蘋果 (AAPL) 2019 Q3 法說會逐字稿

Good day and welcome to the Apple Inc. Third Quarter Fiscal Year 2019 Earnings Conference Call. Today's call is being recorded.

您好，歡迎來到蘋果公司。2019財年第三季財報電話會議。今天的通話將會被錄音。

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

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 and 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；接下來是財務長盧卡馬埃斯特里；之後，我們將開放分析師提問環節。

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.

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。

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.

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。

Thank you, Nancy. Good afternoon, and thanks to all of you for joining us today. We're thrilled to report a return to growth and a new June quarter revenue record of $53.8 billion. We saw significant improvement in year-over-year iPhone performance compared to last quarter, very strong performances for both Mac and iPad and absolutely blowout quarter for Wearables, where we had accelerating growth of well over 50% and a new high watermark for services where we set an all-time revenue record of $11.5 billion. When you step back and consider Wearables and Services together, 2 areas where we have strategically invested in the last several years, they now approach the size of a Fortune 50 company.

謝謝你，南希。下午好，感謝各位今天蒞臨。我們很高興地宣佈公司恢復成長，並創下6月份季度營收538億美元的新紀錄。與上一季相比，iPhone 的同比業績有了顯著改善；Mac 和 iPad 的業績都非常強勁；可穿戴設備業務更是取得了突破性進展，增速超過 50%；服務業務也創下了新的歷史新高，收入達到 115 億美元。當你退後一步，將穿戴式裝置和服務這兩個我們在過去幾年中進行了策略性投資的領域放在一起考慮時，它們現在的規模已經接近財富 50 強公司的規模了。

Geographically, we're happy with our performance across the board, including a return to growth in Mainland China. We accomplished these results despite strong headwinds from foreign exchange, which impacted our top line growth rate by 300 basis points compared to a year ago. That's equivalent to about $1.5 billion of revenue.

從地理來看，我們對整體表現感到滿意，包括中國大陸市場恢復成長。儘管受到外匯匯率的強烈不利影響，導致我們的營收成長率比去年同期下降了 300 個基點，但我們仍然取得了這些成果。這相當於約15億美元的收入。

Importantly, in constant currency, our revenue grew in all 5 of our geographic segments. For iPhone, we generated $26 billion in revenue. While this is down 12% from last year's June quarter, it is a significant improvement to the 17% year-over-year decline in Q2. We're encouraged by the results we're seeing from the initiatives that we spoke about in January, including strong customer response to our in-store, trade-in and financing programs. In fact, iPhone in our retail and online stores returned to growth on a year-over-year basis in the month of June. Our active installed base of iPhone reached a new all-time high and was up year-over-year in each of our top 20 markets, underscoring the quality of our products and the satisfaction and loyalty of iPhone customers around the world.

重要的是，以固定匯率計算，我們所有 5 個地理區域的收入均實現了成長。iPhone 的營收達到了 260 億美元。雖然這比去年同期下降了 12%，但與第二季度同比下降 17% 相比，這是一個顯著的改善。我們對一月份提出的各項措施所取得的成果感到鼓舞，包括顧客對我們的店內服務、以舊換新和融資計劃的強烈反響。事實上，6 月我們零售店和網路商店的 iPhone 銷售量恢復了年成長。我們的 iPhone 活躍用戶數量達到了歷史新高，並且在我們排名前 20 名的市場中都實現了同比增長，這凸顯了我們產品的質量以及全球 iPhone 用戶的滿意度和忠誠度。

Revenue, excluding iPhone, was up 17% from last year with growth across all categories. Starting with Services. We generated all-time record revenue of $11.5 billion. That's up 13% year-over-year, and if we exclude the $236 million favorable onetime item from the June quarter last year, Services growth was 15% or 18% in constant currency, which is consistent with our Q2 performance.

不計 iPhone 銷售額，公司營收較去年成長 17%，所有類別均成長。首先是服務。我們創造了115億美元的歷史最高營收紀錄。與去年同期相比成長了 13%，如果我們排除去年 6 月季度 2.36 億美元的一次性有利項目，服務業增長率為 15%，按固定匯率計算為 18%，這與我們第二季度的業績一致。

Our strong Services performance was broad-based. We set new all-time records for AppleCare, Music, cloud services and our App Store search ad business, and we achieved a new third quarter revenue record for the App Store. What's more, we had double-digit services revenue growth in all 5 of our geographic segments. We surpassed 420 million paid subscriptions to services across our platform, and we remain on track to double our fiscal year '16 services revenue in 2020.

我們強勁的服務業績是全面實現的。我們在 AppleCare、音樂、雲端服務和 App Store 搜尋廣告業務方面都創下了歷史新高，而 App Store 第三季的營收也創下了新紀錄。此外，我們在所有 5 個地理區域的服務收入均實現了兩位數的成長。我們平台上的付費訂閱用戶已超過 4.2 億，而且我們仍有望在 2020 年實現 2016 財年服務收入翻倍的目標。

In May, we launched our all-new Apple TV app in over 100 countries, bringing together all the ways to watch TV in a single app across iPhone, iPad, Apple TV and select smart TVs. Monthly viewers in the Apple TV app in the United States are up over 40% year-over-year. We've seen our success being driven here by several factors: First, the fact that we have been able to integrate content from over 150 leading content providers all in one place; second, the same ease of use and unmatched user interface that sets Apple apart in other categories sets us apart in TV as well; and third, we're benefiting from a broader secular move to over-the-top services.

5 月，我們在 100 多個國家/地區推出了全新的 Apple TV 應用，將 iPhone、iPad、Apple TV 和部分智慧電視上的所有電視觀看方式整合到一個應用中。美國 Apple TV 應用程式的每月觀看人數較去年同期成長超過 40%。我們的成功主要歸功於以下幾個因素：首先，我們能夠將 150 多家領先內容提供商的內容整合到一個平台上；其次，蘋果在其他領域脫穎而出的易用性和無與倫比的用戶界面，也使我們在電視領域脫穎而出；第三，我們受益於更廣泛的 OTT 服務趨勢。

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

我們正透過以下 5 種方式應對這第三個趨勢：我們的 Apple TV 硬體；Apple TV 頻道，用戶可以選擇只為自己想看的頻道付費；我們擁有超過 10 萬部 iTunes 電影和電視節目的龐大庫；App Store，用戶可以在這裡找到他們喜歡的串流媒體服務；以及今年稍後推出的原創節目服務 Apple TV+。

Apple Pay is now completing nearly 1 billion transactions per month, more than twice the volume of a year ago. Apple Pay launched in 17 countries in the June quarter, completing our coverage in the European Union and bringing us to a total of 47 markets currently. Based on June quarter performance, Apple Pay is now adding more new users than PayPal and monthly transaction volume is growing 4x as fast.

Apple Pay 目前每月完成近 10 億筆交易，是去年同期交易量的兩倍多。Apple Pay 於 6 月季度在 17 個國家/地區推出，完成了我們在歐盟的覆蓋範圍，目前我們的覆蓋市場總數達到 47 個。根據六月的季度業績來看，Apple Pay 新增用戶數量超過了 PayPal，每月交易量成長速度是 PayPal 的 4 倍。

In the United States, in addition to a successful integration into Portland's transit system in May, we're beginning the rollout of New York City transit and will launch in Chicago later this year. In China, Apple Pay launched the payment card for DiDi, the world's largest ride-hailing provider. As I've said before, transit integration is a major driver of a broader digital wallet adoption, and we're going to keep up this push to help users leave their wallet at home in more and more instances. On a related note, thousands of Apple employees are using Apple Card every day in our beta test, and we plan to begin the rollout of Apple Card in August.

在美國，除了五月成功整合到波特蘭的交通系統外，我們正在開始在紐約市推廣，並將於今年稍後在芝加哥推出。在中國，Apple Pay 為全球最大的叫車服務供應商滴滴出行推出了支付卡。正如我之前所說，交通出行整合是推動數位錢包更廣泛普及的主要動力，我們將繼續努力，幫助用戶在越來越多的情況下把錢包留在家裡。另外，數千名蘋果員工每天都在我們的測試版中使用 Apple Card，我們計劃在 8 月開始正式推出 Apple Card。

As I mentioned at the outset, it was another sensational quarter for Wearables with growth accelerating to well over 50%. We had great results for Apple Watch, which set a new June quarter revenue record and is reaching millions of new users. Over 75% of customers buying Apple Watch in the June quarter were buying their first Apple Watch. We continue to see phenomenal demand for AirPods. And when you tally up the last 4 quarters, our Wearables business is now bigger than 60% of the companies in the Fortune 500.

正如我一開始提到的，對於穿戴式裝置來說，這又是一個令人矚目的季度，成長速度加速至 50% 以上。Apple Watch 取得了非常好的業績，創下了 6 月季度收入新紀錄，並吸引了數百萬新用戶。在六月購買 Apple Watch 的顧客中，超過 75% 的人是第一次購買 Apple Watch。我們持續看到市場對AirPods的強勁需求。如果把過去 4 個季度的數據加起來，我們的穿戴式裝置業務規模現在已經超過了財富 500 強企業中 60% 的公司。

We had great performance from iPad with revenue of over $5 billion and growth driven by iPad Pro and by strong customer response to the new iPad mini and iPad Air. This was our third consecutive quarter of growth and with revenue up 15% year-to-date, we feel great about where we're headed with iPad. With our current lineup of iPad, iPad mini, iPad Air and iPad Pro, we've got the perfect device for everyone from young learners to professionals.

iPad 業績表現出色，營收超過 50 億美元，成長主要得益於 iPad Pro 以及消費者對新款 iPad mini 和 iPad Air 的強勁反響。這是我們連續第三個季度實現成長，今年迄今營收成長了 15%，我們對 iPad 的發展前景感到非常樂觀。我們目前推出的 iPad、iPad mini、iPad Air 和 iPad Pro 產品線，能夠滿足從青少年學習者到專業人士等各類使用者的需求。

We were also very happy with double-digit revenue growth from Mac, fueled by a strong performance of Macbook Air and MacBook Pro. Looking forward, there's an enormous amount to be excited about for Mac. On the heels of our Mac mini and iMac updates earlier in the fiscal year, we brought significant updates to the bulk of our notebook lineup in the last couple of months. We now have a $999 MacBook Air that is killer for college students, and for our Pro users who push the limits of what a Mac can do, we were thrilled to unveil the most powerful Mac ever, the new Mac Pro and the all-new Pro Display XDR, which will be available this fall.

我們也對 Mac 產品線兩位數的營收成長感到非常滿意，這主要得益於 Macbook Air 和 MacBook Pro 的強勁表​​現。展望未來，Mac 有很多值得我們興奮的地方。繼本財年早些時候對 Mac mini 和 iMac 進行更新之後，在過去的幾個月裡，我們對大部分筆記型電腦產品線進行了重大更新。我們現在推出了一款售價 999 美元的 MacBook Air，對於大學生來說非常實用；而對於那些追求極致 Mac 性能的專業用戶，我們很高興地推出了有史以來最強大的 Mac——全新 Mac Pro 和全新的 Pro Display XDR，它們將於今年秋季上市。

They're designed for maximum performance, expansion and configurability and at breakthrough pricing, and they're the most powerful tools Apple has ever put in the hands of Pro customers. What's more, the Mac ecosystem as a whole is about to get a big boost. At our recent Worldwide Developers Conference, we announced a game-changing tool to help developers easily adapt their iOS and iPadOS apps for the Mac. I'll have a bit more to say on that in a moment.

它們旨在實現最佳性能、擴展性和可配置性，並具有突破性的價格，是蘋果迄今為止為專業用戶提供的最強大的工具。此外，整個 Mac 生態系統即將迎來巨大的發展。在最近舉行的全球開發者大會上，我們發布了一款顛覆性的工具，旨在幫助開發者輕鬆地將他們的 iOS 和 iPadOS 應用程式適配到 Mac 平台。我稍後會再詳細說說這一點。

I'd like to provide some color on our performance in Greater China, where we saw significant improvement compared to the first half of fiscal 2019 and returned to growth in constant currency. We experienced noticeably better year-over-year comparisons for our iPhone business there than we saw in the last 2 quarters, and we had sequential improvement in the performance of every category. The combined effects of government stimulus, consumer response to trade-in programs, financing offers and other sales initiatives and growing engagement with the broader Apple ecosystem had a positive effect. We were especially pleased with the double-digit increase in Services driven by strong growth from the App Store in China.

我想就我們在大中華區的表現做一些介紹，與 2019 財年上半年相比，我們取得了顯著進步，並且按固定匯率計算恢復了增長。我們iPhone業務的年比業績明顯優於過去兩個季度，每個類別的業績都實現了環比成長。政府刺激措施、消費者對以舊換新計畫、融資優惠和其他銷售措施的積極回應，以及與更廣泛的蘋果生態系統日益增長的參與度，共同產生了積極影響。我們尤其欣喜地看到，服務業務實現了兩位數的成長，這主要得益於中國 App Store 的強勁成長。

Turning to the future. Last week, we announced an agreement with Intel to acquire the majority of its smartphone modem business. This is our second largest acquisition by dollars and our largest ever in terms of staff. We're looking forward to welcoming all of them to Apple. We see this as a great opportunity to work with some of the leading talents in this field, to grow our portfolio of wireless technology patents to over 17,000, to expedite our development of our future products and to further our long-term strategy of owning and controlling the primary technologies behind the products that we make.

展望未來。上週，我們宣布與英特爾達成協議，收購其大部分智慧型手機數據機業務。以金額計算，這是我們第二大收購案；以員工人數計算，這是我們有史以來規模最大的收購案。我們期待歡迎他們加入蘋果公司。我們認為這是一個與該領域的一些頂尖人才合作的絕佳機會，可以將我們的無線技術專利組合擴展到 17,000 多項，加快我們未來產品的開發，並進一步推進我們擁有和控制我們產品背後主要技術的長期戰略。

We also had our best WWDC ever last month, packed with announcements of great new features coming this fall across our 4 software platforms, making them more powerful, more personal and more private. For iPhone users, iOS 13 will take on a dramatic new look with dark mode, on delivering major updates to the apps you use every day, including Photos, Camera and Maps, iOS 13 offers great new ways to help you manage your privacy and security, including Sign-on with Apple, which uses Face ID or Touch ID to quickly sign into apps and websites without sharing your personal information. And improvements across the entire system will make iPhone even faster and more delightful to use than ever before.

上個月，我們還舉辦了有史以來最棒的 WWDC，發布了今年秋季將在我們的 4 個軟體平台上推出的眾多全新功能，使它們更強大、更個性化、更注重隱私。對於 iPhone 用戶來說，iOS 13 將帶來煥然一新的外觀，包括深色模式。除了對您每天使用的應用程式（包括照片、相機和地圖）進行重大更新外，iOS 13 還提供了許多新的方式來幫助您管理隱私和安全，包括使用“透過 Apple 登入”，該功能使用 Face ID 或 Touch ID 快速登入應用程式和網站，而無需共享您的個人資訊。整個系統的改進將使 iPhone 比以往任何時候都更快、更易於使用。

For the first time, iPad is getting its own version of iOS called iPadOS, a strategic step forward that takes the iPad experience to a whole new level. The redesigned home screen, powerful new multitasking tools and deeper integration with Apple Pencil take productivity and creativity further, including using your iPad as an extended and interactive second monitor for your Mac.

iPad 首次擁有了自己的 iOS 版本，名為 iPadOS，這是向前邁出的策略性一步，將 iPad 的使用體驗提升到了一個全新的水平。重新設計的主螢幕、強大的全新多任務處理工具以及與 Apple Pencil 的更深層次集成，進一步提升了生產力和創造力，包括將 iPad 用作 Mac 的擴展交互式第二顯示器。

For Apple TV, tvOS 13 will make the big-screen experience even more personal. With a redesigned home screen and multi-user support, everyone in the family can get a more engaging and tailored experience with their favorite TV shows, movies, sports and news, along with Apple Music, photos and videos in iCloud and an App Store with thousands of great games and apps.

對於 Apple TV 而言，tvOS 13 將使大螢幕體驗更加個人化。經過重新設計的主螢幕和多用戶支持，家裡的每個人都可以獲得更具吸引力和個性化的體驗，觀看他們喜愛的電視節目、電影、體育賽事和新聞，還可以使用 Apple Music、iCloud 中的照片和視頻，以及擁有數千款優秀遊戲和應用的 App Store。

watchOS 6 is a major step forward in helping Apple Watch users stay healthy, active and connected. Apple Watch now has a dedicated App Store that users can access directly from the device and new watch faces, Siri enhancements, and music and audio features make Apple Watch more useful than ever.

watchOS 6 是幫助 Apple Watch 用戶保持健康、積極和互聯的一大進步。Apple Watch 現在擁有專屬的 App Store，用戶可以直接從設備訪問，新的錶盤、Siri 增強功能以及音樂和音訊功能使 Apple Watch 比以往任何時候都更加實用。

And of course, we continue to innovate on Apple Watch's promise to be an intelligent guardian for your health. watchOS 6 includes powerful new features like notifications that warn about high decibel noise to protect your hearing and cycle tracking to aid in women's health care decisions. In the June quarter, we expanded the availability of the ECG app and regular rhythm notifications to 5 additional European countries and added Canada and Singapore just last week, making them available in 31 countries and regions around the world with more to come later this year. We're very proud of the muscle we've built in bringing regulated products like these to market. This is an important competency that creates exciting opportunities for us moving forward.

當然，我們也將持續創新，兌現 Apple Watch 成為您健康智慧守護者的承諾。watchOS 6 包含強大的新功能，例如高分貝噪音警告通知，以保護您的聽力；以及週期追蹤功能，以幫助女性做出健康護理決策。在六月的季度中，我們將心電圖應用程式和常規心律通知的適用範圍擴大到另外 5 個歐洲國家，上週又新增了加拿大和新加坡，使其在全球 31 個國家和地區可用，今年稍後還將擴展到更多國家和地區。我們為在將這類受監管產品推向市場方面所建立的實力感到非常自豪。這是一項重要的能力，它為我們未來的發展創造了令人興奮的機會。

As I noted earlier, we believe macOS Catalina will be a breakthrough in the Mac ecosystem. A new tool included in macOS Catalina called Mac Catalyst gives developers a major head start in bringing their iOS apps to the Mac. Thousands of developers are already using it to bring their apps to the Mac ecosystem, and we expect to see a wave of popular apps arriving for the Mac as early as this fall.

正如我之前提到的，我們相信 macOS Catalina 將成為 Mac 生態系統的突破。macOS Catalina 中包含的一款名為 Mac Catalyst 的新工具，讓開發者在將 iOS 應用程式移植到 Mac 平台時擁有巨大的優勢。成千上萬的開發者已經使用它來將他們的應用程式引入 Mac 生態系統，我們預計最早在今年秋季就會有一大批熱門應用程式登陸 Mac。

Again, it's worth taking a step back and digesting the bigger picture here. These updates are the latest steps in a broader strategic effort to make the user experience across iOS, macOS, iPadOS, watchOS and tvOS more effortless and more intuitive. Apple is alone in offering this kind of value and ecosystem to its customers, and these devices and their platforms are unmatched in their ease of use, their seamlessness and their privacy and security. And while providing these things, we've created a dynamic environment where our developers benefit greatly from creating for and distributing on these platforms. And our customers, of course, benefit greatly from access to all of this creativity and innovation.

再次強調，我們有必要退後一步，從更宏觀的角度來看這個問題。這些更新是更廣泛的策略性舉措中的最新步驟，旨在讓 iOS、macOS、iPadOS、watchOS 和 tvOS 的用戶體驗更加輕鬆便捷、更加直覺。蘋果是唯一一家為客戶提供這種價值和生態系統的公司，其設備及其平台在易用性、無縫性以及隱私性和安全性方面都是無與倫比的。在提供這些服務的同時，我們也創造了一個充滿活力的環境，我們的開發者可以從在這些平台上進行創作和分發中受益匪淺。當然，我們的客戶也能從這些創造力和創新中受益匪淺。

We also unveiled other exciting technologies to make it easier and faster for developers to create powerful new apps. Swift UI provides an intuitive new framework for building sophisticated user interfaces across our software platforms using simple, easy-to-use code. Core ML 3 supports the acceleration of more types of advanced real-time machine learning models and Create ML lets developers build machine learning models without writing code.

我們還發布了其他令人興奮的技術，使開發人員能夠更輕鬆、更快速地創建功能強大的新應用程式。Swift UI 提供了一個直覺的新框架，可以使用簡單易用的程式碼在我們的軟體平台上建立複雜的使用者介面。Core ML 3 支援加速更多類型的進階即時機器學習模型，而 Create ML 讓開發者無需編寫程式碼即可建立機器學習模型。

We have the world's largest augmented reality-enabled platform and thousands of ARKit-enabled applications in the App Store. Building on this strategy and our momentum in this area, we introduced 3 new AR-based technologies: ARKit 3 uses on-device, real-time machine learning to recognize the human form and integrates people seamlessly into AR experiences; Reality Kit is a new developer framework built from the ground up to provide all the tools and technologies required to make AR objects virtually lifelike; and Reality Composer brings AR content creation to tens of millions of developers who had no 3D experience. Our developers are already running with these new technologies, and we think our customers are going to love some of the apps that these creators have in store in the months ahead.

我們擁有全球最大的擴增實境平台，App Store 中也有數千款支援 ARKit 的應用程式。基於這個策略和我們在該領域的勢頭，我們推出了 3 項新的基於 AR 的技術：ARKit 3 使用設備端實時機器學習來識別人體形態，並將人無縫地融入 AR 體驗；Reality Kit 是一個從零開始構建的全新開發者框架，提供使 AR 對象所需的所有工具和技術；Reality Composer 創作者為數千萬的產品我們的開發人員已經開始使用這些新技術，我們相信我們的客戶會喜歡這些開發者在未來幾個月推出的一些應用程式。

On so many fronts, there's an enormous amount to look forward to over the next few months, including the launch of new services like Apple Arcade, Apple TV+ and Apple Card. And without giving too much away, we have several new products that we can't wait to share with you. Until then, thanks for joining us today, and for more details on the June quarter results, I'll turn the call over to Luca.

未來幾個月，在許多方面都有很多值得期待的事情，包括推出 Apple Arcade、Apple TV+ 和 Apple Card 等新服務。我們不打算透露太多，但我們有幾款新產品迫不及待想與您分享。在此之前，感謝各位今天收看我們的節目，關於六月季度業績的更多詳情，我將把電話交給盧卡。

Thank you, Tim. Good afternoon, everyone. We're happy to report a June quarter revenue record of $53.8 billion, up 1% year-over-year. We returned to growth in spite of a difficult foreign exchange environment around the world, which impacted our year-over-year growth rate by 300 basis points. We set June quarter revenue records in the Americas, in Japan and the rest of Asia Pacific, and as Tim mentioned earlier, all our geographic segments grew in constant currency.

謝謝你，提姆。大家下午好。我們很高興地宣布，6 月季度營收創歷史新高，達到 538 億美元，年增 1%。儘管全球外匯環境艱難，但我們仍恢復了成長，年增率下降了 300 個基點。我們在美洲、日本和亞太其他地區創下了 6 月季度的收入紀錄，正如 Tim 之前提到的，我們所有地區的業務板塊按固定匯率計算都實現了增長。

Overall products revenue was $42.4 billion, down 2% year-over-year, which is significantly better than the 8% decline in products revenue that we experienced during the first half of the fiscal year. Product categories outside of iPhone grew 20% with strong results in Wearables, Mac and iPad. Services revenue grew 13% to a new all-time record of $11.5 billion. Excluding the onetime item we highlighted a year ago in connection with the final resolution of various lawsuits, Services revenue growth was 15% and 18% in constant currency terms.

整體產品收入為 424 億美元，年減 2%，比本財年上半年產品收入下降 8% 的情況要好得多。iPhone 以外的產品類別成長了 20%，其中穿戴式裝置、Mac 和 iPad 表現強勁。服務收入成長 13%，創歷史新高，達到 115 億美元。除一年前我們重點提及的與各種訴訟最終解決有關的一次性項目外，服務收入按固定匯率計算增長了 15% 和 18%。

On a geographic basis, we saw marked improvement in our year-over-year comparisons from emerging markets relative to the first half of this fiscal year, particularly in the BRIC countries where year-over-year performance went from a 25% revenue decline in the first half to 3% growth in the June quarter. We set June quarter revenue records in several major developed markets, including the U.S., Canada, Germany, France, Japan, Australia and Korea. In emerging markets, we returned to growth in Mainland China, grew strong double digits in India and in Brazil, and we set new Q3 records in Thailand, Vietnam and the Philippines.

從地理來看，與本財年上半年相比，新興市場的年比業績有了顯著改善，尤其是在金磚國家，年比業績從上半年的營收下降 25% 轉為 6 月季度的 3% 成長。我們在包括美國、加拿大、德國、法國、日本、澳洲和韓國在內的幾個主要已開發市場創下了 6 月季度的營收紀錄。在新興市場，我們在中國大陸恢復了成長，在印度和巴西實現了強勁的兩位數成長，並在泰國、越南和菲律賓創下了第三季的新紀錄。

Company gross margin was 37.6%, flat sequentially and in line with our guidance. Products gross margin was 30.4%, down about 80 basis points sequentially due to seasonal loss of leverage and product mix, partially offset by favorable costs. Services gross margin was 64.1%, up 30 basis points sequentially primarily due to a favorable mix. Net income was $10 billion, diluted earnings per share were $2.18 and operating cash flow was $11.6 billion.

公司毛利率為37.6%，與上一季持平，符合我們的預期。產品毛利率為 30.4%，季減約 80 個基點，主要原因是季節性槓桿損失和產品組合變化，部分被有利的成本所抵銷。服務業毛利率為 64.1%，較上季成長 30 個基點，主要原因是產品組合有利。淨利潤為 100 億美元，稀釋後每股收益為 2.18 美元，經營現金流為 116 億美元。

Let me get into more detail for each of our revenue categories. iPhone revenue was $26 billion, down 12% compared to a year ago. This was significantly better year-over-year performance than last quarter's 17% decline with sequential improvement in year-over-year comparisons in 15 of our top 20 markets. Our active installed base of iPhone continued to grow to a new all-time high in each of our geographic segments. And in the U.S., the latest survey of consumers from 451 Research indicates iPhone customer satisfaction of 99% for iPhone XR, iPhone XS and XS Max combined. Among business buyers who plan to purchase smartphones in the September quarter, 83% plan to purchase iPhones.

讓我更詳細地介紹一下我們的各項收入類別。iPhone 營收為 260 億美元，比去年同期下降 12%。與上一季17%的年減幅相比，這一業績明顯好於去年同期，在我們前20大市場中的15個市場，年比業績均有所較上季改善。我們在各地區市場的 iPhone 活躍用戶數量持續成長，創歷史新高。在美國，451 Research 的最新消費者調查顯示，iPhone XR、iPhone XS 和 XS Max 的綜合客戶滿意度為 99%。在計劃於 9 月季度購買智慧型手機的企業買家中，83% 的人計劃購買 iPhone。

Turning to Services. We reached an all-time revenue record in spite of foreign exchange headwinds with double-digit growth from the App Store, Apple Music, cloud services and AppleCare and triple-digit growth from Apple Pay and our App Store search ad business. All geographic segments had double-digit growth in Services revenue and set new June quarter records with all-time records in the Americas and rest of Asia Pacific. In total, Services accounted for 21% of Apple revenue and 36% of gross margin dollars.

轉到服務部分。儘管面臨外匯逆風，我們仍然創下了歷史營收紀錄，其中 App Store、Apple Music、雲端服務和 AppleCare 實現了兩位數成長，Apple Pay 和 App Store 搜尋廣告業務實現了三位數成長。所有地理區域的服務收入均實現了兩位數的成長，並創下了 6 月季度的新紀錄，其中美洲和亞太其他地區更是創下了歷史新高。服務業務總共佔蘋果公司營收的 21% 和毛利的 36%。

Customer engagement in our ecosystem continues to grow. The number of transacting accounts on our digital content stores reached a new all-time high in the June quarter, and the number of paid accounts grew strong double digits compared to last year. We now have over 420 million paid subscriptions across the services on our platforms, and we are well on our way to our goal of surpassing the 500 million mark during 2020.

我們生態系中的客戶參與度持續成長。在 6 月的季度中，我們數位內容商店的交易帳戶數量達到了歷史新高，付費帳戶數量與去年相比實現了強勁的兩位數增長。目前，我們平台上的各項服務付費訂閱用戶已超過 4.2 億，我們正朝著 2020 年突破 5 億大關的目標穩步邁進。

On the App Store, our growth accelerated sequentially. Our subscription business continues to grow strongly and is extremely diversified across many categories such as entertainment, lifestyle, photo and video and music. Third-party subscription revenue grew by over 40%, and across all third-party subscription apps, the largest accounted for only 0.25% of total Services revenue.

在 App Store 上，我們的成長速度逐年加快。我們的訂閱業務持續強勁成長，並涵蓋娛樂、生活方式、照片和影片以及音樂等眾多類別，實現了高度多元化。第三方訂閱收入成長超過 40%，在所有第三方訂閱應用程式中，最大的訂閱應用程式僅佔服務總收入的 0.25%。

Among our many Services records, it was our best quarter ever for AppleCare. We are seeing an increase in service contract attach rates and our expanding distribution of AppleCare through our partners. We also recently expanded our authorized service provider network, and nearly 1,000 Best Buy stores across the U.S. are now offering expert service and repairs for Apple's products. This expansion provides customers with an even more convenient access to repairs using parts certified for safety, quality and reliability. In addition to Apple retail stores, there are over 1,800 third-party Apple Authorized Service Providers in the U.S., which is 3x as many locations as 3 years ago.

在我們眾多服務記錄中，AppleCare 創下了有史以來最好的季度業績。我們看到服務合約附加率不斷提高，並且我們透過合作夥伴擴大了 AppleCare 的分銷範圍。我們最近也擴大了授權服務供應商網絡，目前美國各地近 1,000 家百思買門市提供蘋果產品的專業維修服務。此次擴建將為客戶提供更便利的維修服務，所用零件均經過安全、品質和可靠性認證。除了蘋果零售店外，美國還有超過 1800 家第三方蘋果授權服務供應商，是 3 年前的 3 倍。

Next, I'd like to talk about the Mac. Revenue was $5.8 billion, up 11% compared to last year. Mac revenue grew in 4 of our 5 geographic segments and set June quarter records in the U.S., Europe and Japan as our overall market performance significantly outpaced the global PC industry. Nearly half of the customers purchasing Macs during the quarter were new to Mac, with revenue growing in both developed and emerging markets and the active installed base of Macs again reached a new all-time high.

接下來，我想談談Mac電腦。營收達58億美元，比去年成長11%。Mac 在我們 5 個地理區域中的 4 個區域實現了收入成長，並在美國、歐洲和日本創下了 6 月季度的記錄，因為我們的整體市場表現顯著超過了全球 PC 行業。本季購買 Mac 的客戶中近一半是 Mac 新用戶，已開發市場和新興市場的收入均有所成長，Mac 的活躍安裝量再次創下歷史新高。

We also had great results for iPad with $5 billion in revenue, up 8%. iPad revenue grew in all 5 of our geographic segments with a Q3 revenue record in Mainland China and double-digit growth in emerging markets. In total, over half of the customers purchasing iPads during the June quarter were new to iPad, and the iPad active installed base also reached a new all-time high. The most recent surveys from 451 Research measured a 94% customer satisfaction rating for iPad from consumers and among business customers who plan to purchase tablets in the September quarter, 75% plan to purchase iPads.

iPad 也取得了非常好的業績，營收達 50 億美元，成長了 8%。iPad 在我們所有 5 個地理區域的營收均實現成長，其中中國大陸第三季營收創歷史新高，新興市場營收實現兩位數成長。6 月季度購買 iPad 的客戶中，超過一半是 iPad 新用戶，iPad 的活躍用戶數量也創下了歷史新高。451 Research 的最新調查顯示，消費者對 iPad 的客戶滿意度為 94%，而在計劃於 9 月季度購買平板電腦的企業客戶中，75% 的人計劃購買 iPad。

Wearables, Home and Accessories revenue accelerated across all our geographic segments, growing 48% to over $5.5 billion and setting a June quarter record. This growth was fueled primarily by the strong performance of our Wearables business, which was up well over 50% and has become the size of a Fortune 200 company over the last 12 months. In addition, we generated double-digit revenue growth from AppleTV and accessories during the quarter.

穿戴式裝置、家居和配件業務在所有地區均實現加速成長，成長 48% 至超過 55 億美元，創下 6 月季度紀錄。這一成長主要得益於我們穿戴式裝置業務的強勁表現，該業務在過去 12 個月中成長超過 50%，規模已達到財富 200 強公司的水平。此外，本季 Apple TV 及配件的營收實現了兩位數成長。

Our retail and online stores produced their best June quarter revenue ever with double-digit revenue growth across Apple Watch, iPad, Mac and accessories. Our trade-in program is showing great momentum with more than 5x the number of iPhones traded in compared to a year ago. We opened stunning new stores in the Carnegie Library in Washington, D.C. and the busy Xinyi District in Taipei as well as a beautiful new location in the Dallas Galleria. We ended the quarter with 506 physical stores in 22 countries alongside our online store presence in 35 countries.

我們的零售店和線上商店在六月的季度收入創歷史新高，Apple Watch、iPad、Mac 和配件的收入均實現了兩位數成長。我們的以舊換新計畫勢頭強勁，iPhone 的以舊換新數量比一年前增加了 5 倍以上。我們在華盛頓特區的卡內基圖書館和台北繁華的信義區開設了令人驚豔的新店，並在達拉斯 Galleria 購物中心開設了一家漂亮的新店。本季末，我們在 22 個國家擁有 506 家實體店，同時在 35 個國家擁有線上商店。

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

在企業市場，我們正透過擴大在關鍵職能領域的領先地位來改變主要產業，從而擴大我們的影響力，並實現客戶和員工體驗的現代化，這一策略正在獲得市場認可。

In the financial services industry, 90 of the largest 100 banks by asset size are deploying Apple products to improve efficiency and effectiveness across their organizations. iPhone and iPad are overwhelmingly the preferred mobile devices for bankers on the go. For example, 60% of the biggest banks are supporting iPads for wealth managers. In retail banking, 2/3 of top banks are deploying iPad for branch transformation and modernizing legacy interfaces with a unified iPad experience.

在金融服務業，資產規模最大的 100 家銀行中有 90 家正在部署蘋果產品，以提高其整個組織的效率和效益。iPhone 和 iPad 是銀行職員外出辦公時最常使用的行動裝置。例如，60% 的大型銀行都支援財富管理人員使用 iPad。在零售銀行業務中，三分之二的頂級銀行正在部署 iPad 進行分行轉型，並透過統一的 iPad 體驗來更新傳統介面。

One of the world's largest banks created an iPad suite that reduced customer on-boarding time from more than an hour to just 12 minutes. Bank branch employees are also using Apple Watch for communication and notifications and Apple TV for customer presentations from iPads using AirPlay.

全球最大的銀行之一開發了一套 iPad 套件，將客戶註冊時間從一個多小時縮短到僅 12 分鐘。銀行分行員工也使用 Apple Watch 進行溝通和接收通知，並使用 Apple TV 透過 AirPlay 從 iPad 向客戶進行簡報。

Financial institutions also tell us that they receive positive feedback from leveraging Apple solutions for direct customer engagement. American Express, Crédit Suisse, Discover and TD Ameritrade have launched Apple Business Chat as a dynamic way to support and interact with customers. The intuitive interface of messages on iOS enables rich communication between customers and contact center staff. TD Ameritrade has also become the first brokerage in the world to enable immediate funding of accounts using Apple Pay, eliminating the 2 to 3 business days it used to take to fund accounts by wire transfer.

金融機構也告訴我們，他們利用蘋果解決方案與客戶進行直接互動後，獲得了正面的回饋。美國運通、瑞士信貸、Discover 和 TD Ameritrade 已推出 Apple Business Chat，作為一種動態方式來支援客戶並與客戶互動。iOS 資訊應用的直覺式介面實現了客戶與客服中心員工之間的豐富溝通。TD Ameritrade 也成為全球首家支援使用 Apple Pay 即時充值帳戶的經紀公司，省去了以往透過電匯充值帳戶所需的 2 至 3 個工作天。

Let me now turn to our cash position. We ended the quarter with almost $211 billion in cash plus marketable securities. We retired $3 billion of term debt and reduced commercial paper by $2 billion during the quarter, leaving us with total debt of $108 billion. As a result, net cash was $102 billion at the end of the quarter, and we continue on our path to reaching a net cash neutral position over time. We returned over $21 billion to shareholders during the quarter, including $17 billion through open market repurchases of almost 88 million Apple shares and $3.6 billion in dividends and equivalents.

現在讓我來看看我們的現金狀況。本季末，我們持有近2,110億美元的現金及有價證券。本季我們償還了 30 億美元的定期債務，並減少了 20 億美元的商業票據，使我們的總債務降至 1,080 億美元。因此，截至本季末，淨現金為 1,020 億美元，我們將繼續朝著最終實現淨現金中立的目標邁進。本季我們向股東返還了超過 210 億美元，其中包括透過公開市場回購近 8,800 萬股蘋果股票返還的 170 億美元，以及 36 億美元的股息和等價物。

As we move ahead into the September quarter, I'd like to review our outlook, which includes the types of forward-looking information that Nancy referred to at the beginning of the call. We expect revenue to be between $61 billion and $64 billion. This guidance includes almost $1 billion of year-over-year negative impact from foreign exchange. We expect gross margin to be between 37.5% and 38.5%. We expect OpEx to be between $8.7 billion and $8.8 billion. We expect OI&E to be about $200 million, and we expect our tax rate to be about 16.5%.

隨著我們進入九月的季度，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 610 億美元至 640 億美元之間。該指導意見包括近 10 億美元的年比外匯負面影響。我們預計毛利率將在 37.5% 至 38.5% 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 億美元，稅率約為 16.5%。

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

今天，我們的董事會也宣布，將於 2019 年 8 月 15 日向截至 2019 年 8 月 12 日登記在冊的股東派發現金股息，每股普通股股息為 0.77 美元。

With that, I'd 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？

The first question will come from Amit Daryanani from Evercore.

第一個問題將來自 Evercore 公司的 Amit Daryanani。

I guess 2 from me. First off, could you just talk about, when I think about the September quarter guide, it's implied, I think, up 16% or so sequentially. Historically, at least in that guide has been in the 10%, low double-digit kind of range. Just maybe help us understand what gives you the confidence for a better-than-seasonal guide in September either from a geo or product basis would be helpful.

我猜我投2票。首先，您能否談談我對九月季度業績指引的看法，我認為其中隱含的意思是環比增長約 16%。從歷史數據來看，至少在該指南中，這一比例一直徘徊在 10% 到兩位數低點之間。如果您能幫助我們了解是什麼讓您有信心在九月提供一份比往年更好的旅遊指南，無論是從地理位置還是產品角度來看，那就太好了。

Amit, it's Luca. Of course, this is our best estimate of where we think we will land. Clearly, we expect to have continued strong growth from the non-iPhone categories. We have great momentum in Wearables. We mentioned that we were up almost 50% in the June quarter or actually over 50% in the June quarter. Our Services business, we set an all-time record in June. And so these 2 categories have become really important and really large for us. And so as we continue to grow quickly, that is going to help us as we go through the year. Keep in mind that the guidance includes an estimated almost $1 billion of foreign exchange headwind for the quarter.

阿米特，我是盧卡。當然，這只是我們對最終落腳點的最佳估計。顯然，我們預計非 iPhone 類別將持續保持強勁成長。我們在穿戴式裝置領域發展勢頭強勁。我們提到，我們在六月的季度成長了近 50%，或實際上超過了 50%。我們的服務業務在六月創下了歷史新高。因此，這兩個類別對我們來說變得非常重要，規模也很大。因此，隨著我們繼續快速發展，這將對我們今年的發展有所幫助。請注意，該指引包含了預計本季近 10 億美元的外匯不利因素。

Fair enough. That's really helpful. And I guess if I just follow up on China, impressed to see the continued recovery you guys are seeing there despite all the headlines that are out there. Just curious, what are the few things that are driving the success in China? And how sustainable do you think those changes are for Apple as you go forward?

很公平。這真的很有幫助。我想就中國的情況再補充一點，儘管外界充斥著各種負面新聞，但你們那裡仍然保持著持續復甦，這讓我印象深刻。我很好奇，推動中國市場成功的幾個關鍵因素是什麼？你認為這些變化對蘋果未來的發展有多大的可持續性？

Yes, Amit. It's Tim. I apologize for my voice. I'm suffering from an allergy. But what happened last quarter in China was, it's a confluence of things. The government stimulus, this came in terms of a VAT reduction, a very bold one. We took some pricing action. We instituted our trade-in and financing programs in our retail stores and worked with certain channel partners on that as well. And we're seeing a growing engagement with the broader Apple ecosystem during the quarter.

是的，阿米特。是蒂姆。我的聲音不太好，請見諒。我過敏了。但上個季度中國發生的事情，是多種因素共同作用的結果。政府的刺激措施是降低增值稅，這是一項非常大膽的措施。我們採取了一些價格調整措施。我們在零售店推行了以舊換新和融資計劃，並與一些通路合作夥伴開展了這方面的合作。我們看到，本季與更廣泛的蘋果生態系統的互動日益增多。

And so when you look at it, each of our categories, iPhone, iPad, Mac, Wearables, Services, everything improved sequentially. So we couldn't be happier with the results or the progress, I should say. I would point out, as I think I had mentioned in my comments, that we actually grew in constant currency for Greater China, and we grew in Mainland China on a reported basis. So there's several things going on there that are quite positive.

因此，當你審視我們的產品類別時，你會發現 iPhone、iPad、Mac、穿戴式裝置、服務等各方面都得到了逐步改進。所以，我們應該說，我們對結果和進展都非常滿意。正如我在評論中提到的，我想指出的是，以固定匯率計算，我們在大中華區實現了成長；按報告數據計算，我們在中國大陸也實現了成長。所以那裡正在發生一些相當積極的事情。

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

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

Can you talk a bit about what's going on within Services, some of the puts and takes? I know Luca, you gave us some color in terms of the growth rates in that. But I'm just curious as -- and I know you won't talk about future products, but as you think about the opportunities, you think about what you've got now and in the future and then some of the -- what's been going on with China in that, is there something that could reaccelerate or -- again, the 18% on a constant currency basis is obviously quite strong. But how are you thinking about it?

您能談談服務部門目前的狀況，以及一些人員變動嗎？我知道盧卡，你給我們詳細介紹了這方面的成長率。但我只是好奇——我知道您不會談論未來的產品，但當您思考機會時，您會思考您現在和未來擁有什麼，以及——中國在這方面發生的事情，是否有一些因素可能會重新加速，或者——再說一遍，按固定匯率計算的 18% 顯然相當強勁。但你是怎麼考慮的呢？

Yes. I think it's important to start with that 18% in constant currencies, Shannon. Our reported results are on a normalized basis, removing the onetime item from last year, was 15%. Clearly, FX plays a role around the world, 300 basis points of FX impact during the June quarter. In spite of that, it was an all-time record revenue. Our installed base continues to grow. It's growing in every geography and it's growing across all our major product categories, and that is very, very important for the Services -- for the Services business.

是的。香農，我認為重要的是要從以固定匯率計算的 18% 這個數字開始。我們報告的結果已進行標準化處理，剔除了去年的一次性項目，結果為 15%。顯然，外匯在全球範圍內都發揮作用，6 月季度外匯影響達 300 個基點。儘管如此，這仍然創下了歷史最高收入紀錄。我們的用戶群持續成長。它在各個地區都在成長，在我們所有主要產品類別中都在成長，這對服務業務來說非常非常重要。

I would say -- I'll give you a bit more color around 2 offsetting factors around this performance during the June quarter. On one side, the App Store, I mentioned in my prepared remarks that growth accelerated sequentially. We had double-digit growth on the App Store in every geography. In China, we saw significant acceleration. As you know, we tend to monetize in China on the App Store through game titles, and the government has approved a few key game titles during the quarter that has helped our performance there.

我想說—我會更詳細地介紹一下影響六月季度業績的兩個相互抵銷的因素。一方面，App Store 的成長速度逐年加快，我在事先準備好的演講稿中也提到了這一點。我們在 App Store 上的所有地區都實現了兩位數的成長。在中國，我們看到了顯著的加速成長。如您所知，我們在中國主要透過App Store上的遊戲獲利，而政府在本季度批准了幾款重要的遊戲，這有助於我們在中國的業務表現。

On the other side, AppleCare. I mentioned AppleCare was an all-time record in June, so a really strong performance. But our growth has decelerated in AppleCare due to factors that we fully expected because we are comping this expansion of our coverage for AppleCare that we've had, we've had significant success during the last 18 to 24 months in really broadening our coverage of AppleCare around the world with some key partners, carriers and resellers. And obviously, as we go through the year, those comps become a bit more difficult.

另一方面，還有 AppleCare。我之前提到過，AppleCare 在 6 月創下了歷史新高，表現非常強勁。但由於一些我們完全預料到的因素，我們在 AppleCare 方面的成長已經放緩，因為我們正在彌補我們過去在 AppleCare 覆蓋範圍方面的擴張。在過去的 18 到 24 個月裡，我們與一些重要的合作夥伴、營運商和經銷商合作，在全球範圍內真正擴大了 AppleCare 的覆蓋範圍，取得了顯著的成功。顯然，隨著時間的推移，這些比賽會變得越來越困難。

Having said all that, you know that we've given ourselves a couple of targets, and we feel very confident about reaching those targets. The first one is that we wanted to double the size of the Services business from our fiscal '16 to 2020. We are on our way there. Paid subscriptions is another target. It's important to us. It's an important way for us to monetize our ecosystem. We set a target of surpassing 0.5 billion paid subscriptions on the ecosystem during 2020. We're already at 420 million now. So we feel confident there.

說了這麼多，你們也知道我們給自己設定了幾個目標，而且我們對實現這些目標非常有信心。第一個目標是，從 2016 財年到 2020 財年，將服務業務的規模擴大一倍。我們正在前往那裡的路上。付費訂閱是另一個目標。這對我們來說很重要。這是我們實現生態系統獲利的重要途徑。我們設定了在 2020 年實現生態系統付費訂閱用戶超過 5 億的目標。我們現在已經達到4.2億了。所以我們對此很有信心。

And of course, as you mentioned, we're very excited about the fact that we're going to be launching new services soon. As Tim said, we're starting the rollout of Apple Card in August. And there's 2 more very important services that we're going to be adding to our portfolio during the fall. One is Apple Arcade, which is our gaming subscription service, and of course, Apple TV+, which is our video streaming service. So obviously, these services will help us carry on with the momentum that we have in Services.

當然，正如您所提到的，我們非常高興即將推出新服務。正如蒂姆所說，我們將在 8 月開始推出 Apple Card。秋季期間，我們還將推出兩項非常重要的服務。一個是 Apple Arcade，這是我們的遊戲訂閱服務；當然還有 Apple TV+，這是我們的視訊串流服務。顯然，這些服務將有助於我們維持服務業的發展動能。

Great. And this is probably for you too as well, Luca. Can you talk about gross margin? The guidance was pretty solid. Obviously, there are various things that are at play here. I know you mentioned the $1 billion worth of top line impact, I think, from currency next quarter. But maybe if you can kind of talk about what went into your gross margin guidance?

偉大的。盧卡，這或許也同樣適用於你。能談談毛利率嗎？指導意見相當可靠。顯然，這裡有很多因素在起作用。我知道你曾提到下個季度匯率波動將對營收造成10億美元的衝擊。但或許您可以談談制定毛利率預期依據的因素？

Yes. So of course, Shannon, as you've seen, our guidance for margin is 50 basis points higher than the guidance that we had given for June. I would say on the positive, we expect to benefit from leverage, as you've seen from our revenue guidance, and from cost savings because, as you know, the commodity environment is fairly favorable right now. On the negative side, the headwind on gross margins on a year-over-year basis from foreign exchange is about 100 basis points. And so we need to keep that in mind, but we feel pretty good about the guidance we provided.

是的。所以，香農，正如你所看到的，我們對利潤率的預期比我們6月份給出的預期高出50個基點。積極的一面是，正如您從我們的收入預期中看到的那樣，我們預計將受益於槓桿效應，並受益於成本節約，因為您也知道，目前的大宗商品環境相當有利。不利的一面是，外匯波動對毛利率年比造成的負面影響約為 100 個基點。所以我們需要牢記這一點，但我們對我們提供的指導感到相當滿意。

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

下一個問題來自摩根士丹利的凱蒂·休伯蒂。

I'd like to go back to the discussion around strength in China in the quarter and understand what linearity looked like. I asked because there was some industry data around the smartphone market in China that seemed to deteriorate in the month of June, the App Store data deteriorated a little bit in June. And just curious if that's something you saw in the business, and if it at all informs your outlook around the pace of the China business as you go into September.

我想回到本季關於中國市場強勁表現的討論，並了解線性成長的具體表現形式。我之所以這麼問，是因為有數據顯示中國智慧型手機市場在六月似乎惡化，App Store 的數據在六月也略有惡化。我只是好奇你是否在業務中觀察到了這種情況，以及這是否會影響你對九月中國業務發展速度的看法。

Katy, it's Tim. We obviously took into account all of the information that we had in coming out with the guidance, including linearity across last quarter and how this quarter has started. And so we've obviously looked at that in quite much detail.

凱蒂，我是提姆。在發布業績指引時，我們顯然考慮到了我們掌握的所有信息，包括上個季度的線性增長以及本季度的開局情況。因此，我們顯然已經對此進行了相當詳細的研究。

And then just on the App Store, appreciate there's not a lot of detail out around exact timing and even some pricing of the new services. But how should we think about the new services that launched in March impacting the overall Services growth? Does that start to benefit the model in the back half of this calendar year? Or will the impact be more longer term in nature and really show up in 2020?

另外，在 App Store 上，關於新服務的確切上線時間和定價等細節資訊還不多。但是，我們該如何看待 3 月推出的新服務對整體服務成長的影響呢？這是否會在今年下半年開始對該模式產生正面影響？或者，這種影響會是更長期的，並在 2020 年真正顯現出來？

Katy, let me just talk about the new services that we've announced in March and then also about the timing of how we get to revenue, right? We've announced Apple News+, and this is the service that is available for consumers right now. We've announced our channel service, which has also become available a few weeks ago. The other 3 services, the Card is launching in August, the gaming service and the video service are starting in the fall. Keep in mind for all these services, there's a trial period upfront. There's going to be different trial periods, we'll see what they look like. So the road to monetization takes some time. Obviously, all of them will add to our base and will help us with growth rates as we get into next year.

凱蒂，讓我先談談我們在三月宣布的新服務，以及我們如何實現盈利的時間安排，好嗎？我們已經發布了 Apple News+，這項服務目前已開放給消費者。我們已宣布推出頻道服務，該服務也於幾週前正式上線。其他三項服務，包括將於 8 月推出的信用卡服務、將於秋季推出的遊戲服務和視訊服務，都將在秋季上線。請注意，所有這些服務都設有試用期。將會有不同的試用期，我們拭目以待。所以實現盈利需要一些時間。顯然，它們都將擴大我們的基礎，並有助於我們在明年實現成長率。

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

這個問題將由 Cowen and Company 的 Krish Sankar 提出。

I have 2 of them. First one, on the iPhone trade-in program, how effective was it and what percentage of iPhone sales came from the trade-ins? And are there any other geographies where you're left to roll it out? And then I have a follow-up.

我有兩個。首先，關於 iPhone 以舊換新計劃，該計劃的效果如何？ iPhone 銷售量中有多少百分比來自以舊換新？還有其他地區需要你們自行推廣嗎？然後我還有一個後續問題。

It's Tim. In retail, it was quite successful. We got going in a larger way during that quarter. We were pretty much just ramping in the previous quarter. And trade-in, as a percentage of their total sales, is significant and financing is a key element of it. Those 2 things in the aggregate led retail -- the combination of retail and online, we -- to short form that as retail, are Apple Store, led to growth in June. And so we feel very, very good about our trajectory. We are obviously taking those programs and advocating those more widely. And that is at different levels of implementation throughout different geographies because we're working with our carrier partners on those and retail partners.

是蒂姆。在零售業，它相當成功。那一季度，我們的業務規模開始擴大。上個季度我們基本上還在逐步擴大規模。以舊換新佔其總銷售額的比例相當可觀，而融資是其中的關鍵因素。這兩件事加在一起推動了零售業的發展——零售和線上零售的結合，我們簡稱零售，蘋果商店就是其中之一，這導致了六月的成長。因此，我們對自身的發展軌跡感到非常非常滿意。我們顯然會採納這些方案，並更廣泛地推廣這些方案。而且，由於我們正在與營運商合作夥伴和零售合作夥伴共同努力，因此在不同的地區，實施程度也各不相同。

Got it, got it. That's very helpful, Tim. And then a follow-up for you, a much longer-term question. I understand we're in the very early innings of the Services growth story. Is there a way to think about it down the road that 3 or 5 years down the road, would the Services growth be focused or will it still be tethered to the hardware of the iPhone? Or do you think at some point down the road, Services would be independent by itself and not really tied to your hardware installed base?

明白了，明白了。這很有幫助，蒂姆。接下來，我還有一個更長遠的問題想問你。我知道我們目前還處於服務成長故事的早期階段。有沒有辦法展望未來 3 到 5 年，服務的成長會更加集中，還是仍會依賴 iPhone 的硬體？或者您認為在未來的某個時候，服務本身會變得獨立，不再真正依賴您的硬體安裝基礎？

Well, there are elements today that are not necessarily tethered to iPhone, right? We have other products where people are both purchasing things, they're watching Apple TV. We offer Apple Music on Android, and so there's a series of things that are outside of that. And so we'll see what we do in the future. I don't want to really get into that.

嗯，如今有些元素不一定要與 iPhone 掛鉤，對吧？我們還有其他產品，人們既可以購買商品，也可以觀看 Apple TV。我們在安卓裝置上提供 Apple Music，但除此之外，還有很多其他功能。所以，我們將來會怎麼做，就讓我們拭目以待吧。我不想深入討論這個問題。

But more broadly, to answer your question about growth as we go forward, the way I see it is we have the strongest hardware portfolio ever. We've got new products on the way. The pipeline is full of great new stuff, both on the product and services side. We're very fortunate and work very hard to have loyal customers and to continue attracting an impressive number of switchers. The installed base is growing, hit a new record. That's obviously good. And it hit a new record across all geographies and across all categories. And so this is a really good thing.

但更廣泛地說，要回答你關於我們未來成長的問題，我認為我們擁有有史以來最強大的硬體產品組合。我們即將推出新產品。無論是產品和服務方面，都有很多很棒的新產品正在研發中。我們非常幸運，也付出了巨大的努力，擁有忠實的客戶，並不斷吸引大量新客戶轉換平台。用戶基數不斷成長，創下新紀錄。那顯然是好事。它在所有地區和所有類別中都創下了新紀錄。所以這真是一件好事。

And we've got the Wearables area that is doing extremely well. We stuck with that when others perhaps didn't and really put a lot of energy into this and a lot of R&D and are in a very good position today to keep playing out the what's next there.

我們的穿戴式裝置領域也發展得非常好。當其他人可能沒有這樣做的時候，我們堅持了下來，並為此投入了大量精力和研發，如今我們處於非常有利的地位，可以繼續探索下一步的發展方向。

At the same time, on the market side, we have emerging markets where we have low penetration. And in -- during the quarter, tactically, emerging markets had a bit of a rebound. In fact, on a constant currency basis, we actually grew slightly in emerging markets. We still declined on a reported basis. India bounced back. During the quarter, we returned to growth there. We're very happy with that. We grew in Brazil as well.

同時，在市場方面，我們還有一些新興市場，這些市場的滲透率較低。而且，在本季度，新興市場在戰術層面上出現了一些反彈。事實上，以固定匯率計算，我們在新興市場實際上略有成長。我們仍然拒絕了已報告的請求。印度經濟反彈了。本季度，我們恢復了成長。我們對此非常滿意。我們在巴西也有發展。

We're also continuing to focus on the enterprise market. Luca mentioned some of this in his comments, and we think that continues to be a big opportunity for us. And then we've got lots of what I would call core technology kinds of things like augmented reality, where we're placing big bets, and I think we have a big future in addition to the health kinds of things that may fall out of the Watch. And so hopefully that kind of gives you a view over the total. And so we're focusing on products and services and there will be some services that aren't hooked and some that are hooked not on current period sales are mostly -- very much services are rarely connected on that today or at least not a high percentage by any means. They're more correlated to the installed base, the active installed base and also the level of transacting customers that are there and the amount per customer, which relates also to the offering that we have.

我們將繼續專注於企業市場。盧卡在他的評論中提到了其中的一些內容，我們認為這對我們來說仍然是一個巨大的機會。此外，我們還有很多我稱之為核心技術的東西，例如增強現實，我們在這方面投入巨大，我認為除了手錶可能帶來的健康相關功能之外，我們還有美好的未來。希望這能讓你對整體狀況有個大致了解。因此，我們專注於產品和服務，有些服務沒有關聯，有些關聯服務在當前銷售週期內沒有關聯——目前，服務很少與此關聯，或至少比例不高。它們與已安裝用戶基數、活躍已安裝用戶基數以及交易客戶數量和每位客戶的交易金額更為相關，這也與我們提供的產品和服務有關。

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

接下來，我們將連線美國銀行美林證券的 Wamsi Mohan。

Tim, the China trade situation remains sort of fluid over here and recently -- more recently, you asked for some tariff exceptions. We're not granted those. How are you thinking about the longer-term footprint for manufacturing? And can you talk about any potential alternatives that you've looked at and considered in moving parts of production potentially out of China? And I have a follow-up.

提姆，中美貿易狀況在這裡仍然有些不穩定，而且最近——更確切地說是最近——你要求了一些關稅豁免。我們沒有獲得這些權利。您如何看待製造業的長期發展前景？您能否談談您在將部分生產環節轉移出中國方面，是否考慮過任何潛在的替代方案？我還有一個後續問題。

Yes. I know there's been a lot of speculation around the topic of different moves and so forth. I wouldn't put a lot of stock into those, if I were you. The way that I view this is the vast majority of our products are kind of made everywhere. There's a significant level of content from the United States and a lot from Japan to Korea to China and the European Union also contributes a fair amount. And so that's the nature of a global supply chain. I think -- largely, I think that will carry the day in the future as well. In terms of the exclusions, we've been making the Mac Pro in the U.S. We want to continue to doing that. And so we're working and investing currently in capacity to do so because we want to continue to be here. And so that's what's behind the exclusions. And so we're explaining that and hope for a positive outcome.

是的。我知道圍繞著各種舉措等等話題有很多猜測。如果我是你，我就不會太在意這些。我的看法是，我們絕大多數的產品都是在世界各地生產的。來自美國的內容佔很大比例，來自日本、韓國、中國的內容也很多，歐盟也貢獻了相當大一部分。這就是全球供應鏈的本質。我認為——在很大程度上，我認為這在未來也會佔據主導地位。至於例外情況，我們一直在美國生產 Mac Pro。我們希望繼續這樣做。因此，我們目前正在努力和投資提升產能，以便繼續留在這裡。這就是排除在外的原因。所以我們正在解釋這件事，並希望能夠得到正面的結果。

And there's -- Luca, maybe for you, there's been some significant destocking of inventory in the first calendar half of this year in iPhone. Can you comment about the broader channel inventory levels, where you are in your typical ranges, especially given the comment around June iPhone sales being quite strong? And do you expect anything atypical in channel inventory dynamics in the September quarter?

還有——盧卡，也許對你來說，今年上半年 iPhone 的庫存已經大幅減少了。您能否就整體通路庫存水準發表一下看法，您目前的庫存水準是否在正常範圍內？特別是考慮到之前有評論稱 6 月份 iPhone 的銷量相當強勁？您預計9月季度通路庫存動態會出現任何異常情況嗎？

Yes, Wamsi. As you know, we're not getting into this topic very much, but I think I can give you some color here. You know that in general, we decreased our inventory during the March quarter and the June quarter. That has been traditionally what we've done. This year, we reduced channel inventory for iPhone slightly more than last year. And that is true in total, and it's true for Greater China as well. So we feel very good about our channel inventory ranges as we get into the September quarter. I hope that helps you with that.

是的，Wamsi。如你所知，我們不會過多地討論這個主題，但我認為我可以給你一些背景資訊。你知道，總的來說，我們在三月季度和六月季度都減少了庫存。我們一直以來都是這麼做的。今年，我們減少了 iPhone 的通路庫存，比去年略有減少。總體而言，情況確實如此，大中華區的情況也是如此。因此，進入九月的季度，我們對渠道庫存範圍感到非常滿意。希望這對你有幫助。

Our next question comes from Jim Suva with Citigroup.

我們的下一個問題來自花旗集團的吉姆·蘇瓦。

The first question is probably for Tim and the second one for Luca, and I'll ask them at the same time so you can pick and choose whichever one you want to answer, first and second. But the first question, Tim. Regarding the installed base comment you've made, which is quite encouraging, but yet when you look at the iPhone revenue year-over-year, the past several quarters has been down. Can you help us bridge the gap of how is the installed base growing?

第一個問題可能是問提姆的，第二個問題可能是問盧卡的，我會同時問他們，這樣你們就可以選擇先回答哪個問題，再回答第二個問題。但首先，提姆。關於您提到的已安裝用戶基數，這確實令人鼓舞，但是，如果您看一下 iPhone 的同比收入，您會發現過去幾季的收入都在下降。您能否幫助我們了解用戶基數是如何成長的？

Is it mostly because like secondary users are the new ones coming into the system as people are holding their phones longer? And what does that user typically bring in with them or something rather unique relative to what we historically know? And then for Luca, you've been investing a lot, a lot, lot, lot and a lot of these services are now coming to pass, whether it be AppleCare, Apple cloud, all these Wearables, and soon Apple Pay and Arcade. Are we at a point where now, a lot of harvesting is going to happen? Or do you kind of continue these relatively same investments that you've been doing for the future strategy?

這主要是因為隨著人們使用手機的時間越來越長，像次要用戶這樣的新用戶才越來越多地進入系統嗎？那麼，這位用戶通常會帶來什麼？或者說，他會帶來一些與我們以往所知的截然不同的獨特之處嗎？至於 Luca，你投入了大量資金，現在很多服務都即將實現，無論是 AppleCare、Apple 雲端服務、所有這些穿戴式設備，以及即將推出的 Apple Pay 和 Arcade。現在是不是到了要進行大量收割的階段了？或者，您會繼續進行目前這種相對相同的投資，以配合未來的策略？

Okay. Jim, it's Tim. I'll start with your installed base question. Installed base is a function of upgrades and the time between those. It's a function of the number of switchers coming into the iOS, macOS and so forth tents. It's a function of the robustness of the secondary market, which we think overwhelmingly hits incremental customer. And it's a function still in the emerging markets and somewhat developed markets, to a lesser degree, of people new that -- they're buying their first smartphone. There are still quite a few people in the world in that category.

好的。吉姆，我是提姆。我先回答你關於用戶基數的問題。已安裝基數取決於升級次數和升級間隔時間。這取決於有多少用戶轉投 iOS、macOS 等作業系統陣營。這取決於二級市場的穩健程度，我們認為二級市場對新增客戶的影響非常顯著。而且，在新興市場和一些較發達的市場中，這仍然是一個功能，因為人們第一次購買智慧型手機。世界上仍有不少人屬於這一類。

And so the reason that the installed base doesn't correlate to the 90-day clock is that what's happening underneath the numbers is switchers are still a very key piece of what's going on. The secondary market is very key, and we're doing programs, et cetera, to try to increase that because we think we'd wind up hitting a customer that we don't hit in another way. And the upgrades, where people are holding on to their device a bit longer than they were, they're staying in the ecosystem. And then you have the people in the new category as well. And so that's sort of the equation. I don't want to go into the specific numbers, but I think you can see readily, mathematically, how the installed base is growing in an environment where the iPhone revenue is declining within a 90-day kind of window.

因此，安裝基數與 90 天時鐘不相關的原因是，數字背後發生的是，轉換用戶仍然是正在發生的事情的一個非常關鍵的部分。二級市場非常關鍵，我們正在進行各種專案等等，試圖擴大二級市場，因為我們認為這樣做最終會讓我們接觸到我們無法透過其他方式接觸到的客戶。而且，隨著設備升級，人們會比以前更長時間地使用他們的設備，他們會繼續留在生態系統中。此外，還有屬於新類別的人員。所以，這就是問題的癥結所在。我不想深入探討具體數字，但我認為你可以很容易地從數學上看出，在 iPhone 收入在 90 天左右的時間窗口內下降的情況下，其安裝基礎是如何增長的。

And Jim, on OpEx, obviously, it's very important for us to continue to invest in the business, particularly on the R&D side because we always want to bring more innovation into the market. We want to improve the user experience and differentiate our products and services in the marketplace. So we will continue to do that.

吉姆，就營運支出而言，顯然，對我們來說，繼續投資於業務非常重要，尤其是在研發方面，因為我們始終希望為市場帶來更多創新。我們希望改善用戶體驗，並在市場上使我們的產品和服務脫穎而出。所以我們會繼續這樣做。

There are some types of investments, of course, that are very strategic for us and they will have long-term implications. You've seen the announcement that we made around the Intel acquisition. Very important strategically for us. It requires upfront investment, of course. As you've seen from this quarter and also from the past, we will continue to run our SG&A portion of OpEx tightly. We will -- of course, we'll continue to invest in marketing and advertising. We talked about a lot of new services that we are launching during the fall and Apple Card the next month. Obviously, they will require the appropriate level of marketing and advertising as we launch them to the general public.

當然，有些類型的投資對我們來說具有非常重要的戰略意義，並且會產生長期的影響。你們已經看到了我們發布的關於收購英特爾的公告。對我們來說，這具有非常重要的戰略意義。當然，這需要前期投資。正如您從本季度以及以往的業績中所看到的，我們將繼續嚴格控制營運支出中的銷售、一般及行政費用部分。我們當然會繼續投資行銷和廣告。我們討論了秋季將推出的許多新服務，以及下個月即將推出的 Apple Card。顯然，當我們向大眾推出這些產品時，需要進行適當程度的行銷和廣告宣傳。

When you look in total at where we are in terms of our expense-to-revenue ratio for operating expenses, you know quite well that we are extremely competitive relative to other tech companies. So we want to continue to be competitive and at the same time, we will not underinvest in the business.

當你從整體來看我們的營運費用收入比率時，你就會很清楚，相對於其他科技公司，我們極具競爭力。所以我們希望繼續保持競爭力，同時，也不會對業務投入不足。

The next question will come from Samik Chatterjee with JPMorgan.

下一個問題將來自摩根大通的薩米克·查特吉。

I just wanted to start off with the announcement of the WWDC around the independent App Stores for the Watch and the iPads. What level of interest have you seen from developers and how are they thinking about the ability to monetize services independently on those App Stores? And how does it help you position Wearables more formally into the health and fitness category?

我只想先談談 WWDC 上關於 Apple Watch 和 iPad 獨立 App Store 的公告。您觀察到開發者對此有多大興趣？他們如何看待在這些應用程式商店中獨立實現服務變現的能力？它如何幫助你將穿戴式裝置更正式地歸類在健康和健身類別？

We're seeing good interest across virtually everything that we announced at WWDC. I couldn't be happier with the developer tools around ARKit and AR in general that I went through earlier. Lots of interest there. Lots of interest from the watch App Store to the Catalyst that will be released with macOS Catalina, which allows developers quickly to port a iOS app to the Mac. We think this is huge and so great for the user experience. And so you look at all of these and all of the things that I talked about earlier and I couldn't be happier with the reception that we're getting and the work that is going on behind the scenes right now to ready -- for the developers readying their apps for the fall.

我們在 WWDC 上發布的幾乎所有內容都受到了廣泛關注。我之前接觸過的 ARKit 和 AR 相關開發者工具讓我非常滿意。那裡引起了很多人的興趣。從 Apple Watch 應用程式商店到將隨 macOS Catalina 一起發布的 Catalyst，都引起了廣泛關注。 Catalyst 讓開發者快速將 iOS 應用程式移植到 Mac。我們認為這意義重大，對使用者體驗來說非常棒。所以，綜合我之前提到的所有這些因素，我對我們目前所獲得的反饋以及幕後正在進行的工作感到無比滿意，這些工作旨在為開發者們在秋季發布應用程式做好準備。

Got it. If I can just follow up on the China market. One of the things that we're looking at is with these -- going into the new year into 2020, there'll be a lot of 5G phones launching in that market from the Android players. How you're thinking about the competitive landscape there as you enter next year?

知道了。如果我能夠跟進中國市場就好了。我們正在關注的一點是，進入 2020 年，屆時安卓廠商將在該市場推出大量 5G 手機。展望明年，您如何看待當地的競爭格局？

We don't comment on future products. With respect to 5G, it's -- I think most people would tell you it's -- we're in sort of the extremely early, early innings of it and even more so on a global basis. So we couldn't be more proud of what our lineup is, and we're excited about the great pipeline of both hardware and software, and we won't trade our position for anyone's.

我們不評論未來的產品。關於 5G，我認為大多數人都會告訴你，我們目前還處於 5G 發展的非常早期階段，在全球範圍內更是如此。因此，我們對我們的產品陣容感到無比自豪，我們對硬體和軟體的強大發展前景感到興奮，我們絕不會用我們的地位去交換任何人的地位。

Thank you, Samik. 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 3057347. These replays will be available by approximately 5 p.m. Pacific Time today.

謝謝你，薩米克。今天的電話會議錄音將在 Apple Podcasts 上提供 2 週，也可以在 apple.com/investor 上透過網路直播收聽，還可以透過電話收聽，電話錄音的號碼是 (888) 203-1112 或 (719) 457-0820。請輸入確認碼 3057347。這些回放影片大約會在下午5點前提供。今天是太平洋時間。

Members of the press with additional questions can contact Kristin Huguet at (408) 974-2414 and financial analysts can contact Tejas Gala or me with additional questions. Tejas is at (669) 227-2402, and I'm at (408) 974-5420. Thanks again for joining us.

媒體成員如有其他疑問，可致電 (408) 974-2414 聯絡 Kristin Huguet；金融分析師如有其他疑問，可致電 Tejas Gala 或聯絡我。Tejas 的電話號碼是 (669) 227-2402，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。