蘋果 (AAPL) 2019 Q2 法說會逐字稿

Good day, and welcome to the Apple Inc. Second Quarter Fiscal Year 2019 Earnings 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.

您好，歡迎來到蘋果公司。2019財年第二季財報電話會議。今天的通話將會被錄音。此時此刻，我謹將電話轉交給投資人關係資深總監南希‧帕克斯頓，請她致開幕詞並作介紹。請繼續。

Thank you. Good afternoon, and thanks to everyone for joining us today. Speaking first is Apple's CEO, Tim Cook; and he'll be followed by CFO, Luca Maestri. After that, we'll open the call to questions from analysts.

謝謝。下午好，感謝各位今天蒞臨。首先發言的是蘋果執行長庫克；隨後是財務長盧卡馬埃斯特里。之後，我們將開放電話會議，接受分析師的提問。

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. Actual results or trends could differ materially from our forecast. For more information, please refer to the risk factors discussed in Apple's most recently filed periodic reports on Form 10-K and Form 10-Q and the Form 8-K filed with the SEC today along with the associated press release. Apple assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates.

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

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

現在我把電話交給提姆，請他做開場白。

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

謝謝你，南希。下午好，感謝各位今天蒞臨。

This has been an exciting and productive quarter for Apple. In my letter to investors at the beginning of January, I wrote that one of Apple's great strengths is our culture of flexibility, adaptability and creativity. This quarter featured some important announcements that speak to the power of our commitment to innovation and long-term thinking. I'd like to start with some top line highlights and then move into greater detail with you.

對蘋果公司來說，這是一個令人興奮且碩果累累的季度。我在一月初寫給投資人的信中提到，蘋果的一大優勢在於其靈活、適應性和創造力的企業文化。本季發布了一些重要公告，體現了我們對創新和長遠思考的承諾和決心。我想先簡單介紹一下重點，然後再跟你們詳細討論。

I'll get started with financial results. Our revenue was $58 billion, toward the high end of our guidance range. We see this result as a positive outcome in light of ongoing headwinds from weaker foreign currencies relative to the U.S. dollar. In constant currency, our year-over-year revenue performance would have been 200 basis points better than our reported results indicate.

我先從財務業績說起。我們的營收為 580 億美元，接近我們預期範圍的高端。鑑於外幣兌美元持續走弱的不利影響，我們認為這一結果是一個正面的結果。以固定匯率計算，我們的年比營收表現將比我們公佈的業績高出 200 個基點。

We had great results in a number of areas across our business. It was our best quarter ever for Services with revenue reaching $11.5 billion. We had a blockbuster quarter for iPad with revenue up 22% from a year ago. This is our highest iPad revenue growth rate in 6 years. And it was another sensational quarter for Wearables with growth near 50%. This business is now about the size of a Fortune 200 company, an amazing statistic when you consider it's only been 4 years since we delivered the very first Apple Watch. I'll talk more about these categories later.

我們在公司各個業務領域都取得了顯著成果。這是我們服務業務有史以來最好的季度，營收達到 115 億美元。iPad 本季業績斐然，營收比去年同期成長了 22%。這是我們六年來最高的 iPad 收入成長率。穿戴式裝置又迎來了一個輝煌的季度，成長率接近 50%。如今，這家公司的規模已經堪比財富 200 強企業，考慮到距離我們推出第一款 Apple Watch 僅僅過去了 4 年，這是一個驚人的數字。我稍後會詳細討論這些類別。

While we grew year-over-year in developed markets and while we had record March quarter results in a number of major markets, including the United States, Canada, the United Kingdom and Japan, we did experience a revenue decline in emerging markets. But we feel positive about our trajectory. Our year-over-year revenue performance in Greater China improved relative to the December quarter, and we've seen very positive customer response to the pricing actions we've taken in that market, our trade-in and financing programs in our retail stores, the effects of government measures to stimulate the economy and improved trade dialogue between the United States and China. Our App Store results are still reflecting the impact of the slowdown of regulatory approval in gaming apps in China, but we're encouraged by the recent increase in the pace of approvals. We believe strongly in our long-term opportunity in China thanks to our robust ecosystem, our talented developer community and the country's growing population of tech-savvy consumers who value the very best products and services.

雖然我們在已開發市場實現了同比增長，並且在美國、加拿大、英國和日本等多個主要市場取得了創紀錄的 3 月季度業績，但我們在新興市場的收入卻出現了下滑。但我們對未來的發展軌跡感到樂觀。與去年12月季度相比，我們在大中華區的同比營收有所改善，我們看到客戶對我們在該市場採取的定價措施、零售店的以舊換新和融資計劃、政府刺激經濟的措施以及中美貿易對話改善等都給予了非常積極的反饋。我們在 App Store 的成績仍反映出中國遊戲應用監管審批速度放緩的影響，但我們對近期審批速度的加快感到鼓舞。我們堅信，憑藉我們強大的生態系統、才華橫溢的開發者社群以及中國不斷增長的精通技術的消費者群體（他們重視最好的產品和服務），我們在中國擁有巨大的長期發展機會。

For iPhone, while our worldwide revenue was down 17% from a year ago, declines were significantly smaller in the final weeks of the March quarter. Looking back at the past 5 months, November and December were the most challenging, so this is an encouraging trend. We like the direction we're headed with iPhone, and our goal now is to pick up the pace.

對於 iPhone 而言，雖然我們的全球收入比去年同期下降了 17%，但在 3 月季度的最後幾週，降幅明顯較小。回顧過去 5 個月，11 月和 12 月是最具挑戰性的，因此這是一個令人鼓舞的趨勢。我們很滿意 iPhone 的發展方向，現在的目標是加快腳步。

Importantly, our active installed base of devices continues to grow in each of our geographic segments and setting new all-time record for all major product categories. That growing installed base is a reflection of the satisfaction and loyalty of our customers, and it's driving our Services business to new heights.

重要的是，我們在各個地理區域的活躍設備安裝持續成長，所有主要產品類別均創下歷史新高。不斷成長的用戶群反映了我們客戶的滿意度和忠誠度，也推動我們的服務業務邁向新的高度。

In fact, we had our best quarter ever for the App Store, Apple Music, cloud services and our App Store search ad business, and we set new March quarter revenue records for AppleCare and Apple Pay. Apple Pay transaction volume more than doubled year-over-year, and we're on track to reach 10 billion transactions this calendar year. Apple Pay is now available in 30 markets, and we expect to be live in 40 markets by the end of the year. More and more transit systems are accepting Apple Pay, and New York's MTA system will begin their rollout in early summer. As we've seen in places like London, Tokyo and Shanghai, contactless entry into transit systems helps to spur broader Apple Pay adoption, and we believe this will get even more people using Apple Pay in the United States.

事實上，App Store、Apple Music、雲端服務和 App Store 搜尋廣告業務都創下了有史以來最好的季度業績，AppleCare 和 Apple Pay 也創下了 3 月季度收入的新紀錄。Apple Pay 的交易量年增超過一倍，我們預計今年內將達到 100 億筆交易。Apple Pay 目前已在 30 個市場推出，我們預計今年底將在 40 個市場上線。越來越多的大眾運輸系統開始接受 Apple Pay，紐約大都會運輸署 (MTA) 系統將於初夏開始推廣 Apple Pay。正如我們在倫敦、東京和上海等地所看到的，非接觸式交通系統有助於推動 Apple Pay 的更廣泛普及，我們相信這將使美國更多的人使用 Apple Pay。

And Ticketmaster has just announced that they will be accepting Apple Pay for ticket purchases on the web and through the Ticketmaster app. And over 50 of their entertainment and sporting event venues are launching contactless tickets this year, including the vast majority of NFL stadiums.

Ticketmaster 剛剛宣布，他們將接受 Apple Pay 在網站和 Ticketmaster 應用程式上購買門票。今年，超過 50 個娛樂和體育賽事場所將推出非接觸式門票，其中包括絕大多數 NFL 體育場。

Subscriptions are a powerful driver of our Services business. We reached a new high of over 390 million paid subscriptions at the end of March, an increase of 30 million in the last quarter alone. This was also an incredibly important quarter for our Services moving forward. In March, we previewed a game-changing array of new services, each of them rooted in principles that are fundamentally Apple. They're easy to use. They feature unmatched attention to detail. They put a premium on user privacy and security. They're expertly curated, personalized and ready to be shared by everyone in your family. These features aren't just nice to have. They actually help to eliminate the boundary between hardware, software and service, creating a singularly exceptional experience for our users.

訂閱是我們服務業務的強大驅動力。截至 3 月底，我們的付費訂閱用戶數達到 3.9 億以上，創歷史新高，光上一季就增加了 3,000 萬。對於我們各項服務的未來發展而言，這也是一個極為重要的季度。今年三月，我們預覽了一系列顛覆性的新服務，每項服務都根植於蘋果公司的根本原則。它們使用起來很方便。它們對細節的關注無與倫比。他們非常重視用戶隱私和安全。這些內容經過精心挑選和個性化定制，適合全家人一起分享。這些功能不僅僅是錦上添花。它們實際上有助於消除硬體、軟體和服務之間的界限，為我們的用戶創造獨特的卓越體驗。

First, building on the great momentum of Apple News, which is already the #1 news app in the United States and the United Kingdom, we launched Apple News+. It will bring together over 30 popular magazines, leading newspapers and digital publishers into a beautiful, convenient and curated experience within the Apple News app. Apple News+ builds on our commitment to supporting quality journalism from trusted sources while providing the best magazine and news reading experience ever for mobile devices.

首先，憑藉 Apple News 的巨大發展勢頭（Apple News 已是美國和英國排名第一的新聞應用程式），我們推出了 Apple News+。它將把 30 多家熱門雜誌、主流報紙和數位出版商匯集到 Apple News 應用程式中，提供美觀、便利且精心策劃的體驗。Apple News+ 秉承我們支持來自可信來源的高品質新聞報導的承諾，同時為行動裝置提供有史以來最好的雜誌和新聞閱讀體驗。

Advancing our vision to replace the wallet, we announced Apple Card, built on principles Apple stands for like transparency, simplicity and privacy. Apple Card is integrated into the Wallet app and delivers all new experiences that only Apple can provide, integrating our hardware, software and services in an elegant solution that places the customer at the center. It's the first card to encourage you to pay less interest, eliminate fees and give you daily cash on all your purchases, and customer interest to date has been terrific.

為了推動我們取代傳統皮夾的願景，我們推出了 Apple Card，它秉承了 Apple 所堅持的透明、簡潔和隱私等原則。Apple Card 已整合到 Wallet 應用中，提供只有 Apple 才能提供的全新體驗，將我們的硬體、軟體和服務整合到一個優雅的解決方案中，以客戶為中心。這是第一張鼓勵您少付利息、免除手續費並讓您在所有消費中獲得每日現金返還的信用卡，迄今為止，客戶的反應非常熱烈。

We also previewed Apple Arcade, the world's first game subscription service for mobile, desktop in the living room. With over 100 new games all with no ads or ad tracking, no additional purchases and respect for user privacy, we've created a service for players of all ages, kids to teens to adults and one that families can enjoy together. The App Store is already the world's biggest gaming platform, and we think Apple Arcade is a great way to unleash the creativity of the game developer community with a collection of new games not available on any other mobile platform or in any other subscription service. We can't wait for our customers to experience it for themselves beginning this fall.

我們還預覽了 Apple Arcade，這是世界上第一個針對行動裝置、桌上型電腦和客廳的遊戲訂閱服務。我們提供超過 100 款全新遊戲，所有遊戲均無廣告或廣告追踪，無需額外購買，並尊重用戶隱私。我們為所有年齡層的玩家（從兒童到青少年再到成人）打造了一項服務，一項適合全家一起享受的服務。App Store 已經是全球最大的遊戲平台，我們認為 Apple Arcade 是一個絕佳的方式，可以釋放遊戲開發者社群的創造力，提供一系列其他行動平台或訂閱服務中沒有的新遊戲。我們迫不及待地想讓我們的客戶從今年秋季開始親身體驗它。

We were thrilled to provide a peek at what's new for TV. Beginning in mid-May, the all-new Apple TV app will bring together the different ways to discover and watch shows, movies, sports, news and more in 1 app across iPhone, iPad, Apple TV, Mac, smart TVs and streaming devices. And users can subscribe to and watch new Apple TV channels like HBO, Showtime and Starz, paying only for services they want, all on demand available on and offline. And coming this fall, Apple TV+ will be the new home for the world's most creative storytellers featuring exclusive original shows, movies and documentaries.

我們很高興能讓大家先睹為快，看看電視上有哪些新內容。從 5 月中旬開始，全新的 Apple TV app 將把各種發現和觀看節目、電影、體育賽事、新聞等內容的方式整合到一個 app 中，用戶可在 iPhone、iPad、Apple TV、Mac、智慧電視和串流媒體設備上使用。用戶可以訂閱並觀看 Apple TV 上的 HBO、Showtime 和 Starz 等新頻道，只需為自己想要的服務付費，所有服務均可在線上和離線點播觀看。今年秋季，Apple TV+ 將成為全球最具創意的故事講述者的新家，屆時將推出獨家原創劇集、電影和紀錄片。

We also had several major product introductions during the quarter. We launched a new, more powerful iMac with dramatic increases in both compute and graphics performance, making it a great update for consumers and pros alike. For our Mac business overall, we faced some processor constraints in the March quarter, leading to a 5% revenue decline compared to last year. But we believe that our Mac revenue would have been up compared to last year without those constraints and don't believe this challenge will have a significant impact on our Q3 results.

本季我們也推出了幾款重要產品。我們推出了一款全新的、功能更強大的 iMac，其運算和圖形性能均有顯著提升，對於消費者和專業人士來說都是一次非常棒的升級。就我們的 Mac 業務整體而言，我們在 3 月的季度中遇到了一些處理器方面的限制，導致收入比去年同期下降了 5%。但我們相信，如果沒有這些限制，我們的 Mac 收入將比去年有所成長，我們認為這項挑戰不會對我們第三季的業績產生重大影響。

For iPad, we were very happy to return to growth in Greater China while generating strong double-digit growth in each of our other geographic segments. Our great iPad results were driven primarily by strong customer response to iPad Pro. Late in the quarter, we launched an all-new iPad Air with an ultra-thin design, Apple Pencil support and high-end performance powered by Apple's A12 Bionic chip. In addition, we introduced a new iPad mini, a major upgrade for iPad fans who love an ultra-portable design, and like the new iPad Air, it delivers the power of the A12 Bionic and support for Apple Pencil.

對於 iPad，我們非常高興地看到其在大中華區恢復成長，同時在其他各個地區也實現了強勁的兩位數成長。iPad 取得如此佳績，主要得益於消費者對 iPad Pro 的強勁迴響。本季末，我們推出了全新的 iPad Air，它採用超薄設計，支援 Apple Pencil，並搭載 Apple 的 A12 仿生晶片，擁有高階效能。此外，我們還推出了新款 iPad mini，對於喜歡超便攜設計的 iPad 粉絲來說，這是一個重大升級。與新款 iPad Air 一樣，它搭載了 A12 仿生晶片，並支援 Apple Pencil。

Last month, we introduced new AirPods, the second generation of the world's most popular wireless headphones and demand has been incredible. This is nothing less than a cultural phenomenon. With the new Apple-designed H1 chip, the new AirPods deliver faster connect times, more talk time and the convenience of hands-free Hey Siri.

上個月，我們推出了新款 AirPods，這是全球最受歡迎的無線耳機的第二代產品，市場需求非常強勁。這簡直就是一種文化現象。新款 AirPods 搭載了蘋果全新設計的 H1 晶片，可提供更快的連線速度、更長的通話時間和便利的免持「嘿 Siri」功能。

Our retail and online stores continue to be a key point of innovation. As we mentioned in January, we've been working on an initiative to make it simple to trade in our -- trade in a phone in our store, finance the purchase over time and get help transferring data from the old phone to the new phone. As part of this initiative, we rolled out new trade-in and financing programs in the U.S., China, the U.K., Spain, Italy and Australia. The results had been striking. Across our stores, we had an all-time record response to our trade-in programs and with more than 4x the trade-in volume of our March quarter a year ago.

我們的零售店和網店一直是創新的重點。正如我們在 1 月份提到的，我們一直在努力推行一項計劃，讓以舊換新變得簡單——在我們的商店以舊換新手機，分期付款購買，並獲得將數據從舊手機轉移到新手機的幫助。作為這項計劃的一部分，我們在美國、中國、英國、西班牙、義大利和澳洲推出了新的以舊換新和融資計劃。結果令人矚目。在我們所有門市，以舊換新計劃獲得了有史以來最高的反響，以舊換新數量是去年同期（3 月）的 4 倍多。

With each passing quarter, we're more inspired by the impact our products are having on people's fitness and health. This quarter, we brought the ECG app on Apple Watch Series 4 to Hong Kong and 19 European countries, including France, Germany, Italy, Spain and the U.K. Just like when the ECG app launched in the United States, there's hardly a day that goes by that I don't get a letter or an e-mail from a customer in one of these countries talking about how this feature had significantly changed their life.

每個季度過去，我們都更加深受鼓舞，因為我們的產品對人們的健身和健康產生了積極的影響。本季度，我們將 Apple Watch Series 4 的心電圖 app 帶到了香港和包括法國、德國、義大利、西班牙和英國在內的 19 個歐洲國家。就像心電圖 app 在美國推出時一樣，幾乎每天我都會收到來自這些國家客戶的信件或電子郵件，講述這項功能如何顯著地改變了他們的生活。

We believe we're really just beginning to tap into what we can do to help our users actively manage their health and well-being. For example, last month, Stanford Medicine reported results of the Apple Heart Study, the largest study ever of its kind, which enrolled over 400,000 participants from all 50 states in a span of only 8 months. And hundreds of institutions are now supporting health records on iPhone with recent additions including Michigan Medicine and UT Health Austin. In February, we announced that we are working with the U.S. Department of Veterans Affairs to make health records on iPhone available to veterans. This will be the first record sharing platform of its kind available to the VA, which is the largest medical system in the U.S. providing service to more than 9 million veterans across more than 1,200 facilities.

我們相信，我們才剛開始挖掘我們能夠為使用者積極管理自身健康和福祉所做的事情。例如，上個月，史丹佛大學醫學院公佈了蘋果心臟研究的結果，這是有史以​​來最大的同類研究，在短短 8 個月內招募了來自美國所有 50 個州的 40 多萬名參與者。目前已有數百家機構支援在 iPhone 上使用健康記錄，最近新增的機構包括密西根大學醫學中心和德州大學奧斯汀分校健康科學中心。今年二月，我們宣布正與美國退伍軍人事務部合作，使退伍軍人能夠在 iPhone 上查看健康記錄。這將是退伍軍人事務部（VA）首個此類記錄共享平台。退伍軍人事務部是美國最大的醫療系統，為遍布 1200 多個機構的 900 多萬退伍軍人提供服務。

Apple's innovation extends beyond the impact we have in the lives of our customers to the impact we leave on the world around us. We recently marked Earth Day with several major announcements about our efforts to leave the world better than we found it. We've completed the allocation of our $2.5 billion green bond proceeds across 40 environmental initiatives around the world to projects ranging from solar power generation to water conservation to development of custom alloys for our products made from 100% recycled aluminum.

蘋果的創新不僅體現在我們對客戶生活的影響上，也體現在我們對周遭世界的影響。最近，我們慶祝了世界地球日，並發布了幾項重要公告，闡述了我們為使世界變得更美好所做的努力。我們已完成將 25 億美元綠色債券收益分配到全球 40 個環保項目中，項目範圍涵蓋太陽能發電、節水以及為我們的 100% 回收鋁製品開發客製化合金。

We've announced a major expansion of our recycling programs, including quadrupling the number of locations where U.S. customers can send their iPhones to be disassembled by Daisy, our recycling robot. Each Daisy can now disassemble 1.2 million devices per year, allowing recovered materials to be recycled into the manufacturing process.

我們宣布大幅擴展回收計劃，包括將美國客戶可以寄送 iPhone 進行拆解的地點數量增加三倍，這些拆解工作將由我們的回收機器人 Daisy 完成。每台 Daisy 每年可拆解 120 萬台設備，可將回收的材料回收到製造過程中。

And we partnered with a record number of our suppliers to follow our lead and transition to 100% clean energy. With the help of these 44 suppliers, we will exceed our goal of bringing 4 gigawatts of renewable energy into our supply chain by 2020 with over 1 additional gigawatt projected within that time frame. In the last calendar year alone, the partners that have joined this effort have generated enough clean energy to power over 600,000 homes in the United States.

我們與創紀錄數量的供應商合作，跟隨我們的步伐，向 100% 清潔能源轉型。藉助這 44 家供應商的幫助，我們將超額完成到 2020 年將 4 吉瓦再生能源引入供應鏈的目標，預計在此期間還將增加 1 吉瓦以上。光是過去一年，參與這項工作的合作夥伴就產生了足夠的清潔能源，可為美國超過 60 萬戶家庭供電。

We're very proud of the progress that we and our partners are making and hope our actions will inspire other businesses to do what they can to protect the world that we share. We are as excited as ever about our great pipeline of hardware, software and services, and we're looking forward to sharing more information about the future of our 4 software platforms at our Worldwide Developer Conference now less than 5 weeks from now. Everyone here is hard at work to prepare for WWDC, and it's always a privilege to get to share the future of our platforms with the community of world-changing developers who bring it to life. You are not going to want to miss this one.

我們為我們和我們的合作夥伴所取得的進展感到非常自豪，並希望我們的行動能激勵其他企業盡其所能保護我們共同的世界。我們對我們強大的硬體、軟體和服務產品線感到無比興奮，並期待在不到 5 週後的全球開發者大會上分享更多關於我們 4 個軟體平台未來發展的資訊。我們所有人都在努力準備 WWDC，能夠與改變世界的開發者社群分享我們平台的未來，並將它們變為現實，始終是一種榮幸。你絕對不想錯過這個機會。

We're in the fortunate position of generating more cash than we need to run our business and invest confidently in our future, so today, we're announcing the latest update to our capital return program, including an increase to our share repurchase authorization and our quarterly dividend. For more details on that and our March quarter results, I'll turn the call over to Luca.

我們很幸運，目前產生的現金比我們營運業務和對未來充滿信心的投資所需還要多，因此今天，我們宣布對資本回報計劃進行最新更新，包括增加股票回購授權和季度股息。關於這方面的更多細節以及我們三月的季度業績，我將把電話交給盧卡。

Thank you, Tim. Good afternoon, everyone.

謝謝你，提姆。大家下午好。

Revenue in the March quarter was $58 billion, near the high end of the guidance range that we provided 90 days ago and down 5% from last year. Our revenue decline reflects 200 basis points of negative foreign exchange due to the strength of the U.S. dollar. Overall products revenue declined 9% driven primarily by iPhone, while Services revenue grew 16% to a new all-time record. We also set a new March quarter record for Wearables, Home and Accessories, and we recorded our best iPad growth rate in 6 years.

3 月季度的營收為 580 億美元，接近我們 90 天前提供的指導範圍的高端，比去年同期下降了 5%。由於美元走強，我們的收入下降了 200 個基點的負面外匯影響。整體產品收入下降了 9%，主要原因是 iPhone 的下滑；而服務收入增加了 16%，創下歷史新高。我們也創下了穿戴式裝置、家居用品和配件三月份季度的新紀錄，而 iPad 的成長率也達到了 6 年來的最高水準。

Company gross margin was 37.6%, in line with our guidance. Products gross margin was 31.2%, down about 310 basis points sequentially due to the seasonal loss of leverage and headwinds from foreign exchange. Services gross margin was 63.8%, up 100 basis points sequentially due to a different mix and leverage from higher revenue. Net income was $11.6 billion. Diluted earnings per share were $2.46, and operating cash flow was $11.2 billion.

公司毛利率為37.6%，符合我們的預期。產品毛利率為 31.2%，季減約 310 個基點，原因是季節性槓桿損失和外匯不利因素。服務業務毛利率為 63.8%，較上季成長 100 個基點，主要原因是業務組合變化以及營收成長帶來的槓桿效應。淨收入為116億美元。稀釋後每股收益為 2.46 美元，營運現金流為 112 億美元。

Let me provide more color for our various revenue categories. iPhone revenue was $31.1 billion. We're seeing positive customer response to recent pricing actions in certain emerging markets as well as enhancements to our trade-in and financing programs. And our year-over-year performance improved relative to our December quarter results in Greater China, in the Americas and in Japan. Our active installed base of iPhone reached a new all-time high at the end of March. This growing installed base reflects the industry-leading satisfaction and loyalty of our customers. The latest survey of U.S. consumers from 451 Research indicates customer satisfaction of 99% for iPhone XR, XS and XS Max combined. And among business buyers who plan to purchase smartphones in the June quarter, 81% plan to purchase iPhones.

讓我更詳細地介紹一下我們的各種收入類別。iPhone 的營收為 311 億美元。我們看到，在某些新興市場，客戶對近期的價格調整以及我們對以舊換新和融資方案的改進都給予了正面的回饋。與去年12月季度業績相比，我們在大中華區、美洲和日本的年比業績均有所改善。3月底，我們的iPhone活躍用戶數達到了歷史新高。不斷增長的裝機量反映了我們客戶在行業中領先的滿意度和忠誠度。451 Research 最新對美國消費者的調查顯示，iPhone XR、XS 和 XS Max 的綜合客戶滿意度為 99%。在計劃於 6 月季度購買智慧型手機的企業買家中，81% 的人計劃購買 iPhone。

Turning to Services. As Tim said, it was our best quarter ever with $11.5 billion in revenue, an increase of 16% from last year. We generated double-digit revenue growth across the App Store, Apple Music, cloud services, AppleCare, Apple Pay and our App Store search ad business. And we set all-time services revenue records in 4 of our 5 geographic segments. We're very happy with this performance. As you can see from our new disclosures, Services accounted for 20% of our March quarter revenue and about 1/3 of our gross profit dollars.

轉到服務部分。正如提姆所說，這是我們有史以來業績最好的一個季度，營收達 115 億美元，比去年成長了 16%。我們在 App Store、Apple Music、雲端服務、AppleCare、Apple Pay 和 App Store 搜尋廣告業務方面均實現了兩位數的營收成長。我們在 5 個地理區域中的 4 個區域創下了服務收入歷史新高。我們對這次演出非常滿意。從我們最新的揭露資訊可以看出，服務業務占我們三月季度營收的 20%，約佔我們毛利的三分之一。

Customer engagement in our ecosystem continues to grow. The number of transacting accounts on our digital content stores reached another new all-time high during the quarter with the number of paid accounts also setting a new all-time record and growing by strong double digits over last year. And we now have over 390 million paid subscriptions across our Services portfolio, an increase of 120 million versus just 12 months ago. All subscription categories are growing strong double digits, and as we mentioned a quarter ago, we expect the number of paid subscriptions to surpass 0.5 billion during 2020.

我們生態系中的客戶參與度持續成長。本季度，我們數位內容商店的交易帳戶數量再創新高，付費帳戶數量也創下歷史新高，並且比去年實現了強勁的兩位數增長。目前，我們的服務組合中付費訂閱用戶已超過 3.9 億，比 12 個月前增加了 1.2 億。所有訂閱類別均實現了強勁的兩位數成長，正如我們上個季度所提到的，我們預計 2020 年付費訂閱用戶數量將超過 5 億。

On the App Store, our subscription business is extremely diversified and is growing strongly around the world. In fact, the number of paid third-party subscriptions increased by over 40% compared to last year in each of our geographic segments. And across all third-party subscription apps, the largest accounted for only 0.3% of our total Services revenue.

在 App Store 上，我們的訂閱業務非常多元化，並且在全球範圍內強勁成長。事實上，在我們各個地理區域中，付費第三方訂閱數量比去年增加了 40% 以上。在所有第三方訂閱應用程式中，最大的訂閱應用程式僅占我們服務總收入的 0.3%。

Next, I'd like to talk about the Mac. Revenue was $5.5 billion compared to $5.8 billion a year ago with the decline driven primarily by processor constraint on certain popular models. In spite of this challenge, we generated double-digit Mac revenue growth in Japan and Korea, setting new all-time Mac revenue records in both markets. On a global basis, nearly half of the customers purchasing Macs during the quarter were new to Mac, and the active installed base of Macs reached a new all-time high.

接下來，我想談談Mac電腦。營收為 55 億美元，而去年同期為 58 億美元，營收下降的主要原因是某些熱門機型的處理器效能受限。儘管面臨這項挑戰，我們在日本和韓國實現了兩位數的 Mac 收入成長，並在這兩個市場創下了 Mac 收入的新紀錄。從全球來看，本季購買 Mac 的用戶中近一半是 Mac 新用戶，Mac 的活躍裝置量也達到了歷史新高。

We had great results for iPad with $4.9 billion in revenue and growth accelerating from the December quarter to 22%. iPad revenue grew in all 5 of our geographic segments with a return to growth in Greater China and strong double-digit growth in all other segments. We had our best March quarter ever for iPad in Japan, and we were especially pleased by performance in Korea, Thailand and Mexico where revenue more than doubled over last year. In total, over half of the customers purchasing iPads during the March quarter were new to iPad, and the iPad active installed base also reached a new all-time high.

iPad 取得了巨大的成功，營收達到 49 億美元，並且從 12 月季度開始加速成長至 22%。iPad 在我們所有 5 個地理區域的收入均實現成長，其中大中華區恢復成長，其他所有區域均實現強勁的兩位數成長。我們在日本的 iPad 季度業績創下了歷史新高，尤其令我們滿意的是韓國、泰國和墨西哥的業績，這些國家的收入比去年翻了一番還多。3 月季度購買 iPad 的客戶中，超過一半是 iPad 新用戶，iPad 的活躍安裝量也達到了歷史新高。

iPad revenue growth has been fueled primarily by the great customer response to our new iPad Pros. These completely redesigned iPads with full-screen Liquid Retina display, Face ID, powerful A12X Bionic chip with Neural Engine and support for the new Apple Pencil and Smart Keyboard make iPad Pro the perfect PC, laptop replacement for both consumers and professionals.

iPad 營收成長主要得益於消費者對我們新款 iPad Pro 的熱烈反響。這些經過全面重新設計的 iPad 配備全螢幕 Liquid Retina 顯示器、面容 ID、強大的 A12X 仿生晶片（帶神經網路引擎），並支援新款 Apple Pencil 和智慧鍵盤，使 iPad Pro 成為消費者和專業人士完美的 PC 和筆記型電腦替代品。

The most recent surveys from 451 Research measured a 93% customer satisfaction rating for iPad overall. Among customers who plan to purchase tablets, 77% of consumers and 75% of businesses plan to purchase iPads.

451 Research 的最新調查顯示，iPad 的整體客戶滿意度為 93%。在計劃購買平板電腦的顧客中，77% 的消費者和 75% 的企業計劃購買 iPad。

Wearables, Home and Accessories revenue set a new March quarter revenue record of $5.1 billion fueled primarily by the strong performance of our Wearables business, which grew close to 50%. Within this category, Apple Watch is the best selling and most loved smartwatch in the world and produced its best results ever for a nonholiday quarter. It's reaching many new customers with 3/4 of purchases going to customers who have never owned an Apple Watch before. Interest in AirPods has been off the charts, and we're working hard to catch up with the incredible customer demand.

穿戴式裝置、家居和配件業務的收入創下 3 月季度收入新紀錄，達到 51 億美元，這主要得益於穿戴式裝置業務的強勁表現，該業務成長了近 50%。在這個類別中，Apple Watch 是全球銷量最高、最受歡迎的智慧手錶，並且在非假日季度取得了有史以來最好的業績。它吸引了許多新客戶，其中四分之三的購買者都是以前從未擁有過 Apple Watch 的客戶。人們對 AirPods 的興趣空前高漲，我們正在努力滿足客戶的龐大需求。

Turning to our retail and online stores. We generated very strong double-digit revenue growth from Apple Watch and iPad. We also announced 50 new Today at Apple sessions during the quarter in 3 new and expanded formats, Skills, Walks and Labs, free at our stores around the world.

轉向我們的實體零售店和網店。我們憑藉 Apple Watch 和 iPad 實現了非常強勁的兩位數營收成長。本季我們也宣布推出 50 場全新的 Today at Apple 課程，課程形式包括技能、漫步和實驗室這 3 種全新和擴展形式，在全球各地的 Apple Store 免費提供。

We're making important progress in the enterprise market, helping transform major industries. We're building on Apple's leading position in key functional areas to expand our reach and share within large accounts. Aviation is a strong example of this strategy at work. Across 450 airlines, iPad is overwhelmingly the preferred solution for the pilot's electronic flight bag. We've been making great progress expanding Apple's footprint beyond the cockpit into the cabin, where more than half of the top 50 airlines have now implemented iOS to enhance the guest experience as well as enable a new use case with mobile point of sale.

我們在企業市場取得了重要進展，幫助各大產業實現轉型。我們將依托蘋果在關鍵功能領域的領先地位，擴大我們在大客戶中的覆蓋範圍和市場份額。航空業是這項策略發揮作用的一個有力例證。在 450 家航空公司中，iPad 是飛行員電子飛行包的首選解決方案。我們一直在努力將蘋果的影響力從駕駛艙擴展到客艙，目前排名前 50 的航空公司中已有超過一半採用了 iOS 系統，以提升乘客體驗，並實現行動銷售點的新應用場景。

We're also seeing traction with other mission-critical airline functions in ground operations and flight maintenance. For example, one of the largest airlines in the world tells us that the adoption of iPad has cut maintenance delays in half. Apple services are also making their way onboard, including growing adoption of Apple Pay for food and beverage purchases and in-flight access to Apple Music.

我們也看到，在地面營運和飛行維護等其他關鍵航空公司職能方面也取得了進展。例如，全球最大的航空公司之一告訴我們，採用 iPad 後，維修延誤減少了一半。蘋果的服務也正在陸續登陸機上，包括越來越多地使用 Apple Pay 購買食品和飲料，以及在飛機上存取 Apple Music。

We're also seeing significant iOS traction with large enterprise platforms, which are the face of complex back-end systems to tens of millions of employees around the world. The end user employee experience is vital to engagement and productivity, and with increasing mobility of today's modern workforce, those experiences are best on native iOS applications. We see great momentum through the growing number of iOS SDKs being delivered by the world's largest enterprise platforms. For instance, SAP's SDK for iOS continues to gain strong traction with their customers, growing by more than 40% in the last 6 months. And this past quarter, Salesforce released its SDK, enabling developers to be native iOS applications directly on top of the Salesforce platform.

我們也看到 iOS 在大型企業平台中獲得了顯著的關注，這些平台代表著全球數千萬員工的複雜後端系統。最終使用者員工體驗對於員工敬業度和生產力至關重要，而隨著當今現代員工行動辦公能力的不斷提高，原生 iOS 應用程式提供的體驗最佳。我們看到，全球最大的企業平台正在推出越來越多的 iOS SDK，這帶來了強勁的發展動能。例如，SAP 的 iOS SDK 持續受到客戶的青睞，在過去 6 個月中成長了 40% 以上。上個季度，Salesforce 發布了其 SDK，使開發人員能夠直接在 Salesforce 平台上開發原生 iOS 應用程式。

And finally, our enterprise channels continue to build momentum. In February, our Apple at Work initiative was launched with AT&T. This extension to our ongoing collaboration with AT&T will make it easy for more customers to choose the best Apple products for their needs in the enterprise and modernize their business. AT&T will enable business services for Apple products to help companies with their IT strategy, including device management, security, productivity and collaboration.

最後，我們的企業通路持續發展壯大。今年二月，我們與 AT&T 合作推出了 Apple at Work 專案。這次與 AT&T 持續合作的擴展，將使更多客戶更輕鬆地選擇最適合其企業需求的 Apple 產品，並實現業務現代化。AT&T 將為蘋果產品提供商業服務，以協助企業制定 IT 策略，包括設備管理、安全性、生產力和協作。

Let me now turn to our cash position. We ended the quarter with $225 billion in cash plus marketable securities. We also had $101 billion in term debt and $12 billion in commercial paper outstanding for a net cash position of almost $113 billion. As a result, we're in a very strong position that allows us to invest confidently in all areas of the business while continuing to return value to our shareholders. Just last year, we announced a commitment to contribute more than $350 billion to the U.S. economy over the next 5 years, including the creation of 20,000 jobs. More recently, we've announced a major expansion in Austin, Texas and in other cities across the country. All these efforts are essential investments to make sure that we're incorporating innovative ideas and top talent wherever they emerge.

現在讓我來看看我們的現金狀況。本季末，我們持有現金及有價證券共2,250億美元。我們還有 1,010 億美元的定期債務和 120 億美元的未償商業票據，淨現金部位接近 1,130 億美元。因此，我們處於非常有利的地位，這使我們能夠自信地投資於業務的各個領域，同時繼續為股東創造價值。就在去年，我們宣布承諾在未來 5 年內為美國經濟貢獻超過 3,500 億美元，其中包括創造 2,0000 個就業機會。最近，我們宣布將在德州奧斯汀以及全國其他城市進行大規模擴張。所有這些努力都是必不可少的投資，以確保我們能夠將創新理念和頂尖人才引入各個領域。

As we execute those initiatives, we're also able to return over $27 billion to investors during the March quarter. We began a $12 billion accelerated share repurchase program in February, resulting in the initial delivery and retirement of 55.1 million shares. We also repurchased 71.7 million Apple shares for $12 billion through open market transactions, and we paid $3.4 billion in dividends and equivalents.

在執行這些計劃的同時，我們也能夠在三月的季度中向投資者返還超過 270 億美元。我們於 2 月啟動了一項 120 億美元的加速股票回購計劃，首批交付並註銷了 5,510 萬股股票。我們也透過公開市場交易回購了 7,170 萬股蘋果股票，價值 120 億美元，並支付了 34 億美元的股息及等價物。

Our priorities for cash have not changed over the years. Most importantly, we always want to maintain the cash we need to run our business, maintain strategic flexibility and invest in our future. We're well on our way towards meeting the investment projections we laid out early last year. We also want to work towards a more optimal capital structure, and as we said before, it is our plan to reach a net cash neutral position over time.

多年來，我們對現金的使用優先事項並沒有改變。最重要的是，我們始終希望保持營運業務所需的現金流，保持策略靈活性，並投資未來。我們正朝著實現去年年初制定的投資目標穩步前進。我們也希望努力實現更優化的資本結構，正如我們之前所說，我們的計劃是隨著時間的推移實現淨現金中立。

Given our confidence in Apple's future and the value we see in our stock, our Board has authorized an additional $75 billion for share repurchases. And because we know many of our investors value income, we're also raising our quarterly dividend for the seventh time in less than 7 years to $0.77, an increase of about 5% from the previous amount. We paid over $14 billion in dividends and equivalents over the last 4 quarters alone, making us 1 of the largest dividend payers in the world. Going forward, we continue to plan for annual increases in dividends per share.

鑑於我們對蘋果未來的信心以及我們認為公司股票的價值，董事會已批准追加 750 億美元用於股票回購。而且，由於我們知道許多投資者重視收入，因此我們將季度股息在不到 7 年的時間內第七次提高到 0.77 美元，比之前的金額增加了約 5%。僅在過去四個季度，我們就支付了超過 140 億美元的股息及等價物，使我們成為全球最大的股息支付公司之一。展望未來，我們將繼續計劃逐年提高每股股利。

As we move ahead into the June quarter, I'd like to review our outlook, which includes the types of forward-looking information that Nancy referred to at the beginning of the call. We expect revenue to be between $52.5 billion and $54.5 billion. This guidance range comprehends 300 basis points of negative foreign exchange impact year-over-year. Also, as a reminder, in the June quarter last year, our Services revenue included a favorable $236 million onetime item in connection with the final resolution of various lawsuits.

隨著我們進入六月季度，我想回顧一下我們的展望，其中包括南希在電話會議開始時提到的那些前瞻性資訊。我們預計營收將在 525 億美元至 545 億美元之間。此指引範圍涵蓋了同比 300 個基點的負面外匯影響。另外，提醒一下，去年 6 月季度，我們的服務收入包括一筆與各種訴訟最終解決有關的 2.36 億美元的有利一次性項目。

We expect gross margin to be between 37% and 38%. We expect OpEx to be between $8.7 billion and $8.8 billion. We expect OI&E to be about $250 million, and we expect the tax rate to be about 16.5%. Also, reflecting the approved increase, today, our Board of Directors has declared a cash dividend of $0.77 per share of common stock payable on May 16, 2019, to shareholders of record as of May 13, 2019.

我們預計毛利率將在 37% 至 38% 之間。我們預計營運支出將在 87 億美元至 88 億美元之間。我們預計營運收入和支出約為 2.5 億美元，稅率約為 16.5%。此外，為反映已批准的成長，我們的董事會今天宣布派發每股普通股0.77美元的現金股息，將於2019年5月16日支付給截至2019年5月13日登記在冊的股東。

With that, I would like to open the call to questions.

接下來，我想接受大家的提問。

Thank you, Luca. (Operator Instructions) Operator, may we have the first question, please?

謝謝你，盧卡。（操作員指示）操作員，請問第一個問題是什麼？

Certainly. Our first question will come from Shannon Cross with Cross Research.

當然。我們的第一個問題將來自 Cross Research 的 Shannon Cross。

Tim, can you talk a bit more about what you're seeing in China? Clearly, it looks like things are improving sequentially. You also mentioned that last few weeks of the quarter were stabilizing in emerging markets, I believe. So what are customers saying there? What are your partners saying in China? And then I have a follow-up.

提姆，你能再詳細談談你在中國看到的景象嗎？顯然，情況似乎正在逐步改善。我記得您也提到，本季最後幾週新興市場趨於穩定。那麼，顧客們對此有何評價呢？你們在中國的合作夥伴怎麼說？然後我還有一個後續問題。

Yes. Thanks for the question, Shannon. We're seeing -- in the iPhone space, we saw a better year-over-year performance in the last weeks of the quarter as compared to the full quarter or November and December, which was sort of a -- appears to be the trough. I think there's a set of reasons for this. One, we made some price adjustments, essentially backing out the weaker currency effect and then some. The -- there's stimulus programs that the government has executed, including, and this happened in early April, VAT being reduced from 16% to 13%, so they've been aggressive in the stimulus side. Three, our trade-in and financing programs that we implemented in our retail stores have been very well received there, and I'm happy with the results to date there. And then four, the -- there's an improved trade dialogue between the U.S. and China. And from our point of view, this has affected consumer confidence on the ground there in a positive way. And so I think it's a set of all of these things, and we certainly feel a lot better than we did 90 days ago.

是的。謝謝你的提問，香農。我們看到——在 iPhone 領域，與整個季度或 11 月和 12 月相比，本季最後幾週的同比表現要好，而 11 月和 12 月似乎是低谷。我認為這其中有一系列原因。第一，我們進行了一些價格調整，基本上消除了貨幣貶值的影響，甚至還做了一些其他調整。政府已經實施了一些刺激計劃，包括（這件事發生在 4 月初）將增值稅從 16% 降至 13%，所以他們在刺激經濟方面一直很積極。第三，我們在零售店實施的以舊換新和融資計劃在那裡受到了很好的歡迎，我對迄今為止的成果感到滿意。第四，美中之間的貿易對話有所改善。從我們的角度來看，這已經對當地消費者的信心產生了積極影響。所以我認為這是所有這些因素共同作用的結果，而且我們感覺肯定比 90 天前好多了。

And then I'm sure you're probably expecting a question on Qualcomm settlement. So what would you like to say on the settlement? How are you thinking about your component providers going forward? And how should we think about this with regard to, I don't know, your development plans in the future? Because I'm sure you're not going to talk about when you're going to do 5G but clearly, it helps that path.

然後，我確信你可能會期待我問到關於高通和解協議的問題。那麼，您對和解協議有什麼看法？您如何看待未來與組件供應商的合作？那麼，我們該如何看待這個問題，比如說，與你們未來的發展計畫相關的問題呢？因為我相信你們不會談論何時部署 5G，但很顯然，5G 對實現 5G 目標很有幫助。

Yes. Thank you, Shannon. We're glad to put the litigation behind us, and all the litigation around the world have been dismissed and settled. We're very happy to have a multi-year supply agreement. And we're happy that we have a direct license arrangement with Qualcomm, which was, I know, important for both companies, and so we feel good about the resolution.

是的。謝謝你，香農。我們很高興訴訟已經結束，世界各地的所有訴訟都已被駁回或解決。我們非常高興能簽訂多年供貨協議。我們很高興與高通公司達成了直接許可協議，我知道這對兩家公司都很重要，所以我們對這個解決方案感到滿意。

The next question will come from Samik Chatterjee with JPMorgan.

下一個問題將來自摩根大通的薩米克·查特吉。

Tim, you talked about China responding well to the pricing actions that you've taken in that market. Do any of those learnings kind of carry through into how you decide pricing in the remaining emerging markets like India, et cetera, as you get ready for the next product cycle?

提姆，你提到中國對你在該市場採取的價格策略反應良好。在為下一個產品週期做準備時，您在印度等其他新興市場制定價格時，是否能藉鏡這些經驗？

We have made some adjustments in India, and we've seen preliminarily some better results there. Everything that we do does advise everything we do in the future, so we try to learn the best we can and fold that into our thinking. And we'll obviously do that with this as well.

我們在印度做了一些調整，初步看來效果有所改善。我們所做的每一件事都會對我們未來所做的每一件事產生影響，所以我們努力學習，並將這些經驗融入我們的思考中。我們顯然也會對這件事這樣做。

I just had a quick follow-up for Luca on the Services side. Luca, we see that you're guiding to higher operating expenses quarter-on-quarter. How much of that incremental is going in to support the new services that you're planning to launch later in the year?

我剛剛就服務部門的 Luca 的問題做了個簡短的後續跟進。Luca，我們注意到你預計營運費用將逐季上升。其中有多少增量資金將用於支持您計劃在今年稍後推出的新服務？

Yes. Of course, we are supporting both our products and Services business, and you can see the trajectory of our OpEx over the different quarters. Clearly, as we add new services, we will need to make the necessary investments to support them. Our Services business is -- has multiple streams. In total, it is accretive to company gross margins. You've seen the latest -- we're running services margins at over 60%. So it's a very important business for us in many ways for our ecosystem and for our ability to monetize it. And so clearly, we will make all the necessary investments to ensure that the new services are successful. And we're really encouraged by the level of customer response that we received so far in anticipation for the launch of these services.

是的。當然，我們同時支援我們的產品和服務業務，您可以查看我們各季度的營運支出軌跡。顯然，隨著我們增加新服務，我們需要進行必要的投資來支持這些服務。我們的服務業務包含多個業務板塊。總體而言，這有利於提高公司毛利率。你們已經看到了最新的數據——我們的服務利潤率超過 60%。因此，從很多方面來說，這對於我們的生態系統以及我們實現盈利的能力來說，都是一項非常重要的業務。因此，我們很可能會進行一切必要的投資，以確保新服務成功。我們對目前為止收到的客戶回饋非常鼓舞，他們對這些服務的推出充滿期待。

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

下一個問題將來自摩根士丹利的凱蒂·休伯蒂。

Luca, if I look back over the past 5 years, June quarter revenue typically declines about 15% from the March quarter. You're guiding to an 8% drop this year. So can you just talk about which regions or product segments you think can outperform that typical seasonality?

Luca，如果我回顧過去 5 年，6 月季度的營收通常會比 3 月季度下降約 15%。你預測今年將下跌 8%。那麼，您能否談談您認為哪些地區或產品領域能夠超越典型的季節性波動？

Yes, Katy. And keep in mind, by the way, we are reporting this guidance including a 300 basis point negative impact from foreign exchange, so actually, in constant currency, the numbers would be even stronger. At the product category level, we expect that we continue to have strong revenue growth from the non-iPhone categories as we've had for the first half of our fiscal year. We're also expecting a relative improvement in our iPhone performance on a year-over-year basis in Q3 versus the first half. As Tim said, March was the strongest month of the quarter on a year-over-year basis, and so this has given the confidence to provide the guidance that you've seen. Geographically, of course, as you've seen from our results for the March quarter, China is the geo where we found some challenges, but we believe the trajectory should improve over time.

是的，凱蒂。順便提一句，請記住，我們報告的這份指引包含了匯率帶來的 300 個基點的負面影響，因此，實際上，按固定匯率計算，這些數字會更加強勁。從產品類別層面來看，我們預計非 iPhone 類別的營收將繼續保持強勁成長，就像我們上個財年一樣。我們也預計，與上半年相比，第三季 iPhone 的年比業績將有所改善。正如提姆所說，3 月是本季同比表現最好的一個月，因此我們有信心提供你們所看到的業績指引。當然，從地理角度來看，正如您從我們三月季度的業績中看到的那樣，中國是我們遇到一些挑戰的地區，但我們相信隨著時間的推移，情況會有所改善。

And then just as a follow-up, Shannon said you're not going to talk specifics around the timing of the 5G phone, but Tim, maybe you can talk about how the company approaches a new technology like this given the higher cost but also potentially significant benefit, how you think about the right timing for coming to market with a product with those characteristics and then just, generally, how meaningful, you think, 5G is as a demand driver for upgrades in your iPhone installed base.

然後，香農接著說，你不會談論 5G 手機的具體上市時間，但蒂姆，也許你可以談談公司是如何看待這項新技術的，考慮到它更高的成本以及潛在的巨大收益，你認為推出具有這些特性的產品的最佳時機是什麼，以及總的來說，你認為 5G 作為 iPhone 用戶升級需求的驅動因素有多重要。

Katy, this is one that I'm going to largely punt on as you would probably guess. We look at a lot of things on the different technologies and try to look at the -- and select the right time that things come together and get those into products as soon as we can. And the -- certainly, from a cost point of view, there has been -- the technologies have had cost pressure over the last couple of years or so. On the flip side of that, there's a number of things in the commodity markets going in the other direction at the moment like DRAM and NAND. And so it's difficult to project what happens next, but it's the aggregate of all of it that really matters from a price point of view.

凱蒂，正如你可能猜到的那樣，這件事我基本上不會參與。我們會研究各種不同的技術，並努力尋找合適的時機，讓各種技術融合在一起，並儘快將它們應用到產品中。當然，從成本角度來看，在過去幾年裡，這些技術確實面臨成本壓力。另一方面，目前大宗商品市場中有很多東西正朝著相反的方向發展，例如DRAM和NAND快閃記憶體。因此，很難預測接下來會發生什麼，但從價格的角度來看，所有這些因素的綜合影響才是真正重要的。

Jim Suva from Citi has our next question.

花旗銀行的吉姆·蘇瓦將向我們提出下一個問題。

A topic that's probably split or shared by both Tim and Luca on a response but I'll ask the question and you can decide how to divide it up. In your opening remarks, Tim, you'd mentioned about pricing adjustments that you made in some of the markets, and then Luca talked also about the strength of the trade-in program or maybe it was Tim also. Can you help us understand about what type of lessons or elasticity you've learned about pricing and the trade-in programs of how it impacts like revenues and COGS and margins and things?

對於這個問題，Tim 和 Luca 可能都會有不同的看法，或者會共同回答，但我會提出這個問題，你們可以決定如何分配。提姆，你在開場白中提到了你在一些市場進行的價格調整，然後盧卡也談到了以舊換新計劃的優勢，或者也可能是蒂姆也談到了。您能否幫助我們了解您在定價和以舊換新計劃方面學到了哪些經驗教訓或彈性，以及它們如何影響收入、銷售成本和利潤率等？

Yes. Jim, the -- in the opening remarks, I was really talking about China specifically. And I mentioned 4 things that I believe are responsible for the better year-over-year performance in the Q2 relative to Q1 and also the final weeks of March being better than the Q2 average. And those 4 are the price reductions but that's 1 of them. But there are 3 others, and 1 of the others is the trade-in and financing programs that we instituted in our retail stores. Clearly, what we've learned here and it's not a surprise really is that the -- many, many people do want to trade in their current phone. It does -- from a customer user point of view, the trade-in looks like a subsidy, and so it is a way to offset the device cost itself. And many people in literally every market that we've tried this in, there is a reasonable number of people that want to take and pay for something on installments instead of all at once. And so it's a little different in each market in terms of what the elasticity is, but you can bet that we're learning quickly on all of those.

是的。吉姆，在開場白中，我其實指的是中國。我提到了 4 件我認為是導致第二季度同比業績優於第一季度，以及三月最後幾週業績優於第二季度平均水平的原因。那4個是降價優惠，但這只是其中之一。但還有其他 3 項，其中一項是我們零售店推行的以舊換新和融資計畫。顯然，我們在這裡學到的是（這並不令人意外），很多人確實想要以舊換新。從客戶用戶的角度來看，以舊換新就像是一種補貼，因此可以抵銷設備本身的成本。在我們嘗試過的幾乎所有市場中，都有相當一部分人希望分期付款而不是一次性付款。因此，每個市場的彈性都略有不同，但可以肯定的是，我們正在迅速了解所有這些情況。

The other 2 items that are not insignificant in China that I don't want to lose here is that the stimulus programs, I believe, are having an effect on the consumer. And the 1 that I got much visibility in -- that happened in early April was the VAT reduction from 16% to 13%, so it's a very aggressive move. But there are other stimulus programs as well that likely have an effect to the consumer level. And then finally, and this is not to be underweighted either, I think the improved trade dialogue between the countries affects consumer confidence in a positive way. And so I think it's sort of the sum of all of those things.

在中國，還有兩件同樣重要且我不想忽略的事情：我認為刺激經濟的政策正在對消費者產生影響。而我比較關注的一項舉措——發生在四月初的增值稅從 16% 降至 13%——是一項非常激進的舉措。但還有其他一些刺激方案也可能對消費者層面產生影響。最後，這一點也不容忽視，我認為兩國之間貿易對話的改善對消費者信心產生了正面影響。所以我覺得這算是所有這些因素的總和。

And Jim, if I may add on the gross margin level, as we look at pricing actions, of course, anytime you do a pricing action, it is gross margin percentage diluted. But what really matters to us and what we look at when we look at the elasticity of these programs is to see the impact on our gross margin dollars. And what -- the experience that we've had in a few of these emerging markets has been positive in that respect, and so that's what we think matters the most really.

吉姆，如果我可以補充一下關於毛利率水準的內容，當我們審視定價策略時，當然，任何時候你採取定價策略，毛利率百分比都會被稀釋。但對我們來說真正重要的是，我們在檢視這些項目的彈性時所關注的是它們對我們毛利的影響。而且──我們在一些新興市場所獲得的經驗在這方面是正面的，所以我們認為這才是最重要的。

The next question will come from Wamsi Mohan with Bank of America Merrill Lynch.

下一個問題將來自美國銀行美林證券的 Wamsi Mohan。

Tim, you shared a lot of color around trade-ins, but I was also hoping maybe you can characterize what sort of dynamics you're seeing across your installed base on these trade-ins. What type of devices are being traded in? Is the profile of someone who has a really old iPhone? Or are you seeing folks that have newer iPhones trading in? And what sort of incentives are you providing beyond sort of the financing to drive that? And do you see this as something that can accelerate replacement cycles here over the next year or so? And I have a follow-up.

提姆，你分享了很多關於以舊換新的細節，但我還希望你能描述一下你目前在所有以舊換新用戶中觀察到的動態情況。被置換的設備類型有哪些？這是使用舊款iPhone的用戶的個人資料嗎？或者你看到的是一些用新款iPhone進行以舊換新的用戶嗎？除了融資之外，你們還提供了哪些激勵措施來推動這項進程？您認為這會在未來一年左右加速這裡的產品更新換代週期嗎？我還有一個後續問題。

We're -- actually, the product that's being traded in is all over the place, to be honest. It's 6, 6 Plus, 6s, 6s Plus, 7, 7 Plus and then fewer 8 and 8 Plus. But there's some of each of those, and so you get customers that are on the 2-year cycle and customers -- some customers on the 1-year cycle and then customers as well on the 3- and 4-year cycles. And so it's really all over the place. In terms of the incentives, we're offering currently in our retail stores a trade-in value that has -- that is more than the sort of the blue book of the device, if you will, for lack of a better description. And so we have topped those up to provide an extra benefit to the user.

說實話，我們現在交易的產品五花八門。型號有 6、6 Plus、6s、6s Plus、7、7 Plus，然後是數量較少的 8 和 8 Plus。但每種情況都有一些，所以你會遇到一些兩年周期的客戶，一些一年周期的客戶，還有一些三年和四年周期的客戶。所以情況真的很混亂。就激勵措施而言，我們目前在零售店提供的以舊換新價值——如果非要用一個更貼切的詞來形容的話——比該設備的藍皮書估價要高。因此，我們增加了這些金額，為用戶提供額外的福利。

The installments are different in each geography. I would say that, at the moment, the geography that is doing the best in installments would be China. And we have a bit of a unique offering there, I think, versus the -- versus what you can get in the regular market, and so that probably further helps there. And so you can bet that we're learning on each of these, finding the parts that the user likes the most.

不同地區的分期付款方式各不相同。我認為，就目前而言，分期付款業務發展最好的地區是中國。我認為，與普通市場上的產品相比，我們提供的產品有點獨特，這可能對我們有幫助。所以你可以肯定，我們正在從每個案例中學習，找出使用者最喜歡的部分。

I think the key is we're trying to build a -- build something into the consumer mindset that it's good for the environment and good for them to trade in their current device on a new device. And we do our best of getting the current device to someone else that can use that or, in some cases, if the product is at an end of life, we are recycling the parts on it to make sure that it can carry on in another form.

我認為關鍵在於，我們正在努力在消費者心中建立一種觀念，即用舊設備換購新設備既有利於環境，也有利於他們自身。我們會盡最大努力將現有設備轉讓給其他可以使用它的人，或者在某些情況下，如果產品已達到使用壽命終點，我們會回收其零件，以確保它能以另一種形式繼續使用。

And as my follow-up, Luca, can you just clarify if the settlement with Qualcomm is creating either a headwind or a tailwind to your gross margins in the near term? And does your guidance contemplate incremental pricing actions that could be creating some gross margin headwinds?

盧卡，我的後續問題是，你能否澄清一下，與高通的和解協議在短期內會對你們的毛利率產生不利影響還是有利影響？您的指導意見是否考慮到了可能導致毛利率下降的增量定價措施？

As Tim has explained, we've reach this comprehensive agreement with Qualcomm. As part of this, we have agreed that we're not going to share the financial terms of the agreement, so we plan to honor that. What you see in our gross margin guidance for the June quarter, we guided 37% to 38%, fully comprehends the outcome of the agreement with Qualcomm.

正如蒂姆所解釋的那樣，我們已經與高通公司達成了這項全面協議。作為協議的一部分，我們已達成協議，不會公開協議的財務條款，我們將遵守這項約定。您在我們對 6 月季度的毛利率預期中看到的，我們預期為 37% 至 38%，完全考慮到了與高通公司達成協議的結果。

Mike Olson from Piper Jaffray has our next question.

來自 Piper Jaffray 公司的 Mike Olson 將向我們提出下一個問題。

So you have more than 1.4 billion active devices, and at your event, you announced services that leverage that installed base. And you have obviously a remarkable position with kind of this Trojan horse of devices out in so many households. So I guess the question is -- and I know some of these services aren't even live yet, but should we expect a continuation of the building out of new services categories like what we saw at the March event? Is there a pipeline of new services in the works? Or have we kind of seen what we're likely to see on that front for the near to intermediate term? And then I have a follow-up.

你們擁有超過 14 億台活躍設備，在你們的活動中，你們宣布了利用這一龐大用戶群的服務。顯然，你們擁有著非凡的地位，因為這種類似特洛伊木馬的設備已經滲透到許多家庭中。所以我想問的是——我知道其中一些服務甚至還沒有上線，但我們是否應該期待像我們在三月的活動上看到的那樣，繼續建立新的服務類別？是否有正在開發中的新服務項目？或者說，我們是否已經大致了解了近期到中期內這方面可能出現的情況？然後我還有一個後續問題。

Yes, I wouldn't want to get into announcing things on the call, but obviously, we're always working on new things. And -- but we're -- right now, we're really focused on getting these 4 out there. We have the News+ in the market today. We'll have the Apple Arcade and the Apple TV+ products in the market in the fall, and Apple Card will go out in the summer timeframe. And so we've got lots in front of us, and we're very excited about getting these out there.

是的，我不想在電話會議上宣布任何事情，但很顯然，我們一直在研究新的東西。但是——我們現在——我們真正專注於把這 4 款產品推向市場。目前市場上已有 News+ 服務。我們將在秋季推出 Apple Arcade 和 Apple TV+ 產品，Apple Card 將在夏季推出。所以我們面前還有很多工作要做，我們非常興奮能把這些工作完成並推向市場。

Right. And then you mentioned the App Store search ad business a couple of times in the prepared remarks. Is that reaching a point where it's become material and maybe moving the needle for overall Services revenue? Or is there anything you can quantify related to that? I also imagine that this is a high-margin business, at least maybe higher than the overall Services margin but wondering if you can confirm if that's the case or not.

正確的。然後，你在準備好的演講稿中幾次提到了 App Store 搜尋廣告業務。這是否已經到了足以產生實質影響，並可能對整體服務收入產生影響的地步？或者，你能能量化一下這方面的哪些內容嗎？我也認為這是一個高利潤業務，至少可能高於整體服務業務的利潤率，但我想知道您能否確認情況是否如此。

It's growing very, very fast, Mike. I think it was up around 70% over the previous year. We're expanding into new geographies as well, and we still have more geographies out there that we think can move the dial further. So it is a -- it's definitely a business that is big and getting bigger.

麥克，它成長得非常非常快。我認為比上一年增長了約 70%。我們也在向新的地區擴張，我們認為還有更多地區可以進一步推動業務發展。所以，這絕對是一家規模龐大且不斷發展的企業。

Our next question comes from Lou Miscioscia with Daiwa Capital Markets.

下一個問題來自大和資本市場的 Lou Miscioscia。

Tim, when you look at the 4 things that you have announced, and I realize they have different dates when they're coming out, but which ones would you say, over the next 12 months, has the most potential to help your Services line? And then maybe which one has the best long-term potential? And then I have a quick follow-up.

提姆，你公佈了四項舉措，我知道它們的推出日期各不相同，但你認為在接下來的 12 個月裡，哪一項最有可能幫助你的服務線？那麼，哪一個最有長期發展潛力呢？然後我還有一個簡短的後續問題。

We're going to wait until we get these things out. And what I can tell you right now is that the -- we're taking sort of consumer interest on the Apple Card, and there's been a significant level of interest on that and we're excited. As you know, the -- gaming is the top category on the App Store. And so the Apple Arcade will serve some of that market, and it serves it with a different kind of game, which we think will be great for developers and great for users.

我們打算等這些東西都處理完之後再說。我現在可以告訴大家的是，我們正在關註消費者對 Apple Card 的興趣，而且這種興趣非常濃厚，我們對此感到興奮。如你所知，遊戲是 App Store 上最熱門的類別。因此，Apple Arcade 將服務於部分市場，並且它提供的是不同類型的遊戲，我們認為這對開發者和用戶來說都將是一件好事。

The TV+ product plays in a market where it's -- there's a huge move from the cable bundle to over the top. We think that most users are going to get multiple over-the-top products, and we're going to do our best to convince them that the Apple TV+ product should be one of them. And then we're working very hard to get everyone to give Apple News+ a look because we think it's a very unique product. And I love magazines, and we have really wanted to support the publishers. And so we're working very hard to -- at the -- but at the very beginning of the ramp there. We wouldn't do a service that we didn't think could be meaningful, so that's sort of the way I look at it. Yes, these aren't hobbies.

TV+ 產品所處的市場環境是－使用者正從有線電視套餐大量轉向 OTT 服務。我們認為大多數用戶都會購買多種串流媒體服務，我們將盡最大努力說服他們，Apple TV+ 也應該是其中之一。然後，我們正在努力讓每個人都了解 Apple News+，因為我們認為它是一款非常獨特的產品。我熱愛雜誌，我們也一直很想支持出版商。所以我們正在非常努力地——在——但在起步階段。我們不會去做我們認為沒有意義的服務，我就是這麼看待這件事的。是的，這些不是愛好。

Okay. A quick follow-up on India. Obviously, market share there is well, well below China. I believe you're looking to start manufacturing there. But what's the -- obviously, the potential could be huge, but the market already seems to be pretty dominated on the Android side. So maybe if you could just talk about trying to really aggressively ramp up share there.

好的。關於印度的簡要後續報道。顯然，那裡的市場份額遠低於中國。我相信你是打算在那裡開始生產製造。但顯然，潛力巨大，但市場似乎已經被安卓系統牢牢佔據。所以，或許你可以談談如何積極地提高市場佔有率。

I think India is a very important market in the long term. It's a challenging market in the short term, but we're learning a lot. We have started manufacturing there, which is very important to be able to serve the market in a reasonable way, and we're growing that capability there. And we would like to place retail stores there, and we're working with the government to seek approval to do that. And so we plan on going in there with sort of all of our might. We've opened a developer accelerator there, which we're very happy with some of the things coming out of there. It's a long-term play. It's not something that's going to be on overnight huge business, but I think the growth potential is phenomenal. It doesn't bother me that it's primarily Android business at the moment because that just means there's a lot of opportunity there.

我認為從長遠來看，印度是一個非常重要的市場。短期內市場充滿挑戰，但我們從中學到了很多。我們已開始在那裡進行生產，這對於以合理的方式服務市場非常重要，而且我們正在提高那裡的生產能力。我們希望在那裡開設零售商店，我們正在與政府合作，尋求批准。所以我們計劃全力以赴地進去。我們在那裡開設了一個開發者加速器，我們對那裡取得的一些成果非常滿意。這是一項長期投資。它不會一夜之間成為一家巨企業，但我認為它的成長潛力是巨大的。目前公司主要業務是安卓系統，但這並不會困擾我，因為這意味著那裡有很多機會。

A replay of today's call will be available for 2 weeks on Apple Podcasts as a webcast on Apple.com/investor and via telephone. And the numbers to the telephone replay are (888) 203-1112 or (719) 457-0820. Please enter confirmation code 7060604. And these replays will be available by approximately 5 p.m. Pacific Time today.

今天的電話會議錄音將在 Apple Podcasts 上提供兩週的回放，可透過 Apple.com/investor 上的網路直播和電話收聽。電話重播號碼為 (888) 203-1112 或 (719) 457-0820。請輸入確認碼7060604。這些回放影片大約在下午5點左右可以觀看。今天太平洋時間。

Members of the press with additional questions can contact Kristin Huguet at (408) 974-2414, and financial analysts can contact Matt Blake or me with additional questions. Matt is at (408) 974-7406, and I'm at (408) 974-5420. Thanks again for joining us.

媒體會員如有其他疑問，可致電 (408) 974-2414 聯絡 Kristin Huguet；金融分析師如有其他疑問，可致電 Matt Blake 或聯絡我。Matt 的電話號碼是 (408) 974-7406，我的電話號碼是 (408) 974-5420。再次感謝您的參與。

That does conclude our conference for today. Thank you for your participation.

今天的會議就到此結束。感謝您的參與。