蘋果 (AAPL) 2019 Q1 法說會逐字稿

Good day, and welcome to the Apple Inc.

美好的一天，歡迎來到 Apple Inc.

First Quarter Fiscal Year 2019 Earnings Conference Call.

2019 財年第一季度收益電話會議。

Today's call is being recorded.

今天的電話正在錄音。

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

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

Please go ahead.

請繼續。

Thank you.

謝謝你。

Good afternoon, and thanks to everyone for joining us.

下午好，感謝大家加入我們。

Speaking first today is Apple's CEO, Tim Cook; and he'll be followed by CFO, Luca Maestri.

今天首先發言的是蘋果公司的首席執行官蒂姆庫克；緊隨其後的是首席財務官 Luca Maestri。

And after that, we'll open the call to questions from analysts.

在那之後，我們將向分析師提問。

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

請注意，您將在我們今天的討論中聽到的一些信息將包含前瞻性陳述，包括但不限於有關收入、毛利率、運營費用、其他收入和費用、稅收、資本分配和未來業務的陳述外表。

Actual results or trends could differ materially from our forecast.

實際結果或趨勢可能與我們的預測大相徑庭。

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

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

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

Apple 不承擔更新任何前瞻性陳述或信息的義務，這些陳述或信息截至其各自日期。

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

我現在想把電話轉給蒂姆做介紹性發言。

Thank you, Nancy, and thanks to everyone for joining us today.

謝謝你，南希，也感謝大家今天加入我們。

This isn't the first time you've heard from us regarding the December quarter, so the first thing I want to do is provide some final results and connect those back to the letter we shared at the beginning of the month.

這不是您第一次收到我們關於 12 月季度的消息，所以我想做的第一件事是提供一些最終結果，並將這些結果與我們在月初分享的信函聯繫起來。

As you know, our December quarter revenue was below our original expectations coming in at $84.3 billion.

如您所知，我們 12 月季度的收入為 843 億美元，低於我們最初的預期。

That's down 5% from a year ago or down 3% adjusting for foreign exchange.

這比一年前下降了 5%，或調整了外匯後下降了 3%。

We noted 4 factors that would impact our results when we provided guidance in November: different iPhone launch timing from a year ago, FX headwinds, supply constraints on certain products and macroeconomic conditions in emerging markets.

當我們在 11 月提供指導時，我們注意到 4 個因素會影響我們的結果：與一年前不同的 iPhone 發佈時間、外匯逆風、某些產品的供應限制以及新興市場的宏觀經濟狀況。

One of those factors, weak macro conditions in some emerging markets, was significantly more severe than we originally foresaw, especially in Greater China.

其中一個因素是一些新興市場的宏觀環境疲弱，比我們最初預期的要嚴重得多，尤其是在大中華區。

As our letter noted, that challenge was compounded by quarterly iPhone upgrades that were lower than we anticipated.

正如我們在信中所指出的那樣，這一挑戰因季度 iPhone 升級低於我們預期而變得更加複雜。

We'll return to upgrades in a moment, but I first want to say a bit more about our business in Greater China.

稍後我們將返回升級，但我首先想多談談我們在大中華區的業務。

Our revenue there was down by $4.8 billion from last year with declines across iPhone, Mac and iPad.

我們在那裡的收入比去年下降了 48 億美元，iPhone、Mac 和 iPad 的收入都下降了。

Most of the shortfall relative to our original guidance and over 100% of our worldwide year-over-year revenue decline was driven by our performance in Greater China.

與我們最初的指導相關的大部分缺口以及我們全球 100% 以上的收入同比下降都是由我們在大中華區的表現推動的。

Despite iPhone upgrades being lower than we anticipated, our business grew outside of China, including new records in the Americas, Western Europe, Central and Eastern Europe and our rest of Asia-Pacific segment.

儘管 iPhone 升級幅度低於我們的預期，但我們的業務在中國以外的地區有所增長，包括在美洲、西歐、中歐和東歐以及亞太地區其他地區的新紀錄。

We had record performance in large markets, including the United States, Canada, Mexico, Germany, Italy, Spain and Korea.

我們在美國、加拿大、墨西哥、德國、意大利、西班牙和韓國等大型市場取得了創紀錄的業績。

In the letter we shared earlier this month, we said we are proud to participate in the Chinese marketplace and that we believe our business has a bright future there over time.

在本月早些時候我們分享的信中，我們表示我們為參與中國市場而感到自豪，並且我們相信隨著時間的推移，我們的業務在中國擁有光明的未來。

But I think some of that got lost, so I want to share a bit more detail on the positives we see in China.

但我認為其中一些已經丟失，所以我想分享更多關於我們在中國看到的積極因素的細節。

We generated record December quarter services revenue in Greater China, fueled by an amazing ecosystem with over 2.5 million registered iOS developers.

在擁有超過 250 萬註冊 iOS 開發者的驚人生態系統的推動下，我們在大中華區創造了創紀錄的 12 月季度服務收入。

We saw very strong results from our Wearables business there with revenues up over 50%.

我們在那裡的可穿戴設備業務取得了非常強勁的業績，收入增長了 50% 以上。

We also continued to grow our total active installed base by adding new customers.

我們還通過增加新客戶繼續擴大我們的總活躍安裝基礎。

In fact, more than 2/3 of all customers in China who bought a Mac or an iPad during the December quarter were purchasing that product for the first time.

事實上，在 12 月季度購買 Mac 或 iPad 的所有中國客戶中，超過 2/3 是首次購買該產品。

Finally, for perspective, despite the challenging December quarter, our revenue from China grew slightly for the full calendar year.

最後，從長遠來看，儘管 12 月季度充滿挑戰，但我們在整個日曆年的中國收入略有增長。

Macroeconomic factors will come and go, but we see great upside in continuing to focus on the things that we can control.

宏觀經濟因素會來來去去，但我們認為繼續關注我們可以控制的事情會有很大的好處。

Returning to iPhone, I'd like to talk about our results in the context of those lower-than-expected upgrades.

回到 iPhone，我想在升級低於預期的背景下談談我們的結果。

iPhone XR, iPhone XS and iPhone XS Max are, by far, the best iPhones we've ever shipped.

iPhone XR、iPhone XS 和 iPhone XS Max 是迄今為止我們出貨過的最好的 iPhone。

They share advanced technologies, including the A12 Bionic, the most powerful chip ever in a smartphone with our next-generation Neural Engine capable of 5 trillion operations per second.

他們共享先進技術，包括 A12 仿生，這是智能手機中功能最強大的芯片，我們的下一代神經引擎每秒可進行 5 萬億次操作。

These are also completely modern iPhones with stunning large full-screen displays and Face ID, the most secure authentication of any kind available in a smartphone.

這些也是完全現代的 iPhone，具有令人驚嘆的大全屏顯示屏和麵容 ID，這是智能手機中最安全的身份驗證。

And the cameras are simply amazing with portrait mode and depth control to allow users to create studio-quality photos as well as stunning 4K video, opening a whole new era of photography.

這些相機的人像模式和深度控制簡直令人驚嘆，讓用戶可以創建工作室品質的照片以及令人驚嘆的 4K 視頻，開啟一個全新的攝影時代。

We couldn't be more proud of our iPhone lineup and our industry-leading customer satisfaction.

我們為我們的 iPhone 產品線和行業領先的客戶滿意度感到無比自豪。

We wouldn't change our position for anyone.

我們不會為任何人改變立場。

Now our customers are holding on to their older iPhones a bit longer than in the past.

現在，我們的客戶使用舊 iPhone 的時間比過去要長一些。

When you pair this with the macroeconomic factors, particularly in emerging markets, it resulted in iPhone revenue that was down 15% from last year.

如果將此與宏觀經濟因素結合起來，尤其是在新興市場，iPhone 的收入比去年下降了 15%。

Our iPhone results accounted for significantly more than our entire year-over-year revenue decline.

我們的 iPhone 業績對我們全年收入同比下降的影響要大得多。

In fact, outside of iPhone, our business grew strongly by 19%.

事實上，在 iPhone 之外，我們的業務增長了 19%。

So what's behind this?

那麼這背後是什麼？

It's important to understand what's going on from the customer perspective at the point of purchase.

在購買時從客戶的角度了解正在發生的事情很重要。

We believe that it's the sum of several factors: first, foreign exchange.

我們認為這是幾個因素的總和：第一，外匯。

The relative strength of the U.S. dollar has made our products more expensive in many parts of the world.

美元的相對強勢使我們的產品在世界許多地方變得更加昂貴。

In Turkey, for example, the lira depreciated by 33% over the course of calendar 2018, and in the December quarter, our revenue there was down by almost $700 million from the previous year.

例如，在土耳其，里拉在 2018 年期間貶值了 33%，在 12 月季度，我們的收入比上一年減少了近 7 億美元。

Second, subsidies.

二是補貼。

For various reasons, iPhone subsidies are becoming increasingly less common.

由於種種原因，iPhone 補貼正變得越來越不常見。

In Japan, for example, iPhone purchases were traditionally subsidized by carriers and bundled with service contracts.

例如，在日本，iPhone 購買傳統上由運營商提供補貼，並與服務合同捆綁銷售。

Competitive promotional activity frequently increase the amount of subsidy during key periods.

競爭性促銷活動頻繁增加關鍵時期的補貼金額。

Today, local regulations have significantly restricted those subsidies as well as related competition.

今天，地方法規已經大大限制了這些補貼以及相關的競爭。

As a result, we estimate that less than half of iPhones sold in Japan in Q1 of this year were subsidized compared to about 3/4 a year ago and that the total value of those subsidies had come down as well.

因此，我們估計今年第一季度在日本銷售的 iPhone 中不到一半得到補貼，而一年前這一比例約為 3/4，而且這些補貼的總價值也有所下降。

Third, our battery replacement program.

第三，我們的電池更換計劃。

For millions of customers, we made it inexpensive and efficient to replace the battery and hold onto their existing iPhones a bit longer.

對於數以百萬計的客戶，我們讓更換電池變得便宜且高效，並讓他們現有的 iPhone 使用時間更長一些。

Some people have suggested that we shouldn't have done this because of the potential impact on upgrades, but we strongly believe it was the right thing to do for our customers.

有些人建議我們不應該這樣做，因為這會對升級產生潛在影響，但我們堅信這對我們的客戶來說是正確的。

What's very important, however, is that in spite of these factors, our total active installed base of devices has grown from 1.3 billion at the end of January of 2018 to 1.4 billion by the end of December, reaching a new all-time high for each of the main product categories and for all 5 of our geographic segments.

然而，非常重要的是，儘管有這些因素，我們的總活躍設備安裝基數已從 2018 年 1 月底的 13 億增長到 12 月底的 14 億，創下歷史新高。每個主要產品類別以及我們所有 5 個地理區域。

Not only is our large and growing installed base a powerful testament to the satisfaction and loyalty of our customers, but it's also fueling our fast growing Services business.

我們龐大且不斷增長的安裝基礎不僅有力地證明了我們客戶的滿意度和忠誠度，而且還推動了我們快速增長的服務業務。

In fact, Services revenue set an all-time record at $10.9 billion in the December quarter, growing 19%.

事實上，服務收入在 12 月季度創下了 109 億美元的歷史新高，增長了 19%。

We not only generated our highest global Services revenue ever, but we also had all-time records across multiple categories of Services, including the App Store, Apple Pay, cloud services and our App Store Search Ad business, and we had a December quarter record for AppleCare.

我們不僅創造了有史以來最高的全球服務收入，而且我們還在多個服務類別中創造了歷史記錄，包括 App Store、Apple Pay、雲服務和我們的 App Store Search Ad 業務，並且我們在 12 月創造了季度記錄為 AppleCare。

And I'm very proud to say that nearly 16 years after launching the iTunes Store, we generated our highest quarterly music revenue ever, thanks to the great popularity of Apple Music, now with over 50 million paid subscribers.

我非常自豪地說，在推出 iTunes Store 近 16 年後，我們創造了有史以來最高的季度音樂收入，這要歸功於 Apple Music 的大受歡迎，現在擁有超過 5000 萬付費用戶。

The App Store wrapped up its best year ever with record holiday period results propelled by the biggest Christmas Day and Christmas week ever.

在有史以來最大的聖誕節和聖誕節週的推動下，App Store 以創紀錄的假期業績結束了有史以來最好的一年。

Customers also spent over $322 million on New Year's Day alone, setting a new single-day record for both the number of customers and purchase volume.

客戶僅在元旦當天也花費了超過 3.22 億美元，創下了客戶數量和購買量的單日新紀錄。

It was also a great holiday season for Apple Pay with over 1.8 billion transactions in the quarter, well over twice the volume of the year-ago quarter.

對於 Apple Pay 來說，這也是一個很棒的假日季，該季度的交易量超過 18 億筆，是去年同期的兩倍多。

Merchant adoption continues to reach new milestones.

商家採用繼續達到新的里程碑。

Customers can now use Apple Pay with iPhone and Apple Watch at nearly 3,000 Speedway locations, while all Target, Taco Bell and Jack in the Box stores will be accepting Apple Pay soon.

客戶現在可以在近 3,000 個 Speedway 門店使用 iPhone 和 Apple Watch 使用 Apple Pay，而所有 Target、Taco Bell 和 Jack in the Box 商店也將很快接受 Apple Pay。

We launched Apple Pay in 3 new countries in the December quarter: Germany, Belgium and Kazakhstan and it's now live in 27 markets around the world.

我們在 12 月季度在 3 個新國家/地區推出了 Apple Pay：德國、比利時和哈薩克斯坦，現在它已在全球 27 個市場推出。

The rollout in Germany has been a huge success with Deutsche Bank reporting more activations for Apple Pay in 1 week than for Android in an entire year.

在德國的推出取得了巨大的成功，德意志銀行報告稱，Apple Pay 在 1 週內的激活次數超過了 Android 在一年內的激活次數。

This is yet another example of what's possible when you bring together Apple's world-class hardware, software and ecosystem with our engaged and active user base.

這是將 Apple 世界一流的硬件、軟件和生態系統與我們積極活躍的用戶群結合在一起的另一個例子。

Shoppers around the world love Apple Pay, and it has increasingly become an indispensable part of daily life.

世界各地的購物者都喜愛 Apple Pay，它已日益成為日常生活中不可或缺的一部分。

Revenue from cloud services continues to grow rapidly with year-over-year revenue up over 40% in the December quarter.

雲服務收入繼續快速增長，12 月季度的收入同比增長超過 40%。

And readership of Apple News set a new record with over 85 million monthly active users in the 3 countries where we've launched: the United States, the U.K. and Australia.

Apple News 的讀者群創下了新紀錄，在我們推出的 3 個國家/地區擁有超過 8500 萬月活躍用戶：美國、英國和澳大利亞。

Here in the U.S., the latest data from comScore shows that Apple News has the largest audience of all news apps.

在美國，comScore 的最新數據顯示，Apple News 擁有所有新聞應用程序的最大受眾。

And the international audience will continue to grow with our first-ever bilingual launch in Canada available to customers later this quarter.

隨著我們在本季度晚些時候在加拿大首次向客戶推出雙語版本，國際觀眾將繼續增長。

In summary, we're very happy not only with the growth but also the breadth of our Services portfolio.

總之，我們不僅對服務組合的增長感到高興，而且對服務組合的廣度也感到非常高興。

Our revenue from Services has grown from less than $8 billion in calendar 2010 to over $41 billion in calendar 2018.

我們的服務收入從 2010 年的不到 80 億美元增長到 2018 年的超過 410 億美元。

The largest category represents less than 30% of total Services revenue, and the new services we've launched in the last few years are all experiencing tremendous growth.

最大的類別佔總服務收入的不到 30%，我們在過去幾年推出的新服務都在經歷巨大的增長。

We had our best quarter ever for Mac revenue, which was up 9% fueled by our new MacBook Air and Mac mini introduced in October.

我們在 Mac 收入方面取得了有史以來最好的季度，在 10 月份推出的新款 MacBook Air 和 Mac mini 推動下增長了 9%。

The MacBook Air includes a beautiful new Retina display, Touch ID and Force Touch Trackpad, while the new Mac mini provides a powerful, flexible solution for everything from home automation to giant render farms.

MacBook Air 包括漂亮的全新 Retina 顯示屏、Touch ID 和 Force Touch 觸控板，而全新 Mac mini 為從家庭自動化到大型渲染農場的一切提供了強大、靈活的解決方案。

iPad revenue was up 17%, its highest growth rate in almost 6 years, powered by the new iPad Pro released in November.

在 11 月發布的新款 iPad Pro 的推動下，iPad 收入增長了 17%，是近 6 年來的最高增長率。

With its edge-to-edge Liquid Retina display, Face ID and A12X Bionic chip, the new iPad Pro has been described by reviewers as a tablet with no equal and the most powerful mobile device ever made.

憑藉其無邊的 Liquid Retina 顯示屏、Face ID 和 A12X 仿生芯片，新 iPad Pro 被評論家描述為一款無與倫比的平板電腦，也是有史以來最強大的移動設備。

We also had our best quarter ever for Wearables, Home and Accessories with 33% growth in total and almost 50% growth from Wearables, thanks to strong sales of both Apple Watch and AirPods.

由於 Apple Watch 和 AirPods 的強勁銷售，我們的可穿戴設備、家居和配件也實現了有史以來最好的季度，總增長 33%，可穿戴設備增長近 50%。

We don't measure our success in 90-day increments.

我們不會以 90 天為增量來衡量我們的成功。

We manage Apple for the long term, and when we consider the keys to our success over time, there are 3 that stand out: our highly satisfied and loyal customers; our large and growing active installed base; and at the heart of it all, our deeply ingrained culture of innovation.

我們長期管理 Apple，當我們考慮長期成功的關鍵時，有 3 個脫穎而出：我們非常滿意和忠誠的客戶；我們龐大且不斷增長的活躍安裝基礎；而這一切的核心是我們根深蒂固的創新文化。

Thanks to all this, our ecosystem is stronger than ever before.

多虧了這一切，我們的生態系統比以往任何時候都更強大。

We have an amazingly talented team, creating hardware, software and services, optimizing each of them to create an unparalleled user experience.

我們擁有一支才華橫溢的團隊，創造硬件、軟件和服務，並優化每一個以創造無與倫比的用戶體驗。

Apple Watch is a powerful example of that.

Apple Watch 就是一個強有力的例子。

It's humbling to read e-mails from customers around the world telling us how Apple Watch has dramatically changed their lives by motivating them to be more fit and active, by alerting them to potentially serious health conditions such as AFib and by helping them in times of crisis with features like fall detection and emergency SOS.

閱讀來自世界各地客戶的電子郵件，告訴我們 Apple Watch 如何通過激勵他們變得更健康、更活躍、提醒他們注意潛在的嚴重健康狀況（如 AFib）以及幫助他們在患具有跌倒檢測和緊急 SOS 等功能的危機。

We believe we are just beginning to see the impact we can make to improving health and are deeply inspired by the possibilities.

我們相信，我們才剛剛開始看到我們可以對改善健康產生的影響，並深受這些可能性的啟發。

Another example is the work we're doing with silicon.

另一個例子是我們正在用矽做的工作。

We've embedded machine learning directly into the silicon with our A12 Bionic chip.

我們使用 A12 仿生芯片將機器學習直接嵌入到矽片中。

Our custom Neural Engine not only provides power efficiency and incredible performance in a very small package, but it also enables processing of data and transactions directly on the device.

我們的定制神經引擎不僅在非常小的封裝中提供了高能效和令人難以置信的性能，而且還可以直接在設備上處理數據和事務。

This means iPhone can recognize patterns, make predictions and learn from experience, and it does all this while keeping personal information private.

這意味著 iPhone 可以識別模式、做出預測並從經驗中學習，並且在做到這一切的同時保護個人信息的私密性。

This is a powerful example of how innovation and privacy can go hand in hand at a time when these issues are increasingly important to our users.

這是一個強有力的例子，說明在這些問題對我們的用戶越來越重要的時候，創新和隱私如何齊頭並進。

We are undertaking and accelerating a number of initiatives to improve our results.

我們正在採取並加快一系列舉措來改善我們的業績。

It's not in our DNA to just stand around and wait for macroeconomic conditions to improve.

我們的 DNA 不是袖手旁觀，等待宏觀經濟狀況好轉。

One such initiative is making it simple to trade in an iPhone in our stores and raising awareness of this opportunity.

其中一項舉措是讓我們的商店中的 iPhone 交易變得簡單，並提高對這一機會的認識。

Because of the quality and durability of iPhones, they maintain significant residual value, making trade-ins a great opportunity.

由於 iPhone 的質量和耐用性，它們保持著可觀的剩餘價值，使以舊換新成為一個很好的機會。

It's not only great for the environment.

它不僅對環境有益。

It's great for the customer as their existing phone acts as a subsidy for their new phone, and it's great for developers as the phone that is traded in and redistributed can help grow our active installed base.

這對客戶來說非常好，因為他們現有的手機可以作為他們新手機的補貼，對於開發人員來說也非常好，因為以舊換新和重新分配的手機可以幫助擴大我們的活躍安裝基礎。

Beginning last week, we started making it easier for people to pay for their phones over time with installment payments, and we're working on rolling out this program to more geographies as soon as we can.

從上週開始，隨著時間的推移，我們開始讓人們更容易通過分期付款來支付手機費用，並且我們正在努力盡快將該計劃推廣到更多地區。

We are as confident as ever in the fundamental strength of our business, and we have a very strong pipeline of products and services with some exciting announcements coming later this year.

我們對我們業務的基本實力一如既往地充滿信心，我們擁有非常強大的產品和服務渠道，今年晚些時候將發布一些令人興奮的公告。

Apple innovates like no other company on Earth, and we are not taking our foot off the gas.

Apple 的創新與地球上其他任何公司都不一樣，而且我們並沒有鬆懈。

We'll continue to invest through near-term headwinds just as we always have, and we'll emerge stronger as a result.

我們將像往常一樣繼續在短期逆風中進行投資，結果我們會變得更強大。

Now for more details on our December quarter results, I'd like to turn the call over to Luca.

現在，有關我們 12 月季度業績的更多詳細信息，我想將電話轉給盧卡。

Thank you, Tim.

謝謝你，蒂姆。

Good afternoon, everyone.

大家下午好。

As Tim said, revenue for the December quarter was $84.3 billion.

正如蒂姆所說，12 月季度的收入為 843 億美元。

This result was below our expectations, but we were able to set new all-time revenue records in the U.S., Canada, Latin America, Western Europe, Central and Eastern Europe and Korea.

這一結果低於我們的預期，但我們能夠在美國、加拿大、拉丁美洲、西歐、中歐和東歐以及韓國創造新的歷史收入記錄。

Our results were especially strong in the U.S., where revenue was up by more than $1.5 billion compared to a year ago and in several markets where revenue grew by double digits, including, among others, Germany, Spain, Poland, Mexico, Malaysia and Vietnam.

我們的業績在美國尤為強勁，與一年前相比收入增長超過 15 億美元，在幾個收入增長兩位數的市場，包括德國、西班牙、波蘭、墨西哥、馬來西亞和越南等.

Looking at product categories.

看產品類別。

iPhone revenue declined 15% from a year ago, while revenue from the rest of our business grew 19% to an all-time record, including our best results ever for Services, for Wearables and for Mac.

iPhone 收入比一年前下降了 15%，而我們其他業務的收入增長了 19%，創下歷史新高，其中包括我們在服務、可穿戴設備和 Mac 方面的最佳業績。

Company gross margin was 38%.

公司毛利率為38%。

This quarter, for the first time, we're making an important new disclosure to our investors as we believe it will foster a better understanding of our business.

本季度，我們首次向投資者做出重要的新披露，因為我們相信這將有助於更好地了解我們的業務。

We're now reporting, on a quarterly basis, gross margin for products in aggregate and for services in aggregate.

我們現在按季度報告產品和服務的總體毛利率。

Products gross margin was 34.3%, and services gross margin was 62.8%.

產品毛利率為34.3%，服務毛利率為62.8%。

On a sequential basis, products gross margin increased 60 basis points due to positive leverage from the holiday quarter partially offset by higher cost structures as we launched several new products and by headwinds from foreign exchange.

由於假期季度的正槓桿作用，產品毛利率環比增長 60 個基點，部分被我們推出幾種新產品時成本結構的上升和外匯逆風所抵消。

Services gross margin also increased 170 basis points sequentially due to favorable mix and leverage partially offset by foreign exchange.

由於有利的組合和槓桿部分被外匯抵消，服務毛利率也環比增長 170 個基點。

While both products and services gross margins improved sequentially, total company gross margin was down 30 basis points due to a different mix between products and services.

雖然產品和服務的毛利率都環比提高，但由於產品和服務的組合不同，公司總毛利率下降了 30 個基點。

Net income was $20 billion, about flat to last year; and diluted earnings per share were an all-time record at $4.18, an increase of 7.5% over last year.

淨收入為 200 億美元，與去年持平；每股攤薄收益創歷史新高，達到 4.18 美元，比去年增長 7.5%。

Operating cash flow was also very strong at $26.7 billion.

經營現金流也非常強勁，達到 267 億美元。

Let me provide more color for the various products categories.

讓我為各種產品類別提供更多顏色。

iPhone revenue was $52 billion.

iPhone 收入為 520 億美元。

On a geographic basis, most of the decline from last year came from Greater China and other emerging markets, where difficult macro and foreign exchange conditions affected our results.

從地域來看，與去年相比的大部分下降來自大中華區和其他新興市場，這些市場的宏觀和外匯狀況都影響了我們的業績。

We also believe that the reduction of carrier subsidies and our battery replacement program had an impact in a number of countries around the world.

我們還認為，減少運營商補貼和我們的電池更換計劃對全球許多國家產生了影響。

And as Tim mentioned, we had a lower number of upgrades than we had anticipated at the beginning of the quarter.

正如蒂姆所提到的，我們的升級數量比我們在本季度初的預期要少。

However, our global active installed base of iPhones continues to grow and has reached an all-time high at the end of December.

然而，我們的全球 iPhone 活躍安裝基數繼續增長，並在 12 月底達到了歷史新高。

We are disclosing that number now for the first time.

我們現在第一次披露這個數字。

And it has surpassed 900 million devices, up year-over-year in each of our 5 geographic segments and growing almost 75 million in the last 12 months alone.

它已經超過 9 億台設備，在我們的 5 個地理區域中的每一個都同比增長，僅在過去 12 個月內就增長了近 7500 萬台。

We plan to provide information on the iPhone installed base as well as total installed base on a periodic basis.

我們計劃定期提供有關 iPhone 安裝基數和總安裝基數的信息。

Customer satisfaction and loyalty for iPhone continue to be outstanding and are the highest in the industry.

iPhone 的客戶滿意度和忠誠度繼續保持出色，並且在行業中處於最高水平。

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

451 Research 對美國消費者的最新調查表明，iPhone XR、XS 和 XS Max 的客戶滿意度合計為 99%。

And among business buyers who plan to purchase smartphones in the March quarter, 81% plan to purchase iPhones.

在計劃在第三季度購買智能手機的商業買家中，81% 的人計劃購買 iPhone。

Based on the latest information from Kantar, iPhone experienced a 90% customer loyalty rating for iPhone customers in the U.S., 23 points above the next highest brand measured.

根據 Kantar 的最新信息，iPhone 在美國的 iPhone 客戶忠誠度評級為 90%，比第二高品牌高出 23 個百分點。

Turning to Services.

轉向服務。

It was our best quarter ever with revenue of $10.9 billion, up 19% year-over-year with new December quarter records in all 5 of our geographic segments.

這是我們有史以來最好的一個季度，收入為 109 億美元，同比增長 19%，在我們所有 5 個地理區域都創下了新的 12 月季度記錄。

Many Services categories set new all-time revenue records, and we are on track to achieve our goal of doubling our fiscal 2016 Services revenue by 2020.

許多服務類別創造了新的歷史收入記錄，我們有望實現到 2020 年將 2016 財年服務收入翻番的目標。

To be clear and as we've already explained 90 days ago, our 2020 goal remains unchanged, and it excludes the impact of the revenue reclassification between products and services we recorded in connection with ASC 606, the new revenue recognition accounting standard that we adopted at the beginning of fiscal '19.

需要明確的是，正如我們在 90 天前已經解釋的那樣，我們的 2020 年目標保持不變，並且不包括我們根據 ASC 606（我們採用的新收入確認會計準則）記錄的產品和服務之間的收入重新分類的影響在 19 財年開始時。

The level of engagement of our customers in our ecosystem continues to grow.

我們的客戶在我們的生態系統中的參與程度不斷提高。

The number of transacting accounts on our digital stores reached a new all-time high during the quarter with the number of paid accounts growing by strong double digits over last year.

我們數字商店的交易賬戶數量在本季度創下歷史新高，付費賬戶數量比去年強勁增長兩位數。

And we now have over 360 million paid subscriptions across our Services portfolio, an increase of 120 million versus a year ago.

我們現在在我們的服務組合中擁有超過 3.6 億的付費訂閱，比一年前增加了 1.2 億。

Given the continued strength and momentum in this part of the business, we now expect the number of paid subscriptions to surpass 0.5 billion during 2020.

鑑於這部分業務的持續實力和勢頭，我們現在預計 2020 年付費訂閱數量將超過 5 億。

Our subscription business has become very large and diversified, covering many different categories from entertainment to health and fitness to lifestyle.

我們的訂閱業務已經變得非常龐大和多元化，涵蓋了從娛樂到健康、健身到生活方式的許多不同類別。

In fact, more than 30,000 third-party subscription apps are available today on the App Store, and the largest of them accounts for only 0.3% of our total Services revenue.

事實上，今天 App Store 上有超過 30,000 個第三方訂閱應用程序可用，其中最大的僅占我們服務總收入的 0.3%。

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

接下來，我想談談Mac。

We saw great response to the new MacBook Air and Mac mini that we introduced in October, which helped drive a 9% increase in Mac revenue over last year to a new all-time record.

我們在 10 月份推出的新款 MacBook Air 和 Mac mini 引起了巨大反響，這推動 Mac 收入比去年增長了 9%，創下歷史新高。

Mac revenue was up in the vast majority of countries we track with double-digit growth in many large markets such as the U.S., Western Europe, Central and Eastern Europe, Japan, Korea and South Asia.

Mac 收入在我們跟踪的絕大多數國家/地區都有所增長，在美國、西歐、中歐和東歐、日本、韓國和南亞等許多大型市場實現了兩位數的增長。

Our active installed base of Macs reached a new all-time high, and half of all the customers purchasing Macs in the December quarter were new to Mac.

我們活躍的 Mac 安裝基數達到了歷史新高，在 12 月季度購買 Mac 的所有客戶中有一半是 Mac 新手。

We also had great results for iPad with revenue up 17% from a year ago.

我們在 iPad 上也取得了不錯的成績，收入比一年前增長了 17%。

And strong performance of both iPad and iPad Pro had generated double-digit growth in 4 of our 5 geographic segments.

iPad 和 iPad Pro 的強勁表現在我們的 5 個地理區域中的 4 個實現了兩位數的增長。

Similar to the Mac, our installed base of iPads reached a new all-time high, and among customers purchasing iPad during the quarter, half were new to iPad.

與 Mac 類似，我們的 iPad 安裝基數達到了歷史新高，在本季度購買 iPad 的客戶中，有一半是 iPad 的新用戶。

The most recent consumer survey from 451 Research measured a 94% customer satisfaction rating for iPad overall with iPad Pro models scoring as high as 100%.

451 Research 的最新消費者調查顯示，客戶對 iPad 的整體滿意度為 94%，iPad Pro 機型的得分高達 100%。

Among business customers who plan to purchase tablets in the March quarter, 68% plan to purchase iPads.

在第三季度計劃購買平板電腦的商業客戶中，68% 的人計劃購買 iPad。

Wearables, Home and Accessories revenue grew 33% to a new all-time record in each of our geographic segments.

可穿戴設備、家居和配件收入增長 33%，在我們每個地理區域都創下歷史新高。

Revenue from this category was up over $1.8 billion compared to a year ago, thanks to the amazing popularity of Apple Watch and AirPods, both of which were supply constrained as we exited the quarter.

由於 Apple Watch 和 AirPods 的驚人普及，該類別的收入與一年前相比增長了 18 億美元以上，當我們退出本季度時，這兩者都受到了供應限制。

Based on revenue over the past 4 quarters, our Wearables business is approaching the size of a Fortune 200 company.

根據過去 4 個季度的收入，我們的可穿戴設備業務正在接近財富 200 強公司的規模。

Our retail and online stores generated strong results from Mac and iPad and all-time record performance from Services and from Wearables.

我們的零售和在線商店從 Mac 和 iPad 以及服務和可穿戴設備的歷史記錄中創造了強勁的業績。

Following the launch of the new iPhone trade-in campaign, our stores more than doubled the volume of iPhones traded in compared to last year, reaching an all-time high in Q1.

隨著新的 iPhone 以舊換新活動的推出，我們的商店的 iPhone 交易量比去年增加了一倍以上，在第一季度達到了歷史新高。

We added Thailand to our footprint with a beautiful store in Bangkok, and we opened a stunning new store on Champs-Élysées in Paris, exiting the quarter with 506 physical stores in 22 countries.

我們將泰國加入我們的足跡，在曼谷開設了一家漂亮的商店，我們在巴黎香榭麗舍大街開設了一家令人驚嘆的新店，本季度在 22 個國家擁有 506 家實體店。

In enterprise, across multiple industries, our technology continues to enable businesses to do their best work.

在企業中，跨越多個行業，我們的技術繼續使企業能夠做到最好。

In health care, iPhones and iOS apps continue to streamline and support clinical workflows, communications and care delivery across leading health systems, including Johns Hopkins Medicine, Massachusetts General Hospital, Stanford Health Care and St.

在醫療保健方面，iPhone 和 iOS 應用程序繼續簡化和支持領先醫療系統的臨床工作流程、通信和護理交付，包括約翰霍普金斯醫學院、馬薩諸塞州總醫院、斯坦福醫療保健和聖路易斯。

Jude Children's Research Hospital.

裘德兒童研究醫院。

In manufacturing, SKF, the world's largest producers of bearings and seals, have transformed their manufacturing processes on iOS and iPhone with incredible success.

在製造方面，世界上最大的軸承和密封件生產商 SKF 已經在 iOS 和 iPhone 上改變了他們的製造流程，並取得了令人難以置信的成功。

With custom iOS apps available to production operators across their worldwide locations, SKF has reduced production errors from 20% to 0 while saving 70% in system-related time.

借助面向全球生產運營商的定制 iOS 應用程序，SKF 將生產錯誤從 20% 減少到 0，同時節省了 70% 的系統相關時間。

Apple technology has made possible a simplified user experience integrating the SAP Cloud Platform, yielding better accuracy, efficiency and employee experiences across the board.

Apple 技術使與 SAP Cloud Platform 集成的簡化用戶體驗成為可能，從而全面提高準確性、效率和員工體驗。

We're also seeing great innovation in the construction industry with iPad and new third-party apps made for iOS.

我們還看到了建築行業的巨大創新，iPad 和為 iOS 開發的新第三方應用程序。

For instance, Procore Technologies has introduced an app to help decrease building errors on the job site.

例如，Procore Technologies 推出了一款應用程序來幫助減少工作現場的構建錯誤。

By using Metal and Split View with the iPad camera, construction workers can compare building plans and 3D models to what is actually being built in realtime.

通過結合 iPad 攝像頭使用 Metal 和 Split View，建築工人可以實時比較建築平面圖和 3D 模型與實際建造的模型。

This new iOS app reduces wasted raw materials and helps keep building projects on time and on budget.

這個新的 iOS 應用程序減少了原材料的浪費，並有助於按時按預算構建項目。

Let me now turn to our cash position.

現在讓我談談我們的現金狀況。

We ended the quarter with $245 billion in cash plus marketable securities.

我們在本季度末擁有 2450 億美元的現金和有價證券。

We also had $102.8 billion in term debt and $12 billion in commercial paper outstanding for a net cash position of $130 billion.

我們還有 1028 億美元的定期債務和 120 億美元的未償商業票據，淨現金頭寸為 1300 億美元。

As we explained in the past, it is our plan to reach a net cash neutral position over time.

正如我們過去所解釋的，我們計劃隨著時間的推移達到淨現金中性頭寸。

As part of this plan, we returned over $13 billion to our investors during the December quarter.

作為該計劃的一部分，我們在 12 月季度向投資者返還了超過 130 億美元。

We repurchased 38 million Apple shares for $8.2 billion through open market transactions, and we paid $3.6 billion in dividends and equivalents.

我們通過公開市場交易以 82 億美元的價格回購了 3800 萬股蘋果股票，並支付了 36 億美元的股息和等價物。

Consistent with our historical cadence, we plan to provide an update on our overall capital return program when we report our March quarter results.

與我們的歷史節奏一致，我們計劃在報告 3 月季度業績時提供我們整體資本回報計劃的最新信息。

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

隨著我們進入第三季度，我想回顧一下我們的前景，其中包括南希在電話會議開始時提到的前瞻性信息類型。

We expect revenue to be between $55 billion and $59 billion.

我們預計收入將在 550 億美元至 590 億美元之間。

This range reflects a negative year-over-year impact of $1.3 billion from foreign exchange, which represents about 210 basis points of last year's revenue and a more uncertain macroeconomic environment than a year ago, especially in emerging markets.

這一範圍反映了外匯對 13 億美元的同比負面影響，相當於去年收入的約 210 個基點，以及比一年前更加不確定的宏觀經濟環境，尤其是在新興市場。

We expect gross margin to be between 37% and 38%.

我們預計毛利率將在 37% 至 38% 之間。

On a sequential basis, this range reflects seasonal loss of leverage and a 60 basis point unfavorable impact from foreign exchange, partially offset by commodity cost savings.

在連續的基礎上，這個範圍反映了季節性的槓桿損失和來自外彙的 60 個基點的不利影響，部分被商品成本節約所抵消。

We expect OpEx to be between $8.5 billion and $8.6 billion.

我們預計運營支出將在 85 億美元至 86 億美元之間。

We expect OI&E to be about $300 million, and we expect the tax rate to be about 17%.

我們預計 OI&E 約為 3 億美元，我們預計稅率約為 17%。

Also, today, our Board of Directors has declared a cash dividend of $0.73 per share of common stock payable on February 14, 2019, to shareholders of record as of February 11, 2019.

此外，今天，我們的董事會已宣佈於 2019 年 2 月 14 日向截至 2019 年 2 月 11 日在冊的股東派發每股普通股 0.73 美元的現金股息。

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

有了這個，我想打開問題電話。

Thank you, Luca.

謝謝你，盧卡。

(Operator Instructions)

（操作員說明）

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

我們的第一個問題將來自摩根士丹利的 Katy Huberty。

Services growth did decelerate from the growth rates in recent quarters.

服務業的增長確實比最近幾個季度的增長率有所放緩。

So can you talk about the factors that played into that slower growth?

那麼你能談談導致增長放緩的因素嗎？

And then appreciate the new disclosure around paid subscribers.

然後欣賞有關付費訂戶的新披露。

But if you compare what you added in 2018 versus what you expect to add over the next 2 years, that implies a slowdown in annual net new subscribers.

但是，如果您將 2018 年添加的內容與您預計在未來 2 年添加的內容進行比較，這意味著年度淨新訂戶數量將放緩。

So should we be thinking about Services as a lower growth segment than what you experienced in 2018?

那麼我們是否應該將服務視為比您在 2018 年經歷的增長更低的細分市場？

And then I have a follow-up.

然後我有一個跟進。

Yes, Katy, let me take that one.

是的，凱蒂，讓我拿那個。

First of all, when we talk about the Services business, it's very important to start from the momentum that we have.

首先，當我們談論服務業務時，從我們擁有的勢頭開始非常重要。

As you know, we have set an ambitious target for ourselves to double the size of our business from fiscal '16 to 2020, which implied, at the time, a 19% CAGR.

如您所知，我們為自己設定了一個雄心勃勃的目標，即從 16 財年到 2020 年將我們的業務規模翻一番，這意味著當時的複合年增長率為 19%。

So far, we've been able to grow about 20%.

到目前為止，我們已經能夠增長約 20%。

In fiscal '18, we grew 22%, so we are on track to achieve our objective.

在 18 財年，我們增長了 22%，因此我們有望實現我們的目標。

And it's important to understand what is driving the growth of the business.

了解推動業務增長的因素也很重要。

First of all, it's our installed base.

首先，這是我們的安裝基礎。

As we just told you, the installed base continues to grow very nicely.

正如我們剛剛告訴您的那樣，安裝基數繼續非常好地增長。

It has reached 1.4 billion active devices at the end of December, and really, very little of our Services revenue is driven by what we sell in the last 90 days.

截至 12 月底，活躍設備已達到 14 億台，而且我們的服務收入中實際上很少有來自過去 90 天銷售的產品。

The second factor for the growth of the Services business is that, within this installed base, the percentage of users who are paying for at least 1 service is growing very strongly.

服務業務增長的第二個因素是，在這個安裝基礎中，為至少一項服務付費的用戶百分比增長非常強勁。

This is due to several factors.

這是由於幾個因素。

First of all, we're offering more and more services.

首先，我們提供越來越多的服務。

During the last few years, as you know, we launched Apple Music, Apple Pay and advertising service for our developers on the App Store.

如您所知，在過去幾年中，我們在 App Store 上為我們的開發者推出了 Apple Music、Apple Pay 和廣告服務。

All these businesses are growing very strongly.

所有這些業務都在強勁增長。

Second, we are making it easier for our customers to transact on our digital stores.

其次，我們讓客戶更容易在我們的數字商店進行交易。

We accept many more payment methods today, which are very common in certain countries around the world.

我們今天接受更多的支付方式，這在世界上某些國家非常普遍。

We've also increased the distribution coverage for many of these services.

我們還增加了其中許多服務的分發範圍。

We're bringing AppleCare to more points of sale around the world.

我們正在將 AppleCare 帶到全球更多的銷售點。

We are launching Apple Pay in more and more markets and so on.

我們正在越來越多的市場推出 Apple Pay，等等。

Thirdly, as you mentioned, our subscriptions are becoming a very large portion of our business, and they're growing very well above Services average.

第三，正如您所提到的，我們的訂閱正在成為我們業務的很大一部分，並且它們的增長遠遠高於服務平均水平。

And the fact that we are saying that we will surpass 0.5 billion during 2020, we're not putting a specific date during 2020, but I think you've seen over recent quarters that we've been adding about 120 million on a year-over-year basis for a number of quarters now.

事實上，我們說我們將在 2020 年超過 5 億，我們沒有確定 2020 年的具體日期，但我認為你已經看到最近幾個季度我們每年增加了約 1.2 億——與去年同期相比，現在有幾個季度。

And this is an incredible staggering number, right, when you think about it.

這是一個令人難以置信的驚人數字，對，當您考慮它時。

We're also broadening the scope of many of these services.

我們還在擴大其中許多服務的範圍。

You should take Apple Pay as an example.

你應該以 Apple Pay 為例。

It started off as the most convenient, most private and most secure way to make a payment in a store or in an app.

它最初是在商店或應用程序中進行付款的最方便、最私密和最安全的方式。

Then, we took Apple Pay to Safari.

然後，我們將 Apple Pay 帶到了 Safari。

Then, we started a peer-to-peer service, and we're launching it in new markets across the world every quarter.

然後，我們開始了點對點服務，每個季度我們都會在全球新市場推出它。

So we are broadening that scope.

所以我們正在擴大這個範圍。

And of course, similar to what we've done in the past in the last 3 years we launched several new services, we're also looking to launch new services going forward that we believe will provide great value to our users.

當然，與我們過去 3 年所做的類似，我們推出了幾項新服務，我們也希望在未來推出新服務，我們相信這些新服務將為我們的用戶帶來巨大價值。

And we're really very excited about the opportunities that we see in front of us.

我們對擺在我們面前的機會感到非常興奮。

I think you're referring to the deceleration in the growth rate that we've seen in the December quarter, and I think you're referring back to the growth that we reported in September.

我認為您指的是我們在 12 月季度看到的增長率減速，我認為您指的是我們在 9 月報告的增長。

I think an important point I need to make and I think it's helpful that you asked the question is that a portion of this deceleration is truly just a reclassification of the amortization of free services that we've made in connection with the adoption of the new revenue recognition standard.

我認為我需要提出一個重要的觀點，我認為您提出這個問題很有幫助，這種減速的一部分實際上只是對我們為採用新的免費服務所做的攤銷的重新分類收入確認標準。

And as we explained 90 days ago, this amortization of free services in the past was reported under products and now gets reported under services.

正如我們在 90 天前解釋的那樣，過去免費服務的攤銷在產品下報告，現在在服務下報告。

The reclassification is actually dilutive to our growth rate because the amortization of free services is a relatively stable number, which gets applied to our growing base.

重新分類實際上稀釋了我們的增長率，因為免費服務的攤銷是一個相對穩定的數字，它適用於我們不斷增長的基礎。

So this reclassification reduces our growth rate versus the previous classification.

因此，與之前的分類相比，這種重新分類降低了我們的增長率。

This factor, by itself, represents roughly 1/3 of the deceleration that you've seen.

這個因素本身就代表了你所看到的大約 1/3 的減速。

We talked about 27% growth in the September quarter.

我們談到了 9 月季度的 27% 增長。

With the reclassification, that growth rate was about 24.5%.

重新分類後，增長率約為 24.5%。

So that explains about 1/3 of that deceleration.

這解釋了大約 1/3 的減速。

There are, I would say, 3 factors that explain this difference between the 24.5% to the 19%.

我想說，有 3 個因素可以解釋 24.5% 和 19% 之間的這種差異。

The first one is that foreign exchange plays a role.

第一個是外匯發揮作用。

Roughly 60% of our Services business is outside the United States; and as you know, the U.S. dollar has appreciated in recent months.

我們大約 60% 的服務業務在美國境外；如您所知，最近幾個月美元已經升值。

And in general, we tend not to reprice our services for foreign exchange on a very frequent basis.

總的來說，我們傾向於不經常為外匯重新定價我們的服務。

The second factor is a well-known issue around the App Store in China.

第二個因素是中國 App Store 的一個眾所周知的問題。

The App Store in China is a large business for us.

中國的 App Store 對我們來說是一項龐大的業務。

We believe this issue around the approval of new game titles is temporary in nature but clearly is affecting our business right now.

我們認為，圍繞新遊戲批准的問題本質上是暫時的，但顯然正在影響我們目前的業務。

And then thirdly, we are seeing some level of deceleration in AppleCare, which has had very, very strong growth during fiscal '18, where we're starting to lap some of the increase in distribution coverage that we put in place recently and the channel fill of Apple components that happened when we increased the distribution coverage.

第三，我們看到 AppleCare 出現了一定程度的減速，它在 18 財年實現了非常非常強勁的增長，我們開始利用我們最近實施的分銷覆蓋率和渠道的一些增長當我們增加分銷覆蓋率時發生的 Apple 組件填充。

But in general, we are very, very pleased with 19% growth, and we think that the business will continue to grow nicely going forward.

但總的來說，我們對 19% 的增長感到非常、非常滿意，我們認為該業務將繼續保持良好的增長勢頭。

Just a quick follow-up, Luca.

盧卡，只是快速跟進。

Share repurchases in the December quarter were well below the run rate from the June and September quarters.

12 月季度的股票回購遠低於 6 月和 9 月季度的運行率。

How much did the weaker quarter play into your ability to carry out the buyback at the same level?

較弱的季度對您在同一水平上進行回購的能力有多大影響？

And what should we think about as the right run rate going forward?

我們應該如何考慮正確的運行率？

Well, Katy, we've always said that we're very committed to executing our program.

好吧，凱蒂，我們一直說我們非常致力於執行我們的計劃。

We have done almost $250 billion of repurchases from the beginning of the program.

從該計劃開始，我們已經進行了近 2500 億美元的回購。

But we've also said that we want to execute the program in an efficient, effective, I will say, disciplined manner.

但我們也說過，我們希望以高效、有效、我會說、有紀律的方式執行該計劃。

And that takes into account also overall market conditions.

這也考慮到了整體市場狀況。

So that's what we did during the course of the December quarter.

這就是我們在 12 月季度期間所做的事情。

We -- our fundamental view remains the same.

我們——我們的基本觀點保持不變。

We are optimistic about our future, and we think there is great value in our stock.

我們對未來持樂觀態度，我們認為我們的股票具有很大的價值。

And so we will continue to execute the program.

所以我們將繼續執行程序。

We will continue to report at the end of every quarter.

我們將在每個季度末繼續報告。

And by the way, when we report our March quarter results, we will also talk about the next step in our capital return program, which is something that we do traditionally in the spring.

順便說一句，當我們報告 3 月季度業績時，我們還將討論資本回報計劃的下一步，這是我們傳統上在春季進行的事情。

The next question will come from Steve Milunovich with Wolfe Research.

下一個問題將來自 Wolfe Research 的 Steve Milunovich。

Some have the perception that you priced the new products, the new iPhones too high.

有些人認為您對新產品、新 iPhone 定價過高。

What have you learned about price elasticity?

你對價格彈性有什麼了解？

And do you feel that perhaps you pushed the envelope a little bit too far and might have to bring that down in the future?

你是否覺得也許你把信封推得太遠了，將來可能不得不降低它？

Steve, it's Tim.

史蒂夫，是蒂姆。

If you look at what we did this past year, we priced the iPhone XS in the U.S. the same as we priced the iPhone X the year ago.

如果你看看我們過去一年所做的事情，我們在美國對 iPhone XS 的定價與一年前對 iPhone X 的定價相同。

The iPhone XS Max, which was new, was $100 more than the XS.

新款 iPhone XS Max 比 XS 貴 100 美元。

And then we priced the XR right in the middle of where the entry iPhone 8 and entry iPhone 8 Plus have been priced.

然後我們將 XR 定價在入門 iPhone 8 和入門 iPhone 8 Plus 的中間價格。

So it's actually a pretty small difference in the United States compared to last year.

因此，與去年相比，美國的差異實際上很小。

However, the foreign exchange issue that Luca spoke of in the call and -- made that difference or amplified that difference in international markets, in particular, the emerging markets, which tended to move much more significantly versus the dollar.

然而，盧卡在電話會議中談到的外匯問題——在國際市場，特別是新興市場，造成了這種差異或放大了這種差異，這些市場對美元的影響往往更大。

And so what we have done in January and in some locations and some products is essentially absorb part or all of the foreign currency move as compared to last year and therefore, get close or perhaps right on the local price from a year ago.

因此，與去年相比，我們在 1 月份以及在某些地區和某些產品中所做的基本上是吸收部分或全部外匯波動，因此與一年前的當地價格接近或可能是正確的。

So yes, I do think that price is a factor.

所以是的，我確實認為價格是一個因素。

I think part of it is that, the FX piece.

我認為部分原因是 FX 部分。

And then secondly, in some markets as I had talked about in my prepared remarks, the subsidy is probably the bigger of the issues in the developed markets.

其次，正如我在準備好的發言中談到的那樣，在某些市場，補貼可能是發達市場中更大的問題。

I had mentioned Japan; but also even in this country, even though the subsidy has gone away for a period of time, if you're a customer that your last purchase was a 6s or 6 or in some cases, even a 7, you may have paid $199 for it -- and now in an unbundled world, it's obviously much more than that.

我提到了日本；而且即使在這個國家，即使補貼已經消失了一段時間，如果你是一個客戶，你最後一次購買的是 6s 或 6，或者在某些情況下，甚至是 7，你可能已經支付了 199 美元它——現在在一個非捆綁的世界裡，它顯然遠不止於此。

And so we are working through those, and we've got a number of actions to address that, including the trade-in and the installment payments, which I had mentioned as well.

所以我們正在努力解決這些問題，我們已經採取了一些行動來解決這個問題，包括我也提到過的以舊換新和分期付款。

I know that you're not giving units going forward, but you said you might make qualitative comments.

我知道你不會給出未來的單位，但你說你可能會做出定性評論。

I was wondering if you have a comment particularly on the ASP on a year-over-year basis.

我想知道您是否對每年的 ASP 有特別的評論。

Well, Steve, we did mention on the call last quarter that the different timing of our phone launches would affect the year-over-year compares.

好吧，史蒂夫，我們確實在上個季度的電話會議上提到，我們手機發布的不同時間會影響同比比較。

If you remember, our top models, the XS and XS Max shipped during the September quarter, which plays the channel fill and the initial sales in that quarter.

如果您還記得，我們的頂級型號 XS 和 XS Max 在 9 月季度發貨，它們在該季度起到了渠道填充和初始銷售的作用。

While last year, the iPhone X shipped in Q1 in the December quarter but is in the channel fill and the initial sales in the December quarter.

而去年，iPhone X 在 12 月季度的第一季度發貨，但在 12 月季度處於渠道填充和初始銷售階段。

So we knew that this would create a difficult compare for Q1 of '19, and this is essentially what happened.

所以我們知道這會給 19 年第一季度帶來困難的比較，而這基本上就是發生的事情。

It was pretty much in line with our expectations.

這幾乎符合我們的預期。

To give you more color, I would say that the XR is our most popular model, and it's followed by XS Max and then the XS.

為了給你更多色彩，我會說 XR 是我們最受歡迎的型號，其次是 XS Max，然後是 XS。

The next question will come from Toni Sacconaghi with Bernstein.

下一個問題將來自托尼·薩科納吉和伯恩斯坦。

I have one for Luca and one for Tim.

我有一份給盧卡，一份給蒂姆。

Luca, looks like the midpoint of your Q2 revenue guidance implies the steepest Q1 to Q2 sequential decline in iPhone revenues in history.

Luca，看起來你的第二季度收入指導的中點意味著 iPhone 收入在歷史上第一季度到第二季度的連續下降幅度最大。

It also implies a year-over-year deceleration in iPhone revenues.

這也意味著 iPhone 收入同比下降。

And I'm wondering if you can comment about whether that's conservatism, whether you're entering the quarter with a high level of channel inventory, and maybe you can comment explicitly on that, or whether you actually think the macroeconomic conditions are getting worse.

而且我想知道您是否可以評論這是否是保守主義，您是否進入具有高水平渠道庫存的季度，也許您可以明確評論這一點，或者您是否真的認為宏觀經濟狀況正在惡化。

Yes.

是的。

I mean, 3 questions there.

我的意思是，那裡有3個問題。

The first one is a question around conservatism.

第一個是關於保守主義的問題。

As we always do, when we provide a range, it's a range that we believe we're going to fall within.

正如我們一直所做的那樣，當我們提供一個範圍時，它就是我們相信我們將落入的範圍。

We've done pretty well with that up until the December quarter, right?

直到 12 月季度，我們都做得很好，對吧？

I mean, we've been -- we didn't miss in years and years.

我的意思是，我們一直 - 我們多年來沒有錯過。

So that's the idea.

所以這就是想法。

It's -- there is that specific level of conservatism.

這是 - 存在特定程度的保守主義。

We believe that this is the range where we're going to fall within.

我們相信這是我們將要落入的範圍。

On channel inventory, as you know, our historical pattern for iPhone channel inventory is that, typically, we increase inventory in Q1 and we decrease in Q2.

在渠道庫存方面，如您所知，我們 iPhone 渠道庫存的歷史模式是，我們通常在第一季度增加庫存，在第二季度減少庫存。

And we think this year will be similar, and we've exited the December quarter with levels of inventory that we are comfortable with.

我們認為今年會類似，我們已經以我們滿意的庫存水平退出了 12 月季度。

So that leaves us with the reality that our iPhone performance in Q1, from a revenue standpoint, was minus 15%.

因此，從收入的角度來看，我們的 iPhone 在第一季度的表現是負 15%。

And we expect that the key factors that Tim mentioned during the call affecting iPhone performance in Q1 will also have an effect on Q2 starting with the strong U.S. dollar environment.

我們預計蒂姆在電話會議中提到的影響第一季度 iPhone 性能的關鍵因素也將從強勢美元環境開始對第二季度產生影響。

On a year-over-year basis, the negative impact from currency is going to be about $1.3 billion, so that's about -- a bit more than 2 points versus last year's revenue.

與去年同期相比，貨幣的負面影響將約為 13 億美元，這大約是 - 與去年的收入相比略高於 2 個百分點。

And so that obviously plays a role.

所以這顯然起到了作用。

And the macroeconomic environment, particularly in emerging markets, will continue to be there.

宏觀經濟環境，尤其是新興市場，將繼續存在。

On the positive side, we expect that we will continue to grow revenue nicely from the rest of the business, which is not iPhone.

從積極的方面來看，我們預計我們將繼續從其他業務（不是 iPhone）中獲得很好的收入增長。

Tim, at your September event, Lisa Jackson, an Apple VP, stated the company needed to "design products to last as long as possible." And Apple's clearly doing that by helping with the battery replacement program, iOS working on an older range of products, et cetera.

蒂姆，在你 9 月的活動中，蘋果副總裁麗莎傑克遜表示，公司需要“設計出盡可能持久的產品”。而蘋果顯然是通過幫助電池更換計劃、iOS 開發更老的產品系列等來做到這一點的。

But I guess, the question is why doesn't that mean that replacement or upgrade cycles for iPhones should continue to extend going forward, in part, because that's almost one of your objectives.

但我想，問題是為什麼這並不意味著 iPhone 的更換或升級週期應該繼續延長，部分原因是這幾乎是你的目標之一。

And maybe to that end, maybe you can help us understand what iPhone's average replacement cycle might be today and how that may have changed over the last 3 to 5 years.

也許為此，也許您可以幫助我們了解 iPhone 今天的平均更換週期以及過去 3 到 5 年可能發生的變化。

And again, why wouldn't you expect it to elongate over time given some of the aforementioned things?

再說一次，考慮到上述一些事情，你為什麼不期望它隨著時間的推移而延長呢？

We do design our products to last as long as possible.

我們確實將我們的產品設計為盡可能持久。

Some people hold onto those for the life of the product, and some people trade them in.

有些人在產品的整個生命週期內都持有這些，有些人則以舊換新。

And then that phone is then redistributed to someone else.

然後該電話將重新分配給其他人。

And so it doesn't necessarily follow that one leads to the other.

因此，這並不一定意味著一個導致另一個。

The cycles -- the average cycle has extended.

週期——平均週期已經延長。

There's no doubt about that.

毫無疑問。

We've said several times, I think, on this call and before that the upgrades for the quarter were less than we anticipated due to the -- all the reasons that we had mentioned.

我認為，在這次電話會議上以及在此之前，我們已經多次說過，由於我們提到的所有原因，本季度的升級低於我們的預期。

So where it goes in the future, I don't know, but I'm convinced that making a great product that is high quality, that is the best thing for the customer and we work for the user.

所以未來它會走向何方，我不知道，但我相信，製造出高質量的偉大產品，這對客戶來說是最好的事情，我們為用戶工作。

And so that's the way that we look at it.

這就是我們看待它的方式。

Next question will come from Shannon Cross with Cross Research.

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

I wanted to ask about the trajectory of Services gross margin, up about 500 basis points, it appears, year-over-year.

我想問一下服務毛利率的軌跡，似乎同比增長了約 500 個基點。

You talked a little bit about sequential.

你談到了一些關於順序的。

But what's driving the improvement?

但是是什麼推動了這種改進？

Or will it be volatile as we go through the year depending on quarters and mix?

還是會隨著我們全年的發展而波動，具體取決於季度和組合？

Just whatever color you can give us as we start to forecast this.

當我們開始預測這一點時，無論您能給我們什麼顏色。

Yes, Shannon.

是的，香農。

I think you've seen that Services gross margins increased on a year-over-year basis by a significant amount.

我認為您已經看到服務毛利率同比大幅增長。

Let me start with sequential because I think it's probably most relevant for us.

讓我從順序開始，因為我認為它可能與我們最相關。

Sequentially, we increased 170 basis points.

隨後，我們增加了 170 個基點。

It's a business that is growing nicely, so we get good support from our scale.

這是一項發展良好的業務，因此我們的規模得到了很好的支持。

Some of these services are scaling quickly, and so we tend to expand gross margins there.

其中一些服務正在迅速擴展，因此我們傾向於在那裡擴大毛利率。

And also, we had favorable mix.

而且，我們有良好的組合。

As you probably know, we have a very broad portfolio of services.

您可能知道，我們擁有非常廣泛的服務組合。

Some of them tend to be accretive to the average gross margin for Services also because of the way we account for them.

其中一些往往會增加服務的平均毛利率，這也是因為我們對它們的計算方式。

For example, you know that on the App Store, we book revenue on a net basis, and therefore, the gross margins tend to be accretive.

例如，您知道在 App Store 上，我們按淨額計入收入，因此，毛利率往往會增加。

But we also have services that are very successful that are below the average for the Services business.

但我們也有非常成功的服務，低於服務業務的平均水平。

And so depending on how these separate businesses do in the marketplace, we're going to be seeing some level of movement going forward on Services margins.

因此，根據這些獨立業務在市場上的表現，我們將看到服務利潤率的某種程度的變化。

But you've seen that, for the last 12 months, they've gone up nicely, 450 basis points, and sequentially, they've gone up 170 basis points.

但是你已經看到，在過去的 12 個月裡，它們已經很好地上漲了 450 個基點，並且依次上漲了 170 個基點。

But I wouldn't draw necessarily a conclusion on how this Services gross margin is going to move over time.

但我不一定會就服務毛利率如何隨著時間的推移而得出結論。

We will report, of course, at the end of every quarter.

當然，我們將在每個季度末報告。

But important to keep in mind, it's a broad portfolio with very different gross margin profiles within the portfolio.

但重要的是要記住，這是一個廣泛的投資組合，投資組合中的毛利率分佈非常不同。

It is important for us to grow gross margin dollars.

對我們來說，增加毛利率很重要。

And if at times we grow services that are at a level of gross margins, which is below average, as long as this is good for the customer and as long as we generate gross margin dollars, we're going to be very pleased.

如果有時我們發展的服務毛利率低於平均水平，只要這對客戶有利，只要我們產生毛利率，我們就會非常高興。

And then, Tim, can you talk a bit about video?

然後，蒂姆，你能談談視頻嗎？

You've signed a myriad of deals.

你已經簽署了無數的交易。

There was announcement about their TV app directly on Samsung.

三星直接發布了關於他們的電視應用程序的公告。

So perhaps when this comes out, you'll be multiplatform.

所以也許當它出現時，你會是多平台的。

I'm just curious how you view the opportunity in video.

我只是好奇你如何看待視頻中的機會。

And I guess, assuming you can just leverage the costs that you've made already, it should be accretive to margin, I would think.

我想，假設你可以利用你已經付出的成本，我認為它應該會增加利潤。

Yes.

是的。

Shannon, we see huge changes in customer behavior taking place now, and we think that it will accelerate as the year goes by to sort of the breakdown of the cable bundle that's been talked about for years.

香農，我們現在看到客戶行為發生了巨大變化，我們認為隨著時間的推移，這種變化將會加速，從而導致多年來一直在討論的電纜束的崩潰。

And I think that it'll likely take place at a much faster pace this year.

而且我認為今年它可能會以更快的速度發生。

And so we're going to participate in that in a variety of ways.

因此，我們將以多種方式參與其中。

One of those is through Apple TV, and you're well familiar with that product.

其中之一是通過 Apple TV，您對該產品非常熟悉。

The second way is the -- is AirPlay 2, which we have -- as you just pointed out, we have support on a number of different third-party TVs.

第二種方式是我們擁有的 AirPlay 2，正如您剛才指出的那樣，我們支持許多不同的第三方電視。

And we're excited about that.

我們對此感到興奮。

It makes the experience in the living room with people using our products even better.

它使人們在客廳裡使用我們的產品時的體驗更好。

We think that people are really going to like that.

我們認為人們真的會喜歡這樣。

Another way is, of course, the -- all the third-party video subscriptions that are on the store.

當然，另一種方式是——商店中的所有第三方視頻訂閱。

We're participating in this today.

我們今天就參與其中。

And I would guess that, that's going to accelerate into the future as the bundle breaks down and people begin to buy likely multiple services in place of their current cable bundle.

我猜想，隨著捆綁包的分解以及人們開始購買可能的多種服務來代替他們當前的有線電視捆綁包，這將加速到未來。

And then finally, original content, where -- we will participate in the original content world.

最後是原創內容，我們將參與原創內容世界。

We have signed a multiyear partnership with Oprah.

我們與奧普拉簽署了多年的合作夥伴關係。

But today, I'm not really ready to extend that conversation beyond that point.

但今天，我還沒有真正準備好將談話擴展到這一點之外。

We've hired some great people that I have a super amount of confidence in, and they're working really hard.

我們聘請了一些我非常信任的優秀人才，他們工作非常努力。

And we'll have something to say more on that later.

稍後我們將對此進行更多說明。

The next question will come from Walter Piecyk with BTIG.

下一個問題將來自 BTIG 的 Walter Piecyk。

I just have a question on the free services.

我只是有一個關於免費服務的問題。

Can you just describe how the math works on that?

你能描述一下數學是如何工作的嗎？

Is it that the free services are noncash revenue that's getting booked in the services revenue with no cost and the costs come out of products?

是不是免費服務是非現金收入，在服務收入中沒有成本，成本來自產品？

Can you just run us through what the current state is versus how you were accounting for that before?

您能否讓我們了解一下當前狀態與您之前的解釋？

Yes.

是的。

In essence, when we sell a product at a certain price, we make an assumption.

本質上，當我們以特定價格銷售產品時，我們會做出假設。

We estimate the value that can be associated to providing free service.

我們估計與提供免費服務相關的價值。

In our case, it's providing Maps services, providing Siri and providing free iCloud to all the customers that purchase our product.

在我們的案例中，它為所有購買我們產品的客戶提供地圖服務、Siri 和免費 iCloud。

And so we calculate an estimated value.

所以我們計算一個估計值。

That value gets deferred and gets amortized over the estimated period of time that we deliver the free services.

該價值被遞延並在我們提供免費服務的估計時間段內攤銷。

In the past, that deferral and the subsequent amortization was reported under products.

過去，該延期和隨後的攤銷在產品項下報告。

Now in connection with the new revenue recognition standard, we are reclassifying essentially that amortization from products revenue to services revenue.

現在，結合新的收入確認標準，我們基本上將攤銷從產品收入重新分類為服務收入。

So total revenue has not changed.

所以總收入沒有改變。

We just report that estimated value under the services category.

我們只是在服務類別下報告該估計值。

We also reclassify the cost that we need to incur to provide those services.

我們還對提供這些服務所需的成本進行了重新分類。

So the gross margin rate of each services is clearly significantly dilutive to the overall Services margin.

因此，每項服務的毛利率顯然會顯著稀釋整體服務利潤率。

I hope I've answered that.

我希望我已經回答了。

Yes, you're right.

你是對的。

So it's in mixed services gross margin.

所以它是混合服務的毛利率。

Got it.

知道了。

And then my other -- my second question is just when you think about growth in Services, you have selling more to existing paid subscription customers or it's the 300 million going to 0.5 billion.

然後我的另一個問題 - 我的第二個問題是，當您考慮服務的增長時，您向現有的付費訂閱客戶銷售更多，或者是 3 億到 5 億。

If you can just talk, at a high level, as far as when you look at growth going forward, is it about -- what is the mix in terms of selling more to existing users, getting new users or -- and maybe some of the individual services that you see the biggest growth opportunity?

如果您可以從高層次上談一談，就您展望未來的增長而言，它是關於 - 在向現有用戶銷售更多產品、獲得新用戶方面的組合是什麼，或者 - 也許是一些您認為個人服務最大的增長機會是什麼？

Yes.

是的。

I mean, as I said, I mean, essentially, what -- the services -- I said services too is our installed base.

我的意思是，正如我所說，我的意思是，本質上，服務是什麼——我說服務也是我們的安裝基礎。

So the first driver is growing the installed base.

因此，第一個驅動程序正在增加安裝基數。

Installed base has grown nicely over the last several years.

安裝基數在過去幾年中增長良好。

We've added 100 million in the last 12 months alone.

僅在過去 12 個月中，我們就增加了 1 億。

So that's the first step.

所以這是第一步。

Then within that installed base, of course, we want to make sure that there are more people that are so interested in our services that, in addition to transacting on those services on a free basis, they also are interested in paying for those services.

然後，在這個已安裝的基礎上，當然，我們希望確保有更多的人對我們的服務非常感興趣，除了免費使用這些服務之外，他們也有興趣為這些服務付費。

And I mentioned that the percentage of paid accounts has increased strong double digits.

我提到付費賬戶的百分比增長了兩位數。

So we want to continue to do that.

所以我們想繼續這樣做。

We want to make it easier for our customers to actually use our services, and so we are accepting more and more payment methods around the world.

我們希望讓我們的客戶更容易實際使用我們的服務，因此我們在全球範圍內接受越來越多的支付方式。

And clearly, as you said, the idea of adding new services is very important to us.

顯然，正如您所說，添加新服務的想法對我們來說非常重要。

During the last 3 years, we've added Apple Pay, which has been incredibly successful and is a wonderful customer experience.

在過去的 3 年中，我們添加了 Apple Pay，它取得了令人難以置信的成功，並提供了出色的客戶體驗。

We've added Apple Music, where we now have more than 50 million paid subscribers and continues to grow very nicely.

我們添加了 Apple Music，現在我們擁有超過 5000 萬付費用戶，並且繼續保持良好的增長勢頭。

And we've added a very useful service to our developers.

我們還為我們的開發人員添加了一項非常有用的服務。

We provide an advertising service for developers on the App Store.

我們在 App Store 上為開發者提供廣告服務。

The way we've added these services in the past, obviously, we're also very interested in adding new services that can provide great value to our customers in the future.

我們過去添加這些服務的方式，顯然，我們也對添加可以在未來為我們的客戶提供巨大價值的新服務非常感興趣。

And we don't want to get into product announcements here, but obviously, that is part of our strategy.

我們不想在這裡進入產品公告，但顯然，這是我們戰略的一部分。

Thank you all.

謝謝你們。

A replay of today's call will be available for 2 weeks on Apple Podcasts, as a webcast on apple.com/investor and via telephone.

今天電話會議的重播將在 Apple 播客上播放 2 週，作為 apple.com/investor 上的網絡廣播和通過電話播放。

And the numbers for the telephone replay are (888) 203-1112 or (719) 457-0820.

電話重播的號碼是 (888) 203-1112 或 (719) 457-0820。

Please enter confirmation code 2358120.

請輸入確認碼2358120。

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

這些重播將在下午 5 點左右提供。

Pacific Time today.

今天太平洋時間。

Members of the press with additional questions can contact Kristin Huguet at (408) 974-2414.

有其他問題的媒體成員可以致電 (408) 974-2414 聯繫 Kristin Huguet。

Financial analysts can contact Matt Blake or me with additional questions.

金融分析師可以聯繫馬特布萊克或我有其他問題。

Matt is at (408) 974-7406, and I'm at (408) 974-5420.

馬特的電話是 (408) 974-7406，我的電話是 (408) 974-5420。

And thanks again for joining us.

再次感謝您加入我們。

That does conclude our conference for today.

這確實結束了我們今天的會議。

Thank you for your participation.

感謝您的參與。