推迟，加上我们在 12 月季度的单位销售量预期逐渐增加，将导致软件升级权利和非软件服务的推迟净额增加约 9 亿美元。

In total we expect revenue to be between $55 billion and $58 billion compared to $54.5 billion in the year ago quarter. We expect gross margins to be between 36.5% and 37.5% reflecting approximately a $105 million related to stock-based compensation expense. We expect OpEx to be between $4.4 billion and $4.5 billion including about $585 million related to stock-based compensation expense. We expect OI&E to be about $200 million and we expect the tax rate to be about 26.25%.

总体而言，我们预计收入将在 550 亿美元至 580 亿美元之间，而去年同期为 545 亿美元。我们预计毛利率将在 36.5%至 37.5%之间，反映了大约 1.05 亿美元与股票补偿费用相关。我们预计运营支出将在 44 亿美元至 45 亿美元之间，其中约 5.85 亿美元与股票补偿费用相关。我们预计其他收入和支出约为 2 亿美元，预计税率约为 26.25%。

In closing, we are very pleased with the results of the final quarter of our fiscal year ’13. We enter fiscal year ’14 with an incredible lineup of products including our amazing new iPhones and iPads. We remain committed to delivering great innovative products and services that delight our customers and enhance their lives, and we’re very confident in our new product pipelines.

在结束时，我们对我们财政年度'13 的最后一个季度的结果感到非常满意。我们以令人难以置信的产品阵容进入财政年度'14，包括我们令人惊叹的新 iPhone 和 iPad。我们致力于提供令客户满意并增强他们生活的伟大创新产品和服务，对我们的新产品管道非常有信心。

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

我想现在开始接受提问。

Nancy Paxton 南希·帕克斯顿

Thank you, Peter. And we ask that you limit yourself to one question and one follow-up. Operator, may we have the first question please?

谢谢，彼得。我们要求您限制自己只提一个问题和一个后续问题。操作员，请问第一个问题是什么？

Question-and-Answer Session

问答环节

Operator 操作员

(Operator Instructions) First we’ll go to Katy Huberty of Morgan Stanley.

（操作员指示）首先我们将转到摩根士丹利的凯蒂·哈伯蒂。

Katy Huberty – Morgan Stanley & Co. LLC

凯蒂·哈伯蒂 - 摩根士丹利证券有限公司

Thanks. Peter, I’m a little surprised your December quarter gross margin guidance isn’t even better given the increased total iPhone mix and also iPhone 5s within the iPhone line. I imagine there’s a lot of offsetting factors given the products that were launched last week. So, I just wonder if you can walk through some of the gross margin headwinds that you see in the December quarter.

谢谢。彼得，我有点惊讶，考虑到增加的 iPhone 总体混合和 iPhone 5s 在 iPhone 系列中，你的 12 月季度毛利率指引甚至不是更好。我想象上周推出的产品有很多抵消因素。所以，我只是想知道你是否可以详细说明你在 12 月季度看到的一些毛利率不利因素。

Peter Oppenheimer 彼得·奥本海默

Sure. We expect, as I said in my prepared remarks our gross margins to be between 36.5% and 37.5%. So, essentially inline with the September quarter we’re pleased to be guiding gross margin about flat sequentially given all the new products that we have launched in the last few weeks. During the quarter we expect gross margin to benefit from the leverage on the substantial sequential increase in revenue. Offsetting these benefits we see a few factors including the higher deferred revenue relating to the software that I talked about in my prepared remarks. And as I said we expect the sequential increase in our deferral which is not only revenue but affects margin as well to be $900 million. Second, a richer mix of new iPad’s with higher cost structures and lower pricing. Third, FX headwinds primarily from the Yen and fourth, the new lower priced MacBook Pro and iMac which have higher cost structures and credit structures. So those are four things that I would point out Katy.

当然。正如我在准备好的发言中所说，我们预计毛利率将在 36.5%和 37.5%之间。因此，基本上与 9 月季度持平，我们很高兴能够指导毛利率在最近几周推出的所有新产品中保持基本不变。在本季度，我们预计毛利率将受益于收入大幅增长所带来的杠杆效应。抵消这些好处的是，我们看到一些因素，包括我在准备好的发言中提到的与软件相关的更高递延收入。正如我所说，我们预计递延收入的顺序增长（不仅是收入，还影响利润）将达到 9 亿美元。其次，新 iPad 的成本结构更高，价格更低。第三，主要来自日元的外汇逆风，第四，新的价格更低的 MacBook Pro 和 iMac，它们具有更高的成本结构和信贷结构。所以这些是我要指出的四件事，凯蒂。

Katy Huberty – Morgan Stanley & Co. LLC

凯蒂·哈伯蒂 - 摩根士丹利证券有限公司

Okay, very helpful. Tim, the press and even some of your competitors are quite complementary of the innovation in iPhone 5s. But it seems like investors are looking or glancing over the 64-bit ARM processor, the fingerprint sensor, the M7 processor and part of this is that they’re not exactly sure what those technologies enable, i.e. why do you need a 64-bit ARM processor in a phone. So, just hoping you could enlighten us a little bit on that question.

好的，非常有帮助。蒂姆，媒体甚至一些竞争对手对 iPhone 5s 的创新非常赞赏。但似乎投资者们对 64 位 ARM 处理器、指纹传感器、M7 处理器有些忽视，部分原因是他们并不确定这些技术能够实现什么，即为什么手机需要 64 位 ARM 处理器。所以，希望您能在这个问题上给我们一点启发。

Tim Cook 蒂姆·库克

Well, I think everything that you mentioned Katy is the front end of a long road map and so we have the first 64-bit smarphone as you mentioned and this is our first use of the fingerprint sensor and if you’ve used it thus far you know that it's pretty profound to -- use it from a security point of view and use it also to purchase apps or music or movies et cetera. And so, both of these I think are the most important person here obviously is what our customers think and these new innovations on the 5s and the 5c combined led us to have our best iPhone launch ever with selling about nine million units through the weekend. So it was -- we’re off to a great start.

嗯，我认为凯蒂提到的一切都是漫长路线图的前端，所以我们有了你提到的第一款 64 位智能手机，这是我们第一次使用指纹传感器，如果你迄今为止已经使用过它，你会知道从安全角度使用它是相当深刻的，也可以用它来购买应用程序、音乐、电影等。因此，我认为这两点最重要的是我们的客户认为什么，这些 5s 和 5c 上的新创新结合在一起，使我们有史以来最成功的 iPhone 发布，周末销售了约 900 万部手机。所以，我们有了一个很好的开端。

Nancy Paxton 南希·帕克斯顿

Thank you, Katy. Can we have the next question please?

谢谢，凯蒂。我们可以请下一个问题吗？

Operator 操作员

We’ll go to Bill Shope with Goldman Sachs.

我们将与高盛的比尔·肖普合作。

Bill Shope - Goldman Sachs

比尔·肖普 - 高盛

Okay, great, thanks. Looking at the iPhone business as well, for the 5c there was some anticipation that the price point would be lower and there was obviously some debate around that when you launched it. Now that you had the device out there for a while, a few weeks; what type of response are you seeing from the most cost sensitive regions and can you remind us of some of the things you are doing to make the products increasingly affordable for the emerging regions in particular?

好的，太好了，谢谢。再看看 iPhone 业务，对于 5c，有一些人预期价格会更低，当你推出时显然有一些争论。现在你已经发布了这款设备一段时间了，几周；你看到了来自成本敏感地区的怎样的反应，你能提醒我们一些你正在做的事情，以使产品在新兴地区变得越来越负担得起吗？

Tim Cook 蒂姆·库克

Bill, its Tim. If you look at what we’ve done with our iPhone line, we’re selling the iPhone 4s as our entry offer. We’re selling the iPhone 5c as sort of a mid-tier offer and then of course the iPhone 5s. And our goal is to overall have growth worth for total iPhone, but also within that we want to have each of those categories grow as compared to the -- what we were doing previously. And so, if you take look at the total offers that we’re making and low-end space and mid-tier and high-end, the sum of all the price points we offer there we’d like to grow in each one of those and we’re really pleased that we did that, and so that’s how we measure partly measure success, because the most important thing for us is to make a great product, but we do need growth and we’re happy that we’ve seen that. I realize that some people were reading rumors about that the entry phone would be the 5c, but that was never our intent obviously. Our entry iPhone is the iPhone 4s and as you know from comments that I’ve made previously we were selling the iPhone 4 in very good volumes and as we began to experiment in different regions at somewhat lower price points we saw a fair amount of price elasticity and so we’re hoping and thinking that, that will continue with the 4s.

比尔，我是蒂姆。如果你看看我们在 iPhone 系列上所做的事情，我们将 iPhone 4s 作为我们的入门产品销售。我们将 iPhone 5c 作为一种中档产品销售，当然还有 iPhone 5s。我们的目标是整体增长 iPhone 的价值，但同时我们也希望每个类别都能增长，与之前相比。因此，如果你看看我们在低端、中档和高端所提供的所有价格点的总和，我们希望每个价格点都能增长，我们真的很高兴我们做到了，这就是我们部分衡量成功的方式，因为对我们来说最重要的是制造出优秀的产品，但我们确实需要增长，我们很高兴看到这一点。我意识到有些人在传闻中读到入门手机将是 5c，但这显然不是我们的意图。 我们的入门 iPhone 是 iPhone 4s，正如您从我之前发表的评论中所了解的，我们以非常好的销量销售 iPhone 4，并且当我们开始在不同地区以略低的价格点进行实验时，我们看到了相当大的价格弹性，因此我们希望并认为，这种情况将继续延续到 4s。

Bill Shope - Goldman Sachs

比尔·肖普 - 高盛

Okay. And then related to that somewhat looking at the iPhone ASP’s overall, last quarter you reminded us that the iPhone ASP and mix tends to be at its highest levels in the first few months of a product cycle and then tends to trend downward throughout the product cycle. Do you think we should assume similar patterns hold for this cycle or there is some unique factors we should consider particularly given the change in the product line?

好的。然后与此相关的是，略微看一下 iPhone 的平均销售价格，上个季度您提醒我们，iPhone 的平均销售价格和混合趋势在产品周期的最初几个月达到最高水平，然后在整个产品周期内趋于下降。您认为我们应该假设这个周期也会出现类似的模式，还是有一些独特因素我们应该考虑，特别是考虑到产品线的变化？

Tim Cook 蒂姆·库克

All things being equal what we would normally see on our products is that you have a large number of people that are early adopter related that come into the market right after we announced and buy our very best product. So other things being equal that's what we would expect to see.

一切条件相同的情况下，我们通常会看到的是，有大量与早期采用者相关的人群在我们宣布后立即进入市场并购买我们最好的产品。所以其他条件相同的情况下，这就是我们预期会看到的。

Bill Shope - Goldman Sachs

比尔·肖普 - 高盛

Okay, great. Thank you.

好的，太棒了。谢谢。

Tim Cook 蒂姆·库克

Yes. 是的。

Nancy Paxton 南希·帕克斯顿

Thanks, Bill. Can we have the next question please?

谢谢，比尔。我们可以请问下一个问题吗？

Operator 操作员

Next, we'll go to Tony Sacconaghi with Sanford Bernstein.

接下来，我们将与桑福德伯恩斯坦的托尼·萨科纳吉进行交流。

Antonio Sacconaghi - Sanford C. Bernstein

安东尼奥·萨科纳吉 - 桑福德 C.伯恩斯坦

Yes. Thank you. Tim, you commented in your initial remarks about new product categories. I think this was also something you were explicit about in your April quarterly conference call where you said that consumers and investors should expect new products, including new product categories in the second half of this year and first half of 2014. So can you reiterate that we should have that expectation? And when you talk about new product categories, I presume that since you made the statement in April, there have been none? I just want to make sure I understand the semantics of what you referred to as a new category?

是的。谢谢。蒂姆，你在最初的讲话中谈到了新产品类别。我记得你在四月季度电话会议中也明确表示，消费者和投资者应该期待在今年下半年和 2014 年上半年推出新产品，包括新产品类别。那么你能再次确认我们应该有这种期望吗？当你谈到新产品类别时，我假设自从你在四月份发表这一声明以来，还没有出现过新产品类别？我只是想确保我理解你所说的新类别的语义。

Tim Cook 蒂姆·库克

Tony, I didn't say in April that you would see them in this year and the first half of next year just to be clear on that. But what I have said is – I have said that you would see some exciting new products from us in the fall of this year and across 2014. And I obviously stand by that and you've seen a lot of things over the last couple of months. In terms of new product categories, specifically if you look at the skills that Apple has from hardware, software and services and at incredible app ecosystems, these set of things are very, very unique. I think no one has a set of skills like us and we obviously believe that we can use our skills in building other great products that are in categories that represent areas where we do not participate today. So we're pretty confident about that.

托尼，我并没有在四月份说过你会在今年和明年上半年看到它们，只是为了澄清这一点。但我所说的是 - 我说过你会在今年秋季和 2014 年看到我们推出一些令人兴奋的新产品。我显然坚持这一点，你在过去几个月里已经看到了很多东西。就新产品类别而言，具体来说，如果你看看苹果在硬件、软件和服务方面的技能，以及令人难以置信的应用生态系统，这些技能组合非常独特。我认为没有人拥有像我们这样的技能组合，我们显然相信我们可以利用我们的技能来打造其他优秀的产品，这些产品所属的类别是我们今天尚未参与的领域。所以我们对此相当有信心。

Antonio Sacconaghi - Sanford C. Bernstein

安东尼奥·萨科纳吉 - 桑福德 C.伯恩斯坦

Okay. As a follow-up I wanted to revisit the question your pricing strategy. Last quarter you spoke very buoyantly about elasticity that you experienced on the iPhone 4 and you had lowered the price in many emerging markets to about $400. Yet when the new products came out, the 4s was actually at a notably higher price than the 4 had been the previous quarter. The 5c was obviously in line with what we had seen before with the 4s and 5s was in line with the 5. So if anything one of the common themes that came out on last earnings call was the desire to embrace the elasticity of the iPhone, but as best I can tell price points across the board seem to be a little bit higher than they were three months ago despite the significant success you had there. So I'm wondering how we should think about what lessons you learned from the 4 pricing changes, why you didn't choose to keep the 4 given that it was an extraordinary strong seller as best we could tell last quarter and how you proceed – how you expect to try and continue to address the lower priced segments of the smartphone market?

好的。作为后续，我想重新审视您的定价策略问题。上个季度，您对 iPhone 4 上所经历的弹性表现非常乐观，并且在许多新兴市场将价格降至约 400 美元。然而，当新产品推出时，4s 的价格实际上比上个季度的 4 要高得多。5c 显然与之前的 4s 相符，5s 与 5 相符。因此，上一次财报电话中出现的一个共同主题是希望把握 iPhone 的弹性，但据我所知，尽管您在那里取得了显著的成功，但总体价格似乎比三个月前略高一些。因此，我想知道我们应该如何思考您从 4 定价变化中学到的教训，为什么您没有选择保留 4，考虑到据我们所知，它在上个季度是一个非常强劲的销售者，以及您将如何继续前进 - 您期望如何继续解决智能手机市场的低价段？

Tim Cook 蒂姆·库克

Tony, the 400 number just to clarify your number not mine, what we did with our lineup this time was the 4s is replacing the 4 and so if you look at the U.S. as an example, the 4s is now 3, the 4 previously was 3. When you translate that out of the U.S., it depends on the market as to what specifically is happening. As you know currency changes and the strength of the dollar doesn't play in our favor in some geos from that perspective. But generally we see the 4s as our entry iPhone offer that gives somebody the ability to access the entire ecosystem with a fantastic product. And we clearly understand that there is elasticity in that market and we'll move accordingly.

托尼，400 号码只是为了澄清你的号码，而不是我的号码，这次我们对阵容所做的是 4s 取代了 4，所以如果你以美国为例，4s 现在是 3，之前的 4 是 3。当你将这个转化到美国之外时，具体发生的情况取决于市场。正如你所知，货币变动和美元的强势并不总是对我们有利的。但总的来说，我们将 4s 视为我们的入门 iPhone 产品，让用户能够通过一个出色的产品访问整个生态系统。我们清楚地了解市场上的弹性，并将相应调整。

Nancy Paxton 南希·帕克斯顿

Thank you, Tony. Can we have the next question please?

谢谢，托尼。我们可以请下一个问题吗？

Operator 操作员

We'll hear from Ben Reitzes with Barclays.

我们将听到巴克莱的本·赖茨斯发言。

Ben Reitzes - Barclays Capital

本·赖茨 - 巴克莱资本

Hi. Thanks a lot. First question is on China. Tim, congrats on being I think the only company in my sector that grew in China this quarter. I'd have to check that but got to be one of them. You returned to growth I believe at 6%, if my math is right. What happened and do you see that growth rate accelerating? We're hoping you have new partnerships there and how can you expand distribution?

嗨。非常感谢。第一个问题是关于中国的。蒂姆，恭喜你成为我认为在这个季度在中国增长的唯一一家公司。我得去核实一下，但肯定是其中之一。我相信你的增长率达到了 6％，如果我的数学没错的话。发生了什么事？你认为增长率会加速吗？我们希望你在那里有新的合作伙伴关系，你如何扩大分销？

Tim Cook 蒂姆·库克

Yes. Ben we had a pretty good quarter in China. We obviously want to do better. But if you look at the quarter, we did grow by 6%. Underneath that, iPhone units were up 25% year-over-year despite significant constraints on iPhone 5s that affected the whole company [ph]. However, we were able to launch in our first round this time in China and that was a big change in the result of a close work relationship with the carriers in China and the government. And so we feel really good about that. We are able to do that on the iPad as well as we announced last week. For the full year, the Greater China region generated over $27 billion in sales for us, up 14% year-over-year. So we have a reasonable sized business there. In the year-ago quarter, iPad launched. It launched late in China and so that pressure, the 6% down some otherwise it would have been I think even a stronger quarter given the strength of iPhone. So we are continuing to invest in stores. We opened one additional store in Greater China in the last few weeks. We're investing in indirect distribution. Our point-of-sales are up by about 50% year-over-year on the iPhone and we're continuing to go out to more cities. Initially we were very focused on just the large cities and so we're working on both coverage on launching earlier and execution and continuing to build on our retail practice there.

是的。本季度我们在中国表现相当不错。显然，我们希望做得更好。但是如果你看这个季度，我们增长了 6%。在此之下，iPhone 销量同比增长了 25%，尽管 iPhone 5s 受到了影响整个公司的重大限制。然而，我们能够在中国首次推出，这是与中国运营商和政府密切合作的结果。因此，我们对此感到非常满意。我们也能在 iPad 上做到这一点，就像我们上周宣布的那样。对于整个年度，大中华地区为我们创造了超过 270 亿美元的销售额，同比增长了 14%。所以我们在那里有一个相当规模的业务。在去年同期，iPad 推出了。它在中国推出较晚，因此这种压力使得增长了 6%，否则我认为这个季度会更强劲，考虑到 iPhone 的实力。因此，我们继续投资于商店。在过去几周，我们在大中华地区开设了一家额外的商店。我们正在投资于间接分销。我们的 iPhone 销售点同比增长了约 50%，我们将继续走向更多城市。 最初，我们非常专注于大城市，因此我们正在努力提前推出覆盖范围，并继续在零售实践方面进行建设。

Ben Reitzes - Barclays Capital

本·赖茨 - 巴克莱资本

Okay. And I guess nothing to announce more but my second question is for Peter. There's some confusion around the revenue deferral and I was just hoping you could clarify it for gross margins. The $900 million is about – I don't know I guess 160 basis points if I have that right on gross margins. How much of that should we say is pressuring gross margin down in your guidance? I mean do we take about – would your gross margin guidance had been about half the difference there higher if it weren't for this revenue deferral? And then when do we recoup that margin? How many quarters does it take to recoup and how will that flow back to the model? Thanks.

好的。我想没有更多要宣布的，但我的第二个问题是给彼得。关于收入递延有一些混淆，我希望你能澄清一下毛利率。这 9 亿美元大约是-我不知道，我猜大约是毛利率的 160 个基点。其中有多少会对你的指导压低毛利率？我的意思是我们是否可以说-如果不是因为这个收入递延，你的毛利率指导会高出一半的差额？那么我们何时才能收回这个利润率？需要多少个季度才能收回，以及这将如何回流到模型中？谢谢。

Peter Oppenheimer 彼得·奥本海默

Sure, Ben. We have been defying revenues for the sale of each iOS device and Mac given that we have been providing updates to software. Given the announcements that we made last week and that I went through it in my prepared remarks, we have actually increased those deferrals. iPhone and iPad, we are differing between $15 and $25. That's up as much as $5 per device and Mac has been some $20 to $40, so up an additional $20. On a sequential basis, given the increased deferral rates that we have as a result of increase in the software that we are providing to customers for free coupled with our sequential unit increases, we will defer we think about $900 million more in revenue in the December quarter than we deferred in the September quarter. So you can calculate the impact to gross margin on that. We will also and that goes straight through the margin, its revenue and a dollar-for-dollar reduction in gross margin. We will then record that revenue that we’ve deferred for iOS devices across a two year period of time ratably and for Max over a four year period of time. So, Ben just to summarize, we happen to frame revenue on both iOS devices and Max for a number of years given the software that we have been giving away for free. We have increased those rates beginning in September for the iOS devices and in October for the Max, and it will come back into those products over two and four years as I said.

当然，本。自从我们开始提供软件更新以来，我们一直在挑战每台 iOS 设备和 Mac 的销售收入。考虑到我们上周宣布的消息，以及我在准备好的讲话中提到的内容，我们实际上增加了这些递延款项。iPhone 和 iPad，我们的递延款项在 15 到 25 美元之间。每台设备增加了多达 5 美元，而 Mac 的递延款项在 20 到 40 美元之间，额外增加了 20 美元。从顺序基础上看，由于我们提供给客户的免费软件增加以及我们的顺序单位增加，我们将在 12 月季度递延大约 9 亿美元的收入，比我们在 9 月季度递延的要多。因此，您可以计算出对毛利率的影响。我们还将在两年的时间内按比例记录我们为 iOS 设备推迟的收入，而对于 Mac，我们将在四年的时间内按比例记录。 所以，本只是为了总结一下，多年来，由于我们一直在免费提供的软件，我们碰巧在 iOS 设备和 Max 上产生了收入。我们从 9 月份开始提高了 iOS 设备的费率，从 10 月份开始提高了 Max 的费率，正如我所说的，这些费率将在两到四年内重新回到这些产品中。

Ben Reitzes - Barclays Capital

本·赖茨 - 巴克莱资本

Great, thanks. That’s a pretty good guide for gross margin if you take that out -- if you’re leaving that out. Thanks.

太好了，谢谢。如果你把那个去掉，那就是一个相当不错的毛利指南 -- 如果你要把那个去掉的话。谢谢。

Peter Oppenheimer 彼得·奥本海默

Ben, I’d just add on to that, thank you for saying it and I agree; and I would also say that we’re really happy to be guiding gross margin flat not only because of the deferral but in addition to all of the new products that we’ve introduced with higher cost structures and lower prices and we’ll -- no hard and fast commitments, but we’re going to work really hard to get down the cost curves as we have successfully in the past.

本，我只是想补充一下，谢谢你说出来，我同意；我还想说的是，我们非常高兴能够引导毛利率保持不变，不仅因为推迟，还因为我们推出了成本结构更高、价格更低的新产品，我们会努力降低成本曲线，就像我们过去成功做到的那样。

Ben Reitzes - Barclays Capital

本·赖茨 - 巴克莱资本

Thanks a lot. I appreciate it.

非常感谢。我很感激。

Nancy Paxton 南希·帕克斯顿

Thanks, Ben. Can we have the next question please?

谢谢，本。我们可以请下一个问题吗？

Operator 操作员

From Piper Jaffray, we’ll go to Gene Munster.

从派普杰弗瑞，我们将转向基因·蒙斯特。

Gene Munster - Piper Jaffray

基因·蒙斯特 - 派普杰弗瑞

Hey, good afternoon and just to make sure this is crystal clear here on the gross margin. It would have been about 38.5% would have been the mid point of the guide excluding the change to deferral, is that correct Peter?

嘿，下午好，只是为了确保这一点在毛利方面非常清楚。如果不考虑推迟变更，指导中间点大约为 38.5%，彼得，这正确吗？

Peter Oppenheimer 彼得·奥本海默

Probably in that range, Gene. I didn’t do it precisely, but you can take the $900 million that we’re deferring across the revenue range as we did the math.

可能在那个范围内，吉恩。我没有精确地做，但你可以把我们推迟的 9 亿美元作为收入范围，就像我们做数学一样。

Gene Munster - Piper Jaffray

基因·蒙斯特 - 派普杰弗瑞

Okay, great. And then beyond the December quarter in terms of structural elements around the iPhone gross margin, a couple of years ago with the 4s we saw the launch and then we saw the margins ramp kind of nicely after the launch. I know you’re not giving guidance beyond the December quarter, but are there some structural things that have changed the profitability of the iPhone it would be good to know as we think about our models in 2014.

好的，很好。然后在 12 月季度之后，就 iPhone 毛利结构要素而言，几年前，我们看到了 4s 的推出，然后在推出后我们看到了毛利率的逐步增长。我知道你们在 12 月季度之后不会提供指导，但是有一些结构性的事情改变了 iPhone 的盈利能力，了解这些事情对我们在 2014 年考虑我们的模型会很有帮助。

Peter Oppenheimer 彼得·奥本海默

I don’t know if there’s any structural difference’s, but I’ll make a couple of comments and I’m not giving guidance beyond the December quarter but just a couple of things to think about. We’re benefiting this quarter as I talked about in answering Katy’s question from the benefits of leverage given the very big sequential increase in revenue. Leverage cut both ways, so presumably that would go against us in the March quarter. However we would expect to defer less for the software deferrals in the March quarter as well. And as I noted at the end of Ben’s question, we will endeavor to work very hard to get down cost curves as we have in the past, no change.

我不知道是否有任何结构上的差异，但我会做一些评论，我不会在 12 月季度之后提供指导，只是一些需要考虑的事情。正如我在回答凯蒂的问题时所说，我们在这个季度受益于杠杆效应，由于收入大幅增长。杠杆效应有利有弊，所以在三月季度可能会对我们不利。然而，我们预计在三月季度对软件递延的递延会更少。正如我在本的问题结束时所指出的，我们将努力降低成本曲线，就像我们过去所做的那样，没有变化。

Gene Munster - Piper Jaffray

基因·蒙斯特 - 派普杰弗瑞

Okay. And then my follow-up question, in terms of the iPad and the Mini price change I guess just broader thinking around the iPad we’ve seen some fluctuations in the growth rate. How do you think about that segment in terms of growing at or above or below market growth rates around tablets? And separately is there any differences in terms of how often people are upgrading their iPad’s versus the iPhone’s, it feels like they’re upgrading them every three years versus a little bit over every two years for the iPhone, is that accurate. So, the size of the opportunity and then maybe just any sort of nuances and the upgrade behaviors between the iPhone and the iPad.

好的。然后我的后续问题是，关于 iPad 和 Mini 价格变动，我想更广泛地思考 iPad，我们已经看到增长率有所波动。您如何看待这一部分在平板电脑市场增长率之上、之下或之下的增长？另外，人们升级 iPad 的频率与 iPhone 有何不同，感觉他们每三年升级一次 iPad，而 iPhone 每两年多一点，这准确吗？因此，机会的规模，然后也许只是 iPhone 和 iPad 之间的升级行为之间的任何细微差别。

Tim Cook 蒂姆·库克

Gene, its Tim. We continue to view the tablet market as huge. We see it as a large opportunity for us. We are not solely focused on unit share as I’ve said many times, but we’re focused on usage in customer’s side, the loyalty and other things that are very important to us. We do believe that this has been or the announcement last week was our largest iPad announcement ever and we’re confident we’re going to grow year-over-year, and if you look back we had a very, very strong quarter a year ago. We get off to a great start this weekend with iPad Air. And then later in the months we’ll begin shipping the new Mini. We do feel that we wanted to reduce the price of the iPad Mini and so we did that and now we’re coming in at $299 which is an incredible value to get access to the whole of the ecosystem and so forth. And iPad Air is just, it's absolutely incredible product, the best iPad we have ever done. And so, I think all of these are – [ph] thus these products are going to do really well. I think it’s going to be an iPad Christmas and -- but we will see, we will report the numbers back to you in January how we did, but we are pretty confident.

基因，是 Tim。我们继续认为平板电脑市场是巨大的。我们将其视为一个巨大的机遇。正如我多次所说的，我们并不仅仅关注市场份额，而是关注客户端的使用、忠诚度和其他对我们非常重要的事情。我们确信，上周的宣布是我们有史以来最大的 iPad 宣布，我们有信心会实现年度增长，如果回顾一下，一年前我们有一个非常强劲的季度。我们在这个周末以 iPad Air 取得了一个很好的开端。然后在接下来的几个月里，我们将开始发货新的 Mini。我们觉得我们想要降低 iPad Mini 的价格，所以我们做到了，现在我们的价格是 299 美元，这是一个令人难以置信的价值，可以访问整个生态系统等等。iPad Air 只是一个绝对令人难以置信的产品，是我们迄今为止做过的最好的 iPad。所以，我认为所有这些产品都会做得非常好。我认为这将是一个 iPad 圣诞节，但我们会看到的，我们会在一月向您报告数字，我们对此非常有信心。

Nancy Paxton 南希·帕克斯顿

Thanks, Gene. Could we have the next question please?

谢谢，吉恩。我们可以请下一个问题吗？

Operator 操作员

From Cross Research, we will go to Shannon Cross.

从 Cross Research，我们将前往 Shannon Cross。

Shannon Cross - Cross Research

香农·克罗斯 - 克罗斯研究

Thank you very much. Tim, can you talk a bit more about your decision to offer the Mac OS for free and provide iWork and iLife with new device purchases? How are you thinking about it vis-à-vis some of the competition?

非常感谢。Tim，你能再多谈谈你决定免费提供 Mac OS 并在购买新设备时提供 iWork 和 iLife 的想法吗？你是如何考虑与一些竞争对手相比的？

Tim Cook 蒂姆·库克

Our primary reason for doing it Shannon was that we wanted it to become a part of what it meant to own a Mac and what it meant to own an iOS device. We saw iWork had become the best selling productivity app on a mobile device. We wanted all of our customers to have access to our very latest software, so they would have access to our best features. And so we decided to make the bold move of making it free and I know some other folks charge a $199 or so for each of these actually for the OS and the productivity apps. But we really wanted to make it a part of the experience and so we are making it free and we are going back all the way to Snow Leopard on the OS side and iWork is free for all new Macs and so I think it’s a very strong offer, I think it’s just another reason that everyone should buy Mac and we think it was great decision to do so, but most importantly we think it’s great for customers.

我们之所以这样做，Shannon，是因为我们希望它成为拥有 Mac 和拥有 iOS 设备的含义的一部分。我们看到 iWork 已经成为移动设备上最畅销的生产力应用程序。我们希望所有客户都能访问我们最新的软件，这样他们就可以使用我们最好的功能。因此，我们决定大胆地将其免费提供，我知道其他一些人实际上为每个操作系统和生产力应用程序收取大约 199 美元。但我们真的希望将其作为体验的一部分，所以我们将其免费提供，并且我们将操作系统方面一直回溯到 Snow Leopard，iWork 对于所有新的 Mac 都是免费的，所以我认为这是一个非常有力的优惠，我认为这只是每个人应该购买 Mac 的另一个理由，我们认为这是一个很好的决定，但最重要的是我们认为这对客户来说是很好的。

Shannon Cross - Cross Research

香农·克罗斯 - 克罗斯研究

Great. And then -- I just had a question on education which somewhat ties into this since iWork and iLife I think are some of these operating systems run through that, I’m curious with the -- what your thoughts are with regard to Chromebook Google apps, any kind of foothold that we are seeing with Google taking share in education because as we’ve seen some of the price points for the devices are pretty low, but clearly you guys are able to sell into education as well. So I’m kind of curious as to how you view the competition and how you position your products vis-à-vis some of the things that are fairly low priced?

很好。然后 - 我对教育有一个问题，这与 iWork 和 iLife 有些关联，我认为这些操作系统是通过它们运行的，我很好奇 - 关于 Chromebook Google 应用程序，我们是否看到 Google 在教育领域占据了一定的市场份额，因为我们已经看到一些设备的价格相当低，但显然你们也能够在教育领域销售。所以我很好奇你们如何看待竞争，以及你们如何定位你们的产品与一些价格相当低的产品相比？

Tim Cook 蒂姆·库克

It’s a good question. We had our best education quarter ever. We went over a $1 billion in revenues for the first time ever. We were up strongly year-over-year up 8%. iPad was up 22% year-over-year and the Mac was up 8% and as you know the PC market was down 10% in the aggregate and likely down even more in education. And so we feel like we’re doing great on both fronts, both in the iPad space and in the Mac space for people wanting to buy Mac. And we do see Chromebook’s in some places, but the vast majority of people are buying PC/Mac or an iPad. Our share of tablet in education is 94%. I mean it’s -- yeah, it’s sort of unheard of. I have never seen a market share that high before. So we feel like we are doing really well here and are great to be making -- feel great to be making a contribution to education.

这是一个很好的问题。我们有史以来最好的教育季度。我们首次实现了超过 10 亿美元的收入。我们同比增长了 8%。iPad 同比增长了 22%，Mac 同比增长了 8%，正如您所知，PC 市场总体下降了 10%，在教育领域可能下降得更多。因此，我们觉得我们在 iPad 领域和 Mac 领域都做得很好，人们想购买 Mac。我们确实在一些地方看到 Chromebook，但绝大多数人购买的是 PC/Mac 或 iPad。我们在教育领域的平板电脑份额为 94%。我是说，这是--是的，这几乎是前所未有的。我以前从未见过如此高的市场份额。因此，我们觉得我们在这里做得非常好，很高兴能为教育事业做出贡献。

Shannon Cross - Cross Research

香农·克罗斯 - 克罗斯研究

Thank you. 谢谢。

Nancy Paxton 南希·帕克斯顿

Thank you, Shannon. The next question please.

谢谢，Shannon。请问下一个问题。

Operator 操作员

Next from UBS, we will go to Steve Milunovich.

接下来我们将从瑞银转到史蒂夫·米卢诺维奇。

Steve Milunovich - UBS Securities

史蒂夫·米卢诺维奇 - 瑞银证券

Thanks. Could you talk a little bit about the supply side? There has been some thoughts that the fingerprint technology has been a little bit hard to manufacture and you indicated that the Retina mini would be out later in November. So kind of curious, if you’re going to be able to lead the demand for the holidays with the mini that you would like to or may be some general supply comments and also comments on component cost.

谢谢。你能谈一下供应端吗？有一些人认为指纹技术有点难以制造，你提到 Retina mini 将在 11 月底推出。所以有点好奇，你是否能够在假期用 mini 引领需求，或者可能有一些一般的供应评论，还有关于零部件成本的评论。

Tim Cook 蒂姆·库克

Sure. Steve it’s Tim. In terms of supply, iPhone 5s into the quarter with a very significant backlog. We are still -- we still have a significant backlog. However, our supply is building each week and we’re -- we’ve been -- and we’re very confident of our ability to keep ramping and so we rolled out 30 more countries with the iPhone 5s and 5c as of last Friday and we'll roll out another 16 this week. And so we're right on where we would like to be in terms of achieving 100 countries by the end of the calendar year. In terms of the retina or the iPad Mini with the retina display, we'll start shipping later in November. It's unclear whether we will have enough for the quarter or not. We now have mini – we will have but you really don't know the demand until after you start shipping and so we'll see how that goes. But I think we'll do fairly well with iPad as I had mentioned before. We felt like it's going to be a really great holiday season. On terms of component cost, both DRAM and NAND were up last quarter from the previous quarter. DRAM we believe will continue to be up in this quarter. We think NAND will be flat and other commodities will fall sequentially.

当然。史蒂夫，我是蒂姆。就供应而言，iPhone 5s 在本季度有非常显著的积压。我们仍然——我们仍然有大量积压。然而，我们的供应每周都在增加，我们——我们一直在增加——我们对于我们保持增长的能力非常有信心，所以上周我们在 30 个国家推出了 iPhone 5s 和 5c，本周我们将再推出 16 个国家。因此，我们正按照我们希望的计划，力争在本年度末达到 100 个国家。就视网膜或带视网膜显示屏的 iPad Mini 而言，我们将在 11 月底开始发货。目前尚不清楚我们本季度是否会有足够的货物。我们现在有迷你——我们将会有，但在开始发货之后才能了解需求，所以我们将看看情况如何。但我认为我们在 iPad 方面会做得相当不错，正如我之前提到的那样。我们觉得这将是一个非常棒的假日季。在零部件成本方面，上个季度的 DRAM 和 NAND 都比上个季度上涨。我们认为 DRAM 在本季度将继续上涨。我们认为 NAND 将保持不变，其他商品将按顺序下降。

Steve Milunovich - UBS Securities

史蒂夫·米卢诺维奇 - 瑞银证券

Okay. And then Peter, about a year ago you indicated that the December quarter would benefit by about 200 basis points in gross margin due to a combination of mix shift toward phones and higher volume. Is that the sort of uplift you would expect from those factories this December quarter?

好的。然后彼得，大约一年前，您表示 12 月季度由于手机向高端转变和更高的销量组合，毛利率将受益约 200 个基点。这种提升是您预期在今年 12 月季度从这些工厂获得的吗？

Peter Oppenheimer 彼得·奥本海默

Steve, I don't want to put a precise amount on it but we – I see us benefiting from a couple of things in the quarter; the leverage on the higher revenue by far being the biggest. As Tim mentioned, we expect to have a positive commodity environment and selling iPhones is never a bad thing from the margin perspective.

史蒂夫，我不想给出一个精确的金额，但我们——我看到我们在本季度从几件事情中受益；远远最大的是更高收入的杠杆作用。正如蒂姆所提到的，我们预计将拥有一个积极的大宗商品环境，从利润角度来看，销售 iPhone 从来都不是一件坏事。

Steve Milunovich - UBS Securities

史蒂夫·米卢诺维奇 - 瑞银证券

Thanks. 谢谢。

Nancy Paxton 南希·帕克斯顿

Thank you, Steve. Can we have the next question please?

谢谢，史蒂夫。我们可以请下一个问题吗？

Operator 操作员

We'll go to Mark Moskowitz with JPMorgan.

我们将与摩根大通的马克·莫斯科维茨联系。

Mark Moskowitz - JPMorgan

马克·莫斯科维茨 - 摩根大通

Yes. Thanks. Good afternoon. The first question for Tim just regarding the channel inventory levels of 14.3 million for the iPhone, much higher than we've seen in the quarters past. Is there similar sort of message there in terms of you not having much broader coverage in terms of incremental coverage or is there a much bigger incremental upgrade cycle from your installed base or both?

是的。谢谢。下午好。关于 iPhone 的渠道库存水平达到了 1430 万，比我们过去几个季度看到的要高得多。在这方面是否有类似的信息，即您在增量覆盖方面没有太广泛的覆盖，或者您的安装基础有更大的增量升级周期，还是两者兼而有之？

Tim Cook 蒂姆·库克

I think the way – the number one thing to know on the channel inventory is that our range as you know for iPhone is four to six weeks and we were at the low end of our range. And so that to me is the most – that's the most important thing I look at anyway I should say. You can choose to look at the thing that's most important to you. In terms of a changing from where it's been in the past, the things that you should consider are the – China was in wave one this year, so there was a lot more point-of-sales there. We added DOCOMO in Japan. And so that's a large carrier to add. And what probably were not in the opening comments was that of the 14 million, 1.8 million of those were iPhones that were in transit and therefore not available to sale in the channel. And we always count those in channel inventory because they are in our sales line. And so that's how I look at the iPhone inventory.

我认为在渠道库存上要知道的第一件事是，正如你所知，我们 iPhone 的库存范围是四到六周，而我们处于范围的低端。对我来说，这是最重要的事情，无论如何我应该说。你可以选择看对你最重要的事情。就过去的变化而言，你应该考虑的事情是，中国今年是第一波，所以那里有更多的销售点。我们在日本增加了 DOCOMO。这是一个重要的运营商。而在开场白中可能没有提到的是，在 1400 万部 iPhone 中，180 万部是在运输途中，因此无法在渠道中销售。我们总是将这些计入渠道库存，因为它们在我们的销售线上。这就是我看待 iPhone 库存的方式。

Mark Moskowitz - JPMorgan

马克·莫斯科维茨 - 摩根大通

Okay. And then just a follow-up, if I could. A year ago you had a very ambitious multi-product ramp in terms of new products coming out. At the same time you did have some impacts related to supply constraints. Just to kind of follow up on Steve's question. Do you feel that four months later, fast forward to the future now that you're in a much better shape to kind of avert or navigate some of these big supply constraints that inflicted some problems on you last year or can we see a similar situation as we move to the quarter?

好的。然后我想再跟进一下。一年前，您推出了一项非常雄心勃勃的多产品推出计划。与此同时，您确实受到了供应限制的影响。就像跟进史蒂夫的问题一样。您觉得四个月后，快进到现在，您是否已经处于更好的状态，能够避免或应对去年给您带来问题的一些重大供应限制，或者我们在本季度移动时是否会看到类似的情况？

Tim Cook 蒂姆·库克

As I mentioned on the iPhone 5s I feel like we're doing really well on supply. The demand is very robust. And so we are in backlog right now. But I feel confident about us continuing to ramp and do quite well for the quarter. On the iPad Mini we'll start shipping later this month and it's very difficult to forecast exactly when supply and demand will balance there. We'll also see about the iPad Air as we go out this week. I think we'll have a really good weekend. It may be that not everyone can find what they want more [ph]. I think versus last year I think one key difference is we announced one of our key Macs, the iMac but we didn't begin shipping until the end of December. And so we went for more than two months with minimal iMac sales and therefore from a Mac point of view year-over-year last year, we had – our only down a quarter, down versus the market that is in the last 30 quarters. And so I don't envision that happening this year. I feel really good about the way the MacBook Pros have gotten off last week. They've gotten off to a huge start. I feel great about Mac growing year-over-year this quarter. I feel great about iPad growing year-over-year this quarter as well. You can tell that from the strong guidance numbers that Peter gave earlier.

正如我在 iPhone 5s 上提到的，我觉得我们在供应方面做得非常好。需求非常强劲。因此，我们目前处于积压状态。但我对我们继续加速并在本季度表现出色感到自信。至于 iPad Mini，我们将在本月晚些时候开始发货，很难准确预测供需何时平衡。本周我们还将看到 iPad Air 的情况。我认为我们将度过一个非常好的周末。可能并非每个人都能找到他们想要的更多[ph]。与去年相比，我认为一个关键的区别是我们宣布了我们的一款关键 Mac 产品 iMac，但直到 12 月底才开始发货。因此，我们在两个多月内几乎没有 iMac 销售，因此从 Mac 的角度来看，去年同比，我们有一个季度下降，与市场相比，过去 30 个季度中的最后一个季度下降。因此，我不认为今年会发生这种情况。我对 MacBook Pro 上周的表现感到非常满意。它们取得了巨大的开端。我对 Mac 在本季度同比增长感到非常满意。我对 iPad 在本季度同比增长也感到非常满意。 您可以从彼得之前提供的强有力的指导数字中看出。

Nancy Paxton 南希·帕克斯顿

Thank you, Mark. Can we have the next question please?

谢谢，马克。我们可以请下一个问题吗？

Operator 操作员

We'll go to Chris Whitmore with Deutsche Bank.

我们将与德意志银行的克里斯·惠特莫尔会面。

Chris Whitmore - Deutsche Bank

克里斯·惠特莫尔 - 德意志银行

Thanks very much. I wanted to ask about iPhone ASPs. They were down about 7% year-on-year in the quarter and down sequentially. Last year they were up sequentially on the launch. Was that a product supply availability issue? And how do you think about ASPs going forward?

非常感谢。我想问一下 iPhone 的 ASP。该季度同比下降约 7%，环比也有所下降。去年在发布时环比上升。这是产品供应可用性问题吗？您如何看待未来的 ASP？

Peter Oppenheimer 彼得·奥本海默

Chris, it's Peter. Sequentially we were relatively flat, so I'll comment on a year-over-year basis. They were down 7% as you indicated and this was primarily due to a significant increase in the sales of our entry SKUs where we had made them more affordable to attract more first-time smart buyers. We've also encouraged some FX headwinds from the yen, the Australian dollar and a number of the emerging markets which impacted us as well. I don't want to forecast ASPs for the December quarter. We'll report to you in January what they were. But the FX headwinds will likely continue given where exchange rates are today.

克里斯，我是彼得。按顺序来说，我们相对平稳，所以我会基于同比年份进行评论。正如你所指出的，他们下降了 7%，这主要是由于我们入门级 SKU 销量显著增加，我们将它们定价更实惠，以吸引更多首次购买者。我们还受到了来自日元、澳大利亚元和一些新兴市场的汇率波动的影响。我不想预测 12 月季度的 ASP。我们会在 1 月向您报告。但是，考虑到当前的汇率情况，汇率波动可能会继续。

Chris Whitmore - Deutsche Bank

克里斯·惠特莫尔 - 德意志银行

And just to follow-up on Mark's earlier question around channel inventories, that 14 million unit number was I think higher than a lot of people expected. Was that also SKU-ed [ph] towards the low end of the product stack given the 5s was short exiting the quarter?

关于马克早前提到的渠道库存问题，那个 1400 万台的数字我认为比很多人预期的要高。这也是因为 5s 在季度结束时库存短缺，这个数字也是针对产品系列的低端 SKU 吗？

Tim Cook 蒂姆·库克

The 5s was in huge backlog and so any kind of 5s that was in the channel was a transitionary kind of move – maybe perhaps in transit and so forth. We did have as I mentioned before, we had 1.8 million units of total iPhone units in transit at the end of the quarter. So that's a pretty substantial number.

5s 手机积压严重，因此任何渠道中的 5s 都是一种过渡性的举措 - 可能是在运输途中等等。正如我之前提到的，我们在季度末有 180 万部 iPhone 手机在运输途中。这是一个相当可观的数字。

Chris Whitmore - Deutsche Bank

克里斯·惠特莫尔 - 德意志银行

And just lastly I wanted to ask about subsidies. That wasn't mentioned as a potential impact to phone margins but can you comment on carrier subsidies more generally? How sustainable are they given the competitive environment and how are carriers responding to the pricing stack of your phone line? Thanks a lot.

最后我想问一下关于补贴的问题。虽然在电话利润的潜在影响中没有提到，但您能否就运营商的补贴发表一下看法？鉴于竞争环境，它们的可持续性如何？运营商如何应对您的电话产品线的定价结构？非常感谢。

Peter Oppenheimer 彼得·奥本海默

I think carriers like to sell as many units as they can and get as many people in their service. And in most regions walk into the un-serviced contracts and so they're very predictable and reliable and I don't really see that changing. I think the carriers have come up with some different or some carriers have come up with different sales programs that might appeal to someone who wants to upgrade their phone annually instead of every other year. I think those programs in general probably reduce the subsidy somewhat in the aggregate for people that take these up. But customers may due to such a fair exchange for getting the upgrade more often, so there's a customer proposition for it. Other than that I think we have great relationships with the carriers. I think they were as we were very happy with the iPhone rollout.

我认为运营商喜欢尽可能多地销售单位，并吸引尽可能多的用户使用他们的服务。在大多数地区，他们签订未服务合同，因此他们非常可预测和可靠，我认为这种情况不会改变。我认为运营商已经推出了一些不同的销售计划，可能会吸引那些想每年升级手机而不是每两年升级的人。我认为总体上，这些计划可能会在一定程度上减少补贴，但由于客户可能因为更频繁地升级而感到公平，因此对于客户来说是一种交换。除此之外，我认为我们与运营商有着良好的关系。我认为他们对 iPhone 的推出非常满意。

Nancy Paxton 南希·帕克斯顿

Thank you, Chris. A replay of today’s call will be available for two weeks as a podcast on the iTunes Store, 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. Please enter confirmation code 5599516. These replays will be available by approximately 5.00 PM Pacific Time today. Members of the press with additional questions can contact Steve Dowling at 408-974-1896 and financial analysts can contact Joan Hoover or me with additional questions. Joan is at 408-974-4570, and I’m at 408-974-5420. Thanks again for joining us.

谢谢，克里斯。今天的通话重播将作为播客在 iTunes 商店上提供两周，作为网络直播在 apple.com/investor 上提供，并通过电话，电话重播的号码是 888-203-1112 或 719-457-0820。请键入确认代码 5599516。这些重播将在今天太平洋时间下午 5 点左右提供。有额外问题的新闻记者可以联系史蒂夫·道林，电话号码为 408-974-1896，财务分析师可以联系琼·胡佛或我，电话号码为 408-974-4570。我在 408-974-5420。再次感谢您的加入。

Operator 操作员

Ladies and gentlemen that does conclude today’s presentation. We do thank everyone for your participation.

女士们先生们，今天的演示到此结束。我们感谢大家的参与。