2016-10-25 Apple Inc. (AAPL) Q4 2016 Earnings Call Transcript
Apple, Inc. (NASDAQ:AAPL) Q4 2016 Earnings Call October 25, 2016 5:00 PM ET
苹果公司（NASDAQ：AAPL）2016 年第四季度收益电话会议于 2016 年 10 月 25 日下午 5:00 举行。
Executives 高管
Nancy Paxton - Apple, Inc.
南希·帕克斯顿 - 苹果公司。
Timothy Donald Cook - Apple, Inc.
蒂莫西·唐纳德·库克 - 苹果公司。
Luca Maestri - Apple, Inc.
卢卡·马埃斯特里 - 苹果公司。
Analysts 分析师
Eugene Charles Munster - Piper Jaffray & Co.
尤金·查尔斯·蒙斯特 - 派普杰弗瑞公司
Kathryn Lynn Huberty - Morgan Stanley & Co. LLC
凯瑟琳·林恩·休伯蒂 - 摩根士丹利证券有限公司
Shannon S. Cross - Cross Research LLC
Antonio M. Sacconaghi - Sanford C. Bernstein & Co. LLC
安东尼奥·M·萨科纳吉 - 桑福德·C·伯恩斯坦有限责任公司
Simona K. Jankowski - Goldman Sachs & Co.
西蒙娜·J·詹科夫斯基 - 高盛集团及公司
Steven M. Milunovich - UBS Securities LLC
史蒂文·M·米卢诺维奇 - 瑞银证券有限责任公司
Wamsi Mohan - Bank of America Merrill Lynch
万西·莫汉 - 美国银行美林证券
James D. Suva - Citigroup Global Markets, Inc. (Broker)
詹姆斯·D·苏瓦 - 花旗环球市场公司（经纪人）
Rod B. Hall - JPMorgan Securities LLC
罗德·霍尔 - 摩根大通证券有限责任公司
Operator 操作员
Good day everyone and welcome to this Apple, Incorporated Fourth Quarter Fiscal Year 2016 Earnings Release Conference Call. Today's call is being recorded. At this time, for opening remarks and introductions, I would like to turn the call over to Nancy Paxton, Senior Director of Investor Relations. Please go ahead, ma'am.
大家好，欢迎参加苹果公司 2016 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，我想将通话转给投资者关系高级总监南希·帕克斯顿，让她进行开场致辞和介绍。请开始吧，女士。
Nancy Paxton - Apple, Inc.
南希·帕克斯顿 - 苹果公司。
Thank you. Good afternoon and thanks to everyone for joining us. Speaking first today is Apple CEO Tim Cook, and he will be followed by CFO Luca Maestri. And after that, we'll open the call to questions from analysts.
谢谢。下午好，感谢大家的参与。今天首先发言的是苹果首席执行官蒂姆·库克，接着是首席财务官卢卡·马埃斯特里。之后，我们将开放给分析师提问。
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, and future business outlook. Actual results or trends could differ materially from our forecast. For more information, please refer to the risk factors discussed in Apple's Form 10-K for 2015, the forms 10-Q for the first three quarters of fiscal 2016, 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.
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、营业费用、其他收入和支出、税收以及未来业务展望的声明。实际结果或趋势可能与我们的预测有实质性差异。有关更多信息，请参阅苹果公司 2015 年的 10-K 表格中讨论的风险因素，2016 财年前三个季度的 10-Q 表格，以及今天与相关新闻发布一起提交给 SEC 的 8-K 表格。苹果公司不承担更新任何前瞻性声明或信息的义务，这些声明或信息是根据各自的日期发表的。
I'd now like to turn the call over to Tim for introductory remarks.
我现在想把电话交给蒂姆发表开场白。
Timothy Donald Cook - Apple, Inc.
蒂莫西·唐纳德·库克 - 苹果公司
Thanks, Nancy. Good afternoon, and thank you for joining us. We're in the middle of a very busy season for Apple, and on Thursday of this week, we're holding another event here on the Apple campus. All of us are excited and we think our customers are going to love these latest innovations.
谢谢，南希。下午好，感谢您的加入。对于苹果来说，我们正处于一个非常繁忙的季节，本周四，我们将在苹果总部举办另一场活动。我们都感到兴奋，我们相信我们的客户会喜欢这些最新的创新。
Our results for the September quarter were very strong. We generated $46.9 billion in revenue in the quarter, toward the high end of our guidance range. Gross margin was 38%, at the very top of our range. We sold 45.5 million iPhones, reflecting continued improvement in year-over-year performance compared to the last two quarters, as we forecasted in January. iPhone sales were up year-over-year in 33 of our top 40 markets.
我们在九月季度取得了非常强劲的业绩。我们在该季度实现了 469 亿美元的收入，接近我们指导范围的高端。毛利率为 38%，处于我们范围的最高水平。我们销售了 4550 万部 iPhone，与去年同期相比持续改善，与我们一月份的预测一致。在我们前 40 个主要市场中，有 33 个市场的 iPhone 销量同比增长。
As you know, iPhone customers are the most satisfied and loyal customers in the world, and fiscal 2016 saw more customers switch from Android to iPhone than ever before. This is due to the superior customer experience we deliver with our products, and it's something no other company can match.
正如您所知，iPhone 客户是世界上最满意和忠诚的客户，2016 财年看到比以往任何时候都有更多的客户从安卓转向 iPhone。这是由于我们产品提供的卓越客户体验，这是其他任何公司都无法匹敌的。
We had a record-setting quarter for Services, with revenue growth accelerating to 24%, reaching $6.3 billion. App Store revenue continued to skyrocket, while Music revenue grew by 22% thanks to the growing popularity of Apple Music. In fact, J.D. Power recently announced that Apple Music enjoys the highest customer satisfaction rating in the streaming music market.
我们的服务业务创下了纪录季度，收入增长加速至 24%，达到 63 亿美元。应用商店收入继续飙升，而音乐收入因 Apple Music 日益增长的受欢迎程度增长了 22%。事实上，J.D. Power 最近宣布，Apple Music 在流媒体音乐市场中享有最高的客户满意度评级。
Earlier this month I visited Japan, where Apple Pay went live yesterday. Japanese customers are already in the habit of making contactless payments where they commute, dine and shop, so we expect a strong response and rapid adoption of Apple Pay. Around the world, we're seeing very strong growth in transaction volume through Apple Pay, which also launched in Russia and New Zealand this month and is coming to Spain in the next few months.
本月初我访问了日本，Apple Pay 昨天正式上线。日本客户已经习惯了在通勤、用餐和购物时进行无接触支付，因此我们预计 Apple Pay 会得到强烈的回应并迅速被采用。在全球范围内，我们看到 Apple Pay 的交易量增长非常迅速，本月还在俄罗斯和新西兰推出，并将在未来几个月进入西班牙。
Apple Pay transactions were up nearly 500% year-on-year for the September quarter. In fact, we completed more transactions in the month of September than we did across all of fiscal 2015. And with Apple Pay support now built into Safari, hundreds of thousands of websites are bringing Apple Pay to their customers. Our major partners tell us that Apple Pay shows the highest conversion rate of any digital wallet.
Apple Pay 九月季度的交易量同比增长近 500%。事实上，我们在九月份完成的交易量比 2015 财年的所有交易量还要多。而且现在 Safari 已经内置了 Apple Pay 支持，数十万个网站正在为他们的客户提供 Apple Pay。我们的主要合作伙伴告诉我们，Apple Pay 的转化率是所有数字钱包中最高的。
We remain very confident about the future of our Services business given the unmatched level of engagement, satisfaction and loyalty of our growing installed base. We have almost doubled the size of our Services revenue in the last four years, and as we've said before, we expect it to be the size of a Fortune 100 company in fiscal 2017.
我们对我们的服务业务的未来充满信心，因为我们不断增长的用户群体在参与度、满意度和忠诚度方面无与伦比。在过去的四年里，我们的服务收入几乎翻了一番，正如我们之前所说的，我们预计在 2017 财年将达到财富 100 强公司的规模。
As for our newest products, we're thrilled with the customer response to iPhone 7 and iPhone 7 Plus. These are the best iPhones we've ever made, with breakthrough camera systems, immersive stereo speakers, and the best iPhone performance in battery life ever, thanks to the custom-designed Apple A10 Fusion chip. They feature the brightest, most colorful iPhone displays to date and come in gorgeous new finishes. Demand continues to outstrip supply, but we're working very hard to get them into customers' hands as quickly as possible.
至于我们最新的产品，我们对 iPhone 7 和 iPhone 7 Plus 的客户反应感到非常高兴。这是我们迄今为止制造的最好的 iPhone，具有突破性的摄像系统、沉浸式立体声扬声器，以及史上最好的 iPhone 性能和电池续航时间，这要归功于定制设计的苹果 A10 Fusion 芯片。它们拥有迄今为止最明亮、最丰富多彩的 iPhone 显示屏，并配有华丽的新饰面。需求继续超过供应，但我们正在非常努力地尽快将它们交到客户手中。
We're also off to a great start with Apple Watch Series 2, the next generation of the world's most popular smartwatch, packed with new features including built-in GPS, water resistance, a dramatically brighter display and a powerful dual-core processor. Individuals and businesses alike are recognizing the potential of Apple Watch to help people stay healthy, motivated and connected. One recent example is Aetna, which has announced a new initiative to revolutionize its members' health experience by subsidizing Apple Watch for individual customers and select large employers. In addition, Aetna is also providing Apple Watch to nearly 50,000 of its own employees to encourage them to live a healthier day.
我们还将与 Apple Watch Series 2 一起开启一个伟大的开始，这是世界上最受欢迎的智能手表的下一代产品，具有内置 GPS、防水功能、明亮的显示屏和强大的双核处理器等新功能。个人和企业都认识到 Apple Watch 有助于帮助人们保持健康、保持积极性和保持联系的潜力。最近的一个例子是 Aetna，该公司宣布了一项新举措，通过为个人客户和部分大型雇主补贴 Apple Watch，来彻底改变其会员的健康体验。此外，Aetna 还向将近 5 万名员工提供 Apple Watch，以鼓励他们过上更健康的生活。
We've just rolled out new versions of iOS, macOS and watchOS and customers are loving the many great new features including Siri on the Mac, enhanced health and fitness capabilities for Apple Watch and a delightful new way to experience your photos on iOS with a feature we call memories. We've made massive advances in messages, making them more expressive and fun than ever with powerful animations, invisible ink and handwritten notes. We're seeing great offerings from developers in the all new App Store for Messages, and there has been a marked increase in our monthly active users.
我们刚刚推出了新版本的 iOS、macOS 和 watchOS，顾客们喜欢许多出色的新功能，包括 Mac 上的 Siri、Apple Watch 的增强健康和健身功能，以及 iOS 上一种令人愉悦的新方式来体验您的照片，我们称之为“回忆”。我们在信息方面取得了巨大进步，使其比以往更具表现力和乐趣，具有强大的动画效果、隐形墨水和手写笔记。我们看到开发者在全新的信息应用商店中提供了很棒的内容，我们的月活跃用户数量也有显著增加。
One of the great new features of iOS 10 is the Home app, which is making home automation easy to set up and intuitive to use. Customers can easily set up and securely control all their HomeKit accessories, from lights and cameras to the garage doors and air conditioners, all from their favorite iOS devices. We expect over 100 HomeKit-compatible products to be on the market by the end of this year, all reviewed and approved by Apple to help ensure customer security when using them. Our Apple stores are wonderful places to discover and learn about these great products for the connected home.
iOS 10 的一个重要新功能是 Home 应用程序，它使得家庭自动化易于设置和直观使用。客户可以轻松设置和安全地控制所有他们的 HomeKit 配件，从灯光和摄像头到车库门和空调，都可以通过他们喜爱的 iOS 设备进行控制。我们预计到今年年底市场上将有超过 100 款兼容 HomeKit 的产品，所有这些产品都经过苹果公司的审核和批准，以确保客户在使用时的安全性。我们的 Apple 商店是发现和了解这些出色的连接家庭产品的绝佳场所。
With our latest operating systems, machine learning is making our products and services smarter, more intuitive and even more personal. We've been using these technologies for years to create better user experiences, and we've also been investing heavily both through R&D and acquisitions. Today, machine learning drives improvements in countless features across our products. It enables the proactive features in iOS 10, which offers suggestions on which app you might want to use or which context you might want to include in an email. Our camera and photo software uses advanced face recognition to help you take better pictures and object and scene recognition to make them easier to sort and find. Machine learning makes the fitness features of Apple Watch more accurate and even helps extend battery life across our products.
通过我们最新的操作系统，机器学习使我们的产品和服务变得更加智能、更加直观，甚至更加个性化。多年来，我们一直在利用这些技术来创造更好的用户体验，而且我们也在研发和收购方面进行了大量投资。如今，机器学习推动了我们产品中无数功能的改进。它使 iOS 10 中的主动功能得以实现，该功能会为您提供您可能想要使用的应用程序或您可能想要包含在电子邮件中的上下文的建议。我们的相机和照片软件使用先进的人脸识别技术帮助您拍摄更好的照片，并使用物体和场景识别技术使它们更容易分类和查找。机器学习使 Apple Watch 的健身功能更加准确，甚至有助于延长我们产品的电池寿命。
Machine learning continually helps Siri get even smarter in areas such as understanding natural language. We've extended Siri to work in many new ways by opening it to developers and most recently by making Siri available to Mac users in Mac OS Sierra. We're already seeing great momentum in just the first few weeks from developers leveraging the Siri and speech APIs and we're very happy with the engagement it's driving with Siri.
机器学习不断帮助 Siri 在理解自然语言等方面变得更加智能。我们通过向开发人员开放 Siri，并最近将 Siri 提供给 Mac OS Sierra 的 Mac 用户，使 Siri 能够以许多新的方式工作。我们已经在开发人员利用 Siri 和语音 API 方面看到了很大的动力，并且我们对 Siri 所带来的参与度感到非常满意。
Looking ahead, we're seeing some very exciting developments in India. Reliance Jio is rolling out a a first of its kind all-IP network in India with 4G coverage in 18,000 cities and 200,000 villages across the country. They're offering a free year of service to purchasers of new iPhones and we're partnering with them to ensure great iPhone performance on their network. Our iPhone sales in India were up over 50% in fiscal 2016 compared to the prior year, and we believe we're just beginning to scratch the surface of this large and growing market opportunity.
展望未来，我们看到印度正在发生一些非常令人兴奋的发展。Reliance Jio 正在在印度推出一种独特的全 IP 网络，覆盖全国 18,000 个城市和 200,000 个村庄的 4G 网络。他们向购买新 iPhone 的用户提供一年免费服务，我们与他们合作，以确保 iPhone 在他们的网络上表现出色。与上一财年相比，我们在印度的 iPhone 销量在 2016 财年增长了超过 50％，我们相信我们只是开始触及这个庞大且不断增长的市场机会的表面。
We're also very happy with the progress of our enterprise market initiatives, which continue to expand. Just last month, we announced a partnership with Deloitte to help companies quickly and easily transform the way they work by maximizing the power, ease of use, and security of the iOS platform. Deloitte is creating a unique Apple practice with over 5,000 strategic advisors focused on helping businesses transform work in functions across the enterprise. We're also collaborating on the development of Enterprise Next, a new Deloitte consulting service designed to help clients across more than 20 industries take full advantage of the iOS ecosystem and quickly develop custom solutions through rapid prototyping.
我们对我们的企业市场计划的进展也感到非常高兴，这些计划不断扩大。就在上个月，我们宣布与德勤合作，帮助公司通过最大化 iOS 平台的功能、易用性和安全性，快速轻松地改变工作方式。德勤正在打造一个独特的苹果实践团队，拥有超过 5,000 名专注于帮助企业在整个企业范围内转变工作方式的战略顾问。我们还在合作开发“企业下一步”（Enterprise Next），这是一项新的德勤咨询服务，旨在帮助超过 20 个行业的客户充分利用 iOS 生态系统，并通过快速原型设计快速开发定制解决方案。
As we close the books on another incredible year, I'd like to thank our talented employees for their hard work and passion for making the best products in the world, our amazing developer community for their relentless creativity and our wonderful customers, business partners and shareholders for their loyalty and support.
在我们结束又一个不可思议的一年之际，我想感谢我们才华横溢的员工们为制造世界上最好的产品所付出的辛勤工作和激情，感谢我们令人惊叹的开发者社区为他们不懈的创造力，以及感谢我们的优秀客户、商业伙伴和股东们对我们的忠诚和支持。
Now I'll hand it over to Luca to share more details on the September quarter.
现在我将把话筒交给卢卡，让他分享更多有关九月季度的细节。
Luca Maestri - Apple, Inc.
卢卡·马埃斯特里 - 苹果公司。
Thank you, Tim. Good afternoon, everyone. Revenue for the September quarter was $46.9 billion, towards the high end of our guidance range. Our revenue grew very strongly in many emerging markets, including Russia, Turkey, the Middle East, Thailand and Vietnam, and we continue to see solid growth in Japan and in Latin America.
谢谢，蒂姆。大家下午好。九月季度收入为 469 亿美元，处于我们指导范围的高端。我们的收入在许多新兴市场增长非常强劲，包括俄罗斯、土耳其、中东、泰国和越南，我们继续看到日本和拉丁美洲的稳健增长。
Gross margin was 38%, at the top of our guidance range, thanks to favorable cost performance. Operating margin was 25.1% of revenue and net income was $9 billion. Diluted earnings per share were $1.67 and cash flow from operations was $16.1 billion, which is a new record for the September quarter. For details by product, I will start with iPhone. We sold 45.5 million iPhones in the quarter, thanks to the very successful launch of iPhone 7 and iPhone 7 Plus and continued strong demand for other iPhones. Including 2.7 million iPhones that were in transit at the end of the quarter, we increased iPhone channel inventory by 2.5 million units, and we exited the quarter well below our five to seven week target range of channel inventory.
毛利率为 38%，处于我们指导范围的顶端，得益于有利的成本表现。运营利润率为收入的 25.1%，净收入为 90 亿美元。每股摊薄收益为 1.67 美元，运营现金流为 161 亿美元，创下 9 月季度的新纪录。关于产品的详细信息，我将从 iPhone 开始。本季度我们销售了 4550 万部 iPhone，得益于 iPhone 7 和 iPhone 7 Plus 非常成功的推出以及其他 iPhone 持续强劲的需求。包括本季末在途的 270 万部 iPhone，我们将 iPhone 渠道库存增加了 250 万部，而且我们在季末远低于我们的渠道库存五至七周目标范围。
We experienced strong iPhone growth in many markets around the world, including Canada, Latin America, Western Europe, Central and Eastern Europe, the Middle East, India and South Asia. iPhone sales in Greater China declined during the quarter, but the initial customer response to iPhone 7 and 7 Plus gives us confidence that our December quarter performance in China will be significantly better on a year-over-year basis than our September quarter results, even as we lap the all-time record period from a year ago.
我们在世界各地许多市场都经历了强劲的 iPhone 增长，包括加拿大、拉丁美洲、西欧、中东欧、印度和南亚地区。在本季度，大中华地区的 iPhone 销量下降，但 iPhone 7 和 7 Plus 的初期客户反应让我们相信，我们在中国的 12 月季度表现将比去年同期显著好，即使我们要超越一年前的创纪录时期。
Worldwide demand for iPhone 7 and 7 Plus has significantly outpaced supply, particularly on iPhone 7 Plus, and we're working very hard to get the new iPhones into the hands of our customers as quickly as possible.
全球对 iPhone 7 和 7 Plus 的需求远远超过供应，尤其是 iPhone 7 Plus，我们正在努力让新 iPhone 尽快交到客户手中。
iPhone ASP increased to $619 in the September quarter, which was above our expectations. That's up from $595 in the June quarter when we launched iPhone SE and we had a significant channel inventory reduction. We expect iPhone ASP to increase markedly on a sequential basis to a level similar to our ASP in the December quarter last year.
iPhone ASP 在 9 月季度增至 619 美元，超出了我们的预期。这比 6 月季度的 595 美元高，当时我们推出了 iPhone SE，并且进行了大幅减少渠道库存。我们预计 iPhone ASP 将在顺序基础上显著增加，达到去年 12 月季度的 ASP 水平。
Customer interest and satisfaction with iPhone remains extremely strong. In the U.S. for instance, the latest survey fielded by 451 Research found that among consumers planning to purchase a smartphone within 90 days, 65% plan to purchase iPhone, with the current iPhone owners reporting a 97% customer satisfaction rating. Among corporate smartphone buyers, the latest survey measured a 95% iPhone customer satisfaction rating and found that of those planning to purchase smartphones in the December quarter, 79% planned to purchase iPhone.
iPhone 的客户兴趣和满意度仍然非常强烈。例如，在美国，451 Research 最新的调查发现，在计划在 90 天内购买智能手机的消费者中，有 65%计划购买 iPhone，目前的 iPhone 所有者报告了 97%的客户满意度评分。在企业智能手机买家中，最新的调查显示 iPhone 客户满意度为 95%，发现在计划在 12 月季度购买智能手机的人中，有 79%计划购买 iPhone。
Turning to Services, we generated an all-time record $6.3 billion in revenue with an increase of 24% over a year ago. The App Store growth rate has now accelerated for five consecutive quarters, reaching 43% in the September quarter. The App Store remains the preferred destination for both customers and developers. According to App Annie, it generated 100% more global revenue than Google Play in the September quarter. In addition to the great performance from apps, we saw strong double-digit revenue growth in several other service categories and Apple Pay transaction volume has grown dramatically, as Tim mentioned.
转向服务，我们创造了有史以来创纪录的 63 亿美元营收，同比增长 24%。App Store 的增长率已连续五个季度加速，达到 9 月季度的 43%。App Store 仍然是客户和开发者的首选目的地。根据 App Annie 的数据，在 9 月季度，App Store 产生的全球收入比 Google Play 多 100%。除了应用程序表现出色外，我们还看到其他几个服务类别的强劲两位数营收增长，而且 Apple Pay 交易量增长迅速，正如 Tim 所提到的。
在此以后没有再看到跟Goolge的比较，很少提及。
Next I'd like to talk about the Mac. We sold 4.9 million Macs, facing a difficult year-over-year compare, given the launch of new Macs in the spring of 2015. Despite this, our Mac installed base reached a new all-time high at the end of the September quarter and we'll have some exciting news to share with current and future Mac owners very soon. We ended the quarter below our four to five week target range for Mac channel inventory.
接下来我想谈谈 Mac。我们售出了 490 万台 Mac，面临着与 2015 年春季推出新 Mac 相比的困难年度对比。尽管如此，我们的 Mac 安装基数在 9 月季度末达到了新的历史最高水平，我们很快将与现有和未来的 Mac 所有者分享一些令人兴奋的消息。我们在本季度结束时的 Mac 渠道库存低于我们四到五周的目标范围。
Turning to iPad, revenue was flat compared to last year. iPad ASP was $459, $26 higher than a year ago, with increase driven by the new iPad Pro line. We sold 9.3 million iPads, and we reduced channel inventory by about 80,000 units, exiting the quarter below our five to seven-week target range.
转向 iPad，与去年相比，收入持平。 iPad ASP 为 459 美元，比一年前高出 26 美元，增长主要由新的 iPad Pro 系列推动。 我们销售了 930 万台 iPad，我们将渠道库存减少了约 8 万台，退出季度时低于我们的五到七周目标范围。
We continue to be highly successful both in terms of market share and customer metrics in the segments of the tablet market where we compete. Recent data from NPD indicates that iPad gained share in the U.S. tablet market in the September quarter and had 82% share of tablets priced above $200. And in August, 451 Research measured a 96% consumer satisfaction rate for iPad mini, 95% rate for iPad Air, and a 93% rate for iPad Pro. Among U.S. consumers planning to purchase a tablet within the next six months, 73% plan to purchase an iPad, more than eight times the purchase intention rate of the next highest brand measured, with iPad Pro once again the top choice for planned purchases. Corporate buyers reported a 94% satisfaction rate for iPad and a purchase intent of 68% for the December quarter.
我们在我们竞争的平板市场领域继续在市场份额和客户指标方面取得了极大的成功。NPD 最近的数据显示，iPad 在美国平板市场在九月季度增加了份额，并且在售价高于 200 美元的平板电脑中占有 82%的份额。而在八月份，451 Research 测得 iPad mini 的消费者满意率为 96%，iPad Air 为 95%，iPad Pro 为 93%。在计划在未来六个月内购买平板电脑的美国消费者中，73%计划购买 iPad，是下一个最高品牌的购买意向率的八倍多，而 iPad Pro 再次成为计划购买的首选。企业买家报告 iPad 的满意率为 94%，12 月季度的购买意向为 68%。
In the enterprise market, we are seeing some great examples of iPad and Mac deployment. Our Mobility Partner Program continues to grow stronger, with over 120 partners around the world offering tailored solutions to businesses of all sizes. Revel Systems, a leading iPad point-of-sale solution partner, recently announced a global agreement with Shell retail to implement Revel's iPad based POS system services at 34,000 Shell locations worldwide, including support for Apple Pay in countries where Apple Pay is available.
在企业市场中，我们看到了一些很好的 iPad 和 Mac 部署的例子。我们的移动合作伙伴计划不断壮大，全球有超过 120 个合作伙伴为各种规模的企业提供定制解决方案。领先的 iPad 销售点解决方案合作伙伴 Revel Systems 最近宣布与 Shell 零售达成全球协议，将在全球 34,000 个 Shell 门店实施 Revel 基于 iPad 的 POS 系统服务，包括在支持 Apple Pay 的国家提供 Apple Pay 支持。
IBM has just released new data on the great results of its Mac rollout. With more employees choosing Mac than ever before, there are now more than 90,000 Macs across the organization in addition to 48,000 iPads and 81,000 iPhones. IBM reports that PCs have three times the cost to manage, drive twice the number of support calls and are 5 times more likely to require a follow-up appointment to resolve an issue than Macs. Thanks to much lower support cost and significantly higher residual value, the company is saving as much as $535 per computer when comparing the total cost of Mac ownership to a PC over a full-year lifecycle.
IBM 刚刚发布了有关其 Mac 推出的出色成果的新数据。随着更多员工选择 Mac，现在组织中有超过 90,000 台 Mac，另外还有 48,000 台 iPad 和 81,000 台 iPhone。IBM 报告称，PC 的管理成本是 Mac 的三倍，支持电话是 Mac 的两倍，而且 PC 比 Mac 更有可能需要后续预约来解决问题。由于支持成本更低且残值显著更高，与 PC 在整个一年生命周期内的总拥有成本相比，公司每台电脑可节省高达 535 美元。
Mac的一体性是很大的优势，PC，特别是组装机，硬件是组装的软件也是组装的，经常出各种问题，这些都是用来提升效率的，如果设备自己会制造问题这就有得搞了，并且是个长期不能改变的缺点。
Let me now turn to our cash position. We ended the quarter with $237.6 billion in cash plus marketable securities, a sequential increase of $6.1 billion. $216 billion of this cash or 91% of the total was outside the United States. We issued $7 billion of debt in July, leaving us with $79 billion in term debt at the end of the quarter.
让我现在转向我们的现金状况。我们以 2376 亿美元的现金加上可变证券结束了本季度，较上一季度增加了 61 亿美元。这笔现金中的 2160 亿美元，占总额的 91%，存放在美国以外。我们在 7 月发行了 70 亿美元的债务，使我们在本季度末的长期债务余额为 790 亿美元。
We returned over $9 billion to investors during the September quarter as follows. We paid $3.1 billion in dividends and equivalents. We spent $3 billion on repurchases of 28.6 million Apple shares through open market transactions, and we launched a new $3 billion ASR, resulting in initial delivery and retirement of 22.5 million shares. We also completed our seventh accelerated share repurchase program, with adding an additional 12.3 million shares. So total buyback activity during the quarter reduced our share count by 1.5%. We have now completed $186 billion of our current $250 billion capital return program, including $133 billion in share repurchases.
我们在 9 月份季度向投资者返还了超过 90 亿美元，具体如下。我们支付了 31 亿美元的股息和等值物。我们通过公开市场交易花费了 30 亿美元回购了 2860 万股苹果股票，并启动了新的 30 亿美元的 ASR，导致了 2250 万股的初始交付和注销。我们还完成了第七轮加速股份回购计划，增加了 1230 万股。因此，本季度的总回购活动使我们的股份数量减少了 1.5%。我们目前已完成了 2500 亿美元资本回报计划中的 1860 亿美元，其中包括 1330 亿美元的股份回购。
During the September quarter, we also completed four acquisitions and incurred $3.6 billion in capital expenditures. Our total CapEx for the year was $12.8 billion. Our effective tax rate for the quarter was 26%, slightly higher than the 25.5% we guided to because of a differential graphic mix of earnings relative to our regional expectations. Our tax rate for the full fiscal year was 25.6%
在九月季度，我们还完成了四项收购，并支出 36 亿美元的资本支出。我们全年的总资本支出为 128 亿美元。我们本季度的有效税率为 26%，略高于我们预期的 25.5%，这是因为收益相对于我们地区预期的差异图形混合。我们全财年的税率为 25.6%。
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 at the beginning of the call. We expect revenue to be between $76 billion and $78 billion. This represents a return to growth over the all-time revenue record set in the December quarter a year ago. We expect gross margin to be between 38% and 38.5%. We expect OpEx to be between $6.9 billion and $7 billion. We expect OI&E to be about $400 million, and we expect the tax rate to be about 26%.
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。我们预计收入将在 760 亿美元至 780 亿美元之间。这代表了超过去年十二月季度创下的有史以来最高收入记录的增长。我们预计毛利率将在 38%至 38.5%之间。我们预计运营支出将在 69 亿美元至 70 亿美元之间。我们预计其他收入和支出将约为 4 亿美元，我们预计税率将约为 26%。
Also today, our Board of Directors has declared a cash dividend of $0.57 per share of common stock, payable on November 10, 2016, to shareholders of record as of November 7, 2016.
今天，我们的董事会还宣布，每股普通股派发现金股息 0.57 美元，支付日期为 2016 年 11 月 10 日，股东登记日期为 2016 年 11 月 7 日。
With that, I would like to open the call to questions.
我想现在开放提问。
Nancy Paxton - Apple, Inc.
南希·帕克斯顿 - 苹果公司。
And we ask that you limit yourself to one one-part question and one follow up. May we have the first question, please?
我们要求您限制自己只提一个问题和一个跟进问题。请问第一个问题可以吗？
Question-and-Answer Session
问答环节
Operator 操作员
First we'll hear from Gene Munster with Piper Jaffray.
首先我们将听到 Piper Jaffray 的 Gene Munster 的发言。
Eugene Charles Munster - Piper Jaffray & Co.
尤金·查尔斯·蒙斯特 - 派普杰弗瑞公司
Hey, good afternoon and congratulations. And Tim, now that we're a month in the iPhone 7, are you seeing anything measurable in terms of the growing trend of annual upgrades? And second is, historically in terms of new product categories, you guys have always looked for unique advantage before getting into a segment. And I'm curious about the car. There are a lot of rumors out there, and would like your perspective on how you think about an advantage that Apple could add in the auto space?
嘿，下午好，恭喜。蒂姆，现在我们已经使用 iPhone 7 一个月了，您是否看到了年度升级趋势方面的任何可衡量的东西？其次，在历史上，就新产品类别而言，你们总是在进入某个领域之前寻找独特的优势。我对汽车很好奇。有很多谣言，我想知道您对苹果在汽车领域可以增加的优势是如何看待的？
Timothy Donald Cook - Apple, Inc.
蒂莫西·唐纳德·库克 - 苹果公司
In terms of iPhone 7, Gene, the carriers that had upgrade plans, the information that we have from them is that demand is very robust. But from a worldwide point of view, the truth is that demand is outstripping supply in the vast majority of places, particularly on the iPhone 7 Plus. And so it's sort of we are in a situation at the moment, it's difficult in the early weeks to be able to differentiate. But on an anecdotal basis, it's clear the upgrade programs are a win.
就 iPhone 7 而言，运营商们拥有升级计划，我们从他们那里得到的信息是需求非常强劲。但从全球范围来看，事实是需求在绝大多数地方都超过了供应，尤其是 iPhone 7 Plus。因此，目前我们处于一种情况，很难在最初几周内进行区分。但从个别案例来看，升级计划显然是成功的。
I can't speak about rumors, but as you know, we look for ways that we can improve the experience and the customers' experience on different sets of products. And we are always looking at new things, and the car space in general is an area that it's clear that there is a lot of technologies that will either become available or will be able to revolutionize the car experience. And so it's interesting from that point of view, but nothing to, certainly nothing to announce today.
我不能谈论谣言，但正如你所知，我们寻找可以改善体验和客户在不同产品系列上的体验的方法。我们一直在寻找新事物，汽车领域明显有许多技术，这些技术将会变得可用或者能够彻底改变汽车体验。从这个角度来看，这是很有趣的，但今天当然没有任何要宣布的事情。
长期坚持自己的标准，做不到独特的优势就放弃，做到自己可以做到的事，当下可以做的事很多，如果处于幻觉中，这些概念都是不成立的。
Eugene Charles Munster - Piper Jaffray & Co.
尤金·查尔斯·蒙斯特 - 派普杰弗瑞公司
Just one quick follow up in terms of the supply. Do you think we'll be at equilibrium by the end of the quarter for iPhone supplies?
关于供应方面的一个快速跟进。您认为我们在本季度结束时 iPhone 供应将达到平衡吗？
Timothy Donald Cook - Apple, Inc.
蒂莫西·唐纳德·库克 - 苹果公司
It's hard to say. I believe that on iPhone 7 we will. On iPhone 7 Plus, I'm not sure. I wouldn't say yes at this point, because the underlying demand looks extremely strong on both products but particularly on the iPhone 7 Plus versus our forecast going into the product launch.
很难说。我相信在 iPhone 7 上我们会。至于 iPhone 7 Plus，我不确定。在这一点上我不会说是的，因为在这两款产品上的基础需求看起来非常强劲，尤其是在 iPhone 7 Plus 上，超出了我们产品发布前的预测。
Eugene Charles Munster - Piper Jaffray & Co.
尤金·查尔斯·蒙斯特 - 派普杰弗瑞公司
Thank you. 谢谢。
Nancy Paxton - Apple, Inc.
南希·帕克斯顿 - 苹果公司。
Thanks, Gene. Can we have the next question, please?
谢谢，吉恩。请问下一个问题可以吗？
Operator 操作员
Katy Huberty with Morgan Stanley.
凯蒂·哈伯蒂与摩根士丹利。
Kathryn Lynn Huberty - Morgan Stanley & Co. LLC
凯瑟琳·林恩·休伯蒂 - 摩根士丹利证券有限公司
Thanks. Good afternoon. Luca, can you help us understand what's embedded in revenue guidance for the extra week as well as any rebuilding of channel inventory given all the major products are running below target? Just trying to get at whether you see revenue and in particular iPhone growth year on year on more of a sellout basis when you adjust for those two factors? And then I have a follow up.
谢谢。下午好。卢卡，你能帮助我们理解额外一周的收入指导中嵌入了什么，以及考虑到所有主要产品都低于目标，是否有重新建立渠道库存？只是想知道当你调整这两个因素时，你是否认为收入，特别是 iPhone 的增长，是更多基于售罄的基础上？然后我有一个后续问题。
库克在财务报告中不愿意谈及做的不好地方，这是有问题的，巴菲特更愿意谈及这类问题。
Luca Maestri - Apple, Inc.
卢卡·马埃斯特里 - 苹果公司。
Yes Katy, sure. Let me say a few things on the 14th week and revenue up for the December quarter. Keep in mind that December quarter a year ago for us was an all-time quarterly revenue record. We think we can grow this year. As Tim said, the interest from customers on iPhone 7 and 7 Plus is very strong. The strength of our Services business, you've seen we've grown 24% in September. We think we can continue to grow very well into the December quarter.
是的凯蒂，当然。让我谈一下第 14 周和 12 月季度的收入增长。请记住，对我们来说，去年 12 月季度是有史以来的季度收入纪录。我们认为今年我们可以增长。正如蒂姆所说，顾客对 iPhone 7 和 7 Plus 的兴趣非常强烈。我们的服务业务实力强劲，您已经看到我们在 9 月增长了 24%。我们认为我们可以在 12 月季度继续保持很好的增长。
You mentioned the 14th week, and the few extra days do help us this quarter. But I think it's important to keep in mind that there are other factors that go and offset these extra few days. As you know, the launch timing of the new iPhone is different this year. We had the first 90 days of sales this year hit Q4. There were only two days last year, so the cadence has moved more towards the Q4 this year versus Q1 last year. As you know, we increased iPhone channel inventory by 3.3 million units in the first quarter of 2016. As Tim said, we are very supply constrained on iPhone 7 Plus this year. We're simply more supply constrained this year than we were a year ago.
您提到了第 14 周，这几天确实有助于我们本季度。但我认为重要的是要记住，还有其他因素会抵消这几天的影响。正如您所知，今年新 iPhone 的发布时间不同。今年的头 90 天销售额进入了第四季度。去年只有两天，所以今年的节奏更倾向于第四季度，而不是去年的第一季度。正如您所知，我们在 2016 年第一季度增加了 330 万部 iPhone 渠道库存。正如 Tim 所说，今年 iPhone 7 Plus 的供应受到了很大限制。今年我们的供应限制比一年前更严重。
And then keep in mind that there were a couple of things that affect the compare as well, which is the fact that a year ago, we had an award for a patent infringement of $548 million, which is obviously a one-off item that is not going to repeat this year. And also the foreign exchange environment remains difficult, and we expect FX to be about $650 million headwind on a year-over-year basis into the December quarter. So I hope that gives you a bit of a sense that when you take into account all these factors, we believe that this is a good guidance for the December quarter.
然后请记住，还有一些影响比较的因素，即一年前，我们因专利侵权获得了 5.48 亿美元的奖励，这显然是一个不会在今年重复的一次性项目。外汇环境也依然困难，我们预计外汇将在年度基础上对 12 月季度造成约 6.5 亿美元的不利影响。因此，希望这能让您对考虑所有这些因素时，我们相信这是 12 月季度的良好指导。
Kathryn Lynn Huberty - Morgan Stanley & Co. LLC
凯瑟琳·林恩·休伯蒂 - 摩根士丹利证券有限公司
That's great color. Thank you for that. A follow up for Tim. What should we read into the fact that R&D has more than doubled over the past three years while sales growth was sort of a fifth of that? Are R&D investments just less efficient than they were in the company's history, or should we think about that as incremental spend for products that haven't yet come to market?
这是一个很棒的颜色。谢谢你。接下来是给 Tim 的跟进。在过去三年里，研发支出翻了一番多，而销售增长只有这个数字的五分之一。我们应该如何解读这一事实？是公司历史上的研发投资效率变低了，还是我们应该把它看作是为尚未上市的产品增加的支出？
Timothy Donald Cook - Apple, Inc.
蒂莫西·唐纳德·库克 - 苹果公司
There's clearly some amount of R&D that are on products that today are in the development phase that have not reached the market, and so that's a part of it. And we feel really great about the things that we've got. We've also put a lot of emphasis on our Services business as well and on making the ecosystem even better. And so we're very much, we're confidently investing in the future, and that's the reason you see the R&D spend increasing.
显然有一定数量的研发项目目前处于开发阶段，尚未进入市场，这是其中的一部分。我们对我们所拥有的事物感到非常满意。我们也非常重视我们的服务业务，以及让生态系统变得更好。因此，我们非常自信地投资于未来，这就是你看到研发支出增加的原因。
Kathryn Lynn Huberty - Morgan Stanley & Co. LLC
凯瑟琳·林恩·休伯蒂 - 摩根士丹利证券有限公司
Thank you. 谢谢。
Nancy Paxton - Apple, Inc.
南希·帕克斯顿 - 苹果公司。
Thank you, Katy. Could we have the next question, please?
谢谢，凯蒂。请问我们可以有下一个问题吗？
Operator 操作员
From Cross Research, Shannon Cross.
来自 Cross Research，Shannon Cross。
Shannon S. Cross - Cross Research LLC
香农 S.克罗斯 - 克罗斯研究有限责任公司
Thank you very much. A couple of questions. The first, Tim, can you talk a bit more about China, just how you're thinking about it, where you're seeing pressure? I know you mentioned that you expect to see a significant rebound during the first quarter, but what are your customers telling you about the demand in China?
非常感谢。有几个问题。首先，蒂姆，你能再多谈谈中国吗，你是如何考虑它的，你看到了哪些压力？我知道你提到你预计在第一季度会看到显著的反弹，但你的客户对中国的需求有什么告诉你的？
Timothy Donald Cook - Apple, Inc.
蒂莫西·唐纳德·库克 - 苹果公司
Yeah, it's a good question, Shannon. So to sort of back up from our results for the quarter, the 90-day clock, and look at the full year of 2016, we were down 17% compared to the fiscal year 2015 which was up 84% from the previous year. So if you look at 2014 to 2016, the revenue grew 52% and the CAGR was 23%, which is really a pretty good result.
是的，这是一个很好的问题，Shannon。所以，从我们本季度的结果回顾一下，90 天的时钟，再看看 2016 年整年的情况，我们与 2015 财政年度相比下降了 17%，而 2015 年相比上一年增长了 84%。所以，如果你看 2014 年到 2016 年，收入增长了 52%，复合年增长率为 23%，这实际上是一个相当不错的结果。
看着不是不愿意提及，而是每季度的数据比较没什么价值。
Also as you probably know, the fiscal year 2016 performance was hurt by the devaluation of the currency which affected it about 3%, so the underlying business performance was 14% down. And so, why was it down? There's lots of reasons, but the largest one in our view is that when you look at what happened in 2015 in China, we had a surge of upgraders that came into the market for the iPhone 6 or iPhone 6 Plus, and the upgrade rate increased relatively more in Greater China than elsewhere around the world. And so when that upgrade rate in fiscal year 2016 returned to a more normal upgrade rate, which would be akin to what we saw with the iPhone 5S as a point, it had further to fall. And so that's the main reason in our view that you see a difference.
正如您可能知道的那样，2016 财政年度的业绩受到货币贬值的影响，大约下降了 3％，因此基础业务表现下降了 14％。那么，为什么会下降呢？有很多原因，但在我们看来最主要的原因是，当您看看 2015 年在中国发生的事情时，我们看到了一大批升级者涌入市场购买 iPhone 6 或 iPhone 6 Plus，而在大中华地区，升级率相对于全球其他地区增长更快。因此，当 2016 财政年度的升级率恢复到更正常的水平时，这将类似于我们在 iPhone 5S 上看到的情况，它还有进一步下降的空间。因此，这是我们认为您看到差异的主要原因。
Now that spun or created another issue for us, because we didn't forecast that accurately. So in Q1 of last year, we put in too much channel inventory and had been resetting the channel inventory over the few quarters that came beyond it or came after it. And so those two issues, which really the main one is really the first one and the second one was a symptom of it, are in our views the main issue. Now looking forward, the response to the iPhone 7 and 7 Plus has been very positive. It's very hard to gauge demand, as you know, when you're selling everything you're making. And so we'll find out more through the quarter, but we're confident enough to give you guys guidance that we're returning to growth this quarter, which obviously feels very good for us.
现在，这为我们带来了另一个问题，因为我们没有准确预测到。所以在去年第一季度，我们投入了太多的渠道库存，并在之后的几个季度里重置了渠道库存。因此，这两个问题，实际上主要问题是第一个问题，第二个问题是其症状，在我们看来是主要问题。展望未来，iPhone 7 和 7 Plus 的反应非常积极。当你卖出所有你生产的东西时，很难衡量需求，正如你所知。因此，我们将在本季度了解更多情况，但我们有足够的信心向你们提供指导，即我们本季度将恢复增长，这对我们来说显然感觉非常好。
And from a longer-term point of view, out of the 90-day clocks and so forth, we are very bullish on China. We continue to see a middle class that is booming there. There might be some sort of a new normal in the economy, but a new normal there is still a good growth rate. And so with the number of middle class – people growing into the middle class and the LTE adoption rate being still fairly low, around 45%, 50% or so, then I think we continue to have a really good opportunity there, and so we continue to focus significantly in China.
从长期来看，我们对中国非常乐观。我们继续看到那里的中产阶级蓬勃发展。经济可能会出现某种新常态，但那里的新常态仍然是一个良好的增长率。因此，随着中产阶级人数的增加以及 LTE 采用率仍然相当低，大约为 45％，50％左右，我认为我们在那里继续拥有非常好的机会，因此我们继续在中国着重关注。
Shannon S. Cross - Cross Research LLC
香农 S.克罗斯 - 克罗斯研究有限责任公司
Great. Thank you. 太好了。谢谢。
Timothy Donald Cook - Apple, Inc.
蒂莫西·唐纳德·库克 - 苹果公司
Yes. 是的。
Shannon S. Cross - Cross Research LLC
香农 S.克罗斯 - 克罗斯研究有限责任公司
And then can you talk a bit about acquisitions? And I don't mean like the smaller ones that you've done sort of at a normal cadence, but there was clearly a fairly large one announced at least this week in the content world. And especially if you find a way to have repatriation of some of the cash at a low tax rate possibly with the next administration. So I just, if you can give sort of an overall view of how you think about acquisitions that might be a little bit larger than normal.
然后您能谈一下收购吗？我不是指您以正常频率完成的较小规模的收购，而是在内容领域至少在本周宣布的一笔相当大的收购。特别是如果您找到一种方式以较低的税率在下一届政府可能实现部分现金回流。所以我想知道，如果您能就您对可能比正常规模大一点的收购的整体看法进行阐述。
Timothy Donald Cook - Apple, Inc.
蒂莫西·唐纳德·库克 - 苹果公司
We are open to acquisitions of any size that are of strategic value where we can deliver better products to our customers and innovate more. And so we look at a whole variety of companies, and based on that, we choose whether to move forward or not. But we're definitely open and we definitely look.
我们愿意收购任何规模的公司，只要具有战略价值，能够为客户提供更好的产品并进行更多创新。因此，我们会考虑各种公司，根据情况决定是否继续前进。但我们绝对持开放态度，也绝对会寻找机会。
Shannon S. Cross - Cross Research LLC
香农 S.克罗斯 - 克罗斯研究有限责任公司
Thank you. 谢谢。
Timothy Donald Cook - Apple, Inc.
蒂莫西·唐纳德·库克 - 苹果公司
Yes. 是的。
Nancy Paxton - Apple, Inc.
南希·帕克斯顿 - 苹果公司。
Thank you, Shannon. Could we have the next question, please?
谢谢，Shannon。请问我们可以有下一个问题吗？
Operator 操作员
We'll go to Toni Sacconaghi with Bernstein.
我们将与伯恩斯的托尼·萨科纳吉一起前往。
Antonio M. Sacconaghi - Sanford C. Bernstein & Co. LLC
安东尼奥·M·萨科纳吉 - 桑福德·C·伯恩斯坦有限责任公司
Yes. Thank you. I have a question and a follow-up, please. I guess a cynic could say Apple is benefiting from an extra week this quarter and is benefiting from Samsung being in complete disarray. And yet from your guidance, it's unclear that iPhone unit growth will be up or certainly not up more than low single-digits implied from your guidance. And I appreciate some of the issues around channel inventory build and the timing of the launch, but if I just stand back from that and say you have terrific new products, your major competitor's laying down, you have an enormous, you have a significant contribution from an extra week, arguably 7% or 8%, and yet the iPhone growth is sort of flattish, what does that really say about how investors should think about iPhone on a sustained basis growing forward? And is it reasonable to think that this is an ongoing growing business for the company?
是的。谢谢。我有一个问题和一个后续问题，请。我猜一个愤世嫉俗者可能会说，苹果受益于本季度多出的一周，并且受益于三星陷入彻底混乱。然而根据您的指导，从您的指导中暗示的 iPhone 单位增长将会上升或肯定不会超过低个位数。我理解围绕渠道库存建设和发布时间的一些问题，但如果我只是从那方面退后一步，说您有了出色的新产品，您的主要竞争对手正在退缩，您从多出的一周中获得了巨大的贡献，可以说是 7%或 8%，然而 iPhone 的增长却基本持平，这真的意味着投资者应该如何考虑 iPhone 在未来持续增长的问题？以及是否合理认为这是公司一个持续增长的业务？
Luca Maestri - Apple, Inc.
卢卡·马埃斯特里 - 苹果公司。
Toni, let me take this one. I think you mentioned a number of the things that are affecting us in the December quarter, and I went through them with Katy just a few minutes ago. You're right, we've got an extra few days. You know very well the launch timing is different. You know that we increased iPhone channel inventory by 3.3 million units a year ago. I mentioned two issues that affect us, the one-timer from a year ago that you obviously need to exclude from the compare and the FX that is the reality of our business right now.
托尼，让我来处理这个问题。我认为你提到了在去年十二月季度影响我们的一些因素，我刚刚和凯蒂讨论过。你说得对，我们多了几天。你很清楚，发布时间不同了。你知道，我们去年增加了 330 万部 iPhone 渠道库存。我提到了两个影响我们的问题，一个是去年的一次性事件，显然需要从比较中排除，另一个是当前我们业务的实际情况，即外汇。
But maybe the most important element of this is the fact that we are supply constrained on 7 and 7 Plus. And so when you talk about other competitors, it's not particularly relevant to us right now because we are selling everything that we can produce. And so when we look at all these things in its totality, we think that for the total company of course, we believe that revenue's going to grow. You know that we don't get into specific product from a unit standpoint giving guidance, and so we feel very confident about the trajectory for the company and for iPhone going forward.
但也许最重要的元素是，我们在 iPhone 7 和 iPhone 7 Plus 上受到供应限制。因此，当谈到其他竞争对手时，对我们来说目前并不特别相关，因为我们正在销售我们能生产的一切。因此，当我们全面考虑所有这些因素时，我们认为对于整个公司来说，我们相信收入将会增长。您知道，我们不会从单位角度进入具体产品的指导，因此我们对公司和 iPhone 未来的发展轨迹感到非常自信。
价值观的自然流露。
Antonio M. Sacconaghi - Sanford C. Bernstein & Co. LLC
安东尼奥·M·萨科纳吉 - 桑福德·C·伯恩斯坦有限责任公司
Okay. Tim, if I could ask you one, please. You've talked in the past about television being an area of intense interest. I was wondering if you could reaffirm that statement. Is that still the case? And then additionally, given what's happening with acquisitions, how broadly you think about the role of content. Apple has started creating on a very limited scale some of its own content and whether you think content creation and ownership is important to Apple, or whether Apple ultimately sees its place in the value chain as being more around the ecosystem and distribution.
好的。蒂姆，如果我可以问你一个问题的话。您过去曾谈到电视是一个非常感兴趣的领域。我想知道您是否可以重申这个说法。这仍然是事实吗？另外，鉴于收购的情况，您如何广泛地考虑内容的角色。苹果已经开始在非常有限的范围内创作一些自己的内容，您是否认为内容创作和所有权对苹果很重要，或者苹果最终是否认为自己在价值链中的位置更多地围绕生态系统和分销。
Timothy Donald Cook - Apple, Inc.
蒂莫西·唐纳德·库克 - 苹果公司
I would confirm that television has intense interest with me and many other people here. In terms of owning content and creating content, we have started with focusing on some original content, as you point out. We've got a few things going there that we've talked about. And I think it's a great opportunity for us both from a creation point of view and an ownership point of view. and so it's is an area that we're focused on.
我想确认电视对我和这里许多其他人都有浓厚的兴趣。在拥有内容和创作内容方面，我们已经开始专注于一些原创内容，正如您所指出的。我们已经在这方面做了一些事情，我们已经谈论过。我认为这对我们来说是一个很好的机会，无论是从创作的角度还是所有权的角度。所以这是我们专注的一个领域。
Nancy Paxton - Apple, Inc.
南希·帕克斯顿 - 苹果公司。
Thank you, Toni. Could we have the next question, please?
谢谢，托尼。请问下一个问题可以吗？
Operator 操作员
From Goldman Sachs, Simona Jankowski.
从高盛，西蒙娜·扬科夫斯基。
Simona K. Jankowski - Goldman Sachs & Co.
西蒙娜·J·詹科夫斯基 - 高盛集团及公司
Thank you. I have a question for Luca and then one for Tim as well. Luca, I wanted to dig into the Services business a bit more. As you pointed out, it accelerated again to 24%. How does that compare to the pace of growth of the installed base, just to help us decouple how much of it is consumption driven on a per user basis versus the base as a whole?
谢谢。我有一个问题要问 Luca，还有一个问题要问 Tim。Luca，我想更深入地了解服务业务。正如您所指出的，它再次加速到 24%。与安装基数的增长速度相比，这是如何的？只是为了帮助我们分离出有多少是基于每位用户的消费驱动，而不是整体基数？
Luca Maestri - Apple, Inc.
卢卡·马埃斯特里 - 苹果公司。
Simona, the installed base number is something that we talk about periodically. The last time we talked about it, it was in the January call. It is growing. Our installed base is growing very well, which is very important for us. It's growing on all major products and it's growing of course in total. When you look at our Services revenue, the growth of the Services revenue has been accelerating during the course of the year during a period when, as you know, our revenue came down slightly.
Simona，已安装基数是我们定期讨论的内容。上次我们讨论这个问题是在一月的电话会议上。它在增长。我们的已安装基数增长得非常好，这对我们非常重要。它在所有主要产品上都在增长，当然总体上也在增长。当您查看我们的服务收入时，服务收入的增长在整个年度加速增长，而您知道，在我们的收入略微下降的时期。
So what that means in practice is that what we are seeing with our customers that consume our services is that the people that are actually taking advantage of our services over time tend spend more and more on our services. We've got customers that are very engaged with our products. They're very loyal, and so you see this upward trajectory of our Services business. It's not only with the App Store but there's several categories that are growing very well for us. Tim mentioned Apple Music, but we got other parts of the business that continue to do well, even as I said during a period of time when our sales have come down a bit.
因此，实际上意味着我们发现，那些使用我们服务的客户，随着时间的推移，实际上越来越多地利用我们的服务，他们花费的金额也越来越多。我们有一些非常投入我们产品的客户。他们非常忠诚，因此您会看到我们服务业务的上升轨迹。这不仅仅是在 App Store 上，还有几个类别对我们来说增长非常好。Tim 提到了 Apple Music，但我们的业务的其他部分继续表现良好，即使在我们的销售额有所下降的时期。
Simona K. Jankowski - Goldman Sachs & Co.
西蒙娜·J·詹科夫斯基 - 高盛集团及公司
Thank you. And then Tim, we've seen an increasing focus on artificial intelligence, both in smartphones like the new Pixel from Google but also in some of the home assistance, like the Amazon Echo. And you guys have obviously had Siri for a while as well. But I just am curious how you think about balancing AI with your focus on privacy. And then also how important it is to have a dedicated home assistant versus just having the phone as the home assistant?
谢谢。然后 Tim，我们看到人工智能的关注度越来越高，不仅在像谷歌的新 Pixel 这样的智能手机中，还在一些家庭助手中，比如亚马逊 Echo。而且你们显然也有 Siri 一段时间了。但我只是好奇你们如何平衡人工智能和隐私保护的关注点。以及拥有专用家庭助手与仅仅将手机作为家庭助手之间的重要性。
Timothy Donald Cook - Apple, Inc.
蒂莫西·唐纳德·库克 - 苹果公司
I think to answer your second question first, I think that most people would like an assistant with them all the time. And we live in a mobile society. People are constantly moving from home to work and to other things that they may be doing. And so the advantage of having a assistant on your phone is it's with you all the time. That doesn't say that there is not a nice market for a home one. I'm not making that point. I'm just saying on a balance point of view, I think the usage of one on the phone will likely be much greater.
我认为首先回答你的第二个问题，我认为大多数人都希望随时有一个助手在身边。我们生活在一个移动的社会。人们不断地从家到工作，再到可能正在做的其他事情。因此，在手机上拥有一个助手的优势是它随时随地都在你身边。这并不意味着家用助手市场不好。我并不是在强调这一点。我只是从一个平衡的角度来看，我认为在手机上使用助手的可能性会更大。
未来都有不确定，但这个逻辑成立的可能性很大。
In fact, you can just look at Siri today and this is now accelerating with iOS 10 and the Mac, but we've been getting 2 billion requests a week for Siri. And so it's very large and to the best of our knowledge, we've shipped more assistant enabled devices than probably anyone out there. Our focus is on this worldwide, and so it's not only a U.S. focus, but we want to deliver a great experience around the world and deliver it globally, and so we've put a lot of the energy into doing that.
事实上，您现在可以看看 Siri，而且随着 iOS 10 和 Mac 的加速，这一切正在加速进行，但我们每周已经收到 20 亿次 Siri 请求。因此，这是非常庞大的，据我们所知，我们已经发货了比其他任何人更多的助手启用设备。我们的重点是全球范围内，因此不仅仅是美国的重点，而且我们希望在全球范围内提供出色的体验并进行全球交付，因此我们已经投入了大量精力来实现这一目标。
In terms of the balance between privacy and AI, this is a long conversation, but at a high level, I think it's a false trade-off that people would like you to believe that you have to give up privacy in order to have AI do something for you. We don't buy that. It may take a different kind of work. It might take more thinking, but I don't think we should throw our privacy away. It's sort of like the age-old argument about privacy versus security. We should have both. It shouldn't be making a choice. And so that at a high level is how we see it.
就隐私和人工智能之间的平衡而言，这是一个长时间的讨论，但在高层次上，我认为人们希望你相信必须放弃隐私才能让人工智能为你做事情是一种错误的折衷。我们不认同这种观点。可能需要不同类型的工作。可能需要更多的思考，但我认为我们不应该放弃我们的隐私。这有点像关于隐私与安全的古老争论。我们应该两者兼顾。不应该做出选择。这就是我们对此问题的高层次看法。
Simona K. Jankowski - Goldman Sachs & Co.
西蒙娜·J·詹科夫斯基 - 高盛集团及公司
Thank you. 谢谢。
Timothy Donald Cook - Apple, Inc.
蒂莫西·唐纳德·库克 - 苹果公司
Yes. 是的。
Nancy Paxton - Apple, Inc.
南希·帕克斯顿 - 苹果公司。
Thank you, Simona. Could we have the next question, please?
谢谢，Simona。请问我们可以有下一个问题吗？
Operator 操作员
We'll go to Steve Milunovich with UBS.
我们将与瑞银的史蒂夫·米卢诺维奇会面。
Steven M. Milunovich - UBS Securities LLC
史蒂文·M·米卢诺维奇 - 瑞银证券有限责任公司
Thank you very much. Luca, I wanted ask you about the total deferred revenue which was down about $1.3 billion in June and I think down another $400 million in September. Those are rather large declines, even given the fact that your units are coming down and you had the accounting change back in September. Could you talk about some of the drivers of that and what you might expect going forward?
非常感谢。卢卡，我想问你关于总递延收入，六月份下降了大约 13 亿美元，我认为九月份又下降了 4 亿美元。考虑到你们的单位正在下降，而且你们在九月份进行了会计变更，这些下降幅度相当大。你能谈谈其中的一些驱动因素以及未来的预期吗？
Luca Maestri - Apple, Inc.
卢卡·马埃斯特里 - 苹果公司。
Steve, you mentioned by far the largest driver. The largest driver is the fact that we made the change, an accounting change to our ESPs exactly a year ago. So we are lapping the year where you see the effect. I think you're not going to see the same thing going forward. And then we tend to defer some revenue on some other categories, like for example gift cards or some AppleCare, but in general by far the largest element is the change in ESPs. And again, I don't think you're going to see the same impact going forward.
史蒂夫，你提到了迄今为止最大的推动因素。最大的推动因素是我们在一年前对我们的 ESP 进行了一项会计变更。因此，我们正在度过你看到效果的那一年。我认为你在未来不会看到同样的情况。然后，我们倾向于推迟一些收入在其他一些类别上，比如例如礼品卡或一些 AppleCare，但总的来说，迄今为止最大的因素是 ESP 的变化。而且，我认为你在未来不会看到同样的影响。
Steven M. Milunovich - UBS Securities LLC
史蒂文·M·米卢诺维奇 - 瑞银证券有限责任公司
Okay. Thank you. And then, Tim, some investors are antsy that Apple has not acquired new profit pools or introduced a financially material new product in recent years. The question is, A, does Apple today have a grand strategy for what you want to do? I know you won't tell us what it us, but do you know what you want to do over the next three to maybe five years? Or is it more a read the market and quickly react? And B, do you have any sense that we're kind of in a gap period where the technology and arguably what we'd call the next job to be done haven't yet aligned? And so maybe in a couple years, we will see this flurry of new products and it'll sort of match what people want to do, but it's not quite here yet?
好的。谢谢。然后，蒂姆，一些投资者担心苹果近年来没有收购新的利润池或推出财务上重要的新产品。问题是，A，苹果今天是否有一个你想要做的宏伟战略？我知道你不会告诉我们是什么，但你是否知道接下来的三到五年你想要做什么？还是更多地是根据市场情况迅速做出反应？B，你有没有感觉到我们现在处于一个技术和可以说是下一个需要完成的工作尚未对齐的间隙期？所以也许在几年后，我们会看到一系列新产品的涌现，这将与人们想要做的事情相匹配，但现在还没有到来？
Timothy Donald Cook - Apple, Inc.
蒂莫西·唐纳德·库克 - 苹果公司
We have the strongest pipeline that we've ever had and we're really confident about the things in it. But as usual, we're not going to talk about what's ahead.
我们拥有有史以来最强大的产品线，对其中的事物非常有信心。但像往常一样，我们不会谈论未来的事情。
Steven M. Milunovich - UBS Securities LLC
史蒂文·M·米卢诺维奇 - 瑞银证券有限责任公司
But in terms of your approach I guess to new products, do you have a strong sense of where technology is going and where you're going to play? Or is it still enough up the year that you are willing to react fairly quickly, which arguably your organization allows you to do for the size of company you are?
但就你对新产品的方法而言，你是否对技术发展方向和你将发挥作用的地方有清晰的认识？或者你是否仍然足够灵活，愿意相对迅速地做出反应，这可以说是你所在公司规模允许你做到的？
Timothy Donald Cook - Apple, Inc.
蒂莫西·唐纳德·库克 - 苹果公司
We have a strong sense of where things go and we're very agile to shift as we need to.
我们对事物的去向有很强的感觉，并且我们非常灵活，可以根据需要进行转变。
Steven M. Milunovich - UBS Securities LLC
史蒂文·M·米卢诺维奇 - 瑞银证券有限责任公司
Okay. Thank you. 好的。谢谢。
Nancy Paxton - Apple, Inc.
南希·帕克斯顿 - 苹果公司。
Thanks, Steve. Could we have the next question, please?
谢谢，史蒂夫。请问，我们可以有下一个问题吗？
Operator 操作员
From Bank of America, Wamsi Mohan.
从美国银行，Wamsi Mohan。
Wamsi Mohan - Bank of America Merrill Lynch
万西·莫汉 - 美国银行美林证券
Yes. Thank you. So, Tim and Luca, you saw that you could raise the ASP on the iPhone 7 Plus by $20 and you're completely sold out. So clearly this device plays a central role in our lives, so much that owners probably look at that incremental cost as a great trade-off to get the best device out there. So as you see more and more features being added into iPhones, do you conceptually expect that you are anywhere close to the point where raising ASPs further would be net disruptive to demand? Or do you see more rooms to raise ASPs over time as you add incremental features? And I have a follow up.
是的。谢谢。所以，Tim 和 Luca，你们看到你们可以将 iPhone 7 Plus 的 ASP 提高 20 美元，而且你们已经完全售罄。显然，这款设备在我们的生活中扮演着核心角色，以至于所有者可能认为增加的成本是为了获得最好的设备而做出的很好的权衡。因此，随着越来越多的功能被添加到 iPhone 中，你们是否在概念上期望你们接近提高 ASP 进一步可能对需求产生净破坏的程度？或者随着你们不断增加增量功能，你们是否看到提高 ASP 的空间还有更多？我还有一个后续问题。
Timothy Donald Cook - Apple, Inc.
蒂莫西·唐纳德·库克 - 苹果公司
With the iPhone 7 Plus, we put an incredible amount of innovation into the camera and the overall photo experience, and customers are obviously using that and have discovered that they love it. And so we're getting an incredible amount of feedback there. We also get incredible feedback on the iPhone 7. And, but the mix that we projected on iPhone 7 Plus is short of what the reality is and so we are chasing supply there. In terms of the ASP, the way we think about it is we want to charge a fair price and so we don't want to charge more than that, and we think it's worth being fair. And so that's how we look at it.
随着 iPhone 7 Plus，我们在相机和整体拍照体验方面投入了大量创新，顾客显然正在使用并发现他们喜欢它。因此，我们在那里收到了大量的反馈。我们也收到了 iPhone 7 的极好反馈。但是，我们对 iPhone 7 Plus 的预期销售组合低于实际情况，因此我们正在追赶供应。在 ASP 方面，我们的想法是要收取公平价格，因此我们不想收取更多，我们认为值得公平。这就是我们的看法。
Luca Maestri - Apple, Inc.
卢卡·马埃斯特里 - 苹果公司。
If I can add, Wamsi, keep in mind that in a lot of countries around the world, the reality is that our customers have seen some significant price increases because of the FX situation, right. And that's something that we need to keep in mind as well.
如果我可以补充，瓦姆西，请记住，在世界许多国家，由于外汇情况，我们的客户已经看到了一些显著的价格上涨，对吧。这也是我们需要牢记的事情。
Wamsi Mohan - Bank of America Merrill Lynch
万西·莫汉 - 美国银行美林证券
Great. Thanks. Thanks for the clarification. And Tim, this year we saw carrier incentives come back to force post the launch of the iPhone 7, 7 Plus. Two years ago there was a giant upgrade to iPhone from the iPhone 6, 6 Plus. Do you think every couple of years we are likely to see carrier incentives come back into play given worries around customer churn, thereby making the phone even more affordable? Thanks.
很好。谢谢。感谢澄清。蒂姆，今年我们看到运营商激励政策在 iPhone 7、7 Plus 推出后重新生效。两年前，从 iPhone 6、6 Plus 到 iPhone 有了巨大的升级。您认为每隔几年我们都有可能看到运营商激励政策再次出现，考虑到客户流失的担忧，从而使手机更加实惠吗？谢谢。
Timothy Donald Cook - Apple, Inc.
蒂莫西·唐纳德·库克 - 苹果公司
We clearly saw that this year. There's a lot of competition for customers in the U.S. which I think is the market that you're talking about. Whether that'll happen every two years, I don't know. But I suspect that any time there are large numbers of customers that have a phone that's in that two year kind of range that it tends to be a sweet spot, and I think you probably will see a lot of people trying to recruit those customers.
我们清楚地看到了今年。在美国，客户之间存在着激烈的竞争，我认为这就是你所说的市场。每两年是否会发生这种情况，我不知道。但我怀疑，每当有大量客户的手机处于那种两年左右的范围时，那往往是一个甜蜜点，我认为你可能会看到很多人试图招揽这些客户。
手机更换的频率呈现不规律的现象，可能因某项技术出现大面积的更换。
Wamsi Mohan - Bank of America Merrill Lynch
万西·莫汉 - 美国银行美林证券
Thanks, Tim. 谢谢，蒂姆。
Timothy Donald Cook - Apple, Inc.
蒂莫西·唐纳德·库克 - 苹果公司
Yeah. Thank you. 是的。谢谢。
Nancy Paxton - Apple, Inc.
南希·帕克斯顿 - 苹果公司。
Thank you, Wamsi. Could we have the next question, please?
谢谢你，Wamsi。我们可以请问下一个问题吗？
Operator 操作员
Jim Suva with Citi.
吉姆·苏瓦与花旗银行。
James D. Suva - Citigroup Global Markets, Inc. (Broker)
詹姆斯·D·苏瓦 - 花旗环球市场公司（经纪人）
Thank you very much. A strategy question for Tim and then more of a financial question for Luca. Tim, you'd mentioned in your prepared comments a little bit about India and we've been doing a lot of work talking about the opportunity in India. And we get a lot of pushback talking about disposable income metrics and lots of things like that, yet the population being so large, can you talk a little bit about, do you see that India could at some point be as big of an opportunity as China? And it appears that the legal rules have kind of prevented you from going in a lot, but it looks like that's changing. Can you just kind of give us a little more clarity on India?
非常感谢。提出一个战略问题给 Tim，然后给 Luca 提出更多的财务问题。Tim，在你的准备好的评论中提到了一点关于印度，我们一直在讨论印度的机会。我们一直在谈论可支配收入指标等诸多事项时遇到了很多阻力，但由于印度人口众多，你能谈谈你是否认为印度有可能成为像中国一样大的机会吗？看起来法律规定似乎阻止了你们大举进入，但现在情况似乎在改变。你能否就印度问题给我们更多的清晰度？
And then, Tim, for the clarification questions, is it fair to say that the OpEx has a disproportionate more expense side with the 14th week that we should kind of think of maybe as we go forward, that we shouldn't expect the OpEx to kind of be chugging along at that high rate? Or is it just kind of the rate of investing that you're going? Thank you very much, gentlemen.
然后，蒂姆，就澄清问题而言，可以说 OpEx 在第 14 周的支出方面更为不成比例，我们应该在未来考虑到，我们不应该期望 OpEx 以那种高速率继续下去？还是你们正在进行投资的速度？非常感谢，先生们。
Timothy Donald Cook - Apple, Inc.
蒂莫西·唐纳德·库克 - 苹果公司
Yeah, thanks for the question. I'll let Luca talk about the OpEx piece of it. On India, I think it's important to look not only at per capita income, which may be what you're looking at, but sort of look at the number of people that are or will move into the middle class sort of over the next decade. And the age of the population, if you look at India, almost 50% of the population is under 25. And so you have a very, very young population.
是的，谢谢提问。我会让卢卡谈谈运营支出的部分。关于印度，我认为重要的是不仅要看人均收入，可能这是你关注的内容，还要看未来十年内将进入中产阶级的人数。人口的年龄结构，如果你看印度，将近 50%的人口年龄在 25 岁以下。所以印度有一个非常年轻的人口。
The smartphone has not done as well in India in general. However, one of the key reasons for that is the infrastructure hasn't been there. But this year or this year and next year, there are enormous investments going in on 4G and we couldn't be more excited about that because it really takes a great network working with iPhone to produce that great experience for people. And so I see a lot of the factors moving in the right direction there. I also think the government is much more focused on the infrastructure and on creating jobs, which is fantastic, because you really need the kind of infrastructure and the technology to do that.
智能手机在印度整体表现不佳。然而，其中一个关键原因是基础设施尚未完善。但是今年或今年和明年，将有大量投资用于 4G 网络，我们对此感到非常兴奋，因为与 iPhone 合作可以为人们提供出色的体验。因此，我看到很多因素朝着正确的方向发展。我也认为政府更加关注基础设施建设和创造就业机会，这是非常棒的，因为你确实需要这种基础设施和技术来实现这一目标。
Will it be as big as China? I think it's clear that the population of India will exceed China sometime in probably the next decade or so, maybe less than that. I think it will take longer for the GDP to rival it, but that's not critical for us to have a great success there. The truth is, there's going to be a lot of people there and a lot of people in the middle class that will really want a smartphone, and I think we can compete well for some percentage of those. And given our starting point, even though we've been growing a lot, there is a lot of headroom there in our mind, and so we are working very hard to realize that opportunity.
它会像中国一样大吗？我认为很明显，印度的人口在可能在接下来的十年左右的某个时候会超过中国，也许会更短。我认为要达到与中国相媲美的 GDP 会需要更长时间，但这对我们取得巨大成功并不是关键。事实是，那里将会有很多人，很多中产阶级的人会真的想要一部智能手机，我认为我们可以在其中竞争得很好。鉴于我们的起点，尽管我们一直在快速增长，但在我们看来还有很大的发展空间，因此我们正在努力实现这一机会。
Luca Maestri - Apple, Inc.
卢卡·马埃斯特里 - 苹果公司。
And, Jim, on OpEx, our approach to OpEx is quite clear and quite simple. We want to continue to invest in the business in all the areas where we think is critical for us to invest. So you see that we make significant investments in R&D. You've seen the growth rates over the last couple of years. We are making important investments in data centers because we want to support our services business. We continue to open retail stores around the world. We continue to invest in marketing and advertising. At the same time, we want to continue to be efficient and lean. It's something that we've done very well over the years and want to continue to do that.
吉姆，关于运营支出，我们对运营支出的方法非常清晰和简单。我们希望继续在我们认为对我们进行投资至关重要的所有领域进行投资。因此，您可以看到我们在研发方面进行了重大投资。在过去几年中，您已经看到了增长率。我们正在对数据中心进行重要投资，因为我们希望支持我们的服务业务。我们继续在全球各地开设零售店。我们继续投资于营销和广告。与此同时，我们希望继续保持高效和精益。这是我们多年来做得非常出色的事情，我们希望继续这样做。
So what you've seen, for example in fiscal 2016, you've seen investments in R&D growing at 25% and then our SG&A expenses to be about flat. And this is kind of the approach that we want to take and continue to take going forward. If you step back for a second and you look at our implied guidance for the December quarter, we got an expense to revenue ratio of 9%. This is extremely competitive in our industry and I would say in general. And so we want to continue to have this balance, make the right investments and remain efficient.
因此，例如在 2016 财年，您看到研发投资增长了 25％，然后我们的销售和管理费用基本持平。这是我们想要采取并继续采取的方法。如果您退后一步，看一下我们对 12 月季度的暗示指导，我们的费用收入比为 9％。在我们的行业中，这是极具竞争力的，我会说总体上也是如此。因此，我们希望继续保持这种平衡，做出正确的投资并保持高效。
James D. Suva - Citigroup Global Markets, Inc. (Broker)
詹姆斯·D·苏瓦 - 花旗环球市场公司（经纪人）
Thank you, and congratulations and thanks for the details, gentleman.
谢谢，恭喜和感谢细节，先生。
Nancy Paxton - Apple, Inc.
南希·帕克斯顿 - 苹果公司。
Thank you, Jim. Can we have the next question, please?
谢谢，吉姆。请问，我们可以有下一个问题吗？
Operator 操作员
We'll go to Rod Hall with JPMorgan.
我们将与摩根大通一起去罗德霍尔。
Rod B. Hall - JPMorgan Securities LLC
罗德·霍尔 - 摩根大通证券有限责任公司
Yeah, hi, guys. Thanks for the question. I had one for Luca and then a follow-up for Tim. So, Luca, I wanted to ask about the gross margin guidance. I think that the Street and we were expecting something a little bit higher. And again, that's about 50 basis points lower and the Street it was I think 70 basis points lower. And I'm just curious, do you think that people are mis-modeling that or is there something going on with pricing or mix there that you could provide us more color on? So that's my first question.
是的，嗨，各位。感谢提问。我有一个问题是关于卢卡的，然后还有一个关于蒂姆的后续问题。所以，卢卡，我想问一下毛利率指引的事情。我觉得街上和我们都预期会高一点。而事实上，这个差距大约是 50 个基点，而街上则是我认为低了 70 个基点。我只是好奇，你认为是人们对此进行了错误建模，还是定价或混合方面出了什么问题，你能否提供更多细节？这是我的第一个问题。
Luca Maestri - Apple, Inc.
卢卡·马埃斯特里 - 苹果公司。
Yeah, Rod, let me give you some detail both on a sequential basis and I'll give you also something on a year-over-year basis because maybe that's where the disconnect comes from, looking at the last year's gross margins in the December quarter. On a sequential basis, we are essentially guiding to some improvement in gross margins. We had 38% both in the June quarter and in the September quarter. We're guiding slightly higher for the December quarter because on the positive, we're going to have of course better leverage and the mix in the December quarter tends to be better. But we need to keep into account the fact that these positives are going to be partially offset by the cost structures of the new products that we are launching now and we've launched already a few during the September quarter and that will have an impact on our December quarter results.
是的，罗德，让我给你一些详细信息，无论是按顺序还是按年度，因为也许这就是出现断裂的地方，看看去年 12 月季度的毛利率。按顺序来看，我们基本上在指导毛利率有所改善。我们在 6 月季度和 9 月季度都是 38%。我们在 12 月季度的指导略高，因为积极的一面是，当然，我们将会有更好的杠杆效应和 12 月季度的产品组合往往更好。但我们需要考虑到这些积极因素将部分抵消我们现在正在推出的新产品的成本结构，我们在 9 月季度已经推出了一些新产品，这将对我们 12 月季度的业绩产生影响。
On a year-over-year basis, keep in mind that last year we did, in Q1, we did 40%, around 40%, 40%, 41%, but there's a couple of things that I think need to be considered before doing a year-over-year compare. And it's the fact that last year we had this award for a patent infringement of $548 million. That is, at the gross margin level, is 40 bps. And then we've got the FX situation, which I mentioned before, which is worth another 60 bps, 70 bps. And so you're left with less than 100 basis points deterioration on a year-over-year basis where again, we have the reality of new cost structures into our products.
就同比而言，请记住，去年我们在 Q1 季度做了 40%，大约 40%，40%，41%，但在进行同比比较之前，我认为有几件事情需要考虑。事实上，去年我们因专利侵权获得了 5.48 亿美元的奖励。在毛利水平上，这相当于 40 个基点。然后我们有汇率情况，我之前提到过，价值另外 60 个基点，70 个基点。因此，同比基础上，您剩下不到 100 个基点的恶化，再次，我们面临产品成本结构的现实。
It is very, very important I think for investors to understand that what's happened during the last two years. During the last two years, the U.S. dollar has appreciated by 15% over the basket of currencies where we do business. And we're a company that generates two thirds of our revenues outside the United States, 15% appreciation of the U.S. dollar. So on a year-over-year basis, just 2016 over 2015 was 340 bps impact from foreign exchange. This is something that we have offset almost entirely through a number of initiatives going from pricing actions to cost initiatives to our hedging program, but at some point, the strong dollar becomes the new normal and we need to work with that. And I think over the years, we made very good trade-offs and our gross margins have been quite stable over time.
我认为对投资者来说非常非常重要的一点是要了解过去两年发生了什么。在过去两年里，美元对我们业务所涉及的一揽子货币升值了 15%。我们是一家公司，有三分之二的收入来自美国以外的地区，美元升值了 15%。所以从年度来看，仅 2016 年相对于 2015 年，外汇影响了 340 个基点。我们几乎完全通过一系列举措来抵消了这种影响，从定价行动到成本举措再到我们的套期保值计划，但在某个时候，强劲的美元会成为新的常态，我们需要适应。我认为多年来，我们做出了非常好的权衡，我们的毛利率随时间相当稳定。
Rod B. Hall - JPMorgan Securities LLC
罗德·霍尔 - 摩根大通证券有限责任公司
Okay. Great. Thanks, Luca. And then, Tim, I wanted you to ask you, this question comes up once in a while, but I just wanted to ask you if you could talk to us a little bit about the arguments on both sides of the dividend question. I mean, Apple seems to be perpetually undervalued. It's a very large company. It's getting harder and harder to grow. Your payout ratio is significantly below the S&P 500. I know you can't tell us what your intentions are here, but if you could help us understand how that thinking around the dividend works, it would be great.
好的。太好了。谢谢，卢卡。然后，蒂姆，我想问你，这个问题偶尔会出现，但我只是想问你，你能否和我们谈谈关于股息问题双方的论点。我的意思是，苹果似乎一直被低估。它是一家非常大的公司。它变得越来越难以增长。你们的派息比率明显低于标普 500 指数。我知道你不能告诉我们你们的意图是什么，但如果你能帮助我们理解围绕股息的思考方式，那将是很好的。
Timothy Donald Cook - Apple, Inc.
蒂莫西·唐纳德·库克 - 苹果公司
We review the capital return annually, and we've established a cadence now to announce our thinking on that every April. And so we have a robust discussion around the dividend and the buyback. We very much believe that Apple is very undervalued, and so we're investing with confidence in the company that we know really well. And so that thinking has I think proven out over time and I think been very good for our shareholders. And in addition to that, we know that some shareholders really like a dividend and some ongoing income, and so we've provided a amount that we think is a good amount and have a good track record of raising it annually. And so we'll be able to say more on that I'm sure in April of next year.
我们每年审查资本回报，现在已经建立了一个节奏，每年四月公布我们的想法。因此，我们围绕股息和回购展开了充分的讨论。我们非常相信苹果被严重低估，因此我们有信心投资于我们非常了解的公司。我认为这种想法随着时间的推移已经证明了自己，并且对我们的股东非常有利。除此之外，我们知道一些股东真的喜欢股息和持续收入，因此我们提供了一个我们认为是一个不错的数额，并且有一个良好的每年提高的记录。因此，我相信明年四月我们肯定会有更多的消息。
就在这一年巴菲特开始买入苹果公司的股票，2016Q1，3920万股；2016Q2，2170万股；2016Q2，16900万股，合计22900股，成本不到28块，总金额64亿美元，一直买到2018年。
Nancy Paxton - Apple, Inc.
南希·帕克斯顿 - 苹果公司。
Thank you, Rod. 谢谢，罗德。
Rod B. Hall - JPMorgan Securities LLC
罗德·霍尔 - 摩根大通证券有限责任公司
Great. Okay, thank you.
好的。好的，谢谢。
Nancy Paxton - Apple, Inc.
南希·帕克斯顿 - 苹果公司。
A replay of today's call will be available for two weeks as podcast on the iTunes Store, as a webcast on apple.com/investor and via telephone, and your numbers for the telephone replay are 888-203-1112 or 719-457-0820. Please note the confirmation code 2017273. These replays will be available by approximately 5:00 PM Pacific Time today. Members of the press with additional questions can contact Kristin Huguet at 408-974-2414, and financial analysts can contact Joan Hoover or me with additional questions. Joan is at 408-574-4570 and I'm at 408-974-5420. Thanks again for joining us.
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，也可以通过电话获得，电话重播的号码是 888-203-1112 或 719-457-0820。请注意确认码 2017273。这些重播将在太平洋时间今天下午 5:00 左右提供。有额外问题的新闻记者可以联系 Kristin Huguet，电话号码为 408-974-2414，财务分析师可以联系 Joan Hoover 或我。Joan 的电话是 408-574-4570，我的电话是 408-974-5420。再次感谢您的参与。
Operator 操作员
And that does conclude today's presentation. We do thank everyone for your participation.
这就是今天演示的结束。我们感谢大家的参与。
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Apple Inc. (NASDAQ:AAPL) F4Q10 (Qtr End 09/25/2010) Earnings Call October 18, 2010 5:00 PM ET 苹果公司（纳斯达克股票代码：AAPL）F4Q10（2010 年 9 月 25 日季度末）财报电话会议 2010 年 10 月 18 日东部时间下午 5:00 Executives 高管 Nancy Paxton - Senior Director of IR 南希-帕克斯顿--投资者关系高级总监 Peter ...