蘋果 (AAPL) 2019 Q4 法說會逐字稿

Good day, everyone.

今天是個好日子。

Welcome to the Apple Inc.

歡迎來到蘋果公司。

Fourth Quarter Fiscal Year 2019 Earnings Conference Call.

2019 財年第四季度收益電話會議。

Today's call is being recorded.

今天的電話正在錄音。

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

在這個時候，關於開場白和介紹，我想把電話轉給投資者關係高級總監 Nancy Paxton。

Please go ahead.

請繼續。

Thank you.

謝謝你。

Good afternoon, and thanks to everyone for joining us.

下午好，感謝大家加入我們。

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

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

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

在那之後，我們將向分析師提問。

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

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

Actual results or trends could differ materially from our forecast.

實際結果或趨勢可能與我們的預測大相徑庭。

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

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

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

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

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

我現在想把電話轉給蒂姆做介紹性發言。

Thank you, Nancy.

謝謝你，南希。

Good afternoon, and thanks to all of you for joining us, especially those of you listening in on our new noise-canceling AirPods Pro, which are available beginning today.

下午好，感謝大家加入我們，尤其是那些收聽我們新推出的降噪 AirPods Pro 的人，該產品從今天開始提供。

This was Apple's highest revenue in a September quarter ever, and I want to take you through some of the highlights before we get into greater detail on the conclusion of a remarkable fiscal 2019 for Apple.

這是蘋果公司在 9 月季度以來的最高收入，在我們更詳細地了解蘋果公司非凡的 2019 財年結束之前，我想帶你了解一些亮點。

We achieved revenue of $64 billion in the quarter, at the high end of our expectations even in spite of a predicted foreign exchange drag of almost $1 billion.

儘管預計外匯拖累近 10 億美元，但本季度我們實現了 640 億美元的收入，處於我們預期的高端。

Geographically, we set new Q4 revenue records in the Americas and rest of Asia Pacific and saw further improvement in our revenue trends in Greater China.

從地域上看，我們在美洲和亞太其他地區創造了新的第四季度收入記錄，並看到我們在大中華區的收入趨勢進一步改善。

In iPhone, where customers have only begun to get their hands on the strongly popular and unmatched iPhone 11 and iPhone 11 Pro models, our year-over-year performance continued to improve.

在 iPhone 中，客戶才剛剛開始接觸廣受歡迎且無與倫比的 iPhone 11 和 iPhone 11 Pro 機型，我們的同比表現繼續改善。

More on that in a moment.

稍後會詳細介紹。

Outside of iPhone, our September quarter revenue was up 17%.

在 iPhone 之外，我們 9 月份的季度收入增長了 17%。

We reached a new all-time high for Services with growth accelerating to 18%.

我們的服務業創下歷史新高，增長加速至 18%。

We generated well over 50% revenue growth from Wearables, and I'm thrilled to say that we set Q4 records for Wearables in each and every market we track.

我們從可穿戴設備中獲得了超過 50% 的收入增長，我很高興地說，我們在我們跟踪的每個市場中都創下了可穿戴設備的第四季度記錄。

We've got a lot to cover so let's dive right into the details.

我們有很多內容要介紹，所以讓我們深入了解細節。

iPhone revenue in the September quarter was $33 billion.

iPhone 9 月季度的收入為 330 億美元。

This 9% decline over last year is a significant improvement over the 15% decline we saw across the first 3 quarters.

與去年相比下降了 9%，與我們在前三個季度看到的 15% 的下降相比有了顯著改善。

The significant upswing in demand in the final part of the quarter is mirrored in the overwhelmingly positive reviews, customer feedback and in-store response we've seen for this new generation of devices, not to mention a wave of the best photos you've seen from a smartphone.

本季度最後部分需求的顯著上升反映在我們對新一代設備的壓倒性積極評價、客戶反饋和店內響應中，更不用說一波你拍過的最佳照片了從智能手機看到。

iPhone 11 features the Apple-designed A13 Bionic, the fastest, most powerful chip ever in a smartphone plus an all-new dual camera system and even longer all-day battery life, all wrapped in 6 great new colors.

iPhone 11 配備 Apple 設計的 A13 Bionic，這是智能手機中速度最快、功能最強大的芯片，加上全新的雙攝像頭系統和更長的全天電池續航時間，全部採用 6 種出色的新顏色。

Since its launch, the iPhone 11 has quickly become our best-selling iPhone.

自推出以來，iPhone 11 迅速成為我們最暢銷的 iPhone。

iPhone 11 Pro and iPhone 11 Pro Max deliver even more advanced performance for users who want the very best out of their smartphone.

iPhone 11 Pro 和 iPhone 11 Pro Max 為想要充分利用智能手機的用戶提供更先進的性能。

The new Super Retina XDR display is the brightest ever in an iPhone, and the new triple camera system provides a pro level photography experience with an ultra-wide, wide and telephoto camera.

新的 Super Retina XDR 顯示屏是 iPhone 中最亮的顯示屏，新的三攝系統通過超廣角、廣角和長焦相機提供專業級的攝影體驗。

All 3 of our new iPhones feature night mode, delivering huge improvements to photo capture in low-light environments, either indoors or outdoors.

我們的 3 款新 iPhone 都具有夜間模式，極大地改進了室內或室外低光環境下的照片拍攝。

They also produce the highest-quality video in a smartphone, supporting 4K video with extended dynamic range for more highlight detail and cinematic video stabilization.

它們還可以在智能手機中製作最高質量的視頻，支持具有擴展動態範圍的 4K 視頻，以獲得更多高光細節和電影視頻穩定性。

iOS 13 is driving user experience forward across the iPhone family with a bold new look in dark mode, major updates to the apps our customers use every day such as Photos and Maps, new ways to help protect their privacy with Sign in with Apple and performance improvements across the entire system.

iOS 13 正在推動整個 iPhone 家族的用戶體驗向前發展整個系統的改進。

For Services, revenue was $12.5 billion.

對於服務，收入為 125 億美元。

That's up 18% over last year, and it beats the previous record set in a June quarter by more than $1 billion.

這比去年增長了 18%，比 6 月份季度創下的紀錄高出 10 億美元以上。

This isn't a local phenomenon.

這不是局部現象。

We saw double-digit Services revenue growth and all-time records in all 5 of our geographic segments.

我們在所有 5 個地理區域都看到了兩位數的服務收入增長和歷史記錄。

And it wasn't a narrow success either.

這也不是一個狹隘的成功。

We established new all-time highs for multiple services categories, including the App Store, AppleCare, Music, cloud services and our App Store search ad business.

我們為多個服務類別創造了歷史新高，包括 App Store、AppleCare、音樂、雲服務和我們的 App Store 搜索廣告業務。

We are well on our way to accomplishing our goal of doubling our fiscal year '16 Services revenue during 2020.

我們正在順利實現在 2020 年將 16 財年服務收入翻番的目標。

I want to touch on a number of Services in brief.

我想簡要談談一些服務。

We had all-time revenue -- record revenues from payment services.

我們的收入創歷史新高——來自支付服務的創紀錄收入。

For Apple Pay, revenue and transactions more than doubled year-over-year with over 3 billion transactions in the September quarter, exceeding PayPal's number of transactions and growing 4x as fast.

對於 Apple Pay，收入和交易量同比增長一倍以上，在 9 月季度的交易量超過 30 億，超過了 PayPal 的交易量，增長速度是 4 倍。

Apple Pay is now live in 49 markets around the world with over 6,000 issuers on the platform.

Apple Pay 現已在全球 49 個市場上線，平台上有超過 6,000 家發卡機構。

We believe that Apple Pay offers the best possible mobile payment experience and the safest, most secure solution on the market.

我們相信 Apple Pay 可提供最佳的移動支付體驗以及市場上最安全、最可靠的解決方案。

We're glad that thousands of banks around the world participate.

我們很高興全球數以千計的銀行參與其中。

Apple Card launched in the U.S. in August, and we've been thrilled by the positive reception we've seen.

Apple Card 於 8 月在美國推出，我們對所看到的積極反響感到非常興奮。

Users can apply for Apple Card through the Wallet app on iPhone in minutes and start using it right away in stores, in apps and on websites.

用戶可以在幾分鐘內通過 iPhone 上的 Wallet 應用程序申請 Apple Card，並立即開始在商店、應用程序和網站上使用它。

They've told us they love Apple Card's simplicity, privacy, security and transparency, which has helped them make healthier financial choices.

他們告訴我們，他們喜歡 Apple Card 的簡單性、隱私性、安全性和透明度，這有助於他們做出更健康的財務選擇。

Apple Card has absolutely no fees and major apps and retailers like Uber, Uber Eats, Walgreens, Duane Reade and T-Mobile have already joined to offer 3% daily cash back on Apple Card transactions.

Apple Card 完全免費，Uber、Uber Eats、Walgreens、Duane Reade 和 T-Mobile 等主要應用程序和零售商已經加入，為 Apple Card 交易提供每日 3% 的現金返還。

And I'm very pleased to announce today that later this year, we're adding another great feature to Apple Card.

今天我很高興地宣布，今年晚些時候，我們將為 Apple Card 添加另一項出色的功能。

Customers will be able to purchase their new iPhone and pay for it over 24 months with 0% interest.

客戶將能夠購買他們的新 iPhone，並在 24 個月內以 0% 的利息支付。

And they will continue to enjoy all the benefits of Apple Card, including 3% cash back on the total cost of their new iPhone with absolutely no fees and the ability to simply manage their payments right in the Apple Wallet app on iPhone.

他們將繼續享受 Apple Card 的所有好處，包括完全免費的新 iPhone 總成本的 3% 現金返還，以及在 iPhone 上的 Apple Wallet 應用程序中簡單地管理付款的能力。

We think these features appealed broadly to all iPhone customers, and we believe this has been the most successful launch of a credit card in the United States ever.

我們認為這些功能廣泛吸引了所有 iPhone 客戶，我們相信這是美國有史以來最成功的信用卡推出。

Last month, we launched Apple Arcade, our groundbreaking game subscription service, offering an all-new way for the whole family to enjoy games online or offline.

上個月，我們推出了開創性的遊戲訂閱服務 Apple Arcade，為全家人提供了一種全新的在線或離線遊戲方式。

Apple Arcade's subscribers get unlimited access to a curated selection of games from many of the most innovative developers of the world with almost 100 new titles playable across iPhone, iPad, iPod Touch, Mac and Apple TV today and more are being added all the time.

Apple Arcade 的訂閱者可以無限制地訪問來自世界上許多最具創新性的開發者精心挑選的遊戲，現在有近 100 款新遊戲可在 iPhone、iPad、iPod Touch、Mac 和 Apple TV 上玩，而且還在不斷增加。

Customer feedback to date has been overwhelmingly positive, and we're very excited for the future of this service.

迄今為止，客戶的反饋非常積極，我們對這項服務的未來感到非常興奮。

We're also thrilled to be working with Oprah Winfrey to bring Oprah's Book Club to Apple Books, connecting a community of readers worldwide to important stories by today's most thought-provoking authors.

我們也很高興能與 Oprah Winfrey 合作，將 Oprah's Book Club 引入 Apple Books，將全球讀者社區與當今最發人深省的作者的重要故事聯繫起來。

Together, we envision a vibrant global book club that has the power to bring the world together through reading.

我們共同構想一個充滿活力的全球讀書俱樂部，它有能力通過閱讀將世界團結在一起。

We've also expanded the reach of Apple News+ beyond the United States and Canada to readers in Australia and the United Kingdom, bringing together popular publications such as The Times of London, The Australian and Hello Magazine in addition to major publications like The Wall Street Journal, the L.A. Times, The New Yorker, People, GQ and much more.

我們還將 Apple News+ 的覆蓋範圍從美國和加拿大擴展到澳大利亞和英國的讀者，匯集了倫敦時報、澳大利亞和 Hello 雜誌等熱門出版物以及華爾街等主要出版物雜誌、洛杉磯時報、紐約客、人物、GQ 等等。

And rounding out our newest services, just 2 days from now, we're launching the hotly anticipated Apple TV+ in over 100 countries and regions.

為了完善我們的最新服務，僅 2 天后，我們將在 100 多個國家和地區推出備受期待的 Apple TV+。

It's the first all-original video subscription service with shows from the best, most ambitious and most creative minds in the industry.

這是第一個全原創視頻訂閱服務，節目來自業內最優秀、最雄心勃勃和最具創意的頭腦。

One of the great perks of this job is that I've gotten to binge-watch almost all of them, and while I won't spoil anything, there's so much to look forward to here for lovers of great storytelling.

這份工作的一大好處是我幾乎可以瘋狂觀看所有這些，雖然我不會破壞任何東西，但對於喜歡講故事的愛好者來說，這裡有很多值得期待的地方。

We premiered shows like See and The Morning Show in L.A. and New York over the past couple of weeks, and the stage is set for a truly exciting debut.

過去幾週，我們在洛杉磯和紐約首映了 See 和 The Morning Show 等節目，為真正激動人心的首演做好了準備。

And we're pleased that customers who have purchased qualifying Apple devices starting September 10 can opt in to 12 free months of Apple TV+.

我們很高興從 9 月 10 日開始購買符合條件的 Apple 設備的客戶可以選擇免費使用 12 個月的 Apple TV+。

Turning to Wearables.

轉向可穿戴設備。

We had amazing results, thanks to the phenomenal popularity of Apple Watch, AirPods and Beats products.

由於 Apple Watch、AirPods 和 Beats 產品的驚人普及，我們取得了驚人的成果。

As I said at the outset, we set Q4 revenue records for Wearables in every single market that we track around the world.

正如我在一開始所說的那樣，我們在全球追踪的每個市場中都為可穿戴設備創造了第四季度的收入記錄。

In September, we launched Apple Watch Series 5 with the always-on Retina display that means you never have to pause a workout or task to raise or tap the display.

9 月，我們推出了配備始終開啟的 Retina 顯示屏的 Apple Watch Series 5，這意味著您無需暫停鍛煉或任務即可抬起或輕點顯示屏。

New location features help users better navigate their day, while international emergency calling allows them to call emergency services directly from Apple Watch in over 150 countries even without an iPhone nearby.

新的定位功能可幫助用戶更好地度過一天，而國際緊急呼叫使他們可以直接從 150 多個國家/地區的 Apple Watch 呼叫緊急服務，即使附近沒有 iPhone。

And combined with the power of watchOS 6, users are empowered to take charge of their health and fitness with new features like cycle tracking, the noise app and activity trends.

結合 watchOS 6 的強大功能，用戶可以通過諸如周期跟踪、噪音應用程序和活動趨勢等新功能來掌控自己的健康和健身。

The ECG app, now available in 32 markets, including India, has become a widely celebrated illustration of Apple's commitment to your health, giving users the ability to document and monitor the functioning of their heart and provide critical data to their doctors.

這款 ECG 應用程序現已在包括印度在內的 32 個市場推出，它已成為 Apple 對您的健康承諾的廣受讚譽的例證，它使用戶能夠記錄和監測他們的心臟功能，並為他們的醫生提供關鍵數據。

We're deepening Apple's commitment to medical research.

我們正在深化 Apple 對醫學研究的承諾。

We announced the new Research app paired with 3 unprecedented medical studies spanning hearing, heart and movement and women's health.

我們宣布了新的研究應用程序與 3 項前所未有的醫學研究相結合，涵蓋聽力、心臟和運動以及女性健康。

We're collaborating with leading health institutions to reach more participants than has ever been possible, enabling them to contribute to potential medical discoveries and help create the next generation of innovative health products.

我們正在與領先的衛生機構合作，以接觸比以往更多的參與者，使他們能夠為潛在的醫學發現做出貢獻，並幫助創造下一代創新的健康產品。

Leveraging the devices customers use every day and world-class security and privacy, we hope to democratize medical research and bring everyone to the table to make the next big breakthroughs possible.

利用客戶每天使用的設備以及世界級的安全和隱私，我們希望使醫學研究民主化，讓每個人都坐到談判桌前，使下一個重大突破成為可能。

Turning to iPad.

轉向 iPad。

We generated 17% growth, driven by iPad Pro and the ongoing momentum of our wider lineup.

在 iPad Pro 和我們更廣泛產品線的持續發展勢頭的推動下，我們實現了 17% 的增長。

In September, we introduced the seventh generation iPad, bringing more screen area and support for the full-sized Smart Keyboard to our most popular and most affordable iPad.

9 月，我們推出了第七代 iPad，為我們最受歡迎和最實惠的 iPad 帶來了更大的屏幕面積和對全尺寸智能鍵盤的支持。

For the first time, we also released iPadOS, built on the same foundation as iOS but with powerful apps designed for iPad's large multi-touch display, letting users multitask with intuitive gestures and drag-and-drop a file with a fingertip.

我們還首次發布了 iPadOS，它建立在與 iOS 相同的基礎之上，但具有專為 iPad 的大型多點觸控顯示屏而設計的強大應用程序，讓用戶可以通過直觀的手勢執行多項任務，並用指尖拖放文件。

For Mac, we generated $7 billion in revenue.

對於 Mac，我們創造了 70 億美元的收入。

We had a tough comparison to last year's fourth quarter when we updated both models of MacBook Pro.

當我們更新了兩款 MacBook Pro 時，我們與去年第四季度進行了艱難的比較。

But for fiscal 2019 overall, we generated the highest annual revenue ever from our Mac business.

但就整個 2019 財年而言，我們的 Mac 業務創造了有史以來最高的年收入。

In July, we updated our Mac portables with great pricing for students, and MacBook Air, in particular, has been a hit in the back-to-school season.

7 月，我們更新了 Mac 便攜式電腦，為學生提供了優惠的價格，尤其是 MacBook Air，在返校季大受歡迎。

Earlier this month, we released macOS Catalina with all-new entertainment apps, the innovative Sidecar feature that uses iPad to expand the Mac workspace and new accessibility tools that enable users to control their Mac entirely with their voice.

本月早些時候，我們發布了 macOS Catalina，其中包含全新的娛樂應用程序、使用 iPad 擴展 Mac 工作區的創新 Sidecar 功能以及使用戶能夠完全通過語音控制其 Mac 的新輔助工具。

Catalina also brings the Apple Arcade experience to the Mac, and we have already seen some amazing third-party developers bring their iPad apps to the Mac App Store with Mac Catalyst, including Twitter, Post-it and more.

Catalina 還為 Mac 帶來了 Apple Arcade 體驗，我們已經看到一些了不起的第三方開發者通過 Mac Catalyst 將他們的 iPad 應用程序帶到了 Mac App Store，包括 Twitter、Post-it 等。

And for our Pro customers who push the limits of what Mac can do, we're very excited about the upcoming launch of our newly redesigned Mac Pro this fall, which we are proud to be manufacturing in Austin, Texas.

對於將 Mac 功能推向極限的 Pro 客戶，我們對即將在今年秋季推出的全新重新設計的 Mac Pro 感到非常興奮，我們很自豪能夠在德克薩斯州奧斯汀製造這款產品。

Pulling back the lens from a single quarter, we are incredibly proud of our accomplishments over the course of a remarkable fiscal 2019, a year where we crossed $100 billion in revenue in the United States for the first time.

回顧一個季度，我們為在非凡的 2019 財年取得的成就感到無比自豪，這一年我們在美國的收入首次突破 1000 億美元。

We introduced new services from Apple Card to Apple TV+ and generated over $46 billion in total Services revenue, setting new yearly Services records in all 5 of our geographic segments and driving our Services business to the size of a Fortune 70 company.

我們從 Apple Card 向 Apple TV+ 推出了新服務，並創造了超過 460 億美元的總服務收入，在我們所有 5 個地理區域創造了新的年度服務記錄，並將我們的服務業務推向了財富 70 強公司的規模。

We delivered incredible new hardware in all our device categories.

我們在所有設備類別中交付了令人難以置信的新硬件。

Our Wearables business showed explosive growth and generated more annual revenue than 2/3 of the companies in the Fortune 500.

我們的可穿戴設備業務呈現爆炸式增長，年收入超過了財富 500 強中 2/3 的公司。

And we set a yearly revenue record for Mac.

我們為 Mac 創造了年度收入記錄。

All told, outside of iPhone, our revenue grew by $17 billion to almost $118 billion.

總而言之，在 iPhone 之外，我們的收入增長了 170 億美元，達到近 1180 億美元。

Our overall success was achieved widely across our markets with annual revenue records in the U.S., Canada, Brazil, the U.K., Germany, France, Italy, Poland, Korea, Malaysia, the Philippines and Vietnam.

我們的整體成功在我們的市場取得了廣泛的成就，在美國、加拿大、巴西、英國、德國、法國、意大利、波蘭、韓國、馬來西亞、菲律賓和越南取得了年收入記錄。

And as we head into the holiday season, we have an enormous amount to look forward to.

當我們進入假期時，我們有很多期待。

We believe that we lead in innovation because we lead with our values.

我們相信，我們引領創新，因為我們以價值觀引領。

At a time of urgency and action on climate change, we continue to drive breakthroughs in clean power, sustainable materials and device recycling.

在應對氣候變化的緊迫性和行動之際，我們繼續推動在清潔能源、可持續材料和設備回收方面取得突破。

By running 100% of our global operations on renewable energy and challenging our entire network of suppliers to do the same, we're driving a virtuous cycle of demand for clean sources of power.

通過在可再生能源方面開展 100% 的全球業務並挑戰我們的整個供應商網絡也這樣做，我們正在推動對清潔能源需求的良性循環。

And we see the award Apple recently received from the United Nations Global Climate Action Program as a mandate to deepen this vital work.

我們認為 Apple 最近從聯合國全球氣候行動計劃獲得的獎項是為了深化這項重要工作。

We continue to invent and improve on cutting-edge renewable materials, including the 100% recycled aluminum alloy found in many of our products.

我們繼續發明和改進尖端的可再生材料，包括在我們的許多產品中發現的 100% 再生鋁合金。

And we've added rare earth elements to our list of recycled materials with the introduction of iPhone 11.

隨著 iPhone 11 的推出，我們在回收材料清單中添加了稀土元素。

We're disassembling, recycling or refurbishing millions of devices every year with the help of Daisy, our recycling robot, and we're pushing the entire global supply chain toward recycled or renewable materials.

在我們的回收機器人 Daisy 的幫助下，我們每年要拆卸、回收或翻新數百萬台設備，並且我們正在推動整個全球供應鏈使用可回收或可再生材料。

We're driving access to critical coding skills development to educators and students through programs such as our teaching coding academies and our free Everyone Can Code curriculum.

我們正在通過我們的教學編碼學院和我們的免費人人能編程課程等計劃，推動教育工作者和學生獲得關鍵的編碼技能發展。

We continue to put user privacy at the center of everything that we do.

我們繼續將用戶隱私置於我們所做的一切的中心。

And we know that Apple is strongest when our commitment to diversity and inclusion brings all voices to the table.

我們知道，當我們對多元化和包容性的承諾將所有聲音帶到桌面上時，Apple 才是最強大的。

I'd like to thank our customers, our developers, our business partners and our employees for making fiscal 2019 such a success, and I look forward to another great year in 2020.

我要感謝我們的客戶、我們的開發人員、我們的業務合作夥伴和我們的員工讓 2019 財年如此成功，我期待 2020 年又是一個偉大的一年。

Now for more details on our September quarter results, I'll turn the call over to Luca.

現在，有關我們 9 月季度業績的更多詳細信息，我將把電話轉給盧卡。

Thank you, Tim.

謝謝你，蒂姆。

Good afternoon, everyone.

大家下午好。

Revenue for the quarter was $64 billion, up 2% from a year ago to a new September quarter record.

本季度收入為 640 億美元，同比增長 2%，創下 9 月季度的新紀錄。

As we have predicted, foreign exchange negatively impacted our revenue by close to $1 billion, and in constant currency, our growth was 3%.

正如我們所預測的那樣，外匯對我們的收入產生了近 10 億美元的負面影響，按固定匯率計算，我們的增長率為 3%。

Products revenue was $51.5 billion, down 1% from last year, mainly due to iPhone but largely offset by very strong performance from Wearables and iPad.

產品收入為 515 億美元，比去年下降 1%，主要歸功於 iPhone，但很大程度上被可穿戴設備和 iPad 的強勁表現所抵消。

Services revenue grew 18% to $12.5 billion, up over $1.9 billion year-over-year and almost $1.1 billion sequentially to a new all-time record with broad-based growth around the world and across our portfolio.

服務收入增長 18% 至 125 億美元，同比增長超過 19 億美元，環比增長近 11 億美元，創下歷史新高，在全球和我們的投資組合中實現了廣泛的增長。

On a geographic basis, we set new fourth quarter revenue records in our Americas and rest of Asia Pacific segments.

在地理基礎上，我們在美洲和亞太其他地區創造了新的第四季度收入記錄。

We also saw continuous improvement in Greater China where year-over-year revenue comparisons became more favorable each quarter of fiscal 2019 from a 27% decline in the first quarter to a 2% decline in the fourth quarter.

我們還看到大中華區的收入持續改善，2019 財年每個季度的同比收入比較都變得更加有利，從第一季度的 27% 下降到第四季度的 2% 下降。

At a country level, we established new Q4 records in many major developed and emerging markets, including the U.S., Canada, Germany, France, Korea, Singapore, Brazil, India, Thailand, Malaysia and Vietnam.

在國家層面，我們在美國、加拿大、德國、法國、韓國、新加坡、巴西、印度、泰國、馬來西亞和越南等許多主要發達市場和新興市場創造了新的第四季度記錄。

Company gross margin was 38%, up 40 basis points sequentially, driven by leverage from higher revenue.

公司毛利率為 38%，環比增長 40 個基點，受收入增加的影響。

Products gross margin was 31.6%, up 120 basis points sequentially due to leverage and favorable mix.

由於槓桿和有利的組合，產品毛利率為31.6%，環比上升120個基點。

Services gross margin was 64.1%, even with the June quarter.

服務毛利率為 64.1%，即使是在 6 月季度。

Net income was $13.7 billion.

淨收入為 137 億美元。

Diluted EPS was a Q4 record at $3.03 and up 4% year-over-year.

攤薄後的每股收益創下 3.03 美元的第四季度記錄，同比增長 4%。

And operating cash flow of $19.9 billion was also a Q4 record, up almost $400 million from the previous record we set last year.

199 億美元的運營現金流也是第四季度的記錄，比我們去年創下的上一個記錄增加了近 4 億美元。

Let me get into more detail for each of our revenue categories.

讓我更詳細地了解我們的每個收入類別。

iPhone revenue was $33.4 billion, a year-over-year decline of 9%.

iPhone 收入為 334 億美元，同比下降 9%。

This was a meaningful improvement to the 12% decline in the third quarter and the 16% decline in the first half of the fiscal year.

這是對第三季度12%的降幅和本財年上半年16%的降幅的有意義的改善。

And we saw great customer response to the launch of iPhone 11, 11 Pro and 11 Pro Max at the end of the quarter.

我們看到客戶對本季度末推出的 iPhone 11、11 Pro 和 11 Pro Max 的反應非常好。

Our active installed base of iPhone continued to grow to a new all-time high in each of our geographic segments.

我們的 iPhone 活躍安裝基數在我們的每個地理區域繼續增長到歷史新高。

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

在美國，451 Research 對消費者的最新調查顯示，iPhone XR、XS 和 XS Max 的用戶滿意度為 99%。

Among business buyers who plan to purchase smartphones in the December quarter, 83% plan to purchase iPhones.

在計劃在 12 月季度購買智能手機的商業買家中，83% 的人計劃購買 iPhone。

Turning to Services.

轉向服務。

We had a very strong quarter with all-time record performance and growth accelerating from the June quarter.

我們有一個非常強勁的季度，創紀錄的業績和增長從六月季度開始加速。

All 5 geographic segments set new all-time Services revenue records and all grew double digits.

所有 5 個地理區域都創造了新的歷史服務收入記錄，並且都增長了兩位數。

We also established new all-time records for the App Store, Apple Care, Music, cloud services, payment services and our App Store search ad business.

我們還為 App Store、Apple Care、音樂、雲服務、支付服務和我們的 App Store 搜索廣告業務創造了新的歷史記錄。

In total, Services accounted for 20% of our revenue mix and 33% of our gross margin mix.

總體而言，服務占我們收入組合的 20% 和毛利率組合的 33%。

Customer engagement in our ecosystem continues to grow, and the number of both transacting and paid accounts on our digital content stores reached a new all-time high with double-digit growth in paid accounts in all our geographic segments.

客戶在我們生態系統中的參與度持續增長，我們數字內容商店的交易賬戶和付費賬戶數量創下歷史新高，我們所有地理區域的付費賬戶均實現兩位數增長。

We now have over 450 million paid subscriptions across the Services on our platform compared to over 330 million just a year ago.

現在，我們平台上服務的付費訂閱量超過 4.5 億，而一年前這一數字還超過 3.3 億。

And we are well on our way to our goal of surpassing the 500 million mark during 2020.

我們正在朝著 2020 年突破 5 億大關的目標邁進。

App Store revenue grew strong double digits, thanks to robust customer demand for both in-app purchases and subscriptions.

由於客戶對應用內購買和訂閱的強勁需求，App Store 收入實現了兩位數的強勁增長。

Our third-party subscription business grew across multiple categories and increased almost 40% year-over-year.

我們的第三方訂閱業務跨越多個類別增長，同比增長近 40%。

There are now more than 35,000 subscription apps on our platform, with the largest accounting for less than 0.25% of total Services revenue.

現在我們平台上有超過 35,000 個訂閱應用程序，其中最大的訂閱應用程序佔總服務收入的不到 0.25%。

Among our many all-time Services records, it was the best quarter ever for AppleCare, thanks to strong service agreement attach rates and expanded distribution.

在我們眾多的歷史服務記錄中，這是 AppleCare 有史以來最好的季度，這要歸功於強大的服務協議附加率和擴大的分銷。

And to better meet our customers' needs, we announced a new iPhone repair program, making it easier for independent providers across the U.S. to tap into the same resources as our Apple Authorized Service Provider network and offering customers additional options for the most common out-of-warranty iPhone repairs.

為了更好地滿足客戶的需求，我們宣布了一項新的 iPhone 維修計劃，使美國各地的獨立供應商能夠更輕鬆地利用與我們的 Apple 授權服務提供商網絡相同的資源，並為客戶提供針對最常見問題的更多選擇——保修期內的 iPhone 維修。

The new program complements our continued investment in our growing global network of over 5,000 Apple Authorized Service Providers that lead the industry for customer satisfaction and help millions of people with both in- and out-of-warranty service for all Apple products.

這項新計劃補充了我們對不斷擴大的全球 5,000 多家 Apple 授權服務提供商網絡的持續投資，這些服務提供商在客戶滿意度方面處於行業領先地位，並為數以百萬計的人提供所有 Apple 產品的保修期內和保修外服務。

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

接下來，我想談談Mac。

Revenue was $7 billion, down 5% from last year due to a different mix of products, given the strength of our MacBook Air lineup and a difficult comparison to last year's launch of MacBook Pro models.

收入為 70 億美元，比去年下降 5%，原因是產品組合不同，考慮到我們 MacBook Air 陣容的強大以及與去年推出的 MacBook Pro 機型的難以比較。

Despite the tough compare, we generated an all-time revenue record for Mac in the U.S. and in India and a fourth quarter revenue record in Japan.

儘管進行了艱難的比較，但我們在美國和印度創造了 Mac 的歷史收入記錄，並在日本創造了第四季度的收入記錄。

More than half of the customers purchasing Macs during the quarter were new to Mac, and the active installed base of Macs again reached a new all-time high.

本季度購買 Mac 的客戶中有一半以上是 Mac 的新用戶，Mac 的活躍安裝基數再次創下歷史新高。

We had great results for iPad with revenue of $4.7 billion, up 17% from a year ago.

我們在 iPad 上取得了不錯的成績，收入為 47 億美元，比一年前增長了 17%。

iPad revenue grew in all 5 of our geographic segments with a Q4 revenue record in Japan.

iPad 收入在我們所有 5 個地理區域都有增長，第四季度在日本的收入創紀錄。

In total, over half of the customers purchasing iPads during the September quarter were new to iPad, and the iPad active installed base also reached a new all-time high.

總體而言，在 9 月季度購買 iPad 的客戶中，超過一半是 iPad 新用戶，iPad 活躍安裝基數也創下歷史新高。

The most recent surveys from 451 Research measured a 95% customer satisfaction rating for iPad from consumers and 97% from businesses.

451 Research 的最新調查顯示，消費者對 iPad 的滿意度為 95%，企業為 97%。

And among both consumers and businesses who plan to purchase tablets in the December quarter, more than 80% plan to purchase iPads.

在計劃在 12 月季度購買平板電腦的消費者和企業中，超過 80% 的人計劃購買 iPad。

Wearables, Home and Accessories established a new fourth quarter record with revenue of $6.5 billion, up 54% year-over-year, with growth accelerating from the third quarter across all 5 geographic segments.

可穿戴設備、家居和配件以 65 億美元的收入創下了新的第四季度記錄，同比增長 54%，所有 5 個地理區域的增長都從第三季度開始加速。

The performance was driven by tremendous growth across Apple Watch, AirPods, Beats products and accessories.

這一業績是由 Apple Watch、AirPods、Beats 產品和配件的巨大增長推動的。

And as Tim mentioned, we set Q4 records for our Wearables category in every single market we track around the world.

正如蒂姆所提到的，我們在全球追踪的每個市場中都為我們的可穿戴設備類別創造了第四季度的記錄。

Our retail and online stores produced fantastic results, generating record September quarter revenue in all 5 geographic segments and strong double-digit growth across iPhone, iPad, Apple Watch and accessories.

我們的零售和在線商店取得了驚人的業績，在所有 5 個地理區域創造了創紀錄的 9 月季度收入，並在 iPhone、iPad、Apple Watch 和配件方面實現了兩位數的強勁增長。

We also continued to see great results from our trade-in program with more than 5x the iPhone trade-in volume we had a year ago.

我們還繼續從我們的以舊換新計劃中看到很好的結果，iPhone 以舊換新的數量是一年前的 5 倍以上。

Last month, we reopened the stunning Apple Fifth Avenue in New York with an even more welcoming layout beneath the landmark glass cube, providing nearly twice the space of the original store.

上個月，我們在紐約令人驚嘆的 Apple 第五大道重新開業，在標誌性的玻璃立方體下方佈置了更加溫馨的佈局，提供了幾乎兩倍於原店的空間。

This iconic store is open 7 days a week, 24 hours a day and provides an even better environment for customers to experience our latest products, meet with our Geniuses, creative pros and specialists and attend our free daily Today at Apple sessions.

這家標誌性的商店每週 7 天、每天 24 小時營業，為顧客提供更好的環境來體驗我們的最新產品，與我們的天才、創意專家和專家會面，並參加我們每天免費的 Today at Apple 課程。

We also opened our newest and largest store in Japan and fifth store in Tokyo in the Marunouchi business district across from the historic Tokyo Station.

我們還在歷史悠久的東京站對面的丸之內商業區開設了日本最新和最大的店鋪，並在東京開設了第五家店鋪。

And we opened a beautiful new store in the heart of Mexico City's vibrant Polanco district to welcome visitors to experience the best of Apple in Mexico.

我們在墨西哥城充滿活力的 Polanco 區中心開設了一家漂亮的新店，歡迎遊客在墨西哥體驗最好的 Apple。

We're seeing strong demand for our products in the enterprise market with growth significantly ahead of our business overall, and we have great momentum transforming major industries.

我們看到企業市場對我們產品的強勁需求，其增長明顯領先於我們的整體業務，並且我們擁有改變主要行業的巨大動力。

One example is retail.

一個例子是零售。

80 of the 100 largest retailers in the world are choosing Apple to modernize their customers and employee experiences across all functions of their business.

全球 100 家最大的零售商中有 80 家選擇 Apple 來實現其所有業務職能部門的客戶和員工體驗現代化。

Retailers are using iPhone, iPad and Mac to optimize their back-of-house operations, modernize point of sale and deliver differentiated customer and employee experiences.

零售商正在使用 iPhone、iPad 和 Mac 來優化其後台運營、現代化銷售點並提供差異化的客戶和員工體驗。

Customer engagement and assisted selling have been areas of particular focus, and we're seeing great results for iconic brands such as Burberry, Ralph Lauren, Sephora USA, Gap Inc.

客戶參與和輔助銷售一直是特別關注的領域，我們看到 Burberry、Ralph Lauren、Sephora USA、Gap Inc. 等標誌性品牌取得了不錯的成績。

and many others.

和許多其他人。

We're also helping government agencies around the world use technologies to improve the effectiveness and efficiency of the way they deliver critical services to the public.

我們還幫助世界各地的政府機構使用技術來提高他們向公眾提供關鍵服務的方式的有效性和效率。

For example, the U.S. Census Bureau is making fundamental changes to the design and implementation of next year's census with a goal of producing quality results, while reducing cost by leveraging the mobility, user experience and privacy of iOS.

例如，美國人口普查局正在對明年人口普查的設計和實施進行根本性改變，目標是產生高質量的結果，同時通過利用 iOS 的移動性、用戶體驗和隱私來降低成本。

Hundreds of thousands of Apple devices would be deployed this fiscal year to support an innovative new model for the collection and management of census data.

本財年將部署數十萬台 Apple 設備，以支持收集和管理人口普查數據的創新模式。

And we are proud that our products will play an important role in driving quality to this critical initiative while safeguarding the privacy and security of this data.

我們感到自豪的是，我們的產品將在推動這一關鍵舉措的質量方面發揮重要作用，同時保護這些數據的隱私和安全。

CDW, Apple's partner in this initiative, will also utilize Apple Financial Services, our enterprise financing platform, to help minimize the cost to the public by taking advantage of the uniquely strong residual value of Apple devices.

蘋果在該計劃中的合作夥伴 CDW 還將利用我們的企業融資平台蘋果金融服務，通過利用蘋果設備獨特的強大剩餘價值來幫助降低公眾的成本。

Let me now turn to our cash position.

現在讓我談談我們的現金狀況。

We ended the quarter with almost $260 billion in cash plus marketable securities.

我們在本季度結束時擁有近 2600 億美元的現金和有價證券。

We issued $7 billion of new term debt, retired $3 billion of maturing debt and reduced commercial paper by $4 billion during the quarter, leaving us with total debt of $108 billion.

我們在本季度發行了 70 億美元的新定期債務，償還了 30 億美元的到期債務，並將商業票據減少了 40 億美元，使我們的總債務達到 1080 億美元。

As a result, net cash was $98 billion at the end of the quarter, and we continue on our path to reaching a net cash neutral position over time.

因此，本季度末的淨現金為 980 億美元，隨著時間的推移，我們將繼續朝著淨現金中性的方向前進。

We returned over $21 billion to shareholders during the September quarter, including almost $18 billion through open market repurchases of 86 million Apple shares and $3.5 billion in dividends and equivalents.

在 9 月季度，我們向股東返還了超過 210 億美元，其中包括通過公開市場回購 8600 萬股蘋果股票和 35 億美元的股息和等價物來返還了近 180 億美元。

We also retired an additional 7 million shares in the final settlement of our 14th ASR.

在第 14 次 ASR 的最終結算中，我們還退還了額外的 700 萬股股票。

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

隨著我們進入 12 月季度，我想回顧一下我們的前景，其中包括南希在電話會議開始時提到的前瞻性信息類型。

We expect revenue to be between $85.5 billion and $89.5 billion.

我們預計收入將在 855 億美元至 895 億美元之間。

This range includes a negative impact from foreign exchange of over $1 billion.

這一範圍包括超過 10 億美元外彙的負面影響。

We expect gross margin to be between 37.5% and 38.5%.

我們預計毛利率在 37.5% 至 38.5% 之間。

We expect OpEx to be between $9.6 billion and $9.8 billion.

我們預計運營支出將在 96 億美元至 98 億美元之間。

We expect OI&E to be about $200 million, and we expect the tax rate to be about 16.5%.

我們預計 OI&E 約為 2 億美元，我們預計稅率約為 16.5%。

Also, today, our Board of Directors has declared a cash dividend of $0.77 per share of common stock payable on November 14, 2019, to shareholders of record as of November 11, 2019.

此外，今天，我們的董事會已宣佈於 2019 年 11 月 14 日向截至 2019 年 11 月 11 日在冊的股東派發每股普通股 0.77 美元的現金股息。

Before we open the call to questions, I also have a special announcement to make today.

在我們開始提問之前，我今天還要宣布一個特別聲明。

Nancy Paxton, our Head of Investor Relations for the last 23 years, has decided to retire at the end of December after a wonderful 33-year career at Apple and 93 earnings calls.

過去 23 年擔任我們投資者關係主管的南希·帕克斯頓 (Nancy Paxton) 在 Apple 工作了 33 年並參加了 93 次財報電話會議後，決定在 12 月底退休。

Nancy has been the face of Apple with analysts and investors over a period of incredible growth and success.

在一段令人難以置信的增長和成功時期，南希一直是蘋果在分析師和投資者眼中的代言人。

Her passion for our company, her commitment and dedication to serve our entire investor base and her sense of humor will be missed greatly.

她對我們公司的熱情、她為我們整個投資者群體服務的承諾和奉獻精神以及她的幽默感將被我們深深懷念。

Personally, I'm very grateful for the advice and support you have given me during these last 6 years.

就個人而言，我非常感謝您在過去 6 年中給予我的建議和支持。

We all wish you the very best for the next and exciting phase of your life.

我們都祝愿您在人生的下一個激動人心的階段一切順利。

With that, let us open the call to questions.

有了這個，讓我們打開問題的電話。

Thank you very much for the kind remarks, Luca.

非常感謝你的客氣話，盧卡。

It's obviously been a great privilege for me to engage with so many investors and analysts on behalf of Apple over the last couple of decades, and of course, it's been an extreme pleasure to work alongside so many brilliant people here at Apple on a day-to-day basis.

在過去的幾十年裡，代表 Apple 與這麼多投資者和分析師進行交流對我來說顯然是一種莫大的榮幸，當然，在一天與 Apple 這麼多才華橫溢的人一起工作是一種極大的樂趣——今天的基礎。

But let's get to the business at hand for the 93rd time and open the call to questions.

但是，讓我們第 93 次處理手頭的業務並打開問題電話。

(Operator Instructions) Operator, may we have the first question, please?

（操作員說明）操作員，請問第一個問題好嗎？

Today, that will come from Katy Huberty with Morgan Stanley.

今天，這將來自摩根士丹利的凱蒂休伯蒂。

Congratulations on the quarter.

祝賀本季度。

iPhone revenue trajectory did improve, but it still declined 9%.

iPhone 的收入軌跡確實有所改善，但仍下降了 9%。

So can you talk about the drivers that will allow you to get that category back to growth and if you think that's something that's realistic to expect in fiscal '20?

那麼，您能否談談使該類別恢復增長的驅動因素，以及您是否認為這在 20 財年是可以實現的？

Katy, it's Tim.

凱蒂，是蒂姆。

We're very thrilled with what we're seeing in the early going on iPhone 11 and iPhone 11 Pro and Pro Max.

我們對早期在 iPhone 11 和 iPhone 11 Pro 和 Pro Max 上看到的東西感到非常興奮。

It's early, but the trends look very good, so I don't want to make a long-range forecast here.

現在還早，但趨勢看起來很不錯，所以我不想在這裡做一個長期的預測。

We've put our current thinking in the guidance, and you can tell that from the guidance, we are bullish.

我們已將當前的想法納入指導，您可以從指導中看出，我們是看漲的。

Great.

偉大的。

And Luca, on margins, guidance is consistent with September, but there's a lot going on under the covers.

而盧卡，在利潤上，指導與 9 月是一致的，但在幕後發生了很多事情。

Tariffs could expand in mid-December.

關稅可能會在 12 月中旬擴大。

There's some impact from the TV+ bundle.

TV+ 捆綁包會產生一些影響。

You have some big currency and commodity price moves.

你有一些大的貨幣和商品價格變動。

So can you just talk about the gives and takes that land you at the December quarter gross margin guidance?

那麼，您能否談談您在 12 月季度毛利率指導中的付出和收穫？

Yes.

是的。

Katy, of course.

凱蒂，當然。

As you said, I mean, at the midpoint of the range, we are essentially flat sequentially.

正如你所說，我的意思是，在該範圍的中點，我們基本上是順序持平的。

On one side, we expect -- on the positive side, we expect leverage from higher revenue.

一方面，我們預計 - 從積極的方面來看，我們預計收入增加帶來的槓桿作用。

On the other side, foreign exchange for us continues to be probably the biggest headwind that we got right now.

另一方面，外匯對我們來說可能仍然是我們目前遇到的最大阻力。

It's going to be negative 70 basis points on a sequential basis.

這將是連續的負70個基點。

Also, keep in mind that during the holiday season, we have a higher mix of products revenue than we have in other quarters.

此外，請記住，在假期期間，我們的產品收入組合高於其他季度。

And that obviously is dilutive to the company margin.

這顯然會稀釋公司的利潤。

On a year-over-year basis, we're also about flat.

與去年同期相比，我們也基本持平。

And on one side, we've got better commodity pricing.

一方面，我們有更好的商品定價。

The environment is better than it was a year ago, but foreign exchange is a negative impact of 120 basis points on a year-over-year basis.

環境比一年前好，但外彙的負面影響同比下降了 120 個基點。

Our next question will be from Mike Olson with Piper Jaffray.

我們的下一個問題將來自 Mike Olson 和 Piper Jaffray。

So Wearables category has been strong, and it's hard to believe it's now essentially the same size as Mac.

因此，可穿戴設備類別一直很強勁，很難相信它現在的大小與 Mac 基本相同。

But related to Apple's initiatives in health care, do you think health-related features are a primary driver of Wearables growth?

但與 Apple 在醫療保健方面的舉措相關，您認為與健康相關的功能是可穿戴設備增長的主要驅動力嗎？

And maybe conversely, how important is the rising installed base of Wearables and the data that's associated with that to the ongoing innovation within Apple Health?

或許反過來，可穿戴設備的安裝基數不斷增加，以及與之相關的數據對 Apple Health 的持續創新有多重要？

And then I have a follow-up.

然後我有一個跟進。

Yes.

是的。

Michael, it's Tim.

邁克爾，是蒂姆。

The Wearables have done extremely well.

可穿戴設備做得非常好。

It was an acceleration further from the previous quarters, so we're thrilled with the results.

這比前幾個季度進一步加速，所以我們對結果感到興奮。

As to what's driving it, it's the totality that's driving it.

至於是什麼在推動它，是整體在推動它。

For some people, it's about fitness.

對於某些人來說，這是關於健身的。

For some people, it's about health.

對一些人來說，這關乎健康。

For some other people, it's about communication, and for some people, it's all of the above.

對另一些人來說，這是關於溝通的，而對一些人來說，就是以上所有內容。

And I think the new feature of always-on on Series 5 is a game-changer for many of our users.

而且我認為 Series 5 上永遠在線的新功能對我們的許多用戶來說是一個改變遊戲規則的東西。

And in terms of other health-related things that we have going, we will be continuing to build out our health records connection into the Health app, really democratizes the information about people's health, and so they can easily go from doctor to doctor.

至於我們正在進行的其他與健康相關的事情，我們將繼續在健康應用程序中建立我們的健康記錄連接，真正使人們的健康信息民主化，這樣他們就可以輕鬆地從一個醫生轉到另一個醫生。

We've got the research going that I've mentioned earlier.

我們已經進行了我之前提到的研究。

There will be more of those through time.

隨著時間的推移會有更多這樣的人。

And obviously, we've got things that we're not going to talk about just yet that we're working on.

顯然，我們正在處理一些我們暫時不會談論的事情。

But as I've said before, my view is there will be a day in the future that we look back and Apple's greatest contribution will be to people's health.

但正如我之前所說，我的觀點是，未來總有一天我們會回顧過去，蘋果最大的貢獻將是對人們的健康。

And then with the strong slate of content in Apple TV+, can you just talk about the strategy behind giving it away to those that are buying an applicable device versus charging for it?

然後，隨著 Apple TV+ 中的大量內容，您能否談談將其贈送給購買適用設備的人而不是為其收費的策略？

And my congrats to Nancy and thank you.

我祝賀南希，謝謝你。

Yes.

是的。

It's a gift to our users.

這是給我們用戶的禮物。

And from a business point of view, we'd like to -- we're really proud of the content.

從商業的角度來看，我們希望 - 我們為內容感到非常自豪。

We'd like as many people as possible to view it.

我們希望盡可能多的人看到它。

And so this allows us to focus on maximizing subscribers, particularly in the early going.

因此，這使我們能夠專注於最大化訂閱者，尤其是在早期階段。

And so we're -- we feel great about doing that.

所以我們 - 我們對這樣做感覺很好。

I think it's a bold move.

我認為這是一個大膽的舉動。

And the price also for those people that are not buying a device in the period of time that we offer this, the price is very aggressive as well.

對於那些在我們提供此產品的時間段內不購買設備的人來說，價格也非常激進。

You think about the quality of content that you get for $4.99, and it's amazing.

你想想以 4.99 美元獲得的內容質量，這太棒了。

It is amazing.

這是驚人的。

That will come from Evercore's Amit Daryanani.

這將來自 Evercore 的 Amit Daryanani。

I guess 2 questions from me as well.

我猜我也有兩個問題。

First one, Tim, if you think about the Services business, you're less than $2 billion away from the targets you had laid out a few years back.

第一個，蒂姆，如果你考慮一下服務業務，你離幾年前製定的目標還差不到 20 億美元。

But I'm wondering if you think about the growth rates you've had in the business over the last several years, the high teens average, I think, how much of that do you think was driven by the installed base growing versus incremental monetization of the installed base?

但是我想知道您是否考慮過過去幾年您在業務中的增長率，我認為青少年平均水平較高，您認為其中有多少是由安裝基數的增長而不是增量貨幣化推動的安裝基礎？

And do you see that ratio essentially flipping or changing as you go forward?

您是否看到隨著您的前進，該比率本質上會發生翻轉或變化？

I think we have opportunities, Amit, in both the growth of the installed base.

我認為我們在安裝基礎的增長方面都有機會，阿米特。

As Luca mentioned in his comments, we continue to grow across every category, hit new highs in the last quarter.

正如盧卡在評論中提到的那樣，我們在每個類別中都繼續增長，在上個季度創下新高。

And we hit new highs in all of our top 20 markets.

我們在所有前 20 個市場中均創下新高。

And so the installed base is clearly a piece of it.

因此，安裝基礎顯然是其中的一部分。

Getting the trade-in program going and the secondary market moving has been helpful in that as well.

進行以舊換新計劃和二級市場的發展也對此有所幫助。

And of course, the -- ultimately, the thing that builds the installed base is to make customers happy.

當然，最終，建立安裝基礎的事情是讓客戶滿意。

And that's our -- always our top objective is to have satisfied customers.

這就是我們的——我們的首要目標是讓客戶滿意。

The other thing that is obviously happening is in many areas, the ARPU is increasing.

顯然正在發生的另一件事是在許多領域，ARPU 正在增加。

And so as there's more offers out there, I mean, the one that is today getting the attention is on the streaming side.

因此，隨著那裡有更多的報價，我的意思是，今天引起注意的是流媒體方面。

But if you look at the number of services that have been added over the years, it's significant.

但是，如果您查看這些年來添加的服務數量，那將是非常重要的。

And people love them.

人們愛他們。

And so it's really both of those.

所以它真的是兩者兼而有之。

And obviously, finally, getting more people that are enjoying things for free to elect to pay for some of the premium services.

顯然，最後，讓更多享受免費服務的人選擇為某些優質服務付費。

So it's sort of all 3 of those.

所以它是所有這 3 個。

Got it.

知道了。

And then if I could just kind of go back to the Wearables discussion, I mean, and especially if you think about Apple Watch and AirPods.

然後，如果我可以回到可穿戴設備的討論，我的意思是，特別是如果您考慮 Apple Watch 和 AirPods。

Is there a sense or a way to think about what's the attach rate today to iOS devices for Apple Watch or AirPods?

有沒有一種感覺或方法可以考慮今天對 Apple Watch 或 AirPods 的 iOS 設備的附加率是多少？

I guess I'm just trying to understand, if I think about 900 million-plus iPhone installed base, what kind of penetration do you have at Wearables and how long could this one may be as you go forward?

我想我只是想了解一下，如果我考慮一下 9 億多部 iPhone 的安裝基數，您在可穿戴設備方面的滲透率如何？隨著您的發展，這個滲透率可能會持續多久？

Well, we're not releasing the precise numbers of our Wearables, but it is a really nice try in getting me to say that.

好吧，我們沒有公佈我們可穿戴設備的確切數量，但讓我這麼說是一個很好的嘗試。

The -- what we're seeing in terms of new ads on the watch, I think Luca may have mentioned this in his comments, is about 3/4 of the Apple Watch buyers are new to Apple Watch.

我們在手錶上看到的新廣告，我認為盧卡可能在他的評論中提到了這一點，大約 3/4 的 Apple Watch 買家是 Apple Watch 的新手。

And so we are still and significantly in the build mode there.

因此，我們仍然並且顯著地處於那裡的構建模式。

And so don't think of the penetration as anywhere near a sort of a mature penetration.

因此，不要將滲透視為一種成熟的滲透。

We got a lot left there.

我們在那裡留下了很多東西。

And the AirPods just keep hitting new highs.

AirPods 不斷創新高。

And I anticipate that will carry over to this quarter too, and we're really proud to add another product up there for people wanting noise-canceling with the AirPods Pro beginning to sell today.

而且我預計這也將延續到本季度，我們真的很自豪能夠為想要通過今天開始銷售的 AirPods Pro 消除噪音的人們添加另一款產品。

That will come from Shannon Cross with Cross Research.

這將來自 Cross Research 的 Shannon Cross。

First, Nancy, just want to send you our best wishes.

首先，南希，只想向您致以最美好的祝愿。

We'll definitely miss you.

我們一定會想念你的。

I'm sure, I agree with Luca, you've been very instrumental over the years.

我敢肯定，我同意盧卡的觀點，這些年來你一直在發揮重要作用。

Thank you.

謝謝你。

My questions though with regards to China.

我的問題是關於中國的。

And I don't know, Tim, if you can talk more about what you're seeing in China, the trends during the quarter, the reception specifically there to the iPhone.

我不知道，蒂姆，如果你能談談你在中國看到的情況，本季度的趨勢，特別是那裡對 iPhone 的歡迎。

Any thoughts on Hong Kong used to be a big market.

任何關於香港的想法曾經都是一個大市場。

There's obviously some turmoil there.

那裡顯然有些動亂。

So if can you just provide some more in China that will be helpful.

所以，如果你能在中國提供更多，那將是有幫助的。

Yes.

是的。

We had a very good September, Shannon, and the lead of that is sort of the reception of iPhone 11 and 11 Pro and 11 Pro Max.

香農，我們度過了一個非常好的 9 月，這主要是對 iPhone 11 和 11 Pro 以及 11 Pro Max 的接受。

And so we feel really good about how we've gotten started there.

所以我們對我們是如何開始的感覺非常好。

As you can tell from the numbers, we've significantly improved since the beginning of the year.

從數字可以看出，自今年年初以來，我們已經有了顯著改善。

We've gone from minus well into the 20s to minus 2% last quarter.

我們已經從 20 年代的負數下降到上個季度的負 2%。

And if you looked at that in constant currency, we actually grew 1%.

如果你以固定匯率來看，我們實際上增長了 1%。

And so there's a very slight growth there.

所以那裡有非常輕微的增長。

We obviously want that to be better.

我們顯然希望它變得更好。

But we feel good about how we're doing.

但我們對自己的表現感覺良好。

I think it's a combination of things that are -- that have turned things around.

我認為這是扭轉局面的事物的結合。

On a macro basis, I think the trade tension is less, and that clearly looks positive right now with the comments that we've been reading in the press.

從宏觀上看，我認為貿易緊張局勢有所緩和，從我們在媒體上看到的評論來看，這顯然是積極的。

Secondly, the products have been extremely well-received there.

其次，產品在當地非常受歡迎。

Third, the things that we've done from a pricing and monthly payments point of view, and trade-in, getting the trade-in program up and running, all of these things have moved the dial.

第三，我們從定價和每月付款的角度來看所做的事情，以及以舊換新，讓以舊換新計劃啟動並運行，所有這些事情都改變了錶盤。

And so it's sort of a -- the sum of all of that.

所以它有點像 - 所有這些的總和。

I would also say it's not all about iPhone in China.

我還要說，這不僅僅與中國的 iPhone 有關。

The Services area grew double digit.

服務領域增長了兩位數。

We began to see more gaming approvals in the quarter or I should say some key gaming approvals.

我們在本季度開始看到更多的遊戲批准，或者我應該說一些關鍵的遊戲批准。

It's not all about quantity but about which ones.

這不僅與數量有關，而且與哪些有關。

We saw that.

我們看到了。

Also, Wearables, where Wearables are doing so great at a company level, they're doing even better in China.

此外，在可穿戴設備方面，可穿戴設備在公司層面的表現如此出色，它們在中國的表現甚至更好。

And so lots of positives there.

那裡有很多積極因素。

And then I'm curious, Luca, maybe you can talk a bit about how you think about operating expense growth.

然後我很好奇，盧卡，也許你可以談談你對運營費用增長的看法。

It continues to grow significantly faster than revenue.

它繼續以明顯快於收入的速度增長。

So I'm just curious as to where you're targeting the incremental spend.

所以我只是好奇你的目標是增加支出。

And then is there a point at which we might just see some leverage?

然後有沒有一點我們可能會看到一些槓桿作用？

Well, Shannon, we've gone through different cycles.

好吧，香農，我們經歷了不同的周期。

In some cases, our revenue growth exceeds our OpEx growth.

在某些情況下，我們的收入增長超過了我們的運營支出增長。

In other cases, like fiscal '19, it was the other way around.

在其他情況下，例如 19 財年，情況正好相反。

But our approach frankly is not changing over time.

但坦率地說，我們的方法不會隨著時間而改變。

We want to invest in the business.

我們想投資這項業務。

Our primary investments during the last few years have been in the R&D space because obviously we want to continue to innovate, improve the user experience, differentiate our products.

過去幾年我們的主要投資一直在研發領域，因為顯然我們希望繼續創新，改善用戶體驗，讓我們的產品與眾不同。

We continue to run SG&A tightly.

我們繼續嚴格執行 SG&A。

Obviously, if you look at what we've launched during the last few quarters and few years, we launched a lot of new products, and now we're launching a lot of new services.

顯然，如果你看看我們在過去幾個季度和幾年推出的產品，我們推出了很多新產品，現在我們推出了很多新服務。

And when we do that, we need to make the adequate investments in marketing and advertising to raise the awareness of the new products and new services.

當我們這樣做時，我們需要在營銷和廣告方面進行足夠的投資，以提高對新產品和新服務的認識。

And that is what you're seeing, for example, in the guidance that we provided for the first quarter as we're launching new services right now.

這就是您在我們為第一季度提供的指導中所看到的，因為我們現在正在推出新服務。

And so we're making investments both in engineering and in advertising to support the new launches.

因此，我們在工程和廣告方面都進行了投資，以支持新的發布。

That will come from Bernstein's Toni Sacconaghi.

這將來自伯恩斯坦的托尼·薩科納吉。

I think this is for Luca, and then I have a follow-up as well.

我認為這是給盧卡的，然後我也有後續行動。

If I look at your guidance, the midpoint of your guidance for revenues on a sequential basis, it's up about 36.5%.

如果我查看您的指導，即您連續收入指導的中點，它增長了約 36.5%。

Historically, fiscal Q4 to Q1 was up 50% or more.

從歷史上看，第四季度至第一季度的財政年度增長了 50% 或更多。

And even last year, given that iPhone is a slower-growing product, you guided for revenues to be up 45% sequentially.

甚至在去年，鑑於 iPhone 是一款增長較慢的產品，您指導收入環比增長 45%。

So given the enthusiasm about the iPhone 11 launch and the new Wearables products and the new Services, I guess the question is why is your guidance not stronger for Q1 on the top line?

因此，鑑於對 iPhone 11 發布、新的可穿戴產品和新服務的熱情，我想問題是為什麼您對第一季度的指導沒有更強？

And is that sort of a reflection of conservatism, given that there's a lot of uncertainty in the world and we certainly saw that last year?

考慮到世界上有很多不確定性，我們去年肯定看到了這種情況，這是否反映了保守主義？

Or are there other forces at work that we should be considering?

或者還有其他我們應該考慮的力量在起作用嗎？

Toni, thanks for the question.

托尼，謝謝你的問題。

The guidance that we are providing, if you look at it at the midpoint, implies an acceleration of growth from the performance that we've seen during the course of fiscal '19.

如果您從中點來看，我們提供的指導意味著我們在 19 財年期間看到的業績加速增長。

As I said earlier, foreign exchange is clearly a headwind for us right now.

正如我之前所說，外匯對我們來說顯然是一個逆風。

There's about $1.1 billion of negative foreign exchange on a year-over-year basis.

與去年同期相比，負外匯約為 11 億美元。

So that is something to keep in mind.

所以這是需要牢記的。

We feel very good, as Tim said, about the iPhone, the way the new cycle has started.

正如蒂姆所說，我們對 iPhone 以及新周期開始的方式感覺非常好。

And we do expect an improvement in our year-over-year growth rate on iPhone.

我們確實預計 iPhone 的同比增長率會有所改善。

Wearables has very, very strong momentum.

可穿戴設備的發展勢頭非常非常強勁。

The portfolio of Services also has incredible momentum.

服務組合也具有令人難以置信的勢頭。

One thing to keep in mind as we look at this guidance range is the fact that we also contemplated the comparison to the launch of the iPad Pro a year ago for iPad as well as the new MacBook Air that was launched during the December quarter last year.

在查看此指導範圍時要記住的一件事是，我們還考慮將 iPad Pro 與一年前推出的 iPad Pro 以及去年 12 月季度推出的新款 MacBook Air 進行比較.

So for the iPad and Mac categories, you need to keep in mind that our launch timing is different on a year-over-year basis.

因此，對於 iPad 和 Mac 類別，您需要記住，我們的發佈時間每年都不同。

Okay.

好的。

And then if I could follow up.

然後如果我能跟進。

Just on the bundling of Apple TV+.

就在 Apple TV+ 的捆綁上。

I guess for you, Tim, this is really the first time we've seen a significant bundling of services offering and a hardware offering.

我想你，蒂姆，這真的是我們第一次看到大量的服務產品和硬件產品捆綁在一起。

And I'm wondering if you view this as kind of a strategic advantage of Apple and whether we might see more hardware plus services offerings -- bundled offerings.

我想知道你是否認為這是蘋果的一種戰略優勢，以及我們是否會看到更多的硬件和服務產品——捆綁產品。

And ultimately, to you, do you ever believe that your hardware itself might be offered as a bundled service?

最終，對您而言，您是否相信您的硬件本身可以作為捆綁服務提供？

And maybe while we're on that, either you or Luca could give us the 30-second tutorial on how we should think about the deferred revenue accounting, approximately how much of the $60 are you going to be deferring and what's your expectation for attach rate on that?

也許在我們討論的時候，你或盧卡可以給我們一個 30 秒的教程，告訴我們應該如何考慮遞延收入會計，大約 60 美元中你要遞延多少以及你對附加的期望是什麼率？

Let me cover that accounting issue first.

讓我先介紹一下會計問題。

Obviously, we need to make some assumptions around the take rate of our customers on the -- on Apple TV+, right?

顯然，我們需要圍繞我們的客戶在 Apple TV+ 上的接受率做出一些假設，對吧？

And we don't want to get into the details of that because we view those assumptions as confidential and competitively sensitive.

而且我們不想深入了解其中的細節，因為我們認為這些假設是機密的和競爭敏感的。

But you need to keep in mind that we contemplate a number of factors, including the fact that we have family sharing as part of the service, the fact that there are multiple device purchases, the geographic availability around the world, the availability of local content at the beginning of the service, how many people do we have with payment methods on file.

但您需要記住，我們考慮了許多因素，包括我們將家庭共享作為服務的一部分這一事實、購買多個設備的事實、全球地理可用性、本地內容的可用性在服務開始時，我們有多少人使用存檔的付款方式。

So we use all these things to make assumptions around what the take rate is going to be.

因此，我們使用所有這些東西來假設採取率將是多少。

Obviously, those assumptions will possibly change over time as we get more information on how the customers behave.

顯然，隨著我們獲得有關客戶行為方式的更多信息，這些假設可能會隨著時間而改變。

We haven't launched the service yet.

我們還沒有推出這項服務。

We're going to start serving our customers tomorrow, so we'll see how it goes, but we take into account all these different factors.

我們明天將開始為我們的客戶服務，所以我們會看看情況如何，但我們會考慮所有這些不同的因素。

On the bundled question, Toni, we look at each service and decide what's best to do for it.

在捆綁的問題上，Toni，我們查看每項服務並決定最好的方法。

And on the TV+, we concluded that a great way to get more people to see the content would be to do this, and it would be a good gift for our users, and so that's what we're doing.

在 TV+ 上，我們得出結論，讓更多人看到內容的好方法是這樣做，這對我們的用戶來說是一份很好的禮物，這就是我們正在做的事情。

You can also see that on the other services, we're not doing that.

您還可以看到，在其他服務上，我們沒有這樣做。

So it's not part of a broader pattern or -- although I wouldn't want to rule out for the future that we might not see another opportunity at some point in time.

因此，這不是更廣泛模式的一部分，或者 - 儘管我不想排除未來我們可能不會在某個時間點看到另一個機會。

In terms of hardware as a service or as a bundle, if you will, there are customers today that essentially view the hardware like that because they're on upgrade plans and so forth.

就硬件即服務或捆綁包而言，如果您願意的話，今天有些客戶基本上是這樣看待硬件的，因為他們正在進行升級計劃等等。

And so to some degree, that exists today.

所以在某種程度上，今天存在。

My perspective is that will grow in the future to larger numbers that will grow disproportionately.

我的觀點是，未來將增長到更大的數字，並且將不成比例地增長。

And one of the things we're doing is trying to make it simpler and simpler for people to get on these sort of monthly financing kind of things that's a part of what we announced with the Apple Card earlier in the call.

我們正在做的一件事是試圖讓人們更簡單地獲得這些每月融資之類的東西，這是我們在電話會議早些時候宣布的 Apple Card 的一部分。

And so we're cognizant that there are lots of users out there that want sort of a recurring payment like that and the receipt of new products on some sort of standard kind of basis.

因此，我們意識到有很多用戶想要像這樣的定期付款並在某種標準的基礎上接收新產品。

And we're committed to make that easier to do than perhaps it is today.

我們致力於讓這比今天更容易做到。

That will be from Chris Caso with Raymond James.

那將來自克里斯卡索和雷蒙德詹姆斯。

And Nancy, our congratulations to you, too, and we're going to miss you.

南希，我們也祝賀你，我們會想念你的。

Thank you.

謝謝你。

My first question is about pricing and the effect of some of the lower price points for iPhone 11 as compared to last year.

我的第一個問題是關於定價以及與去年相比 iPhone 11 的一些較低價格點的影響。

And it looked like margins and the revenues did well on that.

看起來利潤率和收入在這方面表現不錯。

And it also followed some price adjustments you made in emerging markets last year.

它還遵循了您去年在新興市場進行的一些價格調整。

And obviously, we've seen some improvement in China as well.

顯然，我們在中國也看到了一些進步。

So if you could talk about maybe what that tells us about pricing strategy in general and perhaps that you're willing to take a little more flexible approach to drive some elasticity if you think that's going to have a positive effect.

因此，如果您可以談談這可能會告訴我們有關定價策略的總體信息，並且如果您認為這會產生積極影響，那麼您可能願意採取更靈活的方法來推動一些彈性。

Yes.

是的。

Chris, I think that the price moves we've made have been smart and well-received and do show a level of elasticity.

克里斯，我認為我們所做的價格變動很聰明，很受歡迎，並且確實顯示出一定程度的彈性。

But the most important thing by far is the product.

但到目前為止，最重要的是產品。

And I think we've got the best lineup we've ever had, and the customer response to the product, what the product does for them is really incredible.

而且我認為我們擁有有史以來最好的陣容，以及客戶對產品的反應，產品為他們所做的真的令人難以置信。

And the photos I'm getting from many users around the world are just incredible that people are taking.

我從世界各地的許多用戶那裡獲得的照片令人難以置信。

And so I think it's product first and then price sort of falls out of that.

所以我認為它首先是產品，然後是價格。

And we did decide to be more aggressive.

我們確實決定更具侵略性。

And looking at the results in the early going, I think it was the right call.

看看早期的結果，我認為這是正確的選擇。

In terms of emerging markets, we picked sort of locally relevant prices.

在新興市場方面，我們選擇了與當地相關的價格。

And in some cases where the dollar had become stronger, we took an exchange rate that would've reflected a while back instead of the current exchange rate.

在某些美元走強的情況下，我們採用的匯率會在一段時間前有所反映，而不是當前的匯率。

And in other words, we tried to stay as close as we could to a local price point that we knew was effective for that particular market.

換句話說，我們試圖盡可能接近我們知道對該特定市場有效的當地價格點。

And those, in addition to the U.S. price that have gotten more of a discussion, have been extremely well-received.

而那些，除了美國的價格已經得到了更多的討論，已經非常受歡迎。

As a follow-on, perhaps you could talk about the potential for some of the tariffs that are upcoming.

作為後續，也許你可以談談即將到來的一些關稅的潛力。

What -- do you have a view of what potential impact that could have going forward and how Apple is looking to address it?

什麼——你對未來可能產生的潛在影響有什麼看法，以及蘋果希望如何解決它？

Will you need to adjust your own pricing if, in fact, the tariffs are imposed?

如果實際上徵收關稅，您是否需要調整自己的定價？

We're paying some tariffs today, as you know, some that went into effect pre-September and some others that went into effect in September.

如您所知，我們今天支付了一些關稅，其中一些在 9 月前生效，另一些在 9 月生效。

So we are paying some.

所以我們付了一些錢。

That's been comprehended.

這已經被理解了。

But in general, my view is very positive in terms of how things are going.

但總的來說，就事情的進展而言，我的看法是非常積極的。

And that positive view is obviously factored in our guidance as well, and just the tone, I think, has changed significantly.

我們的指導顯然也考慮到了這種積極的觀點，而且我認為只是語氣發生了重大變化。

And I have long thought that it was in both countries' best interest to get to an agreement that maybe initially doesn't solve everything but solves some things that each party may want and get to a better place than where we're at.

長期以來，我一直認為，達成一項可能最初並不能解決所有問題，但可以解決各方可能想要的一些事情並達到比我們現在更好的地方的協議符合兩國的最大利益。

And I'm hopeful that that's where we're headed.

我希望這就是我們前進的方向。

That will be from Samik Chatterjee with JPMorgan.

這將來自摩根大通的 Samik Chatterjee。

I just wanted to start off with one of -- new Services, Apple Arcade and if you have any insights in terms of what you're seeing for engagement or retention of customers beyond the initial trial period.

我只是想從新服務、Apple Arcade 中的一項開始，如果您對初始試用期之後的客戶參與度或留存率有任何見解。

Also, how are your partnerships with developers progressing there?

此外，您與開發人員的合作夥伴關係在那裡進展如何？

How does the pipeline look like?

管道是什麼樣子的？

And any early projections of what that business longer term might look like?

以及對該業務長期前景的任何早期預測？

We're not going to give out projections on it, but I would tell you that we were really pleased with the number of people that entered the trial period.

我們不會給出預測，但我會告訴你，我們對進入試用期的人數感到非常滿意。

People are just coming out of the 30-day trial period in the last few days or a week or so, and so it's really too early to tell what the conversion rate will be.

在過去幾天或一周左右的時間裡，人們剛剛結束 30 天的試用期，因此現在判斷轉化率還為時過早。

But I feel like we're off to a good start, and the -- most important of everything, the customer feedback to date has really been incredible, and we're very excited for the future of the service.

但我覺得我們有了一個良好的開端，最重要的是，迄今為止的客戶反饋確實令人難以置信，我們對服務的未來感到非常興奮。

Great.

偉大的。

Another follow-up, if I can try and attack the Wearables question with another angle.

另一個後續，如果我可以嘗試從另一個角度來解決可穿戴設備的問題。

What are you seeing in terms of typical -- consumer behavior in upgrading Wearables like Apple Watch or AirPods?

在升級 Apple Watch 或 AirPods 等可穿戴設備時，您看到的典型消費者行為是什麼？

And how are you thinking about your ability to accelerate some of that replacement cycle by driving innovation?

您如何看待通過推動創新來加速部分更換週期的能力？

I think we -- because the Watch is relatively young, we haven't seen enough upgrade cycles to really establish a pattern as yet.

我認為我們——因為手錶相對年輕，我們還沒有看到足夠的升級週期來真正建立一個模式。

And as I've mentioned before, 3 out of 4 customers buying an Apple Watch currently or last quarter, I should say, were buying an Apple Watch for the first time.

正如我之前提到的，目前或上個季度購買 Apple Watch 的 4 個客戶中有 3 個是第一次購買 Apple Watch。

And so there's still a very, very large new to Apple Watch in this regard.

因此，Apple Watch 在這方面還有一個非常非常大的新功能。

I do think the upgrade market will get larger over time but just don't have a current view as to how often and so forth.

我確實認為升級市場會隨著時間的推移而變得更大，但目前還沒有關於多久等一次的看法。

On the AirPods, we're anxious to see the customers for the new AirPods Pro.

在 AirPods 上，我們渴望看到新 AirPods Pro 的客戶。

But I would guess that one, particularly in the early going, will be people that have AirPods today and want to have a -- also have a pair for the times that they need noise cancellation.

但我猜想，尤其是在早期階段，今天擁有 AirPods 並希望擁有一副——也有一對，以應對他們需要消除噪音的時代。

Thank you, Samik.

謝謝你，薩米克。

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

今天電話會議的重播將在 Apple Podcasts、apple.com/investor 上的網絡廣播和電話上播放 2 週，電話重播的號碼是 (888) 203-1112 或 (719) 457-0820。

Please enter confirmation code 4331479.

請輸入確認碼 4331479。

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

這些重播將在下午 5 點左右提供。

Pacific Time today.

今天太平洋時間。

Members of the press with additional questions can contact Kristin Huguet at (408) 974-2414, and financial analysts can contact Tejas Gala or me with additional questions.

有其他問題的媒體成員可以聯繫 Kristin Huguet，電話是 (408) 974-2414，金融分析師可以聯繫 Tejas Gala 或我提出其他問題。

Tejas is at (669) 227-2402, and I'm at (408) 974-5420.

Tejas 的電話是 (669) 227-2402，我的電話是 (408) 974-5420。

Thanks again for joining us.

再次感謝您加入我們。

And that will conclude today's conference.

今天的會議到此結束。

Again, thank you all for joining us today.

再次感謝大家今天加入我們。